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251031.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, October 31, 2025, Vol. 29, No. 303 Headlines 1140 REALTY: Amends Unsecured Claims; Confirmation Hearing Dec. 3 163 CHESTNUT: Seeks Chapter 7 Bankruptcy in Massachusetts 25350 PLEASANT: Amends Unsecured Claims Pay Details 301 W NORTH: Unsecured Creditors to Split $48K in Plan 44 LAUREL: U.S. Trustee Unable to Appoint Committee ACADEMY OF ACCELERATED LEARNING: S&P Lowers Rev. Bonds Rating 'BB' ALL 4 HIM: Seeks Subchapter V Bankruptcy in Kentucky ALLIED DEVCORP: Bankr. Administrator Unable to Appoint Committee ALVIN'S COURIER: Employs Jones Accounting Group as Accountant AQUATIC RESOURCE: Ruediger Mueller Named Subchapter V Trustee ARCADIA BIOSCIENCES: Sets 2025 Annual Meeting for Dec. 19 ARCADIAN RESOURCES: Unsecureds Will Get 3% of Claims in Plan ASBESTOS CORP: Secures Court Recognition for Ch. 15 Restructuring ASCENCION MEDICAL: Carol Fox Named Subchapter V Trustee ATLANTIC OVERSEAS: Tarek Kiem Named Subchapter V Trustee AUTO HOUSE: Seeks to Hire Leonard Appraisals as Appraiser AVON PRODUCTS: Insurers Lose Bid to Stay Plan Confirmation Order AZUL SA: US Trustee Opposes Chapter 11 Plan Releases BACK DRAUGHTS: Claims to be Paid from Continued Operation BAGBY INVESTMENT: Section 341(a) Meeting of Creditors on Dec. 3 BAKELITE US: Moody's Lowers CFR to B2 & Alters Outlook to Stable BAYSIDE LIMO: Employs Market Tax & Accounting LLC as Accountant BEACON LIGHT: Seeks Subchapter V Bankruptcy in Louisiana BEAUTIFUL CITY: Plan Exclusivity Period Extended to October 31 BEELINE HOLDINGS: Closes First Blockchain Home Equity Transactions BEELINE HOLDINGS: Sets Q3 2025 Stakeholder Update Call for Nov. 10 BELLA GREY: Brian Shapiro Named Subchapter V Trustee BICK GROUP: Gets Final OK for $450K DIP Loan From St. Louis Bank BURNT LLC: Unsecured Creditors to Split $60K over 5 Years C & C EMPIRE: Aaron Cohen Named Subchapter V Trustee CALPLANT I: Trust May Recoup $72,900 in Preference Payment CAMPBELL REALTY: Section 341(a) Meeting of Creditors on Nov. 19 CAPE FEAR: Bankruptcy Administrator Unable to Appoint Committee CAPE FEAR: Gets Final OK to Use Cash Collateral CARTER'S INC: S&P Affirms 'BB+' ICR on Refinancing, Outlook Neg. CBL & ASSOCIATES: S&P Alters Outlook to Negative, Affirms 'B-' ICR CINEMAWORLD OF FLORIDA: Deadline to File Plan Extended to Dec. 30 CITIUS PHARMACEUTICALS: CVI and Heights Capital Hold 9.9% Stake CLAIRE'S STORES: Cleared to End Bankruptcy After Ames Watson Deal COMMUNITY HEALTH: Reports $171M Net Income in Fiscal Q3 COMPASS POWER: S&P Alters Outlook to Positive, Affirms 'BB-' ICR CORELOGIC INC: S&P Alters Outlook to Stable, Affirms 'B-' ICR CORVIAS CAMPUS: Plan Exclusivity Period Extended to Jan. 21, 2026 COTTONWOOD INVESTMENT: Edward Burr Named Subchapter V Trustee COUTURE INVESTMENTS: Nathan Smith Named Subchapter V Trustee CURIS INC: Nasdaq Panel Extends MVLS Compliance Deadline to Nov. 14 CYPRESSWOOD TX: Unsecureds Will Get 100% of Claims in Plan DIOCESE OF OAKLAND: Judge Plans to Conclude Ch. 11 Case by Nov. 12 DIOCESE OF OGDENSBURG: Non-Testimonial Survivor Statements Allowed DOG ROBBER: $3M Unsecured Claims to Recover 1.9% over 5 Years DOLCE BALLOONS: Unsecured Creditors to Split $4,588 over 3 Years EAD CONSTRUCTORS: Retains McGrath North Mullin & Kratz as Counsel EDGE DOCUMENT: Hires Hester Baker Krebs LLC as Legal Counsel EDGE DOCUMENT: Judy Wolf Weiker Named Subchapter V Trustee EMPIRE COMMUNITIES: S&P Lowers ICR to 'B-', Alters Outlook to Neg. EVENTIDE CREDIT: Committee Taps Trinity River as Financial Advisor EXACTECH INC: Secures Additional $19MM DIP Before Sale FERRELLGAS PARTNERS: Raises $650M via 9.25% Senior Notes Offering FLEETPRIDE INC: S&P Withdraws 'B-' ICR Following Merger FLYSHARE INC: Seeks to Sell Common Stock Shares to Highest Bid FOCUS UNIVERSAL: Closes $10 Million Preferred Equity Offering FREEDOM ACADEMY: S&P Lowers 2016 Fixed-Rate Rev. Debt Rating 'B' FXI HOLDINGS: S&P Downgrades ICR to 'CC', Outlook Negative GARFIELD 1115: Proof of Claims Deadline on Dec. 29 GARMENT GEAR: Hires Stichter Riedel Blain & Postler as Counsel GARMENT GEAR: Seeks to Hire Lighthouse CPAs as Accountant GENERAL ENTERPRISE: Theodore Ralston Holds 27% Equity Stake GFW PROPERTIES: Katharine Battaia Clark Named Subchapter V Trustee GRACE BAPTIST: Aleida Martinez Molina Named Subchapter V Trustee GULFSTREAM YACHT: Unsecureds Will Get 100% of Claims in Plan GWG HOLDINGS: Creditors Slam Atty. Romance Deal as 'Collusive' HALL OF FAME: Stuart Lichter and Affiliates Boost Stake to 73% HERTZ GLOBAL: Asks Del. High Court to Toss $170MM Insurance Ruling HILLSDALE PALLETS: Seeks Subchapter V Bankruptcy in Michigan HOLY REDEEMER: S&P Affirms 'B+' Long-Term Rating on Revenue Bond I-INSPIRE DANCE: Unsecureds Will Get 100% of Claims over 60 Months I-LOGIC TECHNOLOGIES: S&P Withdraws 'B' Issuer Credit Rating ION CORPORATE: S&P Withdraws 'B' Issuer Credit Rating IRECERTIFY: $100K Contribution & Business Revenue to Fund Plan IROBOT CORP: Extends Credit Covenant Waiver to Dec. 1 J.C.C.M. PROPERTIES: Gets Final OK to Use Cash Collateral KAISER ALUMINUM: Fitch Rates New $500MM Unsec. Notes Due 2034 'BB-' KATIE KAHANOVITZ: Unsecureds to Get $500 per Month over 5 Years KIMCHI KOREAN: Case Summary & 20 Largest Unsecured Creditors KUSHAL B. SHUKLA: SMA and Axial's Judgment Nondischargeable LANDMARK HOLDINGS: PCO Reports Patient Care Complaints LANGSTON CARVER: Case Summary & 16 Unsecured Creditors LAUREL CREEK: Claims to be Paid from Property Sale Proceeds LEGACY-XSPIRE: Copay's Summary Judgment Bid Granted in Part LEISURE INVESTMENTS: Plan Allows $4.5MM Sale of Defunct Park LEISURE INVESTMENTS: Seeks to Extend Exclusivity to Jan. 26, 2026 LENASI INC: Unsecureds Will Get 9.6% of Claims over 60 Months LIFE CENTER: Frederick Bunol Named Subchapter V Trustee LIFE CENTER: Seeks Subchapter V Bankruptcy in Louisiana LITIGATION PRACTICE: Court Narrows Claims in Trust Case vs BCB LOADED BARREL: Case Summary & 20 Largest Unsecured Creditors MARLIN CONSTRUCTION: Creditors to Get Proceeds From Liquidation MARQUIE GROUP: Appoints Marc Angell Chief Financial Officer MB RITZ VILLA: Section 341(a) Meeting of Creditors on Nov. 21 MENORAH CAMPUS: No Resident Concern, 3rd PCO Report Says MERIT STREET: Court Converts Chapter 11 to Chapter 7 MG LOGISTICS: Seeks to Extend Plan Exclusivity to March 1, 2026 MICROMOBILITY.COM: Settles $2.5M Judgment With Bernheim MICROMOBILITY.COM: Signs $25M Equity Purchase Deal With Yorkville MICROMOBILITY.COM: Terminates April SEPA With Yorkville MIDNIGHT VENTURES: Joli Lofstedt Named Subchapter V Trustee MIDNIGHT VENTURES: Section 341(a) Meeting of Creditors on Nov. 21 MIDWOOD DENTAL: Employs Estelle Miller CPA as Accountant MIDWOOD DENTAL: Employs Law Offices of Alla Kachan P.C. as Counsel MK RE HOLDINGS: Gets Court OK to Use Cash Collateral MODERNO PORCELAIN: Voluntary Chapter 11 Case Summary MODIVCARE INC: Creditors Object to UnitedHealthcare Settlement MOUNTAIN SPORTS: Unsecured Creditors Slam Chapter 11 Plan MWP PROPERTY: Plainfield Property Sale to Y. M. Rodriguez-Pena OK'd NAPA VALLEY: Hires Meyer Law Group as General Bankruptcy Counsel NEOGEN FOOD: Moody's Lowers CFR to B1 & Alters Outlook to Stable NORTH AMERICAN: Case Summary & Six Unsecured Creditors O'BRIEN'S RENT-ALL: Sean O'Brien Unsecureds Will Get 9% Dividend OAK CREEK: Employs Cohen Stephens & Associates as Accountant OMNIQ CORP: 2 Directors Elected, Equity Plan OK'd at Annual Meeting OMNIQ CORP: Moves Principal Offices to 696 West Confluence Avenue ONDAS HOLDINGS: Signs Deal to Acquire 70% Stake in 4M Defense P&L DEVELOPMENT: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. PHYSICAL INVESTMENTS: To Sell Roanoke Property to Tyler Clark PIPELINE CONSTRUCTION: Hires Wegmann Dazet APC as Tax Accountant POWER REIT: Reports $223,551 Net Income in Fiscal Q3 PUBLISHERS CLEARING: Amends Unsecureds & Secured Claim Details PUBLISHERS CLEARING: Gets OK to Seek Ch. 11 Plan Creditors Vote QSR STEEL: CBIZ Must Disgorge $29,680 in Fees RAW BAGELS: Charles Persing Named Subchapter V Trustee REATON HOMES: J.M. Cook Named Subchapter V Trustee RELIABLE SECURITY: Amends Gateway Secured Claims Pay RHODIUM ENCORE: Court Sustains Objection to Midas Green Claims RHODIUM ENCORE: Court Tosses Midas Patent Suit in Chapter 11 Case RICHFIELD NURSING: No Resident Complaints, 2nd PCO Report Says RICKEY SELLERS: Taps Barry A. Friedman & Associates as Counsel RIVERDALE ASSEMBLY: Seeks Subchapter V Bankruptcy in California RIZO-LOPEZ FOODS: Committee Taps GlassRatner Advisory as Advisor RIZO-LOPEZ FOODS: Committee to Employ Tucker Ellis LLP as Counsel RIZO-LOPEZ FOODS: Gets OK to Hire Hyman Phelps as Special Counsel RJQ COMPANIES: Unsecured Creditors to Get 0% in Plan S & O INVESTMENTS: To Sell Kansas Property to Garden City SAMSONITE FINCO: S&P Rates Proposed Senior Unsecured Notes 'BB+' SAMYS OC: Seeks to Extend Plan Exclusivity to December 30 SAN FRANCISCO CARE: Unsecureds Will Get 100% of Claims in Plan SD BACKYARD: Unsecureds to Get 100 Cents on Dollar in Plan SELECTA GROUP: Excluded Noteholders Sue over Restructuring SHILO INN: Seeks to Sell Newport Property at Auction SIMMONS UNIVERSITY: Moody's Cuts Issuer Rating to Ba2, Outlook Neg. SMART INVESTMENT: Linda Leali Named Subchapter V Trustee SPIRIT AIRLINES: Creditors Support DIP Deal After Concession SPIRIT AVIATION: Committee Hires Alton Aviation as Aviation Advisor SPIRIT AVIATION: Committee Hires Willkie Farr as Legal Counsel SPIRIT AVIATION: Committee Retains Jefferies as Investment Banker SPIRIT AVIATION: Committee Taps AlixPartners as Financial Advisor STM CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors STRIPE A LOT: Seeks Subchapter V Bankruptcy in Florida SUNTECH DRIVE: Court OK's Patent Rights Sale at Auction SUPRA NATIONAL: Case Summary & 20 Largest Unsecured Creditors TALPHERA INC: Shareholders OK All Seven Proposals at Annual Meeting TMMM MECH: To Sell Remnant Assets to SVDF LLC for $12,500 TOB LLC: To Sell Commercial Property to Ted Banick for $325K TOMPKINS SQUARE: Samuel Dawidowicz Named Subchapter V Trustee TONIX PHARMACEUTICALS: Reports Preliminary Q3 Net Loss of $32M TPI COMPOSITES: Says Recusal of Judge Lopez Unwarranted TRICOLOR AUTO: Trustee Gets Green Light to Pay Insurers US NUCLEAR: Fiscal Q2 Net Loss Narrows to $207,799 UTICA TOWNSHIP: To Sell Vehicles to John Jones for $265K VETCOR LLC: Section 341(a) Meeting of Creditors on November 11 VIB TRANS: Case Summary & 20 Largest Unsecured Creditors VIVAKOR INC: Closes $3.5 Milion Registered Direct Offering WALKER EDISON: Unsecureds Will Get 0.5% to 60% of Claims in Plan WBK TRANSPORT: Hires Joyce W. Lindauer as Legal Counsel WESTERN URANIUM: Closes $5.9 Million Brokered LIFE Financing WOODLAND PLACE: Amends Unsecured Claims Pay Details WORLDWIDE MACHINERY: Committee Hires Pachulski Stang as Counsel WYNN RESORTS: Blossom Fountain, Two Others Hold 5% Equity Stake YELLOW CORP: Liquidation Plan Can't Preserve Claim Dispute [^] BOOK REVIEW: The Heroic Enterprise ********* 1140 REALTY: Amends Unsecured Claims; Confirmation Hearing Dec. 3 ----------------------------------------------------------------- 1140 Realty Group LLC submitted a First Amended Disclosure Statement for First Amended Plan of Liquidation dated October 21, 2025. The Debtor intends to file a motion with this Court seeking entry of an order authorizing and approving bidding procedures for an auction sale of the Property, free and clear of all monetary liens, claims and Encumbrances, with such monetary liens, claims and encumbrances to attach to the proceeds of sale; and approving the bidding procedures for the Property. The proposed auction sale will be subject to extensive marketing and subject to higher and better bids. The Debtor intends to receive the highest and best price for its sole asset, so that it may maximize return to creditors of its estate. At the conclusion of the auction sale, the Debtor will declare the highest and best bidder (the "Purchaser") and seek an order of the Court authorizing the conveyance of the Property, the closing of which shall occur within 30 days after the auction sale (the "Sale Transaction"). The proceeds of the Sale Transaction (the "Sales Proceeds") will be available to the Debtor’s Estate. Class 3 consists of the U.S. Bank Secured Claim in the scheduled amount of $2,800,524.07. Subject to the provisions of Article 7 of the Plan, with respect to Disputed Claims, in full satisfaction, release and discharge of the Class 3 U.S. Bank Secured Claim, U.S. Bank shall receive the following treatment: (a) to the extent any Cash from the Sale Proceeds (less $5000 to be used for the Unsecured Creditors Fund) is remaining after payment of Administrative Claims, other than Professional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims, and Class 2 Claims, on the Effective Date, or as soon as possible after the U.S. Bank Secured Claim becomes an Allowed Claim, U.S. Bank shall receive the remaining Cash from the Sale Proceeds and the Cash Collateral, up to the full amount of its Allowed Secured Claim, inclusive of post-petition interest, attorneys fees, costs and expenses under 11 U.S.C. Section 506(b) or (b) title to the Property through its right to credit bid and the Cash Collateral. Class 4 consists of General Unsecured Claims. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction, release and discharge of Class 4 General Unsecured Claims, the holder of such Claims shall receive the following treatment: on the Effective Date, or as soon as possible after such Claims become Allowed Claims, each holder of a Class 4 General Unsecured Claim shall receive from the Disbursing Agent, unless otherwise agreed in writing between the Debtor and the holder of such Claim, its Pro Rata portion of $5,000 from the Unsecured Creditors Fund from a carve out of the Class 3 U.S. Bank Secured Claim, and the remaining Cash from the Sale Proceeds after payment of Statutory Fees, Administrative Claims, Professional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, and Class 3 Claims. Class 4 Claims are Impaired, and the holders of Class 4 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $219,047.25. The sale of the Property to be conducted by public auction in accordance with the Bid Procedures, at which auction U.S. Bank shall be entitled to a credit bid to the extent permitted by the Terms and Conditions of Sale. Payments under the Plan will be paid from the Sale Proceeds and any Cash of the Debtor. The Sale Transaction will be implemented pursuant to the Bid Procedures. Prior to or on or about the Effective Date, the Property shall be sold to the Purchaser, free and clear of all Liens, Claims and encumbrances (except permitted encumbrances as determined by the Purchaser), with any such Liens, Claims and encumbrances to attach to the Sale Proceeds and disbursed in accordance with the provisions of the Plan. Except as set forth elsewhere in the Plan, all distributions to be made on the Effective Date shall be transferred to the escrow account of the Disbursing Agent at the closing of the Sale Transaction. Pursuant to section 1128 of the Bankruptcy Code, the Bankruptcy Court has scheduled a hearing to consider Confirmation of the Plan, on December 3, 2025 at 10:00 am (the "Hearing Date"), before Honorable Jil Mazer-Marino, United States Bankruptcy Judge for the Eastern District of New York (the "Confirmation Hearing"). The Bankruptcy Court has directed that, to be counted for voting purposes, ballots for the acceptance or rejection of the Plan must be received by the Debtor, no later than November 20, 2025. A full-text copy of the First Amended Disclosure Statement dated October 21, 2025 is available at https://urlcurt.com/u?l=lO3vqv from PacerMonitor.com at no charge. The Debtor's Counsel: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 E-mail: shaffermanjoel@gmail.com About 1140 Realty Group LLC 1140 Realty Group LLC is a Brooklyn-based real estate company, operates as a single asset real estate entity with its principal property located at 1140 Bushwick Avenue in Brooklyn. 1140 Realty Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40318) on January 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Joel M. Shafferman, at Shafferman & Feldman LLP, is the Debtor's counsel. 163 CHESTNUT: Seeks Chapter 7 Bankruptcy in Massachusetts --------------------------------------------------------- 163 Chestnut LLC filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Massachusetts on October 27, 2025. The voluntary petition lists liabilities both valued between $1 million and $10 million, with the company reporting between one and 49 creditors. About 163 Chestnut LLC 163 Chestnut LLC is a single asset real estate company. 163 Chestnut LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12303) on October 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher J. Panoshandles the case. The Debtor is represented by Joseph G. Butler, Esq. of Law Office of Joseph G. Butler. 25350 PLEASANT: Amends Unsecured Claims Pay Details --------------------------------------------------- 25350 Pleasant Valley Drive LLC submitted a Fourth Amended Disclosure Statement describing Third Amended Plan of Reorganization dated October 22, 2025. The Plan is a plan of reorganization, meaning that the Debtor will continue to operate its business and affairs, as a "Reorganized Debtor," following confirmation of the Plan. The Plan provides for full payment of the claims of the Debtor's administrative, secured and priority claims and for a distribution to unsecured creditors. The Plan provides for no distribution or payment to the holders of equity interests in the Debtor. However, equity will be issued in the Reorganized Debtor to E. Bayramov, B. Bayramov, Rovshan Hamidov, and Anthony Halabi, on account of significant new value equity contributions to be made under the Plan, which new value is necessary to the payments called for under the Plan. The Plan states whether each class of claims or equity interests is impaired or unimpaired. If the Plan is confirmed, your recovery will be limited as set forth in the Plan. Pursuant to the terms of the Plan and the forbearance agreements with NWFCU and MainStreet, the Debtor shall have 36 to 48 months to refinance the debts to those creditors. During such time, the Debtor will make payments in accord with the agreements with NWFCU and MainStreet. The Class 4 Unsecured Claim consists of unpaid condominium fees and costs, required by the Condominium Declaration as of the date of the Conversion Order, and shall be paid the amounts indicated in the Projections. Based upon the Projections, it is anticipated that the full amount of fees and costs incurred pre-petition, and during the course of the Debtor's bankruptcy proceeding will be paid. It is estimated that the total amount of Epic's Class 4 Claim will be approximately $49,787.62. The Class 4 Claim is impaired. The Class 5.1 Unsecured Claim of the SBA consists of the unpaid balance of an EIDL Loan to the Debtor. The Class 5.2 and 5.3 Unsecured Claims of ACA and AFC represent the Debtor's obligations under guarantee issued by the Debtor with respect to the obligations of Total Auto Finance owed to ACA and AFC under separate financing arrangements. The Class 5.4 Unsecured Claims of Total Auto Financing represent obligations of the Debtor owed to Total Auto Financing. The Class 5 Claims are impaired. Based upon the Projections, the Debtor estimates that $520,000 will be paid to holders of Class 5 Claims under the Plan. E. Bayramov and B. Bayramov, the members of the Debtor, will be paid nothing on account of their interests in the Debtor. In exchange for the new value contributions (totaling $962,000 over the Plan term), E. Bayramov, B. Bayramov, Hamidov and Halabi will receive an equity interest in the Reorganized Debtor. The obligations of E. Bayramov, B. Bayramov, Hamidov, and Halabi to make these new value contributions will be secured by a Confessed Judgment Promissory Note. The Class 6 Equity Interest holders are impaired under the Plan. Payments and distributions under the Plan will be funded by (a) rents received from the Debtor's tenants (as set forth in the Projections) from the Debtor's real property, and (b) new-value capital contributions made in exchange for equity interests in the Reorganized Debtor. In total, new-value contributions will equal $962,000, consisting of: * Elshan Bayramov: $270,000, derived from his consulting income with ADM; * Rovshan Hamidov: $126,000, funded from his earnings and salary through ADM; * Anthony Halabi: $126,000, funded from his earnings and salary through ADM; * Cash Distribution to Shareholders: $90,000, to be jointly contributed by Elshan Bayramov, Rovshan Hamidov, Babak Bayramov, and Anthony Halabi from their personal funds; and * ADM LLC: $350,000, representing a corporate contribution ("Extra Refinancing Funds") guaranteed by ADM LLC and not contingent upon any refinancing event. As of the date of this Disclosure Statement, approximately $185,000 (representing about 19 percent of the total new-value contribution) has been deposited into escrow toward these Plan funding obligations. A full-text copy of the Fourth Amended Disclosure Statement dated October 22, 2025 is available at https://urlcurt.com/u?l=jk0S9T from PacerMonitor.com at no charge. 25350 Pleasant Valley Drive LLC is represented by: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor tapped John P. Forest, II, Esq. as counsel. 301 W NORTH: Unsecured Creditors to Split $48K in Plan ------------------------------------------------------ 301 W North Avenue, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing First Amended Plan of Reorganization dated October 21, 2025. The Debtor's Real Estate is commonly known as the arco-Oldtown located at 301 W. North Avenue, Chicago, Illinois 60610 at the southwest corner between North Avenue and North Park Avenue in the Old Town neighborhood. The Real Estate consists of a 7-story high-rise building with a partial 8th level, that houses a community lounge with full kitchen, fitness center, and rooftop outdoor pool with a sundeck and grilling stations. The Debtor and BDS agreed to further memorialize the terms and agreements set forth in the Proposed Agreed Order in a formal Settlement Agreement (the "Settlement Agreement") and filed a joint motion to approve the Settlement Agreement on October 17, 2025. The Settlement Agreement reflects extensive good faith and arms length negotiations between the Debtor and BDS to resolve BDS's opposition to the Exclusivity Motion, the Original Plan and Original Disclosure Statement. The purpose of the Settlement Agreement was to also set forth a clear timeline and milestones to either (i) confirm a consensual plan of reorganization, (ii) market and sell the Real Estate, or (iii) allow BDS to foreclose on the Real Estate. Pursuant to the terms of the Settlement Agreement by and between the Debtor and the Debtor's current mortgage lender, BDS III Mortgage Capital G LLC, the Debtor has agreed to file and solicit, and BDS has agreed to support and vote in favor of, the Plan, including the compromised amount and treatment of BDS's secured claim, BDS's unsecured deficiency claim and the Claims of the Debtor's other Creditors. The Plan contemplates the transfer of all of the Debtor's assets to the Reorganized Debtor for the implementation of the Plan, the treatment of Creditors under the Plan, and the reorganization and continuation of the Debtor's business by the Reorganized Debtor. The equity of the Reorganized Debtor shall be vested in New Equity, LLC which will consist of the existing equity and certain new equity in New Equity, LLC (a new entity created by the Debtor). The Plan will be funded by and through (i) a new equity contribution by New Equity, LLC, the proposed acquirer of the equity of the Reorganized Debtor (plus such future equity commitments if necessary, to pay all Allowed Claims in full), (ii) the Reorganized Debtor's current cash on hand and future cash flow generated by its ongoing business operations, and (iii) a new first priority mortgage loan (the “New Mortgage Loan”) secured by a first priority lien upon all of the Reorganized Debtor’s property. Class 2 consists of General Unsecured Claims. Class 2 is Unimpaired. Each Holder of an Allowed Class 2 Claim shall receive full payment of its Allowed Class 2 Claim within the later of (1) forty-five days of the Effective Date and (2) ten business days after such Claim becomes an Allowed Claim. The Debtor estimates that General Unsecured Claims will receive approximately $48,000.00 on account of their Claims. Treatment of Class 3 BDS Deficiency Claim. Class 3 is Impaired. Upon the Effective Date and payment of the Initial BDS Payment, the BDS Deficiency Claim shall be waived by BDS, shall not be an Allowed Claim and therefore shall not receive any distribution under the Plan. The Plan contains one Class consisting of the Debtor Interests. Class 12 is Unimpaired. The Holder of the Debtor's Interests shall retain an interest in the equity of the Reorganized Debtor under the Plan. The Plan will be funded by and through: * New Equity: A contribution of new equity (the "New Equity Contribution"), * New Mortgage Loan. After the entry of the Confirmation Order, the Reorganized Debtor shall enter into a new mortgage loan transaction (the "New Mortgage Loan Transaction") with a new mortgage lender (the "New Mortgage Lender"). The Debtor shall file a separate motion (the "New Mortgage Loan Approval Motion") with the Bankruptcy Court to be heard on or before the Confirmation Hearing for approval of the terms of the New Mortgage Loan Transaction. The closing of the New Mortgage Loan Transaction shall be contingent upon the Confirmation of the Plan. The New Mortgage Loan Transaction shall provide the Reorganized Debtor with a new mortgage loan (the "New Mortgage Loan") which loan shall be secured by a first priority lien upon the Real Estate and other assets of the Reorganized Debtor in favor of the New Mortgage Lender. * The Reorganized Debtor's cash on hand and future cash flow generated by its ongoing business operations. A full-text copy of the Disclosure Statement dated October 21, 2025 is available at https://urlcurt.com/u?l=TO3QBl from PacerMonitor.com at no charge. 301 W North Avenue, LLC is represented by: Robert W. Glantz, Esq. Jeffrey M. Schwartz, Esq. MUCH SHELIST, P.C. 191 N. Wacker Drive, Suite 1800 Chicago, IL 60606 Telephone: (312) 521-2000 Facsimile: (312) 521-3000 Email: rglantz@muchlaw.com jschwartz@muchlaw.com About 301 W North Avenue 301 W North Avenue LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05275) on April 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq. ROBERT GLANTZ MUCH SHELIST, P.C. BDS III Mortgage Capital G LLC, as creditor, is represented by: Steven Yachik, Esq. William S. Gyves, Esq. Benjamin Feder, Esq. Philip A. Weintraub, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center 175 Greenwich Street New York, New York 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 Email: syachik@kelleydrye.com wgyves@kelleydrye.com bfeder@kelleydrye.com pweintraub@kelleydrye.com 44 LAUREL: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of 44 Laurel, LLC, according to court dockets. About 44 Laurel LLC 44 Laurel, LLC owns a single townhouse-style condominium, Unit TH3, at 701 N Fort Lauderdale Beach Blvd in Fort Lauderdale, Florida, within the Paramount Fort Lauderdale complex. 44 Laurel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20251) on September 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. ACADEMY OF ACCELERATED LEARNING: S&P Lowers Rev. Bonds Rating 'BB' ------------------------------------------------------------------ S&P Global Ratings lowered its underlying rating on the Arlington Higher Education Finance Corp., Texas' series 2023 and 2024 charter school revenue bonds, issued for Academy of Accelerated Learning (AAL), to 'BB' from 'BBB-'. The outlook is negative. S&P said, "The rating action reflects our view of AAL's persistent and unexpected enrollment declines and negative operations in fiscal 2024 and fiscal 2025 that we expect to continue through the outlook period. "We analyzed AAL's environmental, social, and governance factors relative to the school's market position, finance performance, and liquidity. Data from S&P Global Sustainable1 demonstrates that AAL, in Harris County, faces elevated physical risks due to its proximity to the Gulf of Mexico, a region that has experienced increased extreme weather events such as hurricanes and flooding in recent years. Given the school's proximity to the coast, we believe these acute events could affect operations should population displacement occur or should chronic physical risks lead to slower growth, which could affect our view of the school's market position over time. Furthermore, property damage to the school's facilities could lead to unplanned expenditures. However, the primary student base and the location of facilities in more inland areas of the Houston area partly mitigate these risks. Consequently, we consider the physical risk exposure neutral in our credit rating analysis. We also consider social and governance risk factors neutral. "The negative outlook reflects our view that there is a one-in-three chance we could lower the rating should enrollment declines continue, leading to pressured operating results. In addition, if reserves continue to decline, we could lower the rating. "We could consider lowering the rating if liquidity metrics continue to trend negatively, if operating deficits continue, or should enrollment not stabilize at fall 2025 levels. Additional debt could also negatively affect the rating. "We could consider revising the outlook to stable if operating margins and lease-adjusted maximum annual debt service coverage improve and if enrollment stabilizes or increases as the school grows into its debt profile." ALL 4 HIM: Seeks Subchapter V Bankruptcy in Kentucky ---------------------------------------------------- On October 14, 2025, All 4 Him LLC filed Chapter 11 protection in the Western District of Kentucky. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About All 4 Him LLC All 4 Him LLC owns a single-family home at 131 Laurel Dr, Bardstown, KY 40004. All 4 Him LLC sought relief under Subchapter V o Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-32491) on October 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Charles R. Merrill handles the case. The Debtor is represented by Charity S. Bird, Esq. of KAPLAN JOHNSON ABATE & BIRD LLP. ALLIED DEVCORP: Bankr. Administrator Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Allied DevCorp, LLC. About Allied DevCorp LLC Based in Raleigh, North Carolina, Allied DevCorp, LLC owns the property at 153 W King St., Hillsborough, N.C., along with significant operational and furnishing assets used in the hotel business. It also holds 100% ownership of Colonial Inn Hillsborough, Inc., which leases the premises and operates The Colonial Inn as a boutique hotel with guest rooms, dining, and event spaces. Allied DevCorp sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03652) on September 18, 2025. In its petition, the Debtor reported total assets of $3,700,032 and total liabilities of $4,655,943. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC. ALVIN'S COURIER: Employs Jones Accounting Group as Accountant ------------------------------------------------------------- Alvin's Courier Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ Saafir Malik, an Enrolled Agent and Chief Financial Officer with Jones Accounting Group, LLC, to serve as accountant in its Chapter 11 case. Mr. Malik will provide these services: (a) perform general accounting and bookkeeping services that become necessary and/or are requested during the pendency of this bankruptcy case; and (b) assist with preparing and filing certain income tax returns with the Alabama Department of Revenue and Internal Revenue Service. Mr. Malik shall receive an hourly rate of $175, and additional charges include: – Bookkeeper Data Entry at $85 per hour – Photocopies at $0.20 per page – Phone, Long Distance at actual cost – Travel at the prevailing IRS Mileage Rate According to court filings, Malik has performed accounting and bookkeeping services for approximately 24 years and does not hold or represent any interest adverse to the Debtor or its bankruptcy estate. He has no connection with the Debtor, any equity security holders, or the U.S. Bankruptcy Administrator and will not accept any engagement adverse to the Debtor. The firm can be reached at: Saafir Malik JONES ACCOUNTING GROUP, LLC 3198 Parliament Cir, Suite 303 Montgomery, AL 36116 Telephone: (334) 356-3817 About Alvin's Courier Service Inc. Alvin's Courier Service Inc. is a transportation company providing courier and delivery services in the Montgomery, Alabama area. Alvin's Courier Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-31975) on August 21, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Christopher L. Hawkins oversees the case. Anthony B. Bush, Esq., at the Bush Law Firm, LLC, represents the Debtor as bankruptcy counsel. AQUATIC RESOURCE: Ruediger Mueller Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Aquatic Resource Center, LLC. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Aquatic Resource Center LLC Aquatic Resource Center, LLC, a company in Saint Petersburg, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07853) on October 23, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Caryl E. Delano presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. ARCADIA BIOSCIENCES: Sets 2025 Annual Meeting for Dec. 19 --------------------------------------------------------- Arcadia Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors has determined that the Company's 2025 annual meeting of stockholders will be held on December 19, 2025. The time and location of the 2025 Annual Meeting, and the matters to be considered, will be as set forth in the Company's definitive proxy statement for the 2025 Annual Meeting to be filed with the Securities and Exchange Commission. The 2025 Annual Meeting, and any definitive proxy statement relating to the 2025 Annual Meeting, are separate from and do not relate to any special meeting of stockholders to be held relating to the transactions contemplated by the previously-announced Securities Exchange Agreement with Roosevelt Resources, LP, dated as of December 4, 2024, and the proxy statement/prospectus included in the registration statement on Form S-4 previously filed by the Company with the SEC pursuant to the Securities Act of 1933, as amended, relating to the transactions contemplated by the Exchange Agreement, in such form as may be included in the registration statement if and when it is declared effective by the SEC. Because the expected date of the 2025 Annual Meeting represents a change of more than 30 calendar days from the date of the anniversary of the Company's 2024 annual meeting of stockholders, the Company is informing stockholders of this change and the updated deadlines for stockholders to submit qualified proposals intended for inclusion in its proxy statement or nominations for director, or other proposals for consideration at the 2025 Annual Meeting, in accordance with the rules and regulations of the SEC, including without limitation stockholder proposals pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the Company's Bylaws. Accordingly, to be timely, stockholders wishing to nominate a candidate for director or wishing to submit proposals intended to be considered for inclusion in the Company's proxy statement relating to the 2025 Annual Meeting, or other proposals for consideration at the 2025 Annual Meeting, must ensure that proper notice is received by the Company at its offices no later than the close of business on November 3, 2025, which is 10 days after the filing date of this Report on Form 8-K and which we consider a reasonable time before we will begin printing and mailing proxy materials, and which is provided for in the Company's Bylaws. Any proposal intended to be considered for inclusion in the Company's proxy statement must comply with Rule 14a-8 of Regulation 14A of the proxy rules of the SEC. The submission of a stockholder proposal does not guarantee that it will be included in the Company's proxy materials or that it will be considered a qualified proposal for consideration at the 2025 Annual Meeting. The Company's Bylaws specify requirements relating to the content of the notice that stockholders must provide, and any such notices must be received in writing at the following address: Arcadia Biosciences, Inc., 5956 Sherry Lane, 20th Floor, Dallas, Texas 75225, Attention: Corporate Secretary. The notice must comply with the procedures and include the information required by the Company's Bylaws. About Arcadia Biosciences Inc. Headquartered in Dallas, Texas, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. In its report dated March 25, 2025, the Company's auditor, Deloitte & Touche LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's accumulated deficit, recurring net losses, and net cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. Additionally, the auditor noted that the Company's resources would not be sufficient to meet its anticipated cash requirements. As of Dec. 31, 2024, the Company had total assets of $13.52 million, total liabilities of $7.29 million, and total stockholders' equity of $6.22 million. As of Jun. 30, 2025, the Company had total assets of $7.79 million, total liabilities of $3.26 million, and total stockholders' equity of $4.53 million. ARCADIAN RESOURCES: Unsecureds Will Get 3% of Claims in Plan ------------------------------------------------------------ Arcadian Resources, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement in support of Second Amended Plan of Reorganization dated October 21, 2025. Founded in 2015, the Debtor is a private exploration and production company operating in the Denver-Julesburg (DJ) Basin, Hugoton Basin, Las Animas Arch Basin, and Salina/Sedgwick Basins. Previously, the Debtor operated thirty-one producing wells in connection with thirty oil and gas leases (the "Leases") throughout Texas, Kansas, and Nebraska. With the exception of the oil and gas leases (the "Saratoga Leases") associated with the Saratoga Well all remaining oil and gas leases, however, expired according to their own terms during the Debtor's bankruptcy case. The Debtor's revenue and cash flows have come under significant strain due to, among other things, market conditions in the oil and gas industry, operational challenges with the Saratoga Well that delayed production and resulted in hundreds of thousands of dollars of costs to repair the well, and multiple judgments by creditors seeking to foreclose on the Saratoga Well. Class 2 consists of General Unsecured Claims. Except to the extent that a Holder of a General Unsecured Claim agrees to a less favorable treatment of its Allowed Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed General Unsecured Claim, each such Holder shall receive their pro rata share of the Reorganized Debtor's equal, consecutive monthly payments in the amount of $2,000.00 commencing thirty days after the Effective Date. Class 2 is Impaired under the Plan. The allowed unsecured claims total 3,674,477.90. Class 2 will receive a distribution of $120,000.00 or 3% of their allowed claims. Class 3 consists of all Interests in the Debtor. One the Effective Date, all Interests in the Debtor shall be canceled, discharged, released, and extinguished in full as of the Effective Date. Class 3 is Impaired, and such Holders of Class 3 Claims are conclusively presumed to have rejected the Plan under section 1126(g) of the Bankruptcy Code. Upon the Effective Date of the Plan, all of the existing membership shares of the Debtor will be cancelled. The Reorganized Debtor will issue the New Membership Interests, which shall represent all of the issued and outstanding equity of the Reorganized Debtor, to the Plan Funder in exchange for the Plan Payment in the amount of $560,000.00. The assets acquired by the Plan Funder via purchase of the New Equity shall include all assets necessary or related to the business including cash, receivables, equipment, and the Saratoga Well. The Plan Payment is equivalent to the fair market value of the Equity Interests in the Debtor. In the event the value of the New Equity is contested, the Debtor agrees to auction the New Equity at the Confirmation Hearing. A full-text copy of the Disclosure Statement dated October 21, 2025 is available at https://urlcurt.com/u?l=H3bW7R from PacerMonitor.com at no charge. Counsel to the Debtor: Brandon J. Tittle Tittle Law Group, PLLC 5465 Legacy Dr., Ste. 650 Plano, TX 75024 Tel: (972) 731-2590 Email: btittle@tittlelawgroup.com About Arcadian Resources Arcadian Resources is part of the oil and gas extraction industry. Arcadian Resources, LLC in Glen Elder KS, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 24-10158) on Sept. 1, 2024, listing as much as $1 million to $10 million in both assets and liabilities. James P. Deverman, sole member, signed the petition. The Debtor tapped Tittle Law Group, PLLC as bankruptcy counsel and Jeter Law Firm as special counsel. ASBESTOS CORP: Secures Court Recognition for Ch. 15 Restructuring ----------------------------------------------------------------- Ben Zigterman of Law360 reports that Asbestos Corp. Ltd. secured Chapter 15 recognition for its Canadian restructuring after a New York bankruptcy judge found that the company's core business and financial activities remain centered in Canada. The decision came despite objections from personal injury claimants and a Chapter 7 trustee, who argued that U.S. litigation made the United States the more relevant forum. The court ruled that Canada rightfully constitutes the company's primary jurisdiction for insolvency purposes, paving the way for cooperation between U.S. and Canadian courts. The recognition order allows Asbestos Corp. to proceed with its restructuring plan while pausing certain U.S. legal actions. About Asbestos Corp Ltd. Mazarin Inc. and Asbestos Corporation Limited are two natural resource companies whose focus is on the development of industrial minerals in order to provide value-added products that meet the criteria of customers worldwide with regard to performance and economic and ecological concerns. Mazarin's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol MAZ.H. Asbestos Corporation Limited's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol AB.H. Asbestos Corp Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10934) on May 6, 2025. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor's foreign representative is represented by Evan C. Hollander, Esq. at ORRICK, HERRINGTON & SUTCLIFFE LLP. Raymond Chabot, Inc. is the Debtor's foreign representative. ASCENCION MEDICAL: Carol Fox Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Ascencion Medical Center, Inc. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Ascencion Medical Center Inc. Ascencion Medical Center, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22422) on October 22, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and liabilities. ATLANTIC OVERSEAS: Tarek Kiem Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Atlantic Overseas Express, Inc. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Atlantic Overseas Express Inc. Atlantic Overseas Express, Inc. provides freight forwarding and logistics services from its headquarters in Doral, Florida, specializing in project cargo and complex shipments. The company operates domestically and internationally, offering air, ocean, truckload, rail, and air, ocean, truckload, rail, and distribution services, and maintains a Customs-bonded warehouse as a licensed Non-Vessel Operating Common Carrier (NVOCC). Atlantic Overseas Express filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22574) on October 24, 2025, with $699,334 in assets and $1,301,998 in liabilities. Maria L. Leon-Roosevelt, president of Atlantic Overseas Express, signed the petition. Judge Robert A. Mark presides over the case. Nicholas Rossoletti, Esq., at Ron S. Bilu, PA represents the Debtor as legal counsel. AUTO HOUSE: Seeks to Hire Leonard Appraisals as Appraiser --------------------------------------------------------- Auto House, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas at Kansas City to hire Leonard Appraisals to serve as appraiser in its Chapter 11 case. Leonard Appraisals will provide these services: (a) assist in the valuation of real property commonly known as 245 1/2 West Highway 56, Galva, KS 67443; (b) perform any additional appraisal-related work as requested by the Debtor; (c) provide expert advice and analysis relating to the appraisal of the Debtor's real property; and (d) prepare and submit reports related to the valuation of the Debtor's property. Leonard Appraisals will receive a fee of $500 for the appraisal of the property and $100 per hour for any additional work. Leonard Appraisals is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Leonard Appraisals 6565 S 231st St W Viola, KS 67149-9699 Phone: (316) 212-1249 About Auto House Inc. Auto House, Inc. offers 24/7 towing and roadside assistance for all vehicle types across Central Kansas. It also provides heavy truck and off-road recovery, including semi-truck recovery and load management. Through its affiliate Kansas Environmental Cleanup, the company delivers certified HAZMAT cleanup and site remediation services throughout the state. Auto House sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20726) on May 31, 2025. In its petition, the Debtor reported total assets of $1,825,013 and total liabilities of $4,479,222. Judge Robert D. Berger handles the case. The Debtor is represented by: Colin N. Gotham, Esq. Evans & Mullinix, P.A. Tel: (913) 962-8700 cgotham@emlawkc.com AVON PRODUCTS: Insurers Lose Bid to Stay Plan Confirmation Order ---------------------------------------------------------------- Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware denies the motion for a stay filed by certain insurers pending appeal of the order confirming AIO US, Inc.'s plan of reorganization. The insurers are Certain Underwriters at Lloyds, London, Tenecom Limited, f/k/a The Yasuda Fire & Marine Ins. Co. of Europe, Ltd., Tenecom Limited, f/k/a Winterthur Swiss Insurance Company, Cavello Bay Reinsurance Limited (as successor-in-interest to: (i) Brittany Insurance Company Limited; and (ii) Harper Insurance Limited (f/k/a Turegurn Insurance Company)), River Thames Insurance Company Limited (as successor-in-interest to Unionamerica Insurance Company Limited, which was in turn successor-in-interest to certain business of St. Katherine Insurance Company Limited), Accredited Insurance Europe Limited (as successor-in-interest to Ancon (UK) Insurance Company Limited), Wellfleet New York Insurance Company, f/k/a Atlanta International Insurance Company, as successor to Drake Insurance Company of New York, AIG-affiliated underwriting companies including Lexington Insurance Company, AIU Insurance Company, and Granite State Insurance Company, and Starr Indemnity & Liability Company, as successor-in-interest to Republic Insurance Company. In July 2025 the Court held a two-day hearing on confirmation of the plan. On August 21, 2025, the Court issued an extensive Memorandum Opinion that largely overruled the various objections interposed by the objecting parties but noted that certain of the objections would require modifications to the plan. The parties then worked on making those changes to the plan necessary to conform to the Court's opinion. After a further hearing focused on those changes, the Court issued an order confirming the plan on September 24, 2025. On October 7, 2025, the plan became effective. The next day, Certain Insurers filed a notice of appeal and motion for a stay pending appeal. The trust (that was formed under the confirmed plan) and the trust's advisory committee opposed the motion for a stay. As to success on the merits, the Court considers it unlikely -- but not impossible -- that the Insurers will prevail on appeal. Certain Insurers contend that the plan improperly cuts off inter-insurer contribution claims, which the Insurers argue is a form of non-consensual third-party release prohibited by the Supreme Court's decision in Purdue Pharma. The Court finds the Insurers are unlikely to succeed on this argument because this was never presented to the Court. "The appellate court is thus overwhelmingly likely to conclude on appeal that this argument was waived," the Court says. Certain Insurers also argue that the Court improperly entered a solicitation order that permitted the holders of talc claimants to vote without having filed proofs of claim. While they have a colorable argument, the Court notes that in their motion for a stay pending appeal, the Insurers do not identify any substantive information "of which they were deprived for purposes of plan confirmation by virtue of the fact that the voting tort claimants executed a document called a 'ballot' rather than one called a 'proof of claim.'" The Court explains that while it recognizes that "the standard practice of not requiring tort claimants to file proofs of claim in mass tort cases is a procedural departure from the process that was likely contemplated by the drafters of the Bankruptcy Code and Rules, the Court believes that this development in the practice provides all of the substantive information that the Code and Rules require." The Court further holds the Insurers' argument for a stay falters on the required showing of irreparable injury. As evidence of an irreparable injury, Certain Insurers argue primarily that without a stay their appeal may be deemed to be equitably moot. While the Court agrees that the equitable mooting of an otherwise meritorious appeal would count as irreparable injury, the problem with Certain Insurers' argument is that they allowed the plan to become effective before even asking for a stay pending appeal. Judge Goldblatt explains, "Accordingly, by the time they sought a stay pending appeal, the risk of equitable mootness already existed, and a stay pending appeal would simply freeze things where they are -- it cannot and will not operate to turn back the hands of time. As such, Certain Insurers make no showing at all that a stay pending appeal will operate to prevent them from suffering any irreparable injury that they have not already suffered. And as the caselaw teaches, without being able to make a showing of irreparable injury, the Certain Insurers have not met their burden of demonstrating that the confirmation order should be stayed pending appeal." A copy of the Court's Memorandum Opinion dated October 30, 2025, is available at https://urlcurt.com/u?l=8lss8J from PacerMonitor.com. About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A. are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. The official committee of unsecured creditors retained Cooley LLP as counsel; A.M. Saccullo Legal, LLC as its co-counsel; Caplin & Drysdale, Chartered as special asbestos counsel; Province, LLC as financial advisor; and Houlihan Lokey Capital, Inc. as its investment banker. AZUL SA: US Trustee Opposes Chapter 11 Plan Releases ---------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has objected to Azul S.A.'s Chapter 11 plan, urging a New York bankruptcy court to reject it over concerns about broad third-party releases. The objection argues that Azul's proposal would improperly extend legal protections to non-debtor parties without sufficient justification or creditor consent, violating bankruptcy law, according to the report. According to the U.S. Trustee, the plan's classification structure also unfairly groups different types of claims to secure approval for the releases. The office further contends that the disclosure statement lacks adequate detail about how the releases would function or affect creditors, preventing them from making an informed decision on the plan, the report said. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. BACK DRAUGHTS: Claims to be Paid from Continued Operation --------------------------------------------------------- Back Draughts, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated October 21, 2025. The Debtor operates two full-service pizzerias located at 101 E Tarpon Ave, Tarpon Springs, FL 34689 (the "Tarpon Springs Restaurant") and 6351 Grand Blvd, New Port Richey, FL 34652 (the "New Port Richey Restaurant" and collectively, the "Restaurants"). The Debtor also operates a cocktail lounge called the "Twisted Orange" (the "Cocktail Lounge") in the adjoining rental unit at the Tarpon Springs location. The Debtor is directly owned by George Walts ("G. Walts") and his adult son, Dillon Walts ("D. Walts"). Historically, the Debtor has operated a profitable business, generating net revenues of approximately $100,000.00 in 2022 and 2023. However, due to Hurricanes Helene and Milton, the Debtor was forced to temporarily shut down its locations in Tarpon Springs and New Port Richey. In the aftermath of the storms, the Debtor experienced a sharp decline in customer traffic and revenue in the last quarter of 2024. In an effort to stabilize operations and meet its ongoing monthly obligations, the Debtor obtained several merchant cash advance ("MCA") loans. Under the terms of those agreements, the Debtor was required to make weekly payments based on a percentage of its sales. These high-frequency payments to MCA lenders strained the Debtor's cash flow and necessitated the filing of this Case. This Plan proposes to pay Creditors of the Debtor with the revenues generated from the continued operation of the Debtor's Business and, to the extent necessary to enable performance under the Plan, from the orderly liquidation of the Tarpon Springs Restaurant, Cock Tail Lounge, and/or New Port Richey Restaurant. The term of this Plan (the "Plan Term" or "Term of the Plan") shall begin on the Effective Date and shall continue for 36 months. The Debtor may elect, without further order of the Court, to extend the Plan Term for up to an additional 24 months, provided that in no event shall the total Plan Term exceed 60 months from the Effective Date. Class 7 consists of Allowed Unsecured Claims. The Projected Disposable Income under this Plan is not anticipated to be sufficient to make Distributions to holders of Allowed Unsecured Claims. This Class is impaired. Class 8 consists of All Equity Interests of the Debtor. Equity Interest holders, George Walts and Dillon Walts, shall retain their Equity Interests in the Debtor under this Plan. The Plan shall be implemented through the ongoing operation of the Debtor's Business. In the event operating revenues are insufficient to satisfy the payment obligations set forth herein, the Debtor shall liquidate, as necessary, the Tarpon Springs Restaurant, the Cocktail Lounge, and/or the New Port Richey Restaurant, including any related assets, for the purpose of funding Distributions under the Plan. The Debtor shall commit all Projected Disposable Income of the Debtor received during the Term of the Plan to Distributions under this Plan. A full-text copy of the Subchapter V Plan dated October 21, 2025 is available at https://urlcurt.com/u?l=IDm6BW from PacerMonitor.com at no charge. Counsel to the Debtor: Erik Johanson, Esq. Joseph R. Boyd, Esq. Erik Johanson PLLC 4532 West Beachway Drive Tampa, FL 33609 Telephone: (813) 210-9442 Email: erik@johanson.law jr@johanson.law2148 About Back Draughts LLC Back Draughts, LLC, doing business as Backdraughts Pizza, operates a wood-fired pizzeria serving pizza as its main offering, along with craft beer, fine wine, and cocktails. The family-owned business emphasizes a welcoming atmosphere and serves freshly prepared food. Back Draughts sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05033) on July 23, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Catherine Peek McEwen handles the case. The Debtor tapped Erik Johanson, Esq., at Erik Johanson, PLLC as counsel and Extra Hands Accounting, Inc. as accountant. BAGBY INVESTMENT: Section 341(a) Meeting of Creditors on Dec. 3 --------------------------------------------------------------- On October 21, 2025, Bagby Investment Properties LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $3,204,749 in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 3, 2025 at 11:00 AM. U.S. Trustee (Jax) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 1501240#. About Bagby Investment Properties LLC Bagby Investment Properties LLC owns and manages oceanfront vacation rental homes in South Ponte Vedra Beach, Florida. It operates within the real estate investment and hospitality management sector, focusing on property ownership and rental services along Florida's coastal market, offering short-term stays and event accommodations. Bagby Investment Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03804) on October 21, 2025. In its petition, the Debtor reports total assets of $2,962,729 and total liabilities of $3,204,749. The Debtor is represented by Thomas Adam, Esq. of ADAM LAW GROUP, PA. BAKELITE US: Moody's Lowers CFR to B2 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has downgraded Bakelite US HoldCo, Inc.'s ("Bakelite") Corporate Family Rating to B2 from B1, Probability of Default Rating to B2-PD from B1-PD, and the rating on its first lien backed senior secured term loan B to B2 from B1. The outlook on these ratings has been changed to stable from negative. RATINGS RATIONALE The downgrade reflects Bakelite's leveraged capital structure after its sizeable debt-funded shareholder distributions last year and Moody's expectations that leverage is likely to remain elevated relative to its initial capitalization and can no longer support a B1 CFR. Bakelite's weakened credit profile and more aggressive financial policy now aligns more consistently with its B2 CFR rating. Bakelite generated stable business performance in 2025 despite the uncertain macroeconomic conditions. Despite a decline in global volumes which contributed a lower revenue in YTD 2025, Bakelite improved margins and generated modestly higher adjusted EBITDA during the period, driven by continued cost savings, pricing initiatives, and merger synergies particularly in the Americas. The company's leverage ratio, as measured by Moody's adjusted debt/EBITDA, improved to mid-5.0x in the LTM end June 2025, down from about 6.0x in 2024, which is still elevated and well outside the downgrade triggers for its prior rating. Moody's expects Bakelite's leverage will stay between low to mid-5.0x in the next 12 to 18 months, reflecting a modest EBITDA growth with continued synergy realization offset largely by the weak demands of its key end markets including construction, transportation, and industrials. While Bakelite should continue to generate solid operational cash flows that can well cover its capex needs, Moody's sees low likelihood of material debt reduction and leverage improvement under its more aggressive shareholder friendly financial policy. Bakelite's business profile is underpinned by its leading market share in wood adhesives and specialty resins in Europe and the US with globally recognized brands sold into diverse end markets, including building products, industrial products, transportation, and chemical intermediates. High barriers to entry facilitated by location and proximity to customers, the heavy water content of products, and limited shelf life are also positive factors in the business profile. Bakelite's credit profile is constrained by its leveraged capital structure and modest scale, with significant exposure to the cyclical construction and auto end markets, and some customer and supplier concentration risks. Moody's also considers the risks related to its shareholder-friendly financial policy and private-equity ownership as limiting factors to the rating. Moody's expects Bakelite to maintain good liquidity, supported by projected positive cash flow after capex and a committed $100 million ABL facility, availability under which is expected to be subject to a leverage incurrence test. As of June 30, 2025, the company had about $40 million of cash on hand and no drawings under its ABL revolver. The B2 rating on the first lien backed senior secured term loan B is in line with the CFR, reflecting the preponderance of the debt in its capital structure. RATING OUTLOOK The stable outlook reflects Moody's expectations that Bakelite will generate stable business performance and its credit metrics will remain consistent with the B2 rating over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could be considered if operating performance improves materially, leverage is reduced below 4.5x on a sustained basis with consistent positive cash flows, and sponsor is committed to a more conservative financial policy. An upgrade would also assume a reduction in event risk such that the size of future acquisitions or shareholder distributions would not raise pro forma leverage meaningfully above 5.0x for a sustained period. Conversely, a downgrade could occur if operating performance deteriorates, leverage is sustained above 6.5x, or liquidity becomes an issue. Environmental, social, and governance factors are important factors influencing Bakelite's credit quality, but not a driver of the actions. The company's CIS-4 Credit Impact Score reflects environmental and social risks due to the nature of chemicals used and produced, as well as the governance risks associated with its leveraged capital structure and aggressive financial policy under its private equity ownership. Headquartered in Atlanta, GA, Bakelite is a global manufacturer of phenolic specialty and forest products resins, amino resins, and thermoset molding compounds, with operations in Europe and North America. Bakelite generated total sales of approximately $1.3 billion for the last twelve months ended June 30, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. 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. BAYSIDE LIMO: Employs Market Tax & Accounting LLC as Accountant --------------------------------------------------------------- Bayside Limo of Tampa LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to employ Neil Whomsley of Market Tax & Accounting LLC as accountant for the Debtor, retroactive to September 10, 2025. Mr. Whomsley, of Market Tax & Accounting LLC, will provide professional accounting services to the Debtor, specifically to prepare financial projections in connection with the Debtor's Plan of Reorganization filed with the Court on September 11, 2025. The Accountant has agreed to accept a flat rate of $750 for services rendered in connection with the preparation of the Debtor's financial projections. To the best of the Debtor's knowledge, the Accountant has no connections with the Debtor, its creditors, any other party in interest, or the United States Trustee, except that the Firm previously prepared annual tax returns for the Debtor and was not owed any pre-petition fees as of the filing date. The Debtor asserts that Market Tax & Accounting LLC is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Market Tax & Accounting LLC Attn: Neil Whomsley 12421 N. Florida Avenue, Suite 225 Tampa, FL 33612 Telephone: (813) 515-0323 E-mail: neil.whomsley813@gmail.com About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.8:25-bk-03982-CPM) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: (813) 877-4669 Email: buddy@tampaesq.com BEACON LIGHT: Seeks Subchapter V Bankruptcy in Louisiana -------------------------------------------------------- On October 17, 2025, Beacon Light Baptist Church of Houma LA filed Chapter 11 protection in the Eastern District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Beacon Light Baptist Church of Houma LA Beacon Light Baptist Church of Houma LA, located in Gray, Louisiana, operates as a nonprofit religious organization providing Christian worship services, educational programs, and community outreach activities. The church offers Sunday services, Bible study, and virtual worship through online platforms. It serves the Houma-Terrebonne Parish community as part of the broader Beacon Light ministry network. Beacon Light Baptist Church of Houma LA sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12347) on October 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Douglas S. Draper, Esq. of HELLER, DRAPER & HORN, LLC BEAUTIFUL CITY: Plan Exclusivity Period Extended to October 31 -------------------------------------------------------------- Judge Mary E. Lopinot of the U.S. Bankruptcy Court for the Southern District of Illinois extended Beautiful City, LLC's exclusive period to file a plan of reorganization to October 31, 2025. As shared by Troubled Company Reporter, the Debtor filed its voluntary Chapter 11 case on May 11, 2025 and since that time has been managing its financial affairs as a Debtor in possession. Counsel for the Debtor has currently been involved in other matters which have required a substantial amount of time and attention. In addition, the Debtor's proposed plan is dependent on a third-party investor. That investor requires additional time to confirm and document it proposal for infusion of cash in the Debtor, whether that infusion takes the form of an asset purchase or some other investment vehicle. Pursuant to Section 1121(d)(1) of the Bankruptcy Code, Beautiful City reasonably requires and extension of its exclusive period for filing a proposed plan of reorganization through and including October 31. Beautiful City LLC is represented by: Steven M. Wallace, Esq. GOLDBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com About Beautiful City LLC Beautiful City LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60078) on May 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDBERG HELLER & ANTOGNOLI, P.C. BEELINE HOLDINGS: Closes First Blockchain Home Equity Transactions ------------------------------------------------------------------ Beeline Holdings, Inc., the digital mortgage lender built for next-generation homeowners, announced on October 27, 2025, the successful completion by its subsidiary, Beeline Loans, Inc of its first round of blockchain-recorded BeelineEquity transactions, marking a major industry milestone as the first U.S. platform to tokenize residential home equity at scale. In its initial rollout, BeelineEquity closed five blockchain-tracked equity transactions, with five more scheduled this month and an additional 25 pre-selected to close before year-end. The company's rapid adoption signals strong homeowner demand for an alternative to traditional home equity loans and refinances. BeelineEquity allows homeowners to unlock liquidity from their home equity -- without taking on debt, monthly payments, or credit underwriting. Structured as a true sale of equity, repayment occurs only when the property is sold or transferred. Each transaction is securely recorded on blockchain, ensuring transparency and immutable proof of ownership. "Homeowners shouldn't have to borrow against themselves just to access the value they've already built," said Nick Liuzza, Co-Founder and CEO of Beeline. "By putting home equity on blockchain rails, we're creating a smarter, more transparent financial alternative -- one that's free from interest rate swings and credit friction." Beeline's 2026 expansion targets key U.S. markets representing over $15 trillion in trapped residential equity, much of it held by Baby Boomers. Capturing even 10 basis points of this market would equate to roughly $525 million in potential revenue for Beeline. Applications for the 2026 BeelineEquity program are now open at: https://makeabeeline.com/home-equity-investment/ About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BEELINE HOLDINGS: Sets Q3 2025 Stakeholder Update Call for Nov. 10 ------------------------------------------------------------------ Beeline Holdings, Inc. announced that it will host a stakeholder update call on the results of the third quarter of 2025 on Monday, November 10, 2025, at 5:00 PM ET. The call will be hosted by Nick Liuzza, Chief Executive Officer, and Chris Moe, Chief Financial Officer, who will review the company's performance and provide updates on ongoing initiatives. Call Details: * Listen-only webcast: https://www.gowebcasting.com/14385 * Toll-Free Dial-In (U.S.): 1-800-715-9871 * International Dial-In: 1-646-307-1963 Contact: * ir@makeabeeline.com About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BELLA GREY: Brian Shapiro Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Brian Shapiro as Subchapter V trustee for Bella Grey Medical Spa, LLC. Mr. Shapiro will be paid an hourly fee of $625 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian Shapiro 510 S. 8th Street Las Vegas, NV 89101 Phone: (702) 386-8600 Email: brian@trusteeshapiro.com About Bella Grey Medical Spa LLC Bella Grey Medical Spa, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-51002) on October 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. BICK GROUP: Gets Final OK for $450K DIP Loan From St. Louis Bank ---------------------------------------------------------------- Bick Group Holdings, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to obtain debtor-in-possession financing to get through bankruptcy. The final order approved a $450,000 DIP loan from St. Louis Bank, including the $200,000 initially authorized under the court's August 28 interim order. The DIP loan accrues interest at prime + 1.5% and matures 240 days after the initial advance. It includes a roll-up provision whereby any amounts advanced will be used to refinance the pre-bankruptcy obligations dollar-for-dollar, effectively converting them into post-petition DIP obligations. As security for the loan, St. Louis Bank will be granted valid and perfected first priority liens on all assets of the Debtor, subject to the $50,000 fee carveout. St. Louis Bank waives all lien rights against Chapter 5 causes of action. The final order also authorized the Debtor to use cash collateral in accordance with its budget until confirmation of its Chapter 11 plan or other resolution of the bankruptcy case. The 13-week budget projects total operational expenses of $277,017. A copy of the final DIP order is available at https://shorturl.at/BF2AU from PacerMonitor.com. Prior to filing, the Debtor was party to several loan arrangements with St. Louis Bank. The pre-bankruptcy capital structure includes (i) a $1.5 million asset-based loan originated under a business loan agreement and evidenced by a 2023 promissory note; (ii) a $3.268 million SBA 7A loan originated in August 2023 and co-borrowed with an affiliate; and (iii) a subsequent omnibus modification agreement dated April 2025, which consolidated and restructured the outstanding obligations into a single $2.8 million amended and restated consolidated promissory note. These obligations are secured by blanket liens on all of the Debtor's personal property, including accounts receivable, equipment, inventory, general intangibles, and a deposit account control agreement, and are evidenced by various security agreements and UCC filings. About Bick Group Holdings LLC Bick Group Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-43081) on August 12, 2025. In the petition signed by Christopher T. Pondoff, member and chief executive officer, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Bonnie L. Clair oversees the case. Robert Eggmann, Esq., at Carmody MacDonald P.C., represents the Debtor as legal counsel. St. Louis Bank, as DIP Lender, is represented by: Laura Toledo, Esq. Armstrong Teasdale, LLP 7700 Forsyth Blvd., Suite 1800 St. Louis, MO 63105 Tel: 314.621.5070 Fax: 314.621.5065 ltoledo@atllp.com BURNT LLC: Unsecured Creditors to Split $60K over 5 Years --------------------------------------------------------- Burnt, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated October 21, 2025. The Debtor operates a restaurant in Plano, Texas. This bankruptcy case was filed in an effort to address certain challenges posed by entering into a number of merchant credit agreements which had placed a bottleneck on cash flow. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor’s continued business operations. Class 3 consists of Non-priority unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $1,000.00 per month ($60,000.00 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 $230,000.00 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. A full-text copy of the Plan of Reorganization dated October 21, 2025 is available at https://urlcurt.com/u?l=Ju0pOH 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 Burnt, LLC Burnt, LLC, operates a restaurant in Plano, Texas. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 25-42654) on July 23, 2025. The Debtor tapped Demarco·Mitchell, PLLC, as counsel. C & C EMPIRE: Aaron Cohen Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., practicing attorney in Jacksonville, Fla., as Subchapter V trustee for C & C Empire Development, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About C & C Empire Development LLC C & C Empire Development, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06825) on October 23, 2025, with $100,001 to $500,000 in assets and liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as bankruptcy counsel. CALPLANT I: Trust May Recoup $72,900 in Preference Payment ---------------------------------------------------------- Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware ruled on the cross motions for summary judgment filed by the parties in the adversary proceeding captioned as LANCE MILLER, LIQUIDATING DIRECTOR FOR THE LIQUIDATING TRUST FOR CALPLANT I, LLC, Plaintiff v. INDUSTRIAL FINISHES & SYSTEMS, INC., Defendants, Adv. No. 23-50690 (MFW)(Bankr. D. Del.). The Court will grant the Plaintiff's motion for summary judgment on Counts I and III of the Complaint as to a $72,978.53 transfer and will deny the Defendant's motion for summary judgment. CalPlant I developed and operated a plant which converted rice straw (a waste product of rice farming) into medium density fiberboard. Industrial Finishes & Systems is a wholesale distributor that provided supplies to the Debtor pursuant to a 2019 Consignment Agreement. Under the Agreement, the Defendant shipped supplies to the Debtor, which the Debtor used "as needed." The Debtor periodically transmitted usage information to the Defendant, who thereafter issued an invoice to the Debtor for the supplies it had used. On September 30, 2021, the Defendant issued an invoice to the Debtor for $72,978.53. The Debtor initiated an electronic funds transfer of $72,978.53 on that same date. The Defendant's bank received the funds on October 1, 2021, and the Defendant recorded the Transfer in its records on October 4, 2021. The Director of the Liquidating Trust filed this adversary proceeding on October 4, 2023, to avoid and recover certain transfers it had made pre-petition to the Defendant. Count I alleges that the transfers are avoidable under section 547(b). In Count III, the Plaintiff seeks to recover the transfers under section 550(a). The Defendant filed an answer denying the allegations in the complaint and raising several defenses, including that the transfers were contemporaneous exchanges for new value or were made in the ordinary course of business. The core dispute in this case is whether the Transfer is a preference pursuant to section 547 and, if it is, whether there are any defenses to its avoidance. The Plaintiff argues that the Agreement's consignment label does not change the fact that when the Invoice was issued, the Defendant had a right to payment from the Debtor for the product it had used. Therefore, the Plaintiff contends that the Defendant was a creditor at the time the Debtor paid that Invoice. The Court finds that the Plaintiff's argument that the Defendant admitted it was a creditor and that the Transfer paid an antecedent debt is incorrect. However, the Court agrees with the Plaintiff that the deposition testimony of both of the Defendant's representatives establishes that the Defendant was a creditor and the Transfer was a payment for product used by the Debtor before the date of the Transfer. The Defendant appears to argue nonetheless that it was not a creditor of the Debtor because it has not filed a proof of claim in this case and it had no right to payment under the Agreement until it issued an invoice. It asserts the Plaintiff has not proven that the Invoice was sent before the Transfer was made. Because the burden is on the Plaintiff to establish all the elements of a preference, the Defendant contends it is entitled to summary judgment. The Court rejects the Defendant's contention that an invoice is a necessary prerequisite to an antecedent debt or status as a creditor. Further, the Defendant's own evidence shows the Transfer was a payment for an antecedent debt. Therefore, while the Defendant's right to payment might have been contingent on the Debtor issuing an invoice, the Court concludes a claim arose at the time the Debtor used the Defendant's products in the operation of its business. The usage in September preceded the Transfer date -- regardless of whether the Transfer occurred on September 30 when the Debtor initiated the EFT, on October 1 when the Defendant received the funds, or on October 4 when the Defendant recorded the funds in its books. Therefore, the Court concludes there is no material dispute of fact the Defendant was a creditor of the Debtor and that the Transfer was made on account of an antecedent debt on September 30, 2021. Because the Transfer was made to a creditor on account of an antecedent debt, and the parties do not dispute the other elements of a preferential transfer, the Court concludes the Plaintiff has met his burden of establishing a prima facie case that the Transfer was a preferential transfer. The Plaintiff argues the Defendant has not established that the Transfer was a contemporaneous exchange for new value. He asserts that the Defendant has not proven an essential element of the defense: the amount of any new value the Debtor allegedly received in exchange for the Transfer. Instead of providing new value for the Transfer, the Plaintiff asserts that the Transfer was paid in exchange for the supplies used by the Debtor in September, an antecedent debt. Therefore, the Plaintiff contends the Defendant has failed to meet its burden of proving any section 547(c)(1) defense to the preference. The Court agrees with the Plaintiff. The Defendant argues the Transfer was made in the ordinary course of the parties' business. However, the Court concludes there is no dispute of material fact that the Transfer was not made within the parties' ordinary course of business because it was made on the Invoice date instead of the usual 28-30 days after the invoice date. Because the Defendant has not proven that it has any defense to the preference under section 547(c), the Court finds the Transfer is avoidable under section 547(b) of the Bankruptcy Code and will grant judgment in favor of the Plaintiff on Count I of the Complaint as to the $72,978.53 transfer. The Court concludes the Transfer is avoidable under section 547. Therefore, the Plaintiff is entitled to recover the value of the Transfer from the Defendant. A copy of the Court's Opinion dated October 27, 2025, is available at https://urlcurt.com/u?l=mNVwEu from PacerMonitor.com. About CalPlant CalPlant I, LLC -- http://www.eurekamdf.com/-- is a Northern California-based company focused on manufacturing sustainably sourced building products, including the creation of the world's first no-added-formaldehyde, rice straw-based medium density fiberboard, Eureka MDF. CalPlant and its predecessor company, CalAg, LLC, have spent many years researching, developing, and patenting a process to make high-quality MDF using annually renewable rice straw as the feedstock, the disposal of which has posed environmental issues in California for decades. CalPlant I and CalPlant I Holdco, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11302) on Oct. 5, 2021. The cases are handled by Honorable Judge John T. Dorsey. CalPlant I Holdco listed up to $100 million in assets and up to $50,000 in liabilities as of the bankruptcy filing while CalPlant I listed as much as $500 million in both assets and liabilities. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Morris James, LLP as local bankruptcy counsel; Paladin Management Group as financial advisor; and KCoe Isom, LLP as auditor and tax services provider. Kroll's Restructuring Administration practice, formerly known as Prime Clerk, is the claims, noticing and administrative agent. CAMPBELL REALTY: Section 341(a) Meeting of Creditors on Nov. 19 --------------------------------------------------------------- On October 20, 2025, Campbell Realty Investment Group LLC filed Chapter 11 protection in the Eastern District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors Filed by Office of the U.S. Trustee under Section 341(a) meeting to be held on November 19, 2025 at 10:00 AM by Telephone Conference Line: 888-330-1716. Participant Passcode: 8461305. About Campbell Realty Investment Group LLC Campbell Realty Investment Group LLC engages in leasing and managing real estate properties, holding assets that include a site at 14207 W. Club Deluxe Drive in Hammond, Louisiana. Campbell Realty Investment Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12356) on October 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Ryan J. Richmond, Esq. of STERNBERG, NACCARI & WHITE, LLC. CAPE FEAR: Bankruptcy Administrator Unable to Appoint Committee --------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Cape Fear Discount Drug, LLC. About Cape Fear Discount Drug LLC Cape Fear Discount Drug, LLC operates a community-focused pharmacy providing prescription dispensing, immunizations, medication therapy management, and over-the-counter products. The pharmacy is part of the Good Neighbor Pharmacy network and serves local residents with programs including family vitamins and child safety initiatives. Cape Fear Discount Drug sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. 25-03693) on September 23, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Dustin Cody Gay, president of Cape Fear Discount Drug, signed the petition. Judge David M. Warren oversees the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC, represents the Debtor as bankruptcy counsel. CAPE FEAR: Gets Final OK to Use Cash Collateral ----------------------------------------------- Cape Fear Discount Drug, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court authorized the Debtor to use cash collateral for ordinary operating expenses as per its budget, subject to a 10% variance. The Debtor's budget projects total operational expenses of $114,561.71 for November. As adequate protection, First Financial Bank will be granted post-petition replacement liens on the same assets to which its liens attached pre-bankruptcy. These liens will have the same validity, priority and extent as the bank's pre-bankruptcy liens. In addition, First Financial Bank will receive a monthly payment of $5,000, beginning on November 25 and until the expiration of the terms of the final order or until confirmation of the Debtor's Chapter 11 plan of reorganization. Events of default under the final order include failure by the Debtor to comply with the order; failure to maintain insurance; the use of cash collateral other than as agreed in the order; the appointment of a trustee or examiner; and the conversion of the Debtor's Chapter 11 case to one under Chapter 7. The final order is available at https://is.gd/gRxBSe from PacerMonitor.com. The Debtor obtained a secured loan from First Financial Bank via the U.S. Small Business Administration totaling approximately $3.5 million and secured by a blanket lien on all its assets. In addition, the Debtor entered into numerous merchant cash advance loans with companies such as Byzfunder, Fintegra, Daytona Funding, Kapitus, and Aurum Funding Solutions. The Debtor also has vendor debt, notably to Anda and Cardinal Health, which have filed UCC liens. First Financial Bank, as secured creditor, is represented by: Aaron T. Harding, Esq. Nelson Mullins Riley & Scarborough, LLP 301 Hillsborough St., 14th Floor Raleigh, NC 27603 Phone: (919) 329-3880 Fax: (919) 329-3799 aaron.harding@nelsonmullins.com About Cape Fear Discount Drug LLC Cape Fear Discount Drug LLC operates a community-focused pharmacy providing prescription dispensing, immunizations, medication therapy management, and over-the-counter products. The pharmacy is part of the Good Neighbor Pharmacy network and serves local residents with programs including family vitamins and child safety initiatives. Cape Fear Discount Drug LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03693) on September 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Laurie B. Biggs, Esq. of BIGGS LAW FIRM PLLC. CARTER'S INC: S&P Affirms 'BB+' ICR on Refinancing, Outlook Neg. ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating on children's apparel marketer, Carter's Inc. Given the continued erosion in profitability, the outlook remains negative. S&P said, "We also assigned our 'BB+' issue rating and '3' recovery rating to the proposed $500 million unsecured notes issued by The William Carter Co. The '3' recovery rating indicates our expectation for meaningful (50%-70%: 65%) recovery in the event of default. "We do not rate the company's revolver. We will withdraw the ratings on Carter's existing senior notes due 2027 upon redemption." The negative outlook reflects the potential for a lower rating over the next few quarters if the company's efforts to turn the business around do not materialize amid market share losses to digitally native brands and cost-cutting efforts to help offset tariffs. S&P said, "We expect sales for Carter's Inc. will decline for full-year 2025 as it seeks to turn the business around despite declining birth rates and shifts to less profitable mass channel retailers. Carter's is planning 150 store closures with lease expirations over the next three years. We also note a decline in traditional department stores contributing to lower sales. Total net sales were flat in the latest third quarter of 2025 compared to third-quarter 2024, and we expect a muted holiday season. "Risks in the coming year include the suspension of store openings, continued discounting, and ongoing efforts to drive traffic, including in the baby business. We are monitoring the potential for Carter's to turn around the business in the longer term under Douglas Palladini, who joined as CEO and president in April 2025. Additionally, we are tracking how sales growth in Mexico and other international markets are helping offset sales declines in the U.S. wholesale channel, to include Amazon. "Ongoing margin and profit erosion remains a key risk through the coming year. We note EBITDA margin decreased 511 basis points in third-quarter 2025 on a company-adjusted basis compared to the prior-year period, and we expect the decline to persist largely due to lower sales in U.S. wholesale. Given these trends and this leverage-neutral refinancing transaction, we expect the company's leverage to peak at 2x in fiscals 2025 and 2026 from mid-1x at the end of fiscal 2024. We expect S&P Global Ratings-adjusted EBITDA will decline in 2025, even as a 15% reduction in force by the end of 2025 is estimated to save $35 million beginning in 2026. We continue to monitor how stock keeping unit (SKU) reductions and potential restructuring costs could affect profitability in the coming year." Carter's has limited pricing power to absorb tariff pressures without hurting volume, given multiyear market share declines. The company sources the majority of its products from Vietnam, Cambodia, Bangladesh, and India. These top four markets account for 75% of the total products outsourced. Carter's has limited exposure to China at less than 3% of its product sourcing spend in fiscal 2025. S&P believes the company can mitigate the effect of tariffs by sharing costs with vendors, shifting country-of-origin mix, and changing product assortment and packaging. S&P said, "We note the impact of estimated 2025 gross pre-tax earnings from additional import duties is $200 million to $250 million on an annualized basis. Our forecast assumes that tariffs will affect the second half of fiscal 2025 and persist through fiscal 2026. We assume Carter's can mitigate roughly half of increased costs through supplier negotiations and targeted price increases." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly." S&P forecasts a continued decline in S&P Global Ratings-adjusted free operating cash flow before a modest rebound in 2026. The company's cash flow is forecasted to decline to $186 million in 2025 from $389 million in fiscal 2024 reflects lower cash profits and higher year-over-year inventory levels due to tariffs. Carter's also plans conservative capital allocation over the coming year, including a lower dividend and paused share repurchases. The company cut its quarterly dividend by almost 70% to $0.25 per share from $0.80 per share this year, and it indicated that future dividends will be at the discretion of the board based on business conditions, the company's future financial performance, and investment priorities. No shares were repurchased in the first three quarters of 2025. The negative outlook reflects the potential for a lower rating over the next several quarters if operating performance continues to deteriorate, including due to increased price competition from private-label rivals as consumer spending remains weak. S&P could lower its ratings if operating performance continues to deteriorate, such that it has a less favorable view of its business risk profile or S&P Global Ratings-adjusted leverage sustains above 2.5x. This could occur if: -- Carter's brands fall out of favor with consumers due to increasing competition, reducing revenue and profitability; -- The company cannot offset additional tariff pressure on products through price increases, cost savings, or other mitigation efforts; and -- The company cannot preserve margins and cash flow, diminishing S&P's view of Carter's business strength. S&P could revise its outlook to stable if: -- The company's operating performance improves, possibly from increased product and brand relevance, improved value proposition, or increased retail store productivity. -- The company successfully offsets the additional tariff pressure on product cost through price increases, cost savings, or other mitigation efforts. CBL & ASSOCIATES: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on U.S.-based retail REIT CBL & Associates Properties Inc.'s (CBL) to negative. S&P said, "We also affirmed all our ratings on the company, including our 'B-' issuer rating and its 'B+' issue-level rating on its senior secured term loan due 2026. "Our '1' recovery rating on the term loan is unchanged, indicating our expectation for very high (90%-100%; rounded estimate: 95%) recovery in a hypothetical default scenario. "The negative outlook reflects our expectation that CBL's capital structure will be under pressure when its secured term loan becomes current in November 2026 (assuming the company meets the stipulations to extend to November 2027), absent a refinancing or substantial paydown." CBL has significant debt maturities set to become current over the next 12 months. As of June 30, 2025, the company had $665.8 million outstanding on its secured term loan now due in November 2026 (following the first extension granted in April 2025). S&P expects CBL to meet requirements for the second one-year extension. This extension requires reducing the principal balance to $615 million, which we expect to occur in 2026 through debt principal amortization. S&P said, "We note that while the company does not have a revolving credit facility, it does have significant cash and cash equivalents on its balance sheet, including investments in treasuries ($288 million). These provide support for CBL to remain on track extending the final maturity date to November 2027, making the loan current in approximately one year (November 2026). While this allows for additional time to address the maturity, we believe CBL could still face material refinancing risk over the next 12-24 months if it does not proactively refinance well ahead of November 2027. This is because the company does not have sufficient liquidity to repay the term loan, which could lead us to view its capital structure as unsustainable if CBL is dependent upon favorable business, financial, and economic conditions to repay or refinance the loan." While CBL has successfully refinanced some mortgage debt and executed asset sales in 2025, it has largely directed proceeds into the acquisition of malls that meet its investment criteria. Year-to-date through July, the company has closed on acquisitions totaling $185.1 million, including four enclosed regional malls for $178.9 million from Washington Prime Group, which is liquidating its assets, using proceeds from the sale of The Promenade in D'lberville, Miss., for $83.1 million in July 2025 (year-to-date, CBL has generated more than $162.7 million of gross proceeds from dispositions). While these mall investments have the potential to be higher yielding, they also carry greater risk than the open-air centers it is monetizing. As a result, S&P views this asset recycling negatively from a business perspective because the lower-quality assets could face greater headwinds from shifting consumer preferences/spending and potential retail distress. Refinancing could prove challenging due to the quality of CBL's portfolio, especially should there be a change in economic conditions or retail fundamentals. CBL operates a primarily class B portfolio of mall assets that have underperformed class A malls over the past several years, with persistently negative (albeit modestly) same-store net operating income growth (NOI) growth. Offsetting this somewhat, the company does have some open-air and lifestyle centers whose performance has held up better. Following CBL's emergence from bankruptcy, its operating performance has been somewhat better than prior to and during the COVID-19 pandemic, with less tenants filing for bankruptcy, enabling CBL to focus on leasing initiatives and retaining tenants within its core portfolio (S&P notes the company has certain properties that are underwater and it plans to return to the servicer, which it has stopped investing capital expenditures in). That said, while portfolio occupancy increased 10 basis points year over year to 88.8% for the six months ended June 30, 2025, mall occupancy has been hindered by nearly 70 basis points compared with the prior-year period due to bankruptcy-related store closures. Given the discretionary nature of CBL's portfolio, S&P believes the company is more vulnerable to shifts in consumer spending and economic downturns, which could result in increased bankruptcy activity and/or less investor interest in refinancing the term loan. S&P said, "We expect CBL's credit metrics to remain highly leveraged, with fixed-charge coverage below 1.3x. We do not expect material improvement over the next 12 months due to expectations for modestly negative EBITDA growth and for the term loan to remain in place (with the associated principal amortization payments). We acknowledge the company has a sufficient cushion under its covenants, which are not calculated on our adjusted basis. "The negative outlook reflects that CBL faces liquidity pressure and refinancing risks due to its secured term loan due in November 2026 (excluding the extension option). "We could lower our rating on CBL if it does not refinance the term loan balance or develop a credible plan to pay down the balance, increasing the risk of a default when it becomes current and leading us to view its capital structure as unsustainable." S&P could stabilize its rating on CBL if: -- It refinances the term loan well ahead of its maturity date at favorable terms that lengthen the debt maturity profile, with sufficient liquidity to meet near-term needs; and -- Operating performance remains stable with no material deterioration in occupancy levels or EBITDA generation such that S&P expects the company to remain in compliance with covenants. CINEMAWORLD OF FLORIDA: Deadline to File Plan Extended to Dec. 30 ----------------------------------------------------------------- Judge Mindy A. Mora of the United States Bankruptcy Court for the Southern District of Florida granted without prejudice Cinemaworld of Florida, Inc.'s Motion for Extension of: (1) Plan and Disclosure Statement Filing Deadline; (2) Exclusive Period to File Plan and Disclosure Statement; and (3) Exclusive Period to Solicit Acceptances of Plan. The deadline for the Debtor to file a plan and disclosure statement is extended through and including December 30, 2025. The exclusivity period prescribed by Sections 1121(b) and (c)(2) during which only the Debtor may file a plan of reorganization is extended through and including December 30, 2025. The exclusivity period prescribed by Section 1121(c)(3) during which only the Debtor may solicit acceptances of a plan of reorganization is extended through and including February 27, 2026. A copy of the Court's Order dated October 28, 2025, is available at https://urlcurt.com/u?l=v3WGcW from PacerMonitor.com. About Cinemaworld of Florida, Inc. Cinemaworld of Florida, Inc., doing business as The Majestic 11 and CW Lanes & Games, operates movie theaters and family entertainment centers. Cinemaworld of Florida, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17693) on July 3, 2025, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Richard N. Starr, Sr. as president. Judge Mindy A. Mora presides over the case. Harley E. Riedel, Esq., at STICHTER, RIEDEL, BLAIN & POSTLER, P.A., represents the Debtor as counsel. CITIUS PHARMACEUTICALS: CVI and Heights Capital Hold 9.9% Stake --------------------------------------------------------------- CVI Investments, Inc. and Heights Capital Management, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of 10/20/2025, each beneficially owns 1,655,681 shares of Citius Pharmaceuticals, Inc.'s common stock consisting of: (i) 1,460,000 shares of common stock, and (ii) shares of common stock issuable upon the exercise of pre-funded warrants and other warrants; the warrants are not exercisable to the extent that exercise would cause the holder's beneficial ownership (together with affiliates and certain other persons) to exceed 9.99% of Citius Pharmaceuticals, Inc.'s common stock. The ownership represents 9.9% of the 16,377,705 shares of outstanding (as indicated in the issuer's Prospectus Supplement (to Prospectus dated March 1, 2024, Registration No. 333-277319), filed on October 21, 2025, excluding shares underlying the warrants). CVI Investments, Inc. may be reached through: P.O. Box 309GT Ugland House South Church Street, George Town Grand Cayman, KY1-1104 Cayman Islands Tel: 345-949-8080 Heights Capital Management may be reached through: Sarah Travis Assistant General Counsel & Assistant Secretary of Heights Capital Management, Inc. 101 California Street, Suite 3250 San Francisco, Calif. 94111 A full-text copy of CVI Investments, Inc.'s SEC report is available at: https://tinyurl.com/yhf3jp5y About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Mass.-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 27, 2024, citing that the Company has suffered recurring losses and has a working capital deficit as of Sept. 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2024, the Company had $116.7 million in total assets, $42.5 million in total liabilities, and $74.1 million in total equity. As of Jun. 30, 2025, the Company had $127.7 million in total assets, $60.1 million in total liabilities, and $67.6 million in total stockholders' equity. CLAIRE'S STORES: Cleared to End Bankruptcy After Ames Watson Deal ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that jewelry chain Claire's secured court approval Wednesday, October 29, 2025, to wrap up its Chapter 11 case after selling the bulk of its North American business to Ames Watson. The sale, finalized in September, serves as a key milestone in Claire's efforts to reorganize and strengthen its balance sheet, according to the report. Counsel for the retailer told the Delaware bankruptcy court that the confirmed plan will allow Claire's to settle creditor obligations and move forward as a leaner, more sustainable company. The ruling effectively clears the way for Claire's to emerge from bankruptcy in the coming weeks, the report states. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. COMMUNITY HEALTH: Reports $171M Net Income in Fiscal Q3 ------------------------------------------------------- Community Health Systems, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $171 million for the three months ended September 30, 2025, compared to a net loss of $355 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net income of $516 million, compared to a net loss of $334 million for the same period in 2024. The Company recorded a net operating revenue of $3.09 billion for the three months ended September 30, 2025 and 2024. Total revenue for the nine months ended September 30, 2025 and 2024, was $9.38 billion and $9.37 billion, respectively. As of September 30, 2025, the Company had $13.24 billion in total assets, $14.19 billion in total liabilities, $323 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.27 billion in total stockholders' deficit. The Company had an accumulated deficit of $3.68 billion. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdhvr87x About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2025, the Company had $13.64 billion in total assets, $14.73 billion in total liabilities, and $1.41 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COMPASS POWER: S&P Alters Outlook to Positive, Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating to Compass Power Generation LLCs' term loan B (TLB) due in April 2029 and $60 million revolving credit facility due in April 2027. The '2' recovery rating indicates its expectation for substantial recovery (70%-90%; rounded estimate: 85%) recovery in a default scenario. S&P revised the outlook to positive from stable. The positive outlook reflects the possibility of an upgrade in the next 12 months if the project continues to repay debt in line with our expectations and maintains credit supportive financial policy and stable operating performance. S&P expects the project will achieve debt service coverage ratios (DSCRs) over 2.5x in the TLB period due to Marcus Hook's increased generation, hedged energy margin, and contracted capacity, which provide visibility in the near term. Compass owns three combined-cycle, gas-fired power plants totaling approximately 1,235 megawatts (MW). The largest asset, 848-MW Marcus Hook Energy Center in the Eastern Mid-Atlantic Area Council (EMAAC) zone of the Pennsylvania-New Jersey-Maryland (PJM) interconnection, began operating in 2004. Two smaller assets, 202-MW Milford and 187-MW Dighton plants, serve the Southeast New England zone of the Independent System Operator New England (ISO-NE) and began operating in 1993 and 1999, respectively. The project is jointly owned by JERA Americas Holdings Inc. (50%) and Electric Generating Public Co. Ltd (50%). JERA Americas Holdings Inc. is the project's asset manager and ConEd is the project's energy manager. Robust cash flow sweeps in the last 12 months, track record of prudent risk management, and contracted capacity revenue drive the outlook revision. Compass swept a total of $98 million since the refinancing transaction in October 2024, bringing the TLB balance to approximately $502 million as of September 2025, down from $600 million. This tracks below the target debt balance of $514 million as of September 2025. S&P said, "We expect the project to continue to sweep below the target debt balance in the amount of $45 million to $65 million in the next two to three years, leading to about $300 million outstanding at maturity in April 2029. We consider the current sweep structure to be sound. Compass is required to sweep the greater of 75% of cash flow or the amount needed to pay down the target debt balance." S&P said, "Our minimum DSCR of 2.07x occurs during the refinancing period when we expect $300 million of residual balance at maturity will be fully amortized until 2043, the end of assumed project life, and at a higher interest margin relative to the current credit spread. We believe the refinancing risk and the uncertain market conditions in the refinancing TLB period are partially mitigated by Compass' strong operating track record, supportive financial policy, and modest debt burden. Compass had only two debt-financed equity distributions since the initial rating in 2018. In 2022, Compass upsized its $633 million TLB to $650 million and in 2024, it upsized its $500 million TLB to $600 million. Compass's current debt per KW of $406 is roughly in line with peers, even when we consider only Marcus Hook's capacity. "Compass has a lien-based hedging program and a $60 million revolving credit facility (RCF) available for liquidity needs, including its letters of credit (LOC)-funded debt service reserve account (DSRA) under the revolver. We expect Compass will fund the large capital spending in the next few years from operating cash flow and still achieve DSCR above 2.5x. We note that Compass' maximum annual revolver outstanding was $10 million historically, with no draws since 2023. "We expect DSCRs over 2.5x during the TLB period due to our expectation of Marcus Hook's strong generation, hedged energy margins, and contracted capacity, which provide a sound cash flow base. We expect Marcus Hook will drive financial performance, generating more than 90% of the portfolio energy margin and nearly all CFADS over the life of the portfolio. We also think that Marcus Hook will benefit from increased power demand due to data center activity and likely limited generation supply growth during the TLB period. Retiring thermal fleets create opportunities for efficient generators, like Marcus Hook, to provide dispatchable generation at the scale required to meet the PJM market's growing reliability needs. Marcus Hook is an efficient 848-MW combined-cycle gas turbine (CCGT) with an average five-year heat rate of 7,200 Btu/kWh, positioning it at the lower end of the PJM supply curve. The plant operates in the data center corridor in Eastern Pennsylvania. It achieved capacity factors of about 80% for the last 12 months (including the reduced generation in the second quarter due to planned outage) and 86% for full-year 2024, a 6%-10% increase from historical levels. We forecast the plant will achieve capacity factors of 80%-85% during the TLB period, driven by its competitive profile, and power demand dynamics in Pennsylvania. "We estimate Marcus Hook's average annual spark spreads will peak at about around $15/MWh in the last quarter of 2025, reflecting hedged capacity at about $15.7/MWh for the year. This compares with about $13.24/MWh of spark spread in the past 12 months, which is higher than historical sparks of about 10/MWh. The company implemented a spark spread hedging strategy late last year where 70%-80% of its capacity is hedged during the prompt year, declining to about 50% the following year and approximately 20% after that. We forecast an average spark spread of about $13/MWh until the end of the asset life in 2043. Net energy margin represents 55%-60% of Marcus Hooks' total gross margin throughout its asset life. "In addition, Marcus Hook has a capacity contract with LIPA until May 2030 for 685 MW of capacity, which represents about 40%-45% of the asset's total gross margin. The LIPA contract amounts to approximately $52 million in annual revenues, escalating with inflation with no market risk, which is sufficient to cover the portfolio's annual fixed operating expenses. We note that Marcus Hook has approximately 140 MW of uncontracted capacity, which is available for the PJM capacity auction. Given that the current LIPA capacity price of about $211/MW-day is lower than the latest cleared capacity auction ($329.17/MW-day), the contract is currently out of the money but provides downside protection, nonetheless." Marcus Hook will face high capital spending and potentially elevated operating risk due to three scheduled complete rotor replacements between 2027 and 2029. Marcus Hook will be spending approximately $11 million in 2026, $25 million in 2027, and $26 million in 2028 on capital expenditure (capex) and major maintenance costs including rotor replacement. The company plans to replace all three rotors of the combustion turbines over three-year period at each major inspection. Total cost of the refurbished rotors is less than $40 million. S&P expects Marcus Hook will fund the cost from operating cash flows, with CFADS peaking in 2026 at around $132 million, declining to an average of $100 million 2027 and 2030 on account of capital spending. S&P said, "We expect Milford and Dighton will contribute less than 5% of Compass' CFADS. Both Milford and Dighton have heavy capital spending scheduled for the next couple of years leading to negative or minimal CFADS until 2027. After that we expect these assets to contribute less than $10 million of CFADS. Milford has a capacity lock until May 2027 at about $8.04/kW-month for 25/26, which is above the current cleared capacity price in ISO-NE (SENE region) of $2.64/kW-day. We view this as a credit positive because the annual capacity revenue covers the asset's fixed operating costs. Dighton participates in the ISO-NE capacity market, which has cleared until 2027/2028, but at a lower price than Milford capacity lock, leading to lower capacity revenue than Milford. We forecast Milford's and Dighton's annual clean spark spreads will range $13.0/MWh-$18/MWh, reflecting forward energy prices in ISO-NE and hedged fuel use for the next 12 months, which mitigates the natural gas price hikes during peak demand. "We continue to view Compass lenders' secondary claim on the anchor asset, Marcus Hook, as a transaction-structure weakness. In the event of a default, Compass' TLB lenders would have a priority claim on Milford and Dighton but a secondary claim on Marcus Hook, the largest and most valuable asset in the portfolio. We consider this a transaction-structure weakness and adjust the rating down one notch. We also note that even under a downside scenario, we expect robust residual value from Marcus Hook, given its di minimis amount of asset level debt in the form of a first-lien term loan A ($27 million) and LOC facility ($97 million). "The positive outlook reflects the possibility of an upgrade in the next 12 months if the project continues to repay debt in line with our expectations and maintains credit supportive financial policy and stable operating performance. We believe that Compass' cash flow sweep structure and track record of prudent risk management, coupled with contracted capacity revenues through May 2030, provide visibility on debt paydown through the term loan B period. We expect the project will achieve DSCRs over 2.5x in the TLB period driven by Marcus Hook's increased generation, hedged energy margin and contracted capacity, which provide visibility in the near term. Our minimum forecast DSCR of 2.07x occurs during the refinancing period (2031) due to our hypothetical refinancing assuming sculpted amortization. We forecast TLB balance at maturity will be $300 million-$305 million (currently $502 million outstanding)." S&P will revise the outlook if it expected minimum DSCR to be below 1.80x, through our forecast. This could be a result of: -- Unplanned outages reduce generation and capacity payments while increasing operating costs; -- Spark spreads weaken, especially for Marcus Hook, and capacity prices are lower than expected for uncleared periods; -- Economic factors cause the power plants to dispatch less than S&P's base-case expectation; or -- Debt paydown is lower than we expect, leading to higher-than-expected debt balance at maturity. The sponsors recapitalize the project, leading to higher levels of leverage and reduced debt service coverage, absent mitigating factors. S&P could raise the rating in the next 12 months if: -- S&P expect the project will maintain a minimum base-case DSCR greater than 1.80x in all years, including the post-refinancing period; -- S&P expects Compass will not increase leverage, reducing the credit cushion established in the current rating; -- S&P's projected large capex spend ($89 million in 2026-2029), which it expects will be funded in a credit supportive manner, and it doesn't impede project's ability to meet sweep expectations under its base case; and -- Compass maintains robust operational performance, which S&P's view as mitigating the risk associated with single asset. CORELOGIC INC: S&P Alters Outlook to Stable, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on California-based property data and analytics provider CoreLogic Inc. (dba Cotality) to stable from negative. S&P said, "We also affirmed all ratings, including our 'B-' issuer credit rating on the company, because of our expectation for EBITDA growth and future deleveraging backed by ample liquidity, including nearly $101 million cash and $309 million of availability under its $459 million revolving credit facility. "Our stable outlook on CoreLogic reflects our view that EBITDA growth and debt repayment will help the company reduce leverage to 9.1x in 2025 and 8.8x in 2026. This is supported by our expectations for steady market share improvement, the realization of cost-savings initiatives, and ongoing growth in non-mortgage-sensitive segments. "Cotality EBITDA and cash flow are in line with our expectations despite higher-than-expected interest rates, which are lowering demand for mortgages. The company has been offsetting negative pressure by winning new clients and growing its non-mortgage-sensitive business and improving its efficiency by cutting costs. "We expect CoreLogic will begin to generate positive free operating cash flow (FOCF) for the full year in 2025 and continue in 2026. "We expect CoreLogic to generate positive FOCF in 2025 and 2026 despite ongoing high interest rates weighing on growth in mortgage originations and refinances. In 2025, CoreLogic has performed well, generating $502.9 million in revenue for the three months ended June 30, 2025, a slight increase of $1.0 million (0.2%) compared with the same period in 2024, and $981.3 million for the six months ended June 30, 2025, a modest year-over-year increase of $1.3 million (0.1%). The company is offsetting negative headwinds by winning new clients and expanding its non-mortgage-sensitive business. This growth, combined with cost savings and productivity efficiencies from strategic investments in automation, is driving margin stability of about 27.5%. We expect once these investments roll off our EBITDA calculation, its margin could increase by 50 basis point to 28%. "Nevertheless, we still anticipate CoreLogic could achieve low positive FOCF, inclusive of receipts from interest rate hedges, in 2025." Its revenue and EBITDA growth are driven by market share gains, interest income on cash deposits held in the property tax business, cost savings, and growth in its non-mortgage-sensitive businesses S&P Global economists forecast mortgage rates will improve in 2025 and 2026, but risks remain. Mortgage rates have eased to about 6.3% in September 2025 from a 7.31% peak in September 2023. However, the improvement in the mortgage market has been slower than S&P expected. As of mid-October, the Mortgage Bankers Association (MBA) forecasts an 18% increase in mortgage loan originations in 2025 (reflecting a modest downward revision to its 25% expectation and significant downward revision to is 2024 actuals), driven by a significant improvement in refinancing and a modest decline in purchases. S&P Global economists expect mortgage rates to decline to 6.1%, 5.3%, and 5% at the end of 2025, 2026, and 2027, respectively, from about 6.3% as of October 2025. S&P said, "We believe there is good amount of loans that could be refinanced at rates below 6%, but the share of mortgages that are locked in at an interest rate below 5% is above 75%. While we believe rates will improve, the path is uncertain, and timing will depend on inflation and how quickly the Federal Reserve cuts interest rates. Under our base-case scenario, we expect CoreLogic's revenue will increase 3%-4% in 2026 as mortgage rates continue to decline and the market continues to recover. Given where rates have been, we believe CoreLogic would likely benefit from an increase in refinances and modest improvement in new origination." CoreLogic faces significant debt maturities in 2028. The majority of its credit facility expires in 2028, and it will likely need to refinance its $5.1 billion of debt in early 2027, before its first-lien term loan becomes current in June 2027. This gives the company 18 months to benefit from improving market conditions. While not assumed in our base case, if rates and spreads remain high, the company would likely incur additional interest expenses when refinancing that could pressure future cash flow. CoreLogic fixed or hedged approximately 58% of its debt through a mix of swaps and caps. S&P said, "CoreLogic has ample liquidity, and we expect it will use future cash flow generation to repay its revolver. As of June 30, 2025, the company had about $101 million in cash and availability of $308 million under its revolving credit facility. It recently completed the amendment and extension of its credit facility, in which the credit facility commitment amount will be $459 million through June 2026 and then will step down to $415 million until the extended maturity date of March 2028. The $150 million outstanding under the revolver as of June 30, 2025, is the highest amount over the last three years, as the company used its revolver to cover the cash flow shortfall. "Nevertheless, we expect CoreLogic will make ongoing payments on its revolver with cash flow generated and decrease its balance to at least $75 million by year end. We believe the company is still on the positive trajectory we expected, and we forecast continued improvement in 2025, with our expectation for S&P Global Ratings-adjusted FOCF to debt of about 1.5% and debt to EBITDA improving to the low-9x area. "Our stable outlook on CoreLogic reflects our view that EBITDA growth and debt repayment will help the company reduce leverage to 9.1x in 2025 and 8.8x in 2026. This is supported by our expectations for steady market share improvement, the realization of cost-savings initiatives, and ongoing growth in non-mortgage-sensitive segments. "We could lower the rating if we believe the company's capital structure is unsustainable, which could result from declines in mortgage originations, competition or client attrition, lower profitability due to the inability to manage costs and achieve cost-saving targets, or refinancing at unfavorable rates. "We could raise the rating if CoreLogic's leverage declines and remains below 7.5x due to increased earnings from better-than-expected mortgage origination volume, good cost management, and expansions of its analytics businesses. In addition, upgrade would likely require the refinancing of the company's capital structure." CORVIAS CAMPUS: Plan Exclusivity Period Extended to Jan. 21, 2026 ----------------------------------------------------------------- Judge Laurie Selber Silversttein of the U.S. Bankruptcy Court for the District of Delaware extended Corvias Campus Living - USG, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 21, 2026 and March 23, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that given the progress that the company has made in this chapter 11 case, the Debtor submits that a 90-day initial extension of the Exclusive Periods is reasonable. Most notably, as a result of arm's-length negotiations, the Debtor and the Major Case Parties reached an agreement embodied in a combined disclosure statement and chapter 11 plan. Granting the requested extension will give the Debtor the opportunity to follow through with this without the distraction, cost and delay of a competing plan process. The Debtor asserts that termination of the Exclusive Periods would adversely impact the Debtor's efforts to preserve and maximize the value of its estate and the progress of this chapter 11 case. As mentioned, the Debtor has filed a combined disclosure statement and plan that reflects a global settlement with the Major Case Parties. Opening this chapter 11 case up to a competing plan process at this stage would benefit neither the Debtor nor its creditors or stakeholders. The Debtor further asserts that termination of the Exclusive Periods would disrupt the critical work that has been and the efforts of the Debtor to wind down its estate. Moreover, it would substantially increase the costs of administering this chapter 11 case for no attendant benefit. The Debtor is the best situated and most effective party to manage the plan process and the wind-down of its estate for the benefit of all stakeholders. Accordingly, the Debtor submits that an initial 90-day extension of the Exclusive Periods is appropriate in light of the facts and circumstances of this chapter 11 case. The Debtor's Counsel: Derek C. Abbott, Esq. Matthew O. Talmo, Esq. Tamara K. Mann, Esq. Brenna A. Dolphin, Esq. Brianna N.V. Turner, Esq. MORRIS NICHOLS ARSHT & TUNNELL, LLP 1201 North Market Street #1600 Wilmington DE 19081 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: dabbott@morrisnichols.com mtalmo@morrisnichols.com tmann@morrisnichols.com bdolphin@morrisnichols.com bturner@morrisnichols.com About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. COTTONWOOD INVESTMENT: Edward Burr Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Cottonwood Investment Group, LLC. Mr. Burr will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Cottonwood Investment Group LLC Cottonwood Investment Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. 25-10051) on October 22, 2025. Judge Madeleine C. Wanslee presides over the case. COUTURE INVESTMENTS: Nathan Smith Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Couture Investments 1, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Couture Investments 1 LLC Couture Investments 1, LLC holds full ownership of a commercial property at 2031 W Sunset Road, Henderson, Nevada, with an estimated value of $2.1 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16348) on October 23, 2025, with $2,100,076 in assets and $1,324,084 in liabilities. Kenneth Couture, managing member, signed the petition. David A. Riggi, Esq., at Riggi Law Firm represents the Debtor as bankruptcy counsel. CURIS INC: Nasdaq Panel Extends MVLS Compliance Deadline to Nov. 14 ------------------------------------------------------------------- Curis, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received written notice from Nasdaq Stock Market LLC indicating that the Nasdaq Hearings Panel has granted the Company an exception until November 14, 2025 to regain compliance with Nasdaq Listing Rule 5550(b)(2) (the "MVLS Requirement") As previously disclosed, on August 21, 2025, the Company received notice from the Listing Qualifications Department of the Nasdaq stating that, because the Company has not regained compliance with the MVLS Requirement which requires the market value of the Company's listed securities to be at least $35,000,000, its securities would be delisted from The Nasdaq Capital Market unless the Company timely appeals the Staff's delisting determination by requesting a hearing before the Panel by August 28, 2025. The Company timely requested a hearing before the Panel, which request stayed any further suspension or delisting action by the Staff, pending the ultimate conclusion of the hearing process. During the Exception Period, the Company is required to provide prompt notification of any significant events that occur during this period that may affect the Company's compliance with Nasdaq requirements including any event that may call into question the Company's ability to meet the terms of the exception granted. The Panel reserves the right to reconsider the terms of this exception based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company's securities on Nasdaq inadvisable or unwarranted. There can be no assurance that the Company will ultimately regain compliance and remain listed on Nasdaq. About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. As of Jun. 30, 2025, the Company had total assets of $29.23 million, total liabilities of $43.22 million, and total stockholders' deficit of $13.99 million. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. CYPRESSWOOD TX: Unsecureds Will Get 100% of Claims in Plan ---------------------------------------------------------- Cypresswood TX Realty, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated October 21, 2025. The Debtor is a Texas limited liability company whose principal place of business is 1999 Flatbush Avenue, Brooklyn, New York 11234. The Debtor is the owner and landlord of the real property located at 10851 Crescent Moon Dr, Houston, Texas 77064 (the "Property"). The Property consists of a 202-bed skilled nursing facility commonly known as the Fallbrook Rehabilitation and Care Center (the "Facility"). The Debtor, as landlord, leased this facility to Crescent Moon Dr Healthcare, LLC ("Crescent" or the "Tenant"), as tenant, pursuant to a written lease dated on or about July 7, 2023. The Tenant is in default and is managed by Vertical Health Services LLC ("VHS"). The Debtor's Plan is a reorganization plan with the centerpiece being the removal of the Current Manager and the entry into the New Lease, which requires the purchase of the Property by the New Manager within eighteen months of the commencement of the New Lease for the Purchase Price of $9,000,000.00. In addition, the Debtor will seek to recover from VHS and Crescent the sum of at least $4,955,695.73 in rent and additional rent presently due under the Current Lease. During the pendency of the New Lease, the Debtor intends to reinstate the mortgage with MBI, with all rent and net litigation recoveries from VHS, being paid to MBI, and continue paying the mortgage moving forward under its new rent roll. Class 2 of the Plan consists of General Unsecured Claims. There are three filed claims in this Class as follows: NYS ($2,893.54); Department of Treasury – Internal Revenue Services and other potential unsecured claims ($11,043.65); and Vertical Health Services ($228,509.73). In full satisfaction, settlement, release, and discharge of such Claims, Class 2 Claimants shall receive a one hundred percent distribution with interest at the federal judgment rate in effect on the Confirmation Date. This distribution will be funded from the Sale Proceeds of the Property. The Debtor anticipates objecting to the VHS Claim and/or seeks to set off against it from the Debtor's claim for rental arrears. The last date for creditors to file claims was October 6, 2025. The Class 2 Claimants are unimpaired and are deemed to have accepted the Plan. Class 3 Equity Interest Holders shall retain their existing Equity Interests only after all allowed claims are paid in full. No distributions will be made to Equity Interest Holders until all creditors receive payment in full with interest. Class 3 Claimants are unimpaired, are not eligible to vote on the Plan, and are deemed to have accepted the Plan. The Plan shall be funded by a combination of: (i) the proceeds from the proposed New Lease, which the Debtor shall be authorized to enter into, including the Sale Proceeds in Eighteen months and the proceeds of the litigation against VHS for the rent and additional rent owed by it, and claims against MBI, which shall reduce its indebtedness. The Debtor shall be authorized to pursue its claims against VHS and MBI. In addition, the Debtor shall be authorized to enter into the New Lease and use the proceeds of the same to fund the Plan. A full-text copy of the Disclosure Statement dated October 21, 2025 is available at https://urlcurt.com/u?l=YCq5Bm from PacerMonitor.com at no charge. Counsel to the Debtor: Avrum J. Rosen, Esq. Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq. Rosen, Tsionis & Pizzo, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 About Cypresswood TX Realty Cypresswood TX Realty LLC owns a single real estate asset located at 10851 Crescent Moon Dr. in Houston, Texas. Cypresswood TX Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72833) on July 23, 2025. In its petition, the Debtor reports total assets of $12,500,000 and total liabilities of $9,539,121. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Avrum J. Rosen, Esq., at Rosen, Tsionis & Pizzo, PLLC. DIOCESE OF OAKLAND: Judge Plans to Conclude Ch. 11 Case by Nov. 12 ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that the Roman Catholic Diocese of Oakland is set to exit bankruptcy by mid-November 2025 after a California judge agreed to grant its motion to dismiss the Chapter 11 case it filed two years ago to address clergy abuse claims. The diocese told the court that settlements with most victims and improved finances made continued bankruptcy unnecessary, according to the report. While some creditors urged the judge to find that the diocese acted in bad faith, the court declined, saying the evidence did not support that conclusion. The ruling allows the diocese to wind down its bankruptcy case without penalties, even as survivors continue to pursue accountability through settlement processes and state courts, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DIOCESE OF OGDENSBURG: Non-Testimonial Survivor Statements Allowed ------------------------------------------------------------------ Judge Patrick G. Radel of the United States Bankruptcy Court for the Northern District of New York granted the motion filed by the Official Committee of Unsecured Creditors of the Roman Catholic Diocese of Ogdensburg for an order permitting non-testimonial survivor statements. The Diocese is a named defendant in 124 lawsuits brought by individuals alleging clerical sexual abuse. Approximately 130 individuals filed proofs of claim in this case alleging sexual abuse. Presently pending is a motion by the Committee to allow those individuals the opportunity to be heard. The Diocese, Committee, and various insurance companies have been engaged in mediation with a court-appointed mediator since January of 2024. The Committee argues that the statements would provide valuable validation, empowerment, closure, and healing to survivors of sexual abuse. In addition, the Committee believes the statements will promote the claimants' engagement with, and confidence in, the bankruptcy process, thereby facilitating their support for the consensual plan of reorganization the parties hope to develop through mediation. Century Indemnity Company does not directly deny the benefits cited by the Committee, but opposes the motion by arguing that: (1) survivor statements are not authorized by the Bankruptcy Code and, in fact, conflict with important evidentiary rules; and (2) hearing survivor statements will taint the Court as a trier of fact. The Court finds the concern overstated and outweighed by the benefits of permitting the statements. Judge Radel explains, "This Court recognizes that the survivor statements will not, and cannot, be considered evidence, as they will not be offered under oath or tested by cross-examination. Hence, the alleged sex abuses are treated as presumed to have occurred for interim pretrial procedural purposes. Ultimately, of course, the plaintiffs must prove their respective cases by preponderance of evidence in trial by jury. Further, any concern about potential prejudice in the event this Court is called upon to be a trier of fact is speculative and, should it arise, can be raised by a concerned party via a recusal request as to the matter in question." He concludes, "Having this Court (as opposed to another judge with no connection to the case) conduct the conference promotes engagement with, and confidence in, the bankruptcy process, which will, in turn, hopefully increase the prospects for a consensual and expeditious resolution to this case." A copy of the Court's Memorandum of Decision and Order dated October 27, 2025, is available at https://urlcurt.com/u?l=Bju0rZ Counsel for Debtor: Charles J. Sullivan, Esq. BOND, SCHOENECK & KING, PLLC One Lincoln Center Syracuse, NY 13202 E-mail: csullivan@bsk.com Counsel for Official Committee of Unsecured Creditors: Ilan D. Scharf, Esq. PACHULSKI STANG ZIEHL & JONES LLP 1700 Broadway, Ste 36th Floor, New York, NY 10019 E-mail: ischarf@pszjlaw.com Counsel for Century Indemnity Company, as successor to CCI Insurance Company, as successor to Insurance Company of North America: Tancred Schiavoni, Esq. O'MELVENY & MYERS LLP 1301 Avenue of the Americas, Suite 1700 New York, NY 10019 E-mail: tschiavoni@omm.com About Roman Catholic Diocese of Ogdensburg The Diocese of Ogdensburg is a Latin Church ecclesiastical territory, or diocese, of the Catholic Church in the North Country region of New York State in the United States. It is a suffragan diocese in the ecclesiastical province of the Archdiocese of New York. Its cathedral is St. Mary's in Ogdensburg. The Diocese of Ogdensburg was founded on February 16, 1872. It comprises the entirety of Clinton, Essex, Franklin, Jefferson, Lewis and St. Lawrence counties and the northern portions of Hamilton and Herkimer counties. The current bishop is Terry Ronald LaValley. On July 17, 2023, the Roman Catholic Diocese of Ogdensburg sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-60507), with $10 million and $50 million in both assets and liabilities. Mark Mashaw, diocesan fiscal officer, signed the petition. Judge Patrick G. Radel oversees the case. Bond, Schoeneck & King, PLLC is the Diocese's bankruptcy counsel. Stretto, Inc., is the claims agent and administrative advisor. DOG ROBBER: $3M Unsecured Claims to Recover 1.9% over 5 Years ------------------------------------------------------------- Dog Robber, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Central District of California a Joint Chapter 11 Plan and Disclosure Statement dated October 21, 2025. Dog Robber Inc. was founded by U.S. Army Veteran Captain Chad Reinhardt, who named the company after his early role as an Aide-de-Camp to a two-star general during his military career. Benny and Mary's is a limited liability company which operates a full-service American fare restaurant located at 18420 Von Karman Ave #100, Irvine, California 92612 ("Von Karman Premises"). Benny and Mary's was incorporated on May 9, 2022, in the State of California. Mimosas is a limited liability company which operates a bar and kitchen called Story Bar + Kitchen located at 8150 E. Santa Ana Canyon Road, Anaheim Hills, California 92808. Mimosas was incorporated on March 17, 2021 in the State of California. Mimosas offers pizza with "bold, unapologetic flavors" and craft cocktails featuring "inventive twists." The Debtors believe that this Plan will enable the Debtors to preserve their businesses as going concerns while repaying creditors and accomplishing the objectives of Chapter 11. Additionally, the Debtors believe the Plan presents the most advantageous outcome for all of the Debtors' creditors and, therefore, confirmation of the Plan is in the best interests of the Debtors' bankruptcy estates. Class 6A consists of General Unsecured Claims against Dog Robber. Allowed general unsecured claims will receive quarterly payments over the course of five years with the totality of the payments over the course of those five years in a pot plan with an estimated disbursement of $65,348 in pro-rata distributions to class members. General unsecured allowed claims will receive quarterly payments beginning the first full quarter after the Effective Date. The Reorganized Debtor shall have the right to pay the allowed claims in Class 6A in full at any time without premium or penalty of any kind. Estimated total amount of claims in Class 6A is $3,349,410.64. Estimated pot plan that is, not guaranteed, and is instead disbursed pro-rata based on allowed claims is 1.9%. Class 6A is impaired. Class 5B consists of the General Unsecured Claims against Benny and Mary's. Allowed general unsecured claims will receive quarterly payments over the course of five years with the totality of the payments over the course of those five years equaling 0.81% of the total amount of the Class 5B claims. Class 5B claimants will receive quarterly payments beginning the first full quarter after the Effective Date. The Reorganized Debtor shall have the right to pay the allowed claims in Class 5B in full at any time without premium or penalty of any kind. Estimated total amount of claims in Class 5B is $2,472,679.48. Estimated pot plan that is, not guaranteed, and is instead disbursed pro-rata based on allowed claims is 0.81%. This Class will receive a distribution of $20,000.00. Class 4C consists of the General Unsecured Claims against Mimosas. Allowed general unsecured claims will receive quarterly payments over the course of five years with the totality of the payments over the course of those five years equaling 0.70% of the total amount of the Class 4C claims. Class 4C claimants will receive quarterly payments beginning the first full quarter after the Effective Date. The Reorganized Debtor shall have the right to pay the allowed claims in Class 4C in full at any time without premium or penalty of any kind. Estimated total amount of claims in Class 4C $1,244,454.60. This Class will receive a distribution of $8,725.00. This Class is impaired. The Debtors' projections demonstrate that through cash on hand and revenues to be generated over the life of the Plan, the Debtors will have the ability to make the payments due on the Effective Date, the payments to priority holders over 5 years from the Petition Date, and the payments to general unsecured creditors over the course of 5 years. These projections are based upon the historical revenue and expenses of the business, the actual revenue and expenses incurred during the case, and anticipated growth over the next 5 years. The Debtors are authorized and permitted to prefund any required Plan payment and pay the Plan off early so long as the plan base amount for Classes 6A, 5B and 4C are paid in full in the percentage amounts of 1.9% for Class 6A claims, 0.81% for Class 5B claims, and 0.70% for Class 4C. A full-text copy of the Joint Plan and Disclosure Statement dated October 21, 2025 is available at https://urlcurt.com/u?l=OHyzK4 from PacerMonitor.com at no charge. Attorneys for Benny and Mary’s Irvine, LLC and Mimosas: David M. Goodrich, Esq. GOLDEN GOODRICH LLP 3070 Bristol St., Suite 640 Costa Mesa, California 92626 Telephone 714-966-1000 Facsimile 714-966-1002 Attorneys for Dog Robber, Inc.: Andy C. Warshaw, Esq. FINANCIAL RELIEF LAW CENTER, APC 1200 Main St., Suite C Irvine, CA 92614 Telephone: (714) 442-3319 Facsimile: (714) 361-5380 Email: awarshaw@bwlawcenter.com About Dog Robber Inc. Dog Robber Inc. is a Whittier, California-based restaurant group founded in 2016 that operates several brunch and cafe concepts, including Toast Kitchen and Bar, Toast Whittier, Toast Coffee Tea and Juice, The Dylan, and The Benediction. It was recognized on the Inc. 5000 list in both 2022 and 2023. Dog Robber sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14827) on June 6, 2025, listing up to $10 million in both assets and liabilities. Chad Reinhardt, president of Dog Robber, signed the petition. Judge Neil W. Bason oversees the case. Richard Sturdevant, Esq., at Financial Relief Law Center, APC, is the Debtors bankruptcy counsel. DOLCE BALLOONS: Unsecured Creditors to Split $4,588 over 3 Years ---------------------------------------------------------------- Dolce Balloons, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization under Subchapter V dated October 21, 2025. The Debtor is a Florida Profit Corporation and operates a business specializing in custom balloon decoration services for events of all sizes throughout South Florida. The Debtor is a for-profit corporation owned and operated by Zaire Rada and Carlos Morillo as joint owners and managers of the company. During the pendency of this case, the Debtor has utilized the protections afforded by the automatic stay to stabilize its operations and focus on restructuring its financial and operational affairs. The breathing room provided by the stay has allowed the Debtor to finalize critical negotiations with key vendors and subcontractors, establishing the supply and service relationships necessary to expand its operations beyond the South Florida market. As a result of these strategic developments, the Debtor projects a significant increase in revenue over the coming years. The Plan and the accompanying financial projections reflect this anticipated growth and form the basis for the Debtor's proposed repayment structure to creditors. The Plan provides for a total of three classes of claims: one class of impaired secured claims, one class of general unsecured claims, and one class of equity interest holders. The Debtor's financial projections show that the Debtor will have projected disposable income of $23,673.24, reduced by projected secured and administrative claims in the amount of $19,085.00, leaving $4,588.24 disposable income to be disbursed to general unsecured claimants. Under the Bankruptcy Code, the Debtor must contribute all of its projected disposable income towards payments to General Unsecured Creditors under the Plan. The Disposable Income Projection projects that after payment of ordinary business expenses, administrative creditors, priority creditors and secured creditors, the Debtor will generate net cash flow of approximately $23,673.24 in the 36 months following the Effective Date of the Plan. Class 2 consists of all allowed general unsecured claims. The creditors shall share in a pro rata total distribution of an estimated $4,588.24. Allowed general unsecured claimants shall receive payment over three years, (36 months), at the end of each twelve-month period, ending at month thirty-six. The allowed unsecured claims total $82,746.00. This Class is impaired. Class 3 consists of all allowed equity interests in the Debtor, which includes interest in any share of preferred stock, common stock or other instruments evidencing ownership interest in the Debtor. All Equity Security Holders of the Debtor will retain their interest(s) in the Debtor as such interests existed prior to the petition date, with Zaire Rada retaining a 50% interest and Carlos Morillo retaining a 50% interest. The Plan shall be funded through the revenue of the Debtor's business operations. A full-text copy of the Subchapter V Plan dated October 21, 2025 is available at https://urlcurt.com/u?l=mB3yoH from PacerMonitor.com at no charge. Counsel to the Debtor: Christina Vilaboa-Abel, Esq. CAVA Law, LLC 1390 South Dixie Highway, Suite 1110 Coral Gables, FL 33146 Telephone: (786) 675-6830 Facsimile: (786) 384-6909 About Dolce Balloons Dolce Balloons, LLC operates a business specializing in custom balloon decoration services for events of all sizes throughout South Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18400) on July 23, 2025, with up to $50,000 in assets and liabilities. Judge Robert A. Mark presides over the case. Christina Vilaboa-Abel, Esq., at CAVA Law, LLC, is the Debtor's counsel. EAD CONSTRUCTORS: Retains McGrath North Mullin & Kratz as Counsel ----------------------------------------------------------------- EAD Constructors, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ McGrath North Mullin & Kratz, PC, LLO as its bankruptcy counsel in its Chapter 11 case, effective nunc pro tunc to the petition date. McGrath North will provide these services: (a) perform all necessary services as Debtor's bankruptcy counsel, including, without limitation, providing Debtor with advice, representing Debtor, and preparing necessary documents on behalf of Debtor in the areas of restructuring and bankruptcy; (b) advise Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business and property; (c) attend meetings and negotiate with creditors and other parties-in-interest; (d) take all necessary action to protect and preserve Debtor's estate, including prosecuting actions on Debtor's behalf, defending any action commenced against Debtor, and representing Debtor's interests in negotiations concerning all litigation in which Debtor is involved, including objections to claims filed against the estate; (e) prepare, or coordinate preparation, on behalf of Debtor of all motions, applications, answers, orders, reports and papers necessary to the administration of Debtor's estate; (f) take any necessary action on behalf of Debtor to obtain approval of a disclosure statement and confirmation of a plan of reorganization on behalf of Debtor; (g) represent Debtor in connection with any potential post-petition financing; (h) appear before the Court, any appellate courts, and the United States Trustee and protect the interests of Debtor's estate before those Courts and the United States Trustee; and (i) perform all other necessary legal services to Debtor in connection with this Chapter 11 case as requested by Debtor. Before the petition date, McGrath North received a $97,000 retainer from the Debtor and was paid $31,089.50 for prepetition work. Any additional fees will be subject to Court approval. According to court filings, McGrath North Mullin & Kratz, PC, LLO is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lauren R. Goodman, Esq. James J. Niemeier, Esq. Donald (DJ) Rison, Jr., Esq. McGrath North Mullin & Kratz, PC LLO First National Tower, Suite 3700 1601 Dodge Street Omaha, NE 68102 Telephone: (402) 341-3070 Facsimile: (402) 341-0216 E-mail: jniemeier@mcgrathnorth.com lgoodman@mcgrathnorth.com drison@mcgrathnorth.com About EAD Constructors, Inc. EAD Constructors, Inc., based in Omaha, NE, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-81134-BSK) on October 21, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $10,000,001 and $50 million. McGrath North Mullin & Kratz, PC, LLO serves as the Debtor’s legal counsel. EDGE DOCUMENT: Hires Hester Baker Krebs LLC as Legal Counsel ------------------------------------------------------------ Edge Document Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Hester Baker Krebs LLC as its legal counsel in connection with its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as debtor-in-possession and management of its property; (b) take necessary action to avoid the attachment of any lien against the Debtor's property threatened by secured creditors holding liens; (c) prepare on behalf of the Debtor as debtor-in-possession necessary petitions, answers, orders, reports, and other legal papers; and (d) perform all other legal services for the Debtor as debtor-in-possession which may be necessary herein, inclusive of the preparation of petitions and orders respecting the sale or release of equipment not found to be necessary in the management of its property, and to file petitions and orders for the borrowing of funds. Hester Baker Krebs LLC received an initial retainer of $18,626, of which $8,706 was applied to pre-petition services, leaving a balance of $9,920 for the bankruptcy retainer, inclusive of the $1,738 filing fee. Hester Baker Krebs LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: John J. Allman, Esq. HESTER BAKER KREBS LLC One Indiana Square, Suite 1330 Indianapolis, IN 46204 Telephone: (317) 608-1128 Facsimile: (317) 833-3031 E-mail: jallman@hbkfirm.com About EDGE Document Solutions LLC EDGE Document Solutions LLC provides print and digital document management solutions for clients in education, municipal, and commercial sectors. The Company develops and integrates software systems for eDocuments, and electronic content management, while continuing to support traditional print and mailing needs such as checks and forms. EDGE Document Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06350) on October 17, 2025. In its petition, the Debtor reports total assets of $112,146 and total liabilities of $1,198,635. Honorable Bankruptcy Judge James M. Carr handles the case. . The Debtor is represented byJohn Allman, Esq. of HESTER BAKER KREBS LLC. EDGE DOCUMENT: Judy Wolf Weiker Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of Manewitz Weiker Associates, LLC as Subchapter V trustee for EDGE Document Solutions, LLC. Ms. Weiker will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Weiker declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Judy Wolf Weiker Manewitz Weiker Associates, LLC P.O. Box 40185 Indianapolis, IN 46240 Phone: 973-768-2735 Email: JWWtrustee@manewitzweiker.com About EDGE Document Solutions LLC EDGE Document Solutions, LLC provides print and digital document management solutions for clients in education, municipal, and commercial sectors. It develops and integrates software systems for eDocuments, and electronic content management, while continuing to support traditional print and mailing needs such as checks and forms. EDGE Document Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06350) on October 17, 2025, with $112,146 in assets and $1,198,635 in liabilities. Benjamin Bickham, vice president of EDGE Document Solutions, signed the petition. Judge James M. Carr presides over the case. John Allman, Esq., at Hester Baker Krebs, LLC represents the Debtor as legal counsel. EMPIRE COMMUNITIES: S&P Lowers ICR to 'B-', Alters Outlook to Neg. ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Canada-based homebuilder Empire Communities Corp. and its issue-level rating on the company's senior unsecured notes to 'B-' from 'B'. The recovery rating remains '4'. The negative outlook reflects our expectation for leverage to remain elevated at 8x-10x through the end of 2026, with EBITDA interest coverage of 1.2x-1.4x. Empire's operating performance deteriorated due to slower demand and weaker margins, resulting in elevated leverage that S&P expects will remain through the end of next year. S&P now expects S&P Global Ratings-adjusted debt to EBITDA of about 10.5x by the end of the year, up from 8.1x for the rolling 12 months (RTM) ended June 30, 2025. S&P said, "Empire's S&P Global Ratings-adjusted leverage has surpassed our downside ratings trigger and is now above 8x debt to EBITDA. We expect 2025 EBITDA to decline 33% from 2024 levels to about C$150 million as sales orders dropped about 50% in the first half of the year relative to the same period last year. This is mostly from the Canadian low-rise segment, for which we also expect about a 12% decline in closings for the year. "In addition to slower demand, margins contracted due to lower average selling prices in the Canadian low-rise segment, the product mix in North Carolina and Georgia, and higher incentives in Texas. Consequently, we expect gross margins to decline to about 26% in 2025 from 29.2% in 2024. We now expect EBITDA of C$150 million-C$155 million in 2025, with debt to EBITDA of about 10.5x and EBITDA interest coverage of about 1.2x, compared with debt to EBITDA of 8.1x and EBITDA interest coverage of 1.4x as of June 2025. "We do expect better market conditions in 2026 because we forecast about a 25% increase in EBITDA to C$185 million-C$195 million, resulting in debt to EBITDA of about 10x and EBITDA interest coverage of about 1.4x. Still, we expect credit metrics to remain above our debt to EBITDA downgrade trigger of approaching 8x through the end of 2026. "Empire has less financial flexibility to maintain its growth strategy as its free operating cash flow (FOCF) deficit remains. Empire has been running an FOCF deficit since June of 2024 and we forecast this will continue. The company generated a deficit of about C$400 million last year, and we forecast a deficit this year and next totaling about C$360 million, even though we expect EBITDA to grow about 25% in 2026 after our expectations of a 33% decline in 2025. "In 2026, we expect land spend to increase precipitating a material use of working capital due to its growth strategy, resulting in an FOCF deficit. Empire is normally focused on acquisitions, but we only forecast about C$10 million in acquisition spending in 2026 considering the company acquired Southcraft Homes at the beginning of 2025 for about C$66 million to expand its presence in Charlotte, N.C. "Due to its consistent FOCF deficit, we believe Empire will need to raise capital to continue its current growth strategy or reduce its land spend, which would help generate cash. While these options do limit its financial flexibility, any material debt maturities are a few years out and we currently do not have any concerns about it meeting its debt obligations. "Empire has a smaller revenue base and fewer closings than other rated homebuilders. Empire is one of the smallest homebuilders we rate based on closings. It generated about C$1.36 billion of homebuilding revenues in fiscal 2024 based on 1,397 low-rise and land closings in the U.S., 855 in Canada, and 290 condominium sales. Only three homebuilders we rate generated less homebuilding revenue than Empire: The New Home Co. (B+/Stable/--), STL Holding Co. LLC (B+/Stable/--), and Adams Homes Inc. (B/Stable/--)." The company is in five of the top 10 U.S. markets but does not have a leading position in any of them. However, Empire is the No. 1 homebuilder in the outer Greater Golden Horseshoe area (GGH) of Ontario, Canada, and the fourth largest in the Greater Toronto area (GTA) and inner GGH. As a small builder, it lacks economies of scale and management and might face challenges expanding scale while maintaining cost controls and competitive overhead expenses. Empire has a limited presence in the U.S., focusing on entry-level and move-up buyers. Empire is moderately diversified, with a presence in the U.S. (53% of 2024 home sale revenues) and Canada (47% of 2024 home sale revenues). Within the U.S., it operates in Houston, Austin, San Antonio, Atlanta, Chattanooga, Colorado Springs, and various locations in the Carolinas. In Canada, it has a presence in the GGH and the GTA. These are fewer areas than its rated peers. The company has some product diversification versus "pure-play," single-family homebuilders because it develops lots for single-family construction, builds single-family attached and detached homes for sale, and develops urban high-rise towers with condominium units with a buyer type primarily catering to entry level and move up. The company recently established a residential rental division to further diversify its asset and customer base. The outlook is negative, reflecting S&P's expectation for leverage to remain at 8x-10x through the end of 2026 with EBITDA interest coverage of 1.2x-1.4x. S&P could lower the rating over the next 12 months if: -- Empire's growth strategy yields insufficient returns to support a sustainable capital structure, with leverage exceeding and remaining above 10x because EBITDA does not increase as quickly as we anticipate, or -- Empire's interest coverage ratio approaches 1x. This could occur if operating performance underperforms our expectations such that EBITDA declines to the C$125 million area. S&P said, "We could revise the outlook back to stable over the next 12 months if home closing volumes outperform our forecast, leading to EBITDA growth that sustainably drives leverage meaningfully below 10x and S&P Global Ratings-adjusted EBITDA interest coverage closer to 1.5x, and we view these levels to be generally sustainable." EVENTIDE CREDIT: Committee Taps Trinity River as Financial Advisor ------------------------------------------------------------------ The Official Committee of Unsecured Creditors to Eventide Credit Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Trinity River Advisors LLC to serve as financial advisor to the Chapter 11 Trustee in the Chapter 11 case of Eventide Credit Acquisitions, LLC. TRA will provide these services: (a) assist in reviewing Debtor's financial management systems and available assets; (b) interact with the various counsel representing the Committee, the borrowers, equity holders and the constituents; (c) assist the Trustee in communications and negotiations with all stakeholders; (d) work with the Trustee's other professionals as needed, including auditors and attorneys; (e) assist in preparation of the information required pursuant to statutory reporting requirements related to the Chapter 11 proceeding, including the statements of financial affairs, schedules and, during the pendency of the case, the Monthly Operating Reports (MORs); (f) assist with the preparation of reports for, and communications with, the Bankruptcy Court, creditors, and any other constituents; (g) review, evaluate and analyze the financial ramifications of proposed transactions for which the Trustee may seek Bankruptcy Court approval; (h) render Bankruptcy Court testimony as appropriate in connection with the foregoing, as required, on behalf of the Debtor; and (i) perform other financial advisory tasks as requested by the Trustee. TRA's hourly rates for professionals generally range from $225 to $875 and $100 for administrative staff. The professionals primarily responsible for this engagement are: Nicholas Foley, Managing Director, $875 Robert Vincill, Senior Director, $675 TRA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Nicholas A. Foley TRINITY RIVER ADVISORS 8080 N. Central Expy., Suite 1729 Dallas, TX 75206 Telephone: (214) 597-0147 Email: nick@trinityriveradvisors.com About Eventide Credit Acquisitions Eventide Credit Acquisitions, LLC, a Dallas-based company, filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-90007) on September 6, 2023, listing between $50 million and $100 million in assets and liabilities. On October 9, 2023, BWH Texas LLC, an affiliate, filed Chapter 11 petition (Bankr. N.D. Texas Case No. 23-43085) on October 9, 2023. The cases are jointly administered under Case No. 23-90007. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey & Prostok, LLP as bankruptcy counsel; Holland & Knight, LLP as special counsel; and David French & Associates, LLC and William Roberts, CPA, a professional practicing in Fort Worth, Texas, as accountants. Donlin, Recano & Company, Inc. serves as notice, claims and balloting agent. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors on September 21, 2023. The committee tapped Cole Schotz, PC as legal counsel and Aurora Management Partners as financial advisor. EXACTECH INC: Secures Additional $19MM DIP Before Sale ------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that joint implant manufacturer Exactech Inc. received court approval Tuesday, October 28, 2025, from a Delaware bankruptcy judge to tap an additional $19.1 million in debtor-in-possession financing as it works to close an asset sale. The company said the extra funding will ensure a smooth transition through the final stages of its Chapter 11 process, according to the report. The financing is intended to keep Exactech's operations stable and facilitate the sale, which is expected to return meaningful value to creditors, the report related. The company noted that the transaction follows a swift marketing effort designed to preserve its core business and uphold commitments to patients and medical providers, according to report. About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12441) on Oct. 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, Exactech reported between $100 million and $500 million in assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal counsel, Centerview Partners, LLC as investment banker, Riveron Management Services, LLC as restructuring advisor and Jesse York of Riveron as chief restructuring officer. Kroll Restructuring Administration, LLC is the claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. Brown Rudnick LLP is the committee's counsel. On September 17, 2025, the court confirmed the Debtors' Joint Chapter 11 plan. FERRELLGAS PARTNERS: Raises $650M via 9.25% Senior Notes Offering ----------------------------------------------------------------- Ferrellgas, L.P. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 27, 2025, the Company and Ferrellgas Finance Corp., subsidiaries of Ferrellgas Partners, L.P., issued and sold $650,000,000 aggregate principal amount of 9.250% Senior Notes due 2031 pursuant to an Indenture, dated as of October 27, 2025 among the Issuers, the Guarantors and U.S. Bank Trust Company, National Association, as trustee. The Notes were issued at an offering price equal to 100% of the principal thereof in an offering exempt from registration under the Securities Act of 1933, as amended, in reliance on Rule 144A and Regulation S thereunder. The Issuers received net proceeds from the offering of approximately $637.5 million, after deducting the initial purchasers' discount and expenses of the offering. The Issuers used the net proceeds from the offering, together with cash on hand, to redeem all $650 million aggregate principal amount outstanding of their 5.375% Senior Notes due 2026 in accordance with the indenture governing such notes. The Notes will mature on January 15, 2031, and interest on the Notes is payable semi-annually in cash in arrears on January 15 and July 15 of each year, commencing on July 15, 2026, at a rate of 9.250% per annum. Interest on the Notes will accrue from October 27, 2025. The Notes are general unsecured joint obligations of the Issuers, ranking equally with all other existing and future unsecured and unsubordinated indebtedness of the Issuers, and will be guaranteed on a senior unsecured basis by Ferrellgas, Inc., the general partner of the Company, and each existing and future subsidiary of the Company, subject to certain exceptions. At any time prior to January 15, 2028, the Issuers have the right to redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus a "make-whole" premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, prior to January 15, 2028, the Issuers may, at their option, on any one or more occasions redeem up to 40% of the principal amount of the Notes in an amount not in excess of the net cash proceeds of certain equity offerings at a redemption price of 109.250% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. On and after January 15, 2028, the Issuers have the right to redeem the Notes, in whole or in part, at the redemption prices (expressed as a percentage of principal amount) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12 months beginning on January 15 of the years indicated below: Year: Percentage: 2028 104.625% 2029 102.313% 2030 and thereafter 100.000% Additionally, if the Notes become due and payable prior to their stated maturity, including upon acceleration, the applicable make-whole or redemption price premium, as the case may be, shall be due and payable as if the Notes had been redeemed on that date. In the event of certain kinds of changes of control, each holder of Notes may require the Issuers to repurchase all or a portion of its Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. Additionally, if the Company or its restricted subsidiaries sell assets, under certain circumstances, the Issuers will be required to use the net proceeds to make an offer to purchase Notes at an offer price in cash in an amount equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding the repurchase date. The Indenture contains customary affirmative and negative covenants restricting, among other things, the ability of the Company and its restricted subsidiaries to incur additional indebtedness and guarantee indebtedness, pay dividends or make other distributions or repurchase or redeem their capital stock, redeem or repurchase certain debt, make certain other restricted payments or investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting subsidiaries' ability to pay dividends, and consolidate, merge or sell all or substantially of such entity's assets. The Indenture also restricts the ability of the General Partner to consolidate, merge or sell all or substantially all of its assets and to engage in certain activities. The Indenture also contains customary events of default including, among other things, the failure to pay interest for 30 days, failure to pay principal when due, failure to observe or perform certain other covenants or agreements in the Indenture for 45 days after notice is given by the trustee or the holders of 25% of the outstanding principal amount, cross-acceleration to certain material indebtedness, failure to pay certain judgments and certain events of bankruptcy with respect to the Issuers or certain significant subsidiaries or groups of subsidiaries. Amended Credit Facility: The Company previously entered into the Credit Agreement dated as of March 30, 2021, as amended from time to time, among the Company, the General Partner, the subsidiaries of the Company party thereto as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders and issuing lenders party thereto from time to time. On October 27, 2025, the Company entered into the Seventh Amendment to Credit Agreement among the Company, the General Partner, the Subsidiary Guarantors, the Agent and certain lenders and issuing lenders party thereto. The Seventh Amendment, among other things, extends the maturity of the Credit Agreement to October 2028 and increases the maximum amount available for borrowing under the Credit Agreement to $350 million, with availability subject to a periodic borrowing base calculation, and an accordion feature allowing for increases in the size of the facility by up to $50 million in the aggregate subject to customary conditions. The Seventh Amendment also includes a sublimit not to exceed $300 million for the issuance of letters of credit. In addition, the Seventh Amendment includes, among other things, modifications to the applicable margin with respect to all loans, the calculation of consolidated total debt, permitted indebtedness and permitted liens, the restricted payment provisions, the debt prepayment provisions, the asset disposition provisions, and the event of default provisions. Tamria Zertuche, Chief Executive Officer and President, said in a press release, "I am pleased to announce this significant milestone, which gives us the financial flexibility for our long-term strategic growth initiatives. With near-term maturities addressed and support from our lenders, these transactions strengthen our balance sheet and financial position for the future. We are proud to be an employee-owned company, that makes this transaction especially meaningful, it acknowledges the trust and hard work of our people and continued confidence in our Company's long-term performance." The foregoing descriptions of the Notes, the Indenture and the Seventh Amendment are only summaries and are qualified in their entirety by the Indenture, including the form of the Notes attached thereto, and the Seventh Amendment, copies of which are filed as Exhibits to the Report on Form 8-K available at https://tinyurl.com/mvx7yebb About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. As of July 31, 2025, the Company had $1.42 billion in total assets, $2.45 billion in total liabilities, and $1.03 billion in total deficit. * * * In October 2025, S&P Global Ratings raised its Company credit rating on Ferrellgas Partners L.P. to 'B' from 'CCC'. . . "The stable outlook reflects our expectation that Ferrellgas will maintain S&P Global Ratings-adjusted leverage in the 6.0x-6.5x range over our forecast period." FLEETPRIDE INC: S&P Withdraws 'B-' ICR Following Merger ------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on FleetPride Inc. and discontinued its 'B-' rating on its first-lien term loan and 'CCC' rating on its second-lien term loan. FleetPride Inc. completed its merger with TruckPro LLC on Oct. 28, 2025. All outstanding rated debt has been repaid. At the time of withdrawal, the outlook on FleetPride was stable. FLYSHARE INC: Seeks to Sell Common Stock Shares to Highest Bid -------------------------------------------------------------- Elissa D. Miller, the duly appointed, qualified, and acting Chapter 7 Trustee of Flyshare, Inc., aka Air Cahana, and, fka Quantum XYZ Incorporated, seeks permission from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Unissued Shares, free and clear of liens, claims, interests, and encumbrances. The Debtor owned and operated Air Cahana, an FAA-approved, hydrogen-electric charter airline. In 2024, Air Cahana's only operating airplane crashed, leading to a series of events that resulted in the Debtor's insolvency. The Trustee seeks to sell all of the Estate's interest in the 14,107,282 authorized and unissued shares of Class A Common Stock in the Debtor. Through investigation, the Trustee discovered that, repetition, the Debtor had authority to issue 20,000,000 shares of Class A Common Stock, and that the Debtor issued such shares as follows: 1. 3,071,010 of the Authorized Shares to the Debtor's principal, Tony Thompson; 2. 362,500 of the Authorized Shares to Zeeshan Mohammed; 3. 250,000 of the Authorized Shares to Napp Da; 4. 575,000 of the Authorized to Scott Akina; 5. 1,515,000 of the Authorized Shares to James Hopkins; 6. 107,554 of the Authorized Shares to Michael Hodges; and 7. 11,654 of the Authorized Shares to Peter Bell. The proposed buyer is Pierwest Aviation, LLC, at 8920 Jack Bates Avenue, Tulsa, Oklahoma 74132 and the purchase price is a lump-sum payment of $150,000, subject to increase in the event of an overbid, and Pierwest's full and complete waiver and release of its proof of claim (Claim No. 6) in the amount of $948,249.98 asserted as a general unsecured claim. The Sale shall be subject to overbid and Pierwest shall pay the sales tax due, if any, with respect to the Sale. The Estate has not abandoned nor rejected the Debtor's interest in its FAA Air Carrier Certificate. Any party wishing to bid on the Shares shall, not later than 12:00 noon, Pacific Time, on November 17, 2025, submit to the Trustee at 1875 Century Park East, Suite 1900, Los Angeles, California in writing, his, her, or its intent to bid on the Shares and the amount of the overbid, which much be at least $5,000 more than the current Cash Component of $150,000, with evidence of financial ability to close the transaction on the terms set forth in the Purchase Agreement, other than price. In her absolute and sole discretion, the Trustee shall have the right to accept or reject an overbid, including additional overbids submitted prior to the hearing but after the Overbid Deadline, in the event the Trustee determines it will facilitate maximizing the value of the Shares for the benefit of the Estate. Any Overbidder shall provide the Trustee with a cashier's check, payable to "Elissa D. Miller, Chapter 7 Trustee of the Bankruptcy Estate of Flyshare, Inc." in an amount that is at least $50,000 to serve as a deposit towards the total purchase price. The Deposit must be delivered so that it is received by the Trustee by no later than the Overbid Deadline. In the event the Trustee receives any Overbid, the Overbidders will be able to participate in an auction for the Shares to be conducted at the hearing on the Motion as is necessary to increase their bids. In the event the Trustee receives multiple initial Overbids in the same amount, the Trustee will accept the Overbids in the order they are received, such that only the Overbidder that submitted such bid first will be deemed to have made a bid in such an amount, and the other Overbidders will need to increase their bid to be eligible to purchase the Shares. The Trustee shall be authorized to sell the Shares to the next highest and best Overbidder if the Winning Bidder fails to perform. The Trustee reserves the right to reject any and all Overbids that, in her business judgment, are insufficient. The Winning Bidder's Deposit shall be applied towards the total and final purchase price. The Winning Bidder must tender the balance of the total and final purchase price to the Trustee via cashier's check or wire transfer within five calendar days following entry of the order approving the sale of the Shares to such Winning Bidder. To the extent the Winning Bidder fails to tender the balance of the purchase price by such date, that bidder's entire Deposit shall become non-refundable and be forfeited to the Trustee without further order of the Court, and in the event of a Backup Bidder, the Trustee shall be authorized to proceed with a sale to the Backup Bidder. To the extent Pierwest or any other Overbidder is not the Winning Bidder, that party's Deposit will be refunded by the Trustee; provided, however, that the Trustee shall retain the Deposit of any Backup Bidder until the sale to the Winning Bidder closes. Until the Sale closes, any Backup Bidder shall be treated similarly to the Winning Bidder with respect to forfeiture of the Deposit. The proposed Sale is subject to overbid, which will allow the Estate to achieve a higher price for the Shares. The sale is on an "as is, where is" basis, with no representations or warranties whatsoever regarding the Shares. About Flyshare, Inc. About Flyshare, Inc., aka Air Cahana, and fka Quantum XYZ Inc. owned and operated Air Cahana, an FAA-approved, hydrogen-electric charter airline. Flyshare sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.C. Cal. Case No.: 2:24-bk-20344-DS) on December 19, 2024. Judge Deborah J. Saltzman presides over the case. Uzzi O Raanan, Esq., at Danning, Gill, Israel & Krasnoff, LLP, serves as the Debtor's legal counsel. FOCUS UNIVERSAL: Closes $10 Million Preferred Equity Offering ------------------------------------------------------------- Focus Universal Inc. announced the closing of $10 million preferred equity offering. The offering was closed on October 23, 2025, subject to the satisfaction of customary closing conditions. The total gross proceeds from the offering are $10 million, with estimated net proceeds of approximately $9.44 million, after deducting underwriting discounts, commissions, and offering-related expenses. Focus intends to use these net proceeds to continue ongoing commercialization of its Universal Smart IoT platform and AI-driven SEC financial reporting software. As part of this raise, Dr. Edward Lee, Chairman of the Board of Focus Universal Inc., has already invested $2 million, along with a commitment from another previous FCUV shareholder, who committed $1 million alongside Dr. Lee, in the initial Series A round. Dr. Desheng Wang, Chief Executive Officer of Focus Universal Inc., commented: "The participation of our board chairman as two of our major shareholders along with 3 investor groups demonstrates strong confidence in the advanced technologies and global potential of our products. This investment strengthens our balance sheet, provides financial flexibility to support our growth strategy, and helps us meet Nasdaq's minimum stockholders' equity requirement." Private Placement of Series A Preferred Stock: On or about October 20, 2025, the Company committed the sale of 750,000 shares of Series A Convertible Preferred Stock in a private placement to Edward Lee, the Chairman of the Company's Board of Directors, as the lead investor and other accredited investors for an aggregate purchase price of $3,000,000, or $4.00 per share. In connection with the Series A Private Placement, on or about October 15, 2025, the Company entered into a subscription agreement with each investor. The Series A Preferred Stock were offered and sold in a private placement to certain eligible investors pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Series A Preferred Stock have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under or an applicable exemption from such registration requirements. Private Placement of Series B Preferred Stock: On or about October 21, 2025, the Company entered into a securities purchase agreement with private accredited investors. Pursuant to the terms and conditions of the Series B Agreement, the Investors committed to purchase up to $7,000,000 or 8,236 shares of the Company's Series B Convertible Preferred Stock, par value $0.001 per share at a price per share of $850.00, which represents a 15% original issuance discount. There will be three Closings: (i) $3,000,000 for the purchase of the Series B Preferred Stock funded at the Initial Closing; (ii) $1,000,000 for the purchase of the Series B Preferred Stock funded on the date the Company files: (a) the Registration Statement on Form S-1 required by and pursuant to the Registration Rights Agreement and (b) the Information Statement with the SEC; and (iii) $3,000,000 for the purchase of the Series B Preferred Stock funded within two Business Days after: (a) such Registration Statement is declared effective by the SEC and (b) the Information Statement has become effective under Rule 14c-2 (including expiration of any applicable waiting period). In connection with the Series B Private Placement, the Company and the Investors entered into a Registration Rights Agreement. The Company also entered into a Placement Agent Agreement with Spartan Capital Securities, LLC. In connection with the Series B Private Placement, the Company's executive officers and 5% shareholders entered into a Lock-Up Agreement effective October 21, 2025, and until December 29, 2025, the form of which is included hereto as Exhibit 10.5 and is incorporated by reference into this Item 3.02. The Series B Preferred Stock were offered and sold in a private placement to certain eligible investors pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Series B Preferred Stock have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under or an applicable exemption from such registration requirements. Certificate of Designation of Series A Preferred Stock: On October 21, 2025, the Company filed a Certificate of Designation of Series A Preferred Stock that had the effect of designating 1,000,000 shares of its 5,000,000 authorized shares of preferred stock as Series A Preferred Stock. Dividends: Each share of Series A Preferred Stock will be entitled to receive dividends paid on and equal to the Company's common stock, par value $0.001 per share when and if declared by the Board of Directors. Voting Rights: The holders of Series A Preferred Stock have the voting rights as though the shares of Series A Preferred Stock have converted into Common Stock. In addition, as long as any shares of Series A Preferred Stock remain outstanding, the Series A Designation provides that the Company shall not, without the affirmative vote of holders of 80% of the then outstanding shares of Series A Preferred Stock: (a) amend, alter or repeal any provision of the Articles of Incorporation or the Bylaws as to adversely the designations, preferences, limitations, and relative rights of the Series A Preferred Stock or (b) effect any reclassification of the Series A Preferred Stock. Furthermore, the Company shall not amend, alter or repeal the Series A Designation without the affirmative vote of the holders of at least a majority of all outstanding shares of the Series A Preferred Stock, unless the Company needs to make a technical, corrective, administrative change that does not adversely affect the rights or preferences. Liquidation Rights; Rank: Each share of Series A Preferred Stock ranks senior to the Company's Common Stock in liquidation. Conversion Rights: Each share of Series A Preferred Stock is convertible into 1.1 shares of restricted Common Stock at the option of the holder, at any time. Redemption Rights: The shares of Series A Preferred Stock will not have any redemption rights. Certificate of Designation of Series B Preferred Stock: On October 20, 2025, the Company filed a Certificate of Designation of Series B Preferred Stock that had the effect of designating 15,000 shares of its 5,000,000 authorized shares of preferred stock as Series B Convertible Preferred Stock. The Series B Designation as filed with the Secretary of State of Nevada. Dividends: If the Company pays a dividend or distribution (other than one payable in Common Stock shares or its equivalents) on shares of Common Stock, the holders of shares of outstanding Series B Preferred Stock will be entitled to receive dividends paid on and equal to the Company's Common Stock, as if each share of Series B Preferred Stock is converted into shares of Common Stock, when and if declared by the Board of Directors. Voting Rights: The holders of Series B Preferred Stock have no voting rights. As long as any shares of Series B Preferred Stock remain outstanding, the Series B Designation provides that the Company shall not, without the affirmative vote of holders of at least 50.1% of the then outstanding shares of Series B Preferred Stock: (a) amend or repeal, or add any provision to its charter documents if such action would alter or change adversely the preferences, rights, privileges or powers, or restrictions provided for the benefit, of the Series B Preferred Stock. Liquidation Rights; Rank: Each share of Series B Preferred Stock ranks senior to the Company's Common Stock. Conversion Rights: Each share of Series B Preferred Stock is convertible as follows: (a) Voluntary conversion. The holder of any shares of Series B Preferred Stock shall have the right, at its option at any time following the initial issuance date, to convert any such shares into Common Stock at the Conversion Rate, which is determined by dividing the number of shares Series B Preferred Stock to be converted by the Conversion Price (i.e., 85% of the lowest daily volume weighted average price of the Common Stock for any 10 Trading Days immediately prior to the date of conversion, subject to adjustment). (b) Triggering Event Conversion. At any time during the period between the date of a Triggering Event and ending on the date of the cure of such Triggering Event, the holder of any shares of Series B Preferred Stock shall have the right, at its option, to convert at the Triggering Event Conversion Price, which is the lesser of the Conversion Price and 75% of the lowest daily volume weighted average price of the Common Stock for any 10 Trading Days immediately prior to the date of conversion Purchase Rights: If the Company grants, issues, or sells any options, convertible securities, or rights to purchase stock, warrants, securities, or other property pro rata to the Common Stock shareholders (the "Purchase Rights"), then each holder of Series B Preferred Stock will be entitled to the same. Conversion Price Protection: If the Company issues or sells any securities (including Options or Convertible Securities) except any Exempt Issuance at an effective price (or exercise or conversion price) of less than the Conversion Price, then upon such issuance or sale, the Conversion Price shall be reduced to the sale price or exercise or conversion price of the securities issued or sold. Participation Rights: Until the six (6) month anniversary of the issuance of the Series B Preferred Stock to the holder, upon the Company's issuance of Common Stock (or its equivalents) for cash consideration intended to be exempt from registration ("Subsequent Financing"), the holders of outstanding shares of Series B Preferred Stock shall have the right to participate in an amount equal to an aggregate 30% of the Subsequent Financing on the same terms. Beneficial Ownership Limitation: The Company shall not effect a conversion of the Series B Preferred Stock, and the holder of any shares of Series B Preferred Stock shall not have the right to voluntarily convert its shares of Series B Preferred Stock, to the extent that after giving effect to such exercise, such Person (together with such Person's Affiliates) would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect to such conversion. Spartan Capital Securities LLC acted as lead placement agent for the Series B portion of the offering, with RBW Capital Partners LLC, acting as sub-placement agent through Dawson James Securities, Inc. Securities Legal acted as counsel to the Company. Lucosky Brookman acted as counsel to Spartan Capital Securities, LLC. About Spartan Capital Securities, LLC: Spartan Capital Securities, LLC is a premier full-service investment banking firm offering a comprehensive range of advisory services to institutional clients and high-net-worth individuals. Known for its expertise in capital raising, strategic advisory, and asset management, Spartan Capital delivers tailored solutions to meet clients' financial goals. For more information about Spartan Capital Securities, visit www.spartancapital.com. About RBW Capital Partners LLC: RBW Capital Partners LLC, is a boutique investment banking group delivering a full spectrum of investment banking services to clients across diverse industries. Renowned for its expertise in capital raising, private placements, and strategic advisory, RBW Capital Partners provides tailored financial solutions to support client growth and maximize value in dynamic markets. For more information about RBW Capital Partners, visit www.rbwcapitalpartners.com. About Focus Universal Focus Universal Inc. (NASDAQ: FCUV) is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed five disruptive patented technology platforms with 28 patents and patents pending in various phases and 8 trademarks pending in various phases to solve the major problems facing hardware and software design and production within the industry today. These technologies combined to have the potential to reduce costs, product development timelines, and energy usage while increasing range, speed, efficiency, and security. Los Angeles, Calif.-based Weinberg & Company, P.A, the Company's auditor since 2024, issued a "going concern" qualification in its report dated February 28, 2025, citing that the Company has suffered recurring losses from operations and has experienced negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $4.1 million in total assets, $885,089 in total liabilities, and $3.2 million in total stockholders' equity. As of June 30, 2025, the Company had $1.7 million in total assets, $829,224 in total liabilities, and $845,581 in total stockholders' equity. FREEDOM ACADEMY: S&P Lowers 2016 Fixed-Rate Rev. Debt Rating 'B' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Phoenix Industrial Development Authority, Ariz.'s series 2016 fixed-rate education facility revenue debt, issued for Freedom Academy, three notches to 'B' from 'BB'. The downgrade reflects S&P's view of Freedom's materially weakened demand profile and ongoing enrollment and operating challenges, causing weakened financial operations and projected lease-adjusted maximum annual debt service (MADS) coverage of well below 1x in fiscal years 2025 and 2026. The outlook is negative. S&P said, "We analyzed Freedom's environmental, social, and governance factors relative to the school's market position, financial performance, liquidity, and debt. Although Maricopa County's population is growing, competition for students is high in the area given many educational options available, and this has led to Freedom's declining enrollment and we consider this is an elevated social capital risk. In addition, we view representation of the contracted educational service provider's CEO on the school board as a conflict of interest and that it exposes the school to risk management and internal control issues, exacerbated by a governance structure that we believe is comparatively lean, reflected in its small board size, which can limit oversight. We understand the CEO's presence on the board is in part mitigated by a policy that precludes him from voting on anything pertaining to the contract. Despite these risks, we view the school's environmental factors as neutral in our credit rating analysis. "The negative outlook reflects that there is at least a one-in-three chance that we could lower the rating over the next year if enrollment does not stabilize and or if financial operations and resultant lease-adjusted MADS coverage do not improve beyond the deficit projected for fiscal 2026. "We could lower the rating during the outlook period if enrollment or demand metrics weaken further, resulting in continued operating deficits and, more important, a weakened liquidity profile that is a material underpinning to the current rating. We believe further enrollment decreases will place significant pressure on Freedom's ability to operate. In addition, we would negatively view a perceived rise in risk associated with enterprise factors such as continued movement in the management team, beyond normal turnover. "We could revise the outlook to stable should the school demonstrate a trend of enrollment stability and revert to at least balanced financial operations, all while maintaining healthy cash levels relative to operations and debt." FXI HOLDINGS: S&P Downgrades ICR to 'CC', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on FXI Holdings Inc., a U.S.-based producer of engineered polyurethane foam solutions, to 'CC' from 'CCC'. At the same time, S&P lowered its issue-level rating on the company's existing senior secured debt to 'CC' from 'CCC'. S&P said, "The negative outlook reflects that we expect to lower our issuer credit rating on FXI Holdings to 'D' upon the completion of the proposed debt exchange, which we expect will occur in November 2025. Thereafter, we intend to review our ratings on the company to incorporate its new capital structure and our forward-looking opinion of its creditworthiness." FXI has launched a debt-exchange transaction that will effectively restructure a substantial portion of its debt obligations, which are scheduled to come due in 2026. The downgrade follows the company's announcement that it has entered into a TSA with about 81% of the holders of both of its 12.25% senior secured notes tranches whereby the company will exchange the outstanding principal of all consenting noteholders for a combination of newly issued notes. For every $1,000 exchanged, the consenting noteholders will receive a base consideration of $950 split into one tranche of new senior secured notes due November 2030 and one tranche of new junior secured notes due November 2029. The larger senior secured tranche will carry a coupon of 11%, while the junior secured tranche will carry a 16% paid-in-kind (PIK) coupon until November 2028 and a 14% cash coupon thereafter until maturity (effectively reducing the cash interest expense for a few years). In addition, consenting lenders will be eligible to receive an early exchange premium of $65 for every $1,000, which will be PIK, if they tender their existing 2026 notes by the early tender date, which will increase their total consideration (with the premium) to $1,015. Moreover, the company will address the accrued and unpaid interest on the existing notes by issuing the eligible noteholders new senior secured notes equal to $46 for every $1,000 of exchanged notes, and paying a cash amount equivalent to the remainder of the accrued interest. FXI will fund this cash payment with proceeds from the issuance of $50 million of new super-senior notes due 2030 to the noteholders that are part of the TSA. These noteholders will also receive a support fee in the form of additional new senior secured notes. The company intends to extend the maturity of its asset-based lending (ABL) facility to 2029. S&P said, "These transactions are effectively restructuring a majority of FXI's debt, thus we consider them to be tantamount to a general default. While a default has not yet occurred, we expect it to be a virtual certainty regardless of whether the company completes the transaction. We expect FXI will close the debt restructuring transaction by Nov. 21, 2025." S&P said, "We view the proposed restructuring as distressed and offering investors less value than they were originally promised. The exchange will be at a marginal premium to par for noteholders who tender their existing notes before the early exchange deadline and a slight discount for those who tender after that date. However, even with this premium, we believe the transaction is providing investors with less value and compensation than they were originally promised, in exchange for a maturity extension of at least three years. The offered cash interest coupon on the new senior secured notes is lower than on the existing notes, while the new junior secured notes will not pay any cash interest until May 2029, which is the sole interest installment before their maturity date. Furthermore, the issuance of super-senior notes will effectively prime the rest of the debt. Meanwhile, nonparticipating noteholders will have weaker credit protections because their debt documents will be amended to remove substantially all covenants and release collateral. This group will also not benefit from any credit enhancements offered to the participating noteholders. "We view the restructuring as distressed, rather than opportunistic, given the company's near-term debt maturities, unsustainable leverage, and weak liquidity. We believe FXI would not have been able to address its debt maturities next year without a restructuring. We also believe that, absent this transaction, it would have been challenging for the company to service the interest payment on its existing notes in the next few weeks. Furthermore, we expect FXI's business will remain challenged for the next 12 months due to muted consumer demand, which will lead to sustained pressure on its free cash flow and liquidity. However, we expect these pressures will be partially offset by the significant reduction in the company's cash interest expense following the restructuring. "The negative outlook reflects that we expect to lower our issuer credit rating on FXI Holdings to 'D' upon the completion of the debt exchange based on the proposed terms. We view the proposed transaction to be a distressed exchange and a breach of the original promise for a substantial portion of the company's debt. Therefore, we view the exchange as tantamount to a default. We will also lower our issue-level ratings on both existing tranches of FXI's 12.25% notes due 2026 to 'D' at that time. "We expect to lower our issuer credit rating on FXI to 'D' when it completes the distressed debt exchange, which we expect will occur in November 2025. "We could raise our rating on FXI if we no longer expect it will complete the announced distressed debt exchange. "In that event, we will need to be confident that the company will make the upcoming interest payment due on its existing notes within the 30-day stipulated grace period before considering raising our rating. The scheduled payment of about $76 million becomes due on Nov. 15, 2025." GARFIELD 1115: Proof of Claims Deadline on Dec. 29 -------------------------------------------------- On October 18, 2025, Garfield 1115 Stallion LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The deadline for proof of claims is on December 29, 2025. About Garfield 1115 Stallion LLC Garfield 1115 Stallion LLC owns and manages residential properties in Florida, including locations in Haverhill, West Palm Beach, and Northwest Wolverine Road, with an estimated combined value of about $2.85 million. It operates as a property investment and holding company. Garfield 1115 Stallion LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22289) on October 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Inger Garcia, Esq. of FLORIDA LITIGATION GROUP. GARMENT GEAR: Hires Stichter Riedel Blain & Postler as Counsel -------------------------------------------------------------- Garment Gear, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, to employ Stichter, Riedel, Blain & Postler, P.A. to serve as legal counsel in its Chapter 11, Subchapter V case. The firm will provide these services: (a) render legal advice with respect to the Debtor's powers and duties as debtor in possession and the continued management of its property; (b) prepare on behalf of the Debtor necessary motions, applications, orders, reports, pleadings, and other legal papers; (c) appear before the Court and the United States Trustee to represent and protect the interests of the Debtor; (d) assist with and participate in negotiations with creditors and other parties in interest in formulating a plan of reorganization, drafting such a plan, and taking necessary legal steps to confirm such a plan; (e) represent the Debtor in all adversary proceedings, contested matters, and matters involving administration of the case; (f) represent the Debtor in negotiations with potential financing sources, and prepare contracts, security instruments, and other documents necessary to obtain financing; and (g) perform all other legal services necessary for the proper preservation and administration of the Chapter 11 case. Garment Gear, Inc. has agreed to compensate Stichter, Riedel, Blain & Postler, P.A. on an hourly basis in accordance with the firm's ordinary and customary rates in effect on the date the services are rendered, subject to Court approval. The firm received a $20,000 retainer, to be applied first to prepetition services (including costs), with the balance to be applied toward postpetition fees and expenses. According to court filings, Stichter, Riedel, Blain & Postler, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael A. Wynn, Esq. STICHTER RIEDEL BLAIN & POSTLER, P.A. 430 W. 5th St, Suite 400 Panama City, FL 32401 Telephone: (850) 303-7800 E-mail: MWynn@SRBP.com About Garment Gear Inc. Garment Gear, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50200) on October 7, 2025, with $500,001 to $1 million in assets and liabilities. Michael Austen Wynn, Esq., at Stichter Riedel Blain & Postler represents the Debtor as legal counsel. GARMENT GEAR: Seeks to Hire Lighthouse CPAs as Accountant --------------------------------------------------------- Garment Gear, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, to hire Gretl Siler of Lighthouse CPAs PA to serve as its accountant in the company's Chapter 11 case. Lighthouse CPAs PA will provide these services: (a) give the Debtor financial and accounting advice with respect to its powers and duties as Debtor-in-Possession and with respect to the continued management of its property; (b) prepare on behalf of the Debtor as Debtor-in-Possession necessary applications, answers, reports, and other financial papers; (c) prepare operating reports and financial projections regarding the administration of the Debtor's estate; (d) take any and all necessary action instant to the proper preservation and administration of the estate; and (e) perform all other accounting and financial services for the Debtor as Debtor-in-Possession which may be necessary herein. Lighthouse CPAs PA will receive compensation at an hourly rate of $175. According to court filings, Lighthouse CPAs PA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm disclosed a prepetition claim of $7,480 against the Debtor. The firm can be reached at: Gretl Siler Lighthouse CPAs PA 1217 Jenks Ave Panama City, FL 32401 About Garment Gear Inc. Garment Gear, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50200) on October 7, 2025, with $500,001 to $1 million in assets and liabilities. Michael Austen Wynn, Esq., at Stichter Riedel Blain & Postler represents the Debtor as legal counsel. GENERAL ENTERPRISE: Theodore Ralston Holds 27% Equity Stake ----------------------------------------------------------- Ted Ralston, disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of 09/30/2025, he beneficially owns 17,679,738 shares of General Enterprise Ventures, Inc.'s common stock consisting of: (i) 2,811,133 shares of common stock, (ii) 13,266,680 shares of common stock issuable upon the conversion of 663,334 Series C Convertible Preferred Shares, and iii) 1,601,925 shares of common stock issuable upon the conversion of the Convertible Note The ownership represents 27.0% of the 66,550,981 shares of outstanding (as disclosed in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed on August 14, 2025, plus the shares issuable upon conversion of the Reporting Person's Series C Convertible Preferred Shares and Convertible Note, assuming no other conversions or exercises) Ted Ralston may be reached through: Theodore Ralston 2200 Allentown Rd Lima, Ohio 45805 Tel: 419-296-3626 A full-text copy of Theodore Ralston's SEC report is available at: https://tinyurl.com/m5bapwm7 About General Enterprise Headquartered in Cheyenne, Wyoming, General Enterprise Ventures, Inc. is an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. The Company acquired Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and patents pending for environmentally sustainable flame retardant and flame suppression technology. MFB's products are currently being sold to fire departments in the State of California. San Mateo, California-based WWC, P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that Company has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception and has a net loss of approximately $6.9 million and revenue of $0.8 million for the year ended December 31, 2024. The Company also has a working capital deficiency of approximately $0.5 million as of December 31, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $0.6 million outstanding at December 31, 2024. As of June 30, 2025, the Company had $6.69 million in total assets, $6.50 million in total liabilities, and $2.19 million in total stockholders' deficit. GFW PROPERTIES: Katharine Battaia Clark Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for GFW Properties, LLC. Ms. Clark will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About GFW Properties LLC GFW Properties, LLC, doing business as Gas Pipe, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44090) on October 22, 2025, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Benjamin Woerner, managing member of GFW Properties, signed the petition. Judge Mark X. Mullin presides over the case. Craig D. Davis, Esq., at Davis, Ermis & Roberts, P.C. represents the Debtor as legal counsel. GRACE BAPTIST: Aleida Martinez Molina Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Grace Baptist Church of St. Lucie, Inc. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Grace Baptist Church of St. Lucie Inc. Grace Baptist Church of St. Lucie, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22641) on October 27, 2025, listing between $1 million and $10 million in assets and liabilities. Tarek K. Kiem, Esq., represents the Debtor as legal counsel. GULFSTREAM YACHT: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ Gulfstream Yacht Management, Inc., filed with the U.S. bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated October 21, 2025. The Debtor operates that yacht and boat repair business. Prior to the bankruptcy filing, Matthew Luxenberg filed a lawsuit against the Debtor and its President, Joshua Small for recovery of damages in the amount of $131,938.23 for various alleged torts. Class 1, the Unsecured Claim of Matthew Luxenberg shall be paid at the minimum monthly amount of $3,000.00 until the claim is paid in full 100%, including post-petition interest calculated at the rate set forth by the Chief Financial Officer of the State of Florida. The Debtor shall also sell two generators and excess inventory with such net sales proceeds to be distributed to claimant to pay down the claim. The allowed unsecured claims total $131,938.23. Class 1 is unimpaired. Class 2 consists of the Debtor's interest in property of the estate, which is retained under this Plan. Joshua Small, the Debtor's President and sole will agree to forego any distribution on account of his 100% equity ownership until the Class 1 Claim is paid in full. Mr. Small shall still be entitled to compensation as a full time employee of the Debtor. Upon completion of all payments to satisfy the Class 1 Claim in full any remaining property of the estate shall be deemed to vest in the Debtor. Class 2 is presumed to accept the Plan and not entitled to vote. The means necessary for the execution of this Plan are the net income from operations and the sale of two generators and excess inventory with such net sales proceeds to be distributed to the holder of Claim No. 1. The Debtor, as reorganized, will retain and will be re-vested in all property of the Estate, excepting property which is to be sold or otherwise disposed of as provided herein. The Debtor believes that it will have adequate cash on hand prior to the Effective Date of the Plan to pay all Administrative Expenses in full and to begin making monthly payment to Class 1. A full-text copy of the Disclosure Statement dated October 21, 2025 is available at https://urlcurt.com/u?l=R0pBvy from PacerMonitor.com at no charge. Counsel to the Debtor: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke, FL 33028 Telephone: (954) 353-2200 Facsimile: (877) 654-0090 Email: mroher@markroherlaw.com About Gulfstream Yacht Management Gulfstream Yacht Management, Inc., operates a yacht and boat repair business. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 2:25-bk-01113-FMD) on June 15, 2025. The Debtor tapped Mark S. Roher, P.A., a/k/a The Law Office of Mark S. Roher, P.A., as counsel. GWG HOLDINGS: Creditors Slam Atty. Romance Deal as 'Collusive' -------------------------------------------------------------- Lynn LaRowe of Law360 Bankruptcy Authority reports that the creditors of GWG Holdings Inc. have objected to a proposed settlement between the company and Jackson Walker LLP, claiming the deal "smacks of collusion." The agreement aims to resolve fallout from revelations that a former Jackson Walker partner had a secret relationship with a bankruptcy judge who handled parts of GWG's case, according to the report. The objecting parties contend the settlement is designed to shield the firm from accountability and obscure potential conflicts of interest, the report related. They're asking the court to reject the deal and allow an independent review of how the relationship may have influenced rulings during the bankruptcy process, the report states. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HALL OF FAME: Stuart Lichter and Affiliates Boost Stake to 73% -------------------------------------------------------------- IRG Canton Village Manager, LLC, IRG Canton Village Member, LLC, American Capital Center, LLC, CH Capital Lending, LLC, IRG, LLC, Midwest Lender Fund, LLC, and Stuart Lichter, disclosed in a Schedule 13D (Amendment No. 10) filed with the U.S. Securities and Exchange Commission that as of October 17, 2025, they beneficially own the following shares of Hall of Fame Resort & Entertainment Co's Common Stock, $0.0001 par value: * IRG Canton Village Manager, LLC and IRG Canton Village Member, LLC each beneficially own 840,168 shares, including 683,083 shares held by HOF Village, LLC through their indirect ownership interest (approximately 74.9%) and 157,085 shares issuable upon exercise of 2,432,500 Series A warrants held by HOF Village, LLC with an exercise price of $253.11 per share, representing 12.3% of the class. * American Capital Center, LLC beneficially owns 18,521 shares, representing 0.3% of the class. * CH Capital Lending, LLC beneficially owns 12,380,981 shares, including 751,168 shares directly held, 94,743 shares issuable upon conversion of a $14,388,042 convertible note, 455,867 shares issuable upon exercise of Series C warrants, 111,321 shares issuable upon exercise of Series D warrants, 45,419 shares issuable upon exercise of Series E warrants, 521,493 shares issuable upon conversion of 15,000 shares of Series C Preferred Stock, 4,676,757 shares issuable upon conversion of a $17,023,398 2020 Term Loan Note, 3,275,040 shares issuable upon conversion of a $11,921,148 2022 Term Loan Note, 1,077,233 shares issuable upon conversion of a $13,756,271 Bridge Loan, 933,434 shares issuable upon conversion of a $11,919,960 Hotel II Note, and 438,506 shares issuable upon conversion of a $5,599,731 Split Note, representing 67.6% of the class. * IRG, LLC beneficially owns 477,165 shares, including 15,950 shares directly held, 438,506 shares issuable upon conversion of a $5,599,731 promissory note, and 22,709 shares issuable upon exercise of Series E warrants, representing 6.7% of the class. * Midwest Lender Fund, LLC beneficially owns 421,796 shares, including 5,681 shares directly held, 5,677 shares issuable upon exercise of Series G warrants, and 410,438 shares issuable upon conversion of a $5,241,300 promissory note, representing 5.9% of the class. * Stuart Lichter beneficially owns 14,152,264 shares, including 9,090 shares directly held, 4,543 shares issuable upon exercise of Series B warrants, and shares through his indirect ownership in IRG, MLF, CH Capital, American Capital Center, LLC, and HOF Village, LLC (via IRG Canton Village Member), representing 73.1% of the class. The percentage is based on 6,698,645 shares outstanding as of March 21, 2025, plus shares issuable upon conversion of notes, preferred stock, and exercise of warrants within 60 days. The reporting persons may be reached through: Rick Miller, Amy Wilson, or Bryan Cave Leighton Paisner 14th Floor 1201 Peachtree St. NW, Atlanta, Ga., 30309 (404) 572-6600 A full-text copy of the SEC Report is available at: https://tinyurl.com/4u2yewh8 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. HERTZ GLOBAL: Asks Del. High Court to Toss $170MM Insurance Ruling ------------------------------------------------------------------ Jarek Rutz of Law360 Bankruptcy Authority reports that Hertz Corp. has asked the Delaware Supreme Court to overturn a lower court ruling that freed its insurers from covering $170 million in false-arrest settlements. The car rental company argued that the claims stemmed from a single malfunctioning theft-reporting system, making them a single insurable event under its policies. Hertz said the lower court wrongly required multiple self-insured retentions for each settlement despite their shared origin. The company maintained that the decision unfairly shifts the financial burden of the settlements onto Hertz’s bankruptcy estate and its creditors. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HILLSDALE PALLETS: Seeks Subchapter V Bankruptcy in Michigan ------------------------------------------------------------ On October 17, 2025, Hillsdale Pallets LLC filed Chapter 11 protection in the Western District of Michigan. According to court filing, the Debtor reports $2,215,075 in debt owed to 1 and 49 creditors. About Hillsdale Pallets LLC Hillsdale Pallets LLC, f/d/b/aFDBA Hillsdale Pallet LLC, based in Hillsdale, Michigan, manufactures and distributes wooden pallets, custom crating, and shipping boxes, offering services that include ISPM 15-certified heat treatment and reconditioned standard pallets. The Company provides custom-size pallets and specialty skids built to client specifications, emphasizing punctual delivery and customer service. Its operations focus on pallet production, shipping solutions, and related logistics services. Hillsdale Pallets LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02967 on October 71, 2025. In its petition, the Debtor reports total assets of $353,531 and total liabilities of $2,215,075. Honorable Bankruptcy Judge Scott W. Dales handles the case. The Debtor is represented by Michael P. Hanrahan, Esq. of CBH ATTORNEYS & COUNSELORS, PLLC. HOLY REDEEMER: S&P Affirms 'B+' Long-Term Rating on Revenue Bond ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' long-term rating on Montgomery County Higher Education & Health Authority, Pa.'s revenue bonds, issued for Holy Redeemer Health System (d/b/a Redeemer Health [RH]). The outlook is negative. RH's exposure to human capital risks tied to higher labor and salary pressures has affected margins and increased the organization's social risk within our credit analysis. That said, labor costs as a percentage of net patient service revenue have declined in recent periods as a result of management's targeted initiatives. Specifically, costs associated with temporary labor declined significantly in fiscal 2025, and S&P expects this trend to continue. S&P said, "We view governance and environmental factors as neutral in the credit rating analysis. Although RH's new leadership has a limited track record, we view risk and financial management practices as in line with industry standards, and we understand the board is more engaged with the organization's oversight. "The negative outlook reflects RH's continuing performance challenges and our expectation that operating losses will persist over the outlook period despite material operating improvement in fiscal 2025. The negative outlook also incorporates our view of RH's limited financial flexibility, with minimal cushion in DCOH especially relative to operating losses. Given this limited flexibility, we believe that a lack of significant operating improvement could strain unrestricted reserves, resuming the rapid decline in DCOH experienced in prior years. "A lower rating would be warranted if RH is unable to substantially reduce the magnitude of its operating losses and strengthen MADS coverage, or if there is a decline in unrestricted reserves and related metrics, particularly DCOH. Given the competitiveness of the PSA, we would also view negatively any material changes to RH's enterprise profile that result in a weaker market position. "We could revise the outlook to stable if RH demonstrates a sustained trend of improving operations and strengthening MADS coverage according to budget expectations, coupled with stability in unrestricted reserves and key metrics such as DCOH." I-INSPIRE DANCE: Unsecureds Will Get 100% of Claims over 60 Months ------------------------------------------------------------------ I-Inspire Dance Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated October 22, 2025. The Debtor is a Georgia corporation formed in 2021 for the purpose of operating a dance studio and related performing arts services, including virtual classes, conventions, podcasting, and talent agency operations. I-Inspire Dance Inc. was founded in 2021 in Atlanta, Georgia, by Dennis Wimberly, whose lifelong passion for dance and the performing arts inspired the creation of a professional space where dancers, actors, and entertainers could train, collaborate, and thrive. The company was established not only as a business but as a community hub to nurture talent, foster creativity, and provide opportunities for performers at every stage of their career. The reorganization of I-Inspire Dance Inc. is critical to preserving the company’s unique role in the dance and entertainment industry. The business provides employment for instructors, creative professionals, and contractors, and its conventions attract talent, audiences, and economic activity to the communities it serves. Reorganizing will allow the company to stabilize operations, reopen a permanent Atlanta studio, and continue to offer both in-person and virtual programming that is central to its mission. Prior to bankruptcy, the Debtor fell behind on payments due to location closure and reduced activity from COVID impacts. Facing foreclosure threats, the Debtor sought relief under Chapter 11, Subchapter V on July 24, 2025. Under the Plan, the Debtor proposes to pay creditors through operations while planning a studio reopen in late 2026 or 2027. This Plan provides for 2 classes of priority claims, 5 classes of secured claims, 1 class of non-priority unsecured claims, and 1 class of equity interests. Non-priority unsecured creditors will receive distributions valued at approximately 100% cents on the dollar over 5 years. Administrative expenses and priority claims will be paid in full. The Plan is funded by operations and owner contributions if required. Class 9 consists of Nonpriority unsecured claims. Holders will receive pro rata distributions of all projected disposable income committed under Article 7A for 60 months (or such lesser period if the Allowed unsecured claims are paid in full sooner). If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, the Debtor nonetheless commits to pay Allowed unsecured claims in full over the Plan term, and owner contributions will supplement operations as needed to achieve 100%. This Class is impaired. Class 10 consists of Equity interests. Retained by Dennis Wimberly, Jr., subject to Plan compliance. The Plan will be implemented through continued operations, with payments disbursed by the Debtor. The Debtor shall act as disbursing agent for all payments under this Plan. Funding sources: Operational cash flow and potential owner contributions. The Debtor retains all property of the estate under Section 1186 of the Bankruptcy Code. Post-confirmation, Dennis Wimberly, Jr. remains sole manager. Insurance remains in place per policy documents. Plan payments are funded by net operating cash flows demonstrated and the growth trajectory, with owner contributions available as a backstop to ensure timely payment. A full-text copy of the Plan of Reorganization dated October 22, 2025 is available at https://urlcurt.com/u?l=CsQu4A from PacerMonitor.com at no charge. Counsel to the Debtor: Brad Fallon, Esq. Fallon Law PC 1201 W. Peachtree St. NW, Suite 2625 Atlanta, GA 30309 Telephone: (404) 849-2199 Facsimile: (470) 994-0579 Email: brad@fallonbusinesslaw.com About I-Inspire Dance Inc. I-Inspire Dance Inc. is a Georgia corporation formed in 2021 for the purpose of operating a dance studio and related performing arts services, including virtual classes, conventions, podcasting, and talent agency operations. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58261) on July 24, 2025. The Debtor hires Fallon Law PC as counsel. I-LOGIC TECHNOLOGIES: S&P Withdraws 'B' Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew all its ratings on I-Logic Technologies Bidco Ltd., including the 'B' issuer credit rating, following the repayment and exchange of its rated debt. At the time of the withdrawal, its outlook on I-Logic was stable. On Oct. 17, 2025, ION Platform Finance US Inc. and ION Platform Finance S.a r.l. (debt issuing subsidiaries of ION Platform Investment Group Ltd. [ION Platform]) announced they had exchanged substantially all the existing notes issued by Acuris Finance US Inc. and Acuris Finance S.a r.l. (debt issuing subsidiaries of I-Logic) for new notes issued by ION Platform. The company had earlier repaid all its term loan borrowings with proceeds from ION Platform's term loan issuance. ION CORPORATE: S&P Withdraws 'B' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew all its ratings on ION Corporate Solutions Finance Ltd., including the 'B' issuer credit rating, following the repayment of the company's rated debt. At the time of the withdrawal, its outlook on ION Corporate Solutions Finance Ltd. was stable. On Oct. 17, 2025, ION Platform Finance US Inc. and ION Platform Finance S.a r.l. (debt issuing subsidiaries of ION Platform Investment Group Ltd. [ION Platform]) announced that they had exchanged substantially all the existing notes issued by Helios Software Holdings Inc. and ION Corporate Solutions Finance S.a r.l. (debt issuing subsidiaries of ION Corporate Solutions Finance Ltd.) for new notes issued by ION Platform. As part of the transaction, the company repaid all of the debt under ION Corporate Solutions Finance Ltd.'s existing credit agreement. IRECERTIFY: $100K Contribution & Business Revenue to Fund Plan -------------------------------------------------------------- iRecertify submitted a Disclosure Statement for the Amended Plan of Reorganization dated October 22, 2025. The Plan is supported by a new capital investment from an independent third-party investor, providing additional working capital to fund implementation and ensure feasibility. A third-party, non-insider Investor will contribute $100,000 in cash on or before the Effective Date. The contribution will fund administrative, priority, and secured claims and provide working capital. Class 3.1 general non-priority unsecured claims will receive a distribution of 10% of the allowed claim amount. The Plan provides that holders of such claims shall receive ten percent of their Allowed Claim, to be paid pro rata in equal monthly installments commencing in February 2027 and continuing until the full 10% has been distributed, or until all Allowed Claims in Class 3.1 have been satisfied in accordance with the Plan. The monthly distribution amounts, timing, and cumulative totals are detailed in Exhibit A. Payment Schedule, which was developed in conjunction with the Debtor's financial projections and feasibility analysis. The schedule is designed to align with the Debtor's anticipated cash flow and operating reserves and is an essential component of the Plan's implementation strategy for unsecured creditor treatment. The Plan provides for pro rata distributions to holders of Allowed Class 3.1 General Unsecured Claims. The total estimated claims held by Class 3.1 claim holders is approximately $8,126,553.54. In accordance with the Plan, these creditors will receive a 10% recovery, paid in monthly installments beginning in February 2027 and continuing for 33 months. This results in an aggregate distribution of approximately $812,655.35, subject to claim allowance and any disputes. The Plan will be implemented using (a) a $100,000 capital contribution from a third-party investor on or before the Effective Date, and (b) future operating revenues of the Reorganized Debtor. The Debtor will use future business revenue to fund payments. Payments of certain claims will begin within 30 days after the Plan's Effective Date and proceed as disclosed on Exhibit A and within the Plan. The Debtor projects that Total Revenue will total approximately $7.89 million in calendar year 2026, with annual revenue increasing modestly each year thereafter, reaching approximately $8.29 million by 2029. A full-text copy of the Disclosure Statement dated October 22, 2025 is available at https://urlcurt.com/u?l=4P8zQ1 from PacerMonitor.com at no charge. Attorneys for the Debtor: Steven M. Rogers, Esq. Nicholas R. Russell, Esq. ROGERS & RUSSELL 170 S. Main Street Pleasant Grove, Utah 84062 (801) 899-6064 phone (801) 210-5388 fax Email: paralegal@roruss.com About IRecertify IRecertify, doing business as Warehouse B, is a merchant wholesaler of professional and commercial equipment and supplies. IRecertify sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 24-25156) on Oct. 7, 2024. In the petition filed by Brett Kitson, as managing member, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Russell S. Walker, Esq. at PEARSON BUTLER PLLC. IROBOT CORP: Extends Credit Covenant Waiver to Dec. 1 ----------------------------------------------------- As previously announced, iRobot Corporation has entered into five amendments to its Credit Agreement among the Company, TCG Senior Funding L.L.C., an affiliate of The Carlyle Group, as administrative agent and collateral agent and the lenders party thereto pursuant to which the Lenders waived, for periods from March 11, 2025 until October 24, 2025, the Company's covenant obligations to: (1) provide a report and opinion of its auditor with respect to its annual financial statements for fiscal year 2024 without a qualification regarding the Company's ability to continue as a going concern and (2) maintain a minimum level of core assets. On October 22, 2025, the Company entered into Amendment No. 6 to the Credit Agreement, which extended the Waiver Period to December 1, 2025. The foregoing description of Amendment No. 6 is not complete and is qualified in its entirety by reference to Amendment No. 6, which is available at https://tinyurl.com/yrmmzj8n About iRobot Corporation iRobot Corp. is a global consumer robot company that designs and builds robots that empower people to do more. With over 30 years of artificial intelligence and advanced robotics experience, it is focused on building thoughtful robots and developing intelligent home innovations that help make life better or millions of people around the world. iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation. As of June 28, 2025, the Company had $480.32 million in total assets, $488.01 million in total liabilities, and total stockholders' deficit of $7.69 million. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has a history of operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. J.C.C.M. PROPERTIES: Gets Final OK to Use Cash Collateral --------------------------------------------------------- J.C.C.M. Properties, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral from October 21 until modified by the bankruptcy court or until confirmation of its Chapter 11 plan, whichever occurs first. First Bank, the Debtor's lender, asserts security interests in the Debtor's assets, including revenue from its real property in Jacksonville and Greensboro, N.C. This revenue may constitute cash collateral. As of the petition date, First Bank was owed $3,759,180. As protection for the use of its cash collateral, First Bank will be granted a valid and properly perfected lien on all property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. This lien does not apply to proceeds of Chapter 5 avoidance actions. A copy of the final order and the Debtor's budget is available at https://shorturl.at/LAONU from PacerMonitor.com. First Bank is represented by: G. Marshall Kent, Jr., Esq. Fox Rothschild, LLP 999 Peachtree Street, N.E., Suite 1500 Atlanta, GA 30309 (404) 962-1036 mkent@foxrothschild.com About J.C.C.M. Properties Inc. J.C.C.M. Properties Inc. leases real estate, with its main assets situated at 1585 Crater Lake in Kennesaw, Georgia. J.C.C.M. Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55412) on May 14, 2025. In its petition, the Debtor reported estimated liabilities between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Paul Baisier oversees the case. The Debtor tapped Will Geer, Esq., at Rountree Leitman Klein & Geer, LLC as bankruptcy counsel and Ward and Smith, P.A. as special counsel. KAISER ALUMINUM: Fitch Rates New $500MM Unsec. Notes Due 2034 'BB-' ------------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating with a with a Recovery Rating of 'RR4' to Kaiser Aluminum Corporation's (Kaiser) proposed new $500 million senior unsecured notes due 2034. Proceeds will be used to repay its existing $500 million senior unsecured notes due 2028. The transaction is debt-neutral and extends its maturities. Kaiser's ratings and Stable Outlook reflect Fitch's expectation that EBITDA leverage will be sustained at or below 4.5x and EBITDA margins will average around 9% through 2028. The refinancing modestly improves the maturity profile without increasing debt. Operating performance should be supported by margin improvement and stable demand in core end markets. Key Rating Drivers Margin Improvement: EBITDA margins averaged approximately 9.3% YTD 3Q25 as compared to 7.4% in 2024 and trough levels of approximately 4.0% in 2022, supported by stabilizing operations following supply-chain disruptions at its Warrick mill, cost efficiencies and higher pricing. Fitch believes Kaiser's EBITDA margins will average around 9% through 2028 with potential upside from improved packaging product mix as the company shifts to a higher proportion of coated products and a rebound in aerospace shipments following a 12-week planned outage at its Trentwood facility. Margin expansion will be driven by an improved product mix, favorable contract renegotiations, and gradual strengthening of most end markets. Kaiser expects a single-digit uplift in margins (as a percentage of sales) as the new roll coater at its Warrick mill ramps up to its full run rate by 2026, converting 25% of its existing capacity to higher value-added coated products. Improving End Market Demand: Fitch expects overall shipments to improve beginning in 2026 with the ramp up of the new Warrick roll coat line, completion of Trentwood Phase VI and solid demand across most end markets. Longer term, Fitch believes Kaiser's end markets show significant growth opportunities, driven by increased sustainability awareness, rising global travel demand, expanding domestic semiconductor manufacturing, reshoring, and vehicle light-weighting initiatives. Packaging demand growth is expected to be supported by solid longer-term demand dynamics and U.S. supply shortages. Over the next few years, aerospace shipments should continue to recover toward pre-pandemic levels in line with travel demand, solid OEM backlogs, and resumption of Trentwood production, and as supply chain issues resolve. The automotive sector will continue to be challenged in the near term from weak consumer sentiment and high interest rates. However, this is partially offset by sales of SUVs and light trucks (which Kaiser has higher exposure to) outpacing overall vehicle sales as well as higher pricing. Improved Leverage Expectations: Fitch expects EBITDA leverage to remain below 4.5x in 2026 and trend toward at or below 3.5x thereafter, driven primarily by EBITDA growth. Kaiser's target net debt leverage of 2.0x to 2.5x supports Fitch's view that the company is committed to deleveraging. Fitch does not anticipate any incremental debt or material leveraging transactions over the rating horizon. Manageable Capex: Kaiser projects total capex for 2025, including the remaining investment for the fourth roll coat line at Warrick Kaiser, to be $130 million. Kaiser's maintenance capex has historically been roughly 60% of depreciation and Fitch anticipates growth investments ranging from $25 million to $50 million. Metal Price Pass Through: Kaiser's EBITDA margins are less volatile than aluminum prices as cost pass-through mechanisms are integrated into many of its contracts. Any residual price risk is mitigated through hedging. Fitch expects Kaiser to continue to benefit from higher aluminum prices from Section 232 tariffs due to its ability to pass through metal price changes to customers. Peer Analysis Kaiser's end-market diversification is similar to leading global-rolled aluminum sheet producer, Arsenal AIC Parent LLC's (Arsenal; BB-/ Stable) but it is less geographically diverse. Kaiser's financial profile is comparable to Arsenal's, but it has lower exposure to the cyclical building and construction markets. AZZ, Inc. (BB/ Positive), a pure-play metals-coating company, has significantly higher EBITDA margins and lower EBITDA leverage than Kaiser, but it has limited exposure to the packaging and aerospace end markets, and most of its shipments are tied to construction. Carpenter Technology Corporation (Carpenter; BB+/Stable) products are further upstream than those of downstream aluminum peers Kaiser and Arsenal, and it has a higher concentration in aerospace. Carpenter is slightly larger than Kaiser and has higher EBITDA margins and lower EBITDA leverage. Key Assumptions - Fitch commodity price deck for aluminum (LME spot) of $2,500 per tonne (t) from 2025 to 2028; - Total shipments average annual growth of around 3% driven by additional production from the Trentwood mill expansion Phase VII and end-market demand; - EBITDA margins improve to average around 9% from 2026 to 2028 driven by increased value-added coated packaging products and favorable contract renegotiations; - New roll coat line reaches full run-rates in 2026; - Capex of around $120 million to $140 million from 2025 to 2028; - Dividends remain at current level; - No acquisitions or share repurchases through 2028. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage sustained above 4.5x; - EBITDA margins expected to be sustained below 8%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA margins sustained above 10%, reflecting improved market conditions; - EBITDA leverage sustained below 3.5x. Liquidity and Debt Structure As of Oct. 14, 2025, Kaiser had cash and cash equivalents of approximately $42 million and $560 million of availability under its $575 million asset-based lending (ABL) revolving credit facility due Oct. 14, 2030. Approximately $15 million was utilized for letters of credit (LOCs) and the company had no outstanding borrowings. The ABL is subject to a borrowing base of $575 million as of Sept. 30, 2025 and includes a 1.0x fixed-charge coverage covenant if excess availability falls below the greater of (i) 10% of the line cap, which is the lesser of $575 million and borrowing base, and (ii) $46 million. The ABL is subject to a pricing grid of secured overnight financing rate (SOFR)+125 basis points (bp)-150 bp depending on whether average excess availability is greater than or equal to 40% of the maximum revolver amount. Issuer Profile Kaiser Aluminum Corporation manufactures and sells semi-fabricated specialty aluminum mill products for end- market applications including aerospace and high strength, packaging, automotive, general engineering, and other industrial applications. Date of Relevant Committee 04-Apr-2025 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 ----------- ------ -------- Kaiser Aluminum Corporation senior unsecured LT BB- New Rating RR4 KATIE KAHANOVITZ: Unsecureds to Get $500 per Month over 5 Years --------------------------------------------------------------- Katie Kahanovitz, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Chapter 11 Plan dated October 23, 2025. The Debtor's principal is a realtor who operates through a limited liability company, known as Katie Kahanovitz, LLC. The Debtor primarily is a rental agency and has agreements with several properties to lease their apartments. The Debtor's financial problems began during the COVID-19 pandemic. To remain operational, the Debtor was forced to obtain several loans during the downturn in the real estate market. Since the Debtor operates primarily in New York, less people were renting apartments as that state remained closed longer than other, such as Florida, and residents have to leave New York to obtain work elsewhere. The Debtor believes that the Plan of Reorganization provides the best value for the creditors' claims and is in their best interest. Class Six consists of General Unsecured Claims. The General Unsecured claims include all other allowed claims of Unsecured Creditors of the Debtor, subject to any Objections that are filed and sustained by the Court. The general unsecured claims prior to the filing of any objections total the amount of $1,759,269.25. which will be paid over the five-year term of the Plan at the rate of $500.00 per month on a pro-rata basis. The payments will commence on the Effective Date of the Plan. The dividend to this class of creditors is subject to change upon the determination of objections to claims. To the extent that the Debtor is successful or unsuccessful in any or all of the proposed Objections, then the dividend and distribution to each individual Class of General Unsecured Claims then the dividend and distribution to each individual creditor will be adjusted accordingly. These claims are impaired. Class Seven consists of Equity Interest Holders. There shall be no distribution to the equity holders of the Debtor under the confirmed Plan and no dividends to this class of claimants. The Debtor will continue to operate and be managed by Katie Kahanovitz, LLC the Manager and sole shareholder. The Debtor submits that the Plan is fair and reasonable in its treatment of the respective classes of claims in this case, and that it is in the best interests of all affected parties to approve the Plans treatment of the classes of claims. A full-text copy of the Disclosure Statement dated October 23, 2025 is available at https://urlcurt.com/u?l=4ereGv from PacerMonitor.com at no charge. Katie Kahanovitz, LLC is represented by: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Katie Kahanovitz, LLC Katie Kahanovitz, LLC, is a real estate firm specializing in property sales, rentals, and management services. Katie Kahanovitz, LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. 25-11992) on Feb. 26, 2025, listing $228,270 in assets and $2,090,833 in liabilities. The petition was signed by Katie Kahanovitz as manager. Judge Erik P Kimball presides over the case. Craig I. Kelley, at KELLEY KAPLAN & ELLER, PLLC, is the Debtor's counsel. KIMCHI KOREAN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Kimchi Korean Restaurant Inc. d/b/a Yook92 425 Grand Avenue Palisades Park, NJ 07650 Business Description: Kimchi Korean Restaurant Inc., doing business as Yook92, operates a Korean cuisine restaurant at 425 Grand Avenue in Palisades Park, New Jersey, offering dine- in, takeout, and delivery services, including traditional Korean BBQ and lunch specials. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-21432 Debtor's Counsel: Stephen B. McNally, Esq. MCNALLYLAW, LLC 93 Main Street Suite 201 Newton, NJ 07860 Tel: 973-300-4260 Fax: 973-300-4264 Email: steve@mcnallylawllc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jong Young Choi as president and sole shareholder. 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/6QV37KA/Kimchi_Korean_Restaurant_Inc__njbke-25-21432__0001.0.pdf?mcid=tGE4TAMA KUSHAL B. SHUKLA: SMA and Axial's Judgment Nondischargeable ----------------------------------------------------------- The Honorable John K. Sherwood of the United States Bankruptcy Court for the District of New Jersey granted in part Salerno Medical Associates LLP and Axial Health Consultant Pvt. Ltd.'s motion for summary judgment in the adversary proceeding captioned as SALERNO MEDICAL ASSOCIATES LLP, et al., Plaintiffs, v. KUSHAL B. SHUKLA, Defendant, Adv. Pro. No.: 25-01028 (Bankr. D.N.J.). SMA and Axial request summary judgment against Kushal Shukla, M.D. as to the nondischargeability of debts owed to the Plaintiffs under a Superior Court of New Jersey judgment. The State Court entered a judgment of $845,026 against the Debtor as a sanction for spoliation of evidence. The Plaintiffs request that the Bankruptcy Court apply collateral estoppel to that judgment. The Plaintiffs assert that their claim is nondischargeable under Sec. 523(a)(6), which excepts from discharge any debt incurred from willful and malicious injury by the debtor to another entity or to the property of another entity. They contend that spoliating evidence in violation of three State Court orders meets the willful and malicious standard. The Plaintiffs also argue that their claim is nondischargeable under Sec. 523(a)(4), which excepts from discharge any debt for fraud or defalcation while acting in a fiduciary capacity, embezzlement, or larceny. They state that nondischargeability under Sec. 523(a)(4) is established by the State Court's finding that the Debtor transferred the Plaintiffs' financial and business information without authorization. Additionally, the Plaintiffs seek $1,674,467 in legal fees and $520,358 in costs from the State Court litigation. The Plaintiffs argue that these amounts are nondischargeable under both Secs. 523(a)(4) and (a)(6) because the attorneys' fees are related to the Debtor's improper taking of the Plaintiffs' trade secrets and proprietary and confidential information. The Debtor argues that the Plaintiffs suffered no injury from the spoliation and therefore the Plaintiffs should have nothing more than a general unsecured claim in this bankruptcy case. Based on the State Court decision, the Bankruptcy Court determines that the spoliation sanction was awarded to the Plaintiffs due to willful and malicious injury upon the Plaintiffs by the Debtor. The Bankruptcy Court grants summary judgment that this debt is nondischargeable under Sec. 523(a)(6). However, because the State Court did not fully adjudicate the $845,026 judgment amount, the Debtor's right to challenge the reasonableness of the expert and attorneys' fees is preserved. The Bankruptcy Court also finds that while the State Court decision may establish some elements of embezzlement and larceny, the State Court did not make a clear finding of the Debtor's fraudulent intent or intent to commit larceny. The State Court also did not award damages for embezzlement or larceny. Accordingly, the Bankruptcy Court denies summary judgment as to the nondischargeability of the State Court judgment under Sec. 523(a)(4). The Bankruptcy Court denies summary judgment as to the nondischargeability of the attorneys' fees. For the reasons set forth, the Plaintiffs' Motion for Summary Judgment is granted as to the nondischargeability of the Plaintiffs' judgment for the spoliation sanction, in an amount to be determined, pursuant to Sec. 523(a)(6). The parties are to meet and confer to arrive at a procedure for this Court or the State Court to promptly address the Debtor's challenge to the reasonableness of the $845,026.60 judgment. The motion is denied in all other respects. A copy of the Court's decision dated October 23, 2025, is available at https://urlcurt.com/u?l=SzqhSQ from PacerMonitor.com. Kushal B. Shukla filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 25-10533) on January 17, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Melinda Middlebrooks, Esq. LANDMARK HOLDINGS: PCO Reports Patient Care Complaints ------------------------------------------------------ Joseph Tomaino, the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Florida his third and final report regarding the quality of patient care provided by Landmark Holdings of Florida, LLC and its affiliates. The PCO noted that the organization developed a reorganization plan, which included the sale of the Savannah facility, the restructuring of others, and the wind-down of the Cape Girardeau facility. Since the last report, the PCO has met weekly with quality assurance staff to review operational and clinical matters. On September 18, the PCO met with management to review the process for closing the Cape Girardeau facility. The plan allowed short-stay patients to complete their rehabilitation and transition to the next level of care as scheduled. By the end of September, the facility was fully vacated, and management confirmed that all biohazard waste, medications, narcotics, and supplies had been properly removed. During this reporting period, the PCO addressed one complaint filed by a family member of a patient at the Cape Girardeau facility. The complainant expressed concerns about the patient’s care and requested that the patient be transferred to a hospital rather than another Landmark facility. The PCO met with the chief executive officer of the Cape Girardeau facility, who facilitated the family member's request. A follow-up call to the complainant confirmed that the transfer was completed as requested. With the plan for reorganization now confirmed, the PCO will no longer be retained to monitor the facilities. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=hE2y8W from PacerMonitor.com. The ombudsman may be reached at: Joseph J. Tomaino Grassi Healthcare Advisors, LLC 750 Third Avenue New York, NY 10017 Phone: 212-223-5020 Email: jtomaino@grassihealthcareadvisors.com About Landmark Holdings of Florida LLC Landmark Holdings of Florida, LLC and seven affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025. The petitions were signed by Landmark CEO Bryan Day. At the time of the filing, Landmark reported between $50 million and $100 million in assets and between $50 million and $100 million in liabilities. Judge Caryl E. Delano oversees the cases. Jamie Zysk Isani, Esq., at Hunton Andrews Kurth, LLP is the Debtors' legal counsel. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. Amerant Bank N.A., as secured creditor, is represented by Brian P. Yates, Esq. at Garbett, Allen, Roza & Yates, P.A. eCapital Healthcare Corp, as DIP lender, is represented by: Mark J. Wolfson, Esq Foley & Lardner, LLP 100 North Tampa Street, Suite 2700 Tampa, FL 33602 Telephone: 813-225-4119 Facsimile: 813-221-4210 Primary email: mwolfson@foley.com Secondary email: crowell@foley.com -and- Edward J. Green, Esq. Foley & Lardner, LLP 321 N. Clark Street, Suite 3000 Chicago, Il 60654 Telephone: (312) 832-4500 Facsimile: (312) 832-4700 Email: egreen@foley.com -and- Jake W. Gordon, Esq. Foley & Lardner, LLP 500 Woodward Avenue, Suite 2700 Detroit, MI 48226 Telephone: (313) 234-7100 Facsimile: (313) 234-2800 Email: jake.gordon@foley.com LANGSTON CARVER: Case Summary & 16 Unsecured Creditors ------------------------------------------------------ Debtor: Langston Carver LLC 42395 Ryan Road, #112-618 Ashburn, VA 20148 Business Description: Langston Carver LLC is a real estate company that owns and manages a residential property at 1223 18th Place NE in Washington, D.C. It operates as a single-asset entity from its base in Ashburn, Virginia. Chapter 11 Petition Date: October 27, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00495 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Kristen E. Burgers, Esq. HIRSCHLER FLEISCHER PC 1676 International Drive Suite 1350 Tysons, VA 22102 Tel: 703-584-8364 Email: kburgers@hirschlerlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mahmood Nawaz as manager. A copy of the Debtor's list of 16 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OWOYNBY/Langston_Carver_LLC__dcbke-25-00495__0001.2.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OPTHEBY/Langston_Carver_LLC__dcbke-25-00495__0001.0.pdf?mcid=tGE4TAMA LAUREL CREEK: Claims to be Paid from Property Sale Proceeds ----------------------------------------------------------- Laurel Creek, LP filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Liquidation dated October 22, 2025. LC owns a commercial mixed-use building, including apartments, warehouse space, retail space and commercial offices located at 1150 Laurel Lane, San Luis Obispo, California 93401, APN: 004-962-042. The Property was constructed in 2022 but failed an inspection in early 2025, leading to building code violations and an order for tenants to vacate. The Property was facing foreclosure prior to the petition being filed from its lender CPIF Laurel Creek, LLC. This filing stayed that foreclosure. The Plan is a liquidating plan. The Debtor's Property will be improved and fixed for the purpose of preparing the Property for sale, and Allowed Claims will be paid according to the method and manner described herein, through the sale of the real property located at 1150 Laurel Lane, San Luis Obispo, California 93401 ("Property"). Furthermore, the Plan creates additional equity and distributions to mechanics' lien holders through resolution of priority issues between such mechanics' lien holders and CPIF. The Plan is the best method by which the Property can become in compliance with the health and safety issues identified by the City of San Luis Obispo. Class 8 consists of General Unsecured Claims. To the extent there are additional sale proceeds after payment of all other creditors other than Class 9 creditors, the Class 8 Claims will be paid in full on the sale of the Property. Alternatively, the Class 8 Claims will receive, in full and final satisfaction of such claim, a pro rata share of the remaining proceeds. Estimated total amount of claims shall be $3,233,887.69. Additionally, CPIF will carve-out $500,000.00 of its recovery from its Class 5 claim for the purpose of distribution to this Class 8 in a pro-rata basis. The Debtor does not anticipate funds being available from the sale of the Property for distribution to Class 8 creditors absent the proposed carve-out. Class 9 consists of Interest Holders. All current interest holders will retain their percentage equity membership in the Debtor that they held as of the Petition Date. To the extent that there are additional sale proceeds after payment of all other creditors, the surplus will be paid to Class 9. The Debtor does not anticipate funds being available from the sale of the Property for distribution to Class 9 claims holders. The Distributions required to be made under the Plan will be funded by the sale of the Property. The Debtor intends to first remedy the deficiencies, issues, and required upgrades to the existing building at the Property and second to improve the Property to greatly increase its value for creditors of the Estate. The Debtor has filed a Motion for Authority to Obtain Post-Petition Financing to secure post-petition financing from CPIF (see Class 2) for this purpose. After the improvements and remedies have been completed, the Property will be sold and the funds distributed according to this Plan. The Debtor has received a valuation of the Property based upon completion at $60,400,000.00. A full-text copy of the Disclosure Statement dated October 22, 2025 is available at https://urlcurt.com/u?l=dypaTk from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey I. Golden, Esq. Anerio V. Altman, Esq. Sara Tidd, Esq. Ryan W. Beall, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, California 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law aaltman@go2.law stidd@go2.law rbeall@go2.law About Laurel Creek, LP Laurel Creek, LP, a California limited partnership, is a real estate company whose principal assets are located at 1150 Laurel Lane in San Luis Obispo, California. Laurel Creek, LP in Santa Barbara, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 25-10985) on July 24, 2025, listing as much as $50 million to $100 million in both assets and liabilities. Patrick Smith as Manager of 1160 Laurel Lane, LLC, general partner of the Debtor, signed the petition. GOLDEN GOODRICH LLP serve as the Debtor's legal counsel. LEGACY-XSPIRE: Copay's Summary Judgment Bid Granted in Part ----------------------------------------------------------- Judge Roberta A. Colton of the United States Bankruptcy Court for the Middle District of Florida granted, in part, and denied, in part, Copay Consultants, LLC's motion for summary judgment on all counts of the preference complaint in the adversary proceeding captioned as WRASER, LLC, XSPIRE PHARMA, LLC, and LEGACY-XSPIRE HOLDINGS, LLC, Plaintiffs, v. COPAY CONSULTANTS, LLC, Defendant, Adv. Pro. No.: 8:25-ap-00127-RCT (M.D. Fla.). Of the total sum of $432,641.28 initially sought to be avoided by the Trustee, the Trustee acknowledged, and the Court agrees that $378,109.28 of the amount is subject to the "mere conduit" defense and the Motion is accordingly granted to that extent. The Motion is denied as to the remaining balance of $54,532.00. The Liquidation Trustee, on behalf of Reorganized Chapter 11 Debtors, filed the complaint in April 2025 to avoid and recover certain preferential transfers and for damages from Copay Consultants, a Mississippi limited liability company that specializes in various pharmaceutical and healthcare sales and marketing services, including services related to various patient savings programs, fraud detection, and messaging and related strategy. A copy of the Court's Order dated October 27, 2025, is available at https://urlcurt.com/u?l=B4Nay3 from PacerMonitor.com. About Legacy-Xspire Holdings LLC Legacy-Xspire Holdings LLC market and distribute niche branded and generic prescription products to physicians, pharmacies, wholesale distributors, and specialty pharmaceutical distributors across the United States. Legacy-Xspire's product portfolio consists primarily of therapies for pain management and steroid-responsive disease states. Legacy-Xspire Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04251) on Sept. 26, 2023. In the petition filed by Greg Stokes, as CEO, the Debtor reported assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Honorable Bankruptcy Judge Roberta A. Colton oversees the case. The Debtor was represented by Steven M Berman, Esq., of Shumaker, Loop & Kendrick, LLP. The Debtors' Joint Chapter 11 Liquidating Plan was confirmed on July 3, 2024, and the Plan went effective on September 25, 2024. Shumaker, Loop & Kendrick, LLP now represents the Liquidating Trust. LEISURE INVESTMENTS: Plan Allows $4.5MM Sale of Defunct Park ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that Leisure Investments Holdings LLC secured court approval Monday, October 27, 2025, to sell its defunct dolphin experience park in Panama City Beach, Florida, for more than $4.5 million. The once-popular "Swim with Dolphins" facility has been closed since before the company filed for Chapter 11 bankruptcy protection, according to the report. The Delaware bankruptcy court deferred decisions on other asset sales, citing concerns about bidding procedures and marketing transparency, the report related. The approved sale is expected to generate proceeds for creditors and marks an important step in Leisure Investments' broader liquidation and wind-down efforts, according to report. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is Riveron Management Services, LLC. The Debtors' claims and noticing agent is Kurtzman Carson Consultants, LLC dba Verita Global. LEISURE INVESTMENTS: Seeks to Extend Exclusivity to Jan. 26, 2026 ----------------------------------------------------------------- Leisure Investments Holdings LLC, and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 26, 2026, and March 30, 2026, respectively. Since the Exclusive Periods were first extended, Debtors have continued to work with parties in interest, including the Debtors' prepetition and postpetition lenders, the Committee, the U.S. Trustee, and others to pursue the sale process and maintain case momentum despite a variety of operational challenges. The complexity of the various issues addressed, and the time, effort, and planning required to obtain the progress made thus far warrant the second requested extension of the Exclusive Periods. The Debtors explain that the requested extension of the Exclusive Periods is reasonable given the current status of the Chapter 11 Cases and the progress achieved to date. The Debtors have made significant progress in the months that the Chapter 11 Cases have been pending, demonstrated most recently by the successful auction conducted regarding many of the Debtors' Florida assets. As the Debtors move toward confirmation and the eventual wind down of their estates, the demands on their attention and resources will remain. The Debtors claim that in addition to finalizing the Sales and advancing toward confirmation, the Debtors and their professionals will continue to focus on maximizing the value of their estates by efficiently managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtors note that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value-maximizing nor feasible under the circumstances of the Chapter 11 Cases. The Debtors further assert that allowing them a sufficient opportunity to market their assets and pursue a structured and transparent process will streamline the Chapter 11 Cases, reduce expense, and otherwise maximize the value of the Debtors' estates. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LENASI INC: Unsecureds Will Get 9.6% of Claims over 60 Months ------------------------------------------------------------- Lenasi, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a First Amended Subchapter V Plan dated October 22, 2025. The Debtor is a corporation. Lenasi operates a businesses engaged in sales of outdoor furniture in the state of California. Prior to the filing of this case Lenasi was facing financial difficulties due to the heavy debt burden carried by it. With the imposition of tariffs by the United States Federal Government, debtor's costs went up and the business sales slowed. As a result, Debtor became unable to service their debts and were forced to seek bankruptcy protection. Lenasi is the party proposing this Plan, which is a reorganizing plan that proposes to make distributions as set forth herein over a five-year period of time. The Debtor will fund the plan via its business income as set forth in the projections. To fund the Plan debtor needs to maintain its operations to continue generating income. Class 4 consists of all unsecured claims where the amount owed to the claimants is not in dispute. This class of claims will be with 60 monthly payments of $1,100.00 per month. This will result in the total recovery for this class of $66,000.00, or at least estimated 9.6% of the total amount owed. Payments will begin on the first of the month following the Effective Date of the Plan and continue for 59 months thereafter. The allowed unsecured claims total $686,614.25. Class 4 is impaired. Class 5 consists of John Harutunian's Ownership Interest in the debtor. John Harutuniani shall retain his 100% ownership interest in Lenasi, Inc. The Debtor will fund the plan via business income as set forth in the projections to fund the Plan. At the time of confirmation of this Plan Debtor estimates that it will have about $75,250.00 in its Debtor in possession accounts, which will be used to make the administrative claim payments. Additionally, while Debtor expects small surplus each month from its operation, that surplus will be used as a security for any unexpected expense or liability to be paid during the term of the plan, and will be maintained as a financial cushion. A full-text copy of the First Amended Plan dated October 22, 2025 is available at https://urlcurt.com/u?l=DoCuVz from PacerMonitor.com at no charge. Counsel to the Debtor: Vahe Khojayan, Esq. YK LAW, LLP 445 S. Figueroa Street, Ste 2280 Los Angeles, CA 90071 Tel: (213) 401-0970 Fax: (213) 529-3044 Email: vkhojayan@yklaw.us About Lenasi Inc. Lenasi, Inc., is engaged in sales of outdoor furniture in the state of California. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11328) on July 24, 2025, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Victoria S. Kaufman presides over the case. Vahe Khojayan, Esq. at Yk Law, LLP, is the Debtor's legal counsel. LIFE CENTER: Frederick Bunol Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Frederick Bunol as Subchapter V trustee for Life Center Full Gospel Baptist Cathedral, Inc. Mr. Bunol will be paid an hourly fee of $390 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bunol declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederick L. Bunol 3027 Ridgelake Drive Metairie, LA 70002 Telephone: (504) 207-0913 Facsimile: (504) 832-0327 Email: Fbunol@derbeslaw.com About Life Center Full Gospel Baptist Cathedral Life Center Full Gospel Baptist Cathedral, Inc. operates as a religious organization providing worship services and community programs within the Baptist denomination. It is based in Marrero, La. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12353) on October 20, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Thomas Ussin, assistant finance director, signed the petition. Judge Meredith S. Grabill presides over the case. Michael Landis, Esq., at Heller, Draper & Horn, LLC represents the Debtor as legal counsel. LIFE CENTER: Seeks Subchapter V Bankruptcy in Louisiana ------------------------------------------------------- On October 20, 2025, Life Center Full Gospel Baptist Cathedral Inc. filed Chapter 11 protection in the Eastern District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Life Center Full Gospel Baptist Cathedral Inc. Life Center Full Gospel Baptist Cathedral Inc. operates as a religious organization providing worship services and community programs within the Baptist denomination. Life Center Full Gospel Baptist Cathedral Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12353) on October 20, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Michael Landis, Esq. of HELLER, DRAPER & HORN, LLC. LITIGATION PRACTICE: Court Narrows Claims in Trust Case vs BCB -------------------------------------------------------------- Judge Scott C. Clarkson of the United States Bankruptcy Court for the Central District of California granted in part the motion of Defendants BCB Bancorp, Inc. and BCB Community Bank to dismiss the second amended complaint filed by Richard A. Marshack, Trustee of the LPG Liquidation Trust, in the adversary proceeding captioned as Richard A. Marshack, Chapter 11 Trustee, Plaintiff(s), v. Marich Bein, LLC, et al., Defendant(s), Adv No: 8:24-ap-01040-SC (Bankr. C.D. Cal.). On March 26, 2025, Plaintiff filed the adversary case against Marich Bein, LLC, BankUnited, N.A., GOFI LLC, Vulcan Consulting Group, LLC, and Lisa Cohen, asserting various claims for Breach of Contract, Conversion, Turnover, Injunctive Relief and Avoidance and Recovery of Fraudulent Transfers. Plaintiff filed the First Amended Complaint on March 18, 2025, adding claims under the Racketeer Influenced and Corrupt Organizations Act, for conspiracy, aiding-and-abetting, and declaratory relief. The First Amended Complaint asserted aiding-and-abetting and declaratory relief claims against BCB. The First Amended Complaint states that Defendants knew that fraudulent transactions, transfers, and agreements were occurring and would continue to occur to perpetuate and conceal the Ponzi scheme and fraudulent transfers by and between Debtor and other defendants. The First Amended Complaint alleges that this conduct caused injury to the Estate, and seeks damages under 18 U.S.C. Secs. 1962(d) and 1964(c). Additionally, the First Amended Complaint asks the Court to declare certain agreements void and unenforceable. On July 24, 2025, Trustee filed the Second Amended Complaint which asserts the following claims against BCB: Aiding-and-Abetting under 18 U.S.C. Sec. 2 and California Common Law (Count Thirteen), and Declaratory Relief (Count Fourteen). Trustee alleges that Debtor through its principal, Tony Diab, operated a Ponzi scheme whereby client funds were fraudulently transferred or misappropriated. Trustee further alleges that Defendants knew that fraudulent transactions, transfers, and agreements were occurring and would continue to occur to perpetuate and conceal the alleged Ponzi scheme and fraudulent transfers between Debtor and other defendants. Trustee states that this conduct caused injury to the Estate and seeks damages under 18 U.S.C. Secs. 1962(d) and 1964(c). Trustee alleges that transfers made to perpetuate the alleged Ponzi scheme constitute wire fraud. On these grounds, Trustee seeks a declaration that the subject agreements are void and unenforceable, among other relief. The Motion argues that Plaintiff's aiding-and-abetting claim against BCB fails as a matter of law and, in the alternative, that the Second Amended Complaint violates Fed.R.Civ.P. 8. The Court finds Trustee's assertion that Salinas v. United States, 522 U.S. 52 (1997), authorizes its RICO claim misrepresents the nature of that decision. Accordingly, any theory predicated on aiding-and-abetting under RICO in the Second Amended Complaint fails as a matter of law. BCB argues Trustee does not have standing to bring the aiding-and-abetting claim. The Court agrees and finds that Trustee has not adequately pled his standing to bring the aiding-and-abetting intentional tort claims. Judge Clarkson explains, "Trustee has neither distinguished whether the alleged injuries represent general harm to the estate or particularized harm to individual creditors, nor has Trustee identified an estate-owned cause of action authorizing an aiding-and-abetting theory against the banking intermediary. Further compounding this issue, the [Second Amended Complaint] does not re-characterize the claims as recognized estate actions and lacks the particularity required to plead BCB aided and abetted the transferees. Without identifying an estate-owned cause of action or avoidance right under the Bankruptcy Code, Trustee lacks standing to pursue these claims." The Court finds good cause to order as follows: 1. The aiding-and-abetting RICO theory brought under 18 U.S.C. Sec. 2 in Count Thirteen of the Second Amended Complaint is dismissed without leave to amend. 2. The aiding-and-abetting fraudulent-transfer and intentional tort theories in Count Thirteen of the Second Amended Complaint are dismissed with leave to amend. Plaintiff may file a Third Amended Complaint within 21 days of entry of this Order. 3. Count Fourteen, for declaratory relief, is dismissed as derivative. A copy of the Court's Order dated October 22, 2025, is available at https://urlcurt.com/u?l=gfFRGU from PacerMonitor.com. About The Litigation Practice Group The Litigation Practice Group P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10571) on March 20, 2023, with as much as $1 million in both assets and liabilities. Judge Scott C. Clarkson presides over the case. The Debtor tapped Khang & Khang, LLP as legal counsel and Grobstein Teeple, LLP as accountant. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Fox Rothschild, LLP. LOADED BARREL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Loaded Barrel, LLC d/b/a Flagship Taproom 446 B Street Santa Rosa, CA 95401 Business Description: Loaded Barrel, LLC, doing business as Flagship Taproom, operates a restaurant and taproom at 446 B Street in Santa Rosa, California. The establishment offers a range of craft beers and casual pub-style food in a local dining setting. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-10689 Debtor's Counsel: Michael C. Fallon, Esq. LAW OFFICE OF MICHAEL C. FALLON 100 E Street, Suite 219 Santa Rosa, CA 95404 Tel: (707) 546-6770 Fax: (707) 546-5775 Email: mcfallon@fallonlaw.net Total Assets: $209,649 Total Liabilities: $1,740,875 The petition was signed by Robert Watkins as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IRD4PPA/Loaded_Barrel_LLC__canbke-25-10689__0001.0.pdf?mcid=tGE4TAMA MARLIN CONSTRUCTION: Creditors to Get Proceeds From Liquidation --------------------------------------------------------------- Marlin Construction Group, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Small Business Plan under Subchapter V dated October 20, 2025. The Debtor is a Florida limited liability company formed in the State of Florida on May 8, 2015. Since its inception, the Debtor was primarily engaged in the business of general contracting, with a particular emphasis on providing roofing repair and installation services for both residential and commercial properties. The Debtor's operations historically generated income through contract for new construction, repairs, and renovations, positioning the company as a service provider within the construction and roofing industry. The Debtor must also show that it will have sufficient cash over the life of the Plan to make the payments required under the Plan. The Plan provides for the Distribution of all available assets belonging to the Debtor including the proceeds of any Causes of Action. The Plan provides for: 1 class of non-priority unsecured claims and 1 class of equity security holders. Class 1 is comprised of the Allowed Unsecured Claims. The total amount of liquidated, scheduled and filed Class 1 Claims is approximately $732,932.55 which is subject to change depending on claim objections. Each holder of an Allowed Class 1 Claim will receive, on the Effective Date of the Plan, a pro rata share of unencumbered proceeds after the payment of allowed Administrative Expense Claims, allowed Priority Tax Claims, allowed Priority Claims, and allowed secured claims. Additionally, each holder of an Allowed Claim in Class 1 will receive its pro rata share of any net recoveries made on account of the Professional Malpractice Claims. Distributions to holders of claims in Class 1 shall not exceed the Allowed amounts of the claims of each holder. The pro rata share of Distributions on account of any Allowed Claim in Class 1, excluding the distributions from the net proceeds of Causes of Action, will be calculated as a fraction of the amount of any such Distribution, the numerator of which shall be the Allowed amount of the Class 1 Claim of any particular Holder of a Class 1 Claim and the denominator of which shall be the aggregate amount of Allowed Claims in Class 1. The first Distribution to Holders of Allowed Class 1 Claims shall be made on or before December 31, 2026, in the amount of $1,000, and the second and final Distribution shall be made on or before December 31, 2027, in the amount of $1,343. Class 2 is comprised of all equity interests in the Debtor, which are owned by David Aaron and Russell Ultes. Holders of Equity Interests will retain such interests. Payments required under the Plan will be funded from the assets owned by the Debtor that are available to liquidate including potential pursuit of all Causes of Action owned by the Debtor. With the assets, the Debtor believes it will be able to (i) pay in full all Allowed Administrative Expense Claims, and (ii) make a Distribution to Holders of Allowed Unsecured Claims. A full-text copy of the Subchapter V dated October 20, 2025 is available at https://urlcurt.com/u?l=Lu2Fr2 from PacerMonitor.com at no charge. Counsel to the Debtor: Andrew J. Wit, Esq. Jennis Morse 606 East Madison Street Tampa, FL 33606 Tel: (813) 229-2800 Email: awit@jennislaw.com About Marlin Construction Group LLC Marlin Construction Group LLC is a construction company based in St. Petersburg, Florida. Marlin Construction Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04985) on July 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Andrew J. Wit, Esq. at Jennis Morse. MARQUIE GROUP: Appoints Marc Angell Chief Financial Officer ----------------------------------------------------------- The Marquie Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company appointed Marc Angell as Chief Financial Officer. About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is a publicly traded company engaged in media, wellness, and consumer lifestyle products, recently entering into the golf and hospitality industry through the acquisition of GETGOLF and its wholly owned subsidiaries, Mountain Brook Golf Club, Apache Creek, and Stand-by-Golf. As of May 31, 2025, the Company had total assets of $6,247,926, $5,762,299 in total liabilities, and $485,627 in total shareholders' equity. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. MB RITZ VILLA: Section 341(a) Meeting of Creditors on Nov. 21 ------------------------------------------------------------- On October 21, 2025, MB Ritz Villa LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be Held on November 21, 2025 at 09:00 AM by TELEPHONE. About MB Ritz Villa LLC MB Ritz Villa LLC is a limited liability company. MB Ritz Villa LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22394) on October 21, 2025. In its petition, the Debtor reports estimated assets between 10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ariel Sagre, Esq. of SAGRE LAW FIRM, P.A. MENORAH CAMPUS: No Resident Concern, 3rd PCO Report Says -------------------------------------------------------- Michele McKay, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of New York her third report regarding the quality of resident care provided by Menorah Campus Independent Senior Apartments, Inc. In the reporting period from August 16 to October 17, the PCO conducted three visits to the Stovroff Apartments. There are currently 11 residents remaining in the building, with one expected to move out. This reflects a decrease of three residents since the previous report. The reasons for the moves include one resident requiring a higher level of care and two residents relocating to other senior apartments better suited to their needs. The PCO observed that the exterior of the building was free of litter, with the lawn and landscaping well maintained. As noted in previous reports, while the interior remains neat and free of debris, it continues to show signs of flooring wear, staining, and areas in need of painting. Laundry rooms and public restrooms on each of the four floors are functional. Both the elevator and automatic exterior doors are in working order. Utilities, including water, electricity, and heat, are functioning properly, and Mr. Ingram reports that he has all necessary supplies for the building. During her visits, the PCO introduced herself to residents in common areas and hallways. Of the one or two residents who were available and spoke with her at each visit, none expressed any complaints. The resident's key issue mentioned in the previous report is currently resolved. The PCO reported that during the timeframe covered by this third report, conditions in the Stovroff apartment building remained as previously noted, and no complaints from PACE or other facility residents were brought to her attention. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=hFeyOM from PacerMonitor.com. The ombudsman may be reached at: Michele McKay, MNS, RN, CNE 6360 Kraus Road Clarence Center, New York 14032 Telephone: (716) 907-6045 Email: momsacct2011@gmail.com About Menorah Campus Independent Senior Apartments Menorah Campus Independent Senior Apartments, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-10135) on February 7, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Carl L. Bucki presides over the case. Kevin R. Lelonek, Esq., at Gross Shuman, PC represents the Debtor as legal counsel. Michele McKay serves as patient care ombudsman. MERIT STREET: Court Converts Chapter 11 to Chapter 7 ---------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on October 28, 2925, a Texas bankruptcy judge has ordered the conversion of Merit Street Media's Chapter 11 case to a Chapter 7 liquidation, citing the need for an independent trustee to address disputes surrounding the collapse of the company's partnership with Dr. Phil McGraw and Trinity Broadcasting Network. The judge determined that continued reorganization was impractical due to irreconcilable management conflicts, according to the report. Under Chapter 7, a court-appointed trustee will take control of Merit Street Media's remaining assets and oversee their liquidation, the report related. The trustee is also expected to investigate potential claims and financial issues stemming from the fallout between McGraw's talk show enterprise and the Christian broadcasting group, the report stated. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MG LOGISTICS: Seeks to Extend Plan Exclusivity to March 1, 2026 --------------------------------------------------------------- MG Logistics Incorporated, asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 1, 2026 and May 30, 2026, respectively. The Debtor is a licensed motor carrier that owns and leases to an affiliated nondebtor operating company approximately 171 tractor truck units and 201 trailer units utilized for long-haul freight transportation. Prior to the bankruptcy the Debtor downsized substantially, selling hundreds of units to reduce debt and generally "right size" the business to allow it to weather economic conditions and to maximize creditor outcomes. In bankruptcy, the Debtor and the Debtor’s affiliated operating company have worked to stabilize operations. The Debtor explains that is paying monthly adequate protection to its seven equipment lenders and has been working with and negotiating in good faith (and has resolved myriad issues with) with creditors. Early motions for stay relief have now been resolved consensually and the operating company is seeing slightly better results in October than in prior months. The Debtor claims that it ultimately anticipates proposing a plan that re-amortizes the secured claims of its equipment lenders. But as the Court and parties are aware, the Debtor still needs to work through a number of unresolved contingencies. More granularly, the Debtor has also been, among many other things, negotiating with its current landlord (while simultaneously exploring alternative locations), negotiating with insurance providers regarding long-term deposit requirements, and otherwise laying the groundwork to eventually emerge from bankruptcy. The Debtor asserts that the extension of the Exclusive Periods will afford the company and all other parties in interest an opportunity to fully develop the grounds upon which further negotiations toward a plan of reorganization can be based. Terminating the Exclusive Periods before this process is complete would defeat the very purpose of section 1121 of the Bankruptcy Code, which is to afford the Debtor a meaningful and reasonable opportunity to negotiate with creditors and propose and confirm a consensual plan of reorganization. Accordingly, the Debtor should be afforded a full and fair opportunity to propose, negotiate, and seek acceptance of a chapter 11 plan. The Debtor believes that the requested extension of their Exclusive Periods is warranted and appropriate under the circumstances, particularly in light of the fact that this is the Debtor's initial request. The Debtor submits that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford it a meaningful opportunity to pursue a consensual plan of reorganization, all as contemplated by chapter 11 of the Bankruptcy Code. MG Logistics Incorporated is represented by: Matthew E. McClintock, Esq. Jeffrey Dan, Esq. Joshua Grenard, Esq. GOLDSTEIN & MCCLINTOCK LLLP 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Facsimile: (312) 277-2310 Email: mattm@goldmclaw.com About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MICROMOBILITY.COM: Settles $2.5M Judgment With Bernheim ------------------------------------------------------- Micromobility.com, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 30, 2024, the Supreme Court of the State of New York entered a judgment against the Company in favor of Bernheim Investment Fund SICAV for the sum of $2,486,128.73. In October 2025, the Company agreed with Bernheim to settle the judgment for a payment of EUR1,070,000. The Company has paid the amount outstanding under the Bernheim Settlement, and on October 24, 2025 Bernheim filed a Satisfaction of Money Judgment with the Supreme Court of the State of New York. The Company does not have any outstanding judgments against it at this time. About micromobility.com Inc. New York, N.Y.-based micromobility.com, Inc. was an intra-urban transportation and media company, offering affordable, accessible, and sustainable forms of personal transportation, and providing live and non-live media content. During 2024, the Company decided to exit the mobility and media operations, both in Italy and the United States of America, due to the high costs and related cash burn. During the year ended December 31, 2024, the Company shifted its core business from micromobility and media services to IT software services. In detail, during 2024 the Company entered into a Service agreement with Everli S.p.A., a related party (an entity controlled by the Company's major shareholder), for providing software development services, which became its core business. As of June 30, 2025, the Company had $1.40 million in total assets, $31.32 million in total liabilities, and $37.92 million in total stockholders' deficit. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has 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. MICROMOBILITY.COM: Signs $25M Equity Purchase Deal With Yorkville ----------------------------------------------------------------- Micromobility.com, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. ("Yorkville"), dated October 20, 2025, pursuant to which it shall have the right to issue and sell to Yorkville, and Yorkville shall purchase from the Company, up to $25 million in aggregate gross purchase price of newly issued fully paid shares of its common stock. The October SEPA shall terminate on the earliest of: (i) October 20, 2028 and (ii) the date on which Yorkville shall have made payment of any advances requested pursuant to the October SEPA for shares of the Company's common stock equal to the Commitment Amount. Each sale that the Company requests under the October SEPA may be for a number of shares of common stock that it may determine, subject to certain limitations set forth in the October SEPA. The shares of common stock purchased pursuant to an Advance delivered by the Company will be purchased at a price equal to 97% of the lowest daily VWAP of the shares of Common Stock during the three consecutive trading days commencing on the date of the delivery of the Advance Notice, other than the daily VWAP on a day in which the daily VWAP is less than a minimum acceptable price as stated by the Company in the Advance Notice or there is no VWAP on the subject trading day. The purchase is subject to certain limitations, including that Yorkville cannot purchase any shares that would result in it owning more than 4.99% of the Company's common stock. In connection with the execution of the October SEPA, the Company agreed to pay a commitment fee of $500,000 as consideration for Yorkville's irrevocable commitment to purchase the shares of common stock upon the terms and subject to the satisfaction of the conditions set forth in the October SEPA. Half of such commitment fee is to be paid in cash on the six-month anniversary of the October SEPA, and the remainder of which is to be paid in cash on the twelve-month anniversary of the October SEPA. In connection with the October SEPA, Yorkville agreed to advance to the Company the principal amount of $2,500,000 in exchange for the issuance of a promissory note in the principal amount of $2,500,000. Of such funds: (i) $1,300,000 was advanced on October 20, 2025 which was deposited into escrow and used primarily for the Bernheim Settlement and (ii) $1,200,000 was advanced on October 24, 2025 upon conclusion of the Bernheim Settlement, of which: (a) $155,000 shall be used to repay the promissory note that the Company issued to Yorkville in April 2025, (b) $250,000 shall to be used as payment of an implementation fee for the October SEPA and (c) the remaining $795,000 be used by the Company for working capital purposes. The Promissory Note may be converted by Yorkville into shares of common stock, such shares shall be valued at the lower of: (i) $.006 per share or (ii) 95% of the lowest daily VWAP during the 10 consecutive Trading Days immediately preceding the date of such conversion, but which Variable Price shall not be lower than the Floor Price then in effect. On the fourth Trading Day following the listing of the Company's common stock on a national exchange, the Fixed Price shall be adjusted (downwards only) to equal the average VWAP for the three trading days immediately prior to the Fixed Price Reset Date. The "Floor Price" respect to the Variable Price, shall mean: (i) prior to an uplisting of the Company's common stock to a national exchange, nil, and (ii) following such an uplisting, 20% of the initial listing price on such exchange. At any time during the Commitment Period that there is a balance outstanding under the Promissory Note, Yorkville may deliver notice to the Company to cause an Advance Notice to be deemed delivered to Yorkville and the issuance and sale of shares of common stock to Yorkville pursuant to an Advance in an amount not to exceed the balance owed under the Promissory Note outstanding on the date of delivery of such Investor Notice. As a result of an Investor Advance, the amounts payable under the Promissory Note will be offset by such amount subject to each Investor Advance. About micromobility.com Inc. New York, N.Y.-based micromobility.com, Inc. was an intra-urban transportation and media company, offering affordable, accessible, and sustainable forms of personal transportation, and providing live and non-live media content. During 2024, the Company decided to exit the mobility and media operations, both in Italy and the United States of America, due to the high costs and related cash burn. During the year ended December 31, 2024, the Company shifted its core business from micromobility and media services to IT software services. In detail, during 2024 the Company entered into a Service agreement with Everli S.p.A., a related party (an entity controlled by the Company's major shareholder), for providing software development services, which became its core business. As of June 30, 2025, the Company had $1.40 million in total assets, $31.32 million in total liabilities, and $37.92 million in total stockholders' deficit. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has 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. MICROMOBILITY.COM: Terminates April SEPA With Yorkville ------------------------------------------------------- Micromobility.com, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on April 21, 2025, the Company entered into a Standby Equity Purchase Agreement with Yorkville, pursuant to which the Company had the right to issue and sell to Yorkville newly issued fully paid shares of its common stock. The Company entered into a Mutual Agreement with Yorkville to terminate the April SEPA as of August 25, 2025. The Company was due to pay a commitment fee and an implementation fee under the April SEPA, but as part of the Mutual Agreement, Yorkville waived any rights that it had to such fees. About micromobility.com Inc. New York, N.Y.-based micromobility.com, Inc. was an intra-urban transportation and media company, offering affordable, accessible, and sustainable forms of personal transportation, and providing live and non-live media content. During 2024, the Company decided to exit the mobility and media operations, both in Italy and the United States of America, due to the high costs and related cash burn. During the year ended December 31, 2024, the Company shifted its core business from micromobility and media services to IT software services. In detail, during 2024 the Company entered into a Service agreement with Everli S.p.A., a related party (an entity controlled by the Company's major shareholder), for providing software development services, which became its core business. As of June 30, 2025, the Company had $1.40 million in total assets, $31.32 million in total liabilities, and $37.92 million in total stockholders' deficit. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has 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. MIDNIGHT VENTURES: Joli Lofstedt Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Midnight Ventures, LLC. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $390 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Midnight Ventures LLC Based in Dove Creek, Colorado, Midnight Ventures, LLC owns and operates the Sinclair at Dove Creek fuel and convenience station at 419 W Highway 491, offering fueling services with DINOCARE additives, mobile payments through DINOPAY, and convenience store amenities for local and traveling customers. Midnight Ventures filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16775) on October 17, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Timothy Meyer, managing member of Midnight Ventures, signed the petition. Judge Joseph G. Rosania Jr. presides over the case. Jonathan M. Dickey, Esq., at Denver represents the Debtor as legal counsel. MIDNIGHT VENTURES: Section 341(a) Meeting of Creditors on Nov. 21 ----------------------------------------------------------------- On October 17, 2025, Midnight Ventures LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on November 21, 2025 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Midnight Ventures LLC Midnight Ventures LLC, based in Dove Creek, Colorado, owns and operates the Sinclair at Dove Creek fuel and convenience station at 419 W Highway 491, offering fueling services with DINOCARE additives, mobile payments through DINOPAY, and convenience store amenities for local and traveling customers. Midnight Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col.Case No. 25-16775) on October 17, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. MIDWOOD DENTAL: Employs Estelle Miller CPA as Accountant -------------------------------------------------------- Midwood Dental Services PC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, CPA as accountant for the Debtor in its Chapter 11 case. Ms. Miller will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; (b) prepare, review, and file monthly operating reports for the Debtor during the course of the bankruptcy case. Ms. Miller will bill at a rate of $300 per report. The Debtor has paid an initial retainer of $3,000 on September 10, 2025, and the estimated monthly cost of services is $300. Additional time exceeding the standard engagement will be billed at $250 per hour. According to court filings, Estelle Miller, CPA does not hold or represent any adverse interest to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller Certified Public Accountant 1620 Ocean Ave Suite 1A Brooklyn, NY 11230 Telephone: (347) 570-7002 E-mail: estellemillercpa@gmail.com About Midwood Dental Services PC Midwood Dental Services PC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44118-nhl) on September 10, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Nancy Hershey Lord oversees the case. Law Offices of Alla Kachan, P.C. serve as the Debtor's legal counsel. MIDWOOD DENTAL: Employs Law Offices of Alla Kachan P.C. as Counsel ------------------------------------------------------------------ Midwood Dental Services PC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Alla Kachan P.C. to serve as counsel in its Chapter 11 case. Alla Kachan, Esq., will provide these services: (a) to assist Debtor in administering this case; (b) making such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (c) to represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deem appropriate; (d) to take such steps as may be necessary for Debtor to marshal and protect the estate's assets; (e) to negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; (f) to draft and prosecute the confirmation of Debtor's plan of reorganization in this case; and (g) to render such additional services as Debtor may require in this case. The Law Offices of Alla Kachan P.C. will bill the Debtor at hourly rates of $250 for clerks and paraprofessionals and $550 for attorney time. The Debtor paid an initial retainer of $18,000 on September 10, 2025, of which $3,000 was drawn for pre-filing services, leaving a balance of $15,000 on the petition date. According to court filings, the Law Offices of Alla Kachan P.C. does not hold or represent an adverse interest to the estate and is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Midwood Dental Services PC Midwood Dental Services PC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44344-NHL) on September 10, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Nancy Hershey Lord oversees the case. The Law Offices of Alla Kachan P.C. serves as the Debtor's legal counsel. MK RE HOLDINGS: Gets Court OK to Use Cash Collateral ---------------------------------------------------- MK RE Holdings, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to use the cash collateral of Landmark Credit Union. The court authorized the Debtor to use cash collateral in accordance with the approved budget, subject to a 20% variance for any expenditure in any month. As adequate protection, Landmark Credit Union will be granted replacement liens on post-petition assets of the Debtor, with the same priority as its pre-bankruptcy liens. In addition, the Debtor was ordered to make a monthly payment of $4,625.39 to Landmark Credit Union, starting January 1, 2026; and maintain insurance on three of its properties. The order remains in effect until the Debtor's Chapter 11 case is either dismissed or converted to another chapter of the Bankruptcy Code. Landmark Credit Union is represented by: Robert G. Pyzyk, Esq. Niebler, Pyzyk, Carrig, Jelenchick & Hanley, LLP P.O. Box 444 Menomonee Falls, WI 53052-0444 Phone: 262/251-5330 Fax: 262/251-1823 rpyzyk@nieblerpyzyk.com About MK RE Holdings LLC MK RE Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25541) on September 30, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge G. Michael Halfenger presides over the case. Evan Schmit, Esq., at Kerkman & Dunn represents the Debtor as legal counsel. MODERNO PORCELAIN: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Moderno Porcelain Tampa, LLC 2215 51st Avenue East Suite 100 Palmetto, FL 34221 Business Description: Moderno Porcelain Tampa, LLC, doing business as Moderno Porcelain Works, fabricates and installs large-format porcelain slabs for residential and commercial applications. The Company provides end-to-end services including design consultation, precision fabrication, and on-site installation of surfaces such as countertops, walls, and floors. It operates from Palmetto, Florida, serving clients across the greater Tampa area. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08025 Judge: Hon. Roberta A Colton Debtor's Counsel: Esther McKean, Esq. AKERMAN LLP 420 S. Orange Ave. Suite 1200 Orlando, FL 32801 Tel: 407-419-8583 Fax: 407-843-6610 Email: esther.mckean@akerman.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Roberto Contreras, president & CEO of Moderno Porcelain Works, LLC, the Debtor's Manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S6NQFVI/Moderno_Porcelain_Tampa_LLC__flmbke-25-08025__0001.0.pdf?mcid=tGE4TAMA MODIVCARE INC: Creditors Object to UnitedHealthcare Settlement -------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the unsecured creditors committee for Modivcare Inc. has raised objections to the company's proposed settlement with UnitedHealthcare, arguing that the agreement leaves unresolved questions about whether the two will permanently end their business relationship. The committee said the lack of clarity makes it difficult to determine if the deal is in the best interest of creditors, according to the report. The committee has asked the court to withhold approval until Modivcare provides more information on how the settlement will affect its future dealings and revenue streams, according to the report. It warned that approving the deal prematurely could expose the estate to additional uncertainty or future disputes with UnitedHealthcare, the report stated. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MOUNTAIN SPORTS: Unsecured Creditors Slam Chapter 11 Plan --------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that two unsecured creditors of Mountain Sports are challenging the company's Chapter 11 plan disclosure, urging a Delaware bankruptcy judge to reject it. They argue that the retailer is attempting to isolate their claims into a separate creditor class, a move they say is designed to weaken their ability to influence the plan's outcome. According to the creditors, the proposed classification unfairly limits their voting rights and violates bankruptcy rules requiring equitable treatment of similar claims. They have asked the court to deny approval of the disclosure statement until the classification issue is resolved. About Mountain Sports Mountain Sports LLC, doing business as Bob's Stores, Eastern Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby and musical instrument retailer. Mountain Sports LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11385) on June 18, 2024. In the petitions filed by David Barton, authorized representative, Mountain Sports disclosed between $10 million and $50 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Goldstein & McClintock LLLP as counsel, and Silverman Consulting as financial advisor. The Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel and Morris James LLP as Delaware counsel. MWP PROPERTY: Plainfield Property Sale to Y. M. Rodriguez-Pena OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has permitted MWP Property 954-958 W. 4th Street LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 954-958 W. 4th Street, Plainfield, New Jersey. The Court has authorized the Debtor to sell the Property to Yefrey M. Rodriguez-Pena for the purchase price of $750,000. The proceeds of sale may be applied to satisfy the liens on the Real Property unless the liens are otherwise avoided by court order. Until such satisfaction the real property is not free and clear of liens. The proceeds of the sale shall be applied to pay in full at closing the mortgage on the real property which is held by New Rez LLC d/b/a Shellpoint Mortgage Servicing, its successors and/or assigns and/or Wilmington Savings Fund Society, FSB, not in its individual capacity but solely as owner trustee for Verus Securitization Trust 2023-INV1 who shall be paid in full out of the proceeds of the sale, pursuant to a valid payoff, requested by the Debtor and to be provided by the Secured Creditor prior to the closing. The closing date shall be by October 15, 2025 for the Sale of the property. All real estate taxes and water and sewer fees will be paid at the time of closing. Secured Creditor reserves it’s right to require an updated payoff demand prior to any closing due to any delays in closing to ensure that the Claim is paid in full; and reserves its right to file a Motion for Relief in the event the sale is not consummated within 60 days of entry of the Order on Debtor's Motion to Sell. About MWP Property 954-958 LLC MWP Property 954-958 LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 25-14179) on April 23, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Vincent F Papalia presides over the case. Robert C. Nisenson, Esq. at Robert C. Nisenson, LLC represents the Debtor as counsel. NAPA VALLEY: Hires Meyer Law Group as General Bankruptcy Counsel ---------------------------------------------------------------- Napa Valley Ford Lincoln Mercury, Inc., Debtor in Possession, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Brent D. Meyer of Meyer Law Group LLP as its general bankruptcy counsel in its Chapter 11 case. Mr. Meyer will provide these services: (a) assist with the immediate sale of substantially all assets; (b) obtain interim use of cash collateral; (c) formulate a Chapter 11 plan; (d) review monthly operating reports; (e) respond to creditor inquiries; (f) evaluate claims; and (g) perform all services usually performed by such counsel. Mr. Meyer's hourly rate is $475, and the hourly rate for paralegals is $125. The firm received a $65,000 retainer from non-debtor individuals Kevin Massie and Karen Massie, which is held in the firm's IOLTA Trust Account. Meyer Law Group LLP is a "disinterested person" within the meaning of Section 101(14) and as required by Section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brent D. Meyer, Esq. MEYER LAW GROUP LLP 268 Bush Street #3639 San Francisco, CA 94104 Telephone: (415) 765-1588 Facsimile: (415) 762-5277 E-mail: brent@meyerllp.com About Napa Valley Ford Lincoln Mercury Inc. Napa Valley Ford Lincoln Mercury, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10450) on July 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Honorable Judge Charles Novack oversees the case. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices of Michael Jay Berger. NEOGEN FOOD: Moody's Lowers CFR to B1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded the ratings of Neogen Food Safety Corporation's ("Neogen"), including the Corporate Family Rating to B1 from Ba3, the Probability of Default Rating to B1-PD from Ba3-PD, and the senior unsecured notes rating to B3 from B2. The Speculative Grade Liquidity rating is SGL-2, signifying good liquidity. At the same time, Moody's revised the outlook to stable from negative. The ratings downgrade reflects Moody's expectations that gross debt/EBITDA on Moody's basis will remain elevated above 5 times over the next 12 to 18 months. While the recent divestiture of the cleaners and disinfectants business and potential divestiture of the genomics business, with proceeds expected to be used to reduce Neogen's debt load, the loss of revenue and EBITDA from the divested businesses will result in reduced size, scale and business diversification. Moody's expects that a multitude of factors, including federal government spending cuts, deregulation, and continued uncertainty with tariffs, will lead to more cautious spending by Neogen's customers, resulting in below average top-line organic growth in the low single digits over the next 12 to 18 months. Further, Neogen continues to deal with challenges integrating the 3M Food Safety business, including sample collection production issues and the protracted process of transitioning Petrifilm manufacturing from an outside suppler into its new production facility, which is expected to be complete in the company's second fiscal quarter in 2027. The outlook is stable, reflecting Moody's expectations for gross debt/EBITDA to remain moderately high but improve towards the mid 5 times range on Moody's basis over the next 12 to 18 months, supported by mid-single digit EBITDA growth. RATINGS RATIONALE Neogen's B1 CFR reflects its leading global market position in food and animal safety products. The company benefits from a high proportion of consumable sales that are recurring in nature and carry attractive margins. Neogen has a highly diversified end-customer base, comprised primarily of food processors, contract labs, and other adjacent end-markets. Rising global emphasis on food safety will drive long-term demand for Neogen's offerings. The rating is constrained by the ongoing integration of the 3M Food Safety segment that was acquired in 2022 and macroeconomic headwinds, which will continue to constrain revenue growth and margin improvement and keep gross debt/EBITDA somewhat elevated. In addition, Neogen lacks diversification outside of its niche focus on food and animal safety, which creates exposure to manufacturing issues, product defects or increasing competition. Neogen does not have long-term contracts with the majority of customers but delivers goods on a per-order basis. The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's expectations that Neogen's liquidity will remain good over the next 12 to 18 months. Neogen has approximately $139 million of cash on hand as of August 31, 2025. Moody's expects that Neogen will generate modestly positive free cash flow over the next 12 to 18 months as capital expenditures moderate. Further, as of August 31, 2025, Neogen has approximately $48.5 million outstanding on its $250 million revolving credit facility, which expires in 2030. That said, Moody's expects that if a genomics sale occurs, the company would use net proceeds to repay the outstanding balance. The credit agreement contains financial maintenance covenants including maximum net leverage of 4.5x and minimum interest coverage of 2.25x through August 31, 2025 and stepping up to 2.5x for any period thereafter. Moody's anticipates that Neogen will maintain sufficient cushion under the covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include a return to above average organic growth rates. Additionally, a reduction in EBITDA add-backs and a notable improvement in free cash flow could result in a ratings upgrade. Quantitatively, the ratings could be upgraded if gross debt/EBITDA is sustained below 4.5x. Factors that could lead to a downgrade include a further escalation of integration challenges with the former 3M Food Safety business, material customer attrition or further weak end user market conditions, or more aggressive financial policies. Further, a weakening of the company's liquidity position, including sustained negative free cash flow, could result in a downgrade of the ratings. Quantitatively, the ratings could be downgraded if gross debt to EBITDA is sustained above 5.5x. Neogen Food Safety Corporation is a subsidiary of publicly traded Neogen Corporation. Headquartered in Lansing, Michigan, Neogen is a global company that develops, manufactures and markets diagnostic tests and other products and services dedicated to food safety, livestock and pet health and wellness. Neogen has a presence in over 140 countries. Total revenue for the last twelve month period ended August 31, 2025 was approximately $887 million. The principal methodology used in these ratings was Medical Products and Devices published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. NORTH AMERICAN: Case Summary & Six Unsecured Creditors ------------------------------------------------------ Debtor: North American Recycled Clothing LLC 3615 Willow Bend Blvd Houston, TX 77054 Business Description: North American Recycled Clothing, LLC, formed on September 26, 2014, operates a secondhand textile recycling business. The Company handles a variety of products including clothing, shoes, handbags, toys, and household items. It purchases used bulk clothing from thrift stores such as Goodwill and resells the bulk items to international buyers. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-36394 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 1555 State St. Salem OR 97301 Tel: (713) 595-8200 Email: notifications@lanelaw.com Total Assets: $42,122 Total Debts: $2,491,132 The petition was signed by Zulfiqar Khandwala as general partner. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3LTDBXI/NORTH_AMERICAN_RECYCLED_CLOTHING__txsbke-25-36394__0001.0.pdf?mcid=tGE4TAMA O'BRIEN'S RENT-ALL: Sean O'Brien Unsecureds Will Get 9% Dividend ---------------------------------------------------------------- O'Brien's Rent-All & Sales, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of West Virginia a Disclosure Statement describing Plan of Reorganization dated October 22, 2025. OBRA, OBMC, and Sean Patrick O'Brien are jointly administered Debtors-in-Possession. OBRA is a business originally established in 1978 by Mr. O'Brien's parents. It initially functioned as a rental store, renting tools and equipment. In 2003, OBMC was created as a Pennsylvania-registered corporation to aid in the functioning of OBRA. OBMC is a company in which Mr. O'Brien is the sole shareholder. It was established as a method to minimize liability for potential violations from the Mine Safety and Health Administration ("MSHA"). The Debtors had obtained loans from Main Street Bank to pay the wrongful death judgment. Business revenues started to decline in 2024 due to changes in the coal industry and the loss of a major maintenance contract with CONSOL Energy. After an extended time of attempting and failing to find a mutually acceptable payment plan for both parties, MMG filed a complaint in Ohio County, West Virginia for breach of contract and a prayer for replevin on the equipment of OBRA and OBMC. OBRA then decided to move forward with the Chapter 11 filing to prevent loss of the equipment because losing the equipment would prevent OBRA from continuing to operate. During the preparation of the Chapter 11 filing, because OBRA, OBMC, and Sean O'Brien individually are all jointly liable on the debts to MMG, all three parties opted to file Chapter 11 petitions to reorganize. The primary purpose of filing this Plan is to restructure the debt owed to MMG so that OBRA can continue to operate and all three Debtors can retain their assets. Additionally, OBRA has several priority debts due to taxing authorities and various trade union entities that must be addressed by this Plan. Class 3 consists of Unsecured Claims. Class 3 is impaired under the Plan. In OBRA, the allowed unsecured claims total $455,531.43 between Class 3A and Class 3B, with $418,477.94 in Class 3A and $37,05.49 in Class 3B. Class 3A represents the general unsecured creditors who have not received any post-petition payments on their claims, and Class 3B represents creditors who did receive post-petition payments on pre-petition debts. After the UST filed its Motion to Convert or Dismiss, OBRA submitted an Amended Schedules E/F to add the creditors to the schedules that should have been originally listed as creditors. Of those newly added creditors, only one filed a claim: AB&L Concrete. Currently, AB&L Concrete is the only creditor in Class 3B. OBRA is anticipating a one percent base dividend to the unsecured creditors in Class 3A and Class 3B. To address the post-petition payments on pre-petition debts discussed above at Page 12, Class 3A a will receive additional funds for the offset; these additional funds increase the base dividend by 11.2657 percent. This is calculated by allocating the $47,144.56 paid post-petition on pre-petition debts pro rata among the Class 3A claimants. This increases the Class 3A total dividend to 12.26 percent. For Class 3B, AB&L Concrete received $1,500.00 post-petition towards its pre-petition debt, and it will receive $370.53 from the base dividend of 1 percent. To increase the total dividend for AB&L Concrete of 12.26 percent, AB&L Concrete will receive an additional $2,672.23 to bring its total dividend to 12.26 percent. For Sean O'Brien, his unsecured claims are in Class 3C. There are claims filed by Discover Bank and the Pennsylvania Department of Revenue. Additionally, the claim of MMG, as to Sean O'Brien, is partially secured and partially unsecured. Mr. O'Brien has filed a Motion to Sell his Piper Cub aircraft for the sum of $150,000.00. Once the sale of the aircraft is finalized, Mr. O'Brien is proposing to pay the proceeds to his unsecured creditors proportionally; this will generate roughly a 9% dividend to the unsecured creditors of Sean O'Brien. He anticipates the breakdown of the proceeds to be as follows: $148,429.53 to MMG; $1,476.50 to Discover Bank; and $93.97 to the Pennsylvania Department of Revenue. Equity interest holders are parties who hold an ownership interest (i.e., equity interest) in the Debtor. With respect to an individual who is a debtor, the Debtor is the equity interest holder. Sean Patrick O'Brien is the only equity interest holder in OBRA and OBMC. His equity interest in each entity will remain unchanged; he had provided new value to OBRA post-petition by pledging the real estate owned by his LLC as additional security to MMG in order to finalize the cash collateral order. The Debtors will be funding the plan through the current cash on hand, the ongoing accounts receivable generated by OBRA, and the sale of the Piper Cub aircraft by Sean O'Brien. A full-text copy of the Disclosure Statement dated October 22, 2025 is available at https://urlcurt.com/u?l=LsjPgM from PacerMonitor.com at no charge. Counsel to the Debtors: Kelly Gene Kotur, Esq. Davis & Kotur Law Office Co. LPA 407-A Howard Street Bridgeport, OH 43912 Telephone: (740) 635-1217 Facsimile: (740) 633-9843 Email: kellykotur@davisandkotur.com About O'Brien's Rent-All & Sales O'Brien's Rent-All & Sales, Inc., operates a construction business in West Virginia and Pennsylvania. O'Brien's and its affiliate, O'Brien's Mining & Construction Services, filed Chapter 11 petitions (Bankr. N.D. W.V. Lead Case No. 25-00077) on February 24, 2025. At the time of the filing, O'Brien's reported up to $10 million in both assets and liabilities while O'Brien's Mining & Construction Services reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge David L. Bissett oversees the cases. Kelly Gene Kotur, Esq., at Davis & Kotur Law Office Co. LPA, represents the Debtors as legal counsel. MMG Investments V, as lender, is represented by: Kelly M. Neal, Esq. Buchanan Ingersoll & Rooney, LLP Union Trust Building 501 Grant Street, Suite 200 Pittsburgh, PA 15219-1410 Telephone: (412) 562-8800 Facsimile: (412) 562-1041 Email: kelly.neal@bipc.com OAK CREEK: Employs Cohen Stephens & Associates as Accountant ------------------------------------------------------------ Oak Creek Wood Products, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Cohen Stephens & Associates to serve as accountant in its Chapter 11 case. CSA will provide these services: (a) assist in preparing the Debtor's monthly operating reports; (b) prepare and file the Debtor's tax returns; (c) provide bookkeeping assistance for fiscal years 2024 and 2025; (d) prepare financial statements for fiscal years 2024 and 2025; and (e) perform other accounting and reporting services required during the bankruptcy proceedings. CSA will provide accounting services on a flat-fee basis: $4,000 for 2024 bookkeeping, $4,000 for 2025 bookkeeping, $1,800 for 2024 financial statement preparation, $1,800 for 2025 financial statement preparation, $2,200 for 2024 federal and state tax returns, $2,200 for 2025 federal and state tax returns, and $200 per month for monthly operating reports. As a condition to providing services, the Debtor has agreed to provide CSA a $16,000 retainer to apply against future approved fees. If CSA is requested to prepare a report or testify in support of a plan of reorganization, it has agreed to hourly rates of $275 for time spent by Ryan Stephens, CPA, and $125 per hour for staff accountants, plus travel costs and expenses. Cohen Stephens & Associates is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold an interest adverse to the Debtor's estate, according to court filings. The firm can be reached at: Ryan Stephens, CPA COHEN STEPHENS & ASSOCIATES Phoenix, AZ Telephone: (414) 277-8200 Facsimile: (414) 277-0100 E-mail: nkerkman@kerkmandunn.com About Oak Creek Wood Products LLC Oak Creek Wood Products, LLC manufactures and supplies wood pallets, skids, crates, and boxes, providing packaging and logistics solutions for industries including commercial, food, agriculture, medical, steel, and manufacturing. Headquartered in Oak Creek, Wisconsin, the company operates additional facilities in Menomonee Falls, WI, Austin, TX, and Leon, Mexico. It is recognized for offering custom wood packaging, pallet management, RFID tracking, heat treatment, and sustainable recycling programs. Oak Creek Wood Products LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-24802) on August 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge G. Michael Halfenger oversees the case. Evan P. Schmit, Esq., at Kekrman & Dunn, represents the Debtor as legal counsel. Capital Credit Incorporated, as lender, is represented by: Michael P. Richman, Esq. Richman & Richman, LLC 122 West Washington Avenue, Suite 850 Madison, WI 53703 Phone: (608) 630-8992 Fax: (608) 630-8991 OMNIQ CORP: 2 Directors Elected, Equity Plan OK'd at Annual Meeting ------------------------------------------------------------------- OmniQ Corp. held its 2025 Annual Meeting of Stockholders at the Company's headquarters located at 696 West Confluence Avenue, Murray, Utah. Stockholders of record at the close of business on August 22, 2025 were entitled to vote at the Annual Meeting. A total of 7,051,847 shares, representing approximately 61% of the 11,627,930 shares of the Company's common stock outstanding as of the record date (including 25,000 votes on an as-converted basis from the Company's outstanding shares of Series C Preferred Stock), were present in person or by proxy at the meeting, constituting a quorum. The matters voted upon and the results of the voting were as follows: Proposal 1: Election of Directors. Stockholders elected Shai Lustgarten and Guy Elhanani to serve as directors until the Company's next annual meeting of stockholders and until their respective successors are duly elected and qualified. Proposal 2: Ratification of Appointment of Independent Auditor. Stockholders ratified the appointment of Haynie & Company as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. Proposal 3: Adoption of the Company's 2025 Equity Incentive Plan Stockholders approved the Company's 2025 Equity Incentive Plan. About Omniq Corp OmniQ Corporation -- www.omniq.com -- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver real-time object identification, tracking, surveillance, and monitoring for the Supply Chain Management, Public Safety, and Traffic Management applications. The technology and services provided by the Company help clients move people, objects, and manage big data safely and securely through airports, warehouses, schools, and national borders and in many other applications and environments. As of June 30, 2025, the Company had $26.78 million in total assets, $37.75 million in total liabilities, and a total stockholders' deficit of $10.97 million. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a deficit in stockholders' equity and has sustained recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. OMNIQ CORP: Moves Principal Offices to 696 West Confluence Avenue ----------------------------------------------------------------- OmniQ Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it has relocated its principal executive offices, effective October 21, 2025, to 696 West Confluence Avenue, Murray, Utah 84123. All future correspondence should be directed to this address. The Company's telephone number remains (801) 733-2222. About Omniq Corp OmniQ Corporation -- www.omniq.com -- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver real-time object identification, tracking, surveillance, and monitoring for the Supply Chain Management, Public Safety, and Traffic Management applications. The technology and services provided by the Company help clients move people, objects, and manage big data safely and securely through airports, warehouses, schools, and national borders and in many other applications and environments. As of June 30, 2025, the Company had $26.78 million in total assets, $37.75 million in total liabilities, and a total stockholders' deficit of $10.97 million. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a deficit in stockholders' equity and has sustained recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. ONDAS HOLDINGS: Signs Deal to Acquire 70% Stake in 4M Defense ------------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 24, 2025, the Company entered into a Share Purchase Agreement, by and among the Company, 4M Defense Ltd., Chirokka Holding Ltd. ("HoldCo") both a company registered in the State of Israel, Mr. Itzik Malka, and Mr. Nir Cohen. HoldCo holds 100% of the share capital of 4M. The Agreement provides that, upon the terms and subject to the conditions set forth in the Agreement, the Company will acquire 70% of the issued and outstanding share capital of HoldCo. At the closing of the Acquisition, upon the terms and subject to the conditions set forth in the Agreement, the Company shall pay an aggregate amount of: (i) $2,400,000 in cash and (ii) 801,068 shares of the Company's common stock, par value $0.0001 per share ("Common Stock"), in exchange for the HoldCo Shares. Pursuant to the Agreement, Itzik has agreed, subject to certain customary exceptions, not to sell, transfer or dispose of 480,641 shares of Common Stock for a period of 12 months after the closing of the Acquisition, at which time Itzik shall be permitted to sell, transfer or otherwise dispose of, on a calendar quarterly basis, up to 12.5% of such shares of Common Stock, until all such shares have been released from the lock-up restrictions. The shares of Common Stock issued pursuant to the acquisition are to be registered for resale pursuant to a resale registration statement to be entered into at closing of the Acquisition, which is attached as Exhibit A of the Agreement. Pursuant to the Agreement, between January 1, 2026 and December 31, 2027: (i) the Company shall have an irrevocable right, exercisable in whole (and not in part), at the Company's sole discretion to acquire from Nir 100% of Nir's remaining share capital in HoldCo following the closing of the Acquisition and (ii) Nir shall have an irrevocable right, exercisable in whole (and not in part), at Nir's sole discretion, to request the Company to acquire from Nir 100% of Nir's remaining share capital in HoldCo following the closing of the Acquisition. The applicable consideration payable by the Company to Nir upon the consummation of either the Call Option or the Put Option shall be paid in cash, provided however, that the Company may choose, in its sole discretion, to pay Nir in Common Stock. Each of the Company, 4M, HoldCo, and the Shareholders has provided customary representations, warranties and covenants in the Agreement. The completion of the Acquisition is subject to various closing conditions, including: (a) the requisite corporate, governmental, regulatory, third party, and other approvals, consents and/or waivers being obtained; (b) the requisite consents and approvals being obtained by 4M and HoldCo; and (c) the absence of any threatened, instituted or pending lawsuit, litigation, claims, investigations or other proceedings by any third party which purports to prevent the consummation of the Acquisition. The Agreement may be terminated upon: (i) the written agreement of the Company, 4M, HoldCo, and the Shareholders or (ii) the written notice by the Company, 4M, HoldCo, or the Shareholders if the closing of the Acquisition has not occurred on or before December 8, 2025. The Acquisition is expected to close in the fourth quarter of 2025. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by the full text of the Agreement, a copy of which is available at https://tinyurl.com/28mm9522 About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. P&L DEVELOPMENT: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Ratings downgraded P&L Development, LLC's ("PLD") Corporate Family Rating to Caa3 from Caa2 and its Probability of Default Rating to Caa3-PD from Caa2-PD. At the same time, Moody's downgraded the rating on PLD's backed senior secured notes to Caa3 from Caa2. The rating outlook changed to negative from positive. The rating downgrades reflect the company's high leverage, negative free cash flow, and weak liquidity. For the 12 months ended June 30, 2025, debt-to-EBITDA leverage remains well above 10x (Moody's-adjusted), driven partly by earnings pressures from macro headwinds, operational delays, and costs related to restructuring and strategic initiatives. Free cash flow in the first half of 2025 was negative $25 million, partly due to a heavy interest burden. The next sizable interest payment of around $23 million on the secured bond is due November 15, 2025. Moody's estimates 2H25 free cash flow will remain negative at $20–$25 million. The secured bonds carry a 12% interest rate, with an option to pay 9% in cash and 3.5% as PIK (payment-in-kind) prior to November 15, 2026; thereafter, the full 12% is payable in cash. The company currently uses the partial PIK option, but the interest burden will rise in November 2026 when full cash payments begin. Liquidity is weak, with $12 million of cash on the balance sheet as of June 30, 2025. The $125 million ABL facility had $68.9 million drawn as of June 30, 2025. Based on Moody's estimates, there was less than $40 million ABL availability after letters of credit and borrowing base limitations. Liquidity is further constrained by a springing minimum fixed charge coverage ratio (FCCR) covenant of 1.0x, tested when ABL availability falls below the greater of 17.5% of the revolver commitment or $20 million. Moody's do not expect the company to meet this covenant if tested, effectively limiting availability to just under the threshold. Alternative liquidity is limited as all material assets are pledged to the ABL and senior secured notes. As a result, Moody's expects very tight liquidity approaching the November 15, 2025 interest payment. Even if the payment can be made, Moody's expects that it will consume most of the company's cash and revolver capacity, leaving little flexibility for shortfalls after that payment. The company faces no near-term maturities, with the ABL due December 2027 and secured notes due May 2029, but Moody's anticipates that it will be stretched to meet its interest payments. In 2026, Moody's expect modest earnings improvement from new product launches (Omeprazole and Allergy Nasal Spray) and cost savings from restructuring initiatives. However, leverage will likely remain above 10x, EBITDA-to-interest coverage below 1x, and free cash flow negative, with limited liquidity to absorb cash shortfalls, increasing the risk of a distressed exchange or an outright default. The negative outlook reflects PLD's weak liquidity and Moody's expectations that credit metrics will remain strained over the next 12–18 months while the company pursues its earnings growth initiatives. It also reflects a high likelihood of a default or restructuring, as well as potential weakening of recovery values if earnings do not improve meaningfully. Overall, Moody's views the capital structure as unsustainable unless operating performance strengthens or debt is materially reduced. RATINGS RATIONALE P&L Development, LLC's Caa3 CFR reflects its high leverage, negative free cash flow, and weak liquidity. The rating also incorporates elevated default risk due to a heavy interest burden, and execution risk related to achieving the earnings growth needed to reduce leverage to sustainable levels. PLD operates with modest scale and limited geographic diversity, with most revenue concentrated in US markets. While the company continues to win new business and expand its portfolio, earnings growth has lagged expectations due to macro headwinds, operational delays, and restructuring-related costs. This has resulted in sustained high leverage and persistent negative free cash flow. Credit strengths include attractive growth prospects in nicotine replacement therapy and store-brand OTC products, supported by consumer focus on value. Demand for PLD's products is generally stable given their less discretionary nature but consumer spending pullback is hurting volumes. PLD also benefits from good relationships with key retailers and large consumer packaged goods customers although retailer concentration is high. It is focused on cost control, operational efficiency, and working capital management to improve profitability and cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the likelihood of a distressed exchange or other default increases, or if the company fails to make timely interest payments, due to weak operating performance or insufficient liquidity. A decline in recovery prospects could also lead to a downgrade. The ratings could be upgraded if leverage declines materially and interest coverage improves significantly, supported by stronger operating performance. In addition, the company would need to enhance liquidity through higher revolver availability, reduced reliance on external funding, and improved free cash flow. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. PLD's Caa3 CFR is two notches below the Caa1 scorecard-indicated outcome because of the heightened default risk due to liquidity concerns. COMPANY PROFILE Headquartered in Westbury, NY, P&L Development, LLC manufactures, packages and distributes over-the-counter private label products across multiple categories. The company provides contract manufacturing and contract packaging services to major OTC and nutritional companies in the United States. PLD is majority owned by the Singer family with Stephens Inc., a long-term equity holder of PLD, as a minority shareholder. The company generated revenues of $640 million for the last 12 months ending June 30, 2025. PHYSICAL INVESTMENTS: To Sell Roanoke Property to Tyler Clark ------------------------------------------------------------- Physical Investments Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Georgia, Roanoke Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the following real estate, with associated liens: a. 227 Maplelawn Avenue, NE, Roanoke, VA 24012, subject to the following liens: i. Inchoate real estate tax lien in favor of the Treasurer of Roanoke City, Virginia; ii. Deed of Trust in favor of Restoration Turnkey Investments, LLC. The balance currently owed to Restoration is approximately $175,000.00; iii. Deed of Trust in favor of WRM3, LLC. The balance currently owed to WRM3 is approximately $50,000. 00 The Debtor is not aware of any other liens on the Property. The Debtor requests that the Court authorize it to sell the Property, or substantially similar contracts, free and clear of all liens, and encumbrances and other interests other than validity recorded easements. The Debtor proposes that any liens on the Property attach to the proceeds of the Property to the same extent, with the same validity and priority, as the liens have in the Property. The purchaser of the property is Tyler Clark and the purchase price is $280,000. The Debtor requests that the Court authorize it to pay the Realtor a commission at closing. The Debtor submits that adequate business and other justifications exists which merit judicial approval of the sale of the Property. About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PIPELINE CONSTRUCTION: Hires Wegmann Dazet APC as Tax Accountant ---------------------------------------------------------------- Pipeline Construction & Maintenance, Inc., along with affiliates Gulf Synergy L.L.C. and C&M Manufacturing, LLC, seek approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Jon S. Folse, CPA of Wegmann Dazet, APC as tax accountant, nunc pro tunc to the petition date. Mr. Folse and his firm will render these services: (a) preparing tax returns for the Debtors; (b) offering general tax advice and analysis related to the Debtors' plan and disclosure statement; and (c) providing tax advice necessary for preparing a disclosure statement and confirming a plan of reorganization. In consideration of these services, Wegmann Dazet, APC will be paid on an hourly basis: Partner (40 years of experience) $365 Partner (20 years of experience) $325 Senior Manager (over 15 years of experience) $275 Senior Manager (over 12 years of experience) $225 Manager II (over 10 years of experience) $200 Senior Staff (over 10 years of experience) $175 Senior Staff (over 5 years of experience) $125 According to court filings, Wegmann Dazet, APC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent an interest materially adverse to the Debtors' estates. The firm can be reached at: Jon S. Folse Wegmann Dazet, APC 111 Veterans Memorial Blvd., Suite 1600 Metairie, LA 70005 Telephone: (504) 837-8844 Facsimile: (504) 837-0856 E-mail: info@wd.cpa About Pipeline Construction & Maintenance Pipeline Construction & Maintenance provides pipeline construction, maintenance and integrity, marine, fabrication, civil, and logistics services primarily for the oil and gas industry, operating across multiple locations in Louisiana, Texas, Mississippi, and Alabama. Headquartered in Houma, Louisiana, the Company has been delivering turn-key solutions to industry partners since 1996. Its operations involve providing services aimed at supporting production processes efficiently and managing costs. Pipeline Construction & Maintenance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50760) on August 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Judge John W. Kolwe oversees the case. The Debtor is represented by Louis M. Phillips, Esq. at KELLY HART & PITRE. POWER REIT: Reports $223,551 Net Income in Fiscal Q3 ---------------------------------------------------- Power REIT filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $223,551 for the three months ended September 30, 2025, compared to a net loss of $325,015 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $868,648, compared to a net loss of $21.55 million for the same period in 2024. The Company recorded total revenue of $513,110 for the three months ended September 30, 2025, compared to $1.43 million for the same period in 2024. Total revenue for the nine months ended September 30, 2025, was $1.51 million, compared to $2.48 million for the same period in 2024. As of September 30, 2025, the Company had $27.96 million in total assets, $21.74 million in total liabilities, and $6.22 million in total equity. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/2x3347hd About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $27.88 million in total assets, $21.93 million in total liabilities, and $5.95 million in total equity. PUBLISHERS CLEARING: Amends Unsecureds & Secured Claim Details -------------------------------------------------------------- 382 Channel Drive LLC, f/k/a Publishers Clearing House LLC, submitted an Amended Disclosure Statement for the Amended Plan of Liquidation dated October 22, 2025. On August 26, 2025, the Court entered an order authorizing the change of the Debtor's corporate name from Publishers Clearing House LLC to 382 Channel Drive LLC, according to a footnote in the Disclosure Statement. As of the date of this Disclosure Statement, approximately 250 claims were filed against the Debtor and its bankruptcy estate. The claims asserted the following amounts: (i) five administrative claims in the amount of approximately $5 million and other unliquidated amounts; (ii) three (3) secured claims in the amount of approximately $20,000 and other unliquidated amounts; (iii) approximately 65 priority claims in the amount of approximately $1.5 million; and (iv) approximately 180 general unsecured claims in the amount of approximately $3.7 billion. In connection with the liquidation of its business, the Debtor no longer had a need for certain of the premises that it operated out of. As a result, the Debtor obtained Court approval to reject certain unexpired leases for non-residential real property located in Jericho, New York and Portland, Maine as of the Petition Date. In addition, on August 14, 2025 the Debtor obtained Court approval to reject a certain unexpired sublease for nonresidential real property located in New York City as of July 14, 2025. On September 30, 2025, the Debtor filed a motion seeking to reject that certain unexpired lease for non-residential real property located in Bethpage, New York as of September 30, 2025. Class 1 consists of Secured Claims. On the Effective Date, or as soon thereafter as is reasonably practical, each Holder of an Allowed Secured Claim shall receive either (i) delivery of collateral securing such Allowed Secured Claim, (ii) the net proceeds, if any, of the sale or other disposition of the Assets on which such Holder has a Lien; or (iii) such other, less favorable treatment as may be agreed to in writing by the Holder of such Allowed Secured Claim and the Plan Administrator. Any Deficiency Claim which may arise on account of the lack of Collateral or otherwise resulting from the aforesaid treatment shall be treated as a Class 3 General Unsecured Claim. As of the date of this Disclosure Statement, seven parties have filed Class 1 Claims against the Debtor in the aggregate amount of approximately $200,000. The Debtor estimates that after reconciliation of such claims is complete and either negotiations or objections are concluded, remaining Class 1 Secured Claims against the Debtor will total $0 after the delivery of collateral securing such Allowed Secured Claim takes place. Class 3 consists of General Unsecured Claims in the Chapter 11 Case that are asserted, filed or scheduled against the Debtor. Each Holder of an Allowed Class 3 Claim shall receive their pro rata share from the remaining portion of the Post-Confirmation Estate Fund, after satisfaction in full of senior Claims. The pro rata share of each Holder's Allowed Class 3 Claim shall be determined by a formula, the numerator of which is the then unsatisfied amount of such Holder's Class 3 Allowed Claim and the denominator of which is the aggregate unsatisfied amount of the remaining Allowed Class 3 Claims. As of the date of the Disclosure Statement, approximately 290,000 parties have filed or otherwise hold scheduled Class 3 Claims in the aggregate amount of approximately $3.7 billion. The Debtor estimates that after reconciliation of such claims is complete and either negotiations or objections are concluded, Allowed Class 3 Claims could range from approximately $70 million to an amount to be determined, which could be significantly in excess of that amount as a result of contingent, unliquidated and Disputed Claims for which the Debtor may be determined to be liable, in part or otherwise. Prior to the Sale to NewCo, the Debtor conducted business in each of the fifty states and the District of Columbia. Prior to the Petition Date, pursuant to applicable state law, the Debtor was required by each of the states and the District of Columbia to report checks issued for goods or services that remained uncashed for a specific period of time (the dormancy period) (collectively, "Unclaimed Property"). A typical example of Unclaimed Property is a check payable to a consumer on account of a refund for the return of certain merchandise that is mailed to the consumer's last known address and not cashed. Another example of Unclaimed Property is a check payable to a prize winner and not cashed. Individuals are also general unsecured creditors with respect to any Unclaimed Property liabilities as of the Petition Date. There are over 300,000 checks for Unclaimed Property that were issued to approximately 288,000 individuals5 that have not yet reached dormancy as of the Petition Date totaling approximately $6,000,000 (collectively, the "Holders of Uncashed Checks"). The Holders of Uncashed Checks are Holders of Class 3 Claims. The Plan shall be funded by a combination of the proceeds of the Sale and the proceeds from liquidation of remaining Assets, including accounts receivable. The Plan Administrator shall utilize the Post-Confirmation Estate Fund for purposes of making distributions to Holders of Allowed Claims after reserving for Disputed Claims. A full-text copy of the Amended Disclosure Statement dated October 22, 2025 is available at https://urlcurt.com/u?l=mFjhOm from Omni Agent Solutions, claims agent. Counsel to the Debtor: KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP Tracy L. Klestadt, Esq. Lauren C. Kiss, Esq. Stephanie R. Sweeney, Esq. Andrew C. Brown, Esq. 200 West 41st Street, 17th Floor New York, New York 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as co-chief restructuring officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. On April 24, 2025, the Office of the United States Trustee for the Southern District of New York appointed an official committee of unsecured creditors appointed in this Chapter 11 case. The committee tapped Rimon PC as counsel. PUBLISHERS CLEARING: Gets OK to Seek Ch. 11 Plan Creditors Vote --------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the bankruptcy estate of Publishers Clearing House received court approval Tuesday, October 28, 2025, to begin collecting creditor votes on its Chapter 11 liquidation plan, following the sale of its business earlier this year. The ruling, issued by a New York bankruptcy judge, allows the estate to proceed with the final steps of its wind-down process, according to the report. The plan outlines the proposed allocation of sale proceeds and resolution of outstanding claims. The judge found that the accompanying disclosure statement met the required standards, clearing the way for creditors to vote on whether to approve the plan and close out the remaining bankruptcy matters, the report states. About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as co-chief restructuring officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. On April 24, 2025, the Office of the United States Trustee for the Southern District of New York appointed an official committee of unsecured creditors appointed in this Chapter 11 case. The committee tapped Rimon PC as counsel. QSR STEEL: CBIZ Must Disgorge $29,680 in Fees --------------------------------------------- Judge James J. Tancredi of the United States Bankruptcy Court for the District of Connecticut approved in part and denied in part the final application for compensation of QSR Steel Corporation, LLC's accountant, CBIZ, Inc. The Court held that CBIZ must return $29,680 to the Debtor within 14 days of this Order, representing disgorgement of a $20,000 retainer and $9,860 of compensation previously paid. The Debtor rightly notes that CBIZ's retention application states that "the maximum amount of compensation shall be $100,000, subject to increase if necessary and approval by the Court." But in its interim application -- filed by Debtor's counsel -- CBIZ sought compensation in the amount of $109,680. With the Debtor's support, the Court approved the interim application and the Debtor paid CBIZ the full amount requested. The Debtor now complains that CBIZ should not have received more than $100,000 in compensation, despite supporting the interim application and paying the full amount. Additionally, the Debtor argues CBIZ's application, which would include an additional $24,840 in compensation, should be denied because it exceeds the cap and CBIZ failed to perform several tasks outlined in its retention, including the failure to file 2024 taxes. The Debtor also complains that CBIZ has failed to account for a $20,000 retainer that was provided prepetition. Although the retainer was not paid until after the case was commenced, CBIZ's application explicitly noted that such was for work in the Chapter 11 case. The Court will enforce the cap and deny any further compensation. The application is approved with respect to the $109,680 that were approved in the Court's prior order approving compensation but denied with respect to the $24,840 of additional compensation sought in the application. According to the Court, because the retainer was not earmarked for prepetition debts -- and CBIZ was fully compensated otherwise -- CBIZ must return it. A copy of the Court's Memorandum of Decision and Order dated October 27, 2025, is available at https://urlcurt.com/u?l=U7iL7Q from PacerMonitor.com. About QSR Steel Corporation QSR Steel Corporation, LLC is a one-stop, full service structural steel company based in Hartford, Conn., offering everything from steel buildings to stairs and railings. QSR Steel filed Chapter 11 petition (Bankr. D. Conn. Case No. 24-20562) on June 18, 2024, with $2,838,179 in assets and $2,124,057 in liabilities as of March 31, 2024. Glenn Salamone, a member of QSR Steel, signed the petition. Judge James J. Tancredi oversees the case. Irve J. Goldman, Esq., at Pullman & Comley, LLC is the Debtor's legal counsel. Liberty Bank, as secured creditor, is represented by: Linda c. Hadley, Esq. Gfeller Laurie, LLP West Hartford Center 977 Farmington Avenue, Suite 200 West Hartford, CT 06107 Telephone: (860) 760-8428 (860) 760-8400 Facsimile: (860) 760-8401 E-mail: lhadley@gllawgroup.com RAW BAGELS: Charles Persing Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Charles Persing, a certified public accountant at Bederson, LLP, as Subchapter V trustee for Raw Bagels, Inc. Mr. Persing will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Persing declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles N. Persing, CPA/CFF, CVA, CIRA, CFE Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 Phone: (973) 530-9181 Fax: (862) 926-2481 Email: cpersing@bederson.com About Raw Bagels Inc. Raw Bagels, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22997) on October 20, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Kyu Young Paek presides over the case. Anne J. Penachio, Esq., at Penachio Malara, LLP represents the Debtor as legal counsel. REATON HOMES: J.M. Cook Named Subchapter V Trustee -------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed J.M. Cook as Subchapter V trustee for Reaton Homes, LLC. Mr. Cook is the president and sole stockholder of J.M. Cook, P.A., doing business as J.M. Cook, Attorney at Law. About Reaton Homes LLC Reaton Homes, LLC, formerly doing business as Reaton Property Management, engages in residential real estate development and property management. It builds, sells, and manages single-family homes and other residential properties in the Raleigh Durham area of North Carolina. Reaton Homes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04217) on October 24, 2025, with $1 million to $10 million in assets and liabilities. Harry Kyle Poston, managing member, signed the petition. Richard P. Cook, Esq., at Richard P. Cook, PLLC represents the Debtor as legal counsel. RELIABLE SECURITY: Amends Gateway Secured Claims Pay ---------------------------------------------------- Reliable Security Staffing LLC submitted an Amended and Restated Plan of Reorganization dated October 22, 2025. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 6 is the Secured Claim (the "Class 6 Claim") of Gateway Commercial Finance, LLC. On July 23, 2025, the Court entered a Final Order Approving Debtor's Emergency Motion For (I) Interim Approval of a Post-Petition Master Purchase and Sales Agreement with Gateway Commercial Finance, LLC and (II) Interim Approval of Debtor-In-Possession Financing and Adequate Protection (i.e., the "Final DIP Financing Order"). After to the filing of the Petition, the Debtor and Gateway entered into a Master Purchase and Sales Agreement (i.e., the "Gateway Factoring Agreement") as amended and supplemented by a Post-Petition Chapter 11 Bankruptcy Rider ("Rider") (Gateway Factoring Agreement and the Rider hereinafter, shall collectively be referred to as, the "Post-Petition Agreements"). Contemporaneously, Latonya Long as Guarantor, executed a personal Limited Guarantee in favor of Gateway. Pursuant to and as authorized by the Bankruptcy Court's Final DIP Financing Order, within which all capitalized terms not herein separately defined have been given their meaning, Gateway was granted, among other things, a valid, binding, enforceable and perfected first and senior ownership interest in all Purchased Accounts, free and clear of all liens, claims and encumbrances of any other party-in-interest in this case, as well as a first and senior priority security interest and lien in all of the following property and assets of Debtor acquired or arising on and after the commencement of the Bankruptcy Case. Like in the prior iteration of the Plan, the Debtor will pay the Holders of Class 10 General Unsecured Claims in accordance with the Plan Payment Procedures set forth in Article 4.12 of the Plan. The Class 10 General Unsecured Claims are Impaired by the Plan and the Holders of the Class 10 General Unsecured Claims are entitled to vote to accept or reject the Plan. "Administrative and General Unsecured Creditors Payment" means the projected disposable income of the Debtor to be received in the three-year-period beginning on the date that the first payment is due to the General Unsecured Creditors under this Plan, which will be applied to make payments under the Plan. The Administrative and General Unsecured Creditors Payment shall be fixed based upon the amount set forth on the Budget. The source of funds for the payments pursuant to the Plan is the continued operations of Debtor. A full-text copy of the Amended Plan dated October 22, 2025 is available at https://urlcurt.com/u?l=2bfhQs from PacerMonitor.com at no charge. Counsel to the Debtor: Mark D. Gensburg, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 About Reliable Security Staffing Reliable Security Staffing LLC provides security guard services across Georgia, serving clients in retail, corporate, residential, event, and construction sectors. Reliable Security Staffing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56853) on June 20, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtors are represented by Mark D. Gensburg, Esq. at JONES & WALDEN LLC. RHODIUM ENCORE: Court Sustains Objection to Midas Green Claims -------------------------------------------------------------- Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas sustains Rhodium Encore LLC and its affiliated debtors' amended omnibus objection to Claim Numbers 004, 062, and 068-072 filed by Midas Green Technologies LLC. In 2022, Midas Green sued multiple Rhodium entities in the U.S. District Court for the Western District of Texas, alleging multiple claims of patent infringement of its immersion cooling systems held under U.S. Patent No. 10,405,457 and U.S. Patent No. 10,820,446. During the course of the litigation, Midas Green dismissed the claims of infringement of the '446 Patent and only continued to pursue two claims of infringement of the '457 Patent. In March 2024, Rhodium moved for summary judgment on those two claims. On April 17, 2025, the Debtors filed their omnibus objection to Midas Green's claims. The Debtors assert that: (i) Midas Green's claims are barred by the doctrines of claim and issue preclusion; and (ii) the Debtors' immersion cooling systems do not infringe on Midas Green's patent. On May 8, 2025, Midas Green filed its response contending that preclusion did not apply because there was no final judgment on the merits. The Bankruptcy Court holds the Debtors have brought forth sufficient evidence to rebut the presumption of validity in Midas Green's claims. According to the Bankruptcy Court, the Debtors have proffered sufficient evidence to support their argument that their systems did not infringe because they lacked four claim limitations -- an "appliance slot", a "control facility", a "secondary circulation facility", and the ability to dispense dielectric fluid "substantially uniformly upwardly through each appliance slot." After the Debtors successfully rebutted the presumption of validity in Midas Green's claims, the burden shifted to Midas Green to prove its claim. Because Midas Green did not present any evidence, it could not meet its burden of proving the validity of its claims by a preponderance of the evidence. Therefore, the Bankruptcy Court sustains the Debtors' omnibus objection to Midas Green's claims. The Bankruptcy Court declines to consider the Debtors' Motion for Summary Judgment because it is now moot. Estimation of Midas Green Claims In the alternative, the Debtors have moved for estimation of Midas Green's claims under section 502(c) of the Bankruptcy Code. The Debtors contend Midas Green's claims are contingent and unliquidated and that estimation will avoid undue delay in the administration of this case. In line with their preclusion arguments, the Debtors contend that Midas Green's claims should be valued at $0. The Debtors also argue that Midas Green's failure to show infringement or damages supports estimation at $0. Midas Green argues that its claims are liquidated and the Bankruptcy Court should estimate the value of their claims at $12,306,278 based on the expert report of J. Duross O'Bryan filed in the proceedings before the district court. Because Midas Green did not meet its burden of proving infringement by a preponderance of the evidence in accordance with 35 U.S.C. Sec. 271, the Bankruptcy Court alternatively values its claims at $0. A copy of the Court's Memorandum Opinion and Order dated October 28, 2025, is available at https://urlcurt.com/u?l=U4a5mj from PacerMonitor.com. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas-based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, Rhodium listed assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RHODIUM ENCORE: Court Tosses Midas Patent Suit in Chapter 11 Case ----------------------------------------------------------------- Emlyn Cameron of Law360 reports that Midas Green Technologies has lost its $12.3 million patent dispute against Rhodium Enterprises Inc. after a Texas bankruptcy judge ruled the company failed to prove its claims. Midas alleged that Rhodium's bitcoin mining operations infringed on its proprietary cooling technology but was unable to present adequate evidence to back those assertions. The ruling dismisses Midas' claims entirely, easing Rhodium's financial burdens as it advances its Chapter 11 restructuring efforts. The decision also reinforces the court's position that unsupported or poorly defended claims will not stand in bankruptcy proceedings, the report states. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, Rhodium listed assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RICHFIELD NURSING: No Resident Complaints, 2nd PCO Report Says -------------------------------------------------------------- Margaret Barajas, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania her second report regarding the quality of patient care provided by Richfield Nursing and Rehabilitation, LLC and affiliates. The PA Office of the Long-Term Care Ombudsman did not receive any complaints from residents during this 60-day period. During a visit on October 20 to the Milford Healthcare and Rehabilitation Center, the local ombudsman raised concern regarding a mold odor in the facility. At the time of this report, the ombudsman was awaiting a follow-up call from the facility’s social worker regarding the issue. During a visit on October 2 to the Scenery Hill Healthcare and Rehabilitation Center, the local ombudsman noted strong odors in the facility. The ombudsman informed the administrator of the issue and will continue to monitor the situation. The Pennsylvania Department of Health reported no deficiencies in these facilities during the current 60-day period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=GA1Gog from PacerMonitor.com. About Richfield Nursing and Rehabilitation Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. RICKEY SELLERS: Taps Barry A. Friedman & Associates as Counsel -------------------------------------------------------------- Rickey Sellers Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Barry A. Friedman of Barry A. Friedman & Associates, PC to serve as legal counsel in its Chapter 11 case. Mr. Friedman will provide these services: (a) take appropriate action with respect to secured and priority creditors; (b) take appropriate action with respect to possible voidable preferences and transfers; (c) prepare on behalf of the Debtor-in-Possession necessary petitions, answers, orders, reports, and other papers, and try before the court whatever issues are deemed necessary; (d) investigate the accounts of the Debtor and the financial transactions related thereto; and (e) perform all other legal services for the Debtor-in-Possession which may be deemed necessary. Mr. Friedman will receive an hourly rate of $350 plus expenses. According to court filings, Barry A. Friedman & Associates, PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents no interest adverse to the Debtor or the estate. The firm can be reached at: Barry A. Friedman, Esq. BARRY A. FRIEDMAN & ASSOCIATES, PC Post Office Box 2394 Mobile, AL 36652 About Rickey Sellers Trucking, LLC Rickey Sellers Trucking, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-20296). At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Henry A. Callaway oversees the case. Barry A. Friedman & Associates, PC serves as the Debtor's legal counsel. RIVERDALE ASSEMBLY: Seeks Subchapter V Bankruptcy in California --------------------------------------------------------------- On October 17, 2025, Riverdale Assembly of God Inc. filed Chapter 11 protection in the Eastern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Riverdale Assembly of God Inc. Riverdale Assembly of God Inc. is a Pentecostal church in Riverdale, California, providing religious services, community events, and operating Riverdale Christian Academy at 2813 W Mt Whitney Ave. Riverdale Assembly of God Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13513) on October 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Rene Lastreto II handles the case. The Debtor is represented by Peter Fear, Esq. of FEAR WADDELL, P.C. RIZO-LOPEZ FOODS: Committee Taps GlassRatner Advisory as Advisor ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Rizo-Lopez Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ GlassRatner Advisory & Capital Group, LLC as financial advisor in its Chapter 11 case. GlassRatner will provide the Committee with financial advisory services effective as of October 6, 2025, pursuant to sections 328(a) and 1103 of the Bankruptcy Code. GlassRatner will perform these services: (a) assist the Committee in analyzing the Debtor's financial operations, business plan, and restructuring alternatives; (b) provide financial analysis, modeling, and valuation support related to potential restructuring or asset disposition; (c) assist in reviewing financial data and reports prepared by the Debtor and its professionals; and (d) perform other financial advisory services as may be necessary to support the Committee's fiduciary duties in this Chapter 11 case. According to court filings, GlassRatner does not hold or represent any interest adverse to the Committee or the estate, nor does it represent a creditor of the same class as any Committee member. The firm is a "disinterested person" as defined under Section 101(14) of the Bankruptcy Code. The firm can be reached at: GlassRatner Advisory & Capital Group, LLC 3445 Peachtree Road, Suite 1225 Atlanta, GA 30326 Telephone: (470) 346-6800 About Rizo-Lopez Foods, Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq. at MCCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH represents the Debtor as counsel. RIZO-LOPEZ FOODS: Committee to Employ Tucker Ellis LLP as Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Rizo-Lopez Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Tucker Ellis LLP as its legal counsel. Tucker Ellis LLP will provide these services: (a) represent the Committee in all matters arising in connection with the Debtor's Chapter 11 case; (b) advise the Committee regarding its rights and duties under the Bankruptcy Code; (c) assist and advise the Committee in its analysis of the Debtor's business operations and financial condition; and (d) perform such other legal services as may be necessary and proper in representing the interests of unsecured creditors. Tucker Ellis does not hold or represent any interest materially adverse to the interests of the Debtor's estate or any class of creditors or equity security holders thereof and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jason M. Torf, Esq. Thomas R. Fawkes, Esq. Zi C. Lin, Esq. Motunrayo D. Akinmurele, Esq. TUCKER ELLIS LLP 515 South Flower Street, Forty Second Floor Los Angeles, CA 90071 Telephone: (213) 430-3400 Facsimile: (213) 430-3409 E-mail: jason.torf@tuckerellis.com thomas.fawkes@tuckerellis.com zi.lin@tuckerellis.com motunrayo.akinmurele@tuckerellis.com About Rizo-Lopez Foods, Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq. at MCCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH represents the Debtor as counsel. RIZO-LOPEZ FOODS: Gets OK to Hire Hyman Phelps as Special Counsel ----------------------------------------------------------------- Rizo-Lopez Foods, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to employ Hyman, Phelps & McNamara, P.C. as special counsel in its Chapter 11 case. HPM will provide these services: (a) assist the Debtor regarding its expertise concerning FDA matters; (b) provide legal advice to enable the Debtor to comply with FDA regulations; and (c) address other related issues requiring FDA regulatory expertise. According to the filing, HPM "does not have any connection with the Debtor, creditors, or any party in interest, their respective attorneys, accountants, or the U.S. Trustee, or any employee of the U.S. Trustee. Therefore, HPM does not hold or represent an interest adverse to the Debtor or the estate and is eligible for employment as special counsel pursuant to 11 U.S.C. Sec 327(e)." The firms can be reached at: Hyman, Phelps & McNamara, P.C. 1101 K Street, NW, Suite 700 Washington, DC 20005 Telephone: (202) 737-5600 Facsimile: (202) 737-9329 About Rizo-Lopez Foods, Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq. at MCCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH represents the Debtor as counsel. RJQ COMPANIES: Unsecured Creditors to Get 0% in Plan ---------------------------------------------------- RJQ Companies, Inc., submitted a Second Amended Plan of Reorganization under Subchapter V dated October 21, 2025. The Debtor has both secured and unsecured debt. As of Petition Date, the Debtor had approximately $324,259.09 in secured debt obligations and $489,354.31 in unsecured claims. By the Plan, the Debtor proposes to (a) pay Ally Financial Services, Inc. in full at the various contract rates of over the remaining contractual terms, pursuant to original contract terms, with the term of Class 1A to be extended sixty days; (b) pay ODK Capital, LLC's secured claim to the extent of the value of ODK's collateral over a three-year period; and (c) pay the General Unsecured Claims zero percent of allowed claims unless Debtor receives an Employment Retention Tax Credit ("ERTC") during the Plan term that allows for the payment of the ODK claim in full. In that event general unsecured creditors shall receive the balance of the net ERTC refund after satisfaction of the ODK claim as well as any remaining proposed payments to Class 2 ODK. Debtor has sought an Employment Retention Tax Credit ("ERTC") refund but has not received a refund despite nearly two years of effort. Class 3 consists of All General Unsecured Claims. Pay 0% unless Class 2 is paid in full per this Plan. Any net ERTC refund to be distributed pro rata to Class 3 as well as any remaining schedule Class 2 payments. All Equity Interests will be reinstated as they were prior to the Petition Date, provided, however, that the Debtor may not make any payments on account of Equity Interests until the completion of the Plan. Any provisions of any Equity Interest or agreements with holders of Equity Interests requiring mandatory payments of profits will be permanently rejected. The Debtor will make no distributions to holders of Equity Interests unless and until all payments required under this Plan have been paid in full. On the Effective Date, all assets of the Debtor's estate, including all real and personal property, all Causes of Action, interests, claims, choses in action, and rights under any contracts (executory or otherwise), against any person will re vest and be transferred to the post-Effective Date Debtor. The Debtor will remain in possession of all other assets, including its business and will continue to sell its products through its existing marketing channels while seeking to incrementally increase its sales through a measured growth model that emphasizes profitability. From and after the Effective Date, the Debtor shall exist and continue to exist as a separate legal entity, with all powers in accordance with the laws of the State of Delaware and shall be governed by the pre-Petition Date operating agreement. The Debtor shall have all of the powers of such a legal entity under applicable law and without prejudice to any right to alter or terminate such existence (whether by merger, conversion, dissolution or otherwise) under applicable law. A full-text copy of the Second Amended Plan dated October 21, 2025 is available at https://urlcurt.com/u?l=Xx7ogk from PacerMonitor.com at no charge. Attorneys for the Debtor: Stephen Reynolds, Esq. Reynolds Law Corporation 424 Second Street, Suite A Davis, CA 95616 Tel: (530) 297-5030 Fax: (530) 297-5077 Email: sreynolds@lr-law.net About RJQ Companies RJQ Companies, Inc., is a landscape contractor providing design, installation, and maintenance services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-20882) on March 5, 2024, with $500,001 to $1 million in both assets and liabilities. Judge Fredrick E. Clement presides over the case. Stephen M. Reynolds, Esq., is the Debtor's legal counsel. S & O INVESTMENTS: To Sell Kansas Property to Garden City --------------------------------------------------------- S & O Investments Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas, to sell Property, free and clear of liens, claims, interests, and encumbrances. The estate holds interests in two non-residential real properties located in Garden City, Kansas: approximately 4.77 acres commonly known as 3111 E. Spruce, Garden City, Kansas (Spruce Property), and approximately 3.00 acres commonly known as 2504 E. Kansas Ave., Garden City, Kansas. The City of Garden City, Kansas has offered to purchase approximately 1.79 acres of the 4.77-acre Spruce Property (Parcel) for a cash purchase price of $25,000, on the terms set forth in that certain Purchase and Sale Agreement. The Parcel will be more particularly described by metes and bounds in a survey to be obtained prior to closing, at the City's expense as agreed, and is depicted conceptually on the preliminary site outline. The Parcel is a discrete portion of the larger Spruce Property that the City desires for public use/utilities/right-of-way or reasons not specified. The $25,000 cash consideration, on an as-is, where-is basis, is fair and reasonable in light of current market conditions, the limited utility of the Parcel apart from the City's intended use, and the costs and risks attendant to continued ownership, including taxes, insurance, maintenance and possible eminent domain action. The Debtor believes that the sale will generate immediate liquidity for the estate, reduce carrying costs, and does not materially impair the value or marketability of the remainder of the Spruce Property or the Kansas Ave. Property. The Debtor has evaluated alternatives and believes that the transaction maximizes value under the circumstances and is in the best interests of creditors. The sale has been negotiated at arm’s length and in good faith with the City, a governmental entity with no known affiliation with the Debtor, its insiders, or the Trustee. About S & O Investments Inc. S & O Investments Inc., doing business as Notting Hill Rentals, is engaged in activities related to real estate. S & O Investments Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 24-11166) on November 14, 2024. In the petition filed by Amro M. Samy, as president, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren oversees the case. The Debtor is represented by Nicholas R. Grillot, Esq. at HINKLE LAW FIRM LLC. SAMSONITE FINCO: S&P Rates Proposed Senior Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating to Samsonite Finco S.a.r.l's (a subsidiary of Samsonite Group S.A.) proposed EUR350 million senior unsecured notes due 2033. The proceeds will be used to fully repay its existing EUR350 million senior unsecured notes. The recovery rating is '4', indicating its expectation for average (30% to 50%; rounded estimate 40%) recovery in the event of a payment default. The issuance of the proposed notes is part of the company's refinancing plan of its entire capital structure whereby it recently launched a $850 million revolver due 2030, $750 million term loan A due 2030, and $494 million term loan B due 2032. The company will use the proceeds from the proposed notes, term loans, and about $24 million of balance sheet cash to repay $760 million in existing term loan A, $495 million in term loan B, and $100 million on its existing revolver as of June 30, 2025. S&P said, "In relation to the proposed refinancing, we recently assigned our 'BBB-' issue-level rating and '2' recovery rating to the new revolving credit facility (RCF), term loan A, and term loan B. Our '2' recovery rating indicates our expectation for substantial (70% to 90%; rounded 85%) recovery in the event of a payment default." S&P believes this is a leverage-neutral transaction. While the effect on interest is largely unchanged, the refinancing transactions will push out any material debt maturities until 2030. Samsonite has sustained its leverage profile in the low-2x area over the past two years as the company has benefited from a rebound in travel demand following the COVID 19 pandemic. However, the current macroenvironment remains fluid. S&P said, "While we believe Samsonite will be able to mitigate most tariff-related cost pressures, softer consumer discretionary spending could create some near-term headwinds. We expect the company will be in a good position to take mitigating action, highlighting its ability to leverage scale and market presence." Generally, S&P expects the company will manage leverage in the 2x-3x range on an S&P Global Ratings-adjusted basis. In the near term, it continues to forecast leverage in the mid-to-low 2x area in fiscal 2025 and 2026. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- The group parent, Samsonite Group S.A. is a Luxembourg corporation. The company has assets in North America, Asia, Europe, and Latin America. S&P believes it would file for bankruptcy protection in the U.S. under the administration of the U.S. bankruptcy court system while its entities abroad remain out of any insolvency proceedings with respect to their local jurisdictions. -- The issuer of the unsecured notes is Samsonite Finco S.a.r.l., a financing subsidiary of Samsonite Group S.A. The entity has no operations, and the debt is serviced by the cash flows from the company's European operations. The notes are senior unsecured obligations subordinated to the company's senior secured credit facilities and future senior secured facilities. The notes' guarantors include all of Samsonite's wholly owned domestic restricted direct and indirect subsidiaries (other than certain immaterial subsidiaries), though they are subordinated to the company's senior secured credit facilities. -- The borrowers of the revolving credit facility are Samsonite Europe N.V., Samsonite IP Holdings S.a.r.l., Samsonite Brands Private Ltd., Samsonite LLC, Samsonite Co. Stores LLC, and Tumi Inc. The borrowers of the term loan A and term loan B are Samsonite IP Holdings S.a.r.l. and Tumi Inc. If the foreign entity were a direct subsidiary of the borrower or guarantor, there would be a stock pledge. Guarantors include all wholly owned domestic restricted direct and indirect subsidiaries (other than certain immaterial subsidiaries). The first-lien facilities are secured by a first-priority lien on most of the borrower and guarantors' tangible and intangible assets, including 100% of the capital stock of the borrower and any direct subsidiary of the borrower or guarantors subject to customary exceptions (but limited to 66% of the voting equity interests of a tax-excluded subsidiary or foreign subsidiary). -- S&P's simulated default scenario assumes a payment default in 2030 due to the loss of revenue and cash flow from a prolonged decline in global economic conditions that substantially reduce discretionary spending and travel. Subsequently, the company may have to fund its cash flow shortfalls with available cash and revolver borrowings. Eventually, its liquidity and capital resources would be strained to the point whereby it could not continue to operate without an equity infusion or bankruptcy filing. -- S&P said, "We assume Samsonite would emerge from bankruptcy. We value the company on a going-concern basis by applying a 6x multiple to our projected emergence-level EBITDA. The 6x multiple is higher than the 5x multiple we typically apply to rated consumer durables or retailer issuers. This reflects Samsonite's strong global brand recognition, which we believe would command a higher valuation." Simulated default assumptions: -- Year of default: 2030 -- EBITDA at emergence: $296.1 million -- Implied enterprise value (EV) multiple: 6.0x -- Estimated gross EV at emergence: $1.78 billion Simplified waterfall: -- Net EV (after 5% administrative costs): $1.69 billion -- Obligor/nonobligor valuation split: 50%/50% -- Collateral value available to secured first-lien debt: $1.4 billion -- Estimated senior secured first-lien claims: $1.7 billion --Recovery expectations for senior secured debt: 70%-90% (rounded estimate: 85%) -- Collateral value available to senior unsecured debt: $295 million -- Estimated senior unsecured claims: $725 million --Recovery expectations for senior unsecured debt: 30%-50% (rounded estimate: 40%) All debt amounts include six months of prepetition interest. SAMYS OC: Seeks to Extend Plan Exclusivity to December 30 --------------------------------------------------------- Samys OC, LLC ("SOCL") asked the U.S. Bankruptcy Court for the District of Kansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 30, 2025 and March 1, 2026, respectively. The current deadline for filing the Plan and Disclosure Statement with a Court is October 31, 2026. The Debtor explains that it has since decided to close the Lawrence KS restaurant and list the property for sale. The property is currently list for sale. The Debtor continues to try to resolve the IRS claim. The Debtor claims that it has circulated a draft Chapter 11 Plan and Disclosure Statement to Cario Group of Kansas and Dream First Bank. Debtor is making some revisions and hopes to receive additional comments and then file the Chapter 11 Plan and Disclosure Statement. With these developments, the Debtor believes an additional extension will result in a more concise plan. The Debtor asserts that its Counsel has been working to review the pleadings filed in the case, the pleadings filed in the related cases, and has been working with the Debtor and Creditors to formulate its Chapter 11 Plan. Counsel for the Debtor and the Debtor believe that additional time is needed to allow Counsel for the Debtor, the Debtor, and Creditors to continue to work to formulate the Debtor's Chapter 11 Plan. The Debtor further asserts that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow the Proof of Claim deadlines to expire and to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. Samys OC, LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Samys OC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L. Herren presides over the case. Colin N. Gotham, Esq., at Evans & Mullinix, PA serves as the Debtor's counsel. SAN FRANCISCO CARE: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------------- San Francisco Care Center, LP filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Plan of Liquidation and Disclosure Statement dated October 22, 2025. Until recently, the Debtor, doing business as The Avenue, operated an assisted living facility for elderly and memory care residents, located at 1035 Van Ness Avenue, San Francisco, CA 94109 (the "Property"). The Property was primarily encumbered by a deed of trust and assignment of rents securing a loan from Lenox, asserted by Lenox to be in an amount in excess of $19 million. The Debtor was unable to make interest payments for periods after February 2024, and Lenox therefore commenced default and foreclosure proceedings. A foreclosure sale was scheduled to occur on January 14, 2025, but the Debtor's chapter 11 filing prevented the sale from being conducted. After extensive marketing of the Property for sale, the Debtor entered into a purchase and sale agreement with The San Francisco Housing Accelerator Fund ("SFHAF") to sell the Property for the price of $27,750,000.00, and on May 23, 2025, the Court entered the Order Approving Sale Of Property And Related Relief, granting the Debtor's motion to sell the Property to SFHAF or its assignee, Swords to Plowshares Veterans Rights Organization, a nonprofit public benefit corporation. The sale of the Property was completed on July 9, 2025. The Debtor now holds approximately $7.2 million in net proceeds from the sale of the Property. The Debtor's assets now consist primarily of the net proceeds of sale of the Property, including a disputed portion of funds present held by Lenox's counsel by stipulation. Those funds will be distributed under the Plan to administrative and priority creditors, unsecured creditors and equity interest holders (general and limited partners) in the order prescribed by the Bankruptcy Code, according to the terms of the Plan. Class 2(a) consists of General Unsecured Claims Other Than Partner Loan Claims. The allowed unsecured claims total $6,703,083.64. Creditors within this class and Class 2(b) will receive a pro-rata share of all funds held by the Debtor after payment of all allowed priority and administrative claims, up to 100% of the allowed amounts of such claims, plus up to one year's interest at the Postpetition Rate, to the extent of available funds. Payment will be made as soon as practicable after the Effective Date once the Debtor determines the amount of funds available for such payments. Pro-rata means the entire amount of available funds divided by the entire amount owed to creditors with allowed claims and disputed claims (held in reserve) in Classes 2(a) and 2(b). The "Postpetition Rate" means 5% per annum, non compounding. Class 2(b) consists of Partner Loan Claims. Creditors within this class and Class 2(a) will receive a pro-rata share of all funds held by the Debtor after payment of all allowed priority and administrative claims, up to 100% of the allowed amounts of such claims, plus up to one year's interest at the Postpetition Rate, to the extent of available funds. Payment will be made as soon as practicable after the Effective Date and once the Debtor determines the amount of funds available for such payments. Pro-rata means the entire amount of available funds divided by the entire amount owed to creditors with allowed claims and disputed claims (held in reserve) in Classes 2(a) and 2(b). The "Postpetition Rate" means 5% per annum, non-compounding. Class 3 consists of Equity Interests. Equity interest holders within this class will receive a pro-rata share of all funds, if any, held by the Debtor after payment of all allowed priority and administrative claims and all payments owing under the Plan on account of allowed claims within Classes 2(a) and 2(b). Payment will be made as soon as practicable after the Effective Date and once the Debtor determines the amount of funds available for such payments. Pro-rata means the entire amount of available funds divided on the basis of percentages. The Debtor estimates distributions in this category a return of approximately $2,195.22 on account of each one percent of record ownership. Because the Debtor's assets consist almost entirely of cash funds well in excess of all administrative, priority and tax claims to be paid on or soon after the Effective Date, as well as all disputed and undisputed claims, the Plan is feasible in terms of Effective Date distributions. A full-text copy of the Combined Plan and Disclosure Statement dated October 22, 2025 is available at https://urlcurt.com/u?l=IUCDap from PacerMonitor.com at no charge. Counsel to the Debtor: Merle C. Meyers, Esq. MEYERS LAW GROUP, P.C. 100 Shoreline Highway, Ste. B-160 Mill Valley, CA 94941 Tel: (415) 362-7500 Fax: (415) 362-7515 Email: mmeyers@meyerslawgroup.com About San Francisco Care Center San Francisco Care Center, LP owns and operates a residential care and memory facility for the elderly, with patients ranging in age from 80 to 100 years old. The Debtor provides services to assist residents with their daily activities, such as feeding, bathing, dressing, medication management, toileting and mobility support. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30025) on January 14, 2025. In the petition signed by Teresa Wong, managing partner, the Debtor disclosed up to $50 million in both assets and liabilities. The Debtor is represented by Sarah M. Stuppi, Esq. at Law Offices Of Stuppi And Stuppi. SD BACKYARD: Unsecureds to Get 100 Cents on Dollar in Plan ---------------------------------------------------------- SD Backyard, LLC, filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated October 20, 2025. The Debtor is a limited liability company. Since 2016, the Debtor has been in the business of operating restaurants and currently operates five restaurant locations in San Diego. The Debtor is a limited liability company. Since 2016, the Debtor has been in the business of operating restaurants and currently operates five restaurant locations in San Diego. The COVID-19 pandemic and resulting stay-at-home orders impacted the Debtor's ability to generate revenue until late 2021. The Debtor was named as a defendant in three prepetition lawsuits, two of which involve wage and hour/employment claims and the third is for breach of contract case with a vendor. In light of increasing legal expenses associated with the defense of the lawsuits, the Debtor filed a voluntary chapter 11 petition in order to reorganize its affairs and repay its creditors. The Debtor's financial projections show that after payment of ordinary course operating expenses and priority tax claims, the Debtor will have projected disposable income of $560,902.04, all of which will be distributed on account of Unsecured, Allowed Claims. The final Plan payment is expected to be paid on December 1, 2030, which is expected to be 60 months after the Effective Date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority Unsecured Claims holding Allowed Claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority Claims. Class 1 consists of all non-insider, unsecured Claims other than Claims subordinated under Section 510(c)(1) of the Bankruptcy Code. Class 1 includes the Okamura unsecured/nonpunitive damages component of the Okamura claim based upon the Okamura Lawsuit. Class 1 Claimants are not entitled to vote on the Plan. Class 1 Claimants will be paid 100% of their Allowed Claims. Distributions on account of Class 1 Disputed Claims will be made into a Disputed Claims Reserve (Ex. 3) unless and until such Claim(s) is/are Allowed by a final non-appealable order from the Bankruptcy Court. Debtor expressly reserves the right to object to any Class 1 Claims, under Section 502 of the Code and Fed. R. Bankr. Proc. Rule 3007. The Debtor may prepay the Class 1 Claims, in full, with credit for all amounts paid, without penalty, at any time. Class 2 consists of all Unsecured Claims of Insiders. Class 2 Claimants will be paid 100% of their Allowed Claims. Class 4 consists of Equity Security holders of the Debtor. Equity security holder's interests will be unaffected by the Plan, and the holder of the Class 4 Claim shall retain his full equity interest in the Debtor. Class 4 Claimants are not entitled to vote on the Plan. The Plan will be funded with Debtor's projected disposable income over the five-year plan term. Shih Hsiao Chou aka Frankin Chou will continue to serve as Debtor's/Reorganized Debtor's sole owner, manager, and president throughout the duration of the Plan. In accordance with Section 1129(a)(5)(B) of the Bankruptcy Code, Mr. Chou shall receive $8,666.76 per month in the form of bi-weekly payments of $4,000, consistent with his approved insider compensation as set forth in the Bankruptcy Court's Order Granting First Day Motion Authorizing Insider Compensation. The Debtor shall continue to operate its business and manage estate property in the ordinary course. The Debtor shall maintain all property of the estate and use such property as necessary to generate revenue and satisfy obligations under the Plan. A full-text copy of the Plan of Reorganization dated October 20, 2025 is available at https://urlcurt.com/u?l=fv52V9 from PacerMonitor.com at no charge. Counsel to the Debtor: Mary R. Robberson, Esq. Maggie E. Schroedter, Esq. Lane C. Hilton, Esq. ROBBERSON SCHROEDTER LLP 501 West Broadway, Suite 1260 San Diego, CA 92101 Tel: (619) 353-5691 Email: mary@theRSfirm.com maggie@theRSfirm.com lane@theRSfirm.com About SD Backyard LLC SD Backyard, LLC, is a San Diego-based restaurant group that operates multiple Asian cuisine restaurants including Steamy Piggy, Formoosa, Yun, Viet Nom, and Oi Shiba. SD Backyard sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-02776) on July 1, 2025. In its petition, the Debtor estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Gary B. Rudolph, Esq., at Fennemore, LLP. SELECTA GROUP: Excluded Noteholders Sue over Restructuring ---------------------------------------------------------- A group of holders of first lien notes issued by Selecta Group B.V. is suing the company and a similarly situated group of noteholders in the U.S. District Court for the Southern District of New York over the company's recent out-of-court restructuring transactions, alleging violations of federal and state antitrust laws and multiple provisions of the governing Indenture and related agreements for the notes. The group says they were denied a seat at the table and excluded from participating in a series of transactions executed from April to July 2025, pursuant to Selecta and the favored noteholders' cooperation agreement. They seek compensatory damages, statutory treble damages, attorneys' fees, costs, and interest based on "a concerted, anticompetitive, and clandestine scheme" carried out by Selecta and the favored noteholders to: -- subordinate the group's holdings below those held by equally ranked noteholders, -- strip them of protections owed to them under the governing trust indenture, and -- give the Favored Holders exclusive control of Selecta and its assets. In April, Selecta Group announced it has entered into a binding agreement with key financial stakeholders with respect to a comprehensive recapitalization of the Group. The Transaction would provide the Group with EUR330 million of new funding to support its long-term business plan. This new funding would be used to refinance the Group's existing revolving credit facility and strengthen liquidity by providing for significant cash on balance sheet. The Transaction would also slash the Group's outstanding debt by c. EUR1.1 billion upon completion, while the maturities for the remaining debt securities would be extended to the second half of 2030. Prior to the Restructuring, Selecta's funded debt consist of: -- A super senior revolving credit facility in the amount of EUR150 million, scheduled to mature in 2026; -- First lien notes, of which approximately EUR821 million was outstanding immediately prior to the Restructuring; and -- Second lien notes, of which approximately EUR377 million outstanding immediately prior to the Restructuring According to the plaintiff noteholders, to implement the Restructuring scheme, the Favored Holders first initiated a foreclosure with respect to the shares used as collateral for the Plaintiffs' 1L Notes. The foreclosure resulted in the transfer of those shares to a new company organized and ultimately controlled by the Favored Holders, Seagull Bidco Limited. The Defendants effectuated this step through an ordinary foreclosure proceeding in the courts of the Netherlands initiated by Kroll, in its capacity as Security Agent under an Intercreditor Agreement. The plaintiffs allege that Selecta and Favored Holders instructed Kroll to delay or otherwise provide inadequate notice regarding the proceeding, and to make material misrepresentations and omissions to the Dutch court, which Kroll acceded to do. No Excluded Holders participated in the Dutch proceeding. Indeed, the only party that did participate was Kroll, which specifically asked the Dutch court not to hold a public hearing. To date, representatives of Kroll, Selecta and Bidco have refused to disclose the information and filings they submitted to the Dutch Court. The plaintiffs also recount that after Selecta's equity was transferred to Bidco -- thereby giving Bidco, and thus the Favored Holders, control of Selecta's assets – the Defendants forcibly replaced Plaintiffs' 1L Notes from Selecta with third out notes issued by Bidco. According to the plaintiffs, the 3O Notes were "out of the money" from the outset because Bidco was intentionally under-capitalized and was never solvent The next step of the Restructuring consisted of a purported exchange offer. The plaintiffs, as holders of 3O Notes were offered the "option" to exchange the 3O Notes for first out notes issued by Bidco, but only if plaintiffs would agree to release any claims they may have related to the Restructuring and give up critical protections they enjoyed under both the Selecta 1L Indenture and the Bidco 3O Indenture. The plaintiffs, however, contend that the Favored Holders already exchanged their 3O Notes for 1O Notes through a private exchange, ahead of the exchange offer open to the Excluded Holders. Moreover, under the terms of the 1O Indenture, the Favored Holders had the ability during the 12 months immediately following the exchange to alter key financial terms of the 1O Indenture without obtaining the consent of 90% of the outstanding holders – supposedly a requirement for the changes included in both the 1L Indenture and the 3O Indenture. Because the Favored Holders control more than 50% of Bidco's 1O Notes, the removal of the 90% consent requirement from the 1O Indenture gives the Favored Holders the ability to, among other things: (i) change the economic terms of the 1O Notes (e.g., eliminating the holders' right to principal or interest); (ii) exchange their (but not the Excluded Holders') 1O Notes for new, more senior securities; or (iii) pay themselves (but not the Excluded Holders) for consenting to the different transactions. The plaintiffs assert that the Defendants deliberately sough to discourage the Excluded Holders from trading up to 1O Notes, thereby subordinating a substantial number of 1L Holders with whom the Favored Holders previously had to share their first lien rights. The plaintiffs explain that the risks of trading for 1O Notes "was simply too great, not least because the exchange offer was conditional on agreeing to a series of wide-ranging releases and other provisions which would have prevented the Excluded Holders from objecting to the Restructuring." In the end, only 40% of the Excluded Holders opted to exchange their 3O Notes for 1O Notes. According to the complaint, the 1O Notes held by the Favored Holders have traded on the secondary markets at a significantly higher price than the 1O Notes held by Excluded Holders. Specifically, as of October 7, 2025, 1O Notes held by Favored Holders had a bid/ask price of 73.25 cents/75.75 cents while 1O Notes held by Excluded Holders had a bid/ask price of 10 cents/30 cents. The 3O Notes had the same bid/ask price of 10 cents/30 cents. "The difference in market price between the 1O Notes held by the Favored and Excluded Holders results from the fact that the securities issued to the Favored Holders and the Excluded Holders effectively have different rights and are, in essence, different securities," the complaint says. The Restructuring effectively "robbed" them of millions in value, the plaintiffs claim. The plaintiffs are: -- Deltroit Directional Opportunities Master Fund Limited EUR23 million of the 1L Notes -- Algebris UCITS Funds P.L.C. Sub-fund Algebris Global Credit Opportunities Fund EUR16.8 million of the 1L Notes -- Fineco Asset Management DAC Acting solely as management company for and on behalf of CoRe Series - Global Macro Credit FAM Fund EUR4.2 million of the 1L Notes -- CQS Credit Multi Asset Fund, CQS Brunel Multi Asset Credit Fund, and CQS Alternative Credit Fund Sub-funds of CQS Global Funds (Ireland) P.L.C. EUR17,408,894 of the 1L Notes -- CQS New City High Yield Fund Limited EUR4,874,095 of the 1L Notes -- Mercer Multi-Asset Credit Fund Sub-fund of Mercer QIF Fund P.L.C. EUR1,040,268 of the 1L Notes -- Faros Point Credit Opportunities Limited Sub-fund of Faros Point Credit Opportunities Fund ICAV (an umbrella Irish Collective Asset-management Vehicle) EUR1,615,003 of the 1L Notes The Favored Holders named in the lawsuit are: -- Invesco Ltd.; -- Man Group Plc; -- Strategic Value Partners, LLC; -- Diameter Capital Partners LP; Selecta directors Nicole Charriere, Ruud Gabriels, Robert Plooij, Bob Rajan, and Jason Clarke were also named as defendants. The plaintiffs are represented by: James H. Millar, Esq. Clay J. Pierce, Esq. FAEGRE DRINKER BIDDLE & REATH LLP 1177 Avenue of the Americas, 43rd Floor New York, NY 10036 Telephone: (212) 248-3140 - and - Julie R. Landy, Esq. Paige A. Naig, Esq. FAEGRE DRINKER BIDDLE & REATH LLP 2200 Wells Fargo Center 90 S. Seventh Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Selecta Group is a Cham, Switzerland-based Foodtech leader. SHILO INN: Seeks to Sell Newport Property at Auction ---------------------------------------------------- Shilo Inn, Newport, LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Washington, to sell Property in an auction, free and clear of liens, claims, interests, and encumbrances. The Debtor owns and operates the real property and improvements located at 536 – 614 SW Elizabeth Street, Newport, Oregon 97365, commonly known as the Shilo Inn Newport Oceanfront Hotel. The Hotel consists of 179 guest rooms across five buildings situated on a 2.48 acre site, offering panoramic Pacific Ocean views and direct access to 900 feet of beachfront. The Property includes a fine dining restaurant and lounge and a separate café (both of which are currently closed) and two indoor pools. On or around July 24, 2025, the Fire Marshall for the City of Newport ordered Building D of the Hotel to be closed due to various Newport Municipal Code alleged violations related to improper building maintenance. Building D is the largest guest room building for the Hotel, consisting of approximately 70 guest rooms and the fine dining restaurant. Mr. Brian Weiss, in his capacity as the Receiver duly appointed to exclusively possess, manage, and control, among other things, Shilo Management Corporation and Mark S. Hemstreet's membership interests in certain Shilo Inns, including the Debtor, retained Hilco Real Estate, LLC and Marcus & Millichap Real Estate Investment Services, Inc. to market and sell the Assets. The Property was marketed in the following print publications: -- Wall Street Journal (Business and Real Estate) - 16,200+ viewers -- Industrial Marketplace (National) - 117,800+ The Property was also marketed in the following digital mediums: -- Portland Tribune - eNewsletter - 34,600+ subscribers -- BisNow (National) - eNewsletter - 22,000+ subscribers -- OregonRLA.org - Web Banners + Insider eNewsletter - 14,000+ subscribers -- Hotel Management - eNewsletter - 57,500+ subscribers -- Lodging Magazine - eNewsletter - 24,000+ subscribers -- Hotel-Online - Website Banner - 332,000+ viewers -- HotelBusiness.com - Website Leaderboard - 90,000+ viewers -- Hotels Magazine - eNewsletter - 41,000+ viewers To maximize the value of the Assets for the benefit of the Debtor's estate and creditors, the Debtor seeks to implement a competitive bidding process. The Debtor seeks approval to sell the Assets to a Qualified Bidder(s) that makes the highest or otherwise best offer for the Assets. The Bid Procedures and the Bid Procedures Order contain the following provisions, which are more fully described in the Bid Procedures and the Bid Procedures Order, respectively: -- Response Deadline to Bid Procedures Motion November 10, 2025 -- Hearing on Bid Procedures Motion (if any) November 18, 2025 at 9:00 a.m. -- Auction (if needed depending on Qualified Bids received) or best and final Bid deadline November 21, 2025 at 10:00 a.m. -- Sale Hearing December 9, 2025 at 10:00 a.m. The Debtor will select the highest or otherwise best Qualified Bid for the Assets as the Successful Bid, and the Debtor may designate a Back-Up Bid. In addition, if the Successful Bidder or Back-Up Bidder, in accordance with the Bid Procedures, identifies additional executory contracts or unexpired leases that it wishes to add to the Transferred Contracts and Cure Schedule he Debtor shall, within two calendar days of being informed of such a determination, send a supplemental Assumption and Assignment/Cure Notice to the applicable Contract Counterparties to such executory contracts or unexpired leases added or removed from the Transferred Contracts and Cure Schedule. Given the approximate two-year marketing period and generous diligence period, the proposed timeline is sufficient to complete a fair and open sale process that will maximize the value received for the Assets. The proposed expedited timeline will provide interested parties with sufficient time to complete a sale process that is well understood at this juncture and the material they need is readily available. The Debtor further proposes that, within two business days of the filing of the Notice of Successful Bidder, the Successful Bidder and the Back-Up Bidder will send by overnight delivery to each contract counterparty whose contract is part of such Bid, the financial and other commercial information to demonstrate adequate assurance of future performance under such contract. The Debtor believes that the Bid Procedures will establish the parameters under which the value of the Assets may be tested at an auction and through the ensuing Sale Hearing. The Debtor believes that the Bid Procedures will encourage bidding for the Assets and are consistent with the relevant standards governing auction proceedings and bidding incentives in bankruptcy proceedings. About Shilo Inn Newport Shilo Inn, Newport, LLC, doing business as Shilo Inn Newport Oceanfront, operates a 179-room beachfront hotel in Newport, Oregon. The property features ocean-view accommodations, indoor pools, a restaurant and lounge, meeting facilities, and direct access to the beach along the city's central coastline. Shilo Inn sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.: 25-42508) on October 10, 2025. In the petition signed by Brian Weiss, Receiver, President of Shilo Newport Corp. and Manager of the Debtor, the Debtor disclosed total assets of $20,611,231 and total liabilities of $15,877,870. Judge Mary Jo Heston presides over the case. Richard B. Keeton and Armand J. Kornfeld at Bush Kornfeld LLP, represent the Debtor as legal counsel. SIMMONS UNIVERSITY: Moody's Cuts Issuer Rating to Ba2, Outlook Neg. ------------------------------------------------------------------- Moody's Ratings has downgraded to Ba2 from Baa3 the issuer rating for Simmons University (MA). Concurrently, Moody's have downgraded the university's revenue bond ratings to Ba2. At fiscal year-end 2025, $269 million of debt was outstanding. The outlook is negative. The downgrade to Ba2 reflects Simmons' continued operating challenges, resulting in material deficits for fiscals 2024 and 2025, with anticipated operating deficits likely through 2028. The university will implement a plan for gradual expenditure savings and revenue growth, and will see some revenue benefit once its Living and Learning Center comes online, expected January 2027. However, the downgrade to Ba2 also considers the university's deteriorating liquidity position. Roughly 80% of Simmons' endowment is permanently restricted, which will materially impact available liquidity as extraordinary endowment draws are used to support operations over the next several years. RATINGS RATIONALE Simmons University's Ba2 rating incorporates its challenged operating environment, very high leverage, and weakening liquidity position. Despite its favorable location in Boston and good regional brand recognition, Simmons continues to execute its plan to decrease the undergraduate enrollment; however, discounting remains elevated. Though graduate enrollment has begun to stabilize, upside potential to revenue is somewhat constrained by revenue sharing agreements with 2U for certain graduate online students. University management expects operating deficits through at least 2028 as it implements a plan to further refine programs and degree offerings to align with market demands. Heightened competition for enrollment in the region will be a continued headwind to balanced operations. The university's credit profile is further constrained by very high leverage, with debt to operating revenue more than 1.9x, comparing negatively to the Baa-peer median of just 0.78x. Further, while Simmons' wealth is satisfactory and provides solid coverage of operating expenses, its liquidity will continue to weaken as draws are made against its unrestricted endowment. Continued deterioration of available liquidity could impact operating flexibility in the near term. RATING OUTLOOK The negative outlook reflects expected continued operating deficits and supplemental endowment draws through 2028. The outlook incorporates the potential for Simmons to see further pressure on its operations and liquidity if it cannot maintain enrollment levels or if it experiences delays in the timely opening of its new Living and Learning Center. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material increase in reserves and liquidity and significant moderation of leverage, with total cash and investments to debt more aligned with the Baa median of 2.5x -- Sustained trend of improved EBIDA margins in the range of 15% -- Improved strategic positioning, reflected in stronger student demand and fundraising FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to show progress towards structural balance in 2028 -- Delays in the construction of the new building such that it is unable to open and begin generating expected revenue in January 2027 -- Any reduction to liquidity beyond current expectations; monthly days cash below 75 days -- Any additional debt issuances that materially increase the university's leverage PROFILE Simmons University is a private, nonsectarian university with an all-women's undergraduate college and coeducational online, on-site and hybrid graduate programs. Located in Boston's historic Longwood Medical / Fenway district, Simmons currently serves around 4,725 FTE students and generated roughly $141 million of operating revenue as of fiscal year end 2025. METHODOLOGY The principal methodology used in this rating was Higher Education published in July 2024. SMART INVESTMENT: Linda Leali Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Smart Investment Holdings, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Smart Investment Holdings LLC Smart Investment Holdings, LLC, a Miami-based limited liability company, filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-21777) on October 6, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David W. Langley, Esq. SPIRIT AIRLINES: Creditors Support DIP Deal After Concession ------------------------------------------------------------ Yun Park of Law360 Bankruptcy Authority reports that the creditors committee for Spirit Airlines has endorsed the company's final debtor-in-possession financing after reaching a compromise with the airline over contested terms. Spirit agreed to lower the portion of its prepetition debt converted into DIP loans and make other changes to improve creditor treatment, according to the report. According to the committee, the revised financing terms address earlier objections and ensure a more balanced approach to funding the airline's restructuring. Spirit said the DIP facility will provide critical liquidity to maintain operations while working toward a reorganization plan acceptable to its creditors and the court. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Committee Hires Alton Aviation as Aviation Advisor ------------------------------------------------------------------- The Official Committee of Unsecured Creditors of Spirit Aviation Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Alton Aviation Consultancy LLC to serve as its aviation financial advisor. Alton will provide these services: (a) conduct general and initial reviews, including review of first day motions, liquidity assessments, evaluation of deferral and factoring agreements, and valuation of collateral supporting the DIP facility; (b) perform strategic assessments, including review of the Debtors' commercial strategies, the Free Spirit Loyalty Program, and alliance affiliations; (c) undertake competitive assessments, including market dynamics, traffic forecasting, and business model review; (d) perform operational assessments, including benchmarking financial and operational metrics, cost assessments, review of union agreements, and preparation of weekly reports; (e) conduct financial analysis and modeling, including analysis of DIP collateral, review of financial reports, and development of sensitivity models; (f) perform business plan diligence, including review of financial projections, executory contracts, and claims analysis; (g) provide fleet-related analysis, including review of fleet plans, maintenance forecasts, and aircraft-related contracts; and (h) respond to creditor inquiries and perform other services as mutually agreed between the Committee and Alton. Alton will be compensated at these hourly rates: Managing Director at $1,475; Director at $1,160; Associate Director at $1,025; Engagement Manager at $970; Senior Associate at $765; and Associate at $575. Alton will also seek reimbursement for reasonable out-of-pocket expenses. According to court filings, Alton Aviation Consultancy LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: John Mowry, Managing Director ALTON AVIATION CONSULTANCY LLC 1700 Broadway, Suite 2202 New York, NY 10019 E-mail: john.mowry@altonaviation.com About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed up to $8.5 billion in assets and $8.1 billion in liabilities. Judge Sean H. Lane oversees the cases. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents the Debtors as legal counsel. The Debtors tapped FTI Consulting, Inc. as restructuring, fleet and communications advisor; PJT Partners, LP as investment banker; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SPIRIT AVIATION: Committee Hires Willkie Farr as Legal Counsel -------------------------------------------------------------- The Official Committee of Unsecured Creditors seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Willkie Farr & Gallagher LLP to serve as legal counsel in the Spirit Aviation Holdings, Inc., et al. Chapter 11 cases. Willkie will provide these services: (a) advise the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules; (b) assist and advise the Committee relative to the administration of the Chapter 11 Cases; (c) attend meetings and negotiate with the representatives of the Debtors and other parties in interest; (d) assist and advise the Committee in its examination and analysis of the conduct of the Debtors' affairs; (e) assist and advise the Committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code; (f) assist the Committee in the review, analysis, and negotiation of any chapter 11 plan(s) of reorganization or liquidation that may be filed and assist the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); (g) take all necessary actions to protect and preserve the interests of the Committee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, the review and analysis of claims filed against the Debtors' estates; (h) prepare on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee; (i) appear, as appropriate, before the Court, appellate courts, and the U.S. Trustee, and protect the interests of the Committee before those courts and before the U.S. Trustee; and (j) perform all other necessary legal services in the Chapter 11 Cases. Willkie's standard hourly rates for matters that may be implicated in the Chapter 11 Cases range as follows: Partners and Senior Counsel $1,950 to $2,795 Associates, Other Attorneys, and Law Clerks $925 to $1,850 Paraprofessionals $420 to $680 Willkie Farr & Gallagher LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brett H. Miller, Esq. Todd M. Goren, Esq. James H. Burbage, Esq. Jessica D. Graber, Esq. WILLKIE FARR & GALLAGHER LLP 787 Seventh Avenue New York, NY 10019 Telephone: (212) 728-8000 Facsimile: (212) 728-8111 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed up to $8.5 billion in assets and $8.1 billion in liabilities. Judge Sean H. Lane oversees the cases. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents the Debtors as legal counsel. The Debtors tapped FTI Consulting, Inc. as restructuring, fleet and communications advisor; PJT Partners, LP as investment banker; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SPIRIT AVIATION: Committee Retains Jefferies as Investment Banker ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Spirit Aviation Holdings, Inc., et al., filed an application with the U.S. Bankruptcy Court seeking approval to retain Jefferies LLC as its investment banker, effective as of September 19, 2025. Jefferies LLC will provide the Committee with these services: (a) analyze and evaluate the Debtors' business, operations, financial condition, and prospects; (b) assist and advise the Committee on debtor-in-possession financing and alternative financing options; (c) advise the Committee regarding the Debtors' proposed business plan; (d) assist in evaluating restructuring proposals and exit financing alternatives; (e) review the Debtors' capital structure and debt capacity; (f) support the Committee in negotiations with the Debtors and other parties-in-interest; (g) provide market insight regarding restructuring and capital markets; and (h) render any other investment banking services agreed upon with the Committee. Jefferies LLC will be compensated as follows: Monthly Fee: $175,000, with the first payment due upon engagement and subsequent payments due monthly in advance. Fifty percent of monthly fees paid will be credited against any Transaction Fee starting with the tenth full Monthly Fee. Transaction Fee: $5,500,000 upon consummation of a chapter 11 plan, sale, or other transaction involving all or a material portion of the Debtors' equity or assets. Only one Transaction Fee is payable. Expenses: Reimbursement for reasonable out-of-pocket expenses, including counsel fees, related to the engagement. Jefferies LLC is represented as a "disinterested person" under Section 101(14) of the Bankruptcy Code. Responses to the application are due by November 3, 2025. The firm can be reached at: Leon Szlezinger JEFFERIES LLC 520 Madison Avenue, 10th Floor New York, NY 10022 Telephone: (212) 284-2300 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed up to $8.5 billion in assets and $8.1 billion in liabilities. Judge Sean H. Lane oversees the cases. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents the Debtors as legal counsel. The Debtors tapped FTI Consulting, Inc. as restructuring, fleet and communications advisor; PJT Partners, LP as investment banker; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SPIRIT AVIATION: Committee Taps AlixPartners as Financial Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Spirit Aviation Holdings, Inc., et al., seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire AlixPartners, LLP to serve as its financial advisor in the jointly administered Chapter 11 cases. AlixPartners will provide these services: (a) analyze the Debtors' Statement of Financial Affairs (SOFAs) and Schedules of Assets and Liabilities (SOALs); (b) review the Debtors' cash management, tax sharing and intercompany accounting systems, practices and procedures; (c) review and investigate related party transactions, including those between the Debtors and non-debtor subsidiaries and affiliates, and selected other pre-petition transactions; (d) identify and/or review potential preference payments, fraudulent conveyances, and other causes of action that the Debtors' estates may hold against third parties; (e) assist the Committee and its advisors in settlement negotiations, including creating a legal entity waterfall model and analyzing potential recoveries to general unsecured creditors under any proposed Chapter 11 plan; (f) assist in the development and/or review of the Debtors' plan of reorganization and disclosure statement; (g) review and evaluate proposed incentive compensation plans, including Key Employee Incentive Plans and Key Employee Retention Plans; (h) assist the Committee with analyzing and valuing the Debtors' real estate, illiquid assets, and intellectual property; (i) review and evaluate court motions filed by the Debtors or other parties-in-interest; (j) render expert testimony and litigation support services as requested; (k) support eDiscovery obligations including forensic data acquisition, data hosting, and analysis; (l) assist in developing wind down analyses to administer the bankruptcy estate post-sale or merger; (m) attend Committee meetings and court hearings as required; and (n) assist with other matters as may be requested that fall within AlixPartners' expertise. AlixPartners' hourly rates are as follows: Partner/Partner & Managing Director $1,225 to $1,540 Senior Vice President/Director $850 to $1,150 Vice President $650 to $835 Analyst/Consultant $250 to $640 AlixPartners will also seek reimbursement for reasonable and necessary expenses incurred in connection with these Chapter 11 cases, including transportation, lodging, and meals, billed at actual cost. AlixPartners does not seek a success fee and is not owed any amounts for prepetition services. AlixPartners is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David MacGreevey ALIXPARTNERS, LLP 909 3rd Ave New York, NY 10022 Telephone: (212) 490-2500 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed up to $8.5 billion in assets and $8.1 billion in liabilities. Judge Sean H. Lane oversees the cases. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents the Debtors as legal counsel. The Debtors tapped FTI Consulting, Inc. as restructuring, fleet and communications advisor; PJT Partners, LP as investment banker; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. STM CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: STM Construction, LLC 311 Industrial Boulevard McKinney TX 75069 Business Description: STM Construction, LLC provides general contracting services, including new construction, repairs, restorations, and build-outs, for commercial and residential projects. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-43231 Debtor's Counsel: Brandon Tittle, Esq. TITTLE LAW FIRM, PLLC 1125 Legacy Dr., Ste. 230 Frisco TX 75034 Tel: 972-213-2316 Email: btittle@tittlelawgroup.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jessica Barnett as chief financial officer. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SFYFH5I/STM_Construction_LLC__txebke-25-43231__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NZLKPMA/STM_Construction_LLC__txebke-25-43231__0001.0.pdf?mcid=tGE4TAMA STRIPE A LOT: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On October 20, 2025, Stripe a Lot of America II Corp. filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $4,028,903 in debt owed to 1 and 49 creditors. About Stripe a Lot of America II Corp. Stripe a Lot of America II Corp. provides asphalt paving, resurfacing, and repair services across Florida. The Company offers full-service commercial solutions including asphalt and concrete installation, sealcoating, striping, crack filling, ADA-compliant ramps, and drainage work. It also performs milling, full-depth reclamation, and parking lot maintenance projects for property owners and contractors. Stripe a Lot of America II Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07715) on October 20, 2025. In its petition, the Debtor reports total assets of $633,127 and total liabilities of $4,028,903. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq. of FORD & SEMACH, P.A. SUNTECH DRIVE: Court OK's Patent Rights Sale at Auction ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado has granted Jeffrey A. Weinman, Chapter 7 Trustee of the Estate of ST Drive, LLC, f/k/a SunTech Drive, LLC, to sell Patent Rights and other Property Interests, free and clear of liens, claims, interests, and encumbrances. The Trustee seeks an order authorizing him to sell the Assets free and clear because UMB Bank never perfected its interest in such patents by filing a UCC statement as required by Colorado law prior to the Trustee's assignment of the Patents and because UMB's security interest in the Patents of PEH appears to be part of a fraudulent conveyance. Especially in light of UMB Bank’s failure to give any explanation for its priority lien assertion, a bona fide dispute exists regarding the validity, extent and priority of UMB’s purported lien(s). An overview of UMB Bank's claim of priority lien of the Property and its refusal to provide the Trustee of the information about the Debtor's loan balance is provided at: https://urlcurt.com/u?l=QGrczZ The Court has authorized the Debtor to sell Patent Rights and all other Property Intereststs in an Auciton and the Bidding Procedures. The Bidding Procedures described in Exhibit D in the Motion are hereby adopted and shall be implemented with the exception of paragraphs 15 and 16 of the Bidding and Auction Procedures, relating to a sale hearing. If necessary, a sale hearing to consider competing bids or to confirm the sale will be scheduled at the request of the Trustee. https://urlcurt.com/u?l=yI1ZIl About SunTech Drive SunTech Drive, LLC -- http://suntechdrive.com-- is a privately held solar power electronics company. SunTech Drive provides source-agnostic, intelligent power conversion equipment. Its patent pending designs represent a dramatic departure from the large and costly legacy controllers of the past. SunTech has replaced traditional electromagnetic cores and windings with high-speed digital switching silicon and adaptive firmware. SunTech Drive filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-1394) on June 8, 2020. In the petition signed by Harold K. Michael, CEO, the Debtor disclosed $199,483 in assets and $6,675,846 in liabilities. Judge Joseph G. Rosania Jr. presides over the case. Jeffrey S. Brinen, Esq., at KUTNER BRINEN, P.C., represents the Debtor. SUPRA NATIONAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Supra National Express, Inc. 1500 E. Dominguez Street Long Beach, CA 90810 Business Description: Supra National Express, Inc. provides logistics and transportation services, including drayage, warehousing, and international freight, operating primarily from Long Beach and Carson, California, near the Ports of Los Angeles and Long Beach. The Company maintains a fleet of specialized equipment and is licensed as a Non-Vessel Operating Common Carrier (NVOCC), offering technology solutions for transportation management. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-19576 Judge: Hon. Neil W. Bason Debtor's Counsel: Ron Bender, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: rb@lnbyg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Daniel Linares as CEO and CFO. 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/OIWKEWI/Supra_National_Express_Inc__cacbke-25-19576__0001.0.pdf?mcid=tGE4TAMA TALPHERA INC: Shareholders OK All Seven Proposals at Annual Meeting ------------------------------------------------------------------- Talphera, Inc. held its Annual Meeting of Stockholders on October 23, 2025. Proxies for the Annual Meeting were solicited by the Board pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended, and there was no solicitation in opposition. At the Annual Meeting, a total of 9,778,006 shares were represented in person or by proxy out of the 20,522,655 shares of common stock entitled to vote as of August 29, 2025, the record date for the Annual Meeting. The final votes on the proposals presented at the Annual Meeting were as follows: Proposal No. 1: Vincent J. Angotti, Stephen J. Hoffman, M.D., Ph.D. and Abhinav Jain were elected as Class II directors, by a plurality of the votes entitled to vote on the election of directors, to hold office until the 2028 Annual Meeting of Stockholders. In addition to the directors elected, Marina Bozilenko, Joseph Todisco and Mark Wan will continue to serve as directors until the 2026 Annual Meeting of Stockholders, and Adrian Adams and Jill Broadfoot will continue to serve as directors until the 2027 Annual Meeting of Stockholders, and, in each case until their successors are elected and qualified, or until their earlier death, resignation or removal. Proposal No. 2: The selection by the Audit Committee of the Board of BPM LLP as the Company's independent registered public accounting firm for the year ending December 31, 2025 was ratified. Proposal No. 3: The compensation paid to the Company's named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, compensation tables and narrative discussion was approved, on an advisory basis. Proposal No. 4: The preferred frequency of the advisory vote on the compensation of the Company's named executed officers returned in favor of every year by the following vote: For One Year: 4,687,816 For Two Years: 201,464 For Three Years: 297,972 Abstain: 138,482 Broker Non-Votes: 4,452,272 In light of this vote and the Board's prior recommendation, the Board has determined that the Company will hold an annual non-binding advisory vote on executive compensation. Accordingly, the Company will request an advisory vote on executive compensation every year in its future proxy materials until the next stockholder vote on the frequency of such votes. Proposal No. 5: Approved, upon the recommendation of the Company's Board of Directors, an amendment and restatement of the Company's Amended and Restated 2020 Equity Incentive Plan. Proposal No. 6: Approved, upon the recommendation of the Company's Board of Directors, an amendment and restatement of the Company's Amended and Restated the Company's 2011 Employee Stock Purchase Plan. A summary of both the 2020 EIP and 2011 ESPP is set forth in the Company's definitive proxy statement on Schedule 14A filed on September 9, 2025 for the Annual Meeting. That summary is qualified in its entirety by reference to the terms of the 2020 EIP and 2011 ESPP, copies of which are available at https://tinyurl.com/29w3but5 and https://tinyurl.com/2z3t9vmd, respectively. Proposal No. 7: An amendment to the Company's Amended and Restated Certificate of Incorporation to effect, at any time within 12 months following the date of Annual Meeting and solely if the Board determines such amendment is advisable to regain compliance with the minimum bid price requirements of the Nasdaq Capital Market, a reverse stock split at a ratio of not less than 1-for-10 and not greater than 1-for-30, with the exact ratio to be set within that range at the Board's discretion without further stockholder approval was approved. About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Talphera had $16.52 million in total assets, $9.89 million in total liabilities, and $6.63 million in total stockholders' equity. TMMM MECH: To Sell Remnant Assets to SVDF LLC for $12,500 --------------------------------------------------------- Ilissa Churgin Hook, Chapter 7 Trustee of TMMM Mech LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Trustee has determined that there might exist property of the Debtor's Estate, consisting of known or unknown assets or claims, which have not been previously sold, assigned, or transferred, including default judgments obtained against SKH Mechanical Corp., Balendu Kumar Mishra, Om Tewari, and Samuel Foy in adversary proceeding number 23-01122-SLM (Remnant Assets). Potential unknown assets might include unscheduled refunds, overpayments, deposits, judgments, claims, or other payment rights that would accrue in the future. The Trustee has conducted due diligence and remains unaware of the existence of any Remnant Assets (other than the default judgments), and certainly none that could return value to the Estate greater than the Purchase Price. Accordingly, the Trustee has determined that the cost of pursuing the Remnant Assets will likely exceed the benefit that the Estate would possibly receive on account of the Remnant Assets. The Trustee and SVDF LLC, a Nevada limited liability, have negotiated an agreement for the sale of the Remnant Assets, with the purchase price of $12,500. In accordance with the Purchase Agreement, the Remnant Assets do not include (a) cash held at the time of this Agreement in the bank account of Seller and/or the Debtor, (b) the Purchase Price of the Remnant Assets; (c) any proceeds of assets or claims of the Debtor or Estate which have been previously sold, assigned, or transferred prior to the Effective Date. About TMMM Mech TMMM Mech, based in Clifton, New Jersey, is in the utility system construction business. It filed Chapter 11 petition (Bankr. D.N.J. Case No. 21-13622) on April 30, 2021. In the petition, the Debtor disclosed $802,530 in total assets and $1,518,969 in total liabilities. The petition was signed by Simone Timothy, managing member/owner. Judge Stacey L. Meisel presides over the case. The Law Offices of Ralph A. Ferrero, Jr., represents the Debtor as counsel. TOB LLC: To Sell Commercial Property to Ted Banick for $325K ------------------------------------------------------------ TOB LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is a commercial property in Libertyville, Illinois. Pen I, Inc., which operates a bar under a lease of the Building. The Bar is owned by the Debtor's sole Member and Manager, Brian Carman. As of September 30, 2025, the Debtor has only three creditors: Hurd Road, LLC, the lender holding the mortgage being foreclosed against the Building ($273,580); Newpoint Advisers, the Receiver in the Foreclosure Case ($3,452); and the Lake County Collector for real estate taxes ($7,137). The Debtor's only other obligations are $6,834 for post-petition real estate taxes; plus its Chapter 11 attorneys' fees in an amount to be determined and any U.S. Trustee's fees to be calculated. The Debtor's only other asset is the past due rent from the Bar. At the time of the filing of the Debtor's Petition for Relief, the Bar was delinquent in rent payments to the Debtor in the amount of $33,600. The Bar is also delinquent in payment of all post-petition rent in the amount of $18,900, for a total of $54,500. Before this case was filed, Mr. Carman's former partner in the Bar, Ted Banick (Purchaser), had agreed to purchase the Building in an amount sufficient to pay all creditors in order to preserve its value and to ensure the continued operations of the Bar, and had provided the Debtor with proof of the funds necessary to do so. The Debtor is seeking the Court's authority to sell all the Debtor's Assets, except its accounts receivable in the form of the past due rent from the Bar, to Purchaser for the sum of $325,000. The Purchase Agreement provides for closing the transaction at a title company. It is contemplated that at Closing all the pre-petition and administrative expenses will be paid in full, or if any administrative expense requiring court approval has not been yet been approved, same will be held in escrow at the title company. It is also contemplated that if there is a surplus, it will be paid to the Debtor when the case is dismissed. The Debtor is proposing to sell its property free and clear of all liens, with the liens to attach to the proceeds of the sale, which will be distributed at the Closing. About TOB LLC TOB LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.Ill. Case No. 25-10667) September 30, 2025. Judge Deborah L. Thorne presides over the case. Keevan D. Morgan at Morgan & Bley, Ltd., represents the Debtor as legal counsel. TOMPKINS SQUARE: Samuel Dawidowicz Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for Tompkins Square Distributors, Inc. Mr. Dawidowicz will be paid an hourly fee of $565 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About Tompkins Square Distributors Inc. Tompkins Square Distributors, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12356) on October 26, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Michael E. Wiles presides over the case. Jack Rose, Esq., at the Law Offices of Jack J Rose represents the Debtor as bankruptcy counsel. TONIX PHARMACEUTICALS: Reports Preliminary Q3 Net Loss of $32M -------------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission, selected preliminary operating results for the quarter ended September 30, 2025, and certain preliminary financial condition information as of October 24, 2025, as set forth below: * The Company ended the quarter with approximately $190.1 million in cash and cash equivalents. As of October 24, 2025, the Company had 11,475,491 shares of common stock outstanding. * The Company's net cash used in operating activities for the quarter ended September 30, 2025 was approximately $28.8 million compared to $18.8 million for the quarter ended September 30, 2024. * The Company's capital expenditures for the quarter ended September 30, 2025, was approximately $1 million compared to $0 million for the quarter ended September 30, 2024. * The Company's net loss for the quarter ended September 30, 2025, was approximately $32 million compared to $14.2 million for the quarter ended September 30, 2024. * The Company's net revenue from the sale of its marketed products for the quarter ended September 30, 2025, was approximately $3.3 million compared to $2.8 million for the quarter ended September 30, 2024. The Company believes that its cash resources at September 30, 2025, and the net proceeds of $29.3 million that it received from equity offerings in the fourth quarter of 2025, will meet its planned operating and capital expenditure requirements into the first quarter of 2027. The Company expects to file its Quarterly Report on Form 10-Q, including its financial statements for the quarter ended September 30, 2025, on or about November 10, 2025. The above information is preliminary financial information for the quarter ended September 30, 2025 and subject to completion. The unaudited, estimated results for the quarter ended September 30, 2025 are preliminary and were prepared by the Company's management, based upon its estimates, a number of assumptions and currently available information, and are subject to revision based upon, among other things, quarter end closing procedures and/or adjustments, the completion of the Company's consolidated financial statements and other operational procedures. This preliminary financial information is the responsibility of management and has been prepared in good faith on a consistent basis with prior periods. However, the Company has not completed its financial closing procedures for the quarter ended September 30, 2025, and its actual results could be materially different from this preliminary financial information, which preliminary information should not be regarded as a representation by the Company or its management as to its actual results for the quarter ended September 30, 2025. In addition, EisnerAmper LLP, the Company's independent registered public accounting firm, has not audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial information and does not express an opinion or any other form of assurance with respect to this preliminary financial information. During the course of the preparation of the Company's financial statements and related notes as of and for the quarter ended September 30, 2025, the Company may identify items that would require it to make material adjustments to this preliminary financial information. As a result, prospective investors should exercise caution in relying on this information and should not draw any inferences from this information. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles and reviewed by the Company's auditors. About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of June 30, 2025, the Company had $187.36 million in total assets, $19.36 million in total liabilities, and $168 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TPI COMPOSITES: Says Recusal of Judge Lopez Unwarranted ------------------------------------------------------- Emily Lever of Law360 reports that bankrupt wind turbine manufacturer TPI Composites Inc. has asked that U.S. Bankruptcy Judge Chris Lopez continue presiding over its Chapter 11 case, arguing that his prior employment with Weil Gotshal & Manges LLP, the firm representing the debtor, does not require recusal. The company said Judge Lopez's connection to the firm ended years ago and has no relevance to his ability to remain impartial, according to the report. TPI asserted that removing Judge Lopez at this stage would unnecessarily delay the case and disrupt the company's progress toward plan confirmation. The filing further emphasized that no evidence of bias or conflict exists, and that maintaining judicial continuity is in the best interest of all parties involved, the report relates. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRICOLOR AUTO: Trustee Gets Green Light to Pay Insurers ------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge granted the Chapter 7 trustee of Tricolor Holdings permission to access approximately $275,000 in deposited checks found at the company's headquarters to pay overdue insurance premiums. The trustee had warned that without immediate payment, a lapse in coverage could endanger the value of the estate's assets, according to the report. The emergency ruling ensures that key insurance policies remain active as the trustee continues to secure and liquidate Tricolor's holdings. The court emphasized that maintaining adequate insurance was critical to preserving estate value and protecting creditor interests throughout the liquidation process, the report relays. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. US NUCLEAR: Fiscal Q2 Net Loss Narrows to $207,799 -------------------------------------------------- US Nuclear Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $207,799 and $455,426 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 $768,031 and $617,404, respectively. The Company reported gross profit of $249,332 for the three months ended June 30, 2025, and $258,441 for the same period in 2024. For the six months ended June 30, 2025 and 2024, the Company had gross profits of $598,249 and $612,210, respectively. As of June 30, 2025, the Company had an accumulated deficit of $20.56 million. The Company's ability to continue as a going concern is dependent upon its ability to generate profitable operations in the future and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has plans to seek additional capital through some private placement offerings of debt and equity securities. These plans, if successful, will mitigate the factors which raise substantial doubt about the Company's ability to continue as a going concern. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/24nfux5u About US Nuclear US Nuclear Corp. is engaged in developing, manufacturing, and selling radiation detection and measuring equipment. The Company markets and sells its products to consumers throughout the world. As of June 30, 2025, the Company had $2.51 million in total assets, $2.26 million in total liabilities, and $750,702 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has an accumulated deficit and net losses. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. UTICA TOWNSHIP: To Sell Vehicles to John Jones for $265K -------------------------------------------------------- Utica Township Volunteer Fire Fighters Association and Utica Township Fire Department Inc., ask approval from the U.S. Bankruptcy Court for the Southern District of Indiana, New Albany Division, to sell certain motor vehicles in a private sale, free and clear of liens, claims, interests, and encumbrances. The Motion is the latest of a series that the Debtors intend to bring to reduce their balance sheets to match their current and prospective circumstances, and the second Motion proposing sale to John Jones. The Debtors now operate on a smaller scale than they did a few years ago—they now provide only emergency medical services and not firefighting services—but they are saddled with a fleet of vehicles that does not suit them. The expense associated with maintaining their bloated fleet has crippled the Debtors' cash flow and threatened the viability of their operations. Reducing their fleet and selling other property that their operations no longer require, through the relief requested in this Motion and further relief to be sought by separate motion or through a plan, will eliminate purchase-money debts and generate cash to fund the Debtors' reorganization, sustain their operations during the Chapter 11 Cases, and make payments to their creditors. The vehicles that are up for sale are: Year Make Model VIN Proceeds to be Received by Association: 2023 Cadillac Escalade V (Claim #18) 1GYS4SK99PR159538 $110,000.00 2023 Cadillac CT5-V (Claim #15) 1G6DV5RWXP0114043 $40,000.00 2023 Cadillac Escalade (Claim #17) 1GYS4GKL3PR244979 $75,000.00 2023 Cadillac CT5-V (Claim #16) 1G6DV5RW2P0147649 $40,000.00 TOTAL $265,000.00 Among the Property, all four vehicles are subject to known liens in favor of New Washington State Bank, with a total outstanding balance of approximately $111,999.41, which will be paid in full from the proceeds of the sale of the Property. The Utica Township Fire Protection District has asserted ownership or other interests in certain of the Debtors' property in state-court litigation that was pending on the Petition Date. It is unclear to the Debtors whether the District’s claims extend to the Property. The Debtors propose that the Property be sold directly to John Jones, an auto dealer, without further consideration of competing bids or notice to the Court or parties-in-interest. The Debtors, in their business judgment, have determined that a private sale to John Jones, which will not be subject to sales commission or sales tax, will result in the highest and best return on the Property, considering the associated costs and the time value of money. The Association is a nonprofit corporation incorporated in 1954 under the laws of the state of Indiana, with its principal office located in Clarksville, Indiana. The Department is an Indiana nonprofit corporation incorporated in 2002; it shares with the Association a location, board of directors, and operational history. Matthew Owen is chief executive officer of both Debtors. The Property consists of four cars owned by the Association which were acquired under Mr. Noel's management and have never been used in the Debtors' operations. As such, retained ownership and possession of the property offers no upside and instead burdens the Debtors' estates with the expense of storing and insuring it. The Debtors propose to sell the Property AS IS, WHERE IS, WITH ALL FAULTS. The Debtors satisfy all four elements. The Debtors have a sound business purpose for liquidating the Property to maximize recovery for their estates. The Debtors believe the sale price to be fair and reasonable after researching values of unmodified passenger vehicles similar to those included in the Property. The Debtors further believe the sale price to be fair and reasonable, and believe that the John Jones Proposal offers the best value for the Property. About Utica Township Volunteer Fire Fighters Association Utica Township Volunteer Fire Fighters Association is a nonprofit organization based in Clarksville, Indiana, providing volunteer fire protection and emergency services for Utica Township and surrounding areas. Utica Township Volunteer Fire Fighters Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-90840) on July 22, 2025. In its petition, the Debtor reports total assets of $3,023,08 and total liabilities of $1,076,837. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by William P. Harbison, Esq. at SEILLER WATERMAN LLC. VETCOR LLC: Section 341(a) Meeting of Creditors on November 11 -------------------------------------------------------------- On October 17, 2025, VetCor LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on November 19, 2025 at 10:00 AM. U.S. Trustee (Dorr) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 3989722#. About VetCor LLC VetCor LLC, based in Tampa, Florida, is a veteran-owned restoration services company founded in 2013, providing water and mold damage restoration for residential and commercial properties. The Company operates from 5898 Jet Port Industrial Blvd and also offers fire and smoke mitigation, emergency board-up and roof tarping, and related cleanup services. VetCor is IICRC-certified and emphasizes rapid response and adherence to industry restoration standards. VetCor LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. ) on October 17, 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 Jake C. Blanchard, Esq. of BLANCHARD LAW, P.A. VIB TRANS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: VIB Trans, Inc. 397 E Deerpath Rd. Wood Dale, IL 60191 Business Description: VIB Trans, Inc. operates as a freight transportation company based in Illinois, providing interstate cargo hauling services across the United States. The Company maintains a fleet of trucks and trailers, including Volvo, Freightliner, Kenworth, Mack, and Wabash units, to move general freight for commercial clients. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-16602 Judge: Hon. Jacqueline P Cox Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 Email: david.freydin@freydinlaw.com Total Assets: $1,285,794 Total Liabilities: $3,047,598 The petition was signed by Nevena Batachka as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GRSLACI/VIB_Trans_Inc__ilnbke-25-16602__0001.0.pdf?mcid=tGE4TAMA VIVAKOR INC: Closes $3.5 Milion Registered Direct Offering ---------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Securities Purchase Agreement with institutional investors, pursuant to which the Company agreed to issue and sell to the Purchasers in a registered direct offering: (A) an aggregate of 10,909,090 shares of common stock, par value $0.001 per share, of the Company, at an offering price of $0.22 per share, and (B) 5,000,000 pre-funded warrants in lieu of shares of Common Stock, at an offering price of $0.219 for aggregate gross proceeds of approximately $3.5 million, before deducting Offering expenses payable by the Company, including the Placement Agent's commissions and fees. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. The Offering closed on October 27, 2025. The Pre-Funded Warrants are immediately exercisable and may be exercised at a nominal consideration of $0.001 per share of Common Stock at any time until all of the Pre-Funded Warrants are exercised in full. The Pre-Funded Warrants contain ownership limitations pursuant to which a holder does not have the right to exercise any portion of their warrants if it would result in the holder (together with its affiliates) beneficially owning more than 4.99% (or, upon election by the holder prior to the issuance of any warrants, 9.99%) of the Company's outstanding Common Stock. In connection with the Offering, the Company also entered into a Placement Agency Agreement with D. Boral Capital LLC, pursuant to which the Company paid the Placement Agent: (i) a cash fee equal to 7% of the aggregate gross proceeds of the Offering, (ii) one percent of the gross proceeds of the Offering for non-accountable expenses, and (iii) reimbursed the Placement Agent for certain expenses and legal fees. The Common Shares, the Pre-Funded Warrants and the shares of Common Stock underlying the Pre-Funded Warrants were offered pursuant to a "shelf" registration statement on Form S-3 (File No. 333-269178) that was declared effective by the Securities and Exchange Commission on February 10, 2023 and a prospectus supplement dated October 27, 2025, which was filed with the Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended. The forms of the Purchase Agreement, Placement Agency Agreement and Pre-Funded Warrant are filed as exhibits to the Report on Form 8-K, available at https://tinyurl.com/mr3fn7tv 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 the 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. WALKER EDISON: Unsecureds Will Get 0.5% to 60% of Claims in Plan ---------------------------------------------------------------- Walker Edison Holdco LLC and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated October 22, 2025. Walker Edison is a Delaware corporation that was founded in 2006. Walker Edison is managed by its sole member and manager, Intermediate, which in turn is managed by its sole member, Holdco through Holdco's Board of Managers. The Debtors were a leading supplier of innovative and affordable ready-to-assemble home furnishings to global e-commerce platforms. Headquartered in West Jordan, Utah, the Debtors built a data driven sourcing and logistics platform that enabled integration with major online retailers, including Amazon, Wayfair, Walmart, and others. In addition to third-party platforms, Walker Edison also operated its own website to sell products directly to consumers. The Debtors filed these chapter 11 cases to pursue a sale of all or substantially all of their Assets with the goal of maximizing the recovery for their Estates and Creditors. To that end, the Bankruptcy Court entered the Bidding Procedures Order granting certain of the relief sought in the Sale Motion, including, among other things, (a) approving the bidding procedures, which established the key dates and times related to the Sale and auction, (b) approving assumption procedures, and (c) authorizing the Debtors' entry into and performance under the Asset Purchase Agreement. The Bidding Procedures Order also established a bid deadline of September 22, 2025. The Debtors did not receive any bids for their Assets other than the Stalking Horse Bid prior to the bid deadline. As a result, the Debtors cancelled the auction. On September 24, 2025, GXO Logistics Supply Chain, Inc. filed the Limited Objection to Sale and Reservation of Rights of GXO Logistics Supply Chain, Inc. (the "GXO Limited Objection"). Also on September 24, 2025, Kenco filed the Kenco Logistic Services LLC's Limited Objection to Debtors' Sale Motion and Reservation of Rights (the "Kenco Limited Objection," and with the GXO Limited Objections, the "Objections"). The hearing on the Sale Motion was scheduled for September 29, 2025, at 1:00 p.m. (the "Sale Hearing"). At the Sale Hearing, the Debtors were able to resolve the GXO Limited Objection through the GXO Stipulation. The Bankruptcy Court scheduled the Kenco Limited Objection for hearing on October 8, 2025. The Debtors and Kenco engaged in good faith negotiations and as a result, the Debtors were able to resolve the Kenco Limited Objection. On October 7, 2025, the Bankruptcy Court entered an order approving the Kenco Stipulation. On October 2, 2025, the Bankruptcy Court entered the Sale Order. The Sale to the Purchaser closed on October 7, 2025. In connection with the Debtors' and Committee's investigation of the ABL Lender and the Prepetition Term Loan Secured Parties, the parties entered into the Global Settlement, which was initially approved by the Bankruptcy Court in connection with the entry of the Final DIP Order. The Global Settlement provided for the structure of this Plan, by which Holders of Allowed General Unsecured Claims would be able to meaningfully participate in any recoveries received in connection with the Utah Litigation along with the Prepetition Term Loan Secured Parties. As set forth in more detail herein (and in the Global Settlement itself), the Prepetition Term Loan Secured Parties will receive 85% of the Net Utah Litigation Proceeds and the Holders of Allowed General Unsecured Claims will receive 15% of the Net Utah Litigation Proceeds. The Net Utah Litigation Proceeds, as defined herein, provides for the payment of the costs of the chapter 11 cases and the Liquidating Trust prior to the 85%/15% splits. Now, following the Sale of substantially all of the Debtors' Assets to the Purchaser, the Debtors are focused principally on confirming this Plan, which would provide for the funding of the Utah Litigation and the Distribution of any proceeds of the Utah Litigation Assets and other Assets of the Debtors. Class 4 consists of General Unsecured Claims. Except to the extent that the Holder of an Allowed Claim in Class 4 agrees to less favorable treatment (or such other treatment which the Debtors or the Liquidating Trustee, as applicable, and the Holder of such Allowed Class 4 Claim have agreed upon in writing), each Holder of an Allowed Claim in Class 4 shall receive their Pro Rata share of the Series B Liquidating Trust Interests. For the avoidance of doubt, the Prepetition Term Loan Secured Parties shall not receive any portion of the Series B Liquidating Trust Interests. The allowed unsecured claims total $30,000,000 to $34,000,000. This Class will receive a distribution of 0.5% to 60% of their allowed claims. On the Effective Date, all Interests shall be transferred to the Liquidating Trust, and each Holder of an Interest in the Debtors shall receive no Distribution pursuant to the Plan. The Plan implements a structure, first approved by the Bankruptcy Court in the Final DIP Order, by which Holders of Allowed General Unsecured Claims will receive a meaningful share of any of the proceeds of Utah Litigation. This structure was set forth in the Global Settlement by and between the Debtors, the Committee, the DIP Secured Parties, the Prepetition ABL Lender and the Prepetition Term Loan Secured Parties. The Liquidating Trust shall be established and shall become effective on the Effective Date. Upon the occurrence of the Effective Date, (a) the members of each Debtor's board of directors or managers, as the case may be, shall be deemed to have resigned; and (b) the Liquidating Trust Assets shall be transferred to the Liquidating Trust in accordance with this Plan. The Liquidating Trust Assets shall vest in the Liquidating Trust free and clear of all Liens, claims, and interests; provided, however, that the Liquidating Trust Assets shall be subject to the DIP Liens as set forth herein if the DIP Facility Claim is not paid in full on the Effective Date. A full-text copy of the Combined Disclosure Statement and Liquidating Plan dated October 22, 2025 is available at https://urlcurt.com/u?l=JYbGOu from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: MORRIS, NICHOLS, ARSHT & TUNNELL LLP Robert J. Dehney, Sr., Esq. Donna L. Culver, Esq. Daniel B. Butz, Esq. Scott D. Jones, Esq. Jonathan M. Weyand, Esq. 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@morrisnichols.com dculver@morrisnichols.com dbutz@morrisnichols.com sjones@morrisnichols.com jweyand@morrisnichols.com About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WBK TRANSPORT: Hires Joyce W. Lindauer as Legal Counsel ------------------------------------------------------- WBK Transport, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to hire Joyce W. Lindauer Attorney, PLLC to serve as legal counsel in its Chapter 11 case. Ms. Lindauer and her firm will provide these services: (a) analyze the Debtor's financial situation and render advice to the Debtor in determining whether to file a petition in bankruptcy; (b) prepare and file on behalf of the Debtor any petition, schedules, statements of affairs and plan which may be required; and (c) represent the Debtor at the meeting of creditors and confirmation hearing, and any adjourned hearings thereof. The firm will charge these hourly rates: Joyce W. Lindauer $595 Paul B. Geilich, Of Counsel $525 Dian Gwinnup, Paralegal $250 The firm has received a retainer of $21,738, which includes a $1,738 filing fee, paid by the Debtor. Compensation for services rendered will be subject to Court approval. According to court filings, Joyce W. Lindauer Attorney, PLLC and its attorneys do not hold or represent any interest adverse to the Debtor or its estate and are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas Street Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About WBK Transport Inc. WBK Transport Inc. operates as a parcel/last-mile delivery contractor, performing FedEx Ground pickup-and-delivery P&D) routes and hiring local delivery drivers in Texas. WBK Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42854) on September 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Brenda T Rhoades oversees the case. The Debtor is represented by Joyce Lindauer, Esq. of JOYCE W. LINDAUER ATTORNEY, PLLC. WESTERN URANIUM: Closes $5.9 Million Brokered LIFE Financing ------------------------------------------------------------ Western Uranium & Vanadium Corp. announced the closing of its bought deal private placement financing, which was previously announced in the Company's news releases issued on October 8, 2025 and October 9, 2025. Pursuant to the financing, Western issued a total of 6,555,556 units at a price of Cdn$0.90 per unit for aggregate gross proceeds of approximately Cdn$5,900,000 with each Unit being comprised of one common share and one common share purchase warrant. Each Warrant is exercisable for one Share at a price of Cdn$1.20 per share, for a period of four years and a half from the date of issuance. As described in greater detail in the Amended Offering Document, the net proceeds of the Offering will be used as follows: (a) permitting of Mustang Mineral Processing Plant; (b) drilling, monitoring and permitting for the San Rafael Uranium Project; (c) mine development and maintenance across the production portfolio; (d) permitting and baseline data collection for Topaz Mine; and (e) general corporate working capital purposes, including general and administrative costs. The Units under the Offering were offered to purchasers pursuant to the listed issuer financing exemption ("LIFE") under Part 5A of National Instrument 45-106– Prospectus Exemptions, as amended by the Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in all the provinces of Canada, except Québec, and in certain other jurisdictions pursuant to applicable securities laws. Pursuant to the LIFE exemption, the Shares and Warrants are not subject to any statutory hold period under applicable Canadian securities laws. There is an offering document (as amended and restated) related to the Offering that can be accessed under the Company's profile at www.sedarplus.com, and on the Company's website at www.western-uranium.com. In connection with the Offering, Western entered into an underwriting agreement with A.G.P. Canada Investments ULC pursuant to which the Underwriter acted as the sole underwriter and bookrunner for the Offering. The Underwriter received a fee comprised of a cash commission of 7% on the aggregate proceeds from Units issued and 229,444 broker warrants which are subject to a statutory hold period of four-months and one day from the date of their issuance. A.G.P./Alliance Global Partners acted as U.S. placement agent in the Offering. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended or any state securities laws, and accordingly, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. About Western Uranium Western Uranium & Vanadium Corp is engaged in the business of exploring, developing, mining and producing uranium and vanadium resources. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plants will be licensed to include the kinetic separation process. As of June 30, 2025, the Company had $33,141,489 in total assets, $4,206,515 in total liabilities, and a total shareholders' equity of $28,934,974. Mississauga, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt financing in order to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WOODLAND PLACE: Amends Unsecured Claims Pay Details --------------------------------------------------- Woodland Place Apartments LLC submitted a First Amended Disclosure Statement for Plan of Liquidation dated October 21, 2025. The Debtor owns approximately 10.18 acres of partially developed property located at 8221 Pittman Avenue in Pensacola, Florida (the "Property"). After evaluating alternatives, the Debtor determined that a Chapter 11 filing provides the best forum to maximize the value of the Property through a sale process, effectively address its current debts and best serve the interests of its creditors. The Debtor will utilize the Chapter 11 process to sell the Property efficiently and effectively and make distributions to creditors. At the Auction Sale the bidders who had previously submitted bids participated, as well as other potential bidders who had not previously submitted bids. The Debtor invited anyone who had expressed any interest in purchasing the Property to participate in the Auction Sale. The highest bid received at the Auction Sale was the credit bid of P&M in the amount of $2,160,000.00. On August 21, 2024, the Debtor filed a Motion for Order Authorizing the Sale of Substantially All of Its Assets to P&M Realco, LLC Pursuant to 11 U.S.C. § 363, Free and Clear of Liens, Claims and Encumbrances seeking final approval of the sale of the Debtor's Property to P & M. Subsequently, the Debtor entered into a purchase agreement with Martins Group for a purchase price that paved the way for a settlement between the Debtor and EMJ. The Court approved the settlement with EMJ, which is incorporated into the Plan. Class 6 consists of all Allowed General Unsecured Claims not otherwise classified in the Plan. Each Holder of an Allowed Class 6 General Unsecured Claim shall receive on such date determined by the Debtor, in full and final satisfaction of such Holder's Allowed Class 6 General Unsecured Claim, such Holder's Pro Rata Share of $10,000.00 and net recoveries from Causes of Action. The procedures for Distributions to Holders of Allowed General Unsecured Claims in Class 6 shall be in accordance with Article 9 of the Plan and the Confirmation Order. Class 6 is Impaired and, therefore, is entitled to vote to accept or reject the Plan. In the event that P & M credit bid is approved, there will likely be no distributions to the Class 6 creditors unless insiders agree to make contributions. The Holders of Class 7 Equity Interests shall be entitled to receive the remaining Net Sale Proceeds, cash on hand, if any, and net recoveries from Causes of Action, if any, only after all Allowed Claims in Classes senior to Class 7 have been paid in full pursuant to the terms of the Plan and after reserving for U.S. Trustee fees. Class 7 is Unimpaired. The Plan provides for the liquidation of the Purchased Assets through the sale to the Buyer as approved in the Sale Order, and for distributions to be made to the Holders of Allowed Claims against the Debtor in accordance with the priorities set forth in the Bankruptcy Code and the settlement with EMJ. A full-text copy of the First Amended Disclosure Statement dated October 21, 2025 is available at https://urlcurt.com/u?l=KdV2Pj from PacerMonitor.com at no charge. Counsel to the Debtor: Edward J. Peterson, Esq. Berger Singerman LLP 401 East Jackson Street, Suite 3300 Tampa, FL 33602 Tel: (813) 498-3400 Fax: (813) 527-3705 Email: epeterson@bergersingerman.com About Woodland Place Apartments LLC Woodland Place Apartments, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). The company is based in Pensacola, Fla. Woodland Place Apartments filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-30073) on February 1, 2024, with $1 million to $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. Edward J. Peterson, III, Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as legal counsel. WORLDWIDE MACHINERY: Committee Hires Pachulski Stang as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Worldwide Machinery Group, Inc., et al. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Pachulski Stang Ziehl & Jones LLP to serve as counsel in the jointly administered Chapter 11 cases, effective as of September 24, 2025. PSZJ will provide these services: (a) advise the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; (b) assist and advise the Committee in its consultations with the Debtors relative to the administration of these Chapter 11 Cases; (c) assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims; (d) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' businesses; (e) assist the Committee in its investigation of, inter alia, the liens and claims of the Debtors' lenders and the prosecution of any claims or causes of action revealed by such investigation; (f) assist the Committee in its analysis of, and negotiations with, the Debtors or any third-party concerning matters related to, among other things, the assumption or rejection of leases of nonresidential real property and executory contracts, asset dispositions, financing or other transactions, and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; (g) assist and advise the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 Cases; (h) represent the Committee at hearings and other proceedings; (i) review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety; (j) assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; (k) prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any of the foregoing; and (l) perform such other legal services as may be required or requested or as may otherwise be deemed in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. PSZJ's current standard hourly rates are: Partners $1,150 to $2,350 per hour Of Counsel $1,050 to $1,850 per hour Associates $725 to $1,225 per hour Paraprofessionals $595 to $650 per hour The Committee believes that PSZJ does not hold or represent any interest that is adverse to the Committee and the Debtors' estates and is a "disinterested person" within the meaning of the Bankruptcy Code. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, the firm provides the following responses: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and reasons for the difference. Answer: N/A. Question: Has your client approved your respective budget and staffing plan, and, if so, for what budget period? Answer: N/A. The firm can be reached at: Bradford J. Sandler, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor Wilmington, DE 19801 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 E-mail: bsandler@pszjlaw.com About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental Debtor. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. WYNN RESORTS: Blossom Fountain, Two Others Hold 5% Equity Stake --------------------------------------------------------------- Blossom Fountain Limited, Herobright Limited, and Galaxy Entertainment Group Limited, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 30, 2025, they beneficially own 5,200,000 shares of common stock, par value $0.01, of Wynn Resorts Ltd., representing 5.0% of the 103,976,531 shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed on August 7, 2025. The 5,200,000 shares are held directly by Blossom Fountain Limited, a wholly-owned subsidiary of Herobright Limited, which is wholly owned by Galaxy Entertainment Group Limited. As such, Herobright and Galaxy may be deemed to have shared voting and dispositive power over, and thus indirectly beneficially own, the shares directly owned by Blossom. Blossom Fountain Limited may be reached through: Francis Lui Yiu Tung, Director Vistra Corporate Services Centre Wickhams Cay II Road Town Tortola, VG1110, British Virgin Islands 852-3150-1118 A full-text copy of Blossom Fountain's SEC report is available at: https://tinyurl.com/4yncs5vh About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. YELLOW CORP: Liquidation Plan Can't Preserve Claim Dispute ---------------------------------------------------------- Rick Archer of Law360 reports that the Teamsters pension fund is opposing Yellow Corp.'s liquidation plan, telling a Delaware bankruptcy court that the plan unlawfully attempts to reserve arguments against its $17.8 million claim. According to the fund, the issues in question were already adjudicated and discharged, making Yellow's reservation clause improper, the report relates. The objection asserts that the company's proposal threatens to undermine the claims process and delay distributions to rightful creditors. The fund urged the court to strike the disputed language and ensure the liquidation proceeds according to the confirmed resolutions. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and internationalshipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [^] BOOK REVIEW: The Heroic Enterprise -------------------------------------- The Heroic Enterprise: Business and the Common Good Author: John Hood Publisher: Beard Books (reprint of book published by The Free Press/Division of Simon and Schuster in 1996). Paperback: 266 pages List Price: $34.95 Order your copy at https://bit.ly/3awLUV3 Hood writes as a counterbalance to ideas that business should be expected to contribute to the common good along the lines of charities, say, or public health. He writes too against the highly partisan, pernicious perspective that business activity is antisocial and disruptive which at times gains some degree of credibility. Critiques of business have been around as long as commerce and business have been around. These come usually from religious or political zealots seeking dictatorial hold over all significant kinds of human activity and enterprise. In this work, Hood aims to counterbalance latter-day versions of such critiques arising in American society. The counterculture, antiestablishment 1960s was a time when such critiques were particularly strong. They have moderated since, yet remain a persistent chorus which influences politics and imagery and public affairs of business. Hood does not aim to stifle or eliminate debate about the effects of business on society or how business should engage in business. What he aims for is dismissing once and for all myopic and almost utopian conceptions about business and related erroneous purposes and values of it. Such conceptions are worrisome to businesspersons not because they believe they have any foundation, but because they waste resources and energy in having to continually correct them so business can function properly. And to the extent such myopic conceptions are believed or entertained by the public, they hamper the public and politicians in working out policies by which the greatest benefits of business can be reaped by society. The author clarifies the place and role of business by contrasting business with other parts of society. A standard, self-evident tenet of sociologists going back to the time of Plato is that society is made up of different parts fulfilling different roles for the varied needs of society and so that a society will function smoothly and survive. Business is distinguished from government and philanthropy. "Businesses exist to make and sell things, whereas by contrast "governments exist to take and protect things [and] charities exist to give things away." The social responsibility for each category of institution is inherent in its purposes and activities. For example, businesses alone cannot solve environmental problems. Whatever problems which can be attached to business are related to government policies and business's operations to satisfy consumer interests. Hence, business alone cannot solve environmental problems, and should not be expected to. Critics requiring that business solve environmental problems without similarly requiring changes in government policies and consumer interests are shortsightedly and unreasonably tarnishing business while not making any relevant or productive arguments for dealing with environmental problems. In elucidating business's proper place in and contributions to society, Hood is not unmindful that some businesses fail to fulfill their role in good faith and beneficially. But instead of criticizing business fundamentally, he proffers questions critics can ask before targeting particular businesses. Two of these are "Are corporations obtaining their profits through force or fraud?" and "Are corporations putting investments at their disposal to the most economically productive use?" Hood's perspective in support of business against unfair and irrelevant criticisms is based on the acknowledgment that business is operating productively, for the common good, and is open to cooperative activities with other parts of society in trying to resolve common problems. "The Heroic Enterprise" is not an argument for business -- for as a fundamental aspect of any society, business does not need an argument to justify it. The book mostly takes the approach of reviewing why business is necessary and therefore must be naturally, easily accepted -- namely, because of the manifold benefits business provides for society and because it along with good government and respectable morals has been a primary engine for the betterment of human life. John Hood has much experience in the media and communication as a syndicated columnist, TV commentator, and radio host. Author of seven nonfiction books on subjects as business, advertising, public policy, and political history, and many articles for national publications such as the Wall Street Journal, Hood is President of the John William Pope Foundation, a Raleigh, N.C.-based grantmaker that supports public policy organizations, educational institutions, arts and cultural programs, and humanitarian relief in North Carolina and beyond. Hood also serves on the board of the John Locke Foundation, the state policy think tank he helped found in 1989 and led as its president for more than two decades. He teaches at Duke University's Sanford School of Public Policy. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***