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251104.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 4, 2025, Vol. 29, No. 307 Headlines 3M CO: Continues to Defend PFAS Suits in Manitoba, British Columbia 950 GEARY ST: Court-Ordered Auction Slated for Dec. 17 AB AND J: Gets Final OK to Use Cash Collateral ADDIAN INC: Case Summary & Two Unsecured Creditors ADVANCED REHABILITATION: Ira Bodenstein Named Subchapter V Trustee ALDRICH PUMP: Seven New Asbestos Committee Members Appointed ALL SECURE: James Bailey of Butler Snow Named Subchapter V Trustee ANF MERGECO: Chapter 15 Case Summary ANTONIO MUNOZ: Gets Final OK to Use Cash Collateral ASPIRE LOGISTICS: Christopher Meredith Named Subchapter V Trustee B & B SMITH: Gets Final OK to Use Cash Collateral BEVERLEY'S HOME: Voluntary Chapter 11 Case Summary BOY SCOUTS: Slater Slater Schulman Slams Case Fees Dismissal Bid BRINKER INT'L: Moody's Ups CFR to Ba2 & Sr. Unsecured Notes to Ba3 BROADBAND TELECOM: Final Cash Collateral Hearing Set for Nov. 5 BROKEN VESSEL: To Sell Birmingham Property to Donald Moulton BRONX CAR: Seeks to Hire Delbello Donnellan as Special Counsel BRONX CAR: Seeks to Hire Frances M. Caruso as Bookkeeper BRONX CAR: Seeks to Hire Pick & Zabicki LLP as Legal Counsel BURTON TRANSPORT: Norman Rouse Named Subchapter V Trustee BUTTE PROPERTY: Seeks Chapter 11 Bankruptcy in California BUZZ FINCO: Moody's Affirms 'B1' CFR & Alters Outlook to Negative CDR TRANS: Voluntary Chapter 11 Case Summary CHEZ JOEY: Hires Samuel R. Ingram Esq. as Counsel CK BUILDERS: To Sell San Antonio Property to R. Martinez Sepulveda CM HOLDINGS: Jeanette McPherson Named Subchapter V Trustee COMPLETELY CONCRETE: Cash Collateral Hearing Set for Nov. 4 COOLWOOD LLC: Case Summary & One Unsecured Creditors CSG SYSTEMS: NEC Transaction No Impact on Moody's 'Ba2' CFR D'CASSA LLC: Hires James Schwitalla as Bankruptcy Counsel DAVE & BUSTER: Moody's Cuts CFR to B3 & Alters Outlook to Stable DIVERSIFIED MASONRY: Amends Unsecured Claims Pay Details ECLIPSE FARMINGDALE: Hires Gym Lawyers PLLC as Consultant EEA STERLING: To Sell Condominium to Meng Ting Chiang for $1MM ENKB-MONTICELLO LLC: Hires Restoration Claims as Insurance Adjuster EP GLOBAL: Moody's Affirms 'B3' CFR & Alters Outlook to Negative FIRST BRANDS: Hires Weil Gotshal & Manges as Attorney FIRST BRANDS: Lenders Want Chapter 11 Case Dismissed GENTAL DENTAL: Neema Varghese Named Subchapter V Trustee GIRARDI & KEESE: Ill. Judge Favors 'Clean' Dismissal of Ex-Attys GOBLYN HEAD: Hires Waldron & Schneider PLLC as Counsel GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until Nov. 30 GRMG REAL ESTATE: Seeks Chapter 11 Bankruptcy in Iowa GRMG REAL: Case Summary & 11 Unsecured Creditors GROUP STONE: Case Summary & 20 Largest Unsecured Creditors HADNOT LOGISTICS: Case Summary & 16 Unsecured Creditors HPC VINEBURN: Hires Glaser Weil Fink as Special Counsel HYUNDAE CAPITAL: Voluntary Chapter 11 Case Summary ICTHUS PROPERTIES: Seeks Chapter 7 Bankruptcy in Colorado INDEPENDENT MEDEQUIP: Committee Taps Christian & Small as Counsel JACKS DONUTS: Case Summary & 20 Largest Unsecured Creditors JB GROUP: Committee Hires Jones Walker LLP as Counsel JMKA LLC: Court Extends Cash Collateral Access to Nov. 14 KOLAY FLOORING: Plan Exclusivity Period Extended to Feb. 27, 2026 MCCLENDON & ASSOCIATES: Hires Mickler & Mickler as Legal Counsel MERIDIANLINK INC: Moody's Withdraws 'B2' CFR on Debt Repayment MG510 LLC: Seeks to Hire Mancuso Law P.A. as Legal Counsel MI TIERRA: Case Summary & 14 Unsecured Creditors MONDAK PORTABLE: Court OKs Interim Use of Cash Collateral MOTORMAX FINANCIAL: To Sell Receivables Via Auction NASITRA LLC: Hires Gordian Financial as Accountant NEW GRANT: Hires Quaestor as Management Service Provider NOVA RTP II: Hires George Oliver PLLC as Legal Counsel OFFSHORE SAILING: Court OKs Jeanneau Sailboat Sale to Brian Crotty OFFSHORE SAILING: Life Changer Sailboat Sale to Sail Caribbean OK'd OMNICARE LLC: Hires Williams & Connolly as Special Counsel ORGANON & CO: Moody's Puts 'Ba2' CFR Under Review for Downgrade ORLANDO INTERNATIONAL: Aaron Cohen Named Subchapter V Trustee PAW ORIGINS: Updates Subchapter V Plan Disclosures PET HOTELS: To Sell Corozal Property to Millenium Records PHOENIX AVIATION: Fitch Rates $592MM Secured Loan 'BB-' PING IDENTITY: Moody's Assigns 'B2' CFR, Outlook Stable PODS LLC: Moody's Affirms 'B3' CFR & Alters Outlook to Stable POINT CLEAR: Seeks to Hire Silver Voit Garrett as Counsel PRIMALEND CAPITAL: Case Summary & 30 Largest Unsecured Creditors PRIMALEND CAPITAL: Taps Stretto as Claims and Noticing Agent PROSPECT MEDICAL: To Transfer RI Hospitals to Rhode Island QUILL 115: Unsecureds to Split $975K via Quarterly Payments RAS DATA: Seeks to Extend Plan Exclusivity to March 2, 2026 ROOTED SUMMERVILLE: Unsecureds Will Get 100% over 60 Months ROSSLYN2016 LLC: Hires Joyce W. Lindauer Attorney PLLC as Counsel RYAN LLC: Moody's Rates New Secured First Lien Bank Loans 'B3' SEAMLESS QUALITY: Jerrett McConnell Named Subchapter V Trustee SEQUOIA GROVE: Gets Final OK to Use Cash Collateral SHILO INN NEWPORT: Court OKs Interim Use of Cash Collateral SKYSKOPES INC: Hires Cross Law Firm PLC as Special Counsel SMARTSCIENCE LABORATORIES: Case Summary & 20 Unsecured Creditors TINER EMPREENDIMENTOS: Chapter 15 Case Summary TITAN PURCHASER: Moody's Affirms 'B1' CFR, Outlook Remains Stable TJS INVESTMENT: Seeks Chapter 7 Bankruptcy in Maryland TOLL ROAD II: Fitch Affirms 'B+' Rating on $1.1BB Revenue Bonds TRAID AERO: Linda Leali Named Subchapter V Trustee TRASK RADIO: Seeks Chapter 11 Bankruptcy in New York TRUE MADE: Case Summary & 20 Largest Unsecured Creditors TRY TROUT: Seeks to Hire Cushman & Wakefield as Appraiser TURTLE LANE: Seeks to Hire Coldwell Bank Realty as Broker TWISTED SKY: Case Summary & Eight Unsecured Creditors UMAMAHESH LLC: Seeks Chapter 11 Bankruptcy in Texas USA COMPRESSION: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable VILLAGE OF OAK: Moody's Affirms 'Ba1' Issuer & GOULT Debt Ratings WAYNE LEE: Hires Kutner Brinen Dickey as Legal Counsel WEST RIDGE: U.S. Trustee Unable to Appoint Committee WHITE CAP: Moody's Rates New $50MM Revolving Credit Facility 'B2' WILLIAM CARTER: Moody's Alters Outlook on 'Ba2' CFR to Negative WILLOW CREEK MANOR: Seeks Chapter 11 Bankruptcy in Washington WORLD WIDE INVESTMENT: Claims to be Paid from New Loan Proceeds ********* 3M CO: Continues to Defend PFAS Suits in Manitoba, British Columbia ------------------------------------------------------------------- 3M Co. disclosed in its Form 10-Q Report for the quarterly period ending September 30, 2025 filed with the Securities and Exchange Commission on October 21, 2025, that the Company continues to defend itself from the PFAS water contamination class suits in the Manitoba Court of King's Bench and British Columbia Supreme Court. In August 2024 and August 2025, putative class actions were filed against 3M Canada, 3M Company, and other defendants in the Manitoba Court of King’s Bench and British Columbia Supreme Court on behalf of Indian bands in Canada. The lawsuits seek compensatory and punitive damages and abatement costs for the alleged PFAS contamination of Indian Reserve lands, waters, and other natural resources as well as drinking water. 3M -- http://www.3m.com/-- is an American multinational conglomerate operating in the fields of industry, worker safety, healthcare, and consumer goods.[BN] 950 GEARY ST: Court-Ordered Auction Slated for Dec. 17 ------------------------------------------------------ A court-ordered real estate auction is scheduled for December 17, 2025, for 950 Geary St., in San Francisco, California. This is a 3,900 square feet, two-story retail/bar, formerly the longtime home of the legendary Edinburgh Castle bar in the Tenderloin neighborhood. The Property is previously valued well over $2,000,000. The suggested opening bid is $650,000. On-site inspections from 1:00 to 3:00 p.m., on Nov. 20, Dec. 1 and 11. Rick Levin & Associates, Inc., Tel: 312-440-2000, in conjunction with Tranzon Asset Strategies. AB AND J: Gets Final OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division, entered a final order authorizing AB and J Jewelry to use cash collateral through January 30, 2026. The Debtor may use cash collateral to pay the expenses outlined in the approved cash collateral budget, subject to a 20% variance per line item. As adequate protection, GM Cold and Diamonds, LP and other secured creditors will receive replacement liens on all assets that previously secured their pre-bankruptcy loans and the proceeds thereof. Additionally, GM Cold and Diamonds will receive monthly payment of $2,000. The final order also granted the lenders superpriority administrative expense claims to protect them against any post-petition decrease in the value of their collateral. These claims have priority over all other administrative or unsecured claims in the bankruptcy estate. A copy of the final order and the Debtor's budget is available at https://shorturl.at/LNKdG from PacerMonitor.com. About AB and J Jewelry Inc. AB and J Jewelry, Inc. sold plated and fine jewelry products through a retail store in Ontario, California and via online platforms, offering items such as gold-plated stainless steel chains, silver jewelry, and moissanite pieces. AB and J Jewelry sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15659) on August 12, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Leonard Pena, Esq., at Pena & Soma, APC. ADDIAN INC: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: Addian, Inc. DBA Media Fulfillment 1504 Jade Cove Dr Powder Springs, GA 30127 Business Description: Addian, Inc., doing business as Media Fulfillment, imports and distributes products, including personal protective equipment, to intermediaries and other clients, handling logistics and order fulfillment primarily in the United States. The Company engages with upstream suppliers and provides distribution services through intermediaries and its internal operations. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-62506 Debtor's Counsel: Adam E. Ekbom, Esq. JONES & WALDEN, LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Email: info@joneswalden.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million Thomas Wolworth signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N5WSFYI/Addian_Inc__ganbke-25-62506__0001.0.pdf?mcid=tGE4TAMA ADVANCED REHABILITATION: Ira Bodenstein Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for Advanced Rehabilitation Clinics, Inc. Mr. Bodenstein will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bodenstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Advanced Rehabilitation Clinics Inc. Advanced Rehabilitation Clinics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16498) on October 27, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Penelope N. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. ALDRICH PUMP: Seven New Asbestos Committee Members Appointed ------------------------------------------------------------ The U.S. Bankruptcy Administrator for the Western District of North Carolina appointed seven additional claimants to serve on the official committee of asbestos personal injury claimants in the Chapter 11 cases of Aldrich Pump, LLC and Murray Boiler, LLC. The committee is now composed of: 1. Calvena Sisk c/o Kazan, McClain, Satterley & Greenwood Attn: Steven Kazan 55 Harrison Street, Suite 400 Oakland, CA 94607 skazan@kazanlaw.com 2. Steven Bomzer c/o Weitz & Luxenberg, P.C. Attn: Perry Weitz, Adam Dreksler 700 Broadway New York, NY 10003 adreksler@weitzlux.com 3. Louise Kelly Special Administrator for the Estate of William J. Kelly c/o Cooney & Conway Attn: John D. Cooney, Ryan Linsner 120 N. LaSalle Street, Suite 3000 Chicago, IL 60602 jcooney@cooneyconway.com 4. Marcy Shugg Executrix of the Estate of Lawrence C. Ceresa, Jr. c/o Goldberg Persky White, P.C. Attn: Bruce E. Mattock, Leif Ocheltree 11 Stanwix Street, Suite 1800 Pittsburgh, PA 15222 bmattock@gpwlaw.com 5. Kenneth Ryan Carsey for the benefit of the Estate of Kenneth Lewis Carsey c/o Motley Rice LLC Attn: John A. Baden IV, Andrew Patterson 28 Bridgeside Boulevard Mount Pleasant, SC 29464 jbaden@motleyrice.com 6. Barbara Korte o.b.o. Donald Korte c/o SWMW Law, LLC Attn: Ben Schmickle, Lauren Williams 701 Market Street, Suite 1000 St. Louis, MO 63101 ben@swmwlaw.com 7. Martha Fowles for decedent Jerry Fowles c/o Brayton Purcell, LLP Attn: Bryn Letsch 222 Rush Landing Road Novato, CA 94948 bletsch@braytonlaw.com 8. Lisa Hager c/o Dean Omar Branham Shirley, LLP Attn: J. Bradley Smith 1801 N. Lamar Street, Suite 300 Dallas, TX 75202 bsmith@dobslegal.com 9. Carol Gard, Executrix of the Estate of William Dixon Gard c/o Maune Raichle Hartley French & Mudd, LLC Attn: Marcus Raichle, Chris McKean 1015 Locust Street, Suite 1200 St. Louis, MO 63101 cmckean@mrhfmlaw.com 10. Walter Dale Perkins c/o Simmons Hanly Conroy LLC Attn: Perry J. Browder, Lisa Busch 112 Madison Avenue, 7th Floor New York, NY 10016 lbusch@simmonsfirm.com About Aldrich Pump LLC Aldrich Pump, LLC and Murray Boiler, LLC are subsidiaries of Trane Technologies, a publicly traded company. Trane Technologies is a global climate innovator that brings efficient and sustainable climate solutions to buildings, homes, and transportation. The North American headquarters of Trane Technologies as well as the Debtors are located in Davidson, North Carolina. Aldrich Pump and Murray Boiler sought Chapter 11 protection (Bankr. W.D.N.C. Lead Case No. 20-30608) on June 18, 2020. The Hon. Craig J. Whitley oversees the cases. In the petition signed by Allan Tananbaum, chief legal officer, Aldrich Pump was estimated to have $100 million to $500 million in both assets and liabilities. The Debtors tapped Rayburn Cooper & Durham, P.A. and Jones Day as legal counsel; Bates White, LLC, Evert Weathersby Houff, and K&L Gates, LLP as special counsel; AlixPartners, LLP as financial advisor; and Kurtzman Carson Consultants, LLC as claims and noticing agent. The Office of the U.S. Trustee appointed a committee of asbestos personal injury claimants on July 7, 2020. The committee tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as bankruptcy counsel; Hamilton Stephens Steele + Martin, PLLC as local counsel; Winston & Strawn, LLP as special litigation counsel; FTI Consulting, Inc. as financial advisor; and Legal Analysis Systems, Inc. as asbestos consultant. On October 14, 2020, the court entered the order appointing Joseph W. Grier, III, as legal representative for future asbestos claimants. Mr. Grier tapped Orrick, Herrington & Sutcliffe, LLP and GrierWright Martinez, PA as legal counsel and Ankura Consulting Group, LLC as asbestos claims consultant and financial advisor. ALL SECURE: James Bailey of Butler Snow Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 8 appointed James Bailey, III of Butler Snow, LLP as Subchapter V trustee for All Secure, LLC. Mr. Bailey will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bailey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Bailey III Butler Snow, LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Phone: (901) 680-7347 Email: Jeb.Bailey@butlersnow.com About All Secure LLC All Secure, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25349) on October 19, 2025, with up to $50,000 in assets and liabilities. Judge M Ruthie Hagan presides over the case. Curtis D. Johnson, Jr., Esq., at the Law Office of Johnson and Brown, P.C. represents the Debtor as bankruptcy counsel. ANF MERGECO: Chapter 15 Case Summary ------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- ANF MergeCo Ltd. 25-32482 142 Seafarers Way 2507 George Town Grand Cayman KY1-1104 Cayman Islands AXIA Network Foundation 25-32483 Business Description: AXIA Network Foundation, in official liquidation, is an exempted foundation company incorporated in the Cayman Islands, and its wholly owned subsidiary, ANF MergeCo Ltd., also in official liquidation, is an exempted company under Cayman law. Both entities hold the assets and liabilities of the AXIA Group, a network of 36 affiliated companies focused on developing digital currency, which began winding down operations in early 2023. The Debtors entered official liquidation in the Cayman Islands on April 3, 2025. Chapter 15 Petition Date: October 30, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: TBD Foreign Representatives: Christopher Kennedy and Alexander Lawson Foreign Proceeding: Liquidation proceedings in the Cayman Islands subject to the supervision of the Grand Court of the Cayman Islands under Cause No. FSD2025-0030 (DDJ) and Cause No. FSD2025-0029 (DDJ) Foreign Representatives' Counsel: Toby L. Gerber, Esq. Jason Blanchard, Esq. Michael Berthiaume, Esq. NORTON ROSE FULBRIGHT US LLP 2200 Ross Avenue, Suite 3600 Dallas TX 75201 Tel: (214) 855-8000 Fax: (214) 855-8200 Email: toby.gerber@nortonrosefulbright.com jason.blanchard@nortonrosefulbright.com michael.berthiaume@nortonrosefulbright.com AND Francisco Vazquez, Esq. NORTON ROSE FULBRIGHT US LLP 1301 Avenue of Americas New York, New York 10019 Tel: (212) 408-5100 Fax: (212) 541-5369 Email: francisco.vazquez@nortonrosefulbright.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PBXABHQ/ANF_MergeCo_Ltd__txnbke-25-34282__0001.0.pdf?mcid=tGE4TAMA ANTONIO MUNOZ: Gets Final OK to Use Cash Collateral --------------------------------------------------- Antonio Munoz Aserradero, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Tyler Division, to use the cash collateral of Austin Bank, Texas N.A. The final order authorized the Debtor to use cash collateral according to its budget to fund operations, subject to a 10% variance. Additional use outside these limits requires written consent from the lender. The order prohibits the use of funds for professional fees except from approved retainers. To protect the lender's interests, the Debtor was directed to make payments of $3,425 per month. Austin Bank will also receive replacement liens on the Debtor's post-petition accounts receivable, deposits, and contract rights, with the same validity and priority as its pre-bankruptcy liens. These liens are automatically perfected and enforceable without further filing or notice. The court recognized a carveout for fees payable to the Subchapter V trustee, which will remain effective even if the Debtor's Chapter 11 case is dismissed or converted to Chapter 7. The order allows for future extensions of the Debtor's cash collateral authority through agreed orders accompanied by updated budgets, without the need for additional hearings. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/GCMLO from PacerMonitor.com. Austin Bank, the primary secured creditor, asserts a lien on substantially all business assets of the Debtor, including accounts receivable, inventory, equipment, and general intangibles. The outstanding debt to Austin Bank is approximately $126,095, plus interest and fees. Additional secured claims total around $15,415. As of the petition date, the Debtor held $540 in cash and had $205,006 in current, collectible accounts receivable, all of which constitute cash collateral subject to the lender's lien under 11 U.S.C. Section 363. The Debtor's total non-insider unsecured debt is approximately $2.57 million, the majority of which is attributable to a $1.8 million judgment obtained by Jerry Thomas on October 23, 2024. The Debtor has appealed this judgment, which remains pending in the 12th Court of Appeals. However, the inability to post a supersedeas bond to stay enforcement of the judgment created the risk of a receivership. Consequently, the Debtor filed for Chapter 11 protection to preserve its operations and estate. A motion for relief from the automatic stay has been filed to allow the appeal to proceed. About Antonio Munoz Aserradero LLC Antonio Munoz Aserradero, LLC is a Texas-based company engaged in sawmills and wood preservation activities. Antonio Munoz Aserradero sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-60480) on August 7, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael E. Gazette, Esq., at Law Offices of Michael E. Gazette. ASPIRE LOGISTICS: Christopher Meredith Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Christopher Meredith of Copeland, Cook, Taylor & Bush, P.A. as Subchapter V trustee for Aspire Logistics, Inc. Mr. Meredith will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Meredith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher H. Meredith Copeland, Cook, Taylor & Bush, P.A 600 Concourse, Suite 200 1076 Highland Colony Parkway (Zip—39157) P.O. Box 6020 Ridgeland, MS 39158-6020 Telephone: (601) 856-7200 Facsimile: (601) 856-7626 Email: cmeredith@cctb.com About Aspire Logistics Inc. Based in Belden, Mississippi, Aspire Logistics, Inc. provides logistics and transportation services, operating as a carrier registered with the U.S. Department of Transportation. Aspire Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13607) on October 24, 2025, with $1 million to $10 million in assets and liabilities. Brock White, president of Aspire Logistics, signed the petition. Judge Selene D. Maddox presides over the case. Craig M. Geno, Esq., at the Law Offices of Geno and Steiskal, PLLC represents the Debtor as bankruptcy counsel. B & B SMITH: Gets Final OK to Use Cash Collateral ------------------------------------------------- B & B Smith Construction, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Alabama to use cash collateral to fund operations. The court's final order authorized the Debtor to use cash collateral strictly in accordance with its budget, which may be amended with notice and opportunity for objection. The approved uses include maintaining assets, collecting receivables, and covering budgeted expenses essential to business continuity. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition property of the same type and priority as its pre-bankruptcy collateral. These liens are automatically perfected upon court approval, and attorney fees are exempt from the lien coverage. The order further provides that SBA's liens will not be released until full satisfaction of all obligations and will survive any case dismissal, consolidation, or merger. The SBA's consent to use cash collateral does not waive any existing defaults, and all its rights and remedies remain preserved. About B & B Smith Construction Inc. B & B Smith Construction Inc. serves a diverse client base across Alabama by delivering residential and commercial construction services. Its portfolio covers general contracting, site development, project management, and remodeling projects. B & B Smith Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41227) on September 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge James J. Robinson handles the case. The Debtor is represented by Robert C. Keller, Esq., at Russo, White & Keller. BEVERLEY'S HOME: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Beverley's Home Health Care, LLC 1324 West Clearfield St. Philadelphia, PA 19132 Business Description: Beverley's Home Health Care, LLC provides non-medical in-home support services, including bathing, dressing, hygiene care, and mobility assistance, operating from Philadelphia, Pennsylvania, and is classified under the home health care services industry. Chapter 11 Petition Date: October 30, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-14401 Judge: Hon. Patricia M Mayer Debtor's Counsel: Roger V. Ashodian, Esq. 101 West Chester Pike Suite 1A, Havertown, PA 19083 Tel: (610) 446-6800 Email: ecf@schollashodian.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony D. Beverley as managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor: https://www.pacermonitor.com/view/EP2L2TI/Beverleys_Home_Health_Care_LLC__paebke-25-14401__0001.0.pdf?mcid=tGE4TAMA BOY SCOUTS: Slater Slater Schulman Slams Case Fees Dismissal Bid ---------------------------------------------------------------- Rick Archer of Law360 reports that Mass-tort firm Slater Slater Schulman LLP says a bid to cancel its contingency fee agreements with Boy Scouts of America sexual abuse claimants is nothing more than an unfounded attempt to lure its clients away. In a court filing, the firm accused the attorneys behind the motion of trying to disrupt established representation for their own benefit. The firm emphasized that it has invested significant time and resources into pursuing justice for survivors and that stripping away those agreements would harm clients, not help them. It urged the court to reject the motion and prevent similar tactics from taking hold in other large bankruptcy cases. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRINKER INT'L: Moody's Ups CFR to Ba2 & Sr. Unsecured Notes to Ba3 ------------------------------------------------------------------ Moody's Ratings upgraded Brinker International, Inc.'s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD. In addition, Moody's upgraded Brinker's backed senior unsecured notes rating to Ba3 from B1. Brinker's speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The outlook remains positive. The upgrades reflect Brinker's strong operating performance and cash flow, when coupled with sizeable debt reduction, has resulted in strong credit metrics and very good liquidity. For its fiscal year ended June 2025, Brinker's Moody's adjusted debt/EBITDA fell to around 1.9x and EBIT/Interest increased to over 4.5x. The company has successfully executed upon its three year turnaround plan at Chili's, achieving significant operating improvement. Brinker's same store sales and traffic growth have well outperformed the overall US restaurant industry over the past year despite the difficult consumer spending and higher cost environment. The positive outlook reflects Moody's expectations that Brinker will continue to maintain operating performance as well as credit metrics, as well as very good liquidity, despite the difficult consumer environment and challenging year-over-year performance comparisons. RATINGS RATIONALE Brinker's Ba2 CFR benefits from its high level of brand awareness of its two brands, Chili's and Maggiano's, its significant scale, good product pipeline, technology and operational improvement initiatives that are expected to drive incremental traffic and mitigate cost pressures over the longer term. Improved operating performance over the past two years has led to solid positive free cash flow, debt reduction, and stronger credit metrics. Constraining factors include Brinker's earnings concentration with Chili's, which requires this core brand to generate profitable same restaurant sales trends on a consistent basis. In addition, the ability and willingness of consumers to maintain or increase their spend on food away from home remains a concern given the difficult consumer spending environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require maintaining a balanced growth strategy with consistent positive performance at Chili's, as well as ongoing financial policies that support maintaining solid credit metrics and very good liquidity. Quantitative metrics include Moody's adjusted debt/EBITDA maintained below 3.0x and EBITA/interest over 4.0x. Ratings could be downgraded in the event operating performance materially declines financial policies turn more aggressive, or liquidity materially deteriorates. Quantitative metrics include Moody's adjusted debt/EBITDA sustained above 4.0x and EBITA/interest below 2.75x. Brinker owns, operates and franchises the casual dining concepts Chili's Grill & Bar (Chili's) and Maggiano's Little Italy (Maggiano's). As of June 2025, Brinker had 1,162 company-owned restaurants and 469 franchised restaurants, and revenue approaching $5.4 billion. The principal methodology used in these ratings was Restaurants published in September 2025. Brinker's Ba2 CFR is four notches below its scorecard indicated outcome of Baa1. The CFR is constrained by its single brand concentration with Chili's, the volatility of its earnings, and the need to execute on its turnaround plans for Maggiano's. BROADBAND TELECOM: Final Cash Collateral Hearing Set for Nov. 5 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on November 5 to consider final approval of Broadband Telecom, Inc.'s bid to use cash collateral. Broadband Telecom and its affiliates previously received interim approval to use the cash collateral of secured lenders to pay the expenses set forth in their budget, including up to $1.5 million in vendor payments. The interim order issued on October 15 approved the adequate protection provisions for the lenders, granting them continued liens on the Debtors' assets. The lenders include EAVF.SLF CC Leverage SPV LLC, EAVF/SLF BB Leverage SPV, LLC, and AVF III US Aggregator, L.P. These lenders assert liens on substantially all assets of the Debtors, including cash and other property constituting cash collateral. About Broadband Telecom Inc. Broadband Telecom Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Broadband Telecom Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. The case is jointly administered in Case No. 25-73095. In its petition, Broadband Telecom disclosed estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors represented by Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP. BROKEN VESSEL: To Sell Birmingham Property to Donald Moulton ------------------------------------------------------------ Broken Vessel United Missionary seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The proposed sale is other than in the ordinary course of business. The Property is not all or substantially all of the Debtor's property. The property to be sold is described as follows: Lot 856, according to the survey of Greystone Legacy, 8th Sector, Phase I, as recorded in the Map Book 31, Page 14 A, B and C, in the office of the Judge of Probate of Shelby County. The Debtor wants to sell the Property to Donald Moulton. The property is more commonly known as 1412 Legacy Drive, Birmingham, AL 35242. The sale price is $975,000.00, and is subject to the terms and conditions as set out in the sale Contract. The Liquidating Trustee obtained an appraisal on said property, and the appraiser valued said property at $925,000.00. SouthPoint Bank is the sole mortgage lienholder on said property. The contract was tendered to SouthPoint Bank for its acceptance, and it rejected same. There have been other contracts for the purchase of the property, all tendered to SouthPoint Bank for its acceptance, and it has rejected each and every one of them. Further, the Liquidating Trustee has received the earnest money from Donald Moulton in furtherance of this purchase contract. Said earnest money has not been negotiated by the Trustee, pending resolution of the Motion. The Liquidating Trustee is in favor of the sale of the property to Donald Moulton. At closing, the Debtor and/or Liquidating Trustee will issue a deed to the purchaser. About Broken Vessel United Missionary Full Gospel Baptist Church Broken Vessel United Missionary, Full Gospel Baptist Church, Inc. is a community focused religious organization that offers worship services, prayer meetings, and outreach programs. Broken Vessel United Missionary, Full Gospel Baptist Church sought Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 24-02611) on Aug. 28, 2024. In the petition signed by Donald Moulton, president, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Tamara O. Mitchell oversees the case. Frederick M. Garfield, Esq., serves as the Debtor's counsel. BRONX CAR: Seeks to Hire Delbello Donnellan as Special Counsel -------------------------------------------------------------- Bronx Car Park Systems Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Delbello Donnellan Weingarten Wise & Wiederkehr, LLP as special counsel. The Debtor needs the firm's legal assistance in connection with all legal issues with the renovation and repair works with respect to the garage operated by the Debtor, consisting of seven parking levels and an outdoor parking facilities located at 2425 Sedgewick Avenue, Bronx, New York. The firm will be paid at these rates: Partners $350 to $795 per hour Associates $310 to $545 per hour Paralegals $125 to $225 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Wiederkehr 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: Lee S. Wiederkehr, Esq. DelBello Donnellan Weingarten Wise & Wiederkehr, LLP 360 Hamilton Avenue White Plains, NY 10601 Tel: (914) 681-0200 Fax: (914) 684-0288 About Bronx Car Park Systems Inc. Bronx Car Park Systems, Inc. operates a parking facility at 2425 Sedgwick Avenue in Bronx, New York, providing vehicle storage and management services. Bronx Car Park Systems filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12249) on October 10, 2025, with $422,626 in assets and $1,740,715 in liabilities. Wendy Ull, president of Bronx Car Park Systems, signed the petition. Judge David S. Jones presides over the case. Douglas Pick, Esq., at Pick & Zabicki, LLP represents the Debtor as legal counsel. BRONX CAR: Seeks to Hire Frances M. Caruso as Bookkeeper -------------------------------------------------------- Bronx Car Park Systems Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Frances M. Caruso as bookkeeper. Ms. Caruso will provide these services: a. prepare monthly operating statements and other financial reports or statements required by the Court of the Offices of the U.S. Trustee, the Bankruptcy Code, the Bankruptcy Rule or otherwise deemed to be necessary or beneficial to the Debtor or its estate; and b. render such other financial assistance or services as may be necessary the Chapter 11 case. Ms. Caruso will be paid at her hourly rate of $75 plus out-of-expenses. Ms. Caruso disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The bookkeeper can be reached at: Frances M. Caruso Caruso Accounting LLC Melville, NY 11747 Telephone: (631) 378-3222 About Bronx Car Park Systems Inc. Bronx Car Park Systems, Inc. operates a parking facility at 2425 Sedgwick Avenue in Bronx, New York, providing vehicle storage and management services. Bronx Car Park Systems filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12249) on October 10, 2025, with $422,626 in assets and $1,740,715 in liabilities. Wendy Ull, president of Bronx Car Park Systems, signed the petition. Judge David S. Jones presides over the case. Douglas Pick, Esq., at Pick & Zabicki, LLP represents the Debtor as legal counsel. BRONX CAR: Seeks to Hire Pick & Zabicki LLP as Legal Counsel ------------------------------------------------------------ Bronx Car Park Systems Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Pick & Zabicki LLP as counsel. The firm's services include: (a) advise the Debtor with respect to its rights and duties; (b) assist and advise the Debtor in preparation of its financial statements, schedules of assets ad liabilities, statement of financial affairs and other reports and documentation required pursuant to the bankruptcy code and the bankruptcy rules; (c) represent the Debtor at all hearings and other proceedings relating to its affairs as a Chapter 11 Debtor; (d) prosecute and defend litigated matters that may arise during this Chapter 11 case; (e) assist the Debtor in the formulation and negotiation of a plan of reorganization and all related transactions; (f) assist the Debtor in analyzing the claims of creditors and in negotiating with such creditors; (g) prepare any and all necessary legal papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and (h) perform such other legal services as may be required and deemed to be in the interest of the Debtor in accordance with its powers and duties. The firm's counsel will be paid at these hourly rates: Partners $475 - $565 Associates $250 - $385 Paraprofessionals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $20,000. Mr. Pick disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Douglas J. Pick, Esq. Pick & Zabicki LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Telephone: (212) 695-6000 Email: dpick@picklaw.net About Bronx Car Park Systems Inc. Bronx Car Park Systems, Inc. operates a parking facility at 2425 Sedgwick Avenue in Bronx, New York, providing vehicle storage and management services. Bronx Car Park Systems filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12249) on October 10, 2025, with $422,626 in assets and $1,740,715 in liabilities. Wendy Ull, president of Bronx Car Park Systems, signed the petition. Judge David S. Jones presides over the case. Douglas Pick, Esq., at Pick & Zabicki, LLP represents the Debtor as legal counsel. BURTON TRANSPORT: Norman Rouse Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Norman Rouse as Subchapter V trustee for Burton Transport, Inc. Ms. Rouse will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Rouse declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Norman E. Rouse 5957 Easte 20th Street Jopli, MO 64801 Phone: 417.782.2222 Email: nrouse@cwrcave.com About Burton Transport Inc. Burton Transport, Inc. provides freight transportation services across the United States, hauling a range of cargo including general freight, building materials, metal products, beverages, chemicals, paper goods, and agricultural supplies. The company operates from Mountain View, Missouri, with a fleet of tractors and trailers serving interstate shipping routes. It is registered as an authorized for-hire property carrier under the U.S. Department of Transportation. Burton Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60719) on October 27, 2025, with $1,603,470 in assets and $1,801,184 in liabilities. Lucinda Burton, president of Burton Transport, signed the petition. Judge Brian T. Fenimore presides over the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor as legal counsel. BUTTE PROPERTY: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On October 31, 2025, Butte Property Investment LLC sought Chapter 11 bankruptcy protection in the Eastern District of California. The case shows the company's debts both fall between $100,001 and $1 million. The filing also notes that the firm has between 1 and 49 creditors. About Butte Property Investment LLC Butte Property Investment LLC is a single asset real estate company. Butte Property Investment LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26079) on October 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Joseph Dell Zink, Esq. of Zink & Lenzi. BUZZ FINCO: Moody's Affirms 'B1' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings affirmed Buzz Finco L.L.C.'s (d/b/a "Bumble") B1 corporate family rating, B1-PD probability of default rating, and B1 senior secured bank credit facility rating. The Speculative Grade Liquidity (SGL) rating was downgraded to SGL-2 from SGL-1. The outlook was changed to negative from stable. The change in the outlook to negative reflects Moody's expectations of continuing declines in revenue through 2026 as Bumble undertakes efforts to improve the quality of the user base and the overall customer experience. Leverage is 2.6x, including Moody's standard adjustments or 4.2x, including the $400 million Tax Receivable Agreement (TRA) liability as of LTM Q2 2025. Bumble will continue to generate good free cash flow (FCF), with FCF as a percentage of debt of 27% as of LTM Q2 2025, and maintain a significant cash balance ($262 million as of Q2 2025). However, the $50 million revolver matures in June of 2026 and the term loan B matures in January 2027. The SGL downgrade reflects the approaching maturity of its debt, although Moody's expects Bumble will refinance its debt structure in a timely manner. RATINGS RATIONALE Buzz Finco L.L.C.'s B1 CFR reflects the parent's, Buzz Holdings L.P. (Bumble), leading market positions in the online dating category including the company's Bumble and Badoo dating and social networking apps to find romantic partners as well as other service offerings. Leverage levels are likely to remain below 3x through 2026 despite challenging industry conditions. The company generates strong FCF given the recurring revenue base and modest capital expenditures, which Moody's expects will be used primarily for stock buybacks, debt repayment, or other investments to facilitate growth. Bumble operates in a highly competitive industry, characterized by low entry barriers and many large and small players. The revenue base is relatively modest and the company operates in a narrow service offering. After several years of rapid growth, revenue performance has turned negative and Moody's expects it will continue to decline through 2026. The company is undertaking several initiatives to revive growth but there is a high degree of uncertainty about the timing of a recovery. There is also a significant TRA liability as well as litigation risk that may result in cash outlays for legal costs and unfavorable court rulings and/or settlements. The negative outlook reflects Moody's views that Bumble's online freemium dating model will remain operationally resilient, but organic revenue has turned negative, with YTD revenue decreasing 8% and paying users declining 5% as of Q2 2025. While the company continues to generate robust FCF, revenue trends are expected to remain negative as the company undertakes efforts to improve the quality of the customer base and the user experience. Operating performance has been supported by cost-cutting measures and reduced marketing spend, but these actions are unlikely to be able to offset declines in revenue going forward. Moody's expects the strategy of increasing the user experience to lead to improved operating performance over time, but the timing of a sustained recovery remains uncertain. The SGL-2 liquidity rating reflects a strong liquidity position supported by $262 million of cash on the balance sheet as of Q2 2025 and good projected FCF of approximately $150 million over the next 12-18 months. Bumble has an undrawn $50 million revolving credit facility due June 2026 but the company is likely to extend the maturity of the revolver prior to maturity. Moody's expects excess cash will be used for additional share repurchases ($159 million as of LTM Q2 2025), debt repayment, or to service the $400 million TRA liability. Under the terms of the TRA agreement, the company is required to pay 85% of its realized tax benefits to pre-IPO owners as a result of an increase in tax basis that arose from the sale or exchange of their Common Units in the February 2021 IPO. The term loan is covenant-lite. The revolver contains a Springing Maximum Consolidated First Lien Net Leverage covenant set at 5.75x (as defined) with no step downs that is triggered when more than 35% of the facility is drawn. Moody's expects Bumble will remain within compliance with the covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings could occur if the company increases its scale with a more diversified portfolio of service offerings, and demonstrates consistent organic revenue growth of at least the mid-single digits alongside EBITDA margin expansion. Leverage would need to remain below 3.0x (as calculated by Moody's) and the company would have to have a good liquidity position with FCF as a percentage of debt well above 15%. A downgrade of the ratings could occur if organic revenue is likely to remain negative or if leverage is expected to increase above 4x (as calculated by us) due to market share erosion, consistent declines in monthly active users, or debt-funded equity-friendly transactions. A weakened liquidity position due to a significant decline in FCF or sizable shareholder distributions could also put negative pressure on the ratings. Inability to refinance the debt structure on a timely basis including the $50 million revolving credit facility due in June 2026 and the term loan B due in January 2027 could also lead to negative rating pressure. With headquarters in Austin, Texas and London, UK, Buzz Finco L.L.C. is a subsidiary of Buzz Holdings L.P. (Bumble), a leading provider of online dating and social networking services via its Bumble and Badoo mobile dating apps. In 2020, Blackstone and other investors purchased Bumble in a leveraged buyout valued at roughly $2.9 billion. In 2021, Bumble Inc. completed its IPO. Revenue totaled about $1 billion LTM Q2 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Buzz Finco's B1 rating is two notches below the scorecard-indicated outcome of Ba2. The difference reflects among other factors, the large TRA liability as well as challenging operating performance including declines in revenue and the number of paying users. CDR TRANS: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: CDR Trans, LLC 240A Lawrence Ave. South San Francisco, CA 94080 Business Description: CDR Trans, LLC offers freight transportation services in the U.S., operating trucks to move general goods, with its headquarters in South San Francisco, California. Chapter 11 Petition Date: October 30, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-30895 Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 Email: Farsadlaw1@gmail.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher H. Dela Rosa as CEO. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L35BQ3Q/CDR_Trans_LLC__canbke-25-30895__0001.0.pdf?mcid=tGE4TAMA CHEZ JOEY: Hires Samuel R. Ingram Esq. as Counsel ------------------------------------------------- Chez Joey, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Samuel R. Ingram, Esq. a practicing attorney at Maryland to handle its chapter 11 case. The professional's services include: (1) general advice and counsel concerning the requirements of and compliance with Chapter 11; (2) preparation of any necessary amendments to the debtor’s filings and submissions; (3) representation of the debtor in possession in all contested matters (though certain adversarial proceedings in this Court will require a separate retainer agreement); (4) representation as appropriate in any related matters in other Courts; (5) advice and counsel concerning the structure of a proposed plan and its requirements; (6) advice concerning the feasibility of confirmation of a plan and representation in connection with confirmation process; (7) liaison, consultation, and where appropriate negotiation with creditors and other parties in interest; (8) review of relevant financial information; (9) review of claims to determine which claims are allowable and in what amounts; (10) prosecution of claims as appropriate; (11) representation at section 341 meetings and at any hearings or status conferences in court; and (12) such representations as may be necessary and appropriate in the context of this case. The firm will be paid a flat fee of $2,500. Mr. Ingram 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: Samuel R. Ingram, Esq. 1211 Light St., Ste. 216 Baltimore, MD 21230 Tel: (410) 881-7344 Email: ross.one.law@gmail.com About Chez Joey, LLC Chez Joey LLC is a Baltimore-based nightlife establishment located at 415 E. Baltimore Street. Chez Joey LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17669) on August 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Law Office of Thomas J. Maronick Jr, LLC. CK BUILDERS: To Sell San Antonio Property to R. Martinez Sepulveda ------------------------------------------------------------------ CK Builders LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The asset proposed to be sold is the real property and improvements described as 5403 Copperhead, San Antonio, Texas. The Property is in need of repair. As a result, it is not rented and costing the estate money for insurance, maintenance and taxes, while the condition of the property is deteriorating. The real property is subject to a Deed of Trust lien to Citizens State Bank, which filed a secured Proof of Claim on September 3, 2025 in the amount of $616,744.44. The Bexar Appraisal District values the real property in the following amount - 5403 Copperhead ($61,000) for 2025. The Debtor has been unable to lease the real property due to its declining condition. The real property needs repairs that the Debtor does not have the funds to undertake. The Debtor believes that the proposed sale of the real property to Raul Martinez Sepulveda for the cash sales price of $46,500 represents a fair price for the real property. The sale is a cash sale an not subject to financing requirements. The Debtor has been using its best efforts to sell the real property, which will generate cash to pay down its debt to Citizens State Bank. The sale is scheduled to close on or before November 6, 2025. The Debtor has had several prior offers on the property for lesser amounts - all of those offers failed to close. The Debtor believes that the proposed sale of the real property generates a reasonable value based upon the asset proposed to be sold and its marketability/condition under the circumstances of the case. The purchase is not related to the Debtor. The Debtor will use the sales proceeds to pay down its debt to Citizens State Bank, which will assist the Debtor with confirming its Subchapter V Plan. The Ad valorem taxes to Bexar County will be paid in full from the sales proceeds. About CK Builders LLC CK Builders, LLC provides home improvement and general contracting services in the Pipe Creek and San Antonio areas of Texas. The Company holds a home improvement contractor license and has completed various residential remodeling and repair projects. CK Builders sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51458) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William R. Davis, Jr., at Langley & Banack, Inc. CM HOLDINGS: Jeanette McPherson Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 17 appointed Jeanette McPherson, Esq., at Fox Rothschild, LLP, as Subchapter V trustee for CM Holdings USA, LLC. Ms. McPherson will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McPherson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanette McPherson, Esq. Fox Rothschild, LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Phone: (702) 699-5923 Email: TrusteeJMcPherson@FoxRothschild.com About CM Holdings USA LLC CM Holdings USA LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16352) on October 23, 2025. At the time of the filing, the Debtor reported between $1 million and $10 million in assets and liabilities. COMPLETELY CONCRETE: Cash Collateral Hearing Set for Nov. 4 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, is set to hold a hearing on November 4 to consider another extension of Completely Concrete Structures, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's October 15 interim order expires on November 4. The interim order approved the payment of expenses from the cash collateral in accordance with the Debtor's budget. As adequate protection, the interim order directed the Debtor to pay $1,800 to the Employment Development Department, $2,550 to the U.S. Small Business Administration and $3,000 to the Internal Revenue Service. It also granted secured creditors replacement liens on the Debtor's post-petition assets. About Completely Concrete Structures Completely Concrete Structures Inc., based in Los Angeles, California, provides structural concrete contracting services, specializing in commercial, multi-family, and mixed-use developments. The Company offers expertise in shoring, superstructure construction, and value engineering. Completely Concrete Structures Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18746) on October 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. COOLWOOD LLC: Case Summary & One Unsecured Creditors ---------------------------------------------------- Debtor: Coolwood, LLC 1 Coolwood Dr. Little Rock, AR 72202 Business Description: Coolwood, LLC is a single-asset real estate company that owns, manages, and leases property at 1 Coolwood Drive in Little Rock, Arkansas, and is classified under NAICS code 5311 for Lessors of Real Estate. Chapter 11 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 25-13759 Judge: Hon. Bianca M. Rucker Debtor's Counsel: Cecille Doan, Esq. LAW OFFICES OF CECILLE DOAN, LLC P.O. Box 94432 North Little Rock, AR 72190 E-mail: cecille@cashanddoan.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Earl V. C. as manager. The Debtor listed Brien Huen of P.O. Box 61754, Sunnyvale, CA 94088, as its only unsecured creditor, holding a claim of $48,328. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G5JAQKI/Coolwood_LLC__arebke-25-13759__0001.0.pdf?mcid=tGE4TAMA CSG SYSTEMS: NEC Transaction No Impact on Moody's 'Ba2' CFR ----------------------------------------------------------- Moody's Ratings said that it considers the announced acquisition of CSG Systems International, Inc. ("CSG Systems") by NEC Corporation ("NEC") a positive credit development as CSG Systems will become part of a larger company with greater financial resources. However, Moody's anticipates the rated debts will be repaid upon closing of the purchase and that Moody's will withdraw all ratings at that time. Therefore, the ratings, including the Ba2 corporate family rating and Ba1 senior secured credit facility rating, as well as the stable outlook, remain unchanged at this time. CSG Systems is a provider of revenue management, digital monetization and customer experience software and payment solutions. D'CASSA LLC: Hires James Schwitalla as Bankruptcy Counsel --------------------------------------------------------- D'Cassa, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ The Bankruptcy Law Offices of James Schwitalla, PA as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its financial affairs; (b) advise the Debtor with respect to their responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements, and with the rules of the court; (c) prepare legal papers; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The hourly rates of James Schwitalla, Esq., attorney, and paralegal are $600 and $200, respectively. Prior to the filing of this case, the Debtor paid a retainer in the amount of $10,262 plus an advance of the costs in the amount of $1,738. Mr. Schwitalla 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: James Schwitalla, Esq. The Bankruptcy Law Offices of James Schwitalla, PA Park Place II 12954 SW, 133 Court Miami, FL 33186 Telephone: (305) 278-0811 Email: jws@MiamiBKC.net About D'Cassa, LLC D'Cassa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22119) on October 15, 2025, with $500,001 to $1 million in assets and liabilities. Judge Laurel M. Isicoff presides over the case. James Schwitalla, Esq., represents the Debtor as legal counsel. DAVE & BUSTER: Moody's Cuts CFR to B3 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded Dave & Buster's, Inc.'s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and the backed senior secured first lien bank credit facilities ratings to B3 from B2. The outlook is changed to stable from negative. There is no change to the SGL-3 speculative grade liquidity rating ("SGL"). The downgrade reflects Dave & Buster's weak credit metrics with debt/EBITDA of 5.9x and EBITA/Interest expense of 1.0x for the twelve month period ended August 05, 2025, a deterioration from debt/EBITDA of 5.3x and EBITA/interest expense of 1.3x for the year ended February 04, 2025. Dave and Buster's operating results reflect its weak same store sales trends as the consumers remain cautious in their spending as the company works to improve its execution including its value proposition to consumers and reduce its aggressive capital spending program. Moody's projects EBITA/Interest expense to improve modestly to 1.2x and debt/EBITDA in the mid 5x range over the next 12 months as the company's various initiatives are implemented. RATINGS RATIONALE Dave & Buster's B3 CFR reflects its weak interest coverage, high leverage and negative free cash flow as a result of its elevated capital spend related to new stores and remodels and share repurchases. The company has repurchased over $500 million of shares over the past 2.5 years despite its high capital investments amidst declining revenue and profitability. The company's scale remains low relative to other rated restaurants in terms of systemwide units and revenue. Other challenges include cost inflation and negative same store sales driven by weak consumer traffic. However, Dave & Buster's holds a leading position in the niche food & entertainment industry, enjoys strong brand recognition among customers, good geographic diversity and healthy EBITDA margin. Liquidity is adequate, supported by substantial availability on its revolving credit facility and no near-term debt maturities. The stable outlook reflects Moody's expectations that the company's growth capital spend will be measured and without material reliance on external borrowing. Moody's also expects credit metrics will improve and the company will return to positive free cash flow generation as the company maintains at least adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if leverage was sustained below 5.5x with EBITA/interest coverage near 1.75x. An upgrade would also require an improvement in credit metrics including sustained positive same store sales and earnings growth, conservative financial policies, maintenance of at least good liquidity and consistent positive free cash flow. Ratings could be downgraded if negative same store sales persist and earnings deteriorate resulting in debt/EBITDA sustained above 6.75x or EBITA/interest coverage is maintained below 1.25x. Ratings could also be downgraded if liquidity weakens, including negative free cash flow, or if the company pursues aggressive financial strategies, including shareholder distributions. Headquartered in Dallas, Texas, Dave & Buster's, Inc. is a leading owner and operator of large format, high volume specialty restaurant entertainment complexes. For the twelve-month period ended August 05, 2025, the company owned and operated 237 locations in the US and Canada with revenue of $2.1 billion. Dave & Buster's is listed on the NASDAQ exchange under "PLAY". The principal methodology used in these ratings was Restaurants published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. DIVERSIFIED MASONRY: Amends Unsecured Claims Pay Details -------------------------------------------------------- Diversified Masonry, LLC submitted a Modified Amended Plan of Reorganization and Disclosure Statement dated October 24, 2025. On the Effective Date, the Debtor shall establish the Plan Payment Fund from which all Unsecured Claims will be paid. This date is projected to be December 1, 2025. Class 4 shall include the Disputed, Contingent and Unliquidated Claims of Catamount. To the extent that Class 4 claims are Allowed Claims, the Class 4 creditors shall each be paid their pro rata share of the Plan Payment Fund along with the Class 5 Allowed Claims. Catamount filed Proof of Claim No. 29 alleged to be secured in the amount of $147,335.87, representing amounts owed and due to the Debtor for work performed on a separate and distinct project. This claim was further subject to litigation before this Court and state courts. The parties reached Court approved a settlement agreement whereby Catamount shall have an Allowed Claim in the amount of $307,403.13. To the extent any Class 4 Claims are Allowed Unsecured Claims, Class 4 creditors shall each be paid their pro rata share of the Plan Payment Fund along with the Class 5. Debtor will maintain a reserve for any amounts, if necessary. Class 5 consists of Allowed General Unsecured Claims against the Debtor. Class 5 unsecured creditors with Allowed Claims will receive Pro Rata distributions from the Plan Payment Fund once all Allowed Claims are determined. Class 5 is Impaired under the Plan. The Debtor estimates that General Unsecured Claims will receive between $61,952.20 and $599,544.51 depending on the outcome of disputed Claims in Class 4 and 5, recovery in pending state court litigation, avoidance of recovery actions, and total Administrative Expenses. The Debtor's Summary of Assets and Liabilities lists a total of $1,089,029.11 in nonpriority amounts of unsecured claims. Accordingly, this Plan proposes a distribution ranging from 5.69% to 55.05% to General Unsecured Claims. On the Effective Date, the Debtor shall establish the Plan Payment Fund from which all Unsecured Claims will be paid. This date is projected to be December 1, 2025. The Debtor shall make periodic payments following the Effective Date from the sale of the assets. The Debtor estimates that the fair market value for these assets totals approximately $125,741.00. Through this Plan, the Debtor seeks authorization to sell the assets for at least 85% of the estimated Fair Market Value. The Debtor will wind up operations and finalize its remaining jobs generating net income. The Debtor anticipates that these jobs will be completed as of August 2026 and provide net funds in the amount of at least $39,002.00. Though the Debtor initially anticipated completing jobs by August 2025, it has continued servicing jobs and its business pending Plan confirmation to fund the Plan. Any funds remaining from these jobs, not used in the winddown and final operations of the business, will be used to pay claims in accordance with this Plan, specifically any Administrative Expenses, Priority Claims, and Allowed Claims. Because the Debtor's work on the aforementioned jobs has continued, the Debtor has not yet sold the assets it uses to service these jobs. The Debtor will also use any Reserve Cash held on the Effective Date to fund the Plan. The Debtor currently holds a total of $20,235.05 combined between its accounts as of September 30, 2025. The Debtor maintains two debtor-in-possession accounts, one with PNC Bank and one with Solera National Bank. Following the initial filing, the Debtor conferred with the U.S. Trustee's office and obtained that office's approval to maintain its Solera National Bank account to avoid interruptions with its ongoing revenue and retention, so long as such account remained under a $250,000.00 balance. Maintaining the Solera National Bank account not only prevented interruptions in the Debtor's business, it also yielded interest at approximately 6% per annum, which will benefit creditors of the Estate by increasing the Debtor's Reserve Cash on the Effective Date. A full-text copy of the Modified Amended Plan of Reorganization dated October 24, 2025 is available at https://urlcurt.com/u?l=xxmajW from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com About Diversified Masonry The Debtor manufactures commercial and residential stone, stucco, brick and block for national builders, local municipalities and residential clients. Diversified Masonry, LLC in Denver, CO, filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-11578) on April 3, 2024, listing $1,983,868 in assets and $2,685,778 in liabilities. Dev Mahanti as manager/member, signed the petition. Judge Thomas B. Mcnamara oversees the case. Allen Vellone Wolf Helfrich & Factor P.C. serve as the Debtor's legal counsel. ECLIPSE FARMINGDALE: Hires Gym Lawyers PLLC as Consultant --------------------------------------------------------- Eclipse Farmingdale, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Gym Lawyers, PLLC as consultant. a. advise the Debtor through the due diligence process of preparing to sell its asset a one (1) gym fitness facility in Farmingdale, New York, to PureGym through the Anticipated Sale; b. consult with the Debtor on purchase agreements and ancillary documents related to the Anticipated Sale; and c. assist with preparing the sale for closing on the Anticipated Sale. The firm will be paid a flat rate of $6,500, with one-half paid up front in October 2025, and the remaining balance paid in November 2025. Mr. Becker 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: Matthew E. Becker, Esq. Gym Lawyers, PLLC 304 Ross St. Pittsburgh, PA 15219 Tel: (412) 443-1396 Email: matt@gymlawyers.com About Eclipse Farmingdale, LLC Eclipse Farmingdale LLC -- https://www.locations.blinkfitness.com/ -- doing business as Blink Fitness Farmingdale, is a gym operator. Eclipse Farmingdale LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73019) on Aug. 1, 2024. In the petition filed by Eric Purther, as managing member, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Alan S. Trust oversees the case. The Debtor is represented by Joseph Shapiro, Esq. at Middlebrooks Shapiro, P.C. EEA STERLING: To Sell Condominium to Meng Ting Chiang for $1MM -------------------------------------------------------------- EEA Sterling Fund Ltd. seeks permission from the U.S. Bankruptcy Court for the Southern District of New York to cancel the previously approved sale of condominium apartment located at 325 Fifth Avenue, New York, Unit 17G and to sell the Unit to a new purchaser, free and clear of liens, claims, taxes, and non-permitted encumbrances. The Debtor commenced the adversary proceeding to compel a closing on a pre-petition contract to sell the Unit to Alex Duho Lee (Defendant). While the parties still disagree as to their respective rights and remedies, the ultimate resolution of the dispute has potentially become less complicated, as a new purchaser has been identified and a new contract for the sale of the Unit has been executed between the Debtor and Meng Ting Chiang (New Purchaser). The Debtor engaged in a substantial marketing campaign to sell the Unit, and on June 1, 2023, the Debtor received and executed contract from the Defendant for the purchase of the Unit for a purchase price of $1,030,000, with a $103,000 down payment. After disputes over the potential defects in the title arose on October 12, 2023, the Defendant commenced an action in Supreme Court, New York, seeking inter alia return of the Contract Deposit. Thereafter, the Debtor sought to close on the First Contract, and, since the purchase price under the First Contract reflected fair market value, and exceeded the lien asserted by Well Fargo Bank, National Association as successor in the interest to HSBC Mortgage Corporation (USA) in the total aggregate principal amount of $720,350, the Debtor sought approval to consummate a private sale to the Defendant pursuant to the First Contract. The Debtor filed a series of motions to clear the purported title issues to enable it to close on the sale. In recent days, the Debtor has negotiated an executed a contract with the New Purchase to sell the Unit for a purchase price of $1,050,000 (Second Contract). With the identification of New Purchaser, the Debtor will be able to sell the Unit and pay unsecured creditors under its confirmed Plan, leaving only the issue of entitlement to the Contract Deposit to be resolved, either through negotiation or final determination by the Court. The Debtor is proceeding with the private sale of the Unit. The purchase price of $1,050,000 is slightly higher than the purchase price set in the First Contract and is believed to constitute fair market value. There are no secured creditors asserting a lien against the Unit. However, the Defendant has filed the Lis Pendens, which is an impediment to closing on the sale to the New Purchaser. Since both the Debtor and the Defendant seek to terminate the First contract, there is no legal basis for the continuation of the Lis Pendens. About EEA Sterling Fund EEA Sterling Fund Ltd. owns two condominium apartments located at 325 Fifth Avenue, New York, Units 11G and 17G. EEA sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-22781) on Oct. 23, 2023. In the petition signed by Chana Goldman, authorized representative, the Debtor disclosed $2,222,000 in total assets and $1,391,267 in total liabilities. Judge Sean H. Lane oversees the case. J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein LLP is the Debtor's counsel. ENKB-MONTICELLO LLC: Hires Restoration Claims as Insurance Adjuster ------------------------------------------------------------------- ENKB-Monticello, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Zerubbabel Wotila of Restoration Claims, LLC as insurance adjuster. The firm will assist the Debtors in calculating damages and presenting property insurance claims for hail, wind and storm damage that occurred at the from January 1, 2023, to August 1, 2025, to these properties: -- ENKB – Monticello Apartments, 8600 Woodway Dr., Houston Texas 77063; -- La Plaza - La Plaza Apartments, 5909 Glenmont Dr., Houston, Texas 77081; -- Mar de Sol - Mar de Sol Apartments, 9303 Woodfair Dr., Houston, Texas 77036; -- TX Nueva - TX Nueva Apartments, 5300 W. Gulf Bank Rd., Houston, Texas 77088; -- Verenda – Verenda Village Apartments, 3635 S. Shaver St., Pasadena, Texas 77504. The firm will be paid a commission of 10 percent of the total claim proceeds. As 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: Zerubbabel Wotila Restoration Claims, LLC 16218 County Road 1113 Flint, TX 75762 About ENKB-Monticello, LLC ENKB-Monticello, LLC and affiliates own and operate multifamily residential properties in Texas, including Monticello Apartments, La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva Apartments. The Debtors provide rental housing across their respective communities and are managed as part of a real estate investment portfolio based in Houston, Texas. ENKB-Monticello and affiliates, La Plaza 2022, LLC, Mar De Sol 2021, LLC, TX Nueva 2021, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-80418) on September 7, 2025. In its petition, ENKB-Monticello reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. EP GLOBAL: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ---------------------------------------------------------------- Moody's Ratings affirmed EP Global Production Solutions, LLC's (Entertainment Partners) B3 corporate family rating and B3-PD probability of default rating. Moody's also downgraded its subsidiary EP Purchaser, LLC's backed senior secured first-lien term loan and revolving credit facility ratings to B3 from B2 due to the repayment of the second-lien term loan that was previously providing first loss support to the first-lien facilities. The outlook for both issuers has been changed to negative from stable. The change in outlook to negative reflects the company's continued weak operating performance and extremely high debt/EBITDA leverage of over 8x as of the quarter ended June 30, 2025. Moody's calculations of leverage does not give full consideration to the add-backs related to the cost restructuring programs and other costs, instead preferring to see the effects of the restructuring programs reflected in reported EBITDA over the next 12-18 months. Moody's expects gross wages to grow in the low single-digit area, however it will be insufficient to lower leverage meaningfully, and the revenue trajectory remains uncertain following recent steep declines. The outlook change also reflects risks related to diminished liquidity as the company's revolving credit facility matures in November 2026. The rating action also reflects Moody's expectations that the company will refinance its revolving credit facility shortly, a delay in the extension of the facility's maturity would further deteriorate liquidity and pressure the ratings RATINGS RATIONALE The B3 CFR reflects the narrow scope of the company's services, which is concentrated solely in the content production industry within the entertainment sector. There is customer concentration and revenue is highly concentrated within a few large media and entertainment companies with approximately 50% of billings coming from six customers. Consolidation within the media industry would further increase concentration. Earnings in Entertainment Partners' largest segment, Payroll Services, are dependent on the number of people that are employed by the company's clients as well as the overall volume of gross wages. Since the end of the 2023 strikes, production activity and volume of gross wages have not returned to levels seen in 2021 and Moody's do not expect production activity to return to such levels in the next 12-18 months. The large proportion of employees whose payroll the company processes that belong to a union or guild exposes the company to work stoppages and is a human capital risk. This risk of stalled work related to contract renegotiations will be a potential issue given the history of such events in the media industry. Thus, Moody's considers the social risk for the company to be very high. The rating is supported by Entertainment Partners' position in the market, including a strong track record and tenured relationships with the largest content producers in the entertainment sector. The company provides services to the largest studios and over-the-top producers of on-demand content. Entertainment Partners is one of the two largest payroll and ancillary service providers in the industry. The company's strong position in the sector is supported by the complexity of labor arrangements that characterizes the media production industry, reporting and compliance requirements across jurisdictions, and the management of scheduling and accounting needs of different studios. Entertainment Partners' proprietary software platforms are integrated at the studio level and are thus entrenched into the processes of the projects, which makes switching onerous for customers. Entertainment Partners' first-lien bank credit facilities (consisting of a $110 million revolver expiring in 2026 and a $1,130 million term loan due 2028) are rated B3, the same as the B3 CFR. The elimination of a two class debt structure as a result of the repayment of the $200 million senior secured second lien term loan due 2029 also removes any support that the first-lien facilities were receiving prior to the repayment. The first-lien credit facilities are secured by first priority (subject to certain exceptions) liens and security interests in substantially all assets of the borrower and guarantors. The guarantors include all current and future direct and indirect domestic restricted subsidiaries of the borrower and the immediate parent of the borrower. Moody's views Entertainment Partners' liquidity to be weak. Moody's expects free cash flow to be negative over the next several quarters due to weak earnings growth and cash costs including a high interest burden and capex needs. There will also be costs related to the restructuring program. The company has a $110 million revolving credit facility that was undrawn as of the end of June 2025 and Moody's expects it will remain undrawn. The revolver matures in November 2026 and is thus not considered as a source of liquidity since it will be current soon. The company had around $219 million of cash on the balance sheet as of June 30, 2025, but Moody's considers most of the balance as constituting payroll float cash and working capital cash rather than cash for corporate purposes. In addition a portion of that cash on hand was used to repay the second-lien and a small amount of first-lien term loans. There is one financial maintenance covenant, applicable to the revolver only, that springs when revolver borrowings exceed 35% of commitments where the company will have to maintain first-lien net leverage of 7.85x or below. The negative outlook reflects Moody's expectations for gross wages and revenue to grow in the low single-digit area over the next 12-18 months, but debt/EBITDA will remain above 8x. Free cash flow will be negative. The negative outlook also reflects uncertainty around Moody's growth and margin expectations given recent declining revenue trends and the sizeable restructuring program that the company expects to execute over the next few months. The outlook could be change to stable if revenue grows more than expected and leverage declines, and if the company is successful in extending the revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, a ratings upgrade is unlikely. Over time, the ratings could be upgraded if: (1) the company exhibits sustained revenue growth that leads to increased scale and maintains strong profitability, (2) the company maintains more conservative financial policies such that Moody's-adjusted debt/EBITDA is sustained around 5.5x or lower, and (3) EBITA to interest expense is sustained above 1.75x. The ratings could be downgraded if: (1) revenue or EBITDA contracts materially from current levels due to declining production volumes in the industry, loss of customers or market share, (2) free cash flow is expected to remain negative, (3) debt/EBITDA is sustained above 8.0x, (4) EBITA to interest expense declines below 1.0x, or (5) the company is unable to extend the revolver and liquidity continues to deteriorate. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Burbank, California and controlled by affiliates of financial sponsor TPG Capital Partners since 2019, Entertainment Partners provides production and workforce management solutions to producers of content in the entertainment industry. Entertainment Partners generated revenue of around $367 million for the last twelve months ended June 30, 2025. FIRST BRANDS: Hires Weil Gotshal & Manges as Attorney ----------------------------------------------------- First Brands Group, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Weil, Gotshal & Manges LLP as attorneys. The firm will provide these services: a. take all necessary action to protect and preserve the value of the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved and the preparation of objections to claims filed against the Debtors' estates; b. prepare on behalf of the Debtors, as debtors in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; c. take all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; and d. perform all other necessary legal services in connection with the prosecution of these chapter 11 cases.The firm will be paid at these rates: The firm will be paid at these rates: Partners and Counsels $1,725 to $2,575 per hour Associates $890 to $1,560 per hour Paraprofessionals $375 to $630 per hour During the 90 days prior to the Petition Date, Weil received payments and advances in the aggregate amount of $9,036,921.12 for professional services performed and to be performed, including the commencement and prosecution of these chapter 11 cases. Weil has a remaining credit balance in favor of the Debtors for professional services performed and to be performed, and expenses incurred and to be incurred, in connection with these chapter 11 cases in the amount of $69.68. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response to the request for additional information set forth in Appendix B, Paragraph D.1 of the Fee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Weil represented the Debtors since August 5, 2025. The application discloses the billing rates used by Weil from January 1, 2025 through the Petition Date, which are subject to annual adjustment. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Weil is developing a prospective budget and staffing plan for these chapter 11 cases. Weil and the Debtors will review such budget following the close of the budget period to determine a budget for the following period. Mr. Barr 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: Matthew S. Barr, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Matthew R. Bentley, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 E-mail: Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com - and - Eric J. Fromme, Esq. 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Tel: (213) 629-7400 E-mail: Eric.Fromme@afslaw.com FIRST BRANDS: Lenders Want Chapter 11 Case Dismissed ---------------------------------------------------- Ben Zigterman of Law360 reports that lenders to several special purpose vehicles associated with First Brands Group urged a Texas bankruptcy court to either dismiss the SPVs' Chapter 11 cases or name a trustee to oversee them. The lenders contend that the entities' management was unlawfully replaced and that their funds were supposed to remain distinct from First Brands' property. They further argued that the Chapter 11 filings were improperly used to consolidate assets and limit creditor recovery. The lenders said a trustee should be appointed to restore independence to the SPVs and prevent any misuse of funds. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' claims agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. GENTAL DENTAL: Neema Varghese Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Gental Dental of Island Lake Ltd. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Gental Dental of Island Lake Ltd. Gental Dental of Island Lake Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16544) on October 28, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Michael B. Slade presides over the case. James A. Young, Esq., represents the Debtor as legal counsel. GIRARDI & KEESE: Ill. Judge Favors 'Clean' Dismissal of Ex-Attys ---------------------------------------------------------------- Lauraann Wood of Law360 reports that on October 31, 2025, U.S. District Judge Matthew F. Kennelly told Edelson PC to either proceed with a straightforward dismissal of its conversion suit against two ex-Girardi Keese attorneys or justify its attempt to attach side agreements to the filing. The judge emphasized that any dismissal must be “clean” unless Edelson can cite legal precedent allowing additional terms, according to the report. Edelson's lawsuit seeks to recover funds tied to the Girardi Keese firm's alleged misuse of Lion Air settlement money. The firm has been pursuing accountability from former Girardi Keese attorneys since the firm's collapse amid widespread accusations of client fund mismanagement. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GOBLYN HEAD: Hires Waldron & Schneider PLLC as Counsel ------------------------------------------------------ Goblyn Head Press, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Waldron & Schneider, PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its rights, duties and powers in this case; (b) assist and advise the Debtor in the administration of this case; (c) assist the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; (d) assist the Debtor in the analysis of and negotiations with any third-party concerning matters relating to, among other things, the terms of plans of reorganization; (e) represent the Debtor 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 Debtor as to their propriety; (g) assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and (h) perform such other legal services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Attorneys $250 to $475 per hour Paraprofessionals $195 to $200 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Waldron & Schneider 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: Kimberly A. Bartley, Esq. Waldron & Schneider, PLLC 15150 Middlebrook Drive Houston, Texas 77058 Telephone: (281) 488-4438 Facsimile: (281) 488-4597 E-mail: kbartley@ws-law.com About Goblyn Head Press, Inc. Goblyn Head Press, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80471) on September 30, 2025, with up to $50,000 in assets and liabilities. Judge Alfredo R. Perez presides over the case. Kimberly Anne Bartley, Esq., at Waldron & Schneider, L.L.P. represents the Debtor as legal counsel. GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until Nov. 30 ------------------------------------------------------------------- Daniel Stermer, the Chapter 11 trustee for Green Terrace Condominium Association, Inc., received third interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court's third interim order authorized the trustee to use cash collateral from June 18 to November 30 in accordance with the budget. The trustee may use the cash on hand to pay operating expenses as set forth in the budget, subject to a 10% variance. The trustee was directed to set aside within a segregated account the amount of $7,500 each month as adequate protection for the liens held by Boken Lending II, formerly BOK Lending, LLC. The next hearing is set for November 12. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fjaFx from PacerMonitor.com. About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A. GRMG REAL ESTATE: Seeks Chapter 11 Bankruptcy in Iowa ----------------------------------------------------- GRMG Real Estate LLP filed for Chapter 11 bankruptcy in the Northern District of Iowa on October 30, 2025. The voluntary petition lists liabilities estimated between $10 million and $50 million. The company reports having between one and 49 creditors. About GRMG Real Estate LLP GRMG Real Estate LLP operates in the real estate industry. GRMG Real Estate LLPsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Iowa Case No. 25-01208) on October 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Thad J. Collins handles the case. The Debtor is represented by Jaden Glen Banks of Nyemaster Goode, P.C. GRMG REAL: Case Summary & 11 Unsecured Creditors ------------------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- GRMG Real Estate L.L.P. (Lead) 25-01208 T.S.D. Building Partnership, L.L.P. 1515 Delhi Street, Ste. 100 Dubuque, IA 52001 DMB-GRMG Medical Building Investment, LLC 25-01207 1515 Delhi Street, Ste 100 Dubuque, IA 52001 Business Description: DMB-GRMG Medical Building Investment, LLC and GRMG Real Estate L.L.P. own and manage medical office real estate in Dubuque, Iowa, with their principal office at 1515 Delhi Street, Ste. 100, and are jointly owned by a group of physician investors, each holding equal membership or partnership interests, operating under NAICS 5311 for lessors of real estate. Chapter 11 Petition Date: October 30, 2025 Court: United States Bankruptcy Court Northern District of Iowa Debtors' Counsel: Roy Leaf, Esq. NYEMASTER GOODE, P.C. 625 1st St SE #400 Cedar Rapids, IA 52401 Tel: (319) 286-7002 Email: Rleaf@nyemaster.com DMB-GRMG Medical's Estimated Assets: $1 million to $10 million DMB-GRMG Medical's Estimated Liabilities: $1 million to $10 million GRMG Real Estate L.L.P.'s Estimated Assets: $10 million to $50 million GRMG Real Estate L.L.P.'s Estimated Liabilities: $10 million to $50 million The petitions were signed by Dr. Ronald Iverson as president of DMB-GRMG Medical and authorized partner of GRMG Real Estate L.L.P. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/4TN5BKA/DMB-GRMG_Medical_Building_Investment__ianbke-25-01207__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XD3KKTA/GRMG_Real_Estate_LLP__ianbke-25-01208__0001.0.pdf?mcid=tGE4TAMA List of GRMG Real Estate L.L.P.'s 11 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Alliant Energy Electricity $0 PO Box 3060 Cedar Rapids, IA 52406 2. City Utilities of Utilities $0 Richland Center 450 S. Main Street PO Box 312 Richland Center, WI 53581 3. Alliant Energy - Platteville Electricity $0 PO Box 3062 Cedar Rapids, IA 52406 4. City of Dubuque Water/Sewer $0 50 W 13th Street PO Box 1063 Dubuque, IA 52001 5. City of Manchester Water/Sewer $0 208 E Main Street Manchester, IA 52027 6. City of Platteville Water/Sewer $0 75 North Bonson Street PO Box 780 Platteville, WI 53818 7. Black Hills Energy Gas $0 PO Box 7966 Carol Stream, IL 60197 8. We Energy Gas $0 PO Box 6042 Carol Stream, IL 60197 9. Dr. Mark O. Liaboe Promissory Note $156,713 20922 Country Squire Ln Dubuque, IA 52001 10. Dr. Randall Lengeling Promissory Note $158,126 1165 Arrowhead Drive Dubuque, IA 52003 11. Dittmer Recycling Recycling/Trash $0 1755 Radford Road Dubuque, IA 52002 GROUP STONE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Group Stone Investment Inc 912 Nova Road Ormond Beach, FL 32174 Business Description: Group Stone Investment Inc., based in Ormond Beach, Florida, distributes natural and engineered stone products, including marble, granite, quartz, and quartzite. The Company imports stone slabs internationally and supplies materials for construction and renovation projects through regional warehouse and distribution operations. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-06982 Debtor's Counsel: Jesus Santiago, Esq. JESUS SANTIAGO 14100 Palmetto Frontage Road Suite 370 Miami Lakes, FL 33016 Tel: (305) 898-7148 E-mail: jesus@dasa.law Total Assets: $582,418 Total Liabilities: $2,286,228 The petition was signed by Cesidio Tata as CEO. 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/GKJIHXY/Group_Stone_Investment_Inc__flmbke-25-06982__0001.0.pdf?mcid=tGE4TAMA HADNOT LOGISTICS: Case Summary & 16 Unsecured Creditors ------------------------------------------------------- Debtor: Hadnot Logistics, LLC a/k/a Hadnot Logistics 519 E Interstate 30, Suite 1001 Rockwall, TX 75087-5408 Business Description: Hadnot Logistics, LLC transports heavy and oversized machinery across the southern and southeastern region of the United States. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34270 Judge: Hon. Scott W Everett Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Total Assets: $11,694 Total Debts: $1,116,644 The petition was signed by Maurita Hadnot as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BBSE3IQ/HADNOT_LOGISTICS_LLC__txnbke-25-34270__0001.0.pdf?mcid=tGE4TAMA HPC VINEBURN: Hires Glaser Weil Fink as Special Counsel ------------------------------------------------------- HPC Vineburn, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Glaser Weil Fink Howard Jordan & Shapiro, LLP as special counsel. The firm's services include: 1. advising the Debtor regarding the viability of its potential malpractice and insurance claims; 2. preparing motions, applications, pleadings, orders, memoranda, briefs, reports, and other papers as may be necessary in connection with those claims and litigation stemming therefrom; 3. representing the Debtor in any proceeding or hearing in connection with those claims and litigation stemming therefrom; 4. attending meetings and negotiating with adverse parties and other parties-in-interest in connection with those claims and litigation stemming therefrom, as and when necessary; 5. assisting in the preservation and protection of the Estate by prosecuting such claims commenced by the Debtor; and 6. rendering such other advice and services as may be requested by Debtor from time to time. The firm will be paid at these rates: Sean Riley $1,025 per hour Peter Bransten $1,025 per hour The firm received from the Debtor a retainer of 20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As 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: Sean Riley, Esq. Glaser Weil Fink Howard Jordan & Shapiro, LLP 10250 Constellation Blvd. 19th Floor Los Angeles, CA 90067 Tel: (310) 282-6265 Email: sriley@glaserweil.com About HPC Vineburn, LLC HPC Vineburn LLC is a single asset real estate entity as defined under 11 U.S.C. Section 101(51B), with its principal assets located at 1919 Vineburn Avenue in Los Angeles, California. The Company's operations focus primarily on managing and holding this real estate asset. HPC Vineburn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on August 8, 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 Martin R. Barash handles the case. The Debtor is represented by Michael B. Reynolds, Esq. at SNELL & WILMER L.L.P. HYUNDAE CAPITAL: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Hyundae Capital Management, Inc. 3625 W. 6th Street Los Angeles, CA 90020 Business Description: Hyundae Capital Management Inc. is a single-asset real estate company in Los Angeles, California, owning properties at 554 and 550 S. Hobart Blvd., together valued at $16 million. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-19627 Judge: Hon. Barry Russell Debtor's Counsel: Stella Havkin, Esq. STELLA HAVKIN 21650 Oxnard Street, Suite 1540 Woodland Hills, CA 91367 E-mail: shavkinesq@gmail.com Total Assets: $16,000,050 Total Liabilities: $4,166,767 The petition was signed by Yoon Hee Yeh as principal. The Debtor indicated in its petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6QPZF3A/Hyundae_Capital_Management_Inc__cacbke-25-19627__0001.0.pdf?mcid=tGE4TAMA ICTHUS PROPERTIES: Seeks Chapter 7 Bankruptcy in Colorado --------------------------------------------------------- Icthus Properties LLC filed a 7 chapter bankruptcy in the Northern District of New York bankruptcy court on October 31, 2025. The bankruptcy petition for Suarez Tract LLC showed liabilities in the range of $100,001-$1,000,000. Suarez Tract LLCreports that the number of creditors is in the range of 1-49. About Icthus Properties LLC Icthus Properties LLC is a limited liability company. Icthus Properties LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60984) on October 31, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. INDEPENDENT MEDEQUIP: Committee Taps Christian & Small as Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Independent Medequip, LLC and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Christian & Small, LLP as counsel. The firm's services include: a. assisting, advising and representing the Committee in its consultations with the Debtors regarding the administration of this case; b. assisting, advising and representing the Committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings; c. assisting, advising and representing the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; d. assisting, advising and representing the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtors, the Debtors' operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to this case or to the formulation of a plan; e. assisting, advising and representing the Committee in its participation in the negotiation, formulation and drafting of a plan of liquidation or reorganization; f. advising the Committee on the issues concerning the appointment of a trustee or examiner under Section 1104; g. assisting, advising and representing the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; h. assisting, advising and representing the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; and i. providing such other services to the Committee as may be necessary in this case. The firm will be paid at these rates: Partners $600 to $660 per hour Associates $400 to $450 per hour Paralegals $300 to $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bensinger 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: Bill D. Bensinger, Esq. Christian & Small LLP 1800 Financial Center 505 North 20th Street Birmingham, AL 35203 Tel: (205) 250-6626 Fax: (205) 328-7234 Email: bdbensinger@csattorneys.com About Independent Medequip, LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on September 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through Richard L. Jackson, CEO. Cadence Bank, a prepetition secured creditor, may be reached through C. Ellis Brazeal III, Esq., at Jones Walker, LLP, in Birmingham, Alabama. JACKS DONUTS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Jacks Donuts of Indiana Commissary LLC Jacks Donuts 2000 Troy Avenue New Castle IN 47362 Business Description: Jack's Donuts of Indiana Commissary LLC operates a food production and distribution facility in New Castle, Indiana, serving as the central commissary for Jack's Donuts franchise locations. The Company manufactures and supplies doughnuts and related baked goods to retail stores across Indiana and neighboring states. It functions as part of the Jack's Donuts franchise network, supporting consistency in product quality and distribution efficiency for its affiliated outlets. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-06610 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: $1,429,958 Total Liabilities: $14,191,389 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/MYHEBMA/Jacks_Donuts_of_Indiana_Commissary__insbke-25-06610__0001.0.pdf?mcid=tGE4TAMA JB GROUP: Committee Hires Jones Walker LLP as Counsel ----------------------------------------------------- The official committee of unsecured creditors of JB Group of LA, LLC d/b/a Infrastructure Solutions Group seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Jones Walker LLP as counsel. The firm's services include: (a) consulting with the Debtor and its professionals or representatives as well as the United States Trustee and its professionals or representatives concerning the administration of this Case; (b) preparing and reviewing pleadings, motions and correspondence, including, without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any matter related to the Debtor or the Chapter 11 Case; (c) appearing at and being involved in proceedings before this Court; (d) providing legal counsel to the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, related entities, the operation of the estate's businesses, and any other matters relevant to this case; (e) investigating, analyzing and pursuing any claims or causes of action that may be available to the Committee, or the estate; (f) analyzing any proposed use of cash collateral and/or post-petition financing; (g) advising the Committee with respect to its rights, duties and powers in this case; (h) assisting the Committee in analyzing the claims of creditors and in negotiating with such creditors; (i) assisting the Committee in its analysis of and negotiations with the Debtor, the Trustee (if one is appointed), or any third-party concerning matters related to, among other things, the terms of a sale, plan of reorganization or other conclusion of the case; (j) assisting and advising the Committee as to its communications to the general creditor body regarding significant matters in this case; (k) assisting the Committee in determining a course of action that best serves the interests of the unsecured creditors; and (l) performing such other legal services as may be required under the circumstances of this case and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Mark A. Mintz, Partner $650 per hour Catherine Lasky, Partner $615 per hour Erin Alpandinar, Associate $320 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Mintz 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: Mark A. Mintz, Esq. Catherine E. Lasky, Esq. Erin N. Alpandinar, Esq. Jones Walker LLP 201 St. Charles Avenue, Suite 5100 New Orleans, LA 70170-5100 Telephone: (504) 582-8368 Facsimile: (504) 589-8368 Email: mmintz@joneswalker.com klasky@joneswalker.com About JB Group of LA, LLC d/b/a Infrastructure Solutions Group JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) 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. The Debtor is represented by Paul Douglas Stewart, Jr., Esq. at Stewart Robbins Brown & Altazan, LLC. JMKA LLC: Court Extends Cash Collateral Access to Nov. 14 --------------------------------------------------------- JMKA, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The 10th interim order, signed by Judge David Cleary, authorized the Debtor to use its secured lenders cash collateral through November 14 to pay the expenses set forth in its budget, subject to a 5% variance. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the Debtor, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The Debtor was ordered to provide the secured lenders with protection in the form of replacement liens on its assets, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to pay $439 to SBA, $500 to BayFirst, $250 to Funding Circle, $250 to Transportation Alliance Bank, $1,500 to Cashfloit, and $1,000 to Funders App. The next hearing is set for November 12. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/1u8rz from PacerMonitor.com. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com KOLAY FLOORING: Plan Exclusivity Period Extended to Feb. 27, 2026 ----------------------------------------------------------------- Judge Deborah Saltzman of the U.S. Bankruptcy Court for the Central District of California extended Kolay Flooring International LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 27, 2026 and April 24, 2026, respectively. As shared by Troubled Company Reporter, the Debtor is in the process of seeking Court approval for a settlement agreement with Diamond Creek Capital, LLC ("DCC"), Debtor's largest and only secured creditor ("DCC Settlement"). Once the DCC Settlement is approved by the Court, the Debtor can focus on its reorganization efforts and obtaining third party financing which is critical to Debtor's successful reorganization. The Debtor explains that creditors will benefit if the company is able to continue to focus its efforts in these areas and on preparing its plan, rather than being required to address a plan proposed by another proponent. The Debtor claims that it has been working to analyze its debts, the values of its assets, and collect and monetize assets. The Debtor and DCC have participated in arduous negotiations culminating in the terms of the DCC Settlement which resolves all claims between the parties and which Debtor will promptly seek an order of the Court approving the DCC Settlement. Additionally, Debtor will require third party financing in its bankruptcy proceedings and the resolving the claims of DCC and the release of DCC's $13 million lien will likely increase the chances of Debtor obtaining this third-party financing which is critical to its chapter 11 reorganization. Debtor will benefit from being able to focus on the foregoing efforts without having to address a competing plan. Kolay Flooring International, LLC is represented by: Marc C. Forsythe, Esq. Reem J. Bello, Esq. Goe Forsythe & Hodges LLP 17701 Cowan, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 E-mail: rgoe@goeforlaw.com About Kolay Flooring International Kolay Flooring International, LLC, is an Iowa limited liability company having a principal place of business at 20819 Currier Road, Suite 300, City of Industry, CA 91789. Kolay Flooring International LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-186880) on October 24, 2025. Judge Deborah J Saltzman presides over the case. The Debtor is represented by Marc C. Forsythe, Esq. at GOE FORSYTHE & HODGES LLP. MCCLENDON & ASSOCIATES: Hires Mickler & Mickler as Legal Counsel ---------------------------------------------------------------- McClendon & Associates, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Law Offices of Mickler & Mickler, LLP as counsel. The professional services which this attorney is to render include general representation of the applicant in this proceeding and the performance of all legal services for the Debtor which may be necessary. Rates for the firm range from $300 to $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, 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: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About McClendon & Associates, LLC McClendon & Associates, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 3:25-bk-03798-JAB) on Oct. 20, 2025. The Debtor hires Mickler & Mickler, LLP as counsel. MERIDIANLINK INC: Moody's Withdraws 'B2' CFR on Debt Repayment -------------------------------------------------------------- Moody's Ratings withdrew MeridianLink, Inc.'s (MeridianLink) B2 corporate family rating, B2-PD probability of default rating and SGL-1 speculative grade liquidity rating (SGL). Concurrently, Moody's withdrew ML California Sub, Inc.'s senior secured first lien bank credit facility B2 ratings. Prior to the withdrawal, the senior secured bank credit facilities, CFR, and PDR were on review for downgrade and the outlooks for both MeridianLink and ML California Sub, Inc. were rating under review. This action follows the repayment of the company's rated debt after the company was acquired. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment and termination of the rated credit facilities. MeridianLink is a provider of SaaS-based software solutions to financial institutions that support loan and deposit account origination and related workflow applications. MG510 LLC: Seeks to Hire Mancuso Law P.A. as Legal Counsel ---------------------------------------------------------- MG510 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mancuso Law, P.A. as counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interests of Debtor in all matters pending before the Court; (e) represent Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at the rate of $400 per hour, and a retainer in the amount of $6,800. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nathan G. Mancuso, Esq., a partner at Mancuso Law, P.A, 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: Nathan G. Mancuso, Esq. Mancuso Law, P.A. Boca Raton Corporate Centre 7777 Glades Rd., Suite 100 Boca Raton, FL 33434 Tel: (561) 245-4705 Fax: (561) 226-2575 Email: ngm@mancuso-law.com About MG510 LLC MG510 LLC is a single asset real estate company. MG510 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22128) on October 15, 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 Laurel M. Isicoff handles the case. The Debtor is represented by Nathan G. Mancuso, Esq. MI TIERRA: Case Summary & 14 Unsecured Creditors ------------------------------------------------ Debtor: Mi Tierra Linda Supermarket, LLC 2375 1st Street NE Birmingham, AL 35215 Business Description: Mi Tierra Linda Supermarket, LLC operates a grocery store in Alabama, providing Latin- American food products, fresh produce, and household goods. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 25-03280 Judge: Hon. Tamara O Mitchell Debtor's Counsel: Robert C. Keller, Esq. RUSSO, WHITE & KELLER, P.C. 315 Gadsden Highway Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rkeller@rwkattorneys.com Total Assets: $1,060,007 Total Liabilities: $782,050 The petition was signed by Stephany Cazzaly as managing member. A copy of the Debtor's list of 14 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VNATXYQ/Mi_Tierra_Linda_Supermarket_LLC__alnbke-25-03280__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NS3YHBI/Mi_Tierra_Linda_Supermarket_LLC__alnbke-25-03280__0001.0.pdf?mcid=tGE4TAMA MONDAK PORTABLE: Court OKs Interim Use of Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the District of North Dakota granted Mondak Portables, LLC interim approval to use the cash collateral of North Avenue Capital, LLC. The interim order authorized the Debtor to use up to $341,021 in cash collateral to pay operating expenses in accordance with its budget, subject to a 10% variance. This authorization continues until conversion or dismissal of its Chapter 11 case or confirmation of its Chapter 11 plan, whichever occurs first. As adequate protection, the order granted North Avenue Capital replacement liens on all post-petition assets of the Debtor that is similar to its pre-bankruptcy collateral. These liens will have the same validity and extent as the secured creditor's pre-bankruptcy liens and do not apply to Chapter 5 avoidance actions. North Avenue Capital is also entitled to monthly payments of $25,000. The secured creditor may assert an administrative expense claim under Section 507(b) if the replacement liens do not fully protect against any loss in the value of its collateral. North Avenue Capital is represented by: Raye C. Elliott, Esq. Akerman LLP 401 East Jackson Street, Suite 1700 Tampa, FL 33602 Phone: 813.223.7333 Fax: 813.223.2837 raye.elliott@akerman.com About MonDak Portables LLC MonDak Portables, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.D. Case No. 25-30429) on September 29, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Hon. Shon Hastings oversees the case. Christianna A. Cathcart, Esq., at The Dakota Bankruptcy Firm is the Debtor's legal counsel. MOTORMAX FINANCIAL: To Sell Receivables Via Auction --------------------------------------------------- Motormax Financial Services Corp. seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia, to sell Assets in an Auction, free and clear of liens, claims, interests, and encumbrances. Debtor was in the business of collecting accounts receivable arising primarily from the sales of automobiles and operated as a debtor-in-possession under Chapter 11, subchapter V. The Debtor proposed a second amended plan on November 21, 2021, and that plan was confirmed by order of the Bankruptcy Court on January 18, 2022. Under the terms of the confirmed plan, the Debtor was to continue liquidating and collecting receivables for payment to creditors and, then, at the conclusion of the case, was to dispose of all remaining receivables by sale subject to Court approval. The Debtor proposed to sell the receivables to a related entity, Motors Acceptance Corporation (Buyer). The sale was to be of the receivables only and not the supporting files. However, a non-party, alleging that it was a potential bidder and believed the process used for the original sales motion was improper, objected. Debtor contemplates that the Replacement Sales Motion would be heard at the same time as the Original Sales Motion, which is not withdrawn, and, if the Court finds the non-party objection proper, there will still be a process to sell the receivables. As it would have been under the Original Sales Motion, the sale proposed under the Replacement Sales Motion will be with no warranty, title or otherwise, and without any recourse. The proceeds of the sale will be paid over to the Trustee for distribution to creditors as provided by the plan. The receivable files are identified electronically only by account number. To create electronic identification (including name of payor, address, account collection detail) would be cost prohibitive. To further identify the debtor on each account, resort must be made to a paper file. There are 10,012 accounts. There are 704 files which are readily accessible, and about 8,000 other files that are in deep storage. The remainder, about 1,000 files, have been shredded to avoid storage costs. The file folders would have to be examined, folder-by-folder, to determine which ones have been destroyed and which are in storage. The accounts are between five and 17 years from charge off, with an average aged from charge off of 12 years, although a few have, for one reason or another, have a tolling on the statutes of limitations, most are taken by the statute. Again, this cannot be determined without review of the actual files. The file storage facility can deliver the files that are offsite (approximately 8,000 files) to the offices of the Debtor, but the cost to deliver those, which would be the only way for the files to be reviewed and assembled, would be about $1,000.00. The files, once delivered, will have to be hand sorted as the files that are part of those which are to be sold may be mixed in with others. The cost to remove the folders from the storage facility and bring to the Debtor’s office will be approximately $1,000.00. The cost to review all the files to make sure only the file folders relating to the accounts to be sold would be approximately $3,200.00, at $20.00/hr. per person for two people over two weeks. The cost to assemble the files would therefor be approximately $4,200.00, which the buyer must pay. The Debtor had an offer to purchase the receivable from a local purchaser for $2500, and that offer was increased to $3000, when a counterbid for that amount was received. Respondent expressed an interest in bidding but demanded more detail for the receivables than is available, or offered as part of the sale. The Debtor submits that a notice of the sale would be sufficient if served on all creditors and parties in interest, published one time in the Columbus Ledger-Enquirer, and submitted to any parties or entities who expressed an interest in bidding on the receivables pursuant to the original sales motion. Details of the notice that should contain important information can be found at: https://urlcurt.com/u?l=OIhuxA The Debtor requests that the Court authorize any potential bidder to appear to bid at the time of the final hearing telephonically and may do so without engaging counsel, but that, if any potential bidder wishes to object to the sale or the sales process such bidder is an entity, such objection may only be filed through an attorney, and that a final sales order will be entered after that hearing. In the event there is a successful bidder who fails to comply with the requirements of payment of the final bid price or estimate for document assembly, or arrange for pick up of the records or pay deposit for transit, and there is no lower compliant bidder or that lower compliant bidder elects not to take possession of the records within 30 days of the auction, the Debtor is authorized to destroy the records without further notice or Court approval, and retain the lower bidder’s deposit. About Motormax Financial Services Corp. Columbus, Ga.-based Motormax Financial Services Corp. filed petition for Chapter 11 protection (Bankr. M.D. Ga. Case No. 21-40100) on March 29, 2021, listing up to $100,000 in assets and up to $10 million in liabilities. Karl White, chief executive officer, signed the petition. Judge John T. Laney III oversees the case. The Debtor tapped Fife M. Whiteside, PC and Robert R. Lomax, LLC as bankruptcy counsel; MVP Law as special counsel; and Fountain Arrington Bass Mercer & Lee, P.C. as accountant. Stonebridge Accounting & Forensics is the Debtor's forensic accountant and insolvency expert. Jenny Walker serves as the Debtor's Chapter 11 trustee. The trustee tapped the Law Office of Emmett L. Goodman, Jr. LLC and Angle Wilson Law, LLC as special counsels. NASITRA LLC: Hires Gordian Financial as Accountant -------------------------------------------------- Nasitra, LLC, dba America's Backyards & Outdoor Living, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Gordian Financial as accountant. The firm will provide accounting and financial services, including payroll processing, tax preparation, and preparing projections for the Chapter 11 plan, if and as needed. The firm will be paid at the rate of $550 per month. As 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: Misha Patel Gordian Financial 2717 Commercial Center Blvd, Suite E200 Katy, TX 77450 Tel: (281) 599-3380 About Nasitra, LLC dba America's Backyards & Outdoor Living Based in Richmond, Texas, Nasitra LLC operates in the outdoor furniture and home decor sector through its brand America's Backyards & Outdoor Living, supplying casual outdoor furnishings and accessories. It serves individual customers and commercial clients across the United States. Nasitra filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35828) on October 2, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jeffrey P. Norman presides over the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. NEW GRANT: Hires Quaestor as Management Service Provider -------------------------------------------------------- New Grant Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Quaestor Consulting Group LLC to as management service provider. The firm will provide Timothy Williams as its designated Chief Restructuring Officer and, if necessary, other temporary employees, to supply interim management services to the Debtor in the Chapter 11 proceedings. The firm will be paid as follows: (a) monthly compensation during the term of the engagement in the amount of $35,000, payable on or before the first day of each month, commencing on October 15, 2025; and (b) a "success fee" in the amount of $100,000 if the Debtor successfully confirms a plan or sale within ten (10) months. Mr. Williams 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: Timothy Williams Quaestor Consulting Group LLC 2500 Westchester Ave. Purchase, NY 10577 Tel: (914) 670-7809 About New Grant Acquisitions, LLC New Grant Acquisitions, LLC is a real estate lessor with its principal assets located at 44 Broad Street NW in Atlanta, Georgia. New Grant Acquisitions, LLC in Davenport, IA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ga. Case No. 25-61599) on Oct. 6, 2025, listing as much as $10 million to $50 million in both assets and liabilities. Brent Crittenden as authorized agent, signed the petition. SCROGGINS, WILLIAMSON & RAY, P.C. serve as the Debtor's legal counsel. NOVA RTP II: Hires George Oliver PLLC as Legal Counsel ------------------------------------------------------ Nova RTP II, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ George Mason Oliver of The Law Offices of George Oliver, PLLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) represent and assist the Debtor in carrying out its duties under Chapter 11 of the Bankruptcy Code; (b) advise and represent the Debtor generally throughout the administration of the Chapter 11 proceeding; and (c) perform all legal services necessary to advise and represent the Debtor in the course of this bankruptcy case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $8,000. Mr. Oliver 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: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC PO Box 1548 New Bern, NC 28563 Tel: (252) 633-1930 Fax: (252) 633-1950 E-mail: george@georgeoliverlaw.com About Nova RTP II, LLC Nova RTP II, LLC is a real estate company that owns and operates a commercial property at 555 Abranova Avenue in Durham, North Carolina. The property, appraised at $13.1 million, serves as the Company's principal asset. Nova RTP II, LLC in Durham, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 25-04155) on Oct. 21, 2025, listing $13,100,000 in assets and $6,303,832 in liabilities. Abraham P. Ng'hwania as sole member, manager and president, signed the petition. THE LAW OFFICES OF GEORGE OLIVER, PLLC serve as the Debtor's legal counsel. OFFSHORE SAILING: Court OKs Jeanneau Sailboat Sale to Brian Crotty ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, has granted Offshore Sailing School Ltd. Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor has filed a liquidating plan. The Debtor, who's aggregate noncontingent liquidated debts (excluding debts owed to insiders or affiliates) are less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. The Court has authorized the Debtor to sell the Property to Brian Crotty or his related assigns in accordance with the provisions of the Sale Order and Allowance for a Purchase Price reduced by $12,500.00 as allocated to the Jeanneau, for a new total Purchase Price of $202,500.00, with $15,000.00 allocated to the Intellectual Property and $187,500.00 allocated to the Jeanneau. The Debtor is authorized to immediately proceed to a closing of the sale of the Property. As provided in the Sale Order, the net proceeds of the sale shall be deposited and held in the special debtor-in-possession account at Wells Fargo Bank that requires the signature Debtor's counsel. All provisions of the Sale Order, except for the reduction of the Purchase Price provided for in this Order, shall remain in full force and effect. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OFFSHORE SAILING: Life Changer Sailboat Sale to Sail Caribbean OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, has approved Offshore Sailing School Ltd. Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor has filed a liquidating plan. The Debtor, who's aggregate noncontingent liquidated debts (excluding debts owed to insiders or affiliates) are less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor seeks authority to sell personal property consisting of a 2017 Colgate 26 Sailboat, Life Changer, with British Virgin Islands official number 75290 (Life Changer). The Debtor is authorized to sell the Property in accordance with the Agreement between the Debtor, as Seller and Sail Caribbean (Buyer) for the total cash price of $25,000.00, free and clear of liens, claims, and interests. The net proceeds of the sale shall be deposited and held in the special debtor-in-possession account at Wells Fargo Bank that requires the signature Debtor’s counsel. The Debtor is authorized to pay from the proceeds of the sale any governmental charges or taxes associated with the sale (if any). The Court finds that the Buyer is purchasing the Property in good faith About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OMNICARE LLC: Hires Williams & Connolly as Special Counsel ---------------------------------------------------------- Omnicare, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Williams & Connolly LLP as special litigation counsel. The Debtor needs the firm's legal assistance in connection with the False Claims Act litigation with the United States in the United States District Court for the Southern District of New York, and the notices of appeal in the Court of Appeals for the Second Circuit on September 15, 2025. The firm will be paid at these rates: Partners $1,625 to $2,600 per hour Counsel $1,510 to $2,150 per hour Associates $890 to $1,550 per hour Paraprofessionals $390 to $590 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following answer the questions in Section D.1 of the U.S. Trustee Guidelines: (i) Williams & Connolly did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. (ii) None of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case. (iii) Williams & Connolly's prepetition fee was negotiated on an enterprise-wide basis with the Debtors' parent company. That enterprise-wide fee arrangement cannot be used for this engagement because it mixes Debtors and non-Debtors. (iv) Williams & Connolly will prepare a budget and staffing plan for Omnicare's approval. Mr. Conley 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: Holly Conley, Esq. Williams & Connolly LLP 680 Maine Avenue SW Washington, D.C. 20024 Tel: (202) 434-5696 About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. ORGANON & CO: Moody's Puts 'Ba2' CFR Under Review for Downgrade --------------------------------------------------------------- Moody's Ratings placed the ratings of Organon & Co. ("Organon") on review for downgrade, including the Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, Ba1 senior secured first lien bank credit facility ratings, Ba1 senior secured notes, and B1 senior unsecured notes. The speculative grade liquidity rating remains unchanged at SGL-1. Previously, the outlook was negative. The review for downgrade is prompted by an announcement on October 27, 2025 that Organon's Audit Committee of its Board was investigating wholesaler sale practices around its leading product Nexplanon. Organon stated that the investigation is substantially complete, although the review of its internal control over financial reporting is ongoing. The investigation found that certain wholesalers were asked by Organon to buy more Nexplanon to enable the company to meet guidance and/or certain external expectations. The Company has determined that there will be no restatements to previously issued financial statements, and the sales investigated represented less than 1% of the revenues in fiscal 2022 and 2024. The investigation will not delay Organon's planned third-quarter 2025 10-Q filing. Governance risk considerations are material to the rating action. Organon is taking remedial actions to improve its financial controls and address material weaknesses. In connection with the announcement, Organon's Chief Executive Officer has resigned. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Notwithstanding the ratings review, Organon's Ba2 Corporate Family Rating reflects its niche position in the global pharmaceutical industry, offering women's health products, biosimilars, and established off-patent products. Organon has good diversity at the product and geographic level. The established brands have good name recognition in global markets. The women's health franchise has favorable growth prospects owing to demographic trends including rising demand for fertility treatments. These strengths are offset by limited organic growth owing to the nature of established brands which face pricing and volume pressure amid competition from generics. Organon's free cash flow remains constrained by costs associated with restructuring activities and planned exits from supplier arrangements. However, free cash flow will continue to improve as these costs decline over time, which could facilitate improvement in credit ratios. There is event risk of acquisitions as the company is likely to pursue initiatives to improve earnings growth. Moody's reviews of Organon's ratings will focus on the investigation's progress and conclusion, including steps to be taken to improve Organon's internal controls. Headquartered in Jersey City, New Jersey, Organon & Co., is a global pharmaceutical company with expertise in women's health, established brands and biosimilars. Revenues in the last twelve months ending 6/30/25 totaled approximately $6.3 billion. The principal methodology used in these ratings was Pharmaceuticals published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ORLANDO INTERNATIONAL: Aaron Cohen Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Orlando International Resort Club Condominium Association, Inc. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Orlando International Resort Club Condominium Orlando International Resort Club Condominium Association, Inc. operates as a homeowners' association responsible for managing the condominium property known as Orlando International Resort Club at 5353 Del Verde Way in Orlando, Florida. The association oversees the common areas, facilities, and shared amenities of the timeshare resort, which functions under the Club Wyndham brand and is situated near the International Drive corridor. Its activities include property maintenance, administration of ownership interests, and enforcement of condominium governance and regulations within the resort complex. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06813) on October 23, 2025, listing $1 million to $10 million in assets and up to $50,000 in liabilities. Larry Baudoin, president signed the petition. R. Scott Shuker, Esq., at Shuker & Dorris, P.A. represents the Debtor as legal counsel. PAW ORIGINS: Updates Subchapter V Plan Disclosures -------------------------------------------------- Paw Origins LLC submitted a First Amended Subchapter V Plan of Reorganization dated October 24, 2025. In this Plan, the Debtor proposes to pay existing debts from its disposable income from ongoing operations over a three-year period. The Debtor believes the terms of this Plan will maximize distributions to the creditors of the Debtor. Under agreements reached with all of its secured creditors, the Plan proposes to pay its secured creditors lump sum amounts that are less than the face value of their claims but payable in full on the Effective Date, with the source of funds being a new loan or capital contribution from Equity Interests. Based upon prior negotiations, Paw Origins expects each class of secured but impaired creditors to vote in favor of the Plan. No unsecured creditors filed a proof of claim and there is just one undisputed unsecured claim, which Paw Origins proposes to pay from its disposable income over a 36-month period. Like in the prior iteration of the Plan, the sole Class 3 General Unsecured Claim shall be paid beginning within 30 days after the Effective Date from the Debtor's disposable income. The Debtor estimates that this Class will be paid approximately $12,340.00 over the life of the plan, or approximately twenty percent of the face amount of the unsecured general nonpriority Claim. The Debtor proposes to pay the sum of at least $342.83 per month per month for 36 months with the first such payment commencing within 30 days of the Effective Date. In the event that Paw Origins LLC's Disposable Income is greater than anticipated, the Class 3 claimant could receive up to the full amount of its claim over a period not to exceed 36 months. Class 3 is impaired. Class 4 includes the Equity Interests of the Debtor, which interests are unimpaired by the Plan. Upon confirmation of the Plan, the sole shareholder of the Debtor, Mike Eli, shall continue to maintain his identical ownership interests in the Debtor. Except as otherwise noted, commencing within thirty days of the Effective Date and thereafter, the Debtor shall make the payments required by this Plan to the holders of Allowed Claims. The payments pursuant to the Plan shall be in full and complete payment, settlement and satisfaction of all claims against the Estate and the Debtor. Exculpation Neither the Debtor, nor any attorney or professional employed by the Debtor will have or incur any liability for any act or omission in connection with their conduct occurring from the Petition Date to the Effective Date of the Plan, except for their willful misconduct or gross negligence. A full-text copy of the First Amended Plan dated October 24, 2025 is available at https://urlcurt.com/u?l=JdMhSF from PacerMonitor.com at no charge. Counsel to the Debtor: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@yahoo.com About Paw Origins LLC Paw Origins, LLC is engaged in the business of online retail sales of pet care products and services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20234) on June 5, 2025, listing up to $1 million in both assets and liabilities. Mike Yap Xin Cheng, sole member, signed the petition. Judge Cathleen D. Parker oversees the case. Clark D. Stith, Esq., represents the Debtor as legal counsel. PET HOTELS: To Sell Corozal Property to Millenium Records --------------------------------------------------------- Pet Hotels LLC seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico, to sell commercial property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at Corozal, Puerto Rico. The appraisal value of the Corozal property is valued at $217,000.00. The Debtor, is a Wyoming limited liability company, authorized to do business in Puerto Rico, with principal ownership held by russell Magnus von Zolp IV. The Debtor wants to sell the Property to Millenium Records LLC, a Wyoming limited liability company, authorized to do business in Puerto Rico, with principal ownership held by Rosario Bello. The Buyer agrees to purchase the Property located in Corozal, Puerto Rico: B224-B226 Calle Prolongacion Bou, Corozal, Puerto Rico 00783, together with all improvements and fixtures. The purchase price of the Property is $185,000 and payable as follows: Buyer shall obtain a first mortgage loan in the amount of $135,000 from a third-party lender, the Seller shall provide a second loan in the amount of $50,000, amortized over 60 months (5 years) at an annual interest rate of 7.42%, payable in equal monthly installments. The Debtor wants to sell the Property free and clear of encumbrances. If the Buyer fails to close after Bankruptcy Court approval, the Debtor may retain the $1,000 deposit as liquidated damages. About Pet Hotels LLC Pet Hotels LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-02627) on June 10, 2025. At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Judge Maria De Los Angeles Gonzalez presides over the case. Robert Millan, Esq., at Millan Law Offices serves as the Debtor's bankruptcy counsel. PHOENIX AVIATION: Fitch Rates $592MM Secured Loan 'BB-' ------------------------------------------------------- Fitch Ratings has assigned a final rating of 'BB-' with a Recovery Rating of 'RR2' to the $592 million SOFR +3.25% senior secured Term Loan B (TLB) due October 2030 co-issued by PAC Aviation III Designated Activity Company (PACDIII) and PAC DAC LLC (PACD), collectively the co-issuers and ultimately wholly owned by Phoenix Aviation Capital, LLC (PAC). Proceeds from the co-issued TLB will be used to refinance existing secured borrowings under PAC's warehouse facility and the acquisition of aircraft. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is the same as the expected rating assigned on Oct. 6, 2025. Please see "Fitch Assigns Expected 'BB-'/'RR2' Rating to Phoenix Aviation's Co-Issued Secured Term Loan B" at fitchratings.com. The current Long-Term Issuer Default Rating (IDR) for PAC and its wholly owned subsidiary, Phoenix Aviation Capital Limited (PACL), is 'B' with a Stable Rating Outlook. The Long-Term senior unsecured notes issued by PACL are rated at 'B'/'RR4'. Key Rating Drivers Term Loan Anchored to PAC's IDR: The rating for the co-issued TLB is anchored to PAC's Long-Term IDR of 'B'. This reflects Fitch's view that PAC represents the consolidated credit strength of the broader Phoenix aviation franchise, including its 100% ownership of PACDIII and PACD. The TLB benefits from a full recourse guarantee from PAC, which allows Fitch to evaluate the debt based on PAC's overall credit profile rather than the immediate borrower's standalone creditworthiness. Higher Ranking in Capital Structure: The rating for the TLB is two notches higher than PAC's Long-Term IDR and existing senior unsecured notes. This reflects the higher ranking of the TLB in the capital structure and Fitch's expectations for strong recovery prospects in a stress scenario, the solid security package backing the instrument mainly comprising highly liquid Tier 1 aircraft, as defined by Fitch, and sufficient availability of unencumbered assets. Incremental Increase in Leverage: PAC's gross debt-to-tangible equity, which treats its preferred shares as 100% equity, was 2.7x at June 30, 2025. Pro forma for the TLB issuance, leverage increases to about 3.2x. This is broadly in line with the firm's business plan and Fitch's expectations and commensurate with the assigned rating in the context of PAC's business model and fleet portfolio mix. Future deleveraging could come from the selective sale of noncore assets, as well as the company's outstanding USD325 million equity commitment that is available. The company targets leverage on a net debt-to-equity basis of around 3.0x over the long term. Decrease in Unsecured Debt Mix; Sound Liquidity Coverage: Unsecured debt accounted for 41% of total debt as of June 30, 2025. Following this TLB issuance, the unsecured debt decreases to around 34% of total debt but remains comfortably above Fitch's sensitivity for unsecured debt of 20%. In addition, Fitch projects liquidity coverage will remain sufficient to meet upcoming liquidity needs, including order book funding requirements. Full-Service Lessor of New Technology Aircraft: The ratings reflect PAC's nominal, but growing, franchise as a global, full-service lessor of new tech narrowbody aircraft, appropriate current and target leverage, lack of meaningful near-term debt maturities and sound profitability metrics. Rating Constraints: Rating constraints include execution risk associated with the company's ambitious growth targets and short operating track record as a standalone lessor; reliance on wholesale secured funding; a smaller and significantly concentrated portfolio by customer and geography; and funding and placement risks with the firm's sizeable orderbook. There are potential governance weaknesses and conflicts of interest associated with PAC's externally managed business model, limited number of board members, and ownership by fixed life funds. Sector Constraints: Rating constraints applicable to the aircraft leasing industry more broadly include the monoline nature of the business, vulnerability to exogenous shocks, sensitivity to higher oil prices, inflation and unemployment, which negatively impact travel demand, potential exposure to residual value risks, reliance on wholesale funding sources, and meaningful competition. These constraints are further influenced by Fitch's expectation for a less favorable operating environment, including a moderation in travel demand due to dampening global economic growth. For more information on the key rating drivers and sensitivities underpinning PAC's ratings, see "Fitch Rates Phoenix Aviation Capital, LLC 'B'; Outlook Stable" dated June 24, 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening of the company's projected long-term cash flow generation, net spreads sustained below 1%, liquidity coverage dropping below 1.0x, and/or a sustained increase in gross leverage meaningfully above 3.0x. - Macroeconomic and/or geopolitical headwinds that lead to lease restructurings rejections, lessee defaults, and increase losses, or a material deterioration in fleet quality, particularly concerning the proportion of tier 1 aircraft, average fleet age, and average lease terms, could also negatively impact ratings. - PAC's ownership by private funds could lead to negative rating actions if it results in elevated capital extractions or if a forced sale of the company at fund maturity undermines its financial profile, franchise, or long-term strategic direction. - Shortcomings in corporate governance or conflicts of interest that weaken PAC's franchise position, limiting its ability to pursue new business opportunities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strong execution of its planned growth targets and long-term strategic financial objectives, including maintaining leverage within the targeted range. - The ratings could also benefit from increased scale, greater lessee diversification with single airline exposure approaching 10% of NBV, enhanced geographic diversification of the fleet, maintenance of low impairment ratios, and demonstrated track record of funding and placement of orderbook deliveries. - An upgrade could also be contingent upon sustained net spreads above 2%, while maintaining liquidity coverage above 1.2x and an unsecured funding mix of 20% on a sustained basis. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior secured debt rating is two-notches above PAC's Long-Term IDR and reflects the aircraft collateral backing the obligations, which suggests strong recovery prospects. The senior unsecured debt rating is equalized with PAC's Long-Term IDR and reflects expectations for average recovery prospects in a stress scenario, given the availability of unencumbered assets. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured debt rating is primarily sensitive to changes in PAC's Long-Term IDR and secondarily to the relative recovery prospects of the instruments. The senior unsecured debt rating is primarily sensitive to changes in PAC's Long-Term IDR and the relative recovery prospects of the instruments. A decline in unencumbered asset coverage, combined with a material increase in secured debt, relative to PAC's business plan, could result in the notching of the unsecured debt down from the Long-Term IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; asset performance (negative), Risk profile and business model(negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative), Historical and future metrics (negative). Date of Relevant Committee 03 October 2025 ESG Considerations PAC has an ESG Relevance Score of '4' for Management Strategy due to execution risk associated with the operational implementation of the company's outlined business plan, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. PAC has an ESG Relevance Score of '4' for Governance Structure due to potential governance and conflicts of interest risks associated with PAC's limited number of independent board members and ownership by a fixed-life fund structure and external management. Shortcomings in corporate governance or conflicts of interest could weaken PAC's franchise position and limit its ability to pursue new business opportunities. This 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 Recovery Prior ----------- ------ -------- ----- PAC DAC LLC senior secured LT BB- New Rating RR2 BB-(EXP) PAC Aviation III Designated Activity Company senior secured LT BB- New Rating RR2 BB-(EXP) PING IDENTITY: Moody's Assigns 'B2' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings assigned a B2 corporate family rating and a B2-PD probability of default rating to Ping Identity Holding Corp. ("Ping Identity" or "Ping"), a leading provider of intelligent identity and access management solutions for enterprise customers. Moody's also assigned B2 ratings to the proposed senior secured first lien bank credit facilities issued at subsidiary Ping Identity Corporation consisting of a $1.8 billion senior secured first lien term loan due 2032 and a $200 million senior secured first lien revolving credit facility expiring 2030. The outlook for both issuers is stable. Proceeds from the new term loan along with cash on hand will be used to fund a shareholder distribution, refinance the company's existing bank credit facilities, and pay transaction-related fees and expenses. Governance considerations were a driver of the rating assignments and reflect an aggressive financial strategy as evidenced by the proposed debt-funded shareholder distribution and high pro-forma financial leverage. The assigned ratings are subject to review of final documentation and no material change to the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE Ping Identity's B2 CFR benefits from the company's leading position as a provider of intelligent identity and access management solutions, its diversified blue-chip enterprise customer base, and very good liquidity profile. Moody's expects Ping Identity to achieve double-digit revenue growth over at least the next two years, supported by a favorable demand outlook for identity and access management solutions—including emerging agentic AI use cases. This expectation is underpinned by the company's demonstrated land-and-expand strategy and strong revenue retention metrics, which together provide solid visibility into future revenue and earnings growth. Furthermore, Ping Identity's asset-lite business model requires limited capital intensity, supporting Moody's expectations of good free cash flow generation and profitability. The B2 CFR is constrained by Ping Identity's elevated financial leverage with Moody's-adjusted pro forma debt-to-EBITDA of 9.5x as of LTM June 30, 2025, which declines to 5.2x on a Moody's cash-adjusted basis (EBITDA inclusive of changes in deferred revenue, expensing capitalized software costs, and adding back stock-based compensation and cash settled RSUs, and debt inclusive of expected RSU payment balances). Absent future debt-funded acquisitions or dividends, Moody's expects Moody's cash-adjusted debt-to-EBITDA to decline towards the mid-to-high 4x range by year-end 2026. Competition is intense across the highly fragmented industry, and Ping Identity must continue meaningfully investing in technological innovation and value-added capabilities to remain competitive and address customers' evolving needs. The CFR also reflects an aggressive financial strategy that Moody's expects will prioritize shareholders and acquisitions over debt prepayment, as evidenced by the planned shareholder distribution from the announced transaction. All financial metrics cited reflect Moody's standard adjustments. Marketing terms for the new credit facilities (final terms may differ materially) include the following: (1) Incremental pari passu debt capacity up to the greater of 100% of Closing Date EBITDA and 100% of Consolidated EBITDA, plus unused amounts up to the greater of 100% of Closing Date EBITDA and 100% of TTM EBITDA, along with reallocated amounts from the general restricted payment basket, the general restricted debt payment basket, the management buyback restricted payment basket and the ratio-based restricted payment basket, plus unlimited amounts subject to the greater of 6.0x Consolidated First Lien Net Leverage Ratio and leverage neutral incurrence. There is an inside maturity sublimit up to the greater of 100% of Closing Date EBITDA and 100% of TTM EBITDA. (2) There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. (3) There are no protective provisions restricting an up-tiering transaction. (4) Amounts up to 100% of unused capacity from the general restricted payment basket, the general restricted debt payment basket, the management buyback restricted payment basket, the ratio-based restricted payment basket and the builder basket may be reallocated to incur debt. (5) Asset sale proceeds may be used by the company to make permitted restricted payments. Moody's expects the debt capital issued at Ping Identity Corporation to be comprised of a $200 million revolving credit facility expiring 2030 and a $1.8 billion term loan due 2032. The B2 bank credit facility ratings, the same as the B2 CFR, reflect the preponderance of debt represented by the term loan and revolver. The term loan and revolver are guaranteed by the borrower's direct and indirect, existing and future, wholly-owned US subsidiaries (except unrestricted and immaterial subsidiaries), as defined by the credit agreement. The term loan and revolver also have a 1st priority security interest in substantially all assets of the borrower and guarantors. Moody's views Ping Identity's liquidity as very good supported by pro-forma cash balances expected to be around $300 million as of September 30, 2025, an undrawn $200 million revolver expiring 2030, and Moody's expectations of positive free cash flow generation over the next 12 months. Cash needs over the same period include $18 million of annual term loan amortization payments, low capital spending (includes capitalized software costs), and working capital cash usage driven by Moody's expectations of bookings and revenue growth. Given Moody's expectations for solid free cash flow generation, Moody's expects Ping Identity's revolver to remain undrawn absent an acquisition transaction. While the term loan is not subject to financial covenants, the revolver is likely to contain a springing maximum first lien secured net leverage ratio expected to be set at 10x and tested when utilization is greater than 40% ($80 million). Moody's do not expect the covenant to spring over the next 12 months post-transaction close, but Moody's believes Ping Identity would maintain ample covenant cushion if it were triggered. The stable outlook reflects Moody's expectations that Ping Identity's leading market position, strong retention rates, and growing total addressable market will drive healthy free cash flow generation relative to debt over the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Ping Identity maintains its strong growth profile, free cash flow-to-debt is sustained above 10%, and Moody's cash-adjusted debt-to-EBITDA is sustained below 5x. The company would also need to maintain prudent financial policies consistent with a higher rating. The ratings could be downgraded if operating performance slows materially, market share deteriorates, Moody's cash-adjusted debt-to-EBITDA exceeds 6.5x, or free cash flow to debt is expected to be sustained below 3%. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Denver, Colorado, Ping Identity is a leading software provider of intelligent identity and access management solutions for enterprise customers. The company is controlled by the private equity firm Thoma Bravo. Ping Identity generated over $800 million revenue for the LTM period ended June 30, 2025. PODS LLC: Moody's Affirms 'B3' CFR & Alters Outlook to Stable ------------------------------------------------------------- Moody's Ratings affirmed PODS LLC's (PODS) corporate family rating at B3, probability of default rating at B3-PD and senior secured bank credit facility rating at B3. The outlook changed to stable from negative. The stable outlook reflects Moody's expectations that the company will maintain good liquidity and that high leverage should decline over the next several quarters. Moody's expects continued softness in the housing market to hamper revenue growth. However, with the company's improved customer conversion rates and cost containment measures, Moody's expects to see modest EBITDA margin expansion. RATINGS RATIONALE PODS B3 CFR reflects the company's modest scale and high leverage. Debt to LTM EBITDA of over 7.0x at June 30, 2025 is reflective of an aggressive financial policy that focused on debt funded distributions, acquisitions of franchises and significant capital expenditures. Further, weak home sales have resulted in revenue declines. However, container utilization rates have recently shown significant improvement. The rating also reflects PODS' strong brand recognition and solid niche market position. The company's service offerings for its target market provides flexibility and cost benefit to consumers. The company's cost structure also involves a number of variable expenses, with the operating model benefitting from container utilization that requires limited personnel and minimal maintenance costs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be downgraded if PODS does not materially improve its operating performance and reduce financial leverage. The ratings could also be downgraded if liquidity weakens either through inability to sustain positive free cash flow or increased reliance on the revolver. A downgrade could also occur if EBITDA to interest expense was expected to be at or below 1.5x on a sustained basis. The rating could be upgraded if PODS improves its operating performance and materially reduces its financial leverage while maintaining adequate liquidity. More specifically, the ratings could be upgraded if debt to EBITDA declines below 6.0x and the company is expected to generate sustained positive free cash flow. The principal methodology used in these ratings was Surface Transportation and Logistics published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PODS LLC (Portable On Demand Storage) is a leader in consumer focused containerized moving and storage. The company offers a full range of services including moving within or between cities, storage at a customer's site and storage at one of PODS' warehouses. PODS has been owned by Ontario Teachers' Pension Plan since 2015. POINT CLEAR: Seeks to Hire Silver Voit Garrett as Counsel --------------------------------------------------------- Point Clear Capital Partners, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Silver Voit Garrett & Watkins, Attorneys at Law, P.C. as counsel. The firm's services include: a. providing legal advice regarding the Debtor's powers and duties as Debtor in Possession; b. preparing on behalf of the Debtor necessary motions, applications, orders, reports, pleadings, and other legal papers required in this Chapter 11 case; c. appearing before this Court to represent and protect the interests of the Debtor; d. assisting with and participating in negotiations with creditors and other parties in interest in formulating and confirming a plan of reorganization; e. representing the Debtor in all adversary proceedings, contested matters, and matters involving administration of this case; f. performing such additional legal services as may be necessary and proper in the interest of the Debtor and its estate. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm was paid a pre-petition retainer in the amount of $30,000, and $1,738 as filing fee. Mr. Watkins 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: Jason R. Watkins, Esq. Silver Voit Garrett & Watkins, Attorneys at Law, P.C. 4317-A Midmost Dr. Mobile, AL 36609-5589 Tel: (251) 343-0800 Email: jwatkins@silvervoit.com About Point Clear Capital Partners, LP Point Clear Capital Partners, LP, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 25-30987-JCO) on Oct. 8, 2025. The Debtor hires Silver Voit Garrett & Watkins, Attorneys at Law, P.C. as counsel. PRIMALEND CAPITAL: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: PrimaLend Capital Partners, LP 3460 Lotus Drive, Suite 100 Plano, TX 75075 Business Description: PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. Chapter 11 Petition Date: October 22, 2025 Court: United States Bankruptcy Court Northern District of Texas Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- PrimaLend Capital Partners, LP (Lead) 25-90013 Good Floor Loans LLC 25-90014 LNCMJ Management, LLC 25-90015 Judge: Hon. Mark X Mullin Debtors' General Bankruptcy Counsel: Jason P. Kathman, Esq. SPENCER FANE 5700 Granite Parkway Suite 650 Plano, TX 75024 Tel: 972-324-0300 Fax: 972-324-0301 Email: jkathman@spencerfane.com Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Investment Banker: HOULIHAN LOKEY, INC. Debtors' Claims, Noticing & Solicitation Agent: STRETTO, INC. Lead Debtor's Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Mark Jensen as president. Consolidated List of PrimaLend Capital Partners, LP, et al.'s 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Meir Benit, et.al Litigation $5,169,535 Address Redacted Brian Shaw Address redacted 2. Ivy Funding Three, LLC Subordinated $4,807,742 Address Redacted Debt Brody Haley Address redacted 3. J Bar L, LLC Related Party $2,449,509 Address Redacted Noteholders Jeff Wittmaier Address redacted 4. Earth Enterprises, LLC 9063 Subordinated $1,886,998 Address Redacted Debt Emery Powell Address redacted 5. Charles E. and Ladawn Powell Subordinated $1,798,227 Revocable Family Trust Debt Address Redacted Kyhl Powell Address redacted 6. Nicole Shumway Subordinated $1,653,647 Address Redacted Debt 7. The Konfida Trust Subordinated $776,956 Address Redacted Debt Amanda Adams Address redacted 8. Charles Emery Powell and Subordinated $662,976 Jann Powell Debt Address Redacted Emery Powell Address redacted 9. Madison Trust company, Subordinated $628,476 Custodian FBO Andrea McMahan Debt Address Redacted Gary/Andrea McMahan Address redacted 10. Gary McMahan, administrative Subordinated $603,536 agent for Inez Mason Debt Address Redacted 11. William P Benac Jr Related Party $531,937 Address Redacted Noteholders Bill Benac Jr. Address redacted 12. Julie Mason and Leland Mason Subordinated $526,430 Address Redacted Debt Leland Mason Address redacted 13. Jacob Mason Subordinated $431,706 Address Redacted Debt 14. Sterling Shumway Subordinated $404,825 Address Redacted Debt 15. Sydney Cannata Subordinated $400,408 Address Redacted Debt 16. Madison Trust Company, Subordinated $379,483 Custodian FBO Linda Burdeaux Debt Address Redacted Linda Burdeaux Address redacted 17. James Franklin Briscoe, Subordinated $339,129 Lucille Briscoe, Sharon Lee Debt McNutt and Linda Burdeaux Address Redacted Linda Burdeaux Address redacted 18. Madison Trust Company, Related Party $320,574 Custodian FBO Gary McMahan IRA Noteholders M1410005 Address Redacted Gary McMahan Address redacted 19. Madison Trust Company, Subordinated $294,672 Custodian FBO Shawn Meyer Roth Debt IRA M20094827 Address Redacted Cathy Meyer Address redacted 20. Automobile Capital Group, LLC Related Party $275,241 Address Redacted Noteholders Bill Benac Address redacted 21. Lynn Leonard Ohrn Subordinated $275,241 Address Redacted Debt Lynne Leonard/Patricia Kenny Address redacted 22. Jacob Nibarger, Trustee Subordinated $238,769 of Prosper in the Land Trust Debt Address Redacted Jacob Nibarger Address redacted 23. Warren Terry Hill and Subordinated $162,441 Shari Lynn Hill Debt Address Redacted Terry Hill Address redacted 24. Bright Futures Subordinated $149,556 Learning Services Inc. Debt Address Redacted Jill Scarbro Address redacted 25. Matthew Crockett Subordinated $124,716 Address Redacted Debt Matt Crockett Address redacted 26. Jane Justus and Samuel Justus Subordinated $124,712 Address Redacted Debt Jane Justus Address redacted 27. Janet G. Rush Subordinated $122,198 Address Redacted Debt 28. Jeremy Garrison Martin Subordinated $110,096 Address Redacted Debt Jeremy Martin Address redacted 29. Steve Mason Subordinated $88,928 Address Redacted Debt 30. Michael Hill Related Party $78,735 Address Redacted Noteholders PRIMALEND CAPITAL: Taps Stretto as Claims and Noticing Agent ------------------------------------------------------------ Primalend Capital Partners, LP and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stretto, Inc. as claims, noticing, and solicitation agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. Prior to the Petition Date, the Debtors provided Stretto an advance in the amount of $25,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange Suite 100 Irvine, CA 92602 Telephone: (800) 634-7734 About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PROSPECT MEDICAL: To Transfer RI Hospitals to Rhode Island ---------------------------------------------------------- Prospect Medical Holdings, Inc. and its debtor affiliates PHP Holdings LLC, the physician-related debtor affiliates, as well as the HCo Debtors' and PCo Debtors' parent entities, Chamber Inc., Ivy Holdings Inc., and Ivy Intermediate Holding Inc., seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell RI Hospital, free and clear of liens, claims, interests, and encumbrances. The RI Hospitals operate at a significant loss. At the first day hearing in the chapter 11 cases, the Debtors stated that they would transfer the RI Hospitals to Centurion, a buyer that had the support of the Rhode Island Attorney General and the Rhode Island Department of Health (RIDOH). Although the Debtors would receive little direct consideration under the Centurion Sale, in addition to allowing for continuity of care and jobs for the Rhode Island community, the contemplated benefit to the Debtors’ estates was the ability to shed the continuing losses being incurred by the Debtors. However, this benefit proved illusory, as the closing of the Centurion Sale has been repeatedly delayed due to Centurion's inability to obtain the financing necessary to meet the conditions imposed on the sale by the Rhode Island regulators. The six-month delay in closing has required the Debtors to incur significant, unanticipated additional losses of approximately $18.7 million, with an additional $6 million in losses expected by the end of November. The major barrier to closing the Centurion Sale are the financial requirements imposed by the Rhode Island Attorney General and RIDOH, as well as the buyer's failure to raise sufficient funds. As outlined in the Rhode Island Opinions and the CEC Decision, The Rhode Island Attorney General and RIDOH conditioned their approval on Centurion setting aside (i) $45 million dollars of the sale proceeds and (ii) an additional $35 million in funding for the exclusive benefit of the Rhode Island Hospitals post-closing. Further, Centurion is required to fund approximately an additional $15 million into a restricted fund, to be used for the express purpose of continuing operations at the RI Hospitals, making necessary improvements at the RI Hospitals, and meeting the health care needs of the Rhode Island community served by the RI Hospitals. The requirements of the True-Up Funding, Additional True-Up Funding, and Hospital Fund total approximately $95 million, which must be funded by Centurion as part of its purchase. As is discussed, the regulators imposed the conditions on Centurion because of concerns about the "feasibility" of Centurion’s financing, Centurion's "commitment and competence," and Centurion's "lack of experience operating health care facilities." Additionally, the Hospital Fund has already been funded with required contributions from Prospect and Leonard Green & Partners and has a cash balance of approximately $51.5 million. These amounts are currently held in an escrow account under the control of the Rhode Island Attorney General pursuant to the Rhode Island AG Opinion, which was funded by Prospect and Leonard Green & Partners prior to the Petition Date under the terms of the Original Agreement. Altogether, the financial requirements imposed by the Rhode Island Attorney General and RIDOH requires total balance sheet cash and Hospital Fund cash of $146.8 million. Requiring these significant cash balances raises the required financing amount above a feasible level and presents a challenge to closing for Centurion (or any other hypothetical buyer). Centurion has been attempting to finance the transaction for the past six months. In May 2025, Centurion first went to market with a bond issuance, seeking to raise approximately $140 million to finance the transaction. These efforts unfortunately failed. In August 2025, the transaction terms were amended in cooperation with the Rhode Island Attorney General, and Centurion launched another round of bond financing, seeking to raise approximately $105 million. Centurion again failed to raise adequate funds. The Debtors cannot continue to operate the RI Hospitals indefinitely. Continued operations at these facilities past December 31, 2025 would risk further administrative insolvency of these chapter 11 cases. It is particularly inequitable to burden the Debtors' creditors with thee losses under the current circumstances, where the Debtors will receive little, if any, consideration from the transfer of these assets. Although the Debtors have not terminated the APA at this time, the Debtors have clear cause for termination based on the failure to close by the Termination Date, and will do so absent a timely closing. The Debtors and their non-Debtor affiliates are significant providers of regional healthcare services in California, Connecticut, Rhode Island, and formerly Pennsylvania. The Company’s primary business is hospital operations, which consist of, among other things, the ownership and/or operation of acute care and behavioral hospitals, providing a wide range of inpatient and outpatient services spanning multiple states. On January 30, 2025, the U.S. Trustee appointed Suzanne Koenig as the patient care ombudsman in the HCo Debtors' chapter 11 cases. In the intervening eight months since the Centurion Sale Order was entered, and six months since the transaction's expected closing date, the Debtors have maintained their steadfast commitment to patient care and continued, at great expense, to fund the RI Hospitals. During the six-month period following the anticipated closing date, the RI Hospitals have incurred negative cash flow of $18.7 million, which was funded by the Debtors' other operations and DIP financing. Negative cash flow at the RI Hospitals is forecasted to be approximately $6 million for the month of November and exceed $5 million for the month of December. Regrettably, it is imprudent for the Debtors to continue to sustain operations at the RI Hospitals due to the mounting losses and mounting administrative claims. Operating losses at the RI Hospitals are simply a financial burden the Debtors' estates can no longer bear without a certain end in sight. The Centurion Sale Order, the APA and certain regulatory approvals require, inter alia, the satisfaction of certain requirements and conditions set forth by the Rhode Island Attorney General and RIDOH. Specifically, the AG Conditions as originally amended set certain initial funding requirements for the Centurion Sale, including: (a) the retention of $45 million in True-Up Funding for the RI Hospitals, with $35 million in Additional True-Up Funding secured within 90 days of closing, and (b) the contribution of approximately $15 million to a Hospital Fund held exclusively for the benefit of the RI Hospitals. On September 26, 2025, the Rhode Island Attorney General issued a response to the Closing Conditions Letter, indicating that the funding requirements had been lessened to allow Centurion to close the Centurion Sale by October 31, 2025 (Conditional Waiver Letter). The Conditional Waiver Letter (a) lowers the True-Up Funding from $45 million to $36 million, and (b) waives the requirement for $35 million in Additional True-Up Funding. As detailed in the Conditional Waiver Letter, the Modified AG Funding Requirements provided that the Centurion Sale must close by October 31, 2025.59 It is now clear that the closing of the Centurion Sale will not occur within this timeframe. The Debtors are prepared to promptly transfer operational control of the RI Hospitals (and all of the Debtors' right, title and interest in the assets which constitute the RI Hospitals, except cash on hand and accounts receivable) to the State of Rhode Island or a designee selected by the State of Rhode Island pursuant to section 363 of the Bankruptcy Code. Absent the transfer of the RI Hospitals to the State of Rhode Island or its designee, the Debtors will have no choice but to wind-down operations at the RI Hospitals to preserve patient safety and mitigate the risks of administrative insolvency on these chapter 11 case. The Debtor's proposed closure date is on December 31, 2025. In sum, the Debtors are unable to continue funding operations at the RI Hospitals without an unacceptable risk of administrative insolvency. Any delay in effectuating the transfer or closure of the RI Hospitals would prejudice estate stakeholders, risk the execution of a safe and orderly closure process, and increase the chance of administrative insolvency. Transfer to the State of Rhode Island is the only hope for the RI Hospitals to continue providing patient care, and, absent the Transfer, the Debtors will be forced to work in coordination with state regulators to ensure that closure the RI Hospitals is safely executed in an effective timeframe. Based on the foregoing, sufficient cause exists to implement the transfer or closure of the RI Hospitals on shortened notice. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. QUILL 115: Unsecureds to Split $975K via Quarterly Payments ----------------------------------------------------------- Quill 115 LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated October 24, 2025. The Debtor owns approximately 210 acres of vacant land in Pasco County, Florida, for residential development. The real estate is separated into two developments: Rolling Hills 1 (approx. 155 acres) ("RH 1") and Rolling Hills 2 (approx. 55 acres) ("RH 2," and together with RH 1, "Rolling Hills"). RH 1 is fully entitled and ready for development. The Debtor is still engaged in the process of obtaining full entitlement for RH 2. The Debtor is part of a portfolio of affiliated entities that own real estate in Pasco County for development. On August 20, 2024, the Debtor entered into a Vacant Land Contract to sell RH1 to Elevation Development Capital, LLC. On April 10, 2025, in accordance with the express terms of the Elevation Contract and exclusive remedies detailed therein, the Debtor sent a notice of termination of the Elevation Contract to Elevation. Less than a week later, as a last-ditch tactic, in contravention of its rights under the Elevation Contract, Elevation filed a lawsuit against the Debtor on April 16, 2025, in Pasco County Circuit Court (the "Elevation Lawsuit"), together with a lis pendens against RH1. Elevation's spurious lawsuit placed the Debtor in a position where it was unable to sell RH1 or refinance to satisfy the ITG Term Loan due to the cloud on title caused by Elevation's lis pendens. Thus, the Debtor elected to file this Reorganization Case to avail itself of the protections of the Bankruptcy Code and confirm a Chapter 11 plan of reorganization that would allow the Debtor to refinance the ITG Term Loan and the ITG CQ Loan through exit financing, address other non-Debtor loans to Affiliates of the Debtor that are subject to the Cross-Collateralization Agreement, and also address the Debtor's disputes with Elevation in a single, expeditious forum. Claims and Equity Interests will be treated under the Plan in the manner set forth in Article 5 of the Plan. Except as otherwise specifically provided in the Plan, the treatment of, and the consideration to be received by, Holders of Allowed Claims and Holders of Allowed Equity Interests pursuant to the Plan will be in full and final satisfaction, settlement, release, extinguishment and discharge of their respective Allowed Claims (of any nature whatsoever) and Allowed Equity Interests. Class 12 consists of all Allowed Unsecured Claims against the Debtor. Each Holder of an Allowed Unsecured Claim shall receive its Pro Rata Share of the Unsecured Creditor Plan Distribution ($975,000.00) in full satisfaction of its Unsecured Claim. The Unsecured Creditor Plan Distribution shall be made by the Reorganized Debtor to Holders of Allowed Unsecured Claims in three quarterly payments of $325,000.00 beginning on the last day of Q4 2026 (December 31, 2026), and subsequently paid on the last business day of the next two calendar quarters (March 31, 2027, and June 30, 2027). Class 12 is Impaired and is entitled to vote to accept or reject the Plan. Class 13 comprises all Equity Interests in the Debtor. Existing Holders of Equity Interests shall retain their Equity Interests in the Reorganized Debtor. Class 13 is Unimpaired and is not entitled to vote to accept or reject the Plan. The Plan provides for the payment of Allowed Claims from the A&D Financing Facility and other development revenues of the Reorganized Debtor to be received Post-Confirmation. The Plan incorporates a global settlement between the Debtor, the other Affiliate ITG Loan Borrowers, and the ITG Lenders to resolve and/or bring current existing defaults under the ITG Loans and the Cross-Collateralization Agreement (the "ITG Global Settlement"). A full-text copy of the Disclosure Statement dated October 24, 2025 is available at https://urlcurt.com/u?l=rhqh7I from PacerMonitor.com at no charge. The Debtor's Counsel: Matthew B. Hale, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: 813-229-0144 E-mail: mhale@srbp.com About Quill 115 LLC Quill 115 LLC is a real estate development company based in Tampa, Florida, that is involved in land acquisition, site planning, and project financing through affiliated entities. Quill 115 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05997) on August 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Matthew B. Hale, Esq. at Stichter, Riedel, Blain & Postler, PA. RAS DATA: Seeks to Extend Plan Exclusivity to March 2, 2026 ----------------------------------------------------------- RAS Data Services, Inc. asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 2, 2026 and April 28, 2026, respectively. The Debtor submits that cause exists to extend the relevant deadlines. Since the Petition Date, the Debtor has met its obligations when due and has engaged in good-faith negotiations with the various constituencies in the Chapter 11 Case. These efforts have enabled the Debtor to concentrate its resources on completing the sale of substantially all of its assets, a critical step in maximizing value for the estate and its creditors. As of the filing hereof, the sale is not scheduled to close until late December 2025 or early January 2026, well after the existing deadline of November 29, 2025. Without knowing the results of the sale, the Debtor submits it is impractical to commence expending limited resources on a plan. The Debtor explains that it is currently defending an adversary proceeding captioned Infinity Transportation 2024, LLC et al v. RAS Data Services, Inc. (Defendant) and Official Committee of Unsecured Creditors (Intervening Defendant), Adv. No. 25-00244 (the "Infinity Adversary"). And while the Infinity Adversary seeks to determine only the rights of the Debtor and the Infinity Plaintiffs, it is likely a ruling on the Infinity Adversary will affect the debtor-creditor relationship among all creditors given the similarity of the management services agreements between the Debtor and each of its customers. Furthermore, in the event the parties can settle the Infinity Adversary, it would likely need to be consummated in a manner that includes all similarly situated creditors, but without litigation, such as through a plan. Precluding the Debtor from being the exclusive party which my file a plan at this time in the Chapter 11 Case could therefore be detrimental to any resolution of the Infinity Adversary, and by extension, the Chapter 11 Case. Finally, the requested extension is not sought for an improper purpose. The Debtor does not seek to delay the case or coerce creditors, but rather to allow sufficient time to complete the sale and to provide all parties with a fair and orderly process. The Debtor has acted diligently throughout the case, maintaining open communication with the Committee and other parties-ininterest and focusing on operational stability to support a successful sale. RAS Data Services Inc. is represented by: Howard L. Adelman, Esq. Adam P. Silverman, Esq. Steven B. Chaiken, Esq. Alexander F. Brougham, Esq. Nicholas R. Dwayne, Esq. Tevin D. Bowens, Esq. Adelman & Gettleman, Ltd. 53 West Jackson Boulevard, Suite 1050 Chicago, IL 60604 Tel: (312) 435-1050 Email: hadelman@ag-ltd.com asilverman@ag-ltd.com schaiken@ag-ltd.com abrougham@ag-ltd.com ndwayne@ag-ltd.com tbowens@ag-ltd.com About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. ROOTED SUMMERVILLE: Unsecureds Will Get 100% over 60 Months ----------------------------------------------------------- Rooted Summerville, 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 Georgia Limited Liability Company formed in 2023 that is a luxury plant grower/importer. Debtor is currently located at 45 West Summerville Church Road, Suite 100, Summerville, GA 30747. The Debtor initially started with in-person sales, but pivoted to online sales and exploded with growth, generating over $280,000.00 in gross income in 2024. Unfortunately, a large shipment costing approximately $15,000.00 (the Debtor’s largest single order ever) was completely ruined in transit. In an effort to continue business operations and payroll, the Debtor acquired merchant cash advance loans from Everest Business, Expansion Capital, Torro, and Lynks Capital. 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 $52,211.00 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 2 consists of All Allowed NonPriority Unsecured Claims. The Plan provides a pool of $52,211.00, 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 $871.00 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 $887.00 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 as specified in Article 4 of this proposed plan. A full-text copy of the Plan of Reorganization dated October 23, 2025 is available at https://urlcurt.com/u?l=5zzQYq 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 Rooted Summerville Rooted Summerville, LLC is a member-managed Georgia Limited Liability Company formed in 2023 that is a luxury plant grower/importer. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11896) on July 25, 2025, with $0 to $50,000 in assets and $50,001 to $100,000. 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 legal counsel. ROSSLYN2016 LLC: Hires Joyce W. Lindauer Attorney PLLC as Counsel ----------------------------------------------------------------- Rosslyn2016 LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Joyce W. Lindauer Attorney, PLLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) represent the interests of the Debtor and the estate and propose a plan of reorganization; (b) prepare on behalf of the Debtor the necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary in the course of this Chapter 11 proceeding; and (d) represent the Debtor in matters arising in connection with its bankruptcy case. Joyce W. Lindauer Attorney, PLLC has been paid a total retainer of $75,000 in connection with this proceeding. The firm will be paid at these rates: Joyce W. Lindauer $595 per hour Paul B. Geilich, Of Counsel $525 per hour Rebecca T. Vaughn, Associate $250 per hour Dian Gwinnup, Paralegal $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joyce W. Lindauer Attorney, PLLC 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: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas Street Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 E-mail: joyce@joycelindauer.com About Rosslyn2016 LLC ROSSLYN2016 LLC is the owner and operator of The Retreat on Rosslyn Apartments, a residential apartment complex located at 5801 North Houston Rosslyn Rd. in Houston, Texas. ROSSLYN2016 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. S.D. Tex. Case No. 25-31817) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by James Q. Pope, Esq. at The Pope Law Firm. RYAN LLC: Moody's Rates New Secured First Lien Bank Loans 'B3' -------------------------------------------------------------- Moody's Ratings affirmed Ryan, LLC's (Ryan) corporate family rating at B3 and probability of default rating at B3-PD. Additionally, Moody's affirmed the existing bank credit facilities at B3. Moody's assigned B3 ratings to its proposed senior secured first-lien bank credit facilities, which include a $400 revolving credit facility expiring 2030, $1,810 million term loan due 2032 and $200 million delayed draw term loan due 2032. The outlook is stable. Ryan is a Dallas, Texas based provider of tax services and software. In September, Ryan announced that it has acquired two businesses for total cash proceeds of about $110 million. The net proceeds from the proposed debts will be used to refinance existing debt, add cash to the balance sheet and for general corporate purposes. The existing credit facility rating will be withdrawn when it is repaid. "Although Ryan's announced plan will add debt leverage while the new acquisitions will increase integration risk before the planned Altus Tax synergies are fully achieved, Moody's had anticipated that Ryan might continue to emphasize acquisitions to supplement its organic revenue growth, so there is no change to the B3 ratings," said Edmond DeForest, Moody's Ratings Senior Vice President. RATINGS RATIONALE The B3 CFR reflects Ryan's short history of operating at its approximately $1.5 billion revenue size (as of June 30, 2025 and pro forma for announced acquisitions), its narrow service offering, and its aggressive financial strategies, including debt-funded acquisitions and shareholder returns. There is revenue and earnings volatility due to the transactional nature of Ryan's business model. The ratings are pressured by high debt/EBITDA of over 6x for the twelve months ended June 30, 2025, pro forma for the announced acquisitions and refinancing. Moody's expects debt/EBITDA to decline to around 5.5x in 2026 through low-single-digits percentage range revenue growth, already strong EBITDA margins expanding to over 24% and required debt repayment, barring further acquisitions. However, given the several acquisitions and 2024 shareholder distribution, all funded with debt, the rating reflects Moody's anticipations of further debt-funded acquisitions and dividends if the company achieves its operating goals. All financial metrics cited reflect Moody's standard adjustments. Support to the credit profile is provided by the company's strong position in the specialty tax service industry in the US, its diverse customer base servicing a broad range of end markets and Moody's expectations for strong demand growth in the corporate tax advisory sector. Moody's expects interest coverage as measured by EBITDA less capital expenditures to interest expense will remain above 2x and about $30 million of annual free cash flow (before transaction-related fees and expenses) over the next 12 to 18 months, providing support to the credit profile. The announced acquisitions in India and Europe will further boost business and geographic diversity in Europe, Asia, and the Middle East. Due to the several acquisitions, announced and anticipated, and large corpus of identified cost reductions and acquisition synergy benefits, the company's financial statements will remain subject to substantial adjustments in order to reflect its trailing twelve month operating results until 2026. The company's credit facilities are rated B3, the same as the B3 CFR, reflecting the predominance of the credit facilities in Ryan's debt capital structure. The facilities are secured by a first-lien pledge of substantially all of the company's domestic assets, 65% of the stock of direct foreign subsidiaries. Marketing terms for the proposed credit facilities (final terms may differ materially) include the following: incremental pari passu debt capacity up to the greater of closing date EBITDA and 100% of pro forma adjusted trailed twelve month EBITDA, plus unlimited amounts subject to a maximum first-lien net leverage ratio of 3.78x (or leverage neutral incurrence). A "blocker" provision restricts the transfer of material intellectual property to unrestricted subsidiaries. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that contractually subordinate the debt or liens unless such lenders can ratably participate in such priming debt. Moody's considers Ryan's liquidity profile as good, reflecting the large and largely available $400 million revolver. The company had $40 million of cash as of June 30, 2025 (including about $2 million of restricted cash) and will generate about $30 million of annual free cash flow (before transaction-related uses) over the next 12 to 15 months. Working capital volatility associated with the uncertain timing of receipt of performance-based fees could lead to negative cash flow in one or more fiscal quarters. The term loans require 1% annual principal amortization, or $18.5 million a year, paid quarterly. There are no financial covenants applicable to the term loans. Access to the revolver is conditioned upon compliance with a maximum 7x senior secured first lien net leverage ratio (as defined in the facility agreement) when revolver drawings exceed 40% of the total revolver amount. Moody's expects that Ryan would be well within compliance if the covenant is tested over the next 12 to 15 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's expects: 1) sustained organic revenue growth and free cash flow; 2) debt/EBITDA will be maintained around 5x; and 3) Ryan will maintain a good liquidity profile. The ratings could be downgraded if Moody's expects: 1) revenue growth will slow or profitability rates will contract, evidencing a loss of market share or growth in competition; 2) debt/EBITDA will be sustained above 6x; 3) EBITDA less capital expenditures/interest will remain below 1.25x; or 4) liquidity deteriorates. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Ryan, LLC, owned by management and affiliates of financial sponsors Onex Partners Advisors UK LLP and Ares Private Equity Group, is a global provider of tax services and software, with its largest tax practice located in the United States. In January 2025, Ryan acquired the property tax business of Altus Group Limited for about C$700 million ($510 million) in cash, which included Altus' property tax services and software offerings in Canada, the UK and US. Moody's expects 2026 revenue of over $1.6 billion. SEAMLESS QUALITY: Jerrett McConnell Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Seamless Quality Solutions, LLC. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Seamless Quality Solutions LLC Seamless Quality Solutions, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03853) on October 23, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. SEQUOIA GROVE: Gets Final OK to Use Cash Collateral --------------------------------------------------- Sequoia Grove, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The final order authorized the Debtor to use Wells Fargo Bank, N.A.'s cash collateral strictly in line with an approved budget. Termination events under the final order include violation of the interim order; failure to provide required financial disclosures; failure to file a Chapter 11 plan by December 15; failure to confirm a plan by February 13, 2026; and dismissal or conversion of the Debtor's Chapter 11 case. To protect Wells Fargo's interests, the court granted the bank superpriority claims and replacement liens on the Debtor's assets, subordinate only to the fee carveout. These liens do not apply to any Chapter 5 avoidance actions. In addition, the Debtor must make monthly payments of $4,438.31 to cover principal and interest due under the promissory note. The order allows automatic ACH transfers and limits lien subordination to the first $7,500 in professional fees. Wells Fargo Bank holds a $1.62 million Small Business Administration–backed loan, secured by nearly all of the debtor’s assets, including real property at 1207 West Ferguson Street, Humble, Texas, valued at $186,796. As of the petition date, the debtor reported a loan balance of approximately $1.56 million and cash collateral of $22,608. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Npu02 from PacerMonitor.com. About Sequoia Grove Inc. Sequoia Grove, Inc. doing business as GM Outdoor Living, Pool & Spa, designs, builds, renovates, and maintains custom swimming pools, outdoor living spaces, and kitchens for residential clients in the Greater Houston area from its base in Humble, Texas. The Company also partners with third-party financial institutions to provide customer financing for pool construction and outdoor living projects. Sequoia Grove sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35441) on September 16, 2025. In the petition signed by Martin Rafter, president and CEO, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Leonard Simon, Esq., at Pendergraft & Simon, LLP, represents the Debtor as legal counsel. SHILO INN NEWPORT: Court OKs Interim Use of Cash Collateral ----------------------------------------------------------- Shilo Inn, Newport, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral pending further hearing in accordance with its budget, subject to a 15% variance. The Debtor may amend the budget with creditor consent or further court approval. As adequate protection, secured creditors including RSS SGCMS2016-C5 - OR SIN, LLC and the U.S. Small Business Administration will be granted replacement liens on post-petition assets, subject to a fee carveout. In addition, the Debtor was directed to maintain insurance coverage to protect its secured creditors. The next hearing is scheduled for December 18, with objections due by December 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/npjBl from PacerMonitor.com. RSS SGCMS2016-C5 is represented by: James B. Zack, Esq. Ballard Spahr LLP 1301 Second Avenue, Suite 2800 Seattle, WA 98101 Telephone: (206) 223-7122 Zackj@ballardspahr.com Docketclerk_seattle@ballardspahr.com About Shilo Inn Newport LLC Shilo Inn, Newport, LLC, doing business as Shilo Inn Newport Oceanfront, operates a 179-room beachfront hotel in Newport, Oregon. Shilo Inn Newport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-42508) on October 10, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Mary Jo Heston handles the case. The Debtor is represented by Richard B. Keeton, Esq., at Bush Kornfeld, LLP. SKYSKOPES INC: Hires Cross Law Firm PLC as Special Counsel ---------------------------------------------------------- SkySkopes, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Cross Law Firm, P.L.C. as special counsel. The Debtor needs the firm's legal assistance to review, investigate, negotiate, and litigate, if necessary, any internal dealings between Debtor Lasen and Skyskopes. The firm will address internal financial dealings and loans between those parties and other issues which may arise in the pre-petition retainers for the two entities. The firm will be paid at the hourly rate of $550. As 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: Jeremy Cross, Esq. Cross Law Firm, P.L.C. 600 4th Street, Suite 315 Sioux City, Iowa 51101 Tel: (712) 234-3055 Fax: (712) 277-7386 Email: jeremycross@crosslawplc.com About SkySkopes Inc. SkySkopes Inc. provides aviation and geospatial services to clients in the oil and gas, infrastructure, electric utility, and geospatial sectors. The company operates a fleet of drones, helicopters, and fixed-wing aircraft, and offers data-driven solutions through a team of industry professionals. SkySkopes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05420) on June 13, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by Randy Nussbaum, Esq., at Cavanagh Law Firm, PA. SMARTSCIENCE LABORATORIES: Case Summary & 20 Unsecured Creditors ---------------------------------------------------------------- Debtor: SmartScience Laboratories, Inc. 13760 Reptron Blvd Tampa, FL 33626 Business Description: SmartScience Laboratories, Inc. develops and manufactures over-the-counter drugs, medical devices, and private-label health products from its FDA-registered, cGMP-compliant facility in Tampa, Florida. The Company provides contract formulation, packaging, and production services for healthcare and personal care clients. Founded in 1998, it focuses on delivering customized product solutions under branded and private-label programs. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08072 Judge: Hon. Catherine Peek Mcewen Debtor's Counsel: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street N. Pinellas Park, FL 33781 Tel: 727-531-7068 E-mail: jake@jakeblanchardlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Gene Weitz as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LIKRRBI/SmartScience_Laboratories_Inc__flmbke-25-08072__0001.0.pdf?mcid=tGE4TAMA TINER EMPREENDIMENTOS: Chapter 15 Case Summary ---------------------------------------------- Affiliated companies that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Tiner Empreendimentos e Participacoes S.A. 25-22720 Brazil TBR Construcoes e Incorporacoes Ltda. Alegria Empreendimentos e Participacoes Ltda. LCR Locacao e Transporte de Equipamentos e Maquinas Para Construcao Civil, Industria e Comercio Ltda. Vitron Industria e Comercio de Vidros Ltda. ASOX Industria e Comercio de Metais Ltda. Revon Importacao, Distribuicao e Comercializacao de Pisos e Revestimentos Ltda. Business Description: Tiner Empreendimentos e Participacoes S.A. is a Brazil-based company engaged in real estate development and investment, forming part of the Tiner Group, which originated in Portugal in 1984 through Tiner SGPS. The group operates across the civil construction, logistics, and financial sectors, with activities extending into property management and real estate fund administration. In Brazil, Tiner expanded its operations through subsidiaries including TBR Construcoes, Alegria Empreendimentos, LCR Locacao, Vitron Industria, ASOX, and Revon, supporting its diversification and growth in the real estate and construction industries. Chapter 15 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Southern District of Florida Judge: TBD Foreign Representative: F. Rezende Consultoria e Administracao Judicial, the judicial administrator of the bankruptcy estate of Tiner Empreendimentos, et al. Praca Franklin Delano Roosevelt n. 200, 6th Fl. Sao Paulo CEP 01303-020 Brazil Signed by: Frederico Antonio Oliveira de Rezende Foreign Proceeding: Bankruptcy Liquidation proceeding pending before the 1st Bankruptcy and Reorganization Court of the Central District of Sao Paulo Foreign Representative's Counsel: Leyza B. Florin, Esq. SEQUOR LAW 1111 Brickell Avenue Suite 1250 Miami FL 33131 Tel: (305) 372-8282 Email: lflorin@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of Tiner Empreendimentos' Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZIBJZRY/Tiner_Empreendimentos_e_Participaes__flsbke-25-22720__0001.0.pdf?mcid=tGE4TAMA TITAN PURCHASER: Moody's Affirms 'B1' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of Titan Purchaser, Inc. (Titan Purchaser), including the B1 corporate family rating, B1-PD probability of default rating and the B2 rating on the senior secured first lien term loan B. The outlook remains stable. The affirmation of the CFR reflects Moody's expectations that Titan Purchaser will maintain its competitive position as a manufacturer of iron casting components in North America, while improving its modest profit margin and maintaining low financial leverage. RATINGS RATIONALE Titan Purchaser's B1 CFR reflects the position of Waupaca as one of the largest suppliers of iron castings in North America with long-standing, blue chip customer relationships within the transportation and industrial end markets. Waupaca has a difficult to replicate business model with five well maintained, technologically advanced plants located in proximity to many of its customers in the Midwestern US. A largely variable cost structure, pass-through cost mechanisms for raw material inputs and moderate capital investment requirements will result in good cash flow generation over the next 12-18 months. The credit profile is constrained by its exposure to cyclical end markets and a limited track record as a standalone company under private equity ownership. The private equity ownership may lead to aggressive financial policies. Since a leveraged buyout in March 2024, Titan Purchaser has paid dividends that eroded free cash flow. Moody's expects Debt-to-EBITDA to decline to 2.8x over the next 12-18 months, driven by higher earnings. Moody's also expects its revenue to grow by about 3% per year over the next 12-18 month, owing to improved demand from new truck builds and the automotive and agricultural equipment industries. Moody's forecasts that adjusted EBITA margin will improve slightly over the next 12-18 months, underpinned by increased prices on its products, operating efficiency and strong cost and expense control efforts. The stable outlook reflects Moody's expectations that steady revenue growth and cost and expense controls will drive higher earnings, lowering the company's leverage and generating solid cash flow. Moody's expects Titan Purchaser to maintain good liquidity over the next 12 months, driven by Moody's expectations for operating cash flow of more than $85 million over the next 12 months, supported by higher earnings. Additional liquidity is provided by a $195 million asset-based lending (ABL) credit facility, which was undrawn as of June 30, 2025 (although there are $16 million of letters of credit against the ABL credit facility). The facility is set to expire in 2029. The annual amortization amount for the senior secured first-lien term loan is about $20.5 million. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with demonstration of successful execution of Waupaca's margin enhancement plans. More specifically, an EBITA margin approaching the high-single digits and EBITA-to-interest sustained above 3x could result in a rating upgrade. Stronger liquidity, including annual free cash flow in excess of $50 million, and an increasing cash position would also support a rating upgrade given the significant term loan amortization requirements. The ratings could be downgraded if the EBITA margin weakens materially, if free cash flow falls below the annual term loan amortization requirement or if debt-to-EBITDA rises above 4x. Indications of a more aggressive financial policy or deteriorating liquidity, including reliance on the ABL credit facility for working capital needs could also result in a negative rating action. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Titan Purchaser, Inc. is doing business as Waupaca Foundry Inc. (Waupaca). Waupaca is a manufacturer of engineered cast iron components for use in the automotive vehicle, off-highway vehicle, industrial, rail and oil and gas markets. The company is owned by Monomoy Capital Partners, following a leveraged buyout in March 2024. Revenue for the last twelve months ended June 2025 was $1.6 billion. TJS INVESTMENT: Seeks Chapter 7 Bankruptcy in Maryland ------------------------------------------------------ TJS Investment Properties LLC entered Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Maryland on October 31, 2025. The voluntary filing, case #25-20231, reports assets of up to $100,000 and liabilities between $100,001 and $1 million. The company identified between one and forty-nine creditors in its petition. About TJS Investment Properties LLC TJS Investment Properties LLC is a limited liability company. TJS Investment Properties LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-20231) on October 31, 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 Nancy V. Alquist handles the case. The Debtor is represented by Sheereen E. McNair, Esq., of Middleton Legal. TOLL ROAD II: Fitch Affirms 'B+' Rating on $1.1BB Revenue Bonds --------------------------------------------------------------- Fitch Ratings has affirmed the rating for Toll Road Investors Partnership II, L.P. (TRIP II) Dulles Greenway project's approximately $1.1 billion in outstanding revenue bonds (series 1999 and 2005) at 'B+'. The Rating Outlook is Negative. RATING RATIONALE The rating reflects Dulles Greenway's traffic base within the economically strong metro Washington D.C. service area, which has experienced volatility from economic downturns, toll-free alternate routes and the impact of the pandemic. Debt structural features are protective, with a cash-funded debt service reserve and stringent lock-ups when covenant thresholds are not met, and a somewhat flexible repayment profile. The Negative Outlook reflects TRIP II's continued inability to implement adequate rate hikes to accommodate the ascending debt service and drawdown of trapped cash required to meet debt service payments amid a slow traffic and revenue (T&R) recovery. Resolution of the Negative Outlook will depend on the ongoing T&R recovery in conjunction with demonstrated ability under the Virginia State Corporation Commission (SCC) rate framework to secure toll increases necessary to improve liquidity buffers and coverage levels. Financial metrics under Fitch's rating case remain strained, with high leverage and narrow debt service coverage ratios (DSCRs) largely below the 1.0x range in the forecast, driven by debt service escalation through maturity. While metrics are consistent with a lower rating level, TRIP II is supported by significant restricted cash of about $199 million as of fiscal 2024. An acceleration in T&R during 2024 slowed the rate at which the project used reserves to meet debt service payments. Fitch will continue to monitor liquidity depletion. KEY RATING DRIVERS Revenue Risk - Volume - Midrange Strong Service Area, Some Competition: Dulles Greenway traffic base benefits from its geographic location, which is within the economically strong metro Washington DC service area. Historical traffic volatility is elevated, with a peak-to-trough decline of -32% during the Great Recession and a degree of elasticity to toll increases. Recent improvements to toll-free alternative routes and higher, persistent levels of telecommuting in the service area have led to softer traffic performance and a slower post-pandemic recovery relative to other facilities rated by Fitch. With Greenway's inability to increase toll rates, rates are now generally in line with those of local peers, at around $0.41 peak per mile, and privately-owned toll roads within similar healthy service areas. Revenue Risk - Price - Weaker Limited Visibility into Rate-Setting: Following the expiration of the legislative toll rate schedule in fiscal 2019, TRIP II has to undergo rate case applications to the SCC for future toll rate increases. Each rate case submission covers only one year of toll rate increases at a time and is required to be set at a reasonable level that would not materially discourage use, defined by a 3% fall in traffic. The legislation also requires the proposed toll rate to be reasonable to the user in relation to the benefit obtained. Fitch views the new framework as less predictable than prior solutions, which used a formulaic approach, resulting in annual toll increases of approximately 3.0% per year. TRIP II has not yet demonstrated its ability to procure a rate case under this new framework. Historically, TRIP II's rate-making has increased at above inflationary levels, but it could be subject to political interference moving forward, with increasing importance of timely rate increases in light of its escalating debt service profile. Infrastructure Dev. & Renewal - Midrange Manageable Near-Term Capital Works: Dulles Greenway's capital plan is adequate to meet the needs of the road, mainly focusing on roadway maintenance and congestion relief projects. TRIP II's 10-year plan is funded with annual deposits from cash flow. However, over the long-term, as the asset ages and capital needs increase, the ability to recover capital expenses may be constrained by the current rate-setting framework. Debt Structure - 1 - Midrange Back-loaded Debt, Sound Covenants: TRIP II's debt structure features fixed-rate, senior debt with several bullet maturities that have been smoothed into an amortizing structure with mandatory early redemption features, escalating at a compound annual growth rate of 0.6% from fiscal years 2023 to 2056. The legal final maturity date on the 2005B bonds provides a significant tail relative to the early redemption schedule, though it encompasses only a modest portion of the overall capital structure. Missing an early redemption payment is not an event of default, although deferral of planned early redemptions could cause debt obligations to balloon. Cash reserves of nearly 1x maximum annual debt service (on a scheduled basis), a $45 million surety bond and a dual-pronged distribution lock-up test of 1.25x DSCR and 1.15x (net of deposits for capex) with lock-up periods of one and three years, respectively, provide additional enhancements against the back-loaded and long-dated structure. Financial Profile The asset's T&R performance has continued to improve following a significant contraction in 2020 driven by the pandemic. However, although fiscal 2024 cash flow available for debt service was 18.2%, higher than the previous Fitch base case, TRIP II's coverages did not meet the covenant thresholds, which led to continued accumulation of reserves in its early redemption reserve fund (ERRF). This also led to ongoing depletion of the asset's liquidity position, albeit at a slower pace than prior years. Cash balances were at $199 million as of fiscal YE 2024, including $93 million held in the ERRF and $40 million in the debt service reserve fund. Fitch's rating case reflects the slightly faster-than-expected rebound in T&R and considers year-to-date T&R performance through August 2025. Fitch assumes a conservative traffic projection, accounting for a limited recovery and a larger telecommuting impact. Given the SCC's denial of the proposed rate case, Fitch has conservatively assumed toll rates will rise by 1.0% per year and operating expenses slightly over historical averages. Under these assumptions, DSCR remains below 1x in most years, with a 10-year average of 0.9x from 2025 to 2034. In fiscal 2025, TRIP II's coverages are not expected to meet covenant thresholds, leading to continued trapping of cash held in the ERRF. PEER GROUP From a volume perspective, Dulles Greenway's peers include U.S. commuter-based facilities with strong and growing service areas. However, these U.S. facilities tend to exhibit investment-grade DSCR levels under Fitch's rating case of 1.7x or better. Fitch has also compared TRIP II to other toll roads globally in the 'B' category, which exhibit a similar combination of factors, including a narrower rating case DSCR below 1.0x over the next 10 years, and additional volatility in traffic along with uncertainty around future toll rates. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to implement adequate rate increases to accommodate escalating debt service obligations; - Weaker-than-expected traffic recovery leading to further pressure on DSCR metrics; - Material depletion of liquidity position without further preventative actions taken by management. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated track record of adequate rate increases under the SCC approval framework to accommodate the ascending debt service obligations; - Recovery of traffic and revenues and/or any positive legislative improvements in the toll rate framework which would lead to higher liquidity buffers and DSCR metrics (calculated net of capex) above 1.3x on a sustained basis. CREDIT UPDATE Traffic and revenue (T&R) continued to recover in fiscal 2024 (ended December 31), growing 5.9% and 6.9% YoY, respectively. However, T&R was still only 78% and 88% of fiscal 2019 levels, respectively. The revenue increase in fiscal 2024 was supported by an increase in higher priced peak traffic, reflecting the ongoing return to the office trend in the region and higher congestion on alternative free routes, which has driven some return of traffic back to Greenway. Recent performance indicates an acceleration in recovery trends, with year-to-date fiscal 2025 (eight months through August) T&R up by 9.1% and 7.9%, respectively, compared with the same period in 2024. TRIP II does not expect to meet its minimum coverage ratio (MCR) or additional coverage ratio (ACR) covenant tests in fiscal 2025. With cash accumulated in the ERRF, management has indicated that TRIP II intends to continue with early redemption payments of the 2005B bonds. The step-up in debt service, which started in fiscal 2022, has pressured the DSCR below 1x. Fitch believes it will be challenging for near-term coverages to meet the 1.25x covenant threshold without substantial rate increases or stronger traffic recovery. In July 2023, TRIP II submitted a proposed rate case to the SCC, which would increase the one-time rate to $8.10 during peak hours (40% higher than current rates) and $6.40 during off-peak hours (22%) for two-axle vehicles, regardless of distance travelled. In September 2024, the SCC denied the proposed tolls, stating that they were unreasonable and contrary to the public interest. Following the SCC's rejection, TRIP II filed a notice of appeal to the Virginia supreme court, which was ultimately dismissed by the court in July 2025. With the proposed rate case, TRIP II also requested that the SCC authorize a streamlined process to consider and approve future rate cases. The final order concluded that the current procedure was necessary but suggested that a working group designed to reach a consensus on the analysis would be beneficial. TRIP II collaborated with the working group, which included SCC staff, VDOT, the Attorney General's Office, and Loudoun Country, until July 2025. The working group aimed to create a shared understanding of the traffic model and appropriate inputs among key stakeholders to facilitate rate cases moving forward. TRIP II is now consolidating guidance from the group and preparing to submit a new rate case by the end of 2025. Historically, rate case decisions have taken between 12 and 18 months. The extensive rate approval process negatively impacts TRIP II's ability to secure sufficient rate increases to offset its escalating debt service requirements, which is a significant driver of the rating. Fitch positively notes that the intention of the ERRF has always been able to provide a cushion to cover any shortfall in revenues, although the balance continues to decrease and could be depleted if sufficient rate increases are not implemented. Furthermore, any excess cash will remain locked up for three years after the project meets its 1.15x ACR and one year after meeting its 1.25x MCR. FINANCIAL ANALYSIS The asset's traffic and revenue (T&R) performance has continued to improve following a significant contraction in 2020 driven by the pandemic. Fitch's base case reflects the slightly faster-than-expected rebound in T&R and considers year-to-date T&R performance through August 2025. In fiscal 2025, traffic is projected to grow 8.5%, recovering to 85% of 2019 levels. In the near term, traffic grows moderately, and thereafter growth is staggered, gradually declining from 1% per year to minimal growth through the maturity of the debt term. Given the SCC's denial of the proposed rate case, Fitch has conservatively assumed toll rates will increase by approximately 1.3% per year in the near term, then shift to 1.5% growth rate over the long term - reflecting a slow increase in congestion during peak hours. Operating expenses follow the issuer's budget for fiscal 2025 and thereafter increase by 2.8% per year. Debt service also assumes all early redemption payments for the 2005B bonds are being met with net revenues or cash reserved in the ERRF. Under this scenario, DSCR reaches a minimum of 0.9x in fiscal 2025 and slowly rises to 1.3x in fiscal 2056 (final maturity). Fitch's rating case has an even more conservative traffic projection, accounting for limited recovery and a larger telecommuting impact. In the long term, growth rates are similarly conservative, with low growth during the projection period. The rating case assumes toll rates increase by 1% after fiscal 2025 and escalates the growth in operating expenses by 50 basis points compared to the base case. Under these assumptions, DSCR remains below 1x during most of the forecast, with a 10-year average of 0.9x from 2025 to 2034. While a deferral of debt service would not be required under Fitch's base case projections, it would be required under the rating case after year 9. SECURITY The senior bondholders have a first priority lien on the security interest within the trust estate, which includes all rights to net revenues, real estate interests, rights under the easements, and rights, title and interest in the equipment. 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 Prior ----------- ------ ----- Toll Road Investors Partnership II, L.P. (VA) Toll Road Investors Partnership II, L.P. (VA) /Toll Revenues – First Lien/1 LT LT B+ Affirmed B+ TRAID AERO: Linda Leali Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Traid Aero Sales, Corp. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Triad Aero Sales Corp. Triad Aero Sales, Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on October 27, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Robert A. Mark presides over the case. Brian S. Behar, Esq. represents the Debtor as legal counsel. TRASK RADIO: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On October 31, 2025, Trask Radio LLC voluntarily filed a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Southern District of New York. Court documents show the company holds debts totaling $10 million to $50 million, with one to four creditors listed. About Trask Radio LLC Trask Radio LLC is a limited liability company. Trask Radio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12431) on October 31, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Ilana Volkov, Esq., of McGrail & Bensinger LLP. TRUE MADE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: True Made Foods, Inc. 5810 Kingstowne Ctr., Suite 120 PMB 430 Alexandria, VA 22315-5711 Business Description: True Made Foods, Inc., based in Alexandria, Virginia, produces reduced-sugar and sugar- free condiments including ketchup, barbecue sauces, mustard, and hot sauces, using fruits and vegetables as natural sweeteners instead of refined sugar. The Company collaborates with culinary professionals, such as Pitmaster Ed Mitchell, to develop its barbecue sauces. Chapter 11 Petition Date: October 30, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-12269 Debtor's Counsel: Steven B. Ramsdell, Esq. TYLER, BARTL & RAMSDELL, PLC 300 N. Washington St. Suite 310 Alexandria, VA 22314 Tel: (703) 549-5000 Fax: (703) 549-5011 Email: sramsdell@tbrclaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Abraham Kamarck as CEO. 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/JQRYAKA/True_Made_Foods_Inc__vaebke-25-12269__0001.0.pdf?mcid=tGE4TAMA TRY TROUT: Seeks to Hire Cushman & Wakefield as Appraiser --------------------------------------------------------- Try Trout and Industrial, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Cushman & Wakefield Western, Inc. as real estate appraiser. The firm will appraise the Debtor's two real estate development projects in Truckee, California, referred to as Heritage Village and Creekside Village. The firm will be paid a flat fee payment of $8,500 on completion of the appraisal report for Heritage Village; and a flat fee payment of $10,500 on completion of the appraisal report for Creekside Village. The firm will also be paid $750 per hour plus travel expenses, if necessary, to testify concerning the completed appraisal reports. As 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: Jason W. Garlock Cushman & Wakefield Western, Inc. 425 Market Street San Francisco, CA 94105 Tel: (415) 773-3520 About Try Trout and Industrial, LLC Try Trout and Industrial LLC develops and manages property in Truckee, California, focusing on parcels located at 11157, 11158, and 11189 Church Street. The Company's projects are part of the Downtown and Railyard Master Plan zones, including the Trout Creek and Industrial Heritage Districts. It operates within the real estate and property development sector, holding ownership of multiple parcels. Try Trout and Industrial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August 27, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by William M. Noall, Esq. at GARMAN TURNER GORDON LLP. TURTLE LANE: Seeks to Hire Coldwell Bank Realty as Broker --------------------------------------------------------- Turtle Lane LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Coldwell Bank Realty as broker. The firm will market and sell the Debtor's real property located at 283 Melrose Avenue, Newton, Massachusetts. The firm will be paid a commission of 2.5 percent of the gross purchase price. As 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: Edward Shifman Coldwell Bank Realty 27 Boylston St. Suite 310 Chestnut Hill, MA Tel: (617) 633-7703 Fax: (617) 969-7912 About Turtle Lane LLC Turtle Lane LLC focuses on real estate operations, primarily offering property-related services. Turtle Lane LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11733) on August 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY, LLP. TWISTED SKY: Case Summary & Eight Unsecured Creditors ----------------------------------------------------- Debtor: Twisted Sky High, Inc. d/b/a Auntie Anne's Pretzels 1000 Airport Blvd Pittsburgh, PA 15231 Business Description: Twisted Sky High, Inc., doing business as Auntie Anne's, operates pretzel and snack food outlet at Pittsburgh International Airport under the Auntie Anne's franchise brand. The Company is engaged in preparing and selling soft pretzels, beverages, and related quick-service food items to travelers and retail customers. Chapter 11 Petition Date: October 29, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-22904 Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: chad@cvhlawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Paul Stepien as COO. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JTXJKTA/Twisted_Sky_High_Inc__pawbke-25-22904__0001.0.pdf?mcid=tGE4TAMA UMAMAHESH LLC: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On October 31, 2025, Umamahest LLC voluntarily filed a Chapter 11 bankruptcy petition in the Northern District of Texas, case number #25-50299. Court documents show the company’s assets and liabilities are both valued between $1 million and $10 million, with a total creditor count ranging from 1 to 49. About Umamahest LLC Umamahest LLC is a limited liability company. Umamahest LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Cas No. 25-50299) on October 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by David R. Langston, Esq., of Mullin, Hoard & Brown. USA COMPRESSION: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of USA Compression Partners, LP (USAC) at 'BB' and the senior unsecured ratings of USAC and co-issuer USA Compression Finance Corp.'s senior unsecured notes at 'BB' with a Recovery Rating of 'RR4'. Fitch has also affirmed USAC's senior secured rating on its secured asset-based revolving credit facility at 'BBB-'/'RR1'. The Rating Outlook is Stable. USAC's rating reflects its size, geographic diversity and fixed-fee contract structure. USAC is supported by structural tailwinds including long lead times for new compression units, increasing gas-to-oil ratios, and the construction of new liquefied natural gas (LNG) export facilities. USAC's leverage is appropriate for the rating. These factors are weighed against the company's large distributions to common unitholders and relatively shorter remaining contract lives versus other midstream issuers. USAC has a strong customer retention history and long-term relationships with major counterparties. Key Rating Drivers Stable Cash Flows: USAC's contracts are 100% fixed-fee, take-or-pay contracts with no short-term volumetric or commodity price-based revenue risk. USAC has a strong track record of average fleet horsepower utilization over the past decade of approximately 90%. Since YE 2023, compression services provided on a month-to-month basis have declined from 19% to about 14% at YE 2024 and have since ticked up to 17% as of 2Q25. Due to month-to-month services being termed up, average contract length has grown but is still relatively short versus midstream peers. However, USAC has had a strong track record with renewals and has longstanding customer relationships. USAC continues to increase its average horsepower per revenue-generating compression unit to 843 for the six months ending June 2025, from 792 for YE 2023. USAC's focuses on large-horsepower, midstream compression applications such as regional gathering, gas processing plant compression, and central gathering with unit-specific contracts. This focus provides some competitive advantages and creates high barriers to exit for some customers, which makes USAC's services costly to replace. Counterparty and Geographic Diversification: The partnership's top 10 largest customers account for 46% of revenue, most of which is with large investment grade counterparties. The company is also geographically diversified with operations in five different basins. Measured by horsepower, the Permian and Appalachia are USAC's top basins accounting for roughly 42% and 24% of the partnership's assets, respectively. These basins contain some of the best economics presenting resiliency in stressed commodity price environments. USAC is better positioned versus its peers in relation to indirect commodity price exposure through its diversification of gas and oil basins. Declining Leverage: USAC's Fitch-adjusted EBITDA leverage was about 4.5x in 2024. Fitch expects leverage to remain at roughly 4.5x or below in 2025 as management continue toward it leverage target of 4.0x. Continued compression market tightness has allowed USAC to not only improve utilization but also contract at higher rates and for longer terms. Fitch expects EBITDA to be more robust and durable the longer this tightness persists. Fitch anticipates leverage to remain strongly positioned within the rating category as EBITDA improves steadily and preferred shares continue to be redeemed. Strong Utilization: Over the past three years, USAC's utilization rates have increased from the 2021 lows which were driven by pandemic-related disruptions. The current utilization rate is approximately 94%, above the long-term average of about 90%. Amid a tight compression market, in particular for larger compression units, the company has been successful in converting idle units into active units. Fitch will closely monitor the partnership's ability to maintain strong utilization rates. Disciplined Capital Management: USAC has been disciplined in its approach to growth, steadily adding horsepower to its fleet. On recent earning calls USAC has emphasized a focus on signing contracts for terms that cover the payback periods on new compression units, which Fitch views the contractual support of new capex as favorable. USAC maintains a high return on invested capital when compared to peers. Fitch expects USAC will continue to self-fund its organic growth while balancing its commitment to its dividend. Industry Tailwind LNG: LNG continues to solidify its structural support for the compression industry, most notably the construction of multiple new North American LNG export facilities. Fitch expects U.S. LNG production to approximately double by 2030. These incremental LNG projects will require large amounts of natural gas, with contracted terms typically around 20 years, creating long-term sustained demand for additional natural gas produced in the U.S. USAC maintains considerable operations in the Permian, which is close to many of these LNG projects. Industry Tailwind Power Demand: Compression will keep benefitting from robust demand driven by data center expansion. Fitch sees natural gas as the fastest path to large-scale, reliable power. Data centers are expected to add significant natural gas demand, though long-term volumes remain uncertain. Fitch's gas price deck remains constructive over the forecast. Strong gas prices support continued drilling, particularly in dry gas basins. WTI sits near the 2025 stress case, indicating moderate oil drilling cuts and lower associated gas Peer Analysis USAC has two close peers within Fitch's midstream coverage: Kodiak Gas Services, LLC (Kodiak; BB/Stable) and Archrock, Inc. (Archrock; BB/Stable). All three companies are large horsepower-focused natural gas compression service providers, similarly sized, with around $500 million in EBITDA, operate exclusively under fixed-fee, take-or-pay type contracts, and share similar levels of counterparty diversity and quality. USAC and Kodiak maintain similar month-to-month contract exposure, while Archrock maintains significantly higher month-to-month contract exposure. USAC and Archrock have more geographic diversification, with their top two regions contributing about two-thirds of revenue compared to about 85% for Kodiak. USAC maintains a public leverage target of less than 4.0x. Archrock and Kodiak have similar leverage targets, with Archrock focused on maintaining leverage between 3.0x to 3.5x through cycles, while Kodiak aims to reduce leverage to 3.5x by YE 2025. Their capital allocation policies are also similar, with both companies committed to limiting capex and shareholder returns to available FCF, while USAC prioritizes dividends in its capital allocation waterfall. Key Assumptions - Fitch base case oil and gas price deck; - Base interest rate applicable to the revolving credit facility reflects Fitch's "Global Economic Outlook," with an added spread; - EBITDA rises on softened utilization offset by additions to horsepower and higher rates; - Distributions increase slowly over the forecast period; - Utilization softens as it reverts to the mean in the face of flat oil and gas production; - Capex remains below recent 2023 highs; - Revenue/horsepower increases at a rate of inflation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage at or above 5.0x on a sustained basis; - Distribution coverage below 1.1x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Reported EBITDA leverage below 4.0x, with expectations that leverage will sustain below that level; - A significant increase in size, basin diversity and/or contract term length. Liquidity and Debt Structure Fitch believes USAC's liquidity is acceptable and will remain so over the near to intermediate term. As of June 30, USAC had outstanding borrowings of $770.6 million and remaining unused availability of $828.6 million. Due to restrictions availability is reduced further to $735.1 million under its covenants. USAC upsized its revolving credit facility to $1.75 billion from $1.6 billion and extended its maturity to August 2030. The revolver will mature earlier on Dec. 14, 2028 if at least $50 million of USAC's 7.125% notes due 2029 are outstanding on Dec. 14, 2028. Financial covenants permit a maximum funded debt to EBITDA ratio of 5.50x (as calculated under the credit agreement, which applies 100% equity credit to USAC's preferred equity units). Other covenants include a minimum EBITDA to interest coverage ratio of 2.5x and secured debt to EBITDA of no greater than 3.0x. USAC was in compliance with its covenants as of June 30, 2025. USAC's maturities are limited with the nearest-term maturity being the 2029 senior notes. Issuer Profile USA Compression Partners, LP provides compression services to the oil and gas industry. Summary of Financial Adjustments Fitch no longer applies 50% equity credit to USAC's preferred equity units. The securities are subordinate to all senior debt, and Fitch expects that the preferred equity will be converted into common units due to economic incentives and will no longer be a permanent part of its capital structure. Fitch treats the remaining outstanding preferred shares as debt. 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 ----------- ------ -------- ----- USA Compression Partners, LP LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- USA Compression Finance Corp. senior unsecured LT BB Affirmed RR4 BB VILLAGE OF OAK: Moody's Affirms 'Ba1' Issuer & GOULT Debt Ratings ----------------------------------------------------------------- Moody's Ratings has affirmed the Village of Oak Lawn, IL's issuer rating and the rating on its outstanding general obligation unlimited tax (GOULT) debt at Ba1. As of the close of fiscal 2024, the village had $249 million in outstanding debt. RATINGS RATIONALE The Ba1 issuer rating reflects the village's location near Chicago, with ongoing tax base growth and resident incomes that are similar to the nation. Despite improvement, available fund balance across all funds remains narrow at 9% at the close of fiscal 2024. The low ratio is due in part to a large water fund that does carry reserves. Governmental reserves to revenue are more adequate. The village expects to close fiscal 2025 with largely balanced operations after utilizing surplus amounts of about $3 million to supplement budgeted pension fund contributions. The primary constraint on the rating is village's management of pension contributions. The village's pension funding policy requires less than the state required minimum. The village does not budget for the full required pension contributions and makes full funding contingent on the positive budget variances. It has been able make the minimum contribution the past several years following revenue adjustments, but the village's economically sensitive revenue structure leaves pension funding vulnerable to budgetary variances. Recent sales tax performance, the village primary revenue, has been strong. Further adding to the villages vulnerability is the state's ability to withhold state aid payments if there are shortfalls and the pension boards request the intercept coupled with a limited reserve position. While the reported net pension liability has grown in recent years, Moody's adjusted net pension liability has fallen due to declining discount rates decreasing the long-term liabilities ratio to a still above median 340%. It will likely increase with additional planned debt issuances. The villages general obligation unlimited tax (GOULT) bonds are rated Ba1, the same level as the issuer rating reflecting the nature of the pledge, including a dedicated property tax levy unlimited as to rate or amount. RATING OUTLOOK Outlooks are typically not assigned to local governments with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Further bolstering of the village's financial position -- Strong confidence that the village will maintain pension contributions in line with the state required minimum and on a trajectory to consistently tread water by, for example, revision of pension funding policy or consistent budgeting practices -- Moderation of long-term liabilities ratio FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Weakening of pension funding practices or growth in long-term liabilities ratio -- Narrowing of available fund balance or available liquidity PROFILE The Village of Oak Lawn is a home rule community located about 15 miles southwest of downtown Chicago. The village provides comprehensive municipal services including emergency services, public safety and water distribution and sewer services to an estimated population of about 58,000. METHODOLOGY The principal methodology used in these ratings was US Cities and Counties published in July 2024. WAYNE LEE: Hires Kutner Brinen Dickey as Legal Counsel ------------------------------------------------------ Wayne Lee Services, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, P.C. as attorney. The firm will render these services: a. provide the Debtor with legal advice 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 continuation of pending proceedings and to enjoin and stay until final decree commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and e. perform all other legal services for the Debtor which may be necessary. The firm will be paid at these rates: Jeffrey S. Brinen $540 per hour Jonathan M. Dickey $400 per hour Keri L. Riley $390 per hour Paralegal $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Riley 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: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-291 E-mail: klr@kutnerlaw.com About Wayne Lee Services, Inc. Wayne Lee Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-16631) on October 13, 2025, with $500,001 to $1 million in assets and liabilities. Judge Kimberley H. Tyson presides over the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, P.C. represents the Debtor as legal counsel. WEST RIDGE: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of West Ridge, Inc. and its affiliates. About West Ridge Inc. West Ridge, Inc. engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. West Ridge and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Lead Case No. 25-00451) on August 18, 2025. In its petition, West Ridge reported estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David L. Bissett handles the cases. The Debtors tapped David B. Salzman, Esq., at Campbell & Levine, LLC as bankruptcy counsel and Supple Law Office, PLLC as local counsel. WHITE CAP: Moody's Rates New $50MM Revolving Credit Facility 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to White Cap Supply Holdings, LLC's (White Cap) new $50 million senior secured multi-currency revolving credit facility (RCF) expiring in 2030 and Caa1 to the proposed $650 million senior unsecured notes due 2030. White Cap's B2 corporate family rating and B2-PD probability of default rating are not affected. The B2 rating on the company's $4.2 billion senior secured first lien term loan maturing October 2029, which is pari passu to the new RCF due 2030, is also not impacted by the proposed transaction. The outlook remains negative. Moody's expects the terms and conditions of the proposed RCF and senior unsecured notes, with minor modifications to certain covenants, will be similar to White Cap's existing rated RCF and senior unsecured notes. Proceeds from the proposed senior unsecured notes will be used to fully redeem White Cap's existing $640 million senior unsecured notes due October 2028. Upon closing of the senior secured RCF due 2030 and repayment of the senior unsecured notes due 2028, the ratings on these credit facilities will be withdrawn. The leverage-neutral transaction reduces White Cap's refinancing risk iand extends its maturity profile, which is credit positive. White Cap has no significant debt maturities until 2029. Its $1.5 billion asset-based RCF (unrated) and $50 million senior secured RCF will both expire in 2030. However, the maturities of these revolvers will spring forward to June 2029, 91 days before the maturity of the company's $4.2 billion senior secured first lien term loan due October 2029, if a material amount of the term loan remains outstanding. Any change in higher interest expense from the transaction is immaterial relative to White Cap's cash interest payments approaching $400 million per year. RATINGS RATIONALE White Cap's B2 CFR is constrained by the company's high debt leverage and weak interest coverage because of softer operating conditions and past debt-financed returns of capital to shareholders and bolt-on acquisitions. Moody's estimates leverage at about 7x debt/EBITDA at fiscal-year 2025 (ending January 2026), and interest coverage of around 2x EBITDA/interest expense over the next 12-18 months. White Cap operates in the competitive distribution sector, with some reliance on commodity-like products, which are easily available from other companies and making significant operating margin improvements difficult to achieve. Uncertainty remains regarding White Cap's future financial policy and commitment to deleveraging over the near term. These credit challenges are offset by White Cap's good operating performance, with an expected EBITDA margin at around 11.5% for fiscal-year 2025. White Cap's meaningful scale as the largest rated distributor of concrete accessories and specialty construction products in North America favorably positions the company with suppliers in realizing discounted pricing and ensuring product availability to serve customer needs. End market dynamics support some modest long-term growth despite near-term volatility. White Cap will benefit from ongoing public funding for infrastructure projects, from which the company derives about 25% of its revenue, and exposure to favorable trends for the construction of non-residential mega-projects and data centers. The company's good liquidity is a credit strength, including Moody's anticipations of $65 - $100 million of free cash flow in fiscal-year 2025 in addition to no significant debt maturities over the next four years. Cash on hand of around $110 million pro forma as of August 03, 2025 is another source of liquidity. White Cap has access to a $1.5 billion asset-based RCF due 2030, which is governed by a borrowing base calculation that fluctuates with business seasonality. As of August 03, 2025, revolver availability totaled around $1.1 billion after considering no borrowings, $33 million in letter of credit issuances and the borrowing based formula. Moody's do not view the unused $50 million senior secured RCF due 2030 as a significant source of liquidity. The negative outlook reflects Moody's expectations that leverage will remain above 6.5x adjusted debt/EBITDA through 2026 because of ongoing economic uncertainties, a slowdown of construction projects in North America, and weak consumer confidence, which is negatively affecting domestic residential construction. The outlook could be revised to stable if end markets improve and become more supportive of organic revenue growth. White Cap executing its operating plan, resulting in better credit metrics and cash flow, would also support a change in the outlook to stable. The B2 rating on the senior secured bank credit facility, the same as the B2 corporate family rating (CFR), reflects its subordination to the company's $1.5 billion asset-based revolving credit facility but its priority of payment over the company's senior unsecured notes. The bank credit facility consists of a $50.0 million revolving credit facility and a $4.2 billion (as of August 03, 2025) term loan. The revolving credit facility and term loan are pari passu. Both have a first lien on substantially all noncurrent assets and a second lien on assets securing the company's asset-based revolving credit facility (ABL priority collateral). The Caa1 rating on the senior unsecured notes, two notches below the B2 CFR, results from their subordination to White Cap's considerable amount of secured debt. The senior unsecured debt comprises the $650 million notes due 2030. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade is unlikely over the next 12-18 months because of White Cap's high debt leverage. However, upward rating movement over the long term could develop if end markets remain supportive of long-term organic growth, such that debt/EBITDA nears 4.5x. Maintenance of good liquidity and predictable financial policies regarding capital deployment would also support an upgrade. A ratings downgrade could occur if debt/EBITDA remains above 6.5x and EBITDA/interest stays around 2x. Negative ratings pressure may also develop if the company experiences deteriorating liquidity or adopts increasingly aggressive acquisition or shareholder-return initiatives. White Cap, headquartered in Doraville, Georgia, is a leading North American industrial distributor of specialty construction products. Through their respective affiliates, Clayton, Dubilier & Rice (CD&R) owns about 76% (on a fully diluted basis) of White Cap and The Sterling Group owns around 10%, with the remainder owned by current management and retirees. Its revenue for the 12 months ended August 08, 2025 was $6.6 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. WILLIAM CARTER: Moody's Alters Outlook on 'Ba2' CFR to Negative --------------------------------------------------------------- Moody's Ratings affirmed The William Carter Company's corporate family rating at Ba2 and its probability of default rating at Ba2-PD. Concurrently, Moody's affirmed its senior unsecured notes rating at Ba3. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The outlook is changed to negative from stable. The outlook change to negative reflects continued pressure on Carter's operating income and free cash flow generation as it navigates a difficult consumer environment and improves its product offering as well as stabilizes its market position. Carter's will have to offset higher incremental tariffs, which the company estimates to be in the range of $200 to $250 million annually as it optimizes its store portfolio and reduces its cost structure. Moody's believes Carter's will need to take significant prices increases which could hurt unit demand as consumer discretionary incomes remains constrained. In addition, Carter's also continues to face secular pressure with declining birth rates. Although Carter's has low funded debt and balanced financial strategies, including the recent reduction in its dividend, Moody's expects EBITA/Interest to weaken to between 2.0x-2.8x over the next 12-18 months. RATINGS RATIONALE Carter's Ba2 CFR reflects its leading market position and the replenishment nature of Carter's competitively priced baby and toddler offering. The company continues to contend with the consumer desire for value and fashion as higher costs from tariffs will need to be mitigated by price increases, cost reductions, or be absorbed by its vendors. Although Moody's expects funded debt levels to remain low, interest coverage and free cash flow has been pressured as profitability declines. Debt/EBITDA is at approximately 2.9x as of September 2025 and is projected in a range of 2.7x to 3.2x, assuming instituted tariffs remain at current levels over the next 12-18 months. Higher tariff costs which will require lower promotions and higher prices, following its recent price reductions to improve its competitive position, as it adds fashion styles to its product mix, restructures its operations, and closes approximately 150 stores. The Carter's brand (including its exclusive brands) continues to have a leading market position with about a 11% market share in baby and young children's market (age zero to 10 years) as of June 2025. The company has historically maintained moderate leverage and balanced financial strategies, including a reduction of its dividend to $36 million annually. Its high cash balance and undrawn revolver (unrated) support its very good liquidity profile. Carter's has a narrow product focus primarily in infant and toddler apparel, customer concentration, and geographic focus mainly in the US. Its largest sourcing exposures are to Vietnam, Bangladesh, Cambodia and India with limited sourcing in China. The negative outlook reflects Carter's weakening credit metrics as it works to improve its product offerings, and offset higher costs with pricing actions and reduced expenses, including rationalization of its store footprint. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require sustained market share and solid operating performance in key segments. Quantitatively, an upgrade would require lease-adjusted debt/EBITDA to be maintained below 3.75 times, EBITA/interest expense above 4.0 times and double digit EBITA margins. The ratings could also be downgraded if financial policies become more aggressive or liquidity erodes. Quantitatively, the ratings could be downgraded if debt/EBITDA is sustained above 4.5 times or EBITA/Interest below 3.0x. Headquartered in Atlanta, Georgia, The William Carter Company ("Carter's") owns the "Carter's," "OshKosh B'gosh," "Skip Hop" and "Little Planet" brands, which are distributed through company-operated stores, e-commerce operations, as well as national chains, department stores, specialty retailers and e-commerce platforms domestically and internationally. Revenue for the LTM period ended September 2025 was approximately $2.8 billion. The company's parent entity Carter's, Inc. is publicly traded under the stock symbol "CRI". The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WILLOW CREEK MANOR: Seeks Chapter 11 Bankruptcy in Washington ------------------------------------------------------------- On October 31, 2025, Willow Creek Manor Inc. voluntarily sought Chapter 11 bankruptcy protection in the Western District of Washington. According to its petition, the company has debts ranging from $1 million to $10 million. The case lists between 1 and 49 creditors. About Willow Creek Manor Inc. Willow Creek Manor Inc. is a single asset real estate company. Willow Creek Manor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13073) on October 31, 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 Christopher M. Alston handles the case. WORLD WIDE INVESTMENT: Claims to be Paid from New Loan Proceeds --------------------------------------------------------------- World Wide Investment Services, 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. It owns 4 parcels of undeveloped vacant commercial property located at 604 Maine Street, 370 Maine Street and two parcels on Maine Street with no addresses, located in Ocoee, FL 34761. The Debtor conducts its operation at 5236 Isleworth County Club, Windermere, FL 34786. There is no lease. The real property owned by the Debtor is located at Parcel IDs 20-22-28-0000-00-081, 20 22-28-0000-00-083, 20-22-28-0000- 00-022, 20-22-28-0000-00-042 according to the Orange County Tax Collector (collectively, the "Property"). In 2025, the Debtor faced foreclosure from its lender, CCWOP1, LLC. CCWOP1 holds a first priority mortgage lien against the Debtor's property, and obtained a foreclosure judgment. CCWOP1 initiated foreclosure proceedings in Orange County, Florida, case number 2024-CA-8051-O, and obtained a Final Judgment of Foreclosure. The Debtor believes that its property is worth approximately $13,125,000 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 instant case to preserve the equity value of its Property, to 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 believes 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 5 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 5 is impaired. The allowed unsecured claims total $3,838,174.00. Class 6 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 6 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's bankruptcy cases, U.S. Trustee fees, professional fees, closing costs, lender fees, and interest reserve. The New Loan is anticipated to close as soon as practical after entry of the Confirmation Order and lender conditions. A full-text copy of the Disclosure Statement dated October 24, 2025 is available at https://urlcurt.com/u?l=UQVx6o from PacerMonitor.com at no charge. The Debtor's Counsel: Jonathan M. Sykes, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 E-mail: jsykes@nardellalaw.com About World Wide Investment Services World Wide Investment Services, LLC is a real estate investment firm that holds special warranty deeds on multiple vacant land parcels along Maine Street, including those located at 604 and 370 Maine Street, as well as two additional parcels without assigned street addresses. The combined value of the Company's interests in these properties totals $13.13 million. World Wide Investment Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03713) on June 16, 2025. In its petition, the Debtor reported total assets of $13,125,000 and total liabilities of $11,490,235. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jonathan M. Sykes, Esq., at Nardella & Nardella, PLLC. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. 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