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251030.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, October 30, 2025, Vol. 29, No. 302 Headlines 31-41 44TH ST: Files Amendment to Disclosure Statement 3MOTIONAI INC: Chapter 15 Case Summary ABIDE VENTURES: Creditors Seek to Prohibit Cash Collateral Access AMC ENTERTAINMENT: Moody's Rates New Secured 1st Lien Notes 'Caa2' APPLIED DNA: Closes $27M PIPE Led by DeFi, TradFi Investors ASOCIACION HOSPITAL: Cash Collateral Access Extended to Nov. 28 B&W INC: Unsecured Creditors to Split $600K over 5 Years B+H ARCHITECTS: Initiates CCAA Sale and Investment Process BELLEAU IMPORTERS: Seeks Chapter 7 Bankruptcy in New York BGI SEWELL: Unsecureds Will Get 10% of Claims over 5 Years BIOTACTICS INC: Unsecureds Will Get 3% of Claims over 60 Months BLUE BIOFUELS: Reports $422,547 Net Loss in Fiscal Q3 BOTEILHO HAWAII: Dutch-Hawaiian Dairy Appeal Voluntarily Dismissed BOWERS TRUCKING: Gets Extension to Access Cash Collateral BRUNELLO REALTY: Case Summary & Three Unsecured Creditors C.R. OF WILDWOOD: Case Summary & 20 Largest Unsecured Creditors C.R. OF WILDWOOD: Seeks Chapter 11 Bankruptcy in Georgia CASA ARIZONA: Seeks Chapter 7 Bankruptcy in Arizona CMC ADVERTISING: Wins Default Judgment in Diesel Funding Case CMC ADVERTISING: Wins Default Judgment in Forward Financing Case CMC ADVERTISING: Wins Default Judgment in Fresh Funding Case COLLECTIVE SPEAKERS: Updates Unsecured Claims Pay Details CONCORDE METRO: Unsecureds Will Get 100% of Claims over 24 Months CORE AI HOLDINGS: Targets $300M Annual Revenue in 36 Months DG INVESTMENT 2: $200MM Loan Add-on No Impact on Moody's B2 Rating ECO-PRESERVATION: Automatic Stay Continued on Limited Basis ENDRA LIFE: Raises $4.9M in PIPE, Invests $3M in HYPE Tokens ENTECCO FILTER: Court Extends Cash Collateral Access Thru Dec. 12 ENVERIC BIOSCIENCES: Fails to Meet Nasdaq's Minimum Bid Price Rule ENVERIC BIOSCIENCES: Meets Nasdaq Equity Rule via Warrant Exercise ENVERIC BIOSCIENCES: To Effect 1-for-12 Reverse Split FINGERMOTION INC: Inks $50M ATM Offering With R.F. Lafferty & Co. FIREFLY NEUROSCIENCE: Windsor and Affiliates Report 9.7% Stake FLEMING INTERNATIONAL: Chapter 15 Case Summary FOSSIL GROUP: Exchange Offer Misses 90% Tender, Extended to Nov. 10 FRAZETTA VENTURES: Landlord Liable for Fire-Related Damages GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Nov. 15 GRACE BAPTIST: Case Summary & Four Unsecured Creditors HALL OF FAME: Raises CHCL Loan to $22M, Extends Merger to Oct. 31 HELIX ENERGY: Reports $22.08 Million Net Income in Fiscal Q3 HIGHLAND CAPITAL: NCLA Asks SCOTUS to Hear Bankruptcy Recusal Case HOGAR LUZ: Unsecured Creditors Will Get 10.22% of Claims in Plan HOLOGIC INC: Moody's Puts 'Ba1' CFR Under Review for Downgrade HOME SAVER911: Seeks Chapter 11 Bankruptcy in Georgia HOME SAVER911: Voluntary Chapter 11 Case Summary IMPRO SYNERGIES: Unsecureds to Get Share of Income for 5 Years JIMMY HENDERLIGHT: Bid to Dismiss Bankruptcy Case Held in Abeyance JIMMY HENDERLIGHT: Chapter 11 Plan Confirmation Held in Abeyance JIMMY HENDERLIGHT: Court Stays Elite Ambulance Adversary Case KID FRIENDLY: Gets Final OK to Use Cash Collateral LIFESCAN GLOBAL: Court Approves Chapter 11 Reorganization Plan LYNNHAVEN SCHOOL: Gets Final OK to Use Cash Collateral MAIN LINE: Gets Interim OK to Use Cash Collateral MIDDLETON CONSTRUCTION: Gets Interim OK to Use Cash Collateral MOTIVA PERFORMANCE: Trustee Wins Bid for Interim Distribution NEP/NCP HOLDCO: Moody's Upgrades CFR to B3, Outlook Stable NEPTUNE INTERMEDIATE: Fitch Affirms B+ LongTerm IDR, Outlook Stable NORWOOD INDUSTRIES: Granted CCAA Initial Order OAKLAND VILLAGE: Gets Final OK to Use Cash Collateral ONE STOP REAL: Seeks Chapter 7 Bankruptcy in California OPTIO RX: Dr. Rinku Patel Must Produce Email with Attorney OPTIO RX: Seller Noteholders Entitled to $165,000 Escrow Fund PHOENIX EXTEND-A-SUITES: Has Deal on Cash Collateral Access PRAIRIE SEEDS: Moody's Affirms Ba2 Revenue Rating, Outlook Stable RAMOS ROOFING: Court Extends Cash Collateral Access to Nov. 10 RONBON LLC: Updates Priority Tax Claims Pay Details SARASOTA SEAFOOD: Gets Interim OK to Use Cash Collateral SHERWOOD HOSPITALITY: Claims to be Paid from Asset Sale Proceeds SONOMA PHARMACEUTICALS: Terminates COO Bruce Thornton SOUTHMARK PROPERTY: Seeks Chapter 7 Bankruptcy in California STOKES & STOKES: Unsecureds to Get Share of Income for 60 Months STUBHUB HOLDCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable SUNBELT PLANTATIONS: Claims to be Paid from Asset Sale Proceeds TABERNACLE CHRISTIAN: Files Emergency Bid to Use Cash Collateral TENET HEALTHCARE: Moody's Alters Outlook on 'Ba3' CFR to Positive TRIAD AERO: Case Summary & 10 Unsecured Creditors ULTIMATE PAVERS: Court Gets Final OK to Use Cash Collateral VERASTEM INC: Foresite Capital Fund VI Holds 5.1% Equity Stake VERITONE INC: Davidson Kempner Entities Report 2.90% Stake VIVAKOR INC: Closes $40M Facility to Expand Oil Trading Platform VIVAKOR INC: Settles Samuelson Suit for $1.65M in Cash, Shares VIVIC CORP: Leadership Reshuffled, Chen-Hon Chuang Named CEO, CFO VMP LLC: Voluntary Chapter 11 Case Summary WALGRE TRANSPORT: Granted CCAA Initial Order WAVE SUSHI: Court Denies Bid to Use Cash Collateral WESTJET AIRLINES: Moody's Alters Outlook on 'B2' CFR to Negative WHITE WILSON: Gets Interim OK to Use Cash Collateral Until Nov. 19 WINDMILL POINT: Gets Final OK to Use Cash Collateral WISDOM DENTAL: May Use Cash Collateral Until Feb. 18 XPLOR TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Stable [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 31-41 44TH ST: Files Amendment to Disclosure Statement ------------------------------------------------------ 31-41 44Th St Realty LLC a/k/a 31-41 44th Street Realty LLC submitted an Amended Disclosure Statement for the Second Amended Plan of Reorganization dated October 20, 2025. This Amended Disclosure Statement is intended to provide holders of Claims and Interests with adequate information to make an informed judgment regarding whether to accept or reject the Plan. The Debtor believes the Second Amended Plan complies with all applicable provisions of the Bankruptcy Code, including sections 1122, 1123, and 1129, and represents a fair and equitable resolution for all stakeholders. The Second Amended Plan provides for the sale of the Debtor's primary asset, the real property located at 31-41 44th Street, Astoria, New York 11103 (the "Property"), through a court-supervised process, if the procuring Exit Financing is not successful, with proceeds to fund distributions to creditors. This Second Amended Plan modifies the Debtor's initial plan dated May 6, 2025, and the First Amended Plan dated September 5, 2025, for the purpose of enabling confirmation of the sale on or prior to November 24, 2025. The Plan is predicated upon a sale of the Property without an auction process unless required by the Bankruptcy Court, and the sale shall be free and clear of all claims, liens, taxes, and encumbrances pursuant to section 363(f) of the Bankruptcy Code. The Plan contemplates that the Debtor will pay priority and secured claims in full, and general unsecured claims equal to their pro rata share of the net proceeds from the sale of the Property. Class 2 consists of New York City Secured Tax Claims [Allowed TLOA Secured Claim]. Paid in full in Cash on the Effective Date from sale proceeds or Available Cash. This Class is unimpaired and deemed to accept the Plan. Allowed Secured Claim of TLOA Mortgage, LLC, estimated at $2,417,507.54 (as of September 18, 2025), subordinate to Class 1. Paid in full in Cash from sale proceeds on the Effective Date. TLOA retains its liens until paid and has the right to credit bid its Allowed Secured Claim at the sale pursuant to section 363(k) of the Bankruptcy Code. If the sale does not close, TLOA may seek relief from stay. This Class is impaired. Class 4 consists of General Unsecured Claims. Paid pro rata from remaining sale proceeds after payment of higher priority Claims, or if no sale occurs and exit financing is obtained (as a contingency), in two equal annual installments without interest commencing on the first anniversary of the Effective Date. Estimated recovery: 100% if sale achieves projected value; otherwise, pro rata. This Class is impaired. Class 5 consists of Equity Interests. If the Property is sold, Interests will be canceled, and holders will receive any surplus proceeds after full payment of all Claims. If exit financing is obtained as a contingency and the Debtor retains the Property, Interests will be retained. If no surplus proceeds remain after payment of all Allowed Claims, Equity Interests shall receive nothing. This Class is impaired and deemed to reject if receiving nothing. Interests held by Irene Koutsidis, Angelo Koutsidis, and Anthony Koutsidis. Retained by the holders. This Class is unimpaired. The Plan shall be funded either through the procurement of Exit Financing or, in the alternative, through the sale of the Property pursuant to Section 363 of the Bankruptcy Code and the Bidding Procedures to be approved by the Bankruptcy Court. The sale shall be conducted via auction, with confirmation thereof sought on or prior to November 24, 2025. TLOA may credit bid in the capacity of a stalking horse bidder or otherwise. In the event the sale does not consummate or yields insufficient proceeds, the Plan contemplates contingency Exit Financing (if obtainable) or alternative relief as may be appropriate. Net proceeds from the sale shall be distributed in accordance with the priority scheme set forth in the Plan. A full-text copy of the Amended Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=w65edf from PacerMonitor.com at no charge. About 31-41 44th St Realty LLC 31-41 44th St Realty LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44145) on October 4, 2024. In the petition filed by Anthony Koutsidis, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Jil Mazer-Marino oversees the case. The Debtor is represented by: Julio E Portilla, Esq. Law Office Julio E. Portilla, P.C. 31-41 44th St. Astoria, NY 11103 3MOTIONAI INC: Chapter 15 Case Summary -------------------------------------- Chapter 15 Debtor: 3MotionAI Inc. 19-511 Maple Grove Road, Suite 61029 Oakville, Ontario L6J 7P5 Canada Business Description: 3MotionAI Inc. develops and provides the 3DNeuroNet Engine, a human motion analytics platform that extracts actionable insights from video sources to support injury prevention and human performance optimization. The Company integrates computer vision, artificial intelligence, and machine learning with proprietary algorithms, offering its technology through apps, APIs, and SDKs for industries including healthcare, athletics, fitness, active aging, and workplace safety. Leveraging over 15 years of clinical research and experience with sports performance and occupational health, 3MotionAI delivers activity-specific data to enhance partners' technologies and software solutions. Chapter 15 Petition Date: October 23, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11864 Judge: Hon. Craig T Goldblatt Foreign Representative: TDB Restructuring Limited 11 King Street West, Suite 700 Toronto, Ontario M5H 4C7 Canada Foreign Proceeding: Ontario Superior Court of Justice (Commercial List) Court File No. BK-25-03267656-0032, Estate No. 32-3267656 Foreign Representative's Counsel: Frederick B. Rosner, Esq. THE ROSNER LAW GROUP LLC 824 North Market Street, Suite 810 Wilmington DE 19801 Tel: (302) 319-6300 Email: rosner@teamrosner.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/GWOP54A/TDB_Restructuring_Limited_and__debke-25-11864__0001.0.pdf?mcid=tGE4TAMA ABIDE VENTURES: Creditors Seek to Prohibit Cash Collateral Access ----------------------------------------------------------------- Intagent, LLC and Greg Parker, secured creditors of Abide Ventures, LLC, ask the U.S. Bankruptcy Court for the Middle District of Florida to terminate the Debtor's use of cash collateral or, alternatively, require adequate protection to safeguard their interests. Abide Ventures filed for Chapter 11 bankruptcy on September 9, one day before a state court hearing on a final judgment sought by creditors for the Debtor's breach of a secured promissory note. The note, executed in November 2020, involved the sale of Intagent's real estate website assets to Abide Ventures for $225,000 with a 7% interest rate, secured by all intellectual property and revenue related to those assets. The Debtor made payments consistently for four years but ceased payments in October 2024, subsequently threatening to file bankruptcy unless the terms were renegotiated. The creditors allege that the bankruptcy filing was made in bad faith as a strategic ploy to avoid payment and to invoke the automatic stay. Since the bankruptcy filing, the Debtor has used the creditors' collateral without obtaining court approval or providing adequate protection, violating 11 U.S.C. sections 362 and 363, which require either creditor consent or court authorization for the use of cash collateral. The creditors assert that the Debtor has not sought court approval for the continued use of the collateral over a month into the case, diminishing their interests without any compensation or assurances. The creditors do not consent to further use of the collateral unless adequate protection is provided, which they propose in the form of resuming monthly payments of approximately $2,612 consistent with the original promissory note. They request the court to either immediately terminate the Debtor's use of cash collateral or, if the court permits continued use, impose conditions that protect Movants' interests. The court hearing is set for November 4. About Abide Ventures LLC Abide Ventures, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05693) on September 9, 2025, listing up to $50,000 in both assets and liabilities. Jared Schneider, president of Abide Ventures, signed the petition. Judge Grace E. Robson oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A., represents the Debtor as bankruptcy counsel. Intagent, LLC and Greg Parker, as creditors, are represented by: Daniel E. Etlinger, Esq. Melissa J. Sydow, Esq. Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa, FL 33602 Telephone: (813) 540-8401 Fax: (813) 553-5345 detlinger@underwoodmurray.com detlinger@ecf.courtdrive.com msydow@underwoodmurray.com AMC ENTERTAINMENT: Moody's Rates New Secured 1st Lien Notes 'Caa2' ------------------------------------------------------------------ Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc. (AMC or the company) new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all issuers remains stable. On July 01 the company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). Moody's don't believe the aforementioned transactions will have a material impact on the maturity profile or borrowing costs of the company. RATINGS RATIONALE AMC's Caa2 CFR reflects the company's declining but still high leverage (6.8x LTM, Moody's adjusted) and sub-scale position relative to significant fixed costs including capex, rent, and borrowing costs which constrains operating leverage and results in recurring annual negative free cash flow. Liquidity is also weak, constrained by reduced cash balances and no revolver capacity. A history and continued high risk of debt restructurings and distressed exchanges to manage debt maturities and resulting complexity in the organizational and capital structure are risks reflected in the CIS-5 Credit Impact Score and G-5 Issuer Profile Score. The company is also challenged by a number of unfavorable industry dynamics including (i) a slow and uneven recovery from the 2020 pandemic with the North American box office well below pre-pandemic levels, (ii) 2023 industry strikes which substantially weakened the slate in 2024 and into 2025, (iii) a structural shift to a much shorter theatrical window, (iv) the shift to streaming movies direct-to-consumer (DTC), and (v) inherent volatility and unpredictability of box office attendance / success. Offsetting these weaknesses is the company's moderate geographic diversity and position as the world's largest movie exhibitor with a stabilized low 20% share of the North American box office. The consistent rise in ticket prices and very high gross margins in admissions and in particular, food and beverage, are also supportive. The stable outlook reflects Moody's views of an improving box office, a strong and stable market share, sustained and very strong gross profit margins, and growth in revenue and earnings over the next 12-18 months. Despite these supporting factors, Moody's believes AMC could continue to manage its debt maturities and debt service costs with various forms of financing including a potential mix of debt and or equity restructuring which Moody's could view as distressed exchanges. Moody's also expects the company's liquidity to remain weak and under pressure with significant negative annual free cash flow due to the current sub-scale of the company relative to its high fixed-costs. Liquidity is weak, reflected in the SGL-4. The company had $424 million in cash at the end of the last quarter and no revolving credit facility. Negative annualized free cash flows over the next 12-15 months are likely which will weaken liquidity, requiring continued reliance on the capital markets to raise additional sources of liquidity. The company's debt agreements do not contain financial maintenance covenants. Moody's believes there is limited alternate liquidity given the secured capital structure. STRUCTURAL CONSIDERATIONS The B3 rating on the Odeon Notes due 2027 reflects a first-lien claim on Odeon's assets which includes certain international assets that Moody's estimates are very significant relative to the outstanding debt and therefore view these lenders as in a similar relative recovery position as the AMC TL. These lenders have no lien on the assets of Muvico or AMC. The B3 rating on the AMC TL due 2029 (Muvico as co-borrower) benefits from a first priority claim on the assets of Muvico which Moody's believes contains a significant portion of high quality assets of the consolidated entity. It also has a first-lien claim on the assets of AMC (excluding certain international assets) which it shares with the AMC senior secured first-lien lenders (including the 1.5 Notes and 7.5% Notes). The AMC TL does not have a direct lien on Odeon assets but does have a lien on the equity of an Odeon holding company. The AMC TL is also supported by the loss absorption in a default scenario provided by a substantial amount of junior claims at AMC and Muvico including Existing Exchangeable Notes, and Sub Notes. Moody's do not rate the New Exchangeable Notes due 2030 at Muvico. They have a 1.25 lien claim on Muvico assets, effectively a second lien behind the AMC TL and share – on a pari passu basis - in the recoveries of AMC on a first-lien basis subject to turnover provisions with respect to the AMC TL Term (e.g. recoveries are only available after the AMC TL claims are fully satisfied). The New Exchangeable Notes can elect to exchange their debt for equity over a certain period when AMC's stock price reaches a certain level. Given the structure and the conditions of the terms, notably a rate that falls to 1.5% if the notes are not fully extinguished, a soft call, and mandatorily redeemable feature, these notes are very likely to be fully extinguished over the near term. These noteholders do not have a claim on the assets of Odeon but do benefit from the loss absorption of junior claims at Muvico including the Existing Exchangeable Notes that did not participate in the New Exchangeable Notes and the 1.5 Notes. The Caa3 rating on the Existing Exchangeable Notes due 2030 at Muvico reflects their position behind all other lenders at Muvico. The Caa2 rating on the 1.5 Notes due 2029 at AMC benefits from 1.5 liens on Muvico assets (effectively the third claim priority at Muvico) and the more junior claims at AMC including the 7.5% Notes and Sub Notes. The Caa3 rating on the 7.5% Notes due 2029 at AMC reflects the lack of liens on the assets at Muvico (or Odeon), putting them in a weaker position than the 1.5 Notes. They also benefit from more junior claims at AMC including the Sub Notes. The Ca rating on the Sub Notes due 2027 reflects that they are unsecured, have no claims on Muvico or Odeon assets, and therefore the most junior claims at AMC. Moody's instruments ratings reflect both the probability of default, as reflected in the Caa2-PD probability of default rating, and an average expected family recovery rate of 50% at default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Moody's expects a lower risk of debt restructuring and distressed exchanges with well-managed debt maturities, improved liquidity supported by free cash flow trending nearer break-even, sustained growth in revenue and earnings, and stable or better profitability margins. Ratings could be downgraded if Moody's believes the risk of insolvency or bankruptcy is increasing, evidenced by weak operating performance or declining liquidity. Headquartered in Leawood, Kansas, AMC Entertainment Holdings, Inc. is the largest movie exhibitor in the US and globally, owning, operating or with interests in 865 movie theatres with around 9,725 screens in 11 countries across the US and Europe. Revenue totaled approximately $4.9 billion for the twelve months ended June 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. AMC's Caa2 corporate family rating is three notches below the scorecard-indicated outcome of B2. The difference primarily reflects the high risk of a continued distressed exchanges given the company's weak liquidity and history of using these transactions to manage debt obligations. APPLIED DNA: Closes $27M PIPE Led by DeFi, TradFi Investors ----------------------------------------------------------- Applied DNA Sciences, Inc. announced the successful close of its previously announced Private Investment in Public Equity financing led by institutional DeFi and TradFi investors. The PIPE resulted in gross proceeds of approximately $27 Million to the Company, before deducting placement agent fees and other offering expenses, with the potential for up to an additional $31 million in gross proceeds in the future from warrant exercises. Gross proceeds from the PIPE included $15.3 Million in cash and stablecoins and units of the OBNB trust valued at $11.71 million. The Company received 0.126 units of OBNB trust per prefunded warrant and common warrant for a total of 435,638 trust units representing underlying ownership of 10,647 BNB tokens. The prefunded warrants and warrants issued in exchange for the OBNB trust units are not exercisable until the receipt of stockholder approval and the OBNB units are transferred to the Company with marketable title free and clear of any security interests, pledges, liens, restrictions, claims or encumbrances. The Company also announced that it purchased an additional 4,908 BNB tokens with an estimated total value of $5.3M as of 10:00pm ET on October 20, 2025. "We are excited to launch our yield-focused BNB treasury strategy with significant direct and BNB equivalent token exposure," said Patrick Horsman, CFA, Chief Investment Officer. "We see BNB as the next institutional grade blockchain and believe we're well positioned to capitalize on its future growth." About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company 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, Applied DNA Sciences had $9.93 million in total assets, $2.95 million in total liabilities, and $6.99 million in total equity. ASOCIACION HOSPITAL: Cash Collateral Access Extended to Nov. 28 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico extended the stipulation between Asociacion Hospital Del Maestro, Inc. and its secured creditor, Banco Popular de Puerto Rico, related to the use of cash collateral. Under the stipulation, the Debtor is authorized to use $291,158 in cash collateral for the period from October 15 to November 28 solely to satisfy the operating expenditures set forth in its budget. Banco Popular de Puerto Rico's consent and the Debtor's right to use the cash collateral will terminate automatically on November 28 or upon the occurrence of an event triggering default. The "adequate protection" provisions contained in the stipulation remain in full force and effect. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by: Luis C. Marini-Biaggi, Esq. Carolina Velaz-Rivero, Esq. Marini Pietrantoni Muniz, LLC 250 Ponce De León Ave. Suite 900 San Juan, PR 00918 Tel.: (787) 705-2171 lmarini@mpmlawpr.com cvelaz@mpmlawpr.com B&W INC: Unsecured Creditors to Split $600K over 5 Years -------------------------------------------------------- B&W, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated October 20, 2025. The Debtor is a Texas corporation, established on November 26, 2007. Debtor operates a flooring business in North Texas. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. Class 3 consists of Allowed Claims against Debtor. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $10,000.00 per month ($600,000.00 over the life of the plan). Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is approximately $1,200,000.00 based upon the Debtor's review of the Court's claim register, the Debtor's bankruptcy schedules, and anticipated Claim objections. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. From and after the Effective Date, in accordance with the terms of this Plan and the Confirmation Order, the Reorganized Debtor shall perform all obligations under all executory contracts and unexpired leases assumed in accordance with Article 6 of this Plan. A full-text copy of the Plan of Reorganization dated October 20, 2025 is available at https://urlcurt.com/u?l=QcecNg from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About B&W Inc. B&W, Inc., also known as Granite & Tile Outlet II, provides granite, tile, and related remodeling products and services for residential and commercial applications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42650) on July 22, 2025. In the petition signed by James Brede, president, the Debtor disclosed $589,701 in total assets and $1,999,013 in total liabilities. Judge Edward L. Morris oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, is the Debtor's legal counsel. B+H ARCHITECTS: Initiates CCAA Sale and Investment Process ---------------------------------------------------------- B+H Architects Corp. is announcing the commencement of a sale and investment solicitation process in respect of its business and assets. On October 27, 2025, BHA obtained an order approving the SISP issued by the Ontario Superior Court of Justice (Commercial List. BHA is conducting the SISP with the assistance and oversight of KSV Restructuring Inc., in its capacity as Court-appointed monitor of BHA. The SISP will be conducted in the context of BHA's proceedings under the Companies' Creditors Arrangement Act (Canada) which commenced on October 17, 2025 pursuant to an initial order granted by the Court. The SISP is intended to solicit interest in: i) a sale of BHA's business and/or assets; or ii) an investment, restructuring, recapitalization, refinancing or other form of reorganization transaction in respect of BHA or its business. The SISP is anchored by a stalking horse investment agreement between BHA and its parent company, Surbana Jurong Holdings (Canada) Ltd., to serve as the stalking horse bidder in the SISP. The SISP sets forth the process by which interested parties may be provided with an opportunity to participate in the SISP. In accordance with the SISP, the Monitor has prepared a teaser describing the opportunity. The following table sets out the key milestones of the SISP. Milestone Deadline: * Phase 1 Bid Deadline November 17, 2025 at 5:00 p.m. (EST) * Phase 2 Bid Deadline (if applicable) December 5, 2025 at 5:00 p.m. (EST) * Selection of Successful Bid(s) and December 8, 2025 at 5:00 p.m. (EST) Back-Up Bidder(s) or designation of Auction * Auction Date (if designated) December 10, 2025 * Approval of Successful Bid(s) December 17, 2025 at 5:00 p.m. (EST) * Closing -- Successful Bid(s) December 19, 2025 at 5:00 p.m. (EST) * Outside Date -- Closing December 31, 2025 For details regarding the terms of the SISP, please refer to the full document available at the link below. The following summary is provided as a high-level overview of the key dates. Interested parties must deliver a non-binding letter of intent to the Monitor no later than November 17, 2025 at 5:00 p.m. (EST). Pursuant to the terms of the SISP, if Qualified LOIs are received by the Phase 1 Bid Deadline, then Phase 2 of the SISP may be conducted and interested parties must deliver a final and binding offer by no later than December 5, 2025 at 5:00 p.m. (EST). If no Qualified LOI's are received by the Phase 1 Bid Deadline or if no Qualified Bids are received by the Phase 2 Bid Deadline (other than the stalking horse bid) then, the stalking horse bid will be deemed the successful bid and BHA will seek court approval of the transaction contemplated by the stalking horse bid. A summary of the SISP can be found in the Monitor's first report to Court dated October 22, 2025 available on the Monitor's website here. The SISP is available on the Monitor's website here. Any party interested in participating in the SISP should contact the Monitor to receive additional information at: KSV Restructuring Inc., in its capacity as Court-appointed Monitor of B+H Architects Corp. 220 Bay Street, Suite 1300, Box 20, Toronto, Ontario M5J 2W4 Attn: Jordan Wong / Tony Trifunovic Email: jwong@ksvadvisory.com / ttrifunovic@ksvadvisory.com Additional Information: Court filings, the SISP and other information related to BHA's CCAA proceedings is available on the Monitor's website at https://www.ksvadvisory.com/experience/case/BHA. Information regarding the CCAA process may also be obtained by contacting the monitor by email at ttrifunovic@ksvadvisory.com or by phone at (647) 848-1350. About BHA BHA is a leading architecture and design firm headquartered in Toronto, Ontario and has been instrumental in building the "B+H" brand for over 70 years. BHA's portfolio consists of some of Toronto's most prominent buildings, both independently designed and delivered in collaboration with world-renowned architecture firms. Their portfolio includes Ripley's Aquarium of Canada, Brookfield Place, Mount Sinai Hospital, Toronto Eaton Centre, MaRS Centre West Tower, SickKids Patient Support Centre, 16 York, 100 Queens Quay East and TD Terrace. While headquartered in Toronto, BHA has also completed work internationally, including in the United States, China, Singapore, Kingdom of Saudi Arabia, India, Qatar, Vietnam, Brazil and the United Arab Emirates. BELLEAU IMPORTERS: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- On October 27, 2025, Belleau Importers Corp. filed a voluntary Chapter 7 petition in the Eastern District of New York. The company reported debts ranging from $0 to $100,000, and identified a creditor count of up to 49. About Belleau Importers Corp. Belleau Importers Corp. is a single asset real estate company. Belleau Importers Corp.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74143) on October 27, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Alan S. Trust handles the case. BGI SEWELL: Unsecureds Will Get 10% of Claims over 5 Years ---------------------------------------------------------- BGI Sewell, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing First Chapter 11 Plan dated October 20, 2025. The Debtor is a corporation that was in the business of food and hospitality. It operated an Italian restaurant on Egg Harbor Road in Sewell, New Jersey. The Debtor offered dine-in, to-go, and catering service, and was an approved caterer for many desirable venues in the area. The Debtor had been in this business since 2023. The Debtor ceased to conduct business as of February 14, 2025. In early 2025, the Debtor had a dispute with its landlord regarding payment. While the Debtor scrambled to pay its landlord, tensions rose between the two. On February 14, 2025, the Debtor's landlord locked the restaurant doors, cutting off the Debtor's access to its location, its kitchen, and its ability to continue doing business. The Debtor ceased to conduct business as of February 14, 2025. The Debtor then filed its Chapter 11 bankruptcy petition on March 4, 2025. This is a plan of reorganization. In other words, the Proponent seeks to accomplish payment under the plan by entering into a new joint venture that will own and operate a restaurant, and that will repay creditors using the profits. Class 8 consists of Allowed General Unsecured Claims estimated at $1,056,302.42. Paid from time to time over five years until claimants receive up to 10% of their respective claims ($105,630.24). Will not accrue interest. This Class is impaired. Equity Interest Holders will retain their ownership interest in the Debtor. The Debtor seeks to accomplish payments under the Plan by entering into a joint venture for the ownership and operation of a new restaurant business, to which the Debtor will contribute the use of its liquor license to the joint venture in exchange for the receipt of third-party funding. Profits from the restaurant owned and operated by the joint venture will then fund the Plan. A full-text copy of the Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=JEU8fB from PacerMonitor.com at no charge. Counsel to the Debtor: Edmond M. George, Esq. Michael D. Vagnoni, Esq. Obermayer Rebmann Maxwell & Hippel Centre Square West 1500 Market Street, Suite 3400 Philadelphia, PA 19102 Phone: (215) 665-3140 Email: edmond.george@obermayer.com About BGI Sewell LLC BGI Sewell, LLC is a corporation that was in the business of food and hospitality. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-12235) on March 4, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Edmond M. George, Esq., at Obermayer Rebmann Maxwell & Hippel, is the Debtor's legal counsel. BIOTACTICS INC: Unsecureds Will Get 3% of Claims over 60 Months --------------------------------------------------------------- Biotactics, Inc., filed with the U.S. Bankruptcy Court for the Central District of California an Amended Plan of Reorganization for Small Business dated October 20, 2025. The Debtor was formed in 2014 by biochemist Howard Andrew Maltby who is the Debtor's President and an 80% equity security holder and Jose Dominguez, who is a 10% equity security holder. Through years of research and development. Mr. Maltby and Mr. Dominguez have created a unique rearing system that yields the healthiest, most tenacious predatory mites available. All of Biotactics' predatory mites are reared using their natural, favorite food source rather than pollen or a factitious food source. Biotactics provides safe and effective pest control for any growing environment. The Debtor's proposed 5-year projections itemize the Debtor's revenue source and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. This Plan of Reorganization proposes to pay creditors of the Debtor from business operation. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 3 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. The total amount of the allowed general unsecured claims is $818,686.46 and includes the undersecured claims of the SBA. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims will be receiving an estimated 3% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment of $409.33 due on the Effective Date, followed by 59 consecutive payments, each in the amount of $409.33 to be paid pro-rata to each holder of allowed general unsecured claim. This Class is impaired. The Debtor's proposed 5-year projections itemize the Debtor's revenue sources and the expenses for the next 5 years. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. The Debtor will continue to operate its business of breeding and supplying beneficial mites to agricultural producers throughout the United States. The Debtor's operations are seasonal in nature, with periods of higher production and sales occurring in alignment with planting and pest-control cycles. The Debtor's historical monthly operating reports, which reflect losses during off-season months, do not fully capture the cyclical nature of the Debtor's revenue stream and its capacity to generate significant income during peak agricultural periods. As of the filing of this Amended Plan, the Debtor has received confirmed orders from Florida farmers for the upcoming Florida agricultural season. Specifically, the Debtor anticipates the sale of approximately 83.25 million mite generating between $360,000 to $450,000 in gross revenue from mid-November through the end of February 2026. These orders are guaranteed sales and are expected to be completed within the next 6-month period. Because the Debtor's operational costs are largely fixed, any increase in production will result in a corresponding increase in profitability. A full-text copy of the Amended Plan dated October 20, 2025 is available at https://urlcurt.com/u?l=ess227 from PacerMonitor.com at no charge. About Biotactics Inc. Biotactics, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12038) on Dec. 6, 2024, with up to $500,000 in assets and up to $1 million in liabilities. Howard Andrew Maltby, president of Biotactics, signed the petition. Judge Victoria S. Kaufman oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger. CDC Small Business Finance, as lender, is represented by: David McAllister, Esq. Aldridge Pite, LLP Phone: 877-319-8840 dmcallister@aldridgepite.com BLUE BIOFUELS: Reports $422,547 Net Loss in Fiscal Q3 ----------------------------------------------------- Blue Biofuels, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $422,547 for the three months ended September 30, 2025, compared to a net income of $1.87 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1.59 million, compared to a net income of $370,386 for the same period in 2024. The Company recorded no revenue for the three and nine months ended September 30, 2025. As of September 30, 2025, the Company had $1.49 million in total assets, $4.54 million in total liabilities, and $3.06 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/y6ruhn59 About Blue Biofuels Inc. Blue Biofuels, Inc., was incorporated in Nevada on March 28, 2012, as Alliance Media Group Holdings, Inc. Since December 2013, Blue Biofuels, Inc. has been a technology company focused on emerging technologies in renewable energy, biofuels, and lignin. Spokane, Washington-based Assure CPA, LLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 19, 2025, citing that the Company has accumulated losses since inception and has negative working capital. These factors raised substantial doubt about its ability to continue as a going concern. BOTEILHO HAWAII: Dutch-Hawaiian Dairy Appeal Voluntarily Dismissed ------------------------------------------------------------------ The appeal styled BOTEILHO HAWAIIAN ENTERPRISES, INC., DBA Cloverleaf Dairy, Plaintiff - Appellee, v. DUTCH-HAWAIIAN DAIRY FARMS, LLC; et al., Defendants - Appellants, No. 25-5687 (9th Cir.) is voluntarily dismissed. Before the Court is an appeal stemming from an adversary proceeding in Boteilho Hawaii Enterprises, Inc.'s voluntary bankruptcy. Dutch Hawaiian Dairy Farms, LLC, Mauna Kea Moo, LLC, and Kees Kea, appeal the order of the United States District Court for the District of Hawaii that affirmed the judgment of the United States Bankruptcy Court for the District of Hawaii awarding $128,225.00 in attorneys' fees to BHEI under Hawai'i Revised Statute Sec. 607-14 for prevailing in the Adversary Proceeding. In January 2020, BHEI and DHDF entered into an agreement for DHDF to purchase Cloverleaf Dairy and related assets from BHEI. The Purchase Contract included a fee-shifting clause that allowed the prevailing party to collect attorneys' fees in the event of a dispute. It also had a provision allowing BHEI to pasture up to 100 head of cattle on Kea's property while the contract was pending and provided that BHEI -- and not DHDF or Kea -- would be responsible for the care and watering of that cattle until closing. Accordingly, 100 heads of BHEI cattle were transported to MKM's pasture in April 2020. The parties then orally modified the Purchase Contract in two ways -- first, MKM and the Kea family would accept additional cattle from BHEI, and second, MKM would deliver MKM's milk-producing cows and calves to BHEI so BHEI would care for and milk the cows. But ultimately, the Purchase Contract did not close and BHEI declared bankruptcy. BHEI initiated the Adversary Proceeding to repossess its cattle, their offspring, and various equipment that the Kea Defendants refused to return. BHEI moved for attorneys' fees under HRS Sec. 607-14 after the Bankruptcy Court resolved the dispute over ownership of the remaining cattle and equipment, and awarded it $128,225.00. Judge Faris determined that BHEI was the prevailing party and that the case was in the nature of assumpsit because the Adversary Proceeding claims arose out of the Purchase Contract. Specifically, Judge Faris noted that BHEI prevailed on two motions for summary judgment in the Adversary Proceeding and was awarded 243 cattle, a trailer, and nine fencing panels. They also successfully defended against the Kea Defendants' $3,720,000 counterclaim for breach of contract. The Kea Defendants appealed the order. The Kea Defendants argue that the Bankruptcy Judge erred in awarding BHEI attorneys' fees under HRS Sec. 607-14 because: (1) BHEI was not the prevailing party at trial; and (2) the Adversary Proceeding was not an action in the nature of assumpsit. The District Court agrees with BHEI that under Hawai'i law, the prevailing party is determined by which party won on the disputed main issue. Applying this law, the District Court concludes the Bankruptcy Court did not err in determining that BHEI was the prevailing party for purposes of HRS Sec. 607-14. BHEI initiated the Adversary Proceeding to reclaim its cattle and equipment that were in the Kea Defendants' possession, and it prevailed on the crux of its claim. The Kea Defendants contend that the nature of the grievance was not of assumpsit because BHEI sought only declaratory and injunctive relief and no affirmative claim for money damages was asserted by the Kea Defendants in their answer. Meanwhile, BHEI asserts that the Adversary Proceedings originated from the Purchase Contract and that its complaint and the Kea Defendants' $3,720,000 contractual counterclaim further illustrate how this was a case in assumpsit. The District Court finds although BHEI did not explicitly mention the Purchase Contract, BHEI did reference an alleged agreement regarding the purchase of property and pasturage of cattle as the source of dispute between BHEI and the Kea Defendants. Applying that reasoning, the Court determines that BHEI's complaint can be properly characterized as an action in assumpsit because the crux of the claim arises out of the contractual relationship between BHEI and the Kea Defendants. Accordingly, the District Court concludes Judge Faris did not abuse his discretion or erroneously apply the law in awarding attorneys' fees to BHEI. A copy of the Ninth Circuit's Order dated October 14, 2025, is available at https://urlcurt.com/u?l=1EPAGa from PacerMonitor.com. A copy of the District Court's Order Affirming Order of the Bankruptcy Court dated August 22, 2025, is available at https://urlcurt.com/u?l=KVOiW7 from PacerMonitor.com. About Boteilho Hawaii Enterprises Boteilho Hawaii Enterprises, Inc. operates the Cloverleaf Dairy in North Kohala, near Hawi, on the northern tip Hawaii island. The Boteilho family has operated it continuously since 1962. The Debtor is the last remaining commercial dairy farm in the State of Hawaii. Boteilho Hawaii Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 22-00827) on Nov. 21, 2022. In the petition signed by Edward Boteilho, Jr., president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert J. Faris oversees the case. The Debtor tapped Chuck C. Choi, Esq., at Choi & Ito as bankruptcy counsel, Dentons as special litigation counsel, and Richard M. Okuna as accountant. BOWERS TRUCKING: Gets Extension to Access Cash Collateral --------------------------------------------------------- Bowers Trucking, Inc. received another extension from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral to fund operations. The court's interim order extended the Debtor's authority to use the cash collateral of the U.S. Small Business Administration through the conclusion of the final hearing. The final hearing will be scheduled upon reinstatement of government appropriations. SBA holds a $650,000 secured claim on the Debtor's accounts receivable and cash collections. Additionally, several merchant cash advance lenders including APP Funding Beta, Bitty Advance 2, Fiji Funding, LCF Funding, Lendwise Capital, and Mint Funding may claim an interest in these assets, though the Debtor contends their claims are either invalid or subordinate to SBA's. About Bowers Trucking Inc. Bowers Trucking, Inc. is a commercial transportation company operating in 48 U.S. states and Canada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18, 2025. In the petition signed by Garrett Bowers, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Janice D. Loyd oversees the case. Stephen J. Moriarty, Esq., at Stephen J. Moriarty 6410 Fellers, Snider et al, represents the Debtor as legal counsel. BRUNELLO REALTY: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: Brunello Realty LLC 19575 Collins Avenue Unit 5 North Miami Beach, FL 33160 Chapter 11 Petition Date: October 27, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22681 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Nicholas B. Bangos, Esq. NICHOLAS B. BANGOS, PA 2560 RCA Blvd., Suite 114 Palm Beach Gardens, FL 33410 Tel: 561-781-0202 Email: nick@nbbpa.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Alexandre Brandstatter as authorized representative of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2ZKZAXI/Brunello_Realty_LLC__flsbke-25-22681__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Agentis $11,636 45 Almeria Avenue Miami, FL 33134 2. Becker $2,889 1 East Broward Blvd. Suite 1900 Fort Lauderdale, FL 33301 3. Property Tax Force, LLC $1,429 P.O. Box 161706 Miami, FL 33116 C.R. OF WILDWOOD: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: C.R. of Wildwood, LLC 8369 Rivoli Drive Bolingbroke, GA 31004 Business Description: C.R. of Wildwood, LLC operates a skilled nursing facility providing rehabilitation and long-term care services for elderly residents. Chapter 11 Petition Date: October 27, 2025 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 25-51719 Debtor's Counsel: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 Email: Wes@BoyerTerry.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael E. Winget, Sr., as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/57EQJQY/CR_of_Wildwood_LLC__gambke-25-51719__0001.0.pdf?mcid=tGE4TAMA C.R. OF WILDWOOD: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On October 27, 2025, C.R. of Wildwood LLC sought Chapter 11 protection in the Middle District of Georgia, listing its case as No. 25-51719. According to the filing, the company holds liabilities $1 million and $10 million to as many as 49 creditors. About C.R. of Wildwood LLC C.R. of Wildwood, LLC is a Georgia-based company that owns and operates businesses in the hospitality and dining sector. It specializes in offering restaurant and food service experiences to both local customers and out-of-town guests. C.R. of Wildwood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51719) on October 27, 2025. In its petition, the Debtor reports estimated estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq. of Boyer Terry LLC. CASA ARIZONA: Seeks Chapter 7 Bankruptcy in Arizona --------------------------------------------------- On October 24, 2025, Casa Arizona Investments LLC submitted a voluntary Chapter 7 petition in the District of Arizona, identified as case number 25-10178. According to court documents, the company holds liabilities between $100,001 and $1 million to as many as 49 creditors. About Casa Arizona Investments LLC Casa Arizona Investments LLC is a single assets real estate company. Casa Arizona Investments LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-10178) on October 24, 2025. In its petition, the Debtor reports estimated assets under $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Brenda K. Martin handles the case. CMC ADVERTISING: Wins Default Judgment in Diesel Funding Case ------------------------------------------------------------- The Honorable John P. Gustafson of the United States Bankruptcy Court for the Northern District of Ohio granted CMC Advertising Ltd.'s motion for default judgment in the adversary proceeding captioned as CMC Advertising Ltd., Plaintiff, v. Diesel Funding, LLC, Defendant, Adv. Pro. No. 25-03028 (Bankr. N.D. Ohio). This adversary proceeding is before the Court upon Plaintiff-Debtor CMC Advertising Ltd.'s Complaint to: (1) Determine the Validity, Priority and Extent of Lien, (2) Determine the Value and Secured Status of Interests in Property of the Estate, (3) Avoid Lien Pursuant to 11 U.S.C. Sec. 506, (4) Disallow Secured Claim, and (5) Avoid Preference Pursuant to 11 U.S.C. Sec. 547 and to Recover Property Under 11 U.S.C. Sec. 550. According to the Complaint, Plaintiff-Debtor purported to sell its future accounts receivable in the amount of $72,500.00 to Defendant-Creditor in consideration of $50,000.00, granting Defendant-Creditor a security interest in all of Plaintiff-Debtor's personal property. Plaintiff-Debtor's bankruptcy schedules listed personal property with a value of $389,597.16, including accounts receivable. Plaintiff-Debtor states that creditors Huntington, the SBA, Navitas, and Leaf Capital have secured claims totaling approximately $1,287,794.29. Creditors Huntington and the SBA perfected their interests (totaling approximately $1,232,794.29) secured by Plaintiff-Debtor's personal property prior to Defendant-Creditor's date of perfection. Creditors Navitas and Leaf Capital claim purchase money security interest (totaling approximately $55,000) in specific property owned by the Plaintiff-Debtor. Additionally, Plaintiff-Debtor asserts the Defendant-Creditor's interest is junior to other merchant cash advance claims held by Fresh Funding and Forward Financing, which are secured by an interest in Plaintiff-Debtor's personal property. Plaintiff-Debtor seeks to have the perfected security interest of the Defendant-Creditor declared junior to that of any interest claimed by Huntington, the SBA, Navitas, Leaf Capital, Fresh Funding, and Forward Financing, in the Plaintiff-Debtor's personal property. Based upon the value of Plaintiff-Debtor's personal property, and the superior interests existing and claimed by Huntington, the SBA, Navitas, Leaf Capital, Fresh Funding, and Forward Financing, Plaintiff-Debtor contends Defendant-Creditor's security interest does not attach to any equity in Plaintiff-Debtor's personal property. Plaintiff-Debtor requests the Court determine the value of Plaintiff-Debtor's personal property to be $389,597.16 and that Defendant-Creditor's claim be determined to be wholly unsecured under 11 U.S.C. Sec. 506(a). Plaintiff-Debtor further requests the court determine any asserted security interest of Defendant-Creditor's claim to be declared void and released under 11 U.S.C. Sec. 506(d). Additionally, Plaintiff-Debtor requests that any claim filed by the Defendant-Creditor be disallowed as a secured claim. The Court finds the straightforward and detailed, well-pleaded allegations of the Complaint and the basic circumstances underlying it substantiate and establish a valid cause of action against Defendant under Sec. 506, as to priority of Defendant's lien, and deems them as true. In the absence of evidence to the contrary, the Court finds that Defendant-Creditor had a security interest, if any, that is junior to any interest claimed by Huntington, the SBA, Navitas, Leaf Capital, Fresh Funding, and Forward Financing. The Court further finds from the Complaint that the value of Plaintiff-Debtor's personal property is $389,597.16. Thus, any claim by Defendant-Creditor is determined to be wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendant-Creditor's security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). The Complaint also demonstrates that, to the extent the Defendant-Creditor files a proof of claim in the main case, any such claim should not be allowed as a secured claim. Accordingly, Plaintiff-Debtor has established a basis for avoiding Defendant-Creditor's lien, if any, and has established a basis for disallowance of Defendant's proof of claim as secured. Based on these reasons, Plaintiff-Debtor's Motion for Default Judgment is granted. A copy of the Court's Memorandum of Decision and Order dated October 21, 2025, is available at https://urlcurt.com/u?l=aBsEI0 from PacerMonitor.com. About CMC Advertising Ltd. CMC Advertising, Ltd. operating as Mailworks II, is an Ohio-based advertising company. CMC Advertising sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Claude R. Montgomery, Jr., managing member of CMC Advertising, signed the petition date. Judge John Gustafson oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. CMC ADVERTISING: Wins Default Judgment in Forward Financing Case ---------------------------------------------------------------- The Honorable John P. Gustafson of the United States Bankruptcy Court for the Northern District of Ohio granted CMC Advertising Ltd.'s motion for default judgment in the adversary proceeding captioned as CMC Advertising Ltd., Plaintiff, v. Forward Financing, LLC, Defendant, Adv. Pro. No. 25-03029 (Bankr. N.D. Ohio). This adversary proceeding is before the Court upon Plaintiff-Debtor CMC Advertising Ltd.'s Complaint to: (1) Determine the Validity, Priority and Extent of Lien, (2) Determine the Value and Secured Status of Interests in Property of the Estate, (3) Avoid Lien Pursuant to 11 U.S.C. Sec. 506, and (4) Disallow Secured Claim. According to the Complaint, Plaintiff-Debtor purported to sell its future accounts receivable in the amount of $112,560.00 to Defendant-Creditor in consideration of $78,000.00, granting Defendant-Creditor a security interest in all of Plaintiff-Debtor's personal property. Plaintiff-Debtor's bankruptcy schedules listed personal property with a value of $389,597.16, including accounts receivable. Plaintiff-Debtor states that secured creditors Huntington, the SBA, Navitas, and Leaf Capital have claims totaling approximately $1,287,794.29. Creditors Huntington and the SBA perfected their interests (totaling approximately $1,232,794.29) secured by Plaintiff-Debtor's personal property prior to Defendant-Creditor's date of perfection. Creditors Navitas and Leaf Capital claim purchase money security interest (totaling approximately $55,000) in specific property owned by the Plaintiff-Debtor. Moreover, Plaintiff-Debtor asserts the existence of another merchant cash advance creditor, Fresh Finance, with a superior interest in Plaintiff-Debtor's personal property. Plaintiff-Debtor seeks to have the perfected security interest of the Defendant-Creditor declared junior to that of any interest claimed by Huntington, the SBA, Navitas, Leaf Capital, and Fresh Finance in the Plaintiff-Debtor's personal property. Based upon the value of Plaintiff-Debtor's personal property, and the superior interests existing and claimed by Huntington, the SBA, Navitas, Leaf Capital, and Fresh Finance, Plaintiff-Debtor contends Defendant-Creditor's security interest does not attach to any equity in Plaintiff-Debtor's personal property. Plaintiff-Debtor requests the court determine the value of Plaintiff-Debtor's personal property to be $389,597.16 and that Defendant-Creditor's claim be determined to be wholly unsecured under 11 U.S.C. Sec. 506(a). Plaintiff-Debtor further requests the Court determine any asserted security interest of Defendant-Creditor's claim to be declared void and released under 11 U.S.C. Sec. 506(d). Additionally, Plaintiff-Debtor requests that any claim filed by the Defendant-Creditor be disallowed as a secured claim. The Court finds the straightforward and detailed, well-pleaded allegations of the Complaint and the basic circumstances underlying it substantiate and establish a valid cause of action against Defendant under Sec. 506, as to priority of Defendant's lien, and deems them as true. In the absence of evidence to the contrary, the Court finds that Defendant-Creditor had a security interest, if any, that is junior to any interest claimed by Huntington, the SBA, Navitas, Leaf Capital, and Fresh Finance. The Court further finds from the Complaint that the value of Plaintiff-Debtor's personal property is $389,597.16. Thus, any claim by Defendant-Creditor is determined to be wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendant-Creditor's security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). The Complaint also demonstrates that, to the extent the Defendant-Creditor files a proof of claim in the main case, any such claim should not be allowed as a secured claim. Accordingly, Plaintiff-Debtor has established a basis for avoiding Defendant-Creditor's lien, if any, and has established a basis for disallowance of Defendant's proof of claim as secured. Based on these reasons, Plaintiff-Debtor's Motion for Default Judgment is granted. A copy of the Court's Memorandum of Decision and Order dated October 21, 2025, is available at https://urlcurt.com/u?l=zrfXL0 from PacerMonitor.com. About CMC Advertising Ltd. CMC Advertising, Ltd. operating as Mailworks II, is an Ohio-based advertising company. CMC Advertising sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Claude R. Montgomery, Jr., managing member of CMC Advertising, signed the petition date. Judge John Gustafson oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. CMC ADVERTISING: Wins Default Judgment in Fresh Funding Case ------------------------------------------------------------ The Honorable John P. Gustafson of the United States Bankruptcy Court for the Northern District of Ohio granted CMC Advertising Ltd.'s motion for default judgment in the adversary proceeding captioned as CMC Advertising Ltd., Plaintiff, v. Fresh Funding Solutions, Inc., Defendant, Adv. Pro. No. 25-03031 (Bankr. N.D. Ohio). This adversary proceeding is before the Court upon Plaintiff-Debtor CMC Advertising Ltd.'s Complaint to: (1) Determine the Validity, Priority and Extent of Lien, (2) Determine the Value and Secured Status of Interests in Property of the Estate, (3) Avoid Lien Pursuant to 11 U.S.C. Sec. 506, (4) Disallow Secured Claim, and (5) Avoid Preference Pursuant to 11 U.S.C. Sec. 547 and to Recover Property Under 11 U.S.C. Sec. 550. According to the Complaint, Plaintiff-Debtor purported to sell its future accounts receivable in the amount of $127,800.00 to Defendant-Creditor in consideration of $90,000.00, granting Defendant-Creditor a security interest in all of Plaintiff-Debtor's personal property. Plaintiff-Debtor's bankruptcy schedules listed personal property with a value of $389,597.16, including accounts receivable. Plaintiff-Debtor states that creditors Huntington, the SBA, Navitas, and Leaf Capital have secured claims totaling approximately $1,287,794.29. Creditors Huntington and the SBA perfected their interests (totaling approximately $1,232,794.29) secured by Plaintiff-Debtor's personal property prior to Defendant-Creditor's date of perfection. Creditors Navitas and Leaf Capital claim purchase money security interest (totaling approximately $55,000) in specific property owned by the Plaintiff-Debtor. Plaintiff-Debtor seeks to have the perfected security interest of the Defendant-Creditor declared junior to that of any interest claimed by Huntington, the SBA, Navitas, and Leaf Capital, in the Plaintiff-Debtor's personal property. Based upon the value of Plaintiff-Debtor's personal property, and the superior interests existing and claimed by Huntington, the SBA, Navitas, and Leaf Capital, Plaintiff-Debtor contends Defendant-Creditor's security interest does not attach to any equity in Plaintiff-Debtor's personal property. Plaintiff-Debtor requests the Court determine the value of Plaintiff-Debtor's personal property to be $389,597.16 and that Defendant-Creditor's claim be determined to be wholly-unsecured under 11 U.S.C. Sec. 506(a). Plaintiff-Debtor further requests the Court determine any asserted security interest of Defendant-Creditor's claim to be declared void and released under 11 U.S.C. Sec. 506(d). Additionally, Plaintiff-Debtor requests that any claim filed by the Defendant-Creditor be disallowed as a secured claim. The Court finds the straightforward and detailed, well-pleaded allegations of the Complaint and the basic circumstances underlying it substantiate and establish a valid cause of action against Defendant under Sec. 506, as to priority of Defendant's lien, and deems them as true. In the absence of evidence to the contrary, the Court finds that Defendant-Creditor had a security interest, if any, that is junior to any interest claimed by Huntington, the SBA, Navitas, and Leaf Capital. The Court further finds from the Complaint that the value of Plaintiff-Debtor's personal property is $389,597.16. Thus, any claim by Defendant-Creditor is determined to be wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendant-Creditor's security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). The Complaint also demonstrates that, to the extent the Defendant-Creditor files a proof of claim in the main case, any such claim should not be allowed as a secured claim. Accordingly, Plaintiff-Debtor has established a basis for avoiding Defendant-Creditor's lien, if any, and has established a basis for disallowance of Defendant's proof of claim as secured. Based on these reasons, Plaintiff-Debtor's Motion for Default Judgment is granted. A copy of the Court's Memorandum of Decision and Order dated October 21, 2025, is available at https://urlcurt.com/u?l=uT65v1 from PacerMonitor.com. About CMC Advertising Ltd. CMC Advertising, Ltd. operating as Mailworks II, is an Ohio-based advertising company. CMC Advertising sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Claude R. Montgomery, Jr., managing member of CMC Advertising, signed the petition date. Judge John Gustafson oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. COLLECTIVE SPEAKERS: Updates Unsecured Claims Pay Details --------------------------------------------------------- Collective Speakers, LLC, submitted an Amended Small Business Plan of Reorganization under Subchapter V dated October 20, 2025. Since the filing of its case, the Debtor has undertaken significant efforts to restructure its operations, reduce expenses, and return to being cash flow positive. The Debtor has commenced an arbitration in an effort to recover the funds misappropriated by Strategic and intends to proceed with the arbitration to recover as many of the funds as possible in order to fund operations and repayment of its creditors. The Debtor has also significantly reduced its staff size in order to reduce expenses to the greatest extent possible and ensure that the Debtor can operate positively post-confirmation. Since the filing of the Debtor's case, the Debtor has also had to shift its operations to adapt to the shifting landscape surrounding DEI that has impacted the Debtor's operations. Companies that have previously hosted speakers on DEI issues have canceled events or significantly reduced the size of the events over prior years. The Debtor has adjusted to still promote diverse speakers and speakers on diverse issues, but has also shifted to also include additional topics that assist in booking additional events. The Debtor's has also reduced its salaried staff size to minimal levels and will be transitioning to commission based staff to further maximize profit and repay creditors through the Plan. The Debtor's primary asset is its receivables which are generated on the Debtor's books when an event is booked and which is paid after the event has occurred and services have been rendered. The Debtor has listed receivables in the amount of approximately $500,000, of which approximately $100,000 is currently due and owing to the Debtor and is not owed to Speakers or for events that have not occurred as of the date of filing this Amended Plan. The Debtor has also listed its arbitration claims against Strategic Turnaround. The total arbitration demand was for $290,000, of which approximately $100,000 is attributable to amounts the Debtor was overcharged. The Debtor does not know how recoverable the claims are at this point. The Debtor believes that it will prevail on its claims, but the ability to collect on any judgment is currently undetermined, particularly as the financial condition of Strategic Funding is currently unknown. Class 4 is comprised of the general unsecured creditors holding claims against the Debtor. Class 4 is impaired by the Plan. Class 4 shall be treated and paid as follow: * Beginning on the one-year anniversary of the Effective Date of the Plan and continuing each month thereafter, the Debtor shall set aside 100% of the Creditor Funds into the Creditor Account. Each time three deposits have been made into the Creditor Account for a period of four years, the Debtor shall distribute 25% of the Creditor Funds to Class 4 Creditors. * A total of sixteen distributions shall be made to Class 4 Creditors over the Plan term. * For the avoidance of a doubt, regardless of whether the Debtor recovers funds from Strategic on account of its arbitration claims prior to the one-year anniversary of the Effective Date of the Plan, such recovery will be considered and treated as Creditor Funds and distributed in accordance with this Plan. Class 5 is comprised of the pre-petition holders of interests in the Debtor. Class 5 is unimpaired by the Plan. On the Effective Date of the Plan, Class 5 interest holders shall retain all interests held on the Petition Date. The Debtor's Plan is feasible based upon the Debtor's prepared projections, which reflect a conservative but optimistic prediction of the Debtor's operations during the term of the Plan. As evidenced by the projections, the Debtor is projecting positive revenue each year of the Plan. On the Effective Date of the Plan, Sean Lawton shall be appointed pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan, and taking all actions deemed necessary or convenient to consummating the terms of the Plan. Mr. Lawton shall receive an annual salary in the amount of $120,000, subject to adjustment as the Debtor determines is reasonable and appropriate to meet cost of living adjustments. A full-text copy of the Amended Plan dated October 20, 2025 is available at https://urlcurt.com/u?l=iaie4G from PacerMonitor.com at no charge. About Collective Speakers LLC Collective Speakers, LLC is a full-service speakers bureau specializing in organizing impactful spoken word and lecture events. In addition to event organization, Collective Speakers offers coaching services. With over 27 years in the speaking industry, the bureau provides speech coaching sessions and speech writing services to help individuals enhance their speaking skills and craft compelling presentations. Collective Speakers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-10783) on Feb. 14, 2025. In its petition, the Debtor reported total assets of $25,000 and total liabilities of $1,956,440. Judge Kimberley H. Tyson handles the case. The Debtor is represented by: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 Email: klr@kutnerlaw.com CONCORDE METRO: Unsecureds Will Get 100% of Claims over 24 Months ----------------------------------------------------------------- Concorde Metro Seguros LLC filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement describing Plan of Reorganization dated October 20, 2025. The Debtor is a limited liability company organized under the laws of the Commonwealth of Puerto Rico. Concorde is engaged in the business of owning, managing, and leasing commercial real estate properties. The Debtor is the owner of several commercial office condominium units located within the Metro Medical Center Building (the "Building") in Bayamon, Puerto Rico. As of the Petition Date, the Debtor owned approximately twenty-five percent of the Building's rentable spaces, consisting of approximately 30,514 square feet of commercial office and retail space. Specifically, the Debtor owns the following units: Building A (Units A-101, A-102, A-701, A-702); Building B (Units B-501, B 502, B-503, B-504, B-505, B-506, B-601, B-602, B-603, B-604, B605, B-606); and FV Units (FV-1, FV-2, FV-3, FV-4) (hereinafter the "Property"). The Debtor purchased approximately thirty percent of the Building on or around 2015. Prior to the financial challenges that precipitated this bankruptcy filing, the Debtor operated a successful commercial real estate leasing business with multiple tenants occupying the Property. Since filing for Chapter 11 protection on March 24, 2025, the Debtor's financial condition and operating performance have been documented in detail through monthly operating reports filed with the Court. The reports demonstrate that the Debtor has maintained operations while managing its post-petition expenses and obligations in the ordinary course of business. Class 3 consists of allowed general unsecured claims of $5,000 or less. Total allowed claims: $39,536.99. Class 3 claimants shall receive 100% recovery. trough 24 equal consecutive monthly payments commencing on the Effective Date of the Plan. Debtor may accelerate the payments to claimants in this Class from the proceeds from the sales of Debtor's real estate units. Class 4 consists of all allowed general unsecured claims not included in Class 3, primarily comprised of the Asociacion de Condomines Metro Medical Center (HOA). Expected allowed claims: $185,095.44 (subject to objection and resolution of Adversary Proceeding No. 25-00016). Class 4 claimants shall receive 100% of their claims through 24 equal consecutive monthly payments commencing on the Effective Date of the Plan. Debtor may accelerate the payments to claimants in this Class from the proceeds from the sales of Debtor's real estate units. Class 5 Equity holders (Joseph C. LeBas, Jr. and William LeBas) shall retain their ownership interests in Concorde Metro Seguros LLC. No distributions shall be made to equity interest holders unless and until all allowed claims in Classes 1 through 4 have been paid in full. If surplus funds or assets remain after full payment of all creditor claims, equity holders shall be entitled to receive such surplus. Equity holders subordinate their interests to all creditor claims. The Plan will be funded through a combination of ongoing rental income from existing leases and proceeds from the sale of the Debtor's properties. The Debtor's primary source of revenue is the lease with the United States General Services Administration for the Social Security Administration Office, which generates stable rental income through March 5, 2027 from approximately 8,427 square feet of leased space. Additional rental income is derived from MMM Healthcare, LLC. The Debtor will continue to operate its real estate business in the ordinary course while implementing the Plan. The Debtor has retained Christiansen Commercial as its exclusive real estate broker to maximize the value of its assets through strategic marketing primarily focused on sales opportunities. Approximately 20,522 square feet (67%) of the Debtor's property remains vacant. The broker is actively marketing the properties to identify qualified buyers and maximize sale proceeds for the benefit of the estate and its creditors. The Debtor's reorganization strategy is predominantly focused on the sale of its real estate assets to maximize creditors’ recoveries. Debtor owns approximately 30,514 square feet of commercial office and retail space in the Building, consisting of Building A units (A-101, A-102, A-701, A702), Building B units (B 501 through B-606), and FV units (FV-1 through FV-4). The retention of Christiansen Commercial provides the Debtor with professional real estate expertise to market the properties, identify qualified buyers, and negotiate favorable terms to maximize value for the estate. A full-text copy of the Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=zOTGds from PacerMonitor.com at no charge. Concorde Metro Seguros LLC is represented by: Javier Vilarino Vilariño & Associates LLC PO Box 9022515 San Juan, PR 00902-2515 Tel: (787) 565-9894 E-mail: jvilarino@vilarinolaw.com About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. CORE AI HOLDINGS: Targets $300M Annual Revenue in 36 Months ----------------------------------------------------------- Core AI Holdings, Inc. provided an operating performance update for the first half of 2025, reflecting sustained momentum across its global mobile portfolio and continued strength in key markets. The Company also announced its goal to achieve $300 million in full year annual revenue within 36 months based on successful execution of its growth strategy. Key Performance Indicators: As of June 30, 2025, the Company has surpassed 820 million cumulative downloads supported by an average of 18.4 million monthly active users (MAU) and a total of 2,281 mobile applications released to date. "Key operating metrics through the first half of 2025 reaffirm the quality of our portfolio and our ability to scale content globally while deepening user engagement across diverse genres," said Aitan Zacharin, CEO of Core AI Holdings, Inc. "Well performing game titles and expanding international reach underscore the scalability and resilience of our business. As we look ahead, we remain focused on leveraging AI-driven insights to enhance creativity and accelerate lifetime value across our portfolio. Continued growth will be fueled by AI-powered content development, expanded live service operations and strategic partnerships designed to accelerate user acquisition and further monetize our portfolio in key global markets." Revenue: * Core Gaming: $28.9 million * Siyata Mobile: $4.5 million * Consolidated: $33.4 million Net loss: * Core Gaming: $(0.8) million * Siyata Mobile: $(7.6) million * Consolidated: $(8.6) million Strong Global Monetization and Market Diversity: Core Gaming's global revenue distribution continues to reflect the Company's ability to monetize effectively across leading international markets. The United States remains the single largest contributor to overall revenue, underscoring strong performance in one of the world's most competitive mobile ecosystems. Additional contributions from major regions including Latin America, Europe and the rest of North America further demonstrate a well-balanced and geographically diverse revenue base. Importantly, this global performance validates the Company's strategy of combining localized content appeal with scalable monetization systems, user acquisition and live-ops optimization. "As demand for accessible, high-quality mobile experiences continues to rise, we are well-positioned to drive innovation and sustainable growth," added Zacharin. "Our flagship AI products are continuously being upgraded with planned expansion, and several new AI technologies are in development. Our next focus as a holding company is to identify growth opportunities through joint venture partnerships, mergers and acquisitions. We have an active pipeline of these opportunities including next generation cloud and high performance computing infrastructures, transformative AI technologies and applications and innovative real world blockchain applications. We see these opportunities as being part of our accretive expansion strategy and opening new revenue channels. By driving these initiatives forward, we aim to achieve $300 million in annual revenue within the next 36 months." The Company plans to host a quarterly earnings call for investors when it reports its third quarter 2025 results. Additional details regarding the timing and access to the call will be provided in advance on the Company's website. About Core AI Holdings Core AI Holdings, Inc. (f/k/a Siyata Mobile Inc.) -- http://www.coregaming.co/-- is an international AI driven mobile games developer and publisher headquartered in Miami. It creates entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Core AI's mission is to harness the power of artificial intelligence to build transformative and scalable offerings across multiple verticals. Since launch, the Company have developed and co-developed over 2,200 games, driven over 800 million downloads, and generated a global footprint of over 40 million users from over 140 countries. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, citing that the Company has suffered recurring losses from operations, has accumulated significant losses, has an outstanding loan to financial institutions, and has an outstanding balance related to the sale of future receipts, which raise substantial doubt about its ability to continue as a going concern. DG INVESTMENT 2: $200MM Loan Add-on No Impact on Moody's B2 Rating ------------------------------------------------------------------ Moody's Ratings said the B2 rating of DG Investment Intermediate Holdings 2, Inc.'s (dba Convergint) backed senior secured first-lien bank credit facilities are unaffected by its planned $200 million add-on to the existing $2.15 billion backed senior secured first-lien term loan due 2032. The Caa2 rating of DG Investment Intermediate Holdings 2, Inc.'s backed senior secured second-lien term loan due 2033 also remains unchanged. The B3 corporate family rating and B3-PD probability of default rating of Convergint Technologies Group Holdings LLC (Convergint, the parent company of DG Investment Intermediate Holdings 2, Inc.), also remain unchanged. The stable outlook remains unchanged. Proceeds from the add-on will be used for M&A purposes, and to pay down the outstanding balance of its revolving credit facility. The transaction will increase Convergint's debt leverage to around 8.7x from 8.3x, pro forma for the twelve months ended June 30, 2025, a credit negative. However, despite the increased debt burden, the revolver paydown will support the company's liquidity profile. All financial metrics cited reflect Moody's standard adjustments. Convergint's CFR is principally constrained by high financial leverage, with roughly 8.7x debt/EBITDA as of June 30, 2025 pro forma for the proposed $200 million term loan add-on. Convergint's credit profile is also negatively impacted by modest profitability and corporate governance risks related to the company's concentrated equity ownership. While Moody's expects EBITDA growth to principally drive a contraction in debt/EBITDA towards 8x by the end of 2026, the company's acquisitive growth strategy creates potential for additional debt-funded acquisitions that may constrain efforts to reduce financial leverage, similar to the proposed add-on. The company's credit profile is also pressured by concerns relating to macroeconomic cyclicality and potential periodic supply constraints which could negatively impact Convergint's ability to capitalize on the company's healthy secular growth prospects in the commercial security systems services market. These risk factors are somewhat mitigated by Convergint's large, global operating scale and a highly re-occurring revenue stream with little customer or end market concentration, as well as Moody's expectations for sustained demand and strong growth in commercial security installation services. Moody's expects the low capital intensity of Convergint's business model and the benefits of existing interest rate hedges (over 50% of the pro forma backed senior secured first-lien term loan is hedged through July 2027) to support positive, albeit modest, free cash flow over the next 12-15 months. Convergint is a service-based organization that designs, installs, and maintains building systems, with a focus in the areas of security systems with ancillary services in fire alarm/notification and life safety. The corporate entity is owned by Ares Management Corporation (Ares), Leonard Green & Partners, L.P. (LGP), and funds managed by Harvest Partners, LP (Harvest). Pro forma for recently completed and pending acquisitions, Moody's expects the company to generate revenues approximating $3.1 billion in 2025. ECO-PRESERVATION: Automatic Stay Continued on Limited Basis ----------------------------------------------------------- Judge D. Sims Crawford of the United States Bankruptcy Court for the Northern District of Alabama continued the stay of 11 U.S.C. Sec. 362(a) as to the Judgment Creditors in the bankruptcy case of ECO-Preservation Services, L.L.C. on a limited basis. Pending before the Court is the Judgment Creditors' Motion to Annul the Automatic Stay or Alternatively for Relief from the Automatic Stay under submission. In response to this Court's Order of August 28, 2025, which has been appealed to the United States District Court for the Northern District of Alabama, the Judgment Creditors filed this Motion for Relief to permit them to pursue certain claims against the Sewer System Defendants in the adversary proceeding pending before this Court (Case No. 25-00019-DSC). Based on the filing of the Motion for Relief by the Judgment Creditors, there is the argument that the stay of 11 U.S.C. Sec. 362(a) may terminate while Motion for Relief is under submission. In accordance with Sec. 362(e)(1), to maintain the status quo in the interest of justice, and without interfering with the pending appeal, the Court orders on a limited basis the stay continued in effect as to the Judgment Creditors while the Motion for Relief is under submission and pending a ruling or a determination under Sec. 362(d). Further, and for the limited purpose of extending the stay under Sec. 362(e)(1), the Court finds that there is a reasonable likelihood that the Respondents may prevail in opposing stay relief. A copy of the Court's Order dated October 22, 2025, is available at https://urlcurt.com/u?l=RlUMbc from PacerMonitor.com. About ECO-Preservation Services, LLC ECO-Preservation Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-02429) on Oct. 5, 2022, listing up to $10 million in both assets and liabilities. Judge D. Sims Crawford oversees the case. The Law Offices of Harry P. Long, LLC serves as the Debtor's counsel. Brian Walding is appointed as trustee in this Chapter 11 case. He tapped Walding, LLC as counsel and Barry Strickland & Company, Certified Public Accountants as accountant. ENDRA LIFE: Raises $4.9M in PIPE, Invests $3M in HYPE Tokens ------------------------------------------------------------ ENDRA Life Sciences Inc. announced that it has successfully closed its previously announced Private Investment in Public Equity financing led by institutional and cryptocurrency investors. The PIPE resulted in gross proceeds of approximately $4.9 million, before deducting placement agent fees and other offering expenses, with the potential for up to an additional $9.5 million in gross proceeds in the future from warrant exercises. Simultaneously, ENDRA unveiled the first deployment of its digital asset treasury strategy with the purchase of 78,863.1 HYPE tokens, valued at approximately $3 million as of October 21, 2025. HYPE is a leading token in the decentralized perpetual futures ecosystem and represents one of Arca Investment Management's highest conviction holdings in the DeFi space. "This marks a foundational step in our long-term digital asset treasury strategy," said Alexander Tokman, CEO of ENDRA Life Sciences. "By aligning with Arca's most strategic positions in DeFi, we are not just preserving capital – we are actively putting it to work in some of the most innovative and yield-generating digital asset ecosystems in the world." ENDRA's DAT strategy is built to do more than simply hold crypto. It combines long-term digital asset exposure with active yield-enhancement techniques, including options overlays, staking, and DeFi participation – all guided by robust trade-level and portfolio-level risk controls. The goal is to grow tokens-per-share, generate flexible income for reinvestment, and create optionality to pursue crypto-related M&A and future capital strategies, all while enhancing shareholder value. "We're constructing a disciplined digital asset portfolio designed to compound capital and expand our strategic footprint," added Tokman. Lucid Capital Markets acted as the sole placement agent for the offering. About ENDRA Life Sciences Headquartered in Ann Arbor, MI, ENDRA Life Sciences Inc. -- http://www.endrainc.com/-- is the pioneer of Thermo-Acoustic Enhanced UltraSound (TAEUS), a ground-breaking technology being developed to assess tissue fat content and monitor tissue ablation during minimally invasive procedures, at the point of patient care. TAEUS is focused on the measurement of fat in the liver as a means to assess and monitor steatotic liver disease and metabolic dysfunction-associated steatohepatitis, chronic liver conditions that affect over two billion people globally, and for which there are no practical diagnostic tools. The report of the Company's independent accounting firm, RBSM LLP contained a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit, which raise substantial doubt about Company's ability to continue as a going concern. As of June 30, 2025, ENDRA Life Sciences had $2.81 million in total assets, $1.33 million in total liabilities, and $1.47 million in total stockholders' equity. ENTECCO FILTER: Court Extends Cash Collateral Access Thru Dec. 12 ----------------------------------------------------------------- Entecco Filter Technology, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division, to use the cash collateral of PNC Bank, National Association. The court's 12th interim order authorized the Debtor to use cash collateral through the earlier of: (i) December 12, 2025; (ii) the entry of an Order terminating or otherwise modifying Debtor's permitted use of cash collateral; or (iii) the entry of a final order authorizing Debtor's continued use of cash collateral over the course of its reorganization efforts. Debtor's cash collateral assets include its bank account and accounts receivable. The approximate value of each was, as of the petition date, as follows: (a) $348,564 in its bank account; and (b) $376,818 of accounts receivable with due dates less than 90 days. Debtor owes approximately $125,000 to PNC pursuant to a revolving line of credit note dated July 20, 2023. Debtor is authorized to use cash collateral for the purpose of paying the PNC debt as set forth in the budget, as additional adequate protection for PNC's interest in cash collateral, to complete existing projects and works-in-process, and as otherwise outlined in the budget. As protection for PNC's interest in the cash collateral, the court granted the bank a lien on the company's post-petition assets to the same extent as its pre-bankruptcy lien. The next hearing is scheduled for December 10. A copy of the Court's Order is available at https://urlcurt.com/u?l=s3yVQl from PacerMonitor.com. About Entecco Filter Technology Entecco Filter Technology, Inc., is a Delaware-based environmental technology company, specializing in air purification systems and filter products used in various industries. Entecco filed Chapter 11 petition (Bankr. M.D.N.C. Case No. 24-50707) on September 19, 2024, listing between $1 million and $10 million in both assets and liabilities. James David Edgerton, president and chief executive officer, signed the petition. Judge Lena M. James oversees the case. The Debtor is represented by James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC. Secured creditor PNC Bank, N.A. is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein, LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 E-mail: briandarer@parkerpoe.com ENVERIC BIOSCIENCES: Fails to Meet Nasdaq's Minimum Bid Price Rule ------------------------------------------------------------------ Enveric Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received written notice from the Listing Qualifications Department of Nasdaq notifying the Company that, because the closing price for the Company's Common Stock had fallen below $1.00 per share for 30 consecutive trading days prior to October 22, 2025, the Company was no longer in compliance with the requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). Further, the Notice stated that, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company was not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A) due to the fact that the Company has effected a reverse stock split over the prior one-year period. The Notice stated that unless the Company timely requests a hearing before a Hearings Panel, the Company's securities would be subject to suspension/delisting. Accordingly, the Company intends to timely request a hearing with the Panel, and at which point, such timely request will automatically stay any further suspension or delisting action by Nasdaq at least pending the ultimate conclusion of the hearing process. There can be no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able to regain compliance and thereafter maintain its listing on Nasdaq. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred 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. Enveric Biosciences had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. ENVERIC BIOSCIENCES: Meets Nasdaq Equity Rule via Warrant Exercise ------------------------------------------------------------------ As previously disclosed on a Report on Form 8-K filed with the Securities and Exchange Commission on August 29, 2025, Enveric Biosciences, Inc. received a notice from The Nasdaq Stock Market indicating that it no longer met the continued listing requirements. Specifically, the Company's stockholders' equity was below the minimum required stockholders' equity of $2.5 million as stipulated by Nasdaq Listing Rule 5550(b)(1). As noted in the Original 8-K, the Company had until October 10, 2025 to provide Nasdaq with a specific plan to achieve and sustain compliance. The Company submitted its plan to regain compliance on October 10, 2025. The Company filed a Current Report on Form 8-K to provide an update to its compliance with continued listing requirements as set forth in Rule 5550(b)(1). On September 17, 2025, the Company entered into warrant exercise inducement offer letters with certain institutional investors that held certain outstanding: (a) Series A Common Stock Purchase Warrants to purchase up to an aggregate of 1,224,999 shares of the Company's common stock, par value $0.01 per share, and (b) Series B Common Stock Purchase Warrants to purchase up to an aggregate of 1,199,999 shares of Common Stock, both originally issued to the Holders on February 3, 2025, at an exercise price of $3.00 per share. Pursuant to the Inducement Letters, the Holders agreed to exercise for cash their Existing Warrants at a reduced exercise price of $0.915 per share in consideration for the Company's agreement to issue in a private placement: (x) the Series C Common Stock Warrants to purchase up to 2,449,998 shares of Common Stock and (y) the Series D Common Stock Warrants to purchase up to 2,399,998 shares of Common Stock. The Series C Common Stock Warrants and Series D Common Stock Warrants will only become exercisable if and when the Company obtains stockholder approval in accordance with Nasdaq Listing Rule 5635(d). The Series C Common Stock Warrants expire on the five (5)-year anniversary of receiving stockholder approval. The Series D Common Stock Warrants expire on the 18-month anniversary of receiving stockholder approval. The closing of the transactions contemplated pursuant to the Inducement Letters occurred on September 18, 2025. The Company received aggregate gross proceeds of approximately $2.2 million from the exercise of the Existing Warrants by the Holders, before deducting placement agent fees and other offering expenses payable by the Company. In that regard, because of the Warrant Inducement, as of October 23, 2025, the Company believes its stockholders' equity exceeds $2.5 million as required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1). Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, it may be subject to delisting. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred 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. Enveric Biosciences had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. ENVERIC BIOSCIENCES: To Effect 1-for-12 Reverse Split ----------------------------------------------------- Enveric Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 23, 2025, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to effect a 1-for-12 reverse stock split of the shares of the Company's Common Stock, either issued and outstanding or held by the Company as treasury stock. At the Company's annual meeting of stockholders on May 29, 2025, the Company's stockholders conditionally approved an amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company's Common Stock at a ratio in the range of 1-for-5 to 1-for-50, upon the Company receiving a delisting determination from the Nasdaq Capital Market for failure to maintain the required minimum bid price under Rule 5550(a)(2), with such ratio to be determined by the Company's board of directors and included in a public announcement. On October 22, 2025, the Company received a delisting determination from Nasdaq. The Board determined to effect the Reverse Stock Split at a ratio of 1-for-12 and approved the corresponding final form of the Certificate of Amendment. As a result of the Reverse Stock Split, every 12 shares of issued and outstanding Common Stock will be automatically combined into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares will be issued as a result of the Reverse Stock Split. Any fractional shares that would otherwise have resulted from the Reverse Stock Split will be rounded up to the next whole number. The Reverse Stock Split will reduce the number of shares of Common Stock outstanding from 6,219,568 shares to approximately 518,297 shares, subject to adjustment for the rounding up of fractional shares. The number of authorized shares of Common Stock under the Certificate of Incorporation will remain unchanged at 100,000,000 shares. Proportionate adjustments will be made to the per share exercise price and the number of shares of Common Stock that may be purchased upon exercise of outstanding stock options granted by the Company, and the number of shares of Common Stock reserved for future issuance under the Company's 2020 Long-Term Incentive Plan, as amended. The trading symbol for the Common Stock will remain "ENVB." The new CUSIP number for the Common Stock following the Reverse Stock Split is 29405E505. For more information about the Reverse Stock Split, see the Company's definitive proxy statement filed with the U.S. Securities and Exchange Commission on April 15, 2025, the relevant portions of which are incorporated herein by reference. The information set forth herein is qualified in its entirety by reference to the complete text of the Certificate of Amendment, a copy of which is available at https://tinyurl.com/4zytaumz About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred 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. Enveric Biosciences had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. FINGERMOTION INC: Inks $50M ATM Offering With R.F. Lafferty & Co. ----------------------------------------------------------------- FingerMotion, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Sales Agreement with R.F. Lafferty & Co., Inc., as sales agent, under which the Company may from time to time, sell shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $50,000,000 through the Sales Agent. Upon delivery of a "Placement Notice" under and subject to the terms and conditions of the Sales Agreement, the Sales Agent may sell the Placement Shares by any method permitted by law deemed to be an "at the market" offering as defined in Rule 415 promulgated under the United States Securities Act of 1933, as amended, including without limitation sales made directly on the Nasdaq Capital Market, on any other existing trading market for the Company's shares of common stock or to or through a market maker. Subject to the terms of a Placement Notice, the Sales Agent may also sell the Placement Shares by any other method permitted by law, including but not limited to in negotiated transactions with the Company's prior written consent. The Company acknowledges and agrees that: (i) there can be no assurance that the Sales Agent will be successful in selling the Placement Shares, (ii) the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell the Placement Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares as required under the Sales Agreement, and (iii) the Sales Agent shall be under no obligation to purchase the Placement Shares on a principal basis pursuant to the Sales Agreement, except as otherwise agreed by the Sales Agent and the Company in writing and expressly set forth in a Placement Notice. The Company is not obligated to, and the Company cannot provide any assurances that it will, make any sales of the Placement Shares under the Sales Agreement. The Sales Agreement may be terminated by the either party by giving the other party 10 days' notice in its sole discretion at any time after the date of the Sales Agreement. The Company will pay the Sales Agent a commission of 2.5% of the gross sales price of the Placement Shares sold and has agreed to provide the Sales Agent with customary indemnification and contribution rights. The Company has also agreed to reimburse the Sales Agent for its reasonable and documented out-of-pocket costs and expenses (including but not limited to the reasonable fees and documented out-of-pocket costs and expenses of counsel to the Sales Agent) in an amount not to exceed $40,000. The Sales Agent may be reached at through: Robert Hackel – Chief Operating Officer R.F. Lafferty & Co., Inc. 40 Wall Street, 29th Floor New York, N.Y. 10005 The description of the Sales Agreement does not purport to be complete and is subject to, and qualified in its entirety by the copy of such document available at https://tinyurl.com/2zbeb23h The opinion of the Company's counsel regarding the validity of the Placement Shares that will be issued pursuant to the Sales Agreement is available at https://tinyurl.com/2znbfdcb The Placement Shares will be issued pursuant to: (i) the Company's Registration Statement on Form S-3 (File No. 333-274456), previously filed, which was declared effective by the Securities and Exchange Commission on September 29, 2023; (ii) the base prospectus filed as part of the Registration Statement, and (iii) the prospectus supplement dated October 23, 2025, filed by the Company with the SEC. This Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Placement Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Investors are referred to the Prospectus for a full discussion of the risks related to the Company's business and the ATM Offering. About FingerMotion Inc. FingerMotion Inc. is an evolving technology Company with a core competency in mobile payment and recharge platform solutions in China. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025 citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of August 31, 2025, the Company had $51.9 million in total assets, $36.82 million in total liabilities, and a total stockholders' equity of $15.08 million. FIREFLY NEUROSCIENCE: Windsor and Affiliates Report 9.7% Stake -------------------------------------------------------------- Windsor Private Capital LP, WPC Management Services Inc., WPC GP I Inc., Jordan Kupinsky, HJRK Holdings Inc., Rocco Marcello, and John Cundari, disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of October 21, 2025, they beneficially own 1,305,533 shares of Firefly Neuroscience, Inc.'s Common Stock, $0.0001 par value per share, representing 9.7% of the 13,448,848 shares of Common Stock outstanding as of September 4, 2025. This includes 1,236,773 shares held by Windsor Private Capital LP, over which WPC Management Services Inc., WPC GP I Inc., Rocco Marcello, and John Cundari have shared voting and dispositive power, and 68,760 shares held by HJRK Holdings Inc., over which Jordan Kupinsky has shared voting and dispositive power. Windsor Private Capital LP Inc may be reached through: Jordan Kupinsky, Managing Partner 22 St. Clair Avenue East, Suite 202 Toronto, A6, M4T 2S3 Tel: (416) 515-2318 A full-text copy of the SEC report is available at: https://tinyurl.com/2x8yav6w About Firefly Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $14.93 million in total assets, $2.84 million in total liabilities, and a total stockholders' equity of $12.1 million. FLEMING INTERNATIONAL: Chapter 15 Case Summary ---------------------------------------------- Chapter 15 Debtor: Fleming International Reinsurance Ltd. Clarendon House 2 Church Street Hamilton Pembroke HM 11 Bermuda Business Description: Fleming International Reinsurance Ltd., formerly known as JRG Reinsurance Company, Ltd., is an exempted company incorporated in Bermuda that provides reinsurance services to insurers. It operates as a Class 3B insurer under the Bermuda Insurance Act of 1978, assuming reinsurance from around 50 ceding insurance companies. The Company is a wholly owned subsidiary of Jaguar Holdings LLC, which in turn is owned by Cayman Islands–registered Fleming Intermediate Holdings LLC. Chapter 15 Petition Date: October 26, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12353 Judge: Hon. John P Mastando III Foreign Representatives: Simon Appell Alix Partners UK LLP 6 New Street Square London, EC4A 3BF United Kingdom Daniel Imison Alix Partners UK LLP 6 New Street Square London, EC4A 3BF United Kingdom Mathew Clingerman Kroll Bermuda Limited 58 Par-La-Ville Road Hamilton, HM11 Bermuda Foreign Proceeding: Supreme Court of Bermuda Companies (Winding up) Commercial Court 2025: No. 270 Foreign Representatives' Counsel: Robert D. Drain, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP One Manhattan West New York NY 10001 Tel: (212) 735-3000 Fax: (212) 735-2000 Email: robert.drain@skadden.com AND Justin M. Winerman, Esq. 320 S. Canal Street Chicago, Illinois 60606-5707 Tel: (312) 407-0700 Fax: (312) 407-0411 AND Peter Newman, Esq. Nicole Stephansen, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM (UK) LLP 22 Bishopsgate London EC2N 4BQ Tel: +44 20 7519 7000 Fax: +44 20 7519 7070 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/Q3DZWQY/Fleming_International_Reinsurance__nysbke-25-12353__0001.0.pdf?mcid=tGE4TAMA FOSSIL GROUP: Exchange Offer Misses 90% Tender, Extended to Nov. 10 ------------------------------------------------------------------- Fossil Group, Inc. announced on October 23, 2025, that, in connection with its previously announced offer to exchange and consent solicitation with respect to its 7.00% Senior Notes due 2026: (i) the Company had received the requisite consents to adopt the UK Proceeding Amendments and (ii) Fossil (UK) Global Services Ltd will proceed with utilizing an English law restructuring plan pursuant to Part 26A of the Companies Act 2006 (as amended) proposed by the Plan Company to implement a restructuring of the Old Notes on substantially the same terms, all as described in the Prospectus (as defined herein), including the section entitled "The UK Proceeding" in the Prospectus. As a result, the Company, the Plan Company (as guarantor) and the trustee under the indenture governing the Old Notes have executed a supplemental indenture to the Old Notes Indenture changing, among other things, the governing law of the Old Notes and the Old Notes Indenture to the laws of England and Wales. In addition, the Company announced on the same day that it received 82.67% of valid tenders but did not receive the required minimum of at least 90% of valid tenders (without valid withdrawal) (or delivery for exchange) in aggregate principal amount of Old Notes by 5:00pm New York time on October 22, 2025. Accordingly, the Minimum Tender Condition was not satisfied at the Exchange Offer Expiration Time, and the Company has extended the expiration of the Exchange Offer, Consent Solicitation and its rights offering from the Exchange Offer Expiration Time to 5:00pm New York City time on November 10, 2025, which is now in effect in accordance with terms of the Prospectus. All other terms, provisions and conditions of the Exchange Offer, Consent Solicitation and Rights Offering will remain in full force and effect, and capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus included in the Registration Statements. The Company reserves the right to terminate, withdraw, amend or further extend the Exchange Offer, the Consent Solicitation and the Rights Offering independently of each other at any time and from time to time. As of the Exchange Offer Expiration Time, according to Epiq Corporate Restructuring, LLC, the Information, Exchange and Subscription Agent for the Exchange Offer, Consent Solicitation and Rights Offering, the principal amount of Old Notes had been validly tendered and not validly withdrawn (and consents thereby deemed validly given and not validly revoked) in the Exchange Offer, Consent Solicitation and Supporting Holders Exchange. New Money Participants: * Option: 7.00% Senior Notes due 2026 * CUSIP No.: 34988 V304 * Principal Amount Tendered: $118,017,000 * Percentage of $150,000,000 * Aggregate Outstanding Principal Amount Tendered: 78.68% Non-New Money Participants: * Option: 7.00% Senior Notes due 2026 * CUSIP No.: 34988 V304 * Principal Amount Tendered: $5,993,125 * Percentage of $150,000,000 * Aggregate Outstanding Principal Amount Tendered: 4.00% Total: * Option: 7.00% Senior Notes due 2026 * CUSIP No.: 34988 V304 * Principal Amount Tendered: $124,010,125 * Percentage of $150,000,000 * Aggregate Outstanding Principal Amount Tendered: 82.67% The Company has filed a registration statement (including a prospectus) on Form S-3, as amended and supplemented (File No. 333-290139) and a registration statement (including a prospectus) on Form S-4, as amended and supplemented (File No. 333-290141) in connection with the Exchange Offer, Consent Solicitation and Rights Offering with the U.S. Securities and Exchange Commission. Before you invest, you should read the prospectus dated September 25, 2025 in the Registration Statements, as supplemented by a prospectus supplement dated October 16, 2025 and any further prospectus supplement thereto, and other documents the Company has filed with the SEC for more complete information about the Company and the offerings. You may get these documents for free by visiting EDGAR on the SEC website (www.sec.gov). Alternatively, Epiq Corporate Restructuring, LLC will arrange to send you the Prospectus if you request it by emailing registration@epiqglobal.com (with the subject line to include "Fossil") or via phone at (646) 362-6336. Any questions regarding the terms of the transactions contemplated by the Registration Statements may be directed to Cantor Fitzgerald & Co., as dealer manager, via email at Ian.Brostowski@cantor.com (with the subject line to include "Fossil") or phone at (212) 829-7145; Attention: Tom Pernetti and Ian Brostowski. Investor Relations: Christine Greany The Blueshirt Group christine@blueshirtgroup.com Media Contact: Brunswick Group LLP Fossilgroup@brunswickgroup.com Fossil Group, Inc. -- https://www.fossilgroup.com/ -- is a global design, marketing, distribution and innovation company specializing in lifestyle accessories.[BN] FRAZETTA VENTURES: Landlord Liable for Fire-Related Damages ----------------------------------------------------------- Judge M. Ruthie Hagan of the United States Bankruptcy Court for the Western District of Tennessee ruled in favor of Frazetta Ventures, LLC in a liability dispute with Omni Property Management. Tom Farley d/b/a Wally Hatchets, a restaurant and catering business, entered into a Commercial Lease Agreement for commercial property known as 6439 Summer Ave in Memphis, Tenn., with Rohan Properties LLC as Owner or Landlord on March 20, 2023. Debtor later bought this business from Mr. Farley and assumed the Lease with Landlord. The premises include a meter box connected to the Memphis Light, Gas & Water utility grid that works to provide electrical service to the restaurant. On November 1, 2024, the meter box failed and ignited, causing a fire that resulted in damages and extended loss of power to the premises. The dispute before the Court concerns liability for the damages resulting from the fire and subsequent 18-day power outage at the restaurant. Debtor claims approximately $48,000 in damages resulting from the outage. This figure was calculated from losses in catering contracts that could not be fulfilled, average weekly income based on regular business operations, and historical revenue figures for the same period in the prior year. Of this total, Debtor's insurance company reimbursed $16,000, leaving a net loss of roughly $32,000 borne by Debtor. In response to Omni/Landlord's refusal to accept liability for the damages resulting from the fire, Debtor withheld post-petition rent payments for the months of December 2024 through April 2025. Prior to the fire, Debtor was current on payments under the Lease. The arrearage that accumulated is the subject of Omni's Motion seeking termination of the automatic stay. Debtor contends the rent arrearage should be reduced -- if not eliminated or exceeded -- by its claim for damages arising from the fire and resulting loss of business. At the hearing, the central dispute between the parties focused on whether responsibility for the meter box rested with Omni/Landlord or Debtor. Omni argued that the meter box fell within Debtor's responsibility under the Lease as part of the electrical "Major System." Omni also argued that, as such, the exculpatory clause barred Debtor from recovery. Debtor contended that because the meter box was outside the actual building, it was not part of the Premises and the Lease did not cover it; therefore, it is Omni's responsibility. The remaining dispute before the Court is whether Debtor has a valid claim for damages arising from the fire against Omni/Landlord under Tennessee law, and, if so, in what amount. The threshold question is whether the Lease's exculpatory clause controls the parties' rights and obligations or whether the common-law rule stated in Maxwell v. Davco Corp. of Tennessee, 776 S.W.2d 528 (Tenn. Ct. App. 1989) supplies the governing standard. The Court declines to find that the exculpatory provision applies to latent defects that pre-existed the inception of the Lease. According to Judge Hagan, "Because the Lease is silent on pre-existing latent defects, it cannot be construed to relieve Landlord of this common-law duty, and any broader reading of the exculpatory clause would be unenforceable as contrary to public policy. As a result, this factor weighs in favor of Debtor." Under Tennessee law, a landlord may be held liable for negligence when: (1) a dangerous condition exists at the inception of the lease; (2) the landlord knew or should have known of the condition; and (3) the tenant neither knew nor reasonably could have discovered it. The Court finds the defect existed at the inception of the lease, Landlord knew or should have known of it under any reasonable view of the record, and Debtor neither knew nor reasonably could have discovered it. Accordingly, the Maxwell elements are satisfied, and the Landlord may be held liable for damages caused by its negligence in breaching the common-law duty to disclose or remedy pre-existing latent defects. The Court finds that Debtor has sufficiently proved its damages with reasonable certainty through contemporaneous and historical records. Further, the Court finds that Debtor had no meaningful opportunity to mitigate its losses given the 18-day utility outage. However, as Debtor withheld rent for the months of December 2024 through April 2025, Debtor's recovery is offset by the arrearage amount of $12,500 (five months of rent). Accordingly, Debtor is awarded compensatory damages in the amount of $21,000. The Court finds that Debtor holds a valid claim for fire-related damages against Landlord under Tennessee law and therefore rules in favor of Debtor, awarding Debtor compensatory damages to be paid by Landlord in the amount of $21,000 with post judgment interest as provided in 28 U.S.C. Sec. 1961 until paid in full, plus attorney fees and expenses to be determined at a later date. A copy of the Court's Memorandum Opinion and Order dated October 22, 2025, is available at https://urlcurt.com/u?l=GKxCG3 from PacerMonitor.com. About Frazetta Ventures Frazetta Ventures, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-23946) on August 15, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge M. Ruthie Hagan presides over the case. Toni Campbell Parker, Esq., at the Law Office of Toni Campbell Parker represents the Debtor as bankruptcy counsel. GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Nov. 15 ------------------------------------------------------------------- Generations on 1st, LLC and Parkside Place, LLC received another extension from the U.S. Bankruptcy Court for the District of North Dakota to use the cash collateral of secured creditor Red River State Bank. The court order approved the Debtors' seventh stipulation with Red River State Bank, allowing them to use the secured creditor's cash collateral for the period from October 20 to November 15, consistent with their budget. Red River State Bank's cash collateral includes rents from the Debtors' mixed-use apartment buildings in South Dakota. The rents are currently being held by a court-appointed receiver. As of the petition date, the receiver is holding pre-bankruptcy rents in the sum of $110,948.58 for Parkside and $211,201.59 for Generations. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GRACE BAPTIST: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Grace Baptist Church St. Lucie Inc. d/b/a Grace Baptist Church St Lucie 1750 SE Lennard Road Port Saint Lucie, FL 34952 Business Description: Grace Baptist Church St. Lucie Inc., based on SE Lennard Road in Port Saint Lucie, Florida, delivers religious services and community-focused programs for a diverse, multi-generational congregation, including worship services, Bible studies, and children's activities, and functions within the U.S. religious institutions sector. Chapter 11 Petition Date: October 27, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22641 Debtor's Counsel: Tarek K Kiem, Esq. KIEM LAW PLLC 8461 Lake Worth Rd Ste 114 Lake Worth, FL 33467 Tel: (561) 600-0406 Email: tarek@kiemlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William F. Richardson III as president. 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/MG6VGOQ/Grace_Baptist_Church_St_Lucie__flsbke-25-22641__0001.0.pdf?mcid=tGE4TAMA HALL OF FAME: Raises CHCL Loan to $22M, Extends Merger to Oct. 31 ----------------------------------------------------------------- Hall of Fame Resort & Entertainment Co. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its subsidiaries, HOF Village Newco, LLC, HOF Village Retail I, LLC, and HOF Village Retail II, LLC, each a Delaware limited liability company, entered into a Twelfth Amendment to Note and Security Agreement, with CH Capital Lending, LLC, a Delaware limited liability company. The Twelfth Amendment is effective as of October 17, 2025. CHCL is an affiliate of Stuart Lichter, a director of the Company. The Twelfth Amendment modifies the definition of "Facility Amount" in Section 1 of the Note (as amended prior to the Twelfth Amendment) to increase the facility amount from $20,000,000 to $22,000,000 allowing the Borrowers to request an additional $2,000,000 for general corporate purposes, subject to certain restrictions. In addition, the Twelfth Amendment extended the definition of "Maturity Date" in Section 1 of the Note (as amended prior to the Twelfth Amendment) to mean the earliest to occur of: (i) October 31, 2025, (ii) the closing of the transactions contemplated by the Merger Agreement, (iii) October 24, 2025 if the Company has not delivered executed term sheets from the holders of its 8% Convertible Notes due 2025 providing for their agreement to exchange such notes for equity of HOFV Holdings, LLC in connection with the closing of the transactions contemplated by the Merger Agreement, and (iv) October 31, 2025 if the Company has not satisfied its obligations under Section 7.2(g) of the Merger Agreement to deliver executed consents and subscription documents for such exchange. In connection with the Twelfth Amendment, on October 22, 2025, the Company entered into a Membership Interests Pledge Agreement with Newco and CHCL, effective as of October 17, 2025, pursuant to which the Company and Newco granted to CHCL a security interest in, and pledged their membership interests in, certain of their subsidiaries. The foregoing description of the Twelfth Amendment and the Pledge Agreement does not purport to be complete and is qualified in its entirety by the full text of the Twelfth Amendment and the Pledge Agreement, available at https://tinyurl.com/36z2ze98 and https://tinyurl.com/4wtuz58p, respectively. Merger Agreement: As previously disclosed, on September 5, 2025, Hall of Fame Resort & Entertainment Co. received a Notice of Intent to Terminate Merger Agreement and Non-Extension of Note & Security Agreement from the Parent, Omaha Merger Sub, Inc. and certain of their affiliates. Pursuant to the Notice, the Buyer Parties and CHCL provided written notice of their intention to terminate that certain Agreement and Plan of Merger, dated May 7, 2025, by and among the Company, the Buyer Parties, and CH Capital Lending, LLC solely as guarantor under Section 8.1(e) on September 17, 2025, due to the Company's failure to perform its obligations thereunder. On September 16 and September 30, 2025, the Company received letters from the Buyer Parties and certain of their affiliates that extended such termination date to September 30, 2025 and October 17, 2025, respectively. On October 22, 2025, the Company received an additional letter, dated October 17, 2025, from the Buyer Parties and certain of their affiliates providing that in consideration of the agreements set forth in the Twelfth Amendment with CH Capital Lending, the termination date of October 17, 2025 had been extended to October 31, 2025, and further, Parent agreed to forbear from exercising its rights and remedies under the Merger Agreement, prior to such date, absent any earlier default by the Company of any of its obligations under and pursuant to the Merger Agreement other than the obligations arising under Section 7.2(g) of the Merger Agreement with respect to receipt of third party consents to the transaction from the holders of the Company's 8% Convertible Notes due 2025. If the Company is unable to obtain the consent of the holders of the Company's 8% Convertible Notes due 2025 to resolve the asserted default under the Merger Agreement, the foregoing would be expected to have a material adverse effect on the Company's liquidity and financial condition and may render the Company insolvent and unable to sustain its operations and continue as a going concern. No assurance can be provided that the Company will be able to refinance, restructure or repay its indebtedness or to continue as a going concern. The foregoing information is a summary of the material terms of the Letter described above, is not complete, and is qualified in its entirety by reference to the full text of the Letter, a copy of which is available at https://tinyurl.com/2wtz6pxk About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HELIX ENERGY: Reports $22.08 Million Net Income in Fiscal Q3 ------------------------------------------------------------ Helix Energy Solutions Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $22.08 million for the three months ended September 30, 2025, compared to a net income of $29.51 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net income of $22.56 million, compared to a net income of $35.52 million for the same period in 2024. The Company recorded a net revenue of $376.96 million for the three months ended September 30, 2025, compared to $342.42 million for the same period in 2024. Total revenue for the nine months ended September 30, 2025, was $957.31 million, compared to $1 billion for the same period in 2024. As of September 30, 2025, the Company had $2.63 billion in total assets, $1.06 billion in total liabilities, and $1.57 billion in total shareholders' equity. Owen Kratz, President and Chief Executive Officer of Helix, stated, "Helix generated strong third quarter 2025 results with EBITDA of $104 million. Our third quarter results provide insight into the earnings potential in our business, where we were able to generate our highest quarterly EBITDA since 2014 despite the Seawell being stacked and incurring almost two months of docking and idle time on the Q4000 amidst a sluggish offshore backdrop. We have increased our full year 2025 Adjusted EBITDA guidance to $240 to $270 million, and while our guidance is still below what we had expected coming into this year, we estimate our full year Free Cash Flow generation to be between $100 and $140 million, the wide range reflecting among other things, the timing of collections on our receivables at year-end. Operational highlights during the quarter include our Robotics segment continuing to perform at a high level, benefitting from strong trenching and renewables operations in the North Sea and Asia Pacific. During the quarter we had all six of our trenchers as well as all three of our IROV boulder grabs deployed. Our Shallow Water segment showed meaningful upticks in activity following a late start to the season this year. On the commercial front, as previously announced, we signed a four-year Robotics contract for trenching operations in the North Sea, and we signed a Well Intervention contract in the Gulf of America for a minimum of 150 days over a three-year period. We believe our third quarter also reinforces the confidence our customers have in our services as well as our resiliency and dedication to delivering results even in a challenging market environment." A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/yx3sx7fr About Helix Energy Headquartered in Houston, Texas, Helix Energy Solutions Group, Inc. is an American oil and gas services company. * * * In October 2025, Fitch Ratings has affirmed Helix Energy Solutions Group, Inc. (Helix) Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the 'BB-' rating with a Recovery Rating of 'RR4' on the unsecured notes. The Rating Outlook is Stable. Helix's ratings reflect the company's low leverage, strong liquidity, and continued positive free cash flow (FCF) derived from the focus on production enhancement, well abandonment, and growing renewables exposure. These strengths are offset by the inherent volatility of oil and gas activity and the relatively small scale of the company. The Stable Outlook is based the company's track record of maintaining a conservative financial strategy. HIGHLAND CAPITAL: NCLA Asks SCOTUS to Hear Bankruptcy Recusal Case ------------------------------------------------------------------ The New Civil Liberties Alliance has filed an amicus curiae brief urging the U.S. Supreme Court to hear James Dondero v. Stacey G. Jernigan. NCLA asks the Justices to take the case and rule that federal appellate courts should not use a deferential "abuse-of-discretion" standard of review when they consider bankruptcy judges' recusal decisions on appeal. Instead, the reviewing courts should assess such decisions de novo--without any deference whatsoever. The case arises from Texas bankruptcy judge Stacey Jernigan's decision to deny James Dondero's motion seeking her recusal from a pending bankruptcy proceeding. Mr. Dondero challenged Judge Jernigan's impartiality based on three novels the judge authored that feature a fictional heroine and fictional villain who bear striking similarities to Judge Jernigan herself and Mr. Dondero, respectively. After Judge Jernigan denied his motion, Mr. Dondero appealed to federal district court and then to the U.S. Court of Appeals for the Fifth Circuit. Both courts affirmed Judge Jernigan's decision using a highly deferential review standard that asked only whether she had abused her discretion in declining to recuse. Unlike federal district and appeals court judges, bankruptcy judges are neither appointed by the President nor Senate confirmed. They do not have life tenure, and their salaries can be reduced while in office. They therefore lack the core protections that safeguard independence, impartiality, and the due process of law in our Article III courts. So, when Article III courts review bankruptcy court decisions on questions of law, the constitutional separation of powers and due process of law demand that they undertake independent, de novo judicial review rather than deferential review. Demanding independent judicial decisions from Article III courts, without deferring, is nothing new for NCLA. Last year in Relentless Inc. v. Department of Commerce, NCLA persuaded the Supreme Court to end Chevron deference to executive branch agencies' interpretations of ambiguous statutes. The logic that doomed Chevron also demands an end to the deferential review standard at issue in Dondero v. Jernigan. NCLA released the following statements: "Article III courts should not defer to non-Article III adjudicators on questions of law. Whether those adjudicators are Article I bankruptcy courts or Article II executive agencies, litigants deserve de novo judicial review and the independent judgment of Article III courts in determining what the law is." -- Russ Ryan, Senior Litigation Counsel, NCLA "Bankruptcy judges do not enjoy the judicial independence of Article III judges. So, when bankruptcy judges refuse to recuse, Article III judges must review those decisions anew, not under an abuse of discretion standard. Otherwise, Article III courts will uphold decisions not to recuse even when impartiality is fairly suspect, as here." -- Mark Chenoweth, President, NCLA ABOUT NCLA NCLA is a nonpartisan, nonprofit civil rights group founded by prominent legal scholar Philip Hamburger to protect constitutional freedoms from violations by the Administrative State. NCLA's public-interest litigation and other pro bono advocacy strive to tame the unlawful power of state and federal agencies and to foster a new civil liberties movement that will help restore Americans' fundamental rights. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HOGAR LUZ: Unsecured Creditors Will Get 10.22% of Claims in Plan ---------------------------------------------------------------- Hogar Luz Divina Mia Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Small Business Plan of Reorganization under Subchapter V dated October 20, 2025. The Debtor manages and operates (3) three centers for adults with intellectual disabilities in accordance with the Standards, Regulations, Manuals, and other documentation prepared by the Division of Services for Persons with Intellectual Disabilities (DSPID) of the Health Department of PR. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $5,005.00. The final Plan payment is expected to be paid in January 2030. The Plan provides for the payment of creditors with income generated from Debtor's business operations and/or through the injection of capital contributions. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10.22% of their allowed claim. This Plan also provides for the payment of secured, administrative and priority claims. Class 2 consists of Non-priority unsecured creditors. Consists of the allowed unsecured claims in the case. Each claim holder under this class will receive pro-rata distributions, as per the allowed amounts. Debtor's plan proposes a significant lump sum payment of $3,500.00 on the effective date. Based on the current allowed amounts, each claimholder in this class will receive approximately 10.22% of the allowed amount of their claim. Class 3 consists of Equity security holders of the Debtor. Consisting of Debtor's insiders and equity security holders, Debtor's shareholders, Nydia J Martinez Rodriguez and Liliana Mendez Martinez will not receive any distribution under the Plan of Reorganization but will retain their ownership interest over the corporation. The Debtor has implemented measures to streamline his financial operations. The Debtor will use the income generated from their business operations to fund the Plan and implement the provisions included herein. A full-text copy of the Plan of Reorganization dated October 20, 2025 is available at https://urlcurt.com/u?l=1ofATj from PacerMonitor.com at no charge. Counsel to the Debtor: Javier Vilarino, Esq. Vilarino & Associates, LLC P.O. Box 9022515 San Juan, PR 00902 Telephone: (787)565-9894 About Hogar Luz Divina Mia Inc. Hogar Luz Divina Mia Inc. is a residential care facility likely providing services for individuals with intellectual/developmental disabilities, mental health issues, or substance abuse problems based on its NAICS classification (6232). Hogar Luz Divina Mia Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03287) on July 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates LLC as counsel and Tamarez CPA, LLC as accountant. HOLOGIC INC: Moody's Puts 'Ba1' CFR Under Review for Downgrade -------------------------------------------------------------- Moody's Ratings placed the ratings of Hologic, Inc. ("Hologic") on review for downgrade, including the Ba1 Corporate Family Rating, Ba1-PD Probability of Default rating, Baa3 ratings on its senior secured bank credit facilities and Ba2 ratings on its senior unsecured notes. The speculative grade liquidity rating remains unchanged at SGL-1. Previously, the outlook was positive. The review for downgrade is prompted by the announcement on October 21, 2025, that Hologic, a publicly-traded company, has entered into a definitive agreement to be acquired by funds managed by Blackstone ("Blackstone") and TPG, representing an enterprise value of up to $18.3 billion. The transaction will be financed in part by $9.5 billion of senior secured first lien term loans, $2 billion of senior secured second lien term loans, and a $750 million senior secured first lien revolving credit facility. The review for downgrade reflects governance risk considerations related to the potential for more aggressive financial strategies including a more highly leveraged capital structure as a result of the take-private LBO. The transaction, which has been unanimously approved by Hologic's Board of Directors, is expected to close in the first half of calendar year 2026, subject to customary closing conditions, including approval by Hologic's shareholders and receipt of required regulatory approvals. There are change of control provisions in Hologic's existing debt; as a result Moody's expects it will be repaid in connection with the transaction. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings review will focus on the details of the financing that will be used to fund the buyout. These details include the sources of funding, financial leverage, and ultimate capital structure. Financial policy under new sponsor ownership will also be considered. The company's forward liquidity position, business strategy, and deleveraging plans will also be key considerations. Excluding the ratings review, Hologic's Ba1 CFR reflects its scale, leading market positions within its core franchises and good revenue diversity by product and customer. The rating is also supported by the recurring nature of a significant proportion of the company's revenue generated from service contracts and consumables. Further, the company generates excellent free cash flow and has strong interest coverage and moderate financial leverage. The rating is constrained by Hologic's exposure to general medical utilization trends and hospital capital equipment spending, particularly in the US. Other constraining factors include pricing pressure from customers, payors' increased focus on value-based healthcare, and competition from much larger medical products companies. Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostic products, medical imaging systems and surgical products with an emphasis on women's health. The company's core business units focus on the areas of diagnostics, breast health, gynecological surgical, and skeletal health. Revenues for the last twelve months ending June 28, 2025 were approximately $4.0 billion. The principal methodology used in these ratings was Medical Products and Devices published in October 2025. Hologic's Ba1 CFR is two notches below the Baa2 scorecard indicated outcome. The two notch difference reflects the company's financial policies which include utilizing secured debt and the possibility of higher leverage to pursue M&A opportunities. HOME SAVER911: Seeks Chapter 11 Bankruptcy in Georgia ----------------------------------------------------- Home Saver911 LLC filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Georgia on October 27, 2025. The voluntary petition lists liabilities ranging from $0 to $100,000. The company estimates having between one and 49 creditors. About Home Saver911 LLC Home Saver911 LLC is a limited liability company. Home Saver911 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62394) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Jeffery W. Cavender handles the case. The Debtor is represented by Mathew A. Schuh, Esq. of Mathew A. Schuh, P.C. HOME SAVER911: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Home Saver911, LLC 5665 Atlanta Highway, Suite 102; B-235 Alpharetta, GA 30004 Business Description: Home Saver911, LLC operates in the Real Estate and Rental and Leasing sector. Chapter 11 Petition Date: October 27, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-62394 Judge: Hon. Jeffery W Cavender Debtor's Counsel: Matthew A. Schuh, Esq. MATTHEW A. SCHUH, P.C. 1349 West Peachtree Street Suite 1510 Atlanta, GA 30309 Tel: 404-277-8421 Email: matt@schuhpc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Brian McFarlin as managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OYZKMEA/Home_Saver911_LLC__ganbke-25-62394__0001.0.pdf?mcid=tGE4TAMA IMPRO SYNERGIES: Unsecureds to Get Share of Income for 5 Years -------------------------------------------------------------- Impro Synergies LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated October 20, 2025. The Debtor is a Florida limited liability company headquartered in Palm Beach Gardens, Florida, and serves as a property manager for approximately 15 apartment complexes in Florida and one in Atlanta, Georgia. While, operationally, Debtor is a healthy company and current on its regular business obligations, its chapter 11 filing was filed was precipitated by an administrative action commenced by the U.S. Department of Housing & Urban Development ("HUD") in September 2024, discussed below, seeking to impose substantial civil money penalties against Debtor (no injunctive relief sought) in respect of Debtor's former management of a residential apartment complex in Opa-Locka, Florida (Glorieta Gardens Apartments), a HUD designated section 8 low income affordable housing complex, regulated and subsidized by HUD, from which Debtor terminated its management contract and service as property manager in June 2024. On or about September 20, 2024, HUD commenced an administrative action against Glorieta Gardens, Ltd. ("Property Owner"), the owner of the Glorieta Gardens Apartments property in Opa-Locka, Florida (the "GGA Property"), and Debtor, as the former property manager, by the Government's Complaint for Civil Money Penalties (the "HUD Complaint") filed with the U.S. Department of Housing and Urban Development Office of Hearings and Appeals ("HUDOHA"), commencing case no. HUDOHA 24-JM-0383-CM-022 (the "HUD Action"). On September 15, 2025, the Court entered an order ruling that the HUD Action could proceed through liquidation of HUD's civil money penalties claim through a final money judgment, but that enforcement of any such judgment is subject to the section 362(a) automatic stay in this case and HUD is subject to the bankruptcy claims administration process under the Bankruptcy Code and applicable procedural rules in the Bankruptcy Court. In summary, under the Plan, (i) Debtor's business operations will be continued, preserved and managed by its existing manager (Jeff W. Staley) and members (Jatha, LLC (99.99%) and Jeff W. Staley (.01%)), whose membership interests will be preserved and retained unaffected by the Plan; (ii) Debtor's general unsecured claims will be paid on a pro rata basis, in quarterly payments, from Debtor's projected net disposable income over the five-year period beginning January 1, 2026 consistent with the five-year cash flow projections; (iii) Debtor will receive a full discharge and release from all creditors and claims conditioned upon the consummation of the Plan; and (iv) the Court will retain jurisdiction to, among other things, adjudicate any remaining claims objections after Plan confirmation and consummation. Class 2 consists of all Allowed General Unsecured Claims. Each holder of an Allowed General Unsecured Claim shall receive a pro rata distribution from Debtor’s projected net disposable income over a five-year period commencing January 1, 2026, in quarterly payments as set forth in the proposed distribution schedule attached hereto as Exhibit B. Class 2 is Impaired. Class 3 consists of the Equity Interests held by Jatha, LLC (99.99%) and Jeff W. Staley (.01%) as the two members of Debtor, who will retain these same percentage Equity Interests in Debtor from and after the Effective Date. Class 3 is Unimpaired. Unless otherwise agreed by any particular Administrative Claimant, Reorganized Debtor will fully pay Allowed Administrative Claims on the Effective Date of the Plan from available Cash on-hand as of the Confirmation Date, which will be deposited into the trust account of Debtor's counsel prior to Confirmation and evidenced by a declaration to be filed by Debtor's counsel. Reorganized Debtor will fund quarterly payments to Holders of Class 3 General Unsecured Claims over the five-year distribution period commencing January 1, 2026, as reflected on Debtor's projections of its 2026-30 net disposable income and proposed Class 2 distribution schedule. A full-text copy of the Plan of Reorganization dated October 20, 2025 is available at https://urlcurt.com/u?l=XMO3Nf from PacerMonitor.com at no charge. Counsel to the Debtor: Nathan G. Mancuso, Esq. Mancuso Law, P.A. Boca Raton Corporate Centre 7777 Glades Rd., Suite 100 Boca Raton, FL 33434 Tel: (561) 245-4705 Fax: (561) 226-2575 Email: ngm@mancuso-law.com About Impro Synergies LLC Impro Synergies LLC serves as a property manager for approximately 15 apartment complexes in Florida and one in Atlanta, Georgia. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18274-MAM) on July 21, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Judge Mindy A. Mora oversees the case. Mancuso Law, P.A., serves as the Debtor's legal counsel. JIMMY HENDERLIGHT: Bid to Dismiss Bankruptcy Case Held in Abeyance ------------------------------------------------------------------ Chief Judge Suzanne H. Bauknight of the United States Bankruptcy Court for the Eastern District of Tennessee ordered that the adjudication of the motion filed by Elite Ambulance LLC, David Henderlight, and Laura Henderlight to dismiss for bad faith or, in the alternative, to convert the bankruptcy case of Jimmy E. Henderlight, Jr. to Chapter 7 and for relief from automatic stay be held in abeyance pending a decision by the Tennessee Court of Appeals in the appeal of Jimmy E. Henderlight, Jr. v. David Henderlight, Elite Ambulance LLC, and Laura Henderlight, from the Wilson County Chancery Court No. 2022-CV184. A copy of the Court's Order dated October 23, 2025, is available at https://urlcurt.com/u?l=XoDVEd from PacerMonitor.com. Jimmy E. Henderlight, Jr. filed a bankruptcy petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31154) on June 18, 2025. Maurice K. Guinn, Esq., at Gentry, Tipton & McLemore, P.C., represents the Debtor as legal counsel. JIMMY HENDERLIGHT: Chapter 11 Plan Confirmation Held in Abeyance ---------------------------------------------------------------- Chief Judge Suzanne H. Bauknight of the United States Bankruptcy Court for the Eastern District of Tennessee ordered that the confirmation of Jimmy E. Henderlight, Jr.'s Plan of Reorganization for Small Business Under Chapter 11 filed September 16, 2025, be held in abeyance pending at least the filing of an amended claim by the Internal Revenue Service and possibly a decision by the Tennessee Court of Appeals in the appeal styled as, Jimmy E. Henderlight, Jr. v. David Henderlight, Elite Ambulance LLC, and Laura Henderlight, from the Wilson County Chancery Court No. 2022-CV-184. Adjudication of the Debtor's Objection to IRS Proof of Claim No. 8 likewise is held in abeyance. A copy of the Court's Order dated October 23, 2025, is available at https://urlcurt.com/u?l=RSQi1M from PacerMonitor.com. Jimmy E. Henderlight, Jr. filed a bankruptcy petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31154) on June 18, 2025. Maurice K. Guinn, Esq. at Gentry, Tipton & McLemore, P.C., represents the Debtor as legal counsel. JIMMY HENDERLIGHT: Court Stays Elite Ambulance Adversary Case ------------------------------------------------------------- Chief Judge Suzanne H. Bauknight of the United States Bankruptcy Court for the Eastern District of Tennessee stayed and held in abeyance all pending issues in the adversary proceeding captioned as DAVID HENDERLIGHT, ELITE AMBULANCE, LLC, and LAURA HENDERLIGHT, Plaintiffs v. JIMMY E. HENDERLIGHT, JR., Defendant, Adv. Proc. No. 3:25-ap-03037-SHB (Bankr. E.D. Tenn.), pending a decision by the Tennessee Court of Appeals in the case styled as, Jimmy E. Henderlight, Jr. v. David Henderlight, Elite Ambulance LLC, and Laura Henderlight, on appeal from the Wilson County Chancery Court No. 2022-CV-184. On June 18, 2025, Jimmy E. Henderlight, Jr., filed a Petition for Chapter 11 reorganization in the United States Bankruptcy Court for the Eastern District of Tennessee under Case No. 3:25-bk-31154-SHB. The Petition was filed one day before the auction sale advertised to be conducted on June 19, 2025, by the Sheriff of Knox County, Tennessee, of Mr. Henderlight's unencumbered real property located at 415 West Vine Avenue, Unit 8, Knoxville, Tennessee 37902. The Debtor sought to avoid the Sheriff's auction sale of Mr. Henderlight's second unencumbered real property located at 508 Union Avenue, Unit 304, Knoxville, Tennessee 37902, if the first sale did not yield sales proceeds of $553,565.83 or more. The auction sale was based on a "Final Judgment for Damages and for Expenses and Attorney Fees Awarded Against Jimmy E. Henderlight, Jr." entered April 5, 2024, in the total amount of $501,423.48 in favor of the Elite Ambulance Creditors against Jimmy E. Henderlight, Jr. by the Chancery Court of Wilson County, Tennessee, in the underlying case styled Jimmy E. Henderlight, Jr. v. David Henderlight, Elite Ambulance LLC, and Laura Henderlight, Wilson County Chancery Court No. 2022-CV-184; Tennessee Court of Appeal No. M2025-00022-COAR3-CV (the "Underlying Case"). On July 28, 2022, Jimmy E. Henderlight, Jr. originally filed the underlying case in the Chancery Court for Davidson County, Tennessee, against Creditors David Henderlight and Elite Ambulance, LLC. The underlying case transferred to the Wilson County Chancery Court based on an initial objection to improper venue. On January 13, 2023, David Henderlight and Elite Ambulance LLC filed an Answer and Counter-Complaint against Jimmy E. Henderlight, Jr. The Counter-Complaint against Jimmy E. Henderlight, Jr. stated four causes of action against Mr. Henderlight: I. Fraudulent Concealment (David Henderlight v. Jimmy E. Henderlight, Jr.) II. Breach of Contract (David Henderlight v. Jimmy E. Henderlight, Jr.) III. Breach of Contribution Agreement (Elite Ambulance, LLC v. Jimmy E. Henderlight, Jr.) IV. Unjust Enrichment/Quantum Meruit (Elite Ambulance, LLC v. Jimmy E. Henderlight, Jr.) The Elite Ambulance Creditors are asking the Court to determine that the debt owed to them by Jimmy E. Henderlight, Jr. -- based on the adjudications in the Memorandum and Order entered in the underlying case on April 5, 2024, or, in the alternative, based on the determinations and adjudications of the Court -- is nondischargeable pursuant to 11 U.S.C. Sec. 523(a)(2), (4), or (6), and should remain in effect at the conclusion of the proceedings in bankruptcy by Jimmy E. Henderlight, Jr. A copy of the Court's Order dated October 23, 2025, is available at https://urlcurt.com/u?l=3eYP8X from PacerMonitor.com. A copy of the Complaint dated September 19, 2025, is available at https://urlcurt.com/u?l=AqnOK4 from PacerMonitor.com. Jimmy E. Henderlight, Jr. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31154) on June 18, 2025. Maurice K. Guinn, Esq. at Gentry, Tipton & McLemore, P.C. represents the Debtor as legal counsel. KID FRIENDLY: Gets Final OK to Use Cash Collateral -------------------------------------------------- Kid Friendly Academy, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in line with its budget to cover expenses in an amount not exceeding 115% of the projected line items. The budget projects total operational expenses of $84,308.60 for November; $85,458.60 for December; and $89,634.20 for January 2026. The creditors that may assert an interest in the Debtor's cash collateral include National Funding, Inc. (doing business as Quick Bridge Funding, LLC), E Advance, AFH Funding/Alt Banc and Finpoint Funding. The Debtor believes that National Funding is the senior merchant cash advance lender as of the petition date, and that the other MCA lenders are subordinate and junior in priority to National Funding. To protect secured creditors, the court granted them replacement liens on property acquired by the Debtor after the bankruptcy filing that is similar to their pre-bankruptcy collateral. These replacement liens are deemed perfected automatically and exclude any bankruptcy avoidance actions. The Debtor's authority to use cash collateral terminates upon occurrence of so-called event of default such as the dismissal or conversion of its Chapter 11 case; failure to comply with the terms of the final order; or failure to open and maintain its debtor-in-possession accounts at U.S. Bank and deposit all cash collateral in the general account. The final order is available at https://is.gd/tbEE3o from PacerMonitor.com. Kid Friendly Academy LLC Kid Friendly Academy, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-51632) on September 22, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Alan M. Koschik presides over the case. Peter G. Tsarnas, Esq., at Gertz & Rosen, Ltd. represents the Debtor as legal counsel. LIFESCAN GLOBAL: Court Approves Chapter 11 Reorganization Plan -------------------------------------------------------------- LifeScan Inc., a world leader in blood glucose monitoring, on October 27, 2025, announced that its Chapter 11 Plan of Reorganization has been approved by the United States Bankruptcy Court for the Southern District of Texas. With this approval, the Company is positioned to emerge from its financial restructuring process by the end of this year. "Today's approval marks a significant milestone in our financial restructuring process," said Valerie Asbury, Chief Executive Officer of LifeScan. "I am deeply grateful for the support of our financial partners and the unwavering commitment of our employees, which have enabled us to stay focused on delivering on our mission for more than 20 million people in over 50 countries. This balance sheet restructuring provides a stronger foundation for LifeScan to support our base business, advance new growth strategies, and commence our journey to become one of the most comprehensive players in the glucose management space." Through the financial restructuring, LifeScan will eliminate more than 75% of its debt, positioning the Company to accelerate strategic investments that will support the future of the business. Upon emergence, LifeScan will be under majority ownership of a group of its existing lenders, including Canyon Partners and Brigade Capital Management, LP. These parties strongly believe in the Company's growth prospects and the role LifeScan plays in the glucose management industry. "We are pleased to have successfully reached this milestone, which positions LifeScan for long-term stability and growth as they continue to deliver innovative solutions for people around the world with diabetes and related conditions," said Aaron Rizkalla, Managing Director at Canyon Partners. "We're pleased to support LifeScan as it advances its mission and reinforces its leadership in the glucose management sector to help the millions of people who rely on its products," said Ray Garson, Partner at Brigade Capital Management, LP. Additional information is available through the Company's claims agent, Epiq at https://dm.epiq11.com/LifeScan. Stakeholders with questions can contact Epiq by calling 888-832-9472 (U.S./Canada) or 971-318-6618 (International). Advisors Milbank LLP is serving as legal advisor, Alvarez & Marsal is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Davis Polk & Wardwell LLP is serving as legal advisor and Houlihan Lokey is serving as investment banker to an ad hoc group of lenders that entered into the RSA. About Canyon Partners, LLC Founded in 1990, Canyon employs a deep value, credit intensive approach across public and private corporate credit, asset backed credit, and real estate. The firm seeks to capture excess returns available to those investors with specialized expertise, rigorous research capabilities, and the ability to underwrite complexity. Canyon invests on behalf of a broad range of institutions globally. For more information visit www.canyonpartners.com. About Brigade Capital Management, LP Brigade Capital Management, LP is a global asset management firm founded in 2006 with over $30 billion in assets under management. Brigade invests in public and private credit instruments using a bottom-up investment philosophy across a variety of diversified funds. As an SEC-registered investment advisor, Brigade is one of the largest independent alternative asset managers with a 49-person investment team. Founded by Donald E. Morgan III (CIO and Managing Partner), Brigade is headquartered in New York with a global footprint that includes an office in London. About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. and several affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the cases. Milbank LLP and Porter Hedges LLP are the Debtors' legal counsel. PJT Partners LP is the investment banker. GA Advisory & Valuation Services, LLC dba GA Group as its financial advisor. The Official Committee of Unsecured Creditors retained Paul Hastings LLP as counsel; Pachulski Stang Ziehl & Jones LLP to serve as its conflicts counsel; Jefferies LLC as investment banker; and Province, LLC as its financial advisor. Davis Polk & Wardwell LLP and Norton Rose Fulbright US LLP represent an Ad Hoc Group whose members, collectively, beneficially own (or are the investment advisors or managers for funds that beneficially own) or manage approximately (i) $317 million in aggregate principal amount of First Lien Loans and (ii) $200 million in aggregate principal amount of Second Lien Term Loans. LYNNHAVEN SCHOOL: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, entered a final order authorizing Lynnhaven School, Inc. to use cash collateral and approving adequate protection for secured creditors. The final order authorized the Debtor to use cash collateral in the ordinary course of business consistent with an approved budget. The Debtor must not exceed the budgeted amounts by more than 10% per month but may carry forward any unused funds. Virginia Credit Union, Inc., Wells Fargo Vendor Financial Services, LLC, Drake Bank and the U.S. Small Business Administration are the creditors that may have interests in the cash collateral. In case of any diminution in value of their collateral, the secured creditors will be provided with protection in the form of a replacement lien on assets acquired by the Debtor after its Chapter 11 filing. This replacement lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. As additional protection, SBA will receive a monthly payment of $629.39. The order is immediately effective upon entry, authorizing the Debtor to execute all documents necessary to implement its terms, with the court retaining jurisdiction over enforcement and interpretation. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Wa4vK from PacerMonitor.com. About Lynnhaven School, Inc. Lynnhaven School, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-33044) on July 31, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Johnathan Harris, president of Lynnhaven School, signed the petition. Lynn L. Tavenner, Esq., at Tavenner & Beran, PLC, represents the Debtor as legal counsel. MAIN LINE: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Main Line Expo, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court's interim order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget through the date of the conclusion of a further hearing. The next hearing is scheduled for December 16. As adequate protection, secured creditors will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. Main Line Expo filed for Chapter 11 Subchapter V bankruptcy on October 19 to reorganize its finances, preserve operations, and protect employees while pursuing litigation against the Telugu Association of North America over unpaid event-production fees exceeding $100,000. The Debtor, a Pennsylvania-based trade-show service contractor founded in 1991, has a long history of providing exposition and event-management services. Financial distress arose when TANA failed to pay for a 2023 convention at the Pennsylvania Convention Center, leaving the Debtor liable for substantial labor and vendor expenses, resulting in restricted venue access and mounting debts. Before bankruptcy, the Debtor had secured three commercial loans from The Victory Bank totaling $125,000 and a $150,000 Economic Injury Disaster Loan from the U.S. Small Business Administration, both secured by liens on the Debtor's accounts, deposit accounts, and general intangibles. As of the petition date, the Debtor held approximately $52,571 in bank deposits and various accounts receivable, which together constitute cash collateral under 11 U.S.C. section 363(a). The Debtor intends to use these funds to meet immediate operational and payroll expenses through December. The interim budget estimates cash needs of $53,210 for November and $37,760 for December. About Main Line Expo Inc. Main Line Expo Inc., doing business as Futura Building Systems, provides residential and commercial construction services in Texas. It offers roofing, remodeling, gutters, siding, and renovation work, operating from its office in Dallas. Main Line Expo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12825) on July 15, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. Judge Derek J. Baker oversees the case. Musa A. Jan, Esq., at the Law Offices of Musa Jan is the Debtor's bankruptcy counsel. MIDDLETON CONSTRUCTION: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- Middleton Construction, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. At the hearing held on October 23, the court approved the Debtor's interim use of cash collateral pending a further hearing on November 20. The Debtor needs to use cash collateral to sustain business operations and meet administrative expenses during bankruptcy proceedings. The cash collateral belongs to several merchant cash advance lenders including Libertas Funding, LLC, SQ Advance; Essentia Funding, I Fund Experts, and possibly Vox Funding. The Debtor reports estimated debts of approximately $660,000 to Libertas, $685,000 to SQ, $322,000 to Essentia, and $313,000 to IFE, with only Libertas's claim supported by identifiable collateral valued at around $398,811.50. No creditor currently holds a perfected lien on the Debtor's deposit accounts under Texas Business and Commerce Code section 9.312, allowing it to use those funds in compliance with bankruptcy law. To protect creditors, the Debtor offers granting replacement liens to creditors on post-petition assets equivalent in extent, validity, and priority to their pre-bankruptcy liens, ensuring they are adequately protected under 11 U.S.C. section 361 of the Bankruptcy Code. To manage its finances, the Debtor prepared a six-week operating budget outlining anticipated income, expenses, and projected cash flow. The Debtor intends to spend within 110% of individual expense items and not exceeding the total budget by more than 5% in any given month. About Middleton Construction LLC Middleton Construction, LLC is a Texas-based construction and remodeling firm specializing in multi-family housing projects across Central Texas, employs several staff members, including managers, sales personnel, administrative support, and its CEO, Keith Middleton. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11635-smr) on October 21, 2025. In the petition signed by Keith Middleton, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Shad Robinson oversees the case. Frank B. Lyon, Esq., represents the Debtor as legal counsel. MOTIVA PERFORMANCE: Trustee Wins Bid for Interim Distribution ------------------------------------------------------------- The Honorable Sarah A. Hall of the United States Bankruptcy Court for the District of New Mexico granted the motion for interim distribution filed by Philip Montoya, the chapter 7 trustee for the bankruptcy estate of Motiva Performance Engineering, LLC. William Ferguson's request to determine that Creig Butler's claim has been paid in full is denied. Ferguson is a well-known local attorney. Ferguson was majority owner and sole manager of Motiva, which made high profile performance modifications to its customers' cars. In 2014, ____ Butler hired Motiva to upgrade a 2009 Hummer H3TX. The work did not go well, and Butler sued Motiva on February 28, 2017, in the Second Judicial District, State of New Mexico, No. D-202-CV-2017-01393. In his complaint in the State Court Action, Butler alleged Motiva agreed to upgrade the Hummer for $20,000, but two years and $70,000 later, the Hummer was unsafe to drive and good only for parts. On Oct. 26, 2018, after a four-day trial in the State Court Action, a jury returned a verdict against Motiva for $292,001 plus costs, attorney fees, and post-judgment interest. The judgment was increased to $337,318 on April 3, 2019, to include additional attorney fees and costs (the "Butler Judgment"). On April 12, 2020, Butler filed a Proof of Claim in the Bankruptcy Case in the amount of $461,083.53 as of the Petition Date, with interest thereafter at 15%. The Claim is based on the Butler Judgment in the State Court Action and asserts it is secured, in part, by the Ferrari, inventory of the pipe kits, and $40,948.49 in cash collateral. Now, the Trustee, Butler and Ferguson have filed the Motions seeking a distribution of estate funds on hand (per the Trustee, $920,462.82). The Trustee also seeks a release of the Appeal Bond from the Court registry while Ferguson further seeks a determination that the Butler Claim has been paid in full. Ferguson seeks, first, a determination that Butler's claim has been paid in full and, second, for the Trustee to distribute estate assets in full with any remaining distributions after payment of administrative claims and unsecured claims being distributed to interest holders including Ferguson. In contrast, the Trustee and Butler seek approval of distribution from the Court registry of appeal bond proceeds and then distribution of a significant portion of the total cash then on hand to pay approved post-petition administrative expenses of the Modrall Firm with the remaining cash on hand then distributed to the Trustee and Butler in accordance with the Pooling Agreement. In January 2021, the Trustee struck a compromise with Butler settling several disputes Butler had with the estate. Ferguson objected to the Pooling Agreement on three separate grounds, specifically: (i) the interests between the Trustee and Butler are not aligned giving rise to a conflict of interest in the Modrall Firm's joint representation of Trustee and Butler; (ii) the settlement ignores the distribution priority of the Bankruptcy Code; and (iii) the settlement is not in the best interest of the estate as it provides a disproportionate share of any proceeds to Butler. On June 4, 2021, the Court approved the Butler Settlement Motion and the Pooling Agreement over Ferguson's objection. Ferguson did not appeal. Pursuant to the approved Pooling Agreement, the Court thereafter entered an order approving the Trustee's employment of Modrall, Sperling, Roehl, Harris, & Sisk, P.A. as special counsel on June 22, 2021. The Pooling Agreement requires the Trustee and Butler to pursue their respective claims against, among others, Ferguson, and to "pool" their recoveries. In conjunction with this agreement to pool recoveries, the Pooling Agreement also clearly provides the Butler Claim is reduced by funds Butler receives under the Pooling Agreement rather than by recoveries he receives from Ferguson or other sources which must be turned over to Trustee thereunder. The Pooling Agreement also sets forth a distribution priority if claims pursued by Butler or the Claims being pursued on behalf of the estate result in funds being received. Because Ferguson's conflict argument was based entirely on his interpretation of the Pooling Agreement, which the Court expressly rejected, no conflict of interest arose as a result of the Modrall Firm's representation of both Butler and Trustee. According to the Court, given the express language of the Pooling Agreement, that recoveries by the Trustee and Butler from Motiva affiliates and insiders (including Ferguson) are to be pooled to distribute according to an agreed distribution scheme, Ferguson's inconsistent interpretation is unreasonable. Therefore, the Court holds Ferguson's request to determine the Butler Claim paid in full is denied. Interim Distribution Ferguson, and the Trustee and Butler, request immediate distribution, either complete or partial. Neither the Trustee nor Butler advance how the interim distribution will benefit the bankruptcy estate or creditors. Nevertheless, the Court can identify one primary benefit. Payment of some of the administrative expenses, priority claims, and unsecured claims will serve to minimize, in part, interest accrual on such expenses and claims pursuant to 11 U.S.C. Sec. 726(a)(5) in the event the estate proves to be solvent. Consequently, a distribution is in the best interest of creditors and the bankruptcy estate, the Court finds. Unfortunately, based on Ferguson's obvious litigious nature, this bankruptcy case is, in the Court's judgment, not close to being fully administered. Two Butler state matters remain pending, which in turn mean it is more likely than not the Butler Claim will continue to increase given Ferguson's past litigation behavior and the likelihood of additional appeals causing Butler to incur additional attorney fees and expenses, and interest will continue to accrue on the Butler Judgment. Additionally, the Trustee will continue to incur administrative expenses, such as attorney fees and accounting expenses, the amount of which is not known and difficult to estimate. For these reasons, the Court finds it would not be prudent to leave the estate with only $50,000 to cover these expenses and claims which will undoubtedly continue to be incurred and accrue. The last circumstance this Court has any interest in facing at the end of the case is an administratively insolvent estate and the grueling and otherwise avoidable task of disgorgement. Rather, if $970,462 is available to the estate through cash on hand and the Court registry (i.e. the Appeal Bond), the Court will require $250,000 to be retained in the Court registry. The Trustee is authorized to use the other $642,844 to make an interim distribution in accordance with the Pooling Agreement. The $250,000 plus interest thereon shall remain in the Court registry until the filing and approval of the Trustee's final report. A copy of the Court's Opinion dated October 22, 2025, is available at https://urlcurt.com/u?l=sD8WUf About Motiva Performance Engineering Motiva Performance Engineering, LLC, owned and operated an automotive performance, repair and dynamometer facility in Albuquerque, New Mexico. Motiva Performance filed for Chapter 11 bankruptcy (Bankr. D.N.M. Case No. 19-12539) on Nov. 1, 2019. In the petition signed by David Rochau, authorized representative, the Debtor was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The Hon. David T. Thuma oversees the case. Lawyers at Walker & Associates, P.C., served as counsel to the Debtor. Motiva's case was converted from Chapter 11 to Chapter 7 on April 15, 2020. Philip Montoya was appointed the Chapter 7 trustee. NEP/NCP HOLDCO: Moody's Upgrades CFR to B3, Outlook Stable ---------------------------------------------------------- Moody's Ratings upgraded NEP/NCP Holdco., Inc.'s (NEP) Corporate Family Rating to B3 from Caa1 and the Probability of Default Rating to B3-PD from Caa1-PD following the close of the recapitalization, with a stable outlook. Previously, the ratings were on review for upgrade. This concludes the review for upgrade initiated on October 3rd. Concurrently, Moody's affirmed the company's backed senior secured first lien bank credit facilities issued by NEP and its subsidiary NEP Europe Finco B.V. (Finco) at B3. Finco's outlook remains stable. Additionally, Moody's withdrew the Caa3 backed senior secured second lien term loan rating at NEP and the Caa1 backed senior secured first lien bank credit facilities ratings at NEP and Finco because these facilities have been repaid in full. The rating actions follow NEP's announcement [1] that it closed on an amended senior secured first lien bank credit facilities comprised of approximately $1,870 million USD-equivalent of 6-year first lien term loans ($1,450 million and EUR360 million) and a $300 million 5-year revolver (undrawn at close) as well as a new $700 million preferred equity issuance. NEP used the net proceeds from the preferred equity and the amended bank credit facility to repay its debt due in 2026. The CFR upgrade reflects NEP's improved liquidity, reduction in cash interest expense, approximately 30% debt reduction and enhanced ability to invest as a result the completed recapitalization. The completed refinancing eliminated near term refinancing risks by moving funded debt maturities to 2031 and extended the expiration of the external revolving credit facility to 2030 from 2026. In addition to governance considerations, which are key to the rating actions, the CFR upgrade considers improved operations and tighter control of capital spending, both of which are expected to continue over the next 12 to 18 months. The recapitalization's benefits are tempered by a high PIK coupon (SOFR+15%) on the new preferred equity issued at the indirect parent company, NEP Group Holdings, Inc. The non-cash dividend option helps NEP maintain liquidity; however, the PIK feature leads to ongoing accretion. RATINGS RATIONALE The B3 CFR reflects the company's concentrated market scope, capital-intensive business model that constrains free cash flow, improved but still high leverage and high cost preferred equity. NEP's focus on clients in the media and entertainment sector leaves the company exposed to a growing, but somewhat cyclical market that has exhibited elements of softness in prior economic downturns. NEP's credit profile is supported by its strong global position in the niche video production industry, diversified blue-chip customer base with long-standing relationships and low customer concentration. NEP's fleet of mobile broadcast trucks and engineering expertise provide for a strong value proposition to its customers and lends tangible asset value, supporting the rating. Furthermore, NEP facilitates the viewing of live events, a service Moody's considers key to content producers and content distributors. This positions the company well regardless of how the consumption and delivery of media evolves and therefore supports sustainability of earnings. While substantially improved following the refinancing, NEP's free cash flow (defined as CFO less capex) is modest relative to approximately $1.9 billion USD-equivalent of debt outstanding following the refinancing. Moody's expects that NEP's FCF/Debt will be around 3.5% on a Moody's adjusted basis. Moody's expects that NEP will operate with Moody's adjusted leverage in the 4.5x - 5x range over the next 12-18 months, with EBITDA improvements buoyed by cost reduction initiatives and top line growth. Moody's leverage calculation gives 100% equity credit to preferred equity. With $700 million in new preferred issuance accreting at a rate of SOFR + 15% and about $260 million in outstanding preferred equity accreting at a fixed 15%, NEP's (Debt + Preferred)/EBITDA is roughly 7.4x, including Moody's adjustments. Despite projected EBITDA growth, this ratio will not improve due to preferred equity accretion, remaining between 7x and 7.5x through 2027 per Moody's estimates. According to the terms of the new preferred equity, the dividend rate for the new preferred shares will increase by 1.5% each year beginning on the third anniversary and continuing until the fifth anniversary, with a maximum cap set at 23%. Moody's believes that NEP may consider refinancing the preferred over time to lower its cost of capital, which introduces event risk. Moody's views NEP's liquidity as adequate over the next year, supported by approximately $106 million cash as of June 30 pro forma for recapitalization, access to a fully available $300 million 5-year revolver, and Moody's expectations of operating cash flow in the $300-$350 million range over the coming year. Free cash flow is constrained by high cash outlays to meet capex needs, which are expected to be around 10%-11% of annual revenue. NEP's next debt maturity is in 2030 when the revolver comes due. NEP's term loans are not subject to financial maintenance covenants but the revolver has a springing maintenance covenant, a maximum net first lien leverage test of 7x when more than 35% of revolving credit facility is drawn. Moody's expects that improvement in earnings will drive net first lien leverage down, supporting an adequate cushion of at least 20% or more under its net debt financial covenant requirement over the next 12-18 months. The B3 instrument rating on the amended bank credit facilities (revolver, US term loan and Euro term loan) reflects the B3-PD probability of default rating of the company, an average expected family recovery rate of 50% given there is only one class of debt and the term loans do not have financial maintenance covenants. The stable outlook reflects Moody's expectations that NEP will manage its capital spending to support positive free cash flow generation while pursuing profitable growth and maintain at least adequate liquidity. Moody's defines free cash flow as CFO less capex less dividends. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if NEP improves and sustains FCF/Debt above 5%, consistently grows organic revenue at mid-single digit percent rate or better and refinances high cost preferred equity at the parent while sustaining leverage under 5x (all metrics Moody's adjusted). The ratings could be downgraded if weak operating performance or more aggressive financial policies lead to Debt/EBITDA (Moody's adjusted) sustained above 6x or free cash flow remains negative. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Based in Pittsburgh, PA, NEP/NCP Holdco., Inc. (NEP) is an indirect subsidiary of NEP Group, Inc., a provider of outsourced media services necessary for the delivery of live broadcast of sports and entertainment events to television and cable networks, television content providers and sports/entertainment producers. The company is owned primarily by affiliates of the Carlyle Group. NEP's LTM June 2025 revenue was approximately $1.8 billion. NEPTUNE INTERMEDIATE: Fitch Affirms B+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Neptune Intermediate LLC's (d/b/a Nielsen) and Neptune BidCo U.S., Inc.'s (collectively Nielsen) Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook on the IDR is Stable. Fitch has also affirmed the issue-level ratings for Nielsen's revolver, term loan B and bonds at 'BB' with a Recovery Rating of 'RR2'. The ratings reflect Nielsen's relatively high leverage and low interest coverage. These factors are offset by the company's leading market position and scale, as well as its significant cash flow potential over the forecast horizon. Its savings and efficiency programs have generated significant margin expansion, and more of this should convert to cash over the next several years as restructuring and one-time items fade. Key Rating Drivers Levered Financial Structure: Nielsen has reduced its total debt since the LBO, primarily using divestiture proceeds. Debt reduction is a credit positive, but Fitch expects leverage to remain above 5.5x for the next 12-18 months. This is slightly higher than management's calculation due to fewer EBITDA addbacks in Fitch's approach. High interest rates and low interest coverage continue to weigh on the ratings, with cash interest above $900 million annually. Financial flexibility is constrained by high debt service, limiting the rating to the single 'B' category while this persists. Cost Cutting and Margin Expansion: Nielsen's savings and efficiency programs over the past several years have exceeded expectations, generating significant margin expansion. TTM, run-rate EBITDA as of 2Q25 is above Fitch's previous base case despite lower top-line results due to divestitures. Strong EBITDA margins support the ratings, and more earnings should convert to cash as restructuring and other one-time items cease to be a use of cash. FCF Improving: Fitch expects adjusted FCF margins in the low double digits over the forecast horizon, assuming the company can maintain its current run-rate results and EBITDA adjustments taper. As Nielsen modernizes its technology platform, capex may take a larger share of cash. Working capital improvements contributed to cash over the past 18 months, but this is unlikely to continue. High FCF potential is a strength of the company that partially mitigates the levered financial structure. Global Scale and Brand: Nielsen is a leader in the media measurement business, and its measurements determine the value of programming and advertising in over 30 countries, including the U.S. TV advertising marketplace. The company's scale and entrenched nature of the business provides strong credit protection and a stable base to service its capital structure while it adapts to the changing media landscape. Evolving Media Environment: Nielsen is investing in its platforms in response to media digitization as clients seek measurement for streaming services and other online media. The company aims to become a trusted, independent solution across media, with partnerships that include Roku and Amazon. Nielsen is capturing share and is well positioned as media evolves, though a single cross-media winner is unlikely given the complexity and variables outside its control. Peer Analysis The closest Fitch-rated peer from a credit-metric standpoint is Project Boost Purchaser, LLC (d/b/a J.D. Power; B/Stable), a provider of data and analytics solutions for the automotive industry. Although J.D. Power is not a direct competitor to Nielsen, it operates with a similar data and analytics business model. Compared with J.D. Power, Nielsen has better scale, lower leverage, and a historically better market position. Whether Nielsen can maintain its leading market position in the complex media landscape remains a key question, but Fitch notes that these factors justify a higher rating for Nielsen relative to J.D. Power. MoneyGram International, Inc. (B/Negative) has a similar leverage profile to Nielsen, but it is less than half as large in terms of revenue and has materially lower margins. Fitch believes Nielsen's industry-leading position in both legacy and high-growth subsectors of audience measurement solutions positions it well against non-Fitch-rated competitors like comScore and newer entrants. Key Assumptions - Revenue decline in 2025 due to divestitures with the company returning to modest growth in the outer years of the forecast; - EBITDA margin expansion continues in 2025 and 2026 due to the savings and efficiency programs; - Capital intensity of 6% over the forecast horizon; - Interest rates moderate slightly over the next three to five years. Recovery Analysis For entities rated 'B+' and below, where default risk is higher and recovery prospects hold more significance for investors, Fitch undertakes a bespoke analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. The recovery analysis assumes the company would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch envisions a hypothetical situation in which linear TV revenue erodes materially and Nielsen fails to capture market share in the online measurement sector. This would result in substantial revenue contraction combined with EBITDA margin erosion, leading the company to renegotiate its debt. This results in an estimated GC EBITDA of $1.1 billion, which is unchanged from its previous analysis. Fitch uses a multiple of 7.0x to estimate a value for Nielsen, supported by the company's industry leading brand recognition, high degree of recurring revenue, strong margin profile, and overall favorable reorganization prospects. The choice of this multiple considered the following factors: - Sector: The Data and Analytics Processors (DAP) typically have a high proportion of recurring revenues, contractual rights to proprietary data and the inherent leverage in the business model; - Recent acquisitions: DAP M&A occurs at attractive multiples in the range of 10x-20x+. Current EV multiples of public data analytics companies trade in the 20x-30x range; - Comparable reorganization multiples: Median Technology, Media, and Telecommunications (TMT) multiples have historically been approximately 6.0x (per TMT bankruptcy case studies). Using a 7.0x multiple results in an EV of about $7 billion after allowing for administrative claims and recovery of 'RR2' for the senior-secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Loss of market share or failure to generate positive organic revenue growth; - Interest coverage sustained below 2.0x; - EBITDA leverage sustained above 6.5x; - (CFO - capex)/debt sustained below 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated success in its cross-media measurement goals and modernization of its operations, leading to sustained revenue growth and continued strong competitive positioning; - EBITDA leverage sustained below 5.5x; - (CFO - capex)/debt sustained above 5%. Liquidity and Debt Structure At the end of 2Q25, the company had about $280 million of cash on the balance sheet and full availability on its $650 million revolver. The company reported first lien net leverage of 4.0x on its 2Q compliance certificate, and Fitch expects the issuer to remain in compliance with its covenants over the forecast period. The earliest material maturity (approximately $1.7 billion) is in 2028, with a significant maturity wall of $8 billion in 2029. The debt stack includes fixed-rate notes and first and second lien loans, which are variable rate, but the company hedges the interest rate risk. Issuer Profile Nielsen has a long history measuring TV and advertising viewership. This business still provides significant cash as Nielsen participates in the shift to audience measurement across all media types. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Neptune Intermediate LLC LT IDR B+ Affirmed B+ Neptune BidCo US Inc. LT IDR B+ Affirmed B+ senior secured LT B Affirmed RR2 BB NORWOOD INDUSTRIES: Granted CCAA Initial Order ---------------------------------------------- On Sept. 12, 2025, the Ontario Superior Court of Justice (Commercial List) entered an order granting Norwood Industries Inc. the Company protection pursuant to the Companies' Creditors Arrangement Act (the "CCAA"). Pursuant to the Initial Order, KSV Restructuring Inc. was appointed as monitor of the Company. The Court ordered that until and including Nov. 30, 2025, no proceeding or enforcement process in any court or tribunal shall be commenced or continued against or in respect of the Applicant or the Monitor, or affecting the Business or the Property. Counsel for the Applicant: McCarthy Tetrault LLP Box 48, TD Bank Tower 66 Wellington Street West, Suite 5300 Toronto, ON M5K 1E6 Sean Collins, KC Tel: 403.260.3531 Email: scollins@mccarthy.ca Heather Meredith Tel: 416.601.8342 Email: hmeredith@mccarthy.ca Saneea Tanvir Tel: 416.601.8181 Email: stanvir@mccarthy.ca Court-appointed Monitor: KSV Restructuring Inc. 220 Bay St. Suite 1300 Toronto, ON M5J 2W4 Bobby Kofman Tel: 416.932.6228 Email: bkofman@ksvadvisory.com Dean Perlman Tel: 416.998.0939 Email: dperlman@ksvadvisory.com Counsel to the Court-appointed Monitor: Norton Rose Fulbright Canada LLP 222 Bay Street, Suite 3000, PO Box 53 Toronto, ON M5K 1E7 Jennifer Stam Tel: 416.202.6707 Email: jennifer.stam@nortonrosefulbright.com Lauren Archibald Email: lauren.archibald@nortonrosefulbright.com PPSA Registrants: Monroe Capital Management Advisors LLC 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Strat Schock Tel: 312.598.8423 Email: sschock@monroecap.com Tess Cross Email: tcross@monroecap.com Jonathan Weinberg Email: jweinberg@monroecap.com Connor Sedoff Email: csedoff@monroecap.com Royal Bank of Canada 7101 Parc Avenue, 5th Floor Montreal, QC H3N 1X9 Kevin Leung Tel: 416.974.7641 Email: kevin.leung@rbc.com Xerox Canada Ltd. 2 Sheppard Ave East, Suite 1200, North York, M2N 5Y7 OAKLAND VILLAGE: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Oakland Village Associates FL, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando, Division, to use cash collateral. The court granted the Debtor's bid to use cash collateral on the terms set forth in its prior interim cash collateral orders, with all such orders deemed final. The court's previous interim orders allowed the Debtor to use its secured creditors' cash collateral for post-petition payroll, Subchapter V trustee payments and operational expenses, and granted secured creditors including Wilmington Trust, N.A., Pjeter Lulaj, and Javier DelHoyo replacement liens on post-petition cash collateral. Wilmington Trust initiated foreclosure proceedings in January over alleged missed mortgage payments starting in May 2024. The Debtor disputes the default, citing available reserve funds the secured creditor refused to apply. The Debtor believes Wilmington Trust is adequately protected by significant equity in its property, estimated to be worth $7.2 million. The Debtor owns 12 fully leased duplexes in Altamonte Springs, Florida, which are currently considered affordable housing but are being transitioned to market-rate units. About Oakland Village Associates FL LLC Oakland Village Associates FL LLC is a real estate company based in Orlando, Florida. Oakland Village Associates FL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02805) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP. Wilmington Trust, N.A., as lender, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. Shutts & Bowen, LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 Email: bdennis@shutts.com rreinert@shutts.com ONE STOP REAL: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------- On October 27, 2025, One Stop Real Estate LLC submitted a voluntary Chapter 7 petition in the Central District of California, registered under case number 25-13013. According to the filing, the company holds liabilities between $100,001 and $1 million to as many as 49 creditors. About One Stop Real Estate LLC One Stop Real Estate LLC is a limited liability company. One Stop Real Estate LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13013) on October 27, 2025. In its petition, the Debtor reports estimated assets less than $100,000 and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Krystina T. Tran, Esq. of Law Offices of Krystina T Tran. OPTIO RX: Dr. Rinku Patel Must Produce Email with Attorney ---------------------------------------------------------- Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware ordered Dr. Rinku Patel to produce two email communications at issue in the discovery dispute in the bankruptcy case of Optio Rx, LLC. On Oct. 17, 2025, the Court held a status conference regarding the Motion to Rescind Settlement Agreement and/or Modify or Set Aside Order Approving Stipulation By and Between Reorganized Debtors and Dr. Rinku Patel Regarding Proof of Claim No. 72. There have been two objections to the motion. One was filed by the Reorganized Debtors. The other was filed by Pharmacy Management LLC, Ashok Nayyar, Jeffrey Kelly, Jonathan Tunis, and Barry Best. The parties advised the Court at the status conference that a discovery dispute has arisen. Dr. Patel has withheld from production to the objectors two email communications between Dr. Patel and her attorney. The objectors contend that the email should be produced because of subject matter waiver. Judge Horan assumes that the operative privilege Dr. Patel is asserting is the attorney-client privilege. In this case, Dr. Patel has stated in her declaration accompanying the motion that she did not understand that the release language in the settlement agreement would release parties she has sued in an action pending in the United States District Court for the Northern District of Illinois. Dr. Patel's counsel negotiated the settlement agreement with counsel to the Debtors and executed it on Dr. Patel's behalf. The email concerns the settlement agreement. It therefore relates to the central issue that Dr. Patel raises in her declaration and motion -- her asserted unilateral mistake regarding the settlement agreement that counsel negotiated and signed. Because it was negotiated and executed by her counsel, communications between Dr. Patel and her counsel have been put directly at issue. According to Judge Horan, "There is a compelling reason for the material to be produced. The objectors can test the statements Dr. Patel makes in her declaration and, if warranted, present a case that will aid the court in determining whether to grant the relief requested in the motion. Therefore, I am directing Dr. Patel to produce to the objectors the email I reviewed in camera." A copy of the Court's decision dated October 22, 2025, is available at https://urlcurt.com/u?l=RnIs33 from PacerMonitor.com. About OptioRx Optio Rx, LLC is a Delaware limited liability company that has 26 direct and/or indirect subsidiaries. The Debtors operate in four primary specialty pharmacy business segments, including: clinically focused retail dermatology pharmacies; compounding pharmacies; hospice pharmacies; and fertility treatments. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11188) on June 7, 2024, with $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Thomas M. Horan presides over the case. William E. Chipman, Jr., Esq. at Chipman Brown Cicero & Cole, LLP, is the Debtor's legal counsel. OPTIO RX: Seller Noteholders Entitled to $165,000 Escrow Fund ------------------------------------------------------------- Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware ruled that the disputed portion ($165,000) of a $275,000 escrow account must be distributed to seller noteholders as dictated by Optio Rx, LLC's Second Amended Joint Chapter 11 Plan of Reorganization. The Seller Noteholders are The Baybridge Pharmacy Corp, 121 Central Pharmacy Corp., and Delco Pharmacy Corp. and PIA Holdings, Inc. They are former owners of pharmacies that sold their business to Optio Rx in exchange for notes issued from Optio Rx back to the sellers. On Aug. 5, 2025, the Court held a status conference regarding the Statement of the Ad Hoc Group of Mezz Lenders Regarding Intercreditor and Subordination Rights Under the Plan, the Ad Hoc Group of Mezz Lenders' Notice of Statement of Claim, and Certain Seller Noteholders Response. The Ad Hoc Group ("Aves") comprises all noteholders within Class 7 of the Plan. In connection with the Debtors' issuance of certain notes to the Ad Hoc Group pursuant to the Note Purchase Agreement, dated Sept. 25, 2020, Optio Rx and each Seller Noteholder agreed to amend and restate each Seller Note to include subordination provisions that provide the Seller Notes are subordinated to the Ad Hoc Group's Notes. Under the Plan and the UCC Settlement Agreement, members of Class 8 will receive funds ahead of Class 7. Under the UCC Settlement Agreement, Class 8 is receiving funds from the secured creditors and the committee's professionals in exchange for its members' cooperation with the bankruptcy proceedings and the process of confirming the Plan, making this a gift from the secured creditors and the committee's professionals to Class 8 ahead of Class 7. On the effective date of the Plan, the Debtors were to fund the UCC Settlement Amount into escrow with Flagstar Bank in accordance with Section 4.10(b) of the Plan. This money is to be distributed in three parts: (i) one to general unsecured claimants; (ii) one to Aves and Seller Noteholders, to which the Seller Noteholders did not object, making Aves entitled to this distribution; and (iii) the current disputed piece directed to the Seller Noteholders, worth $165,000 of the $275,000 Escrow Account. The Ad Hoc Group ("Aves") requested that the Court direct that any distributions made to Class 8 creditors under the Plan go to the administrative agent under the Note Purchase Agreement. In the alternative, the Ad Hoc Group requests that the Court order certain plan modifications. The Seller Noteholders object to the relief requested by the Ad Hoc Group. Class 7, which represents Aves' interest, voted to accept the Plan. In so doing, according to the Court, Aves consented to its treatment under the Plan. The Court finds because of this consent, the absolute priority rule no longer applies as to the matter of Seller Noteholders receiving funds ahead of a more senior class. According to Judge Horan, "Because the Aves debt is no longer in default in accordance with the Plan and the distribution to the Seller Noteholders is not of the type governed by the subordination agreement in the Seller Note, I find Aves' arguments regarding the subordination agreement unpersuasive. Therefore, Aves' claim is denied, and the disputed portion of the Escrow Account in the amount of $165,000 shall be paid to the Seller Noteholders." A copy of the Court's decision dated October 22, 2025, is available at https://urlcurt.com/u?l=YUbn1G from PacerMonitor.com. About OptioRx Optio Rx, LLC is a Delaware limited liability company that has 26 direct and/or indirect subsidiaries. The Debtors operate in four primary specialty pharmacy business segments, including: clinically focused retail dermatology pharmacies; compounding pharmacies; hospice pharmacies; and fertility treatments. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11188) on June 7, 2024, with $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Thomas M. Horan presides over the case. William Chipman, Esq., and Mark D. Olivere, Esq., at Chipman Brown Cicero & Cole, LLP, is the Debtor's legal counsel. Stretto Inc. served as Administrative Advisor and Claims and Noticing Agent. Paladin Management Group served as Financial Advisor. On June 21, 2024, the Office of the United States Trustee for the District of Delaware appointed a creditors' committee. The Committee hired Saul Ewing LLP as Counsel and Alvarez & Marsal North as Financial Advisor. The Consenting Lenders are represented by DLA Piper LLP's Stuart Brown, Esq., and Matthew Sarna, Esq. The Consenting Lenders are the First Out Holders -- MC Credit Partners LP and CION Investment Corporation -- and the Last Out Holder -- MB Almanor LLC -- that have executed and delivered counterpart signature pages to the Restructuring Support Agreement. Loan Admin Co LLC is the administrative agent and the collateral agent for the DIP Lenders. It is also represented by DLA Piper LLP (US). On October 17, 2024, the Court entered the Findings of Fact, Conclusions of Law and Order Confirming the Debtors' Second Amended Joint Chapter 11 Plan of Reorganization. The Effective Date occurred on March 21, 2025. PHOENIX EXTEND-A-SUITES: Has Deal on Cash Collateral Access ----------------------------------------------------------- Phoenix Extend-A-Suites, LLC and Cap Fund REIT advise the U.S. Bankruptcy Court for the District of Arizona 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 continue using Cap Fund's cash collateral and hotel-generated rents under an approved budget. The proposed order extends the Debtor's authorization to use cash collateral from May 30 through November 30, and permits payment of normal operating expenses and monthly adequate protection payments of $46,786 to Cap Fund. It also requires the Debtor to set aside $5,000 per month for administrative costs, to be held in a trust account managed by Keery McCue, PLLC. These funds remain property of the bankruptcy estate and may only be disbursed with court approval under 11 U.S.C. section 330. A court hearing is set for November 4. About Phoenix Extend-A-Suites LLC Phoenix Extend-A-Suites LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-00688) on Jan. 27, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda Moody Whinery handles the case. The Debtor is represented by Patrick F. Keery, Esq., at Keery Mccue, PLLC, in Scottsdale, Arizona. Capital Fund REIT, as lender, is represented by Cynthia Johnson, Esq., at the Law Offices of Cynthia Johnson. PRAIRIE SEEDS: Moody's Affirms Ba2 Revenue Rating, Outlook Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Prairie Seeds Academy, MN's Ba2 revenue rating. The outlook is stable. The charter school academy has $28.1 million in outstanding revenue-backed debt. RATINGS RATIONALE The Ba2 rating reflects the charter school's satisfactory competitive position despite below average academic performance, low risk of charter non-renewal, and narrow, but improving financial operations. Enrollment has increased by nearly 12% in fiscal 2026, following a debt-financed expansion of facilities. The school has shown some improvement in academic performance that may continue in the future, contributing to a strengthening waitlist. The academy's operating cash flow margins and debt service coverage are projected to be thin, at 7.2% and 1.01x in fiscal 2025, respectively, although it maintains a solid liquidity position with 101 days cash on hand. Additionally, the academy's debt leverage is moderately high and it carries additional unfunded liabilities from its participation in statewide pension plans. RATING OUTLOOK The stable outlook reflects the academy's strong spendable cash reserves and anticipated revenue growth driven by projected near-term enrollment increases. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Strengthening of the academy's competitive profile, including maintenance of full enrollment, bolstering of student waitlist, and improved academic performance -- Improvement to operating margins, resulting in liquidity above 150 days cash on hand and annual debt service coverage above 1.5x -- Material moderation of the academy's debt and overall leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Weakened competitive profile, including softening of enrollment demand or deterioration of academic performance -- Maintenance of narrow operating margins below 10%, days cash on hand below 100, or annual debt service coverage at or below 1.1x -- Significant increases to the academy's debt or overall leverage PROFILE Prairie Seeds Academy (PSA) is a non-profit charter school located in the City of Brooklyn Park, MN. Founded in 2004 the academy offers a common core education model with a unique focus on the development and preservation of Hmong language and culture. The academy operates a single facility providing K-12th grade education to approximately 960 students. The academy's is authorized by the Osprey Wilds Environmental Learning Center and its current five-year charter is valid through June 30, 2030. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. RAMOS ROOFING: Court Extends Cash Collateral Access to Nov. 10 -------------------------------------------------------------- David Ramos Roofing & Remodeling Co. received another extension from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral. The court order authorized the Debtor to use cash collateral from October 24 to November 10 to pay the expenses set forth in its budget and make "adequate protection" payments to creditors with interests in the cash collateral. The bankruptcy court held an expedited hearing earlier this month to address the Debtor's urgent liquidity needs. Following that hearing, the court issued an interim cash collateral order allowing temporary use of funds through October 23. The Debtor said its cash collateral is vital for maintaining business continuity and that it currently lacks other available financing sources. The Debtor assured the court that creditor rights will remain protected and that no modifications to existing creditor interests are sought beyond what is already provided in the prior interim order. A final hearing is set for November 10. Objections are due by November 6. A copy of the order is available at https://is.gd/EdArYk from PacerMonitor.com. About David Ramos Roofing & Remodeling Co. David Ramos Roofing & Remodeling Co. provides residential and commercial roofing, storm damage repairs, gutter installation, and siding services across Central Ohio, including Columbus, Bexley, Dublin, Gahanna, Hilliard, Westerville, and surrounding communities. It serves homeowners and businesses seeking exterior home improvement and roofing solutions. David Ramos Roofing & Remodeling Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-54299) on September 30, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP. RONBON LLC: Updates Priority Tax Claims Pay Details --------------------------------------------------- Ronbon LLC d/b/a The Ainsworth Hoboken submitted a Second Amended Disclosure Statement describing Amended Chapter 11 Plan dated October 20, 2025. Recoveries projected in the Plan shall be from the Debtor's business operations; and shall be used to make the payment of any outstanding statutory fees due and owing the United States Trustee; the payment of allowed costs of administration of the case (the "Administrative Claims"); and a distribution to the holders of Allowed Claims. During the course of the chapter 11 period, the Debtor's principal has made substantial contributions to the continued operations of the Debtor. These substantial contributions are considered "new value" contributions, and the Debtor avers that these new value contributions will satisfy the obligations referred to as the absolute priority rule. Allowed Priority Tax Claims Allowed Priority Tax Claims are defined as Section 1.6 of the Plan to include any Allowed Claim of a Governmental Unit, for taxes entitled to priority pursuant to section 507(a)(8) of the Bankruptcy Code. The New Jersey Division of Taxation filed an amended proof of claim ("Claim No. 3") in which it set forth a secured claim in the amount of $217,656.09. While the Debtor maintains that the secured claim cannot be treated as secured, it is nonetheless entitled to treatment as a priority claim. The Debtor shall pay the priority claim over a period not to exceed five years from the Petition Date. Assuming that the chapter 11 case is confirmed by this Court in or about November, 2025, the Debtor shall pay this debt, along with statutory interest, over a period of fifty-three months. The New Jersey Division of Taxation sets forth that the monthly payment shall be in the amount of $5,176.52. The New Jersey Division of Taxation (referred to as NJ Tax) shall retain all of its lien rights on the Debtor's assets, including, but not limited to the Debtor's liquor license, until such time as the priority debt is satisfied. The Internal Revenue Service (the "IRS") filed a proof of claim ("Claim No. 4") in which is set forth a priority claim in the amount of $2,283.18 and a general unsecured claim in the amount of $3,615,27. The priority portion of the claim shall be paid in full upon the Effective Date. Oxford Health Plans filed a proof of claim ("Claim No. 2") in which it set forth a priority claim in the amount of $2,948.76 for unpaid contributions to an employee health plan. This priority claim shall be paid in full upon the Effective Date. Like in the prior iteration of the Plan, the Debtor's allowed general unsecured creditors in Class 4 total $5,698,880.74. The Debtor's plan proposes to pay the allowed general unsecured creditors the sum of approximately $569,888 (or 10%) over a period of five years. Payments on a monthly basis shall be in the approximate amount of $9,498.00 The Debtor's proposed Plan shall be funded by the Debtor's continued operations. To that end, the Debtor has prepared a budget for the creditors review. This budget is based upon historical data and certain assumptions that are made by the Debtor. The Debtor will be operated by Matthew Shendell. Mr. Shendell was associated with the Debtor prior to the Petition Date. He will continue in his role as manager of the Debtor. Mr. Shendell shall be entitled to a salary of $2,000.00 per week. A full-text copy of the Second Amended Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=OZ8MvA from PacerMonitor.com at no charge. The Debtor's Counsel: Fred S. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 Tel: 516-703-3672 Email: fkantrow@thekantrowlawgroup.com About Ronbon LLC Ronbon LLC, engaged in the restaurant industry, operates The Ainsworth Hoboken, a popular dining and bar venue located at 310 Sinatra Drive in Hoboken, NJ. Ronbon LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41700) on April 8, 2025. In its petition, the Debtor reports total assets of $1,227,446 and total liabilities of $7,122,070. Judge Nancy Hershey Lord handles the case. The Debtor is represented by Fred S. Kantrow, Esq. at THE KANTROW LAW GROUP, PLLC. Newtek Small Business Finance, LLC, as lender, is represented by: Matthew Burrows, Esq. CHARTWELL LAW One Battery Park Plaza, Suite 701 New York, NY 10004-1445 Telephone: (212) 968-2300 e-mail: mburrows@chartwelllaw.com -and- John J. Winter, Esq. CHARTWELL LAW 700 American Avenue, Suite 303 King of Prussia, PA 19406 Telephone: (610) 666-8437 Telecopier: (610) 666-7704 e-mail: jwinter@chartwelllaw.com SARASOTA SEAFOOD: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Sarasota Seafood, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the hearing held on October 28, the court authorized the Debtor's interim use of cash collateral pending a further hearing on December 2. The Debtor intends to use the cash collateral of secured creditors, First Internet Bank of Indiana and Newtek Bank, N.A., for ordinary business expenses, preservation of assets, and management compensation. As adequate protection, the Debtor offers both banks replacement "floating" liens on post-petition collateral equal in priority to their pre-bankruptcy liens. The Debtor operates a restaurant in Sarasota, Florida. Its assets include approximately $11,400 in accounts receivable (from Uber and DoorDash) and $6,000 in inventory, both of which secure pre-bankruptcy loans totaling about $640,000 ($170,000 owed to Indiana and $470,000 to Newtek). Both banks claim perfected liens on receivables, inventory, and proceeds. About Sarasota Seafood Inc. Sarasota Seafood, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07398) on October 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Benjamin G. Martin, Esq., at the Law Offices of Benjamin Martin represents the Debtor as bankruptcy counsel. SHERWOOD HOSPITALITY: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------------------- Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC, filed with the U.S. Bankruptcy Court for the District of Oregon a Joint Disclosure Statement describing Joint Plan of Reorganization dated October 20, 2025. Sherwood is an Oregon limited liability company headquartered in Sherwood, Washington County, Oregon. Sherwood owns the land and improvements that serve the operations of an operating hotel branded as the Hampton Inn – Sherwood. DVKOCR is an Oregon limited liability company headquartered in Tigard, Washington County, Oregon. DVKOCR owns the land and improvements that serve the operations of an operating hotel branded as the Hampton Inn – Tigard. During the pendency of the bankruptcy case, Sherwood has initiated an adversary proceeding against Star Junction 49, LLC for approval of sale of the entirety of the Sherwood Hotel (including both the interests of Sherwood and Star Junction 49, LLC). This action is styled Sherwood Hospitality Group, LLC v. Star Junction 49, LLC, Adv. Proc. 25-03023; the Plan provides for the Bankruptcy Court to have continued jurisdiction to adjudicate the adversary proceeding to its conclusion. The Plan directs the sale of the Sherwood Hotel and the DVKOCR Hotel in a single transaction (the Sale) or, in the alternative, as two separate transactions (the Alternative Sale). Proceeds from the Sale4 will be paid to secured creditors secured against the respective hotel property. Pursuant to section 363(j), after a sale of the Sherwood Hotel, Sherwood will distribute to the co-owner of such property (Star Junction 49, LLC) the proceeds of such sale, less the costs and expenses of such sale, according to the interest of the co-owner and Sherwood. The Debtors state that the key elements of the Plan are as follows: * The Plan is a joint plan of organization presented by the Debtors to address the respective creditors of each bankruptcy estate. * The Plan contemplates sales of all or substantially all of the assets of Sherwood and of DVKOCR to fund distributions to creditors and equity claimants. Such sales may be completed before or after confirmation of the Plan. The Plan contemplates and is structured around a single sale transaction of substantially all of both Debtors' assets (the "Sale"); however, as an alternative, the Plan accommodates two separate sale transactions consisting of all or substantially all of the assets of Sherwood (a "Sherwood Sale") and of all or substantially all of the assets of DVKOCR (a "DVKOCR Sale") (collectively, an "Alternative Sale"). * Upon completion of the Sale (or Alternative Sale), the Debtors expect to have sufficient proceeds to pay attendant sales costs and resulting taxes, and to make significant payments to holders of all Allowed Claims. * Throughout the Plan, Creditors are designated as holding claims against only one of the bankruptcy estates or holding claims against both bankruptcy estates. Creditors holding claims only against the Sherwood bankruptcy estate are designated as "Sherwood Only." Creditors holding claims only against the DVKOCR bankruptcy estate are designated as "DVKOCR Only." Creditors holding claims against both the Sherwood bankruptcy estate and the DVKOCR bankruptcy estate are designated as "Both Estates." Class 7 consists of the Allowed General Unsecured Claims against Sherwood. The Claims within this Class shall be paid with any funds remaining from the Sherwood Sale after payment of allowed Administrative Claims (Sherwood or Both Estates), Classes 1–6, and Unsecured Priority Claims (Sherwood or Both Estates). Class 7 is impaired. Class 9 consists of the Allowed General Unsecured Claims against DVKOCR. The Claims within this Class shall be paid with any funds remaining from the DVKOCR Sale after payment of allowed Administrative Claims (DVKOCR or Both Estates), Classes 1–8, and Unsecured Priority Claims (DVKOCR or Both Estates). Class 9 is impaired. Class 12 consists of the claims of equity holders on account of their membership interests in Sherwood and DVKOCR. The Claims within this Class shall be paid with any funds remaining from the Sherwood Sale and the DVKOCR Sale after payment of allowed Administrative Claims, Classes 1–11, and Unsecured Priority Claims. The source of the funds to make the payments required under the Plan will be the proceeds from the Sale of the Sherwood Hotel and DVKOCR Hotel pursuant to either an Order Confirming this Plan or a separate order approving such Sale. The marketing and sale of the Sherwood Hotel and DVKOCR Hotel will be led by broker Cushman & Wakefield. Cushman & Wakefield has developed and began a six to eight-month marketing and sale plan, involving periods for pre-marketing, marketing, negotiations, due diligence, and purchase and sale agreement execution and closing. Cushman & Wakefield intend to market the property through a variety of methods, including cold calls, local and global investor mailing lists, numerous listing sites and other technology services, and other means. A full-text copy of the Joint Disclosure Statement dated October 20, 2025 is available at https://urlcurt.com/u?l=JtFBGs from PacerMonitor.com at no charge. Sherwood Hospitality Group LLC is represented by: Thomas W. Stilley, Esq. Douglas R. Ricks, Esq. Sussman Shank, LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Telephone: (503) 227-1111 Facsimile: (503) 248-0130 Email: tstilley@sussmanshank.com dricks@sussmanshank.com About Sherwood Hospitality Group Sherwood Hospitality Group LLC, d/b/a Hampton Inn Sherwood Portland, operating as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. The Company manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Douglas R. Ricks, at SUSSMAN SHANK LLP. SONOMA PHARMACEUTICALS: Terminates COO Bruce Thornton ----------------------------------------------------- Sonoma Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Bruce Thornton was terminated as an employee and Executive Vice President and Chief Operating Officer of the Company, and from any other position at the Company or any of its subsidiaries to which he has been appointed. Mr. Thorton was terminated for cause in accordance with the terms of his employment agreement and will not receive any salary or benefits from the Company except those earned through October 18, 2025. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCL, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in fifty-five countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of March 31, 2025, the Company had $13,693,000 in total assets, $9,282,000 in total liabilities, and total stockholders' equity of $4,411,000. SOUTHMARK PROPERTY: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ Southmark Property Group LLC filed a 7 chapter bankruptcy in the Central District of California bankruptcy court on October 24, 2025. This is a voluntary filing. The bankruptcy petition for Southmark Property Group LLC showed liabilities in the range of $100,001-$1,000,000. Southmark Property Group LLC reports that the number of creditors is in the range of 1-49. About Southmark Property Group LLC Southmark Property Group LLC is a limited liability company. Southmark Property Group LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12998) on October 24, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Roseann Frazee, Esq. of Frazee Law Group. STOKES & STOKES: Unsecureds to Get Share of Income for 60 Months ---------------------------------------------------------------- Stokes & Stokes Properties, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Subchapter V Plan of Reorganization dated October 20, 2025. The Debtor owns residential rental properties in Philadelphia. The Debtor is a Limited Liability Company with two members, husband and wife, Tyrone Stokes and Michelle Williams. Over the years, the Debtor acquired 10 properties, 9 of which were income producing and until the tenants who occupied the properties began to fall behind on rent. As a result, the members of the LLC, Mr. & Mrs. Stokes, exhausted their personal savings resulting in mortgage delinquencies. In order to save their properties from foreclosure, Stokes & Stokes, LLC filed the instant Chapter 11, Subchapter V case. The Debtor has received an offer to purchase 1617 Cecil B. Moore Avenue which will contribute to its plan of reorganization to pay its debts to creditors in this plan. Class 2 consists of the General Unsecured Claim of Capital One, N.A. The Debtor will pay its disposable income into the plan for 60 months. Class 3 consists of Equity Interest Tyrone Stokes and Michelle Wills. The LLC's member's interest will remain unchanged. The Debtor intends to sell the properties at 1617 Cecil B. Moore Avenue, Philadelphia, Pa. 19121 and 2255 N. 16th Street, Philadelphia, Pa. 19132. The Debtor intends to convert all of its residential rentals to Section 8 tenants which will allow for high rents and more reliable payments. The Debtor will fill all vacant units. The Debtor must submit all or such portion of the future earnings or other future income of the Debtor to the supervision and control of the Trustee as is necessary for the execution of the Plan. The final Plan payment is expected to be paid on or before 60 months after confirmation of the original Chapter 11 Plan. A full-text copy of the Plan of Reorganization dated October 20, 2025 is available at https://urlcurt.com/u?l=G62WcT from PacerMonitor.com at no charge. Counsel to the Debtor: Demetrius J. Parrish, Jr., Esq. The Parrish Law Firm, LLC 7715 Crittenden Street No.: 360 Philadelphia, Pa. 19118 215-735-3377/(215) 827 - 5420 fax Email: djpesq@gmail.com About Stokes & Stokes Properties Stokes & Stokes Properties, LLC, owns residential rental properties in Philadelphia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12226) on June 3, 2025, with up to $50,000 in assets and liabilities. Judge Ashely M. Chan presides over the case. Demetrius J. Parrish, Esq., at The Law Offices of Demetrius J. Parrish represents the Debtor as bankruptcy counsel. Metropolitan Tower Life Insurance Company, as serviced by Fay Servicing, LLC, is represented by Mark A. Cronin, Esq., at McCalla Raymer Leibert Pierce, LLP, in Philadelphia, Pennsylvania. STUBHUB HOLDCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed StubHub Holdco Sub, LLC's (StubHub) ratings, including the B3 Corporate Family Rating, the B3-PD Probability of Default Rating and the B3 Senior Secured First Lien Bank Credit Facilities ratings. The outlook remains stable. The affirmations reflect the reduction in leverage after the company applied the proceeds from its initial public offering (IPO) to repay a significant portion of its term loan, mitigating the deterioration in credit metrics seen in the first half of 2025. The anticipated increase in transparency around financial reporting for StubHub as a public company is also a credit positive development. RATINGS RATIONALE StubHub's B3 CFR is constrained by high leverage, aggressive financial strategies and stiff competition in the ticket marketplace. Despite the significant debt paydown, Moody's forecasts Moody's adjusted debt/EBITDA will be over 9x for 2025. The company has aggressively ramped up its sales and marketing spend (54.8% of revenue in H1 2025) to gain share from competitors and invest in its direct issuance strategy resulting in significant EBITDA degradation. The B3 rating is further constrained by the lack of a clearly articulated financial policy and uncertainty surrounding the strategy shift into direct issuance. Moody's expects Moody's adjusted leverage to remain above 8.5x over the next 12–18 months as the company prioritizes gross merchandise sales (GMS) growth at the expense of profitability. Moody's expects free cash flow generation of approximately $200 million in 2026, supported by working capital benefits from increasing seller payables as GMS continues to grow. Moody's do not include redeemable preferred equity in Moody's adjusted leverage calculation. If the redeemable preferred stock was included in Moody's leverage metric, it would add about 3x of leverage. Moody's notes these are Moody's internal projected figures, not the company's. Moody's expects StubHub to maintain good liquidity over the next 12-18 months. It is supported by significant cash on balance sheet ($344 million as of June 30, 2025, net of seller payables). Moody's expects this to improve pro-forma for net IPO proceeds, the Series O preferred stock offering and debt paydown. StubHub's good liquidity also reflects minimal maintenance capital expenditures, access to an undrawn credit line and generally positive working capital inflows from upfront cash receipts in advance of reimbursements to ticket sellers. StubHub has full availability on its committed senior secured revolver due March 2028. The revolver has a springing covenant requirement of 5.7x first lien net leverage maximum tested at the end of a quarter when there is at least 35% drawn. Pro forma for the partial term loan repayment, Moody's estimates that the company has good cushion on the covenant requirement. Moody's do not expect StubHub to rely on revolver borrowing over the next 12-18 months. StubHub's next funded debt maturity is in March 2030 when its senior secured term loans come due. However, the company has a potential cash obligation due to the significant tax liability. While not current, this cash liability has a potential to reduce the company's cash flow available for debt repayment and reduce liquidity. The B3 instrument ratings on the senior secured bank credit facilities (term loans and revolver) reflect the B3-PD probability of default rating and an average expected family recovery rate of 50% at default given a covenant-lite, all first lien loan capital structure. StubHub's CIS-4 credit impact score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The score reflects governance risk, including highly concentrated voting control, lack of majority independent directors on the board, concentrated ownership and aggressive financial strategies. The stable outlook incorporates Moody's expectations that StubHub will generate positive free cash flow over the next 12-18 months as it continues to compete in performance marketing and executes on its direct issuance strategy. Moody's do not expect the company to redeem the preferred shares with cash or debt over the next 12-18 months given very high leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if Moody's expects liquidity to weaken or if debt/EBITDA does not begin to improve. There could also be downward pressure on ratings if regulatory actions or developments in the competitive landscape adversely affect StubHub's profitability or market share. An upgrade is unlikely in the near term given uncertainty regarding the recent strategy shift to direct issuance and aggressive marketing spending and its impact on earnings and liquidity. In the longer term, ratings could be upgraded if StubHub can demonstrate consistent EBITDA growth and adjusted debt to EBITDA sustained under 6x with financial policies supporting operating at such leverage levels and improved levels of transparency. StubHub would also need to maintain good liquidity (net of payments due to ticket sellers) with Moody's adjusted FCF/Debt over 5%. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. StubHub provides an online marketplace for secondary tickets along with payment support, logistics, and customer service. The company trades publicly on the NYSE under the ticker symbol "STUB." Founder and CEO Eric Baker possesses approximately 90% of the voting power through his full ownership of Class B common stock which grant him 100 votes per share, in contrast to the single vote per share afforded by Class A stock. SUNBELT PLANTATIONS: Claims to be Paid from Asset Sale Proceeds --------------------------------------------------------------- Sunbelt Plantations Inc. and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Joint Plan of Liquidation dated October 20, 2025. The Debtors constitute several family-owned businesses collectively and cooperatively operating as Adcock Pecans, which has been in business for approximately 75 years. The Debtor's principals are Lee Anne Adcock Johnson and her husband, Gwynn Kelley "Mace" Johnson. Sunbelt is the main operating entity, AAA owns and/or leases several billboards, and AFP further holds real property. The Debtors were forced to file this bankruptcy case after the Tifton County, Georgia Superior Court overstepped its authority in controlling the Debtors' operations even though the Debtor was not a party to the lawsuit in question. The Debtors intend to sell substantially all of their assets and liquidate their businesses through this Plan. This Plan deals with all property of Debtors and provides for treatment of all Claims against Debtors and their property. Under this Plan, the Estates of the three separate corporate Debtors hereunder will be substantively consolidated into the Consolidated Estate solely for purposes of voting and confirmation of the Plan and with respect to Distributions hereunder. In accordance with this substantive consolidation, this Plan treats Claims and Interests with respect to the Consolidated Estate, regardless of which Debtor any particular claim or interest holder asserts rights against. Class 5 shall consist of General Unsecured Claims ("GUCs"). If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, the Debtors shall pay the General Unsecured Creditors in full on the Effective Date. If the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 5 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. The Claims of the Class 5 Creditors are Impaired by the Plan, and the holders of Class 5 Claims are entitled to vote to accept or reject the Plan. Class 6 consists of Equity Security Holders of Debtors. The Debtors shall not make any distributions or pay any dividends related to any Equity Interests unless and until all distributions related to all Allowed Claims in Classes 1 through 5 have been made in full as set forth herein. Holders of Equity Interests in the Debtors shall receive their share of any excess proceeds from the sale of all the Debtors' assets after payment in full of Classes 1 through 5. Upon confirmation, Debtors will be charged with administration of the Plan. Debtors will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtors will file all post-confirmation reports required by the United States Trustee's office or by the Subchapter V Trustee. Debtors will also file the necessary final reports and may apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. The source of funds for the payments pursuant to the Plan is the sale of all or substantially all of the Debtors' assets. A full-text copy of the Joint Liquidating Plan dated October 20, 2025 is available at https://urlcurt.com/u?l=7NXKeo from PacerMonitor.com at no charge. Counsel to the Debtors: Will B. Geer, Esq. Caitlyn Powers, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com cpowers@rlkglaw.com About Sunbelt Plantations Inc. Sunbelt Plantations Inc., doing business as Adcock Pecan Co., produces and distributes pecans, peanuts, jams, jellies, fruit butters, and chutneys. The Company operates from Tifton, Georgia, and offers its products through retail and online channels, including its Website at http://www.adcockpecans.com/ Sunbelt Plantations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21011) on July 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. TABERNACLE CHRISTIAN: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------------- Tabernacle Christian Center Ministries, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division for authority to use cash collateral and provide adequate protection. The Debtor, a nonprofit church and school serving pre-K through 12th grade, filed its petition on September 29, and now seeks court authorization to use cash collateral retroactive to the petition date to sustain ongoing operations. The U.S. Small Business Administration may hold a secured interest in the Debtor's accounts and deposit accounts based on a UCC-1 financing statement filed on May 9, 2022, securing a loan of approximately $299,000. The Debtor requests permission to use cash collateral under 11 U.S.C. sections 105 and 363, as the funds are essential for maintaining its operations, including payroll, insurance, utilities, supplies, and other necessary expenses. Its submitted budget outlines projected cash needs, with a requested 20% variance allowance. The Debtor argues that denial of this request would cause immediate and irreparable harm to both the bankruptcy estate and creditors, as cessation of operations would halt revenue generation and diminish the value of the estate. To protect the SBA's interests, the Debtor proposes adequate protection in the form of a replacement lien on post-petition assets equivalent in extent and priority to the creditor's pre-bankruptcy lien, ensuring that the creditor's secured position is not diminished. About Tabernacle Christian Center Ministries Tabernacle Christian Center Ministries Inc. operates as a religious organization based in Florida, providing Christian worship services, educational programs, and community outreach initiatives. The organization is led by Bishop Jeff Terrelonge and conducts activities including Sunday worship, Bible study, youth services, and volunteer-driven community programs. Tabernacle Christian Center Ministries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21466) on September 29, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by the Law Office of Mark S. Roher, PA. TENET HEALTHCARE: Moody's Alters Outlook on 'Ba3' CFR to Positive ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of Tenet Healthcare Corporation, including the Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba3 ratings of senior secured first and second lien notes and B2 rating of senior unsecured notes. At the same time, Moody's revised the outlook to positive from stable. The change of the outlook to positive reflects Tenet's sustained deleveraging driven by a combination of strong EBITDA growth and substantial debt paydown in the last 18 months and Moody's expectations that the company will continue to operate with moderate leverage. The affirmation of the Tenet's ratings, including the Ba3 CFR, reflects the company's reliable business strategy, moderate financial leverage and a financial policy that balances growth objectives with debtholder interests. Moody's expects that the company will maintain debt/EBITDA in the mid-to-high 3.0 times range. RATINGS RATIONALE Tenet's Ba3 CFR reflects the company's significant scale, good business diversity, moderately high financial leverage and very good liquidity. In addition to acute care hospitals, the company has a sizeable portfolio of ambulatory surgery centers (ASCs) and a revenue cycle management business which add business diversity. Tempering these strengths, Tenet's Ba3 CFR is constrained by some geographic concentration in the states of Texas, Michigan Arizona and California as well as heavy reliance on a small group of managed care payors. The company's shareholder-friendly policies are also constraining factors. The positive outlook reflects Moody's views that Tenet will continue to operate with significant scale and diversity while maintaining moderately high financial leverage. Moody's expects Tenet to maintain very good liquidity (SGL-1) over the next 12-18 months. The company's liquidity is supported by Moody's expectations of more than $500 million in annual free cash flow (after distributions to non-controlling interests) along with over $2.6 billion in cash and $1.4 billion available under the $1.5 billion ABL revolver as of June 30, 2025 Tenet's senior secured first lien and second lien notes are rated Ba3, the same as the Ba3 corporate family rating. This equivalence reflects senior position of these senior secured notes compared to the unsecured notes, offset by junior position relative to the ABL revolver. The first and second lien notes are secured by a first priority pledge of the capital stock of Tenet's domestic subsidiaries and benefit from guarantees provided by domestic hospital subsidiaries. However, these notes lack a pledge of subsidiary assets resulting in what Moody's considers to be a weak collateral package. The company's unsecured notes are rated B2, two notches below the CFR reflecting their subordinate position as well as lack of guarantees from the operating subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Tenet's ratings could be downgraded if the company's operating performance weakens due to any reason including potential missteps in executing an aggressive ASC business expansion strategy. Adverse changes to the reimbursement and regulatory landscape, including negative impact from the implementation of the One Big Beautiful Act could also pressure the ratings. Negative rating pressure may arise if the company's financial policies were to become more aggressive through material debt-funded acquisitions or more aggressive returns to shareholders. Ratings could be downgraded if debt/EBITDA is sustained above 5.0 times or if free cash flow after non-controlling interest distributions were to materially decline. The ratings could be upgraded if Tenet can realize the additional benefits from its recent cost and operating initiatives, including increased profit margins. Further, the ratings could be upgraded if Tenet sustains and improves its free cash flow and sustains debt/EBITDA below 4.0 times. Tenet Health Corporation, headquartered in Dallas, TX, is a provider of diversified healthcare services through its hospital and ambulatory care operations. As of June 30, 2025, the company operated 49 acute care and specialty hospitals and owned/had indirect ownership interest in numerous other outpatient facilities including surgical hospitals, ambulatory surgery centers, imaging centers, off-campus emergency departments and micro-hospitals. Revenue was approximately $21 billion for the twelve months ended June 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Tenet's Ba3 CFR is two notches below the Ba1 scorecard-indicated outcome. The difference reflects a scorecard factor that is upwardly skewed by the company's scale. TRIAD AERO: Case Summary & 10 Unsecured Creditors ------------------------------------------------- Debtor: Triad Aero Sales, Corp. 6891 NW 74th Street, Unit B Medley, FL 33166 Business Description: Triad Aero Sales, Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Chapter 11 Petition Date: October 27, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22674 Judge: Hon. Robert A Mark Debtor's Counsel: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Fort Lauderdale, FL 33004 Tel: 305-931-3771 Email: bsb@bgglaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mercedes Medina as CEO. A copy of the Debtor's list of 10 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XM3UECY/Traid_Aero_Sales_Corp__flsbke-25-22674__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EPVSGNA/Traid_Aero_Sales_Corp__flsbke-25-22674__0001.0.pdf?mcid=tGE4TAMA ULTIMATE PAVERS: Court Gets Final OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Ultimate Pavers, Inc. final approval to use the cash collateral of TD Bank, National Association. The authorization is granted on a final basis through the effective date of the Debtor's forthcoming plan of reorganization. The final order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay amounts authorized by the court, including payments to the subchapter V trustee; the current and necessary expenses set forth in the budget, plus an amount not to exceed ten percent (10%) per line item; project-related expense; and additional amounts approved by the secured creditor. This authorization will continue until further order of the court. As adequate protection, each creditor with a security interest in cash collateral will receive a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as its prepetition lien. In addition, the Debtor was ordered to maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the secured creditor. A copy of the Court's Order dated October 21, 2025, is available at https://urlcurt.com/u?l=jEY2e4 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. The Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Andrew J. Wit, Esq. at Jennis Morse. VERASTEM INC: Foresite Capital Fund VI Holds 5.1% Equity Stake -------------------------------------------------------------- Foresite Capital Fund VI LP, Foresite Capital Management VI, LLC, and James Tananbaum, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of October 16, 2025, they beneficially own 3,135,120 shares of Verastem, Inc.'s Common Stock, representing 5.1% of the 61,545,270 shares of Common Stock outstanding as of August 7, 2025. The shares are directly owned by Foresite Capital Fund VI LP, with Foresite Capital Management VI, LLC, as its general partner, and James Tananbaum, as the managing member, deemed to have sole voting and dispositive power over these shares. Foresite Capital Fund VI LP may be reached through: James Tananbaum, Managing Member c/o Foresite Capital Management, 900 Larkspur Landing Circle, Suite 150 Larkspur, Calif. 94939 A full-text copy of Foresite Capital Fund VI LP's SEC report is available at: https://tinyurl.com/3fktw8tx About Verastem, Inc. Verastem, Inc. is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma / mitogen activated pathway kinase pathway-driven cancers. The Company's pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition. As of June 30, 2025, the Company had $196.26 million in total assets, $160.21 million in total liabilities, and $36.06 million in total stockholders' equity. The Company disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded net losses of $25.93 million and $8.26 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported net losses of $78.04 million and $42.12 million, respectively. VERITONE INC: Davidson Kempner Entities Report 2.90% Stake ---------------------------------------------------------- Davidson Kempner Capital Management LP, M.H. Davidson & Co., Davidson Kempner Arbitrage, Equities and Relative Value LP, and Anthony A. Yoseloff, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of October 16, 2025, they beneficially own 2,500,000 shares of Veritone, Inc.'s Common Stock, par value $0.001 per share, representing 2.90% of the 86,189,112 shares of Common Stock outstanding as of October 15, 2025. Of these, M.H. Davidson & Co. beneficially owns 60,250 shares (0.07%), and Davidson Kempner Arbitrage, Equities and Relative Value LP beneficially owns 2,439,750 shares (2.83%), with Davidson Kempner Capital Management LP and Anthony A. Yoseloff deemed to have shared voting and dispositive power over the total 2,500,000 shares through their roles as investment manager and executive managing member, respectively. Davidson Kempner Capital Management LP may be reached through: Anthony A. Yoseloff, Executive Managing Member c/o Davidson Kempner Capital Management LP, 9 West 57th Street, 29th Floor New York, N.Y. 10019 212-446-4000 A full-text copy of the SEC report is available at: https://tinyurl.com/mryhdayt About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from ast amounts of structured and unstructured data. The Company disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Based on the Company's liquidity position as of June 30, 2025 and current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about the Company's ability to continue as a going concern over the 12 months following the filing of this Quarterly Report on Form 10-Q, principally driven by current debt service obligations, historical negative cash flows and recurring losses. As a result, the Company will require additional liquidity to continue its operations over the next 12 months." As of June 30, 2025, the Company had $186.81 million in total assets, $185.59 million in total liabilities, and $1.22 million in total stockholders' equity. VIVAKOR INC: Closes $40M Facility to Expand Oil Trading Platform ---------------------------------------------------------------- Vivakor, Inc. announced the closing of its previously announced $40 million commodity intermediation credit facility with a single wholesaler. The facility is intended to provide additional credit support for the growth and expansion of Vivakor's crude oil trading platform. The Facility, known as a commodity intermediation facility, functions as a working capital and credit support arrangement for physical crude oil transactions conducted by Vivakor Supply & Trading, LLC. Under the terms of the Facility, the wholesaler will provide credit support, including but not limited to letters of credit, surety bonds, cash deposits, and/or guarantees to sellers of physical commodities as an intermediary of VST for commodity trading activities. VST will remain responsible for arranging transportation, logistics, and gathering operations for the commodities purchased, as well as coordinating their sale to prospective buyers. VST expects to utilize the midstream logistics capabilities of its affiliates, including its trucking fleet, network of crude oil stations and terminal facilities, and its gathering pipeline asset. The Facility has a one-year term and provides total availability of up to $40 million in combined credit support extended from time to time. Vivakor Chairman, President and CEO James Ballengee commented, "The closing of this transaction, more than a year in the making since our initial announcement, effectively launches Vivakor's trading platform, Vivakor Supply & Trading. This initiative enhances our ability to manage supply chain commodity flows, integrate volumes across our trucking fleet and facilities, and drive immediate accretive revenue while diversifying and expanding our crude oil marketing operations. I would like to personally thank the Vivakor team for their hard work and dedication in bringing this to fruition." Vivakor Chief Financial Officer Kimberly Hawley added, "This facility significantly strengthens our liquidity position and provides the flexibility to scale our trading and logistics operations efficiently. It represents a disciplined, accretive step in expanding our working capital resources to meet growing customer demand while maintaining financial stability and operational agility." About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of these financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: Settles Samuelson Suit for $1.65M in Cash, Shares -------------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Settlement Agreement with James Samuelson in order to settle claims made by Samuelson that he was not paid for work performed for Vivakor, which claims formed the basis of a lawsuit entitled James Samuelson v. Vivakor, Inc., James Ballengee, et al., Case No. 30-2025-01496877-CU-OE-CJC (Sup. Ct. Orange Cty., Cal.-July 14, 2025). Under the terms of the Settlement Agreement, Vivakor is obligated to pay Samuelson $100,000 on or before January 30, 2026, and issue Samuelson shares of its common stock as follows: (i) $400,000 worth of shares on October 24, 2025, (ii) $400,000 worth of stock on November 3, 2025, (iii) $400,000 worth of stock on November 13, 2025, and (iv) $350,000 worth of stock on November 24, 2025. The Shares will be issued unrestricted under Vivakor's 2023 Equity Incentive Plan and registered on a Form S-8 Registration Statement and valued with an issuance price equal to a 20 percent discount of the average of the lowest 5 VWAPs over the prior 15 trading days prior to each issuance date. The sale of the Shares by Samuelson is subject to a Leak-Out Agreement, under which Samuelson cannot, in any 24-hour period, sell Shares in an amount representing more than the greater of: (i) the total aggregate daily net proceeds from the sale of shares equaling $25,000; (ii) 10% of the 90-day average trading volume; or (iii) 10% of any given days' trading volume as reported by Bloomberg, LP on the applicable day. As a result of the Settlement Agreement, all dates and deadlines related to the Lawsuit have been taken off calendar by the Court, which will retain jurisdiction of the Lawsuit through the final payment of the Settlement Agreement consideration. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of these financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVIC CORP: Leadership Reshuffled, Chen-Hon Chuang Named CEO, CFO ----------------------------------------------------------------- Vivic Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors accepted the resignation of: (i) Mr. Tse-Ling Wang from his positions as President, Chief Executive Officer, and Secretary of the Company; (ii) Andy F Wong, Chief Financial Officer of the Company; (iii) Amy (Yin-Zhen) Huang, Director of the Company; and (iv) Richard (Hui Ming) Pao, Director of the Company. Concurrently, the Board appointed Mr. Chen-Hon Chuang to serve as the President, Chief Executive Officer, Chief Financial Officer, and Secretary of the Company. Mr. Chen-Hon Chuang, 75, has been serving as a Senior Sales Consultant and Technical Advisor of Vivic Corporation (Hong Kong) Co. Limited, the Company's subsidiary in Hong Kong, since February 2023. Mr. Chuang has served in a number of senior management positions in the yacht industry. From September 2020 to March 2024, Mr. Chuang served as Electric Boat Consultant and Sales Director of Guangzhou Weiguan Yacht Technology Co., Ltd., a yacht sales and marina operation company, where he oversaw the certification, emission compliance, and safety standards for electric systems, and supported after-sales service and technical support coordination. Mr. Chuang holds a High School degree from Miaoli Dacheng High School in 1970 and attended the Flight Training Program at the Air Force Academy from 1970 to 1973. The Company has entered into an employment agreement with Mr. Chuang which provides for an initial term expiring October 16, 2026, after which the agreement continues on an "at will" basis. In consideration of his services, Mr. Chuang is to be issued 100,000 restricted stock units which shall be deemed earned in equal monthly instalments of 8,333. If Mr. Chuang's employment is terminated without "cause" or by Mr. Chuang for "good reason", Mr. Chuang is entitled to receive: (1) vesting of all RSUs scheduled to be earned during the remainder of the term; and (2) retention of all previously earned RSUs, which cannot be forfeited or clawed back. A "Qualifying Termination" includes material changes to Mr. Chuang's duties, title, or responsibilities or a breach of the agreement by the Company. Severance payments are contingent on Mr. Chuang's execution of a general release of claims in favor of the Company and adherence to post-employment restrictive covenants, including non-competition and non-solicitation obligations for 12 months following termination. No severance is provided for termination for "cause," Mr. Chuang's voluntary resignation without good reason, or upon his death or disability. The foregoing summary of Mr. Chuang's employment agreement is qualified in its entirety by reference to the terms of the employment agreement, which is available at https://tinyurl.com/yw526k5s No family relationships exist between Mr. Chuang and any other directors or executive officers of the Company. There are no transactions to which the Company is or was a participant and in which Mr. Chuang has a material interest subject to disclosure under Item 404(a) of Regulation S-K. About Vivic Vivic Corp. was established under the corporate laws of the State of Nevada on February 16, 2017. Beginning with a change in management resulting from a change in control of the Company at the end of 2018, the Company has explored and initiated operations in various business areas related to the pleasure boat industry. These included yacht sales, marine tourism, development of electric-powered yachts, development and operation of yacht marinas in Asia, and development of a yacht rental and timeshare service. The Company's headquarters are maintained at its branch in the Republic of China, Vivic Corp. It is mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. As of June 30, 2025, the Company had $3.86 million in total assets, $2.05 million in total liabilities, and $1.81 million in total stockholders' equity. Irvine, California-based YCM CPA INC., the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company had an accumulated deficit of $5.75 million as of June 30, 2025, and negative cash flows from operations. The Company does not have sustained and stable income, and there is also significant uncertainty in the income for the next 12 months. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VMP LLC: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: VMP LLC f/d/b/a Valley Meal Prep 222 McHenry Avenue Modesto, CA 95354 Business Description: VMP LLC, formerly doing business as Valley Meal Prep, provided meal preparation and delivery services in Modesto, California, focusing on gourmet and healthy meals for individual customers. Chapter 11 Petition Date: October 27, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-25929 Judge: Hon. Christopher M Klein Debtor's Counsel: David C. Johnston, Esq. DAVID C. JOHNSTON 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Email: david@johnstonbusinesslaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew Martin as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SQPX54Y/VMP_LLC__caebke-25-25929__0001.0.pdf?mcid=tGE4TAMA WALGRE TRANSPORT: Granted CCAA Initial Order -------------------------------------------- On June 27, 2025, Walgre Transport Inc. and 2793309 Ontario Ltd. each filed a Notice of Intention to Make a Proposal pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act. Grant Thornton Limited was named the Licensed Insolvency Trustee under the NOI Proceedings. On July 11, 2025, the Ontario Superior Court of Justice (Commercial List) in Bankruptcy and Insolvency issued an order which, among other things, consolidated each of the Companies’ Notices of Intention to Make a Proposal. On October 8, 2025, the Court issued an order which, among other things, ordered the NOI Proceedings to be continued under the Companies’ Creditors Arrangement Act pursuant to the same principal terms and conditions, generally, as specified in the NOI Process Order. The CCAA Initial Order also appointed Grant Thornton Limited as Monitor. On October 8, 2025, the Court issued another order which discharged Grant Thornton Limited as Proposal Trustee. Also on October 8, 2025, the Court issued an order wherein pursuant to the Claims Procedure Order, the Monitor is empowered to implement the Claims Process, as defined and specified in the Claims Procedure Order, in order to allow parties who believe they may have a claim as against the Companies to submit a Proof of Claim for the Monitor's review and consideration. Proofs of Claim must be received by the Monitor by 5:00 p.m. (Eastern) on November 14, 2025, failing which a creditor will be forever barred from advancing a Claim against the Companies or its directors or officers. The Monitor shall review all Proof of Claims received, and may accept, revise, or disallow each Claim as set out in the Claims Procedure Order. Lawyers for the Company: BENNETT JONES LLP 3400 One First Canadian Place P.O. Box 130 Toronto, ON M5X 1A4 Raj Sahni Tel: 416.777.4804 Email: sahnir@bennettjones.com Aiden Nelms Tel: 416.777.3090 Email: nelmsa@bennettjones.com Joshua Foster Tel: 416.777.7906 Email: fosterj@bennettjones.com Jamie Ernst Tel: 416.777.7867 Email: ernstj@bennettjones.com U.S. Lawyers for the Company: VOGEL LAW FIRM 215 30th Street North Moorhead, MN 56560 Kesha Tanabe Tel: 701.237.6983 Email: ktanabe@vogellaw.com Drew J. Hushka Tel: 701.237.6983 Email: dhushka@vogellaw.com The Monitor: GRANT THORNTON LIMITED 200 King Street West, 11th Floor Toronto, ON M5H 3T4 Lawyers for the Monitor: CHAITONS LLP 5000 Yonge Street, 10th Floor Toronto, ON M2N 7E9 George Benchetrit Tel: 416.218.1141 Email: george@chaitons.com Amy Casella Tel: 416.218.1769 Email: amy@chaitons.com David Im Tel: 416.218.1124 Email: Dim@chaitons.com Lawyers for the DIP Lender: DENTONS CANADA LLP 77 King St W Suite 400 Toronto, ON M5K 0A1 John Salmas Tel: 416.863.4737 Email: john.salmas@dentons.com Matthew Fleming Tel: 416.863.4634 Email: matthew.fleming@dentons.com Lawyers for The Bank of Nova Scotia and Roynat Inc., Secured Lenders: HARRISON PENSA LLP 130 Dufferin Ave Suite 1101 London, ON N6A 6G8 Timothy Hogan Tel: 519.661.6743 Email: thogan@harrisonpensa.com Thomas Masterson Tel: 519.661.6797 Email: tmasterson@harrisonpensa.com WAVE SUSHI: Court Denies Bid to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division denied Wave Sushi Maitland, LLC's motion to use cash collateral as moot. The court had earlier confirmed the Debtor's Chapter 11 plan of reorganization. On October 17, the Debtor filed a notice that October 31 is the effective date of the reorganization plan. About Wave Sushi Maitland Wave Sushi Maitland, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02113) on April 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw, PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com WESTJET AIRLINES: Moody's Alters Outlook on 'B2' CFR to Negative ---------------------------------------------------------------- Moody's Ratings revised the rating outlook for WestJet Airlines Ltd. (WestJet) and WestJet Loyalty LP (WestJet Loyalty) to negative from stable. At the same time, Moody's have affirmed WestJet's corporate family rating at B2, WestJet's probability of default rating at B2-PD, and WestJet Loyalty's backed Senior Secured Bank Credit Facility rating at Ba3. The negative outlook reflects Moody's expectations of slower margin growth and higher financial leverage for WestJet, driven by weaker air travel demand (especially on transborder routes) and significant capital spending on new aircraft and lease obligations. Additionally, Moody's expects limited adjusted EBITDA growth for WestJet in 2025 and 2026, with modest capacity increases and stable passenger revenue being offset by rising costs such as wages, maintenance, and airport fees. RATINGS RATIONALE WestJet's B2 CFR is constrained by elevated financial leverage and the potential for increased competition within its operating markets, which may exert downward pressure on airfares and yields. Moody's expects softer profit margins stemming from reduced demand, particularly in the transborder segment, and increasing debt as a result of spending on fleet renewal and growth including aircraft sale-leaseback arrangements. Additionally, private equity ownership could result in shareholder-oriented transactions that restrict cash flow available for debt reduction. WestJet's rating is supported by its strong position in Canada's air travel market as one of two major airlines, adequate liquidity and the expectation the company will see efficiencies in its operations as it undergoes new narrow-body fleet deliveries and executes on its renewed focus as low-cost carrier with premium leisure offerings. WestJet has adequate liquidity through 2026. Sources are comprised of CAD1.1 billion of cash and cash equivalents (net of restricted cash and minimum regulatory requirement for tour operators), and full availability under its $510 million (about CAD700 million) revolver expiring in February 2029. Uses include about CAD900 million of mandatory annual debt and lease repayments and Moody's expectations of about CAD1.0 billion of negative free cash flow through the end of 2026. Sources of liquidity do not include WestJet's expectation of completing sale and leaseback transactions for its future aircraft deliveries or on existing aircraft, which if completed, will provide additional liquidity. WestJet's revolver is secured by most of its assets and subject to a collateral coverage test which the company is currently above the minimum requirement. The term loan B is subject to minimum liquidity covenant of CAD300 million and Moody's expects the company to remain compliant over the next four quarters. The negative outlook reflects that WestJet's leverage could remain above 6.5x, as EBITDA growth will not keep pace with rising debt levels associated with new aircraft deliveries. Also it incorporates that WestJet's liquidity position could weaken if market conditions fail to improve, due to the company's high interest expense and capital commitments associated with its new aircraft. The Ba3 rating on WestJet Loyalty's term loan B reflects the essentialness of WestJet's brand and related intellectual properties for it to operate the business and the importance of WestJet Rewards to the company's day-to-day operations and cash flows. This view is balanced by a relatively lower recovery of the collateral if WestJet faces liquidation scenario, and the collateral assets are monetized to repay the debt. The Ba3 rating is two notches above WestJet's CFR which reflects Moody's assumptions of a lower probability of default relative to the company's other secured debt obligations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA is sustained below 5x, and (Funds from operations plus interest)/interest is likely to approach 3.5x. The ratings could be downgraded if liquidity deteriorates, debt/EBITDA is expected to be sustained above 6.5x, or if (Funds from operations plus interest)/interest is sustained below 2x. WestJet Airlines Ltd. headquartered in Calgary, Alberta, is a private company owned by Onex Corporation, and is the second-largest Canadian air carrier, providing scheduled passenger services to destinations in Canada, the US, Central America, the Caribbean and Europe. The principal methodology used in these ratings was Passenger Airlines published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WHITE WILSON: Gets Interim OK to Use Cash Collateral Until Nov. 19 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Florida granted White Wilson Medical Center, PA authorization to use cash collateral on an interim basis. Mako Funding USA's objection is overruled without prejudice. The Debtor is authorized to use cash collateral until Nov. 19 including, without limitation, cash, deposit accounts, accounts receivable, and proceeds from business operations pending further order of the court or consent of the lenders and in accordance with the budget. As adequate protection with respect to the lender's interests in the cash collateral, the lenders are granted a continuing and perfected replacement lien in and upon all of the categories and types of collateral in which they held a security interest and lien as of the petition date to the same extent, validity and priority that they held as of the petition date. As additional adequate protection, the Debtor must pay InsBank interest only payments at 8.5% per annum with the first payment to be made on Nov. 5, and continuing on the 5th of each month thereafter. The Debtor has paid its October 2025 payment. The next hearing is set for Nov. 19. A copy of the Court's Order dated October 22, 2025, is available at https://urlcurt.com/u?l=kTHkJn from PacerMonitor.com. About White Wilson Medical Center PA White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as legal counsel. WINDMILL POINT: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Windmill Point Apartments DE, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The court granted the Debtor's bid to use cash collateral on the terms set forth in its prior interim cash collateral orders, with all such orders deemed final. The court's previous interim orders allowed the Debtor to use its secured creditors' cash collateral to fund operations and granted secured creditors including Wilmington Trust, N.A., Pjeter Lulaj, and Javier DelHoyo replacement liens on post-petition cash collateral. The Debtor owns 69 residential units near the University of Central Florida, which are 95% leased. A foreclosure lawsuit was filed by Wilmington Trust due to alleged missed mortgage payments starting in May 2024. The Debtor disputes the default, citing sufficient reserve funds that the lender refused to apply toward payments. A copy of the final order and the Debtor's budget is available at https://shorturl.at/o7ZLe from PacerMonitor.com. About Windmill Point Apartments De Windmill Point Apartments De, LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in 11 U.S.C. section 101(51B). Windmill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025, listing between $10 million and $50 million in both assets and liabilities. Barry Watson, manager of Windmill, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP, represents the Debtor as legal counsel. Wilmington Trust, N.A., as secured creditor, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. SHUTTS & BOWEN LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 bdennis@shutts.com rreinert@shutts.com WISDOM DENTAL: May Use Cash Collateral Until Feb. 18 ---------------------------------------------------- At the hearing on Oct. 22, Judge Caryl E. Delano of the United States Bankruptcy Court for the Middle District of Florida permitted Wisdom Dental, P.A. to continue using cash collateral. The Court will hold another hearing Feb. 18, 2026, on the matter. Judge Delano previously issued a second interim Cash collateral order permitting the Debtor to use cash collateral to pay: (a) amounts expressly authorized by the Court, including Subchapter V Trustee interim compensation; (b) current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) additional amounts expressly approved by secured claimants. The Debtor must remit adequate protection payments to Seacoast National Bank in the amount of regular contractual monthly interest-only payments commencing on October 1, 2025 and continuing each month thereafter through the earlier of: (i) confirmation of a Plan of Reorganization by the Debtor; (ii) the dismissal or conversion of this Case; (iii) the payment of Seacoast's claim in full; (iv) or the entry of a further order of the Court to the contrary . The Debtor was ordered to maintain insurance coverage for its property in accordance with its obligations under the loan and security documents with the the secured creditors. A copy of the Court's Order is available at https://urlcurt.com/u?l=dh5EZD from PacerMonitor.com. About Wisdom Dental, P.A. Wisdom Dental, P.A. operates a dental clinic under the name Ave Maria Dentistry from its ocation in Ave Maria, Florida. The practice provides preventive, restorative, and cosmetic dental services and is led by Dr. Wisdom D. Akpaka. The company was incorporated in Florida in 2015. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01508) on August 6, 2025. In the petition signed by Wisdom Akpaka, president, the Debtor disclosed $223,970 in assets and $2,851,770 in liabilities. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at DAL LAGO LAW, represents the Debtor as legal counsel. XPLOR TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings affirmed Xplor Technologies, LLC's (Xplor) B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's assigned B3 ratings to the proposed senior secured first lien bank credit facilities that will include a $350 million revolving credit facility expiring 2030 and $2,093 million term loan B due 2032 issued by Xplor T1, LLC (the debt issuing subsidiary of Xplor). Moody's also affirmed the B3 rating on the existing senior secured bank credit facilities issued by Xplor T1, LLC. The outlook for both entities is stable. Cash proceeds from the term loan B add-on will be used to fund the acquisition of Clubessential Holdings, LLC (Clubessential). The proposed transaction includes an increase of the revolver commitment from $100 million to $350 million, with the maturity extended to 2030. In addition, Xplor signed definitive agreement to acquire Ezypay, a provider of payment solutions across the APAC region. The affirmation reflects Moody's expectations that leverage (on a Moody's-adjusted basis) will improve to approximately 7.5x by 2027, supported by projected mid-single-digit revenue growth and partial recognition of planned cost synergies. Governance considerations were a key factor in the rating action, particularly the company's willingness to increase leverage to the high-9x range (Moody's-adjusted) as part of this transaction. Nevertheless, Xplor enhances its market position within the fitness vertical, enters new segment such as Golf & Club, and strengthens its embedded payments capabilities. Moody's expect free cash flow to improve for the combined entity, driven by Clubessential's strong cash flow conversion, which should help offset higher interest expenses and one-time integration costs. RATINGS RATIONALE The B3 CFR reflects the company's high leverage, modest scale, and acquisitive growth strategy. Following the debt-funded acquisitions of Clubessential and Ezypay, Xplor's pro forma leverage will increase to high 9x range (on a Moody's adjusted basis) from around 6.5x as of December 2024. Moody's expects that Xplor will reduce its leverage to around 7.5x in 2027 based on projected mid-single digit revenue growth and margin expansion. Private equity ownership and the fragmented nature of the market indicate that Xplor could further supplement organic growth with debt-funded acquisitions. Xplor's acquisition of Clubessential increases the scale of the business and diversifies its target verticals with the addition of Golf & Club. The combined company benefits from solid growth prospects supported by the market shift towards software-embedded solutions, especially among small and medium size businesses (SMBs). However, its focus on small and medium-sized businesses increases the company's business risk during economic downturns. Both companies have demonstrated the ability to cross-sell software and payments services as well as win new customers. Good revenue visibility comes from annual subscriptions for software products and recurring transaction-based revenue from payments. The acquisition is margin and cash flow accretive with Clubessential's favorable mix of higher margin software revenue and Moody's expects EBITDA margin will improve over the next two years through cost synergies and increasing take rate payments volumes. Free cash flow to debt is projected to improve to the mid-single digit percentage driven by revenue and margin growth, partially offset by higher interest expense and one-time integration costs. Xplor's liquidity is good, supported by an expected cash balance of approximately $70 million at the close of transactions and access to its proposed $350 million revolver expiring in 2030 (with an estimated $264 million available at the close of transactions, net of $86 million outstanding to fund the acquisition of Ezpay). Moody's projects free cash flow to improve to around $55 million in 2026, supported by pro forma revenue growth. Xplor has $21 million of annual mandatory term loan amortization. The proposed revolver is subject to a springing first lien net leverage covenant of 10.0x set at 40% utilization. Moody's do not project the covenant to be tested over the next 12 months and expect the company to maintain sufficient cushion under the covenant. The stable outlook reflects Moody's expectations that Xplor will generate mid-single digit revenue growth and reduce leverage to around 7.5x in 2027. At the same time, free cash flow generation should improve to mid-single digits of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Xplor continues to demonstrate strong organic revenue and EBITDA growth, leverage is expected to sustain below 6x debt/EBITDA, and free cash flow to debt is expected to sustain above 5%. The ratings could be downgraded if revenue growth and EBITDA is weaker than anticipated, leverage is expected to sustain above 8x debt/EBITDA, free cash flow is negative on other than a temporary basis and/or liquidity weakens. COMPANY PROFILE Headquartered in Atlanta, Georgia, Xplor is a provider of vertically-specific SaaS business management software with embedded payment capabilities. Pro forma for the acquisitions, the company's key verticals are fitness and wellbeing, field services, golf & club, parks & recreation, childcare & education, and personal services. Xplor is majority owned by private equity firm Advent International, and pro forma, affiliates of Battery Ventures and Silver Lake Partners will also hold significant minority interest. Pro forma for the acquisitions, the combined company would have generated over $900 million of revenue in 2024. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Nutini Properties LLC Bankr. W.D. Wash. 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Case No. 25-12362 Chapter 11 Petition filed October 20, 2025 represented by: Robert Marrero, Esq. ROBERT MARRERO, LLC In re Damian D Phillips and Omega Michelle Smith-Phillips Bankr. E.D.N.C. Case No. 25-04135 Chapter 11 Petition filed October 20, 2025 represented by: Benjamin Eisner, Esq. In re All Secure, LLC Bankr. W.D. Tenn. Case No. 25-25349 Chapter 11 Petition filed October 19, 2025 See https://www.pacermonitor.com/view/GMM3D6Q/All_Secure_LLC__tnwbke-25-25349__0001.0.pdf?mcid=tGE4TAMA represented by: Curtis Johnson, Esq. JOHNSON AND JOHNSON PC E-mail: cjohnson@johnsonandjohnsonattys.com In re All Seasons Waterproofing and Drainage Inc. Bankr. W.D. Wash. Case No. 25-12912 Chapter 11 Petition filed October 20, 2025 See https://www.pacermonitor.com/view/FLXJUWQ/All_Seasons_Waterproofing_and__wawbke-25-12912__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re South Hayward Ventures LLC Bankr. N.D. Cal. Case No. 25-41970 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/XD3YDMA/South_Hayward_Ventures_LLC__canbke-25-41970__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Oluwole Jolaoso Bankr. D. Colo. Case No. 25-16846 Chapter 11 Petition filed October 21, 2025 represented by: Keri Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. In re Limitless ABA, LLC Bankr. M.D. Fla. Case No. 25-03824 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/4XBM6MI/Limitless_ABA_LLC__flmbke-25-03824__0001.0.pdf?mcid=tGE4TAMA represented by: Lisa Caryl Cohen, Esq. RUFF & COHEN PA E-mail: lcohen@ruffcohen.com In re Kimberly Ann Dalius 2018 Family Trust Bankr. S.D. Fla. Case No. 25-22410 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/KG57PIQ/Kimberly_Ann_Dalius_2018_Family__flsbke-25-22410__0001.0.pdf?mcid=tGE4TAMA represented by: Ariel Sagre, Esq. SAGRE LAW FIRM, P.A. E-mail: law@sagrelawfirm.com In re Eric J. Dalius 2018 Family Trust Bankr. S.D. Fla. Case No. 25-22409 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/F5GUSJA/Eric_J_Dalius_2018_Family_Trust__flsbke-25-22409__0001.0.pdf?mcid=tGE4TAMA represented by: Ariel Sagre, Esq. SAGRE LAW FIRM, P.A. E-mail: law@sagrelawfirm.com In re Kendra Elaine Gaines Revocable Living Estate Trust Bankr. N.D. Ga. Case No. 25-62140 Chapter 11 Petition filed October 20, 2025 Filed Pro Se In re EDB Investments, LLC Bankr. N.D. Ill. Case No. 25-16172 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/XWKHCHQ/EDB_Investments_LLC__ilnbke-25-16172__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. E-mail: greg@gregstern.com In re Monica W Grace Bankr. D. Mass. Case No. 25-12255 Chapter 11 Petition filed October 21, 2025 represented by: John Sommerstein, Esq. In re Emerald Pools LLC Bankr. D. Nev. Case No. 25-16289 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/5NMA26I/EMERALD_POOLS_LLC__nvbke-25-16289__0001.0.pdf?mcid=tGE4TAMA represented by: Michael J. Harker, Esq. LAW OFFICES OF MICHAEL J. HARKER Email: notices@harkerlawfirm.com In re Simcha Wilner Bankr. D.N.J. Case No. 25-21183 Chapter 11 Petition filed October 21, 2025 represented by: Barry Miller, Esq. In re 9711 24 LLC Bankr. E.D.N.Y. Case No. 25-45033 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/57THYNY/9711_24_LLC__nyebke-25-45033__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re A& J's Catfish Station Bankr. W.D. Tenn. Case No. 25-25379 Chapter 11 Petition filed October 21, 2025 See https://www.pacermonitor.com/view/BBH3LSY/A_Js_Catfish_Station__tnwbke-25-25379__0001.0.pdf?mcid=tGE4TAMA represented by: Curtis Johnson, Esq. JOHNSON and JOHNSON PC E-mail: cjohnson@johnsonandjohnsonattys.com In re Jayan Aron Partow Bankr. C.D. Cal. Case No. 25-11968 Chapter 11 Petition filed October 22, 2025 In re Jayan Aron Partow Bankr. C.D. Cal. Case No. 25-19400 Chapter 11 Petition filed October 22, 2025 In re Ascencion Medical Center, Inc. Bankr. S.D. Fla. Case No. 25-22422 Chapter 11 Petition filed October 22, 2025 See https://www.pacermonitor.com/view/OBIBRRA/Ascencion_Medical_Center_Inc__flsbke-25-22422__0001.0.pdf?mcid=tGE4TAMA represented by: Carlos E. Sardi, Esq. SARDI LAW, PLLC E-mail: carlos@sardilaw.com In re Stephanie Felicia Green Bankr. N.D. Ill. Case No. 25-16278 Chapter 11 Petition filed October 22, 2025 See https://www.pacermonitor.com/view/GMT72QY/Stephanie_Felicia_Green__ilnbke-25-16278__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re William Hartzell Dodson and Raven Michelle Dodson Bankr. W.D. Ky. Case No. 25-40726 Chapter 11 Petition filed October 22, 2025 In re Bella Grey Medical Spa, LLC Bankr. D. Nev. Case No. 25-51002 Chapter 11 Petition filed October 22, 2025 See https://www.pacermonitor.com/view/IY6QCAI/BELLA_GREY_MEDICAL_SPA_LLC__nvbke-25-51002__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin A Darby, Esq. DARBY LAW PRACTICE Email: kevin@darbylawpractice.com In re Monroe Operating Group, Inc. Bankr. D.N.J. Case No. 25-21213 Chapter 11 Petition filed October 22, 2025 See https://www.pacermonitor.com/view/BNGJBYA/Monroe_Operating_Group_Inc__njbke-25-21213__0001.0.pdf?mcid=tGE4TAMA represented by: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN E-mail: aciardi@ciardilaw.com In re Burlington Operating Group, Inc. Bankr. D.N.J. Case No. 25-21214 Chapter 11 Petition filed October 22, 2025 See https://www.pacermonitor.com/view/CDE4HGQ/Burlington_Operating_Group_Inc__njbke-25-21214__0001.0.pdf?mcid=tGE4TAMA represented by: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN E-mail: aciardi@ciardilaw.com In re Tactical Training Center LLC Bankr. D.N.J. Case No. 25-21219 Chapter 11 Petition filed October 22, 2025 See https://www.pacermonitor.com/view/FBMXRZA/Tactical_Training_Center_LLC__njbke-25-21219__0001.0.pdf?mcid=tGE4TAMA represented by: Andre L. Kydala, Esq. LAW FIRM OF ANDRE L. KYDALA E-mail: kydalalaw@alm.com In re PPW Realty 1414 W 3Rd St. LLC Bankr. D.N.J. Case No. 25-21188 Chapter 11 Petition filed October 22, 2025 See https://www.pacermonitor.com/view/X3UJYKA/PPW_Realty_1414_W_3Rd_St_LLC__njbke-25-21188__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Nisenson, Esq. LAW OFFICE OF ROBERT C. NISENSON, LLC E-mail: r.nisenson@rcn-law.com In re Trevor L Bachmeyer and Brandy Nicole Bachmeyer Bankr. E.D. Tex. Case No. 25-43160 Chapter 11 Petition filed October 22, 2025 represented by: Daniel Herrin, Esq. In re Hillside Apartments LLC Bankr. E.D. Cal. Case No. 25-25860 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/TUGNHLY/Hillside_Apartments_LLC__caebke-25-25860__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Reachone LLC Bankr. N.D. Cal. Case No. 25-41983 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/IWPXRSA/Reachone_LLC__canbke-25-41983__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Eric Jon Cross Bankr. D. Conn. Case No. 25-21113 Chapter 11 Petition filed October 23, 2025 In re C & C Empire Development, LLC Bankr. M.D. Fla. Case No. 25-06825 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/QMZ5MDI/C__C_Empire_Development_LLC__flmbke-25-06825__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Seamless Quality Solutions, LLC Bankr. M.D. Fla. Case No. 25-03853 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/RKZCMRY/Seamless_Quality_Solutions_LLC__flmbke-25-03853__0001.0.pdf?mcid=tGE4TAMA represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP E-mail: bkmickler@planlaw.com In re Joshua David Ellis and Karen Te Ellis Bankr. N.D. Ga. Case No. 25-62273 Chapter 11 Petition filed October 23, 2025 represented by: Paul Marr, Esq. In re CM Holdings USA LLC Bankr. D. Nev. Case No. 25-16352 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/HLYNMZI/CM_Holdings_USA_LLC__nvbke-25-16352__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kinder Island LLC Bankr. E.D.N.Y. Case No. 25-45123 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/IWTO5LQ/Kinder_Island_LLC__nyebke-25-45123__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Solmora Inc Bankr. E.D.N.Y. Case No. 25-45126 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/JCUYKRA/Solmora_Inc__nyebke-25-45126__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Hive & Honeycomb PLLC Bankr. W.D. Wash. Case No. 25-12989 Chapter 11 Petition filed October 23, 2025 See https://www.pacermonitor.com/view/NVPJNEY/Hive__Honeycomb_PLLC__wawbke-25-12989__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Cottonwood Investment Group, LLC Bankr. D. Ariz. Case No. 25-10051 Chapter 11 Petition filed October 22, 2025 Filed Pro Se In re Mountain Empire ENT, LLC Bankr. N.D. Cal. Case No. 25-51646 Chapter 11 Petition filed October 24, 2025 See https://www.pacermonitor.com/view/PB57YKA/Mountain_Empire_Ent_LLC__canbke-25-51646__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ari Benjamin Robbins Bankr. S.D. Cal. Case No. 25-04373 Chapter 11 Petition filed October 24, 2025 represented by: Andy Warshaw, Esq. DIMARCO WARSHAW, APLC In re Portland Duck, LLC Bankr. D. Maine Case No. 25-10205 Chapter 11 Petition filed October 24, 2025 See https://www.pacermonitor.com/view/L4IX4FI/Portland_Duck_LLC__mebke-25-10205__0001.0.pdf?mcid=tGE4TAMA represented by: Adam R. Prescott, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. E-mail: aprescott@bernsteinshur.com In re Apogee Consortium Group LLC Bankr. E.D.N.Y. Case No. 25-45155 Chapter 11 Petition filed October 24, 2025 See https://www.pacermonitor.com/view/2YKY7FI/Apogee_Consortium_Group_LLC__nyebke-25-45155__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Eliazer Ciprian Febrillet Bankr. E.D.N.Y. Case No. 25-45144 Chapter 11 Petition filed October 24, 2025 represented by: Christal Cammock, Esq. In re SDLOMO Partners Bankr. E.D. Pa. Case No. 25-14314 Chapter 11 Petition filed October 24, 2025 See https://www.pacermonitor.com/view/KHQFOCI/SDLOMO_Partners__paebke-25-14314__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Snu, LLC Bankr. E.D. Va. Case No. 25-12206 Chapter 11 Petition filed October 24, 2025 See https://www.pacermonitor.com/view/IKUIFGI/Snu_LLC__vaebke-25-12206__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Tracy Lynn Bloom Bankr. E.D. Va. Case No. 25-12216 Chapter 11 Petition filed October 24, 2025 represented by: Robert Brandt, Esq. ********* 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. 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