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251029.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 29, 2025, Vol. 29, No. 301 Headlines 527 EDILIDO: Case Summary & Four Unsecured Creditors 5280 DISTILLING: Seeks Chapter 7 Bankruptcy in Colorado 6769 UNDERHILL: Has Deal on Cash Collateral Access 700 17TH STREET: U.S. Trustee Appoints Creditors' Committee ACQUISITION INTEGRATION: Amends Unsecured Claims Pay Details ADVENT TECHNOLOGIES: Issuance of $52M of Shares to Hudson OK'd AMERICAN MACHINERY: Gets Court OK to Use Cash Collateral ARIZONA STATE MASONRY: May Borrow $2.5MM from DIP Lender ASCEND PERFORMANCE: Ad Hoc Term Lenders Amend Rule 2019 Statement ASCEND PERFORMANCE: Amends Plan to Include Ascend Parent Interests ASPEN CHAPEL: Updates Unsecured Claims Pay; Amends Plan AZZ INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Positive BAND OF CODERS: Section 341(a) Meeting of Creditors on November 19 BEAN BROTHERS: Seeks to Hire RE/MAX Crossroads as Realtor BIG STORM: To Sell Clearwater Property to TIDE LLC for $7.5MM BRANDYWINE REALTY: S&P Alters Outlook to Negative,Affirms 'BB' ICR BRC CAPITAL: Amends Unsecured Claims Pay Details BUILDING CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Georgia CBRM REALTY: Plan Exclusivity Period Extended to January 14, 2026 CENTER FOR SPECIAL: Membership Interest Sale to 3 Daughters OK'd CHINN BAKER: Hires Vivona Pandurangi PLC as Bankruptcy Counsel CLOVERLEAF ELECTRIC: Gets OK to Use $188K in Cash Collateral CONTEMPORARY MEDICAL: Hearing Today on Bid to Use Cash Collateral CORNERSTONE GENERATION: S&P Rates Secured Credit Facilities 'BB-' DCA OUTDOOR: Hires GlassRatner Advisory as Financial Advisor DEPLOYED SOLDIERS: Unsecureds Will Get 100% of Claims in Plan EDITH'S CRUST: Creditors to Get Proceeds From Liquidation EMPIRE CORE: Seeks to Hire Kirby Aisner & Curley as Attorney ERICA ITZHAK: NY Court Rules Garnishment a Preferential Transfer EXACTECH INC: Court OKs Additional $19.1MM DIP Loan FASHIONABLE INC: Gets OK to Use Cash Collateral Until Nov. 21 FLEMING INTERNATIONAL: Seeks Chapter 15 Bankruptcy in New York GAI AIR: Case Summary & Three Unsecured Creditors GIRARDI & KEESE: Bankruptcy Trustees Seek $3.2MM Clawback GLORY DIVINE: Seeks to Hire Wilson Law Firm LLC as Attorney GREG BEECHE: Case Summary & 18 Unsecured Creditors HARLING INC: Court Extends Cash Collateral Access to Nov. 19 HARVEST SHERWOOD: Hires Cadwalader Wickersham as Special Counsel HYPERION DEFI: Forsakringsaktiebolaget Avanza Holds 5.62 Stake IMPACT STAFFING: Gets Interim OK to Use Cash Collateral INTEGRATED BUILDING: Seeks Chapter 7 Bankruptcy in Georgia JHRG MANUFACTURING: Gets Interim OK to Use Cash Collateral JOSHUA CABINETRY: Section 341(a) Meeting of Creditors on Nov. 20 KAISER ALUMINUM: S&P Rates New $500MM Senior Unsecured Notes 'BB-' KEIRAN INVESTMENTS: Gets Interim OK to Use Cash Collateral KIDSVILLE LEARNING: Court Extends Cash Collateral Access to Nov. 13 LION RIBBON: Seeks to Extend Plan Exclusivity to Jan. 30, 2026 LUMMUS TECHNOLOGY: S&P Rates New Revolving Credit Facility 'B+' LZLABS GMBH: Chapter 15 Case Summary M + D PROPERTIES: Seeks to Hire Elkins Kalt as Bankruptcy Counsel M + D PROPERTIES: Seeks to Hire Hanley Investment Group as Broker MESEARCH MEDIA: Bankr. Court Won't Hear Software Rift vs Crivella MEYER BURGER: Seeks to Extend Plan Exclusivity to January 21, 2026 MISSION MEDICAL: Hires Levene Neale Bender as Bankruptcy Counsel MOD JEWELRY: Court Extends Cash Collateral Access to Dec. 11 MODEL TOBACCO: Says Amended Plan Resolves Potential Disputes MODIVCARE INC: Seeks to Hire Cresa LLC as Real Estate Consultant MONTANA VILLAGE: Gets Interim OK to Use Cash Collateral MOUNTAIN SPORTS: Plan Exclusivity Period Extended to October 28 MULTICHAIN FOUNDATION: Chapter 15 Case Summary NAVIDEA BIOPHARMACEUTICALS: Taps Epiq as Administrative Advisor NEW NORMAL: Seeks to Hire Nuti Hart LLP as Bankruptcy Counsel NYC ALPHA: Lender Seeks to Prohibit Cash Collateral Access OFFSHORE SAILING: To Sell Life Changer Sailboat to Sail Caribbean ORIGINAL MOWBRAY'S: Gets Final OK to Use Cash Collateral PALMAS ATHLETIC: Hires Aquino de Cordova LLC as Consultant PARIS312 LLC: Gets Interim OK to Use Cash Collateral Until Nov. 20 PING IDENTITY:S&P Assigns 'B' Issuer Credit Rating; Outlook Stable POTTSVILLE OPERATIONS: Care Pavilion Unsec. Will Get 13.4% to 20.3% POWELL 1023: Hires Dahiya Law Offices LLC as Bankruptcy Counsel PREPAID WIRELESS: Court Tosses T-Mobile Bid to See Subscriber Info PRESENTATION MEDIA: Gets Final OK to Use Cash Collateral PRIMALEND CAPITAL: Unpaid Lenders Object to Missing Entity in Ch.11 PRIME CORE: Chapter 11 Administrator Nets $35MM From Crypto PROST LLC: Unsecured Creditors Will Get 12.4% of Claims in Plan RAZZOO'S INC: Seeks to Hire Stout Risius Ross as Financial Advisor RENASCENCE INC: Gets OK to Use Cash Collateral Until Nov. 28 RHODIUM ENCORE: Files Amended Plan; Confirmation Hearing Dec. 3 ROLLING HILLS: Case Summary & Four Unsecured Creditors ROUNDTABLE FORUM: Seeks Chapter 7 Bankruptcy in Georgia RYAN HOHMAN: Unsecureds Will Get 100% of Claims in Plan RYAN LLC: S&P Downgrades ICR to 'B' on Sustained Higher Leverage SAKS INC: Faces Financial Distress, At Risk of Chapter 11 Filing SCHAEFER RECOGNITION: Gets Interim OK to Use Cash Collateral SECURITY TRANSPORT: Hires Daniel L. Freeland as Bankruptcy Counsel SIGNATURE YHM: Hires Chris Daniel & Associates LLC as Appraiser SOMETHING SWEET: Trust Funds Belong to PACA Claimants, Court Says SOUND VISION: Final Cash Collateral Hearing Set for Oct. 30 STRANGE BIKINIS: Seeks Cash Collateral Access STRATEGY INC: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable SYNERGY MEDICAL: Unsecureds to Split $120K Dividend in Plan TALPHERA INC: Purchasers Waive Conditions to Close $1.6M Placement TALPHERA INC: Regains Compliance With Nasdaq's Minimum Bid Rule ULTIMATE PAVERS: Gets Final OK to Use Cash Collateral US MAGNESIUM: Committee Taps Cole Schotz P.C. as Counsel US MAGNESIUM: Committee Taps Eversheds Sutherland as Co-Counsel US MAGNESIUM: Committee Taps Province LLC as Financial Advisor VG ENTERPRISE: S&P Assigns 'B+' ICR, Outlook Stable VIEWBIX INC: Nissim Daniel Holds 5.72% Equity Stake WELL RUN LLC: Gets Interim OK to Use Cash Collateral Until Nov. 2 WESTERN SKY: Unsecured Creditors to Split $71K over 55 Months YOXALL FAMILY LAW: Seeks Chapter 7 Bankruptcy in Georgia [] SEDA Experts Adds Ankur Keswani, Bankruptcy & Credit Specialist ********* 527 EDILIDO: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: 527 Edilido LLC 527 E Dilido Drive Miami Beach, FL 33139 Chapter 11 Petition Date: October 24, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22584 Judge: Hon. Robert A Mark Debtor's Counsel: Thomas Zeichman, Esq. BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN 2385 NW Executive Center Drive Suite 300 Boca Raton, FL 33431 Tel: (561) 549-9036 Email: tzeichman@bmulaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Siffin as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YYIZ2DI/527_EDILIDO_LLC__flsbke-25-22584__0001.0.pdf?mcid=tGE4TAMA 5280 DISTILLING: Seeks Chapter 7 Bankruptcy in Colorado ------------------------------------------------------- Max Scheinblum of BusinessDen reports that Littleton-based 5280 Distilling is shutting down after seven years in business, filing for Chapter 7 bankruptcy to liquidate its assets and close operations. Founded in 2018, the Colorado distillery cited declining sales and growing debts as reasons for the wind-down, according to a recent filing. Court documents show the company reported just $72,629 in revenue through mid-October 2025, down from nearly $98,000 the prior year. It listed $288,000 in assets against $1.1 million in liabilities, including debts of $560,000 to the U.S. Small Business Administration and $204,000 to Ready Cap Lending. About 5280 Distilling 5280 Distilling, doing business as 52eighty Distilling, is a Littleton-based distillery. 52eighty Distilling sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16649) on October 14, 2025. In its petition, the Debtor reports estimated assets of $288,000 and estimated liabilities of $1.1 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Robertson B. Cohen, Esq. 6769 UNDERHILL: Has Deal on Cash Collateral Access -------------------------------------------------- 6769 Underhill Corp and U.S. Bank Trust Company, National Association, as Trustee for Velocity Commercial Capital Loan Trust 2022-1, advise the U.S. Bankruptcy Court for the Eastern District of New York that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The parties agree that the Debtor may use cash collateral, which consists of post-petition rents and proceeds from two Brooklyn properties at 67 and 69 Underhill Avenue, which secure a pre-bankruptcy mortgage loan. The loan originated on November 26, 2019, with an initial principal balance of $3.185 million, and has grown to an asserted debt of $3.984 million as of the petition date, September 12, 2024. U.S. Bank holds a perfected security interest in the properties and their rents through a Term Note, Loan Agreement, and Mortgage. The bank consented to the Debtor's use of its cash collateral strictly under court-approved terms to maintain operations and avoid liquidation. The U.S. Bank will be provided with adequate protection in the form of monthly payments of $23,640 for at least four months, to offset any diminution in the value of its collateral. The cash collateral period spans 120 days, beginning from the date the court signs the order, but this consent can be terminated early if an event triggering default occurs (e.g., trustee appointment, Chapter 7 conversion, stay relief for foreclosure, failure to meet payment deadlines, etc.). In case of default, the Debtor has a five-day cure period, after which the bank may move to enforce remedies, including foreclosure. The Debtor must deposit all rental income and proceeds into a debtor-in-possession (DIP) account and use those funds strictly in line with a detailed monthly budget approved by the bank. The budget shows projected monthly income of $28,071 and expenses of $27,724, leaving a narrow net positive of $347. Major expenses include mortgage payments, insurance, utilities, repairs, and trustee fees. The Debtor is also required to move forward with the sale of the property, agreeing to file motions within 30 and 60 days, respectively, to retain an auctioneer/broker and to establish bidding procedures. A hearing on the matter is set for November 13. A copy of the motion is available at https://urlcurt.com/u?l=T7fdFo from PacerMonitor.com. About 6769 Underhill Corp 6769 Underhill Corp is an apartment building operator in Brooklyn, N.Y. 6769 Underhill filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43804) on Sep. 12, 2024, listing $1 million to $10 million in both assets and liabilities. Hubert Drew, president of 6769 Underhill, signed the petition. Judge Nancy Hershey Lord presides over the case. Narissa A. Joseph, Esq. at the Law Office of Narissa A. Joseph represents the Debtor as bankruptcy counsel. U.S. Bank Trust Company, National Association, as Trustee for Velocity Commercial Capital Loan Trust 2022-1, is represented by: Bryan D. Leinbach, Esq. Zeichner Ellman & Krause, LLP 730 Third Avenue New York, NY 10017 Telephone: (212) 826-5317 Facsimile: (212) 753-0396 bleinbach@zeklaw.com 700 17TH STREET: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- Gregoy Garvin, Acting U.S. Trustee for Region 19, appointed an official committee to represent unsecured creditors in the Chapter 11 case of 700 17th Street, LLC. The committee members are: 1. PMG Colorado, LLC (d/b/a PMG Construction) 2875 W. Oxford Ave., Ste. #1 Englewood, CO 80110 (720) 450-0527 jason@pmgconstruction.com 2. Denver Metro Electric, Inc 2635 W. 8th Ave. Denver, CO 80204 (303) 888-0405 aaron@dmeelectric.net Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 700 17th Street LLC 700 17th Street LLC is a single asset real estate company in Denver, Colo. 700 17th Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case. No. 25-16173) on September 24, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP as legal counsel. ACQUISITION INTEGRATION: Amends Unsecured Claims Pay Details ------------------------------------------------------------ Acquisition Integration, LLC, submitted a First Amended Disclosure Statement for Plan of Reorganization dated October 17, 2025. The Plan provides that the Debtor shall continue as a corporate entity but shall also be allowed to liquidate the majority of its assets, which are subject to certain liens and interest, of which the Liquidating Trustee will make disbursements based on certain liens, interests, and claims provided for in the Plan. Prepetition, the Debtor had multiple judgments entered against it. Subsequently, these judgments and other significant financial matters impeded the Debtor's capacity to secure loans essential for sustaining its operations. One of those creditors, Axxeum, Inc., sought to obtain a temporary retaining order in state court prohibiting the Debtor, from negotiating sale of its assets to third parties in order to grant liquidity to pay creditors per rata. In response to that attempt an emergency petition was filed. Prepetition, the Debtor had multiple judgments entered against it. Subsequently, these judgments and other significant financial matters impeded the Debtor's capacity to secure loans essential for sustaining its operations. One of those creditors, Axxeum, Inc., sought to obtain a temporary retaining order in state court prohibiting the Debtor, from negotiating sale of its assets to third parties in order to grant liquidity to pay creditors per rata. In response to that attempt an emergency petition was filed. The Plan provides a comprehensive strategy for repaying creditors through the proceeds generated from the sale of Equity Interests of the Debtor. The Plan classifies claims into two classes of Secured Claims, one Priority class, one general Unsecured class, and one Equity Interest class, with specific treatments and payment terms for each. Class 4 consists of all Allowed General Unsecured Claims. Claims in Class 3 are impaired. The total amount of unsecured claims exceeds $2,535,803.74. Allowed General Unsecured Claims in this class shall be paid first by the Liquidating Trustee from funds accumulated in the Liquidated Trust and second by the Reorganized Debtor. This class shall also include all Secured Claims of Classes 2 and 3, to the extent that the lien which secures those Claims has no value and is therefore unsecured. Provided that the holder of a Class 4 Claim has not yet been paid, such holder of each such Allowed General Unsecured Claim shall receive a Pro Rata distribution from Liquidating Trust on the later of 30 days from the Effective Date or the Debtor's receipt of sufficient funds from which a distribution can be made or as soon as is reasonably practicable and subject to the Priority rules in subparagraph (iii). Holders of an Allowed General Unsecured Claims shall not be entitled to receive post-petition interest on its Allowed Claim. There are two sources for funding this Plan. The primary source for funding this Plan comes from the Liquidating Trust. The secondary source is from the net profits which the Reorganized Debtor expects to earn over the life of MASPO Contract including any renewals or extensions. From and after the Effective Date, the Reorganized Debtor shall continue in existence for all purposes to the same extent as it existed and operated pre-petition and, further, to (i) administer this Plan; (ii) make disbursements to Allowed Claim Holders pursuant to the terms of this Plan; (iii) file appropriate tax returns; and (iv) perform all such other acts and conditions required by and consistent with consummation of the terms of this Plan. A full-text copy of the First Amended Disclosure Statement dated October 17, 2025 is available at https://urlcurt.com/u?l=Xh03iD from PacerMonitor.com at no charge. Counsel to the Debtor: Stuart M. Maples, Esq. Thompson Burton PLLC 200 Clinton Avenue West, Suite 1000 Huntsville, Alabama 35801 Tel: (256) 489-9779 Fax: (256) 489-9720 Email: smaples@thompsonburton.com About Acquisition Integration Acquisition Integration, LLC provides logistics, distribution, and technical services to the commercial and military aerospace and vehicle industries. The Company partners with CAP Fleet to produce upfitted police and special service vehicles for the U.S. Government Services Administration. Based in the US, it operates as an SBA-certified HUBZone and Service-Disabled Veteran-Owned Small Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81168) on June 10, 2025. In the petition signed by David P. Bristol, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Clifton R. Jessup Jr. oversees the case. Stuart Maples, Esq., at Thompson Burton, PLLC, represents the Debtor as legal counsel. NOVO Tech, Inc., as DIP lender, is represented by: Kevin D. Heard, Esq. Heard, Ary & Dauro, LLC 303 Williams Avenue SW, Suite 921 Huntsville, AL 35801 Tel: (256) 535-0817 kheard@heardlaw.com ServisFirst Bank, as secured creditor, is represented by: Wes Bulgarella, Esq. Maynard Nexsen, P.C. 1901 Sixth Avenue North 1700 Regions/Harbert Plaza Birmingham, AL 35203 Tel: (205) 254-1000 wbulgarella@maynardnexsen.com ADVENT TECHNOLOGIES: Issuance of $52M of Shares to Hudson OK'd -------------------------------------------------------------- Advent Technologies Holdings, Inc. held its annual meeting of stockholders. As of September 19, 2025, the record date of the annual meeting, 3,291,634 shares of common stock were issued and outstanding and 1,307,771 shares of common stock were present in person or by proxy at the annual meeting. The final voting results on each of the matters submitted to a vote of stockholders were as follows: Proposal No. 1: To elect Marc Seelenfreund, Seth Lukash, and Joseph Celia, as a Class II director of the Board of Directors. The voting results were as follows: 1. Director Nominee: Marc Seelenfreund Votes For: 878,371 Votes Withheld: 223,878 Broker Non-Votes: 200,368 2. Director Nominee: Seth Lukash Votes For: 898,871 Votes Withheld: 203,378 Broker Non-Votes: 200,368 3. Director Nominee: Joseph Celia Votes For: 900,171 Votes Withheld: 202,078 Broker Non-Votes: 200,368 The nominees have been elected to serve on the Board of Directors of the Company as a Class II director with a term expiring at the 2028 annual meeting of the Company's stockholders or until his successor is duly elected and qualified in accordance with our second amended and restated certificate of incorporation and amended and restated bylaws, or his earlier death, resignation or removal. Proposal No. 2: To ratify the appointment of M&K CPAS, PLLC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. Approval of the proposal required the affirmative vote of a majority of all votes cast at the meeting. Abstentions had no effect on the result of the vote. The proposal was approved by a vote of stockholders as follows: Votes For: 1,161,826 Votes Against: 50,901 Abstentions: 89,890 Broker Non-Votes: N/A Proposal No. 3: To approve, for purposes of complying with Nasdaq Listing Rule 5635(d), the potential issuance and sale of 20% or more of the Company's common stock, par value $0.0001 per share pursuant to the purchase agreement with Hudson Global Ventures, LLC pursuant to which Hudson Global has agreed to purchase from the Company, from time to time, up to $52,000,000 of Common Stock. The voting results were as follows: Votes For: 760,448 Votes Against: 222,379 Abstentions: 119,422 Broker Non-Votes: 200,368 Proposal No. 4: To approve an amendment to the Amended and Restated Advent Technologies Holdings, Inc. 2021 Incentive Plan to increase the number of shares of Common Stock issuable under the Incentive Plan from 530,976 to 1,011,627 and to incorporate provisions for annual increases under the Incentive Plan on the first day of each calendar year beginning on January 1, 2027 and ending on January 1, 2046, equal to the lesser of (A) 3% of the total shares of our Common Stock outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the Board. The voting results were as follows: Votes For: 682,272 Votes Against: 285,309 Abstentions: 134,668 Broker Non-Votes: 200,368 Proposal No. 5: To approve, by a non-binding advisory vote, the compensation of the Company's named executive officers. The voting results were as follows: Votes For: 829,029 Votes Against: 139,741 Abstentions: 133,479 Broker Non-Votes: 200,368 Proposal No. 6: To recommend, by a non-binding advisory vote, the frequency of future advisory votes to approve the Company's named executive officer compensation. The voting results were as follows: Every Year: 373,872 Every Other Year: 23,306 Every Three Years: 559,297 Abstentions: 145,774 Broker Non-Votes: N/A Proposal No. 7: To approve the consideration of and action with respect to such other business and matters as may properly come before this meeting or any adjournments hereof. Approval of the proposal required the affirmative vote of a majority of all votes cast at the meeting. The voting results were as follows: Votes For: 762,073 Votes Against: 174,472 Abstentions: 165,704 Broker Non-Votes: 200,368 About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 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 yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $6.7 million in total assets, against $36.1 million in total liabilities. AMERICAN MACHINERY: Gets Court OK to Use Cash Collateral -------------------------------------------------------- American Machinery Group, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. The court order authorized the Debtor to use cash collateral to fund operations according to its budget, with replacement liens granted to Commercial Credit Group Inc. to secure any reduction in the value of its collateral. Beginning this month and until further order of the court, the Debtor must make monthly payments to CCG as follows: (i) $9,000 per month for the first two months; and (ii) $13,500 per month starting December 15 and until the secured creditor is paid in full or a confirmed reorganization plan becomes effective. Additionally, the Debtor was ordered to deposit 2% of monthly sales into an escrow account for property taxes, maintain insurance naming CCG as loss payee, and provide monthly financial reports. The Debtor is prohibited from selling or transferring collateral without consent. Failure to comply with these provisions, missed payments, or operational changes may trigger events of default, after which CCG may seek relief from the automatic stay. As of the petition date, the Debtor was obligated to CCG on commercial equipment loan, which is evidenced by a Negotiable Promissory Note and Security Agreement payable to the secured creditor in the original face amount of $979,128. To secure its obligations to CCG, the Debtor granted the secured creditor security interests in and liens on its property and the proceeds thereof, which in part, constitutes cash collateral. The order is available at https://is.gd/BsJIlX from PacerMonitor.com. About American Machinery Group LLC American Machinery Group, LLC is a Texas-based manufacturing company operating in the machinery sector. It operates under the name American Wranger Products, LLC. American Machinery Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42411) on August 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Brenda T. Rhoades oversees the case. The Debtor is represented by David Lufkin, Esq. ARIZONA STATE MASONRY: May Borrow $2.5MM from DIP Lender -------------------------------------------------------- Judge Daniel P. Collins of the United States Bankruptcy Court for the District of Arizona granted on a final basis the motion filed by Arizona State Masonry, LLC authorizing the Debtor to obtain post-petition secured financing. The Motion is seeking entry of interim and final orders authorizing the Debtor to obtain a post-petition loan up to an aggregate principal amount of $2,500,000 from GPCCO LLC, a Delaware limited liability company, with: (a)(i) immediate funding of $750,000 upon entry of the Interim Order and pending entry of a final order, (ii) additional funding of $750,000 upon entry of this Final Order, and (iii) availability of up to $1,000,000 of accordion financing as may be required for Debtor's expenses during the pendency of this case and approved by DIP Lender, and (b) the granting of: (i) allowed super-priority administrative claim status for the DIP Loan, (ii) a junior lien on substantially all of the Debtor's assets, subject to existing Senior Liens, and (iii) a senior lien on all of the Debtor's unencumbered assets, including Avoidance Actions. The Debtor has need to obtain the DIP Financing to preserve its assets, including to pay insurance, taxes, payroll, cure executory contracts, and other necessary business expenses. According to the Court, the Debtor's access to and use of the proceeds of the DIP Financing are necessary and vital to ensure that the Debtor has sufficient working capital and liquidity to preserve and maintain the value of its estate, and to facilitate a reorganization of the Debtor or a sale of its assets. The Debtor is unable to obtain financing on more favorable terms from sources other than the DIP Lender pursuant to, and for the purposes set forth in, the DIP Loan Documents and are unable to obtain adequate unsecured credit allowable under Section 503(b)(1) of the Bankruptcy Code as an administrative expense. The DIP Loan Documents and the DIP Loan have been the subject of extensive negotiations conducted in good faith and at arm's-length among the Debtor and the DIP Lender. The Court finds consummation of the DIP Financing in accordance with the terms of this Final Order and the DIP Loan Documents is in the best interest of the Debtors' estates and is consistent with the Debtors' exercise of their fiduciary duties. The Debtor is authorized to borrow up to an aggregate principal amount of $2,500,000 (plus interest, including any interest capitalized and added to such principal amount, fees and other expenses provided for in the DIP Loan Documents), in accordance with the terms of this Final Order and the DIP Loan Documents. A copy of the Court's Final Order dated October 21, 2025, is available at https://urlcurt.com/u?l=UXEh3l from PacerMonitor.com. About Arizona State Masonry LLC Arizona State Masonry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08405) on September 5, 2025. In the petition signed by Shannon Dean, member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Daniel P. Collins oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. ASCEND PERFORMANCE: Ad Hoc Term Lenders Amend Rule 2019 Statement ----------------------------------------------------------------- An ad hoc group of term loan lenders to Ascend Performance Materials Holdings Inc. and its debtor-affiliates, represented by Gibson, Dunn & Crutcher LLP, as lead counsel, and Howley Law PLLC, as Texas co-counsel, filed a Second Amended Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group's current members and the claims they held in the Debtors' cases. The Second Amended Verified Statement discloses that: 1. The Ad Hoc Group was formed in September 2024 and retained attorneys affiliated with Gibson, Dunn & Crutcher LLP to represent the group as counsel in connection with a potential restructuring of the Debtors' outstanding debt obligations. Gibson Dunn contacted Howley Law PLLC to serve as Texas co-counsel to the Ad Hoc Group in March 2025. 2. The Group comprised of beneficial holders or the investment advisors or managers for certain beneficial holders, in their capacities as lenders under the (i) Term Loan Credit Agreement, dated as of August 27, 2019, by and among Ascend Performance Materials Holdings Inc., as Holdings, Ascend Performance Materials Operations LLC, as Borrower, Wilmington Savings Fund Society, FSB, as successor Administrative Agent and Collateral Agent, the Guarantors party thereto and the Lenders party thereto; (ii) Super Priority Term Loan Credit Agreement dated as of March 7, 2025, by and among Holdings, Borrower, WSFS, as Administrative Agent and Collateral Agent, the Guarantors party thereto and the Lenders party thereto; and (iii) Superpriority Senior Secured Debtor-in-Possession Credit Agreement dated as of April 23, 2025, by and among Holdings, Borrower, WSFS, as Administrative Agent and Collateral Agent, the Guarantors party thereto and the Lenders party thereto. 3. Gibson Dunn and Howley do not represent or purport to represent any other entities, do not represent the Ad Hoc Group as a "committee," and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gibson Dunn. In addition, the Ad Hoc Group does not represent or purport to represent any other entities, does not represent the interests of, nor act as a fiduciary for, any person or entity other than itself. 4. Gibson Dunn and Howley do not hold any disclosable economic interests in relation to the Debtors. The names and addresses of each of the members of the Ad Hoc Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. Apex Credit Partners, LLC 520 Madison Ave, 12th Floor New York, NY 10022 DIP Term Loan: $1,367,266.25 First Lien Term Loan: $10,089,233.31 Other Disclosable Economic Interests: N/A 2. ArrowMark Colorado Holdings LLC, on behalf of certain funds and accounts it manages or advises 100 Fillmore Street, Suite 325 Denver, CO 80206 DIP Term Loan; $124,141.45 First Lien Term Loan: $2,748,167.10 Other Disclosable Economic Interests: N/A 3. Bank of America N.A., solely with respect to its US Distressed & Special Situations Group NC1-028-19-06, 150 N College St Charlotte, NC 28255 DIP Term Loan: $183,678.09 First Lien Term Loan: $384,882.85 Other Disclosable Economic Interests: N/A 4. Blue Owl Liquid Credit Advisors LLC 1 Greenwich Plaza, Suite C, 2nd Floor Greenwich, CT 06830 DIP Term Loan: $424,187.69 First Lien Term Loan: $1,234,135.39 Other Other Disclosable Economic Interests: N/A 5. Elmwood Asset Management LLC 575 5th Avenue, 34th Floor New York, NY 10017 DIP Term Loan: $13,943,668.52 First Lien Term Loan: $32,365,028.87 Other Disclosable Economic Interests: N/A 6. Invesco Senior Secured Management, Inc., on behalf of certain funds and accounts it manages or advises 225 Liberty Street New York, NY 10281 DIP Term Loan: $39,335,450.73 First Lien Term Loan: $83,343,579.13 Other Disclosable Economic Interests: N/A 7. MJX Asset Management LLC 12 East 49th Street, 38th Floor New York, NY DIP Term Loan: N/A First Lien Term Loan: $61,668,548.66 Other Disclosable Economic Interests: N/A 8. Nuveen Asset Management, LLC 8625 Andrew Carnegie Blvd. Charlotte, NC 28262 DIP Term Loan: $38,593,459.43 First Lien Term Loan: $87,418,993.05 Other Disclosable Economic Interests: N/A 9. ORIX Advisers, LLC (d/b/a Signal Peak Capital Management) 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 DIP Term Loan: $352,614.55 First Lien Term Loan: $7,805,963.87 Other Disclosable Economic Interests: N/A 10. Saranac CLO VIII Limited 1540 Broadway, Suite 1630 New York, NY 10036 DIP Term Loan: N/A First Lien Term Loan: $1,994,805.19 Other Disclosable Economic Interests: N/A 11. Silver Point Capital, L.P., as Investment Manager on behalf of certain affiliated Funds 2 Greenwich Plaza, Suite 1 Greenwich CT, 06830 DIP Term Loan: $263,377,878.13 First Lien Term Loan: $557,246,211.00 Other Disclosable Economic Interests: N/A 12. Strategic Value Capital Solutions II MF LP 100 West Putnam Avenue Greenwich, CT 06830 DIP Term Loan: N/A First Lien Term Loan: $1,094,512.00 Other Disclosable Economic Interests: N/A 13. Strategic Value Excelsior Fund, L.P. (Series VI) Greenwich, CT 06830 DIP Term Loan: N/A First Lien Term Loan: $42,266.00 Other Disclosable Economic Interests: N/A 14. Strategic Value Special Situations Master Fund V, LP Greenwich, CT 06830 DIP Term Loan: N/A First Lien Term Loan: $5,366,626.00 Other Disclosable Economic Interests: N/A 15. Strategic Value Special Situations VI MF, L.P. Greenwich, CT 06830 DIP Term Loan: N/A First Lien Term Loan: $914,920.00 Other Disclosable Economic Interests: N/A 16. Sycamore Tree Capital Partners, LP (Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled, or represented by Sycamore) 2101 Cedar Springs Road, Suite 1250 Dallas, TX 75201 DIP Term Loan: $101,374.02 First Lien Term Loan: $748,051.95 Other Disclosable Economic Interests: N/A 17. UBS Asset Management 11 Madison Avenue New York, NY 10010 DIP Term Loan: $60,947,238.07 First Lien Term Loan: $141,361,574.24 Other Disclosable Economic Interests: N/A * Includes certain funds, accounts, or other investment vehicles managed, advised, or otherwise by UBS Asset Management (Americas) LLC 18. Voya Investment Management LLC 7337 E. Doubletree Ranch Road Scottsdale, Arizona 85258 DIP Term Loan: $5,309,121.27 First Lien Term Loan: $14,080,004.56 Other Disclosable Economic Interests: N/A 19. Western Alliance Bank 1 East Washington St. Phoenix, AZ 85004 DIP Term Loan: $436,329.84 First Lien Term Loan: $9,659,201.63 Other Disclosable Economic Interests: N/A Both firms may be reached at: Tom Howley, Esq. Eric Terry, Esq. HOWLEY LAW PLLC 700 Louisiana Street, Suite 4220 Houston, TX 77002 Tel: 713-333-9125 E-mail: tom@howley-law.com eric@howley-law.com - and - Scott J. Greenberg, Esq. Jason Zachary Goldstein, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166 Tel: 212-351-4000 E-mail: sgreenberg@gibsondunn.com jgoldstein@gibsondunn.com - and - AnnElyse Scarlett Gains, Esq. GIBSON, DUNN & CRUTCHER 1700 M Street N.W. Washington, D.C. 20036-3504 Tel: 202-955-8500 E-mail: agains@gibsondunn.com About Ascend Performance Materials Holdings Inc. Ascend Performance Materials Holdings Inc. is one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 includes heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees, and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, the chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Bracewell LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. GA Group Advisory & Valuation Services, LLC serves as a valuation advisor. The official committee of unsecured creditors retained Brown Rudnick LLP as co-counsel; Parkins & Rubio LLP as Texas co-counsel; AlixPartners, LLP as financial advisor; and Ducera Partners LLC and Ducera Securities LLC as investment banker. Gibson, Dunn & Crutcher LLP represents an Ad Hoc Group of Term Loan Lenders. Howley Law PLLC, serves as the group's Texas co-counsel. ASCEND PERFORMANCE: Amends Plan to Include Ascend Parent Interests ------------------------------------------------------------------ Ascend Performance Materials Holdings Inc. and affiliates submitted a Disclosure Statement for the Second Amended Joint Plan of Reorganization dated October 20, 2025. In parallel with their operational restructuring, the Debtors have been in negotiations with the Ad Hoc Group, the DIP ABL Agent, the official committee of unsecured creditors (the "Committee"), the Asset Financing Agreement Counterparties, and, through the Special Committee, certain of the Excluded Parties, to reach an agreement on a chapter 11 plan of reorganization that stabilizes the Debtors' capital structure and puts the Company on strong financial and operational footing to continue to maximize stakeholder value going forward. With respect to the Committee, after good-faith, arm's-length negotiations among the Debtors, the Committee, and the Ad Hoc Group, the parties agreed to the terms of the Committee Settlement that provides for meaningful distributions to Holders of the general unsecured claims, resolves the Committee's Claims and causes of action against the Debtors and maximizes the value of the Debtors' estate. Specifically, the Committee Settlement provides for (a) the bifurcation of the general unsecured claims into (i) Go-Forward Vendor Claims, and (ii) General Unsecured Claims, (b) the establishment of a cash pool to fund a recovery for the Go-Forward Vendor Claims, (c) payment of fees accrued by Committee Advisors, and (d) payment of certain amounts budgeted for the Committee's go-forward advisor fees and an ombudsman to assist in the resolution of remaining general unsecured claims. The Committee Settlement not only secures meaningful recoveries for Holders of Go-Forward Vendor Claims but is also supported by the Committee and allows the Debtors to emerge from these Chapter 11 Cases in a value-maximizing and orderly fashion, without further delay. The Plan contemplates a recapitalization of the Debtors, through which the Debtors will issue the New Interests to the Holders of Term Loan Claims, implement both an Equity Rights Offering and a Debt Rights Offering, enter into the Exit ABL Facility and the Exit Holdco Loan Facility, adopt a Management Incentive Plan, and establish a Litigation Trust. New Interests will also be issued in satisfaction of DIP Term Loan Claims, while DIP ABL Claims will be paid down in full in Cash or, solely at the election of each DIP ABL Lender, rolled into the Exit ABL Facility. Class 5B consists of General Unsecured Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the General Unsecured Claims, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the General Unsecured Claim Distribution; provided that, in no event, shall any Excluded Party receive any distribution on account of any Litigation Trust Assets. The allowed unsecured claims total $559,095,448. Class 8 consists of Interests in Ascend Parent. In exchange for the full and final satisfaction, settlement, release, and discharge of the Allowed Interests in Ascend Parent each Holder of an Allowed Interest in Ascend Parent shall receive its Pro Rata share of the Ascend Interest Distribution, which shall come from amounts that Holders of Allowed DIP Term Loan Claims would otherwise be entitled to receive under the Plan. Class 9 consists of Interests in APM Disc. Each Interest in APM Disc shall be canceled, released, discharged, and extinguished without any distribution and will be of no further force or effect, and each Holder of an Interest in APM Disc shall not receive or retain any distribution, property, or other value on account of its Interest in APM Disc. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (1) Cash on hand, including Cash from operations, the DIP Facilities, and the proceeds of the Equity Rights Offering and the Debt Rights Offering; (2) the Equity Subscription Rights; (3) the Debt Subscription Rights; (4) the New Interests; (5) the Exit ABL Facility; (6) the Exit Holdco Loan Facility, as applicable; (7) the Asset Financing Takeback Debt; and (8) the Litigation Trust Interests. A full-text copy of the Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=x8VY8J from Epiq Corporate Restructuring, LLC, claims agent. Co-Counsel to the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel to the Debtors: Christopher Marcus, P.C. Derek I. Hunter, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: cmarcus@kirkland.com derek.hunter@kirkland.com About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. ASPEN CHAPEL: Updates Unsecured Claims Pay; Amends Plan ------------------------------------------------------- The Aspen Chapel, Inc., submitted a Corrected Third Amended Disclosure Statement describing Third Amended Plan of Reorganization dated October 17, 2025. Following Plan confirmation, Debtor intends to continue to operate The Chapel as an independent sacred space serving the Roaring Fork Valley, consistent with the founder's vision of inclusiveness and community unity. The Chapel will continue to house the AJC (and likely the ACC) consistent with their past usage in exchange for the monthly User Fees provided in the Plan. As under the 1989 Agreement, AJC would reimburse Debtor for 40% of the Chapel's operating costs. The ACC has no written agreement with Debtor concerning The Chapel, and Debtor accepts the ACC’s argument that it is a tenant at will with no other rights in the building. The ACC has historically paid the remaining 60% of the operation and maintenance costs of The Chapel not paid by the AJC and the ACC has retained all third-party user fees paid by others. Debtor intends to negotiate a written agreement with the ACC pursuant to which the ACC will pay a flat User Fee of $8,000 per month (adjusted for inflation) for its scheduled use of The Chapel in designated areas and at designated times to be mutually agreed. Payments by the AJC and the ACC will not be sufficient to pay for major repairs needed for The Chapel. Debtor will use the net TDR sales proceeds to pay (1) the administrative expenses of Debtor's reorganization, (2) Debtor's unsecured creditors, (3) the remaining costs of major repairs to the Chapel (i.e., 60%), and (4) to provide operating capital during a construction period of up to 12 months. Class Two consists of all other allowed unsecured creditor claims, including ACC's Claim Nos. 2 & 3. On July 29, 2024, Debtor objected to the ACC's Claims as being duplicative, and because any claim should be offset by the amounts the ACC owes Debtor for unpaid user fees. Upon confirmation of its Third Amended Plan, Debtor shall be deemed have withdrawn its objection to Claim 2 and ACC shall have an allowed claim of $89,074 which shall be paid in full according to the Plan along with all other unsecured allowed claims. The remaining unsecured claims will be paid in full on the Effective Date. Class Two is unimpaired. Class Three consists of AJC's alternative claim for money damages asserted in its Claim No. 4. As indicated, that Claim has been mooted by the Court's April 22, 2024, Order recognizing the AJC's occupancy right. Debtor's Plan affords AJC continued non exclusive use of The Chapel consistent with the 1989 Agreement. Class Three is unimpaired. Class Four consists of equity; however, because Debtor is a nonstock, non-profit corporation, there are no equity holders and, accordingly, no members of this class. The Debtor anticipates selling three Transferable Development Rights ("TDRs") on the open market in 2026, and projects net proceeds of $2,280,000 from those sales, after deducting selling expenses and real estate commissions. The TDRs were approved by the Pitkin County Board of County Commissioners in April 2024 and each TDR permits a market buyer of the TDR to build 2,500 square feet of residential floor area above the area County zoning rules would otherwise allow. The Debtor's TDRs become marketable following the full execution of a Covenant Agreement by Debtor and the County. A market buyer for three TDRs must then agree to purchase the TDRs at the prevailing market price (Debtor projects the market price at $800,000 each, in the Plan). Debtor will use the TDR proceeds to pay all allowed claims and Administrative Expenses in full as provided in the Plan, and to pay the otherwise unfunded cost of major repairs to The Chapel as it existed in 1989, including measures to keep the building compliant with applicable building codes and construction standards. Under the Plan, the AJC will also make monthly payments to reimburse Debtor for 40% of its costs to operate The Chapel. AJC's usage rights to the building are limited to the areas of the Chapel as they existed in 1989, except with respect to AJC's offices and classroom spaces which may be re-assigned by the Debtor to newly constructed areas in order to enable the expansion of the kitchen and community room of The Chapel. The Debtor anticipates negotiating an agreement with the ACC to pay a flat monthly User Fee of $8,000 per month, an amount equal to its current monthly payment in effect since January 2023 and a figure it has indicated it can afford to pay. The schedule for ACC's use, and the areas designated for ACC's use, will be negotiated by the parties to reflect the ACC's reasonable needs for its programming operations and office space. A full-text copy of the Third Amended Disclosure Statement dated October 17, 2025 is available at https://urlcurt.com/u?l=MfCApO from PacerMonitor.com at no charge. Attorneys for the Debtor: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street, 1900 Denver, CO 80202 Tel: 303-534-4499 Email: jweinman@allen-vellone.com About The Aspen Chapel The Aspen Chapel, doing business as Aspen Chapel of the Prince of Peace, sought Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 22-11531) on May 3, 2022. In the petition filed by Virginia C. Newton, as chair of the Board of Trustees, The Aspen Chapel listed up to $10 million in assets and up to $500,000 in liabilities. The case is assigned to Judge Michael E. Romero. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor PC and Foster Graham Milstein & Calisher, LLP serve as the Debtor's bankruptcy counsel and special counsel, respectively. AZZ INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Positive ----------------------------------------------------------------- S&P Global Ratings affirmed its ratings on AZZ Inc., including its 'BB-' issuer credit rating and 'BB' issue-level rating on its senior secured debt. S&P's recovery rating on the debt remains '2'. The positive outlook reflects S&P's expectation that AZZ will sustain debt to EBITDA of 2x and generate robust free operating cash flow (FOCF) amid mixed market conditions while executing on growth opportunities. S&P said, "The positive outlook reflects our expectation that AZZ will sustain debt to EBITDA of 2x. We maintain this expectation while assuming increasing discretionary growth spending. We expect AZZ to generate robust cash flows over the next 12 months as interest expenses decline from recent debt reduction and earnings remain steady from active infrastructure, utilities, and transmission investment. This will be offset by softer nonresidential construction, HVAC, and appliance segments. We expect FOCF of $100 million-$150 million in fiscal 2026 (ending February 2026; excluding $233 million of AVAIL proceeds) and fiscal 2027 after building in our assumption of incremental capital expenditure (capex) for modest growth investments. AZZ's tolling business model should continue to support robust cash generation that supports discretionary cash flow for annual acquisition spending." AZZ is building a credit cushion to execute on growth opportunities. AZZ has continued to pay down its term loan this year, resulting in trailing leverage declining below 2x. Cash flows and proceeds from the sale of the electric products business line of AZZ's AVAIL joint venture have supported $285 million of debt reduction so far this year (additionally, it used proceeds from a new trade receivables securitization facility to repay portion of term loan). The company's S&P adjusted debt balance is $616 million as of Aug. 31, 2025, compared to $960 million as of a year ago. Going forward, AZZ has detailed a capital allocation plan that includes executing on an acquisition pipeline to expand geographically, build on service capabilities, enhance scale, and drive higher margins. The company is aiming for M&A in the metals coating space that are earnings accretive and cash flow positive. The other pilar of capital allocation strategy is capex to target organic growth opportunities with modernizing facilities and enhancing its service offerings. AZZ has outlined a 1.5x-2.5x leverage target while undertaking these organic growth investments and potential bolt-on and tuck-in acquisitions. S&P said, "Our base case is steady over the next 12 months but market conditions are mixed. Softness could offset tariff opportunities to replace imported coated steel volumes. We expect AZZ to generate $360 million-$380 million of annual EBITDA over the next two to three years, compared with $350 million and $330 million in fiscal 2025 and fiscal 2024, respectively. Metals coatings, specifically galvanized steel demand, is robust in both construction and electrical markets, driven by continued growth in submarkets, including data centers, electrical transmission and distribution, and solar power generation. While the Precoat segment is picking up incremental market share from pre-painted steel and aluminum imports, this is somewhat offset by overall contraction in the pre-painted market from lower demand in end markets, including industrial, particularly agriculture, transportation, and appliance and HVAC. "Tariffs provide an opportunity for AZZ to replace imported coated steel volumes even as near-term softness may offset benefits this year. We assume Section 232 tariffs are durable and that AZZ has capacity to pick up incremental volumes." This could lead to sustained market share gains if customers seek domestic galvanizing and coating services to mitigate tariff costs. The U.S. imports 10% of its painted steel coil needs from places like Europe, Korea, and Japan. There is less clarity around how much galvanized steel is imported into the U.S. because it is often in the form of finished products, but incrementally, customers may look to domestic services to reduce overall tariff costs of imported steel. That said, customers continue to seek lowest cost suppliers, so in the event the economics for imports change, AZZ will have to rely on its differentiated service level offering to retain market share. These include a focus on orders with increasing customization, add-on services, and quick turn-around deliveries. AZZ has high exposure to the construction market, which brings cyclical demand and seasonality. Construction accounts for 50%-60% of AZZ's revenue, and seasonal fluctuations can affect volumes and earnings. The construction industry faces risks such as project delays or cancellations, skilled labor availability and wage increases, and the impact of higher input costs and tariffs. Backlogs of future construction projects continue to build up even as uncertainties persist, and the impact on economic activity could result in sponsors delaying project starts. That said, S&P expects mid- to high-single-digit percent revenue growth among U.S. engineering and construction issuers this year, supported by record backlogs and energy transition momentum. AZZ's other end markets are fairly diversified but also cyclical, with transportation, industrial, and consumer end markets reflecting about 10% each. Another growth opportunity for AZZ is the ramp-up of its new greenfield aluminum coating mill in Washington, Miss. this year. This new line will enable the company to serve a growing market for aluminum cans in the food and beverage industry. Supporting the ramp-up and capacity utilization is the fact that 75% of the plant's capacity is already contracted. S&P's positive outlook reflects our expectation that AZZ will sustain leverage of about 2x over the next 12 months, supported by: -- Strengthening FOCF generation boosted by steady earnings growth declining interest expense; -- Stable earnings supported by its toll processing business model that enables cost pass-through and mitigates commodity price volatility. S&P could revise its outlook to stable over the next 12 months if it expects AZZ's debt to EBITDA to rise above 3x on a sustained basis. This could result from: -- A deterioration in earnings leading to negative FOCF from a drop in volumes due to sustained weak demand, loss of market share, or from a sustained inability to pass through a range of unsteady input costs; or -- Increased debt to fund acquisitions; capex; or other discretionary spending, such as shareholder returns. S&P said, "We could raise our ratings on AZZ over the next 12 months if it continues to build on its track record of growing earnings along with consistent financial policy and capital allocation that supports leverage of about 2x. We would also expect AZZ's business profile to continue improving scale, market position, and profitability." BAND OF CODERS: Section 341(a) Meeting of Creditors on November 19 ------------------------------------------------------------------ On October 17, 2025, Band of Coders, LP filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Northern District of Georgia. The filing has been assigned case number 25-21485. Court documents show that Band of Coders, LP reported assets valued between $1 million and $10 million, with liabilities in the range of $100,001 to $1 million and 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 11/19/2025 at 02:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. About Band of Coders LP Band of Coders LP operates in the management, scientific, and technical consulting services sector. Band of Coders, LP filed a petition under Chapter 11, Subchapter V of the Bankruptcy Codee (Bankr. N.D. Ga. Case No. 25-21485) on October 17, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Laurel M. Isicoff oversees the case. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC, represents the Debtor as legal counsel. BEAN BROTHERS: Seeks to Hire RE/MAX Crossroads as Realtor --------------------------------------------------------- Bean Brothers Hardware & Supply, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire RE/MAX Crossroads as realtor. The firm will market and sell the Debtor's property located at 969 Reepsville Road, Lincolnton, NC 28092 and 00 Reepsville Rd. Lincolnton, NC. The firm will receive a sales commission of 6 percent. RE/MAX Crossroads does not represent any interest adverse to the Debtor or the Debtor's estate, according to court filings. The firm can be reached through: Wayne Brooks RE/MAX Crossroads 111 E. Main St. Lincoln, NC 28092 Tel: (704) 736-1717 Email: waynebrooks.realestate@gmail.com About Bean Brothers Hardware & Supply, LLC Bean Brothers Hardware & Supply, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40202) on September 5, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge Ashley Austin Edwards presides over the case. John C. Woodman, Esq. at Essex Richards represents the Debtor as counsel. BIG STORM: To Sell Clearwater Property to TIDE LLC for $7.5MM ------------------------------------------------------------- Big Storm Brewery LLC and its affiliates, Big Storm Pinellas LLC and Big Storm Real Estate LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. Joshua Rizack serves as Chief Restructuring Officer and oversees ongoing operations. Debtor Big Storm Real Estate, LLC is the 100% owner of the real property located at 12707 49th Street N., Clearwater, FL 33762. Debtor, Big Storm Brewery, LLC is the 100% owner of that certain personal property, listed attached as Exhibit A (BSB Property) in https://tinyurl.com/bdwzx9yc Debtor, Big Storm Pinellas, LLC is the 100% owner of that certain personal property known as liquor licenses attached as Exhibit B (Liquor Licenses). Debtors own 100% ownership interests in the Sale Property. The Sale Property is being sold in "as is," "where is," and "with all faults" condition, with no representations, guarantees, or warranties of any kind, nature, or description whatsoever, whether express or implied, oral or written, including but not limited to any warranties of merchantability, fitness for a particular purpose, title, or non-infringement. Buyer shall rely solely on its own independent investigation and inspection of the Sale Property. The auction of the Sale Property is expressly subject to (i) higher and better offers that may be received and accepted by the Debtors at the Auction pursuant to the Auction and Bidding Procedures. The Chief Restructuring Officer, Mr. Rizack, will act as auctioneer without charging any additional fees for conducting or overseeing the auction and will be compensated solely at his approved hourly rate as CRO, subject to Court approval of his fee application. Mr. Rizack's role as auctioneer shall not create any conflicts of interest with his duties as CRO, and he shall conduct the auction in accordance with his fiduciary duties to the estate and all creditors. The Debtors have entered into a Purchase and Sale Agreement (PSA) dated October 27, 2025, with TIDE LLC (Stalking Horse Bidder), for the sale of Property for a total purchase price of $7,500,000, subject to higher and better offers received in accordance with the Auction and Bidding Procedures The Debtors confirm that TIDE LLC is an independent third-party purchaser with no common ownership, management, or control with the Debtors or their affiliates. The following assets are specifically excluded from the sale: Hillsborough Liquor License, sports memorabilia, and all computers with the exception of the POS system(s) used for standard day-to-day operations currently in use. Excluded Assets shall also include any cash, accounts receivable, tax refunds, insurance proceeds, avoidance actions, causes of action or assets not specifically identified as part of the Sale Property. The Auction and Bidding Procedures expressly reference and are governed by the PSA, which establishes the form of asset purchase agreement to be executed by the successful bidder. The PSA sets forth the material terms of sale, including the purchase price, deposit, representations, warranties, and closing conditions. The PSA also provides for a Break-Up Fee of 2% of the purchase price ($150,000), payable only upon consummation of an alternative transaction with a higher or better bidder, and subject to this Court's approval. The Debtors submit that the PSA was negotiated in good faith, at arm’s length, and represents the highest and best offer currently available for the Sale Property. TIDE LLC is not affiliated with the Debtors, their principals, members, officers, or any prior ownership group. The PSA was negotiated at arm’s length and in good faith following substantial due diligence and independent business judgment. About Big Storm Brewery Big Storm Brewery, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04026) on June 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's bankruptcy counsel. Joshua Rizack serves as Chief Restructuring Officer. Briar Capital Real Estate Fund, LLC, as secured creditor, is represented by Zachary J. Bancroft, Esq., at Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, in Orlando, Florida. BRANDYWINE REALTY: S&P Alters Outlook to Negative,Affirms 'BB' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook to negative from stable on Brandywine Realty Trust. S&P affirmed its 'BB' issuer credit rating on the company and the 'BB+' issue-level rating on its unsecured notes. S&P's '2' recovery rating on the unsecured notes is unchanged. The negative outlook reflects S&P's expectation for credit metrics to remain under pressure from delayed stabilization periods for development projects. It also reflects refinancing risk related to the company's short weighted-average debt maturity. Prolonged stabilization periods for development projects and higher interest expense will pressure credit metrics over the next year. For the trailing 12 months ending June 30, fixed charge coverage declined to 1.7x from 2.1x the prior year period driven by higher interest expense from refinancings. S&P said, "We forecast fixed charge coverage to decline to around 1.6x by year end from modestly higher debt balances following the consolidation of its 3025 JFK, a mixed-use project in Philadelphia, and higher interest expense from refinancing lower coupon debt at higher rates. Debt leverage increased over the same time frame with S&P Global adjusted debt to EBITDA increasing to 8.3x compared to 7.9x the prior year period and we expect it to increase to the high 8x area by year end from a higher debt balance." Moreover, Brandywine commenced construction of a boutique hotel in Radnor which is expected to cost $59.5 million, be completed in the second quarter of 2026, with stabilization in 2027. S&P said, "Though this project complements Brandywine's Radnor mixed use campus, the delay between funding this project and when it generates EBITDA will pressure its credit metrics under our base case. We anticipate this project along with remaining development spend (approximately $140 million) will be partially funded with construction financing." S&P said, "We see potential for credit metrics to improve but this will be largely dependent on progress leasing up non-stabilized properties, capital required for future leasing, the timing of when cash rents commence and begin contributing to EBITDA, and where interest rates trend. We anticipate it will remain challenging to lease up its completed but not yet leased life science project, 3151 Market, amid a tough fundraising environment for life science tenants, which could keep demand muted. Its office project One Uptown in Austin is likely to remain pressured as well from weaker fundamentals in this submarket and competition from new supply. "Brandywine's short weighted-average debt maturity presents refinancing risk. We typically view companies with short debt maturity ladders (less than three years for real estate entities) as having greater refinancing risk relative to peers with longer weighted-average debt maturities. Our weighted-average maturity calculation does not consider any extension options and includes the company's pro rata share of unconsolidated joint venture debt." Brandywine's weighted-average debt maturity is 3.1 years, proforma for the repayment of its $245 million secured term loan using proceeds from its recent $300 million unsecured note issuance, and consolidation of its 3025 JFK joint venture project. The company's upcoming debt maturities include a $178 million secured loan due in July 2026 followed by a $250 million term loan in June 2027 and $450 million of unsecured notes due in November 2027. If Brandywine does not proactively address these upcoming maturities prior to their maturity dates, its weighted-average debt maturity could fall below three years over the next 12 months, causing us to view its capital structure negatively unless S&P expects it to improve relatively shortly. S&P expects its stabilized portfolio's operating performance to remain sound over the next 12 months, anchored by its Philadelphia and Suburban Pennsylvania portfolio, partially offset by its Austin portfolio. As of Sept. 30, 2025, Brandywine's core portfolio was 88.8% occupied and 90.4% leased, and same-store cash net operating income (NOI) grew 2.1% compared with the prior-year period. The company's Austin portfolio remains a weak spot and where most vacancies are concentrated in as competition from new supply and tempered demand from large, technology tenants has created a challenged leasing environment. S&P said, "As of Sept. 30, the portfolio was 77.7% leased (14% of NOI year to date), and we expect this to decline by year end from a known move out in the fourth quarter. Cash rental rates for leases signed through the third quarter declined 12.5% when compared with the prior year period. We expect future leasing activity in Austin will remain pressured as the company prioritizes occupancy and manageable tenant improvements in lieu of pushing rate." Offsetting some of this pressure is continued stability in cash flow generation within its Philadelphia Central Business District (CBD) and suburban Pennsylvania portfolio (76% of NOI and 93% leased) as the company benefits from being a premier landlord in this market and tenants seek high quality space. Brandywine has minimal lease expirations (5% of square feet) in 2026, which are largely concentrated within its Pennsylvania portfolio. This should sustain occupancy near current levels. S&P expects cash rental rate growth of the portfolio will be relatively flat, with low-single-digit percent rent growth for its Pennsylvania portfolio dragged down by negative rental rates in Austin as the company seeks to build occupancy. S&P said, "The negative outlook our view the company's short weighted-average debt maturity present elevated refinancing risk, which could cause us to view its capital structure negatively. Moreover, we anticipate credit metrics will remain under pressure, from potential delays in development stabilizations and where interest rates trend. We anticipate the operating portfolio should generate sound operating performance buoyed by its manageable lease expiration schedule next year. "We also note that the company's recovery rating is at a '2' but at the lower end of the range (70%) for that rating. Hence, if there are changes in our forecast or assumptions, we may lower our issue level ratings on the company's debt." S&P could lower its ratings on Brandywine if: -- The company's weighted average debt maturity falls below three years on a sustained basis; or -- S&P Global Ratings-adjusted fixed-charge coverage remains below 1.7x for a sustained period with no near-term pathway for improvement; or -- S&P Global Ratings-adjusted debt to EBITDA rises and remains above 8.5x for a sustained period; or -- Operating performance deteriorates beyond S&P's base-case projections, with material declines in occupancy and same-store property NOI turning negative and comparing unfavorably with peers'. S&P could consider revising the outlook to stable if: -- The company lengthens its debt maturity ladder comfortably above three years on a sustained basis; -- S&P Global Ratings-adjusted fixed-charge coverage improves above 1.7x and S&P Global Ratings-adjusted debt to EBITDA remains below 8.5x, both on a sustained basis; and -- Operating performance remains near current levels with healthy cash net operating income growth and improved occupancy in its Austin portfolio. BRC CAPITAL: Amends Unsecured Claims Pay Details ------------------------------------------------ BRC Capital, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated October 20, 2025. The Plan provides for distributions to the holders of Allowed Claims from the future income stream that Debtors generates from the operation of its business activities. The Debtor has filed this Amended Disclosure Statement and the Amended Plan. The gist of the amendments is to modify the treatment of the Class 3 general unsecured claims to treat them has an unimpaired convenience class paid in full on the Effective Date and to reclassify the Class 2 Claim to the Illinois Department of Revenue to treat the claim as unimpaired as it is being paid as statutorily required under the Code within 5 years of the date of the filing of the case. With these amendments, the Plan will consist of no impaired classes of claims and it will be presumed that all classes of claims under the Plan have accepted the Plan. The Debtor's Plan of Reorganization contemplates repayment of 100% to all creditors with payments to be made to creditors over a total of five years (60 months) from the Petition Date which will pay approximately $614,700 throughout the life of the Plan. The Plan will be funded by the Debtor from its business operations in the amount of $10,000 per month, and an additional $250 per month funded by the Debtor's Members over the life of the Plan. Louis Morgan, the Debtor's managing member, will be responsible for the administration of payments to Creditors under the terms of the Plan. Upon confirmation of the Plan, the Reorganized Debtor will either retain its DIP checking account or open a new account separate from its business operating account for the purposes of funding and disbursements hereunder. The Reorganized Debtor will either pay quarterly payments out of the existing DIP account or deposit the monthly payment into that separate account and make distributions to creditors quarterly on the last business day of each third month following the Plan Effective Date until completion of all required payments. The Class 4 Claimants consist of the general unsecured creditors (GUC) and will be paid as a convenience class on the Effective Date. To be paid on the Effective Date. The allowed unsecured claims total $6,653. This Class is unimpaired. The Debtor intends to continue its operations which, based upon historical data and the budget projections should generate net positive cash flow sufficient to pay the distributions required under the Plan. All distributions under the Plan will be made from the Debtor's future income and supplemented by the Debtor's members contributions. On December 2, 2025, at 10:00 a.m., a hearing to consider approval of this Disclosure Statement and Plan will be held by the Court or by any other judge sitting in the Court's place, in Courtroom 619, of the United States Courthouse, 219 S. Dearborn, Chicago, Illinois. A full-text copy of the Amended Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=k3Ahkk from PacerMonitor.com at no charge. Counsel to the Debtor: Konstantine T. Sparagis, Esq. Law Offices of Konstantine Sparagis, P.C. 900 W. Jackson Blvd., Ste. 4E Chicago, IL 60607 Telephone: (312) 753-6956 Email: gus@konstantinelaw.com About BRC Capital LLC BRC Capital LLC is a single asset real estate company based in Flossmoor, Illinois. BRC Capital LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-00789) on Jan. 20, 2025. In its petition, the Debtor estimated assets between $500,000 and $1 million and liabilities between $100,000 and $500,000. Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Konstantine T. Sparagis, Esq. at Law Offices of Konstantine Sparagis PC. BUILDING CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------------ Building Construction Solutions Inc. voluntarily filed for Chapter 7 bankruptcy in the Northern District of Georgia on October 23, 2025. According to the petition, the company's liabilities fall in the range of $100,001 to $1 million. The filing shows that the company has between 1 and 49 creditors. About Building Construction Solutions Inc. Building Construction Solutions, Inc., headquartered in Georgia, provides professional construction and contracting services across residential and commercial sectors. Its offerings include project management, remodeling, and structural development, ensuring tailored solutions that align with client expectations. Building Construction Solutions Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21513) on October 23, 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 James R. Sacca handles the case. The Debtor is represented by William C. McCurdy, Jr., Esq. of Mccurdy And Lowman, LLC. CBRM REALTY: Plan Exclusivity Period Extended to January 14, 2026 ----------------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended CBRM Realty Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 14, 2026 and March 15, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they are simultaneously advancing solicitation, a sale, and confirmation on a compressed schedule. Thus, the breadth of entities, assets, stakeholders, litigation, and concurrent sale and plan process collectively demonstrate the size and complexity of these chapter 11 cases and weigh in favor of extending the Exclusivity Periods. The Debtors claim that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. Continued exclusivity will allow the Debtors to bring these chapter 11 cases to an orderly conclusion by preventing competing plans from derailing the solicitation of votes on the Plan. Being required to defend against multiple plans would give rise to uncertainty and confusion among voters that could put the confirmation of the Plan at risk and cause substantial delay in returning value to the Debtors' creditors. Since the Petition Date, the Debtors have paid their postpetition debts in the ordinary course of business or as otherwise provided by Court order, which weighs in favor of an extension of the Exclusivity Periods. Additionally, the Debtors have had ongoing and transparent communications with their major creditors and the U.S. Trustee regarding business operations, and plan to continue to meet their postpetition obligations in the ordinary course. The Debtors assert that they have already taken significant steps in these chapter 11 cases by filing the Plan to effectuate an orderly wind down process to allocate proceeds following the closing of the sale of the NOLA Properties, which is ultimately the best path forward for the Debtors' estates. Accordingly, an extension of the Exclusivity Periods will allow the Debtors adequate time to complete the solicitation of votes on this Plan and move forward with obtaining court approval. Counsel to the Debtors: Andrew Zatz, Esq. Barrett Lingle, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: azatz@whitecase.com barrett.lingle@whitecase.com - and - Gregory F. Pesce, Esq. Adam Swingle, Esq. WHITE & CASE LLP 111 South Wacker Drive Chicago, Illinois 60606 Tel: (312) 881-5400 E-mail: gregory.pesce@whitecase.com adam.swingle@whitecase.com Co-Counsel to the Debtors: Kenneth A. Rosen, Esq. KEN ROSEN ADVISORS PC 80 Central Park West New York, New York 10023 Tel: (973) 493-4955 E-mail: ken@kenrosenadvisors.com About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CENTER FOR SPECIAL: Membership Interest Sale to 3 Daughters OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has permitted Michael Goldberg, Chapter 11 Trustee of the case of The Center for Special Needs Trust Administration Inc. to sell membership interests in 3 Daughters Brewing LLC (3DB), free and clear of liens, claims, interests, and encumbrances. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor is the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Court has authorized the Trustee , through Nperspective Advisory Services, LLC and William A. Long, Jr., the Court appointed Chief Restructuring Officer of Seaboard to sell the membership interests to the buyer, 3 Daughters Brewing, LLC. The Court determined that the Proposed Sale of the estate's interest in the Founding Member Unit in 3 Daughters Brewing, LLC, which Unit in turn is owned by Seaboard Craft Beer Holdings LLC, and consists of a capital percentage ownership in 3DB of 2.65%, for a purchase price of $84,867.51 was the result of arm’s-length, good-faith negotiations, and determined by the formula set forth in the Amended Operating Agreement of 3DB. The Trustee and the Purchaser, 3DB, are proceeding in good faith and the Purchase Price is fair and reasonable. The Proposed Sale of the Founding Unit is undertaken by the Purchaser, 3DB, in good faith, and accordingly, the reversal or modification on appeal of the authorization provided herein to consummate the sale and any transactions related to the sale shall not affect the validity of the sale of the Founding Unit to the Purchaser or its assigns, unless such authorization is duly stayed pending such appeal. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CHINN BAKER: Hires Vivona Pandurangi PLC as Bankruptcy Counsel -------------------------------------------------------------- Chinn Baker Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Vivona Pandurangi, PLC as bankruptcy counsel. The firm's services include: a. serving as general bankruptcy counsel; b. preparing schedules and related forms; c. representing the Debtor at the initial debtor interview, creditors' meeting and hearings before the Bankruptcy Court; d. advising the Debtor of his duties and responsibilities under the Bankruptcy Code; e. assisting in preparation of monthly operating reports; analyzing Debtor's financial matters; advising Debtor in connection with executory contracts; drafting documents to reflect agreements with creditors; resolving motions for relief from stay and adequate protection; negotiating for obtaining financing and use of cash collateral, as necessary; f. determining whether reorganization, dismissal, or conversion is in the best interests of the Debtor and his creditors; g. working with the creditors' committee and other counsel, if any; h. drafting any disclosure statement and plan of reorganization and attending any hearings thereon; and i. handling other matters that arise in the normal course of administration of this bankruptcy estate. The Debtor has agreed to pay a retainer of $12,000. As disclosed in the court filings, Vivona Pandurangi is a disinterested person within the meaning of 11 U.S.C. Sec. 327. The firm can be reached through: Jonathan B. Vivona, Esq. VIVONA PANDURANGI, PLC 601 King Street, Suite 400 Alexandria, VA 22314 Tel: (571) 969-6540 Fax: (703) 337-0490 Email: jvivona@vpbklaw.com About Chinn Baker Properties Chinn Baker Properties, LLC filed Chapter 11 petition (Bankr. E.D. Va. Case No. 25-12069) on October 7, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Jonathan B. Vivona, Esq. at Vivona Pandurangi, PLC represents the Debtor as counsel. CLOVERLEAF ELECTRIC: Gets OK to Use $188K in Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, issued an interim order allowing Cloverleaf Electric, LLC to use cash collateral to fund operations. The court authorized the Debtor to use up to $188,680 in cash collateral, plus a 10% variance, to pay operating expenses through November 14 as outlined in the submitted budget. Unless ordered otherwise by the court, Cloverleaf must keep the following funds in a debtor-in-possession account: $2,224.11 (17% of beginning cash as of Oct. 17) and 2% of all accounts receivable collected. Additionally, the Debtor must segregate $6,500 per month for professional fees, which will remain property of the bankruptcy estate until allowed under Section 330 of the Bankruptcy Code. To protect the U.S. Small Business Administration and other secured creditors, the court granted them replacement liens on post-petition assets, excluding the segregated funds, and approved the Debtor’s monthly payments to the SBA. A final hearing is set for November 12. About Cloverleaf Electric LLC Cloverleaf Electric, LLC provides residential, commercial, and industrial electrical contracting services across Michigan. It installs, repairs, and maintains electrical systems for homes, businesses, and manufacturing facilities, covering wiring, lighting, control systems, and breaker panels. Founded in 2011 and based in Troy, Michigan, the company serves clients across the region. Cloverleaf Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-50310) on October 14, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Shawn Hosner, sole member and manager, signed the petition. Judge Mark A. Randon presides over the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the Debtor as legal counsel. CONTEMPORARY MEDICAL: Hearing Today on Bid to Use Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing today to consider another extension of Contemporary Medical Services, PC's authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's October 17 interim order expires on October 31. The interim order approved the payment of expenses from the cash collateral belonging to TD Bank, N.A. and the U.S. Small Business Administration in accordance with the Debtor's budget (subject to a 10% variance). As adequate protection, TD Bank and the SBA were granted post-petition replacement liens on all assets of the Debtor, with the same priority as their pre-bankruptcy liens. The interim order also established a carveout of up to $10,000 for professional fees and $5,000 for fees and expenses of a Chapter 7 trustee. Events triggering default include exceeding budget limits, failure to make required payments, or conversion of the case to one under Chapter 7. Upon default, the Debtor's authority to use cash collateral terminates unless cured or otherwise ordered by the court. About Contemporary Medical Services PC Contemporary Medical Services, PC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73888) on October 8, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Sheryl P. Giugliano presides over the case. Joseph S. Maniscalco, Esq., at Lamonica Herbst Maniscalco represents the Debtor as legal counsel. CORNERSTONE GENERATION: S&P Rates Secured Credit Facilities 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' rating on Cornerstone Generation LLC's senior secured credit facilities. The recovery rating is '2'. Energy Capital Partners (ECP), through its project financing vehicle Cornerstone Generation LLC, acquired three gas-fired assets that were formerly part of Lightstone HoldCo LLC from ArcLight Capital Partners and Blackstone. The portfolio has a total capacity of about 2.6 gigawatts (GW) in the regional transmission organization (RTO) region of the Pennsylvania-New Jersey-Maryland Interconnection (PJM). The remaining coal asset from Lightstone Holdco LLC, Gavin, is not part of this new project financing. To fund the acquisition, ECP raised $1.525 billion in financing, composed of a $1.4 billion senior secured first-lien term loan B (TLB) and a $125 million senior secured revolving credit facility (RCF), of which S&P expects $20 million to be drawn at close. S&P said, "Our 'BB-' ratings reflect our expectation of strong market fundamentals for the next few years supported by an expected surge in power demand driven by AI and data centers' high energy consumption, plus the strong results of recent PJM capacity auctions, which should result in strong cash flow generation in the upcoming years. The rating also reflects our view of high cash flow visibility in the coming years due to energy hedges. "Based on our view of the portfolio's expected operating performance and projections of market-driven variables such as energy and capacity prices in PJM, we forecast debt service coverage ratios above 2x during the term loan B period, and a minimum debt service coverage ratio (DSCR) of 1.42x in the post refinancing period, where we model a fully amortizing repayment profile through 2042. "The stable outlook reflects our belief that improved energy and capacity market dynamics and steady operating performance will allow Cornerstone to reduce leverage throughout the life of the TLB via its 50% cash flow sweep mechanism." Cornerstone is composed of three assets with a total capacity of about 2.6 GW. The assets include Lawrenceburg, an approximately 1.2 GW combined cycle gas turbine (CCGT) facility in Lawrenceburg, Ind.; Waterford, a 905-megawatt (MW) CCGT in Waterford, Ohio; and Darby, a 472 MW simple cycle peaking facility in Mount Sterling, Ohio. All assets are in the RTO region of PJM and sell power into the American Electric Power (AEP) Dayton Hub. Cornerstone engages in hedging and bilateral capacity sales, although it primarily sells energy and capacity on a merchant basis. The project is owned by ECP. S&P said, "The final terms of the issuance are commensurate with our 'BB-' rating. The final issuance of $1.4 billion project-finance debt is in-line with our expectations under our preliminary rating, leading to our final 'BB-' rating. The issuance size of $1.4 billion and pricing of SOFR + 325 bps are as expected in our latest review, June 16, 2025. Additionally, in our base case we continue to include $50 million of incremental debt that does not require a rating reaffirmation. The final credit documents provide for a typical project-finance structure, including anti-filing mechanisms. The project will have an independent manager whose vote is required for material actions, such as initiating bankruptcy. "PJM capacity prices are somewhat higher in our revised forecast, increasing cashflows in the medium term. Recently cleared capacity prices represent a slight improvement from our previous forecast, bolstering Cornerstone's earnings profile since 40%-45% of its gross margin is derived from capacity payments. Although capacity prices have increased in the medium-term, long-term prices are nominally the same as under our last review. Cornerstone's cash flow and debt service coverage profile continue to be supportive of our 'BB-' rating. The minimum DSCR is 1.42x and occurs in the post-refinancing period. "We have revised our valuation of Lawrenceburg and Waterford, the portfolio's two CCGTs, which drives an improvement in the recovery score. Given the current valuations of similar assets, we have revised our distressed valuation of the portfolio's two CCGT's to $450/KW from $400/KW. The revision of valuations, in addition to there being less debt outstanding at our hypothetical time of default, results in the recovery score improving to '2', from '3'. "The stable outlook reflects our belief that improved energy and capacity market dynamics and steady operating performance will allow Cornerstone to achieve DSCRs of above 2x over the life of the TLB and a minimum DSCR of about 1.4x in the refinancing period. We expect a debt balance of about $870 million at maturity." S&P could consider a negative rating action if Cornerstone's DSCR falls below 1.35x on a sustained basis. This could occur if: -- There is material deterioration in spark spreads and cleared capacity prices. -- If operational issues reduce generation or increase cost, or if market or economic factors result in decreased levels of dispatch. -- Additionally, S&P could also consider a negative rating action if Cornerstone is unable to de-lever on pace with its expectations, resulting in a higher debt balance at maturity and a lower minimum DSCR in the term loan's refinancing period. -- S&P could consider a positive rating action if Cornerstone is able to de-lever faster than our expectations such that its minimum DSCR increases beyond 1.8x in the refinancing period. This could occur if: -- Cornerstone can realize higher spark spreads than S&P anticipates over its forecast, or if PJM capacity prices clear higher than its current expectations. -- Cornerstone can lock in cash flows via bilateral capacity sales at prices higher than S&P anticipates, or if Cornerstone's dispatch increases significantly beyond what our forecast contemplates; and -- Cash flow sweeps are above S&P's expectations during the TLB period so the amount outstanding at refinancing is materially lower than the expected $870 million. DCA OUTDOOR: Hires GlassRatner Advisory as Financial Advisor ------------------------------------------------------------ DCA Outdoor, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire GlassRatner Advisory & Capital Group, LLC to provide financial advisory services. The firm's services include: a. assist the Debtor in preparing or supervising the preparation of reports as may be required by applicable federal and local bankruptcy statutes and rules, e.g., "Monthly Operating Reports," and other reports as may be requested or required by the court for the benefit of the court, creditors, and other constituents in any Bankruptcy Case; b. assist the Debtor with reviewing, evaluating and analyzing the financial ramifications of proposed transactions for which the Debtor may seek court approval; c. assist the Debtor by testifying before the court, as may be required, on behalf of the Debtor; and; d. assist the Debtor by performing such other duties or tasks that fall within the customary responsibilities of a debtor in possession's financial advisor as requested by the Debtor's management and/or board of directors. The firm will be paid at these rates: Irene Byela $425 Senior Managing Directors $525 - $1075 Managing Directors $465 - $895 Others $250 - $625 As disclosed in the court filings, GlassRatner is disinterested as such term is defined by Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Irene Byela B Riley Advisory Services GlassRatner Advisory & Capital Group, LLC 6195 Riverwood Dr Atlanta, GA 30328-3734 Phone: (404) 483-8422 About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through: Patrick Gilbert Summit Investment Management, LLC Wells Fargo Center 1700 Lincoln Street, Suite 2150 Denver, CO 80203 Office: (720) 221-3154 Cell: (651) 688-6127 E-mail: pgilbert@summit-investment.com DEPLOYED SOLDIERS: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- Deployed Soldiers Network LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Small Business Plan of Reorganization under Subchapter V dated October 17, 2025. The Debtor is a Delaware Subchapter S corporation which provides telecommunications services to deployed American servicemembers in Kosovo, consulting services, and coating and overlay roofing services. The Debtor was registered under the laws of the State of Delaware on November 23, 2004. Prior to 2025, the Debtor exclusively engaged in telecommunication and consulting. In early 2025, the Debtor expanded to provide roofing and arborist services to companies installing solar panels onto building roofs. In an effort to provide the arborist service, the Debtor purchased approximately $500,000.00 of vehicles and machinery. To finance said vehicles and machinery, the Debtor obtained financing in excess of $500,000.00, all of which is secured. Shortly after the purchase of the vehicles and equipment, the arborist services offered by the Debtor were no longer required by the solar installation companies contracting the Debtor. Accordingly, the Debtor could not generate the income required to repay the monthly amounts owed pursuant to the terms of the financing agreement. Unable to continue its business under these circumstances, the Debtor filed for relief under Chapter 11 of the Bankruptcy Code. Pursuant to Section 1190(2) of the Bankruptcy Code, the proposed Plan provides that $23,480.47 will be paid to the general unsecured class, which accounts for one hundred percent of the unsecured claims. There are no avoidable prepetition transfers. As such, after payment of priority and administrative claims, the distribution to unsecured creditors in a Chapter 7 liquidation would be the same or lower than under this Plan. Class C consists of all allowed general unsecured claims against the Debtor. In accordance with the provisions of Section 1191(d) of the Bankruptcy Code, this class shall be paid in full within thirty days of the Execution Date. The allowed unsecured claims total $23,480.47. This class is unimpaired. Funds for implementation of the Plan will be derived from the Debtor's business income and cash on hand. The Debtor can afford to make the payments herein because its existing Projected Disposable Income, as indicated on the Projected Disposable Income Spreadsheet attached hereto as Exhibit D, shows the ability to make the payments required herein. A full-text copy of the Plan of Reorganization dated October 17, 2025 is available at https://urlcurt.com/u?l=xVxVQA from PacerMonitor.com at no charge. About Deployed Soldiers Network LLC Deployed Soldiers Network, LLC is an information technology company that appears to provide specialized IT services related to military personnel or veterans. Deployed Soldiers Network sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17821) on August 26, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and liabilities. The Debtor is represented by: David Erwin Cahn Law Office Of David Cahn, LLC Tel: 301-799-8072 Email: david@cahnlawoffice.com EDITH'S CRUST: Creditors to Get Proceeds From Liquidation --------------------------------------------------------- Edith's Crust and Crumb, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of California a Plan of Reorganization for Small Business dated October 17, 2025. The Debtor was formed as a California corporation in 2016. Its only business is a casual restaurant in Turlock, California which serves pizza, baked goods, and sandwiches. The Debtor has made the decision to sell the furniture, fixtures, equipment, dishes, utensils, pots, and pans ("Restaurant Equipment") to Adroit Capital, LLC, an unrelated entity, for $25,000, the best offer obtained to date after substantial effort. The Debtor's shareholders, George Kosmas and Ellen Kosmas on or before June 11, 2030, will try (but will have no legal obligation) to contribute sufficient funds to pay the unpaid administrative and priority claims. George Kosmas suffers from cancer and is unable to work. Ellen Kosmas is employed part-time in a government food preparation kitchen. The Debtor intends to immediately cease operations. The Debtor has entered into an agreement to sell the Restaurant Equipment to Adroit Capital, LLC for the sum of $25,000. It appears all of the funds will go to the Internal Revenue Service because of its secured claim. The Plan of Reorganization proposes to pay creditors of the Debtor from cash from liquidation of assets over a nine-month period. The Plan provides for full payment of administrative, secured claims, and priority claims, dependent on the shareholders having the ability to contribute future funding. The Plan does not provide for any payment of non-priority unsecured claims. Class 3 consists of Non-priority unsecured claims. This class is impaired by this Plan. The holders of claims in this class will receive nothing. Class 4 consists of Equity interests in the Debtor. This class is not impaired. The shareholders will retain their shares in the Debtor. The Debtor intends to complete the sale of its assets pursuant to a noticed motion, with the proceeds of sale going to the Internal Revenue Service on account of its secured claim, which encumbers the Restaurant Equipment. To the extent there are insufficient funds to perform the terms of this Plan, including payment of administrative fees allowed in the future, George Kosmas and Edith Kosmas, the Debtor's shareholders, will try (but will have no legal obligation) to pay the remaining claims to the extent provided for in this plan. A full-text copy of the Plan of Reorganization dated October 17, 2025 is available at https://urlcurt.com/u?l=JDIyzE from PacerMonitor.com at no charge. The attorney can be reached at: David C. Johnston, Esq. 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Fax: (209) 900-9199 About Edith's Crust and Crumb Edith's Crust and Crumb, Inc. was formed as a California corporation in 2016. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-90481) on June 12, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Christopher D. Jaime presides over the case. David C. Johnston, Esq., represents the Debtor as legal counsel. EMPIRE CORE: Seeks to Hire Kirby Aisner & Curley as Attorney ------------------------------------------------------------ Empire Core Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Kirby Aisner & Curley, LLP as its attorneys. The firm will render these services: a. give advice to the Debtors with respect to their powers and duties as a Debtors-in-Possession and the continued management of their property and affairs; b. negotiate with creditors of the Debtors and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary legal papers required for Debtors who seek protection from their creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtors and to represent the Debtors in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtors in connection with any potential refinancing of secured debt and any potential sale of the businesses or their assets outside the ordinary course; g. represent the Debtors in connection with obtaining post-petition financing; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtors which may be necessary for the preservation of the Debtors' estates and to promote the best interests of the Debtors, their creditors and their estates. The firm's 2025 hourly rates are: Partners $525 to $625 Associates $375 to $495 Law Clerks/Paralegals $175 to $250 Kirby Aisner received the sum of $51,738 as a pre-petition retainer. In addition, the firm will seek reimbursement for expenses incurred. Erica Aisner, Esq., an attorney at Kirby Aisner & Curley, 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: Erica R. Aisner, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: eaisner@kacllp.com About Empire Core Group LLC Empire Core Group LLC formed in September 2014, is a construction management and general contracting firm that specializes in redeveloping existing properties and building new projects across the New York metropolitan area. The Company has worked with major real estate owners and operators including Blackstone Group, Rockpoint, Compass Rock, Graystar, AIMCO, Brooksville Company, CW Capital, Fortress, and The Dermot Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-22894) on September 22, 2025. In the petition signed by Florim Lajqi, CEO and member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. ERICA ITZHAK: NY Court Rules Garnishment a Preferential Transfer ---------------------------------------------------------------- Judge John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York granted Erica Itzhak's summary judgment motion in the adversary proceeding captioned as Erica Itzhak, Plaintiff, -v- Yossef Kahlon, Defendant, Adv. Pro. No. 25-01029 (JPM) (Bankr. S.D.N.Y.). Yossef Kahlon's motion to dismiss is denied. This is an adversary proceeding arising in the bankruptcy case In re: Erica Itzhak, Case No. 24-10669. On Feb. 4, 2025, Plaintiff filed Debtor's Complaint To Avoid Transfer Pursuant to 11 U.S.C. Sec. 547. The Complaint seeks to avoid, as a preferential transfer, a pre-petition lien on cooperative shares owned by Plaintiff/Debtor Erica Itzhak related to the property located at 345 East 56th Street, Apt. 4D, New York, NY 10022. Plaintiff is a licensed attorney residing in New York. In March 2016, Defendant Kahlon commenced an action for legal malpractice against Itzhak, styled Yossef Kahlon, et. al. v. Erica T. Yitzhak, et. al., Case No. 24-5383, in the Supreme Court of the State of New York, County of Nassau. On April 29, 2022, the State Court granted summary judgment in favor of Defendant Kahlon on the malpractice claim and entered a judgment for over $1.5 million against Itzhak. On Feb. 15, 2024, Defendant Kahlon delivered an "Execution With Notice to Garnishee" to the Sheriff thereby enforcing the Judgment and creating a lien against the Shares related to the Property. Kahlon has sought dismissal under Rule 12(b)(6) for failure to state a claim upon which relief can be granted. Itzhak's Summary Judgment Motion argues that: (1) the Motion to Dismiss should be converted to a motion for summary judgment pursuant to Rule 12(d); and (2) summary judgment should be granted in favor of Plaintiff based on a finding that the lien is a "preferential transfer" under Section 547(b). Itzhak contends that the preferential transfer occurred within 90 days of the Petition Date. Plaintiff asserts that a "prepetition transfer" occurred under Section 101(54) when Defendant delivered the Execution With Notice to Garnishee to the Sheriff to secure Defendant's interest in the Shares. She also asserts that the transfer was on account of an antecedent debt owed by Plaintiff/Debtor to Defendant and was made while the Debtor was insolvent. In the Motion to Dismiss, Defendant argues that under New York law, Defendant's judgment lien was perfected at the time the judgment was entered on April 29, 2022. Defendant further argues that the delivery of the execution to the Sheriff merely continued the perfection of the Judgement from April 29, 2022, and thus the transfer falls outside of the 90-day preference window prescribed by Section 547. The Court agrees with Plaintiff that the transfer occurred on Feb. 15, 2024, when Defendant delivered the Execution With Notice to Garnishee to the Sheriff, thus establishing the Lien. The Court disagrees with Defendant's contention that perfection occurred when the Judgment was entered on April 29, 2022. The Court finds that the lien obtained by Defendant on Feb. 15, 2024 constitutes a preferential transfer under Section 547(b). A copy of the Court's Memorandum Opinion and Order dated October 21, 2025, is available at https://urlcurt.com/u?l=tArP7y from PacerMonitor.com. Attorneys for Plaintiff Erica Itzhak: Scott S. Markowitz, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, NY 10018 E-mail: smarkowitz@tarterkrinsky.com Attorneys for Defendant Yossef Kahlon: David Harris Haft, Esq. DARROW EVERETT, LLP 1 SE 3rd Ave, Ste #2520 Miami, FL 33131 On April 19, 2024, Erica Itzhak filed a petition for relief under Chapter 13 of the Bankruptcy Code. On July 1, 2024, the Chapter 13 case was converted to one under Subchapter V of Chapter 11 of the Bankruptcy Code. EXACTECH INC: Court OKs Additional $19.1MM DIP Loan --------------------------------------------------- Exactech, Inc. and affiliates obtained an order from the U.S. Bankruptcy Court for the District of Delaware approving the third amendment to their existing debtor-in-possession credit agreement. This amendment increases the DIP facility by approximately $19.1 million to provide additional liquidity needed as the Debtors approach the anticipated effective date of their confirmed Chapter 11 plan and the closing of a related sale of substantially all assets. Exactech, founded in 1985 and headquartered in Gainesville, Florida, is a global medical device company specializing in joint replacement implants and surgical instruments. It operates in the U.S. and nine international markets, employing roughly 900 people. Exactech sells products in over 30 countries and focuses on hip, knee, extremity implants, and navigation systems. The Debtors filed Chapter 11 on October 29, 2024, and continue to operate as debtors-in-possession. They are subject to an official committee of unsecured creditors. Prior to filing, the Debtors engaged with an ad hoc group of first lien lenders to restructure pre-petition debt and obtain DIP financing. On the petition date, the Debtors filed a motion to approve an initial $85 million DIP facility, which was authorized on an interim basis shortly after, and on a final basis in December 2024, enabling borrowing of the full $85 million. Subsequently, the Debtors sought and obtained approval of two prior amendments to the DIP facility, which increased total borrowing capacity to $145 million. The first and second DIP amendments modified borrowing terms, liquidity provisions, covenants, and events of default. These amendments were supported by declarations from the chief restructuring officer who testified that the amended facility would provide sufficient liquidity to operate until plan confirmation. Although a plan confirmation hearing was initially anticipated in May, the Debtors elected to amend their Chapter 11 plan further, filing a fifth amended plan in July. The court confirmed this plan on September 17, along with approval of the asset sale to a buyer formed for the benefit of the prepetition first lien and DIP lenders. The plan and sale are expected to become effective and close by October 31. As the Debtors near these milestones, they require additional DIP financing to meet obligations under the confirmed plan, including funding escrow accounts for professional fees, payments to wind-down officers, commercial general unsecured creditor trusts, and settlement trusts. The $19.1 million increase ensures sufficient liquidity to satisfy these obligations and complete the sale and plan implementation. The Debtors said that the payment of the incremental premiums is reasonable and necessary to incentivize the DIP lenders to provide the additional liquidity. The amendments also include prudent restrictions to control professional fees and ensure proper use of funds. A copy of the DIP order is available at https://is.gd/KzG4Hx About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12441) on Oct. 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, Exactech reported between $100 million and $500 million in assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal counsel, Centerview Partners, LLC as investment banker, Riveron Management Services, LLC as restructuring advisor and Jesse York of Riveron as chief restructuring officer. Kroll Restructuring Administration, LLC is the claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. Brown Rudnick LLP is the committee's counsel. On September 17, 2025, the court confirmed the Debtors' Joint Chapter 11 plan. FASHIONABLE INC: Gets OK to Use Cash Collateral Until Nov. 21 ------------------------------------------------------------- Fashionable, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. The fifth interim order authorized the Debtor's use of cash collateral to pay its operating expenses from October 24 through November 21. CFT Clear Finance Technology Corp. and other lienholders will be granted replacement liens on all property acquired by the Debtor after the petition date, with the same priority as their pre-bankruptcy liens. As additional protection, CFT will receive biweekly payments of $5,000. The final hearing is scheduled for November 18. CFT is represented by: Justin Sveadas, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 633 Chestnut Street, Suite 1900 Chattanooga, TN 37450 Phone: 423.209.4184 Fax: 423.752.9589 jsveadas@bakerdonelson.com About Fashionable Inc. Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear. Fashionable sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01501) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Misti Blasko, chief executive officer of fashionable, signed the petition. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC is the Debtor's legal counsel. FLEMING INTERNATIONAL: Seeks Chapter 15 Bankruptcy in New York -------------------------------------------------------------- Janine Panzer of Bloomberg News reports that Fleming International Reinsurance Ltd., a Bermuda-incorporated reinsurer with a Cayman-based parent company, filed a Chapter 15 petition in the Southern District of New York on October 26, 2025. The company, previously known as JRG Reinsurance Company Ltd., is seeking recognition of its Bermuda insolvency and provisional liquidation proceedings. The petition -- filed by foreign representatives from AlixPartners UK and Kroll Bermuda -- aims to extend the Bermuda court's jurisdictional protections to the United States. It also seeks to stay domestic litigation, including an ongoing dispute with James River Group, while the restructuring process continues abroad. About Fleming International Reinsurance Ltd. Fleming International Reinsurance Ltd. is a Bermuda-incorporated reinsurer with a Cayman-based parent company. Fleming International Reinsurance Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12353) on October 26, 2025. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Robert Drain, Esq. of Skadden, Arps, Slate, Meagher & Flom LLP. GAI AIR: Case Summary & Three Unsecured Creditors ------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- GAI Air, LLC (Lead Case) 25-90526 Chennault Aviation LLC 15900 Schank Road Conroe, TX 77306 Kachina Air, Inc. 25-90527 15900 Schank Road Conroe, TX 77306 AWMR, LLC 25-90528 15900 Schank Road Conroe, TX 77306 Business Description: GAI Air, Kachina Air, and AWMR operate an integrated aviation campus that provides flight training, maintenance education, and general aviation services. Chapter 11 Petition Date: October 24, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' General Bankruptcy Counsel: Susan Tran Adams, Esq. Brendon Singh, Esq. TRAN SINGH LLP 2502 La Branch Street Houston, Texas 77004 Tel: (832) 975-7300 Fax: (832) 975-7301 Email: stran@ts-llp.com bsingh@ts-llp.com Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $1 million to $10 million The petitions were signed by Xian Hua Wang as president. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/EFWXPIA/GAI_Air_LLC__txsbke-25-90526__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/PND5UIY/Kachina_Air_Inc__txsbke-25-90527__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/PJMOTBI/AWMR_LLC__txsbke-25-90528__0001.0.pdf?mcid=tGE4TAMA Lead Debtor's List of Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Investar Bank Promissory Note $6,074,321 2501 Palmer Highway Suite 100 Texas City, TX 77590 2. Investar Bank $405,000 2501 Palmer Highway Suite 100 Texas City, TX 77590 3. Regions Bank $63,595 250 Riverplace Parkway East Birmingham, AL 35244 GIRARDI & KEESE: Bankruptcy Trustees Seek $3.2MM Clawback --------------------------------------------------------- Rae Ann Varona of Law360 reports that bankruptcy trustees for disgraced California attorney Tom Girardi's shuttered law firm and New York attorney Joseph DiNardo have filed a lawsuit seeking to recover over $3.1 million that they claim should have gone to a gas explosion victim. Instead, they allege the funds were used to help finance food and beverage ventures tied to DiNardo and his associates. According to the complaint, the transfers violated bankruptcy and fraudulent conveyance laws, diverting money that rightfully belonged to a settlement client. The trustees are asking the court to claw back the funds for the benefit of Girardi Keese's creditors and hold those involved accountable for misappropriating client compensation. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLORY DIVINE: Seeks to Hire Wilson Law Firm LLC as Attorney ----------------------------------------------------------- Glory Divine Home Care, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Wilson Law Firm, LLC as attorney. The firm will provide legal services necessary for the administration of this case, including advising the Debtor on its duties under the Bankruptcy Code, preparing and filing pleadings, representing the Debtor in negotiations and hearings, assisting in plan formulation, and other necessary services. The firm will charge its customary hourly rates. Wilson Law Firm has no interests adverse to the estate and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Kathleen M. Wilson, Esq. Wilson Law Firm, LLC 1762 Dallas Drive Baton Rouge, LA 70806 Tel: (225) 923-8237 Email: wilsonlawfirmllc@gmail.com About Glory Divine Home Care, LLC Glory Divine Home Care, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 25-10941) on October 14, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Michael A Crawford presides over the case. Kathleen M Wilson, Esq. at Wilson Law Firm, LLC represents the Debtor as counsel. GREG BEECHE: Case Summary & 18 Unsecured Creditors -------------------------------------------------- Debtor: Greg Beeche Logistics, LLC 356 Hudson River Road Waterford, NY 12188 Business Description: Greg Beeche Logistics, LLC, based in Waterford, New York, provides specialized work access systems and support services for construction and maintenance projects. The Company offers engineering, logistics planning, equipment installation, safety compliance, and maintenance services for structures requiring elevated or hard-to- reach access. It has been involved in projects including the United Nations Secretariat Building, One World Trade Center, and Goldman Sachs Tower. Chapter 11 Petition Date: October 24, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-11257 Judge: Hon. Patrick G Radel Debtor's Counsel: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: 607-770-1007 Fax: 607-770-1110 Total Assets: $21,224,885 Total Liabilities: $16,537,466 The petition was signed by Gregory L. Beeche as 80% owner and member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LVWS7DA/Greg_Beeche_Logistics_LLC__nynbke-25-11257__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 18 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AFCO Direct Insurance $50,484 Two Conway Park 150 N Field Dr., Ste. 190 Lake Forest, IL 60045 2. Crum & Forster Insurance $78,928 303 Madison Ave Morristown, NJ 07960 3. D.H. Charles Engineering Engineering $0 4706 Hoen Avenue Services Santa Rosa, CA 95405 4. Donald Packer Loan $1,035,000 1 Paddock Ct Glen Head, NY 11545 5. Fabbrica LLC Refund Due $171,936 1 Market Cir Windsor, CT 06095 6. Great American Risk Judgment $144,050 Solutions Surplus Lines Insurance Company 301 E. Fourth St. Cincinnati, OH 45202 7. Ironworkers Local 580 Employee Unknown 501 W. 42nd St. Benefits 2nd Fl New York, NY 10036 8. James Pai Labor $2,730 15 Hadel Road Scotia, NY 12302 9. John Pantanelli Confesssion $1,002,085 47-49 31st Street, LLC of Judgment 150 Old Mamaroneck Rd. White Plains, NY 10605 10. McCormick 103, LLC $11,188,213 11350 McCormick Road, Ste. 902 Hunt Valley, MD 21031 11. McMaster-Carr Materials $4,460 Supply Company 600 N County Line Rd Elmhurst, IL 60126 12. NYS Department of Withholding Tax $29,316 Taxation & Finance Building 9 W.A. Harriman Campus Albany, NY 12227 13. NYS Department of Withholding Tax $21,484 Taxation & Finance Building 9 W.A. Harriman Campus Albany, NY 12227 14. NYS Department of Sales/Use Tax $256,376 Taxation & Finance Building 9 W.A. Harriman Campus Albany, NY 12227 15. Sky Climber LLC Services $24,049 1600 Pittsburgh Dr Delaware, OH 43015 16. U.S. Department of Fine $6,030 Labor - OSHA PO Box 2422 Washington, DC 20013 17. William Cade Confession $1,598,000 7332 Grant Blvd of Judgment New Port Richey, FL 34652 18. Wolberg Electrical Supplies $5,565 Supply Co., Inc. 35 Industrial Park Rd Albany, NY 12206 HARLING INC: Court Extends Cash Collateral Access to Nov. 19 ------------------------------------------------------------ Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the Debtor to use cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through November 19. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof. This lien will have the same priority and extent as the bank's pre-bankruptcy lien. A further hearing is scheduled for November 18. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HARVEST SHERWOOD: Hires Cadwalader Wickersham as Special Counsel ---------------------------------------------------------------- Harvest Sherwood Food Distributors, Inc. and its affiliates filed a supplemental application seeking approval from the U.S. Bankruptcy Court for the Northern District of Texas to expand the scope of employment of Cadwalader, Wickersham & Taft LLP as special counsel. Since the Initial Application was filed, the Debtors have requested that Cadwalader provide additional services to represent certain of the Debtors and their affiliates in connection with the Debtors' claims in In re Turkey Antitrust Litigation. Accordingly, the Debtors seek to expand the scope of Cadwalader's representation and employment to add the Turkey Litigation to the Existing Cadwalader Representative Matters. The firm will be paid at these fees: a. The fees for Cadwalader's services pursuant to the Turkey Engagement Letter will be thirty percent (30%) of the gross sum recovered by Cadwalader on behalf of the Debtors, by settlement or judgment, before deduction of any costs or disbursements. b. If the Turkey Litigation is settled, in whole or in part, by the Debtors' receipt of anything of value other than cash, Cadwalader shall be entitled to receive, at its option, payment in cash of the applicable contingent percentage set forth above of (1) the present value of any noncash consideration plus (2) any cash received upon settlement. c. Cadwalader agrees to pay all costs and expenses of the Turkey Litigation and shall be entitled to obtain payment and reimbursement of all expenses and costs incurred through the date of each settlement or judgment from the settlement or judgment in accordance with the following: i. to the extent any costs or expenses are attributable exclusively to the Debtors' action, such costs or expenses shall be reimbursed in full from the Debtors' recovery; and ii. to the extent any costs or expenses are common across Cadwalader's clients in this matter, a pro rata portion of such common costs and expenses shall be reimbursed from the Debtors' recovery on a reasonable basis of proportionate allocation. As disclosed in the court filings, Cadwalader, Wickersham & Taft LLP does not represent or hold any interest adverse to the debtor or to the estate with respect to the matter on which it is to be employed. The firm can be reached through: Philip J. Iovieno, Esq. Cadwalader, Wickersham & Taft LLP 200 Liberty Street New York, NY 10281 Tel. (212) 504-6868 Email: philip.iovieno@cwt.com About Harvest Sherwood Food Distributors Harvest Sherwood Food Distributors, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80109) on May 5, 2025, listing up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Sidley Austin LLP as counsel and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. HYPERION DEFI: Forsakringsaktiebolaget Avanza Holds 5.62 Stake -------------------------------------------------------------- Forsakringsaktiebolaget Avanza Pension disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of May 9, 2025, it beneficially owns 320,536 shares of Hyperion DeFi's common stock, par value $0.001 per share, representing 5.62% of the outstanding shares of this class. Forsakringsaktiebolaget Avanza Pension may be reached through: Marie Karlsfeldt, Middle Office Box 1399, Stockholm, 11139, Sweden 46-8562225000 A full-text copy of Forsakringsaktiebolaget's SEC report is available at: https://tinyurl.com/3w33xkfx About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, 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 a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. IMPACT STAFFING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington granted Impact Staffing Solutions, LLC interim approval to use cash collateral. The Debtor may continue using Lone Oak's cash collateral under the existing Factoring Agreement and Addendum, in the ordinary course of business, until a final order is entered. As adequate protection, Lone Oak is granted new, automatically perfected liens on the Debtor's post-petition assets to secure any new post-petition advances. These liens maintain the validity, priority, extent and enforceability as Lone Oak's pre-bankruptcy liens, excluding security interests tied to avoidance actions or recoveries under 11 U.S.C. Section 506(c), 544, 545, 547, 548, and 549. A final hearing is scheduled for November 17. About Impact Staffing Solutions, LLC Impact Staffing Solutions provides workforce and employment placement services across the Pacific Northwest, linking businesses with qualified candidates for seasonal, temporary, temp-to-hire, and direct-hire roles. The Company operates through five regional offices and serves a broad range of industries. It focuses on supporting workforce growth through integrity, transparency, and long-term relationships between employers and job seekers. Impact Staffing Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Was. Case No. 25-01726) with $1,000,001 to $10 million in both assets and laibilities. The petition was signed by Jessica Lustig as member. Judge Hon. Frederick P Corbit oversees the case. The Debtor is represented by: Geoffrey Groshong Groshong Law PLLC Tel: 206-508-0585 Email: geoff@groshonglaw.com INTEGRATED BUILDING: Seeks Chapter 7 Bankruptcy in Georgia ---------------------------------------------------------- Integrated Building Services Inc. filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Georgia on October 23, 2025. Court documents show the company holds liabilities both estimated between $100,001 and $1,000,000, with 1–49 creditors listed in the filing. About Integrated Building Services Inc. Integrated Building Services, Inc. is a commercial roofing and building-envelope contractor that specializes in installing, replacing, and maintaining low-slope and steep-slope roofing systems for industrial, commercial, and institutional properties. The company delivers comprehensive roofing solutions spanning design, production, and project completion. Integrated Building Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62302) on October 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Jonathan W. Jordan handles the case. The Debtor is represented by Ian M. Falcone, Esq. of The Falcone Law Firm, P.C JHRG MANUFACTURING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- JHRG Manufacturing, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The court issued a third interim order authorizing the Debtor to use cash collateral consistent with its budget, pending a further hearing on November 18. The Debtor's 30-day budget projects total operational expenses of $31,336.25. The U.S. Internal Revenue Service and WBL SPO I, LLC may assert interests in the Debtor's cash collateral. As adequate protection, these secured creditors will be granted post-petition replacement liens, subject to the Debtor's right to challenge lien validity. These replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens. The third interim order will remain in full force and effect until the court terminates the order for cause, including, but not limited to, breach of its terms and conditions. A continued hearing on the motion is scheduled for November 18. About JHRG Manufacturing LLC JHRG Manufacturing LLC is a North Carolina-based company that specializes in the production of personal protective garments and safety-related items used in industrial and recreational settings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03211 on August 20, 2025. In the petition signed by John E. Holland, member and manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge David M. Warren oversees the case. Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as bankruptcy counsel. WBL SPO I, LLC, as secured creditor, is represented by: William Walt Pettit HUTCHENS LAW FIRM LLP 6230 Fairview Road, Suite 315 Charlotte, N.C. 28210 Telephone: (704) 362-9255 Telecopier: (704) 362-9268 walt.pettit@hutchenslawfirm.com JOSHUA CABINETRY: Section 341(a) Meeting of Creditors on Nov. 20 ---------------------------------------------------------------- On October 23, 2025, Joshua Cabinetry LLC voluntarily filed a Chapter 11 bankruptcy case in the Northern District of Georgi. The filing shows liabilities of $1 million–$10 million, with the number of creditors estimated between 50 and 99. A meeting of under Section 341(a) to be held on November 20, 2025 at 03:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About Joshua Cabinetry LLC Joshua Cabinetry LLC, headquartered in Georgia, provides expert cabinetry and woodworking services with a focus on customization and craftsmanship. The firm designs and installs superior-quality cabinets for residential and commercial projects, offering solutions such as kitchen and bathroom cabinetry, built-in furnishings, and other tailored wood creations. Joshua Cabinetry LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62270) on October 23, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Paul Reece Marr, Esq. of Paul Reece Marr, PC. KAISER ALUMINUM: S&P Rates New $500MM Senior Unsecured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to Franklin, TN-based specialty aluminum products manufacturer Kaiser Aluminum Corp.'s proposed $500 million senior secured notes due 2034. The company will use proceeds to repay its existing senior unsecured notes due 2028 of the same amount. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. S&P expects to withdraw our ratings on the existing 2028 notes following completion of this leverage-neutral refinancing transaction. S&P's ratings are based on the preliminary terms and conditions of the proposed issuance. S&P said, "Our 'BB-' issuer credit rating and stable outlook on Kaiser are unchanged. The company's rolling-12-month leverage as of Sep 30, 2025 is 3.9x, which is in line with our expectation for the rating. The company benefitted from higher prices and improved product mix over the course of 2025. While the company has reduced inventory levels, higher metal prices have resulted in increased working capital investments leading to lower free cash flow generation in 2025. "We expect product mix will continue to improve as the company brings the new rolling coat line into operation and ramps up to full production by the end of 2025. The new line will increase the proportion of higher-margin packaging products, which has a ready addressable market. Demand for aerospace and high strength products remain robust given the multiyear backlog for aircrafts in the aviation industry. As a result, we expect some strengthening of Kaiser's credit metrics over the next 12 months. We believe Kaiser could likely generate $250 million-$300 million of EBITDA, free cash flow of $40 million-$70 million, and leverage at the higher end of the 3x-4x range in fiscal 2025. We expect stronger earnings and free cash flow generation in fiscal 2026 as capital expenditures revert to sustaining levels, following periods of capital intensity involving the new roll coat line and Trentwood expansion projects. Hence, leverage could remain below 4x in fiscal 2026, all other things equal." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's 'BB' issue-level rating and '4' recovery rating on Kaiser Aluminum's senior unsecured notes are unchanged. The notes comprise the proposed $500 million senior unsecured notes due 2034 and $550 million senior unsecured notes due in 2031. -- The '4' recovery rating indicates S&P's expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. -- S&P said, "We assess recovery prospects based on a reorganization value of approximately $801 million, reflecting emergence EBITDA of $145.7 million and a 5.5x multiple. The $142 million emergence EBITDA incorporates our adjusted assumption for minimum capital expenditures of 2.5% (based on historical results) and our standard 15% cyclicality adjustment for issuers in the metals and mining downstream sector. The 5.5x multiple is in line with multiples we assign to other companies in the metals and mining downstream sector." -- S&P's simulated default scenario contemplates a substantial deterioration in the company's operating performance in 2029 stemming from difficulties brought about by weakening demand for aluminum, global overcapacity, and increased competition from imports. These factors could occur due to weakening in the company's end markets, especially auto and aerospace, leading to declining margins. -- S&P said, "Our recovery analysis assumes that, in a hypothetical default scenario, Kaiser's asset-based lending (ABL) facility would be fully covered. We assume a 60% utilization rate for the company's $575 million ABL facility at default, which results in about $318 million outstanding at default." Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $145.7 million -- Implied enterprise value multiple: 5.5x -- Gross enterprise value: $801 million Simplified waterfall -- Net enterprise value (after 5% administrative cost): $761 million -- Priority claims (ABL revolving facility): $334 million -- Remaining recovery value: $427 million -- Estimated senior unsecured notes claim: $1.074 billion. -- Expected recovery range for senior unsecured notes: 30%-50% (rounded estimate: 35%) Note: All debt amounts at default include six months' accrued prepetition interest. KEIRAN INVESTMENTS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Keiran Investments, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use cash collateral to pay post-petition operating expenses in accordance with its budget. As adequate protection, secured creditors including Lendistry SBLC, LLC, Bitty Advance and Forward Financing will be granted replacement liens on all post-petition inventory and accounts of the Debtor. As of the petition date, the Debtor owed Lendistry $389,150; Bitty Advance, $110,000; and Forward Financing, $85,000. These creditors have a blanket security interest in all of the Debtor's assets. The Debtor confirms the pre-bankruptcy liens of the three creditors on its inventory, accounts and equipment as being perfected pre-bankruptcy. The Debtor disclosed a bank balance of $36,793 and reported that its equipment and personal property had a book value of approximately $1,025,000. However, the Debtor had no accounts receivable at the time of filing. A final hearing is scheduled for November 24. About Keiran Investments LLC Based in San Antonio, Texas, Keiran Investments, LLC operates as an interstate freight carrier transporting general freight across state lines. It maintains a fleet of tractors and trailers with authority for property transport. Its operations are primarily focused on logistics and trucking services within the United States. Keiran Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52341) on October 4, 2025. In its petition, the Debtor reported zero assets and total debts of $1,170,431. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Morris E. "Trey" White, III, Esq., at Villa & White, LLP. KIDSVILLE LEARNING: Court Extends Cash Collateral Access to Nov. 13 ------------------------------------------------------------------- Kidsville Learning Centers, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The court extended the Debtor's authority to use cash collateral until November 13 to pay the expenses set forth in its budget, subject to a 10% variance. As adequate protection, secured creditor Amerant Bank, N.A. will be granted replacement liens on post-petition cash collateral, maintaining the same validity, extent and priority as its pre-bankruptcy liens. To the extent it asserts liens on the cash collateral, the Internal Revenue Service will be granted protection under Bankruptcy Code Sections 361 and 363, with final determinations reserved for the next hearing. The court did not require any adequate protection payments at this stage but directed the Debtor to remain current on post-petition payroll trust fund taxes. Additionally, the court directed the Debtor to escrow $1,000 monthly for Subchapter V trustee fees. A final hearing is scheduled for November 13. About Kidsville Learning Centers Kidsville Learning Centers, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21000) on September 21, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Laurel M. Isicoff presides over the case. Aramis Hernandez, Esq., represents the Debtor as legal counsel. LION RIBBON: Seeks to Extend Plan Exclusivity to Jan. 30, 2026 -------------------------------------------------------------- Lion Ribbon Texas Corp. and 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 Jan. 30, 2026 and March 30, 2026, respectively. The Debtors explain that the application of factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the issues attendant to these cases warrants approval of the requested relief. In this regard, the Debtors have over $50 million in funded debt and over 500 parties in interest in the Chapter 11 Cases. Further, the complexities of the Chapter 11 Cases were evidenced by the numerous Transactions and the wide variety of Estate Assets sold and to be sold by the Debtors. Thus, the first factor is clearly satisfied. Second, termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and to progress the Chapter 11 Cases, as the Debtors would potentially face the prospect of a competing plan. Such termination would disincentivize creditors and other stakeholders from negotiating productively with the Debtors and would undermine the Debtors' efforts toward a consensual chapter 11 plan. Third, the progress that the Debtors have made in the Chapter 11 Cases, which, as noted above, has included obtaining postpetition financing through the entry of the DIP Order, selling substantially all of the Estate Assets through the entry of six Sale Orders, consummating each of the six Transactions, and extensively negotiating and progressing the proposed Plan and corresponding Disclosure Statement, evidences satisfaction of the third and fourth factors. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Rather, the Debtors, in consultation with the Committee and the DIP Lender, seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods in the event of further delay in filing the Plan or any unexpected delay in the Plan confirmation process. Finally, the Debtors continue to make timely payments on their undisputed postpetition obligations. Accordingly, the seventh factor weighs in favor of extending the Exclusive Periods. Counsel to the Debtors: Caroline A. Reckler, Esq. LATHAM & WATKINS LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Tel: (312) 876-7633 Email: caroline.reckler@lw.com - and - Ray C. Schrock, Esq. Adam S. Ravin, Esq. Randall Carl Weber-Levine, Esq. Meghana Vunnamadala, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Phone: (212) 906-1200 Email: ray.schrock@lw.com adam.ravin@lw.com randall.weber-levine@lw.com meghana.vunnamadala@lw.com About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. On July 22, 2025, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Orrick, Herrington & Sutcliffe LLP as counsel. LUMMUS TECHNOLOGY: S&P Rates New Revolving Credit Facility 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to Lummus Technology Holdings V LLC's proposed revolving credit facility due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. As part of the transaction, the company plans to increase the size of its revolver by $105 million (to $280 million), upsize its letter of credit facility by $145 million (to $345 million), and raise $300 million (potentially up to $450 million) from an add-on to its existing first-lien term loan. S&P said, "We expect Lummus will use the proceeds from the incremental debt, along with cash on hand, to fully repay its outstanding senior unsecured notes ($460 million). All our existing ratings on Lummus, including the 'B+' issuer credit rating and our 'B+' issue-level rating and '3' recovery rating on the existing term loan, are unchanged." S&P said, "We view the transaction as leverage neutral and anticipate it will provide the company will about $13 million of annual interest-cost savings. The increased revolver availability will also contribute to a marginal improvement in the company's liquidity profile. Pro forma for the transaction, we expect Lummus' leverage metrics will remain in line with our prior forecast. We anticipate the company will improve its debt to EBITDA toward 5x in 2025 while its funds from operations to debt remains comfortably above 6% (our current downside trigger). Our forecast assumes the company increases its revenue and EBITDA by the double-digit percent area in 2025. A material improvement in its current-year bookings also provides a clear line of sight into earnings and cash flow generation over the next 12 months. Lummus generally receives cash ahead of revenue recognition and generates about 65% of its earnings in any given year from its existing backlog, thus higher project awards and bookings in 2025 provide visibility into its revenue and EBITDA over the next 12 months. The company has generated strong operating performance thus far in 2025 despite the weakness across its petrochemical end markets. However, the current petrochemical sector downturn, characterized by overcapacity, historically low utilization, and trough margins, could lead to the deferral of some projects already in progress. Additionally, a further retrenchment in capital spending by Lummus' petrochemical customers could make it more difficult for it to replenish its backlog. "The stable outlook reflects our assumption that Lummus' strong bookings and backlog will offset reduced capital expenditure (capex) and delayed investment by the company's petrochemical customers in 2025. We anticipate Lummus' free cash flow will remain positive despite a slight drag from working capital, stemming from its execution on large heater projects throughout the year. We believe the company will primarily use its free cash flow for bolt-on acquisitions, including to purchase technologies complementary to its licensing portfolio, as it has over the past few years. We forecast Lummus will end the year with excess cash due to its minimal ongoing capex requirements. That said, we do not net the company's cash against its debt in our leverage calculations or assume any debt repayment, given its financial-sponsor ownership and past dividend distributions." Issue Ratings--Recovery Analysis Key analytical factors -- The borrower under the credit agreement is Lummus Technology Holdings V LLC, with guarantees provided by the its parent, Lummus Technology Holdings III LLC, and by each existing and future wholly owned material domestic restricted subsidiary of the borrower. -- S&P's simulated default scenario considers a secular decline in demand for the company's proprietary equipment, catalysts, and technology due to petrochemical and refining overcapacity, increased competition, and the commercialization of new technologies. Additionally, a steep economic recession and weak petrochemical and refined product demand could impair the company's licensing activity and catalyst sales, accelerating its path toward a payment default. -- S&P said, "We estimate a gross recovery value of $1.234 billion, assuming emergence EBITDA of $206 million and a 6x multiple. Our estimated emergence EBITDA reflects a decline from current EBITDA levels, which we anticipate the company could return to through cost-cutting measures during a bankruptcy process. This would normalize its margins, albeit at lower top-line levels. We used a 6x multiple to reflect the economic value of the company's intellectual property, its ability to operate and generate high cash flow margins, and its consistent No. 1 or No. 2 market share in key process technologies. Lummus generates over three-quarters of its EBITDA from its domestic operations." Simulated default assumptions -- Year of default: 2029 -- Emergence EBITDA: $206 million -- Implied enterprise value multiple: 6x -- Gross recovery value: $1.234 billion Simplified waterfall -- Gross recovery value: $1.234 billion --Less 5% administrative expense: $62 million --Less 35% of equity in Chevron Lummus Global LLC joint venture not owned by borrower: $62 million --Total recovery for first-lien debt: $1.111 billion -- First-lien debt outstanding at default: $2.156 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) Note: Debt amounts include six months of accrued interest that S&P assumes will be owed at default. Collateral value includes asset pledges from obligors (after priority claims) plus equity pledges in nonobligors. LZLABS GMBH: Chapter 15 Case Summary ------------------------------------ Chapter 15 Debtor: LzLabs GmbH Richtiarkade 16 8304 Wallisellen Switzerland Business Description: LzLabs GmbH, based in Wallisellen, Switzerland, develops software solutions focused on modernizing legacy mainframe applications and data, operating in the IT sector. The Company is wholly owned by Software Defined Solutions LLC in the United States and has four foreign subsidiaries: LzLabs Canada Limited, LzLabs Australia Pty. Limited, LzLabs Limited, and Winsopia Limited. It provides services including mainframe strategy validation, technology consulting, transformation, and managed services to enterprise clients worldwide. Chapter 15 Petition Date: October 24, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-60769 Foreign Representative: LzLabs GmbH Richtiarkade 16 8304 Wallisellen Switzerland Signed by: Christopher Jarke Foreign Proceeding: District Court of Bulach in Zurich, Switzerland, Court File No. EC250012 C/Z1 Foreign Representative's Counsel: Garrick C. Smith, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Tel: (214) 855-7500 Email: gsmith@munsch.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K277FUI/LzLabs_GmbH__txwbke-25-60769__0001.0.pdf?mcid=tGE4TAMA M + D PROPERTIES: Seeks to Hire Elkins Kalt as Bankruptcy Counsel ----------------------------------------------------------------- M + D Properties seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Elkins Kalt Weintraub Reuben Gartside LLP as general bankruptcy counsel. The firm's services include: (a) advising the Debtor with respect to its duties, powers, and responsibilities, in the Debtor's bankruptcy case; (b) ensuring that the Debtor complies with the Bankruptcy Code, the Bankruptcy Rules, and the Local Bankruptcy Rules; (c) advising the Debtor with respect to the various options available for resolution of the bankruptcy case, including liquidation of the Debtor's assets, and the filing of a plan of reorganization; (d) preparing on behalf of the Debtor all legal documents as may be necessary; (e) examining and advising the Debtor on claims and causes of action that may belong to the Debtor's estate; and (f) performing such other legal services as may be required by the Debtor. The firm will be paid at these rates: Michael I. Gottfried $795 per hour Roye Zur $695 per hour Lauren N. Gans $575 per hour The firm received a retainer in the amount of $61,553. As disclosed in the court filings, Elkins Kalt Weintraub Reuben Gartside is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) and does not hold or represent any interest adverse to the estate. The firm can be reached through: Michael I. Gottfried, Esq. Roye Zur, Esq. Lauren N. Gans, Esq. Elkins Kalt Weintraub Reuben Gartside LLP 10345 W. Olympic Blvd. Los Angeles, CA 90064 Tel: (310) 746-4400 Fax: (310) 746-4499 Email: mgottfried@elkinskalt.com rzur@elkinskalt.com lgans@elkinskalt.com About M + D Properties M + D Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12674) on September 22, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott C. Clarkson presides over the case. Roye Zur, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP represents the Debtor as legal counsel. M + D PROPERTIES: Seeks to Hire Hanley Investment Group as Broker ----------------------------------------------------------------- M + D Properties seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Hanley Investment Group as real estate broker. The firm will market and sell the Debtor's property located at 6832 Beach Boulevard, Buena Park, Ca 90621. The broker's total commission will be 5 percent of the gross sale price. Hanley Investment Group is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14), according to court filings. The firm can be reached through: Lee Csenar Hanley Investment Group, Inc. 3500 East Coast Highway, Suite 100 Corona Del Mar, CA 92625 Tel: (949) 585-7636 About M + D Properties M + D Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12674) on September 22, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott C. Clarkson presides over the case. Roye Zur, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP represents the Debtor as legal counsel. MESEARCH MEDIA: Bankr. Court Won't Hear Software Rift vs Crivella ----------------------------------------------------------------- Judge John C. Melaragno of the United States Bankruptcy Court for the Western District of Pennsylvania granted the motion of Crivella Holdings Limited, Crivella Technologies Limited and Arthur R. Crivella to dismiss the amended complaint for declaratory judgment and preliminary and permanent injunctive relief in the adversary proceeding captioned as MESEARCH MEDIA TECHNOLOGIES LIMITED, Plaintiff, v. CRIVELLA HOLDINGS LIMITED, CRIVELLA TECHNOLOGIES LIMITED, and ARTHUR R. CRIVELLA, Defendants, Adversary No. 25-2049-JCM (Bankr. W.D. Pa.) pursuant to Rules 12(b)(1) and 12 (b)(6) of the Federal Rules of Civil Procedure and Rules 7012(b)(1) and 7012(b)(6) of the Federal Rules of Bankruptcy Procedure. The adversary proceeding is dismissed. Plaintiff's Complaint seeks seven Counts of relief all related to the parties' obligations under a Software License Agreement dated July 1, 2019 and the parties' duties relating to the License, particularly with regard to analyzing software known to the parties as the "Knowledge Kiosk." Counts I and II are both claims of fraudulent misrepresentation and constructive fraud against Defendants Arthur Crivella and Crivella Technologies, respectively, for intentionally making false statements and omissions regarding their work on the Knowledge Kiosk software and failing to bill for the cost of the actual work performed which Plaintiff states resulted in Plaintiff spending $2 million in initial investment capital and incurring an additional $3 million in debt. Count III is a claim for unjust enrichment against Defendants Arthur Crivella and Crivella Technologies for retaining the invoiced payments which Plaintiff alleges were inequitable or unjust under the circumstances. Count IV of the Complaint is a claim for breach of contract against Defendant Crivella Technologies for submitting invoices to the Debtor and receiving payment for work that was allegedly not related to or of benefit to the debtor. Count V seeks an accounting of the amounts invoiced by Arthur Crivella and Crivella Technologies and further demands reimbursement for any and all monies paid in excess for work that should have been completed at cost. Count VI is a claim for breach of contract against Crivella Holdings Limited for breaching the License by failing to provide the Plaintiff with all Future Patent Related IP. Count VII is for breach of fiduciary duty against Defendant Arthur Crivella in his roles as former Chief Technology Officer and Chairperson of the Debtor's board of directors. Crivella contends the adversary proceeding should be dismissed under Rule 12(b)(1) for lack of subject matter jurisdiction stating the Plaintiff fails to allege in the Complaint that the claims constitute a core proceeding and that the Complaint fails to establish related to jurisdiction under 28 U.S.C. Sec. 157. Crivella also seeks relief under Rule 12(b)(6) since the Complaint fails to state a claim upon which relief may be granted. Defendants argue the state law claims, along with the claim under the Declaratory Judgment Act, are not related to the underlying bankruptcy and that a determination of the parties' contractual rights under the License has no bearing on the bankruptcy estate since the estate has been fully administered. Defendants argue that the Complaint fails to state a claim upon which relief can be granted thus it should be dismissed under Rule 12(b)(6) stating that the allegations in the Complaint do not state plausible claims for relief. They argue that the Complaint fails to meet the heightened pleading standard for fraud and merely restates breach of contract claims as fraud claims. The Court agrees with Defendants' assertion that it lacks jurisdiction to hear the Complaint. The Court finds that the Complaint's claims do not comprise a "core" proceeding. The Court finds that any connection of the claims in the Complaint to implementation of the Chapter 11 plan is too attenuated to be considered a close nexus at this post-confirmation stage. According to Judge Melaragno, "The estate has been fully administered, and the outcome of this adversary proceeding could not conceivably have any effect on the administration of the bankruptcy estate." A copy of the Court's Memorandum Opinion dated October 22, 2025, is available at https://urlcurt.com/u?l=yPugfw from PacerMonitor.com. About MeSearch Media Technologies RMS Funding Company, LLC, Game Creek Holdings, LLC and Trib Total Media, LLC filed involuntary Chapter 11 petition against MeSearch Media Technologies Limited (Bankr. W.D. Pa. Case No. 24-21982) on August 13, 2024. Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. represents the petitioning creditors in MeSearch's bankruptcy case. Judge John C. Melaragno oversees the case. David L. Fuchs, Esq., at Fuchs Law Office, LLC serves as the Debtor's counsel. MEYER BURGER: Seeks to Extend Plan Exclusivity to January 21, 2026 ------------------------------------------------------------------ Meyer Burger (Holding) Corp. and its affiliated debtors asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 21, 2026 and March 23, 2026, respectively. Based on the weighing of the relevant factors, there is more than sufficient cause to approve the extension of the Exclusive Periods: * The Chapter 11 Cases have involved complex legal and factual issues. As described in more detail in the First Day Declaration, the Debtors commenced the Chapter 11 Cases to conduct a value maximizing Sale Process for the benefit of their stakeholders. Since the Petition Date, the Debtors have worked diligently to progress the Sale Process, which culminated in the Court’s approval of a sale of substantially all of the Debtors' assets. * The Debtors have made substantial good faith progress in the Chapter 11 Cases while continuing to engage in discussions and negotiations with key creditor constituencies. The Debtors have, among other things: (i) minimized the adverse effects caused by the commencement of the Chapter 11 Cases on their affairs by securing various first-day relief; (ii) obtained entry of interim and final orders approving the DIP Facility; (iii) filed their schedules and statements; (iv) marketed and sold substantially all of their assets through the Sale Process, (v) obtained entry of an order establishing certain claims bar dates, and (vi) continued negotiations with their key stakeholders (including, most notably, the Committee and the Debtors' secured lenders) regarding a potential exit path from chapter 11 including, without limitation, the potential formulation of a chapter 11 plan. * The requested extension of the Exclusive Periods is the first such request made in the Chapter 11 Cases and comes approximately four months after the Petition Date. The Debtors have expended substantial time and resources in: (i) stabilizing their affairs, (ii) marketing and selling their assets through the Sale Process, (iii) complying with the requirements of the Bankruptcy Code and the Bankruptcy Rules; and (iv) otherwise administering their estates for the benefit of their stakeholders. * The Debtors are not seeking an extension to prejudice the Debtors' creditor constituencies or grant the Debtors any unfair bargaining leverage. The Debtors have no ulterior motive in seeking an extension of the Exclusive Periods. The Debtors have been in regular communication with their creditor constituencies on numerous issues facing their estates, including formulation of a path forward for the Chapter 11 Cases, and have worked diligently in the prepetition and postpetition periods to maximize the value of their estates. Consistent with their fiduciary duties, the Debtors will use the extended Exclusive Periods to continue to negotiate with all interested parties to develop, file, and solicit a chapter 11 plan or to reach an alternative resolution of these Chapter 11 Cases. The Debtors substantial progress in administering these Chapter 11 Cases supports the requested extension of the Exclusive Periods. In addition, termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and the progress of the Chapter 11 Cases. Such termination may disincentivize creditors from negotiating with the Debtors, inject uncertainty into the Chapter 11 Cases, and would undermine the Debtors' efforts to successfully conclude these Chapter 11 Cases. The Debtors' Counsel: Paul N. Heath, Esq. Brendan J. Schlauch, Esq. Jason M. Madron, Esq. Zachary J. Javorsky, Esq. Nicholas A. Franchi, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: 302-651-7700 Fax: 302-651-7701 E-mail: heath@rlf.com schlauch@rlf.com madron@rlf.com javorsky@rlf.com franchi@rlf.com About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor had estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. MISSION MEDICAL: Hires Levene Neale Bender as Bankruptcy Counsel ---------------------------------------------------------------- Mission Medical Investors LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as its bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders; f. representing the Debtor with regard to obtaining use of debtor-in-possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: David Neale, Attorney $750 Ron Bender, Attorney $750 Timothy Yoo, Attorney $750 David Golubchik, Attorney $750 Eve Karasik, Attorney $750 Gary Klausner, Attorney $750 Eric Israel, Attorney $750 Brad Krasnoff, Attorney $750 Edward Wolkowitz, Attorney $750 Beth Ann Young, Attorney $750 Monica Kim, Attorney $725 Philip Gasteier, Attorney $725 John Tedford, IV, Attorney $725 Daniel Reiss, Attorney $725 Todd Frealy, Attorney $725 Kurt Ramlo, Attorney $725 Richard Steelman, Jr., Attorney $725 Juliet Oh, Attorney $725 Todd Arnold, Attorney $725 Krikor Meshefejian, Attorney $725 John-Patrick Fritz, Attorney $725 Jeffrey Kwong, Attorney $725 Joseph Rothberg, Attorney $725 Michael D'Alba, Attorney $725 Carmela Pagay, Attorney $725 Anthony Friedman, Attorney $725 Lindsey Smith, Attorney $650 Robert Carrasco, Attorney $550 Paraprofessionals $300 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $75,000 from the Debtor. Mr. Klausner 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 Klausner, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, California 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: rb@lnbyg.com About Mission Medical Investors LLC Mission Medical Investors LLC, based in Los Angeles, California, is a real estate investment company focused on healthcare properties. Its primary asset is a medical office complex at 27882 Forbes Road in Laguna Niguel, California, which houses multiple healthcare providers including surgery centers, urgent care clinics, and imaging facilities. The Company generates revenue by acquiring, managing, and leasing medical office spaces to healthcare tenants. Mission Medical Investors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17926) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Gary E. Klausner, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. MOD JEWELRY: Court Extends Cash Collateral Access to Dec. 11 ------------------------------------------------------------ Mod Jewelry Group, Inc. and Steel Horse Jewelry, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral to fund operations. The interim order authorized the Debtors to use cash collateral through December 11 to pay the expenses set forth in their budget, subject to a 10% variance per line item and overall. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on personal property acquired by the Debtors after their Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to avoidance actions and assets not subject to SBA's pre-bankruptcy rights and are subordinate to statutory fees owed to the Clerk of Court and the U.S. Trustee. The next hearing is scheduled for December 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/6JxSH from PacerMonitor.com. About Mod Jewelry Group Inc. Mod Jewelry Group, Inc. operates a branded jewelry business, specifically focused on motorcycle-themed products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20333-PDR) on September 4, 2025. In the petition signed by Len D. Weiss, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, represents the Debtor as legal counsel. MODEL TOBACCO: Says Amended Plan Resolves Potential Disputes ------------------------------------------------------------ MK Richmond, LLC and SS Richmond LLC submitted a First Amended Disclosure Statement with respect to First Amended Plan of Reorganization for Model Tobacco Development Group, LLC, dated October 20, 2025. The Property consists of two phases. "Phase 1" consists of an apartment and amenities building, which are connected by underground passageways, along with exterior amenities such as a swimming pool. "Phase 2" consists of warehouse buildings and surrounding areas. The Debtor owns both phases. Counsel for the Plan Proponents engaged Matthew H. Barber, MAI, to prepare an appraisal of the Property. Mr. Barber provided his report, dated October 18, 2025. Mr. Barber opined in his report that the current market value of the portion of the land and improvements presently used for apartment rental, amenities and parking has a fair market value of $33,244,000, and that the excess land (including areas presently occupied by vacant warehouses) has a fair market value of $4,552,000, for a total value of $37,796,000. Class 5 consists of Insider Claims. No payment will be made on account of Insider Claims, which will be discharged on the Effective Date. Since the holders of Class 5 Claims will not receive any distribution or retain any property on account of such claims, Class 5 is deemed to reject the Plan. As discussed, to resolve potential disputes, CRBT and Raika have agreed that CRBT will agree to forbear from enforcing its guaranty against Raika while Plan payments are being made in accordance with the Plan, and to release its claims against Raika under his guaranty once the Reorganized Debtor has paid the full amount of CRBT's prepetition claim. The Plan provides that the Reorganized Debtor will indemnify Raika in the event that it fails to make required payments after notice and an opportunity to cure. In consideration of these undertakings, Raika has agreed to support the confirmation and consummation of the Plan. The terms of the parties' undertakings are set forth in greater detail in the Plan. On the Effective Date, all property of the Estate shall revest in the Reorganized Debtor, subject to the Liens expressly preserved by the Plan, and to the terms and conditions of the Plan, but otherwise free and clear of all other liens, claims, interests and encumbrances. Section 5.04 of the Plan addresses the $3,000,000 Equity Infusion and the $1,400,000 Loan Commitment by the Plan Funders. The Plan Proponents believe that the Plan is feasible. The Plan Projections demonstrate that upon a sale of the Property, the Reorganized Debtor will be able to meet all financial obligations under the Plan. A full-text copy of the First Amended Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=GDqz65 from PacerMonitor.com at no charge. Counsel for the Plan Proponents: Whiteford, Taylor & Preston, LLP Bradford F. Englander, Esq. Christopher A. Jones, Esq. 3190 Fairview Park Drive, Suite 800 Falls Church, Virginia 22042 Telephone: (703) 280-9081 Facsimile: (703) 280-3370 Email: benglander@whitefordlaw.com Email: cajones@whitefordlaw.com About Model Tobacco Development Group Model Tobacco Development Group, LLC is engaged in activities related to real estate. Model Tobacco Development Group filed Chapter 11 petition (Bankr. E.D. Va. Case No. 24-34863) on December 31, 2024, with assets between $50 million and $100 million and liabilities between $10 million and $50 million. Judge Brian F. Kenney oversees the case. The Debtor is represented by: Justin P. Fasano, Esq. Mcnamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Fax: (301) 982-9450 Email: jfasano@mhlawyers.com MODIVCARE INC: Seeks to Hire Cresa LLC as Real Estate Consultant ---------------------------------------------------------------- Modivcare Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Cresa, LLC as real estate consultant and advisor. Cresa will provide these services: a. provide "front end" planning for each transaction in partnership with the Debtors, which includes (i) a strategic analysis of specific markets, clients, customers, and employees, as each relates to site selection strategy by the Contractor and (ii) developing a real estate purchase and/or leasing strategy with regard to each applicable contemplated transaction; b. conduct property surveys; c. conduct site visits (depending on size and scope at the reasonable discretion of the contractor); d. identify required tenant improvements; e. draft and review RFPs and sending such RFPs to landlord representatives; f. evaluate landlord responses; g. submit counter proposals and finalizing business terms for lease and purchase agreements; h. review and assist in the negotiation of lease and purchase agreements; and i. conduct monthly update calls. Cresa shall be compensated as follows: a. Limited Scope Project(s) Fee. For projects for which (1) the leased premises is 4,000 sq. ft. or smaller, and (2) Company provides direction to Contractor to negotiate terms for a letter of understanding, lease extension, lease renewal, or lease expansion (each, a "Limited Scope Project"), Contractor shall be owed a minimum payment of $5000 from Company; provided that if Contractor receives a market commission payment of $5000 or more, Company shall not owe Contractor such payment, or if Contractor receives a market commission payment of less than $5000, Company shall only owe to Contractor the sum of $5000 minus the amount of such received market commission payment. For the avoidance of doubt, the term Limited Scope Project shall not include projects for which Contractor provides a formal market survey, performs a tour of competing sites, or drafts more than one RFP proposal or counter-proposal. b. Full Scope Project(s) Fee. For projects for which (1) the leased premises is 4,000 sq. ft. or smaller, and (2) Company provides direction to Contractor to negotiate terms for a letter of understanding, lease, sublease, lease extension, lease renewal or lease expansion, which includes a formal market survey, a tour of competing sites, drafting multiple RFPs, proposals and counter-proposals (each, a "Full Scope Project"), Contractor shall be owed a minimum payment of $8000 from Company; provided that if Contractor receives a market commission payment of $8000 or more, Company shall not owe Contractor such payment, or if Contractor receives a market commission payment of less than $8000, Company shall only owe to Contractor the sum of $8000 minus the amount of such received market commission payment. c. Disposition Project(s) Fee. For services provided in negotiating a lease buyout or lease termination that is affected not in accordance with the terms of such lease or a sublease, Company shall pay Contractor an amount equal to 8% of the Savings generated through termination or buy out negotiations. The term "Savings", as used herein, means (i) the base rent obligation, including operating expenses, owed under the remaining term of the lease as of the date of such termination or buy out minus (ii) the amount paid by Company to terminate or buy out such lease or sublease. For other real estate brokerage services associated with subleasing or selling real estate on behalf of Company, Contractor and Company agree to enter into a separate agreement for those services. d. Pulled Projects Fee(s). For any project that is discontinued or pulled for any reason, Company shall owe Contractor a portion of a minimum $5000 fee based on the following levels of completion by Contractor: Percentage of Completion Levels: Proposals Solicited 25% In Negotiation 50% LOU Signed 75% Lease/Amendment/Sublease drafted 100% e. Other Projects Fee(s). For all other real estate projects and the performance of all other Services associated therewith for premises with over 4000 sq. ft. ("Other Projects"), Contractor will be paid a commission equal to or greater than four percent (4%) of the total base rent obligation, including operating expenses and taxes, of the transaction. Contractor shall request that said commission shall be paid by a third-party landlord, property owner or seller. In the event Contractor is not paid a commission by a third-party landlord, property owner or seller in connection with any Other Projects, Company shall owe Contractor a payment not less than four percent (4%) of the total base rent obligation, including operating expenses and taxes, of the transaction. In the event Contractor is paid a commission less than four percent (4%) of the total base rent obligation, including operating expenses and taxes, by a third-party landlord, property owner or seller, Company shall owe to Contractor the sum of the four percent commission minus the amount paid by the third-party landlord, property owner or seller for such Other Projects. f. Project Management Fee(s). Project management fees shall be $2.00 to $3.50/RSF. g. Travel Expenses. In connection with the performance of the Services (including, but not limited to Limited Scope Projects, Full Scope Projects, Disposition Projects, Project Management, Other Projects, and Consulting), Company shall reimburse Contractor for its reasonable transportation, airfare, lodging, taxis, rental cars and meal expenses. h. Consulting Fees. For all consulting services, Contractor shall not charge Company for projects requested by Company requiring less than five (5) hours of billed labor per project. In the event Company requests large scale/scope projects requiring significant time (over 5 hours billed labor per project), Contractor shall provide a cost estimate to Company for Company's review and approval. i. Fair Market Value Reports ("FMV") Fee(s). Contractor shall order, review, submit to Company and pay for all FMV reports from an independent Company approved contractor. Company shall reimburse Contractor for all FMV report fees related to projects, with no mark-up of such costs by Contractor. Cresa is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Rick Door Cresa Global, Inc. 1512 Larimer St., Suite 100 Denver, Co 80202 Tel: (303) 228-0800 About Modivcare Inc. 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. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MONTANA VILLAGE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado granted Montana Village Developers, LLC interim approval to use cash collateral. The interim order authorized the Debtor to use cash collateral through the final hearing to pay the expenses set forth in its budget and any fees owed to the U.S. Trustee, with a 15% flexibility for each expense line item. Secured creditors will be granted replacement liens on the Debtor's post-petition accounts receivable as adequate protection in case of any diminution in the value of their cash collateral. Additionally, the Debtor was ordered to maintain insurance, pay post-petition taxes, preserve collateral, and provide regular financial reports. The court scheduled a final hearing for November 12. RE III Debt I, LLC and Indicate Capital REIT, LLC are the secured creditors identified by the Debtor, which may have a secured lien on funds and revenues that constitute cash collateral. As of the petition date, the Debtor had no accounts receivable and held cash on hand and in bank accounts totaling $1.83. About Montana Village Developers LLC Based in Denver, Colorado, Montana Village Developers, LLC is a real estate development company focused on a single property, qualifying it as a single-asset real estate entity under 11 U.S.C. Section 101(51B). It is managed by Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Montana Village Developers filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-16406) on October 1, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Nathan Adams in his capacity as manager of redtCapital Partners, LLC, the Debtor's managing member. Judge Joseph G Rosania Jr. oversees the case. Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's legal counsel. MOUNTAIN SPORTS: Plan Exclusivity Period Extended to October 28 --------------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware extended Mountain Sports, LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 28 and December 29, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that extension of the Exclusive Periods is justified by the good faith progress the Debtors and the Committee are making toward liquidating and collecting any remaining assets of the estates; reviewing filed and scheduled claims, reconciling and objecting thereto where appropriate; calculating liquidation analyses; and formulating the basis of a viable plan in these cases. In particular, the Debtors are presently negotiating the settlement of certain claims and actively working towards investigating the validity of certain claims. Additionally, the Debtors and the Committee are working together to identify certain assets that need to be monetized and collected by the Estates. Further, the Debtors and Committee have agreed as to the parameters of, and are drafting, the joint plan to be submitted to the Court. The Debtors assert that there is sufficient "cause" for an extension of the Exclusive Periods. The Debtors claim that the extension of the Exclusive Periods will afford the companies, Committee, and all other parties in interest an opportunity to fully develop the grounds upon which a plan can be based following the payment in full of PNC. Terminating the Exclusive Periods prematurely would defeat the very purpose of section 1121 of the Bankruptcy Code, to afford the Debtors a meaningful and reasonable opportunity to negotiate with creditors and propose and confirm a consensual plan. Accordingly, the Debtors should be afforded a full and fair opportunity to propose, negotiate, and seek acceptance of a chapter 11 plan. The Debtors submit that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford it a meaningful opportunity to pursue a consensual plan, all as contemplated by chapter 11 of the Bankruptcy Code. Counsel for the Debtors: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com - and - Matthew E. McClintock, Esq. William Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: mattm@goldmclaw.com willt@goldmclaw.com About Mountain Sports Mountain Sports LLC, doing business as Bob's Stores, Eastern Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby and musical instrument retailer. Mountain Sports LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11385) on June 18, 2024. In the petitions filed by David Barton, authorized representative, Mountain Sports disclosed between $10 million and $50 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Goldstein & McClintock LLLP as counsel, and Silverman Consulting as financial advisor. The Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel and Morris James LLP as Delaware counsel. MULTICHAIN FOUNDATION: Chapter 15 Case Summary ---------------------------------------------- Chapter 15 Debtor: Multichain Foundation Ltd. 12 Marina View, #15-01 Asia Square Tower 2 018961 Singapore Business Description: Multichain Pte. Ltd. operated a software protocol that enabled cross-chain bridging, allowing users to transfer digital assets between different blockchain networks by depositing tokens on one chain and receiving equivalent tokens on another. The platform supported assets such as USDC, a stablecoin issued by Circle, facilitating cross-chain transfers like USDC on Ethereum to Multi-USDC on the Fantom network. The Company suffered a major hack in July 2023 in which millions worth of digital assets were stolen, and it is now undergoing liquidation under court-appointed liquidators in Singapore. Chapter 15 Petition Date: October 23, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12340 Judge: Hon. David S Jones Foreign Representatives: Bob Yap Cheng Ghee, Toh Ai Ling, and Tan Yen Chiaw 12 Marina View, #15-01 Asia Square Tower 2 018961 Singapore Foreign Proceeding: Gen. Div. of High Ct. of the Republic of Singapore, Case No.: HC/CWU 134/2025 Foreign Representatives' Counsel: Joel H. Levitin, Esq. CAHILL GORDON & REINDEL LLP 32 Old Slip New York, New York 10005 Tel: (212) 701-3770 Email: jlevitin@cahill.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LVLNU2A/Multichain_Foundation_Ltd_and__nysbke-25-12340__0001.0.pdf?mcid=tGE4TAMA NAVIDEA BIOPHARMACEUTICALS: Taps Epiq as Administrative Advisor --------------------------------------------------------------- Navidea Biopharmaceuticals Inc. seeks approval from U.S. Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC as administrative advisor. Epiq will provide these services: (a) assist with solicitation, balloting, tabulation, and calculation of votes, and prepare reports as required in furtherance of plan confirmation, and process document requests from parties in interest; (b) generate an official ballot certification and, if necessary, testify in support of ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather related data; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide other processing, solicitation, balloting, and administrative services as may be requested by the Debtors, the Court, or the Office of the Clerk of the Bankruptcy Court. Epiq's hourly rates range from $55 to $195, depending on the level of personnel. The Debtors provided Epiq with a $7,500 retainer. Epiq Corporate Restructuring, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kathryn Mailloux EPIQ CORPORATE RESTRUCTURING, LLC 777 Third Avenue, 12th Fl. New York, NY 10017 About Navidea Biopharmaceuticals Inc. Navidea Biopharmaceuticals Inc. develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept,a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Navidea Biopharmaceuticals Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11779) on October 1, 2025. In its petition, the Debtor reports total assets as of August 31, 2025 amounting to $1,202,555 and total liabilities as of August 31, 2025 of $12,874,821. Honorable Bankruptcy Judge J Kate Stickles handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. of PASHMAN STEIN WALDER HAYDEN, P.C. PIQ CORPORATE RESTRUCTURING, LLC is the Debtor's Claims & Noticing Agent. NEW NORMAL: Seeks to Hire Nuti Hart LLP as Bankruptcy Counsel ------------------------------------------------------------- New Normal Industries, LLC and New Normal Brewing LLC seek approval from the U.S. Bankruptcy Court for the Northern District of California to hire Nuti Hart LLP as general bankruptcy counsel. The firm will render these services: a. advise the Debtors with respect to the powers and duties as debtors-in-possession and execution of its plan b. analyze and recovery of assets of the Debtors' estates; c. analyze and/or prosecution of actions arising under Chapter 5 of Title 11; d. prosecute and/or defend any other litigation or contested matters that may arise in the course of the case; e. prepare, on behalf of the Debtors, any necessary applications, motions, objections, answers, orders, reports, and other legal papers related to the foregoing duties; f. appear in Court on behalf of the Debtors and to protect the interests of the estate in connection with the foregoing duties; and g. perform all the legal services for the Debtors that may be necessary and proper in furtherance of the foregoing duties. The firm's current hourly rates are: Gregory C. Nuti $575 Kevin W. Coleman $575 Christopher H. Hart $575 As disclosed in the court filings, Nuti Hart LLP is a disinterested person within the meaning of Bankruptcy Code Sections 101(14) and 327. The firm can be reached through: Chistopher H. Hart, Esq. Nuti Hart, LLP 411 30th Street, Suite 408 Oakland, CA 94609-3311 Telephone: (510) 506-7152 Email: chart@nutihart.com About New Normal Brewing New Normal Brewing LLC, doing business as Temescal Brewing, is an Oakland-based brewery. New Normal Brewing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-41895) on October 9, 2025. In its petition, the Debtor reported estimated assets between $50,001 and $100,000 and estimated liabilities between $500,001 and $1 million. The Debtor is represented by Christopher Hart, Esq., at Nuti Hart, LLP. NYC ALPHA: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------- F Street Investments, LLC asks the U.S. Bankruptcy Court for the Eastern District of Wisconsin to prohibit NYC Alpha Champions Construction, LLC from using certain income generated from rental properties it owns. Specifically, F Street seeks to bar the Debtor from using any cash collateral including rental and Airbnb income derived from two residential investment properties located at 1949 S. 19th Street and 4576 N. 38th Street, both in Milwaukee, Wisconsin. F Street asserts that it holds a first-position mortgage on both properties and that this income constitutes its cash collateral under the applicable loan agreements and relevant sections of the Bankruptcy Code. F Street's rights are secured by a series of binding loan documents, including Commercial Notes, Mortgages, Security Agreements, Assignments of Leases and Rents, and Fixture Filings. These documents show that F Street's position is legally and contractually protected. Additionally, Maximillian Font, the Debtor's principal, personally guaranteed the loans and signed certifications declaring that the properties would be used solely for investment purposes and not as a residence for himself or affiliates. The Debtor defaulted on its obligations under the loan, prompting F Street to file a foreclosure action in February 2024. That case resulted in a foreclosure judgment entered in April in the amount of $221,729. Despite the judgment, the Debtor continued to operate the properties as income-generating assets. A financial statement filed on October 3 indicates the Debtor received $10,803 in rental and Airbnb income in September alone. F Street argues that the Debtor is unlawfully using cash collateral without either its consent or court authorization, as required under 11 U.S.C. section 363(c)(2). Further, Section 363(c)(4) mandates that such collateral be segregated and properly accounted for, which F Street claims has not occurred. Notably, the Debtor has neither sought permission to use the funds nor contacted F Street's legal counsel regarding the matter. As a result, F Street asks the court to issue an order prohibiting any further use of the income from the two properties unless and until court authorization is obtained. A copy of the motion is available at https://urlcurt.com/u?l=zX32Or from PacerMonitor.com. About NYC Alpha Champions Construction NYC Alpha Champions Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25467) on September 28, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Katherine M. Perhach presides over the case. Jude Witkowski, Esq. at Seifert & Associates LLC represents the Debtor as legal counsel. F Street Investments, LLC, as lender, is represented by: Beth M. Brockmeyer, Esq. Daniel J. Habeck, Esq. Cramer Multhauf, LLP P.O. Box 558 Waukesha, WI 53187 Tel: (262) 542-4278 bb@cmlawgroup.com djh@cmlawgroup.com OFFSHORE SAILING: To Sell Life Changer Sailboat to Sail Caribbean ----------------------------------------------------------------- Offshore Sailing School Ltd. Inc. seeks approval from the U.S. Bankruptcy Court for the District of Florida, Ft. Myers Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor has filed a liquidating plan. The Debtor, who's aggregate noncontingent liquidated debts (excluding debts owed to insiders or affiliates) are less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. In order to fund the Debtor's liquidating plan, the Debtor intends to liquidate the Debtor's assets, which consist in large of sailboats, including a 2017 Colgate 26 Sailboat, Life Changer, with a British Virgin Islands official number 75290 (Life Changer). The Debtor has entered into a certain Agreement for Sale of Sailboat with Sail Caribbean for sale and purchase of the Life Changer, in the purchase price of $25,000.00. The Agreement provides for payment of the Purchase Price in cash or immediately available funds at closing. The Property is unencumbered. The Debtor believes that the sale of Life Changer as set forth herein is fair and reasonable. In the business judgment of the Debtor and for the reasons set forth above, it is unlikely that a significantly higher Purchase Price for the Debtor would be achieved through further marketing, and any potential increase in the sale price would be likely exceeded by the additional costs associated with housing, maintaining and insuring Life Changer during such additional marketing period. The Purchase Price is sufficient to pay any unforeseen claims against Life Changer. The Debtor proposes that after payment of governmental charges or taxes associated with the sale (if any) to hold the net proceeds from the sale in the Special Account for eventual distribution to the Debtor’s creditors pursuant to a confirmed liquidating plan. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. ORIGINAL MOWBRAY'S: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The Original Mowbray's Tree Service, Inc. received final approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral from October 18 until February 27, 2026, in line with its budget and pursuant to the terms of prior stipulations on cash collateral use, which remain in effect. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0BQQI from PacerMonitor.com. The only creditor with a lien on the Debtor's cash is PNC Bank, which holds a secured revolving line of credit of up to $20 million and $5 million in letters of credit, with a pre-bankruptcy balance of approximately $7 million. PNC's loan is guaranteed by Robin Mowbray and Mowbray Waterman Property, LLC, and secured by additional real property. The Debtor and PNC have previously entered into three stipulations allowing for cash collateral use on agreed terms, all approved by the court. About The Original Mowbray's Tree Service Original Mowbray's Tree Service Inc., doing business as Mowbray's Tree Service, is a family owned and operated business committed to providing its client-partners with solution to their vegetation management needs. It offers hazard tree mitigation, integrated vegetation management, mechanized tree removal, emergency response, crane services, and green waste & debris management. Original Mowbray's Tree Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12674) on Oct. 18, 2024, with $10 million to $50 million in both assets and liabilities. Brian Weiss, chief restructuring officer, signed the petition. Judge Theodor Albert oversees the case. Robert S. Marticello, Esq., at Raines Feldman Littrell, LLP is the Debtor's legal counsel. PNC Bank, N.A., as secured creditor, is represented by: Michael B. Lubic, Esq. K&L Gates, LLP 10100 Santa Monica Blvd., 8th Floor Los Angeles, CA 90067 +1.310.552.5000 michael.lubic@klgates.com PALMAS ATHLETIC: Hires Aquino de Cordova LLC as Consultant ---------------------------------------------------------- Palmas Athletic Club, Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Aquino, de Cordova, LLC, as consultant. The firm will provide consultation for the evaluation of internal controls and development of operational manuals related to the policies and procedures for the administration of funds. The firm will be paid at these discounted hourly rates: Partner $200 Manager $165 Senior Associate $100 Assistant $75 Eduardo Gonzalez Green, a certified public accountant employed with Aquino, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Eduardo Gonzalez Green, CPA Aquino, De Cordova, LLP Cecilia's Place Suite C-1 #7 Rosa Street Carolina, PR Phone: (787) 253-9595 About Palmas Athletic Club Corp. Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Palmas Athletic Club Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03489) on August 4, 2025. In its petition, the Debtor reports total assets of $16,793,944 and total liabilities of $36,514,983. The Debtor tapped Charles A. Cuprill Hernandez, Esq., at Charles A. Cuprill, PSC, Law Offices and CPA Luis R. Carrasquillo & Co., PSC as financial consultant. PARIS312 LLC: Gets Interim OK to Use Cash Collateral Until Nov. 20 ------------------------------------------------------------------ Paris312, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court's interim order authorized the Debtor to utilize cash collateral through November 20 in accordance with its budget, plus 10% set forth on its budget or as agreed with secured creditors. As adequate protection, the secured creditors including WebBank/Shopify, Spartan Business Solutions, LLC and the U.S. Small Business Administration will be granted post-petition replacement liens, maintaining the same priority as their pre-bankruptcy liens. The next hearing is set for November 19. The Debtor's assets consist of cash deposits, equipment, office furniture and furnishings, and general intangibles, with a market value of$18,429.08. All proceeds of the collateral including cash and cash equivalents constitute cash collateral. The Debtor's records reflect that the SBA, WebBank and Spartan are currently owed $500,000, $137,625.03 and $38,200, respectively. These creditors assert a security interest in the collateral by virtue of a UCC financing statement filed with the Illinois Secretary of State. About Paris312 LLC Paris312, LLC operates an online and brick and mortar party store in Chicago offering décor and gift deliveries for every occasion. Paris312 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15872) on October 15, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. The petition was signed by Alireza Shahanaghi as managing member. The Debtor is represented by: Gregory K. Stern, Esq. Gregory K. Stern, P.C. Tel: 312-427-1558 Email: greg@gregstern.com PING IDENTITY:S&P Assigns 'B' Issuer Credit Rating; Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issuer credit rating to Ping Identity Corp. as well as a 'B' issue-level rating to the new first-lien credit facilities, with a '3' recovery rating (rounded estimate: 55%). The stable outlook reflects S&P's views that Ping will continue to grow by low- to mid-teen percentages as demand for comprehensive IAM solutions continues to grow and that the company will be able to generate more than $100 million free cash flow over the next 12-24 months. Ping Identity Corp., an identity and access management (IAM) software provider for enterprise customers, is planning to raise a new $200 million revolver credit facility and a $1.8 billion first-lien term loan to refinance its existing private credit facilities and pay a dividend. S&P said, "We expect Ping will benefit from continued secular tailwinds in the IAM market. This supports our stable outlook and belief that the company will be able to deleverage over the coming years. The increasing complexity of hybrid work environments, the proliferation of cloud applications, and heightened cybersecurity threats are fundamentally reshaping how organizations approach identity management. These trends are driving demand for sophisticated IAM solutions that go beyond traditional username/password authentication and human identities. We believe Ping--with its focus on cloud-native, adaptive, and intelligent IAM capabilities--is well-positioned to capitalize on this evolving landscape. Historically, Ping has demonstrated a consistent ability to adapt to market shifts, as evidenced by its early adoption of multi-factor authentication and its expansion into cloud-based identity platforms and the customer identity market. We believe the company's strong customer relationships, particularly within the large enterprise segment, provide a degree of stickiness and recurring revenue that mitigates some of the inherent cyclicality often associated with technology spending." Furthermore, the company's focus on developer-centric solutions and open standards enhances its appeal and integration capabilities, allowing it to seamlessly integrate with existing IT infrastructures. Competition in the IAM market remains intense, with established players and emerging startups vying for market share. However, Ping's differentiated technology--coupled with its wide range of use cases, including customers, workforces, partners, and non-humans (machines, devices, AI agents)--continues to support its competitiveness. Specifically, it positions the company well as the use of nonhuman identities proliferates and enterprises favor vendors with capabilities for hybrid deployment models (on-premise or Saas) and the ability to consolidate various product capabilities on a single platform. S&P said, "Our projections incorporate an ARR (annual recurring revenue) growth rate of high-teen percentage in 2025, moderating to low- to mid- teen percentage in 2026. This reflects our expectation that Ping will continue to capture a significant portion of the expanding IAM market, albeit at a decelerating pace as competition intensifies and macroeconomic uncertainties persist. We anticipate continued investment in research and development and opportunistic tuck-in acquisitions will help Ping to maintain its technological edge and address emerging threats, which will be factored into our ongoing assessment of the company's financial performance and credit profile. "We expect S&P Global Ratings- adjusted EBITDA margin expansion and improving free cash flow (FCF) generation as acquisition/integration-related expenses significantly subside in 2026 and onwards. Ping has historically pursued inorganic growth through acquisitions, which--while expanding its product portfolio and market reach--has resulted in integration costs and temporary margin pressure. The most recent significant transactions include the take-private transaction by Thoma Bravo in 2022 and the subsequent acquisition of ForgeRock Inc. in 2023. Our base case assumes these integration headwinds will diminish considerably as ForgeRock is fully integrated and synergies are realized. Specifically, Ping's (and ForgeRock's) employees are entitled to cash settlements based on stock compensation awarded before Thoma Bravo acquired and combined the two companies. S&P Global Ratings treats restricted stock unit (RSU) cash outlays as an operating expense that would burden adjusted EBITDA. "We project S&P Global Ratings-adjusted EBITDA margin of about nearly 25% in 2025 (25%+ excluding the RSU payments), increasing to mid- to high-20% in 2026 (nearly 30% excluding RSU payments). This includes our adjustment to treat capitalized software development as an operating expense. This margin expansion is predicated on factors such as continued growing scale, improving operational efficiencies, and a shift toward higher-margin cloud-based subscription revenue." Historically, Ping's S&P Global Ratings-adjusted EBITDA margin has fluctuated, reflecting the impact of acquisitions and investments. However, management has demonstrated a commitment to improving profitability through cost-optimization initiatives and a focus on recurring revenue streams. S&P anticipates a significant improvement in FCF generation to over $100 million over the next 12-24 months. This improvement will be driven by both margin expansion and working-capital efficiencies (including the benefits from upfront cash collection when customers sign up for multi-year contracts). Ping's post-transaction S&P Global Ratings-adjusted leverage will be high at 10x, but S&P believes it will be able to deleverage rapidly. With the proposed transaction of raising new debt to refinance the existing private credit facilities and shareholder returns, initial pro forma leverage ratio will be high. However, it expects Ping's leverage will improve materially to 8.7x (7.6x excluding RSU payments) by the end of 2025 and 6.6x (6.3x) in 2026, driven by continued EBITDA expansions and improving FCF generation. This deleveraging trajectory is contingent on the company achieving its projected financial performance and maintaining disciplined capital spending. S&P said, "With close to $500 million in total liquidity at transaction close (about $300 million in cash and fully undrawn RCF at close), we believe Ping will maintain a healthy amount of liquidity to support its growth initiatives, execute potential tuck-in acquisitions, and service debt payments over the next 12-24 months. We will continue to monitor the company's ability to execute its deleveraging plan and navigate the competitive landscape, and any significant deviation from our projections could lead to a rating action." S&P said, "The stable outlook reflects our view that Ping will continue to grow its scale and meaningfully expand its EBITDA margins over the next 12 months as various acquisition/integration-related expenses (including the cash-settled RSU) roll off and synergies are realized. We expect the company will continue to grow by at least low-teen percentage and be able to generate FCF of more than $100 million over the next 12-24 months." S&P could lower its rating on Ping if: -- Its performance is worse than expected because of economic downturns or increasing competitive pressure; -- Business execution or acquisition integration missteps lead to lower retention and profitability deterioration such that S&P believes the FOCF-to-debt ratio is trending to 1%-3% on a sustained basis; or -- It pursues significant debt-financed acquisitions or increased shareholder returns that cause its S&P Global Ratings--adjusted leverage to exceed 7x for an extended period. S&P could raise the rating on Ping if: -- Its credit metrics improve such that its S&P Global Ratings-adjusted leverage is sustained below 5x and the FOCF-to-debt ratio is above 8%-10%; and -- Its financial sponsor commits to a financial policy of maintaining the credit metrics listed above. POTTSVILLE OPERATIONS: Care Pavilion Unsec. Will Get 13.4% to 20.3% ------------------------------------------------------------------- The Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a First Amended Plan of Liquidation for Pottsville Operations, LLC and affiliates dated October 20, 2025. The Creditors' Committee can make no assurances that the requisite acceptances to the Plan will be received, and the Creditors' Committee may need to obtain acceptances to an alternative plan of liquidation for the Debtors, or otherwise, that may not have the support of the Creditors and/or may be required to liquidate the Estates under chapter 7 of the Bankruptcy Code. For the avoidance of doubt, the deemed consolidation of this Plan shall not (other than solely for the purposes stated in this Plan) affect the legal and corporate structures of the Debtors, including, without limitation, the title to the Care Pavilion Liquidating Trust Assets, Pottsville Liquidating Trust Assets or the obligors on Claims. Treatment of Pottsville General Unsecured Claim and Care Pavilion General Unsecured Claim, including Rejection Damages Claim (Class 5P and Class 5CP): On, or as soon as reasonably practicable after, the Effective Date, except to the extent such Holder and the Liquidating Trustee agree to a less favorable treatment, each Holder of an Allowed Pottsville General Unsecured Claim or Care Pavilion General Unsecured Claim shall receive, on account of, in exchange for, and in full and final satisfaction, compromise, settlement, release, and discharge of such Allowed Claim its Pro Rata share of the Pottsville Liquidating Trust Interests or the Care Pavilion Liquidating Trust Interests, as applicable. Such Claims in Class 5P and Class 5CP are, therefore, Impaired and entitled to vote on the Plan. Class 5P will receive a distribution of 33.1% to 47.1% of their allowed claims. Class 5CP will receive a distribution of 13.4% to 20.3% of their allowed claims. The Pottsville Interests in Class 8P and the Care Pavilion Interests in Class 8CP are Impaired. The Holders of the Pottsville Interests in Class 8P and the Care Pavilion Interests in Class 8CP shall not receive or retain any property or interest in property on account of such Interests, such Interests shall be cancelled, extinguished, and discharged upon termination of the Care Pavilion Liquidating Trust and Pottsville Liquidating Trust, or at the direction of the Liquidating Trustee), and the Holders of the Pottsville Interests and the Care Pavilion Interests shall take nothing under the Plan. This Plan will be funded from the following sources: (i) the Care Pavilion Remaining Estate Funds and the Pottsville Remaining Estate Funds; (ii) the Care Pavilion Remaining Cash and the Pottsville Remaining Cash; (iii) the Care Pavilion Net Cash Proceeds and the Pottsville Net Cash Proceeds; (iv) any refunds, deposits, or other monies owing to the Debtors which were not sold to the Care Pavilion Buyers or the Pottsville Buyers; (v) any other monetary recoveries obtained by the Debtors prior to the Effective Date; and (vi) any other monetary recoveries obtained by the Liquidating Trustee after the Effective Date that do not constitute Care Pavilion Purchased Assets or Pottsville Purchased Assets. On the Effective Date, the Care Pavilion Liquidating Trust and the Pottsville Liquidating Trust shall be established in accordance with the Care Pavilion Liquidating Trust Agreement and the Pottsville Liquidating Trust Agreement, as applicable, for the exclusive benefit of the holders of Allowed Claims in Class 3P, Class 3CP, Class 5P, Class 5CP, Class 6P and Class 6CP, in each case as applicable. The appointment of the Liquidating Trustee shall be approved in the Confirmation Order, and such appointment shall be effective as of the Effective Date. The Liquidating Trustee shall have and perform all the duties, responsibilities, rights, and obligations set forth in the Plan, the Care Pavilion Liquidating Trust Agreement and the Pottsville Liquidating Trust Agreement. On the Effective Date, and periodically thereafter if additional Care Pavilion Liquidating Trust Assets or Pottsville Liquidating Trust Assets become available, the Debtors shall transfer and assign to the Care Pavilion Liquidating Trust or the Pottsville Liquidating Trust, as applicable, all of their right, title, and interest in and to all of such assets and, in accordance with section 1141 of the Bankruptcy Code, all the Care Pavilion Liquidating Trust Assets and Pottsville Liquidating Trust Assets shall vest in the Care Pavilion Liquidating Trust and Pottsville Liquidating Trust, as applicable, free and clear of all Claims, Liens, charges, other encumbrances, or Interests, except for the interests of any of the respective Holders of the beneficial interests in either the Care Pavilion Liquidating Trustee Assets or the Pottsville Liquidating Trust Assets, and subject to Care Pavilion Liquidating Trust Expenses and Pottsville Liquidating Trust Expenses. A full-text copy of the First Amended Plan dated October 20, 2025 is available at https://urlcurt.com/u?l=gN4Tj3 from Stretto Inc., claims agent. Counsel to the official committee of unsecured creditors: Andrew C. Helman, Esq. Dentons Bingham Greenebaum LLP One City Center, Suite 11100 Portland, ME 04101 Phone: (207) 619-0919 Email: andrew.helman@dentons.com And Thomas D. Maxson, Esq. Dentons Cohen & Grigsby, P.C. 625 Liberty Avenue, 5th Floor Pittsburgh, PA 15222 Phone: (412) 297-4706 Email: thomas.maxson@dentons.com Lauren M. Macksoud, Esq. Dentons US LLP 1221 Avenue of the Americas New York, NY 10020 Phone: (212) 768-5347 Email: lauren.macksoud@dentons.com About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. POWELL 1023: Hires Dahiya Law Offices LLC as Bankruptcy Counsel --------------------------------------------------------------- Powell 1023 Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Dahiya Law Offices LLC as bankruptcy counsel. The firm's services include: a) assisting and advising the Debtor relative to the administration of this proceeding; b) representing the Debtor before the Bankruptcy Court and advising the Debtor on all pending litigations, hearings, motions, and of the decisions of the Bankruptcy Court; c) reviewing and analyzing all applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding and advising the Debtor thereon; d) attending all meetings conducted pursuant to section 341(a) of the Bankruptcy Code and representing the Debtor at all examinations; e) communicating with creditors and all other parties in interest; f) assisting the Debtor in preparing all necessary applications, motions, orders, supporting positions taken by the Debtor, and preparing witnesses and reviewing documents in this regard; g) conferring with all other professionals, including any accountants and consultants retained by the Debtor and by any other party in interest; h) assisting the Debtor in its negotiations with creditors or third parties concerning the terms of any proposed plan of reorganization; i) preparing, drafting and prosecuting the plan of reorganization and disclosure statement; j) assisting the Debtor in performing such other services as may be in the interest of the Debtor and the Estate and performing all other legal services required by the Debtor; and k) prosecuting such claims including those under 18 U.S.C. Sec. 1964(c) and civil right act as deemed appropriate including declarative lawsuits. The firm's current hourly rates range from $700 for principal, $550 for counsel, $200 per hour to $350 per hour for associates time, $75--$125 for paralegals, plus reimbursement of out-of-pocket expenses. Dahiya Law Offices is "disinterested" as such term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b), according to court filings. The firm can be reached through: Karamvir Dahiya, Esq. Dahiya Law Offices, LLC 75 Maiden Lane Suite 606 New York New York 10038 Tel: (212) 766-8000 About Powell 1023 Corp. Powell 1023 Corp. is a corporation established to sell and finance residential real property to consumer Achan Chowdhury. Powell 1023 Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43219) on July 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Karamvir Dahiya, Esq. at Dahiya Law Offices LLC. PREPAID WIRELESS: Court Tosses T-Mobile Bid to See Subscriber Info ------------------------------------------------------------------ Judge Maria Ellena Chavez-Ruark of the United States Bankruptcy Court for the District of Maryland denied T-Mobile USA, Inc.'s motion to compel with respect to an unresolved discovery dispute with Prepaid Wireless Group. On June 6, 2025, T-Mobile served its first set of interrogatories on the Debtor under Rule 33 of the Federal Rules of Civil Procedure (made applicable to bankruptcy matters by Federal Rule of Bankruptcy Procedure 7033). The seventh interrogatory sought the following information: 7. Identify each Subscriber that transferred from Q Link to SUW (or any of its Affiliates) from September 1, 2024 onward, and for each such subscriber specify the date of transfer, monthly usage information for such subscriber, the subscription terms for such subscriber before and after the transfer, and the amount paid to T-Mobile directly or indirectly for each such subscriber following transfer. The Debtor declined to fully answer this Interrogatory. On July 18, 2025, T-Mobile served a subpoena duces tecum on StandUp -- a Debtor affiliate that is under the control of Debtor's Chief Executive Officer. The subpoena's second document request sought the following: 2. Documents relating to the transfer of any Q Link (or any affiliated entity) subscribers to StandUp (or any affiliated entity). StandUp failed to produce documents in response to this request. T-Mobile requests that the Court order the Debtor to immediately produce to T-Mobile all relevant documents responsive to document request 2 to Global Connection Inc. of America, LLC d/b/a StandUp Wireless, and to provide a complete response to interrogatory 7. In the alternative, T-Mobile requests that the Court exclude the report of Carl W. Northrop from consideration at the November trial. A copy of the Court's decision dated October 22, 2025, is available at https://urlcurt.com/u?l=mVJ1wP from PacerMonitor.com. About Prepaid Wireless Group, LLC Prepaid Wireless Group, LLC is a provider of wireless telecommunications services in Rockville, Md. Prepaid Wireless Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-18852) on October 21, 2024, with $10 million to $50 million in both assets and liabilities. Paul Greene, chief executive officer, signed the petition. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor is represented by: Irving Edward Walker, Esq. Cole Schotz P.C. Tel: (410) 230-0660 Email: iwalker@coleschotz.com PRESENTATION MEDIA: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division granted Presentation Media Inc. final approval to use cash collateral. The court's final order authorized the Debtor to use cash collateral through April 10, 2026, in accordance with its budget. The Debtor may deviate from the budget by up to 15% per week per category without approval by the U.S. Small Business Administration. Greater variances require consent from the U.S. Small Business Administration or court order. As adequate protection, SBA and other secured creditors will be granted replacement liens on all property acquired by the Debtor after its Chapter 11 filing, excluding avoidance actions and recoveries. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. Moreover, the liens are automatically valid and perfected as of the petition date without the need for further filings. As additional protection, SBA will continue to receive a monthly payment of $5,000 from the Debtor. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/iuzs8 from PacerMonitor.com. About Presentation Media Inc. Presentation Media Inc. provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. PMI also works with strategic partners that do not have sufficient production capacity, fulfilling orders on their behalf and maintains its signature "Midnight Express" overnight production service to deliver projects by the start of clients' business days. Presentation Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-17723) on September 2, 2025. In its petition, the Debtor reported total assets of $5,990,852 and total liabilities of $12,204,312. Judge Sheri Bluebond oversees the case. The Debtor is represented by Steven R. Fox, Esq., at The Fox Law Corporation. PRIMALEND CAPITAL: Unpaid Lenders Object to Missing Entity in Ch.11 ------------------------------------------------------------------- Steven Church and Eliza Ronalds-Hannon of Bloomberg News report that a group of creditors to bankrupt auto-dealership lender PrimaLend expressed "grave concerns" over the company's Chapter 11 filing, particularly its decision to exclude what they described as its "most distressed" subsidiary from the process. The creditors said the move raises questions about transparency and fairness in the restructuring effort. The ad hoc group, which holds roughly $75 million in bonds issued by PrimaLend's main holding company—currently in default on its interest payments—argued that the omission was intended to limit the participation of unsecured creditors. The group also challenged PrimaLend's request for court approval to obtain bankruptcy financing, alleging that it sought to compel guarantees and legal releases unfavorable to their interests, the report states. 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. PRIME CORE: Chapter 11 Administrator Nets $35MM From Crypto ----------------------------------------------------------- Rick Archer of Law360 reports that the Chapter 11 plan administrator for bankrupt cryptocurrency custodian Prime Core Technologies Inc. informed a Delaware bankruptcy judge on Monday, October 27, 2025, that the estate has generated about $35 million from the sale of its digital assets and expects to begin distributing funds to creditors in early 2026. According to the administrator, liquidating Prime Core's remaining crypto holdings represents a major step toward closing the case, which has been ongoing since the company's downfall amid last 2024's digital asset market turbulence. The proceeds will go toward satisfying approved claims, with additional details on distribution timing anticipated soon, the report states. About Prime Core Technologies Inc. Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell as a trust and custodial services company with respect to fiat currency and other more traditional assets, with its primary product being college savings trusts. Following the emergence and exponential growth of the blockchain and cryptocurrency industry, the Company recalibrated its focus away from providing more traditional fiat currency custodial services and towards providing custodial services for cryptocurrency and other digital assets. Eventually, the Company emerged as a market leader, providing a unique bundle of products and services that remain unparalleled in the industry. Prime Core Technologies, Inc., and three of its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as interim chief executive officer. The Hon. J. Kate Stickle presides over the Debtors' cases. The Debtors listed $50 million to $100 million in estimated assets and $100 million to $500 million estimated liabilities. McDermott Will & Emery LLP serves as counsel to the Debtors. The Debtors' financial advisor is M3 Advisory Partners, LP; their investment banker is Galaxy Digital Partners LLC; and their claims and noticing agent is Stretto. PROST LLC: Unsecured Creditors Will Get 12.4% of Claims in Plan --------------------------------------------------------------- Prost, LLC filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated October 17, 2025. The is a California limited liability company formed in 2011. Clint Stromberg and Molly Rust, husband and wife, are the managing members of Debtor (collectively, the "Insiders"). Previously, Debtor operated as "Bolt Brewery" at three locations: (1) 8179 Center Street, La Mesa, CA 91942 ("La Mesa Location"), which opened in December 2013, (2) 1971 India Street, San Diego, CA 92101 ("Little Italy Location"), which opened in August 2014, and (3) 2547 San Diego Avenue, San Diego, CA 92010 ("Old Town Location"), which opened in July 2023. The Debtor's financial struggles began acutely when it expanded to the Old Town Location. Debtor overspent on the remodel, which expended their financial reserves. The Old Town Location did not perform as well as anticipated. Likewise, the La Mesa Location also continued underperforming following the COVID-19 pandemic. In June 2025, Debtor surrendered possession of the Old Town Location. And in July 2025, Debtor surrendered possession of the La Mesa Location. Around this same time, Debtor transitioned the Little Italy Location from Bolt Brewery to Taco Loco. Initial results have been encouraging. The Little Italy Location did not experience any sales decline in the immediate aftermath. And its sales and profitability have grown in the past two months. The Debtor owes approximately $100,000 to undisputed general unsecured creditors, which consists mostly of credit cards and trade vendors. Debtor also has a dispute with its former landlord at the La Mesa Location, as well as disputed labor claims asserted by former employees. This Plan has a 60-month term which ends on December 31, 2030. Over this term, the Debtor will have $233,559.80 in projected disposable income. Under the Plan, the Debtor proposes to pay $242,385.38 to creditors. Plan payments will be paid on a quarterly basis with each quarterly payment due not later than the last day of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). This Plan of Reorganization proposes to pay creditors of Debtor from disposable operating income from normal business operations. Overall, the Plan projects to pay a 12.4% distribution to general unsecured creditors. The Plan provides for the payment of $72,000.00 total to general unsecured claims from 4Q'29 to 4Q'30, which shall be distributed pro rata to holders of allowed general unsecured claims. The Plan provides for the payment of administrative expense claims in full by 1Q'27, and payment of priority tax claims in full (with applicable legal interest) by 3Q'28. Class 3 consists of General Unsecured Claims. Each allowed Class 3(a) claim shall receive a pro rata distribution of equal quarterly payments in the amount of $8,000.00 beginning in 4Q'28 and ending in 4Q'30. The allowed unsecured claims total $581,466.58. This Class is impaired. Each holder of a Class 4 Interest will retain their rights and interests without impairment and will not receive any payments on account for their Class 4 Interests during the life of the Plan. The Plan will be funded with the following: (i) cash on hand, (ii) Debtor's protected disposable income over a period of sixty months, and (iii) pursuit of other estate claims and causes of action, if any. A full-text copy of the Plan of Reorganization dated October 17, 2025 is available at https://urlcurt.com/u?l=Dqhtgy from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. Law Office Of Donald W. Reid PO Box 2227 Fallbrook, CA 92088 Tel: (951) 777-2460 Email: don@donreidlaw.com About Prost LLC Prost LLC is a San Diego-based food service company operating multiple restaurant and brewery concepts including Taco Loco, Bolt Brewery, and Diego's Baja Grill. Prost LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. S.D. Cal. Case No. 25-03311) on August 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Donald Reid, Esq. at Law Office Of Donald W. Reid. RAZZOO'S INC: Seeks to Hire Stout Risius Ross as Financial Advisor ------------------------------------------------------------------ Razzoo's, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Stout Risius Ross, LLC as financial advisor. The firm's services include: a) negotiating the terms of any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtors; b) investigating and preparing the Debtors' go-forward business and restructuring strategies; c) directing and conferring with all retained estate professionals, including Debtors' legal counsel, investment banker, and financial advisors; d) communicating with creditors of Debtors and meeting with representatives of such constituencies; e) preparing statements of financial affairs, schedules, first day motions and other regular motions and reports required by the Court or which Debtors are otherwise obligated to prepare and provide; f) reviewing payments or transfers by or for the benefit of Debtors to ensure compliance with the Bankruptcy Code and applicable orders of the Court; g) negotiating bidding procedures and advising the Debtors on the terms of any proposed sale of the Debtors' assets; h) formulating and prosecuting of any plan of reorganization or liquidation for the Debtors; i) assisting in the review of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statements of financial affairs, and monthly operating reports; j) reviewing the Debtors' financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Court approval is sought; k) reviewing and analyzing of the reporting regarding cash collateral and any debtor-in-possession financing arrangements and budgets; l) assisting with reviewing any potential cost containment opportunities proposed by the Debtors; m) assisting with reviewing any potential asset redeployment opportunities proposed by the Debtors; n) reviewing and analyzing assumption and rejection issues regarding executory contracts and leases; o) reviewing and analyzing the Debtors' proposed business plans and the business and financial condition of the Debtors generally; p) assisting in evaluating reorganization strategy and alternatives available, including any asset sale transactions; q) reviewing and analyzing the Debtors' financial projections and assumptions; r) assisting in preparing documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; s) advising and assisting the Debtors in negotiations and meetings with creditors and other parties-in-interest; t) assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; u) providing forensic accounting and litigation consulting services and expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and v) providing other such functions as requested by the Debtors to assist in these Chapter 11 Cases and taking any and all other actions that are necessary or appropriate to manage and operate the Debtors pursuant to the Engagement Letter, the Bankruptcy Code, and applicable orders of the Court. The firm's hourly rates are: Managing Director $675 to $950 Director $525 to $650 Manager / Senior Manager $400 to $525 Analyst / Associates $300 to $375 Administrative Personnel $125 to $275 Douglas Brickley, a managing director at Stout Risius Ross, 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: Douglas J. Brickley Stout Risius Ross LLC 1000 Main Street, Suite 3200 Houston, TX 77002 Office: (713) 225-9580 Fax: (713) 225-9588 Email: dbrickley@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. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. in Addison, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, CEO of the Debtor, signed the petition. Judge Alfredo R Perez oversees the case. OKIN ADAMS BARTLETT CURRY LLP serve as the Debtor's legal counsel. DONLIN, RECANO & COMPANY, LLC as claims and noticing agent. STOUT CAPITAL, LLC as investment banker. STOUT RISIUS ROSS, LLC as financial advisor. RENASCENCE INC: Gets OK to Use Cash Collateral Until Nov. 28 ------------------------------------------------------------ Renascence, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral. The order penned by Judge Pamela McAfee authorized the Debtor's interim use of cash collateral until November 28 to pay essential expenses in accordance with its budget, with 6% expense deviation allowed. The Debtor projects total operational expenses of $107,500 for November. The order granted the U.S. Small Business Administration and other creditors with interest in the cash collateral a post-petition lien on all cash, accounts, receivables and future receivables collected by the Debtor during the interim period. As additional protection, the Debtor must pay $3,700 to SBA by November 5, and another $500 to be held in trust for the Subchapter V trustee. A final hearing is set for November 25. The Debtor and SBA entered into a promissory note and security agreement in 2020 and in 2021. The notes were secured by the Debtor's cash, accounts, receivables, inventory, equipment, software, insurance proceeds, tax refunds and other intangibles. The Debtor estimates that the balance due on the notes is $565,800. About Renascence Inc. Renascence, Inc. offers printing, publishing, mailing, embroidery, signage, and retail office supply sales. Renascence sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. E.D. N.C. Case No. 25-01764) on May 12, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Donald A. Stocks, Sr., president of Renascence, signed the petition. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Christopher Scott Kirk, Esq. C. Scott Kirk, Attorney At Law, PLLC Tel: 252-689-6249 scott@csklawoffice.com RHODIUM ENCORE: Files Amended Plan; Confirmation Hearing Dec. 3 --------------------------------------------------------------- Rhodium Encore LLC and affiliates submitted a Disclosure Statement for First Amended Joint Chapter 11 Plan of Liquidation dated October 19, 2025. The Plan is the product of extensive negotiations among the Special Committee of Rhodium Enterprises, Inc.'s Board of Directors (the "Special Committee") and its advisors (Barnes & Thornburg LLP), working together with the Debtors' restructuring advisors (Province, LLC) and a number of the Debtors' key stakeholders, including the Ad Hoc Group of SAFE Parties (the "SAFE AHG") represented by Akin Gump Strauss Hauer & Feld LLP ("Akin"), Imperium, and the Founders (collectively, the "Plan Support Parties"), together with each of those parties’ respective advisors. The fee payable to one of Debtors' professionals, Lehotsky Keller Cohn LLP ("LKC") is calculated based on value allocated to the released claims. The Debtors' historical cash budget for LKC's fee has been approximately $3.5 million. If the Court were to grant LKC's fee application in its entirety, the Debtors' Distributable Cash would be lower than that reflected in the Debtors' illustrative cash reserve. Another of the Debtors' professionals, B. Riley Securities, Inc., is party to an engagement letter with the Debtors that provides B. Riley with a right to a 1.25% success fee relating to the sale of assets to Riot/Whinstone. B. Riley has been content to wait until the allocation is complete to determine the base amount on which its fee is owed. The Debtors have estimated, for purposes of the Liquidation Analysis, a fee of approximately $1 million to B. Riley. If a disagreement arises, that fee could be higher and the Debtors' Distributable Cash would accordingly be lower. Midas filed Claims in September and November 2024 totaling $25-43 million in alleged patent infringement damages but omitted that Midas had already dropped one patent and lost its claims on the other in district court in April 2024. The Debtors objected to Midas's invalid claims on multiple grounds, including claim preclusion. Midas amended their Claims and reduced the amount to approximately $10 million. Docket No. 1580. On July 8, the Court scheduled a full evidentiary hearing to resolve Midas' claims and specified that the parties would brief both claim estimation and summary judgment, then appear for a full evidentiary hearing on August 22, 2025. The Court later continued that hearing sua sponte to September 23, 2025. The Court conducted a full evidentiary hearing on September 23, 2025, and requested additional briefing that the parties filed on October 7, 2025. The Debtors issued warrants to certain of the Fairbairn Parties (the "Fairbairn Warrants") for an aggregate price of $88,608 (the "Warrant Price") in October 2021. The Fairbairn Warrants allowed their holders to cumulatively purchase 708,864 Class A Common Stock of Rhodium Enterprises at an exercise price of $10.29 prior to October 1, 2026. The Fairbairn Warrants contained an anti dilution clause. Rhodium Enterprises returned the Warrant Price, plus 12% interest, to the Fairbairn Warrants holders between early June 2022 and mid August 2022. At the end of September 2022, in connection with secured notes newly issued by Rhodium Technologies, guaranteed by Imperium and secured by stock of Rhodium Enterprises, Rhodium Enterprises issued additional warrants allowing secured noteholders to purchase Class A Common Stock of Rhodium Enterprises at a price of $0.01 per share (the "Penny Warrants"). The Fairbairn Parties assert Claims (the "Fairbairn Claims") (1) that the Penny Warrants reset the price of the Fairbairn Warrants to one penny and (2) from the Debtors’ refusal to reprice the Fairbairn Warrants. Like in the prior iteration of the Plan, each such Holder of Class 5a Guaranteed Unsecured Claims shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, on the later of (as applicable) (i) the Effective Date or as soon as reasonably practicable thereafter and (ii) on or before the first Business Day after the date that is thirty calendar days after the date such Guaranteed Unsecured Claim becomes an Allowed Guaranteed Unsecured Claim, payment in Cash in an amount equal to such Allowed Guaranteed Unsecured Claim. Class 5b consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment of such Claim, each such Holder shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, on the later of (as applicable) (i) the Effective Date or as soon as reasonably practicable thereafter and (ii) on or before the first Business Day after the date that is thirty calendar days after the date such General Unsecured Claim becomes an Allowed General Unsecured Claim, payment in Cash in an amount equal to such Allowed General Unsecured Claim. The Plan will be funded by the Debtors' assets, including existing Cash, proceeds from the (i) Temple Sale, (ii) Whinstone Transaction, (iii) D&O Insurance Settlement, and (iv) the proceeds from the liquidation of all of the Debtors' remaining assets and Causes of Action. Once Intercompany Interests and Claims are reconciled, all of the Debtors except for the Wind Down Debtor shall be dissolved or merged into other Debtors (and, to the extent necessary, shall be permitted to be liquidated or merged for tax purposes, legal dissolution, or merger). The Wind Down Debtor shall remain in being for as long as necessary or beneficial for tax or other purposes. The hearing to determine Confirmation of the Plan is scheduled on December 3, 2025 at 9:30 a.m. November 21, 2025 at 5:00 p.m. is the deadline to object to confirmation of the Plan. The voting deadline is scheduled on November 21, 2025 at 5:00 p.m. A full-text copy of the Disclosure Statement dated October 19, 2025 is available at https://urlcurt.com/u?l=QZkV42 from PacerMonitor.com at no charge. Counsel to the Debtors: QUINN EMANUEL URQUHART & SULLIVAN, LLP Patricia B. Tomasco, Esq. Joanna D. Caytas, Esq. Cameron Kelly, Esq. Alain Jaquet, Esq. 700 Louisiana Street, Suite 3900 Houston, Texas 77002 Telephone: 713-221-7000 Facsimile: 713-221-7100 Email: pattytomasco@quinnemanuel.com Email: joannacaytas@quinnemanuel.com Email: cameronkelly@quinnemanuel.com Email: alainjaquet@quinnemanuel.com - and- Eric Winston, Esq. Razmig Izakelian, Esq. 865 S. Figueroa Street, 10th Floor Los Angeles, California 90017 Telephone: 213-443-3000 Facsimile: 213-443-3100 Email: ericwinston@quinnemanuel.com Email: razmigizakelian@quinnemanuel.com 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, Rhodium listed assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. ROLLING HILLS: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Rolling Hills Food & Beverage, Inc. Green Parrot 2106 Lancaster Street San Marcos, TX 78666 Business Description: Rolling Hills Food & Beverage, Inc., doing business as Green Parrot, operates a bar and food service establishment in San Marcos, Texas. Chapter 11 Petition Date: October 24, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-44129 Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Eric White as president. A full-text copy of the petition, which includes a list of the Debtor's four largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UW44JZA/Rolling_Hills_Food__Beverage__txnbke-25-44129__0001.0.pdf?mcid=tGE4TAMA ROUNDTABLE FORUM: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------- On October 21, 2025, Roundtable Forum LLC filed a voluntary Chapter 7 bankruptcy petition in the U.S. Bankruptcy Court for the Middle District of Georgia. Court documents show that the company reported liabilities between $100,001 and $1 million, with a total of 1 to 49 creditors. About Roundtable Forum LLC Roundtable Forum LLC is a limited liability company. Roundtable Forum LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No 25-30587) on October 21, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Quentin Ray Carr, Esq. of The Carr Law Group. RYAN HOHMAN: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------- Ryan Hohman LLC filed with the U.S. Bankruptcy Court for the District of Utah a Plan of Reorganization dated October 17, 2025. The Debtor is a Utah limited liability company organized to provide staffing and employee training services for third parties. Because of the increased debt brought on by trying to grow the business and then the decreased revenue and increased cost of doing business the Debtor was unable to meet all of its financial obligations. Accordingly, to save the business and to put itself in a position hat it could pay back as much as possible to its creditors, the Debtor was left with no choice but to file its voluntary petition for relief under Chapter 11 of the Bankruptcy Code, which it did on April 22, 2025. Class 2 contains all of the allowed nonpriority unsecured claims that timely filed proofs of claim include, American Express National Bank (POC 2-$33,955.20), JP Morgan Chase Bank N.A. (POC 3-$34,142.49), JPMC (POC 4-$31,853.18), JPMC (POC 5-$150,432.82), AENB (POC 6-$51,275.29), Capital One, N.A. by AIS InfoSource LP, as agent (POC 7-$9,500.00), Forward Financing, LLC (POC 8-94,239.92), For a Financial Asset Securitization 2024, LLC (POC 9-$66,341.76), Zions Bank (POC 10-$2,807.91) and Revenued, LLC (POC 11-$127,953.73). Class 2 will also include the unsecured portion of the SBA claim in the amount of $112,237.69. Creditors in Class 2 shall receive a prorate portion of variable quarterly payments in the amount of approximately $15,000.00 each for Year 1; $22,500.00 each for Year 2; $60,000.00 each for Year 3; and $90,000.00 each for Year 4, until 100% of their allowed claims, which the Debtor estimates to be $714,739.99, are paid. Such payments under the Plan shall commence no later than 90 days after the effective date. The payments will be in full satisfaction of the respective claims of the creditors in Class 2, without interest. The Reorganized Debtor shall continue to operate the Debtor's business and to make payments according to the Plan. A full-text copy of the Plan of Reorganization dated October 17, 2025 is available at https://urlcurt.com/u?l=PVXeEI from PacerMonitor.com at no charge. Counsel to the Debtor: Andres Diaz, Esq. Timothy J. Larsen, Esq. DIAZ & LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Telephone: (801) 596-1661 Facsimile: (801) 359-6803 Email: courtmail@adexpresslaw.com About Ryan Hohman LLC Ryan Hohman LLC owns and operates Sales Recruiting University, a private staffing and training firm that helps companies scale commission-based sales teams in North America. Headquartered in Salt Lake City since 2018, the Company designs lead-generation funnels, vets candidates and can place five to 15 sales representatives per client each month. Ryan Hohman LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-22161) on April 22, 2025. In its petition, the Debtor reports total assets as of March 31, 2025 of $193,066 and total liabilities as of March 31, 2025 of $1,059,433. Honorable Bankruptcy Judge Kevin R. Anderson handles the case. The Debtor is represented by Andres Diaz, Esq. at DIAZ & LARSEN. RYAN LLC: S&P Downgrades ICR to 'B' on Sustained Higher Leverage ---------------------------------------------------------------- S&P Global Ratings lowered all its ratings on Dallas-based tax services provider Ryan LLC, including the issuer credit rating to 'B' from 'B+'. The stable outlook reflects S&P's expectation that Ryan will modestly deleverage while sustaining organic growth and profit margin expansion. Ryan LLC plans to issue a $1.81 billion term loan, $200 million delayed-draw facility, and up to a $400 million revolver (undrawn at close). It will use proceeds to fund recent acquisitions, including its joint venture with Dhruva Advisors, and refinance debt. The transaction will modestly increase leverage and sustain credit metrics outside S&P's expected range for the rating. Ryan will keep S&P Global Ratings-adjusted leverage above 6x at year-end. S&P said, "With the proposed transactions, Ryan has a pattern of activity that slowed its deleveraging and sustained credit measures outside of our expectations for a 'B+' rating. Although we continue to expect increased earnings to improve credit metrics over time, we no longer think the company will commit to maintaining leverage below 5.5x on an S&P Global Ratings-calculated basis. Our view is also informed by its debt-financed dividend last year, followed by the leveraged acquisition of Altus' property tax practice. Ryan's leverage target remains 3.75x-4.5x, but we now consider management's adherence to this policy to be less rigid, such as when lucrative acquisition opportunities arise." Meanwhile, S&P Global Ratings-calculated leverage is about 1.5x higher than management's calculation, leading us to believe Ryan will regularly keep leverage above 5.5x. The calculation variance arises primarily from our reclassification of capitalized software development costs as an expense, certain nonrecurring costs that management adds back, and lease liabilities. S&P said, "Despite our expectation for high working capital needs to support growth (we estimate nearly $100 million of working capital outflow annually over the next two years), we think Ryan will generate sufficient cash flow to fund dividends that cover shareholders' tax obligations and reinvest in the business. We forecast adjusted free operating cash flow (FOCF) to debt of 4%-5% this year, improving to greater than 5% in 2026. This reflects favorable cushion to sustain a 'B' rating profile. "Our forecast reflects healthy organic revenue and margin expansion. Ryan reported an organic revenue increase of 19% in the second quarter, well above our earlier expectation and reflecting some demand pull forward. We expect this to normalize to about 7% in the full year while a total increase of 32% reflects contribution from acquisitions. We think demand for tax consulting, particularly amid recent legislative changes, will sustain top-line expansion. Meanwhile, increasingly complex regulations will likely support ongoing tax outsourcing trends, providing a tailwind for Ryan's managed services business over the next several years. Our longer-term forecast of 7.5%-8.5% annual improvement reflects sustained organic growth of about 5%, with a series of debt-funded acquisitions providing an additional source. "With its integration of Altus' property tax business nearly complete, we expect margin expansion through the remainder of the year, with S&P Global Ratings-adjusted EBITDA margin expanding about 170 basis points (bps) in 2025 to 21.3%. Reduced transaction-related nonrecurring expenses and contribution from higher-margin acquired businesses drive margin growth, partially offset by increasing software development costs, which we treat as an expense. An additional 125-175 bps of margin expansion in our 2026 forecast reflects cost synergies, scale benefits, and transaction and integration expenses rolling off. "Ryan has a record of integrating acquisitions to add scale. The Altus deal closed at the start of this year, its largest acquisition. Despite a more challenging undertaking for integrating the target's processes onto the Ryan platform, the process has been smooth. We believe minimal integration risk remains. "Its most recent acquisition, a majority stake in Mumbai-based Dhruva Advisors, also presents some execution risk based on Dhruva's operations in new geographies and its multinational presence. However, Ryan is not bound by a transaction service agreement that would dictate a completion timeline. We think it will approach this integration with caution. The transaction will solidify Ryan's presence in India and establish a strong foothold in the United Arab Emirates, regions where we expect tax services will continue to expand rapidly. Ryan has closed several other acquisitions this year, contributing to its improving scale and geographic reach. "We anticipate ongoing debt-funded tuck-in acquisitions will continue to be a key driver of Ryan's growth strategy. Our forecast reflects a full drawdown of the proposed $200 million delayed-draw term loan between 2026 and 2027 to fund acquisitions. While enabling expansion, this slows deleveraging. "The stable outlook reflects our expectation that Ryan's good organic revenue improvement will persist amid a broad theme of corporate tax function outsourcing, while profit margins will also expand on reduced integration expenses and synergy benefits from its Altus acquisition. While our base case reflects a deleveraging trend, we believe management's financial policy could lead to releveraging over time as Ryan pursues debt-funded acquisitions." S&P could lower the rating on Ryan if operating performance deteriorates significantly relative to our forecast, such that: -- Increasing competition, reputational concerns, or changing industry dynamics stall organic momentum, indicating the company is ceding market share and leading us to view its business prospects less favorably; -- Profit margins and cash flow contract, perhaps because of acquisition integration challenges or business execution missteps; and -- S&P Global Ratings-adjusted leverage increases above 7x with little prospects for improvement. S&P could raise the rating on Ryan if: -- It reduces leverage below 5.5x, increases FOCF to debt above 5%, and S&P expects it to sustain these measures based on management's adherence to a more conservative financial policy; and -- Favorable industry dynamics persist such that we expect continued healthy organic growth and margin profile. SAKS INC: Faces Financial Distress, At Risk of Chapter 11 Filing ---------------------------------------------------------------- Daniel Kline of The Street reports that Saks Fifth Avenue, a storied luxury retailer with roots dating back to 1902, is showing signs of deepening financial distress, according to data shared by Creditsafe. Ragini Bhalla, the firm's head of brand and spokesperson, revealed financial indicators suggesting that Saks could be at risk of a Chapter 11 bankruptcy filing if current trends continue. While the company has made no official comment or issued a going concern warning, its financial patterns raise serious concerns, according to the report. Bhalla's analysis, based on publicly available data, points to troubling delays in the retailer's debt payments. Saks' "Days Beyond Terms" (DBT)—a measure of how many days late a company pays its bills—has consistently exceeded industry norms. While most companies in the sector average 10 to 12 days beyond terms, Saks' figures ranged from 27 days in November 2024 to 41 days in both January and March 2025. This persistent pattern of late payments underscores potential liquidity problems and cash flow strain. Even with slight improvements in May and June 2025, when Saks' DBT stabilized at 30 days, it still remained nearly three times the industry average. The metric climbed again to 39 days in August and September, reinforcing the ongoing financial pressure the retailer faces, according to report. According to Bhalla, such sustained payment delays are red flags signaling deeper operational and financial challenges. The inability to pay suppliers on time over an extended period, she noted, often reflects underlying difficulties in managing working capital and maintaining liquidity—issues that could push even a legacy brand like Saks toward restructuring or bankruptcy protection. About Saks Inc. Saks Incorporated -- http://www.saksincorporated.com/-- is a Tennessee corporation headquartered in New York. The Company's operations consist of Saks Fifth Avenue stores and SFA's e-commerce operations, as well as Saks Fifth Avenue OFF 5TH stores. The Company is an omni-channel luxury retailer offering a wide assortment of distinctive fashion apparel, shoes, accessories, jewelry, cosmetics and gifts. SCHAEFER RECOGNITION: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Schaefer Recognition & Media Group, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. In its interim order, the court authorized the Debtor to use cash collateral to fund operations in accordance with its budget, subject to a 15% variance. The court said such relief is necessary to prevent "immediate and irreparable harm" to the Debtor and to preserve the value of its estate. The Debtor's budget shows total operational expenses of $1,073 for October and $1,173 for November. As adequate protection for the U.S. Small Business Administration and other secured creditors, the court granted them replacement liens on their pre-bankruptcy collateral and directed the Debtor to make monthly payments of $100 to the SBA, starting on November 1. These replacement liens are automatically perfected and not subject to subordination to post-petition claims. A final hearing is scheduled for November 5. About Schaefer Recognition & Media Group Schaefer Recognition & Media Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09689) on October 10, 2025, listing up to $100,000 in assets and between $100,001 and $1 million in liabilities. Dawn Maguire, Esq., at Guttilla Murphy Anderson, serves as Subchapter V trustee. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by Patrick F. Keery, Esq., at Keery McCue, PLLC. SECURITY TRANSPORT: Hires Daniel L. Freeland as Bankruptcy Counsel ------------------------------------------------------------------ Security Transport Inc. seeks approval form the U.S. Bankruptcy Court for the Northern District of Indiana to hire Daniel L. Freeland & Associates, P.C. as attorneys. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the continued operation of his businesses and management of its property; b. defend the various complaints and motions for relief of stay filed by creditors of the debtor; c. protect the Debtor's interest in any executory contracts; d. prepare on behalf of your applicant, as debtor-in-possession, necessary applications, answers, order, reports, and other legal papers; e. perform all other legal services for debtor as debtor-in-possession which may be necessary; and f. prepare and file Plans, Disclosures and other papers related thereto. The firm will be paid at these rates: Sheila A. Ramacci $400 per hour Daniel L. Freeland $500 per hour The firm was paid a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel Freeland, Esq., a partner at Daniel L. Freeland & Associates, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Daniel L. Freeland, Esq. Daniel L. Freeland & Associates, P.C. 9105 Indianapolis Blvd. Highland, IN 46322 Telephone: (219) 922-0800 Facsimile: (219) 922-1261 Email: dlf9601@aol.com About Security Transport Inc. Security Transport Inc., headquartered in Hammond, Indiana, provides truckload transportation services for dry goods throughout the contiguous U.S. and Canada. Established in 2012, the Company operates a fleet of tractors and trailers to haul general freight, metals, beverages, paper products, and waste. Its operations concentrate on time-sensitive and value-added logistics solutions in the transportation and logistics sector. Security Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22114) on October 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Daniel L. Freeland, Esq. of DANIEL L. FREELAND & ASSOCIATES, P.C. SIGNATURE YHM: Hires Chris Daniel & Associates LLC as Appraiser --------------------------------------------------------------- Signature YHM Land, LLC received approval from the U.S. Bankruptcy Court for the Northern District of California to employ to hire Chris Daniel & Associates LLC as appraiser. Chris Daniel will prepare appraisals of the properties (A.P.N.: 259-261-021-000 and 259-261-022-000), including two narrative reports (one per lot) and four value opinions. The firm will be paid at these rates: -- Appraisal Fee. The Firm will charge $4,500 for the appraisals. -- Hourly Fees. In the event additional research and/or expert testimony is required, the firm will charge $200 per hour for such services. -- Post-Petition Retainer. The firm requests a 50% retainer in the amount of $2,250. The balance of $2,250 will be due upon completion. As disclosed in the court filings, Chris Daniel & Associates LLC is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14). The firm can be reached through: Joshua Daniel Chris Daniel & Associates LLC P.O. Box 405 Carmel Valley, CA 93924 Phone: (831) 649-6142 Email: joshthomdan@gmail.com About Signature YHM Land LLC Signature YHM Land LLC operates in the real estate sector. Signature YHM Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50324) on March 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor tapped Jeffrey I. Golden, Esq., at Golden Goodrich LLP as counsel and Force Ten Partners, LLC as financial advisor. SOMETHING SWEET: Trust Funds Belong to PACA Claimants, Court Says ----------------------------------------------------------------- Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware concludes that at all of the funds now held by the trustee of Something Sweet Acquisition, Inc. are held in statutory trust for the benefit of the plaintiffs in the adversary proceeding captioned as PETERSON FARMS, INC., et al., Plaintiffs, v. SOMETHING SWEET ACQUISITION, INC., et al., Defendants, Adv. Proc. No. 23-50752-CTG (Bankr. D. Del.). Something Sweet manufactured baked goods and sold them to grocery stores. The plaintiffs in this adversary proceeding are the sellers of agricultural products. They sold their perishable agricultural products, on credit, to Something Sweet. As of the time the debtors filed these bankruptcy cases on July 2, 2021, plaintiffs Peterson Farms and First Call Trading Corp. -- the Program -- were collectively owed approximately $285,000 in principal for unpaid invoices -- approximately $300,000 when prepetition interest is included. The chapter 7 trustee in the bankruptcy case is holding a total of approximately $455,000, most of which represents the proceeds of the sale of the debtors' assets. If interest on the plaintiffs' claims continues to run post-petition, the amount of their claims as of now -- more than four years after the bankruptcy was filed -- exceeds the $455,000 that the trustee has. Plaintiffs claim that, under PACA, all of the funds now held by the trustee are held in statutory trust for their benefit. Defendants Loeb Term Solutions, LLC and Capital Equipment Solutions, LLC assert a valid, perfected security interest in all of the debtors' assets. The Loeb entities offer six different reasons why, notwithstanding PACA, they are entitled to the proceeds in the trustee's possession. They argue that (1) the plaintiffs have waived PACA's protections by effectively consenting, through their course of dealing, to the debtors paying their invoices more than 30 days after delivery of the produce, which under PACA operates as a waiver of the statutory trust; (2) any PACA trust that may have existed was broken before the plaintiffs' shipments in question (such that assets held by the debtors as of that date were not held in trust); (3) certain funds that the trustee holds fall outside of any trust that may exist; (4) the application of PACA to grant the plaintiffs priority over their security interests would violate their rights under the Constitution's Due Process and/or Takings Clauses; and (5) the plaintiffs are not entitled to attorneys' fees or interest. The Court concludes that the funds are held in trust for the plaintiffs and should be distributed to the plaintiffs, pro rata. Peterson Farms is entitled to 44.43% of those funds. The Program is entitled to 55.57%. According to Judge Goldblatt, "Under PACA, interest would continue to accrue on the obligation that is entitled to the protection of the trust. Understood this way, the dispute now before the Court is simply a question arising under Sec. 541 over the metes and bounds of the property of the estate. And the conclusion is that the principal amounts due to the PACA claimants, plus the interest that they are owed under the parties' agreements, consumes all of the funds that the trustee is holding. Accordingly, all of the funds held by the trustee are subject to the PACA trust. The PACA claimants are the beneficiaries of that trust. The estate has no equitable interest in any of those funds." A copy of the Court's Memorandum Opinion dated October 20, 2025, is available at https://urlcurt.com/u?l=qnf0ya from PacerMonitor.com. About Something Sweet Acquisition Something Sweet Acquisition, Inc., a grocery and related product merchant wholesaler based in New Haven, Conn., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 21-10992) on July 2, 2021. At the time of the filing, Something Sweet Acquisition had between $1 million and $10 million in both assets and liabilities. Judge Benjamin A. Kahn oversaw the cases. Bielli & Klauder LLC and The Peakstone Group, LLC, served as the Debtor's legal counsel and investment banker, respectively. Reliable Companies was the claims and noticing agent. The U.S. Trustee for Region appointed an official committee of unsecured creditors in the Debtors' cases on July 21, 2021. The committee tapped Horwood Marcus & Berk Chartered as lead bankruptcy counsel and Armstrong Teasdale, LLP as Delaware and conflicts counsel. On December 6, 2021, the Court entered an order converting the cases to ones under chapter 7. David Carickhoff is the chapter 7 trustee. SOUND VISION: Final Cash Collateral Hearing Set for Oct. 30 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on October 30 to consider final approval of the motion filed by Sound Vision Care, Inc. and its affiliates to use cash collateral. The Debtors' authority to utilize cash collateral pursuant to the court's third interim order expires on October 31. The third interim order entered on October 21 approved the payment of expenses from the cash collateral in accordance with the Debtors' budget. As adequate protection, the third interim order granted secured creditors including U.S. Eagle Federal Credit Union, Bank of America, N.A. and Flushing National Bank, replacement liens on all of the Debtors' assets, with the same validity, priority and order as their pre-bankruptcy liens. The Debtors were also ordered to make monthly payments of $45,457.76 to U.S. Eagle Federal Credit Union, $1,822 to Bank of America, and $4,331.40 to Flushing National Bank as additional protection. U.S. Eagle Federal Credit Union is represented by: Michael Kwiatkowski, Esq. Moritt Hock & Hamroff, LLP 400 Garden City Plaza Garden City, NY 11530 Tel: (516) 873-2000 Fax: (516) 873-2010 mkwiatkowski@moritthock.com Bank of America is represented by: Christopher P. Schueller, Esq. Buchanan Ingersoll & Rooney, PC 640 5th Avenue, 9th Floor New York, NY 10019 Tel: (212) 440-4400 Fax: (212) 440-4401 christopher.schueller@bipc.com Flushing is represented by: Thomas J. McNamara, Esq. Certilman Balin Adler & Hyman, LLP 90 Merrick Avenue East Meadow, New York 11554 Tel: (516) 296-7000 tmcnamara@certilmanbalin.com About Sound Vision Care Inc. Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72421) on June 23, 2025. In its petition, Sound Vision Care reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. STRANGE BIKINIS: Seeks Cash Collateral Access --------------------------------------------- Strange Bikinis, LLC asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection. The Debtor said it needs to use potential cash collateral of the U.S. Small Business Administration pursuant to 11 U.S.C. Section 363 of the Bankruptcy Code. Strange Bikinis, a Nevada-based women's swimwear company wholly owned and managed by Alison Conway, filed for Chapter 11 bankruptcy under Subchapter V on October 13. As part of its operations, the Debtor received an Economic Injury Disaster Loan from the SBA during the COVID-19 pandemic, which may be secured by a lien on its cash assets. While the Debtor reserves the right to contest the SBA's claim or the validity of any security interest, it acknowledges that the SBA may hold a perfected security interest in its cash or deposit accounts. The Debtor will use the SBA's cash collateral in accordance with 14-week rolling cash flow projections submitted as part of the proposed order. The Debtor argues that the SBA is adequately protected because the collateral will be used to maintain and operate the business, its value is not decreasing, and the SBA will be granted a replacement lien on post-petition cash. A court hearing is set for November 5. About Strange Bikinis LLC Strange Bikinis, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nevada Case No. 25-50960) on October 13, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Edward Burr of Mac Restructuring Advisors, LLC serves as Subchapter V trustee. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. STRATEGY INC: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to Strategy Inc (formerly named MicroStrategy Incorporated). The outlook is stable. Strategy Inc is a bitcoin treasury company that uses proceeds from the issuance of equity and debt financings to accumulate bitcoin on its balance sheet. The company's securities provide investors varying degrees of exposure to bitcoin across its capital structure. The company also has a relatively small software business that provides AI-powered enterprise analytics. S&P views Strategy's high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low U.S. dollar liquidity as weaknesses. These are only partially offset by the company's strong access to capital markets and prudent management of its capital structure, including maintaining no maturities in the next 12 months and financing its business primarily with equity. S&P said, "Our ratings on Strategy incorporate our view of the company's narrow business focus, high bitcoin concentration, low U.S. dollar liquidity, and very weak risk-adjusted capital offset, only partially by Strategy's strong access to capital markets and prudent management of its capital structure. "The company's concentration in bitcoin is key to its strategy and will likely continue to weigh on our ratings. Strategy's treasury reserve strategy gives indirect exposure to bitcoin to investors who can't have or prefer to avoid direct exposure to bitcoin. While the strategy is public and easily replicable, the company is unique in its scale, and investors have ready access to invest in its convertible debt, preferred equity, and common stock." Replication of this strategy would likely pressure the multiples at which company's securities are valued, but higher bitcoin demand from new entrants would also likely be a tailwind to bitcoin valuations. The strategy also creates an inherent currency mismatch: The company has a long bitcoin position and a short U.S. dollar position. Debt maturities, interest on the company's debt, and dividends on its preferred securities are all due in dollars, while Strategy holds mostly bitcoin. While the company maintains some balance of dollars on its balance sheet, it mostly uses this cash for operational purposes to support its software business. It invests any excess cash into bitcoin. The concentration in bitcoin also exposes Strategy to potential regulatory changes in the treatment of bitcoin that could be detrimental to its business model. S&P said, "We believe the company's negative total adjusted capital is a significant ratings constraint based on our treatment of its bitcoin assets in our calculation of risk-adjusted capital (RAC) . As of June 30, 2025, Strategy's RAC ratio was significantly negative, which drives our view of the company's capital and earnings. Because we deduct bitcoin assets from equity when we calculate adjusted common equity, the company has negative total adjusted capital of as of second-quarter 2025. We take this approach because we believe bitcoin has significant market risk that is uncorrelated to traditional market risks. Because most of the company's assets are in bitcoin, and its bitcoin holdings are likely to continue to grow materially, we are likely to continue to view capital as a weakness. "The ratings also reflect the firm's lack of operating cash flow generation. Cash flow from operations for the first six months of 2025 was negative $37 million. The company's main source of earnings is appreciation in the value of its bitcoin holdings. Its bitcoin assets do not generate cash flows, and its software business is approximately breakeven on an earnings and operating cash flow basis. We think this is unlikely to change in the foreseeable future. For the first six months of 2025, Strategy reported $8.1 billion of earnings before taxes, of which just over $8.1 billion was from the appreciation in fair value of its bitcoin holdings. "While there are inherent risks from the inherent currency mismatch and cybersecurity, we believe our view of capital captures these risks. Due to the company's concentration in bitcoin assets, we view cybersecurity risk as heightened. If private keys for digital wallets are lost, stolen, or destroyed, the company may be unable to access at least some of its bitcoin. Strategy mitigates some of this risk by holding bitcoin across multiple U.S.-based institutional-grade custodians, though bitcoin holdings may sometimes be concentrated in a single custodian. As of Dec. 31, 2024, the company disclosed that the insurance that covers losses of its bitcoin covers only a small fraction of the value of its total holdings. However, the company negotiates liability provisions in its custodial contracts pursuant to which its custodians are held liable for their failure to safekeep its bitcoin." The company maintains strong access to capital markets, though this could change in a severe bitcoin stress. Strategy's stock has a market cap of approximately $80 billion, while it has issued almost $15 billion in combined notional value of convertible debt and preferred equity. However, the company will likely keep relying on its ability to raise additional capital via stock, preferred equity, and convertible debt to finance additional purchases of bitcoin, meet debt maturities, and to cover debt service costs. S&P said, "We view this as a weakness, particularly since the company is reluctant to sell bitcoin it holds as investments. In our view, this increases the likelihood that when the company does have to sell bitcoin to generate cash as a last resort, it is likely to do so at severely depressed prices." S&P said, "There are liquidity risks, in our view, from the company's convertible debt. Strategy has just over $8 billion in notional value of convertible debt, of which $5 billion is currently out of the money (has not met the conversion price) and maturing beginning in 2028. We think there is a risk that the convertible debt will become due at the same time as a severe bitcoin stress, leading to liquidation of the company's bitcoin at depressed prices or a restructuring of its convertible debt or preferred equity that we would consider tantamount to default. That said, the company may settle conversion obligations in cash, shares of its class A common stock, or a combination of both." In addition, the company has historically managed convertible debt maturities prudently, and it holds bitcoin with a fair value that is multiples of its outstanding convertible debt. Currently, the company's bitcoin has a fair value of approximately $70 billion, and the nearest convertible debt maturity is 2028 (with a noteholder put right in September 2027). S&P said, "We see some liquidity risk from dividends owed on the company's preferred dividends. As of Oct. 20, 2025, total preferred dividends based on the company's outstanding preferred equity totaled just over $640 million per year. Coupons owed on Strategy's convertible debt are much smaller, at approximately $35 million per year. The company expects to complete at-the-market issuances of preferred and common equity to fund these payments." While the company can defer dividends on all four tranches of its preferred equity, it does not intend to defer dividends, and there are disincentives to deferring. For example, of its three outstanding series of preferred equity with cumulative dividends (Strife, Stretch, and Strike), two of those classes (Strife and Strike) each entitle preferred equity holders to a board seat if dividends are deferred for four consecutive quarters and an additional board seat if dividends on the applicable class are deferred for eight consecutive quarters. In addition, the company's Strife preferred equity earns interest on deferred dividends at a compounded dividend rate that is higher than the regular rate. The dividends owed on the company's preferred equity are very small relative to the current fair value of the company's bitcoin holdings. S&P said, "The stable outlook reflects our expectation that Strategy will continue to prudently manage maturities of its convertible debt. We also expect the company will continue to finance payments of its convertible debt and preferred stock dividends via issuances of debt, preferred equity, and equity while maintaining strong capital markets access. We also do not assume any meaningful regulatory actions that could materially hamper Strategy's business model in our base case." Over the next 12 months, S&P could lower the rating if: -- Strategy's access to capital markets is impeded either due to a marked deterioration in bitcoin valuation or for any other reason; or -- S&P believes there is increased risk that the company will not be able to manage maturities of out-of-the-money convertible debt. An upgrade is unlikely in the next 12 months. Over the longer term, S&P could raise the ratings if: -- S&P expects the company to improve U.S. dollar liquidity; -- Strategy reduces its use of convertible debt; and -- The company continues to demonstrate strong access to capital markets even during a bitcoin stress. SYNERGY MEDICAL: Unsecureds to Split $120K Dividend in Plan ----------------------------------------------------------- Synergy Medical Services, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Plan of Reorganization dated October 17, 2025. The Debtor operates a home healthcare services business in the Florida panhandle region. The Debtor filed this case in an attempt to reorganize its business affairs. After one of the Debtor's original owners and primary operator (Barry Goggans) passed, the Debtor's other owner, James Young, stepped into the active role in running the day-to day operations of the company. The COVID-19 pandemic impacted the Debtor's operations as have delays in receiving payments from insurance companies and overstaffing. The Debtor then took out merchant cash advance loans to fund operations, which further impacted its cash flow. While the Debtor has experienced financial issues, the Debtor strongly believes there is a path to a successful reorganization in this case. The Debtor has adjusted its payroll to manageable numbers to make the Debtor profitable again. The income from the Debtor's continued operations will fund this Plan. This Plan of Reorganization proposes to pay creditors of the Debtor out of cash flow from the normal operations of the Debtor's business. The Sole-owner of the Debtor, James Young, will remain in that role post-confirmation. This Plan provides for the payment of one class of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 2 consists of General Unsecured Claims. The class of general unsecured claims shall receive a total dividend of $120,000.00 paid pro-rata amongst the creditors in this class. Installment payments (to be distributed pro rata) in the amount of $6,000.00 shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue every ninety days thereafter for nineteen additional payments. General unsecured creditors in Class 2 include U.S. Small Business Administration: $1,210,000.00; Fox Funding Group, LLC: $67,889.87; McKesson Medical-Surgical Minnesota Supply, Inc.: $5,670.19; CFG Merchant Solutions, LLC: $15,450.50; Funding Metrics LLC: $29,444.40; and Revenued, LLC: $53,343.62. Class 3 consists of Equity Security Holder James Young. The equity security holder will retain his ownership interest in the Debtor postconfirmation. The Debtor shall fund its Plan from the continued operations of its business. A full-text copy of the First Amended Plan dated October 17, 2025 is available at https://urlcurt.com/u?l=WsUVrq from PacerMonitor.com at no charge. About Synergy Medical Services Synergy Medical Services, LLC, provides home healthcare services across Florida. The Company offers skilled nursing, specialized nursing services, physical therapy, and home health aides. Its team of registered nurses and therapists delivers in-home care focused on professional, round-the-clock support. Synergy Medical Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30599) on June 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Karen K. Speci handles the case. The Debtor is represented by: Robert C. Bruner, Esq. Bruner Wright, P.A. Tel: 850-385-0342 Email: rbruner@brunerwright.com Byron Wright, III Bruner Wright, P.A. Tel: 850-385-0342 Email: twright@brunerwright.com TALPHERA INC: Purchasers Waive Conditions to Close $1.6M Placement ------------------------------------------------------------------ As previously disclosed, on March 31, 2025, Talphera, Inc. entered into a securities purchase agreement with several institutional investors and a member of management, relating to the issuance and sale in a private placement in three separate tranches of: (i) shares of its common stock, par value $0.001 per share and (ii) pre-funded warrants to purchase shares of common stock. The first closing of the private placement occurred on April 2, 2025. On October 21, 2025, certain Purchasers waived the conditions of subsections 2.3(a)(i) and 2.4(a)(i) of the Purchase Agreement to effect both the second closing and third closing of the private placement with respect to such Purchasers only, and the Company issued and sold to such Purchasers: * 1,023,890 shares of common stock at a purchase price of $0.586 per share; and * Pre-funded warrants at a purchase price of $0.585 per pre-funded warrant to purchase up to an aggregate of 1,706,484 shares of common stock at an exercise price of $0.001 per share. The pre-funded warrants will be exercisable immediately following the Optional Closing and have an unlimited term and an exercise price of $0.001 per share. The aggregate gross proceeds to Talphera from Optional Closing of the private placement were approximately $1.6 million, and excluding the proceeds, if any, from the exercise of the pre-funded warrants issued at the Optional Closing. The Purchase Agreement contains customary representations, warranties and agreements by Talphera, customary conditions to closing, and indemnification obligations of Talphera and the Purchasers. The representations, warranties and covenants contained in the Purchase Agreement were made only for purposes of the Purchase Agreement and as of a specific date, were solely for the benefit of the parties to the respective Purchase Agreement, and may be subject to limitations agreed upon by the contracting parties. The forms of Purchase Agreement and pre-funded warrant are filed as Exhibits 10.1 and 10.3, respectively, to the Report on Form 8-K (001-35608) filed with the Securities Exchange Commission, or the SEC, on April 2, 2025. The foregoing descriptions of the terms of the Purchase Agreement and the pre-funded warrants, are qualified in their entirety by reference to such exhibits. Registration Rights Agreement: As previously disclosed, on March 31, 2025, we also entered into a registration rights agreement with the Purchasers, or the Registration Rights Agreement, pursuant to which we have agreed to file registration statements under the Securities Act of 1933, as amended, or the Securities Act, with the SEC, covering the resale of the shares of common stock to be issued in the private placement and the shares of common stock underlying the pre-funded warrants no later than 15 days following the applicable closing date, and to use reasonable best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 90 days following the applicable closing date in the event of a "full review" by the SEC. The form of Registration Rights Agreement is filed as Exhibit 10.2 to the Report on Form 8-K (001-35608) filed with the Securities Exchange Commission on April 2, 2025. The foregoing description of the terms of the Registration Rights Agreement is qualified in its entirety by reference to such exhibit. Sale of Unregistered Securities: Based in part upon the representations of the Purchasers in the Purchase Agreement, the offering and sale of the securities were offered and sold in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, or the Securities Act, and Regulation D promulgated thereunder, and have not been registered under the Securities Act, or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws. Neither this Current Report on Form 8-K nor any exhibit attached hereto is an offer to sell or the solicitation of an offer to buy shares of common stock or other securities of Talphera. About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Talphera had $16.52 million in total assets, $9.89 million in total liabilities, and $6.63 million in total stockholders' equity. TALPHERA INC: Regains Compliance With Nasdaq's Minimum Bid Rule --------------------------------------------------------------- As previously announced, on December 6, 2024, the Listing Qualifications Staff, or the Staff, of the Nasdaq Stock Market notified Talphera, Inc. that the bid price for its common stock had closed below $1.00 per share for 30 consecutive business days and, as a result, the Company no longer satisfied Nasdaq Listing Rule 5450(a)(1), the minimum bid price requirement applicable to The Nasdaq Global Select Market issuers. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was afforded an initial 180-calendar day grace period, through June 4, 2025, to regain compliance with the minimum bid price requirement. Issuers listed on The Nasdaq Global Select Market are not eligible for a second 180-day grace period under the Nasdaq Listing Rules. However, based upon the Company's compliance with the various criteria required under Nasdaq Listing Rule 5810(c)(3)(A)(ii) to obtain a second 180-day grace period applicable to issuers listed on The Nasdaq Capital Market, it applied and transferred the listing of its common stock to The Nasdaq Capital Market at the opening of business on May 30, 2025. On June 5, 2025, the Company received a written notice from the Staff granting Talphera an additional 180 days, until December 1, 2025, to regain compliance with the $1.00 bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2). On October 20, 2025, the Company was notified that it had regained compliance with such minimum price requirement, as the closing bid price of our common stock had been at least $1.00 per share for a minimum of 10 consecutive business days ending October 17, 2025. About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Talphera had $16.52 million in total assets, $9.89 million in total liabilities, and $6.63 million in total stockholders' equity. ULTIMATE PAVERS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a final order authorizing Ultimate Pavers, Inc. to use cash collateral through the effective date of its forthcoming reorganization plan. The final order signed by Judge Catherine Peek McEwen authorized the Debtor 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 TD Bank, N.A. The Debtor was also authorized to pay project-related expenses including labor, materials, permits, and equipment rentals for both current and future jobs. For newly procured projects, expenditures may not exceed 65% of projected project revenue, and the Debtor must provide weekly reports to TD Bank summarizing actual and anticipated project-related costs. The order required Ultimate Pavers to meet all obligations of a debtor-in-possession under the Bankruptcy Code, maintain adequate insurance, and submit weekly reports detailing cash on hand, accounts receivable, and budget variances. A revised budget covering operations through plan effectiveness must be filed by December 5. TD Bank will be provided with adequate protection through replacement liens and a requirement that, if cash and receivables fall below $4,000, the Debtor must remit the shortfall within 14 days. A copy of the final order and the Debtor's budget is available at https://shorturl.at/HNom8 from PacerMonitor.com. About Ultimate Pavers Inc. Ultimate Pavers Inc. is a Tampa, Florida-based construction company specializing in paving services (NAICS 2389). Ultimate Pavers Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05696) on August 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Andrew J. Wit, Esq. at Jennis Morse. US MAGNESIUM: Committee Taps Cole Schotz P.C. as Counsel -------------------------------------------------------- The official committee of unsecured creditors of US Magnesium LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz P.C. as counsel. The firm's services include: a. serving as Delaware co-counsel to the Committee; b. providing legal advice with respect to the Committee's powers, rights, duties and obligations in these Chapter 11 Cases; c. assisting and advising the Committee in its consultations with the Debtors regarding the administration of these Chapter 11 Cases; d. assisting the Committee in reviewing and negotiating terms for unsecured creditors with respect to (i) debtor in possession financing and the use of cash collateral, (ii) any sale of the Debtors' assets, including negotiating bid procedures and proposed asset purchase agreements, (iii) confirmation of a chapter 11 plan, and (iv) other requests for relief which would impact unsecured creditors; e. investigating the liens asserted by the Debtors' lenders and any potential causes of action against the Debtors' lenders and other parties in interest; f. advising the Committee on the corporate aspects of these Chapter 11 Cases and any plan(s) or other means to effect the Debtors' liquidation that may be proposed in connection therewith and participation in the formulation of any such plan(s) or means of implementing the liquidation, as necessary; g. taking all necessary actions to protect and preserve the estates of the Debtors for the benefit of unsecured creditors, including the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the investigation of the prior operation of the Debtors' businesses and the investigation and prosecution of estate claims, causes of action and any other matters relevant to these Chapter 11 Cases; h. preparing on behalf of the Committee all necessary motions, applications, complaints, answers, orders, reports, papers and other pleadings and filings in connection with the Committee's duties in these Chapter 11 Cases; i. advising and representing the Committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protecting the interests of those represented by the Committee; and j. performing all other necessary legal services as may be required and authorized by the Committee that are in the best interests of unsecured creditors. The firm will be paid at these rates: Members $595 to $1,575 per hour Special Counsel $625 to $840 per hour Associates $380 to $675 per hour Paralegals $315 to $460 per hour Litigation Support Specialists $425 to $535 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response Paragraph D.1. of the Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Cole Schotz professionals working on this matter will bill at their standard hourly rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Cole Schotz did not represent the Committee during the 12 months preceding the filing of the Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Cole Schotz expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Cole Schotz reserves all rights. Mr. Alberto disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Justin R. Alberto, Esq. Cole Schotz P.C. 500 Delaware Avenue, Suite 600 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: jalberto@coleschotz.com About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US MAGNESIUM: Committee Taps Eversheds Sutherland as Co-Counsel --------------------------------------------------------------- The official committee of unsecured creditors of US Magnesium LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Eversheds Sutherland (US) LLP as its co-counsel. The firm's services include: a. rendering legal advice regarding the Committee's organization, duties, and powers in this Chapter 11 Case; b. assisting the Committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor; c. participating in the Debtor's proposed sale processes for substantially all of their assets and advising the Committee with respect to the same; d. analyzing any chapter 11 plan and related disclosure statement filed by the Debtor; e. attending meetings of the Committee and meetings with the Debtor, the DIP Lender, Renco, and their attorneys and other professionals, and participating in negotiations with these parties, as requested by the Committee; f. taking all necessary action to protect and preserve the interests of the Committee, including the possible prosecution of actions on its behalf and investigations concerning litigation in which the Debtor or its insiders are involved; g. assisting the Committee with respect to communications with the general unsecured creditor body about significant matters in this Chapter 11 Case; h. reviewing, analyzing, and, where necessary, challenging, claims filed against the Debtor's estate and alleged liens on assets of the bankruptcy estate; i. representing the Committee in hearings before the Court, appellate courts, and other courts in which matters may be heard, and representing the interests of the Committee before those courts; j. assisting the Committee in preparing all necessary motions, applications, responses, reports, and other pleadings in connection with the administration of this Chapter 11 Case; and k. providing such other legal assistance as the Committee may deem necessary and appropriate. The firm will be paid at these hourly rates: Partners $865 to $1,985 Counsel, Of Counsel & Senior Counsel $800 to $1,250 Associates $505 to $935 Other Professionals $75 to $590 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In order to comply with the United States Trustees' Appendix B, as required to be answered in all applications for employment filed under section 327 or 1103 of the Bankruptcy Code, I make the following disclosures: a. Eversheds did not agree to a variation of its standard or customary billing arrangements for this engagement; b. none of the professionals included in this engagement have varied their rate based upon the geographic location of the Chapter 11 Cases; c. the e Committee retained Eversheds on Sep. 24, 2025. The billing rates for the 2025 year prior to this application are the same as indicated in this Application; d. Eversheds anticipates filing a budget at the time it files its interim fee applications. In accordance with the United States Trustee Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments. Mr. Meyers 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: Todd C. Meyers, Esq. Eversheds Sutherland (US) LLP 999 Peachtree Street NW, Suite 2300 Atlanta, GA 30309 Telephone: (404) 868 -6645 Email: ToddMeyers@eversheds-sutherland.com About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US MAGNESIUM: Committee Taps Province LLC as Financial Advisor -------------------------------------------------------------- The official committee of unsecured creditors of US Magnesium LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Province, LLC as its financial advisor. The firm's services include: a. becoming familiar with and analyzing the Debtor's DIP budget, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtor; c. monitoring the sale process, interfacing with the Debtor's professionals, and advising the Committee regarding the process; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing the Debtor's proposed business plan and developing alternative scenarios, if necessary; f. assessing the Debtor's various pleadings and proposed treatment of unsecured creditor claims therefrom; g. assisting the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and its affiliates, including certain transactions preceding the bankruptcy filing and the formation of the Debtor; h. analyzing claims against the Debtor and non-Debtor affiliates; i. assisting and advising the Committee and counsel regarding the identification and prosecution of estate claims, including in connection with any issues regarding the filing of the Case and the propriety of the filing; j. assisting and advising the Committee in its review and analysis of, and negotiations with the Debtor and non-Debtor affiliates related to, intercompany transactions and claims; k. preparing, or reviewing as applicable, avoidance action and claim analyses; l. assisting the Committee in reviewing the Debtor's financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP budgets, and monthly operating reports; m. advising the Committee on the current state of this chapter 11 case; n. preparing and updating waterfall analyses and the components thereof for the Committee to analyze potential claims recoveries under various scenarios; o. advising the Committee in negotiations with the Debtor and third parties as necessary; p. if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and q. other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's current standard hourly rates are: Managing Directors and Partners $850 to $1,450 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $350 to $825 Paraprofessional / Admin $270 to $450 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Paul Navid, a partner at Province, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Navid, Esq. Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VG ENTERPRISE: S&P Assigns 'B+' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to VG Enterprise Holdings LLC (d/b/a VoltaGrid), a Texas-based provider of behind-the-meter power solutions. S&P said, "We are also assigning our 'B+' issue rating and '4' recovery rating to the company's $2 billion senior secured second-lien note due 2030, indicating our view that lenders will have average (30%-50%; rounded estimate: 30%) recovery in the event of default. "The stable outlook reflects our expectation that VoltaGrid will maintain a liquidity buffer of at least $500 million as it continues scaling its infrastructure for its recent customer contracts over the next year and further assumes that the revenue visibility from these take-or-pay contracts will support continued growth and a gradual strengthening of its credit metrics throughout 2026 and 2027 as it starts to recognize rising revenue and EBITDA contributions from them. In our forecast, we project the company's FFO-to-debt ratio to increase above 12% and its CFO-to-debt ratio to reach 10%–15% by 2027, which is a level we consider consistent with the current rating level." VoltaGrid's early-mover advantage in the behind-the-meter market with strong demand, and the scale of its recently awarded Frontier data center contract will support its leadership position. S&P said, "We view Voltagrid as a leading power-as-a-service provider, supported by a fully contracted fleet of more than 4,350 megawatts of power generation capacity and a compressed natural gas (CNG) distribution operation. We believe this position reflects the company's early-mover advantage in the distributed power market, the highly mobile and modular nature of its asset base, and its proprietary ecosystem—which includes intellectual property such as QPac and exclusive arrangements for specified proportions of capacity, including its service partnership with Jenbacher's original equipment manufacturer (OEM) platform for critical inputs such as engines, as well as its comprehensive service offering that spans design, procurement, installation, operations, and maintenance." S&P said, "We believe these offerings are particularly relevant given the increasingly constrained U.S. power grid, which we expect will be further strained by accelerating load requirements associated with digital commerce and the rapid growth in AI-driven data center demand. In our view, the expanding timeframe for greenfield grid connections, combined with VoltaGrid's exclusive supply chain relationships that drive cost efficiencies and enable the company to maintain short lead times, increases the attractiveness of its solutions." This is important as data centers seek reliable, cost-competitive, and sustainable solutions to address their stringent and growing power requirements. The size and duration of the take-or-pay contracts VoltaGrid received from Vantage Data Centers and Oracle validate this view. Voltagrid's long-term take-or-pay contracts provide performance visibility, offset capital intensity, and support our expectations of stronger credit metrics starting 2027. The company's operating model is capital-intensive following new contract wins. It must purchase and build out equipment to meet customers' needs—a process that can take six to 12 months--before any significant revenue is generated. Still, the visibility VoltaGrid has from serving a significant proportion of customers under sizable and growing proportions of long-term contractual revenue commitments with investment-grade counterparties helps mitigate this risk. These contracts are typically noncancelable except for nonperformance, and increasingly include inflation protection while shifting commodity price risk to customers. Such contracts provide significant visibility into future earnings and cash flow, given revenues are recognized ratably over the contract term, with high depreciation and modest operating costs. S&P said, "In our base case, we project elevated capital spending to operationalize the Frontier contract and limited near-term revenue conversion, resulting in a sizeable free cash flow deficit and weaker credit metrics in 2026. However, starting in 2027, when most buildings under the Frontier contract become operational, ratably recognized revenues reach run-rate levels that constitute the bulk of the annual contract value, and are accompanied by high depreciation and modest operating costs; we project VoltaGrid's credit metrics and cash flow will then strengthen meaningfully. Specifically, we project FFO to debt of about 10.5% in 2025, 8.5% in 2026, and 20% in 2027, and CFO to debt of about 21.2%, 9.5%, and 12.8%, respectively. "VoltaGrid's ability to realize the benefits we anticipate, along with its future operating prospects, still hinges on the company completing its large-scale buildouts over the next two years. We believe that VoltaGrid's company's modular technology is transferable to data centers. However, the company has a limited operating history. It was founded in 2020 and only recently began focusing on power generation solutions for the data center market. It historically served energy, mining, and utility customers through mobile microgrids." Additionally, the Oracle contract awarded this month, is a substantial undertaking that will require significant time and resources to implement. Beyond the reputational risk posed by an inability to perform, data center contracts typically have more stringent performance standards and unique demands for uninterrupted, reliable, and high-quality power, which could expose the company to fines or penalties if it fails to meet contractual requirements. S&P said, "While the company has yet to demonstrate an operating track record at the scale implied by these recent awards, our base case assumes it will do so without material delays or underperformance. This view incorporates the company's partnerships with Jenbacher, access to additional capacity, and collaborations with leading engineering, procurement, and construction (EPC) firms, including Quanta and Burns & McDonnell for field work and engineering. These factors help to mitigate execution, procurement, and assembly risks. We also consider VoltaGrid's record of providing Halliburton with a comparable level of power capacity, as well as the timeframe in which VoltaGrid successfully ramped up the data center contract with Vantage." High customer concentration and VoltaGrid's very limited geographic diversity beyond its core Texas and Permian Basin markets remain risks. VoltaGrid's efforts to expand its presence in the data center and industrial power generation sectors, both domestically and internationally, are key pillars of its growth strategy. Recent agreements with Vantage and Oracle enhance customer diversification. However, despite these wins—which have helped expand the size and extend the duration of future contracted revenue—its revenue base remains highly concentrated among a small group of customers, including ExxonMobil, Chevron, ConocoPhillips, BP, Oxy, and Diamondback Energy. S&P said, "We view VoltaGrid's recently announced partnership with Halliburton, as a strategic step toward international expansion. VoltaGrid can leverage Halliburton's global expertise, workforce, and logistics network, particularly in the Middle East, to extend its integrated power and fuel distribution model to similar markets. While this collaboration likely provides a capital-efficient and de-risked approach to growth, we would expect revenue from projects in new geographies to ramp up gradually over the next few years." Secular trends, VoltaGrid's procurement model, and its key source of power are all beneficial; but they could emerge as threats in the future. Given attractive growth prospects and low barriers to entry, S&P expects new entrants—such as independent power producers and other midstream energy firms--to seek to replicate aspects of Voltagrid's model. This could create a more fragmented and competitive market, potentially leading to excess supply and pricing pressure. Increased competition may also extend equipment procurement lead times and drive up equipment costs. This could lead to a higher degree of speculative purchasing or workforce constraints, especially the scarcity of skilled mechanics needed to deploy and maintain equipment. These factors could become a hurdle for growth beyond existing contracts. Moreover, VoltaGrid's significant reliance on natural gas-fueled generation exposes it to environmental and regulatory risks and may require investments in alternative fuels. Differences in regulatory environments, permitting requirements, and access to qualified labor could also pose challenges. S&P said, "The stable outlook reflects our expectation that VoltaGrid will maintain a liquidity buffer of at least $500 million as it continues scaling its infrastructure for its recent customer contracts over the next year and further assumes that the revenue visibility from these take-or-pay contracts will support continued growth and a gradual strengthening of its credit metrics throughout 2026 and 2027 as it starts to recognize rising revenue and EBITDA contributions from them. In our forecast, we project the company's FFO-to-debt ratio to increase above 12% and its CFO-to-debt ratio to reach 10%–15% by 2027, which is a level we consider consistent with the current rating level. "We could lower our ratings on VoltaGrid if we expect the company's total liquidity (cash plus ABL availability) to fall below $500 million or the FFO-to-debt ratio to deteriorate and remain below 12%." This could occur if. -- Execution risks in scaling data-center contracts materialize, resulting in the company's inability to deliver contracted power within the agreed-upon parameters. This would weaken VoltaGrid's operating performance and prevent credit metrics from aligning with our base-case expectations; or -- The company secures additional large, long-term contracts that necessitate significant capex and debt financing, resulting in continued free cash flow deficits. S&P could raise its ratings on VoltaGrid if: -- The company materially outperforms our base-case forecast assumptions, and establishes a track record within a shorter time horizon of sustaining ratios of FFO to debt and of OCF to debt in the high-teens percent range; and -- It can improve its customer and geographic diversification of its revenue streams through additional long-term contracts with new creditworthy clients across new geographies. VIEWBIX INC: Nissim Daniel Holds 5.72% Equity Stake --------------------------------------------------- Nissim Daniel, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 11, 2025, he beneficially owns 609,920 shares of common stock, $0.0001 par value per share, of Viewbix Inc.'s common stock, representing 5.72% of the 10,649,816 shares of common stock outstanding, as reported by the Company in its Quarterly Report on Form 10-Q filed on August 19, 2025. Nissim Daniel may be reached at: 5 Harav Levin Street Ramat Gan, Israel 5226039 A full-text copy of Nissim Daniel's SEC report is available at: https://tinyurl.com/9akdzcxb About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Viewbix had $22.1 million in total assets against $14.8 million in total liabilities. WELL RUN LLC: Gets Interim OK to Use Cash Collateral Until Nov. 2 ----------------------------------------------------------------- Well Run, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral consistent with its budget through the close of business on November 2, unless extended by a separate court order. As adequate protection, United Community Bank, Inc., formerly Progress Bank, and other secured creditors with a lien on the cash collateral will be granted replacement liens on assets owned by the Debtor, including cash collateral generated after the bankruptcy filing. These replacement liens will have the same validity, priority, nature and extent as the secured creditors pre-bankruptcy liens and are subordinate only to the fee carveout. The next hearing is scheduled for November 3. The interim order is available at https://is.gd/iV85aF from PacerMonitor.com. Well Run, an Alabama-based company operating a coffee café since 2018, aims to stabilize its finances post-bankruptcy by meeting operating expenses and developing a feasible reorganization plan. The Debtor said that United Community Bank, Inc., the holder of a pre-bankruptcy secured loan of approximately $443,500, has a first-position lien on all the Debtor's tangible and intangible personal property, including receivables and deposit accounts. Although other creditors may claim subordinate interests, United Community Bank is identified as the primary secured creditor in the cash collateral. The Debtor argued that use of the cash collateral is essential for its survival, especially to cover payroll, taxes, employee benefits, operational costs, and other necessary business expenses, all detailed in an attached budget. About Well Run LLC Well Run, LLC, doing business as Just Love Coffee Cafe, operates a coffee café since 2018. Well Run filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-82131) on October 20, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Linda Gore serves as Subchapter V trustee. Judge Clifton R. Jessup Jr. presides over the case. Kevin D. Heard, Esq., and Angela Stewart Ary, Esq., at Heard, Ary & Dauro, LLC represent the Debtor as legal counsel. WESTERN SKY: Unsecured Creditors to Split $71K over 55 Months ------------------------------------------------------------- Western Sky Hotshots, LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization under Subchapter V dated October 17, 2025. The Debtor is a Subcontractor specializing in dust control and road construction. It has been contracting with various General Contractors who work on ADOT projects since June of 2019. In 2020 and 2021 work was slower due to Covid as only "Essential" workers were allowed to continue to operate various projects. During this time and in spite of it, Western Sky managed to hook up with a new General Contractor who assisted in advancing the business. This new contact advised Western Sky to become a "Disadvantaged Business Entity" ("DBE") which would boost business as general contractors tend to hire DBE companies first. In January, 2025 Western Sky expected to return to its projects however, in late December, 2024 it was notified by the General Contractor for the I-17 project that Western Sky's trucks were no longer needed for the project. Even though the decision of the General Contractor was understandable, it put an abrupt stop to Western Sky's work. The promises Western Sky gave to its creditors relative to making payments beginning in January were no longer possible. Creditors lost patience and began to file lawsuits. This, in turn, forced Western Sky to seek the protection of bankruptcy. While 2025 started out as a bad year with contracts being postponed or cancelled, starting in July, work has been coming in. The newest contract is to work on the Kingman Exchange project which is scheduled to be a five-year project. Two trucks began the project. Subsequently, the General Contractor requested additional trucks which have been provided thus giving the Debtor the ability to reorganize. Creditors holding allowed claims will receive distributions based upon Debtor's projected net disposable income over a period not to exceed a 55-month term. Class 2 consists of General Unsecured Claims. All non-insider allowed and approved claims under this Class shall be paid their allowed claims from all funds available for distribution as set forth in the Disbursement Schedule. The projected dividend listed is to be paid over a period of fifty-five months, commencing in month one of the Plan. This dividend shall be reduced by the Court approved administrative expense claims of the Debtor's counsel, Court appointed accounting professional (if any) and the Chapter 11 Subchapter V Trustee to the extent that said administrative expense claims exceed the amounts listed in this Plan. The Debtor may pre-pay any amounts due any creditor in this Class prior to the due dates in the Plan of Reorganization without penalty and without prior notice or Court approval unless otherwise provided for in the Plan of Reorganization. This Class is impaired. The allowed unsecured claims total $334,574.08 (without insider). This Class will receive a distribution of $70,813.99. Equity Holder shall retain its shareholder/membership interest in the Debtor and the Debtor shall retain all legal and equitable interest in assets of this estate as all reconciliation issues have been met. Post Confirmation ownership and control shall remain with the Equity Security Holders, Lonnie S. Green, James W. Green and James W. Green III. This is a 55-month Plan with a total projected Plan yield of approximately $173,711.36. The total projected yield includes payment of Administrative Expenses and Priority Tax Claims. Debtor agrees that it will make payments of not less than $173,711.36 over the life of the Plan which represents the Debtor's projected disposable income for that time period as required under the Code. A full-text copy of the Plan of Reorganization dated October 17, 2025 is available at https://urlcurt.com/u?l=4XHtvl from PacerMonitor.com at no charge. The Debtor's Counsel: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: 602-264-4550 Fax: 602-277-0144 E-mail: anewdelman@adnlaw.net About Western Sky Hotshots LLC Western Sky Hotshots, LLC provides general freight and construction support services, including water truck operations, dust control, and pilot car escort services. It operates in Arizona and specializes in intrastate logistics and transportation. Western Sky Hotshots sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06714) on July 23, 2025. In its petition, the Debtor reported total assets of $494,363 and total liabilities of $1,110,171. Judge Daniel P. Collins handles the case. The Debtor is represented by Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C. YOXALL FAMILY LAW: Seeks Chapter 7 Bankruptcy in Georgia -------------------------------------------------------- Yoxall Family Law LLC voluntarily filed for Chapter 7 bankruptcy in the Northern District of Georgia on October 20, 2025. According to the petition, the firm's liabilities range from $100,001 to $1 million. The filing notes that the company has between 1 and 49 creditors. About Yoxall Family Law LLC Yoxall Family Law LLC is a limited liability company. Yoxall Family Law LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62150) on October 20, 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 Charles M. Clapp of Law Offices Of Charles Clapp, LLC./ [] SEDA Experts Adds Ankur Keswani, Bankruptcy & Credit Specialist ------------------------------------------------------------------ SEDA Experts LLC, a leading expert witness firm providing world-class financial expert witness services, announced on Oct. 24, 2025, that Ankur Keswani joined the firm as Managing Director. "Ankur brings extensive experience in dealing with critical situations such as distressed credit, bankruptcy, and restructuring. Her knowledge and experience will be of great value to our clients in dispute and litigation contexts," said Sergio Godinho, Managing Partner of SEDA Experts. Ankur Keswani, former Head of Corporate Credit at Serengeti Asset Management, is a seasoned credit investor and portfolio manager with over twenty years of experience in high-yield and distressed credit, special situations, bankruptcy and restructurings, and post-reorganization equity investing. Her expertise spans risk and portfolio management, credit research and trading, performing and non-performing debt, leveraged loans, corporate valuation, credit analysis, illiquid securities, and leveraged buyouts, as well as board of directors' and officers' duties. Ms. Keswani currently serves on the Board of Directors of Kennedy Lewis Capital Company (KLCC), a publicly listed business development company (BDC) focused on senior secured lending to U.S. middle-market companies. She is a member of both the Audit Committee and the Nominating and Governance Committee, and advises the board on issues including credit markets, portfolio management, and risk oversight. From 2012 to 2020, Ms. Keswani served as Head of Corporate Credit at Serengeti Asset Management, where she managed over $1 billion in assets across stressed and distressed credit, special situations, and post-bankruptcy equities. She was a member of the firm's Investment Committee and Risk Committee, leading numerous restructurings, liquidations, and post-reorganization investments. Under her leadership, Serengeti's corporate credit portfolio outperformed the distressed market by approximately 550 basis points since inception. Ms. Keswani joined Serengeti in 2008 as a Senior Managing Director following eight years at Goldman Sachs, where she held senior roles in both trading and research. From 2004 to 2007, she was a Vice President in High Yield and Distressed Trading, making markets in bonds and credit default swaps across healthcare, telecom, media, utilities, and chemicals. Between 1999 and 2004, she was a senior analyst on Goldman Sachs' High Yield and Distressed Research team, ultimately leading the healthcare vertical and earning Institutional Investor rankings in 2003 and 2004. In 2017, Ms. Keswani was recognized among The Hedge Fund Journal's Top 50 Women in Hedge Funds. She received her B.A. with Honors in Philosophy, Politics, and Economics from the University of Oxford. Ms. Keswani has been involved in several nonprofit boards, including West Side Montessori School, WomanKind, and the American Friends of St. Hilda's College, Oxford University. About SEDA Experts LLC SEDA is a leading expert witness firm specializing in financial services. We support international law firms by offering the highest level of expertise across the financial industry and providing access to the most influential financial services industry leaders. We provide superior independent advice, data analytics, valuation, and elite expert reports and testimony services to law firms, regulators, and leading financial institutions. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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