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251103.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, November 3, 2025, Vol. 29, No. 306 Headlines 1115 HALSEY PROJECT: Seeks Chapter 11 Bankruptcy in New York 1385 STANLEY: Seeks Chapter 7 Bankruptcy in New York 26 CAPITAL: Seeks to Extend Plan Exclusivity to Feb. 9, 2026 2617-23 FOSTER: Plan Exclusivity Period Extended to Dec. 8 4L TOPCO: S&P Upgrades ICR to 'CCC+' Following Debt Refinancing 875 CONLEY CV22: Hires Marcus & Millichap as Real Estate Broker ABUELO'S INTERNATIONAL: Hires Dinsmore & Shohl as Special Counsel ANTHOLOGY INC: Creditor Objects to Uneven Loan Terms APEX TOOL: S&P Downgrades ICR to 'SD' on Debt Exchange ASTORIA ENERGY: S&P Rates $900MM Senior Secured Term Loan B 'BB-' ATTALAH GROUP: Court Issues CCAA Initial Order, Names E&Y Monitor BANNERS OF ABINGDON: Wins Interim Cash Collateral Access, DIP Loan BELLA INVESTMENT: Hires Obermayer Rebmann as Litigation Counsel BIG LEVEL TRUCKING: Baker Donelson Advises Navistar, Wells Fargo BISHOP OF OAKLAND: Hires Covington & Burlin as Insurance Counsel BIZ AS USUAL: Seeks Approval to Tap Erica Booth as Accountant BLACKNIGHT ASSET: Seeks Chapter 7 Bankruptcy in New York BREAD FINANCIAL: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable BRUNELLO REALTY: Section 341(a) Meeting of Creditors on Dec. 1 BUCC ENTERPRISES: Seeks to Tap Fuchs Law Office as Legal Counsel CAMPBELL REALTY: Seeks to Tap Sternberg Naccari & White as Counsel CAPSTONE CONSULTING: Creditors to Get Proceeds from Liquidation CAPTURE COLLECTIVE: Kegler Brown Files Rule 2019 Statement CBRM REALTY: Fannie Mae Objects to ‘Costly' DIP Loan CDR TRANS: Seeks Chapter 11 Bankruptcy in California CELSIUS NETWORK: Sues Archblock for 'Multimillion Dollar' Fraud CENTURY DESIGN: Hires Michael Jay Berger as Bankruptcy Counsel CES ENERGY: DBRS Assigns BB(low) Credit Rating, Trend Stable CES KIMBERLINA: Seeks to Hire Re/Max Gateway as Real Estate Broker CINEMAWORLD OF FLORIDA: Plan Exclusivity Period Extended to Dec. 30 CLNG HOMES: Seeks to Hire Hicks & Associates CPAs as Accountant CLOVERLEAF ELECTRIC: Hires Steinberg Shapiro & Clark as Counsel CLST ENTERPRISES: Unsecureds Will Get 100% of Claims in Plan COLLABORATION SOFTWARE: Hires Silver Birch as Investment Banker COLLABORATION SOFTWARE: Seeks to Hire Alston & Bird as Counsel CONSTRUCTION STARS: Seeks Chapter 7 Bankruptcy in New York CORCHIS CAPITAL: Seeks to Hire The Weeks Group as Appraiser CORVIAS CAMPUS: Gets Court OK for Chapter 11 Disclosure Statement CSG SYSTEMS: S&P Places 'BB+' ICR on CreditWatch Positive DEL MONTE: Seeks to Extend Plan Exclusivity to February 26, 2026 DIESEL DEVELOPMENT: Seeks to Tap Thompson Law Group as Counsel DIOCESE OF ROCKVILLE: Asks Court to Close Out Chapter 11 Case DOG ROBBER: Seeks to Hire AGK Business Services as Bookkeeper DOMAN BUILDING: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable DORADO PUTT PR: Case Summary & Five Unsecured Creditors ECOM AUTHORITY: Seeks to Hire Lesse Hoffman as Bankruptcy Counsel ECOM AUTHORITY: Taps Bast Amron and Phang & Feldman as Co-Counsel ELECTRIC PLAYHOUSE: Seeks to Hire Larson & Zirzow as Legal Counsel EMORY INDUSTRIAL: Section 341(a) Meeting of Creditors on Dec. 4 EQUITAS ACADEMY: S&P Affirms 'BB+' ICR, Outlook Stable FIRST CLASS: Seeks to Tap Brant Point Advisors as Financial Advisor FORTRESS TRUST: Faces Cease & Desist Order, At Risk of Insolvency FREIRE CHARTER SCHOOL: S&P Alters Outlook to Neg, Affirms 'BB' ICR HADNOT LOGISTICS: Seeks Chapter 11 Bankruptcy in Texas HEARDMONT HEALTH: Seeks to Tap Boyer Terry as Bankruptcy Counsel HEART 2 HEART: Seeks to Extend Plan Exclusivity to Jan. 26, 2026 HEAVENLY HOGS: Unsecureds Will Get 100% of Claims over 60 Months HOUWELING'S ARIZONA: Seeks to Tap LightGabler as Litigation Counsel HOWARD MIDSTREAM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable KAISER ALUMINUM: Moody's Rates New $500MM Sr. Unsecured Notes 'B2' KCL GROUP: Case Summary & 19 Unsecured Creditors KDC SOLAR: Seeks Court Approval to Hire Larson as Special Counsel KOMI INC: Seeks Chapter 11 Bankruptcy in Washington LEGENCE HOLDINGS: S&P Assigns 'BB-' Rating on Secured Term Loan LEISURE INVESTMENTS: Judge Delays Marineland Sale Approval LIGHT & WONDER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable LIGHT OF HOPE: Unsecureds to Get $5,500 per Year for 3 Years LINQTO TEXAS: Ad Hoc Shareholders Propose Restructuring Plan LINQTO TEXAS: Judge Keeps Ch.11 Jurisdiction Over Customer Dispute MARCUM INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors MARINE TRANSPORT: Plan Exclusivity Period Extended to Dec. 19 MAWSON INFRASTRUCTURE: Court Tosses Involuntary Ch.11 Bankruptcy MEADOW CREEK: Seeks to Hire Century21 Alliance Realty as Realtor MIDNIGHT VENTURES: Taps Kutner Brinen Dickey Riley as Counsel MODEL TOBACCO: Fine-Tunes Plan Documents MODIVCARE INC: Gets Court Nod for UnitedHealthcare Settlement MOUNTAIN VIEW: Seeks to Hire Boyer Terry as Bankruptcy Counsel NATIONAL BUILDERS: Seeks to Hire Herbein + Company as Accountant NEAL FEAY: Case Summary & Four Unsecured Creditors NEAREST GREEN DISTILLERY: Founders Oppose Receivership Expansion NEW ORLEANS ARCHDIOCESE: Gainsburgh Benjamin Represents Claimants NORTHWEST OHIO: Seeks to Tap Diller and Rice as Bankruptcy Counsel ORB ENERGY: Seeks to Employ KenWood & Associates as Accountant PACIFIC RADIO: Hires Alvarado Consulting as Valuation Expert PING IDENTITY: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable PLUM LANDSCAPING: Seeks Chapter 7 Bankruptcy in Pennsylvania PROSOURCE MACHINERY: Claims to be Paid from Continued Operation PYRAMID CONCRETE: Seeks to Hire Luxman Law Firm as Legal Counsel QLIK PARENT: Fitch Affirms 'B' LongTerm IDR, Outlook Stable R & A ENTERPRISES: Updates Restructuring Plan Disclosures RAZZOO'S INC: Seeks to Tap Okin Adams Bartlett Curry as Counsel RE4 GEORGIA: Seeks to Hire RI Properties Management as Broker RECIPE UNLIMITED: DBRS Assigns BB(high) Issuer Rating RHODIUM ENCORE: Seeks to Hire Keller Williams Realty as Broker RICARDO'S PLACE: Case Summary & Two Unsecured Creditors RICKY SELLERS: Section 341(a) Meeting of Creditors on Nov. 25 RUNITONETIME LLC: Says Court Shouldn't Revisit $28MM Ch.11 Sale SERENADE NEWPORT: Trustee Taps Coldwell Banker as Real Estate Agent SIEPSER PROPERTIES: Case Summary & One Unsecured Creditor SK MOHAWK: Fitch Lowers LongTerm IDR to 'CC' SMITH'S BARBECUE: Seeks to Hire Susan C. Smith as Legal Counsel SOUTHERN EXPRESS: Baker Donelson Represents Kapitus and Ascentium SPIRIT AIRLINES: Heimowitz Probes Co.'s Swift Return to Chapter 11 SPLASH BEVERAGE: Nistico Robert Holds 7.1% Equity Stake STRIPE A LOT: Seeks to Hire Ford & Semach as Bankruptcy Counsel SUPER RICH: Shareholder Seeks Chapter 11 Trustee Appointment T14-15 LLC: Claims to be Paid from New Loan Proceeds TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to December 27 THREATT ENTERPRISE: Seeks Chapter 7 Bankruptcy in Georgia TRISTATE DEVELOPMENT: Amends C Store Secured Claim Pay UNITI FIBER: Fitch Assigns 'BB-sf' Final Rating on Class C Notes VANKIRK ELECTRIC: Littman Bros Seeks Chapter 11 Trustee Appointment VG ENTERPRISE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable VIRGINIA PARK: Seeks 60-Day Extension of Plan Filing Deadline WALKER EDISON: Twin Star Home Buys Co. Out of Bankruptcy WELL RUN: Seeks to Hire Heard Ary & Dauro as Bankruptcy Counsel WELLMADE FLOOR: Levene Neale, et al. Represent Labor Plaintiffs WEST BRAZOS: Seeks to Extend Plan Exclusivity to February 28, 2026 WEST CAMPUS: S&P Affirms 'B' Rating 2015 Student Housing Rev. Bond ZEN JV: Court Approves Disclosures, Confirms Liquidation Plan ********* 1115 HALSEY PROJECT: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------ 1115 Halsey Project LLC filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of New York on October 30, 2025. The voluntary petition lists liabilities estimated between $1 million and $10 million. The company reports having between one and 49 creditors. About 1115 Halsey Project LLC 1115 Halsey Project LLC is a single asset real estate company. 1115 Halsey Project LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45253) on October 30, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. 1385 STANLEY: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On October 30, 2025, 1385 Stanley Holdings LLC voluntarily filed for Chapter 7 protection in the Eastern District of New York. The filing shows debts each estimated between $100,001 and $1 million, with the number of creditors ranging from one to 49. About 1385 Stanley Holdings LLC 1385 Stanley Holdings LLC is a single asset real estate company. 1385 Stanley Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45241) on October 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. 26 CAPITAL: Seeks to Extend Plan Exclusivity to Feb. 9, 2026 ------------------------------------------------------------ 26 Capital Acquisition Corp. asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 9, 2026, and April 8, 2026, respectively. The Debtor submits that extension of the Exclusive Periods is appropriate so that the Debtor can continue to focus its efforts on finalizing and ultimately seeking confirmation of its Plan. Failure to extend the Exclusive Periods could result in other parties filing competing plans, which would require the Debtor to expend scarce estate resources to evaluate those plans, while simultaneously trying to confirm its own Plan. The Debtor explains that the requested extension of the Exclusive Periods is reasonable given the current status of this chapter 11 case and the progress achieved to date. As the Debtor moves toward confirmation and the eventual wind down of its estate, the Debtor and its professionals will continue to focus on maximizing the value of its estate by efficiently managing ongoing chapter 11 administrative tasks for the benefit of its stakeholders. Accordingly, the Debtor's efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtor notes that it continues to timely pay its undisputed post-petition obligations. As such, the requested extension of the Exclusive Periods will afford the Debtor a meaningful opportunity to finalize a chapter 11 plan without prejudice to the parties in interest in this chapter 11 case. The Debtor asserts that throughout the chapter 11 process, the Debtor has endeavored to establish and maintain cooperative working relationships with its primary creditor constituencies. Importantly, the Debtor is not seeking the extension of the Exclusive Periods to delay administration of this chapter 11 case or to exert pressure on its 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 Debtor further asserts that termination of the Exclusive Periods would adversely impact the administration of this chapter 11 case. If the Court were to deny the Debtor's request for an extension of the Exclusive Periods, upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan for the Debtor and solicit acceptances thereof. Such a ruling could undermine the Debtor's progress in this chapter 11 case and thwart any meaningful opportunity for the Debtor to confirm a plan that maximizes value for its creditors and other stakeholders. Co-Counsel to the Debtor: CROSS & SIMON, LLC Christopher P. Simon, Esq. Kevin S. Mann, Esq. 1105 North Market Street, Suite 901 Wilmington, Delaware 19801 (302) 777-4200 Email: csimon@crosslaw.com kmann@crosslaw.com -and- NIXON PEABODY LLP Richard C. Pedone, Esq. Exchange Place 53 State Street Boston, Massachusetts 02109 Telephone: (617) 345-1000 Email: rpedone@nixonpeabody.com -and- Christopher J. Fong, Esq. 55 West 46th Street New York, NY 10036 Telephone: (212) 940-3000 Email: cfong@nixonpeabody.com About 26 Capital Acquisition Corp. 26 Capital Acquisition Corp. is a special purpose acquisition company (SPAC). 26 Capital Acquisition Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11323) on July 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Kevin Scott Mann, Esq. at Cross & Simon, LLC. 2617-23 FOSTER: Plan Exclusivity Period Extended to Dec. 8 ---------------------------------------------------------- Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York extended 2617-23 Foster Ave. Realty Corp.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2025 and February 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtor owns the real property commonly known as 2617-23 Foster Avenue, Brooklyn, New York, 11210, identified under Block 5213, Lot 62, in the Borough of Brooklyn (the "Property"). The Property is improved by a three-story walk-up building consisting of 14 rent-stabilized residential apartments and two basements. The Debtor explains that throughout this Chapter 11 case, the company has taken steps towards achieving its goal of either refinancing or selling the Property and formulating a Chapter 11 plan. However, despite the Debtor's efforts, much work remains for the Debtor prior to filing a Chapter 11 plan and disclosure statement. An extension of the Exclusivity Periods will provide the Debtor with the necessary time and breathing space required to continue marketing the Property for sale. The Debtor submits that sufficient "cause" exists pursuant to section 1121(d) of the Bankruptcy Code to extend the Exclusivity Periods as provided herein. Each of the relevant factors weighs in favor of an extension of the Exclusivity Periods, as follows: * The Debtor Has Made Good Faith Progress Towards Reorganization. The Debtor has already satisfied several key milestones in this Chapter 11 case, which include, among other things, retaining bankruptcy counsel and accountants, moving for a bar date, obtaining Interim and Final Orders regarding cash collateral and its utilities, and making adequate protection payments to CI Notes. The Debtor, however, requires additional time to facilitate a sale of the Property. * The Debtor is Paying its Debts as They Come Due. Since the Petition Date, the Debtor has paid its debts in the ordinary course of business or as otherwise provided by order of the Court. The Debtor continues to make adequate protection payments to CI Notes pursuant to the Interim and Final Orders regarding the Debtor's use of cash collateral. In addition, the Debtor made a payment to the NYC Department of Finance for real estate taxes that came due July 1, 2025. 2617-23 Foster Ave. Realty Corp. is represented by: Rosen, Tsionis & Pizzo, PLLC Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq. 38 New Street Huntington, New York 11743 Phone: (631) 423-8527 Email: atsionis@ajrlawny.com dlebrun@ajrlawny.com About 2617-23 Foster Ave. Realty Corp. 2617-23 Foster Ave. Realty Corp. operates in the real estate sector. The Debtor owns the property located at 2617-23 Foster Ave., Brooklyn, New York 11210, with an estimated value of $1.4 million. 2617-23 Foster Ave. Realty Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40624) on February 7, 2025. In its petition, the Debtor reports total assets of $1,486,155 and total liabilities of $1,366,075. Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Alex E. Tsionis, Esq., at Law Offices of Avrum J. Rosen, PLLC, in Huntington, New York. 4L TOPCO: S&P Upgrades ICR to 'CCC+' Following Debt Refinancing --------------------------------------------------------------- S&P Global Ratings raised the issuer credit rating on 4L Topco Corp. to 'CCC+' from 'CCC'. The negative outlook reflects S&P's view that the company is dependent on favorable operating conditions to meet its obligations based on thin cash flow and limited liquidity to absorb unanticipated challenges or disruptions. 4L Topco Corp., which does business as Reconext, has reduced its default risk with a comprehensive refinancing earlier this year. S&P believes Reconext's debt-maturity extension provides it with the flexibility to continue pursuing initiatives that drive revenue and EBITDA growth. At the same time, with limited liquidity, it could still struggle to absorb unanticipated challenges or disruptions. Reconext's refinancing extended its debt maturity profile. This gives it the flexibility to pursue operational initiatives to drive growth and expand EBITDA margins. The company completed a full debt refinancing in June 2025, paying off its first-lien term loan and revolving credit facility (RCF), which had been due in 2025 and 2026, respectively. It used the proceeds from a new first-lien term loan A, RCF, and term loan B with extended maturities. S&P said, "We believe these extended maturities address its near-term refinancing risk and that Reconext's liquidity and cash generation are sufficient to cover its obligations for at least the next 12 months. Furthermore, we believe the extension allows Reconext additional time to continue to scale its operations and enhance EBITDA generation." For the six months ended June 2025, Reconext reported elevated revenue growth of 11.5% compared to the same period last year, primarily driven by new business secured in late 2024. S&P said, "We forecast full-year 2025 revenue growth of approximately 8%-9%, supported by these recently secured contracts. Favorable industry trends and strong demand for refurbishment services and for IT asset disposition will drive incremental revenue and support solid growth of approximately 4% in 2026, as will price adjustments in future contracts and increased capacity from the new Memphis facility. We expect an S&P Global Ratings-adjusted EBITDA margin of 9.4% for full-year 2025 (an improvement of 250 basis points from 2024), growing to the mid-10% area in 2026 as refinancing costs roll off and cost-reduction initiatives support margins. We expect ongoing improvements in operating efficiencies will continue to support additional EBITDA growth." S&P said, "Reconexts limited liquidity increases the risk of a shortfall should it encounter unanticipated challenges. This leads to us to continue to view its capital structure as unsustainable. Reconext's liquidity is very tight following its refinancing, which constrains the rating. As of June 2025, the company held only $10.4 million in unrestricted cash and $3.5 million of availability under its RCF. Given our expectation of positive free operating cash flow (FOCF), we think its liquidity will cover uses over the next 12 months. However, its limited liquidity cushion provides little buffer against any unforeseen challenges, making Reconext highly dependent on continued strong business performance and favorable operating conditions. Furthermore, the company's revenue stream is project-dependent and volume-based, which we think could lead to performance and cash-flow volatility. We think a more substantial liquidity cushion and higher cash flow would be necessary to maintain a sustainable capital structure. "We expect stronger cash flow through the remainder of 2025 and in 2026, which should temper liquidity risk. The company generated an FOCF deficit of about $11 million in the first half of 2025, a significant increase from the $0.5 million deficit in the same period last year. This was mostly due to refinancing costs and higher capital expenditure related to capacity expansion in its Memphis facility, both of which we view as transitory. We expect its cash flow to improve over the next 12 months based our expectations for revenue growth and margin expansion while these nonrecurring costs roll off. We forecast modestly positive reported FOCF generation of approximately $7 million for 2026. "The negative outlook reflects our view that Reconext's limited liquidity leaves the company dependent on favorable operating conditions to meet its obligations and at risk of a shortfall should it encounter unanticipated operating challenges." S&P could lower the rating if it envisions a potential default over the next 12 months. This could occur if: -- Revenue or profitability performance fall below our expectations. -- It generates negative free cash flow over the coming quarters such that liquidity further deteriorates. S&P could raise its ratings on Reconext if it's able to strengthen its liquidity and demonstrate improved FOCF generation at levels that would fund growth-oriented working-capital investments while maintaining a liquidity cushion of at least $20 million after accounting for seasonal swings. 875 CONLEY CV22: Hires Marcus & Millichap as Real Estate Broker --------------------------------------------------------------- 875 Conley CV22 LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Marcus & Millichap Atlanta Inc. as real estate broker. The Debtors need a broker to market and sell their real property located in Atlanta, Georgia. The broker will receive a commission of 1.25 percent of the gross price of the property's sale. Marco Welch, a managing director at Marcus & Millichap Atlanta, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marco Welch Marcus & Millichap Atlanta Inc. 1100 Abernathy Road NE, Building 500, Suite 600 Atlanta, GA 30323 About 875 Conley CV22 875 Conley CV22, LLC is a single-asset real estate entity whose principal property is located at 875 Conley Road SE, Atlanta, GA 30354, and comprises 56 residential units. 875 Conley CV22 and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72983) on August 4, 2025. In its petition, 875 Conley CV22 disclosed up to $50,000 in assets and $7,350,000 in liabilities. Honorable Bankruptcy Judge Louis A. Scarcella handles the cases. The Debtors are represented by Mark E. Cohen, Esq., at BFSNG Law Group, LLP. ABUELO'S INTERNATIONAL: Hires Dinsmore & Shohl as Special Counsel ----------------------------------------------------------------- Abuelo's International, LP and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Dinsmore & Shohl, LLP as special counsel. The firm will represent the Debtors in immigration, worksite compliance, and labor and employment legal matters. The firm will be paid at these hourly rates: Attorney $285 - $590 Paraprofesionals and Support Staff $185 - $325 In addition, the firm will seek reimbursement for expenses incurred. Martin Tucker, a partner at Dinsmore & Shohl, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Martin Tucker, Esq. Dinsmore & Shohl, LLP 255 E. 5th Street, Suite 1900 Cincinnati, OH 45202 About Abuelo's International Abuelo's International, LP operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, LP, headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. Abuelo's International, LP and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. The case is jointly administered in Case No. 25-43339. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, LP, and as President of FC GPH, LLC LP, the general partner of Food Concepts International, Abuelo's International disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtors as counsel. ANTHOLOGY INC: Creditor Objects to Uneven Loan Terms ---------------------------------------------------- Alicia McElhaney of The Wall Street Journal reports that Vector Capital is pushing back against bankrupt ed-tech firm Anthology Inc.'s plan to obtain $100 million in debtor-in-possession financing, alleging the proposal breaches its credit agreement and unfairly excludes the firm. The DIP loan would roll up $50 million in prepetition debt owed to Nexus Capital Management and Oaktree Capital Management—two senior secured lenders supporting the bankruptcy financing, according to the report. In court filings, Vector claimed Anthology violated its credit agreement's equal treatment provision by sidelining the firm and subordinating its claims. The investment firm said the move represents "disparate treatment" that recent bankruptcy rulings have deemed unlawful. Vector referenced cases such as Serta Simmons Bedding and ConvergeOne, where courts ruled against loan arrangements that favored select creditors. According to Vector, Anthology's DIP structure mirrors those prohibited deals, creating an uneven playing field among lenders of equal priority. The dispute follows a broader breakdown between the two parties. Vector, which manages $4 billion in assets, had pledged $26 million in revolving credit to Anthology but later withdrew part of the funding after a default. Anthology countersued in April 2025, claiming Vector’s refusal to fund was a "bad-faith breach" of contract. The New York state court has yet to rule on Vector's motion to dismiss, the report states. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. APEX TOOL: S&P Downgrades ICR to 'SD' on Debt Exchange ------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on private U.S. tool manufacturer Apex Tool Group LLC to 'SD' (selective default) from 'CCC+'. At the same time, S&P lowered its issue-level rating on the DDTL due Feb 2028 to 'D' from 'B', its rating on the priority A term loan due Feb 2029 to 'D' from 'CCC+', and its rating on the priority B term loan due Feb 2029 to 'D' from 'CCC-'. Apex Tool announced it has undertaken a debt exchange transaction with an ad hoc group of lenders for its delayed-draw term loan (DDTL), priority A term loan, and priority B term loan. S&P views the transaction as a distressed exchange and tantamount to a default given that term loan lenders do not receive adequate compensation to offset maturity extensions and other changes in terms. S&P plans to review Apex's new capital structure, liquidity, and recovery prospects as soon as practicable. S&P said, "We view the transaction as a distressed exchange. The transaction includes the exchange of Apex's existing term loans for new term loan tranches with extended maturity dates. Existing term loan investors that decline to participate in the exchange will be subordinated. We view these exchanges to be tantamount to default because in our view, lenders are receiving less value than the original promises. "We expect to reassess the ratings upon completion of the transactions. As soon as possible, we'll review Apex's credit profile and reassess our issuer credit rating and recovery ratings based on the company's new capital structure." ASTORIA ENERGY: S&P Rates $900MM Senior Secured Term Loan B 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' rating on Astoria Energy LLC's (AEI) $900 million senior secured term loan B (TLB). The recovery rating is '2' (80%). Astoria Energy LLC refinanced its approximately $650 million existing senior secured TLB maturing December 2027 with a seven-year, $900 million senior secured TLB facility maturing in 2032. The project's previous senior secured revolving credit facility (RCF) and senior secured debt service reserve (DSR) facilities expiring in 2025 were replaced with a five-year senior secured RCF of $30 million and senior secured DSR facilities of $36 million. AEI used the proceeds to repay its existing TLB, fund a payment to the consortium of sponsors, and pay transaction-related fees and expenses. S&P said, "Based on our view of the project's competitive potential, as well as our projections for market-driven variables such as energy and capacity pricing across NYISO, we forecast a minimum debt service coverage ratio (DSCR) of 1.7x through the forecast period (2025-2047). "The stable outlook reflects our expectation for steady operations and sufficient cash flow generation through the TLB period and beyond to service the project's debt service obligations." AEI is a 582-megawatt (MW; summer)/668-MW (winter) combined-cycle natural gas-fired power plant in Zone J (New York City), a highly constrained and competitive electricity region in NYISO. The power plant commenced commercial operations in mid-2006, supplying power to Consolidated Edison Inc. under a 10-year power purchase agreement through mid-2016, and it became a merchant generator when that contract expired. The facility consists of two GE PG7241 (7FA) combustion turbine generator (CTG) sets, two Alstom heat recovery steam generators (HRSG) with supplemental firing capability, and one Alstom Model STF25 steam turbine generator (STG). Natural gas is the primary fuel. Low sulfur distillate fuel oil is stored on-site and serves as a backup fuel. The project also benefits from a distribution stream from non-pledged sister project Astoria Energy II LLC (AEII). Under S&P's current forecast, distributions from AEII compose around 15% of AEI's gross margin through 2047. S&P said, "Despite minor changes, the terms of Astoria's final credit agreement and associated documents remain consistent with our 'BB-' preliminary assessment. The spread on the TLB narrowed from 300 basis points (bps) at the time of the preliminary rating to 275 bps. We believe this represents sentiment around Astoria's prospects and tightening market dynamics in Zone J, and we note that the spread on Astoria's debt is on the lower end for similar assets across our portfolio." Additionally, there were slight changes in the overarching structure and terms of the financing. Initially, the preliminary rating contemplated Astoria Energy LLC as the sole borrower. Due to state regulations governing AEI's capital structure, $800 million of the TLB was advanced to AEI while $100 million was advanced to Astoria Project Partners LLC (APPI), another entity in the structure. Given that the TLB is governed by a single credit agreement and set of transaction documents, both entities meet our limited purposes entity (LPE) and bankruptcy remoteness requirements and cross-guarantee each other's principal and interest payments, and there is no structural subordination or cash leakage within the structure, S&P continues to analyze the term loan as if it were issued by a single LPE. S&P said, "The project's waterfall also featured some components not initially presented during the preliminary rating that we now account for in our modeling. Notably, the credit agreement allows the project to raise $15 million in unsecured debt, which can be serviced ahead of the cash flow sweep. To account for this, we assumed this basket is drawn at a slightly higher interest rate and reduced the sweep by an assumed interest cost. This is one of the contributing factors in our minimum DSCR remaining effectively the same despite a reduction in the TLB spread." Outside of these changes, key terms remain the same, including sweep thresholds and the quantum of AEI's debt that would be paid down in the event AEII is refinanced. Operations and financial performance have remained strong for AEI and AEII through second-quarter 2025. As of the second quarter, AEI has realized a year-to-date capacity factor of about 80%, which is in-line with our expectations. Additionally, AEI's year-to-date gross margin of $109 million exceeds budgeted gross margin of $75 million by about 45%, primarily due to higher spark spreads in the winter of 2025. Although the current financing did not benefit from this period, AEI continued to exceed its budgeted gross margin and EBITDA over the second quarter as well. AEII has continued to perform well under its tolling agreement and achieved year-to-date revenue and EBITDA above budget. S&P continues to expect robust financial and operational performance from both AEI and AEII, consistent with its assumptions at the time of the preliminary rating. The stable outlook reflects S&P's expectation of strong debt service coverage ratios (2.5x–2.75x) during the TLB period and a minimum DSCR of about 1.70x in the refinancing period (2032–2047). This is based on its refinancing assumptions, as well as our forward-looking view of energy and capacity markets. S&P could consider a negative rating action if: -- S&P expects the minimum DSCR to fall below 1.60x during the project's life (including the refinancing period) on a sustained basis. This could result from lower-than-expected capacity factors, weaker energy margins, depressed capacity prices, and operational issues such as forced outages and lower plant availability; -- The project's cash flow sweeps are lower than S&P expects, which would increase the residual debt outstanding at TLB maturity and potentially weaken the projected DSCRs in the post-refinancing period, absent any improvement in market conditions; -- S&P's view of the project's ability to withstand adverse economic and operating conditions weakens; or -- S&P's view of AEII's credit quality deteriorates below AEI's current rating level. S&P could consider a positive rating action if: -- S&P envisions the project achieving DSCRs above 2.0x throughout the debt life, including the post-refinancing period (2032-2047). This could occur if our long-term outlook for capacity prices improves, or if the project's financial performance exceeds our forecast due to any other factors (such as improved energy margins or higher dispatch), leading to lower-than-expected debt outstanding at TLB maturity; or -- S&P believes that market conditions for generators in Zone J have strengthened and the change is sustainable in the long term. Given that S&P views AEII as a structural counterparty, its view of AEII's credit quality would also have to be greater than AEI's current rating level. ATTALAH GROUP: Court Issues CCAA Initial Order, Names E&Y Monitor ----------------------------------------------------------------- Pursuant to the CCAA Initial Order granted by the Quebec Superior Court (Commercial Division), Ernst & Young Inc. was appointed Monitor of Ssense, also known as Attalah Group Inc., Groupe Atallah Inc., Atallah International Inc., Atallah Group EU SRL, Atallah Group Limited, 9416-7415 Quebec Inc., and Atallah Group US Inc. The Monitor's representative is: Martin P. Rosenthal ERNST & YOUNG INC. 900 boul. De Maisonneuve O., Bureau 2300 Montreal, QC, H3A 0A8 Tel: 514-875-6060 Email: martin.rosenthal@ca.ey.com Tara Serve Tel: 514-879-6884 Email: Tara.N.Serve@parthenon.ey.com Matt Budd Email: Matt.Budd@parthenon.ey.com Marie-Pier Larocque Email: Marie-Pier.Larocque@parthenon.ey.com Counsel to the Monitor: FASKEN MARTINEAU DUMOULIN LLP 800 Victoria Square, Suite 3500 Montreal, QC, Canada H3C 0B4 Alain Riendeau Tel: (514) 397-7678 Email: ariendeau@fasken.com Brandon Farber Tel: (514) 397-5179 Email: bfarber@fasken.com Counsel to CCAA Applicant: STIKEMAN ELLIOTT LLP 1155 Rene-Levesque Blvd. West, 41st Floor Montreal, QC, Canada H3B 3V2 Guy P. Martel Tel: (514) 397-3163 Email: gmartel@stikeman.com Danny Duy Vu Tel: (514) 397-6495 Email: ddvu@stikeman.com Darien Bahry Tel: (514) 397-2441 Email: dbahry@stikeman.com Anna Arapovic Tel: (514) 397-3121 Email: aaropovic@stikeman.com Melis Celikaksoy Tel: (514) 397-3279 Founders Interim Lender: 9549-0348 Quebec Inc., 9421-6181 Quebec Inc., Samih Atallah Trust, Fadia Suckarieh Trust, Firas Atallah Trust, Rami Atallah Trust and Bassel Atallah Trust on behalf of a Quebec Corporation Counsel for Proposed Interim Lender: NORTON ROSE FULBRIGHT CANADA LLP 1, Place Ville Marie, Suite 2500 Montreal, QC Canada H3B 1R1 Guillaume Michaud Tel: 514-847-4417 Email: Guillaume.michaud@nortonrosefulbright.com Charlotte Dion Tel: 514-847-4650 Email: charlotte.dion@nortonrosefulbright.com Florence Jarry Tel: 514-847-4416 Email: Florence.jarry@nortonrosefulbright.com The Banking Syndicate: Bank of Montreal, as administrative agent Marie-Klaude Gagnon Email: marieklaude.gagnon@bmo.com Counsel to the Banking Syndicate: BORDEN LADNER GERVAIS LLP 1000 de La Gauchetiere Street West, Suite 900 Montreal, QC, H3B 5H4 Isabelle Desharnais Tel: 514-954-3134 Email: IDesharnais@blg.com Claudine Millette Tel: 514-954-3174 Email: CMillette@blg.com Kevin Mailloux Tel: 514-954-2591 Email: KMailloux@blg.com Alex Fernet Brochu Tel: 514-954-3181 Email: afernebrochu@blg.com Counsel for RBC (Credit-Bail): MCMILLAN LLP Brookfield Place, 181 Bay Street, Suite 4400 Toronto, Ontario M5J 2T3 Wael Rostom Tel: 416-865-7790 Email: wael.rostom@mcmillan.ca Keith Hanna Email: Keith.Hanna@mcmillan.ca Joseana Chretien Email: joseane.chretien@mcmillan.ca Eva Langrais Email: eva.langrais@mcmillan.ca Royal Bank of Canada Louis-Philippe Gladu-Fortier Tel: 514-241-0705 Email: louis-philippe.gladu-fortier@rbc.com JP Morgan Chase Bank, N.A., Toronto Branch Farhan Lodhi Email: Farhan.lodhi@jpmorgan.com National Bank of Canada Luc Bernier Email: lucbernier@bnc.ca Chantal Tremblay Email: Chantal.tremblay@bnc.ca Dana Ades-Landy Email: dana.adeslandy@bnc.ca Emanuele Pizzuto Email: Emanuele.pizzuto@bnc.ca The Bank of Nova Scotia Philippe Boivin Email: philippe.boivin@scotiabank.com J.P. Morgan SE James Scott Email: james.scott@jpmchase.com Banking Syndicate's Financial Advisor: DELOITTE RESTRUCTING INC. 1190 Canadiens-de-Montreal Avenue, Suite 500 Montral, QC Canada H3B 0M7 Jean-Francois Nadon Email: jnadon@deloitte.ca Jean-Francois Boucher Email: jeaboucher@deloitte.ca Xavier Hainault Email: xhainault@deloitte.ca Benoit Clouatre Email: bclouatre@deloitte.ca Other Secured Creditor: Investissement Quebec 1001 Robert-Bourassa Boulevard, Suite 1000 Montreal, QC H3B 4L4 Maya M'Seffar Tel: 514-876-9408 Email: Maya.MSeffar@invest-quebec.com Sebastien Ghantous Email: sebastien.ghantous@invest-quebec.com External counsel to Investissement Quebec: GOWLING WLG 3700-1, Place Ville Marie Montreal, QC Francois Viau Tel: 514-392-9530 Email: francois.viau@gowlingwlg.com Patrick Cajvan Email: Patrick.cjvan@gowlingwlg.com BANNERS OF ABINGDON: Wins Interim Cash Collateral Access, DIP Loan ------------------------------------------------------------------ Banners of Abingdon, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Columbia partially granting the debtors' motion to incur post-petition debt and use cash collateral. The debtors are authorized to use secured creditors' cash collateral through October 22, subject to stated conditions. The Court also approved the ability to incur post-petition debt in accordance with the debtor’s filed budget (ECF #38), allowing total expenditures up to 110% of budgeted amounts, with discretion to shift spending within the overall aggregate limit. To protect secured creditors, the Court granted automatically perfected superpriority replacement liens on post-petition assets to the extent of any decrease in the value of pre-petition collateral. These liens will attach to all post-petition property of the estates except certain leasehold interests and related landlord-held deposits or prepaid rent, unless lease terms permit otherwise. The replacement liens maintain the same priority structure as existed pre-petition. The order clarifies that debtors may use funds to pay necessary operating expenses, including rent, within approved budget limits. It also preserves landlord rights with respect to property damage insurance proceeds and lease restrictions. Further relief will require additional Court approval after the interim period expires. About Banners of Abingdon, LLC Banners of Abingdon, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00378-ELG) on September 14, 2025. In the petition signed by Michael Postal, authorized agent, the Debtor disclosed up to $50 million in assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Maurice Verstandig, Esq., at The Belmont Firm, represents the Debtor as legal counsel. BELLA INVESTMENT: Hires Obermayer Rebmann as Litigation Counsel --------------------------------------------------------------- Bella Investment Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Obermayer Rebmann Maxwell & Hippel LLP as special litigation counsel. The firm will represent the Debtor in a lender liability action pending in the United States District Court for the Eastern District of Pennsylvania, Case No. 25-cv-03306. The firm's professionals will be paid at these hourly rates: Partners $380 - $960 Associates $305 - $525 Paralegals $230 - $360 In addition, the firm will seek reimbursement for expenses incurred. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Obermayer Rebmann Maxwell & Hippel LLP Centre Square West 1500 Market Street, Ste. 3400 Philadelphia, PA 19019 Telephone: (215) 665-3000 About Bella Investment Properties Bella Investment Properties, LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Bella Investment Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13573) on September 8, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor tapped David B. Smith, Esq., at Smith Kane Holman, LLC as bankruptcy counsel and Obermayer Rebmann Maxwell & Hippel LLP as litigation counsel. BIG LEVEL TRUCKING: Baker Donelson Advises Navistar, Wells Fargo ---------------------------------------------------------------- In the Chapter 11 bankruptcy case of Big Level Trucking Inc., the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C., filed with the United States Bankruptcy Court for the Southern District of Mississippi a first amended Verified Statement pursuant to Bankruptcy Rule 2019 of the Federal Rules of Bankruptcy Procedure to inform the Court that the firm represents these lenders: 1. Navistar Leasing Company, 2. Navistar Financial Corporation, 3. Banc of America Leasing & Capital, LLC, and 4. Wells Fargo Equipment Finance, Inc. Both Navistar Leasing and Navistar Financial's address is 2701 Navistar Drive, Lisle, Illinois 60532. Bank of America is located at 135 S. Lasalle Street, Chicago, Illinois 60674. Wells Fargo's address is 801 Walnut Street, MAC F0006-052, Des Moines, Iowa 50309. Baker Donelson says Navistar Leasing, Navistar Financial and Bank of America will be filing proofs of clim in the case. Wells Fargo filed Clams Dkt. #27-1 on October 3, 2025. The firm may be reached at: Alan L. Smith, Esq. BAKER, DONELSON, BEARMAN CALDWELL & BERKOWITZ, PC One Eastover Center 100 Vision Drive, Suite 400 Jackson, MS 39211 Tel: (601) 351-8932 Fax: (601) 974-8932 E-mail: asmith@bakerdonelson.com About Big Level Trucking Inc. Big Level Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51204) on August 18, 2025, listing up to $50 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as counsel. BISHOP OF OAKLAND: Hires Covington & Burlin as Insurance Counsel ---------------------------------------------------------------- The Roman Catholic Bishop of Oakland seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Covington & Burling LLP as special insurance counsel. The firm will provide these services: (a) review and analyze the Debtor's insurance policies issued by certain insurers covering claims based on sexual abuse, pursue insurance coverage for such claims, and analyze potential Insurance Bad Faith Claims and similar claims against the insurers related to those policies; (b) represent the Debtor in any adversary proceedings or other litigation matters involving Insurance Bad Faith Claims regarding such policies; and (c) provide such other services related to the above as may be requested by the Debtor and agreed to by Covington. The firm will be paid at a blended rate of $1,050 per hour for the first three months of the engagement. Thereafter, at the Debtor's option, Covington will render services to it (1) at an all attorney blended rate of $1,180 per hour, with non-attorney staff billed at a 10 percent discount from standard rates; or (2) at rates of $1,695 per hour for senior attorneys, $995 per hour for associates, and non-attorney staff at standard rates less a 10 percent discount. David Goodwin, Esq., a senior counsel at Covington & Burling, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Yes, as described in Section IV.C above, Covington has agreed to significantly discount its standard rates. 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 the reasons for the difference. Answer: Not Applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Not Applicable. Mr. Goodwin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David B. Goodwin, Esq. Covington & Burling, LLP Salesforce Tower, 415 Mission Street, Suite 5400 San Francisco, CA 94105 Telephone: (415) 591-7087 Email: dgoodwin@cov.com About The 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, Alvarez & Marsal North America, LLC as restructuring advisor, and Covington & Burling LLP as special insurance counsel. Kurtzman Carson Consultants LLC is the Debtor's 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. BIZ AS USUAL: Seeks Approval to Tap Erica Booth as Accountant ------------------------------------------------------------- Biz as Usual, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Erica Booth Accountant as its accountant. The firm's services include: (a) advise the Debtor; and (b) prepare financial forms and/or filings related to this bankruptcy case. Erica Booth, CPA, will be paid at a monthly fee of $400 plus expenses. The Debtor paid the firm $1,300 for three months of services provided during the pendency of this case. Ms. Booth disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erica Booth, CPA Erica Booth Accountant 680 American Ave., Ste. 316 King of Prussia, PA 19406 Telephone: (610) 716-3281 About Biz as Usual Biz as Usual LLC leases real estate properties and operates from Ardmore, Pennsylvania. Biz as Usual LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11985) on May 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by Jonathan Stanwood, Esq., at Jonathan H. Stanwood, LLC. BLACKNIGHT ASSET: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------------- Blacknight Asset Management Inc. filed for Chapter 7 bankruptcy in the Eastern District of New York on October 27, 2025. The filing was made voluntarily by the company. According to the bankruptcy petition, Blacknight Asset Management Inc. reported liabilities ranging from $1 million to $10 million. The company listed between 1 and 49 creditors in the filing. About Blacknight Asset Management Inc. Blacknight Asset Management Inc. is a single asset real estate company. Blacknight Asset Management Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45172) on October 27, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. BREAD FINANCIAL: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded Bread Financial Holdings, Inc.'s (BFH) Long-Term Issuer Default Ratings (IDR) to 'BB' from 'BB-' and the holding company's Viability Rating (VR) to 'bb' from 'bb-'. Fitch has also affirmed the Short-Term IDR at 'B'. The Rating Outlook on the Long-Term IDR is Stable. Key Rating Drivers Rating Upgrade: The upgrade reflects BFH's reduced double leverage and improved holdco liquidity, corporate debt structure, risk profile, asset quality, capital and leverage, and liquidity and funding. BFH's ratings reflect its smaller size, monoline business model and retail partner concentration. Operating earnings have become steadier but remain more susceptible to unevenness than higher-rated peers. Improving asset quality reflects increased discipline and portfolio repositioning but remains a constraint with higher net charge-offs than peers. Less-Regulated OE: Fitch scores BFH's operating environment (OE) at 'a+,' adjusted from the 'aa-' typical of U.S. banks. BFH does not operate as a bank holding company (BHC) under the Federal Reserve or a national association under the Office of the Comptroller of the Currency (OCC), so it is not subject to consolidated supervision. It has made progress in upgrading its enterprise risk management and stress-testing protocols to align with federally regulated peers. Its two subsidiary banks are regulated by the Federal Deposit Insurance Corporation in tandem with Utah and Delaware state regulators and the Consumer Financial Protection Bureau (CFPB). Solidifying Business Profile: BFH's business profile score has been upgraded to 'bb', given its solidifying track record as a standalone card issuer under new management and successful debt refinancings. The score reflects BFH's revenue volume, concentration in unsecured loans, and reliance on retail partnerships. BFH derives funding from a digital retail deposit platform, wholesale deposits, securitizations and company debt. Risk Profile Improving: Fitch upgraded BFH's risk profile to 'bb+' from 'bb-'. The two-notch upgrade reflects significant improvement in consolidated enterprise risk management to align with that of banks under federal supervision. Additionally, BFH's improving earnings, capital and partnership portfolio has strengthened its franchise to mitigate reputational risk from pending litigation related to its spin out of Loyalty Ventures Inc. (LVI). BFH lowered senior unsecured debt to $1.1 billion at 2Q25 from $2.0 billion at YE 2021, and double leverage to 101%, comfortably below Fitch's 120% threshold. In spring 2025 the CFPB vacated its proposed late fee safe harbor rule, removing a risk to BFH's revenues and asset quality. Fitch views BFH's concentration in unsecured lending to higher-risk borrowers as a rating constraint. Revenues are entirely sourced from net interest income and its slightly asset-sensitive balance sheet is positively correlated with changes in rates. Concentrated Loan Portfolio: Fitch has upgraded BFH's asset quality score to 'bb' from 'bb-.' BFH's impaired loans and net charge-offs have begun to improve following post-pandemic normalization and compound effects of inflation. Improvements reflect more disciplined underwriting and portfolio diversification. BFH's net charge-off rates and impaired loan ratios trend higher than those of consumer peers through the cycle, reflecting a concentration in unsecured loans with more non-prime consumers. Consumer lenders charge off at 180 days delinquency, resulting in higher charge-offs than for other loan categories. High Reliance on Net Interest Income: BFH's operating profits-to-risk-weighted assets (RWA) ratio of 3.0% for 2022 through 1H25 compares well with those of consumer peers, but lower revenue diversification and earnings stability constrain its earnings and profitability score. BFH relies entirely on net interest income from credit card lending, which can make earnings vulnerable to cyclicality. Fitch views regulatory changes as a declining risk and litigation as a medium-term risk. Solid Capitalization: Fitch has upgraded BFH's capital and leverage score to 'bb' from 'bb-.' The outlook is positive. BFH's common equity Tier 1 (CET1) ratio of 14.0% at 3Q25 expanded from 12.4% at YE 2024, helped by 19% return on equity. The positive outlook reflects strong capital generation and continued balance sheet restructuring that has been well received. The parent company lowered its double leverage to 101% at 2Q25 from 127% in 3Q23 and 213% at 4Q21 through dividends from the bank's subsidiaries. Funding and Liquidity Improving: Fitch has upgraded BFH's funding and liquidity score to 'bb-' from 'b+'; the outlook is stable. BFH has improved its funding through deposit growth, steady securitizations and demonstrated access to debt capital markets, reducing parent debt through significant rounds of debt refinancing. BFH has improved its loans-to-customer deposits ratio to 130% at 3Q25 from 172% in 2020. It also reduced wholesale deposits to 31% of funding from 43% in 2021, while raising retail deposits to 47% from 11% in 2021, approaching its medium- to long-term target of 50%. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A significant deterioration in the bank's asset quality that results in net charge-offs near 10% or erosion or increased volatility in in BFH's operating profit as a percentage of RWA; - A weakening liquidity profile or dramatic shift in the funding mix that constrains the company's ability to meet its obligations under a stressed scenario; - A reduction in the CET1 ratio below 10% for several quarters or a sustained increase in double leverage above 120%; - Adverse resolution of litigation with LVI that significantly reduces earnings, liquidity, capital ratios or business relationships. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained CET1 ratio close to 14%; - Conversion to becoming a BHC supervised by the U.S. Federal Reserve Bank or the OCC. This would likely lead to a higher OE score, which eases the threshold for key rating driver scores; - A marked reduction in net charge-off rates and the effective navigation of industry trends, including increased competition among direct banks; - Resolution of litigation with LVI with limited financial impact. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS BFH's long-term senior unsecured rating has been upgraded to 'BB' as it is equalized with BFH's Long-Term IDR, which was upgraded to 'BB.' The equalization reflects Fitch's view that a default on senior obligations equates to a default of the bank/BHC (as captured by the issuer's IDR) and, usually, average expected recoveries upon default. BFH's subordinated debentures have been upgraded to 'B+' as they are rated two notches below its 'bb' VR, which was upgraded from 'bb-'. This conforms with baseline notching for subordinated debt, according to Fitch's "Bank Rating Criteria." The rating reflects two notches for loss severity and none for non-performance risk. The Short-Term IDR of 'B' corresponds with Long-Term IDRs between 'BB+' and 'B-' under Fitch's "Bank Rating Criteria." OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The senior unsecured rating is directly linked to and would be expected to move in tandem with the Long-Term IDR. A rating action on the Short-Term IDR is unlikely given the current level of the Long-Term IDR, as this would require either a two-notch upgrade or a multiple-notch downgrade of the Long-Term IDR. The subordinated debt rating is directly linked to and would be expected to move in tandem with the VR. VR ADJUSTMENTS The OE score of 'a+' has been assigned below the implied category of 'aa' due to a negative adjustment for Regulatory and Legal Framework. The Business Profile score of 'bb' has been assigned below the implied category of 'bbb' due to the following adjustment reasons: Business Model (negative), Market Position (negative). The Asset Quality score of 'bb' has been assigned below the implied category of 'bbb' due to the following adjustment reason: Concentrations (negative) and Historical and Future Metrics (negative). The Earnings and Profitability score of 'bb+' has been assigned below the implied category of 'a' due to the following adjustment reason: Earnings Stability (negative) and revenue diversification (negative) The Capitalization and Leverage score of 'bb' has been assigned below the implied category of 'bbb' due to the following adjustment reason: Size of Capital Base (negative), Risk Profile and Business Model (negative). The Funding and Liquidity score of 'bb-' is below the implied score of 'bbb' due to the following adjustment reason: Deposit Structure (negative) and Nondeposit Funding (negative). ESG Considerations Bread Financial Holdings, Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to its exposure to compliance risks, including fair lending practices, debt collection practices and consumer data protection, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Bread Financial Holdings, Inc. has an ESG Relevance Score of '4' for Financial Transparency. Due to the company's non-BHC status for regulatory purposes, BFH has exposure to quality of financial reporting and auditing processes, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Bread Financial Holdings, Inc. LT IDR BB Upgrade BB- ST IDR B Affirmed B Viability bb Upgrade bb- Government Support ns Affirmed ns senior unsecured LT BB Upgrade BB- subordinated LT B+ Upgrade B BRUNELLO REALTY: Section 341(a) Meeting of Creditors on Dec. 1 -------------------------------------------------------------- On October 27, 2025, Brunello Realty 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 December 1, 2025 at 01:00 PM by TELEPHONE. About Brunello Realty LLC Brunello Realty LLC is a limited liability company. Brunello Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22681) on October 27, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Nicholas B. Bangos, Esq. of NICHOLAS B. BANGOS, PA. BUCC ENTERPRISES: Seeks to Tap Fuchs Law Office as Legal Counsel ---------------------------------------------------------------- Bucc Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Fuchs Law Office, LLC as counsel. The firm's services include: (a) administer the estate; (b) represent the Debtor on matters involving legal issues that are present or are likely to arise in the case; (c) prepare any legal documentation on behalf of the Debtor; (d) review reports for legal sufficiency; (e) furnish information on legal matters regarding legal actions and consequences; and (f) perform all necessary legal services connected with Chapter 11 proceedings. The firm will be paid at these hourly rates: David Fuchs, Attorney $325 Teresa Fuchs, Attorney $250 Mr. Fuchs disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David L. Fuchs, Esq. Fuchs Law Office, LLC 554 Washington Avenue, First Floor Carnegie, PA 15106 Telephone: (412) 223-5404 Facsimile: (412) 223-5406 Email: dfuchs@fuchslawoffice.com About Bucc Enterprises Bucc Enterprises, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70450) on Oct. 17, 2025, listing under $1 million in both assets and liabilities. David L. Fuchs, Esq., at Fuchs Law Office, LLC serves as the Debtor's counsel. CAMPBELL REALTY: Seeks to Tap Sternberg Naccari & White as Counsel ------------------------------------------------------------------ Campbell Realty Investment Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Sternberg, Naccari & White, LLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties; and (b) perform all legal services for the Debtor which may be necessary. Ryan Richard, Esq., the primary attorney in this representation, will be paid at his hourly rate of $400 plus expenses. The firm received a retainer of $26,738 from the Debtor. Mr. Richard disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan J. Richard, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 Email: ryan@snw.law About Campbell Realty Investment Group Campbell Realty Investment Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12356) on Oct. 20, 2025, listing up to $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Ryan J. Richard, Esq., at Sternberg, Naccari & White, LLC serves the Debtor as counsel. CAPSTONE CONSULTING: Creditors to Get Proceeds from Liquidation --------------------------------------------------------------- Capstone Consulting LLC filed with the U.S. Bankruptcy Court for the District of Utah a Disclosure Statement for Plan of Liquidation dated October 23, 2025. The Debtor is a single purpose entity which is developing a single-family detached residential subdivision called Mountainside Estates, located at approximately 1200 East 1400 North, Logan, Utah 84341 (the "Property"). The Debtor purchased the land in June 2021, together with a tenant-in-common, Shree Giriraj Ji, Inc. ("SGJ"), with SGJ owning an undivided 28.846% interest in the Property, and the Debtor owning the remaining interest. The relationship between the Debtor and SGJ is governed in party by a Development Agreement (the "SGJ Agreement"), which permits the Debtor to sell the Property, including SGJ's interest in the Property. In summary, the Plan proposes to sell the Debtor's remaining Property to D.R. Horton, Inc. ("DR Horton"), which sale was previously approved by the Court in its Order Granting Motion for Order Approving Sale of Real Property Free and Celar of Liens, Claims, Encumbrances, and Interests; and to Approve Use of Proceeds to Pay Secured Debt (D.R. Horton, Inc.) (the "DR Horton Sale Order"). The DR Horton sale is anticipated to close in two tranches. The "Phase 1 Closing" is comprised of 34 lots, and the "Phase 2 Closing" is the remaining 14 lots. The proceeds of the Phase 1 Closing will likely be sufficient to pay secured creditors in full. The Phase 1 Closing encompasses lots within the Property that are relatively easy to sell. Some excavation, bonding, and other work is needed to achieve the Phase 1 Closing, but that work is expected to be completed in the short term. The Phase 2 Closing, on the other hand, will require substantial development work to complete, and is expected to occur in or before September 2026. The Plan proposes to pay the proceeds of the sale of its Property fairly to its creditors through the Liquidating Trust. Under the Plan, the Debtor's Estate and all of its remaining assets will become property of the Liquidating Trust, and a Liquidating Trustee will be appointed to conduct an orderly liquidation of the assets with the goal of maximizing returns to creditors. The Plan proposes that Brent J. Lawyer will serve as the Liquidating Trustee for the Liquidating Trust and will have overall responsibility for the liquidation. In particular, the Liquidating Trustee will be responsible for liquidating all remaining assets, including evaluating and prosecuting Causes of Action to the extent appropriate, objecting to Claims as appropriate, and making distributions to creditors. The Liquidating Trustee will also be responsible for holding and administering all post-confirmation cash and bank accounts of the Liquidating Trust. The Debtor submits that the liquidation of all remaining assets of its Estate through the Liquidation Trust mechanism has the best potential for maximizing the returns to creditors. The proposed Liquidating Trustee is familiar with the claims against the Debtor and the Debtor's remaining assets as a result of his work as the Debtor's Managing Member and will be able to efficiently work with CK to maximize the proceeds of these assets and to seek the disallowance of any objectionable claims. Class 2 consists of all General Unsecured Claims against the Debtor. Class 2 is impaired under the Plan, and holders of Allowed Class 2 Claims are entitled to vote to accept or reject the Plan. The Plan provides that the Liquidating Trustee will pay Class 2 Claims in the event the Second Closing Occurs: (i) $1,000,000.00, distributed on a Pro Rata basis to Holders of Allowed General Unsecured Claims on the Initial Distribution Date; (ii) $300,000.00 distributed on a Pro Rata basis to Holders of Allowed General Unsecured Claims four months after the Initial Distribution Date; and (iii) subsequent distribution(s) of a Pro Rata share of the Unsecured Distribution Amount. In the event the Second Closing does not occur on or before November 15, 2026, then the Liquidating Trustee shall pay on a Pro Rata basis to Allowed General Unsecured Claims their Pro Rata Share of the Unsecured Distribution Amount. Class 6 Equity Interests in the Debtor. The Plan provides that all Equity Interest in the Debtor will be cancelled on the Effective date. Equity Interests in the Debtor shall neither receive nor retain any property under the Plan. The Liquidating Trustee shall administer the Estate after consummation of the Plan. The Liquidating Trustee shall hold all rights, powers, and duties of a trustee of the Estate under Chapter 11 of the Bankruptcy Code. The Liquidating Trustee shall jointly reduce all property of the Estate and Causes of Action to Cash, and distribute such Cash pursuant to the provisions of this Plan. The Liquidating Trustee shall use such Cash to pay the holders of Claims until such Cash is exhausted. On the Effective Date, the Trust Assets, without any further act or deed of the Liquidating Trustee, or the Bankruptcy Court, shall be transferred from the Debtor to the Liquidating Trust, free and clear of all liens, Claims and interests, and shall become the corpus of the Liquidating Trust. On and after the Effective Date, the Debtor shall execute and deliver such instruments and other documents as are necessary, appropriate or deemed advisable by the Liquidating Trustee, to transfer title to the Trust Assets to the Liquidating Trust. A full-text copy of the Disclosure Statement dated October 23, 2025 is available at https://urlcurt.com/u?l=5efItE from PacerMonitor.com at no charge. Counsel to the Debtor: George Hofmann, Esq. Cohne Kinghorn, P.C., 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 About Capstone Consulting LLC Capstone Consulting LLC is involved in real estate development, with a focus on residential projects in the Logan, Utah area. The Company works on subdividing properties, expanding neighborhoods, and collaborating with other stakeholders to enhance local communities. Capstone Consulting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-20752) on February 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. The Debtor is represented by George B. Hofmann, Esq. at COHNE KINGHORN, P.C. CAPTURE COLLECTIVE: Kegler Brown Files Rule 2019 Statement ---------------------------------------------------------- In the Chapter 11 bankruptcy cases of Capture Collective Inc. and its debtor-affiliates, Matthew M. Zofchak, Esq., at Kegler Brown Hill + Ritter, filed with the United States Bankruptcy Court for the Southern District of Ohio, Eastern Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that his firm represents these creditors: 1. Green Coral Trust c/o David T. Nguyen 468 N. Camden Dr. #93125 Beverly Hills, CA 90211 2. Island Distribution Services, LLC c/o Robert Sakamoto, Char, Sakamoto, Ishii 841 Bishop Street, Ste. 850 Honolulu, Hawaii 96813. Green Coral Trust asserts that it is owed $150,000 in the form of a pre-petition distribution that it did not receive as a minority equity holder in Debtor Capture Diagnostics, LLC. Island Distribution Services asserts that it is owed the principal sum of $4,217,877.62, plus any applicable attorneys' fees, expenses, interest, court costs, or other appropriate relief, from one or more of the Debtors relating to pre-petition services that it rendered. The firm may be reached at: Matthew M. Zofchak, Esq. Director KEGLER BROWN HILL + RITTER 65 East State Street, Suite 1800 Columbus, OH 43215 Tel: 614-462-5484 E-mail: mzofchak@keglerbrown.com About Capture Collective Inc. Capture Collective, Inc., is a developer of MiRAD, a high-throughput biodosimetry diagnostic test based on microRNA biomarkers to assess individual radiation exposure. The Company employs physiological, biochemical, and molecular techniques to support rapid and accurate biodosimetry in mass casualty situations. Its team includes experienced scientists and radiation experts dedicated to advancing emergency preparedness through innovative diagnostics. Capture Diagnostics and Capture Diagnostics HIB01 halted their COVID-19 testing operations in May 2023. Capture Collective and its affiliates filed Chapter 11 petitions (Bankr. S.D. Ohio Case No. 25-52291) on May 27, 2025. In the petitions signed by Scott Barnes, CEO and president, it disclosed up to $3,470,581 in total assets and up to $836,316 in total liabilities. Judge John E. Hoffman Jr. oversees the case. Carolyn J. Johnsen, Esq., at Dickinson Wright PLLC, is the Debtors' legal counsel. Book + Street serves as the Debtors' financial advisor. CBRM REALTY: Fannie Mae Objects to ‘Costly' DIP Loan ------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that Crown Capital Holdings' plan to obtain $21.9 million in debtor-in-possession financing has drawn opposition from Fannie Mae, which said the proposal would unfairly affect four of its multifamily properties currently under receivership. In a filing with the New Jersey bankruptcy court, Fannie Mae said the proposed 18% superpriority loan would improperly extend to properties that have operated entirely separate from Crown Capital's management and finances. Fannie Mae noted that the four properties have been managed by a court-appointed receiver for more than seven months and have received no funding or oversight from the debtor. The mortgage giant said Crown Capital's inclusion of those assets in its financing plan constitutes an overreach and contradicts the independent structure already established by the court, according to report. Calling the proposed loan "unjustifiably costly," Fannie Mae asked the court to deny Crown Capital's request. The government-backed entity argued that the financing would complicate the receivership's stability and burden properties that are not part of Crown Capital's active operations, the report states. About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. CBRM Realty's affiliates which Chapter 11 cases are consolidated with CBRM are: * CROWN CAPITAL HOLDINGS LLC * HOMEWOOD HOUSE APTS INVESTOR LLC * HOMEWOOD HOUSE APTS INVESTOR MM, LLC * HOMEWOOD HOUSE APTS LLC * ALTA SITA APTS LLC * ASHLAND MANOR APTS MM LLC * BELLEFIELD DWELLINGS APT LLC * BERGENFIELD INVESTORS LLC * CAMPUS HEIGHTS APTS LLC * CAMPUS HEIGHTS APTS MM LLC * CAMPUS HEIGHTS APTS OWNER LLC * CARRIAGE HOUSE APTS LLC * CREEKWOOD APARTMENTS LLC * CREEKWOOD APARTMENTS MM LLC * CROWN CAPITAL HOLDINGS SPV LLC * CROWN CAPITAL PARTNERS LLC * EVERGREEN APTS LLC * EVERGREEN APTS PARTNER LLC * EVERGREEN REGENCY TOWNHOMES, LTD * FORRESTER APARTMENTS LLC * FORRESTER APARTMENTS MM LLC * GALLATIN APTS LLC *GALLATIN APTS MM LLC * GENEVA HOUSE APTS LLC * GENEVA HOUSE APTS MM LLC * GREEN MEADOW APTS LLC * LUCAS URBAN HOLDINGS LLC * MON VIEW APTS LLC * MON VIEW APTS MM LLC * PALISADES APTS LLC * PALISADES APTS MM LLC * RAYLBNT LLC * RNBF HOLDINGS LLC * RSBRM APTS LLC * SLIDELL APARTMENTS LLC * STONEBRIDGE PARTNER LLC * SYCAMORE MEADOWS APARTMENTS, LTD * SYCAMORE MEADOWS APTS PARTNER LLC * VALLEY ROYAL COURT APTS LLC * VALLEY ROYAL COURT APTS MM LLC * WOODSIDE VILLAGE INVESTOR LLC * WOODSIDE VILLAGE OWNER LLC * COUNTRY CLUB MANOR APTS LLC Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CDR TRANS: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------- On October 30, 2025, CDR Trans LLC sought Chapter 11 protection in the Northern District of California, filing a voluntary petition. The transportation company disclosed debts estimated between $1 million and $10 million. According to the filing, the firm has one to 49 creditors. About CDR Trans LLC CDR Trans LLC operates in the trucking sector. CDR Trans LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-20898) on October 30, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Arasto Farsad, Esq. of Farsad Law Office, P.C. CELSIUS NETWORK: Sues Archblock for 'Multimillion Dollar' Fraud --------------------------------------------------------------- Pooja Rajkumari of The Street reports that Celsius Network, currently in bankruptcy, has filed a lawsuit against Archblock Inc., claiming the San Francisco-based firm defrauded the company and its customers by mismanaging funds tied to its stablecoins. Filed in the Northern District of California, the complaint also names Archblock's subsidiaries, TrustToken Inc. and TrueCoin LLC, accusing them of falsely promoting their TrueCurrency tokens as fully backed by cash in escrow accounts, according to the report. Celsius said it created more than $14 million in TrueCurrency assets—such as TrueAUD, TrueCAD, and TrueGBP—between 2019 and 2022 based on Archblock’s alleged assurances of safety and full collateralization. The lender contends that instead of holding cash reserves, the defendants redirected funds into high-risk offshore investments while maintaining the illusion of stability. When Celsius later attempted to redeem approximately $12.9 million of its tokens amid its 2023 bankruptcy proceedings, Archblock allegedly refused, blaming the loss of access to reserves after its escrow partners, Prime Trust LLC and First Digital Trust, went under. Archblock declined to comment on the matter, the report states. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CENTURY DESIGN: Hires Michael Jay Berger as Bankruptcy Counsel -------------------------------------------------------------- Century Design Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm's services include: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of its estate; (b) represent the Debtor in proceedings and hearings in the bankruptcy court; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide the Debtor legal advice and assistance with respect to its powers and duties in the continued operation of its business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary legal documents on behalf of the Debtor; (g) advise the Debtor concerning the requirements of the Bankruptcy Code and the rules relating to the administration of this case and its duties in a Chapter 11 case; and (h) assist the Debtor in the preparation, negotiation, formulation, confirmation, prosecution, implementation and attain confirmation. The firm will be paid at these hourly rates: Michael Jay Berger, Partner $695 Sofya Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Associate $475 Senior Paralegals/Law Clerks $275 Paralegals $200 On August 1, 2025, the Debtor's principal daughter and insider, Samantha Love, paid the firm a retainer of $25,000. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About Century Design Century Design Inc. designs and manufactures composite processing machinery for industries including aerospace, defense, automotive, marine, medical, sports, energy, and industrial applications. The Company develops equipment for prepreg production, resin development, ducting, hoses, and tubular structures, serving customers engaged in research, manufacturing, and product development worldwide. Founded in 1959, it has supplied thousands of machines globally and contributed to advances in materials processing technologies. Century Design sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03975) on September 26, 2025. In its petition, the Debtor reports total assets of $174,341 and total liabilities of $1,536,142. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices of Michael Jay Berger. CES ENERGY: DBRS Assigns BB(low) Credit Rating, Trend Stable ------------------------------------------------------------ DBRS Limited assigned a credit rating of BB (low) with a Stable trend to CES Energy Solutions Corp.'s (CES or the Company) CAD 75 million 6.875% Senior Unsecured Notes, due May 24, 2029 (the Notes). The recovery rating on the Notes is assigned at RR4. The Notes will be direct senior unsecured obligations of CES and will rank pari passu with all of CES' existing and future senior Indebtedness and senior in right of payment to any future subordinated Indebtedness of CES. The company is expected to use the net proceeds from the issuance to repay outstanding indebtedness on the senior credit facility and for general corporate purposes. CES KIMBERLINA: Seeks to Hire Re/Max Gateway as Real Estate Broker ------------------------------------------------------------------ CES Kimberlina, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Re/Max Gateway as real estate broker. The broker will provide these services: (a) order, analyze, and prepare all documentation necessary to list and advertise the Debtor's property for sale; (b) list the property with the most propitious listing services available; (c) show the property as necessary and respond to potential purchasers' inquiries; (d) solicit reasonable purchase offers; (e) convey all purchase offers to the Debtor and its counsel, and subject to its approval, negotiate, and confirm the acceptance of the best offer; and (f) cause to be prepared and submitted to escrow and counsel on behalf of Debtor any and all documents necessary to consummate a sale of the property. The firm will receive a commission of 2 percent of the sales price if Re/Max represents just the Debtor; or 4 percent if Re/Max represents both the Debtor and buyer. Jose Peralta, a broker at Re/Max Gatewa, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jose Peralta Re/Max Gateway 24273 Main St. Newhall, CA 91321 Telephone: (661) 702-4500 Email: joseprealta@outlook.com About CES Kimberlina CES Kimberlina Inc. is in the business of producing renewable energy from solid waste, utilizing advanced power generation technologies such as oxy-fuel combustion and carbon capture systems. The Company operates cutting-edge research facilities, including the Kimberlina Power Plant, to develop innovative solutions that improve energy efficiency and reduce emissions. CES Kimberlina Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11691) on March 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Charles Shamash, Esq., at Caceres & Shamash, LLP. CINEMAWORLD OF FLORIDA: Plan Exclusivity Period Extended to Dec. 30 ------------------------------------------------------------------- Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida extended Cinemaworld of Florida, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 30, 2025 and February 27, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that having reduced its operations through the sale of the Melbourne location, the Debtor has continued to evaluate its remaining operations and examine the manner in which its expenses can be reduced and its operations stabilized. The Debtor currently has three theatre locations and one family entertainment center, with a total of 91 employees. The Debtor explains that the claims bar date expired on September 11, 2025, with the deadline for governmental units being December 30, 2025. In evaluating its on-going operations, the Debtor determined that it would benefit from the employment of a financial advisor to advise on financial and operational issues and to assist with financial projections, its plan of reorganization, and interfacing with creditors. To that end, the Debtor has filed Debtor's Application to Employ GlassRatner Advisory & Capital Group, LLC as Financial Advisor (the "GlassRatner Application"). The Debtor needs additional time before proposing a plan for the GlassRatner Application to be considered by the Court and if approved, for GlassRatner to have sufficient time to provide the services for which it is being engaged. Cinemaworld of Florida, Inc. is represented by: Elena Paras Ketchum. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: eketchum@srbp.com About Cinemaworld of Florida 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, at STICHTER, RIEDEL, BLAIN & POSTLER, P.A., is the Debtor's counsel. CLNG HOMES: Seeks to Hire Hicks & Associates CPAs as Accountant --------------------------------------------------------------- CLNG Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Hicks & Associates CPAs, PLLC as accountant. The firm will prepare the Debtor's Monthly Operating Reports and past due tax returns. The firm will be paid at this hourly rates: Partner $350 Certified Public Accountants (CPAs) $250 Paraprofessional $100 In addition, the firm will seek reimbursement for expenses incurred. The firm will receive a retainer of $10,000 from the Debtor. David Hicks, CPA, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David W. Hicks, CPA Hicks & Associates CPAs, PLLC 1795 Alysheba Way, Ste. 6206 Lexington, KY 40509 Telephone: (859) 368-9727 Facsimile: (859) 368-9739 About CLNG Homes CLNG Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03106) on September 5, 2025, listing up to $50,000 in assets and liabilities. The Debtor tapped Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP as counsel and David W. Hicks, CPA, at Hicks & Associates CPAs, PLLC as accountant. CLOVERLEAF ELECTRIC: Hires Steinberg Shapiro & Clark as Counsel --------------------------------------------------------------- Cloverleaf Electric, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Steinberg Shapiro & Clark to handle its Chapter 11 case. The firm will be paid at these hourly rates: Mark Shapiro, Esq. $450 Tracy Clark, Esq. $400 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from the Debtor on September 22, 2025. Mr. Shapiro disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark H. Shapiro, Esq. Steinberg Shapiro & Clark 25925 Telegraph Road, Suite 203 Southfield, MI 48033 Telephone: (248) 352-4700 Email: shapiro@steinbergshapiro.com About Cloverleaf Electric Cloverleaf Electric, LLC provides residential, commercial, and industrial electrical contracting services across Michigan. It installs, repairs, and maintains electrical systems for homes, businesses, and manufacturing facilities, covering wiring, lighting, control systems, and breaker panels. Founded in 2011 and based in Troy, Michigan, the company serves clients across the region. Cloverleaf Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-50310) on October 14, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Shawn Hosner, sole member and manager, signed the petition. Judge Mark A. Randon presides over the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the Debtor as counsel. CLST ENTERPRISES: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ Kenneth P. Silverman, the Chapter 11 Trustee, submitted a Disclosure Statement for the Second Amended Plan of Liquidation for CLST Enterprises, LLC dated October 24, 2025. The Plan provides for the Sale of the Real Property, subject to approval by the Bankruptcy Court. The proceeds of the Sale will be used to satisfy all Allowed Secured, Administrative, and Priority Tax Claims. The Plan further provides for the liquidation of all of the Debtor's remaining assets, including Causes of Action, by the Plan Administrator. The Net Sale Proceeds from the Sale of the Real Property and the Unsecured Creditor Funds will be used to make all distributions pursuant to the terms of the Plan, including distributions to Unsecured Creditors. On September 9, 2025, the Trustee filed a Notice to Creditors and Other Parties in Interest of Trustee's Intended Auction and Sale, which took place on October 11, 2025 through October 13, 2025. On September 9, 2025, the Trustee filed a motion (the "Stalking Horse Motion") seeking entry of an order authorizing and approving the terms of the Memorandum of Stalking Horse Bidder, which provided for, among other things, a purchase price for the Real Property of $8,350,000. The Stalking Horse Motion sought to approve (i) the Memorandum of Stalking Horse Bidder (the "Stalking Horse Memorandum") between the Trustee and Walter Baker (the "Stalking Horse Bidder"), subject to higher or better offers as may be tendered at a public auction, and (ii) the break up fee. The Trustee received no objections to the approval of the Stalking Horse Motion and therefore the Stalking Horse Memorandum, and upon the filing of a certificate of no objection, the Court entered an order approving the Stalking Horse Motion (the "Stalking Horse Order") on October 8, 2025. On October 17, 2025, the Trustee filed the Broker's Report in Support of Confirmation of Results of Public Sale (the "Declaration in Support of Sale"), which indicated that no party bid at the auction, and the Stalking Horse Bidder had the highest and best bid for the Real Property. Class 3 consists of General Unsecured Claims. Allowed General Unsecured Claims will be paid approximately 100% of their Allowed amount, without interest, in Cash on the later of the Effective Date or ten days after an Order allowing the Claim becomes a Final Order. The payments due under the Plan will be paid primarily from the Net Sale Proceeds from the Sale of the Real Property, including the Carve Out. The payments due under the Plan to Holders of Class 1 and Class 2 Claims will be paid from the Net Sale Proceeds at the closing of the Sale, to be approved by the Bankruptcy Court pursuant to Bankruptcy Code § 363. The Sale will be consummated free and clear of Liens, Claims and Encumbrances pursuant to Section 363(f) of the Bankruptcy Code, with all Liens, Claims and Encumbrances to attach to the Net Sale Proceeds, subject to the terms and conditions set forth in the Pre-Petition Lender Stipulation and this Plan. The Bankruptcy Court has scheduled December 11, 2025, at 10:00 a.m. December 4, 2025, at 4:00 p.m. is the deadline by which to file and serve objections to Confirmation of the Plan. December 4, 2025, at 4:00 p.m. is the Voting Deadline by which Ballots must be received. A full-text copy of the Disclosure Statement dated October 24, 2025 is available at https://urlcurt.com/u?l=hLOhxG from PacerMonitor.com at no charge. Attorneys for Kenneth P. Silverman, Esq.: RIMÔN P.C. Brian Powers, Esq. Haley L. Trust, Esq. Courtney Roman, Esq. 100 Jericho Quadrangle, Suite 300 Jericho, New York 11753 (516) 479-6300 About CLST Enterprises CLST Enterprises, LLC owns a 4,742-square-foot mixed-use building consisting of residence with commercial retail and office space rentals valued at $9.36 million. CLST Enterprises filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-10596) on April 8, 2024, listing $9,393,173 in assets and $7,356,006 in liabilities. The petition was signed by Carl Thomson as member. Judge Martin Glenn oversees the case. The Debtor tapped Weinberg Zareh Malkin Price, LLP and Vernon Consulting, Inc., as legal counsel and financial advisor, respectively. COLLABORATION SOFTWARE: Hires Silver Birch as Investment Banker --------------------------------------------------------------- Collaboration Software Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Silver Birch Group, Inc. and BA Securities, LLC as investment banker. The firms will render these services: (a) review the Debtor's business, markets, results of operations, financial condition, and prospects; (b) prepare with the Debtor materials to solicit interest from potential qualified bidders; (c) direct and coordinate the due diligence process; (d) manage the marketing process by providing the first response to initial due diligence questions, coordinating requests for additional information, and scheduling meetings between the Debtor and interested bidders. (e) solicit indications of interest and assist the Debtor in evaluating and comparing offers to acquire its assets; (f) assist the Debtor and its advisors through the closing process; and (g) advise the Debtor, other professionals, and counsel on other matters that may arrive from time to time during the engagement. The firm will be paid at these following fees: (a) transaction fee of $50,000; and (b) improvement fee - if the Debtor reaches a preliminary agreement with any "stalking horse" during the sale process, then the firms shall earn an improvement fee in the event such stalking horse bid is topped equal to 5 percent of the improvement in total consideration earned by the Debtor. The firms received a retainer fee of $10,000 from the Debtor. Jeffrey Manning, a senior managing director at Silver Birch Group, and a registered representative at BA Securities, disclosed in a court filing that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey R. Manning Silver Birch Group Inc. Telephone: (917) 549-0312 Email: jrmanning@silvrbirch.com About Collaboration Software Partners Collaboration Software Partners LLC provides cloud-based human capital management (HCM)and workforce management solutions, delivering integrated technology platforms alongside implementation, training, and client support services. The Company partners with providers such as UKG, Everything Benefits, MasterTax, NatPay, Spentra, HireCredit, and Nephele Consulting Services to offer a unified suite that addresses workforce and HR challenges. It operates in the HCM and workforce management sector, focusing on seamless deployment, integration, and ongoing client support. Collaboration Software Partners LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21412) on October 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor tapped Leah Fiorenza McNeill, Esq., at Alston & Bird LLP as counsel and Silver Birch Group, Inc. and BA Securities, LLC as investment banker. COLLABORATION SOFTWARE: Seeks to Hire Alston & Bird as Counsel -------------------------------------------------------------- Collaboration Software Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Alston & Bird LLP as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (b) advise and consult on the conduct of the Chapter 11 case; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties-in-interest; (d) take all necessary actions to protect and preserve the Debtor's estate; (e) prepare pleadings in connection with the Chapter 11 case; (f) advise the Debtor in connection with any potential sale of sale of assets or transfer or oeprations; (g) appear before the Court and any appellate courts to represent the interests of the Debtor's estate; (h) advise the Debtor regarding tax matters; (i) assist the Debtor in reviewing, assessing, estimating, and resolving claims asserted against its estate; (j) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of its Chapter 11 estate, or ortherwise further its goals in this Chapter 11 case; (k) take any necessary action on behalf of the Debtor to negotiate, prepare, and obtain approval of confirmation of a Chapter 11 plan and all documents related thereto; and (l) perform all other necessary legal services for the Debtor in connection with the prosecution of the Chapter 11 case. The firm will be paid at these hourly rates: Partners $1,340 - $1,630 Associates $625 - $1,005 Paraprofessionals $570 In addition, the firm will seek reimbursement for expenses incurred. During the 90-day period prior to the petition date, Alston received payments and advances in the aggregate amount of $125,000 for services performed and expenses incurred and to be performed and incurred. Leah Fiorenza McNeill, Esq., a partner at Alston & Bird, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leah Fiorenza McNeill, Esq. Alston & Bird LLP 1201 West Peachtree Street, Suite 4900 Atlanta, GA 30309 Telephone: (404) 881-7000 Email: leah.mcneill@alston.com About Collaboration Software Partners Collaboration Software Partners LLC provides cloud-based human capital management (HCM)and workforce management solutions, delivering integrated technology platforms alongside implementation, training, and client support services. The Company partners with providers such as UKG, Everything Benefits, MasterTax, NatPay, Spentra, HireCredit, and Nephele Consulting Services to offer a unified suite that addresses workforce and HR challenges. It operates in the HCM and workforce management sector, focusing on seamless deployment, integration, and ongoing client support. Collaboration Software Partners LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21412) on October 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor tapped Leah Fiorenza McNeill, Esq., at Alston & Bird LLP as counsel and Silver Birch Group, Inc. and BA Securities, LLC as investment banker. CONSTRUCTION STARS: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------------- Construction Stars LLC has entered Chapter 7 bankruptcy in the Eastern District of New York as of October 29, 2025. Court documents show that the company's liabilities fall between $0 and $100,000, with a total creditor count reported between 1 and 49. About Construction Stars LLC Construction Stars LLC is a limited liability company. Construction Stars LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74171) on October 29, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Alan S. Trust handles the case. CORCHIS CAPITAL: Seeks to Hire The Weeks Group as Appraiser ----------------------------------------------------------- Corchis Capital, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ The Weeks Group, LLC as appraiser and valuation professional. The Debtors need an appraiser to assess and analyze the value of their restaurant equipment, prepare an appraisal, and (if necessary) to provide expert testimony services. The firm will be paid at these hourly rates: Attendance at Court Hearings $400 Travel and onsite time $250 Research and valuation $250 Report preparation $250 Tucker Sowell, a licensed auctioneer and appraiser at The Weeks Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tucker C. Sowell 2186 Sylvester Highway, Suite 1 Moultrie, GA 31768 About Corchis Capital Corchis Capital Inc., together with Corchis Hospitality Group, LLC, Corchis Hospitality Management, LLC, Amici 30A Italian Kitchen, LLC, Amigos 30A Mexican Kitchen, LLC, and Friends 30A Burger Bar, LLC, operates a portfolio of dining and hospitality businesses based in Inlet Beach, Florida. The group develops and manages restaurant concepts including Italian, Mexican, and American casual dining brands serving the 30A and greater Northwest Florida market. Their operations span corporate management, hospitality services, and restaurant ownership. Corchis Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Lead Case No. 25-30866) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Edward J. Peterson, Esq., at Berger Singerman LLP. CORVIAS CAMPUS: Gets Court OK for Chapter 11 Disclosure Statement ----------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Corvias Campus Living-USG LLC, which oversees dormitory housing at nine universities in Georgia, secured court approval Wednesday, October 29, 2025, for its Chapter 11 disclosure statement and voting procedures. The Delaware bankruptcy judge's decision allows the company to move ahead with creditor solicitation on its restructuring plan, according to the report. The student housing operator entered bankruptcy in June to restructure over $520 million in obligations stemming from its partnership with the University System of Georgia. The plan seeks to ensure continued operations, provide financial stability, and protect housing availability for students across the state, the report states. About Corvias Campus Living - USG, LLC Corvias Campus Living is a campus housing operator that manages student living facilities for universities within the University System of Georgia. Corvias Campus Living sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214) on June 25, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The Debtor is represented by Derek C. Abbott, Esq. at Morris, Nichols, Arsht & Tunnell. CSG SYSTEMS: S&P Places 'BB+' ICR on CreditWatch Positive --------------------------------------------------------- S&P Global Ratings placed its 'BB+' issuer credit rating on CreditWatch with positive implications on U.S.-based billing support systems provider CSG Systems International Inc. S&P expects to resolve the CreditWatch when the transaction closes, most likely in 2026. The CreditWatch placement follows the announcement that NEC will acquire CSG for about $2.9 billion in an all-cash transaction. S&P said, "We view the transaction favorably for CSG given the expected meaningful improvement in credit quality since we rate NEC (BBB+/Positive/A-2) higher because of stronger credit metrics and greater size and scale. We expect the transaction to close in 2026." S&P believes that a multinotch upgrade of CSG to 'BBB+' is likely and expect to resolve the CreditWatch when the transaction closes in 2026. DEL MONTE: Seeks to Extend Plan Exclusivity to February 26, 2026 ---------------------------------------------------------------- Del Monte Foods Corporation II Inc. and affiliates asked the U.S. Bankruptcy Court for the District of New Jersey to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 26, 2026 and April 28, 2026, respectively. The Debtors explain that there are 18 Debtor entities which collectively, as of the Petition Date, have over 2,700 employees, including employees who are members of collective bargaining units, and approximately $1.23 billion in long-term, secured funded debt obligations. At the outset of these Chapter 11 Cases, the Debtors commenced the comprehensive Sale Process for substantially all of their assets as a going-concern business, and closing for any sale transaction is expected to occur in early 2026. In short, these Chapter 11 Cases are complex, strongly weighing in favor of an extension of the Debtors' Exclusive Periods. The Debtors claim that as with most chapter 11 cases, the initial 120-day period was dominated by their transition into bankruptcy, including the Debtors' efforts to minimize disruptions to their business operations, and in working to respond to extensive information demands of key stakeholders. For the foregoing reasons, the Debtors believe that they will be able to propose a viable plan in these Chapter 11 Cases, and the Debtors have made significant progress toward that goal in the first few months of these Chapter 11 Cases, all of which fully supports an extension of the Exclusive Periods. Importantly, the Debtors are not seeking the extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders, but rather to continue the orderly, efficient and cost-effective restructuring process, the lynchpin of which is the Sale Process, for the ultimate benefit of their stakeholder group as a whole. Being required to defend against one or more competing plans while pursuing all of these critical workstreams would give rise to uncertainty and unnecessary expense that would reduce, and not preserve, estate value to the detriment of all stakeholders. The Debtors assert that they continue to pay timely their undisputed postpetition obligations in the ordinary course of business or as otherwise provided by Court order, and intend to continue to do so. Additionally, the Debtors maintain ongoing communications with their major creditors, the U.S. Trustee, and other stakeholders regarding their business operations and postpetition obligations. Accordingly, this factor weighs in favor of extending the Debtors' Exclusivity Periods. The Debtors further assert that termination of their Exclusive Periods would adversely impact the overall progress of these Chapter 11 Cases toward an eventual resolution. If this Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would then be free to propose a plan. Such a ruling would foster chaos and may cause substantial harm to the Debtors' efforts in these Chapter 11 Cases. Accordingly, the Debtors should be granted sufficient time to formulate their own plan following consummation of the Sale Process, and their Exclusive Periods should be extended. Finally, the Debtors submit that the relief requested herein is consistent with the extensions of Exclusivity Periods granted in similarly situated chapter 11 cases in this District. Co-Counsel to the Debtors: Michael D. Sirota, Esq. David M. Bass, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com dbass@coleschotz.com fyudkin@coleschotz.com -and- Adam C. Rogoff, Esq. Rachael L. Ringer, Esq. Megan M. Wasson, Esq. Ashland J. Bernard, Esq. HERBERT SMITH FREEHILLS KRAMER (US) LLP 1177 Avenue of the Americas New York, New York 10036 Tel: (212) 715-9100 E-mail: Adam.Rogoff@HSFKramer.com Rachael.Ringer@HSFKramer.com Megan.Wasson@HSFKramer.com Ashland.Bernard@HSFKramer.com About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The Committee retained Morrison & Foerster LLP as counsel, and Kelley Drye & Warren LLP as co-counsel. DIESEL DEVELOPMENT: Seeks to Tap Thompson Law Group as Counsel -------------------------------------------------------------- Diesel Development Systems, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Thompson Law Group, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare all necessary legal papers in connection with the administration of the Debtor's estate; (d) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting its effort to reorganize. The firm will be paid at these hourly rates: Attorneys $350 Paralegals $90 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $10,000 from the Debtor. Brian Thompson, Esq., an attorney at Thompson Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About Diesel Development Systems Diesel Development Systems, LLC operates the Diesel Sports Complex, a sports and training facility located in Cranberry Township, Pennsylvania. The Company owns the 9043 Marshall Road property, which features indoor and outdoor turf fields used for athletic training and recreational events. Diesel Development Systems is classified under the amusement and recreation industry and conducts business primarily in western Pennsylvania. Diesel Development Systems filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22796) on Oct. 17, 2025, listing up to $10 million in both assets and liabilities. Brian C. Thompson, Esq., at Thompson Law Group, PC serves as the Debtor's counsel. DIOCESE OF ROCKVILLE: Asks Court to Close Out Chapter 11 Case ------------------------------------------------------------- Rick Archer of Law360 reports that the Roman Catholic Diocese of Rockville Centre has asked a New York bankruptcy judge to bring its five-year Chapter 11 case to a close, saying it has satisfied the key requirements of its confirmed reorganization plan. The diocese noted that settlement funds are being distributed to survivors of sexual abuse in accordance with the plan approved by the court, according to the report. According to the filing, the diocese has completed all necessary administrative and financial tasks and no longer requires continued bankruptcy court oversight. The move marks a significant step toward finalizing one of the largest and longest-running diocesan bankruptcy cases in the country, the report states. About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. To deal with sexual abuse claims, the Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as $500 million in both assets and liabilities. Judge Martin Glenn oversees the case. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Diocese's Chapter 11 case. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin Moscou Faltischek, PC as its bankruptcy counsel and special real estate counsel, respectively. Robert E. Gerber, the legal representative for future claimants of the Diocese, is represented by the law firm of Joseph Hage Aaronson, LLC. DOG ROBBER: Seeks to Hire AGK Business Services as Bookkeeper ------------------------------------------------------------- Dog Robber, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ AGK Business Services as its bookkeeper. The firm's services include: (a) day-to-day accounting and monthly financial closing; (b) monthly financial reporting and ancillary services related to monthly accounting and reporting; (c) sales tax return preparation, filing and payments; (d) file annual report and maintenance of entity compliances; (e) bank reconciliation; and (f) annual income tax filing. The firm will received a flat rate of $3,200 per month. Manoj Gupta, a bookkeeper at AGK Business Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Manoj Gupta AGK Business Services 505 N. 7th St., Ste. 3600 St. Louis, MO 63101 About Dog Robber 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 Debtor's bankruptcy counsel. DOMAN BUILDING: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Doman Building Materials Group Ltd.'s (Doman) Long-Term Issuer Default Rating (IDR) at 'B+' and its unsecured notes at 'B+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. The 'B+' IDR reflects Doman's modest leverage and, low but relatively stable margins, good financial flexibility, as well as exposure to residential housing cyclicality and lumber price volatility. The rating also incorporates Doman's scale and its position as a leading North American manufacturer and distributor of pressure-treated lumber. Key Rating Drivers Moderate Leverage: Fitch expects EBITDA leverage will be in the 4.0x-4.3x range at YE 2025 and to decline to 3.5x-4.0x by YE 2026, compared with about 4.8x on a pro forma basis following the acquisition of CM Tucker Lumber Companies, LLC (CM Tucker) in October 2024. The leverage improvement is driven by Fitch's expectation of modest margin improvement and lower debt levels. Doman maintains modest headroom relative to the negative rating sensitivity of EBITDA leverage remaining above 4.5x for the 'B+' IDR. Financial Flexibility: Doman currently has good financial flexibility, with about CAD196 million of unused capacity under its CAD580 million ABL that matures in 2028. The company has CAD273 million of senior unsecured notes maturing in May 2026. Fitch's rating case forecast assumes that this maturity will be refinanced well in advance of the due date. Negative rating actions could occur if the company is unable to refinance this debt maturity within a reasonable timeframe, causing the company to use its ABL to repay these notes and meaningfully weakening its liquidity position. Fitch expects FCF margins (post-dividends) of 1%-2% over the next few years. FCF was more volatile before the acquisition of Hixson in 2021, when the smaller company prioritized dividends. Capital intensity is low at about 0.5%-0.7% of revenue, and Fitch's ratings case assumes around CAD50 million in annual dividends. Susceptibility to Lumber Price Volatility: Doman's revenues are highly concentrated in lumber, which weighs on the rating given the commoditized nature and pricing volatility of lumber. Revenues fell 18% in 2023 primarily due to lower lumber prices. Lumber pricing has remained volatile this year. Fitch's rating case forecast assumes relative stable lumber prices in the next few years. Low but Relatively Stable EBITDA Margins: Doman's profitability metrics are weak relative to similar- and higher-rated peers but are commensurate with its 'B' category IDR. The Fitch-adjusted EBITDA margin (treating capitalized lease costs as operating expenses) was 6.2% in 2024 compared with 6.8% in 2023. Fitch expects EBITDA margin to settle between 6.5% and 7.0% in 2025 and 2026 as the company integrates the CM Tucker acquisition. Capital Allocation: Doman has demonstrated disciplined capital allocation, meaningfully reducing debt and leverage following sizable acquisitions such as Hixson in 2021 and CM Tucker in 2024. Fitch's rating case forecast assumes a further reduction of its ABL balance, consistent with management's strategy to maintain a flexible balance sheet and conservative credit metrics. Doman has shown willingness to protect credit metrics through opportunistic equity issuance and dividend reductions during periods of uncertainty. Competitive Position: Doman's competitive position trails higher-rated manufacturers due to its two-step distribution model in the building products supply chain, relatively lower brand equity, and largely commoditized offerings. That said, the company's scale, which was further enhanced by the CM Tucker acquisition, and standing as one of North America's largest value-added treated lumber producers provide a modest competitive advantage versus local, niche distributors. Cyclical End-Market Exposure: Fitch expects housing and repair and remodel demand to remain weak during the rest of 2025 and improve slightly in 2026. The majority of Doman's sales are directed to the Canadian and U.S. residential construction markets. Management estimates that about half of Doman's distribution sales are exposed to residential new housing and the remainder to repair and remodel demand, which is less cyclical. The company's treated lumber sales have modest exposure to agricultural and industrial end-markets. Peer Analysis Doman's credit metrics are modestly stronger than its closest Fitch-rated peers, LBM Acquisition, LLC (B/Negative) and Park River Holdings, Inc. (B-/Stable). Fitch view's LBM's business profile as stronger than Doman's due to LBM's significantly lower exposure to the volatile lumber market, its greater scale and higher EBITDA and FCF margins. LBM's highly aggressive capital allocation strategy weighs negatively on its credit profile when compared to Doman. Park River has a stronger margin profile and less-commoditized product offering than Doman, but maintains much higher leverage levels. Key Assumptions - Revenues increase over 19%-20% in 2025 and grow 3%-4% in 2026; - EBITDA margin of 6.5%-7% in 2025 and 2026; - FCF margin in low-single digits in 2025 and 2026; - EBITDA leverage of 4.0x-4.5x at YE 2025 and around 3.5x-4.0x at YE 2026; - (CFO-capex)/debt of 8.5%-9% in 2025 and 13%-14% in 2026. Recovery Analysis - The recovery analysis assumes that Doman would be considered a going-concern rather than liquidated in a recovery scenario; - Fitch has assumed a 10% administrative claim; - Fitch has assumed an EV multiple of 5.5x; - Going concern EBITDA of CAD150 million. Going Concern EBITDA Approach Fitch's GC EBITDA estimate of CAD150 million projects a post-restructuring sustainable cash flow, which assumes both depletion of the current position to reflect the distress that provoked a default, and a level of corrective action that Fitch assumes would occur during restructuring. This is about 31% below Fitch calculated LTM EBITDA and 30% below forecasted fiscal 2025 levels. Fitch assumes that a default would occur from a meaningful decline in the residential housing market combined with lumber prices sustained at below average levels. Fitch estimates revenues of about CAD2.65 billion (about 17% below LTM revenues) and EBITDA margins of about 5.6% would result in the CAD150 million GC EBITDA, which would capture the lower revenue base of the company after emerging from the downturn in a lower lumber price environment than 2020-2022, plus a sustainable margin profile after right sizing. Fitch applied a 5.5x enterprise value (EV) multiple to calculate the GC EV in a recovery scenario. The company purchased Hixson Lumber Sales in June 2021 for 5.0x Fitch-calculated FY20 EBITDA and 10.9x FY19 EBITDA. The 5.5x GC EBITDA multiple is below the 6.0x multiple applied in the recovery analysis of LBM Acquisition, LLC and Park River Holdings, mainly due to Doman's relatively smaller scale, less diversified business and slightly lower margins when compared to LBM. The ABL revolver has priority claim over the unsecured notes. Fitch assumed that the ABL RCF is drawn at a borrowing base less than the maximum borrowing availability of CAD580 million. Fitch assumes the ABL revolver has CAD464 million outstanding (80% of maximum borrowing) at the time of recovery, which accounts for potential shrinkage in the available borrowing base during a period of deflating lumber prices and contracting volumes that causes a default. Fitch had previously assumed full usage under its CAD500 million ABL facility following the CM Tucker acquisition as the company used the facility to partly fund the acquisition. The remaining claims are recovered by the unsecured debt holders, resulting in a recovery corresponding to an 'RR4' for Doman's 2026 and 2029 unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability of the company to refinance its CAD273 million senior notes due May 2026 within a reasonable timeframe, resulting in meaningfully weaker liquidity position; - Fitch's expectation that EBITDA leverage will be sustained above 4.5x; - (CFO-capex)/debt consistently below 3%; - EBITDA interest coverage consistently below 3.5x; - Fitch's expectation that FCF generation (after dividends) sustained at neutral or negative levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The company significantly lowers its proportion of sales from lumber or reduces exposure to the cyclical new home construction market in order to reduce earnings and credit metric volatility through lumber and housing cycles; - Fitch's expectation that EBITDA leverage will be sustained below 3.5x; - (CFO-capex)/debt consistently above 7%; - EBITDA margin sustained in the high-single digits; - FCF margin consistently in the mid-single digits. Liquidity and Debt Structure Doman has about CAD13.5 million of cash and CAD196 million of borrowing availability under its CAD580 million ABL revolver. Fitch expects some repayment of the ABL borrowings during 2H25 from FCF. The company extended the maturity of its ABL facility from December 2024 to April 2028 earlier this year. Its next maturity is in 2026, when CAD273 million of senior notes become due. Fitch expects the company to refinance its 2026 unsecured notes before its maturity. Issuer Profile Doman Building Materials Group Ltd. is a manufacturer and distributor of lumber products and building materials in North America. Its operations include distribution facilities, wood treatment plants, specialty sawmills, planing mills, and post-peeling facilities across North America, as well as timber ownership and management of private timberlands. Summary of Financial Adjustments Fitch deducts lease amortization and lease interest expense from EBITDA. Fitch's calculation of total debt includes the unsecured bonds, ABL borrowings outstanding and bank overdrafts. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Doman Building Materials Group Ltd. LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ DORADO PUTT PR: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: Dorado Putt PR, LLC 1250 Ponce De Leon Ave. Ste. 301 San Juan, PR 00907 Business Description: Dorado Putt PR, LLC operates as an investment company engaged in financial and investment activities, based in San Juan, Puerto Rico, serving the local financial services industry. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-04894 Debtor's Counsel: Alexis Fuentes-Hernandez, Esq. FUENTES LAW OFFICES, LLC P.O. Box 9022726 San Juan PR 00902-2726 Tel: (787) 722-5215 Email: fuenteslaw@icloud.com Total Assets: $39,696,936 Total Liabilities: $22,389,444 The petition was signed by Frank Gadams as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZPJQTVA/DORADO_PUTT_PR_LLC__prbke-25-04894__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Promethean Fund IV, LP Capital Call $22,156,652 3330 Pacific Avenue Suite 501 Virginia Beach, VA 23451 2. Baughman Kroup Bosse PLLC Legal Services $133,481 One Liberty Plaza 46th Floor New York, NY 10006 3. Azraps, LLC Contractual $45,320 C/O Raffaele Allen Agreement 207 Granby St. Ste. 203 Norfolk, VA 23510 4. GTG Investments, LLC Contractual $33,990 C/O Grayson Gadams Agreement 7307 Heron Lane Norfolk, VA 23505 5. McIntyre Thanasides, P.A., P.C. Legal Services $20,000 c/o John D. McIntyre 150 Boush Street Suite 401 Norfolk, VA 23510 ECOM AUTHORITY: Seeks to Hire Lesse Hoffman as Bankruptcy Counsel ----------------------------------------------------------------- ECom Authority, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Lesse Hoffman, PLLC as bankruptcy counsel. The firm will render these services: (a) advise the Debtor regarding its obligations under the Bankruptcy Code, the Bankruptcy Rules of Procedure, this Court's Local Rules, and the Office of the United States Trustee's Guidelines; (b) assist the Debtor in preparing required schedules, statements and other disclosures; (c) represent the Debtor in negotiations with creditors and interested parties; and (d) assist the Debtor in its effort to confirm a Chapter 11 plan. The hourly rates of the firm's attorneys are as follows: Michael Hoffman, Esq. $600 Michael D. Lessne, Esq. $600 The firm received a retainer of $25,000 from the Debtor. Michael Hoffman, Esq., a managing attorney at Lessne Hoffman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael S. Hoffman, Esq. Lessne Hoffman, PLLC 100 SE 3rd Avenue, 10th Floor Fort Lauderdale, FL 33394 Telephone: (954) 372-5759 Email: mhoffman@lessnehoffman.law About ECom Authority LLC ECom Authority, LLC is a wholesaler doing business in Texas. ECom sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17808) on June 5, 2025. Judge Laurel M. Isicoff presides over the case. The Debtor tapped Lesse Hoffman, PLLC as bankruptcy counsel and Bast Amron LLP and Phang & Feldman, PA as special litigation counsel. ECOM AUTHORITY: Taps Bast Amron and Phang & Feldman as Co-Counsel ----------------------------------------------------------------- ECom Authority, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Bast Amron LLP and Phang & Feldman, PA as co-special litigation counsel. The firms will assist the Debtor's chief restructuring officer, Philip J. von Kahle, with the investigation and, if practicable, pursuit of potential claims and causes of action including, but not limited to (i) against the Debtor's directors and officers, (ii) against third parties, (iii) for the avoidance and recovery of preferential and/or fraudulent transfers, and (iv) for recovery of property of the estate. The firms will be paid at a 35 percent contingency fee based on all gross recoveries obtained by the estate from any source. All contingency fees will be split as follows: 80 percent to Bast Amron, and 20 percent to Phang & Feldman. In addition, the firm will seek reimbursement for expenses incurred. Brett Amron, Esq., a founding partner at Bast Amron, and Jonathan Feldman, Esq., a partner at Phang & Feldman, disclosed in a court filing that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Brett M. Amron, Esq. Bast Amron LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: (305) 379-7904 Email: bamron@bastamron.com - and - Jonathan S. Feldman, Esq. Phang & Feldman, PA One Biscayne Tower, Suite 1600 2 South Biscayne Boulevard Miami, FL 33131 Telephone: (305) 614-1223 Facsimile: (305) 614-1187 Email: feldman@katiephang.com About ECom Authority LLC ECom Authority, LLC is a wholesaler doing business in Texas. ECom sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17808) on June 5, 2025. Judge Laurel M. Isicoff presides over the case. The Debtor tapped Lesse Hoffman, PLLC as bankruptcy counsel and Bast Amron LLP and Phang & Feldman, PA as special litigation counsel. ELECTRIC PLAYHOUSE: Seeks to Hire Larson & Zirzow as Legal Counsel ------------------------------------------------------------------ Electric Playhouse NV, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as counsel. The firm's services include: (a) prepare on behalf of the Debtor, all necessary legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Matthew Zirzow, Principal $650 Benjamin Chambliss, Associate $500 Patricia Huelsman, Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $50,000 from the Debtor. Mr. Zirzow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About Electric Playhouse NV Electric Playhouse NV, LLC operates immersive entertainment venues that combine motion-based gaming, dining, and interactive art experiences. The Company runs a flagship 20,000-square-foot facility in Albuquerque, New Mexico, and is expanding to a second location at The Forum Shops at Caesars Palace in Las Vegas, Nevada. It develops proprietary technology integrating hardware and software to create interactive environments for events, performances, and family entertainment. Electric Playhouse NV filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-16273) on Oct. 20, 2025, with up to $10 million in assets and liabilities. Judge Natalie M. Cox presides over the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC represents the Debtor as counsel. EMORY INDUSTRIAL: Section 341(a) Meeting of Creditors on Dec. 4 --------------------------------------------------------------- On October 27, 2025, Emory Industrial Services 1 Inc. filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 4, 2025 at 10:00 AM by TELEPHONE. About Emory Industrial Services 1 Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq. of ROCHELLE MCCULLOUGH, LLP. EQUITAS ACADEMY: S&P Affirms 'BB+' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings affirmed the 'BB+' issuer credit rating (ICR) on Equitas Academy Charter School Inc. (Equitas or Network), Calif. The outlook is stable. S&P said, "S&P Global Sustainable data shows that Los Angeles County, relative to other locations nationally, faces elevated exposure to seismic activity and wildfire risks, which we believe could pose future challenges to the school's existing infrastructure, and could become material to our view of creditworthiness. However, because the network operates in an urban location, with strict building codes, we believe that these physical risks are somewhat mitigated. Additionally, we believe social capital risks are elevated given declines in the population of school age students for the county and an increasingly competitive landscape for students; however, these factors have not affected Equitas enrollment and overall demand profile. We view governance factors to be neutral. "The stable outlook reflects our expectation that the school's growing enrollment will enable the network to maintain at structurally balanced operating results, sustaining sufficient lease-adjusted MADS coverage and liquidity position for the rating level. No additional debt is expected in the near term. "We could consider a negative rating action during the outlook period if the school's financial performance deteriorates materially, weakening its lease-adjusted MADS coverage or its liquidity. In addition, though not expected at this time, should enrollment decline materially, negatively affecting finances, it could pressure the rating. "We could consider a positive rating action, if the school's elevated debt burden moderates materially in line with its high per-student debt metrics, and if the school's lease-adjusted MADS coverage improves to a level comparable with those of its higher-rated peers." FIRST CLASS: Seeks to Tap Brant Point Advisors as Financial Advisor ------------------------------------------------------------------- First Class Moving Systems, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Brant Point Advisors, LLC as financial advisor. The firm will render these services: (a) prepare cash collateral budgets; (b) prepare of budget to actual reports and other cash flow statements; (c) prepare monthly operating reports; (d) prepare plan projections and other financial information in connection with the plan; (e) consult and advise financial and operational issues related to the businesses and the Chapter 11 cases, as requested by the Debtors or their counsel; and (f) provide such other services as agreed to by Brant and the Debtors. Marti Kopacz, the primary professional in this representation, will be billed at his hourly rate of $475. In addition the firm will seek reimbursement for expenses incurred. Mr. Kopacz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marti Kopacz Brant Point, LLC 20 Boynton Ln. Nantucket, MA 02554 About First Class Moving Systems First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. It has locations in Tampa, Miami/Fort Lauderdale; Gulfport, Miss.; Orlando, Fla.; and Bound Brook, N.J. First Class Moving Systems and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, First Class Moving Systems reported between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the cases. The Debtors are represented by Scott A. Stichter, Esq., and Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA. FORTRESS TRUST: Faces Cease & Desist Order, At Risk of Insolvency ----------------------------------------------------------------- Olga Kharif and Stacy-Marie Ishmael of Bloomberg News report that Fortress Trust LLC, the crypto custodian owned by Elemental Financial Technologies Inc., is on the brink of collapse after Nevada regulators found it owed millions more than it could repay. A cease-and-desist order dated October 22, 2025 stated that the firm’s liquidity was "wholly inadequate," with only about $1.2 million in cash and crypto on hand against more than $12 million owed to clients, according to the report. The Nevada Financial Institutions Division also faulted the company for failing to produce basic financial records or honor customer withdrawals. In a sworn statement, CEO Anthony Botticella said Fortress' financial distress stems from problems that existed before he took charge in December 2023, calling the company's situation "severe." Fortress' difficulties come amid heightened scrutiny of crypto custodians, which hold assets for investors and are supposed to protect them from the kind of instability common among exchanges, according to report. The firm's troubles follow other setbacks, including a scrapped acquisition by Ripple after a reported hack in 2023 and a 2024 license surrender in Maine. The Nevada order highlights ongoing regulatory fears that crypto custodians may not be able to safeguard investor assets, especially as new federal rules loom, the report states. About Fortress Trust Fortress Trust is a crypto custodian owned by Elemental Financial Technologies Inc. FREIRE CHARTER SCHOOL: S&P Alters Outlook to Neg, Affirms 'BB' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BB' issuer credit rating (ICR) on Freire Charter School Wilmington Inc. (FCSW or the school). S&P said, "The outlook revision reflects our view of the school's weakened demand profile, given four consecutive years of material enrollment declines that, if sustained, could begin to impair its historically stable financial operations. "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The negative outlook reflects a one-in-three chance that we could lower the rating if enrollment declines persist or if financial performance and other associated financial metrics weaken such that a lower rating is warranted. "Should FCSW's enrollment declines continue, negatively affecting financial performance ratios, we could lower the rating. We could also take a negative action if the school issues additional debt, though this is not expected at this time. "Conversely, should FCSW's enrollment stabilize, providing for the maintenance of healthy cash and coverage levels during our outlook horizon, we could revise the outlook to stable." HADNOT LOGISTICS: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ Hadnot Logistics LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas on October 29, 2025. The voluntary petition lists liabilities ranging from $1 million to $10 million. The company reports having between one and 49 creditors. About Hadnot Logistics LLC Hadnot Logistics LLC is a limited liability company. Hadnot Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-24170) on October 29, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Robert Lane, Esq. of The Lane Law Firm PLLC. HEARDMONT HEALTH: Seeks to Tap Boyer Terry as Bankruptcy Counsel ---------------------------------------------------------------- Heardmont Health Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Boyer Terry LLC as counsel. The firm render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) continue existing litigation to which the Debtor may be a party, and to conduct examinations incidental to the administration of its estate; (d) take any and all necessary action for the proper preservation and administration of the estate; (e) assist the Debtor with the preparation and filing of a statement of financial Affairs and schedules and lists as are appropriate; (f) take whatever action is necessary with reference to the use by the Debtor of its property pledged as collateral to preserve the same for its benefit and secured creditors in accordance with the requirements of the Bankruptcy Code; (g) assert, as directed by the Debtor, claims that it may have against others; (h) assist the Debtor in connection with claims for taxes made by governmental units; and (i) perform other legal services for the Debtor, which may be necessary. The firm will be paid at these hourly rates: Attorneys $350 - $370 Research Assistants and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $10,000 from the Debtor. Wesley Boyer, Esq., an attorney at Boyer Terry, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Wesley J. Boyer, Esq. Boyer Terry LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Telephone: (478) 742-6481 Email: Wes@BoyerTerry.com About Heardmont Health Properties Heardmont Health Properties LLC manages Heardmont Health and Rehabilitation, a nursing facility in Elberton, Georgia, offering long-term care, rehabilitation, and assisted living services. Heardmont Health Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51641) on October 15, 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 Wesley J. Boyer, Esq., at Boyer Terry LLC. HEART 2 HEART: Seeks to Extend Plan Exclusivity to Jan. 26, 2026 ---------------------------------------------------------------- Heart 2 Heart Volunteers, Inc. d/b/a Serenity Hills Life Center asked the U.S. Bankruptcy Court for the Northern District of West Virginia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 26, 2026 and March 27, 2026, respectively. The Debtor was temporarily shut down pre-petition by the West Virginia Department of Health and Human Resources and/or the West Virginia Office of Health Facility and Licensure Certification but subsequently reopened after a successful administrative hearing where the closure was determined to be unsupported. The Debtor explains that its primary focus at this juncture is approval of licensing from the Joint Commission. This approval is necessary for the Debtor to continue operations and highlights the Debtor's high standards of healthcare quality and patient safety. Such accreditation is a necessary tool in growing Debtor's business. Additionally, the Debtor has refined its processes, including its hiring procedures. Despite encountering difficulties with the hiring process, the Debtor has successfully hired several new staff members, including an assistant for the CEO and a new therapist. The Debtor has also posted an opening for another case manager. The new talent will increase efficiency and help foster a new sense of accountability, collaboration, and innovation within the organization. The Debtor serves, and will continue to serve, a vulnerable and at-risk population, providing an important service to the citizens of West Virginia. It is imperative that the Debtor be afforded the opportunity to maximize the chapter 11 process, to continue its service of this population. The Debtor claims that no creditor has contacted the company to allege any failure to pay bills as timely due. In connection with its present ability to pay bills as due, the Debtor has a viable path toward reorganization. Finally, not only is the Debtor seeking this extension request in good faith, and not to place any pressure on creditors, the Debtor's creditors will not be prejudiced by the requested extension; on the contrary, the Debtor's creditors will be best served with an extension of the Exclusivity Periods, as it will help ensure the plan proposed by the Debtor is a realistic Chapter 11 Plan of Reorganization that is capable of being substantially consummated. Heart 2 Heart Volunteers Inc. is represented by: Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Telephone: (412) 456-8100 Email: kburkley@bernsteinlaw.com About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. HEAVENLY HOGS: Unsecureds Will Get 100% of Claims over 60 Months ---------------------------------------------------------------- Heavenly Hogs Tours, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a Plan of Reorganization under Subchapter V dated October 23, 2025. The Debtor is a member-managed Tennessee Limited Liability Company formed in 2022 that operates as a boutique car rental company that utilizes the Turo application for reservations and payments. The Debtor is currently located at 1725 Buttonwood Loop, Chattanooga, TN 37421-4971. Debtor saw gross revenues of over $227,000 in 20241, but due to issues with rentals and loss of its limousine service, its revenue substantially decreased. This all but ensured future default. Foreseeing imminent litigation and potential irreparable harm, Debtor contacted the law office of W. Thomas Bible, Jr. d/b/a Tom Bible Law to see what workout options may be available and to discuss the possibility of seeking Chapter 11 Relief. On July 25, 2025 ("Petition Date") Debtor filed a voluntary petition under the provisions of Chapter 11 of the United States Bankruptcy Code, with the United States Bankruptcy Court for the Eastern District of Tennessee. This Plan of Reorganization under Chapter 11 of the Code proposes to pay the creditors of Debtor from future income of the Debtor. The final Plan Payment is expected to be paid on January 1, 2031, or 60 months after the anticipated Effective Date. Non-priority unsecured creditors holding allowed claims will be paid with disbursements totaling $151,324.33 to the class, which represents a 100 percent dividend to unsecured creditors. This Plan also provides for the payment of administrative and priority claims. Class 5 consists of All Allowed NonPriority Unsecured Claims. The Plan provides a pool of $151,324.33, which represents a 100 percent dividend to unsecured creditors, to be paid to the claimholders in this class, to be paid at a rate of $2523.00 per month for 60 months. This Class is impaired. The Debtor will retain all ownership rights in property of the estate. The Debtor will continue business operations in order to produce revenue sufficient to fund this 60-month Chapter 11 Plan. The Debtor proposes to pay $6,785.00 per month for 60 months, which is the amount necessary to pay all administrative costs, priority claims, secured claims, and the unsecured claims in Class 6. A full-text copy of the Plan of Reorganization dated October 23, 2025 is available at https://urlcurt.com/u?l=p0h0Jy from PacerMonitor.com at no charge. Counsel to the Debtor: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Tel: (423) 424-3116 Fax: (423) 553-0639 Email: tom@tombiblelaw.com About Heavenly Hogs Tours Heavenly Hogs Tours, LLC is a member-managed Tennessee Limited Liability Company formed in 2022 that operates as a boutique car rental company that utilizes the Turo application for reservations and payments. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11901) on July 25, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Nicholas W. Whittenburg presides over the case. W. Thomas Bible, Jr., Esq., at the Law Office of W. Thomas Bible, Jr. represents the Debtor as bankruptcy counsel. HOUWELING'S ARIZONA: Seeks to Tap LightGabler as Litigation Counsel ------------------------------------------------------------------- Houweling's Arizona, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ LightGabler, LLP as special litigation counsel. The firm will render these services: (a) give the Debtor legal advice and prepare with undersigned and review on its behalf, necessary legal documents; and (b) perform all other legal services that the Debtor deems necessary in connection with the case. The firm's hourly rates are as follows: Charley Stoll, Attorney $430 Brier Miron Setlur, Attorney $400 Other Attorneys $300 - $625 Paraprofessionals $195 In addition, the firm will seek reimbursement for expenses incurred. The firm also requested a retainer of $5,000 from the Debtor. Mr. Stoll disclosed in a court filing the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charley M. Stoll, Esq. LightGabler LLP 760 Paseo Camarillo, Ste. 300 Camarillo, CA 93010 Telephone: (805) 248-7208 About Houweling's Arizona Houweling's Arizona, Inc. operates in the agriculture sector, specializing in greenhouse cultivation of vegetables, including tomatoes and cucumbers, and related produce for domestic and international markets. It is based in Willcox, Arizona. Houweling's Arizona sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08256) on August 31, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor tapped Isaac D. Rothschild, Esq., at Mesch Clark Rothschild as counsel and LightGabler, LLP as special litigation counsel. HOWARD MIDSTREAM: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Howard Midstream Energy Partners, LLC's Long-Term Issuer Default Rating (IDR) at 'BB-', and senior unsecured debt instrument rating at 'BB-' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Howard's ratings reflect moderately stable cash flows, supported by some geographic and business-line diversity and a disciplined capital-allocation approach, with flexibility for opportunistic M&A. The portfolio is largely exposed to volumetric risk, with some direct commodity price exposure. Howard also maintains sizeable high-yield customer exposure, although its counterparty credit profile has improved in recent history. Near-term EBITDA leverage is expected to be elevated due to FCF and debt-funded acquisitions and a large growth project. Fitch expects leverage to decline as Howard realizes the resulting benefits. Howard's sponsors are expected to remain supportive, and Fitch does not expect material distributions during execution of the current growth plan. Key Rating Drivers Temporary Rise in Leverage: Howard completed several modest acquisitions over the past 12-18 months funded, primarily with FCF and debt, and is advancing the Outer Loop project with the same funding mix. Leverage was elevated at 5.0x in 2024 (Fitch-calculated), driven by mid-to year-end acquisitions. Fitch expects leverage to decline to about 4.5x in 2025-2026 as newly acquired assets and joint-venture (JV) interests contribute full-year cash flows, then fall below 4.0x in 2027 and remain at or below that level as Outer Loop enters service, currently targeted for 4Q26. Measured Capital Allocation Policy: Howard is expected to generate solid operating cash flow that, along with revolver draws, should fund growth capital. Maintaining leverage within the 3.5x-4.0x management target (which differs from Fitch's calculations) depends on funding mix and distribution policy. Distributions are expected to remain suspended during growth initiatives. Howard is also willing to issue equity for future growth to support balance-sheet strength. In early 3Q25, Howard opportunistically refinanced its 2028 maturity and repaid much of its revolver, improving financial flexibility and the debt-maturity profile. Fitch expects Howard to fund growth prudently and maintain leverage within its target range. Increase in Size and Scale: Howard's recent acquisitions have added meaningful size and scale to its operations, with the planned Outer Loop project expected to also be accretive. Fitch expects annual EBITDA to exceed $400 million once Outer Loop is online. These initiatives have expanded Howard's footprint across the U.S. Gulf Coast, Anadarko, Eagle Ford, and Permian basins, most of which are high-quality with supportive regulatory and political environments. This further supports Howard's business and regional diversity, which is strong for its size. Greater scale modestly improves business risk, partially offsetting the near-term rise in leverage. Volumetric Risk Prevails: About 95% of Howard's EBITDA is expected from long-term fixed-fee contracts, including acreage dedications and revenue-assurance type minimum volume commitment (MVC) or take-or-pay (TOP) agreements, which limit commodity price risk. Newly acquired assets and the Outer Loop project add meaningful MVCs, offsetting expiries and roll-downs. Over 40% of EBITDA is expected from MVC contracts. However, most cash flows still face volumetric risk, creating earnings volatility, especially when natural gas prices soften. Volumes from lean-gas basins like the Eagle Ford and Marcellus are more prone to disruption in weak price environments. Customer Credit Quality: Howard's weighted-average counterparty credit quality (by gross margin) improved with its acquisition of 50% JV interest in the Midship Pipeline, which has long-term contracts with credit worthy customers. It will further benefit from the Outer Loop project, with 100% of the capacity contracted for 20 years to San Antonio City Public Services (CPS Energy; AA-/Stable). However, Howard still has sizeable exposure to high-yield or small private companies deemed high-yield. Counterparty strength is critical to assess risks of nonpayment under MVC contracts and potential volume loss under acreage or volume-dedicated contracts during distress. Supportive Sponsor Relationship: The Sponsors are aligned in their approach with Howard, viewing it as a long-term investment, supportive of growth while maintaining balance sheet strength. The suspension of dividends until at least Howard executes on currently in-process growth projects is indicative of a supportive Sponsor relationship. Peer Analysis Harvest Midstream I, L.P. (Harvest; BB-/Stable) is a mid-sized midstream partnership with operations spread across multiple oil and gas plays in the U.S. Harvest is larger in size and scale, but has greater exposure to mature, declining basins. It has a smaller portion of cash flows under revenue assurance-type contracts, leading to higher volumetric risks. Though Howard's 2024 leverage was higher than Harvest, Harvest is expected to have higher leverage in 2025, but both will have comparable leverage in outer years. Howard's stronger cash flow profile and exposure to more prolific regions are key factors offsetting its relatively modest size and currently elevated leverage compared with Harvest, leading to the same IDRs. Summit Midstream Corporation (Summit; B-/Positive) is a small-sized and geographically diversified midstream partnership. Summit is smaller in size and has greater exposure to mature, declining basins compared to Howard. Summit also has a lower portion of cash flows underpinned by revenue assurance-type contracts. Leverage at Summit is expected to improve but remain in the same range as Howard in the near-term and slightly higher over the medium-term. These differentiating factors combined lead to the difference in IDRs between Howard and Summit. Key Assumptions - Fitch's oil and gas price deck; - Activity levels in the regions where Howard operates consistent with Fitch's base case price deck; - Base interest rate for the credit facility reflects Fitch's Global Economic Outlook; - Successful execution of growth projects with only modest deviation in budget and timelines; - Distributions from the joint ventures received in accordance with the agreements; - Common dividends remain suspended, and no material debt funded M&A at least until major growth projects are placed into service. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage expected to be sustained above 4.5x; - Any event that leads to meaningful uncertainty as to the future performance by top counterparties relative to contracts with minimum payments; - A significant decrease in the percentage of EBITDA coming from TOP or MVC contracts; - Sustained high capital expenditures or a change in financial policy that reduces Howard's credit quality; - Acquisitions or large growth projects not funded in a balanced manner and/or meaningfully increase Howard's overall business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA leverage expected to sustain below 3.5x; - A significant increase in the percentage of EBITDA coming from TOP or MVC contracts and or a meaningful increase in size and scale. Liquidity and Debt Structure Pro forma the recently completed transactions, Howard is expected to have adequate liquidity totaling about $830 million. Howard should have around $50 million of cash on the balance sheet and roughly $759 million (net of roughly $11 million in outstanding letters of credits) available under its $1 billion first lien secured revolving credit facility. The credit facility matures on Aug. 5, 2030. Howard's nearest maturity is the $600 million, 7.375% senior unsecured notes due July 15, 2032. Covenants on the credit facility permit a maximum total leverage ratio of 5.0x, stepping up to 5.25x in the 12 months following a material acquisition; senior secured leverage of 3.75x; and a minimum interest coverage ratio of 2.5x. Fitch expects Howard to remain compliant with the covenants in the credit agreement and to maintain adequate liquidity over Fitch's forecast period. Issuer Profile Howard Midstream Energy Partners, LLC is an oil and gas midstream company operating across five distinct regions in the U.S. and has a modest presence in Mexico. Summary of Financial Adjustments Fitch's calculation of adjusted EBITDA excludes equity in earnings from unconsolidated affiliates and includes cash distributions from those unconsolidated affiliates. Fitch consolidates the non-recourse asset level debt at the wholly owned subsidiary HEP Olefins, LP. The values in the above Sensitivities and other metric values in this press release calculated by Fitch is different from management's and bank's calculations. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Howard Midstream Energy Partners, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- KAISER ALUMINUM: Moody's Rates New $500MM Sr. Unsecured Notes 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to Kaiser Aluminum Corporation's (Kaiser) proposed $500 million senior unsecured notes due 2034. The company plans to use the proceeds to repay its 4.625% senior unsecured notes due 2028. This refinancing will result in moderately higher interest costs but will extend the company's nearest debt maturity to 2030 when its ABL revolver matures. Kaiser's B1 Corporate Family Rating, B1-PD Probability of Default Rating, B2 senior unsecured notes rating, its Speculative Grade Liquidity Rating (SGL) of SGL-2 and its stable ratings outlook remain unchanged. RATINGS RATIONALE Kaiser Aluminum Corporation's credit profile reflects its moderate leverage, ample interest coverage and its materially improved operating performance and return to free cash generation now that it has completed its investments in additional capacity and value-added capabilities. It also reflects its good market position in the commercial aerospace & defense, beverage and food packaging, automotive and general engineering end markets, as well as its long-standing relationships with airframe manufacturers, tier one automotive suppliers and large metal service centers. The company benefits from a pricing model that allows it to pass through aluminum costs on most of its sales through contracts that mitigate the impact of aluminum price volatility. Kaiser's rating is also supported by improved end-market diversity following the Warrick Rolling Mill acquisition in 2021 and additional investments in this operation which have added material volumes in less cyclical aluminum cans and food packaging products. However, the credit profile is constrained by the company's reliance on cyclical end markets, the historical volatility of its operating performance and its significant customer concentration. Kaiser's earnings have significantly improved in 2025, driven by stronger product pricing and a favorable metal price lag which have both been aided by rising LME aluminum prices and Midwest Premiums due to the 50% Section 232 tariffs on imports of aluminum. The company has also benefitted from an improved product mix as it focuses on more profitable products and invests in value-added capabilities. These factors have more than offset start-up costs related to ramping up new value-added capacity. The metal price lag reflects the timing difference between aluminum prices included within hedged cost of alloyed metal and the weighted average market price for aluminum. Metal price lag tends to result in increased earnings in times of rising primary aluminum prices. As a result, Moody's anticipates the company will generate Moody's adjusted EBITDA of around $300 million in 2025. This will result in credit metrics that are slightly better than Moody's upgrade guidance with an adjusted leverage ratio (debt/EBITDA) just below 4.0x and interest coverage (EBIT/Interest) modestly above 2.5x. If the company can sustain this elevated earnings level as metal lag and pricing benefits ebb or it pays down debt with free cash flow, then a positive outlook or rating change could be considered. Kaiser's investments in value-added and expanded capabilities along with working capital investments will limit free cash flow in 2025. Nevertheless, if Moody's assumes relatively stable earnings in 2026 then its free cash flow should strengthen as these investments ebb. The company could use a portion of this cash to pay down debt as its senior notes due 2031 become callable in June 2026, but this remains to be seen. Kaiser's speculative grade liquidity rating of SGL-2 reflects its good liquidity profile supported by a cash balance of $17.2 million and $560 million of borrowing availability on its $575 million asset-based revolving credit facility (ABL) as of September 2025. The company amended the credit facility in October 2025 and extended the maturity to October 2030, subject to certain conditions. The company is expected to maintain compliance with its financial covenant of a minimum fixed charge coverage ratio of 1.0x, which is only applicable if excess borrowing availability under the revolving credit facility is less than the greater of (i) 10% of the line cap (as defined in the Revolving Credit Facility) and (ii) $46 million. The B2 rating on the senior unsecured notes reflects the notes' effective subordination to the secured debt (ABL). The notes are guaranteed on a senior unsecured basis by each subsidiary guarantor of the asset-based revolver. The stable outlook reflects Moody's expectations that Kaiser's performance will remain relatively stable over the next 12 to 18 months and the company will maintain a good liquidity profile and credit metrics that support its rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would consider an upgrade of Kaiser's ratings if leverage (debt/EBITDA) is sustained below 4.0x, interest coverage (EBIT/Interest) above 2.5x and its adjusted EBIT margin above 5%. Sustained positive free cash generation is also a prerequisite for an upgrade. Kaiser's ratings could be downgraded if liquidity evidences a material deterioration, or if the company makes debt-financed acquisitions at aggressive multiples. Quantitatively, ratings could be downgraded if its adjusted EBIT margin is sustained below 4%, interest coverage (EBIT/Interest) below 2.0x and leverage above 5.0x. Kaiser Aluminum Corporation, based in Franklin, Tennessee, currently operates 13 aluminum fabricating facilities throughout North America (12 in the US, and 1 in Canada). Kaiser produces value-added sheet, plate, extrusions, rod, bar, and tube primarily for aerospace, automotive, and general engineering (GE) end markets and aluminum sheet for the packaging industry. The company generated about $3.2 billion in revenues for the LTM period ended September 2025. The principal methodology used in this rating was Steel published in September 2025. KCL GROUP: Case Summary & 19 Unsecured Creditors ------------------------------------------------ Debtor: KCL Group Inc. f/k/a KCL Group LLC d/b/a Jacks Donuts 2000 Troy Avenue New Castle IN 47362 Business Description: KCL Group Inc., based in New Castle, Indiana, serves as the franchisor and brand owner of Jack's Donuts, overseeing multiple franchise locations including Jack's Donuts of New Castle. The Company manages franchise agreements, operational oversight, and supply distribution across the Jack's Donuts network. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-06614 Judge: Hon. Jeffrey J Graham Debtor's Counsel: Jeffrey Hester, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis IN 46204 Tel: 317-833-3030 Email: jhester@hbkfirm.com Total Assets: $17,057 Total Liabilities: $4,248,753 The petition was signed by Aaron Lowhorn as manager. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NSERUFY/KCL_Group_Inc__insbke-25-06614__0001.0.pdf?mcid=tGE4TAMA KDC SOLAR: Seeks Court Approval to Hire Larson as Special Counsel ----------------------------------------------------------------- KDC Solar Madera, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Larson LLP as special counsel. The Debtor needs a special counsel to perform specific tasks necessary in an adversary proceeding that it commenced, Case No. 25−90112−JBM, and with regard to Holdings' claim in this bankruptcy case. The firm will be paid at these hourly rates: Paul Rigali, Partner $1,000 Attorneys $525 - $1,500 Paralegals $275 - $350 The firm requested a retainer of $50,000 from the Debtor. Mr. Rigali disclosed in a court filing the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Rigali, Esq. Larson LLP 555 South Flower Street, 30th Floor Los Angeles, CA 90071 Telephone: (213) 436-4888 Facsimile: (213) 623-2000 About KDC Solar Madera LLC KDC Solar Madera LLC develops and operates solar power facilities in the United States focusing on commercial and industrial solar energy projects. KDC Solar Madera LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03862) on September 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor tapped Leslie Cohen, Esq., at Leslie Cohen Law PC as bankruptcy counsel and Larson LLP as special counsel. KOMI INC: Seeks Chapter 11 Bankruptcy in Washington --------------------------------------------------- Komi Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Washington on October 30, 2025. The voluntary case lists liabilities estimated between $1 million and $10 million. The company reports having between one and 49 creditors. About Komi Inc. Komi Inc. is a single asset real estate company. Komi Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-42705) on October 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million Honorable Bankruptcy Judge Mary Jo Heston handles the case. The Debtor is represented by Brett H. Ramsaur of Ramsaur Law PC. LEGENCE HOLDINGS: S&P Assigns 'BB-' Rating on Secured Term Loan --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level ratings and '2' recovery ratings to Legence Holdings LLC's amended and extended $798 million senior secured first-lien term loan due 2031 and $200 million revolving credit facility due 2030. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery for lenders in the event of a payment default. The company used the proceeds from this issuance to refinance its existing $798 million first-lien term loan due 2028 and revolver due in 2026. The company also upsized its revolving credit facility to $200 million from $90 million and repriced the facility in line with the term loan. The transaction is leverage neutral and benefits Legence's available liquidity. Key analytical factors -- Following the transaction, Legence's debt capitalization consists of a $200 million revolving credit facility maturing in 2030, a $798 million first-lien term loan maturing in 2031, and $22 million of subordinated payment-in-kind (PIK) seller notes (not rated). -- The collateral for the first-lien facilities includes tangible and intangible assets of the borrower and guarantors, including 100% of the capital stock of the borrower and any subsidiary of the borrower or guarantors subject to customary exceptions (but limited to 65% of the voting equity interests of any such subsidiary that is tax-excluded or foreign). -- Legence Holdings LLC is the borrower under the first-lien credit facility. S&P expects the facilities will benefit from guarantees from wholly owned domestic subsidiaries. -- S&P's recovery analysis assumes that first-lien collateral represents substantially all the emergence enterprise value (EV). -- S&P's emergence EV assumes a going concern using a 6x multiple of its projected emergence EBITDA, consistent with the multiples it uses for similar companies. -- S&P's simulated default scenario considers a payment default in 2029 stemming from operational missteps resulting in profit margin declines and reputational damage, pressure from elevated financial leverage, increased price-based competition, or acquisition integration delays and cost overruns. Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: About $130 million -- Implied EV multiple: 6x -- Gross EV: About $785 million -- Revolving credit facility is 85% drawn at default Simplified waterfall -- Net EV (after 5% administrative costs): About $745 million -- Valuation split (obligor/nonobligor): 100%/0% -- Collateral value available for secured debt: About $745 million -- First-lien claims: About $960 million --Recovery expectations: 70%-90% (rounded estimate: 75%) All debt amounts include six months of prepetition interest. LEISURE INVESTMENTS: Judge Delays Marineland Sale Approval ---------------------------------------------------------- Eric Wallace of News4Jax reports that a Delaware bankruptcy judge has delayed approval of the proposed $7.1 million sale of Marineland Dolphin Adventure after a community coalition seeking to preserve the historic park argued that it was unfairly excluded from the bidding process. Marineland, which has been open since 1938 and is owned by Mexico-based The Dolphin Company, remains in operation and continues to serve as a site for marine research, according to the report. During the October 27 hearing, Judge Laurie S. Silverstein expressed concern that the bankruptcy filings treated the transaction as a simple real estate sale rather than recognizing the facility's ongoing educational and scientific value. The Dolphin Company, which filed for bankruptcy in March 2025, requested approval to sell Marineland to Delightful Developments LLC, a Texas-based real estate developer that won a competitive auction with a $7.1 million bid. The Hutson Companies, a Northeast Florida developer, was named as the backup bidder with a $7.05 million offer. A coalition led by Jack Kassewitz said it had the financial support of a private family fund willing to bid $4 million and contribute another $1.5 million to keep Marineland operational, but that the group was barred from the auction at the last minute, according to report. Judge Silverstein said the objections raised by the coalition showed Marineland's cultural and scientific importance and indicated she would revisit the issue at a future hearing set for November 10, 2025. She did not decide whether the auction process should be reopened but noted that any bid reconsideration would need to match or exceed the current $7.1 million offer. In the same hearing, the court approved the $4.55 million sale of Gulf World Marine Park in Panama City Beach to By the Sea Resorts, confirming that the facility remains closed. 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. LIGHT & WONDER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Light & Wonder, Inc. and Light and Wonder International, Inc. (collectively, LNW) at 'BB'. Fitch has also affirmed LNW's senior secured revolver and term loan B (TLB) at 'BBB-' with a Recovery Rating of 'RR1' and its senior unsecured debt at 'BB'/'RR4'. The Rating Outlook is Stable. LNW's rating reflects its top three gaming supplier status, conservative leverage profile of about 3.6x after the recent raise of its $1 billion 6.25% senior unsecured notes due 2033 to refinance its $700 million 7% 2028 notes and fully repay its revolver ($195 million) while incorporating the Grover Gaming acquisition, and robust FCF margin. The Stable Outlook reflects Fitch's expectation that the company will maintain a conservative balance sheet and a disciplined capital allocation strategy. Key Rating Drivers Conservative Leverage: Fitch-defined EBITDA leverage of 3.6x has ticked up marginally from 3.5x due to a slightly higher debt load as part of the recent refinancing; however, this enhances LNW's maturity profile. Fitch expects it to trend down over the forecast horizon to about 2.5x as LNW progresses toward its 2028 adjusted EBITDA (AEBITDA) target of $2 billion. This decrease should be supported by growth of the company's gaming operations market share, further expansion into adjacencies, improvements in its SciPlay segment with a sustained push into the direct-to-consumer (DTC) channel, and content production and margin enhancement in iGaming. LNW has a target net AEBITDA leverage band of 2.5x-3.5x and net leverage remains stable at 3.4x post-refinancing. LNW could temporarily be out of bounds and reach 3.6x by the end of 2025 should it fully exhaust its $1.5 billion share repurchase program, recently upsized to accommodate its delisting from the Nasdaq Stock Market and a transition to a sole primary listing on the Australian Securities Exchange (ASX). Longer term, the move can be beneficial for debtholders given the preference for lower leverage in Australia. Growing Digital Presence: LNW generated a third of its revenue and Fitch-defined EBITDA from its digital segments as of LTM 2Q25, which have grown at a low-double-digit CAGR over the last five years. Fitch expects LNW to slowly grow into the digital space, helping balance any cash flow variability under its land-based gaming operations. SciPlay has been able to continue improving its player monetization despite some negative variance in active users. Fitch believes LNW can continue outpacing the broader social casino market over the near to medium term through quality games, player engagement, and new market expansion. iGaming has grown steadily, helped by continued momentum in the U.S. and Canadian wagers — both first-party and third-party — processed through LNW's aggregation platforms. However, Fitch expects the rate of improvement over the short term to moderate as the legalization of online gaming slows. Fitch views LNW's focus to grow first-party content share, where it brings its successful land-based games to the online sphere, by 3% to over 10% by 2028 favorably as it tends to support margin expansion. Moderately Diversified Product Mix: LNW is a somewhat diversified gaming supplier with exposure to traditional gaming, iGaming, social casino and casual mobile gaming. The share of traditional gaming has declined by 10% from pre-pandemic levels to 65% as of LTM 2Q25, as the company works on expanding into digital adjacencies with the traditional slot industry's high-competitive threats, tepid replacement cycle and unreliable new casino opening schedule. SciPlay is a strong revenue driver and now accounts for about 25% of LNW's revenue, in large part due to its core social casino business, with potential market share gains, should it continue to acquire customers efficiently. Leading Gaming Supplier: LNW is a top three gaming supplier and has increased its global ship share since 2021 and maintained a stable North American gaming operation share throughout. Fitch anticipates a further improvement in its installed base as LNW expands across adjacencies, grows its premium games, and extends into various markets across gaming products. LNW's expansion into adjacencies has provided it another avenue to grow its footprint. Fitch expects the acquisition of Grover to provide LNW a stronghold in the charitable gaming market, while its entrance into the regulated skill market in Nebraska can position it to enter other states should they legalize these games. Strong FCF Generation: Fitch expects the company's FCF margin to improve steadily to around 20% over the forecast period, in part due to EBITDA elevation from future market share in the core gaming space, further expansion into adjacent markets, its ability to keep growing its pipeline of games in the social gaming segment, and a relatively stable capex spend. LNW's FCF is robust relative to the broader gaming industry and in line with other supplier peers. Its FCF benefits from management's preference for share repurchases over dividends and Fitch assumes a majority of its FCF will be allocated toward repurchases and some tuck-in acquisitions. Parent-Subsidiary Linkage: Fitch equalizes the ratings of Light & Wonder, Inc., the parent, and LNWI as the former provides guarantees to LNWI, effectively equalizing the probability of default between them. Furthermore, the parent does not have any material assets or liabilities and there are no material impediments to accessing the assets of LNWI. Peer Analysis LNW is a top three gaming supplier behind Aristocrat Leisure Limited and Voyager Parent, LLC. Aristocrat Leisure Limited (BBB-/Positive) has a leading market position in the slot segment, greater diversification, and lower leverage (target net leverage of 1.0x-2.0x). This positions it as a low-investment-grade gaming supplier. In addition, it is a solid digital offeror of mobile gaming, iLottery and real-money gaming, consistently generating robust FCF margins. Voyager Parent, LLC (BB/Stable), recently formed by a combination of International Gaming Technology plc's Gaming & Digital business with Everi Holding Inc., is rated on par with LNW. The rating reflects its top three slot supplier status in North America, FinTech diversification (15% of sales), moderate leverage of about 4.0x (though it lacks a formal financial policy), strong FCF margins in the low to mid-single digits, and private equity ownership (Apollo Global Management, Inc.). Bingo Holdings I, LLC (also known as PlayAGS, Inc.) (B+/Negative) is a small player in the slots supplier industry. Its 'B+' rating incorporates PlayAGS' weaker market position in the segment, larger North American market focus, higher product concentration, FCF margins in the low single digits, and private equity ownership (Brightstar Capital Partners). The Negative Outlook captures EBITDA leverage of 5.0x after the incremental $100 million fungible term loan B (TLB) raised recently to fund share redemption, deviating from management's financial policy and weakening AGS' credit profile within the context of the current rating. Key Assumptions - Total revenue grows in the mid- to high single digits CAGR over the medium term, supported by enhancement across all segments; - Segmentally, the gaming business improves by high single digits CAGR as LNW grows its gaming operations' market share by 4% toward its 2028 target supported by both installed bases and ADR, gaming machine unit sales (both unit sales and ASP) as it strengthens its presence in adjacent segments (Class II, video lottery terminals, historical horse racing, coin operated amusement machines, charitable gaming, skill market, and dynamic multi-game segment in Europe), gaming systems capabilities at better margins, and table products, especially in electronic table games (ETG); - SciPlay continues its strong growth in the mid- to high single digits CAGR range as LNW gains market share due to the quality and volume of its games and potential tamp down by states on sweepstakes, and it persists with its strategy of improving monetization by driving average daily active users, average revenue per daily active users and payer conversion rates; - iGaming revenue growth remains in the high-single-digit region over the rating period as legalization of online gaming across jurisdictions moderates; - Fitch-defined EBITDA margin gradually approaches 45% during the projection period as the company continues to execute on its business optimization plans to reach its 2028 AEBITDA target in the near term, slowly pivots to the high margin generating DTC platform in the SciPlay segment over time, and investments in the iGaming space yield results; - Capex as a percentage of revenue remains about 9% over the rating horizon; - Capital allocation is balanced between shareholder returns and tuck-in M&A in the digital space. Fitch assumes share repurchases are the primary avenue to return capital to shareholders and the $1.5 billion plan is fully utilized during its tenure; - Debt balance of about $5 billion declines modestly due to a nominal amortization requirement under the term loans A and B. Fitch does not expect any meaningful voluntary debt paydown over the medium term; - Base interest rates assumptions reflect the current SOFR curve. Recovery Analysis Fitch applies the generic approach for issuers in the 'BB' rating category and equalizes the IDR and unsecured debt instrument ratings when average recovery prospects are present, as per its "Corporates Recovery Ratings and Instrument Ratings Criteria," as issuers rated 'BB-' and above are too far from default for a credible default scenario analysis to be generated and would likely generate recovery ratings that are too high across all instruments. Where a recovery rating is assigned, the generic approach reflects the relative instrument rankings and their recoveries, as well as the higher enterprise valuation of 'BB' ratings in a generic sense for the most senior instruments. Considering the IDR of 'BB', the Category 1 first lien senior secured debt is notched two levels to 'BBB-'/'RR1'. The unsecured debt is equalized at 'BB'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustaining above 4.0x; - Slots business suffering from market share loss or the deterioration of operating fundamentals; - Greater revenue concentration in the more cyclical and hit-driven casual mobile gaming business. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustaining below 3.0x; - Diversification of EBITDA toward digital, while maintaining sustained operations in land-based gaming. Liquidity and Debt Structure As of June 30, 2025, LNW had $136 million of cash and $195 million outstanding under its $1 billion senior secured 2030 revolving credit facility, which is expected to be fully repaid from the proceeds of the proposed notes. In comparison, scheduled annual debt repayment is nominal under its senior secured term loan A ($20 million-$40 million) and its term loan B ($22 million), which mature in 2028 and 2029, respectively. LNW's debt maturity schedule is long-dated and well-laddered, with its various unsecured notes now set to come due starting 2029. Fitch believes the company has ample liquidity, supported by solid FCF margin, to fund continued tuck-in acquisitions in the mobile segment and drive shareholder returns primarily in the form of repurchases. Issuer Profile LNW is a leading cross-platform global games company focused on content and digital markets, operating in three reportable business segments: Gaming, SciPlay and iGaming. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Light and Wonder International, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Light & Wonder, Inc. LT IDR BB Affirmed BB LIGHT OF HOPE: Unsecureds to Get $5,500 per Year for 3 Years ------------------------------------------------------------ Light of Hope Behavior Therapy, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated October 23, 2025. The Debtor has provided projected financial information (the "Projections"), which show that the Debtor will have projected disposable income in the amount of $30,599.11 at the end of 36 months. The final Plan payment is expected to be paid on or before the expiration of 36 months from the Effective Date. The Debtor reserves the right to amend this Plan to the extent necessary. This Plan proposes to pay Allowed Claims no less than the value of Light of Hope's Projected Net Disposable Income for a period of 36 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 3 consists of Allowed General Unsecured Claims. The Reorganized Debtor will make three annual lump sum payments of $5,500.00 each on months 12, 24, and 36 of the Plan, to be distributed pro rata to holders of timely-filed Allowed Claims or Claims that were scheduled by the Debtor as "liquidated, noncontingent, and undisputed" in Class 3. Class 3 is Impaired and entitled to vote. Class 4 consists of Equity Interests of Tania H. Perez Gonzalez in Light of Hope. On the Effective Date, the Equity Interests will be retained in the same amounts and character as they were held prior to the Petition. Class 4 is deemed to accept and not entitled to vote. On the Effective Date, all property of the Debtor not otherwise disposed of under the Plan, shall vest with the Reorganized Debtor. The Plan proposes to pay Allowed Claims to be paid under the Plan from Net Disposable Income. The Debtor's Projected Net Disposable Income means all excess cash from the Debtor's income after: (i) payment in full of all Allowed Administrative Claims; (ii) payment of Allowed Secured Claims; and (iii) payment of monthly ordinary course of business operating expenses. A full-text copy of the Plan of Reorganization dated October 23, 2025 is available at https://urlcurt.com/u?l=V9Yyfx from PacerMonitor.com at no charge. The firm can be reached at: Jacqueline CalderÃ¬n, Esq. AGENTIS PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 E-mail: jc@agentislaw.com About Light of Hope Behavior Therapy Light of Hope Behavior Therapy Inc., doing business as Light of Hope Medical Center, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18397) on July 23, 2025, with up to $50,000 in assets and liabilities. Judge Robert A. Mark presides over the case. Jacqueline Calderin, Esq., represents the Debtor as legal counsel. LINQTO TEXAS: Ad Hoc Shareholders Propose Restructuring Plan ------------------------------------------------------------ The Ad Hoc Group of Shareholders filed with the U.S. Bankruptcy Court for the Southern District of Texas the Linqto 3.0 Plan in the event that the exclusivity period expires in the chapter 11 cases of Linqto Texas, LLC, and its affiliates. The ad hoc group asked the bankruptcy court to deny an extension of the Debtors' exclusive periods to propose an exit plan, saying the group has a framework for a plan "that would be superior to what has been contemplated by the Debtors' professionals." Certain members of the group were among the equity holders who sought the appointment of an official equity committee. The Linqto 3.0 Plan would set out and provide funding for a comprehensive restructuring strategy that merges Linqto's legacy retail-focused platform with InvestX's institutional-grade operational infrastructure to create a legally compliant, market-leading private securities investment platform. InvestX is a leading fintech platform that specializes in providing institutional investors with access to pre-IPO private equity investments. The combined entity will serve both institutional and retail investors with nearly $1 billion in historical transaction volume and access to 800,000+ investors globally. The integration of Linqto's operations with InvestX's proven regulatory framework would solve the Debtors' claims of Linqto's historical structural compliance issues, fully funded by the plan proponents. InvestX has a registered brokerdealer (InvestX Markets LLC) and Canadian provincial registrations. The InvestX broker-dealer would be used under Linqto Capital resolving any outstanding FINRA issues. InvestX also has proven KYC/AML procedures and investor verification systems that can remediate deficiencies identified by the Debtors' in Linqto's past operations. Under the Linqto 3.0 Plan, existing Linqto Unit Holders who hold SPV units are properly characterized as equity holders and would receive the return of their ownership interests in the underlying assets. Linqto Liquidshares LLC would continue to hold the assets until distribution upon liquidity events. As requested by SPV unitholders, they would receive post-IPO distribution of public shares on a 1:1 basis (units to shares). Customers would not be charged fees or carried interest during any holding period or at distribution. The plan would provide for the assumption and cure of Sandton Capital's secured claims debt, and other secured claims would receive 100% cash payment. General unsecured claims would receive 100% cash payment, while subordinated claims would receive no distribution. The management team of the post-reorganization Debtors would consist of the following: * Chairman Arkadi Kuhlmann, a pioneering banking executive formerly with ING Direct USA; * Marcus New, the Founder and CEO of InvestX, as CEO of Linqto Capital; * Chief Compliance Officer Sadhana Akella Mishra, a former Chief Risk Officer at Finxact, which was acquired by Fiserv, and Americas Regional Head, Anti-Financial Crime Fraud at Deutsche Bank; and * Chief Financial Officer Thomas B. Hugh, the former SVP, Head of Commercial & Capital Markets at ING Direct and Chief Risk and Operations Officer at Zenbanx. The Linqto 3.0 Plan would be funded from the following sources: * $20 million in new capital from the Linqto 3.0 LLC, InvestX, and new investors; * $20 million in short-term liquidity via treasury stock liquidation (within 90 days); * Ongoing operational support from InvestX's profitable operations; * Retirement of existing DIP financing; and * Full payment of administrative claims, priority tax claims, and general unsecured claims. A full-text copy of the Chapter 11 Plan dated October 29, 2025 is available at https://urlcurt.com/u?l=TyawYf from Epiq Corporate Restructuring, LLC, claims agent. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 LINQTO TEXAS: Judge Keeps Ch.11 Jurisdiction Over Customer Dispute ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that Linqto secured court approval to retain control of its Chapter 11 plan process through mid-December, with a Texas bankruptcy judge siding with the company over objections from certain customer creditors. The court extended Linqto's exclusive period to file and solicit votes on its reorganization plan. In granting the extension, the judge noted that the company is still addressing the challenges of its intricate financial structure and ongoing negotiations with stakeholders. The order allows Linqto to continue leading the restructuring process as it works toward a confirmable plan, the report states. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. MARCUM INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Marcum Industries LLC Jacks Donuts 2410 S. 14th Street New Castle IN 47362 Business Description: Marcum Industries LLC operates a Jack's Donuts location at 2410 S. 14th Street in New Castle, Indiana, serving freshly made donuts and coffee to the local community. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-06611 Judge: Hon. Jeffrey J Graham Debtor's Counsel: Jeffrey Hester, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis IN 46204 Tel: 317-833-3030 Email: jhester@hbkfirm.com Total Assets: $98,471 Total Liabilities: $3,883,909 The petition was signed by Aaron Lowhorn as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NMIIV5Q/Marcum_Industries_LLC__insbke-25-06611__0001.0.pdf?mcid=tGE4TAMA MARINE TRANSPORT: Plan Exclusivity Period Extended to Dec. 19 ------------------------------------------------------------- Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York extended Marine Transport Logistic Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 19, 2025 and February 17, 2026, respectively. In a court filing, the Debtor claims that this is its first request for an extension of the exclusivity periods. It is self-evident that the Debtor is not seeking these extensions to artificially delay the conclusion of this chapter 11 case or to hold creditors hostage to an unsatisfactory plan proposal. Simply put, at this juncture, the Debtor needs time to reorganize its business operations, to reach an agreement with its Creditors, to obtain Court approval for the settlement terms and to file a feasible plan of reorganization and disclosure statement, offering treatment to the Creditors of the estate. The Debtor explains that an extension of the Exclusive Periods will give the company a reasonable opportunity to negotiate and obtain confirmation of a consensual plan with its creditors. Further, the Debtor needs the requested extended period in order for all parties to file their respective claims within the deadlines to be established by the Court and for the Debtor to review said claims once filed. Marine Transport Logistic Inc. is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Marine Transport Logistic Marine Transport Logistic Inc., doing business as a vehicle and freight shipping company, operates as a Non-Vessel Operating Common Carrier (NVOCC), providing international transportation services for cars, motorcycles, boats, heavy equipment, and general cargo. The Company runs facilities in Staten Island, New York, and Bayonne, New Jersey, and serves clients through major U.S. ports and global destinations. Marine Transport Logistic Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43215) on July 3, 2025. In its petition, the Debtor reports total assets of $11,228,169 and total liabilities of $476,401. Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. MAWSON INFRASTRUCTURE: Court Tosses Involuntary Ch.11 Bankruptcy ---------------------------------------------------------------- Jake Dabkowski of Pittsburgh Business Times reports that a Delaware bankruptcy judge has dismissed the involuntary Chapter 11 petition filed against Mawson Infrastructure Group Inc., nearly a year after creditors initiated the case. The decision ends a prolonged legal dispute that had cast uncertainty over the high-performance computing company's future, according to the report. With the ruling, Mawson can continue operating free from the constraints of bankruptcy proceedings. The company said the dismissal removes a significant obstacle and allows it to refocus on its business operations and long-term growth strategy, the report states. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MEADOW CREEK: Seeks to Hire Century21 Alliance Realty as Realtor ---------------------------------------------------------------- Meadow Creek Farm of NY Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Century21 Alliance Realty Group as realtor. The Debtor needs a realtor to market and sell its property located at 321 Skidmore Road, Pleasant Valley, New York. The realtor will receive a commission of 6 percent of the property's sales price. 2 percent of the total commission to be paid to a buyer's agent, if applicable. Karen Zayas, a real esate salesperson at Century 21 Alliance Realty Group, disclosed in a court filing the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Karen Zayas Century 21 Alliance Realty Group 1136 Route 9 Wappingers Falls, NY 12590 About Meadow Creek Farm of NY Realty Meadow Creek Farm of NY Realty, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35241) on Mar. 7, 2025. In its petition, the Debtor reported up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Genova, Malin & Trier LLP. MIDNIGHT VENTURES: Taps Kutner Brinen Dickey Riley as Counsel ------------------------------------------------------------- Midnight Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Section 362; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Jeffrey Brinen, Attorney $540 Jenny Fujii, Attorney $440 Jonathan Dickey, Attorney $400 Keri Riley, Attorney $390 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor. Mr. Dickey disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmd@kutnerlaw.com About Midnight Ventures 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 filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 25-16775) on Oct. 17, 2025, disclosing up to $1 million in assets and up to $10 million in liabilities. Judge Joseph G. Rosania Jr. oversees the case. The Debtor is represented by Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, PC. MODEL TOBACCO: Fine-Tunes Plan Documents ---------------------------------------- MK Richmond, LLC and SS Richmond LLC submitted a Second Amended Disclosure Statement with respect to Second Amended Plan of Reorganization for Model Tobacco Development Group, LLC, dated October 23, 2025. The Plan contemplates a change in ownership of the membership interests in the Reorganized Debtor. Disclosure of Management and Ownership Section 1129(a)(5) of the Bankruptcy Code requires the disclosure of the identity and affiliation of any individual who is proposed to serve as a director, officer or voting trustee of the Debtor following confirmation of the Plan. Section 1129(a)(5) also requires disclosure of the compensation proposed to be paid to insiders of the Debtor following confirmation. As set forth in Section 5.02(4) of the Plan, Steven S. Snider or his affiliated designee will be appointed as Manager of the Reorganized Debtor. Terms of the Manager's compensation will be addressed in the operative amendment to the Debtor's operating agreement, which will be filed as a Plan Supplement. As of the Effective Date of the Plan, the members of the Reorganized Debtor will be the Plan Proponents or their affiliated designees, who together will hold 90% of the membership interests in the Reorganized Debtor. Mr. Snider is the manager of the Plan Proponents. The exact allocation of the 90% between them remains to be determined by agreement between the Plan Proponents. The other 10% of the membership interests in the Reorganized Debtor will be held by Master Tenant. The Plan contemplates that in January of 2028, 10% held by Master Tenant will be extinguished and/or reissued ratably to the other members. Like in the prior iteration of the Plan, holders of allowed general unsecured claims in Class 4 shall be paid their pro rata share of the lesser of (a) the aggregate amount of allowed Class 4 claims and (b) $1,400,000. A portion of the equity infusion provided by the plan funders on the Effective Date, specifically $200,000, will be paid to Class 4 on the Effective Date. The remainder of the amount payable to Class 4 will be paid in quarterly installments over a 5-year period. Installment payments to Class 4 will be conditioned on the satisfaction of certain requirements, such as the absence of any default under the Plan, the completion of all repairs, and the funding of working capital and capital expense reserves. Regardless of the status of such conditions, the balance due with respect to Class 4 shall be paid in full on the Class 4 Maturity Date. On the Effective Date, all property of the Estate shall revest in the Reorganized Debtor, subject to the Liens expressly preserved by the Plan, and to the terms and conditions of the Plan, but otherwise free and clear of all other liens, claims, interests and encumbrances. Section 5.04 of the Plan addresses the $3,000,000 Equity Infusion and the $1,400,000 Loan Commitment by the Plan Funders. Creditors and parties in interest are encouraged to review Section 5.04 of the Plan. The Plan Proponents believe that the Plan is feasible. The Plan Projections demonstrate that upon a sale of the Property, the Reorganized Debtor will be able to meet all financial obligations under the Plan. A full-text copy of the Second Amended Disclosure Statement dated October 23, 2025 is available at https://urlcurt.com/u?l=QI5YJE from PacerMonitor.com at no charge. Counsel for the Plan Proponents: Whiteford, Taylor & Preston, LLP Bradford F. Englander, Esq. Christopher A. Jones, Esq. 3190 Fairview Park Drive, Suite 800 Falls Church, Virginia 22042 Telephone: (703) 280-9081 Facsimile: (703) 280-3370 Email: benglander@whitefordlaw.com Email: cajones@whitefordlaw.com About Model Tobacco Development Group Model Tobacco Development Group, LLC is engaged in activities related to real estate. Model Tobacco Development Group filed Chapter 11 petition (Bankr. E.D. Va. Case No. 24-34863) on December 31, 2024, with assets between $50 million and $100 million and liabilities between $10 million and $50 million. Judge Brian F. Kenney oversees the case. The Debtor is represented by: Justin P. Fasano, Esq. Mcnamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Fax: (301) 982-9450 Email: jfasano@mhlawyers.com MODIVCARE INC: Gets Court Nod for UnitedHealthcare Settlement ------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Modivcare won court approval for a settlement ending its relationship with UnitedHealthcare, after a Texas bankruptcy judge rejected objections from the company's creditors committee. The committee had raised concerns that the terms of the agreement were premature and not sufficiently detailed. The judge found that the settlement represents a fair and practical resolution of the companies' disputes, including issues tied to reimbursements and contract obligations. With the deal in place, Modivcare can move forward with its restructuring and reduce the risk of further litigation with its former insurance partner, the report states. 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 VIEW: Seeks to Hire Boyer Terry as Bankruptcy Counsel -------------------------------------------------------------- Mountain View Health & Rehab, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Boyer Terry LLC as counsel. The firm render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) continue existing litigation to which the Debtor may be a party, and to conduct examinations incidental to the administration of its estate; (d) take any and all necessary action for the proper preservation and administration of the estate; (e) assist the Debtor with the preparation and filing of a statement of financial Affairs and schedules and lists as are appropriate; (f) take whatever action is necessary with reference to the use by the Debtor of its property pledged as collateral to preserve the same for its benefit and secured creditors in accordance with the requirements of the Bankruptcy Code; (g) assert, as directed by the Debtor, claims that it may have against others; (h) assist the Debtor in connection with claims for taxes made by governmental units; and (i) perform other legal services for the Debtor, which may be necessary. The firm will be paid at these hourly rates: Attorneys $350 - $370 Research Assistants and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $10,000 from the Debtor. Wesley Boyer, Esq., an attorney at Boyer Terry, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Wesley J. Boyer, Esq. Boyer Terry LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Telephone: (478) 742-6481 Email: Wes@BoyerTerry.com About Mountain View Health & Rehab Mountain View Health & Rehab LLC operates a health and rehabilitation facility in Bolingbroke, Georgia, offering services that include long-term care, therapy, and patient rehabilitation. Mountain View Health & Rehab LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51642) on October 15, 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 Wesley J. Boyer, Esq. of Boyer Terry LLC. NATIONAL BUILDERS: Seeks to Hire Herbein + Company as Accountant ---------------------------------------------------------------- National Builders & Acceptance Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Herbein + Company, Inc. as accountant. The firm will assist the Debtor with the preparation of tax returns, 1099 prep, monthly operating reports, and monthly bookkeeping. The firm's accountants and paraprofessionals will be paid between $350 to $500 per hour. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Herbein + Company, Inc. 2763 Century Boulevard Reading, PA 19610 About National Builders & Acceptance National Builders & Acceptance Corporation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22277) on August 28, 2025, with up to $10 million in both assets and liabilities. Judge John C. Melaragno presides over the case. Ryan J. Cooney, Esq., at Cooney Law Offices LLC represents the Debtor as counsel. NEAL FEAY: Case Summary & Four Unsecured Creditors -------------------------------------------------- Debtor: Neal Feay Company 133 S La Patera Lane Goleta, CA 93117 Business Description: Neal Feay Company, based in Goleta, California, manufactures and processes aluminum and other metals into high-end decorative, architectural, and industrial components. The Company provides anodizing, CNC machining, laser cutting, and finishing services for clients in furniture, luxury goods, audio equipment, yachts, and building design. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11446 Judge: Hon. Ronald A Clifford III Debtor's Counsel: Eric Bensamochan, Esq. THE BENSAMOCHAN LAW FIRM, INC. 2566 Overland Ave. Suite 650 Los Angeles, CA 90054 Tel: (818) 574-5740 Fax: (818) 961-0138 Email: eric@eblawfirm.us Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alex Rasmussen as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZYZBW2A/Neal_Feay_Company__cacbke-25-11446__0001.0.pdf?mcid=tGE4TAMA NEAREST GREEN DISTILLERY: Founders Oppose Receivership Expansion ---------------------------------------------------------------- Janet Patton of Lexington Harold Leader reports that founders Fawn and Keith Weaver of Nearest Green Distillery are contesting efforts to broaden a receivership that already encompasses their Tennessee whiskey operation, Uncle Nearest. The receiver, Phillip Young, asked a federal judge to determine whether additional assets -- including a restaurant and entertainment venue linked to the distillery -- should be added to the receivership, according to the report. The move follows claims by Farm Credit, the Weavers' Kentucky-based lender, that the founders defaulted on $108 million in loans. The dispute comes at a difficult time for the liquor industry, which faces a downturn in sales and exports as global demand weakens. In a new court filing, the Weavers argued that the businesses targeted for inclusion are legally distinct and not liable for the distillery's debts. They said bringing them under court control would unfairly seize their ownership interests and disrupt unrelated operations. The couple also maintained that Uncle Nearest is solvent and capable of meeting its obligations independently. Farm Credit's unproven accusations, they added, have damaged their reputation and caused partners and vendors to pull away from their businesses, according to report. The Weavers further alleged that Farm Credit might bear some responsibility for prior internal fraud at the company, pointing to an alleged relationship between a bank loan officer and the distillery's former CFO. The couple said the lender has yet to provide any evidence supporting its claims, despite a judge's order, and accused it of acting maliciously to harm their finances, the report states. About Nearest Green Distillery Nearest Green Distillery, also known as Uncle Nearest Distillery, is a Shelby, Tennessee-based distillery. A Tennessee federal judge on August 14, 2025, granted Farm Credit Mid-America's motion to place Nearest Green Distillery and its related companies under receivership after alleged loan defaults of more than $108 million. The lender accused the distillery of overstating its barrel inventory, which served as collateral, and violating key financial covenants. The court appointed Phillip G. Young Jr. to oversee operations and protect the company's assets amid the dispute. NEW ORLEANS ARCHDIOCESE: Gainsburgh Benjamin Represents Claimants ----------------------------------------------------------------- In the Chapter 11 bankruptcy case of The Roman Catholic Church of the Archdiocese of New Orleans, law firm Gainsburgh, Benjamin, David, Meunier & Warshauer, L.L.C., filed with the United States Bankruptcy Court for the Eastern District of Louisiana a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that the law firm represents multiple unsecured creditors. Gainsburgh Benjamin was retained to represent: 1. Jane Doe and John Doe, plaintiffs in the prepetition suit filed in Orleans Parish Civil District Court Case No. 2019-11521 ("CDC #19-11521 Plaintiffs"); and 2. sexual abuse survivor claimants who used name initials for privacy reasons: B.L., R.M., E.C., R.D., M.S., and E.M. Gainsburgh Benjamin also has been retained to represent certain putative plaintiffs in forthcoming litigation. The nature of the CDC #19-11521 Plaintiffs' economic interests held in relation to the Archdiocese are as creditors, with the amount of each entities' claim to be determined. Gainsburgh Benjamin may be reached at: Gerald E. Meunier, Esq. Brittany R. Wolf-Freedman, Esq. GAINSBURGH, BENJAMIN, DAVID MEUNIER, & WARSHAUER, L.L.C. 601 Poydras Street, Suite 2355 New Orleans, LA 70130 E-mail: gmuenier@gainsben.com E-mail: bwolf@gainsben.com About Archdiocese of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. NORTHWEST OHIO: Seeks to Tap Diller and Rice as Bankruptcy Counsel ------------------------------------------------------------------ Northwest Ohio Speech, Language and Rehabilitation Services, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Diller and Rice, LLC as counsel. The firm's services include: (a) consult with and aid in the preparation and implementation of a plan of reorganization; and (b) represent the Debtor in all matters relating to such proceedings. Eric Neuman, Esq., the primary attorney in this representation, will be paid at his hourly rate of $325. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $11,738 from the Debtor. Mr. Neuman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric R. Neuman, Esq. Diller and Rice, LLC 124 E. Main Street Van Wert, OH 45891 Telephone: (419) 238-5025 Facsimile: (419) 238-4705 About Northwest Ohio Speech, Language and Rehabilitation Services Ltd. Northwest Ohio Speech, Language and Rehabilitation Services, Ltd. operates from Toledo, Ohio and provides speech, language, and occupational therapies to schools, nursing homes, and rehabilitation facilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-32078) on September 30, 2025. In the petition signed by Matthew Carter, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as counsel. ORB ENERGY: Seeks to Employ KenWood & Associates as Accountant -------------------------------------------------------------- ORB Energy Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire KenWood & Associates, LP to serve as its accountant. KenWood & Associates will provide these services: (a) to prepare any necessary federal and state income, payroll, sales, franchise and excise tax returns and reports of the bankruptcy estate; and (b) to provide evaluations and advice to Debtor on tax matters which may arise, including the determination of the tax basis of estate assets and the evaluation of the tax effects of the sale of assets of the estate. The firm will charge for time at its normal billing rates for accountants and support staff and will request reimbursement for its out-of-pocket expenses, subject to Bankruptcy Court approval. The Firm was paid a retainer of $20,000 on October 7, 2025, by a personal credit card of Jamieson Zaniewski. Additional retainers will be provided by Mr. Zaniewski, individually and solely with his personal funds, and will not be paid with funds belonging to ORB Energy Co. KenWood & Associates, LP 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 E. Bott KenWood & Associates, LP 14090 Southwest Freeway Sugar Land, TX 77478 Telephone: (281) 243-2300 E-mail: debott@kenwoodpc.com About Orb Energy Co. ORB Energy Co. is engaged in the business of mining Bitcoin. The Company was formed to develop a bespoke data center using proprietary infrastructure compatible only with Bitmain Technologies' equipment, following a term sheet agreement that positioned it as a designated "Bitmain Host." ORB Energy operates from a rural property where it invested in electrical and operational infrastructure to support large-scale Bitcoin mining. ORB Energy Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80363) on August 5, 2025. In its petition, the Debtor reports total assets of $70,320,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Steven Shurn, Esq. at HUGHES WATTERS ASKANASE LLP. PACIFIC RADIO: Hires Alvarado Consulting as Valuation Expert ------------------------------------------------------------ Pacific Radio Exchange, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of Caifornia to employ Alvarado Consulting, Inc. as business valuation expert. The firm will prepare a valuation report of the fair market value of the Debtor's business for Chapter 11 purposes. The firm will be paid at a flat fee of $5,000 for the preparation of the valuation report. Edward Alvarado, managing director and principal of Alvarado Consulting, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Edward A. Alvarado Alvarado Consulting, Inc 1801 Century Park East, Suite 2400 Los Angeles, CA 90067 About Pacific Radio Exchange Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PING IDENTITY: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default (IDR) of 'B+' to entities Ping Identity Holding Corp. and Ping Identity Corporation (d/b/a Ping). The Rating Outlook is Stable. Fitch has also assigned a 'BB' rating with a Recovery Rating of 'RR2' to Ping's proposed $1.8 billion first lien secured term loan (the above entities are co-borrowers on the term loan). The capital structure will include a $200 million revolving credit facility. The proceeds, together with balance sheet cash, will be used to refinance the existing credit facility and fund a dividend distribution to shareholders. The ratings reflect high leverage at closing, with expectations that it will decline over the subsequent 12-18 months, driven by organic EBITDA growth. The rating also reflects Ping's market-leading identity access management (IAM) solutions which support multiple identity use cases and a highly recurring revenue base, with net retention rates exceeding 100%. Key Rating Drivers High Leverage Profile, Deleveraging Capacity: Following the transaction, Fitch expects Fitch-adjusted EBITDA leverage to stay above 6.5x in 2025. With low double-digit organic revenue growth, Fitch expects leverage to fall below 5.5x within the following 12-18 months. Fitch also expects Fitch-adjusted cash-based leverage metrics (CFO-capex/debt) to remain in the high-single-digit range which is comparable with other 'B+' rated software peers. There is further capacity to delever supported by FCF generation. However, given the private equity ownership, Fitch does not expect any voluntary debt payments, with cash flows likely to be prioritized for return on equity and growth initiatives. Strong Recurring Revenue Characteristics: Ping's revenue structure is predominantly subscription-based, with recurring revenues representing greater than 95% of total revenues supported by strong retention rates. This reflects the mission-critical nature of Ping's identity solutions, successful cross-sell and upsell of additional modules across different use cases, growth in user count, and periodic price increases. These factors provide strong revenue visibility. Secular Growth Market: Ping stands to benefit from the accelerating adoption of identity-centric solutions — including identity security, fraud prevention and assurance — driven by ongoing digital transformation across workforce and customer experiences, as well as rising mobility that has amplified cybersecurity risk. These tailwinds should support growth within the niche cybersecurity segment. The enterprise push toward agentic AI has further elevated the importance of these solutions. Leading Products Drive Growth: Ping's IAM solutions are consistently rated as leaders by Gartner and other research houses across workforce, customer, partner, and machine identity use cases. The platform offers multiple solutions across the identity lifecycle with flexible deployment options — including SaaS, on-premises and hybrid — making it well suited for enterprises managing complex identity environments and business relationships. Supported by leading product capabilities and favorable industry tailwinds, Fitch anticipates Ping being well placed to sustain low double-digit growth over the rating horizon. Solid FCF Generation: Fitch expects solid Fitch-adjusted FCF generation, excluding cash-settled award payments, with FCF margins in the mid-teens over the rating horizon. Since Thoma Bravo's 2022 acquisition of Ping, the company has delivered operating efficiencies while sustaining double-digit revenue growth. It completed the ForgeRock acquisition in 2023 and has successfully integrated the two businesses, expanding profitability with YTD 2025 Fitch-adjusted EBITDA margin in the low 30s. Peer Analysis Ping is a leading provider of IAM solutions, offering a comprehensive suite that includes single sign-on (SSO), multi-factor authentication, identity orchestration, identity verification, threat protection, privileged access, and related capabilities. Its products are consistently well-rated by independent research firms. Ping's solutions primarily compete with Microsoft and Okta which are larger in size and scale. Within Fitch-rated peers, Ping's closest peer is Redstone Buyer, LLC (RSA Security) (CCC/Rating Watch Negative). Ping benefits from greater revenue scale and stronger credit metrics versus Redstone. Redstone's leverage exceeds 10x and faces liquidity risks, while Ping's Fitch-adjusted EBITDA leverage is expected to be in the 4.0x-5.5x range. Other broader enterprise security peers include Gen Digital Inc. (BB+/Negative), Proofpoint, Inc. (B/Stable), and Ivanti Software, Inc. (B-/Stable). Ping operates at a smaller scale and higher leverage than Gen Digital Inc. but demonstrates stronger profitability and leverage metrics compared to Proofpoint and Ivanti, with FCF generation expected in the mid-teens. Ping's operating profile, profitability and leverage metrics are comparable with issuers at the 'B+' rating level. Key Assumptions - Revenue growth assumed in the low teens range over the rating horizon; - EBITDA margins assumed in the low 30s range; - Capex intensity estimated at roughly 0.5% of revenue; - Excess cash flows assumed toward tuck-in acquisitions; - SOFR rates assumed as 4.3%, 3.7%, 3.5% and 3.5% from 2025 to 2028. Recovery Analysis The recovery analysis assumes that Ping would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach Fitch has assumed a distress scenario where capital misallocation results in unsustainable capital structure. This could be a result of significant increase in debt for M&A or dividends. In such an event, Fitch expects Ping's highly recurring revenue base and profitability to only suffer limited degradation due to the products' high importance and deep integration within its customers' operations. Fitch assumes that, due to competitive pressures, revenue suffers resulting in a GC EBITDA of $247 million, approximately 17% lower than the 2026 forecast Fitch-adjusted EBITDA. Fitch assumes that Ping will receive a GC recovery multiple of 7.0x. The enterprise value multiple is supported by the historical bankruptcy case study exit multiples for technology peer companies of 2.6x to 10.8x. Of these companies, only three were in the software sector: Allen Systems Group, Inc., Avaya Holdings Corp. and Aspect Software Parent, Inc., which received recovery multiples of 8.4x, 8.1x and 5.5x, respectively. The highly recurring nature of Ping's revenue, strong retention rates, strong sector tailwinds and mission-critical nature of its offerings support the high end of the range. Fitch arrived at an EV of $1.73 billion and, after applying the 10% administrative claim, an adjusted enterprise value of roughly $1.55 billion is available for claims by creditors. This leads to an 'RR2' recovery rating for the first lien term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch-adjusted EBITDA leverage sustaining above 5.5x; - Fitch-adjusted (CFO-capex)/debt ratio sustaining below 7%; - Erosion in revenue retention rates resulting in organic revenue growth sustained near or below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch-adjusted EBITDA leverage sustained below 4.0x; - Fitch-adjusted (CFO-capex)/debt ratio sustaining near 10%. Liquidity and Debt Structure Following the transaction, Fitch believes Ping will have adequate liquidity over the rating horizon. The company is expected to have $300 million cash on hand, as well as full availability of its $200 million revolving facility. The company's FCF generation with margins expected in the mid-teens range further supports liquidity. Issuer Profile Ping Identity Holding Corp. is a leading provider of IAM solutions targeted toward enterprise customers. Date of Relevant Committee 21-Oct-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 ----------- ------ -------- Ping Identity Holding Corp. LT IDR B+ New Rating senior secured LT BB New Rating RR2 Ping Identity Corporation LT IDR B+ New Rating senior secured LT BB New Rating RR2 PLUM LANDSCAPING: Seeks Chapter 7 Bankruptcy in Pennsylvania ------------------------------------------------------------ On October 29, 2025, Plum Landscaping LLC voluntarily filed for Chapter 7 bankruptcy in the Western District of Pennsylvania. The company's petition disclosed debts totaling $100,001 to $1,000,000. Plum Landscaping LLC indicated that its creditor count falls between 1 and 49. About Plum Landscaping LLC Plum Landscaping LLC is a limited liability company. Plum Landscaping LLCsought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22900) on October 29, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge John C. Melaragno handles the case. The Debtor is represented by David L. Fuchs, Esq. of Fuchs Law Office, LLC. PROSOURCE MACHINERY: Claims to be Paid from Continued Operation --------------------------------------------------------------- ProSource Machinery, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Plan of Reorganization dated October 24, 2025. The Debtor was forced to file for bankruptcy due to financial difficulties stemming from overly aggressive expansion. As the company grew, payroll expenses increased too quickly, outpacing revenue and leading to sustained losses. To cover these shortfalls, ProSource took on debt at unfavorable interest rates, further straining its financial position. Immediately prior to the bankruptcy filing, the situation worsened when a merchant cash advance company asserted a lien against approximately $300,000.00 of the Debtor's receivables, restricting cash flow and making it increasingly difficult to meet financial obligations. Faced with mounting debt and limited liquidity, the Debtor had no viable option but to seek bankruptcy protection. The Plan provides for the continued operation of the Debtor, payments as required under the Bankruptcy Code to the Holders of Allowed Administrative and Priority Tax Claims, payments to secured creditors, and payments of $116,020.00 over a five-year period to the Holders of Allowed Unsecured Claims. Class 17 consists of all Allowed General Unsecured Claims against the Debtor. Holders of Class 17 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. The Debtor will deposit for the five-year term of the Plan: (a) during the first year of the Plan $28,636.00 ($2,386.33 per month); (b) during the second year of the Plan $44,980.00 ($3,748.31 per month); (c) during the third year of the Plan $36,696.00 ($3,057.99 per month); (d) during the fourth year of the Plan $22,756.00 ($1,896.31 per month) and (e) during the fifth year of the Plan $19,805.00 ($2,475.56 per month). This amount represents 60% of the Debtor's projected available Cash at the end of each year. At the end of each calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the Holders of Allowed Administrative Claims on a Pro Rata basis until such time as all Holders of Allowed Administrative Claims have been paid in full, then to any Allowed Priority Tax Claims on a Pro Rata Basis until paid in full, and then to Class 17 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. There shall be no pre-payment penalty in the event the amount due for Unsecured Claims is paid early. Equity interest Holders are parties who hold an ownership interest (i.e., equity Interest) in the Debtor. The Claims of Equity Interest Holders are treated under Class 18 of the Plan. Upon confirmation of the Plan, the Class 18 Equity Interest Holder will retain his ownership in the Debtor. Payments due under the Plan will be made from Cash generated from the Reorganized Debtor's post-Confirmation operations. A full-text copy of the Disclosure Statement dated October 24, 2025 is available at https://urlcurt.com/u?l=b6MFhI from PacerMonitor.com at no charge. ProSource Machinery, LLC is represented by: David V. Wadsworth, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: dwadsworth@wgwc-law.com About ProSource Machinery ProSource Machinery, LLC, sells and rents off-highway construction and mining equipment in Montana and Colorado. ProSource filed a Chapter 11 petition (Bankr. D. Colo. Case No. 25-11010) on Feb. 28, 2025, listing up to $10 million in assets and up to $50 million in liabilities. Derek Dicks, managing member of ProSource, signed the petition. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., is the Debtor's legal counsel. PYRAMID CONCRETE: Seeks to Hire Luxman Law Firm as Legal Counsel ---------------------------------------------------------------- Pyramid Concrete Pumping LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Luxman Law Firm as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the management of its property; (b) assist the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that it is required to file in this case; (c) represent the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code or that seeks the turnover or recovery of property; (d) provide assistance, advice and representation concerning the formulation, negotiation and confirmation of a Plan of Reorganization (and accompanying ancillary documents); (e) provide assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; (f) represent the Debtor at hearings or matters pertaining to affairs; (g) prosecute and defend litigation matters and such other matters that might arise during and related to this Chapter 11 case; (h) provide counseling and represent with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising from this case other than as set forth below; (i) represent the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; (j) render advice with respect to the myriad of general corporate and litigation issues relating to this case; and (k) perform such other legal services as may be necessary and appropriate for the efficient and economical administration of this Chapter 11 case. The firm will be paid at these hourly rates: Bo Luxman, Attorney $300 Paraprofessionals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a post-petition retainer of $18,000 from the Debtor. Mr. Luxman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bo Luxman, Esq. Luxman Law Firm 44 North Second Street, Suite 1004 Memphis, TN 38103 Telephone: (901) 526-7770 Email: bo@luxmanlaw.com About Pyramid Concrete Pumping LLC Pyramid Concrete Pumping LLC provides concrete pumping services in Tennessee, offering line pumps, boom trucks and specialized trucks to handle residential, commercial and industrial projects. The Company has more than two decades of industry experience and focuses on reliability and customer service. It serves as a contractor for concrete placement, including projects that require equipment capable of meeting complex or large-scale construction demands. Pyramid Concrete Pumping LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Denise E. Barnett the case. The Debtor is represented by Bo Luxman, Esq., at Luxman Law Firm. QLIK PARENT: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Qlik Parent, Inc.'s and Project Alpha Intermediate Holding, Inc.'s (collectively dba Qlik Technologies) Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook is Stable. Fitch has also affirmed Qlik's $300 million secured RCF and $3.583 billion first lien secured term loan at 'BB-' with a Recovery Rating of 'RR2'. Fitch has also affirmed Qlik's $505 million second lien secured term loan at 'CCC+'/'RR6'. Project Alpha Intermediate Holding, Inc. is the issuer of debt. The ratings are supported by Qlik's industry-leading software solutions for enterprise data integration, data management, analytics, data visualization, business intelligence and automation applications. The company's growth strategy and private equity ownership could limit deleveraging despite the projected positive FCF. Fitch expects the company to prioritize tuck-in acquisitions as part of its growth strategy over accelerated deleveraging. Fitch estimates Qlik's credit metrics to be consistent with 'B' enterprise software peers in the near term. Key Rating Drivers Elevated Financial Leverage: Fitch estimates Fitch-adjusted gross leverage will trend toward 5.5x by 2028. Given the private-equity ownership that is likely to prioritize growth and return on equity (ROE), Fitch believes accelerated debt repayment is unlikely despite strong FCF generation. Fitch expects capital to be used for acquisitions to accelerate growth or for dividends to equity owners, keeping financial leverage at elevated levels. Industry Tailwind Supports Growth: Qlik's products help enterprise customers analyze large amounts of real-time operational data and convert it into actionable business intelligence. As digitalization of workflows increases across industries, operational data grows rapidly, which requires advanced analytics and visualization tools. Real-time data analysis and visualization tools can offer actionable business intelligence, enhancing customer's operating performance. High Levels of Recurring Revenue: The company continues to transition its revenue base from perpetual license to subscription. During 2Q25, subscription revenue represented over 80% of total revenue, up from the high-60s in 2023. Combined with maintenance revenue, recurring revenue has represented over 90% of total revenue since 2021. A gross retention rate above 90% and a net retention rate over 100% provide significant visibility into future revenue streams. Through this transition, Qlik has consistently grown its annual recurring revenue (ARR), reflecting a growing recurring revenue base. Significant Customer Diversification: Qlik's highly diversified customer base of over 30,000 spans industry verticals including pharmaceutical, utilities, financial services, retail, manufacturing and healthcare. Fitch estimates that enterprise customers contribute approximately 60% of Qlik's revenue. This diverse customer base minimizes idiosyncratic risks associated with individual industries and should reduce revenue volatility. FX Exposure: Approximately 55% of Qlik's revenue is derived from non-U.S. dollars, exposing the company to FX fluctuations. Despite adjusting local currency pricing in response to FX fluctuations, the company could experience short-term impacts from the rapidly changing FX environment. Technology Disruption Risk: While Qlik's product portfolio encompasses the entire data lifecycle within its customers' operating environments, the increasing maturity of generative AI could pose risk to Qlik's product offerings. However, as Qlik's products are integrated within customers' operating workflows, replacing Qlik with AI may involve significant switching costs. In Fitch's view, such risk is manageable in the foreseeable future. M&A Central to Product Strategy: Qlik made a number of acquisitions to expand its technology and product platform. These acquisitions included Podium Data, Attunity, Crunch Data, RoxAI, Knarr, Blendr.io, NodeGraph, Big Squid, Talend, Mozaic Data, and Kyndi. Fitch believes M&A remains a central growth strategy to acquire new technologies. Peer Analysis Qlik is a leader in the niche market of mission-critical software solutions for the full data lifecycle. Its products cover data aggregation, analysis, visualization and automated response, typically involving deep integration within customers' workflows. This integration results in a highly sticky customer base due to high switching costs. Qlik's recurring revenue represents over 90% of total revenue and net retention rates have sustained over 100% in recent years. It serves over 30,000 customers in over 100 countries with no meaningful customer concentration. The Business Intelligence & Analytic Tools market and the Analytic Data Management & Integration Platforms market are projected to grow in the low- to mid-teens CAGR. Qlik's strong position within the niche market extends to data, insights, and automation, and should enable it to maintain growth consistent with the industry. Offsetting the secular growth trajectory, Qlik's global revenue generation exposes its operating performance to forex fluctuations. However, this impact should be short term as the company in response can adjust local currency pricing. Qlik's operating environment, market position, recurring revenue, revenue retention and financial structure are consistent with other 'B' rated software peers like Mitnick Parent, L.P. (B/Negative) and Imprivata Inc. (B/Positive). Qlik's financial structure is more aggressive than enterprise software peers including Quartz AcquireCo, LLC (BB-/Stable) and ConnectWise Holdings, LLC (B+/Stable). Key Assumptions - Organic revenue growth in the mid-single digits; - Fitch-adjusted EBITDA margins remain stable in the low-40s; - Capex intensity less than 1% of revenue; - Debt repayment limited to mandatory amortization; - Aggregate acquisitions of $300 million through 2028; - Dividend payment of $2.16 billion made in 2Q25; - No dividends assumed from 2026 through 2028. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that Qlik would be recognized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim. Going Concern (GC) Approach - Fitch assumed a distress scenario where capital misallocation results in unsustainable capital structure. This could be a result of significant increase in debt for M&A or dividends; - In such an event, Fitch expects Qlik's highly recurring revenue base and profitability to only suffer manageable degradation due to the products' deep integration within its customers' operations. Fitch assumes due to competitive pressures, revenue suffers a 10% reduction resulting in a GC EBITDA of $550 million, approximately 12% lower than the 2025 forecast Fitch-adjusted EBITDA; - Fitch assumes that Qlik will receive going concern recovery multiple of 7.0x. The estimate considers several factors, including the highly recurring nature of the revenue, the high customer retention, the secular growth drivers for the sector, the company's strong FCF generation and the competitive dynamics. The Enterprise Value (EV) multiple is supported by: - The historical bankruptcy case study exit multiples for technology peer companies ranged from 2.6x to 10.8x; - Of these companies, five were in the Software sector: Allen Systems Group, Inc. at 8.4x, Avaya, Inc. at 7.5x in 2023 and 8.1x in 2017, Aspect Software Parent, Inc. at 5.5x, Sungard Availability Services Capital, Inc. at 4.6x, and Riverbed Technology Software at 8.3x; - The highly recurring nature of Qlik's revenue and mission critical nature of the product support the high end of the range; - Fitch arrived at an EV of $3.85 billion. After applying the 10% administrative claim, adjusted EV of $3.47 billion is available for claims by creditors; - The recovery analysis results in first lien recovery of 90% 'BB-'/'RR2' and second lien recovery of 0% 'CCC+'/'RR6'. RATING SENSITIVITIES Factors That Could Individually or Collectively, Lead to a Negative Rating Action/Downgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining above 7.5x; - (CFO-capex)/debt ratio sustaining below 3%; - Organic revenue growth sustaining near or below 0%. Factors That Could, Individually or Collectively, Lead to a Positive Rating Action/Upgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining below 5.5x; - (CFO-capex)/debt ratio sustaining above 7%; - Organic revenue growth sustaining above the high-single digits. Liquidity and Debt Structure The company's liquidity is projected to be ample, supported by its FCF generation and an undrawn RCF at end of 2Q24, and readily available cash and cash equivalents. Fitch forecasts Qlik's normalized FCF margins to remain above 10% supported by Fitch-adjusted EBITDA margins remaining near 40%. Qlik's debt consists of a first lien $3.583 billion term loan (2030 maturity), a second lien $505 million term loan (2032 maturity) and an undrawn $300 million first lien secured revolver (2028 maturity). Given the recurring nature of the business and ample liquidity, Fitch believes Qlik will be able to make its required debt payments. Issuer Profile Qlik Technologies is a data lifecycle solutions platform for data aggregation, analytics, visualization and automation, serving over 30,000 customers in 100-plus countries. Its products provide real-time actionable business intelligence to users by aggregating organizational data. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Qlik Parent, Inc. LT IDR B Affirmed B Project Alpha Intermediate Holding, Inc. LT IDR B Affirmed B Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- R & A ENTERPRISES: Updates Restructuring Plan Disclosures --------------------------------------------------------- R & A Enterprises, LLC submitted a Second Amended Small Business Plan of Reorganization under Subchapter V. The Debtor's financial projections show that the Debtor will have projected disposable income of $240,000. The Debtor's cash flow is seasonal. Debtor intends to carry cash surplus into winter season. Debtor's principal also stands ready to contribute cash to maintain plan payments. The final Plan payment is expected to be paid no later than November 26, 2027, which is anticipated to be 24 months after the effective date. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan [choose one] has valued at approximately 100 cents on the dollar [or] is unable to estimate the distribution to creditors, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. All allowed non priority unsecured creditors will be paid in full. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. The two equity security holders will retain their interest in the Debtor. They shall remain as the managers of the Debtor. The Debtor shall make payments as described in Exhibit B and discloses the sources of income for the term of the Plan. A full-text copy of the Second Amended Plan dated October 23, 2025 is available at https://urlcurt.com/u?l=V4B2DK from PacerMonitor.com at no charge. Attorney 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 R & A Enterprises, LLC R & A Enterprises, LLC owns and operates a carwash business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-22531) on June 10, 2024. In the petition signed by John J. Richter, managing member, the Debtor disclosed $3,832,784 in assets and $4,173,596 in liabilities. Judge Ronald H. Sargis oversees the case. Stephen Reynolds, Esq., at REYNOLDS LAW CORPORATION, represents the Debtor as legal counsel. RAZZOO'S INC: Seeks to Tap Okin Adams Bartlett Curry as Counsel --------------------------------------------------------------- Razzoo's Inc. and Razzoo's Holdings, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Okin Adams Bartlett Curry LLP as counsel. The firm's services include: (a) advise the Debtors with respect to their rights, duties and powers in the Chapter 11 cases; (b) assist and advise the Debtors in their consultations relative to the administration of the Chapter 11 cases; (c) assist the Debtors in analyzing the claims of their creditors and in negotiating with such creditors; (d) assist the Debtors in the analysis of and negotiations with any third-party concerning matters relating to, among other things, the terms of a plan of reorganization or sale of substantially all of their assets; (e) represent the Debtors at all hearings and other proceedings; (f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtors as to their propriety; (g) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of their interests and objectives; and (h) perform such other legal services as may be required and are deemed to be in the interests of the Debtors in accordance with their powers and duties as set forth in the Bankruptcy Code. The firm's hourly rates are as follows: Matthew S. Okin, Partner $875 Ryan A. O'Connor, Partner $625 Kelley K. Edwards, Associate $460 Legal Assistants $135 - $155 In addition, the firm will seek reimbursement for expenses incurred. The firm received total retainer payments of $263,535.44 from the Debtors. Matthew Okin, Esq., an attorney at Okin Adams Bartlett Curry, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew S. Okin, Esq. Okin Adams Bartlett Curry LLP 1113 Vine St., Suite 240 Houston, TX 77002 Telephone: (713) 228-4100 Facsimile: (346) 247-7158 Email: mokin@okinadams.com About Razzoo's Inc. Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. and Razzoo's Holdings, Inc. filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, chief executive officer, signed the petitions. The case is jointly administered in Case No. 25-90522. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry LLP as counsel; Stout Capital, LLC as investment banker; and Stout Risius Ross, LLC as financial advisor. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. RE4 GEORGIA: Seeks to Hire RI Properties Management as Broker ------------------------------------------------------------- RE4 Georgia, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ RI Properties Management, LLC as real estate broker. The Debtor needs a broker to market its properties located at: (a) 1556 Rock Cut Rd, Conley, Georgia; and (b) 1410 Ben Park Way, Grayson, Georgia. The broker will receive a commission of 6 percent of the properties' purchase price. Adriana Infante, a real estate agent at R.I. Properties Management, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adriana Infante R.I. Properties Management 4721 Water Rd. Woodstock, GA 30188 Telephone: (770) 654-9661 Email: adriana.ri.properties@gmail.com About RE4 Georgia LLC RE4 Georgia LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. RE4 Georgia LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-56171) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Paul W. Bonapfel presides over the case. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC. RECIPE UNLIMITED: DBRS Assigns BB(high) Issuer Rating ----------------------------------------------------- DBRS Limited assigned an Issuer Rating of BB (high) and a provisional Senior Unsecured Notes (the Notes) credit rating of (P) BB (low) to Recipe Unlimited Corporation (Recipe Unlimited or the Company), both with Stable trends. The Senior Unsecured Notes credit rating is based on a recovery rating of RR6. KEY CREDIT RATING CONSIDERATIONS Recipe Unlimited's diverse portfolio of established brands within the Canadian restaurant industry, solid operating efficiency, and strong free cash flow generation with low capital intensity support the credit ratings. The credit ratings also reflect the intense competition, low barriers to entry, and exposure to economic cycles within the restaurant industry. Recipe Unlimited intends to issue $250 million Senior Unsecured Notes, the proceeds of which the Company will use to refinance indebtedness, pay for transaction costs, and for general corporate purposes. The Notes will be unconditionally guaranteed by each restricted subsidiary that is a borrower under, or that guarantees debt under, the Senior Credit Facilities. The Notes will be effectively subordinated to all secured debt of the Company (including the Senior Credit Facilities) to the extent of the value of the collateral securing such debt will rank equally in right of payment with any of the Company's existing and future senior unsecured debt, and will be senior in right of payment to any of the Company's future subordinated obligations. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should Recipe Unlimited materially improve its business risk profile, including its size and scale, coupled with a commensurate improvement in key credit metrics. Conversely, should key credit metrics weaken to levels no longer considered appropriate for the current credit ratings through a deterioration in operating performance or more aggressive financial management, Morningstar DBRS could take a negative credit rating action. EARNINGS OUTLOOK Morningstar DBRS believes Recipe Unlimited's earnings profile will remain appropriate for the current credit ratings over the medium term, based on steady organic operating performance despite lower earnings on the back of the spin-out of Keg Restaurants Ltd. (the Keg). Morningstar DBRS forecasts gross revenue to decline in the low single digits in 2025, and in the mid-teens in 2026, primarily driven by the roll-off of the Keg-related revenue in Q3 2025. Morningstar DBRS expects low single-digit same restaurant sales growth to partially offset the decline in gross revenue, as higher value per transaction more than offsetting lower guest count from a more challenging operating environment. Morningstar DBRS anticipates EBITDA margins to modestly decline in 2025, primarily driven by product-mix headwinds and supply-chain challenges in the consumer-packaged goods (CPG) segment, as well as continued wage inflation pressures to be partially offset by the positive margin benefit of promotions focused on bundling items versus discounts. Morningstar DBRS forecasts EBITDA margins to improve in 2026 because of more normalized margins in the CPG segment despite continued wage inflation. As such, Morningstar DBRS believes EBITDA will remain approximately flat in 2025 before declining in the high single-digits in 2026, due to the full year impact of the Keg spin-out. FINANCIAL OUTLOOK Morningstar DBRS expects Recipe Unlimited's financial profile to remain relatively stable in 2025 and 2026, following the acquisition of the Olive Garden and the Keg transaction, as the impact of lower earnings should be offset by debt repayments. Morningstar DBRS forecasts cash flow from operations to decline moderately in line with operating performance in 2025, and to below 2026. Morningstar DBRS expects capital expenditures to increase moderately in 2025 and 2026 and to be focused on new restaurant growth and corporate-owned store renovations. As a result, Morningstar DBRS anticipates free cash flow will decline in 2025 and 2026, but remain adequate to cover capital requirements. Following the acquisition of Olive Garden's Canadian locations and the Company's share repurchase in Q1 2025, Morningstar DBRS believes Recipe Unlimited will primarily allocate free cash flow towards debt repayments in 2025 and 2026, such that key credit metrics remain relatively stable. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BBH/BB Recipe Unlimited's CBRA of BBH/BB reflects its diverse portfolio of established brands within the Canadian restaurant industry, solid operating efficiency, and strong free cash flow generation with low capital intensity. The CBRA also reflects the intense competition, low barriers to entry, and exposure to economic cycles within the restaurant industry. Comprehensive Financial Risk Assessment (CBRA): BBB/BBBL Recipe's CFRA of BBB/BBBL reflects Morningstar DBRS' expectation that the Company will practice relatively conservative financial management practices, and that following the acquisition of Olive Garden and spin-out of the Keg, the Company should be able to keep credit metrics approximately stable at around 3.0 times (as calculated by Morningstar DBRS) in 2025 and 2026. Morningstar DBRS took into account Recipe Unlimited's material subleases when calculating credit metrics, providing some offset to operating lease liabilities included in debt and interest expense on lease liabilities. Morningstar DBRS considers the Company's liquidity position to be adequate and supported by its free cash flow generation and availability under its secured revolving credit facility. Intrinsic Assessment (IA): BB (high) The IA of BB (high) is within the intrinsic assessment range, is based on Recipe Unlimited's CBRA and CFRA, and takes into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments from additional considerations. Recovery Rating: For the purposes of the recovery analysis, we examined a recovery scenario through an enterprise valuation approach. We then stressed the earnings while applying a multiple considered appropriate for an entity in such a distressed situation. When simulating the default scenario, we considered (1) expected utilization under the Company's revolving credit facilities based on financial covenants and inventory levels, (2) proposed senior unsecured debt issuance of $250 million, and (3) a waterfall analysis to determine recovery percentages for each debt class. Based on the review, Morningstar DBRS concluded a recovery rating of RR6 for the Senior Unsecured Notes. Notes: All figures are in Canadian dollars unless otherwise noted. RHODIUM ENCORE: Seeks to Hire Keller Williams Realty as Broker -------------------------------------------------------------- Rhodium Encore, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Keller Williams Realty as real estate broker. The broker will provide these services: (a) market the Rockdale Property together with: (i) all buildings, improvements, and fixtures; (ii) all rights, privileges, and appurtenances pertaining to the Property, including the Debtors' right, title, and interest in any minerals, utilities, adjacent streets, alleys, strips, gores, easements, and rights of-way; (iii) the Debtors' interest in all leases, rents, and security deposits for all or party of the Property; (iv) Rhodium's interest in all licenses and permits related to the Property; (v) Rhodium's interest in all third-party warranties or guaranties, if transferable, relating to the Property or any fixtures; (vi) Rhodium's interest in any trade names, if transferable, used in connection with the Property; and (vii) all of the Debtors' tangible personal property located on the Rockdale Property that is used in connection with the Rockdale Property's operations; (b) market the Rockdale Property at a sales price of $3,600,000; and (c) provide weekly and as-needed activities. The broker will receive a commission of 6 percent of the sales price. The broker will also receive a monthly service fee of $1,200 for routine walkthroughs, key holding and access coordination, minor property upkeep checks and reporting of maintenance issues, and serving as the local point of contact. M.E. Cook, a real estate agent at Keller Williams Realty, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: M.E. Cook Keller Williams Realty 9606 N. Mopac, Suite 850 Austin, TX 78759 Telephone: (512) 346-3550 Email: jslanker@kw.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. The case is jointly administered in Case No. 24-90448. In the petition filed by Michael Robinson, as co-chief restructuring officer (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 Debtors tapped Quinn Emanuel Urquhart & Sullivan, LLP as counsel and Province as restructuring advisor. RICARDO'S PLACE: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: Ricardo's Place, LLC 32082 Camino Capistrano San Juan Capistrano CA 92675 Case No.: 25-13023 Business Description: Ricardo's Place, LLC operates a Mexican cuisine restaurant in San Juan Capistrano, California, serving breakfast, lunch, and dinner since 2004. The restaurant offers a menu featuring homemade burritos, enchiladas, tamales, fajitas, and other traditional dishes. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy COurt Central District of California Judge: TBD Debtor's Counsel: William Krall Jr., Esq. LAW OFFICE OF WILLIAM E. KRALL, JR. 27345 Ortega Hwy, Suite 200 San Juan Capistrano CA 92675 Tel: 949-496-8101 Email: wmesq77@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bertha Nuno as managing partner. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D5NE6ZA/Ricardos_Place_LLC__cacbke-25-13023__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IFBWNCA/Ricardos_Place_LLC__cacbke-25-13023__0001.0.pdf?mcid=tGE4TAMA RICKY SELLERS: Section 341(a) Meeting of Creditors on Nov. 25 ------------------------------------------------------------- On October 22, 2025, Ricky Sellers Trucking LLC filed Chapter 11 protection in the Southern District of Alabama. According to court filing, the Debtor reports between $1 million to $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on November 25, 2025 at 02:00 PM, telephonically for Selma Ch 11 cases. To participate, dial 1-650-479-3207, Meeting Number 1808 58 5184. About Ricky Sellers Trucking LLC Ricky Sellers Trucking LLC provides freight transportation and hauling services across the United States. The Company operates a fleet of tractors and trailers transporting commodities including lumber, logs, produce, and refrigerated goods. Ricky Sellers Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ala. Case No. 25-20296) on October 22, 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 Henry A. Callaway handles the case. The Debtor is represented by Barry A Friedman, Esq. of BARRY A FRIEDMAN & ASSOCIATES, PC. RUNITONETIME LLC: Says Court Shouldn't Revisit $28MM Ch.11 Sale --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that casino operator RunItOneTime and the purchaser of its four card rooms have asked a Texas bankruptcy judge to uphold approval of their $28 million Chapter 11 sale, arguing that a union's late challenge comes too long after the deal was finalized. The parties said the union had ample opportunity to object before the sale hearing but failed to do so, according to the report. In their filings, RunItOneTime and the buyer emphasized that the sale was conducted in good faith and has already been substantially consummated. They warned that reopening the matter would jeopardize a completed transaction and disrupt ongoing operations at the card rooms, contrary to bankruptcy law’s finality principles. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. SERENADE NEWPORT: Trustee Taps Coldwell Banker as Real Estate Agent ------------------------------------------------------------------- Thomas Casey, the trustee appointed in the Chapter 11 case of Serenade Newport, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Coldwell Banker Realty as real estate agent. The agent will list and market the Debtor's property located at 1501 Serenade Ter., Corona Del Mar, California. The agent will receive a commission of 3 percent of the purchase price if there is no purchaser's agent. If Coldwell represents both seller and purchaser, the total commission will remain as 3 percent for both seller and purchaser. If there is a buyer's agent other than Coldwell, the total commission shall be increased to 4 percent, shared 50/50 with the purchaser's broker. Tim Smith, a real estate agent at Coldwell Baker Realty, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tim Smith Coldwell Baker Realty 840 Newport Center Drive, Suite 100, Newport Beach, CA, 92660 Telephone: (949) 678-1070 Facsimile: (866) 532-6985 About Serenade Newport LLC Serenade Newport LLC is a single-asset real estate company with property located at 1501 Serenade Terrace in Corona Del Mar, California. Serenade Newport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11898) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Robert P. Goe, Esq., at Goe Forsythe & Hodges LLP. Thomas H. Casey is appointed as trustee in this Chapter 11 case. SIEPSER PROPERTIES: Case Summary & One Unsecured Creditor --------------------------------------------------------- Debtor: Siepser Properties, LLC 860 East Swedesford Road, Unit 2 1111 Corporate Center Condominium Wayne, PA 19087 Business Description: Siepser Properties, LLC is a single-asset real estate company as defined under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-14363 Judge: Hon. Derek J Baker Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven Siepser as managing member. The Debtor identified MMG Investments IV, LLC, c/o Midwest Servicing 4 LLC, located at 3144 S. Winton Road, Rochester, NY 14623, as its sole unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/F2EUP5I/Siepser_Properties_LLC__paebke-25-14363__0001.0.pdf?mcid=tGE4TAMA SK MOHAWK: Fitch Lowers LongTerm IDR to 'CC' -------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of SK Mohawk Holdings, SARL and Polar US Borrower, LLC (collectively, SI Group) to 'CC' from 'CCC.' Fitch has also downgraded the issue ratings of the first lien first-out revolver to 'CCC+' with a Recovery Rating of 'RR1' from 'B'/'RR1' and downgraded the first lien second-out term loan to 'C'/'RR5' from 'CCC'/'RR4.' The rating of the senior unsecured notes is affirmed at 'C'/'RR6'. The downgrade of SI Group's ratings reflects Fitch's view that a default appears probable within 12 months, driven by irreversible negative FCF, leverage sustained near 20x, and ongoing operating weakness. As of 2Q25, liquidity is inadequate relative to essential near-term cash requirements, with avenues for extraordinary or third-party support largely exhausted. Persistently negative FCF is expected by Fitch to cause full draws on the revolver and A/R securitization and a payment default within the next 12 months. Key Rating Drivers Irreversible FCF Outflow, Dwindling Liquidity: Fitch expects SI Group's ongoing negative FCF to drive liquidity to critically low levels within the next 12 months. As of 2Q25, liquidity of roughly $89 million appears insufficient to meet near-term cash needs, including over $130 million in annual cash interest, about $45 million in maintenance capex, a $33 million May 2026 senior unsecured note stub maturity, and other operating requirements. Following a second sale-leaseback in 2Q25 and sponsor support during the 4Q24 exchange, Fitch believes avenues for extraordinary or third-party support are largely exhausted, making a liquidity crisis within 12 months highly likely. Fitch views the FCF outflow trend as effectively irreversible under the current capital structure, given elevated cash interest and deteriorating EBITDA. Cash interest has exceeded Fitch-calculated EBITDA consistently since fiscal 2023, underscoring limited capacity to organically repair liquidity. Unrecoverable Leverage, High Default Risk: Fitch forecasts SI Group's EBITDA leverage to remain near 20x, reflecting deteriorating operating performance and rising paid-in-kind (PIK) interest, with no realistic path to recovery. Persistently negative FCF is expected to drive full utilization of the revolver and A/R securitization before YE 2026. Under Fitch's Rating Case, a payment default is expected within the next 12 months. Sustained Weak Performance: SI Group's operating performance deteriorated through 2Q25, with YTD sales down about 13% and Fitch-defined EBITDA down roughly 30% YoY. Weak end-market demand, 2023 destocking, and heightened competition from new Chinese capacity continue to weigh on volumes. With oversupply and no meaningful demand recovery since 3Q22, Fitch expects volumes to remain depressed over the forecast horizon. Management's cost reductions and capex cuts to maintenance levels have been insufficient to offset these pressures, and negative FCF is expected to persist. Product and End-Market Diversity: SI Group's rating is supported by a diverse product portfolio that is used by companies across a wide range of industries, providing some ballast against volatility in any one sector. The products are used in production of multiple applications including adhesives, lubricants, coatings and packaging. They also serve a diverse set of end-markets across aerospace, automotive, building and construction, consumer goods and oil and gas. This diversity across application and industry helps smooth some of the cyclical exposure, although market oversupply and competitive pressures have outweighed these benefits in recent years. Middling Core Additives Position: Backward integration into intermediate chemistry provides modest cost advantages for the company's additive products. SI Group also can switch capacity to other products within its portfolio in response to tightness or weakness across markets. However, its mix of volumes has shifted towards lower-margin products in recent periods. Fitch believes the company's increasing centralization of its facilities will modestly raise utilization rates over the medium term. Peer Analysis Compared to most speculative-grade chemical peers, SI Group has very high EBITDA leverage exceeding 15x. SI Group's scale compares favorably to Kymera International, LLC (B-/Negative). However, SI Group's profitability and leverage profiles are comparatively weaker. Advancion Holdings LLC's (B-/Negative) leverage profile trends around 8.0x and operates with smaller scale compared to SI Group, but its position as the only global commercial producer of nitroalkanes allows Advancion to enjoy outsized EBITDA margins. Key Assumptions - Revenues decline further in 2025, reflecting the contract termination of SI Group's largest customer and sales volumes remaining at below-average levels. Growth in volumes and prices is minimal thereafter on prolonged weak end-market demand and competitive pressures; - Fitch-defined EBITDA margins remain around 8% through the forecast, as low sales volumes and product mix shifts towards lower-margin products more-than-offset benefits from cost-reduction measures; - Capex spending remains at around maintenance levels of $45 million annually throughout the forecast; - Under continued underperformance, negative FCF, and a perceived lack of remaining third-party funding sources, SI Group's liquidity is fully drained by YE 2026. Fitch expects a default or the beginning default-like process commencing before YE 2026. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that SI Group would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and that the company's $218 million revolver and $100 million A/R Securitization are both fully drawn. GC Approach Fitch projects SI Group's GC EBITDA of $120 million, which assumes a rebound from an assumed trough EBITDA of around $100 million, reflecting an improvement in the underlying economic conditions that would have likely precipitated the default, as well as corrective actions taken during restructuring (or actions that would be priced in by potential bidders). The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA depicts a sustained economic contraction in EMEA and North America, resulting in severe volume headwinds in both the Polymer Solutions and Industrial Solutions segments, which leads to a material decline in EBITDA and cash generation. Fitch assumes that upon default, SI Group would be unable to improve EBITDA as economic and industry headwinds would likely limit the benefits of cost reductions. However, Fitch also assumes that the underlying business fundamentals would improve over time as the cycle corrects, leading to the assumed GC EBITDA. An enterprise value multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered historical bankruptcy case study exit multiples for peer companies. Fitch used a multiple of 5.5x to estimate a value for SI Group because of its slightly lower margins relative to public comps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An announcement of a debt restructuring process or other transaction that Fitch considers as a distressed debt exchange; - An uncured payment default or completion of a debt exchange which Fitch considers a distressed debt exchange. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A bolstered liquidity position, potentially via fresh third-party support, sufficient for near-term interest payments and other essential maintenance charges. - EBITDA interest coverage approaching 1.5x; - Progress towards breakeven FCF generation. Liquidity and Debt Structure Fitch estimates SI Group's 2Q25 liquidity at approximately $89 million, comprising $33 million of cash and $56 million of availability under the first lien first-out revolver. Fitch views this as insufficient to meet near-term cash needs. Persistently negative FCF is expected to drive full utilization of both facilities before YE 2026. Following the 2Q25 sale‑leaseback and sponsor support during the 4Q24 exchange, Fitch believes avenues for extraordinary or third‑party support are largely exhausted, making a liquidity crisis within 12 months highly likely. Issuer Profile SI Group (SK Mohawk Holdings, SARL) provides polymers, fuel, lubricant and industrial additives and chemical intermediates for use in various end-markets, including plastics, fuels, tires, oilfield chemicals, food packaging and surfactants. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Polar US Borrower, LLC LT IDR CC Downgrade CCC senior unsecured LT C Affirmed RR6 C senior secured LT CCC+ Downgrade RR1 B senior secured LT C Downgrade RR5 CCC SK Mohawk Holdings, SARL LT IDR CC Downgrade CCC SMITH'S BARBECUE: Seeks to Hire Susan C. Smith as Legal Counsel --------------------------------------------------------------- Smith's Barbecue and Cajun Cuisine, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Susan C. Smith Law Firm as counsel. The firm will provide these services: (a) advise and consult with the Debtor regarding questions arising from certain contract negotiations which will occur during the operation of business; (b) evaluate and attack claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; (c) appear in, prosecute or defend suits and proceedings, and take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; (d) represent the Debtor in court hearings and assist the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in this proceeding; (e) advise and consult with the Debtor in connection with any reorganization plan which may be proposed in this proceeding and any matters concerning it which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and (f) perform such other legal services on behalf of the Debtor as they become necessary in this proceeding; Susan Smith, Esq., the primary attorney in this representation, will be billed at an hourly rate of $100 including all expenses. Ms. Smith disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Susan C. Smith, Esq. Susan C. Smith Law Firm P.O. Box 1251 Greenville, MS 38702 Telephone: (662) 378-2558 Facsimile: (662) 378-2543 Email: smithsusanc@bellsouth.net About Smith's Barbecue and Cajun Cuisine Smith's Barbecue and Cajun Cuisine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13340) on Oct. 5, 2025, disclosing under $1 million in both assets and liabilities. Judge Selene D. Maddox oversees the case. The Debtor is represented by Susan C. Smith Law Firm. SOUTHERN EXPRESS: Baker Donelson Represents Kapitus and Ascentium ----------------------------------------------------------------- The law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC disclosed in a Verified Statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure that it represents multiple creditors in the Chapter 11 bankruptcy cases of Southern Express Inc. and its affiliated debtors pending before the United States Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division. Baker Donelson represents Kapitus Servicing, Inc. as authorized sub-servicing agent of Kapitus LLC; and Regions Bank, an Alabama banking corporation, d/b/a Ascentium Capital. Kapitus is a secured creditor of Debtor Southern Express based on certain pre-petition obligations secured by a blanket lien on the debtor's personal property, while Ascentium is a secured creditor of the Debtor based upon certain pre-petition purchase money obligations secured by specific vehicles used in the Debtor's business operations. Baker Donelson says further details about the address of each creditor and the nature and amount of their economic interests will be set forth by the claims filed by each creditor. The firm also notes Kapitus and Ascentium, and the respective collateral securing the pre-petition obligations of each, are unrelated to one another. Baker Donelson attests no conflicts arise out of the firm's representation of Kapitus and Ascentium in the case. The firm may be reached at: Jill C. Walters, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 2235 Gateway Access Point, Suite 220 Raleigh, NC 27607 Tel: (984) 844-7919 E-mail: jwalters@bakerdonelson.com About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. McAfee oversees the case. Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. Janet Franco and Jonathan Adams of John D. Adams & Company CPAs, PLLC serve as the Debtor's accountant. 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 case. SPIRIT AIRLINES: Heimowitz Probes Co.'s Swift Return to Chapter 11 ------------------------------------------------------------------ Hilary Russ of Law360 Bankruptcy Authority reports that veteran Wall Street professional Marc J. Heimowitz, known for his extensive background in evaluating distressed companies, has been appointed as the examiner in Spirit Airlines' latest Chapter 11 case. Having witnessed numerous airline bankruptcies from a creditor's perspective, Heimowitz brings a deep understanding of the financial and operational pressures that can drive carriers into insolvency, according to the report. His investigation will focus on the events leading up to Spirit's second bankruptcy filing in August -- barely five months after it emerged from its previous one. The review aims to uncover what caused the company's swift return to court and whether management decisions or market conditions played a central role, the report states. 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. SPLASH BEVERAGE: Nistico Robert Holds 7.1% Equity Stake ------------------------------------------------------- Nistico Robert, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of July 31, 2025, he beneficially owns 180,470 shares of Splash Beverage Group, Inc.'s common stock, consisting of: (i) 38,053 shares of common stock, (ii) 66,667 shares of common stock issuable upon exercise of warrants with an exercise price of $30.00 per share, (iii) 13,250 shares of common stock issuable upon exercise of stock options with an exercise price of $104.00 per share, and (iv) 62,500 shares of common stock issuable upon exercise of five-year warrants with an exercise price of $0.80 per share (a portion of a 750,000-warrant grant, the remainder vesting upon meeting future commitments and quarterly over two years) The ownership represents 7.1% of the 2,414,226 shares of outstanding (as of October 17, 2025) Nistico Robert may be reached through: Constantine Christakis, Esq. 3001 PGA Blvd., Suite 305 Palm Beach Gardens, Fla. 33410 Tel: 561-686-3307 A full-text copy of Nistico Robert's SEC report is available at: https://tinyurl.com/5hf9xa4y About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of ccelerating them to higher volumes and increased sales revenue. As of December 31, 2024, the Company and $2.8 million in total assets, $21.4 million in total liabilities, and $18.6 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. STRIPE A LOT: Seeks to Hire Ford & Semach as Bankruptcy Counsel --------------------------------------------------------------- Stripe A Lot of America II, Corp. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, PA as counsel. The firm will render these services: (a) analyze the financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advise the Debtor with regard to its powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) represent the Debtor at the Section 341 Creditors' meeting; (e) provide legal advice to the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (g) prepare necessary legal papers and appear at hearings thereon; (h) protect the interest of the Debtor in all matters pending before the Court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Buddy Ford, Attorney $550 Jonathan Semach, Attorney $500 Heather Reekm Attorney $450 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received an advance fee of $28,000 from the Debtor. Mr. Ford disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Buddy D. Ford, Esq. Ford & Semach, PA 9301 West Hillsborough Avenue Tampa, Florida 33615-3008 Telephone: (813) 877-4669 Email: All@tampaesq.com About Stripe a Lot of America II Stripe a Lot of America II, Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07715) on October 20, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton presides over the case. Buddy D. Ford, Esq., at Ford & Semach, PA represents the Debtor as counsel. SUPER RICH: Shareholder Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------ Praonnut Udompanit, the largest minority shareholder and sole guarantor of the commercial lease of Super Rich NY Corporation, asked the U.S. Bankruptcy Court for the Southern District of New York to appoint a trustee to take over the company's Chapter 11 case. In a court filing, Ms. Udompanit's attorney, Robert Bernstein, Esq., accused Super Rich of misconduct, which constitutes "cause" for the appointment of an independent bankruptcy trustee. Mr. Bernstein cited the company's filing on July 31 of a false Form 941 return for the second quarter of this year (April to June). That return -- submitted to the IRS under penalty of perjury -- falsely reported that the company had only 12 employees during the quarter when it actually employed 66, the attorney alleged. Mr. Bernstein also cited the unusually low credit-card-to-cash ratio, missing server reports, failure to maintain a daily ledger of cash receipts, lack of cash deposits to the bank, and unreported cash tips, which he claimed, indicate underreported cash sales that could create potential liability. "At a minimum, the inadequate record keeping as evidenced by the missing server reports is itself evidence of the kind of gross misconduct warranting the appointment of a trustee," the attorney argued. Mr. Bernstein also said that increasing insider compensation while the company failed to pay federal and state withholding taxes amounted to giving insiders a benefit at the expense of creditors, specifically the IRS and the New York State Department of Taxation and Finance, which is a "clear breach of fiduciary duty." Mr. Bernstein may be reached through: Bernstein & Associates, PLLC Robert B. Bernstein, Esq. 2 Overhill Road, Suite 400 Scarsdale, NY 10583 (914) 529-6500 Phone: 914-529-6500 Fax: 914-529-6510 rbernstein@rbblegal.com About Super Rich NY Corporation Super Rich NY Corporation, doing business as Chada, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11938) on September 5, 2025. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $100,001 and $500,000. Judge Lisa G. Beckerman oversees the case. Siconolfi, PLLC is Debtor's legal counsel. T14-15 LLC: Claims to be Paid from New Loan Proceeds ---------------------------------------------------- T14-15, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement with respect to Plan of Reorganization dated October 24, 2025. The Debtor is a Wyoming limited liability company. The Debtor owns 2 parcels of undeveloped vacant commercial property at or around Maine Street, Ocoee, FL 34761. The real property owned by the Debtor is located at Parcel IDs 20-22-28-0000-00-015 and 20-22-28-0000-00-082 according to the Orange County Tax Collector (collectively, the "Property"). The Debtor's assets consist of Real Property, which is valued by the Debtor in the aggregate amount of $11,250,000.00. In 2024, the Debtor faced foreclosure by its lender, BOF Holdings I, LLC. BOF holds a first priority mortgage lien on the Debtor's Property. BOF initiated foreclosure proceedings in Orange County, Florida, case number 2024-CA-001604-O, and obtained a Final Judgment of Foreclosure. In addition, the Debtor was sued for CDD assessments due in the approximate amount of $2.2MM and owes past due real estate taxes for 2022 and 2023. The Debtor believes that its property is worth approximately $11,250,000 and has been in communication with a handful of potential lenders about refinancing the property and paying off the first priority lien holders, as well as potential construction financing to develop the property. The Debtor filed this Chapter 11 case to preserve the equity value of its property, refinance and/or restructure its debt obligations, and ultimately allow for a successful reorganization for all stakeholders. The Plan provides for the orderly payment of Allowed Claims, including through obtaining new financing. The Debtor will pay in full all Allowed Administrative Claims on the Effective Date, unless otherwise agreed to by the holder of any such claim. The Debtor shall continue to exist after the Effective Date as limited liability companies in accordance with the laws of the State of Florida. The Debtor believe that the Plan is feasible and not likely to be followed by liquidation or the need for further financial reorganization. The Debtor have obtained, or are in the process of obtaining, a Commitment Letter for financing sufficient to make all payments required under the Plan. Class 8 consists of any Allowed Unsecured Claims, which will be paid the Allowed amount of their claims as of the Petition Date, without interest, within 24 months after the Effective Date, in full and final satisfaction of such claims. Class 8 is impaired. Class 9 consists of any and all beneficial and ownership interests in the Debtor. On the Effective Date, all Holders of beneficial and ownership interests in the Debtor shall retain their interests in the Debtor. Class 4 is unimpaired. The Debtor is in the process of obtaining the New Loan from Castle Hill Group, LLC d/b/a Castle Hill Equity Partners with sufficient funding to finance all obligations under the Plan. The New Loan proceeds from the potential lender will be used to fund the payments required under this Plan, real estate taxes for 2025 and 2026, administrative expense claims of the Debtor' bankruptcy cases, U.S. Trustee fees, professional fees, closing costs, lender fees, and interest reserve. A full-text copy of the Disclosure Statement dated October 24, 2025 is available at https://urlcurt.com/u?l=1D22hE from PacerMonitor.com at no charge. Counsel to the Debtor: Jonathan Sykes, Esq. Nardella & Nardella PLLC 135 W. Central Blvd., Ste. 300 Orlando, FL 32801 Telephone: (407) 966-2680 Email: jsykes@nardellalaw.com About T14-15 LLC T14-15 LLC ualifies as a single asset real estate entity under 11 U.S.C. Section 101(51B), holding a special warranty deed for two vacant commercial parcels -- Parcel ID 20-22-28-0000-00-015 and Parcel B ID 20-22-28-0000-00-082 -- located on Maine Street in Ocoee, Florida 34761. The properties are situated within a commercial development zone, and the Debtor values its interest in the land at $11.25 million. T14-15 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03231) on May 28, 2025. In its petition, the Debtor reports total assets of $11,250,000 and total liabilities of $7,633,560. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Jonathan M. Sykes, Esq., at Nardella & Nardella, PLLC. TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to December 27 ------------------------------------------------------------- TGI Friday's Inc. and affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 27, 2025 and February 25, 2026, respectively. The Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods include: * The Debtors' chapter 11 cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors marketed, held an auction, and obtained Court approval for sales of their assets pursuant to the results of the auction. Sale Order. Thereafter, the Debtors continued to pursue asset sales, culminating in Court approval for the sales of certain assets to two additional parties. Yadav and Sugarloaf Sale Order. The sale process has also led to the sale of numerous liquor licenses, and the Debtors continue to market and pursue sales of the remaining liquor licenses. * Since the Petition Date, the Debtors have negotiated in good faith and worked collaboratively with their stakeholders. The Debtors' time and resources have been productively spent on (i) ensuring a smooth chapter 11 process with minimal disruption to the Debtors' operations, preserving the Debtors’ assets to the benefit of all parties in interest; (ii) administering value maximining sales processes; (iii) engaging the various stakeholders to ensure the closing of the various asset sales; (iv) filing procedures for the sale of the Debtors' remaining liquor licenses; (v) transitioning the Debtors' operations to the new owners pursuant to the asset sales; and (vi) negotiating support with the Debtors' other constituents, including the Committee and contract counter parties. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies are benefitted by providing the Debtors with sufficient time to continue to negotiate the terms of a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to their estates and the greatest recovery to their creditors. * The Debtors are paying their bills as they come due. The Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by Court order. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entres, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. THREATT ENTERPRISE: Seeks Chapter 7 Bankruptcy in Georgia --------------------------------------------------------- On October 23, 2025, Threatt Enterprises Limited Liability Limited Partnership voluntarily filed for Chapter 7 bankruptcy protection in the Northern District of Georgia. The petition lists liabilities estimated between $100,001 and $1 million. The company also disclosed having 1 to 49 creditors. About Threatt Enterprises Limited Liability Limited Partnership Threatt Enterprises Limited Liability Limited Partnership operates in the trucking industry. Threatt Enterprises Limited Liability Limited Partnership sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62311) on October 23, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by William A. Rountree, Esq. of Rountree Leitman Klein & Geer, LLC. TRISTATE DEVELOPMENT: Amends C Store Secured Claim Pay ------------------------------------------------------ Secured Creditor C Store, Inc. submitted a First Amended Disclosure Statement describing Chapter 11 Plan for Tristate Development, LLC dated October 23, 2025. Assuming the veracity of schedules filed by the Debtor, the Debtor's lone asset is the real property commonly known as 0 Lusby's Lane, Brandywine, Maryland 20613, together with any improvements thereupon (the "Real Estate"). The Real Estate is landlocked as of present, which creates various legal and pragmatic issues to the use and development thereof. While the Debtor has remained in possession throughout the duration of this case, little has occurred. The Debtor has, however, filed operating reports indicating a general absence of cash flow and an absence of property insurance (though general liability insurance is shown as being extant, with premiums current). The Debtor has also proceeded with this case in a manner such that it is jointly administered with another related proceeding (the "Related Case"). The Plan is one that calls for liquidation and dissolution of the Debtor. The Plan also calls for the payment, in full, of priority tax creditors of the Estate, and payment, in full, of all allowed administrative expense claims of the Estate. It is not clear, however, if the Plan will fetch monies sufficient to pay all general unsecured claims. To the contrary, the Debtor's schedules value the Real Estate at a sum that leaves in doubt whether or not sufficient funds will be sufficient to pay general unsecured claims in full after paying (i) administrative priority claims; (ii) other priority claims; and (iii) secured claims. The Plan provides for the Real Estate to be auctioned on the courthouse steps, with a starting bid of $400,000.00, on the eleventh business day after the Plan is confirmed. The required deposit to bid is $150,000.00, though C Store is not required to post a deposit and is permitted to credit bid its claim. The Plan further provides for cash raised through the auction (if any, a successful credit bid by C Store would result in no additional cash entering the Debtor's estate), coupled with the Debtor's cash on hand, to be distributed to creditors in accord with the governing priority scheme. Class 1 consists of the Allowed Secured Claim of C Store. Class 1 consists of all secured claims held by C Store against the Debtor. It is anticipated this class will be paid in full under the Plan. C Store's claim is partially also secured by one or more assets of the bankruptcy estate in the Related Case. Disposition of the Related Case might, but is not assured to, reduce C Store's claim. C Store cannot twice recover the same claim. Like in the prior iteration of the Plan, Class 3 Allowed Unsecured Claims will share the proceeds of the auction, pari passu, after the payment of Classes 1 and 2 alongside administrative and other priority claims (which are not placed in classes). The Plan provides for a liquidation of the Debtor's assets and is thusly feasible. A full-text copy of the First Amended Disclosure Statement dated October 23, 2025 is available at https://urlcurt.com/u?l=gHUR81 from PacerMonitor.com at no charge. Counsel for C Store, Inc.: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LLC 1452 W. Horizon Ridge Pkwy, #665 Henderson, Nevada 89012 Phone: (301) 444-4600 Facsimile: (301) 444-4600 Email: mac@mbvesq.com About Tristate Development Tristate Development LLC owns a 37.548-acre property located at Lusby's Lane, Brandywine, MD 20613, with an estimated value of $1.6 million. Tristate Development LLC and Piscataway Bay Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Lead Case No. 25-12552) on March 3, 2025. In its petition, Tristate Development disclosed up to $10 million in both assets and liabilities. Judge Lori S. Simpson oversees the case. The Debtors are represented by Steven Greenfeld, Esq. at Law Office of Steven H. Greenfeld. UNITI FIBER: Fitch Assigns 'BB-sf' Final Rating on Class C Notes ---------------------------------------------------------------- Fitch Ratings has assigned final ratings and Rating Outlooks to Uniti Fiber ABS Issuer LLC secured fiber network revenue term notes, series 2025-2 as follows: - Series 2025-2, class A-1, 'A-sf'/Stable; - $180,000,000 series 2025-2, class A-2 'A-sf'/Stable; - $28,200,000 series 2025-2, class B 'BBB-sf'/Stable; - $41,800,000 series 2025-2, class C 'BB-sf'/Stable. The total issuance amount above does not include the $75 million variable funding note (VFN) as it will be undrawn at close. Class R - Not Rated ($48.2 million, consisting of $31 million from 2025-1 and $17.2 million from 2025-2) is a risk retention class held by the originator and reflects 5% of the fair value of notes at the time of issuance. The total note balance including 2025-1 notes is $839 million. Fitch has affirmed the ratings on the series 2025-1 notes as follows: - $426,000,000 series 2025-1, class A-2 'A-sf'/Stable; - $65,000,000 series 2025-1, class B 'BBB-sf'/Stable; - $98,000,000 series 2025-1, class C 'BB-sf'/Stable. Entity/Debt Rating Prior ----------- ------ ----- Uniti Fiber ABS Issuer LLC Secured Fiber Network Revenue Notes Series 2025-1 A-2 91326EAA3 LT A-sf Affirmed A-sf B 91326EAB1 LT BBB-sf Affirmed BBB-sf C 91326EAC9 LT BB-sf Affirmed BB-sf Uniti Fiber ABS Issuer LLC Secured Fiber Network Revenue Notes Series 2025-2 A-2 LT A-sf New Rating A-(EXP)sf A1 LT A-sf New Rating A-(EXP)sf B LT BBB-sf New Rating BBB-(EXP)sf C LT BB-sf New Rating BB-(EXP)sf Transaction Summary The transaction is the second securitization managed by Uniti Fiber Holdings, Inc. (Uniti Fiber) under the master trust and follows the 2025-1 issuance in February 2025. This transaction represents a securitization of contract payments derived from an existing enterprise fiber network operated by Uniti. The collateral assets include conduits, cables, network-level equipment, access rights, customer contracts and transaction accounts. Debt is secured by net cash flow (NCF) from operations and benefits from a perfected security interest in the securitized assets. The collateral network consists of the sponsor's enterprise fiber network, which includes approximately 20,000 fiber route miles and serves approximately 14,000 buildings and 7,000 wireless towers across multiple counties in Florida, Alabama, Louisiana, Mississippi, Georgia and South Carolina. The collateral network supports 26,803 circuits that provide dark/lit backhaul for fiber-to-the-tower wireless customers, data transport, internet and ethernet connectivity solutions for enterprise businesses, voice services and wholesale last-mile fiber connections for wireline carriers. Fitch estimates that the securitized collateral represents approximately 56% of Uniti's revenues from enterprise customers generated through fiber networks based on management-provided fiscal year 2025 data. With the 2025-2 issuance, markets in Georgia and South Carolina will be contributed to the master trust. In addition, the 2025-2 issuance includes a VFN with a maximum principal amount of $75 million, although it will be undrawn at close. The VFN is subject to draw conditions, which include pro forma senior leverage and pro forma senior debt service coverage ratio (DSCR). The ratings reflect a structured finance analysis of cash flows from the ownership interest in the underlying fiber optic network, rather than an assessment of the corporate default risk of the ultimate parent, Uniti Group Inc. (B-/Stable). In August 2025, Uniti completed its acquisition of Windstream, pursuant to which it has reorganized its business units, consolidated its debt facilities (the Uniti parent entity is now the obligor and/or guarantor on all debt facilities), and consolidated all operations. Uniti acquired Windstream's residential fiber, enterprise and wholesale assets. Windstream assets have been excluded from the subject 2025-2 issuance. Following the merger, Uniti has reorganized into the following three business segments which will be reflected in its financial reporting: - Kinetic, which consists of fiber to the home and Kinetic business and wholesale; - Fiber Infrastructure, which includes Uniti Fiber, Uniti Leasing and the Windstream Wholesale segments; - Uniti Solutions (formerly known as Windstream Enterprise). The assets in 2025-1 and 2025-2 are part of the Uniti Fiber unit within the Fiber Infrastructure segment. The ratings on the 2025-1 notes are subject to affirmation concurrent with the transaction close and the assignment of final ratings. KEY RATING DRIVERS NCF and Leverage: Fitch's NCF on the pool is $79.9 million, implying a 14.3% haircut to issuer NCF. The debt multiple relative to Fitch's NCF on the rated classes is 10.5x, compared with debt/issuer NCF leverage of 9.0x. Based on the Fitch NCF and assumed annual revenue growth of 1.5%, and following the transaction's anticipated repayment date (ARD), the notes would be repaid 17.5 years from closing. Credit Risk Factors: The major factors affecting Fitch's determination of cash flow and maximum potential leverage include the high quality of the underlying collateral networks, which are 100% fiber, the low historical churn rates compared to peers, the geographic diversification of the collateral and low customer concentration, strong competitive positioning, seasoned markets with adequate operating history, the capability of the operator, and the transaction structure. The collateral for this transaction exhibits diversity by customer concentration and geography with two additional markets (Georgia and South Carolina). The collateral pool contains 26,803 circuits with the two largest customers accounting for 21.6% and 9.5% of collections, respectively, with no other customer accounting for more than 2.4% of monthly revenue. The geographic footprint for the collateral consists of networks of counties along the Gulf Coast region of the U.S. in Florida (30.9% of monthly revenue), Alabama (29.3%), Louisiana (26.7%) and Mississippi (8.1%). For the newly contributed states, Georgia represents 4.4% and South Carolina represents 0.6% of monthly revenues. Asset composition is consistent with 2025-1 except for possible introduction of e-rate contracts. The newly contributed markets (Georgia and South Carolina) are well-seasoned and have strong competitive positioning. For the overall portfolio, the weighted average seasoning, remaining contract term, customer concentration, and revenue mix are all generally stable. E-rate contracts can be contributed to the securitization, and contractual revenues from these contracts would contribute to meeting draw conditions to borrow under the VFN. These contracts rely upon subsidies provided to educational institutions to make payments under the contract; in Fitch's view, such contracts may be susceptible to idiosyncratic risks including legislative action, program demand exceeding allocated funding, and reduction of eligible services. Although Fitch does not expect that e-rate circuits will comprise a large portion of the overall cash flow given the diversification in the pool and Uniti having shown several years of churn data for this segment, these contracts were not within the purview of the asset and market analysis provided by Altman, the back-up manager. Fitch would require additional data and analysis to consider potential mitigants. The transaction structure is similar to other digital infrastructure securitizations rated by Fitch. Attributes that include an in-place backup manager, triggers related to cash flow decline, a six-month liquidity reserve and an ARD structure are consistent with what Fitch typically observes in the sector. The transaction introduces a VFN with associated draw conditions. Trigger levels are consistent with 2025-1. The cap on replacement churn capex will increase from $23 million to $32 million, although it remains consistent as a percentage of debt issued. Interest is allocated sequentially among the securities in direct alphanumerical order. Interest will be paid as follows: A-1, A-2, B-1, B-2, C. Interest is based on the amount of accrued interest. Accrued interest for each note will be calculated based on a 360-day year consisting of 12 30-day months. If a rapid amortization period or post-ARD period is in effect, payments of accrued note interest on the class C notes will be subordinated to payments of principal on the class A notes and class B notes as more specifically set forth in the priority of payments. Principal payments will be paid in accordance with the amortization schedule. No principal payments will be required prior to the ARD of each series unless a cash flow sweep or amortization period commences, an event of default under the indenture occurs and is continuing or certain casualty or condemnation events occur, or with proceeds from the disposition of fiber assets. Any scheduled principal payments will be paid as follows: A-1, A-2, B-1, B-2, C. Technology-Dependent Credit: Due to the specialized nature of the collateral and potential for changes in technology to affect long-term demand for digital infrastructure, the senior classes of this transaction do not achieve ratings above 'Asf'. The securities have a rated final payment date 30 years after closing, and the long-term tenor of the securities increases the risk that an alternative technology will be developed, rendering obsolete the current transmission of data through fiber optic cables. Fiber optic cable networks are currently the fastest and most reliable means to transmit information, and data providers continue to invest in and utilize this technology. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow due to higher expenses, customer churn, declining contract rates, contract amendments or the development of an alternative technology for the transmission of data could lead to downgrades. Fitch's base case NCF was 14.3% below the issuer's underwritten cash flow. A further 10% decline in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A1 and A2 to 'BBB-sf' from 'A-sf', class B1 and B2 to 'BBsf' from 'BBB-sf', and class C to 'B-sf' from 'BB-sf'. In its analysis, Fitch considered scenarios relating to borrowings under the VFN. The VFN will not be drawn at inception. Although there are other draw conditions, Fitch views the primary constraint as the 6.50x maximum pro forma senior leverage ratio. At closing of 2025-2, this leverage ratio is at approximately 6.5x. Therefore, to fund the VFN at or near inception, asset contributions generating sufficient net operating income would be required. One scenario applied Fitch NCF, adjusted for revenue growth to reflect a fully funded VFN, and interest-rate stresses to evaluate the impact of higher rates attached to the VFN. The interest rate stress does not result an increased time for the A, B or C notes to pay in full. Sensitivity Regarding VFN Draw Conditions and E-rate Contributions Fitch evaluated a sensitivity to evaluate the degree to which the draw conditions that govern the VFN effectively preserve NCF and the overall quality, in Fitch's estimation, of the securitized assets. Given that asset contributions that represent a 5% increase in NCF for a fiscal year would trigger a rating agency confirmation, Fitch evaluated a scenario in which assets are contributed up to this threshold. In this scenario, Fitch models that only e-rate contracts are contributed to the transaction, on which Fitch has employed a conservative haircut. In this scenario, Fitch increased revenues commensurate with the issuer's NCF margin on gross revenues of 51.7%. It assumed VFN draw permissible given draw conditions (approximately $34 million). In this scenario, Fitch assumed some benefit to economies of scale based on back-up manager Altman's management fee projections. This scenario reflects a 15.1% haircut versus the issuer NCF for this scenario, for which Fitch simply scaled issuer NCF by 5%. Given that Fitch expects that e-rate contracts will only be contributed at an organic growth rate, Fitch considers the lump-sum contribution of 5% to be unlikely; however, the scenario is meant to increase exposure to assets which, in its view, represent a higher degree of uncertainty than average. Rating Impact: The A, B, and C notes are one notch lower versus Fitch's central scenario. Sensitivity Regarding Dish Exposure and Non-renewal Risk Fitch performed a sensitivity to evaluate the impact of non-renewals by Dish/Echostar relating to the pending sale of its Sling TV and Dish TV to AT&T. Dish circuits represent $4.2 million of gross revenues and include only circuits from 2025-1 as 2025-2 circuits were removed given the non-renewal risk. Fitch was informed that the contracts have steep termination penalties, which makes it cost-prohibitive to terminate early. They have a weighted average remaining term of 28 months versus a weighted average original term of 59 months. Total revenue under contractual protection is $9.9 million (assuming contractual make-whole for early termination), which offers some risk mitigation. In this sensitivity, Fitch applies an additional 47.3% haircut to the Dish circuits' annual contractual revenue on top of the central-scenario haircuts. The 47.3% reflects the remaining term as a fraction of the original term, allowing partial credit to the contractual projections while assuming all circuits terminate at the end of their current contracts. In this scenario, FNCF decreases by 1.7%. Rating Impact: The A, B and C notes are one notch lower versus Fitch's central scenario. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Increasing cash flow from rate increases, additional customers, lower expenses or contract amendments could lead to upgrades. A 20% increase in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A1 and A2 to 'Asf' from 'A-sf', class B to 'Asf' from 'BBB-sf', and class C to 'BB+sf' from 'BB-sf'. Upgrades, however, are unlikely given the issuer's ability to issue additional pari passu notes. Also, the senior classes are capped at the 'Asf' category. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. VANKIRK ELECTRIC: Littman Bros Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------------- Littman Bros Energy Supplies, Inc., a major supplier to VanKirk Electric, Inc. and Mon Arc Group, Inc., asked the U.S. Bankruptcy Court for the Middle District of Georgia to appoint a trustee to take over the companies' Chapter 11 cases. In a motion filed in court, Littman's attorney Cameron McCord, Esq., accused the companies of fraud, arguing that this justifies the appointment of an independent trustee. Ms. McCord alleged the companies had forged the signature of one of Littman's executives on a $824,750 check jointly made by LMK CA Construction, LLC to Littman and VanKirk dated April 1, allowing VanKirk to deposit the funds into its account. "To put it bluntly, VanKirk stole money that was supposed to have been paid to Littman. Such fraud and dishonesty require the appointment of a trustee," the attorney said. LMK was the general contractor for The Standard at Los Angeles, a construction project in California. VanKirk served as a subcontractor while Littman acted as its specialty lighting supplier. As of the filing of the motion, Littman had not received payment from VanKirk for the deposit invoice, and the supplier continued to hold materials, for which a deposit had been requested, in a Los Angeles warehouse. As of September, VanKirk owed Littman approximately $1.3 million for materials already delivered. Additionally, Littman was storing around $800,000 worth of materials for ongoing construction projects, for which payment was not yet due, according to Littman's attorney. Ms. McCord also cited the companies' failure to disclose the $12.8 in merchant cash advance transactions to their lender, Fifth Third Bank, when they filed for bankruptcy protection. At the time of the filing, the Debtor only had $1.375 in cash, the attorney pointed out. "These are deeply concerning fact calling into question [VanKirk's] trustworthiness, past and present performance, prospect of rehabilitation, and the creditors and the business community’s confidence in present management and shows that a trustee should be appointed," Ms. McCord said. Ms. McCord may be reached through: Jones & Walden, LLC Cameron M. McCord, Esq. 699 Piedmont Ave. NE Atlanta, Georgia 30308 (404) 564-9300 cmccord@joneswalden.com About Vankirk Electric Vankirk Electric, Inc. is a multi-family housing electrical subcontractor located in Winder, Georgia. Vankirk Electric and Mon Arc Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Lead Case No. 25-30511) on September 19, 2025. At the time of the filing, Vankirk reported between $50 million and $100 million in assets and liabilities while Mon Arc Group reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Austin E. Carter oversees the cases. David L. Bury, Jr., Esq., at Stone & Baxter, LLP, is the Debtors' legal counsel. Fifth Third Bank, N.A., as secured creditor, is represented by: John A. Thomson, Jr., Esq. Adams & Reese, LLP 3455 Peachtree Road, NE, Suite 1750 Atlanta, GA 30326 Telephone: 470-427-3706 Facsimile: 404-500-5975 john.thomson@arlaw.com VG ENTERPRISE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch has assigned first-time Long-Term Issuer Default Ratings (IDRs) of 'BB-' to VG Enterprise Holdings LLC (VGE) and its subsidiary, VoltaGrid LLC, both with Stable Outlooks. Fitch has also assigned a 'BB-' rating to VoltaGrid's proposed senior secured second-lien notes, with a recovery rating of 'RR4'. The ratings reflect VoltaGrid's transformational project to supply onsite power to data centers under a favorable fixed-fee arrangement. Successful completion would materially expand VoltaGrid's scale and improve the business mix, with about 70% of 2028 EBITDA derived from the data center contract with a strong counterparty and no commodity or power market exposure. The underlying technology has proven effective at smaller installations. However, the step change in size and complexity, along with a high reliability requirement, introduces execution and technology performance risk, a key credit concern. Fitch forecasts high leverage of around 7.0x during construction, improving to 5.3x in 2027 and 3.0x in 2028. Key Rating Drivers Transformational Project: VoltaGrid is undertaking a debt-funded $4.7 billion corporate capex program through 2028 to, among other smaller undertakings, build and operate 10 microgrids with a total installed capacity of around 2.3GW, including redundancy. The power generated would help to fulfill VoltaGrid's recently signed power supply contracts with Oracle Corporation (BBB/Stable) for data centers located in Texas. Fitch believes completion of the microgrids will transform VoltaGrid's scale and business mix. Fitch expects about 70% of 2028 EBITDA will be derived from the Oracle contract, compared with the current business mix that primarily comprises shorter-term power contracts and uncontracted, cyclical compressed natural gas (CNG) distribution. Non-data center contracts are mostly over two to five years with moderate renewal risk, albeit with diversified counterparties, over 90% of whom are investment grade. Manageable Project Completion Risk: Fitch assesses that completion risk is manageable as the project is modular, co-located and behind the meter. The project scope is limited to power system design and installation, which reduces permit and construction complexity and offsets VoltaGrid's limited execution record. Fixed-price contracts with proven suppliers, around $500 million of targeted liquidity and in-house capabilities mitigate cost-overrun risk. The short execution period for each project and schedule buffers mitigate time overrun and termination risk. Construction is scheduled for 2025-2027 with phased operations in 2026-2028. Unforeseen environmental, technology, supplier or labor issues could impact execution. Favorable Contractual Provisions: The Oracle contracts, separate for each microgrid, are long-term, fixed-fee and capacity-based with no commodity or power market exposure. Liquidated damages (LDs) are capped per microgrid building and in aggregate. Termination-for-convenience risk is mitigated by guaranteed payments that can cover proposed debt. Force majeure language provides modest coverage for operational disruptions from Texas weather risks. Contract-related disputes are likely to be resolved via litigation, which would be a rating concern. Scaling Risks: VoltaGrid's lack of operating experience with the technology being deployed at the proposed scale and configuration is a key credit concern due to risks of cost overruns, delays or underperformance. The Oracle contract has stringent objectives of 99.9% availability, power quality and load following. Underperformance could trigger LDs and termination. Supply issues, outages and labor availability are also risks. Fitch relied on the draft independent engineer's report from Lummus Consultants to assess VoltaGrid's ability to meet contractual obligations. Risk Mitigants: Mitigants include modular design, the nearly 30% planned redundancy and the ability to isolate each microgrid contractually. In addition, Fitch believes Oracle is unlikely to terminate the contract, given the assets' operational importance. However, Oracle has step-in rights based on threshold LDs and mechanical failures and transfer of ownership with loss of compensation is a risk. Early indications of weakness in technology, or unmitigated operational issues that raise the risk of contract termination could result in multi-notch downgrades. Elevated Leverage During Construction: Fitch estimates VoltaGrid's leverage will remain elevated at around 7.0x during 2025-2026 as it executes a largely debt-funded capex. Fitch expects leverage to subsequently improve to 5.3x in 2027 and 3.0x in 2028 as assets become operational in phases. Management targets 3.0x leverage after all units are operational, below Fitch's current negative thresholds and lender covenants. Concentration Risk: Fitch estimates VoltaGrid's EBITDA to grow from about $189 million in 2024 to about $1.1 billion by 2028 as it executes the Oracle contract, driving positive FCF generation by 2028. However, Fitch expects cash flow to be concentrated, with nearly 70% of EBITDA derived from a single counterparty. A mostly constructive offtake agreement mitigates but does not eliminate this risk. All generation is natural gas-fired, adding to concentration risk, although microgrid emissions regulations are relatively less stringent. Ownership Risks: Fitch views the partial ownership of VoltaGrid by private-equity sponsors, Canadian Pension Fund and Longbow Capital Inc., as a modest constraint, as transparency, governance and value extraction risks could be more pronounced. Fitch believes these risks are tempered somewhat by the absence of targeted dividends and presence of a large public owner, Haliburton Company (20% share). Parent and Subsidiary Linkage: VGE and VoltaGrid have a parent and subsidiary relationship. VGE is the sole financial filer, while VoltaGrid would be the sole issuer of debt. VGE has no material assets or liabilities other than VoltaGrid and there are no material impediments to VGE accessing VoltaGrid's assets. As a result, Fitch has equalized the IDRs of VGE and VoltaGrid. Peer Analysis VoltaGrid is somewhat unique within Fitch's universe, given the technology being deployed for the Oracle project and associated offtake contract. Fitch has compared VoltaGrid to Talen Energy Supply, LLC (BB-/Negative), which recently signed a large data center power supply contract with Amazon Web Services (AWS), and Pattern Energy Operations LP (PEO; BB-/Stable), which also has a large project under way and contracted cash flow. VoltaGrid's Oracle contract is comparable to Talen's in size and tenor, and both are fixed price. Talen will operate a grid-connected nuclear facility that carries some volume risk and exposure to FERC and PJM regulations. Similarly, PEO is contracted but remains exposed to power market dynamics, resource variability and regulatory risks. VoltaGrid's fully contracted behind-the-meter microgrids face minimal regulatory risk and no commodity risk or linkage to power markets. VoltaGrid has related project and contract execution risks, whereas Talen's technological complexity is offset by its strong operating track record. PEO's SunZia wind project also introduces construction risk, but with lower operational risk. PEO expects to derive 50% of EBITDA from SunZia in 2026 after it is fully ramped up, while VoltaGrid expects 70% of EBITDA to come from the Oracle project in 2028, and Talen expects 50% of its gross margins from AWS by 2032. Talen has mostly merchant cash flow in the interim period. Rated on a consolidated basis, Fitch forecasts PEO's FFO leverage to be at low-4x by 2025. Talen's leverage would be higher at 4.8x in 2025 owing to its recent debt-funded acquisitions and share buybacks, driving its Negative Outlook. Fitch expects VoltaGrid's leverage to peak at 7.2x in 2026 but improve to 3.0x by 2028. Key Assumptions - Capex of $4.7 billion through 2028, including the Oracle project as per management estimates - All data center power supply contract terms as indicated by management, including the fee structure, modular nature, CPI escalator, monitored key performance indicators (KPIs), termination events, and the cap on liquidity damages - Construction to be undertaken in 2025-2027 with phased commencement of operations during 2026-2028 - No material changes to the independent engineers' draft report from Lummus Consultants provided to Fitch - About 30% overbuilt capacity to meet the contracted KPI on 99.9% capacity availability. - Continuation of counterparty guarantee for the data center contract - No letters of credit, cash reserve obligations and minimal cash requirements - 70% EBITDA from data center power supply in 2028 - Contract renewal rate of 90% for non-data center power solutions segment. - No other growth projects/capex, with post-project capex of $35 million annually - No forecasted or targeted dividends - Operational expenditure rates per management estimates - Nearly 85% of project build cost secured through fixed-price supplier contracts. - No other operations or debt at VGE RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to successfully execute any of the 10 individual Oracle power supply projects within time and cost estimates - Termination for cause/material changes or enforcement issues pertaining to any of the Oracle contracts - Any early indications of weakness in the deployed technology leading to material asset underperformance or inability to scale up and, ultimately, breach of contract terms - EBITDA leverage exceeding the 7.5x in 2026 and 6.5x in 2027 stated in lender covenants, and inability to subsequently deleverage with Fitch-calculated EBITDA leverage of above 4.5x on a sustained basis after 2027 Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful execution of the Oracle power supply projects within time and cost estimates - Successful operational track record at the Oracle project with no material asset underperformance or related contractual penalties, with EBITDA leverage of 3.5x or below on a sustained basis after 2027 Liquidity and Debt Structure VoltaGrid had a cash balance of $421 million as of June 30, 2025, to be used towards the ongoing capex. A $3 billion asset-backed loan (ABL) facility and proposed $2 billion of secured second-lien notes would replace the current debt facilities of $1.2 billion and also be used towards the capex funding. VoltaGrid targets to maintain $500 million availability in ABL plus cash during the buildout and $1 billion after. Fitch notes that as per the Oracle contract and lender agreements, no cash reserves or LCs are required. Fitch expects the borrowing base under the ABL to increase as the assets under construction, which support the ABL, commence operation in phases. The ABL and notes are expected to have a 2030 maturity. There is no amortization schedule. Refinancing risk is low, as projected cash flow generation should be sufficient to create deleveraging capacity and cover interest obligations. The financial covenants proposed pertain to interest coverage and total leverage, and Fitch expects compliance with these. Its liquidity expectation is supported by VoltaGrid's history of obtaining sponsor equity to fund its previous growth projects and lack of targeted dividends. Issuer Profile VoltaGrid, formed in 2020, is engaged in engineering, procurement, design and operation of modular power solutions for large end users such as data centers, oil & gas customers, utilities, and CNG distribution. Date of Relevant Committee 24-Oct-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 ----------- ------ -------- VG Enterprise Holdings LLC LT IDR BB- New Rating VoltaGrid LLC LT IDR BB- New Rating Senior Secured 2nd Lien LT BB- New Rating RR4 VIRGINIA PARK: Seeks 60-Day Extension of Plan Filing Deadline ------------------------------------------------------------- Virginia Park 1, LLC, and affiliates asked the U.S. Bankruptcy Court for the Eastern District of Michigan to extend its period to file a combined plan and disclosure statement for additional sixty days. The Debtors explain that it is necessary that the Plan Deadline be extended as the companies and City of Detroit (the "City"), and the Detroit Land Bank Authority (the "DBLA" and collectively with the City, the "Detroit Parties") have agreed to mediate disputes, which may have a material impact on the direction of the bankruptcy cases, the Plan as a whole, and the Debtors' efforts to maximize value for all stakeholders. The Debtors claim that adjourning the Plan Deadline will conserve judicial resources and administrative expenses. The Debtors are hopeful that the Detroit Parties and the Debtors will resolve the issues that are the subject of mediation as those issues would otherwise have to be litigated absent a consensual resolution. Accordingly, cause exists for this Court to extend the Plan Deadline and subsequent deadlines in the Scheduling Order by a period no less than sixty days. Counsel to the Debtors: GLENN AGRE BERGMAN & FUENTES, LLP Andrew K. Glenn, Esq. Jed I. Bergman, Esq. Richard Ramirez, Esq. Malak S. Doss, Esq. 1185 Avenue of the Americas 22nd Floor New York, New York 10036 Telephone: (212) 970-1600 Email: aglenn@glennagre.com jbergman@glennagre.com rramirez@glennagre.com mdoss@glennagre.com -and- STEVENSON & BULLOCK, P.L.C. Charles D. Bullock, Esq. Kimberly Bedigian, Esq. Elliot G. Crowder, Esq. 26100 American Drive, Suite 500 Southfield, MI 48034 Phone: (248) 354-7906 Facsimile: (248) 354-7907 Email: cbullock@sbplclaw.com Email: kbedigian@sbplclaw.com Email: ecrowder@sbplclaw.com About Virginia Park 1 LLC Virginia Park 1 LLC provides real estate-related services, including property management and support activities, in connection with properties in Michigan. Virginia Park 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11308) on June 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtors tapped Glenn Agre Bergman & Fuentes LLP as bankruptcy counsel and Stevenson & Bullock, PLC as local counsel. WALKER EDISON: Twin Star Home Buys Co. Out of Bankruptcy -------------------------------------------------------- Spencer Musick of Furniture Today reports that Twin Star Home, a Boca Raton-based furniture manufacturer owned by Z Capital Group, has expanded its portfolio with the acquisition of Walker Edison, a ready-to-assemble furniture company that entered Chapter 11 bankruptcy in Delaware on August 28, 2025. The deal was finalized after Twin Star won a court-approved auction for Walker Edison’s assets, according to the report. According to the company, the acquisition will expand Twin Star's multi-channel retail presence and bolster its product design, sourcing, and distribution networks. Walker Edison will be integrated into Twin Star's operations, merging its e-commerce expertise with Twin Star’s extensive manufacturing base and diverse brand portfolio. Twin Star Home President Todd Outten said the partnership enhances both companies' strengths. "Walker Edison's digital know-how and modern product lineup fit seamlessly with our vision to deliver innovative, affordable home furnishings," Outten said. Walker Edison, founded in 2006 and headquartered in Salt Lake City, is known for offering contemporary and affordable furniture through major e-commerce platforms. Twin Star Home’s portfolio includes major brands such as ClassicFlame, TK Classics, and Tresanti, as well as licensed collaborations with Duraflame, John Deere, and Craftsman, the report states. 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. WELL RUN: Seeks to Hire Heard Ary & Dauro as Bankruptcy Counsel --------------------------------------------------------------- Well Run, LLC, doing business as Just Love Cofffee Cafe, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Heard, Ary & Dauro, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) take necessary action against various creditors, entities, governmental agencies, etc., to enforce the stay and protect the interests of the Debtor; (c) prepare all necessary legal papers; and (d) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Kevin Heard, Attorney $395 Angela Ary, Attorney $350 Mr. Heard disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin D. Heard, Esq. Heard, Ary & Dauro, LLC 303 Williams Avenue, Suite 921 Huntsville, AL 35801 Tel: (256) 535-0817 Email: kheard@heardlaw.com About Well Run LLC Well Run, LLC, doing business as Just Love Coffee Cafe, operates a coffee cafe since 2018. Well Run filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-82131) on October 20, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Linda Gore serves as Subchapter V trustee. Judge Clifton R. Jessup Jr. presides over the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC represents the Debtor as counsel. WELLMADE FLOOR: Levene Neale, et al. Represent Labor Plaintiffs --------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Wellmade Floor Coverings International Inc. and its debtor-affiliates, the law firms Aaron Halegua, PLLC, Radford Scott LLP and Levene, Neale, Bender, Yoo & Golubchik L.L.P. filed with the United States Bankruptcy Court for the Northern District of Georgia, Atlanta Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that the law firms represent a group of labor-related claimants. The claimants are a group of Chinese nationals who were brought to work at a flooring manufacturing factory in Cartersville, Georgia, where, according to the claimants' complaint, they and dozens of other immigrant workers were exploited, underpaid, and subjected to forced labor. Each of the Labor Plaintiffs retained the firms Aaron Halegua and Radford Scott to represent each of them as counsel in connection with various claims as set forth in the complaint against Wellmade Industries MFR. N.A. LLC and Wellmade Floor Coverings International, Inc. as well as against individual defendants, Zhu Chen (a/k/a/ George Chen), Jiayi Chen (a/k/a Morgan Chen), Jian Jun Lu, and Ming Chen (a/k/a/ Allen Chen) on May 27, 2025. Aaron Halegua and Radford Scott retained Levene Neale to assist in the representation of the Labor Plaintiffs on bankruptcy issues in the Debtors' bankruptcy cases. The Labor Plaintiffs worked at the Debtors' factory in Georgia at various dates up to and including 2025. The Plaintiffs were recruited in China for supposed supervisory or trainer roles with promises of free housing and medical care, good working conditions, and help obtaining long-term visas. However, after arriving in the United States, they faced a very different reality. While the Plaintiffs all considered leaving this abusive employment environment, they allege that the Defendants used a series of threats and other tactics to keep them working, including confiscating their passports after they arrived in the United States, and threatening a hefty $30,000 penalty if they did not work the full length of their contracts. The names, addresses, nature, and amount of each disclosable economic interest held by the Labor Plaintiffs in relation to the Debtors, and dates of joining this group of Labor Plaintiffs represented by AH and RS are: 1. Cangen Han May 6, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 2. Yucong Liu May 7, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 3. Yixiang Zhang May 7, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 4. Nan Liu May 8, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 5. Shuai Zhang May 9, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 6. Yao Yan May 20, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 7. Haitao Sun May 5, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 8. Jiansheng Yin July 31, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 9. Shengxiang Yu August 1, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 10. Wen Chen August 20, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 11. Shengda Yu August 20, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 12. Shun Yu August 29, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 13. Shunkui Wang September 9, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 14. Jinchao Si September 9, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 15. Jiagen Yang October 6, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 16. Marianela Pina Yaguari September 29, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 17. Yorman Ojeda Herrera October 1, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury 18. Eglis Almarza Diaz September 29, 2025 Labor claim similar to exemplar in Complaint Unliquidated labor claim to be determined by jury The Labor Plaintiffs' counsel may be reached at: Aaron Halegua, Esq. AARON HALEGUA, PLLC 524 Broadway, 11th Floor New York, NY 10012 Tel: (646) 854-9061 E-mail: ah@aaronhalegua.com - and - Daniel Werner, Esq. Elaine Woo, Esq. RADFORD SCOTT LLP 125 Clairemont Avenue, Suite 380 Decatur, GA 30030 Tel: (404) 400-3600 E-mail: dwerner@radfordscott.com E-mail: ewoo@radfordscott.com - and - John-Patrick M. Fritz, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 E-mail: jpf@lnbyg.com About Wellmade Floor Coverings Wellmade Floor Coverings International Inc. is a manufacturer and distributor of hard-surface flooring products, including bamboo, hardwood, and vinyl. The privately owned company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and a warehouse in Portland, Oregon. A non-debtor affiliate operates in China. The company and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In the petition, it reports estimated assets between $500 million and $100 million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the cases. The Debtors are represented by Greenberg Traurig, LLP. Kurtzman Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims, noticing, solicitation and administrative agent. WEST BRAZOS: Seeks to Extend Plan Exclusivity to February 28, 2026 ------------------------------------------------------------------ West Brazos Stewart Food Markets, LLC and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 28, 2026 and April 29, 2026, respectively. Here, cause exists to extend the Debtors' Exclusive Periods, evident by the listed factors. First, this is the Debtors' first request for an extension, and not a lot of time has elapsed in these chapter 11 cases, less than four months since the Petition Date. Second, the Debtors' chapter 11 cases were filed to sell one of their two real properties or otherwise restructure the underlying real property debt. While the Debtors' real property in Sweeny is listed for sale and the Debtors have received interest from various parties, the Debtors still have not sold their real property. The Debtors need additional time to market and sell their real property. Third, the Debtors have been in discussions with SouthStar to reach an agreement on the SouthStar debt, which will be either through a sale and payoff or else through a restructuring of the debt. The Debtors need additional time for discussions, especially since a sale of the Sweeny property will greatly impact the formulation of a chapter 11 plan and treatment of SouthStar's claim under the plan. Fourth, the Debtors have been making strategic price changes and payroll reductions to increase cash flow. The Debtors have improved their cash position since the Petition Date but need additional time to increase cash flow for chapter 11 plan payments. So far, the Debtors' strategic price adjustments and payroll reductions are working but the Debtors anticipate continued monitoring over the price reductions and possibly additional payroll reductions, both of which require additional time to realize sustained increased cash flow. Finally, the Debtors are not seeking an extension to pressure creditors. The Debtors request a brief extension of the Exclusive Periods not to pressure creditors, but to provide a sufficient, flexible window in which the Debtors can continue their sale process and continue increasing their cash flow. Counsel for the Debtors: Genevieve Graham, Esq. Graham, PLLC 1215 Arthur St. Houston TX 77019 Telephone: (832) 367-5705 Email: ggraham@graham-pllc.com About West Brazos Stewart Food Markets West Brazos Stewart Food Markets, LLC operates a family-owned grocery store that has served Brazoria, Texas, and the surrounding areas since 1975. The store offers baked goods, meats, housewares, beer and wine, frozen foods, and floral items, and provides both in-store shopping and pick-up services. West Brazos Stewart Food Markets and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-80317) on July 11, 2025. In the petitions signed by Verne Dwain Stewart, president, the Debtors disclosed $10 million to $50 million in estimated assets and $1 million to $10 million in estimated liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors tapped Genevieve Graham, Esq., at Graham, PLLC as counsel and Chart Capital Management LLC as financial advisor. WEST CAMPUS: S&P Affirms 'B' Rating 2015 Student Housing Rev. Bond ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B' long-term rating on the New Jersey Economic Development Authority's series 2015 tax-exempt student housing revenue bonds, issued for West Campus Housing LLC (WCH), N.J. The outlook is negative. S&P said, "We believe that, similar to many Northeastern schools, NJCU is affected by changing demographic and population trends, which we view as a social risk that could lead to lower occupancy. Despite the elevated social risks, we view the housing project's environmental and governance risks as neutral factors in our credit rating analysis. "The negative outlook reflects our view of the project's narrow revenue stream and the continued fundamental weakness in the student housing project's occupancy. While the university has provided an operating subsidy that has allowed the project to meet its 1.2x DSC requirement in the past five years, it is unclear if that support will continue with the upcoming merger with Kean University. Without continued support from the university, coverage would not meet the 1.2x requirement, which may trigger an event of default. "We could lower the rating during the next year if there is no additional operating subsidy from the university and continued lower-than-targeted occupancy levels, resulting in DSC below 1x. "While we do not anticipate this, we could revise the outlook to stable if the housing project improves occupancy levels such that DSC consistently improves to a minimum of 1.0x through operating revenue absent continued support from the university. In addition, we could revise the outlook to stable if the university's enrollment and financial situation improve significantly, thereby enabling continuing support of the project." ZEN JV: Court Approves Disclosures, Confirms Liquidation Plan ------------------------------------------------------------- Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware on October 7, 2025, confirmed and approved the Second Amended Combined Disclosure Statement and Joint Chapter 11 Plan of Liquidation of Zen JV, LLC, and its debtor affiliates. All conditions precedent to effectiveness of the Combined Plan and Disclosure Statement have been satisfied and the Debtors have determined that, October 14, 2025, is the Effective Date of the Combined Plan and Disclosure Statement. Claimants asserting claims resulting from the Debtors' rejection of an executory contract or unexpired lease pursuant to the Combined Plan and Disclosure Statement must file Proofs of Claim for damages arising from such rejection by November 13, 2025, at 5:00 p.m. (prevailing Eastern Time). Requests for Administrative Expense Claims must be filed by no later than November 13, 2025, at 5:00 p.m. (prevailing Eastern Time). After the Effective Date, all notices previously provided to the Debtors shall be addressed to the Liquidation Trustee at the following addresses: Steven Balasiano c/o MHR Advisory Group, LLC 6701 Bay Parkway, Suite 300 Brooklyn, New York 11204 Email: steven@mhradvisory.com With copy to: Justin R. Alberto, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 600 Wilmington, Delaware 19801 Tel: (302) 652-3131 Email: jalberto@coleschotz.com About Zen JV LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., is the Debtor's legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by Matthew B. Lunn, Esq., and Robert F. Poppiti, Jr., Esq. of Young Conaway Stargatt & Taylor, LLP, and Robert M. Hirsh, Esq., and James A. Copeland, Esq. of Norton Rose Fulbright US LLP. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. ********* 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. 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