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T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, November 5, 2025, Vol. 29, No. 308
Headlines
ADVENT TECHNOLOGIES: Trades in OTC After Nasdaq Delisting
ADWOA BEAUTY: Case Summary & 20 Largest Unsecured Creditors
ALL SOD NURSERY: Voluntary Chapter 11 Case Summary
ALLIANCE LAUNDRY: Moody's Alters Outlook on 'B2' CFR to Positive
AMBIPAR EMERGENCY: NYSE Suspends Securities Following Ch. 11 Filing
AMRO SAMY: Wins Exemption of Jewelry, BMW and Insurance Plans
AQUABOUNTY TECHNOLOGIES: Completes $4MM Senior Notes Financing
AQUABOUNTY TECHNOLOGIES: Posts $1.38 Million Net Loss in Fiscal Q3
ARCHBISHOP OF BALTIMORE: Adversary Proceeding to Proceed to Trial
ARCHDIOCESE OF BALTIMORE: Judge Sets Trial on Diocese Immunity
ARM VENTURES: Case Summary & Two Unsecured Creditors
ASHFIELD ACTIVE: Fitch Alters Outlook on 'BB-' Ratings to Positive
BAUSCH HEALTH: Reports $181MM Q3 Net Income on $2.68BB Revenue
BB CAPITAL: Section 341(a) Meeting of Creditors on November 25
BEELINE HOLDINGS: Has Deal to Redeem Series E Stock for Cash
BENJAMIN MORRIS: Bankruptcy Case Closure Terminated Automatic Stay
BESTWALL LLC: 4th Circuit Declines En Banc Rehearing in Ch. 11 Case
BEYOND MEAT: Completes Exchange Offer for Convertible Notes
BIEN-AIME CONFIANCE: Amends Plan to Include Several Secured Claims
BIG LOTS: Seeks Chapter 7 Conversion After Asset Sale
BIO-KEY INTERNATIONAL: Raises $3.1M via Discounted Warrant Exercise
BIO-KEY INTERNATIONAL: Repays Streeterville Note via Debt Exchange
BON MORRO: Case Summary & 20 Largest Unsecured Creditors
BROADWAY REALTY: Unsecureds' Recovery "TBD" in Sale Plan
BUILDING COMPANY: Case Summary & 20 Largest Unsecured Creditors
CANDYWAREHOUSE.COM INC: Scott Seidel Named Subchapter V Trustee
CAROLINA PRECISION: Bank Seeks Receiver Following $14-Mil. Default
CBPW CORPORATION: Claims to be Paid from New Loan Proceeds
CENTRAL FLORIDA FIREARMS: U.S. Trustee Unable to Appoint Committee
COMAIR LTD: Court Okays Settlement Agreement with Boeing
COMMSCOPE HOLDING: Posts $108.4 Million Net Income in Fiscal Q3
COMPASS DIVERSIFIED: Extends Credit Forbearance to November 10
DATAVAULT AI: Signs $2.5 Million Securities Purchase Agreement
DIOCESE OF ALEXANDRIA: Case Summary & 20 Top Unsecured Creditors
DKC ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
DOUBLE T STEEL: Unsecureds to Get Share of Income for 60 Months
EAD CONSTRUCTORS: Section 341(a) Meeting of Creditors on Nov. 18
EKSO BIONICS: Reports $1.42 Million Net Loss in Fiscal Q3
FAIGMAY HOLDINGS: Fannie Mae Seeks Receiver for Bronx Property
FREIGHT TECHNOLOGIES: Enters Into $1B Equity Purchase Agreement
FTX TRADING: Co. Wasn't Insolvent, Says Bankman-Fried's X Account
G2 TECHNOLOGIES: Case Summary & 20 Largest Unsecured Creditors
GILBERT LEGGETT: Court Extends Cash Collateral Access to Nov. 13
GLUTALITY GLOBAL: Case Summary & 20 Largest Unsecured Creditors
HAMMER TECHNOLOGY: Posts $4.4M FY25 Loss Amid Going Concern Doubt
INKED PLAYMATS: Court Extends Cash Collateral Access to Dec. 2
INSPIREMD INC: CFO Michael Lawless Holds 8.6% Equity Stake
JACKSON HOSPITAL: Names John Quinlivan CEO in Ch. 11 Turnaround
JDI CUMBERLAND: Amends Plan to Include S&G Unsecured Claim
KOMI INC: Case Summary & Two Unsecured Creditors
KULANA HALE: Court Transfers Venue of Bankruptcy Case to Hawaii
LAKE BUENA VISTA: Section 341(a) Meeting of Creditors on Nov. 17
LOADED BARRELL: Gina Klump Named Subchapter V Trustee
LOVING KINDNESS: Unsecureds Will Get 10% of Claims over 5 Years
LUMINAR TECHNOLOGIES: CFO Thomas Fennimore to Step Down Nov. 13
LUMINAR TECHNOLOGIES: Cuts 25% of Workforce to Reduce Costs
LUMINAR TECHNOLOGIES: Secures Noteholder Forbearance Until Nov. 6
LUMINAR TECHNOLOGIES: Weil, Jefferies and Portage Point on Board
LUMMUS TECHNOLOGY: Moody's Cuts 1st Lien Credit Facilities to B2
M & M BROADCASTERS: Claims to be Paid from Asset Sale Proceeds
MB RITZ LLC: Section 341(a) Meeting of Creditors on November 21
MCPHILLIPS FLYING: May Seek Relief Under Subchapter V, Court Says
MERCURITY FINTECH: Chaince to Advise SKK on Digital Asset Strategy
MODERNO PORCELAIN: Kathleen DiSanto Named Subchapter V Trustee
MOUNTAIN SPORTS: Amends Unsecured Claims Pay; Plan Hearing Dec. 10
MY CITY BUILDERS: Delays Filing of Annual Report on Form 10-K
MYRTLE HOUSING: Jolene Wee Named Subchapter V Trustee
MYRTLE HOUSING: Seeks Subchapter V Bankruptcy in New York
NATRON ENERGY: Auctions $74M Battery Assets in ABC Liquidation
NORCOLD LLC: Case Summary & 20 Largest Unsecured Creditors
NORCOLD LLC: Files Chapter 11 to Facilitate Asset Sale to DCA
NOVA RTP II: Section 341(a) Meeting of Creditors on December 1
OFFICE PROPERTIES: Case Summary & 30 Largest Unsecured Creditors
OFFICE PROPERTIES: Files Chapter 11 With $125M DIP Financing
OMNIQ CORP: Expands AI Access Control at Major Texas Medical Center
ONDAS HOLDINGS: Acquires Control in Insight Intelligent Sensors
PREDICTIVE ONCOLOGY: Updates ATM Prospectus, $18.3M Left to Sell
QORVO INC: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive
RASMUSSEN RASMUSSEN: Voluntary Chapter 11 Case Summary
RENT-A-CHRISTMAS: Court Extends Cash Collateral Access to Dec. 31
ROBERT PAUL: Amends Unsecured Claims Details
SEKISUI HOUSE: Moody's Affirms 'Ba1' CFR, Outlook Stable
SHARPLINK GAMING: Allocates $200M ETH Treasury to Linea Layer 2
SKYWORKS SOLUTIONS: Moody's Affirms 'Ba1' CFR, Outlook Positive
SOLANA COMPANY: SOL Holdings Rise to 2.3 Million
SPECIALTY CARTRIDGE: Gets Final OK to Use Cash Collateral
SPIRIT AVIATION: Pomerantz Sues Over False Financial Statements
STM CONSTRUCTION: Behrooz Vida Named Subchapter V Trustee
STREAM TV: Court OKs Trustee's Settlement Agreement with Rembrandt
STRICKS LLC: CoBank to Push for Receiver, Says No Deal Yet
TALPHERA INC: Adds 1.5M Shares Under Equity & Employee Stock Plans
TEKNATOOL USA: Unsecured Creditors Will Get 10% Dividend in Plan
TOPICAL BIOMEDICS: Unsecureds Will Get 100% of Claims over 7 Years
TRASK RADIO: Voluntary Chapter 11 Case Summary
TURNONGREEN INC: Secures $1.5MM Convertible Loan from SJC Lending
VALLEY JUICE: Gets Extension to Access Cash Collateral
VENUS CONCEPT: Lender Relaxes Minimum Liquidity Requirements
VERRICHIA COMPANY: Receiver Seeks to Take Over More Companies
VIVAKOR INC: Lender Converts $400,000 Note Into 3.9MM Shares
WELL RUN: Seeks Subchapter V Bankruptcy in Alabama
WPT PROPERTIES: Lender Seeks Receiver Amid $1.3B Loan Default
WPT PROPERTIES: Opposes Receivership Bid, Claims Forum Shopping
X4 PHARMA: Growth Equity Opportunities, NEA Funds Hold 6.2% Stake
ZOOZ STRATEGY: Acquires 94 Bitcoin for $10 Million
[] Brattle Bolsters Bankruptcy Practice With Brendan Rudolph Hire
[] Ottawa to Lift T4A Moratorium, Targeting Driver Inc. Scheme
[] U.S. Zombie Foreclosures Hits 3.25% in Q4, Says ATTOM
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ADVENT TECHNOLOGIES: Trades in OTC After Nasdaq Delisting
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Advent Technologies Holdings, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
October 28, 2025, the Company received a Notice from The Nasdaq
Stock Market LLC notifying the Company that, due to the Company's
failure to comply with Nasdaq Listing Rule 5550(b)(1), Nasdaq
determined to:
(a) commence proceedings to delist the Company's common stock,
par value $0.0001 per share and the Company's warrants to purchase
one share of common stock, each at an exercise price of $345.00;
and
(b) suspend trading in the Securities effective as of October
30, 2025.
Nasdaq will apply to the U.S. Securities and Exchange Commission to
delist the Securities upon completion of all applicable
procedures.
The Common Stock is expected to continue trading on the OTC market
under the symbol "ADN," and the Public Warrants are expected to
continue trading on the OTC market under the symbol "ADNWW."
About Advent Technologies
Headquartered in Livermore, Calif., Advent Technologies Holdings,
Inc. is an advanced materials and technology development company
operating in the fuel cell and hydrogen technology space. Advent
develops, manufactures and assembles the critical components that
determine the performance of hydrogen fuel cells and other energy
systems. To date, Advent's principal operations have been to
develop and manufacture Membrane Electrode Assembly (MEA), and fuel
cell stacks and complete fuel cell systems for a range of customers
in the stationary power, portable power, automotive, aviation,
energy storage and sensor markets.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated June 6, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has yet to achieve profitable operations, has negative cash
flows from operating activities, and is dependent upon future
issuances of equity or other financings to fund ongoing operations
all of which raises substantial doubt about its ability to continue
as a going concern.
As of June 30, 2025, the Company had $6.7 million in total assets,
against $36.1 million in total liabilities.
ADWOA BEAUTY: Case Summary & 20 Largest Unsecured Creditors
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Debtor: Adwoa Beauty LLC
adwoa beauty
3838 Oaklawn Ave
Dallas, TX 75215
Business Description: Adwoa Beauty LLC, doing business as Adwoa
Beauty, develops and sells hair-care
products for textured hair from Dallas,
Texas. The Company uses natural ingredients
designed for curls, coils, and waves.
Founded in 2017 and led by Julian Addo,
Adwoa Beauty operates in the personal care
and cosmetics industry.
Chapter 11 Petition Date: October 31, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-44261
Judge: Hon. Mark X Mullin
Debtor's Counsel: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
12770 Coit Road, Suite 850
Dallas TX 75251
Tel: (972) 991-5591
E-mail: robert@demarcomitchell.com
Total Assets: $2,184,143
Total Liabilities: $6,192,343
The petition was signed by Julian Addo as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/57K53CA/Adwoa_Beauty_LLC__txnbke-25-44261__0001.0.pdf?mcid=tGE4TAMA
ALL SOD NURSERY: Voluntary Chapter 11 Case Summary
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Debtor: All Sod Nursery Inc.
All Sod Nurseries
All Sod Nursery
4701 Radio Road
Naples FL 34104
Business Description: All Sod Nursery Inc., located at
4701 Radio Road in Naples, Florida,
supplies
premium sod and plants for pickup or
delivery in the local market. The
family-owned and operated business,
established in 2012, operates within the
retail nursery and garden-supply industry,
serving homeowners and commercial
landscapers alike.
Chapter 11 Petition Date: October 31, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-02172
Judge: Hon. Luis Ernesto Rivera II
Debtor's Counsel: Michael Dal Lago, Esq.
DAL LAGO LAW
999 Vanderbilt Beach Rd. Suite 200
Naples FL 34108
Tel: 239-571-6877
E-mail: mike@dallagolaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Miguel Cancio as president.
The Debtor did not submit the required list of its 20 largest
unsecured creditors when filing the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/EA7ZM4A/All_Sod_Nursery_Inc__flmbke-25-02172__0001.0.pdf?mcid=tGE4TAMA
ALLIANCE LAUNDRY: Moody's Alters Outlook on 'B2' CFR to Positive
----------------------------------------------------------------
Moody's Ratings affirmed Alliance Laundry Systems LLC's (Alliance
Laundry) B2 corporate family rating and B2-PD probability of
default rating.
At the same time, Moody's affirmed Alliance's B2 backed senior
secured first lien bank credit facility ratings, including the $225
million senior secured first lien revolving credit facility due
August 2029 the $2,075 million senior secured first lien term loan
due August 2031, and the B2 rating assigned to the $25 million
backed senior secured first lien revolving credit facility due
August 2029 issued by Alliance Laundry (Thailand) Company Limited.
Moody's also assigned a new SGL-2 speculative grade liquidity (SGL)
rating to Alliance.
The outlook has been changed to positive from stable. Moody's also
assigned a positive outlook to Alliance Laundry (Thailand) Company
Limited.
The change in the outlook to positive was prompted by the company's
substantial debt reduction via balance sheet cash and IPO proceeds,
which materially improves the company's leverage profile. Moody's
expects that the company will continue to prioritize leverage
reduction going forward, consistent with its stated long-term net
leverage target of reported net debt/EBITDA below 3x.
On a pro forma basis Moody's expects debt/EBITDA, including Moody's
standard adjustments, to improve to around 5.0x from 6.8x as of the
period ended June 30, 2025. Moody's expects leverage to improve
below 5.0x over the next 12-18 months driven by steady organic
EBITDA growth.
Governance factors are a key driver of this rating action,
reflecting the company's substantial debt repayment and more
conservative approach to managing its balance sheet going forward.
On October 08, 2025, Alliance announced the closing of its initial
public offering (IPO) and listing of its common stock on the NYSE
under the ticker symbol "ALH." Total proceeds from the IPO,
including proceeds from both the primary and secondary offerings,
was about $826 million. Inclusive of the greenshoe exercised by the
lead underwriters of 15%, total gross proceeds amounted to $950
million. The company used all proceeds from the primary offering,
totaling $537 million in gross proceeds, along with $20 million
cash, to repay a portion of its existing term loan on October 17,
2025, reducing its total debt load substantially. Prior to the IPO,
on September 22, 2025, the company repaid $135 million of its
existing term loan with cash on its balance sheet.
RATINGS RATIONALE
Alliance's B2 CFR reflects the company's solid market position as
the leading manufacturer of commercial laundry equipment globally
with a high level of recurring revenue from the service of its
large global commercial unit installed base, robust operating
margins and cash flow in a largely non-cyclical business. Further
supporting the B2 CFR is Moody's expectations that the company's
growing market share within the commercial laundry equipment space
will support stable organic growth over the next several years as
well as the company's solid profit margins.
Constraining credit factors include the company's limited track
record of operating as a public company with a more conservative
leverage profile and improved interest coverage ratios. The B2
rating also considers concentrated ownership as the company's
sponsor, BDT & MSD Partners, owns about 70% of the company's
shares.
The SGL-2 speculative grade liquidity rating for Alliance reflects
Moody's views that the company will maintain good liquidity over
the next 12-18 months. This is supported by undrawn revolving
credit facilities (as of June 30, 2025) totaling $250 million in
availability which mature in August 2029, and Moody's expectations
for strong free cash flow generation of about $115 million and $170
million in 2025 and 2026, respectively.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if Alliance demonstrates a
sustained commitment to a conservative financial policy and debt
reduction. Specifically, the ratings could be upgraded if leverage
is sustained below 5.0x, EBITA-to-interest improves to above 3.0x,
and retained cash flow to net debt improves to above 10%, while
maintaining strong free cash flow and good liquidity.
Moody's could downgrade the ratings if the company's financial
policy becomes more aggressive, including material acquisitions or
engagement in shareholder friendly activities. Specifically, the
ratings could be downgraded if leverage is sustained above 6.25x,
EBITA-to-interest is sustained below 2.0x, or retained cash flow to
net debt falls below 10%. Negative free cash flow and deterioration
in liquidity could also result in a downgrade.
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.
Headquartered in Ripon, WI, Alliance Laundry Systems LLC designs,
manufactures and markets a line of commercial laundry equipment
under various brands, including Speed Queen, Primus, Huebsch, IPSO
and UniMac, in over 150 countries. Its product offering consists of
washers, drying tumblers and ironers for the coin laundry,
multi-housing laundries, institutional laundries (on premise
laundry (OPL)) and consumer residences. Revenue for the twelve
months ended June 30, 2025 was $1.6 billion.
AMBIPAR EMERGENCY: NYSE Suspends Securities Following Ch. 11 Filing
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NYSE American LLC announced on October 28, 2025, that the staff of
NYSE Regulation has determined to suspend trading in the two
securities of Ambipar Emergency Response from NYSE American.
1. MBI -- Ordinary Shares
2. AMBIWS -- Warrants
The Exchange previously announced on October 22, 2025 that the
Company was no longer suitable for listing pursuant to Section
1003(c)(iii) of the NYSE American Company Guide in light of the
Company's disclosure on October 21, 2025 announcing that it filed
for Chapter 11 with United States Bankruptcy Court for the Southern
District of Texas, Houston Division.
The Company had the right to request a review of this determination
by the Listings Qualifications Panel of the Committee for Review of
the Board of Directors of the Exchange.
On October 28, 2025, the Company confirmed that it will not
exercise that right. Accordingly, the NYSE American will now
suspend trading in the Company's Securities and will file a
delisting application with the Securities and Exchange Commission.
About Ambipar Emergency Response
Ambipar Emergency Response is a global environmental and emergency
response firm.
Ambipar Emergency Response sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on
October 20, 2025. In its petition, the Debtor reports more than $1
billion in assets and $328.2 million in liabilities.
Honorable Bankruptcy Judge Alfredo R. Perez handles the case.
The Debtor is represented by Jason S. Brookner, Esq. of Gray Reed &
Mcgraw LLP.
AMRO SAMY: Wins Exemption of Jewelry, BMW and Insurance Plans
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Judge Mitchell L. Herren of the United States Bankruptcy Court for
the District of Kansas overruled in part the objection of Cairo of
Western Kansas, LLC and Debt Recovery Services, Inc. ("Cairo") to
the exemption of a vehicle, jewelry, and four life insurance
policies from the Chapter 11 bankruptcy estate of Debtors Amro and
Darla Samy.
Debtors filed a Chapter 11 bankruptcy petition on November 14,
2024, and their Schedule C claimed an exemption in the following
items of personal property:
* 2018 BMW M6, with an estimated value of $52,000, exempted
under Kan. Stat. Ann. Sec. 60-2304(c);
* Amro Samy's "wedding ring, watches, costume jewelry," with an
estimated value of $15,000, exempted under Kan. Stat. Ann. Sec.
60-2304(b); and
* Darla Samy's "wedding ring, watch, costume jewelry," with an
estimated value of $25,000, exempted under Kan. Stat. Ann. Sec.
60-2304(b).
Additional exemptions were then claimed in several "Prudential Life
Insurance" policies, but account numbers were not given, and for
two of the three policies listed, no values were known.
Amended Schedules were filed on January 23, 2025. The Schedule A/B
identified the following life insurance policies:
* Prudential Life Insurance Policies and Surrender/Refund Cash
Values XXX802, beneficiary Darla Samy, value of $25,173;
* Prudential Life Insurance Policies and Surrender/Refund Cash
Values XXX502, beneficiary Darla Samy, value of $473,583;
* Prudential Life Insurance Policies and Surrender/Refund Cash
Values XXX520, beneficiary Darla Samy, value of $254,808; and
* Prudential Life Insurance Policies and Surrender/Refund Cash
Values XXX591, beneficiary Darla Samy, value of $128,110.
About three months postpetition, on February 25, 2025, Mr. Samy
signed a Request for Policy Loan form from Prudential, from policy
#502.
Prudential confirmed it processed a loan on the life insurance
policy, the total policy debt would be $60,000
Per the statements from Prudential, the postpetition $60,000 loan
reduced the net cash value of policy #502 at the time it was
outstanding from $462,510.81 to $402,403.29 and reduced the death
benefit from $2,000,683.56 to a net death benefit of
$1,940,576.04.25.
Per the Prudential statement dated July 1, 2025, after the $60,000
was returned and the outstanding loan balance was reduced to
$365.93, the net cash value of the policy was $490,862.36 and the
net death benefit was $2,029,035.11
Because each of these exemptions falls within the contours of the
applicable Kansas exemption statute, the Court overrules the
objection to those exemptions. Debtors have properly claimed
exemptions in their jewelry, the 2018 BMW, and the four life
insurance policies. The $60,000 postpetition policy loan, however,
is not exempt under Kan. Stat. Ann. Sec. 40-414. Any other
objection previously raised to the exemption of additional property
has been abandoned and is also overruled.
A copy of the Court's Memorandum Opinion and Order dated October
27, 2025, is available at https://urlcurt.com/u?l=wefoFP from
PacerMonitor.com.
About Samys OC LLC
Samys OC, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on
Nov. 14, 2024, listing up to $50,000 in assets and $10 million to
$50 million in liabilities. The petition was signed by Amro M. Samy
as managing member.
Judge Mitchell L. Herren presides over the case.
Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy
counsel.
Dream First Bank, as secured creditor, is represented by:
Scott M. Hill, Esq.
Hite, Fanning & Honeyman, LLP
100 N. Broadway, Ste. 950
Wichita, KS 67202-2216
Telephone: (316) 265-7741
Facsimile: (316) 267-7803
E-mail: hill@hitefanning.com
AQUABOUNTY TECHNOLOGIES: Completes $4MM Senior Notes Financing
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AquaBounty Technologies, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on October
28, 2025, the Company entered into Note Purchase Agreements,
providing for the issuance and sale of Senior Notes at par in an
aggregate principal amount of $4,000,000 in a private placement
transaction.
The Senior Notes have the following characteristics and terms:
(i) unsecured,
(ii) nonconvertible,
(iii) bear interest at 18% per annum,
(iv) scheduled maturity date of 18 months from closing, and
(v) principal and interest payable at maturity, or earlier if
accelerated pursuant to an event of default.
The Senior Notes provide for certain restrictive covenants of the
Company, as well as events of default including, but not limited
to:
(a) non-payment,
(b) breach of covenants,
(c) insolvency,
(d) unauthorized changes to board composition,
(e) failure to maintain Nasdaq listing compliance,
(f) delayed SEC filings, and
(g) financial restatements with material adverse effect.
Among other remedies, the Senior Notes provide the Investors the
right to nominate an additional director to the Company's Board of
Directors upon the occurrence of an event of default, subject to
certain conditions. The Agreements required certain resignations
from and appointments to the Board.
On October 28, 2025, the Investors funded the $4,000,000 payable
under the Agreements to the Company, and the Company issued the
Senior Notes to the Investors. The net proceeds from the issuance
of the Senior Notes are expected to be used for general corporate
purposes, including working capital and operational funding, as
well as the repayment of certain debts.
In addition, the Company entered into a placement agency agreement
with Univest Securities, LLC to serve as the placement agent for
the Senior Notes. Pursuant to the Placement Agency Agreement, the
Company agreed to pay Univest a fee equal to 7.0% of the gross
proceeds received from the sale of the Senior Notes, as well as up
to $125,000 for out-of-pocket expenses, including reasonable fees
and expenses of counsel.
A full-text copy of the Form of Note Purchase Agreement is
available at https://tinyurl.com/7a389yyt
A full-text copy of the Placement Agent Agreement is available at
https://tinyurl.com/3ybn5tbf
The Placement agent may be reached through:
Bradley Richmond
Univest Securities, LLC
75 Rockefeller Plaza, Suite 1838
New York, NY 10019
Email: brichmond@univest.us
with a copy to:
Jennifer D. King
Vedder Price P.C.
222 North LaSalle Street, Suite 2600
Chicago, Ill. 60601
Email:jking@vedderprice.com
Departure of Directors
In connection with the funding of the Senior Notes, as required as
a condition to the Note Purchase Agreements, on October 28, 2025,
Christine T. St. Clare and Gail Sharps Myers resigned from the
Board, and Graydon Bensler and Braeden Lichti were appointed as
independent members of the Board to fill the resulting vacancies,
effective immediately. The New Directors were appointed pursuant to
an arrangement with the Investors, in accordance with the
Agreements.
Graydon Bensler is a Chartered Financial Analyst (CFA) and an
executive with experience in capital markets, corporate finance,
and strategic leadership. He has held senior roles including Chief
Executive Officer of PMGC Holdings Inc., a diversified public
holding company, and of Elevai Biosciences, Inc, a subsidiary of
PMGC Holdings, Inc., and has served as a director for multiple
publicly traded companies. Mr. Bensler holds a Bachelor's degree in
Management and Organizational Studies, with a specialization in
Finance, from the University of Western Ontario.
Braeden Lichti is the Chief Executive Officer of BWL Investments
Ltd., a privately held holding corporation, and NorthStrive
Companies, Inc., a U.S. based investment and advisory services
company. Mr. Lichti has served as a director for multiple publicly
traded companies.
Each of the New Directors will serve on the Board's Audit Committee
and the Board's Compensation and Human Capital Committee, effective
immediately. The New Directors have no related party transactions
with the Company that are reportable under Item 404(a) of
Regulation S-K, other than as otherwise disclosed herein. The New
Directors will be compensated and reimbursed for expenses on the
same terms as the current members of the Board of Directors.
As required as a condition to the Note Purchase Agreements, on
October 28, 2025, Sylvia Wulf delivered to the Company a written
notice of resignation from the Board, with such resignation to
become effective upon the satisfaction of the following conditions:
(a) the funding of the Senior Notes and
(b) the earlier of:
(x) the closing of a:
(A) change of control transaction of the Company or
(B) sale or disposition of all or in excess of 33%
of the Company's assets, or
(y) January 31, 2026, provided that such resignation
shall only be effective if either:
(i) there is a customary directors and officers insurance
tail policy in place, or
(ii) the Board has approved obtaining a tail policy to be
bound and effective as of the effective date of the
later resignation of Rick Sterling (current member of the
Board) or David A. Frank (current chief financial officer
and interim chief executive officer), and the Company has
set aside the necessary funds to purchase a tail policy
at such time (the "First Resignation Trigger").
Beginning with the occurrence of the First Resignation Trigger, the
New Directors will constitute a majority of the Board, and will
have the power to appoint persons to the Board to fill the
vacancies on the Board caused by the Resignation Triggers and,
accordingly, the Investors will have the ability to designate a
majority of the Board. Such transaction would result in a change in
control of the Company. The Investors do not directly or
indirectly beneficially own any voting securities of the Company.
The Investors funded the Senior Notes from their available cash
resources.
In addition, as required as a condition to the Note Purchase
Agreements, on October 28, 2025, Rick Sterling (together with
Sylvia Wulf, Christine T. St.Clare and Gail Sharps Myers, the
"Resigning Directors") delivered to the Company a written notice of
resignation from the Board, with such resignation to become
effective upon the satisfaction of the following conditions:
(a) the funding of the Senior Notes, and
(b) the date of the filing of the Company's annual report on
Form 10-K for the fiscal year ending December 31, 2025,
provided that such resignation shall only be effective
if either:
(x) there is a customary directors and officers insurance
tail policy in place, or
(y) the tail policy has been purchased, to be effective
as of the effective date of the later resignation of
Rick Sterling or David A. Frank, (the "Second
Resignation Trigger").
The Resigning Directors provided their resignations pursuant to the
Note Purchase Agreements, and did not provide their resignations as
the result of a disagreement with the Company on any matter related
to the Company's operations, policies, or practices.
About AquaBounty
AquaBounty Technologies, Inc., headquartered in Harvard,
Massachusetts, develops genetically engineered Atlantic salmon and
previously operated farms in Indiana and Canada, which it has sold
along with associated intellectual property, trademarks, and
patents. Its primary remaining asset is the Ohio Farm Project in
the U.S., consisting of land, construction in progress, and
equipment. The Company is focused on realizing the potential of
this asset through new investment, partnerships, or other strategic
options.
As of September 30, 2025, the Company had $24.17 million in total
assets, $11.93 million in total liabilities, and $12.24 million in
total stockholders' equity.
In its audit report dated March 27, 2025, Deloitte & Touche LLP
issued a "going concern" qualification citing that the Company has
incurred cumulative net losses that raise substantial doubt about
its ability to continue as a going concern.
AQUABOUNTY TECHNOLOGIES: Posts $1.38 Million Net Loss in Fiscal Q3
------------------------------------------------------------------
AquaBounty Technologies, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1.38 million and $3.40 million for the three months
ended September 30, 2025 and 2024, respectively. For the nine
months ended September 30, 2025 and 2024, the Company reported net
losses of $4.35 million and $65.08 million, respectively.
Since inception, the Company has incurred cumulative net losses of
$374 million and expects that this will continue for the
foreseeable future. As of September 30, 2025, the Company had
$951,000 in cash and cash equivalents on its condensed consolidated
balance sheet.
The Company's ability to continue as a going concern is dependent
upon its ability to raise additional capital, including its ability
to sell assets to generate liquidity to fund ongoing operations,
and there can be no assurance that such capital will be available
in sufficient amounts, on a timely basis, or on terms acceptable to
the Company, or at all. This raises substantial doubt about the
Company's ability to continue as a going concern within the next 12
months.
The Company had an accumulated deficit of $374.13 million as of
September 30, 2025.
As of September 30, 2025, the Company had $24.17 million in total
assets, $11.93 million in total liabilities, and $12.24 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3e8z9f9r
About AquaBounty
AquaBounty Technologies, Inc., headquartered in Harvard,
Massachusetts, develops genetically engineered Atlantic salmon and
previously operated farms in Indiana and Canada, which it has sold
along with associated intellectual property, trademarks, and
patents. Its primary remaining asset is the Ohio Farm Project in
the U.S., consisting of land, construction in progress, and
equipment. The Company is focused on realizing the potential of
this asset through new investment, partnerships, or other strategic
options.
In its audit report dated March 27, 2025, Deloitte & Touche LLP
issued a "going concern" qualification citing that the Company has
incurred cumulative net losses that raise substantial doubt about
its ability to continue as a going concern.
ARCHBISHOP OF BALTIMORE: Adversary Proceeding to Proceed to Trial
-----------------------------------------------------------------
Judge Michelle M. Harner of the United States Bankruptcy Court for
the District of Maryland will deny the motion for summary judgment
and cross-motion for summary judgment filed by the parties in the
adversary proceeding captioned as Official Committee of Unsecured
Creditors, Plaintiff, v. Roman Catholic Archbishop of Baltimore,
Defendant, Adv. Pro. No. 25-00084-MMH (Bankr. D. Md.), on the Roman
Catholic Archbishop of Baltimore's ability to invoke the state law
defense of charitable immunity against child sexual abuse claims
asserted in this case.
The Roman Catholic Archbishop of Baltimore filed a petition for
relief under chapter 11 on September 29, 2023. On that same date,
the Debtor filed a Motion to Extend the Automatic Stay to certain
related entities included as additional insureds under the Debtor's
various current and legacy insurance programs. The Court entered an
interim order granting certain of the relief requested by the Stay
Motion, which was then continued by further order of the Court.
The Debtor has acknowledged that the filing of this case and the
need for the Stay Order resulted from the Maryland Child Victims
Act, passed by the Maryland General Assembly in April 2023. The CVA
eliminated the statute of limitations on civil lawsuits involving
child sexual abuse. The CVA became effective on October 1, 2023,
immediately after the filing of this case.
Since that time, the Debtor, the Official Committee of Unsecured
Creditors, and the Debtor's insurance carriers have been engaged in
this case, participating in mediation and working towards an
agreement on a plan of reorganization.
The primary creditors in this case are the survivors of child
sexual abuse, and the members of the Committee are in fact
Survivors themselves. The mediation is ongoing and is governed by
the Agreed Order Directing Mediation, Appointing Mediators, and
Ordering Mediation Discovery.
In this adversary proceeding, the Committee's primary position is
that the Debtor's assertion of charitable immunity -- an
affirmative defense to tort liability under Maryland state law --
undercuts the utility of the Mediation and the resolution of
Survivor claims in this case. The Debtor asserts that it is
entitled to rely on all its state law defenses in the chapter 11
claims resolution process, including the charitable immunity
defense.
(A) Committee's Motion for Summary Judgment
The Committee asks the Court to rule that the state law defense of
charitable immunity is not available to the Debtor, either
specifically in this chapter 11 case or more generally under state
law. The Committee supports this request primarily with four
different theories:
* The state law charitable immunity defense is incompatible with
federal bankruptcy law.
* The Maryland General Assembly abrogated charitable immunity
with the enactment of the CVA.
* The payment of Survivor claims is within the Debtor's mission
and thus not subject to the charitable immunity defense.
* The Debtor must establish with evidence that its assets are
held in trust, as required for protection under the charitable
immunity defense.
The Debtor argues that its status as a religious organization alone
qualifies it for charitable immunity.
The Debtor's assertion of the defense is central to this case,
namely, the purpose of this case and the Debtor's ability to
confirm a plan of reorganization under section 1129 of the Code
that provides fair and equitable treatment to Survivors.
The Committee asserts that the Debtor's prior payment of child
sexual abuse claims precludes it from now asserting the charitable
immunity defense. That position focuses on whether the payment of
child sexual abuse claims is within the Debtor's mission.
Given the incomplete state of the factual record in this
proceeding, the Court declines to resolve the impact of the CVA on
the charitable immunity defense.
(B) Debtor's Cross-Motion for Summary Judgment
The Debtor's Motion asks the Court to grant summary judgment in
favor of the Debtor on all counts in the Committee's complaint and
the Debtor's counterclaim. The Debtor's primary arguments to
support this requested relief are that the Debtor qualifies for
charitable immunity with respect to the Survivor claims and that
the defense is available to it under both state law and the Code.
The Court requires additional evidence concerning, among other
things, the Debtor's decision to file bankruptcy, its ability to
use and comply with the Code, its efforts to resolve child sexual
abuse claims, and its treatment of its assets both prior to and
after the bankruptcy filing. Moreover, even if the Debtor holds
some assets in trust, the record is unclear concerning the
charitable or permissible uses of those assets. Though admissible
testimony and documentary evidence offered at trial may establish
each element of the charitable immunity defense, the Court does not
find the mere statement that the Debtor is a religious organization
sufficient at this stage of the litigation.
The Committee and the Debtor dispute certain facts that the Court
finds material and necessary to resolving this adversary
proceeding. These disputed material facts include, among others,
the Debtor's treatment of child sexual abuse claims prior to the
filing of the Debtor's chapter 11 case, the Debtor's intentions and
conduct with respect to the treatment of Survivor claims when it
filed the chapter 11 case, the Debtor's assets that are and are not
subject to a trust and the use of those assets, and the intentions
of the Maryland General Assembly in passing the CVA. According to
the Court, the positions set forth in the motions are not supported
by sufficient undisputed facts in the record and would benefit from
additional factual support obtainable only through a trial on the
merits. The Court finds that its deliberations would benefit from
the opportunity to observe witnesses and hear live testimony
subject to cross-examination. The issue presented in this adversary
proceeding and its impact on both the debtor and its creditors are
too significant for the Court to do anything short of holding each
party to their respective burdens. This adversary proceeding will
proceed to trial starting on December 15, 2025.
A copy of the Court's Memorandum Opinion dated October 30, 2025, is
available at https://urlcurt.com/u?l=C4I5dn from PacerMonitor.com.
About Roman Catholic Archbishop of Baltimore
Roman Catholic Archbishop of Baltimore is a non-profit religious
institution that maintains its principal place of business at 320
Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon
Law and Maryland law, the RCAB holds property, including real
property, as a corporation sole for the purposes of erecting
churches, parsonages, burial grounds, or schools according to the
discipline and government of the Roman Catholic Church, with all
such property to be used only for such purposes.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29,
2023. In the petition signed by William E. Lori, archbishop, the
Debtor disclosed $100 million to $500 million in assets and $500
million to $1 billion in liabilities.
Judge Michelle M. Harner oversees the case.
The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal
counsel; Keegan Linscott & Associates, PC as financial and
restructuring advisor; and Gallagher Evelius & Jones LLP as special
counsel. Epiq Corporate Restructuring LLC is the claims, noticing,
and balloting agent.
The U.S. Trustee for Region 5 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of The Roman
Catholic Archbishop of Baltimore. The committee hires Stinson LLP
as counsel. Tydings & Rosenberg LLP as local counsel.
ARCHDIOCESE OF BALTIMORE: Judge Sets Trial on Diocese Immunity
--------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that a
Maryland bankruptcy judge has ordered the Archdiocese of Baltimore
and a committee representing survivors of child sexual abuse to
move forward with a December 2025 trial on whether the church’s
charitable immunity defense can protect it from liability. U.S.
Bankruptcy Judge Michelle M. Harner said the matter is "too
significant" to be decided without a full evidentiary record.
The trial will address whether Maryland's charitable immunity
doctrine, which limits the financial exposure of nonprofit
organizations, applies to the Archdiocese in its Chapter 11
proceedings. Abuse claimants argue the defense should not shield
the church from responsibility for decades of misconduct, according
to report.
The Archdiocese sought bankruptcy protection in September 2023
after Maryland lifted the civil statute of limitations on sexual
abuse claims, prompting hundreds of lawsuits. The outcome of the
December trial could determine how much the Archdiocese will
ultimately pay survivors through its bankruptcy plan, the report
states.
About the Archdiocese of Baltimore
The Archdiocese of Baltimore operates as a non-profit religious
organization. The organization provides catholic charities,
chancery, pastoral council, policies, presbyteral council, and
child and youth protection.
The Archdiocese of Baltimore sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29,
2023. In the petition filed by Archbishop William E. Lori, the
Debtor estimated assets between $100 million and $500 million and
liabilities between $500 million and $1 billion.
The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS
Law, LLC.
ARM VENTURES: Case Summary & Two Unsecured Creditors
----------------------------------------------------
Debtor: Arm Ventures, LLC
C/O Rosenbaum Int'l Law Firm PA
755 W 41st St
Miami Beach, FL 33140
Business Description: Arm Ventures, LLC owns and leases a multi-
tenant commercial property at 753-755 West
41st Street, Miami Beach, Florida.
Chapter 11 Petition Date: October 31, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 25-22944
Judge: Hon. Laurel M Isicoff
Debtor's Counsel: Joel Aresty, Esq.
JOEL M. ARESTY PA
309 1st Ave. S.
Tierra Verde, FL 33715
Tel: (305) 904-1903
E-mail: aresty@icloud.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
Michael Rosenbaum signed the petition as manager.
A copy of the Debtor's list of two unsecured creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/5NJARZA/Arm_Ventures_LLC__flsbke-25-22944__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5EWK65A/Arm_Ventures_LLC__flsbke-25-22944__0001.0.pdf?mcid=tGE4TAMA
ASHFIELD ACTIVE: Fitch Alters Outlook on 'BB-' Ratings to Positive
------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' rating on approximately $111
million of series 2017A revenue bonds issued by the Industrial
Development Authority of the City of Kirkwood, Missouri on behalf
of Ashfield Active Living and Wellness Communities, Inc. d/b/a
Aberdeen Heights (Aberdeen). Fitch has also affirmed Aberdeen's
Issuer Default Rating (IDR) at 'BB-'.
The Rating Outlook has been revised to Positive from Stable.
Entity/Debt Rating Prior
----------- ------ -----
Ashfield Active Living
and Wellness Communities,
Inc. dba Aberdeen Heights (MO) LT IDR BB- Affirmed BB-
Ashfield Active Living
and Wellness Communities,
Inc. dba Aberdeen Heights
(MO) /General Revenues/1 LT LT BB- Affirmed BB-
The affirmation of the 'BB-' rating reflects solid operating
performance, which improved in FY25, supported by higher
independent living (ILU) occupancy and overall good cost
management. This is offset by Aberdeen's elevated debt burden and
capital-related metrics, which underpin the overall weaker
operating risk assessment.
The Positive Outlook reflects Aberdeen's stabilization and
improvement in independent living (ILU) occupancy to 95.7% at the
end of FY25 compared to 79.8% in FY24. The material improvement in
occupancy is driven by execution of a consultant-developed sales
and marketing plan. As a result, Fitch believes Aberdeen's revenue
defensibility is now consistent with a midrange assessment.
Fitch's forward-looking scenario analysis assumes a gradual
improvement in core operating and liquidity metrics alongside
routine capex. The current rating reflects a financial profile
consistent with the lower end of the 'BB' category in the context
of Aberdeen's midrange revenue defensibility and weaker operating
risk assessments.
SECURITY
The bonds are secured by a pledge of unrestricted receivables, a
first deed of trust lien on certain property, and a debt service
reserve fund.
KEY RATING DRIVERS
Revenue Defensibility - 'bbb'
Material Improvement in Occupancy
Aberdeen's ILU occupancy saw significant improvement in FY25
(unaudited); with 55 move-ins occurring, ending the fiscal year at
95.7% occupied compared with 79.8% occupied in FY24. This drastic
improvement results from successful execution of a sales and
marketing plan that Aberdeen developed with a consultant in late
FY23. In FY24, Aberdeen had 45 move-ins, a significant increase
over FY23, when Aberdeen had 29 move-ins and ILU occupancy of
75.6%.
The multipronged plan, developed in late 2023, focused on discovery
and closing, and included improving the use of technology, better
follow-up on leads, and marketing events. Aberdeen also
restructured some of its contract prices and increased services in
IL to enable residents to stay independent longer.
Assisted living (AL), memory care, and skilled nursing occupancies
have remained sound and ended FY25 at 100%, 81.3%, and 89.5%,
respectively. As a 12-year-old community, Aberdeen continues to
manage through a wave of ILU turnover due to first-generation
residents aging though the continuum of care.
Aberdeen's weighted average entrance fees are approximately
$474,000, which is relatively affordable compared with resident net
worth levels and local real estate values. Aberdeen operates in a
relatively competitive market with other life plan communities
(LPC) and standalone IL, AL, and skilled nursing facilities in the
local service area.
As result of improved occupancy, driven by the execution of a sales
and marketing plan, Fitch believes Aberdeen's revenue defensibility
is now in line with a midrange assessment. Aberdeen maintains a
waitlist through its New Heights Club, which requires a refundable
deposit and should continue to support the midrange revenue
defensibility going forward.
Operating Risk - 'bb'
Improved FY25 Results; High Leverage
The weaker operating risk assessment primarily reflects Aberdeen's
elevated debt burden. Along with the high maximum annual debt
service (MADS) as a percent of revenue of 30.8% in FY25, debt to
net available remained elevated at 11.5x in FY25. Debt to net
available averaged 14.4x in the four years leading up to FY25; it
would need to stabilize below 8x to be assessed at midrange. Fitch
expects both MADS as a percent of revenue and debt to net available
to moderate further as revenue grows and cash flow improves.
Aberdeen's operating performance improved in FY25, aided by the
higher occupancy and related resident service revenue and entrance
fees, in addition to good cost management. In FY25 Aberdeen
recorded an operating ratio of 101% compared to 107% in FY24.
Similarly, net operating margin (NOM) of 17.3% and NOM-adjusted of
34.8% in FY25 were favorable compared to 14.9% NOM and 32.2%
NOM-adjusted in FY24. Fitch expects revenue growth to remain good
over the next few years as occupancy stabilizes at higher levels.
NOM-adjusted margins remain a credit strength, averaging 28.0% over
the last five years.
Aberdeen's average of plant is good at 12.5 years at year-end 2025,
reflecting the community only having been open for about 12 years.
Capital spending has been well under depreciation; however, Fitch
believes lower capex is not affecting Aberdeen's competitive
position, due to the campus's young age. Most capital spending is
focused on renovation of turned-over apartments. As cash flow
improves, Fitch expects capex to increase slightly to closer to
$1.5 million to $2 million annually as Aberdeen refreshes the
campus. Aberdeen's management also reports an expansion plan
potentially to add as many as 14 cottages remains on hold for the
next couple of years until occupancy has been stabilized at the
higher levels.
Financial Profile - 'bb'
Moderate Stress Handled Despite Thinner Financial Profile
Aberdeen ended FY25 with unrestricted cash and investments of $28.5
million, compared with $29.8 million at the end of FY24. At FYE25
this equated to 33.8% cash-to-adjusted (inclusive of an $8.6
million debt service reserve fund) and 394 days cash on hand
(DCOH).
Despite a strong year of entrance fees and related resident service
revenue, Aberdeen's cash position slightly softened, in part
because of a one-time $3 million transfer to Presbyterian Manors of
Mid-America (PMMA), of which Aberdeen is a controlled affiliate.
Management does not expect frequent annual transfers of this size
going forward.
Fitch calculates Aberdeen's MADS coverage at 1.2x in FY25, while
management calculates MADS coverage of 1.62x; Aberdeen's
calculation adjusts for the $3 million transfer to PMMA, which is
in accordance with its MTI.
Fitch's forward-looking scenario analysis shows Aberdeen's
operating profitability improving incrementally with gradual
balance sheet accretion over the next five years as ILU occupancy
stabilizes at the higher level. DCOH remains above 350 days and
MADS coverage is expected to improve gradually. Fitch expects no
major capex projects with capital spending expected to be between
$1 million to $2 million annually as Aberdeen focuses on refreshing
units and the campus given the age of the campus. As a result,
Fitch expects Aberdeen to maintain key liquidity and leverage
metrics consistent with a 'bb' financial profile throughout the
forward-looking scenario. The ability of Aberdeen to handle the
moderate-stress scenario shows that Aberdeen has the business or
financial flexibility to support the servicing of its financial
commitments, which according to Fitch's rating definitions is
consistent with the 'bb' category rating.
Asymmetric Additional Risk Considerations
There are no asymmetric risks associated with the rating.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Failure to sustain the improved levels of ILU occupancy;
- A weakening of cash to adjusted debt such that it is expected to
stabilize below 25%;
- Failure to make its 1.2x debt service coverage covenant without
support from PMMA for two consecutive years.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Operating ratios consistently below 100%;
- Cash to adjusted debt that stabilizes above 50%, even in a
forward-looking stress case.
PROFILE
Aberdeen is a Type-A Continuing Care Retirement Community (CCRC)
located on a 21.7-acre site in Kirkwood, MO. Its current unit mix
consists of 234 ILUs, 30 ALUs, 16 MCUs, and 38 SNF beds. Most
resident agreements include 90%-95% refundable entrance fee
contracts. The refundable portion of the entrance fee is refunded
upon re-occupancy of the unit and receipt of sufficient proceeds
from re-sale. Aberdeen had total operating revenue of approximately
$27.9 million in FY25 (unaudited).
Aberdeen is a controlled affiliate of PMMA. Presbyterian Manors,
Inc. (PMI) is another controlled affiliate of PMMA, which owns 15
of the PMMA managed communities and two hospices. The Salina
Presbyterian Manor Endowment Fund is also under the PMI structure.
Aberdeen Ridge, Inc. is also a controlled affiliate of PMMA and is
currently in the process of completing the construction of a new
senior living community located in Colorado Springs, Colorado.
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.
BAUSCH HEALTH: Reports $181MM Q3 Net Income on $2.68BB Revenue
--------------------------------------------------------------
Bausch Health Companies Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net income of $181 million and a net loss $92 million for the three
months ended September 30, 2025 and 2024, respectively. For the
nine months ended September 30, 2025 and 2024, the Company reported
a net income of $223 million and a net loss $170 million,
respectively.
Total revenue for the three months ended September 30, 2025 and
2024, were $2.68 billion and $2.48 billion, respectively. For the
nine months ended September 30, 2025 and 2024, the Company had
total revenues of $7.39 billion and $6.99 billion, respectively.
As of September 30, 2025, the Company had $26.82 billion in total
assets, $26.47 billion in total liabilities, and $356 million in
total equity. The Company had an accumulated deficit of $9.56
billion as of September 30, 2025.
"The third quarter marks our tenth consecutive quarter of
year-over-year growth in Revenue and Adjusted EBITDA for Bausch
Health, excluding Bausch + Lomb, highlighting our team's consistent
execution and operational excellence. The completion of our
acquisition of DURECT Corporation in the quarter further
strengthens our growth platform in R&D, complementing our existing
hepatology pipeline and broadening the reach of our diverse
portfolio across therapeutic areas and geographies. As we approach
the close of 2025, we remain focused on executing against our
strategic priorities, driving strong year-end performance, and
unlocking value for shareholders," said Thomas J. Appio, Chief
Executive Officer, Bausch Health.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3777rvud
About Bausch Health Companies Inc.
Bausch Health Companies Inc. develops drugs for unmet medical needs
in central nervous system disorders, eye health, and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
As of September 30, 2025, the Company had $26.82 billion in total
assets, $26.47 billion in total liabilities, and $356 million in
total equity. The Company had an accumulated deficit of $9.56
billion as of September 30, 2025.
* * *
In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health
Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA)
Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal,
the ratings remained in the 'CCC' category reflecting the long-term
refinancing risk, non-zero risk of a distressed debt exchange for
later maturities, and a weakening balance sheet when XIFAXAN
revenues decline and if BHC separates Bausch + Lomb Corporation.
Fitch has also affirmed and withdrawn the instrument ratings
including the first lien debt issued by 1261229 B.C. Ltd and BHC at
'B' with a Recovery Rating of 'RR2', the second lien debt (issued
by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and
BHA) at 'CC'/'RR6'.
BB CAPITAL: Section 341(a) Meeting of Creditors on November 25
--------------------------------------------------------------
On October 20, 2025, BB Capital SPV LLC filed Chapter 11
protection in the Eastern District of New York. According to court
filing, the Debtor reports between $500 million and $1 billion in
debt owed to 1 and 49 creditors.
A meeting of creditors filed by Christine H Black under Section
341(a) to be held on November 25, 2025 at 02:00 PM at USA Toll-Free
(888) 330-1716, USA Caller Paid/International Toll (713) 353-7024,
Access Code 3913464.
About BB Capital SPV LLC
BB Capital SPV LLC, based in Garden City, New York, is a special
purpose vehicle that manages financial transactions and
investments in the telecommunications sector.
BB Capital SPV LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74026) on October 20,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $500 million and $1
billion.
Honorable Bankruptcy Judge Alan S. Trust handles the case.
The Debtor is represented by John E. Jureller, Jr., Esq. of
KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP.
BEELINE HOLDINGS: Has Deal to Redeem Series E Stock for Cash
------------------------------------------------------------
Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on October 22,
2025, the Company entered into a Letter Agreement with two
investors pursuant to which the investors agreed to the redemption
of their shares of Series E Preferred Stock in exchange for a cash
payment.
The Agreement provides that the payment shall be made upon the
effectiveness of a registration statement on Form S-1 filed by the
Company in connection with its equity line of credit facility,
provided that the payment be made no later than November 13, 2025.
If the staff of the Securities and Exchange Commission provides
comments, continues to review the S-1 or requests the effectiveness
of the S-1 be delayed, on November 13, 2025 each investor shall
have the right to elect to:
(i) revert back to the Series E and convert the Series E in
accordance with its terms, or
(ii) receive their respective payment with the Payment Deadline
extended to December 1, 2025.
Additionally, in such event on November 13, 2025, the Company shall
pay the investors a premium totaling $100,000.
A full-text copy of the Letter Agreement is available at
https://tinyurl.com/5cffyuf
About Beeline Holdings
Through its fully digital, Al-powered platform, Beeline Financial
Holdings, Inc. delivers a faster, smarter path to home loans --
whether for primary residences or investment properties.
Headquartered in Providence, Rhode Island, Beeline is reshaping
mortgage origination with speed, simplicity, and transparency at
its core. The company is a wholly owned subsidiary of Beeline
Holdings and also operates Beeline Labs, its innovation arm focused
on next-generation lending solutions.
Boca Raton, Florida-based Salberg & Company, P.A., the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated April 15, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has incurred recurring losses and negative cash
flows from operations since its inception, has a significant
working capital deficit, and is dependent on debt and equity
financing. These matters raise substantial doubt about the
Company's ability to continue as a going concern.
As of June 30, 2025, the Company had $68.57 million in total
assets, against $13.02 million in total liabilities.
BENJAMIN MORRIS: Bankruptcy Case Closure Terminated Automatic Stay
------------------------------------------------------------------
Judge Jason D. Woodard of the United States Bankruptcy Court for
the Northern District of Mississippi granted in part the motion for
summary judgment filed by creditor United States of America, on
behalf of the Internal Revenue Service, in the bankruptcy case of
Benjamin Douglas Morris. The Debtor's motion for summary judgment
is denied.
On August 10, 2012, the IRS filed Proof of Claim 1-1 setting forth
an unsecured priority claim in the amount of $78,996.07 for federal
income tax liabilities for tax years 2010 and 2011. This amount was
based on estimates because Morris had not yet filed his returns for
these tax years.
Once the 2010 and 2011 federal income liabilities were assessed,
the IRS filed an Amended Proof of Claim 1-2 on September 6, 2012,
adjusting the balances of Debtor's outstanding federal income tax
liabilities for tax years 2010 and 2011 to $0.00.
At a status conference held on August 22, 2025, the parties agreed
that the sole issue to be decided at this stage is whether the
automatic stay under 11 U.S.C. Sec. 362(a) remained in effect after
the closure of debtor's bankruptcy case. The issue arises because
on October 31, 2014, the debtor filed a motion to close his chapter
11 case for "administrative purposes." That motion was granted, and
the bankruptcy case was closed on December 16, 2014. The debtor
never sought to reopen his case to obtain a discharge. After the
case was closed, the IRS initiated several collection actions
against the debtor for prepetition trust fund recovery penalties.
The debtor contends that the IRS's collection efforts violated the
automatic stay, which he contends remained in effect following the
closure of the case. The IRS argues that the stay was terminated
when the case was closed.
Judge Woodard holds, "The plain language of 11 U.S.C. Sec. 362(c)
and supporting case law make clear that termination of the
automatic stay is triggered by the earliest time the case is
closed, dismissed, or when a discharge is granted or denied. The
Joint Stipulation of Facts show the case closing was the earliest
trigger to occur, so the automatic stay terminated when debtor's
case was closed on December 16, 2014. The IRS cannot be sanctioned
for the collection actions between October 2019 and June 2024
because the automatic stay was no longer in effect. Accordingly,
the United States' Motion for Summary Judgment is granted in part
in that the automatic stay terminated when the bankruptcy case
closed, and the IRS cannot be sanctioned for the collection actions
between October 2019 and June 2024. The Debtor's Motion for Summary
Judgment is denied."
A copy of the Court's Memorandum Opinion and Order dated October
27, 2025, is available at https://urlcurt.com/u?l=xni1wO from
PacerMonitor.com.
Benjamin Morris filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Miss. Case No. 12-12886) on July 13, 2012, listing under $1
million in both assets and liabilities.
BESTWALL LLC: 4th Circuit Declines En Banc Rehearing in Ch. 11 Case
-------------------------------------------------------------------
Abigail Harrison of Law360 reports that the Fourth Circuit on
Thursday, October 30, 2025, voted 8-6 to reject asbestos victims'
petition for an en banc rehearing in the bankruptcy case of
Georgia-Pacific affiliate Bestwall LLC. The claimants had argued
that the Chapter 11 filing was a sham designed to keep them from
pursuing claims in civil court.
By declining to revisit the issue, the appellate court affirmed a
panel's decision that Bestwall's bankruptcy was filed in good faith
to address its asbestos liabilities through the restructuring
process, despite ongoing criticism from victims' lawyers.
About Bestwall LLC
Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities. Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965. The former Bestwall
Gypsum entity manufactured joint compounds containing small
amounts of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.
Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC
("PlasterCo"), develops, manufactures, sells and distributes gypsum
plaster products, including gypsum floor underlayment, industrial
plaster, metal casting plaster, industrial tooling plaster, dental
plaster, medical plaster, arts and crafts plaster, pottery plaster
and general purpose plaster.
On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims. The
Debtor estimated assets and debt of $500 million to $1 billion. It
has no funded indebtedness.
The Hon. Laura T. Beyer is the case judge.
The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.
On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case. The
committee retained Montgomery McCracken Walker & Rhoads, LLP as
legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel.
On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in the Debtor's
case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as
legal counsel; Hull & Chandler, P.A., as local counsel; Ankura
Consulting Group, LLC, as claims evaluation consultant; and FTI
Consulting, Inc., as financial advisor.
BEYOND MEAT: Completes Exchange Offer for Convertible Notes
-----------------------------------------------------------
Beyond Meat, Inc., a leader in plant-based meat, announced the
final tender results of its previously announced exchange offer to
exchange any and all of its 0% Convertible Senior Notes due 2027
for a pro rata portion of:
(i) up to $202.5 million in aggregate principal amount of its new
7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due
2030 and
(ii) up to 326,190,370 shares of its common stock.
As previously announced, as of 5:00 p.m., New York City time, on
October 10, 2025, $1,114,603,000 in aggregate principal amount of
Existing Convertible Notes was validly tendered in the Exchange
Offer and not validly withdrawn and related consents to the
Proposed Amendments were validly delivered and not validly
withdrawn as of such time.
Early settlement of Offered Securities in exchange for the Existing
Convertible Notes validly tendered in the Exchange Offer and not
validly withdrawn as of the Early Tender Date occurred on October
15, 2025, and the Company entered into a supplemental indenture
eliminating substantially all of the restrictive covenants in the
indenture governing the Existing Convertible Notes, as well as
certain events of default and related provisions applicable to the
Existing Convertible Notes.
As of 5:00 p.m., New York City time, on October 28, 2025, based on
information provided by MacKenzie Partners, Inc., which is acting
as the exchange agent and information agent for the Exchange Offer,
an additional $2,738,000 in aggregate principal amount of Existing
Convertible Notes was validly tendered in the Exchange Offer and
not validly withdrawn following the Early Tender Date and prior to
the Expiration Deadline.
As previously announced, holders of Existing Convertible Notes
tendered following the Early Tender Date and prior to the
Expiration Deadline are eligible to receive $170.8044 in aggregate
principal amount of New Convertible Notes and 283.6438 New Shares
for each $1,000 in aggregate principal amount of Existing
Convertible Notes validly tendered.
Settlement with respect to the Additional Tendered Notes was
expected to occur on October 30, 2025, the second business day
immediately following the Expiration Deadline.
In connection with the early settlement of the Exchange Offer, on
the Early Settlement Date, the Company issued:
(i) $208,717,000 in aggregate principal amount of New Convertible
Notes (inclusive of $12.5 million in aggregate principal amount of
New Convertible Notes as payment to certain holders of Existing
Convertible Notes that had entered into a transaction support
agreement with the Company relating to the Exchange Offer) and
(ii) 316,150,176 New Shares. Following the Final Settlement Date, a
total of:
i) $209,176,000 in aggregate principal amount of New
Convertible Notes (inclusive of $12.5 million in aggregate
principal amount of New Convertible Notes as payment to certain
holders of Existing Convertible Notes that had entered into a
transaction support agreement with the Company relating to the
Exchange Offer) and
ii) 316,926,786 New Shares will have been issued by the Company
in connection with the Exchange Offer on the Early Settlement Date
and the Final Settlement Date.
The Additional Tendered Notes and the Early Tendered Notes together
represent 97.16% of the aggregate outstanding principal amount of
Existing Convertible Notes.
Following such Final Settlement Date and the cancellation of the
Additional Tendered Notes, $32,659,000 in aggregate principal
amount of the Existing Convertible Notes will remain outstanding.
The New Convertible Notes and shares of common stock offered in the
Exchange Offer are being offered only to holders of Existing
Convertible Notes that are:
(i) "qualified institutional buyers" as defined in Rule 144A under
the Securities Act or
(ii) "accredited investors" (within the meaning of Rule 501(a)
under the Securities Act) that beneficially own a minimum of
$200,000 in aggregate principal amount of Existing Convertible
Notes.
The New Convertible Notes and New Shares offered in the Exchange
Offer, and the shares of common stock issuable upon conversion of
the New Convertible Notes have not been, and will not be,
registered under the Securities Act of 1933, as amended, or any
other securities laws.
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat
company offering a portfolio of revolutionary plant-based meats
made from simple ingredients without GMOs, no added hormones or
antibiotics, and 0mg of cholesterol per serving. Founded in 2009,
Beyond Meat products are designed to have the same taste and
texture as animal-based meat while being better for people and the
planet. Beyond Meat's brand promise, Eat What You Love(R) ,
represents a strong belief that there is a better way to feed our
future and that the positive choices we all make, no matter how
small, can have a great impact on our personal health and the
health of our planet. By shifting from animal-based meat to
plant-based protein, we can positively impact four growing global
issues: human health, climate change, constraints on natural
resources and animal welfare.
BIEN-AIME CONFIANCE: Amends Plan to Include Several Secured Claims
------------------------------------------------------------------
Bien-Aime Confiance LLC submitted a First Amended Disclosure
Statement describing Plan of Reorganization dated October 27,
2025.
In summary, the Debtor's proposed Plan contemplates the emergence
of a Reorganized Debtor through the continued operation of the
business.
Class 1 consists of the Giles Kemp Secured Claim represented by
Claim Number 4. Giles Kemp's Class 1 Secured Claim shall be allowed
in the full amount of $3,292,686.34 (the "Allowed Giles Kemp
Secured Claim"). This Claim is secured by a lien on the Giles Kemp
Collateral. This Class is Impaired. The Debtor shall have until
January 10, 2026, to sell the Property (the "Sale Period"). Any
sale of the Property must provide for payment in full of the
Allowed Giles Kemp Secured Claim.
The parties agree to immediate termination of the automatic stay to
permit Giles Kemp to immediately file a motion to set a foreclosure
sale date to occur on or after February 1, 2026. The Debtor's
filing of this Plan constitutes Debtor's express consent to such
termination. The parties shall submit to the Court an order
granting stay relief consistent with this agreement. The
effectiveness of this Plan is expressly conditioned upon entry of
such stay relief order. The order confirming this Plan shall
incorporate by reference the stay relief order and confirm that the
automatic stay has been terminated as to the subject property. The
Debtor shall not object to, contest, or otherwise impede the
scheduling or conduct of the foreclosure sale.
Class 2 consists of the Allowed Secured Claim of RTLF for 2023 real
property taxes represented by Claim 1. This Claim is secured by a
lien on the RTLF 2023 Collateral. The Allowed Class 2 Secured Claim
is approximately $50,650.77. This Class is Unimpaired. In the event
of a sale of the Property during the Sale Period, the Allowed Class
2 Secured Claim of RTLF will be satisfied from the net proceeds
(after payment of sale costs) from the sale of the Property. In the
event the Property does not sell during the Sale Period, the
Property will be sold via foreclosure sale as outlined in Class 1.
Class 3 consists of the Allowed Secured Claim of RTLF for 2024 real
property taxes represented by Claim 2. This Claim is secured by a
lien on the RTLF 2024 Collateral. The Allowed Class 3 Secured Claim
is approximately $48,564.47. This Class is Unimpaired. In the event
of a sale of the Property during the Sale Period, the Allowed Class
3 Secured Claim of RTLF will be satisfied from the net proceeds
(after payment of sale costs) from the sale of the Property. In the
event the Property does not sell during the Sale Period, the
Property will be sold via foreclosure sale as outlined in Class 1.
Class 4 consists of the Allowed Secured Claim of OCTC for estimated
2025 real property taxes represented by Claim 3. This Claim is
secured by a lien on the OCTC Collateral. The Allowed Class 4
Secured Claim is approximately $42,719.30. This Class is
Unimpaired. In the event of a sale of the Property during the Sale
Period, the Allowed Class 4 Secured Claim of OCTC will be satisfied
from the net proceeds (after payment of sale costs) from the sale
of the Property. In the event the Property does not sell during the
Sale Period, the Property will be sold via foreclosure sale as
outlined in Class 1.
Class 5 consists of the Allowed Unsecured Claims against the
Debtor. This Class is Impaired. In full satisfaction of the Allowed
Class 5 Claims, holders of such Allowed Class 5 Claims shall
receive a pro rata distribution of the net proceeds (if any) from a
sale or other disposition of the Property, after Classes 1 through
4 are paid in full and satisfied. If the Property is sold for less
than the amount necessary to satisfy, in full, Classes 1 through 4
or is sold by foreclosure sale, then there will be no proceeds, and
the Class 5 Allowed General Unsecured Claims shall receive $0.00.
Holders of Class 5 Allowed General Unsecured Claims shall be paid
their pro rata share of available distributions, if any, within 14
days of the date on which the sale of the Property closes.
The Debtor is seeking post-petition financing as a means of
implementing the Plan. In the event Debtor is able to obtain and
the Court approves post-petition financing, the proceeds from said
financing will fund this Plan.
If Debtor is unable to obtain postpetition financing, the Plan
contemplates the sale of substantially all of the Debtor's assets,
consisting primarily of the Property, by private sale or auction.
The Debtor believes the proceeds from the sale of the Property will
be sufficient to fund the Plan.
A full-text copy of the First Amended Disclosure Statement dated
October 27, 2025 is available at https://urlcurt.com/u?l=8Dm9Ua
from PacerMonitor.com at no charge.
The Debtor's Counsel:
Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
E-mail: jeff@bransonlaw.com
About Bien-Aime Confiance
Bien-Aime Confiance LLC owns a residential property located at Lot
232, Isleworth, in Windermere, Florida. The property spans
approximately 0.50 acres within a luxury golf community and was
last valued at $4.4 million.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04315) on July 11,
2025, with $4,400,000 in assets and $3,348,480 in liabilities.
David Townsend, manager, signed the petition.
Judge Grace E. Robson presides over the case.
Jeffrey S. Ainsworth, at BRANSONLAW, PLLC, is the Debtor's legal
counsel.
BIG LOTS: Seeks Chapter 7 Conversion After Asset Sale
-----------------------------------------------------
Former BL Stores, Inc. (formerly known as Big Lots, Inc.) filed a
motion with the United States Bankruptcy Court for the District of
Delaware seeking to convert the Chapter 11 Cases into Chapter 7
Cases. A hearing on the Motion has been scheduled for November 4,
2025.
On September 9, 2024, Former BL Stores, Inc. (formerly known as Big
Lots, Inc.) and its other subsidiaries filed voluntary petitions
for relief under chapter 11 in Delaware. The Bankruptcy Court
granted a motion seeking joint administration of the cases under
the caption In re: Big Lots, Inc., et al., Case No. 24-11967
(JKS).
On December 27, 2024, the Company reached an agreed upon Asset
Purchase Agreement with Gordon Brothers Retail Partners, LLC that
enables the transfer of assets of the Debtors, including stores,
distribution centers, and intellectual property. On January 2,
2025, the Bankruptcy Court entered an order approving the sale of
assets of the Debtors to Gordon Brothers, and the Sale closed on
January 3, 2025.
Following the closing of the Sale, the Debtors have remained in
possession of their property and continued to manage their assets
as "debtors-in-possession" pursuant to Sections 1107(a) and 1108 of
the Bankruptcy Code and have worked to monetize their remaining
assets and transition and wind down their estates.
The Debtors now believe that it would be in the best interests of
their creditors to convert the Chapter 11 Cases to cases under
Chapter 7 of the Bankruptcy Code.
If approved by the Bankruptcy Court, the conversion of the Chapter
11 Cases to Chapter 7 Cases is expected to be effective as early as
November 4, 2025. If the Motion is approved by the Bankruptcy
Court, the Debtors' Chapter 11 Cases will be converted to Chapter 7
Cases and a trustee will be appointed to liquidate the Debtors'
remaining assets for distribution in accordance with the priorities
established by Chapter 7 of the Bankruptcy Code. If the conversion
of the Chapter 11 Cases to Chapter 7 Cases occurs, the Debtors will
no longer remain in possession of their remaining assets and
properties, they will cease managing their remaining assets as
debtors-in-possession, and their assets and properties will be
liquidated for the benefit of their creditors.
If the conversion of the Chapter 11 Cases to Chapter 7 Cases
occurs, the Company does not expect to file any further reports
under the Securities Exchange Act of 1934, as amended, including
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or
Current Reports on Form 8-K, unless or until deemed appropriate by
the Chapter 7 trustee.
The Company also does not expect to be able to distribute any
proceeds to the Company's shareholders in or after the expected
liquidation proceedings and, therefore, believes that its common
shares are worthless.
Filings with the Bankruptcy Court and other information related to
the Chapter 11 Cases are available on a website administrated by
the Company's claims agent, Kroll Restructuring Administration LLC,
at https://cases.ra.kroll.com/biglots, by calling toll-free at
(844) 217-1398 (or +1 (646) 809-2073 for calls originating outside
of the U.S. or Canada), or by sending an email to
biglotsinfo@ra.kroll.com.
About Big Lots
Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the
nation's largest closeout retailers focused on extreme value,
delivering bargains on everything for the home, including
furniture, decor, pantry and more.
On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries
initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead
Case No. 24-11967). The case is being administered by the Honorable
J. Kate Stickles.
Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim
Securities, LLC is serving as financial advisor, AlixPartners LLP
is serving as restructuring advisor, and A&G Real Estate Partners
is serving as real estate advisor to the Company. Kroll is the
claims agent.
Kirkland & Ellis is serving as legal counsel to Nexus Capital
Management LP.
PNC Bank, National Association, the DIP ABL Agent and Prepetition
ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank
Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the
Prepetition Term Loan Agent are represented by Otterbourg, P.C. and
Richards, Layton & Finger, P.A.
BIO-KEY INTERNATIONAL: Raises $3.1M via Discounted Warrant Exercise
-------------------------------------------------------------------
BIO-key International, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on October
27, 2025, the Company entered into a Warrant Exercise Agreement
with an existing institutional investor to exercise certain
outstanding warrants to purchase an aggregate of 3,091,668 shares
of the Company's common stock, $0.0001 par value per share, which
were originally issued to the Investor on January 15, 2025.
Pursuant to the Warrant Exercise Agreement, the exercise price of
the Existing Warrants was reduced from $2.15 per share to $1.02 per
share.
In consideration for the exercise of the Existing Warrants, subject
to compliance with the beneficial ownership limitations included in
the Existing Warrants, and the payment by the Investor of the
combined purchase price of $0.25 per Existing Warrant, the Investor
received new unregistered warrants to purchase up to an aggregate
of 6,183,336 shares of the Company's Common Stock.
The New Warrants have substantially the same terms, are immediately
exercisable at an exercise price of $1.02 per share and will expire
five years from the date of issuance. The Company agreed to file a
resale registration statement covering the public resale of the
shares of Common Stock issuable upon exercise of the New Warrants
with the Securities and Exchange Commission, and to use
commercially reasonable efforts to have such Resale Registration
Statement declared effective by the SEC within 90 calendar days
following the date of the Warrant Exercise Agreement. The New
Warrants include a beneficial ownership limitation that prevents
the Investor from beneficially owning more than 4.99% of the
Company's outstanding common stock at any time.
The gross proceeds to the Company under the Warrant Exercise
Agreement were approximately $3.1 million, prior to deducting
placement agent fees and estimated offering expenses.
The closing of the Warrant Exercise Agreement occurred on October
27, 2025. The Company intends to use the net proceeds for working
capital and general corporate purposes, including repayment of a
portion of the Company's outstanding secured note.
Maxim Group LLC acted as the exclusive placement agent to the
Company pursuant to a Placement Agency Agreement between the
Company and Maxim, dated October 27, 2025. As compensation for such
services, the Company agreed to pay Maxim an aggregate cash fee
equal to 6% of the gross proceeds received by the Company under the
Warrant Exercise Agreement.
Full-text copies of the form of Warrant Exercise Agreement and the
form of Common Stock Purchase Warrant are available at
https://tinyurl.com/mwy2nsf9 and https://tinyurl.com/tbt6844y,
respectively.
About BIO-key
Holmdel, N.J.-based BIO-key International, Inc., founded in 1993,
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated April 23, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has suffered substantial net losses and negative
cash flows from operations in recent years and is dependent on debt
and equity financing to fund its operations, all of which raise
substantial doubt about the Company's ability to continue as a
going concern.
As of June 30, 2025, the Company had $10.52 million in total
assets, $3.66 million in total liabilities, and $6.85 million in
total stockholders' equity.
BIO-KEY INTERNATIONAL: Repays Streeterville Note via Debt Exchange
------------------------------------------------------------------
BIO-key International, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on October
27, 2025, the Company entered into two Exchange Agreements with
Streeterville Capital, LLC, to whom the Company previously issued a
Secured Promissory Note, dated June 24, 2024, in the original
principal amount of $2,360,000.
Pursuant to the Exchange Agreements, the Company and Lender agreed
to:
(i) partition from the Original Note two new Promissory Notes
in the original principal amounts of $261,841 and $66,150,
respectively,
(ii) cause the outstanding balance of the Original Note to be
reduced by $327,991, the aggregate principal amount of the
Partitioned Notes, and
(iii) exchange the Partitioned Notes for an aggregate of 429,027
shares of the Company's Common Stock.
As a result of the Exchange Agreements, the Original Note has been
paid in full.
Full-text copies of the Exchange Agreements are available at
https://tinyurl.com/2fvvsdu3 and https://tinyurl.com/22v7mccx,
respectively.
About BIO-key
Holmdel, N.J.-based BIO-key International, Inc., founded in 1993,
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated April 23, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has suffered substantial net losses and negative
cash flows from operations in recent years and is dependent on debt
and equity financing to fund its operations, all of which raise
substantial doubt about the Company's ability to continue as a
going concern.
As of June 30, 2025, the Company had $10.52 million in total
assets, $3.66 million in total liabilities, and $6.85 million in
total stockholders' equity.
BON MORRO: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Three affiliates concurrently filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
The Bon Morro, LLC 25-12379
31 St. James Avenue, Suite 740
Boston, MA 02116
The Bon Morro Holdings, LLC 25-12380
31 St. James Avenue, Suite 740
Boston, MA 02116
DMP Scape Boylston LLC 25-12381
Business Description: The Bon Morro, LLC, identifies itself as a
Single Asset Real Estate. The Bon Morro,
LLC, The Bon Morro Holdings, LLC, and DMP
Scape Boylston LLC are Massachusetts-based
entities associated with residential and
mixed-use real estate, with their primary
assets located at 1260 Boylston Street,
Boston.
Chapter 11 Petition Date: November 2, 2025
Court: United States Bankruptcy Court
District of Massachusetts
Judge: Hon. Christopher J. Panos
Debtors' Counsel: Douglas R. Gooding, Esq.
CHOATE, HALL & STEWART LLP
2 International Place
Boston, MA 02210
Tel: 617-248-5000
Email: dgooding@choate.com
The Bon Morro, LLC's
Estimated Assets: $100 million to $500 million
The Bon Morro, LLC's
Estimated Liabilities: $100 million to $500 million
The Bon Morro Holdings, LLC's
Estimated Assets: $0 to $50,000
The Bon Morro Holdings, LLC's
Estimated Liabilities: $0 to $50,000
The petitions were signed by Stephen Gray as chief restructuring
officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://urlcurt.com/u?l=dgTyWB
https://urlcurt.com/u?l=MXZZ2N
List of The Bon Morro, LLC's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. JPMorgan Chase Bank, N.A. Tenant $325,710
1111 Polaris Parkway Improvement
Mail code OH1-0241
Columbus, OH 43240-2050
Attn: Lease Administration Mgr.
399 Jefferson Road
2. HDR Holdings LLC Security Deposit $117,508
399 Jefferson Road
Parsippany, NJ 07054
Attn: Real Estate Dept.
Email: HDRlaunch@wonder.com
3. Boston Residential Concierge Service/Product $93,440
529 Main St, Charlestown, Provided
MA 02129
Phone: 978-856-9006
Email: johndjan@bostonresidentialconcierge.com
4. Atlantic Custodial Service/Product $48,544
Service, LLC Provided
26056 Nimbleton Sq,
South Riding, VA 20152
Phone: 703-957-0145
Email: jeremy@atlanticcustodial.com
5. Prkos Property Management, Inc. Service/Product $25,540
361 Newbury St, 5th Fl Provided
Boston, MA 02115-2738
Phone: 617-861-3256
Email: elvir@prkoscompany.com
6. Duggan Mechanical Services Service/Product $24,364
136 Will Drive Provided
Canton, MA 02021-3704
Phone: 781-843-3900
Email: mobrien@emduggan.com
7. Uhouzz USA Inc. Service/Product $23,463
135 W 36th Street 18th Floor Provided
North, New York, NY 10018
Phone: 857-415-2959
Email: info-boston@uhomes.com
8. R A Hall & Co Service/Product $23,110
183 State Street Provided
Boston, MA 02109
Phone: 617-723-3333
Email: ejh@rahallco.com
9. Eversource Service/Product $16,679
PO Box 56007 Provided
Boston, MA 02205-6007
Phone: 781-441-8226
Email: customer_service@eversource.com
10. Maloney Properties Inc. Service/Product $12,900
27 Mica Lane 3rd Floor Provided
Wellesley, MA 02481
Phone: 781-943-0200
Email: jdiffenbach@maloneyproperties.com
11. Boston Building Wraps Inc Service/Product $10,540
458 Main Street Provided
Wilmington, MA 01887
Phone: 978-909-4218
12. Alex The Painter Service/Product $9,960
17 3rd Street Provided
Medford, MA 02155
13. Integrated Security, Inc. Service/Product $9,381
905B South Main Street, Ste 102 Provided
Mansfield, MA 02048
Phone: 877-581-7233
Email: tsankey@isi-security.com
14. Table & Tulip Service/Product $8,100
461 Shawmut Ave Provided
Boston, MA 02118
Phone: 617-262-3100
Email: hello@tableandtulip.com
15. Apartments LLC Product/Service $7,700
2563 Collection Center Dr Provided
Chicago, IL 60693
Email: billing@apartments.com
16. Commlink Integration Service/Product $7,600
Corporation Provided
1 North Ave, Unit 2
Burlington, MA 01803
Phone: 508-509-5559
Email: accounting@commlinkintegration.com
17. Marcus, Errico, Emmer & Service/Product $6,171
Brooks, P.C Provided
45 Braintree Office Park Ste 107
Braintree, MA 02184
Phone: 781-843-5000
Email: billing@meeb.com
18. Crown Castle Fiber LLC Service/Product $6,000
PO Box 28730 Provided
New York, NY 10087-8730
Phone: 855-913-4237
Email: fiberbillinghd@crowncastle.com
19. Qx Inc. Service/Product $6,000
18 Broad Street Provided
Bloomfield, NJ 07003
Phone: 800-310-9312
Email: qxas@qxglobalgroup.com
20. Livly Service/Product $5,412
401 William St., #6931 Provided
River Forest, IL 60305
Email: accounting@livly.io
BROADWAY REALTY: Unsecureds' Recovery "TBD" in Sale Plan
--------------------------------------------------------
Broadway Realty I Co., LLC and its debtor affiliates filed with the
U.S. Bankruptcy Court for the Southern District of New York a
Disclosure Statement describing Joint Chapter Plan dated October
27, 2025.
The eighty-two Debtors collectively own approximately 5,200
residential units, have approximately 130 employees, and entered
the Chapter 11 Cases with approximately 155 unique creditors
(excluding tenants).
The Debtors' residential units are located across four of New York
City's boroughs: Manhattan, Brooklyn, the Bronx, and Queens.
Substantially all of the Debtors' tenants are entitled to statutory
rent protection.
As of the Petition Date, the Debtors' ninety-three properties
(collectively, the "Debtor Properties") are encumbered by
approximately $564 million of aggregate mortgage debt, all with
Flagstar Bank N.A. (the "Mortgage Lender" or "Flagstar"), as
lender.
Following the filing of the Chapter 11 Cases, the Debtors commenced
a process to market to sell or refinance (the "Marketing Process")
all or substantially all of the Debtors' portfolio of residential
real estate properties (together, the "Assets"). The Marketing
Process remains ongoing. Final binding bids for each of the Debtor
Properties and other Assets are currently due December 12, 2025 at
5:00 p.m.
It is anticipated that a transaction for each of the Debtors will
take the form of either (a) a refinancing, in whole or in part, of
the Mortgage Obligations with respect to one or more Debtor
Properties pursuant to a Successful Bid (a "Refinancing
Transaction"), or (b) a sale of one or more Debtor Properties and
any related Assets pursuant to the applicable Asset Purchase
Agreement, including without limitation, any sale to the Mortgage
Lender following an exercise of its credit bid rights pursuant to
section 363(k) of the Bankruptcy Code, and any sale pursuant to
section 363 of the Bankruptcy Code implemented pursuant to the Plan
(a "Sale Transaction" and, together with any Refinancing
Transaction, each a "Transaction").
Class 4 consists of General Unsecured Claims, including any
Mortgage Deficiency Claims and Rejection Damages Claims. Except to
the extent that a holder of an Allowed General Unsecured Claim
against a Debtor agrees to less favorable treatment with the
Debtors or the Post-Emergence Entities, as applicable, in full and
final satisfaction, settlement, release, and discharge of an
Allowed General Unsecured Claim, each such holder thereof shall
receive its pro rata share of Available Cash up to the Allowed
amount of such General Unsecured Claim.
Holders of other general unsecured claims in Class 4 are impaired
and their projected recovery is still "to be determined", according
to the Disclosure Statement.
Class 5 consists of Existing Equity Interests. On the Effective
Date, each holder of Existing Equity Interests shall receive the
following treatment in full and final satisfaction, settlement,
release and discharge of such Existing Equity Interest:
* In the event of a Refinancing Transaction: The Existing
Equity Interests of the Debtor(s) party to the Refinancing
Transaction(s) shall, subject to the waterfall and priorities set
forth in section 1129(b)(2) of the Bankruptcy Code, be Reinstated
for the benefit of the holders of such former Existing Equity
Interests consistent with their former economic entitlements.
* In the event of a Sale Transaction: The holders of Existing
Equity Interests of the Debtor(s) party to the Sale Transaction(s)
shall receive any remaining Available Cash after payment in full of
General Unsecured Claims in accordance with Section 4.4 hereof,
and, following the final distribution of all such Available Cash,
such Existing Equity Interests shall be cancelled for no further
consideration.
Each Debtor shall consummate the Refinancing Transaction
contemplated by such Successful Bid(s), and upon making the Plan
distributions in accordance with Article IV hereof, subject to
Section 5.8(b) of the Plan, the existing Mortgage Loan(s) subject
to such Refinancing Transaction shall be deemed fully released,
cancelled, discharged and of no force or effect, and the related
Mortgage Claims shall be deemed fully satisfied.
Any post-Effective Date distributions shall be made by the
Reorganized Debtors in an expeditious, timely, and orderly manner
pursuant to the Plan and the Confirmation Order.
Upon the Effective Date: (i) the authority, power and incumbency of
the persons then acting as directors and officers of the
Liquidating Debtors shall be terminated and such directors and
officers shall be deemed to have resigned, (ii) the Plan
Administrator shall have the powers of an officer of such
Liquidating Debtors, (iii) the Plan Administrator shall be deemed
to hold 100% of the Equity Interests in the Liquidating Debtors
until the dissolution of such Liquidating Debtors pursuant this
Section 5.6 of the Plan, (iv) the Liquidating Debtors shall assign
and transfer absolutely and unconditionally to the Plan
Administrator all of their remaining Assets after accounting for
all distributions made in accordance with Article IV hereof.
A full-text copy of the Disclosure Statement dated October 27, 2025
is available at https://urlcurt.com/u?l=AjQDSq from
PacerMonitor.com at no charge.
Proposed Attorneys for the Debtors:
Gary T. Holtzer, Esq.
Garrett A. Fail, Esq.
Matthew P. Goren, Esq.
Philip L. DiDonato, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
Tel: (212) 310-8000
Fax: (212) 310-8007
About Broadway Realty I Co.
Broadway Realty I Co., LLC is a real estate investment business and
management company headquartered in New York City. The company
operates from its principal location at 2 Grand Central Tower in
Manhattan, with its main asset property at 4530 Broadway in New
York. It specializes in real estate investment and property
management activities across the New York metropolitan area.
Broadway Realty I Co. and affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
25-11050) on May 21,2025. In its petition, Broadway Realty I Co.
reported between $500 million and $1 billion in both assets and
liabilities.
Judge David S. Jones, Esq. handles the cases.
The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal
& Manges, LLP.
Flagstar Bank, N.A., as creditor, is represented by:
Harvey A. Strickon, Esq.
Brett Lawrence, Esq.
Justin Rawlins, Esq.
Nicholas A. Bassett, Esq.
PAUL HASTINGS LLP
200 Park Avenue
New York, New York 10166
Telephone: (212) 318-6000
Facsimile: (212) 319-4090
Emails: harveystrickon@paulhastings.com
brettlawrence@paulhastings.com
justinrawlins@paulhastings.com
nicholasbassett@paulhastings.com
BUILDING COMPANY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Building Company Number 7, Inc.
615 Main St, Ste 214
Nashville, TN 37206
Business Description: Building Company Number 7, Inc.,
is a general contracting company based in
Nashville, Tennessee. It provides
residential construction services, including
custom homes, remodels, historic
renovations, and home additions, serving
neighborhoods such as Belle Meade, Oak Hill,
West Meade, and Germantown.
Chapter 11 Petition Date: October 30, 2025
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 25-04589
Judge: Hon. Randal S Mashburn
Debtor's Counsel: Griffin S. Dunham, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
9020 Overlook Blvd., Suite 316
Brentwood, TN 37027
Tel: 615-933-5850
Email: griffin@dhnashville.com
Total Assets: $350,263
Total Liabilities: $2,278,836
The petition was signed by Matt Millsap 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/VLUVPCI/Building_Company_Number_7_Inc__tnmbke-25-04589__0001.0.pdf?mcid=tGE4TAMA
CANDYWAREHOUSE.COM INC: Scott Seidel Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter
V trustee for CandyWarehouse.com, Inc.
Mr. Seidel will be paid an hourly fee of $520 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Scott Seidel
6505 West Park Blvd., Suite 306
Plano, TX 75093
214-234-2500-main
214-234-2503-direct
Email: scott@scottseidel.com
About CandyWarehouse.com Inc.
CandyWarehouse.com, Inc. operates an e-commerce platform that sells
bulk candies, snacks, and party supplies, offering products such as
chocolates, gummies, and international confections. It provides
customers with search options by flavor, color, event, or holiday,
and caters to both individual and wholesale buyers.
CandyWarehouse.com sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34192) on October
24, 2025, with $223,957 in assets and $3,244,950 in liabilities.
Mimi Kwan-Nguyen, president of CandyWarehouse.com, signed the
petition.
Judge Michelle V. Larson presides over the case.
Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as
bankruptcy counsel.
CAROLINA PRECISION: Bank Seeks Receiver Following $14-Mil. Default
------------------------------------------------------------------
First Financial Bank, an Ohio chartered bank based in Cincinnati,
filed a complaint for judgment on promissory notes, and judgment on
guaranty, alleging that borrowers Carolina Precision Technologies,
LLC, Renchel Tool, LLC, and guarantor Carolina Precision
Technologies Holdings, Inc., are in breach of a Term Loan Note;
Revolving Note; Delayed Draw Note; and related Guaranty Agreement.
The bank says the Borrowers have indicated they are insolvent and
can no longer continue to operate as a going concern. Under the
parties' Ninth Amendment to the Forbearance Agreement, the
forbearance period expired on October 24, 2025.
On October 29, 2025, the bank provided the Borrowers and the
Guarantor with notice of its election to exercise its right to
accelerate the amounts owing
pursuant to the Loan Agreement and the Notes and demanded immediate
payment of:
$6,731,424.75, plus interest accruing after October 29
under the Term Loan Note.
$4,984,453.17, plus interest accruing after October 29
under the Revolving Note.
$1,955,310.93, plus interest accruing after October 29
under the Delayed Draw Note.
The case is, First Financial Bank v. Carolina Precision
Technologies LLC et al., Case No. 1:25-cv-00790 (S.D. Ohio, Oct.
31, 2025), before Judge Jeffery P. Hopkins.
Counsel for the bank:
J.B. Lind, Esq.
Evan C. Sumner, Esq.
VORYS, SATER, SEYMOUR & PEASE LLP
301 E. Fourth Street, Suite 3500
Great American Tower
Cincinnati, OH 45202
Telephone/Fax: (513) 842-8119
Email: jblind@vorys.com
ecsumner@vorys.com
- and -
Carrie M. Brosius, Esq.
VORYS, SATER, SEYMOUR AND PEASE LLP
200 Public Square, Suite 1400
Cleveland, OH 44114
Telephone: (216) 479-6100
Facsimile: (216) 479-6060
Email: cmbrosius@vorys.com
Carolina Precision Technologies is a manufacturer of complex, high
precision medical device and aerospace solutions.
CBPW CORPORATION: Claims to be Paid from New Loan Proceeds
----------------------------------------------------------
CBPW Corporation filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Disclosure Statement with respect to
Plan of Reorganization dated October 27, 2025.
The Debtor is a domestic corporation. The Debtor owns 7 parcels of
undeveloped land located at or around 362 Maine Street, Ocoee FL
34761 as listed on the Schedules (collectively, the "Property").
The Debtor's assets consist primarily of real property, which is
valued by the Debtor in the aggregate amount of $46,600,000.00.
Additionally, the Debtor has cash and cash equivalents in the
amount of $10,265.89.
The first priority mortgage lien holder against the Debtor's
property obtained a foreclosure judgment, with a sale date that was
scheduled for May 12, 2025. The Debtor believes that its property
is worth approximately $46,600,000.00 has been in communication
with a several potential lenders about refinancing the property and
paying off the first priority lien holders, as well as potential
construction financing to develop the property.
The Debtor filed this Chapter 11 case to preserve the value of its
Property, refinance/and/or restructure its debt obligations, and
ultimately allow for a successful reorganization for all
stakeholders.
The Plan provides for the orderly payment of Allowed Claims,
including through obtaining new financing. The Debtor will pay in
full all Allowed Administrative Claims on the Effective Date,
unless otherwise agreed to by the holder of any such claim. The
Debtor shall continue to exist after the Effective Date as limited
liability companies in accordance with the laws of the State of
Florida.
The Debtor 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 $7,765,238.
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 has obtained a commitment letter for financing from ACC
with sufficient funding to finance all obligations under the Plan.
The Commitment Letter will be provided to any party in interest
upon request. The New Loan proceeds from ACC 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. The Debtor
may develop, market, and sell the Property at any time, in its sole
and absolute discretion, subject to the express terms and
provisions of this Plan.
A full-text copy of the Disclosure Statement dated October 27, 2025
is available at https://urlcurt.com/u?l=lAIGCX 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 CBPW Corporation
CBPW Corporation leases real estate properties to tenants.
CBPW Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02808) on May 11,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million.
Honorable Bankruptcy Judge Lori V. Vaughan handles the case.
The Debtors are represented by Jonathan M. Sykes, Esq. at NARDELLA
& NARDELLA, PLLC.
CENTRAL FLORIDA FIREARMS: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Central Florida Firearms, LLC, according to court
dockets.
About Central Florida Firearms LLC
Central Florida Firearms, LLC, doing business as Live Free Armory,
specializes in the production of slides, barrels, and other firearm
parts, offering next-day shipping on available inventory for orders
received before the daily cutoff.
Central Florida Firearms sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on September
26, 2025. In its petition, the Debtor reported estimated assets of
$5.2 million and estimated liabilities of $12.7 million.
Judge Grace E. Robson oversees the case.
The Debtor is represented by Jeffrey S. Ainsworth, Esq., at
BransonLaw, PLLC.
COMAIR LTD: Court Okays Settlement Agreement with Boeing
--------------------------------------------------------
The Honorable James L. Garrity, Jr. of the United States Bankruptcy
Court for the Southern District of New York granted the motion
filed by the liquidators of Comair Limited for entry of an order:
(i) pursuant to Rule 9019 of the Federal Rules of Bankruptcy
Procedure, authorizing them to enter into a settlement agreement
with The Boeing Company; and
(ii) under sections 1507, 1521, and 1522 of the Bankruptcy Code,
entrusting the settlement proceeds to them for distribution in the
South African proceeding in accordance with South African law.
Neil David Button, Kgashane Christopher Monyela, Tracy Anne
Cameron, Ahmed Carim and Buhle Jeffrey Eric Buthelezi are the duly
appointed liquidators and foreign representatives of Comair Limited
(in Liquidation).
On February 6, 2023, the Debtor filed a complaint for damages
against Boeing in the United States District Court for the Western
District of Washington at Seattle, Case No. 23-cv-00176, asserting
claims for, inter alia:
(a) breach of contract,
(b) breach of the duty of good faith and fair dealing,
(c) fraud in the inducement,
(d) fraudulent concealment,
(e) fraudulent misrepresentation and
(f) negligent misrepresentation.
On March 12, 2023, Boeing filed a motion to dismiss the Complaint.
On September 25, 2023, the District Court denied the motion, except
that it dismissed the claim for breach of the duty of good faith
and fair dealing.
After lengthy settlement discussions with Boeing during years of
litigation and shortly before the October 6, 2025 trial date in the
District Court, the Liquidators and Boeing agreed to the terms of a
confidential settlement agreement. In substance, the agreement
calls for the exchange of valuable consideration and mutual general
releases such that Boeing is not entitled to file any claims in the
South African proceeding.
The Court finds that the Settlement Agreement is fair and equitable
and in the best interests of Comair and its creditors. Therefore,
the Court grants the Liquidators relief under Rule 9019, and
approves the Settlement Agreement.
Judge Garrity explains, "The benefits of the settlement are clear
-- it provides an immediate and certain resolution of the Complaint
and the District Court litigation. The Debtor has expended
significant resources in prosecuting the Complaint and, although
the Foreign Representatives believe the Debtor would ultimately
prevail, they have demonstrated that the Settlement Agreement
achieves an equitable result and eliminates the additional cost and
uncertainty of prolonged litigation. If Boeing were to prevail at
trial on its counterclaim, it could wipe out all recovery by the
Debtor. In the settlement, Boeing receives and is credited with
nothing on its counterclaim."
According to the Court, the releases contained in the Settlement
Agreement are appropriately delineated to resolve the litigation.
The Liquidators have also demonstrated that the interests of United
States-based creditors are sufficiently protected in the
liquidation proceeding. The Court finds they have established
grounds for relief under sections 1521(b) and 1522(a) of the
Bankruptcy Code.
A copy of the Court's Memorandum Decision dated October 30, 2025,
is available at https://urlcurt.com/u?l=Qcft0C from
PacerMonitor.com.
Attorneys for the Foreign Representatives of Comair Limited:
John A. Pintarelli, Esq.
Rahman Connelly, Esq.
PILLSBURY WINTHROP SHAW PITTMAN LLP
31 West 52nd Street
New York, NY 10019-6131
E-mail: john.pintarelli@pillsburylaw.com
rahman.connelly@pillsburylaw.com
About Comair Ltd.
Comair Limited is an airline based in South Africa that operates
scheduled services on domestic routes as a British Airways
franchisee. It also operates as a low-cost carrier under its own
kulula.com brand.
The struggling airline was forced to halt all activities in March
2020 after a countrywide lockdown was imposed to curb the spread of
coronavirus. Burning cash, Comair was forced to seek bankruptcy
protection in May.
In September 2020, the administrators of the restructuring process
presented a plan that provides that former board members and
executives of Comair would inject fresh equity into the company.
The approved rescue plan also entails 600 million rand in fresh
loans from its lenders, a deferred payment of 800 million rand and
delisting from the Johannesburg Stock Exchange (JSE).
Comair resumed kulula and British Airways flights in December
2020.
Comair Limited filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 21-10298) on Feb. 16, 2021, to seek U.S. recognition of its
Business Rescue proceedings in South Africa. Pillsbury Winthrop
Shaw Pittman LLP is the U.S. counsel.
On April 15, 2021, the Bankruptcy Court entered an order (i)
recognizing the Business Rescue Proceeding as a foreign main
proceeding pursuant to section 1517 of the Bankruptcy Code; (ii)
recognizing the Business Rescue Practitioners as foreign
representatives within the meaning of section 101(24) of the
Bankruptcy Code; and (iii) granting certain injunctive and other
relief pursuant to sections 1521 and 362 of the Bankruptcy Code.
On June 9, 2022, after making the determination that there was no
longer a reasonable prospect for Comair to be rescued, the Business
Rescue Practitioners filed an application with the High Court
pursuant to section 141(2) of the Companies Act 71 of 2008 seeking
an order that the Business Rescue Proceeding be discontinued and
that Comair be provisionally wound up or liquidated.
On January 25, 2024, the the High Court of South Africa ordered
that Comair be wound up on a final basis.
Cloete Murray, Kgashane Christopher Monyela, Ahmed Carim, Tracy
Anne Cameron, and Buhle Jeffery Eric Buthelezi were appointed as
the Joint Provisional Liquidators.
COMMSCOPE HOLDING: Posts $108.4 Million Net Income in Fiscal Q3
---------------------------------------------------------------
CommScope Holding Company, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net income of $108.4 million and a net loss of $33 million for the
three months ended September 30, 2025 and 2024, respectively. For
the nine months ended September 30, 2025 and 2024, the Company
reported a net income of $924.2 million and a net loss of $322.3
million, respectively.
The Company's net sales for the three months ended September 30,
2025 and 2024, were $1.62 billion and $1.08 billion, respectively.
For the nine months ended September 30, 2025 and 2024, the Company
had net sales of $4.13 billion and $3.04 billion, respectively.
As of September 30, 2025, the Company had $7.94 billion in total
assets, $9.01 billion in total liabilities, and $2.34 billion in
total stockholders' deficit. The Company had an accumulated
deficit of $4.4 billion as of September 30, 2025.
"We are pleased with our outstanding results in the third quarter.
All businesses continue to deliver strong results as we take
advantage of strong market conditions and deliver against our
strategic initiatives. CommScope net sales of $1.63 billion
increased 50.6% from the prior year. Non-GAAP adjusted EBITDA was
$402 million, a strong improvement of 97% year-over-year, marking
the sixth consecutive quarter of adjusted EBITDA growth. Third
quarter adjusted EBITDA as a percentage of revenues was 24.7%,
compared to 18.9% in the prior year, a year-over-year improvement
of 580 basis points. The performance is a testament to our focus on
what we can control and our team implementing that strategic focus.
We are well positioned as we move into the fourth quarter and are
raising our 2025 consolidated adjusted EBITDA guideposts to $1.30
to $1.35 billion as well as raising our RemainCo adjusted EBITDA
guidance to $350 to $375 million," said Chuck Treadway, President
and Chief Executive Officer.
On August 3, 2025, the Company entered into a definitive agreement
with Amphenol Corporation, pursuant to which Amphenol has agreed to
acquire the Company's Connectivity and Cable Solutions (CCS)
segment in exchange for $10.5 billion in cash, to be paid by
Amphenol upon closing. The Company expects net proceeds after fees
and taxes to be approximately $10.0 billion. Shareholder approval
of the deal was obtained on October 16, 2025.
The CCS segment provides wired infrastructure for data centers,
enterprises and service providers on a global scale.
The Company now expects its CCS deal to close in the first quarter
of 2026. When the deal closes, the Company plans to repay all
existing debt, redeem our preferred equity and add modest new
leverage to the remaining company. This will generate significant
excess cash, and the Company expects to distribute a substantial
portion of such excess cash to our common shareholders as a special
dividend within 60 to 90 days following the closing of the
transaction. The exact amount of the special dividend will be
determined after the CCS closing, taking into account all relevant
factors at the time.
"We are extremely happy with our strong cash flow generation.
During the quarter, we increased our cash balance by $134 million
and ended the quarter with $705 million of cash. As evidenced by
the third quarter results in ANS and RUCKUS, we are excited about
the future of the remaining company. On a twelve-month trailing
basis, ANS and RUCKUS Non-GAAP adjusted EBITDA was $344 million, an
increase of 135% versus the previous twelve-month period," said
Kyle Lorentzen, Chief Financial Officer.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2nh5589u
About CommScope Holding
Headquartered in Hickory, North Carolina, CommScope Holding
Company, Inc. -- https://www.commscope.com -- is a global provider
of infrastructure solutions for communication, data center, and
entertainment networks. The Company's solutions for wired and
wireless networks enable service providers, including cable,
telephone, and digital broadcast satellite operators, as well as
media programmers, to deliver media, voice, Internet Protocol (IP)
data services, and Wi-Fi to their subscribers. This allows
enterprises to experience constant wireless and wired connectivity
across complex and varied networking environments.
As of September 30, 2025, the Company had $7.94 billion in total
assets, $9.01 billion in total liabilities, and $2.34 billion in
total stockholders' deficit. The Company had an accumulated
deficit of $4.4 billion as of September 30, 2025.
* * *
S&P Global Ratings placed its 'CCC+' issuer credit rating on
network connectivity provider CommScope Holdings Co. Inc. on
CreditWatch with positive implications., as reported by the TCR on
Aug. 07, 2025. S&P said, "We will resolve the CreditWatch placement
after we collect the necessary information about CommScope's new
capital structure, operating strategy, financial outlook, and
financial policy, potentially upgrading the issuer credit rating by
more than one notch."
In March 2025, Moody's Ratings upgraded CommScope Holding Company,
Inc.'s ratings including the corporate family rating to Caa1 from
Caa2 and the probability of default rating to Caa1-PD from Caa3-PD.
CommScope's speculative grade liquidity (SGL) rating was upgraded
to SGL-3 from SGL-4. The new backed senior secured term loan and
backed senior secured notes issued in December 2024 at CommScope's
subsidiary, CommScope, LLC. were assigned a B3 rating and the
existing secured notes were confirmed at B3. The existing senior
unsecured notes at CommScope, LLC and CommScope Technologies LLC
were upgraded to Caa3 from Ca. The B3 rating on the backed senior
secured term loan due 2026 was withdrawn. The outlook is stable,
previously the ratings were on review for upgrade. These actions
conclude the review for upgrade that was initiated on January 8,
2025.
The ratings upgrade reflects the refinancing of debt due in 2025
and 2026 with a combination of about $2.1 billion in assets sale
proceeds and $4.15 billion in new secured debt as well as Moody's
expectations for a significant improvement in operating performance
that will lead to a reduction in leverage levels well below 9x in
2025. The ratings are constrained by the existing high pro forma
leverage (over 10x as of Q4 2024, including Moody's standard lease
adjustments) and the significant amount of debt due in 2027 ($1.6
billion as of Q4 2024).
COMPASS DIVERSIFIED: Extends Credit Forbearance to November 10
--------------------------------------------------------------
Compass Diversified announced on Nov. 03, 2025, that its senior
secured lender group has extended to November 10, 2025 the due date
for CODI to publish its restated financial results for the fiscal
years ended December 31, 2022, 2023 and 2024. CODI is in active
conversations with its senior lender group regarding a formal
forbearance extension that will provide additional time to complete
the restatement process. This extension is expected to be finalized
in the near term.
CODI continues to make progress toward completing the investigation
into financial and accounting irregularities at its Lugano Holding
Inc. subsidiary ("Lugano"), and the related restatement of its
historical financial statements. The investigation is isolated to
Lugano and does not involve any of CODI's other subsidiaries, which
continue to deliver solid operating performance.
"We are nearing the end of a highly complex restatement process as
we unwind a sophisticated financial and accounting fraud
perpetrated by Lugano's founder and former CEO," said Elias Sabo,
CEO of CODI. "As we move closer to completion, our focus remains on
maximizing value for our stakeholders and driving strong
performance across the rest of our businesses. We appreciate the
continued patience and support of all our stakeholders as we bring
this process to a close."
Compass Diversified is a values-driven organization. It invests in
high-growth, middle-market companies with a competitive advantage
poised to gain share in attractive markets. The Company provide
active support, fully engaging companies in their vision while
utilizing its resources, expertise, and industry knowledge to build
exceptional outcomes for all.
DATAVAULT AI: Signs $2.5 Million Securities Purchase Agreement
--------------------------------------------------------------
Datavault AI Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on October 24, 2025,
the Company, entered into a Securities Purchase Agreement with
certain investors, pursuant to which the Company agreed to issue
and sell to the Investors, in a registered direct offering:
(a) an aggregate of 1,470,588 shares of common stock, par
value $0.0001 per share, of the Company at a price of $0.34 per
share and
(b) an aggregate of 4,255,319 shares of Common Stock at a
price of $0.47 per share, for aggregate gross proceeds of
approximately $2.5 million.
The Shares to be issued in the registered direct offering are being
offered pursuant to the Company's shelf registration statement on
Form S-3 (File 333-288538), initially filed by the Company with the
Securities and Exchange Commission under the Securities Act of
1933, as amended, on July 7, 2025 and declared effective on July 9,
2025.
The closing with respect to the Initial Shares will take place upon
satisfaction of certain customary closing conditions set forth in
the Purchase Agreement and was expected to occur on or about
October 29, 2025.
The closing with respect to the Additional Shares, subject to the
satisfaction of certain additional closing conditions, is expected
to take place on or about the business day immediately after the
Company receives the approval of its stockholders with respect to
an amendment to the Company's certificate of incorporation to
increase the number of shares of Common Stock authorized for
issuance to an amount sufficient to satisfy the Company's existing
contractual obligations.
A full-text copy of the Purchase Agreement is available at
https://tinyurl.com/2ysryj3u
Sullivan & Worcester LLP, counsel to the Company, delivered an
opinion as to the validity of the Initial Shares and Additional
Shares, a copy of which is available at
https://tinyurl.com/3kvyncup
About Datavault AI
Datavault AI Inc., headquartered in Beaverton, Ore., develops and
licenses patented platforms for AI-driven data management,
valuation, and monetization. The Company offers cloud-based Web
3.0 solutions incorporating high-performance computing, generative
AI agents, and secure data utilities. Datavault AI operates in the
data technology and software licensing industry, providing tools
for enterprise-grade data solutions focused on privacy and
cybersecurity.
BPM LLP's audit report dated March 31, 2025, included a "going
concern" qualification, noting that the Company's ongoing
operational losses, net capital deficiency, and cash flow situation
cast significant doubt on its ability to continue operating.
Management of the Company intends to raise additional funds through
the issuance of equity securities or debt. There can be no
assurance that, in the event the Company requires additional
financing, such financing will be available at terms acceptable to
the Company, if at all. Failure to generate sufficient cash flows
from operations, raise additional capital and reduce discretionary
spending could have a material adverse effect on the Company's
ability to achieve its intended business objectives.
As of June 30, 2025, the Company had $120.69 million in total
assets, $46.62 million in total liabilities, and $74.07 million in
total stockholders' equity. Cash and cash equivalents as of June
30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31,
2024.
The Company recorded a net loss of $37.1 million and $46.7 million
for the three and six months ended June 30, 2025 and used net cash
in operating activities of $12.8 million for the six months ended
June 30, 2025 vs $9.0 million for the six months ended June 30,
2024. Excluding non-cash adjustments, the primary reasons for the
increase in the use of net cash from operating activities during
the six months ended June 30, 2025, was related to an increase in
the net loss.
DIOCESE OF ALEXANDRIA: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Diocese of Alexandria
410 Second St.
Winnsboro, LA 71295
Business Description: The Diocese of Alexandria in Louisiana,
established as the Diocese of Natchitoches
on July 29, 1853, by Pope Pius IX and later
relocated to Alexandria, serves as the
ecclesiastical authority for the Catholic
Church in north-central Louisiana.
Headquartered at 4400 Coliseum Boulevard and
led by Bishop Robert W. Marshall Jr., it
encompasses 50 parishes and 21 mission
churches across 13 civil parishes, with St.
Francis Xavier Cathedral as its cathedral
church. The Diocese operates as a Louisiana
non-profit religious corporation and 501(c)
(3) organization, providing spiritual,
educational, and charitable services to
roughly 36,228 Catholics across an 11,108-
square-mile area.
Chapter 11 Petition Date: October 31, 2025
Court: United States Bankruptcy Court
Western District of Louisiana
Case No.: 25-31257
Judge: Hon. John S Hodge
Debtor's Counsel: Bradley L. Drell, Esq.
GOLD, WEEMS, BRUSER, SUES & RUNDELL
POB 6118
Alexandria, LA 71307-6118
Tel: (318) 445-6471
Fax: (318) 445-6476
Debtor's
Attorneys: HUSCH BLACKWELL
Debtor's
Financial
Advisor: GETZLER HENRICH
Debtor's
Claims &
Noticing
Agent: STRETTO
Total Assets: $16,667,411
Total Liabilities: $9,467,288
The petition was signed by David Brook as CFO.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/NWXI3MI/Diocese_of_Alexandria__lawbke-25-31257__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. AT&T Landline Phones $360
6503 Coliseum Blvd.
Suite B
Alexandria, LA 71303
2. Atmos Energy Gas $58
4323 Hwy. 28 East
Pineville, LA 71360
3. Atmos Energy Electricity $1,257
4323 Hwy. 28 East
Pineville, LA 71360
4. City of Alexandria Gas/Electric/ $2,943
625 Murray Street Water/Sewer
Alexandria, LA 71301
5. City of Alexandria $730
625 Murray St.
Alexandria, LA 71301
6. City of Alexandria Gas/Electric/ $136
625 Murray St. Sanitation/
Alexandria, LA 71301 Water/Sewer
7. City of Pineville Sewer $62
405 Sanders St.
POB 3820
Pineville, LA 71361
8. City of Pineville Sewer $398
405 Sanders St.
POB 3820
Pineville, LA 71361
9. CLECO Electricity $185
2030 Donahue Ferry Road
POB 5000
Pineville, LA 71361
10. CLECO Electricity $7,518
2030 Donahue Ferry Road
POB 5000
Pineville, LA 71361
11. Diocese of Health Insurance/ $7,158,595
Alexandria Priest Ret Burial Benefits
4400 Coliseum Blvd
Alexandria, LA 71301
12. Franciscan U of $10,000
Steubenville
c/o Dawn de Fallo
114 Brady Circle East
Steubenville, OH 43952
13. Kinetix Internet $5,219
400 Murray Street
Alexandria, LA 71301
14. Optimum Cable/Internet $301
1418 MacArthur Dr.
Alexandria, LA 71301
15. Optimum Internet $498
1418 MacArthur Dr.
Alexandria, LA 71301
16. Optimum Cable/Internet $372
1418 MacArthur Dr.
Alexandria, LA 71301
17. Sabine State Bank Guarantee of Loan $626,276
297 Elizabeth St.
Many, LA 71449
18. Waste Connections Sanitation $1,116
Alexandria
1515 England Drive
Alexandria, LA 71303
19. Waste Connections Sanitation $614
Alexandria
1515 England Drive
Alexandria, LA
71303-4109
20. Waterworks District Water $606
No. 3
1306 3rd Street
POB 580
Tioga, LA
71477-0580
DKC ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: DKC Enterprises, LLC
d/b/a Henceforth, DC
1335 H Street, NE
Washington, DC 20002
Business Description: DKC Enterprises, LLC, doing business as
Henceforth DC, operates a brewery and wine
bar located at 1335 H Street NE in
Washington, DC. The Company serves
handcrafted beers, wines, and other
beverages in a community-oriented venue that
also hosts private events and social
gatherings.
Chapter 11 Petition Date: October 30, 2025
Court: United States Bankruptcy Court
District of Columbia
Case No.: 25-00500
Judge: Hon. Elizabeth L Gunn
Debtor's Counsel: Lawrence A. Katz, Esq.
HIRSCHLER FLEISCHER PC
1676 International Drive
Suite 1350
Tysons, VA 22102
Tel: 703-584-8362
Email: lkatz@hirschlerlaw.com
Total Assets as of September 30, 2025: $3,073,243
Total Liabilities as of September 30, 2025: $3,208,735
The petition was signed by Michael Spinello as managing member.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/IKS7XZY/Lawrence_A_DKC_Enterprises_LLC__dcbke-25-00500__0001.1.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/INLZQXQ/Lawrence_A_DKC_Enterprises_LLC__dcbke-25-00500__0001.0.pdf?mcid=tGE4TAMA
DOUBLE T STEEL: Unsecureds to Get Share of Income for 60 Months
---------------------------------------------------------------
Double T Steel LLC filed with the U.S. Bankruptcy Court for the
Southern District of Texas a Plan of Reorganization under
Subchapter V dated October 24, 2025.
The Debtor operates as a steel supplier and fabricates to-order
building materials. Debtor's operations began on or about 2008.
Debtor operates from a single location at 9341 N Green River Dr.,
Houston, TX 77078.
The business of the Debtor has slowed in recent years. The Debtor
fell behind on property taxes and was unable to pay suppliers. A
Final Judgment was entered against Debtor in October, 2024 and a
receiver was appointed in June, 2025. The Debtor filed this case to
reorganize and continue with its operations.
In order to confirm a plan, the Debtor must show that it will have
enough cash over the life of the plan to make the required plan
payments and operate the Debtor's business. The projections
demonstrate that the Debtor will have sufficient funds to operate
its business going forward.
This Plan of Reorganization proposes to pay Debtor's creditors from
the cash flow generated in the ordinary course of the Debtor's
business after confirmation.
Class 6 consists of all other non-priority unsecured claims. The
aggregate amount of Class 6 claims is approximately $1,077,887.00.
(The total non-priority unsecured claims including disputed claims
is approximately $1,376,870.00).
The Debtor will pay the projected disposable income in the amount
as set forth on the projections for a period of sixty months
following the Effective Date to creditors in this class with
allowed claims in the amount set forth on the projections with this
plan. Debtor may pay these amounts in quarterly distributions. This
Class is impaired.
Class 7 consists of the equity security holders of the Debtor. The
equity security holders will retain the interest in the Debtor.
The Debtor will retain the property of the bankruptcy estate. The
Debtor will make the payments as set forth in the Projections to
either the creditors or to the Subchapter V Trustee.
The officers and directors of the Debtor are anticipated to remain
the same after the Effective Date. Eleno López will continue as
the sole member and President of the Debtor after confirmation.
A full-text copy of the Subchapter V Plan dated October 24, 2025 is
available at https://urlcurt.com/u?l=JhPmlH from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Reese W. Baker, Esq.
Baker & Associates
950 Echo Lane Suite 300
Houston, TX 77024
Telephone: (713) 979-2251
About Double T Steel LLC
Double T Steel LLC is a Houston-based company likely operating in
the steel industry.
Double T Steel sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 25-34239) on July 26,
2025. In its petition, the Debtor reported estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.
Judge Jeffrey P. Norman handles the case.
The Debtor is represented by Reese W. Baker, Esq., at Baker &
Associates.
EAD CONSTRUCTORS: Section 341(a) Meeting of Creditors on Nov. 18
----------------------------------------------------------------
On October 22, 2025, EAD Constructors Inc. filed Chapter 11
protection in the District of Nebraska. According to court filing,
the Debtor reports between $10 million and $50 million in debt
owed to 1 and 49 creditors.
A meeting of creditors under Section 341(a) to be held on November
18, 2025 at 10:30 AM via PHONE.
About EAD Constructors Inc.
EAD Constructors Inc. provides engineering, automation, project
management, and construction management services to clients in the
food and beverage, life sciences, logistics, chemical, and consumer
goods industries. The Company also offers safety, training, and
embedded services, focusing on improving operational efficiency and
business performance. Founded in 2001, EAD Constructors operates as
a multidisciplinary firm delivering integrated solutions across
engineering and industrial sectors.
EAD Constructors Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Neb. Case No. 25-81134) on October 22,
2025. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $10 million
and $50 million.
Honorable Bankruptcy Judge Brian S. Kruse handles the case.
The Debtor is represented by Lauren R. Goodman, Esq. of MCGRATH
NORTH MULLIN & KRATZ, PC LLO.
EKSO BIONICS: Reports $1.42 Million Net Loss in Fiscal Q3
---------------------------------------------------------
Ekso Bionics Holdings, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1.42 million and $2.07 million for the three months
ended September 30, 2025 and 2024, respectively. For the nine
months ended September 30, 2025 and 2024, the Company reported net
losses of $7.02 million and $7.92 million, respectively.
The Company reported revenue of $4.23 million for the three months
ended September 30, 2025 and $4.13 million for the same period in
2024. For the nine months ended September 30, 2025 and 2024, the
Company had revenue of $9.66 million and $12.84 million,
respectively.
"As demonstrated by our revenue rebound, increased gross margin and
improved bottom line in Q3-2025, we were able to successfully
navigate through an unusually challenging second quarter," said
Scott Davis, the Company's Chief Executive Officer. "Moving
forward, we remain focused on executing our growth strategy while
carefully managing our resources."
The Company had an accumulated deficit of $257.72 million as of
September 30, 2025.
As of September 30, 2025, the Company had $21.66 million in total
assets, $11.98 million in total liabilities, and $9.68 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/32v257mt
About Ekso Bionics Holdings
San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs,
develops, and markets exoskeleton products to augment human
strength, endurance, and mobility.
San Francisco, Calif.-based WithumSmith+Brown PC, the Company's
auditor since 2010, issued a 'going concern' qualification in its
report dated March 3, 2025, citing that the Company has an
accumulated deficit on December 31, 2024 and, since inception, has
suffered significant operating losses and negative cash flows from
operations. The Company expects to generate operating losses and
negative operating cash flows in the future and will require
additional funding to support the Company's planned operations
which raises substantial doubt about its ability to continue as a
going concern.
FAIGMAY HOLDINGS: Fannie Mae Seeks Receiver for Bronx Property
--------------------------------------------------------------
Federal National Mortgage Association asks the U.S. Bankruptcy
Court for the Southern District of New York to appoint Trigild IVL,
acting through its principal Ian Lagowitz, as receiver for a
multifamily property located at 702-704 Eagle Avenue, Bronx, New
York 10455.
In September, Fannie Mae filed a mortgage foreclosure action
against Faigmay Holdings LLC, 702-70 Eagle Associates LLC, Yosef
Grunwald, Yoel Grunwald, the New York City Environmental Control
Board, Approved Oil Co. of Brooklyn, Israel Lichtenstein, and John
Doe #1 through John Doe #15. Fannie Mae claims its mortgage on the
Property secures a commercial loan in the principal amount of
$2,072,000, which has been in default since May 1, 2025. Fannie Mae
seeks foreclosure of the Property as its lawful remedy under the
governing loan documents as well as (i) a money judgment against
Faigmay Holdings LLC, 702-704 Eagle Associates, Yosef Grunwald,
Yoel Grunwald, (ii) the foreclosure of the junior liens against the
Property, and (iii) the appointment of a receiver.
Faigmay and 702-704 Eagle Associates are the borrowers under a
Consolidated, Amended and Restated Multifamily Note for the benefit
of Arbor Commercial Funding I, LLC, the original lender under the
Note. Under the terms of the Note, the Borrowers agreed to pay to
the holder of the Note $2,072,000.00 plus interest. The Grunwalds
serve as guarantors.
Counsel for Plaintiff Federal National Mortgage Association:
Dean L. Chapman Jr., Esq.
AKIN GUMP STRAUSS HAUER & FELD
One Bryant Park
New York, NY 10036
Telephone: (212) 872-8095
Facsimile: (212) 872-1002
The case is, Federal National Mortgage Association v. Faigmay
Holdings LLC et al., Case No. 1:25-cv-07442 (S.D.N.Y., Sept. 8,
2025), before the Hon. Arun Subramanian.
FREIGHT TECHNOLOGIES: Enters Into $1B Equity Purchase Agreement
---------------------------------------------------------------
Freight Technologies, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on October
28, 2025, the Company, entered into a Purchase Agreement, with a
certain institutional investor. Pursuant to the Purchase Agreement,
the Company has the right, but not the obligation, to direct the
Investor to purchase up to $1 billion in ordinary shares of the
Company, no par value per share, subject to the terms and
conditions contained in the Purchase Agreement.
During the term of the Purchase Agreement, the Company may direct
the Investor to purchase a certain portion of the Commitment Amount
by delivering a notice to the Investor. The Company shall, in its
sole discretion, select the amount of the Advance requested by the
Company in each Advance Notice. There shall be no mandatory minimum
amount for each Advance and there shall be no non-usages fee for
not obtaining Advances, however, each requested Advance may not
exceed the Maximum Advance Amount (as defined in the Purchase
Agreement).
Pursuant to the terms of the Purchase Agreement, to the extent
required by the rules of the Exchange the Company is required to
hold a special meeting of shareholders, no later than 90 calendar
days following the date of the Purchase Agreement, to seek approval
of the issuance of the Advance Shares under the Purchase Agreement
equal to and in excess of 20% of the total outstanding Ordinary
Shares. Until Shareholder Approval is obtained, the total
cumulative number of Ordinary Shares that may be issued to the
Investor will be limited to 19.99% of the number of Ordinary Shares
issued and outstanding as of October 27, 2025 pursuant to the
requirements of the Nasdaq Stock Market LLC or other applicable
rules of the Principal Market.
Additionally, the Company may not direct the Investor to purchase
any Advance Shares under the Purchase Agreement if such purchase,
when aggregated with all other Ordinary Shares then owned by
Investor and its affiliates beneficially, would result in Investor
and its affiliates beneficially owning (on an aggregated basis)
more than 4.99% of the then outstanding voting power or number of
Ordinary Shares; provided that, Investor may increase or decrease
this ownership limitation, upon notice to the Company, which notice
with respect to an increase will not be effective until the 61st
day following the date such notice is delivered, not to exceed
9.99% of the number of Ordinary Shares outstanding immediately
after giving effect to the issuance of Ordinary Shares held by the
Investor.
The Company will be prohibited from conducting any Variable Rate
Transactions (as defined in the Purchase Agreement) from the date
of the Purchase Agreement to the earlier of:
(i) the date that is three (3) months after the date the
Investor has purchased Advance Shares issuable under the
Purchase Agreement, and,
(ii) three years after the date of termination of the Purchase
Agreement.
In addition, at any time during the Additional Issuance Restricted
Period (as defined in the Purchase Agreement), neither the Company
nor any of its Subsidiaries shall, directly or indirectly, effect
any Subsequent Placement (as defined in the Purchase Agreement)
without prior written approval from the Investor. The Investor also
has the right to participate in any Subsequent Placement during the
Additional Issuance Restricted Period. The Company is required to
provide the Investor with the securities to be issued in such
Subsequent Placement on the same terms as other investors.
The Purchase Agreement contains customary representations,
warranties, conditions and indemnification obligations of the
parties. The representations, warranties and covenants contained in
such agreements were made only for purposes of such agreement and
as of specific dates, were solely for the benefit of the parties to
such agreement and may be subject to limitations agreed upon by the
contracting parties.
Registration Rights Agreement
On October 28, 2025, the Company also entered into a registration
rights agreement with respect to the resale of Advance Shares
issuable pursuant to the Purchase Agreement. Pursuant to the
Registration Rights Agreement, the Company will be required to file
a registration statement with the Securities and Exchange
Commission registering the resale of Ordinary Shares and any
securities issued or issuable to the Investor from time to time
under the Purchase Agreement within thirty (30) calendar days of
the date of the Purchase Agreement, and to have such registration
statement be declared effective by the SEC within ninety (90)
calendar days of the date of the Purchase Agreement. The Company
must also file one or more additional registration statements for
the resale of the Registrable Securities if necessary.
If the registration statement covering the Registrable Securities
is not filed or declared effective by certain days set forth in the
Registration Rights Agreement, on each such Event Date and on each
monthly anniversary of such Event Date thereafter (if not cured by
such date) or any pro rata portion thereof, until the applicable
Event Date is cured or ninety (90) calendar days after the
applicable Event Date, whichever comes first, the Company shall pay
the Investor an amount in cash, as partial liquidated damages,
equal to the product of two percent (2.0%) multiplied by the total
purchase price of each outstanding Advance Notice (other than the
purchase price for any Advance Shares purchased by the Investor
prior to the occurrence of the Event); provided, that the maximum
aggregate amount payable thereunder shall not exceed 4% of such
amount.
Commencing on the 30th calendar day following October 28, 2025, if
at any time there is not an effective registration statement
covering the Registrable Securities, and the Company proposes to
register the offer and sale of any Ordinary Shares under the
Securities Act of 1933, as amended (other than a registration:
(i) pursuant to a registration statement on Form S-8 ((or
other registration solely relating to an offering or sale
to employees or directors of the Company pursuant to any
employee share plan or other employee benefit
arrangement),
(ii) pursuant to a registration statement on Form F-4 (or
similar form that relates to a transaction subject to
Rule 145 under the Securities Act or any successor rule
thereto), or
(iii) in connection with any dividend or distribution
reinvestment or similar plan), whether for its own
account
or for the account of one or more shareholders of the
Company and the form of registration statement to be used
may be used for any registration of Registrable
Securities,
the Company shall give prompt written notice (in any
event
no later than five days prior to the filing of such
registration statement) to the holders of Registrable
Securities of its intention to effect such a registration
and, shall include in such registration all Registrable
Securities with respect to which the Company has received
written requests for inclusion from the holders of
Registrable Securities; provided that, the Company shall
not be required to register any Registrable Securities
that
have been sold or may be sold without any restrictions
pursuant to Rule 144 under the Securities Act, as
determined by the counsel to the Company.
Placement Agency Agreement
Pursuant to a Placement Agency Agreement, dated as of October 28,
2025, between the Company and R. F. Lafferty & Co., Inc., Lafferty
is serving as the exclusive placement agent for the Company in
connection with the proposed placement of registered Ordinary
Shares contemplated by the Purchase Agreement. Pursuant to the
Placement Agency Agreement, the Company will pay Lafferty a cash
fee equal to:
(i) 2.0% of the aggregate gross proceeds raised from the
Placement until the one year anniversary of the date of
the Placement Agency Agreement, and then
(ii) 1.0% of the aggregate gross proceeds raised from the
Placement subsequent to the one year anniversary of the
date of the Placement Agency Agreement until the date of
termination of the Placement Agency Agreement.
In addition, the Company agreed to reimburse Lafferty for all
travel and other out-of-pocket expenses incurred, including:
(i) all expenses incident to the issuance, delivery and
qualification of the Ordinary Shares (including all
printing and engraving costs);
(ii) all fees and expenses of the registrar and transfer
agent of the Ordinary Shares;
(iii) all necessary issue, transfer and other stamp taxes
in connection with the issuance and sale of the
Ordinary Shares;
(iv) all fees and expenses of the Company's counsel,
independent public or certified public accountants
and other advisors;
(v) all costs and expenses incurred in connection with
the preparation, printing, filing, shipping and
distribution of any registration statement (including
financial statements, exhibits, schedules, consents
and certificates of experts), preliminary prospectus
and prospectus, and all amendments and supplements
thereto, and the Placement Agency Agreement;
(vi) all filing fees, reasonable attorneys' fees and
expenses incurred by the Company in connection with
qualifying or registering (or obtaining exemptions
from the qualification or registration of) all or
any part of the Ordinary Shares for offer and sale
under the state securities or blue sky laws or the
securities laws of any other country;
(vii) the fees and expenses associated with including any
Ordinary Shares on the Exchange; and
(viii) up to $1,500 for reasonable and documented out-of-
pocket accountable expenses related to legal fees
of counsel to the Placement Agent.
The Exclusive Placement Agent maybe reached through:
Robert Hackel
Chief Operating Officer
R. F. Lafferty & Co., Inc.
40 Wall Street, Suite 3602
New York, N.Y. 10005
Email: rhackel@rflafferty.com
The offer and sale of securities described above was conducted as a
private placement pursuant to and in reliance on the exemption from
registration provided by Section 4(a)(2) of the Securities Act
and/or Rule 506(b) of Regulation D promulgated thereunder for
transactions not involving a public offering.
The Purchase Agreement provides the Company with significant
capital flexibility to progress strategic initiatives. The Company
will seek to deepen its investments in advanced technologies that
support logistics operations, including AI-enabled automation and
processing, and also explore opportunities related to, but outside,
its core market of over-the-road, US-MEXICO cross-border freight.
As part of its exploration, the Company recently held conversations
with operators of AI computer data centers, exploring potential
opportunities for an investment or acquisition related to AI data
center opportunities in Mexico and in other countries in Europe and
the Middle East. As of today, the Company is only exploring and has
not made any commitments or decisions regarding such
opportunities.
The Company has sent to Fetch Compute Inc. its Call Option Exercise
Notice pursuant to section 4.18 of the Securities Purchase
Agreement, dated March 31, 2025, between the Company and Fetch
Compute Inc. Per this exercise notice, the Company will be
returning the 11,300,000 FET Tokens to Fetch Compute, Inc. and in
exchange for 2,091,465 of the Company's Series A4 Preferred Shares.
As part of the exercise of the call option, Fetch Compute, Inc.
will retain a total of 219,783 Series A4 Preferred Shares. A copy
of the Call Option Exercise Notice is furnished as Exhibit 10.4 to
this Report on Form 6-K.
Additionally, the Company is in the process of amending its
Memorandum and Articles of Association to provide for mandatory
conversions of preferred shares to ordinary shares to simplify the
capitalization of the Company. The Company is seeking the requisite
preferred shareholder approval for these changes upon which the
Company will file its Amended and Restated Memorandum and Articles
of Association with Registrar of Corporate Affairs of the British
Virgin Islands. A copy of the proposed and amended Memorandum and
Articles of Association is available at
https://tinyurl.com/4jp5y44a
About Freight Technologies, Inc.
Freight Technologies (Nasdaq: FRGT) is a logistics management
innovation company, offering a diverse portfolio of
technology-driven solutions that address distinct challenges within
the supply chain ecosystem.
As of June 30, 2025, the Company had $17.06 million in total
assets, $8.28 million in total liabilities, and $8.78 million in
total stockholders' equity.
Diamond Bar, California-based TAAD, LLP, the Company's auditor
since 2025, issued a "going concern" qualification in its report
dated April 11, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations that raises
substantial doubt about its ability to continue as a going concern.
FTX TRADING: Co. Wasn't Insolvent, Says Bankman-Fried's X Account
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Andre Beganski of decrypt reports that a social media account once
associated with former FTX CEO Sam Bankman-Fried published a
lengthy post Thursday, October 30, 2025, night claiming the failed
crypto exchange was never truly bankrupt. The 14-page memo,
attributed to Bankman-Fried's inner circle, disputes findings from
his 2023 fraud conviction, insisting that FTX's downfall was caused
by a temporary liquidity issue, not the misappropriation of
billions in customer funds.
According to the document, FTX maintained strong financials before
its collapse, with $25 billion in assets and $16 billion in equity
value, more than enough to cover its $13 billion in liabilities. It
claims that the company's outside counsel disrupted efforts to
stabilize operations and wrongfully placed it into bankruptcy. Had
its holdings remained intact, the paper contends, FTX and Alameda
Research could now be worth roughly $136 billion.
The claims revive narratives Bankman-Fried shared in a jailhouse
interview earlier this 2025, arguing that "there was enough money"
to repay creditors. The post also coincides with unverified reports
suggesting a push to secure a presidential pardon for the convicted
founder, who is serving a 25-year sentence for fraud and
conspiracy, the report states.
About FTX Trading Ltd.
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.
G2 TECHNOLOGIES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: G2 Technologies, Inc.
2700 Gateway Centre Blvd
Suite 900
Morrisville, NC 27560
Business Description: G2 Technologies, Inc. provides automation
for inspection and test systems serving
industrial clients in the aerospace,
automotive, and manufacturing sectors. The
Company develops and integrates customized
systems such as aircraft smoke detector
testers and precision defect detection tools
for automotive components, supported by its
proprietary dTRAK data analytics platform.
Based in North Carolina's Research Triangle
Park, G2 Technologies delivers scalable and
cost-efficient automation solutions for
clients worldwide.
Chapter 11 Petition Date: October 31, 2025
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 25-04315
Debtor's Counsel: Joseph Z. Frost, Esq.
BUCKMILLER & FROST, PLLC
4700 Six Forks Road
Suite 150
Raleigh, NC 27609
Tel: 919-296-5040
Fax: 919-977-7101
Email: jfrost@bbflawfirm.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Craig Borsack 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/MYD2HHA/G2_Technologies_Inc__ncebke-25-04315__0001.0.pdf?mcid=tGE4TAMA
GILBERT LEGGETT: Court Extends Cash Collateral Access to Nov. 13
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Gilbert Leggett Farms, Inc. received fourth interim approval from
the U.S. Bankruptcy Court for the Eastern District of North
Carolina to use cash collateral.
The court's fourth interim order authorized the Debtor to use cash
collateral through November 13 to pay the expenses set forth in its
budget, subject to a 10% variance per line item.
The Debtor projects total operational expenses of $106,100 for the
interim period.
Secured creditors Ag Resource Management/Agrifund, LLC and
AgCarolina Farm Credit, ACA assert liens on the Debtor's assets,
including cash collateral. A subordination agreement gives Agrifund
a first priority status.
As adequate protection, the secured creditors' pre-bankruptcy
security interests will continue to attach to post-petition
collateral, maintaining the same priority and extent as on the
petition date.
The fourth interim order will remain in full force and effect until
November 13 unless terminated earlier by agreement or by the court;
confirmation of a plan of reorganization; or upon filing of a
notice of default, whichever comes first.
The next hearing is scheduled for November 13.
About Gilbert Leggett Farms Inc.
Gilbert Leggett Farms, Inc. grows and sells sweet potato seed
plants, including the Covington variety, and is also involved in
cultivating crops such as peanuts, sweet corn, and cotton.
Gilbert Leggett Farms sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14,
2025. In its petition, the Debtor reported total assets of
$2,329,639 and total liabilities of $2,340,328.
Judge Pamela W. Mcafee handles the case.
David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal
counsel.
Ag Resource Management/Agrifund, LLC, as secured creditor, is
represented by:
Ciara L. Rogers, Esq.
Waldrep Wall Babcock & Bailey, PLLC
3600 Glenwood Avenue, Suite 210
Raleigh, NC 27612
Telephone: 919-589-7985
crogers@waldrepwall.com
AgCarolina Farm Credit, ACA, as secured creditor, is represented
by:
Matthew P. Weiner, Esq.
Poyner Spruill, LLP
P.O. Box 1801
Raleigh, NC 27602-1801
Telephone: (919) 783-6400
Facsimile (919) 783-1075
mweiner@poynerspruill.com
GLUTALITY GLOBAL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Eight affiliates that have filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code:
October 31, 2025 Petition Date
Debtor Case No.
------ --------
Glutality Global Holdings, LLC 25-22984
5300 Broken Sound Blvd NW
Suite 200
Boca Raton FL 33487
Sam Health, LLC 25-22993
5300 Broken Sound Blvd NW
Suite 200
Boca Raton FL 33487
Welco Track Services, LLC 25-22994
5300 Broken Sound Blvd NW
Suite 200
Boca Raton FL 33487
Stride Slim, LLC 25-22999
5300 Broken Sound Blvd NW
Suite 200
Boca Raton FL 33487
Glutality Provider Group, P.A. 25-23000
5300 Broken Sound Blvd. NW
Suite 200
Boca Raton FL 33487
November 2, 2025 Petition Date
Glutality Provider Group of Kansas, P.A. 25-23035
Glutality Provider Group of California, P.C. 25-23034
Glutality Provider of New Jersey, P.A. 25-23036
Business Description: Glutality Global Holdings, LLC and its
affiliated companies operate in the
healthcare technology and services sector,
focusing on diabetes care and remote patient
monitoring. The group integrates medical
devices such as glucometers, scales, and
blood pressure cuffs with its cloud-based
Diabetes Management Platform to enable at
-home monitoring using patient-generated
health data. Headquartered in Boca Raton,
Florida, the companies provide healthcare
solutions across the United States through a
network of affiliated provider entities.
Chapter 11 Petition Date: October 31, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Judge: Hon. Mindy A. Mora
Debtors'
Bankruptcy
Counsel: Aaron A. Wernick, Esq.
WERNICK LAW, PLLC
2255 Glades Road Suite 324A
Boca Raton FL 33431
Tel: 561-961-0922
Email: awernick@wernicklaw.com
Glutality Global Holdings'
Total Assets: $0
Glutality Global Holdings'
Total Liabilities: $2,677,722
Sam Health, LLC's
Total Assets: $1,274,564
Sam Health, LLC's
Total Liabilities: $3,192,539
Welco Track Services'
Total Assets: $0
Welco Track Services'
Total Liabilities: $2,018,975
Stride Slim, LLC's
Total Assets: $23
Stride Slim, LLC's
Total Liabilities: $0
Glutality Provider Group, P.A.'s
Total Assets: $1,136,839
Glutality Provider Group, P.A.'s
Total Liabilities: $495,947
The petitions were signed by Anu Pardeshi as chief restructuring
officer. Pardeshi is a partner at A1A Investment Partners.
A copy of Glutality Global Holdings, LLC's petition is available
for free at PacerMonitor.com at https://urlcurt.com/u?l=cv9oAN
A copy of Sam Health, LLC's petition is available for free at
PacerMonitor.com at https://urlcurt.com/u?l=rPmeVE
A copy of Welco Track Services, LLC's petition is available for
free at PacerMonitor.com at https://urlcurt.com/u?l=1dygPt
A copy of Stride Slim LLC's petition is available for free at
PacerMonitor.com at https://urlcurt.com/u?l=MneZ8w
A copy of Glutality Provider Group, P.A.'s petition is available
for free at PacerMonitor.com at https://urlcurt.com/u?l=XnHHOU
HAMMER TECHNOLOGY: Posts $4.4M FY25 Loss Amid Going Concern Doubt
-----------------------------------------------------------------
Hammer Technology Holdings Corp. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K for the fiscal
year ended July 31, 2025, reporting a net loss from continuing
operations during the year ended July 31, 2025, of $4,429,910,
compared to a net loss from operations of $1,474,305 from the year
ended July 31, 2024.
Net revenues for the year ended July 31, 2025 and 2024 were $0 and
$420 respectively, a decrease of approximately $420 or 100%. The
Company did not generate any revenues during the year ended July
31, 2025 as its mobile payments platform had not yet launched.
As of July 31, 2025, the Company had total current assets of
$19,304 and total current liabilities of $877,663, or negative
working capital of $858,359, compared to total current assets of
$206,266 and total current liabilities of $3,998,146, or negative
working capital of $3,791,880 as of July 31, 2024. This is an
increase in working capital of $2,933,521 driven primarily by the
Viper Sale and the resulting decrease in current liabilities from
discontinued operations.
The Company stated. "We have financed our operations since
inception primarily through debt from related parties. There can be
no assurance that we will be able to raise additional capital, when
needed, to continue operations in their current form. Our ability
to remain a going concern is dependent upon whether we can raise
debt and/or equity capital from third party sources for both
working capital and business development needs until such time as
we are substantially sustained as a going concern through cash flow
from operations.
"Our future capital requirements for our operations will depend on
many factors, including the profitability of our businesses, and
the costs of expending our operations. We plan to generate positive
cash flow from the expansion of our fintech initiatives, such as
our mobile payments platform. We may also choose to raise
additional funds through public or private equity or debt
financings, a bank line of credit, borrowings from affiliates or
other arrangements. We cannot be sure that any additional funding,
if needed, will be available on terms favorable to us or at all.
Furthermore, any additional capital raised through the sale of
equity or equity-linked securities may dilute our current
stockholders' ownership in us and could also result in a decrease
in the market price of our common stock. There can be no assurance
that we will be able to raise additional capital, when needed, to
continue operations in their current form."
Boca Raton, Florida-based Salberg & Company, P.A., the Company's
auditor since 2025, issued a "going concern" qualification in its
report dated October 29, 2025, citing that the Company incurred a
net loss from continuing operations of $4,429,910, cash used in
continuing operating activities of $855,780, and no revenues
generated from continuing operations. As of July 31, 2025 the
Company had a working capital deficiency of $858,359. Additionally,
the Company has consistently sustained losses since its inception.
These factors, among others, raise substantial doubt about the
ability of the Company to continue as a going concern.
The Company will require additional financing to continue
operations either from management, existing shareholders, or new
shareholders through equity financing and/or sources of debt
financing. These factors raise substantial doubt regarding the
Company's ability to continue as a going concern.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/3457zkwf
About Hammer Technology
Hammer Technology Holdings Corp. is a company focused on
sustainable shareholder value investing in financial services
technology. The Company has one wholly-owned active subsidiary,
Hammerpay USA Ltd. Additionally, it has two wholly-owned inactive
subsidiaries: Hammer Fiber Optics Investment Ltd., and Hammer
Wireless (SL) Limited.
As of July 31, 2025, the Company had $235,534 in total assets,
$963,609 in total liabilities, $651.35 million in mezzanine equity,
and $728,075 in total deficit.
INKED PLAYMATS: Court Extends Cash Collateral Access to Dec. 2
--------------------------------------------------------------
Inked Playmats Corp. received another extension from the U.S.
Bankruptcy Court for the Southern District of Florida, West Palm
Beach Division, to use cash collateral.
The interim order penned by Judge Mindy Mora extended the Debtor's
authority to use cash collateral through December 2 to pay the
expenses set forth in its budget.
The Debtor projects total operational expenses of $701,859.06 for
the period from October to August 2026.
As adequate protection, Bright Plastics, LLC and other secured
creditors will be granted post-petition security interest in and
lien on the Debtor's accounts receivables, with the same priority
and extent as their pre-bankruptcy security interest and lien. In
addition, Bright Plastics will receive $2,600 per month as further
protection.
The other secured creditors include Northeast Bank, the U.S. Small
Business Administration, Credibly Retail Capital, LLC, Parkside
Funding LLC, CFG Merchant Solutions, and Zahav Asset Management,
LLC.
A final hearing is set for December 2.
About Inked Playmats Corp.
Inked Playmats Corp. is a direct-to-consumer e-commerce business
specializing in custom gaming accessories.
Inked Playmats filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
25-14046) on April 14, 2025, listing up to $500,000 in assets and
up to $10 million in liabilities. Thomas Pool, president of Inked
Playmats, signed the petition.
Judge Mindy A. Mora oversees the case.
Philip J. Landau, Esq., at Landau Law, PLLC, represents the Debtor
as bankruptcy counsel.
INSPIREMD INC: CFO Michael Lawless Holds 8.6% Equity Stake
----------------------------------------------------------
Michael A. Lawless, Chief Financial Officer of InspireMD, Inc.,
disclosed in a Schedule 13D filed with the U.S. Securities and
Exchange Commission that as of June 26, 2025, he beneficially owns
3,614,731 shares of the Company's common stock, $0.0001 par value
per share, representing 8.6% of the class based on 41,720,662
shares outstanding as of August 4, 2025, as reported by the
Company.
The holdings consist of 3,614,731 shares of restricted stock
granted to employees of the Company under the Israeli Appendix of
the InspireMD, Inc. 2013 Long-Term Incentive Plan and Section 5 of
the 2021 Equity Incentive Plan. Mr. Lawless also received 465,000
restricted shares and options to purchase 212,000 shares under the
InspireMD, Inc. 2024 Inducement Plan, which vest in three equal
annual installments beginning June 25, 2026, subject to continued
service.
Michael A. Lawless may be reached through
Michael Lawless, Chief Financial Officer
6303 Waterford District Drive, Suite 215
Miami, Fla. 33126
Tel: (888) 776-6804
A full-text copy of Michael A. Lawless's SEC report is available
at: https://tinyurl.com/32k6jkmd
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com/-- is a medical device company focusing
on the development and commercialization of its proprietary
MicroNet stent platform technology for the treatment of complex
vascular and coronary disease. A stent is an expandable
"scaffold-like" device, usually constructed of a metallic material,
that is inserted into an artery to expand the inside passage and
improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped
over a stent to provide embolic protection in stenting procedures.
Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 12, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and cash
outflows from operating activities that raise substantial doubt
about its ability to continue as a going concern.
As of December 31, 2024, the Company had $46.8 million in total
assets, $10.7 million in total liabilities, and $36.1 million in
total stockholders' equity.
JACKSON HOSPITAL: Names John Quinlivan CEO in Ch. 11 Turnaround
---------------------------------------------------------------
Jackson Hospital announced on November 03, 2025, the appointment of
a new three-member Board of Trustees and the selection of John
Quinlivan as chief executive officer, marking a pivotal step
forward in the hospital's ongoing Chapter 11 bankruptcy and
reorganization proceedings.
The new board, which assumed leadership on October 31, 2025, brings
vital healthcare and financial competencies to guide the
organization through restructuring, a feasible bankruptcy recovery
plan, essential infrastructure repairs, payer contract improvements
and operational resets that are vital in positioning Jackson
Hospital to serve the healthcare needs of the community for
generations to come.
New Board of Trustees to Guide Hospital Recovery:
Charles Evans, chairman of the Board of Trustees, is an
internationally recognized leader in hospital management. At HCA
Healthcare, he served as president of the Eastern Group, where he
oversaw more than 120 hospitals. He then launched International
Health Services Group in 2007 to support health services
development in underserved areas of the world. Evans is
credentialed as a Governance Fellow by the National Association of
Corporate Directors (NACD) and a Fellow in the American College of
Healthcare Executives (ACHE), where he also served three years as
chairman officer.
Board member Jeff Crudele has built a career spanning over 30 years
and is recognized as one of the most accomplished senior financial
executives in the healthcare industry. He recently served as chief
financial officer of the Allegheny Health Network, where he
orchestrated a significant financial turnaround.
Board member Gary M. Murphey brings more than 35 years of
experience in financial examinations, forensic accounting and
managing financially distressed companies, and has served in roles
that include CEO, CFO and chief restructuring officer.
Board of Trustees Appoints Experienced Hospital Leader as CEO:
The board's first order of business was the appointment of John
Quinlivan as chief executive officer of Jackson Hospital, effective
November 3, 2025. Quinlivan brings decades of hospital management
experience and a strong history of improving performance and
financial stability.
"We are fortunate to have someone of John Quinlivan's caliber
leading Jackson Hospital through this critical period," said Evans.
"His proven track record of revitalizing hospitals and driving
operational excellence makes him the ideal leader for this moment
in Jackson Hospital's journey. Together with our Board of Trustees'
combined experience, we're committed to doing the hard work that
this hospital and the community of Montgomery deserve to help
stabilize the healthcare institution and pave the path for its
long-term success."
A 20-year veteran of the United States Army Medical Service Corps,
followed by 19 years with HCA Healthcare, Quinlivan has previously
overseen hospitals in Florida and Georgia -- two of which became
known as centers of excellence under his guidance. His focus as CEO
of Jackson Hospital is to return it to a state of efficient
operations, and to work with the board to present and implement a
restructuring plan to avoid hospital closure, bring it out of
bankruptcy, and establish it as a care facility that is healthy and
stable.
"Jackson Hospital has been through tremendous challenges, but I've
seen what's possible when you combine caring, engaged leadership
with dedicated staff to make the changes needed for the health and
vitality of critical community facilities like this," explained
Quinlivan. "The foundation is here. Now we need to bring together
the right plan, the right partnerships and relentless execution to
ensure Jackson Hospital can continue serving Montgomery and the
Alabama River Region."
Bankruptcy Status Still in Effect Collaborative Support Necessary
to Preserve Community Resource:
Jackson Hospital remains in active bankruptcy proceedings but has
continued operating through a $25 million debtor-in-possession
(DIP) loan provided by Jackson Investment Group in February 2025,
and intended to supplement matching funds expected from the State
of Alabama, Montgomery County and the City of Montgomery.
Jackson Investment Group, the parent company of Jackson
Healthcare--one of the nation's premier providers of healthcare
workforce solutions--has longstanding ties to the city, spanning
two decades. During that time, Jackson Healthcare has helped place
thousands of healthcare professionals in facilities throughout the
community, including Jackson Hospital.
When Jackson Investment Group learned of the hospital's financial
challenges and the potential impact of a closure, it chose to step
in, believing it was simply the right thing to do, and commit both
industry expertise and financial resources to help keep the
hospital open and help ensure continued access to essential patient
care.
Despite sharing "Jackson" in their names, Jackson Hospital is
unrelated to Jackson Investment Group and Jackson Healthcare.
About Jackson Hospital & Clinic Inc.
Jackson Hospital & Clinic, Inc. is a non-membership, non-profit
corporation based in Alabama. JHC is the direct or indirect parent
company of JHC Pharmacy, LLC, an Alabama limited liability company
that provides pharmacy services to JHC patients. JHC owns 100% of
JHC Pharmacy. Additionally, JHC is a direct or indirect parent
company of certain other entities that have not filed for
bankruptcy.
JHC operates a 344-bed healthcare facility in Montgomery, Ala.,
with a rich history dating back to 1894. Since its official opening
in 1946, JHC has grown into one of the largest hospitals in
Alabama, offering specialized services in cardiac care, cancer
treatment, neurosciences, orthopedics, women's care, and emergency
services. JHC's service area includes 16 counties across central
Alabama.
JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala.
Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC
reported between $100 million and $500 million in both assets and
liabilities.
Judge Christopher L. Hawkins handles the cases.
The Debtors are represented by Derek F. Meek, Esq. at Burr &
Forman, LLP.
Suzanne Koenig serves as patient care ombudsman.
JDI CUMBERLAND: Amends Plan to Include S&G Unsecured Claim
----------------------------------------------------------
JDI Cumberland Inlet, LLC submitted an Amended and Restated
Disclosure Statement for its Amended and Restated Plan of
Reorganization dated October 26, 2025.
The Debtor owns approximately 1300 acres of undeveloped land in
Camden County, Georgia that extends to the east coast of St. Marys,
Georgia (the "Property").
The Debtor has continued speaking with potential investors and
possible purchasers of the Property. Debtor reached an agreement
with Onic Corp. ("Onic" or the "Buyer") to purchase the member
interest of Debtor owned by Jacoby Development, Inc. as evidenced
by the Letter of Intent. Jacoby Development and Onic are executing
a Member Interest Purchase Agreement (the "MIPA") on a before the
Confirmation Hearing memorializing the terms of the Letter of
Intent.
The purchase of the member interest will provide funding for this
Plan in an amount to pay the Allowed Secured Claims of the JDA and
Matsco, as well as payment in full of all priority tax claims,
administrative claims, United States Trustee Fees, and Allowed
General Unsecured Creditor claims on the Effective Date. The
Allowed Unsecured Claim of Safe and Green Development Corporation
("S&G") remains undecided as Debtor continues to negotiate with S&G
to resolve the disputed claim. If resolved, S&G will be paid in
full on the Effective Date and, if not resolved, Debtor will extend
the S&G promissory note for another 360-day period.
On August 29, 2025, Debtor paid the interest payment due under the
JDA Note and on October 22, 2025 and paid the interest payment due
under the JDA Note in February 2026.
The Debtor has obtained the funding necessary to make the Plan
payments on or before the Effective Date of the Plan.
Jacoby Development will be the 100% member of Debtor on or before
the Confirmation Hearing. Mr. Jacoby's leadership of Jacoby
Development and Debtor is necessary to Debtor's successful
reorganization. As of the Effective Date, Jacoby Development will
no longer have a member interest of any type in Debtor. Onic Corp.
shall be the sole member of Debtor as of the Effective Date.
The Plan provides for one class of general unsecured creditors:
Class 4 consists of the General Unsecured Creditors Allowed Claims
will be paid on the Effective Date from the Purchase Proceeds. If
Debtor does not receive the Purchase Proceeds, Class 4 shall not
receive any Distribution under the Plan.
Class 3 shall consist of the Unsecured Claim of S&G (the "S&G
Allowed Unsecured Claim"). S&G filed a proof of claim designating
its claim as secured and then amended that proof of claim to
designate its claim as unsecured in the amount of $4,500,000.
Debtor disputes the amount of the S&G Class 3 Claim. S&G is a
former member of Debtor. On or about February 11, 2025, Jacoby
Development and S&G entered into a Forced Sale Agreement pursuant
to which Jacoby Development exercised its right to buyout S&G's
member interest in Debtor under Debtor's Operating Agreement dated
June 24, 2021.
Jacoby Development repurchased S&G's member interest for
$4,500,000. Debtor issued a 360-day Promissory Note in favor of S&G
in the amount of $4,500,000 with interest at the rate of 6.5%. (the
"S&G Note"). The S&G Note provides that Debtor has the option to
extend the term of the Note for and additional 360 days each time
up to 3 times (the "Extension Option") with payment of a $45,000
fee (the "Extension Fee"). Debtor must exercise each option by
providing written notice to S&G at least 30 days prior to the end
of the first 360-day term.
In the event Debtor and S&G cannot settle the amount of the S&G
Allowed Unsecured Claim on or before the Effective Date, Debtor
shall exercise the Extension Option and pay S&G the Extension Fee
on the Effective Date. In the event Debtor and S&G settle the
amount of the S&G Allowed Unsecured Claim on or before the
Effective Date, S&G shall be paid in full on the Effective Date
from the Purchase Proceeds. Class 3 is Impaired and is entitled to
vote on the Plan.
Class 4 consists of Allowed Claims of General Unsecured Creditors
(the "GUCs"). The Debtor estimates, based on its schedules and
filed proofs of claims, that as of the date of the Plan, that
undisputed General Unsecured Creditors Allowed Claims total
approximately $120,885.00 of nine unsecured creditors. The Allowed
Claims of General Unsecured Creditors shall be paid $120,885 in
full on the Effective Date of the Plan. The claims shall be paid
from the Purchase Proceeds. In the event the sale of the member
interest does not occur on the Effective Date, this Class will not
receive any Distributions under the Plan.
The Debtor owns the Property that is valued at $172,000,000 based
upon an appraisal by CBRE. The Property is encumbered by the JDA
Loan and the Matsco Loan These loans total $10,428,254.60, plus
fees and costs. There is substantial equity in the Property.
Distributions and payments under the Plan shall be paid from the
Purchase Proceeds paid by Onic to Jacoby Development for the
purchase of the member interests. All interest payments due to the
JDA through the Effective Date have been paid by Jacoby
Development.
A full-text copy of the Amended and Restated Disclosure Statement
dated October 26, 2025 is available at
https://urlcurt.com/u?l=AmorSN from PacerMonitor.com at no charge.
Counsel to the Debtor:
Ceci Christy, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century I Plaza
2987 Clairmont Road, Suite 350
Atlanta, Georgia 30329
Tel: (404) 584-1238
Email: cchristy@rlkglaw.com
About JDI Cumberland Inlet LLC
JDI Cumberland Inlet LLC is engaged in real estate-related
activities. The Company focuses on property development and related
investment ventures.
JDI Cumberland Inlet LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55072) on May 5, 2025.
In its petition, the Debtor reports estimated assets between $100
million and $500 million and estimated liabilities between $10
million and $50 million.
The Debtor is represented by William Rountree, Esq. at ROUNTREE,
LEITMAN, KLEIN & GEER, LLC.
KOMI INC: Case Summary & Two Unsecured Creditors
------------------------------------------------
Debtor: KOMI Inc.
5580 Martin Way East
Lacey, WA 98516-6326
Case No.: 25-42705
Business Description: KOMI Inc. owns a $3 million commercial
property in Olympia, Washington, and
operates in real estate-related activities.
Chapter 11 Petition Date: October 30, 2025
Court: United States Bankruptcy Court
Western District of Washington
Judge: Hon. Mary Jo Heston
Debtor's Counsel: Brett H Ramsaur, Esq.
RAMSAUR LAW P.C.
950 Pacific Ave Ste 1030
Tacoma WA 98402
Tel: (253) 720-4230
Email: brett@ramsaurlaw.com
Total Assets: $3,295,427
Total Liabilities: $2,398,283
The petition was signed by Xueyun Lin as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://urlcurt.com/u?l=ypHxDf
List of Creditors Who Have the 20 Largest Unsecured Claims and Are
Not Insiders:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Isabella Hayes Trust Unsecured Loan $1,500,000
Attn David R Reid Trustee
18008 Baldwin Rd
Bothell, WA 98012
c/o George Jay Jensen
206-782-2111
gjensen@ballardlawgroup.com
New Main Chinese Buffet Security Deposit $20,000
5580 Martin Way E for Lease
Olympia, WA 98516
KULANA HALE: Court Transfers Venue of Bankruptcy Case to Hawaii
---------------------------------------------------------------
The Honorable Philip Bentley of the United States Bankruptcy Court
for the Southern District of New York granted the motion of Dennis
W. Mahoney, Individually and as Trustee of the Dennis W. Mahoney
Revocable Trust, and DM Kulana Hale Holdings, LLC, to transfer the
venue of Kulana Hale LLC's bankruptcy case to the United States
Bankruptcy Court for the District of Hawaii.
A copy of the Court's Order dated October 30, 2025, is available at
https://urlcurt.com/u?l=yU5vaH from PacerMonitor.com.
About Kulana Hale LLC
Kulana Hale, LLC classified itself as a single-asset real estate
debtor, under the definition set forth in 11 U.S.C. Section
101(51B).
Kulana Hale sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 25-11990) on September 12, 2025. In
its petition, the Debtor reported total assets of $45,256,000 and
total liabilities of $36,558,368.
Honorable Bankruptcy Judge Philip Bentley handles the case.
The Debtor is represented by Lewis W. Siegel, Esq.
LAKE BUENA VISTA: Section 341(a) Meeting of Creditors on Nov. 17
----------------------------------------------------------------
On October 21, 2025, Lake Buena Vista Investments LLC filed
Chapter 11 protection in the Middle District of Florida. According
to court filing, the Debtor reports between $10 million and $50
million in debt owed to 1 and 49 creditors.
A meeting of creditors under Section 341(a) to be held on November
17, 2025 at 09:00 AM. U.S. Trustee (Orl) will hold the meeting
telephonically. Call in Number: 888-330-1716. Passcode: 5814238#.
About Lake Buena Vista Investments LLC
Lake Buena Vista Investments LLC is a Florida-based limited
liability company engaged in activities related to real estate
under NAICS 5313. The Company's principal assets are located at
12341-12353 Winter Garden Vineland Road in Orlando, Florida, a site
encompassing hospitality and commercial properties.
Lake Buena Vista Investments LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06768) on
October 21, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Grace E. Robson handles the case.
The Debtor is represented byAaron Wernick, Esq. of WERNICK LAW
PLLC.
LOADED BARRELL: Gina Klump Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the
Law Office of Gina R. Klump, as Subchapter V trustee for Loaded
Barrell, LLC.
Ms. Klump will be paid an hourly fee of $525 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Klump declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
11 5th Street, Suite 102
Petaluma, CA 94952
Phone: (707) 778-0111
Email: gklump@klumplaw.net
About Loaded Barrell LLC
Loaded Barrell, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10689) on October
28, 2025, listing between $100,001 and $500,000 in assets and
between $1 million and $10 million in liabilities.
Michael C. Fallon, Esq., at the Law Offices of Michael C. Fallon
represents the Debtor as bankruptcy counsel.
LOVING KINDNESS: Unsecureds Will Get 10% of Claims over 5 Years
---------------------------------------------------------------
Loving Kindness Healthcare Systems, LLC, filed with the U.S.
Bankruptcy Court for the Western District of Pennsylvania a
Disclosure Statement to accompany Plan of Reorganization dated
October 27, 2025.
The Debtor provides in-home healthcare treatment to individuals on
both a full-time and part-time basis.
The Internal Revenue Service, one of the Debtor's largest
creditors, placed a levy on the Debtor's bank accounts, crippling
the ability of the Debtor to make payroll and fund monthly
operating expenses. The bankruptcy was filed to lift the levy and
allow funds to flow back into the estate, but to also address the
past tax debt across the federal, state, and local level.
In addition to its existing operations generating revenue to fund
the Chapter 11 Plan, the Debtor also has new business lines ready
for immediate or near immediate implementation that will allow the
Debtor to generate additional streams of revenue.
The Debtor's revenue generated in the ordinary course of business,
in addition to certain other new business lines, shall provide
sufficient funds to pay all required expenses and distribution
under the plan. The projections described hereto show sufficient
funds available to permit Plan payments.
Class 2 consists of General Unsecured Creditors. Holders of Allowed
Claims in this Class will receive a pro rata distribution of their
Claim upon the distribution of payments to this Class. Payments to
this Class will be made in quarterly installments totaling 10% of
the total Claims in the Class. Class 2 claims are impaired, and the
Holder of a Class 2 Claim is entitled to vote to accept or reject
the Plan.
General Unsecured Non-Tax Claims creditor pool shall be paid a pro
rata share of 10% of the total value of the General Unsecured
Creditors Class through quarterly plan payments over a five-year
period.
The allowed unsecured claims total $1,426,394.78.
Class 3 consists of Membership Interests. Following the divestment
of Scott Taylor, the remaining equity interests are maintained in
consideration of financial contributions to post-confirmation
operations. Scott Taylor is being divested of his interests for the
reasons outlined in outlined in the adversary proceeding at Case
No. 24-02097-JAD, in which Scott Taylor did not oppose divestment
of his interest.
The Debtor shall maintain and continue to operate Loving Kindness
Healthcare Systems, LLC. The Debtor's base annual net profit is
expected to increase from $124,511 to $172,973 by 2030. The Debtor
is also entering the following new business lines as a means to
further increase revenue and profit and generate additional funds
plan payments.
A full-text copy of the Disclosure Statement dated October 27, 2025
is available at https://urlcurt.com/u?l=88hUGK from
PacerMonitor.com at no charge.
Loving Kindness Healthcare Systems, LLC, is represented by:
Robert S. Bernstein, Esq.
Gwenyth A. Ortman, Esq.
Bernstein-Burkley P.C.
601 Grant Street, 9th Floor
Pittsburg, PA 15219
Telephone: (412) 456-8100
Facsimile: (412) 456-8135
Email: rbernstein@bernsteinlaw.com
About Loving Kindness Healthcare Systems
Loving Kindness Healthcare Systems LLC is a state-licensed Home
Health Care Agency.
Loving Kindness Healthcare Systems sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-22610) on
Oct. 25, 2024, with up to $50,000 in assets and up to $10 million
in liabilities. Copa Davis, member, signed the petition.
The Debtor tapped Robert S. Bernstein, Esq., at Bernstein-Burkley
PC as counsel and Gloria J. Besley as accountant.
LUMINAR TECHNOLOGIES: CFO Thomas Fennimore to Step Down Nov. 13
---------------------------------------------------------------
Luminar Technologies, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on October
31, 2025, the Company announced that Thomas J. Fennimore will step
down as the Company's Chief Financial Officer effective November
13, 2025, to pursue other career opportunities.
Mr. Fennimore's departure is not the result of any disagreement
with the Company's independent auditors or the Company on any
matter relating to the Company's financial statements, internal
control over financial reporting, operations, policies or
practices.
The Company expects to name a new CFO shortly.
About Luminar
Luminar -- https://www.luminartech.com/ -- is a global technology
company advancing safety, security and autonomy across automotive,
commercial, and defense sectors. Its proprietary LiDAR hardware,
software, semiconductor and photonics technologies have been
developed in-house to meet the demanding performance and
scalability requirements of applications spanning passenger
vehicles, trucking, logistics, industrial, security, and more. With
series production underway and commercial traction across
industries, Luminar is uniquely positioned to deliver the next
generation of advanced, mission-critical LiDAR and photonics
solutions.
As of June 30, 2025, the Company had $265.49 million in total
assets, $513.46 million in total liabilities, and $272.18 million
in total stockholders' deficit.
The Company is exploring a number of potential strategic
alternatives with respect to the Company, including the sale of all
or part of the Company's business or assets, raising additional
capital or restructuring its existing capital structure.
Specifically, the Company has engaged Weil, Gotshal & Manges LLP,
as legal advisers, Jefferies LLC, as investment banking advisers,
and Portage Point Partners, LLC, as financial advisors, to assist
the Company in analyzing and evaluating potential strategic
alternatives and initiatives to improve liquidity.
GLAS Trust Company LLC, serves as Trustee and Collateral Agent
under the First Lien Indenture and Second Lien Indenture.
Ropes & Gray, LLP, serves as legal advisors and Ducera Partners
LLC, as investment banker for the ad hoc group of holders of the
Company's Floating Rate Senior Secured Notes due 2028 and 9%
Convertible Second Lien Senior Secured Notes due 2030 and 11.5%
Convertible Second Lien Senior Secured Notes due 2030, as
applicable, beneficially owning, collectively, approximately 94.5%
of the 1L Notes and approximately 89% of the 2L Notes.
LUMINAR TECHNOLOGIES: Cuts 25% of Workforce to Reduce Costs
-----------------------------------------------------------
Luminar Technologies, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on October
29, 2025, the Company committed to a plan to reduce its workforce
by approximately 25% in order to reduce operating costs.
The reduction will commence immediately and is expected to be
substantially completed by 2025 year-end.
The Company estimates that it will incur approximately $2 million
to $3 million in cash charges associated with employee severance
and related employee costs, to be incurred primarily in the fourth
quarter of 2025.
The Company's estimates are subject to a number of assumptions, and
actual results may materially differ. The Company may incur
additional costs not currently contemplated due to events that may
occur as a result of, or that are associated with, the workforce
reduction.
About Luminar
Luminar -- https://www.luminartech.com/ -- is a global technology
company advancing safety, security and autonomy across automotive,
commercial, and defense sectors. Its proprietary LiDAR hardware,
software, semiconductor and photonics technologies have been
developed in-house to meet the demanding performance and
scalability requirements of applications spanning passenger
vehicles, trucking, logistics, industrial, security, and more. With
series production underway and commercial traction across
industries, Luminar is uniquely positioned to deliver the next
generation of advanced, mission-critical LiDAR and photonics
solutions.
As of June 30, 2025, the Company had $265.49 million in total
assets, $513.46 million in total liabilities, and $272.18 million
in total stockholders' deficit.
The Company is exploring a number of potential strategic
alternatives with respect to the Company, including the sale of all
or part of the Company's business or assets, raising additional
capital or restructuring its existing capital structure.
Specifically, the Company has engaged Weil, Gotshal & Manges LLP,
as legal advisers, Jefferies LLC, as investment banking advisers,
and Portage Point Partners, LLC, as financial advisors, to assist
the Company in analyzing and evaluating potential strategic
alternatives and initiatives to improve liquidity.
GLAS Trust Company LLC, serves as Trustee and Collateral Agent
under the First Lien Indenture and Second Lien Indenture.
Ropes & Gray, LLP, serves as legal advisors and Ducera Partners
LLC, as investment banker for the ad hoc group of holders of the
Company's Floating Rate Senior Secured Notes due 2028 and 9%
Convertible Second Lien Senior Secured Notes due 2030 and 11.5%
Convertible Second Lien Senior Secured Notes due 2030, as
applicable, beneficially owning, collectively, approximately 94.5%
of the 1L Notes and approximately 89% of the 2L Notes.
LUMINAR TECHNOLOGIES: Secures Noteholder Forbearance Until Nov. 6
-----------------------------------------------------------------
Luminar Technologies, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on October
30, 2025, the Company entered into Forbearance Agreements,
effective on the same day, with an ad hoc group of holders of the
Company's Floating Rate Senior Secured Notes due 2028 and 9%
Convertible Second Lien Senior Secured Notes due 2030 and 11.5%
Convertible Second Lien Senior Secured Notes due 2030, as
applicable, beneficially owning, collectively, approximately 94.5%
of the 1L Notes and approximately 89% of the 2L Notes.
On October 15, 2025, the Company elected not to make the quarterly
interest payments due on such date in respect of its 2L Notes.
Under the terms of the indenture governing the 2L Notes, the
failure to make the October 15 Interest Payments on the due date
did not constitute an event of default under the 2L Indenture;
however, the non-payment became an event of default upon the
Company's failure to make the October 15 Interest Payments within
the permitted 15-day grace period.
During the 15-day grace period, the Company and its advisors
engaged in discussions with advisors to the Forbearing Noteholders,
including discussions regarding the default under the 2L Notes
arising as a result of the missed October 15 Interest Payments, and
potential strategies and options for a comprehensive solution to
the Company's liquidity needs, which resulted in the entry into the
Forbearance Agreements.
Pursuant to each Forbearance Agreement, subject to the terms and
conditions set forth therein, the Forbearing Noteholders agreed to
forbear from exercising any of their rights and remedies under the
applicable indentures governing the 1L Notes and 2L Notes and
applicable law until November 6, 2025 as a result of the Company's
failure to make the October 15 Interest Payments.
The Company, its advisors and the advisors to the Forbearing
Noteholders continue to negotiate longer-term forbearance
agreements with respect to the defaults under the indentures, and
although there can be no assurances an agreement will be reached,
the Company expects to enter into longer-term forbearance
agreements prior to the termination of the Forbearance Agreements.
A summary of the Forbearance Agreements does not purport to be
complete and is qualified in its entirety by reference to the
complete terms of each Forbearance Agreement, which available at
https://tinyurl.com/wm5eft8a and https://tinyurl.com/2un4vbsp
About Luminar
Luminar -- https://www.luminartech.com/ -- is a global technology
company advancing safety, security and autonomy across automotive,
commercial, and defense sectors. Its proprietary LiDAR hardware,
software, semiconductor and photonics technologies have been
developed in-house to meet the demanding performance and
scalability requirements of applications spanning passenger
vehicles, trucking, logistics, industrial, security, and more. With
series production underway and commercial traction across
industries, Luminar is uniquely positioned to deliver the next
generation of advanced, mission-critical LiDAR and photonics
solutions.
As of June 30, 2025, the Company had $265.49 million in total
assets, $513.46 million in total liabilities, and $272.18 million
in total stockholders' deficit.
The Company is exploring a number of potential strategic
alternatives with respect to the Company, including the sale of all
or part of the Company's business or assets, raising additional
capital or restructuring its existing capital structure.
Specifically, the Company has engaged Weil, Gotshal & Manges LLP,
as legal advisers, Jefferies LLC, as investment banking advisers,
and Portage Point Partners, LLC, as financial advisors, to assist
the Company in analyzing and evaluating potential strategic
alternatives and initiatives to improve liquidity.
GLAS Trust Company LLC, serves as Trustee and Collateral Agent
under the First Lien Indenture and Second Lien Indenture.
Ropes & Gray, LLP, serves as legal advisors and Ducera Partners
LLC, as investment banker for the ad hoc group of holders of the
Company's Floating Rate Senior Secured Notes due 2028 and 9%
Convertible Second Lien Senior Secured Notes due 2030 and 11.5%
Convertible Second Lien Senior Secured Notes due 2030, as
applicable, beneficially owning, collectively, approximately 94.5%
of the 1L Notes and approximately 89% of the 2L Notes.
LUMINAR TECHNOLOGIES: Weil, Jefferies and Portage Point on Board
----------------------------------------------------------------
Luminar Technologies, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission, certain
preliminary financial results as of and for the third quarter ended
September 30, 2025. While the Company has not finalized its full
financial results for the third quarter ended September 30, 2025,
the Company expects to report that it:
* generated revenue in the range of approximately $18 million
to $19 million for the three months ended September 30, 2025,
* had total debt of approximately $429.2 million as of
September 30, 2025 and
* had cash and marketable securities of approximately $74
million as of September 30, 2025.
Given the uncertainty regarding the Company's financial condition,
substantial doubt exists about the Company's ability to continue as
a going concern.
The Company is exploring a number of potential strategic
alternatives with respect to the Company, including the sale of all
or part of the Company's business or assets, raising additional
capital or restructuring its existing capital structure.
Specifically, the Company has engaged Weil, Gotshal & Manges LLP,
as legal advisers, Jefferies LLC, as investment banking advisers,
and Portage Point Partners, LLC, as financial advisors, to assist
the Company in analyzing and evaluating potential strategic
alternatives and initiatives to improve liquidity.
The Company said, "Doubts regarding our ability to continue as a
going concern could have an adverse impact on our relationships
with customers, vendors, suppliers, employees, and others, which in
turn could materially adversely affect our business, results of
operations and financial condition."
The unaudited, preliminary amounts presented have been prepared by
and are the responsibility of management.
These amounts are based upon information available to management as
of the date of this Current Report on Form 8-K and subject to
completion of customary quarter-end close procedures and financial
review that could result in changes to the amounts.
Furthermore, these amounts do not present all information necessary
for an understanding of the Company's financial condition as of
September 30, 2025 or its results of operations for the third
quarter 2025.
The Company's independent registered public accounting firm, KPMG
LLP, has not audited, reviewed, compiled or performed any
procedures with respect to these preliminary financial results and,
accordingly, does not express an opinion or any other form of
assurance with respect thereto. The Company's actual results for
the quarter ended September 30, 2025 will be included in its
Quarterly Report on Form 10-Q and may differ materially from the
estimates.
Strategic Initiatives and Business Update:
The Company has incurred net losses on an annual basis since its
inception and will need to raise additional capital through equity
or debt financings in the near future to meet its operational needs
and capital requirements for product development and
commercialization.
As of October 24, 2025, the Company had approximately $72 million
of cash and marketable securities. If the Company continues with
its current monthly cash expenditures and does not raise additional
cash through equity offerings, financing activities, additional
revenues, asset sales or otherwise, it will not have sufficient
cash and cash equivalents or cash flows from operations to meet its
operating and liquidity needs during the first quarter of 2026 and
may also breach the minimum liquidity covenant contained in the
indentures governing the 1L Notes and 2L Notes prior to the end of
the fourth quarter of 2025.
The Company has received nonbinding, preliminary proposals and
indications of interest to purchase the entire Company as well as
certain of its assets and business lines, including an indication
of interest from Russell AI Labs, a company founded by our founder
and former chief executive officer, Austin Russell. No assurances
can be given that any strategic transaction will be consummated or
that the Company will be able to raise additional capital. Any
additional capital may include the issuance of additional shares of
the Company's Class A common stock, which could result in
substantial dilution to the Company's existing stockholders.
If the Company is unable to raise sufficient additional capital,
not successful in executing on any other strategic alternatives or
unable to consummate another financing or restructuring solution,
the Company will need to curtail or cease operations and/or seek
relief under the U.S. Bankruptcy Code. In addition, a strategic
transaction may be effected through a process under the U.S.
Bankruptcy Code. In the event of a future liquidation or bankruptcy
proceeding, holders of the Company's Class A common stock would
likely suffer a total loss of their investment.
In addition, the Company's largest customer, Volvo Cars, has
informed us that, beginning in April 2026, Volvo will no longer
make our Iris LiDAR standard on its EX90 and ES90 vehicles
(although Iris will remain an option). Volvo also informed the
Company that it has deferred the decision as to whether to include
LiDAR, including Halo (Luminar's next generation LiDAR under
development), in its next generation of vehicles from 2027 to 2029
at the earliest. As a result of these actions, the Company has made
a claim against Volvo for significant damages and has suspended
further commitments of Iris LiDAR products for Volvo pending
resolution of the dispute. The Company is in discussions with Volvo
concerning the dispute; however, there can be no assurance that the
dispute will be resolved favorably or at all. Furthermore, there
can be no guarantee that any claim or litigation against Volvo will
be successful or that the Company will be able to recover damages
from Volvo.
The Company is actively managing its working capital and liquidity
position. The Company has stopped payments with respect to its Iris
LiDAR products for Volvo in light of the ongoing dispute with
Volvo. As a result, the Company has received a notice of breach
from the Company's principal supplier of Iris LiDAR sensors.
Pursuant to the notice of breach, if not remedied, the Sensor
Supplier may terminate the existing contract manufacturing services
agreement as early as October 30, 2025. The Company is in
discussion with the Sensor Supplier concerning the dispute;
however, there can be no assurance that the dispute will be
resolved favorably or at all, or that the Company will be able to
identify and engage an alternative supplier on acceptable terms, or
at all.
As a result of the foregoing, the Company is suspending its
guidance for the fiscal year ending December 31, 2025.
About Luminar
Luminar -- https://www.luminartech.com/ -- is a global technology
company advancing safety, security and autonomy across automotive,
commercial, and defense sectors. Its proprietary LiDAR hardware,
software, semiconductor and photonics technologies have been
developed in-house to meet the demanding performance and
scalability requirements of applications spanning passenger
vehicles, trucking, logistics, industrial, security, and more. With
series production underway and commercial traction across
industries, Luminar is uniquely positioned to deliver the next
generation of advanced, mission-critical LiDAR and photonics
solutions.
As of June 30, 2025, the Company had $265.49 million in total
assets, $513.46 million in total liabilities, and $272.18 million
in total stockholders' deficit.
The Company is exploring a number of potential strategic
alternatives with respect to the Company, including the sale of all
or part of the Company's business or assets, raising additional
capital or restructuring its existing capital structure.
Specifically, the Company has engaged Weil, Gotshal & Manges LLP,
as legal advisers, Jefferies LLC, as investment banking advisers,
and Portage Point Partners, LLC, as financial advisors, to assist
the Company in analyzing and evaluating potential strategic
alternatives and initiatives to improve liquidity.
GLAS Trust Company LLC, serves as Trustee and Collateral Agent
under the First Lien Indenture and Second Lien Indenture.
Ropes & Gray, LLP, serves as legal advisors and Ducera Partners
LLC, as investment banker for the ad hoc group of holders of the
Company's Floating Rate Senior Secured Notes due 2028 and 9%
Convertible Second Lien Senior Secured Notes due 2030 and 11.5%
Convertible Second Lien Senior Secured Notes due 2030, as
applicable, beneficially owning, collectively, approximately 94.5%
of the 1L Notes and approximately 89% of the 2L Notes.
LUMMUS TECHNOLOGY: Moody's Cuts 1st Lien Credit Facilities to B2
----------------------------------------------------------------
Moody's Ratings affirmed Lummus Technology Holdings V LLC's
("Lummus") B2 Corporate Family Rating and B2-PD Probability of
Default Rating. Moody's also downgraded the rating of its backed
senior secured first lien revolving bank credit facility to B2 from
B1, its backed senior secured first lien term loan to B2 from B1,
and assigned a B2 rating to its proposed $280 million backed senior
secured first lien revolving credit facility. There will also be a
proposed up to $450 million incremental add-on to its existing
first lien term loan. The proceeds of the incremental add-on will
be used to refinance its senior unsecured notes. The Caa1 rating of
its senior unsecured notes has been reviewed in the rating
committee and is unchanged. The outlook remains stable.
RATINGS RATIONALE
Moody's affirmation of Lummus' B2 CFR reflects the expectation of
stable operating performance and a financial profile consistent
with the current rating over the next 12 to 18 months. The
downgrade of the first lien revolver and first lien term loan
reflects the preponderance of the first lien debts in its capital
structure following the refinancing of the senior unsecured notes.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.
Moody's expects operating environment will be challenging for
Lummus due to the prolonged downturn in the petrochemical sector
with facility closures, project delays and weakening credit
profiles of many customers. Lummus has delivered stable business
and financial performance so far 2025, thanks to the indispensable
nature of its catalysts and services to refineries and
petrochemical producers. It maintained a sizeable backlog of $3.1
billion compared with an annual revenue of less than $1 billion as
of June 2025, which supports revenue and earnings resilience.
Moody's-adjusted EBITDA declined to $259 million in the LTM ended
June 2025 due to a reserve charge in Q2 2025, which led to an
increase in leverage as measured by adjusted debt/EBITDA to 7.0x,
up from about 6.0x in 2024. While the company's engagement with the
end customer may lead to a reversal of the charge, it highlights
the risk of a slowdown in both business activity and cash
collections. Excluding the impact of this non-cash charge, Lummus'
LTM EBITDA and leverage would remain largely flat from the 2024
levels. The company's high margins and low CapEx requirements
continued to support its strong cash flow generation capabilities.
Its free cash flow exceeded $100 million for the LTM ended June
2025, which however was used to fund the remainder of its
shareholder distribution plan announced in 2024. Despite weak
global economic growth, Moody's expects Lummus will maintain its
adjusted EBITDA in the $290 million range in 2026, supported by its
sizable backlog. But as the company prioritizes free cash flow
deployment for shareholder returns and growth initiatives, its
total debt will remain flat, resulting in its leverage staying
around 6.0x in next 12 to 18 months.
Lummus' credit profile reflects its strong technology platform and
leading market shares across segments. Its asset light business
model with high barriers to entry contributes to solid EBITDA
margins and good cash flow generation.
Lummus' credit profile is constrained by its high leverage,
including Moody's standard adjustments, which is expected to remain
around 6.0x in 2026. The credit profile is also constrained by its
relatively small scale compared to its key competitors and the
aggressive financial policy under its private equity ownership.
Lummus' liquidity is good. The company had cash on the balance
sheet of approximately $170 million including about $80 million
drawdown from its $175 million revolving credit facility as of June
2025. Concurrent with the refinancing, Lummus will increase its
revolver commitment to $280 million, its letter of credit facility
to $345 million, and extend their maturity to December 2030.
Lummus's total liquidity will be more than sufficient to cover its
short-term debts of $12 million as of June 2025, as well as its low
CapEx and modest working capital requirements over the next 12
months.
The B2 ratings on the first lien revolving bank credit facility and
first lien term loan are in line with the B2 CFR, reflecting the
preponderance of the first lien debts in its capital structure. The
Caa1 rating on the senior unsecured notes reflects the effective
subordination to the first lien debts in capital structure and the
expectation of a considerable loss in value in a default scenario.
RATING OUTLOOK
The stable outlook reflects that Lummus' financial and operating
performance will remain stable and consistent with Moody's
expectations.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade could be considered if company continues to improve
business scale and diversity, its financial leverage is sustained
below 5.5x, and free cash flow-to-debt (FCF/Debt) is sustained
above 15%. An upgrade would require that its sponsors would commit
to maintaining a stronger credit profile.
A downgrade could be considered if leverage is sustained above
7.0x, the company faces operational challenges, or if the backlog
experiences a high level of cancellations.
ESG CONSIDERATIONS
Environmental, social, and governance factors are important factors
influencing Lummus' credit quality, but not a driver of the
actions. Lummus' (CIS-4) score indicates that the rating is lower
than it would have been if ESG risk exposures did not exist.
Governance risks are the most significant and stem from the
sponsors' willingness to maintain a significant amount of debt in
the capital structure, which weakens credit metrics. As a provider
of services, equipment and catalysts to the refining and
petrochemical industries environmental risks are limited but
expected to increase over the longer term. Similarly, social risks
are limited as well but expected to increase over time due to the
company's end markets.
Lummus Technology Holdings V LLC, based in Houston, Texas, is a
leading technology licensing, catalyst and equipment supplier for
the refining and petrochemical industries. Lummus Technology has
over 150 licensable technologies with long term customer
relationships among the major global petrochemical and refining
companies. The company has strong market positions in the
petrochemical and ethylene markets, as well as in polypropylene
licensing technology. It also has significant expertise in
hydroprocessing technology through the Chevron Lummus Global joint
venture (CLG) where it has a 65% ownership. The company is owned by
The Chatterjee Group ("TCG") and Rhône Capital. Lummus Technology
reported total revenue of about $940 million in the last twelve
months ended June 30, 2025.
The principal methodology used in these ratings was Chemicals
published in October 2023.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
M & M BROADCASTERS: Claims to be Paid from Asset Sale Proceeds
--------------------------------------------------------------
M & M Broadcasters, Ltd. filed with the U.S. Bankruptcy Court for
the Western District of Texas a Disclosure Statement describing
Chapter 11 Plan dated October 27, 2025.
The Debtor is a Texas limited partnership. It was formed on October
9, 1997. Its general partner is M & M Broadcasting Co. Its limited
partner is Gary Moss. It operates several radio stations in the
Waco area.
The company experienced cash flow shortages over the years leading
up to bankruptcy. The Debtor borrowed money from multiple merchant
cash advance lenders. By March 2025, the parties were seeking to
intercept Debtor's accounts receivable which required filing for
bankruptcy.
The Debtor proposes to liquidate it assets in two phases. First,
there is the pending sale of KRZI and related assets to G. Baxter
Entertainment, LLC. This sale will bring in an additional $800,000
to the estate. The proceeds will go largely to the satisfaction of
secured debts.
Gary Baxter is also proposing to sell the real property which he
owns at 5501 Bagby to Bagby Partners, LLC for $725,000. This sale
will pay off Grandview Bank and reduce the debt owed to the Marti
Trust. The sale to G. Baxter Entertainment, LLC will leave the
Debtor with station KRMX. The Debtor proposes to operate this
station while it is marketed and sold.
Class 10 shall consist of the holders of Allowed General Unsecured
Claims. The Class 10 creditors shall be paid pro rata from the
Residual Funds. Class 10 is impaired.
Class 11 shall consist of the Equity Interest of the Debtor. The
Class 11 Equity Interest shall be retained and preserved subject to
payment of the Claims under the Plan.
The Debtor proposes to sell its assets and pay the proceeds to
creditors. The Plan will be funded from sale of the Debtor's
assets. The sale of KRZI for $1,000,00 shall be referred to as the
First Sale. The Debtor shall seek to market and sell its remaining
assets. This shall be known as the Second Sale. Following the
Second Sale, the Debtor shall pay all unpaid administrative expense
claims and expenses incurred post-confirmation. The remaining funds
after payment of expenses and any remaining secured claims shall be
known as the Residual Funds. The Residual Funds shall be
distributed to the class 10 unsecured creditors.
A full-text copy of the Disclosure Statement dated October 27, 2025
is available at https://urlcurt.com/u?l=pLI875 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Stephen Sather, Esq.
Barron & Newburger P.C.
7320 N. Mopac Expressway, Ste. 400
Austin, TX 78731
Telephone: (512) 476-9103
Email: ssather@bn-lawyers.com
About M & M Broadcasters Ltd.
M & M Broadcasters, Ltd. operates seven radio stations in the Waco,
Texas area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-60165-mmp) on March
24, 2025. In the petition signed by Gary Moss, president of general
partner, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Michael M. Parker oversees the case.
Stephen W Sather, at Barron & Newburger, P.C., is serving as the
Debtor's legal counsel.
MB RITZ LLC: Section 341(a) Meeting of Creditors on November 21
---------------------------------------------------------------
On October 21, 2025, MB Ritz LLC filed Chapter 11 protection in
the Southern District of Florida. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed to
1 and 49 creditors.
A meeting of creditors under Section 341(a) to be held on November
21, 2025 at 09:00 AM by TELEPHONE.
About MB Ritz LLC
MB Ritz LLC is a limited liability company.
MB Ritz LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. ) on October 21, 2025. In its petition, the Debtor
reports estimated assets and liabilities between $1 million and $10
million.
The Debtor is represented by Ariel Sagre, Esq. of SAGRE LAW FIRM,
P.A.
MCPHILLIPS FLYING: May Seek Relief Under Subchapter V, Court Says
-----------------------------------------------------------------
The United States Bankruptcy Court for the Western District of
Michigan overruled the objection and motion filed by Robert T.
Kendall III and Robert T. Kendall IV, individually and as
Co-Personal Representatives of the Estate of Adam Wolford Kendall,
to McPhillips Flying Service Inc.'s election to proceed under
Subchapter V of Chapter 11.
Prior to the filing of the bankruptcy case, Adam Kendall was killed
in a plane crash involving an aircraft operated by McPhillips
Flying Service, Inc. (d/b/a Island Airways). The Kendall estate
brought a state court lawsuit against the Debtor for wrongful
death, negligence and other causes of action stemming from the
plane crash. In the course of discovery conducted in the wrongful
death action, the Movants came to believe that the Debtor had
violated certain terms of loans it received from the United States
government under the Economic Injury Disaster Loan program. That
belief led Robert T. Kendall IV to file a Qui Tam Complaint against
the Debtor in the United States District Court for the Western
District of Michigan. The Qui Tam Complaint alleges that the Debtor
violated the False Claims Act and wrongfully misapplied loan
proceeds triggering liability for civil penalties under 15 U.S.C.
Sec. 636(b).
While the Qui Tam Action was pending, but before the Debtor was
served with the complaint and before the United States had
determined whether to intervene, the Debtor filed a Chapter 11
petition and elected to proceed under Subchapter V. Pursuant to
Sec. 1182(1) and Sec. 101(51D) of the Bankruptcy Code, relief under
Subchapter V is generally only available to "small business
debtors," who among other criteria, have not more than $3,424,000
in "aggregate noncontingent liquidated secured and unsecured debts"
as of the filing date. The Eligibility Objection currently before
the Court argues the damages alleged in the Qui Tam Action are
noncontingent and liquidated debts such that, when combined with
the Debtor's other liabilities, they cause the Debtor to exceed the
Subchapter V debt limit.
The Kendall estate suggests that portions of the damages alleged in
the Qui Tam Action, particularly the Section 636(b) Penalty (which
would total $1,470,000 as reflected in the SBA claim) or the Treble
Damages under the FCA (which the Movants assert would total
$2,940,000), are liquidated because they are readily calculable.
The Movants also argue that the conduct needed to trigger the
Debtor's liability -- namely the misapplication of EIDL proceeds or
knowing misrepresentations under the FCA -- occurred prepetition.
According to the Movants, this fact renders the debts
noncontingent. Adding either the Section 636(b) Penalty or the FCA
Damages to the non-insider secured and unsecured debts scheduled by
the Debtor pushes the Debtor over the Subchapter V debt limit.
Based on its independent review of the claims for damages asserted
in the Qui Tam Action, the Court concludes the Debtor scheduled the
claims in good faith and that the Debtor's determination that it
was eligible to proceed under Subchapter V because the claims were
contingent and/or unliquidated was not in error. According to the
Court, specifically, the debt for the Section 636(b) Penalty is
contingent because the Debtor's liability for the penalty had not
been triggered as of the filing date. Therefore, even though the
amount of the debt was readily determinable and liquidated, the
Section 636(b) Penalty should not be included in the calculation of
the Debtor's aggregate debts for purposes of determining its
eligibility as a small business debtor. The debt for FCA damages is
both contingent and unliquidated, and is also excluded from the
calculation. In light of these findings, the Debtor qualifies as a
small business debtor under Sec. 1182(1) and Sec. 101(51D) and may
proceed under Subchapter V.
A copy of the Court's Opinion dated October 29, 2025, is available
at https://urlcurt.com/u?l=X1GBBD from PacerMonitor.com.
Attorneys for McPhillips Flying Service, Inc.:
A. Todd Almassian, Esq.
Greg J. Ekdahl, Esq.
Sarah A. LaSata, Esq.
KELLER & ALMASSIAN, P.L.C.
230 Fulton St E
Grand Rapids, MI 49503
E-mail: talmassian@kalawgr.com
gekdahl@kalawgr.com
slasata@kalawgr.com
Attorneys for Robert T. Kendall III and Robert T. Kendall IV,
individually and as Co-Personal representatives of the Estate of
Adam Wolford Kendall, deceased:
Marc N. Swanson, Esq.
Ronald A. Spinner, Esq.
MILLER CANFIELD
150 West Jefferson Ave., Suite 2500
Detroit, MI 48226
E-mail: swansonm@millercanfield.com
spinner@millercanfield.com
About McPhillips Flying Service Inc.
McPhillips Flying Service, Inc., doing business as Welke Aviation
and operating as Island Airways, provides regional air
transportation services. Based in Charlevoix, Michigan, the company
offers passenger and cargo flights connecting mainland Michigan to
Beaver Island and surrounding areas.
McPhillips Flying Service filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Mich. Case No.
25-02011) on July 15, 2025. In its petition, the Debtor reported
total assets of $2,335,506 and total liabilities of $2,483,706.
Honorable Bankruptcy Judge James W. Boyd handles the case.
A. Todd Almassian, Esq., at Keller & Almassian, PLC is the Debtor's
legal counsel.
Charlevoix State Bank, as secured creditor, is represented by:
Susan Jill Rice, Esq.
412 S. Union Street
Traverse City, MI 49684
Phone: (231) 346-5405
Fax: (231) 941-9679
jrice@nmichlaw.com
MERCURITY FINTECH: Chaince to Advise SKK on Digital Asset Strategy
------------------------------------------------------------------
Chaince Securities, LLC, a registered broker-dealer and subsidiary
of Mercurity Fintech Holding Inc., has been engaged as a strategic
advisor by SKK Holdings Ltd., a Cayman Islands–incorporated and
Singapore-based industrial solutions and technology company.
Under this engagement, Chaince will advise SKK Holdings on digital
asset treasury structuring, capital markets strategy, staking and
validator node opportunities, and strategic partnership development
across the blockchain and Web3 ecosystem. The collaboration
reflects SKK's forward-looking vision to integrate digital asset
capabilities into its corporate strategy, enhancing capital
efficiency and investor engagement.
"Tokenization is transforming how capital flows across global
markets," said Wilfred Daye, Chief Executive Officer of Chaince.
"We are excited to work with SKK Holdings to design a treasury and
tokenization strategy that aligns with its growth trajectory and
creates long-term value for its shareholders. As a FINRA-registered
broker-dealer with decades of institutional experience, we bring
the regulatory knowledge and market relationships to navigate this
evolving landscape."
As a Nasdaq-listed company with operations in Singapore and
Southeast Asia, SKK Holdings is focused on delivering industrial
and logistics technology solutions. By working with Chaince, SKK
Holdings aims to leverage blockchain infrastructure to modernize
its balance sheet, improve liquidity management, and explore asset
tokenization as a core strategic pillar.
This advisory engagement underscores Chaince's role in bridging
traditional finance and the digital asset economy, providing
regulated capital markets advisory services to innovative Companys
and public companies seeking digital asset integration.
Chaince Securities, LLC (CRD #10590) is a FINRA-registered
broker-dealer founded in 1982 and headquartered in New York City.
The firm specializes in equity capital markets, investment banking,
asset management, and innovative financial solutions. With decades
of institutional experience, Chaince is committed to building
long-term relationships and delivering tailored strategies that
align with the unique goals of its clients and to support the
transition to digital finance through regulated advisory
platforms.
SKK Holdings Ltd. (Nasdaq: SKK) is a civil engineering services
provider specializing in subsurface utility works in Singapore. The
company is engaged in the planning, construction, and maintenance
of a broad range of public works and infrastructure projects that
contribute to society and the environment.
About Mercurity Fintech Holding
Mercurity Fintech Holding Inc. is a digital fintech company with
subsidiaries engaged in distributed computing and financial
brokerage. Beyond its core fintech operations, the Company
contributes to the advancement of AI hardware technology by
delivering secure and innovative solutions in intelligent
manufacturing and advanced liquid cooling systems. Its focus on
compliance, innovation, and operational efficiency supports its
position as a trusted player in both the evolving digital finance
space and the AI technology sector. For more information, please
visit the Company's website at https://mercurityfintech.com.
In an audit report dated April 30, 2025, the Company's auditor,
Onestop Assurance PAC, issued a "going concern" qualification,
citing that at Dec. 31, 2024, the Company has incurred recurring
net losses of $4.5 million and negative cash flows from operating
activities of $3.6 million and has an accumulated deficit of $680
million, which raise substantial doubt about its ability to
continue as a going concern.
As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million
in total assets, $11.60 million in total liabilities, and $24.09
million in total shareholders' equity.
MODERNO PORCELAIN: Kathleen DiSanto Named Subchapter V Trustee
--------------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto,
Esq., at Bush Ross, P.A., as Subchapter V trustee for Moderno
Porcelain Tampa, LLC.
Ms. DiSanto will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. DiSanto declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kathleen L. DiSanto, Esq.
Bush Ross, P.A.
P.O. Box 3913
Tampa, FL 33601-3913
Phone: (813) 224-9255
Fax: (813) 223-9620
disanto.trustee@bushross.com
About Moderno Porcelain Tampa LLC
Moderno Porcelain Tampa, LLC, doing business as Moderno Porcelain
Works, fabricates and installs large-format porcelain slabs for
residential and commercial applications. It provides end-to-end
services including design consultation, precision fabrication, and
on-site installation of surfaces such as countertops, walls, and
floors. It operates from Palmetto, Florida, serving clients across
the greater Tampa area.
Moderno Porcelain Tampa filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-8025) on October 28, 2025, listing between $500,001 and $1
million in assets and between $1 million and $10 million in
liabilities.
Judge Roberta A. Colton presides over the case.
Esther A. McKean, Esq., at Akerman LLP represents the Debtor as
legal counsel.
MOUNTAIN SPORTS: Amends Unsecured Claims Pay; Plan Hearing Dec. 10
------------------------------------------------------------------
Mountain Sports, LLC and its affiliates, and the Official Committee
of Unsecured Creditors submitted a Modified Combined Disclosure
Statement and Plan of Liquidation dated October 27, 2025.
This Combined Disclosure Statement and Plan contemplates the
establishment of a liquidating trust by and through which the
Liquidating Trustee will, among other things: (i) marshal the
remaining assets of the Debtors' estates, including the proceeds
from the sale of substantially all of the Debtors' assets and
certain retained causes of action; (ii) review, reconcile, and
resolve claims; and (iii) make distributions to holders of allowed
claims, all as set forth more fully herein and consistent with the
priority of distribution provisions of the Bankruptcy Code.
Class 2 consists of General Unsecured Claims. Except to the extent
that a Holder of an Allowed General Unsecured Claim agrees to less
favorable treatment, each Holder of an Allowed General Unsecured
Claim against the Debtors shall receive on account of and in full
and complete settlement and release of, and in exchange for, such
Allowed General Unsecured Claim its Liquidating Trust Interests
entitling each such Holder to receive its Pro Rata share of the
Residual Cash.
The allowed unsecured claims total $35 million to $40 million. This
Class will receive a distribution of 0.8% to 2.2% of their allowed
claims.
On the Effective Date and upon: (i) the Debtors causing the
Liquidating Trust Assets to be transferred to the Liquidating Trust
in accordance the terms of the Combined Disclosure Statement and
Plan; and (ii) the Debtors' material completion of all other duties
and functions set forth herein as soon as practicable after the
Effective Date, the officers, directors and managers, as the case
may be, of each of the Debtors shall be deemed to have resigned.
The Liquidating Trust will be formed on the Effective Date in
accordance with this Combined Disclosure Statement and Plan and
pursuant to the Liquidating Trust Agreement for the purpose of,
among other things: (i) implementing the Combined Disclosure
Statement and Plan; (ii) continuing to investigate and prosecute
the Retained Causes of Actions; (iii) administering, monetizing
and/or liquidating the Liquidating Trust Assets; (iv) resolving all
Disputed Claims; (v) making all distributions to Holders of Allowed
Class 2 Claims and Allowed Class 3 Claims from the Liquidating
Trust and as provided for in the Combined Disclosure Statement and
Plan and the Liquidating Trust Agreement; and (vi) winding down the
Debtors and their Estates.
Inasmuch as the Debtors' Assets have principally been liquidated
and the Plan provides for the distribution of all of the Cash
proceeds of the Debtors' Assets to Holders of Claims that are
Allowed as of the Effective Date in accordance with the Plan, for
purposes of this test, the Plan Proponents have analyzed the
ability of the Liquidating Trust to meet its obligations under the
Plan. Based on the Plan Proponents' analysis, the Liquidating
Trustee will have sufficient assets to accomplish its tasks under
the Plan.
To be counted, Ballots must be duly completed, executed, and
actually received by the Voting Agent by December 1, 2025 (the
"Voting Deadline").
The Confirmation Hearing has been scheduled for December 10, 2025
at 10:30 a.m. at the Bankruptcy Court to consider (a) final
approval of the Disclosure Statement as providing adequate
information pursuant to section 1125 of the Bankruptcy Code and (b)
Confirmation of the Plan pursuant to section 1129 of the Bankruptcy
Code.
Any objection to final approval of the Disclosure Statement as
providing adequate information pursuant to section 1125 of the
Bankruptcy Code and/or Confirmation of the Plan must be made in
writing and Filed with the Bankruptcy Court and served on the
following parties so as to be actually received on or before
December 1, 2025 at 4:00 p.m.
A full-text copy of the Modified Combined Disclosure Statement and
Plan dated October 27, 2025 is available at
https://urlcurt.com/u?l=Cp4iCC from PacerMonitor.com at no charge.
Counsel for the Debtors:
GOLDSTEIN & MCCLINTOCK LLLP
Maria Aprile Sawczuk, Esq.
501 Silverside Road, Suite 65
Wilmington, DE 19809
Telephone: (302) 444-6710
Email: marias@goldmclaw.com
- and -
Matthew E. McClintock, Esq.
William Thomas, Esq.
111 W. Washington Street, Suite 1221
Chicago, IL 60602
Telephone: (312) 337-7700
Email: mattm@goldmclaw.com
willt@goldmclaw.com
Counsel to the Official Committee of Unsecured Creditors:
LOWENSTEIN SANDLER LLP
Jeffrey L. Cohen, Esq.
Brent I. Weisenberg, Esq.
Erica G. Mannix, Esq.
1251 Avenue of the Americas
New York, NY 10020
Telephone: (212) 262-6700
Email: jcohen@lowenstein.com
bweisenberg@lowenstein.com
emannix@lowenstein.com
- and -
MORRIS JAMES LLP
Eric J. Monzo, Esq.
Brya M. Keilson, Esq.
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Telephone: (302) 888-6800
Email: emonzo@morrisjames.com
bkeilson@morrisjames.com
About Mountain Sports
Mountain Sports LLC, doing business as Bob's Stores, Eastern
Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby
and musical instrument retailer.
Mountain Sports LLC and its affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-11385) on June 18, 2024. In the petitions filed by David Barton,
authorized representative, Mountain Sports disclosed between $10
million and $50 million in both assets and liabilities.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Goldstein & McClintock LLLP as counsel, and
Silverman Consulting as financial advisor.
The Office of the United States Trustee for the District of
Delaware appointed an official committee of unsecured creditors.
The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel
and Morris James LLP as Delaware counsel.
MY CITY BUILDERS: Delays Filing of Annual Report on Form 10-K
-------------------------------------------------------------
My City Builders, Inc. filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission to inform
that it is unable to file its Annual Report on Form 10-K for the
fiscal year ending July 31, 2025, within the prescribed period
without unreasonable effort or expense.
According to the Company, its independent public accounting firm
has indicated to MYCB that it will be unable to meet the filing
deadline for the Company's Form 10-K filing for the fiscal year
ending July 31, 2025 and has requested that the Company make the
Form 12b-25 notice of late filing.
The Company currently anticipates that the Form 10-K for the fiscal
year ended July 31, 2025, will be filed as soon as practicable and
no later than the 15th calendar day following the prescribed due
date.
During the fiscal year ended July 31, 2025, the Company completed
the disposition of two subsidiaries that had previously contributed
to its operational revenues and asset base. The sale and related
elimination of these entities resulted in a substantial reduction
in total assets and liabilities, as well as the cessation of key
revenue-generating activities related to sales and rental of
inventory homes.
The disposition materially reduced the Company's financial
position:
Balance Sheet Summary Before Disposition After Disposition
--------------------- ------------------ -----------------
Total Current Assets $1,776,802 $42,812
Total Assets $4,048,047 $42,812
Total Current Liabilities $265,421 $48,867
Total Liabilities $1,431,302 $48,867
For the year ended July 31, 2025, revenues totaled $391,554,
compared to $59,300 for the year ended July 31, 2024, primarily due
to inventory home sales and increased rental income. However, total
operating expenses rose to $566,418 (2025) from $337,670 (2024),
resulting in a net loss of $260,935 versus net income of $25,752 in
the prior year. This loss was mainly attributable to increased cost
of sales and professional fees incurred prior to the disposition.
Following the disposition, the Company's continuing operations
reflect minimal activity, limited primarily to corporate
administration and compliance. Total operating expenses for the
year ended July 31, 2025 amounted to $103,944, down from $159,404
in 2024, reflecting the elimination of the subsidiaries’
operational overhead. The resulting net loss from continuing
operations was $105,072, compared to $159,404 in the prior year.
The discontinuation of the subsidiaries’ operations and the
recognition of the loss on disposal resulted in a net loss from
discontinued operations of $403,767 for fiscal 2025, compared to
income of $185,158 in fiscal 2024. This includes a $247,904 loss on
disposal and an operational loss of $155,863 from the discontinued
entities prior to sale.
The Company expects the forthcoming earnings statements to
reflect:
-- The elimination of revenue streams from inventory home sales
and rental income.
-- A substantial reduction in assets and liabilities due to the
subsidiaries’ removal.
-- A one-time loss on disposal of subsidiaries totaling
approximately $247,904.
-- Overall reduction in ongoing operational expenses and a
simplified corporate structure focused on administrative
continuity.
While the impact of the disposition has been quantified based on
the finalized transactions and closing balances, future results may
differ due to residual post-disposition adjustments or settlement
of discontinued operations. However, management believes the
estimates presented provide a reasonable and reliable
representation of the financial position and operational results as
of the reporting date.
About My City Builders, Inc.
Headquartered in Miami, Fla., My City Builders, Inc., through its
subsidiary, plans to focus on real estate transactions, in which it
will buy and develop real estate for sale or rent of low-income
housing. The Company plans to invest in three sectors of this
market by (i) buying, refurbishing, and selling traditional
foreclosures, (ii) buying, developing and renting "Land Banks" that
have an average pool of homes or lots in excess of 100 in one
location, and (iii) buying, refurbishing or developing and selling
homes made available by the government through HECM pools.
As of April 30, 2025, the Company had $4,307,607 in total assets,
$1,644,978 in total liabilities, and $2,662,629 in total
stockholders' equity.
Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated Oct. 29, 2024, citing that Company has negative operating
cashflow and is in need of additional capital to grow its
operations so that it can become profitable. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
MYRTLE HOUSING: Jolene Wee Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity
Consulting, LLC as Subchapter V trustee for Myrtle Housing USA,
LLC.
Ms. Wee will be compensated at $640 per hour for work performed in
2024. In addition, the Subchapter V trustee will receive
reimbursement for work-related expenses incurred.
Ms. Wee declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jolene E. Wee
JW Infinity Consulting, LLC
447 Broadway 2nd Fl #502
New York, NY 10013
Telephone: (929) 502-7715
Facsimile: (646) 810-3989
Email: jwee@jw-infinity.com
About Myrtle Housing USA LLC
Myrtle Housing USA, LLC manages real estate at 782 Myrtle Ave Units
C1 and R1 Brooklyn New York and is classified under NAICS 5313.
Myrtle Housing USA filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-45102) on
October 22, 2025, with $1 million to $10 million in assets and
liabilities. Leizer Klar, member, signed the petition.
Judge Nancy Hershey Lord presides over the case.
Joshua Bronstein, Esq., at the Law Offices of Joshua Bronstein &
Associates, PLLC represents the Debtor as legal counsel.
MYRTLE HOUSING: Seeks Subchapter V Bankruptcy in New York
---------------------------------------------------------
On October 22, 2025, Myrtle Housing USA LLC filed Chapter 11
protection in the Eastern District of New York. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors.
About Myrtle Housing USA LLC
Myrtle Housing USA LLC manages real estate at 782 Myrtle Ave Units
C1 and R1 Brooklyn New York and is classified under NAICS 5313.
Myrtle Housing USA LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45102)
on October 22, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Nancy Hershey Lord handles the case.
The Debtor is represented by Joshua Bronstein, Esq. of LAW OFFICES
OF JOSHUA BRONSTEIN & ASSOCIATES PLLC.
NATRON ENERGY: Auctions $74M Battery Assets in ABC Liquidation
--------------------------------------------------------------
In an Assignment for the Benefit of Creditors, Tiger Group
announced on Oct. 30, 2025, a major two-day online auction (Nov.
12-13) of assets from sodium-ion battery manufacturer Natron
Energy.
The assets, many of which are either new or minimally used, were
originally valued at approximately $74 million. They come from
Natron Energy's closed R&D and processing facility in Santa Clara,
California, and sodium-ion manufacturing plant in Holland,
Michigan. Taken together, the two buildings comprise more than
250,000 square feet.
"Tiger is pleased to have been selected to perform the liquidation
of prominent manufacturer Natron Energy, which changed the way the
world looks at critical power and industrial batteries for
high-powered applications like AI, data centers, peak shaving and
power-quality management," said Tiger Group Senior Director of
Business Development Jonathan Holiday. "The availability of this
immaculate equipment is a rare opportunity."
Bidding in the timed, online auction opens at SoldTiger.com on
Wednesday, November 5.
The sale of assets from the Santa Clara, California, R&D plant
closes on Wednesday, November 12, at 10:30 a.m. (PT) at
SoldTiger.com.
The sale of assets from the Holland, Michigan, sodium-ion battery
manufacturing plant closes on Thursday, November 13, at 10:30 a.m.
(PT) at SoldTiger.com.
"The Michigan facility was opened only a year ago and offers
minimally used equipment," Holiday noted. "It boasts complete lines
of manufacturing equipment, including technical equipment for
manufacturing sodium-ion batteries and other assets that are useful
to other battery manufacturers."
Natron Energy's technology supports data center, oil and gas,
aviation, solar and other industrial operations and applications
around the world. The company's marketing materials note that its
technology is based on proprietary Prussian Blue electrode
chemistry, which offers "superior performance, safety and
sustainability compared to traditional alternatives."
Highlights of the Santa Clara auction include:
BATTERY ASSEMBLY EQUIPMENT
-- Guangdong Honbro Tech battery production line including
automatic Z-stacking machine w/ degassing machine, pouch forming
die, pocket punching machine, top edge and side sealing machine and
two Branson welders
-- Frontier LLC slot die coater, electric, M/N- COT/YAS/Y7-20 --
Xingtai Naknor rolling press machine (calendar) with two chillers
and two pumps
-- DEC Group pilot AFD powder transfer system
-- Turner EnviroLogic thermal oxidizer, liquid transfer system,
Ross CDA-4 and CDA-18 mixers with chiller, REM Mfg roll slitter,
Big Bear cathode stacking/sorting machine, Honbro vacuum sealer, BM
Tech degassing machine, Bodor laser cutter, TMAX roll to roll
system, Honbro pouch former, Global electric winders, MBRAUN
modular glove boxes, and more.
ENGINEERING & QUALITY CONTROL
-- Hitachi S-4500 scanning electron microscope
-- Trumpf TruLaser Station 7000 CNC laser cutting machine
-- Itech bidirectional DC power supplies
-- Arbin & Biologic battery testing systems
-- Assorted environmental chambers, vacuum chambers, ovens,
temperature humidity chambers and others by Norlake, Caron, Espec,
TPS and more
-- Large quantity assorted DC power supplies, multimeters, Hipot
testers by BK Precision, Tekpower and others
-- Shimadzu IRTracer-100 spectrophotometer, Perkin Elmer
spectrometer, Mark 10 tensile tester, Chatillon force tester, fume
hoods, digital scales, lab glassware, Amada Miyachi welders,
Hauschild speed mixer, mixing vessels, vacuum pumps, and more.
PLANT SUPPORT, MATERIAL HANDLING & OFFICES
-- Punch presses, industrial dehumidifiers, portable air
conditioners, utility cabinets, hydraulic pallet jacks, electric
walk-behind pallet lifts, die carts, metro racks, carts, hand
trucks, dollies, metal utility shelving, pallet racking, hoists,
air compressors, drill presses, shop vacs, worktables, TVs,
projectors, break room, office chairs, desks, laptops and monitors,
parts inventory, maintenance supplies...
Highlights of the Holland, Michigan, auction include:
BATTERY ASSEMBLY EQUIPMENT
-- 2023 Hanwha cell assembly line (10CPM) and formation line w/
Fanuc R-2000ic robot, cartoner, taper, auto wrapper, labeler, leak
testing, edge folding and thickness testing
-- Total of four and cathode mixing systems with four DEC Group
powder handling systems with transport, six DEC Group power
handling ISO Chargers, plus product hose and automated valves
-- Two 2023 E&R roll to roll vacuum drying cells
-- Electrode stackers, conveying unit with laser etching, manual
degassing machines, pouch forming unit, tab welding station with
four Branson welders, cell insertion unit, three electrolyte fill
systems, PEC automatic degasser, two Emerson & Renwick R2R vacuum
outgassing systems, JR Automation semi-automated laser weld
machine, Glenro infrared heater equipment, 350-plus compression
pallets, tooling and more.
ENGINEERING & QUALITY CONTROL
-- Trumpf laser with custom cabinet, FumeXtractor, TruFiber 2000
power supply and external chiller
-- Two Mark 10 tensile testers
-- UltiMaker 3D printer
-- Shimadzu IRTracer-100 spectrophotometer
-- Humidity chambers, drying and vacuum ovens by Norlke, TPS,
Cambridge Scientific and others
-- Fifty barrels electrolyte (200 LTR), Branson MWX100 spot
welders, Fremont cutting dies, mixing vessels, load cell, Hipot
testers, power meters, power supplies, digital scales, PEC cell
testers, Micrometers, Mitutoyo and Hauschild high-speed mixers,
custom notchers, impulse sealer, inert gas chambers and more.
PLANT SUPPORT
-- Die lift carts, hydraulic pallet jacks, label printers, vacuum
pumps, Noblelift power drive stackers, Rubbermaid carts,
flammable-proof barrel cabinet, A-frame gantry w/ electric hoist.
Inspections are available by appointment only on Monday, November
10:
-- in Santa Clara from 10 a.m. to 4 p.m. (PT)
-- in Holland from 10 a.m. to 4 p.m. (ET)
To arrange an inspection or obtain other information, email:
auctions@tigergroup.com or call (805) 497-4999.
For asset photos, descriptions, and other information, visit
https://soldtiger.com/sales/natron-energy-battery-equipment-auction/
Media Contacts: At Tiger Group, Maria Hoang, (805) 497-4999
404137@email4pr.com. At Jaffe Communications, Elisa Krantz, (908)
789-0700, 404137@email4pr.com.
About Natron Energy
Natron Energy was a company specializing in the development and
production of sodium-ion batteries for energy storage applications,
such as data centers and industrial systems. They were based in
Santa Clara, California, with manufacturing facilities in Holland,
Michigan.
NORCOLD LLC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Norcold LLC
7101 Jackson Road
Ann Arbor, MI 48103
Case No.: 25-11933
Business Description: Norcold LLC, a wholly owned subsidiary of
Thetford LLC, manufactures and distributes
refrigeration products for mobile
applications, including recreational
vehicles and marine vessels. Founded in
1959, the Company began with gas absorption
refrigerators for off-grid use and later
became a major supplier in the RV
refrigeration market. Norcold functions as
Thetford's refrigeration division within a
broader portfolio that also includes RV and
marine sanitation and waste management
systems, and is ultimately owned by Monomoy
Capital Partners IV, LP, Monomoy Capital
Partners IV Parallel, LP, and Dyson Kissner
Moran Corporation.
Chapter 11 Petition Date: November 3, 2025
Court: United States Bankruptcy Court
District of Delaware
Judge: Hon. Thomas M. Horan
Debtor's
Bankruptcy
Counsel: Sean M. Beach, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 N. King Street
Wilmington, DE 19801
Tel: 302-571-6600
Email: sbeach@ycst.com
Debtor's
Financial &
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtor's
Notice,
Claims,
Solicitation &
Balloting
Agent: STRETTO
Debtor's
Investment
Banker: HILCO CORPORATE FINANCE, LLC
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Richard Wu as chief restructuring
officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://urlcurt.com/u?l=obUSbC
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Dellware Electrical Appliance Trade Payable $1,023,287
(HK) Co., Limited
Liuting International Airport Industrial Park
Shangyuan Road Chengyang Dist
Qingdao City, 266108
China
Attn: Marco Jijang
Title: Legal Representative
Phone: +86 532 8772 6689
Email: arco@dellware.cn
2. Zencargo-Freight Trade Payable $341,491
6th Floor, Thavies Inn House
3-4 Holborn Circus
London, Ec1n 2HA
United Kingdom
Attn: Lucie Phillips
Title: Chief Operations Officer
Phone: +44 20 7948 9947
Email: lucie.phillips@zencargo.com
3. Longoal Tech LLC Trade Payable $150,975
2838 Whispering Oaks Dr
Buffalo Grove, IL 60089
Attn: Yexue Gao
Title: Managing Director
Phone: 847-630-0645
Email: yexue.gao@longoal.com
4. C.H. Robinson Trade Payable $99,932
14701 Charlson Rd.
Eden Prairie, MN 55347
Attn: Damon Lee
Title: Chief Financial Officer
Phone: 952-937-8500
Email: damon.lee@chrobinson.com
5. UTEC Inc. Trade Payable $77,494
3650 West 200 N
Riverfork Industrial Park
Huntington, In 46750
United States
Attn: James Fettinger
Title: Sales Account Manager
Phone: 260-358-0888
Email: james.fettinger@uteccontrols.com
6. MID Ohio Wood Recycling Trade Payable $20,508
16289 State Route 31
Kenton, OH 43226
Attn: Led Smithberger
Title: President
Phone: 419-673-8470
7. Dextersource Trade Payable $17,956
11333 General Dr
Plymouth, MI 48170
Attn: Christin Williams
Title: Chief Executive Officer
Phone: 877-700-3422
Email: christin@dextersource.com
8. Wode Electrical Co., Ltd Trade Payable $16,137
Taikai 6 Follor
Xiangyang Industrial Zone, Liushi
Yueqing Zhejiang, China
Phone: +86 577 6260 2806
Email: wode@wodeps.com
9. CSA Group Trade Payable $15,155
8501 East Pleasant Valley Road
Cleveland, OH 44131-5575
Attn: David Weinstein
Title: Chief Executive Officer
Phone: 416-747-4002
Email: david.weinstein@csagroup.org
10. Olan Plastics Inc. Trade Payable $12,131
6550 Olan Dr
Canal Winchester, OH 43110
Attn: James Long
Title: Chief Executive Officer
Phone: 614-834-6526
Email: james.long@olanplastics.com
11. KZRV, LP Customer Refund Undetermined
0985 N 900 West
Shipshewana, IN 46565
Attn: Ryan Zook
Title: Director Of Purchasing
Phone: 260-768-4016
Email: rzook@kz-rv.com
12. Outlaw Conversions Customer Refund Undetermined
1000 Airport Rd
Stephenville, TX 76401
Attn: John Walker
Title: Chief Executive Officer
Phone: 254-968-5733
13. Robertshaw Controls Company Contract Claim Undetermined
1222 Hamilton Pkwy
Itasca, IL 60143
Attn: John Hewitt
Title: Chief Executive Officer
Phone: 630-260-3400
Email: john.hewitt@robertshaw.com
14. Electrical Components Contract Claim Undetermined
International
12415 Rojas Dr
El Paso, TX 79928
Attn: Kevin Schwanz
Title: Chief Technology Officer
Phone: 915-217-2700
Email: kevin.schwanz@ecintl.com
15. Travelers Property Casualty Litigation Undetermined
Company of America as
Subrogee of Baldi Bros Inc.
C/O Susan E. Kirkgaard Of
Law Offices Of John A. Baird
P.O. Box 64093
St. Paul, MN 64093
Attn: Susan E. Kirkgaard
Title: Attorney
Phone: 916-638-6579
Email: skirkgaa@travelers.com
16. Kristina Stracke Litigation Undetermined
C/O James A. Alderson
of Alderson Law Firm
14350 Civic Drive Suite 280
Victorville, CA 92392
Attn: James A. Alderson
Title: Attorney
Phone: 760-245-1818
Email: aldersonlawfirm@gmail.com
17. Progressive Direct Insurance Litigation Undetermined
Company As Subrogree Of
Its Insured Kunhuor Hak
C/O Sally Noma Of Noma Law Firm A.P.C.
505 14th Street Ste 900
Oakland, CA 94612
Attn: Sally Noma
Title: Attorney
Phone: 415-493-0755
Email: sally@nomalaw.com
18. Kenneth Jones Litigation Undetermined
C/O Michael Woodson Of
Edmonds Cole Law Firm, P.C.
7 S. Mickey Mantle Drive, Ste 375
Oklahoma City, OK 73104
Attn: Michael Woodson
Title: Attorney
Phone: 405-272-0322
Email: mwoodson@edmondscole.com
19. Homesite Insurance Company Litigation Undetermined
As Subrogee Of Traci Marx
And Raymond Marx
C/O Terrence A. Beard Of
Law Offices Of Terrence A. Beard
Po Box 1599
Sutter Creek, CA 95685
Attn: Terrence A. Beard
Title: Attorney
Phone: 925-778-1060
Email: tbeard1053@aol.com
20. Eric Klein Workers Undetermined
C/O Emily M. Gettum Of Compensation
Whitten Law Office Claim
16801 Gray Road Suite H
Indianapolis, IN 46237
Attn: Emily M. Gettum
Title: Attorney
Phone: 317-362-0225
Email: egettum@indycounsel.com
NORCOLD LLC: Files Chapter 11 to Facilitate Asset Sale to DCA
-------------------------------------------------------------
Norcold LLC, a distributor of refrigerators for recreational
vehicles, marine equipment, and related aftermarket parts and
products, has filed a voluntary petition for chapter 11 relief in
the United States Bankruptcy Court for the District of Delaware to
facilitate a sale of its assets to Dave Carter & Associates.
The sale transaction with DCA, which will be implemented through a
chapter 11 plan, will be subject to a Court-approved marketing
process.
In connection with the restructuring process, the Company has
reached an agreement with DCA to provide the Company with $13M of
new capital in the form of a debtor-in-possession financing
facility.
Upon approval by the Court, this financing facility is expected to
provide sufficient liquidity to operate the Company's business
during the pending of the chapter 11 cases.
Also, as part of the restructuring process, the Company will file
customary "First Day" motions to allow it to maintain normal
business operations. The Company expects and intends to continue to
honor warranty claims and to pay vendors under customary terms for
goods and services received on or after the filing date.
Additional information regarding the Company's restructuring
process, including filings with the Court, is available at
https://Cases.Stretto.com/Norcold.
NOVA RTP II: Section 341(a) Meeting of Creditors on December 1
--------------------------------------------------------------
On October 21, 2025, Nova RTP II LLC filed Chapter 11 protection
in the Eastern District of North Carolina. According to court
filing, the Debtor reports $6,303,832 in debt owed to 1 and 49
creditors.
A meeting of creditors under Section 341(a) to be held on December
1, 2025 at 10:00 AM at Zoom 341 Meeting Raleigh.
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 sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04155) on October 21,
2025. In its petition, the Debtor reports total assets of
$13,100,000 and total liabilities of $6,303,832.
The Debtor is represented by Benjamin R. Eisner, Esq. of THE LAW
OFFICES OF GEORGE OLIVER, PLLC.
OFFICE PROPERTIES: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Office Properties Income Trust
Two Newton Place, 255 Washington Street, Suite 300
Newton, Massachusetts 02458-1634
Business Description: Office Properties Income Trust is a
Maryland-based real estate investment trust
that owns and leases office and mixed-use
properties to tenants across the United
States, including government entities.
Formed in 2009, the Company manages a
diversified portfolio of 124 properties
totaling about 17.2 million rentable square
feet located in central business districts,
urban infill, and suburban areas. It
operates under management and property
service agreements with The RMR Group LLC.
Chapter 11 Petition Date: October 30, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Seventy-three affiliates that concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Office Properties Income Trust (Lead Case) 25-90530
OPI TRS Inc. 25-90529
FP Atlantic Corporate Park, LLC 25-90531
Bayside Pkwy Fremont 2 LLC 25-90532
440 First Street LLC 25-90570
FP Redland Technology Center LLC 25-90533
ACP East LLC 25-90573
FP 11 Dupont Circle, LLC 25-90534
SIR Campbell Place Inc. 25-90535
Government Properties Income Trust LLC 25-90536
FP 540 Gaither, LLC 25-90537
Clay Holdco LLC 25-90576
GPT Properties LLC 25-90538
CRI SIR LLC 25-90578
SIR Irving (Freeport) LLC 25-90539
FP 1401 K, LLC 25-90540
Ewing Holdco LLC 25-90581
GPT Properties Trust 25-90541
First Potomac DC Holdings, LLC 25-90584
SIR Parsippany (Jefferson) LLC 25-90542
FP 6315 Hillside Center, LLC 25-90543
Grand Oak Circle Tampa LLC 25-90544
FP 1211 Connecticut Avenue, LLC 25-90590
SIR REIT New Braunfels LLC 25-90545
FP 1775 Wiehle Avenue, LLC 25-90593
FP Patuxent Parkway, LLC 25-90546
OPI 25 Exchange LLC 25-90547
SIR San Jose LLC 25-90548
FP 6310 Hillside Center, LLC 25-90594
SIR Philadelphia LLC 25-90549
OPI Notex Properties LLC 25-90550
FP 840 First Street, LLC 25-90587
112 Ave Miami LLC 25-90551
Jan Davis Huntsville LLC 25-90552
Schrock Road Columbus LLC 25-90553
OPI Notex Holdings Trust 25-90554
FP Sterling Park Land, LLC 25-90596
GOV Lake Fairfax Inc. 25-90599
3400 Plano TX LLC 25-90555
Burt Street Omaha LLC 25-90556
Clay Road Houston LLC 25-90557
Elliott Ave Seattle LLC 25-90558
SIR Fort Mill LLC 25-90559
GOV Lakewood Properties Trust 25-90560
SIR GP Redwood City LLC 25-90561
GOV NEW OPPTY LP REIT 25-90562
SIR Holdings Corporation 25-90563
GOV NEW OPPTY LP 25-90564
20 Mass Ave TRS Inc. 25-90565
SIR Johnston LLC 25-90566
OPI AL Properties LLC 25-90569
GOV NEW OPPTY REIT 25-90567
OPI BND Holdings Trust 25-90572
SIR Omaha LLC 25-90568
OPI BND Properties LLC 25-90574
OPI WF Borrower LLC 25-90577
OPI WF Holding LLC 25-90580
OPI WF Owner LLC 25-90583
Primerica Holdco LLC 25-90586
Santa Clara (Walsh) LLC 25-90589
SC Merger Sub LLC 25-90591
SIR Centennial LLC 25-90595
SIR Colorado Springs LLC 25-90598
SIR Operating Partnership LP 25-90571
SIR Properties REIT LLC 25-90575
SIR Properties Trust 25-90579
SIR Redwood City LP 25-90582
SIR REIT Plano LLC 25-90585
SIR Rocklin (Office) LLC 25-90588
SIR Santa Clara LP 25-90592
SIR Westford LLC 25-90597
Twelve24 Atlanta LLC 25-90600
West Java Sunnyvale LLC 25-90601
Judge: Hon. Christopher M Lopez
Debtors'
Bankruptcy
Co-Counsel: Timothy A. ("Tad") Davidson II, Esq.
Ashley L. Harper, Esq.
Philip M. Guffy, Esq.
HUNTON ANDREWS KURTH LLP
600 Andrews Street, Suite 4200
Houston TX 77002
Tel: (713) 220-4200
Email: taddavidson@hunton.com
ashleyharper@hunton.com
pguffy@hunton.com
Debtors'
Bankruptcy
Co-Csel: Ray C. Schrock, Esq.
Andrew M. Parlen, Esq.
Anupama Yerramalli, Esq.
Ashley Gherlone Pezzi, Esq.
Anthony R. Joseph, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, New York 10020
Tel: (212) 906-1200
Email: ray.schrock@lw.com
andrew.parlen@lw.com
anu.yerramalli@lw.com
ashley.pezzi@lw.com
anthony.joseph@lw.com
Debtors'
Investment
Banker: MOELIS & COMPANY
Debtors'
Restructuring
Advisor: ALIXPARTNERS LLP
Debtors'
Claims,
Noticing &
Solicitation
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Total Assets as of Sept. 30, 2025: $3,501,385,950
Total Debts as of Sept. 30, 2025: $2,501,583,119
John R. Castellano signed the petitions as chief restructuring
officer.
A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:
https://www.pacermonitor.com/view/AW3ZBCY/Office_Properties_Income_Trust__txsbke-25-90530__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. CSC Delaware Trust Company, As Debt $162,000,000
Trustee For 6.375% $162M Senior
Unsecured Notes Due 2050
251 Little Falls Dr
Wilmington, De 19808-1674
Attn: Rodman Ward III, CEO; Laura Crozier,
Public Relations Manager
Phone: 302-636-5400
Email: rod.ward@cscglobal.com;
laura.crozier@cscglobal.com
2. CSC Delaware Trust Company, As Debt $133,929,000
Trustee For 2.650% $300M Senior
Unsecured Notes Due 2026
251 Little Falls Dr
Wilmington, DE 19808-1674
Attn: Rodman Ward III, CEO; Laura Crozier,
Public Relations Manager
Phone: 302-636-5400
Email: rod.ward@cscglobal.com;
laura.crozier@cscglobal.com
3. CSC Delaware Trust Company, As Debt $102,402,000
Trustee For 3.450% $400M Senior
Unsecured Notes Due 2031
251 Little Falls Dr
Wilmington, DE 19808-1674
Attn: Rodman Ward III, CEO; Laura Crozier,
Public Relations Manager
Phone: 302-636-5400
Email: rod.ward@cscglobal.com;
laura.crozier@cscglobal.com
4. CSC Delaware Trust Company, As Debt $78,306,000
Trustee For 2.400% $350M Senior
Unsecured Notes Due 2027
251 Little Falls Dr
Wilmington, DE 19808-1674
Attn: Rodman Ward III, CEO; Laura Crozier,
Public Relations Manager
Phone: 302-636-5400
Email: rod.ward@cscglobal.com;
laura.crozier@cscglobal.com
5. Computershare Trust Company, N.A., Debt $14,439,000
As Trustee For 8.000% $14M Senior
Unsecured Notes Due 2030
1505 Energy Park Drive
St. Paul, MN 55108
Attn: Corbin B. Connell
Phone: 612-448-7325
Email: corbin.connell@computershare.com
6. City Of Norfolk Trade Debt $38,449
222 East Main Street
Norfolk, VA, 23510
Attn: General Counsel Or President
Phone: 757-664-6510
Email: monthlyparking@norfolk.gov
7. Acuative Corporation Trade Debt $34,617
27460 Network Place
Chicago, IL, 60673-1274
Attn: Vince Sciarra, CEO
Phone: 973-227-8040
Email: vsciarra@acuative.com
8. Otis Elevator Company Trade Debt $28,812
1444 N Cockrell Hill Rd, Suite 102
Dallas, TX 75211
Attn: Judy Marks, CEO, Kelly Connolly,
Treasury Services; Lanette North, Credit &
Collections Assoc. Dir.
Phone: 800-233-6847
Email: kelly.connolly2@otis.com;
lanette.north@otis.com
9. Integrity Facility Solutions Inc Trade Debt $22,632
1910 Pacific Ave Ste 20000
Dallas, TX, 75201
Attn: President Or General Counsel
Phone: 214-382-2707
Email: info@integrityfacility.com
10. ABM Janitorial Services Trade Debt $20,720
180 N La Salle St, Suite 1700
Chicago, IL 60601
Attn: Scott Salmirs, CEO, Ean L. Kryska,
Assistant General Counsel
Phone: 866-624-1520
Email: ean.kryska@abm.com
11. Chargepoint, Inc. Trade Debt $18,948
Dept La 24104
Pasadena, CA, 91185-4104
Attn: Rick Wilmer, CEO
Phone: 408-841-4500
Email: arenewal@chargepoint.com
12. Savatree Trade Debt $17,760
29885 Network Place
Chicago, IL, 60673-1298
Attn: Armin Mehic, Senior Diector, Daniel Van
Starrenburg, President
Phone: 914-777-1399
Email: dstarrenburg@savatree.com
13. Shift Logic LLP Trade Debt $13,900
11870 Santa Monica Blvd
Los Angeles, CA, 90025
Attn: Jeff Landreth, Principal
Phone: 213-204-2380
Email: jlandreth@shift-logic.com
14. Restoration Management Company Trade Debt $12,776
3090 Independence Drive
Livermore, CA, 94551
Attn: Jon Takata, CEO
Phone: 800-400-5058
Email: callcenter@rmc.com
15. B&B Rolling Door Co., Inc Trade Debt $12,552
8359 NW 54th Street
Miami, FL 33166
Attn: Celso Balan, CEO
Phone: 786-321-2946
Email: info@bbrollingdoor.com
16. Clifford Power Systems, Inc Trade Debt $12,079
9310 East 46th Street North
Tulsa, OK, 74117
Attn: Ken Clifford, CEO
Phone: 918-836-0066
Email: cpscreditrequest@cliffordpower.com
17. Environmental Enhancements, Inc. Trade Debt $11,381
Po Box 96110
Charlotte, NC, 28296-6110
Attn: Jeff Garner, CEO
Phone: 512-845-4333
Email: admin@envlandscapes.com
18. Chiller Systems Service, Inc. Trade Debt $11,058
1510 Swadley St.
Lakewood, CO, 80215
Attn: R. Scott Tracy, President
Phone: 303-275-6250
Fax: 303-275-6254
19. Davco Waterproofing Services, Inc Trade Debt $10,500
260 Cristich Lane
Campbell, CA, 95008
Attn: Andrew C. Wood, CEO
Phone: 408-371-4600
Email: andy@davcoroof.com
20. Allegiant Fire Protection LLC Trade Debt $9,941
2760 Beverly Drive Suite 9
Aurora, IL, 60502
Attn: Mike Carli, CEO
Phone: 630-506-5535
Fax: 630-423-5942
Email: cdarling@allegiantfire.net;
jsyre@allegiantfire.net;
jnottke@allegiantfire.net
21. Sound Incorporated Trade Debt $8,898
1550 Shore Road
Naperville, IL, 60563
Attn: Sandin Barucic, Director Of
Operations
Phone: 630-369-2900
Email: marketing@soundinc.com
22. Interactive Touchscreen Trade Debt $8,143
Solutions, Inc.
7150 Columbia Gateway Drive
Columbia, MD, 21046
Attn: John Gonzales
Phone: 410-451-1540
Email: info@itouchinc.com
23. Trane U.S. Inc Trade Debt $7,995
1535 Northeast Expy NE
Atlanta, GA 30329-2302
Attn: Jessie Basner, Associate General Counsel
Phone: 866-720-5051
Email: jessie.basner@tranetechnologies.com
24. APBC Enterprises LLC Trade Debt $7,166
215 Teakwood Lane
Woodstock, GA, 30188
Attn: Brian Johnson
Phone: 770-674-1176
Email: hr@allprobuildingservices.com
25. Interstate Restoration LLC Trade Debt $6,890
3401 Quorum Drive
Ft. Worth, TX, 76137-2725
Attn: Stacy Mazur
Phone: 800-622-6433
26. Building Care Systems, Inc. Trade Debt $6,725
8A Easy St
Watervliet, NY 12189
Attn: Kevin Stevens, President
Phone: 518-381-9831
Email: customerservice@buildingcaresystemsny
27. GDI Services Inc Trade Debt $6,487
220 Reservoir Street
Needham, MA, 02494
Attn: Claude Bigras, CEO
Email: claude.bigras@gdi.com
28. LPC Commercial Services, Inc. Trade Debt $6,477
1530 Wilson Boulevard Suite 200
Arlington, VA, 22209
Attn: Clay Duvall
Phone: 508-281-0226
Email: nalt@lpc.com
29. Schindler Elevator Corporation Trade Debt $6,442
200 E Randolph St, Ste 5400
Chicago, IL 60601
Attn: Geoffrey Hussey. General Manager
Phone: 800-225-3123
Email: geoffrey.hussey@schindler.com
30. Insight Global, LLC Trade Debt $6,330
4170 Ashford Dunwood Road
Atlanta, GA, 30319
Attn: Glenn Johnson, CEO
Phone: 855-485-8732
OFFICE PROPERTIES: Files Chapter 11 With $125M DIP Financing
------------------------------------------------------------
Office Properties Income Trust announced on October 30, 2025, that
it has entered into a Restructuring Support Agreement with an ad
hoc group of certain holders of its senior secured notes due
September 2029 to restructure its corporate debt and allow the
Company to substantially deleverage its balance sheet. The
transactions contemplated by the RSA provide the Company with a
significantly improved capital structure and reduced debt service
obligations, including by the equitization of approximately $1
billion of existing notes, and allow the Company to increase
liquidity while maintaining its business operations in the normal
course.
To implement the restructuring contemplated by the RSA, OPI and
certain of its subsidiaries have filed voluntary chapter 11
petitions in the United States Bankruptcy Court for the Southern
District of Texas, in Houston, Texas. Throughout this process, The
RMR Group (Nasdaq: RMR) will continue to manage the Company and
lease and maintain its properties without interruption. The Company
will continue to honor its agreements with tenants, brokers and
vendors in the ordinary course.
OPI has received a commitment for $125 million in new money,
debtor-in-possession financing from the September 2029 Ad Hoc Group
to be syndicated to other holders of the September 2029 Notes. Upon
Bankruptcy Court approval, this additional financing, together with
cash generated from the Company's ongoing operations, is expected
to support the business during the court-supervised process.
Yael Duffy, President and Chief Operating Officer of OPI, made the
following comment:
"Following a thorough review of strategies to address OPI's funded
debt obligations, we are pleased to have reached an agreement with
certain noteholders that will meaningfully strengthen OPI's balance
sheet by reducing leverage, lowering debt service obligations and
simplifying its capital structure. We remain committed to serving
our tenants and working with our brokers and other vendors with the
continued support of our manager, The RMR Group. We expect no
disruptions to our business or properties during the pendency of
the proceedings and expect OPI to emerge as a more stable and
financially flexible company, well positioned to advance its
strategic initiatives."
The RSA also contemplates a new management arrangement with RMR for
an initial term of five years. Throughout the restructuring
process, RMR will continue to manage OPI's business in the ordinary
course and expects no interruption or disruption to OPI's
day-to-day operations.
Additional Information
OPI has filed a number of customary "first day" motions with the
Bankruptcy Court seeking approval to operate its business in the
normal course during the court-supervised process. The Company
expects the Court to approve these first day motions in the coming
days.
Additional information regarding the Company's court-supervised
process is available at www.OPIrestructuring.com. Bankruptcy Court
filings and other information related to the proceedings are
available on a separate website administrated by the Company's
claims and noticing agent, Kroll Restructuring Administration LLC,
at https://restructuring.ra.kroll.com/OPI by calling Kroll
toll-free at (877) 418-2778, or +1 (646) 825-3871 for calls
originating outside of the U.S. or Canada or by emailing Kroll at
OPIinfo@ra.kroll.com.
Advisors
Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as
legal counsel to OPI, Moelis & Company LLC is serving as investment
banker, AP Services, LLC (an affiliate of AlixPartners) is serving
as restructuring advisor, Joele Frank, Wilkinson Brimmer Katcher is
serving as strategic communications advisor and Kroll Restructuring
Administration LLC is serving as claims, noticing and solicitation
agent.
About Office Properties Income Trust
OPI is a national REIT focused on owning and leasing office
properties to high credit quality tenants in markets throughout the
United States. OPI's property portfolio consists of 124 wholly
owned properties located in 29 states and the District of Columbia,
containing approximately 17.2 million rentable square feet. As of
June 30, 2025, approximately 59% of OPI's revenues were from
investment grade rated tenants. In 2024, OPI was named as an Energy
Star(R) Partner of the Year for the seventh consecutive year. OPI
is managed by The RMR Group (Nasdaq: RMR), a leading U.S.
alternative asset management company with approximately $39 billion
in assets under management as of September 30, 2025, and more than
35 years of institutional experience in buying, selling, financing
and operating commercial real estate. OPI is headquartered in
Newton, Massachusetts.
OMNIQ CORP: Expands AI Access Control at Major Texas Medical Center
-------------------------------------------------------------------
OMNIQ CORP said Oct. 28, 2025, that it is expanding operations at a
major medical institution in Texas. This is a phase in a larger
rollout adding OMNIQ's AI-based Access Control solutions to be
deployed throughout the campus.
omniQ has also deployed a Mobile Vehicle Recognition Solution and
data analytics as part of this award. These solutions will allow
traffic to flow securely inside, outside, and within the medical
institution.
A leading academic medical center on the Texas Gulf Coast is
expanding its access control system with OMNIQ. New lanes and
vehicle recognition technology are improving traffic flow and
visibility across the campus. The center serves more than 1.5
million outpatient visits and 140,000 emergency arrivals each year,
relying on a large network of garages and surface lots to support
daily operations. This phase strengthens an ongoing partnership
focused on secure, efficient mobility in complex healthcare
environments.
The expansion comes as healthcare campuses nationwide face
increasing needs such as rising parking demand and congestion, and
security needs increasing from the growing traffic. A peer-reviewed
study by E. Demirtaş and A. Atalay found that parking areas at
large hospitals often contribute to traffic congestion, creating
added challenges for patients and visitors (International Journal
of Engineering Research and Development, 2025). Those findings
underscore the importance of smarter, technology-driven mobility
systems in medical environments.
OMNIQ has supported the medical center's parking and access control
operations for several years, helping the organization modernize
and scale its infrastructure as the campus continues to grow. The
latest expansion adds to a series of rollouts designed to increase
automation, strengthen security, and improve traffic flow for staff
and patients. Additional deployments are already underway,
underscoring the center's commitment to innovation and the
Company's role as a trusted technology partner in large, complex
environments.
"This project continues a partnership built on real results," said
Shai Lustgarten, CEO of OMNIQ. "We're focused on delivering
practical automation that helps one of Texas' leading medical
institutions operate more efficiently while supporting the people
who rely on it every day."
The Company says the ongoing expansion highlights the Company's
commitment to technology that improves daily operations and
enhances mobility for complex organizations. By integrating
automation and access control across large medical campuses, OMNIQ
helps healthcare providers operate more efficiently and deliver a
better experience for staff, patients and visitors.
About OmniQ Corp
OmniQ Corporation -- www.omniq.com -- provides computerized and
machine vision image processing solutions that use patented and
proprietary AI technology to deliver real-time object
identification, tracking, surveillance, and monitoring for the
Supply Chain Management, Public Safety, and Traffic Management
applications. The technology and services provided by the Company
help clients move people, objects, and manage big data safely and
securely through airports, warehouses, schools, and national
borders and in many other applications and environments.
As of June 30, 2025, the Company had $26.78 million in total
assets, $37.75 million in total liabilities, and a total
stockholders' deficit of $10.97 million.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 31, 2025, attached to the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2024, citing that
the Company has a deficit in stockholders' equity and has sustained
recurring losses from operations. This raises substantial doubt
about the Company's ability to continue as a going concern.
ONDAS HOLDINGS: Acquires Control in Insight Intelligent Sensors
---------------------------------------------------------------
Ondas Holdings Inc., a provider of autonomous aerial and ground
robot intelligence through its Ondas Autonomous Systems (OAS)
business unit and private wireless solutions through Ondas
Networks, has acquired a controlling interest in Insight
Intelligent Sensors, an Israeli developer of AI-driven
electro-optical sensing systems.
Insight Intelligent Sensors designs and manufactures AI-powered
electro-optical systems for real-time anomaly detection in complex
environments. Its proprietary Smart Imaging Module (SIM) performs
ultra-high-resolution edge processing to detect, classify, and
track small drones, vehicles, people, and early signs of wildfires
-- even in GPS-denied or RF-contested environments. Systems from
Insight Intelligent Sensors are operationally proven through
programs with U.S. and Israeli defense and homeland security
agencies.
"The addition of Insight Intelligent Sensors strengthens Ondas'
ability to deliver advanced autonomy and sensing across multiple
domains and positions the Company for new government and commercial
programs in autonomous detection and environmental intelligence,"
said Eric Brock, Chairman and CEO of Ondas Holdings. "Their
AI-based edge processing technology adds a new layer of perception
and awareness to our aerial, ground, and counter-UAS platforms,
enabling faster, more reliable decision-making for defense and
homeland security missions. As part of OAS's expansive autonomous
systems ecosystem, we believe Insight's SIM can achieve faster,
more efficient production and commercialization."
"Insight Intelligent Sensors brings a new class of intelligent
sensing capabilities into the Ondas ecosystem," said Oshri Lugassy,
Co-CEO of Ondas Autonomous Systems. "By integrating their Smart
Imaging Module across our Optimus, Iron Drone Raider(TM), and
Apeiro platforms, we can offer end-to-end autonomy -- from
detection and analysis to response -- all in real time and across
the most demanding operational environments."
This acquisition marks a key milestone in Ondas' broader strategy
to build a unified, software-defined defense and security
architecture that integrates sensing, autonomy, and communications
across air, ground, and maritime domains. By incorporating Insight
Intelligent Sensors into its global defense portfolio, Ondas
strengthens its capability to deliver intelligent, autonomous, and
connected solutions to U.S., NATO, and allied partners --
addressing emerging needs in ISR, border security, critical
infrastructure protection, and environmental resilience.
On October 29, 2025, the Company issued an investor fact sheet
regarding the Acquisition. A copy of the fact sheet is available at
https://tinyurl.com/ydr8uwtc
About Ondas Holdings
Marlborough, Mass.-based Ondas Holdings Inc. (Nasdaq: ONDS)
provides private wireless data solutions through its subsidiary,
Ondas Networks Inc., and commercial drone solutions through Ondas
Autonomous Systems Inc. (OAS), which includes wholly owned
subsidiaries American Robotics, Inc. and Airobotics LTD. OAS
focuses on the design, development, and marketing of autonomous
drone solutions, while Ondas Networks specializes in proprietary,
software-based wireless broadband technology for both established
and emerging commercial and government markets. Together, Ondas
Networks, American Robotics, and Airobotics deliver enhanced
connectivity, situational awareness, and data collection
capabilities to users in defense, homeland security, public safety,
and other critical industrial and government sectors.
In an audit report dated March 12, 2025, the Company's auditor,
Rosenberg Rich Baker Berman, P.A., issued a "going concern"
qualification, citing that the Company has experienced recurring
losses from operations, negative cash flows from operations and a
working capital deficit as of Dec. 31, 2024.
As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total
assets, $73.68 million in total liabilities, and $16.58 million in
total stockholders' equity. As of June 30, 2025, the Company had
$151.95 million in total assets, $39.29 million in total
liabilities, and $90.82 million in total stockholders' equity.
PREDICTIVE ONCOLOGY: Updates ATM Prospectus, $18.3M Left to Sell
----------------------------------------------------------------
Predictive Oncology Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on October 29,
2025, the Company filed a Prospectus Supplement to the prospectus,
dated May 21, 2024, as part of its registration statement on Form
S-3 (333-279123), as supplemented by its prospectus supplement,
dated May 21, 2024, as further supplemented by the prospectus
supplements dated April 18, 2025 and June 2, 2025 (collectively,
the "ATM Prospectus").
The Company previously entered into an ATM Sales Agreement on May
3, 2024 with H.C. Wainwright & Co., LLC, as sales agent, to sell
shares of the Company's common stock, par value $0.01 per share,
from time to time, through an "at the market offering" program
pursuant to which Wainwright will act as sales agent.
The Company filed the Prospectus Supplement to amend the ATM
Prospectus to update the maximum amount of shares that it is
eligible to sell from and after October 29, 2025, and to specify
the value of common stock it would be permitted to sell in any
12-calendar month period under General Instruction I.B.6 of Form
S-3.
As of October 29, 2025, the Company could only offer and sell
shares of its common stock having an aggregate offering price of up
to $18,330,000.
However, in the event the Company's public float increases or
decreases, it may sell securities in public primary offerings on
Form S-3 with a value up to one-third of the Company's public
float, in each case calculated pursuant to General Instruction
I.B.6 of Form S-3 and subject to the terms of the Agreement.
In the event that the Company's public float increases above $75.0
million, it will no longer be subject to the limits in General
Instruction I.B.6 of Form S-3. If the Company's public float
increases such that it may sell additional amounts under the
Agreement and the Form S-3 registration statement of which the ATM
Prospectus is a part, the Company will file another prospectus
supplement prior to making additional sales.
As of the date of the Prospectus Supplement, the Company sold
securities with an aggregate market value of approximately
$2,417,337 pursuant to General Instruction I.B.6 of Form S-3 during
the 12 calendar months prior to, and including, the date of the
Prospectus Supplement.
DLA Piper LLP, counsel to the Company, has issued a legal opinion
relating to the shares of the Company's common stock that may be
issued pursuant to the at-the-market offering program under the ATM
Prospectus. A copy of such legal opinion, including the consent
included therein, is available at https://tinyurl.com/ycyjpkd3
About Predictive Oncology
Predictive Oncology Inc., headquartered in Pittsburgh, Pa., is a
science- and knowledge-driven company that leverages artificial
intelligence (AI) to advance the discovery and development of
optimal cancer therapies. By combining AI with a proprietary
biobank of over 150,000 tumor samples, categorized by tumor type,
the Company delivers actionable insights into drug compounds,
enhancing the drug discovery process and increasing the likelihood
of clinical success. Predictive Oncology offers a comprehensive
suite of solutions that support oncology drug development from
early discovery through to clinical trials, ultimately aiming to
improve treatment effectiveness and patient outcomes.
In its report dated March 31, 2025, the Company's auditor, KPMG
LLP, issued a "going concern" qualification, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing that the Company has incurred recurring losses from
operations and has an accumulated deficit that raises substantial
doubt about its ability to continue as a going concern.
As of June 30, 2025, Predictive Oncology had $3.44 million in total
assets, $5.09 million in total liabilities, and a total
stockholders' deficit of $1.65 million.
QORVO INC: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive
--------------------------------------------------------------
Moody's Ratings affirmed Qorvo, Inc.'s (Qorvo) Ba1 Corporate Family
Rating, Ba1-PD Probability of Default Rating, and Ba1 senior
unsecured rating following the announcement that Qorvo entered into
a definitive agreement to combine with Skyworks Solutions, Inc.
(Skyworks) in a cash and stock transaction. Additionally, the
Speculative Grade Liquidity Rating (SGL) remains unchanged at
SGL-1. The outlook remains positive.
Consideration will be comprised of $32.50 cash and 0.96 Skyworks
shares for each Qorvo share. Qorvo also has $1.5 billion of senior
unsecured notes. If the notes are assumed by Skyworks, Moody's
would consider any guarantees provided by Skyworks and in the event
the notes are not guaranteed, the adequacy of financial information
provided by Qorvo. The boards of both Skyworks and Qorvo have
unanimously approved of the transaction, which is expected to close
in early calendar year 2027. The transaction is subject to
regulatory approvals and the approval of both Skyworks and Qorvo
shareholders. The transaction is not subject to any financing
conditions. Upon closing, Skyworks shareholders will hold 63% of
the equity of the combined company, while Qorvo shareholders will
hold 37%.
The proposed combination will increase revenue scale and product
and end market diversification. Qorvo and Skyworks complementary
products will serve both the mobile phone and broad markets,
creating an enhanced TAM and R&D efficiency. Risks to the
combination include potential operational disruption or market
share loss as a result of any integration challenges.
The use of equity for at least 69% of the purchase price greatly
limits the leveraging impact of the transaction. Moody's
anticipates that proforma starting debt to EBITDA will be near 2x
debt to EBITDA (twelve months ended June 2025, Moody's adjusted).
Moody's expects that leverage will decline quickly in the 12 to 18
months following closing driven by earnings growth, partially
supported by synergies.
RATINGS RATIONALE
Qorvo's Ba1 CFR reflects the company's strong stand alone niche
position in the smartphone radio frequency front end (RFFE) market,
with an established position in the radio frequency (RF) filters
category, and a portfolio of infrastructure and defense RF
products, which tend to have longer product life cycles. Over time,
Qorvo has benefited from the growth in RF semiconductor content in
smartphones and other devices. It has a good track record of
capitalizing on its core RF, analog mixed signal and power
management technologies into products for other end markets, such
as the defense and aerospace segment.
Moody's expects Qorvo to continue to maintain conservative
financial policies that partially mitigate its business risks
stemming from its large revenue concentration at Apple Inc., a high
concentration of its revenue and profitability in the smartphone
end market, and a relatively narrow product portfolio.
Additionally, beyond the resultant business cyclicality and
seasonality, Qorvo also faces strong competition, and uncertain
impact as a result of heightened macroeconomic and trade policy
uncertainty. While Qorvo's total debt to EBITDA (Moody's adjusted)
has been elevated following significant EBITDA declines from peak
levels in fiscal 2022, leverage has declined to the low- to mid-2x
and Moody's expects leverage to decline below 2x over time.
The positive outlook reflects Moody's expectations that Qorvo's
standalone revenues and profitability will continue to strengthen
over the next 12 to 18 months. As a result, Moody's expects debt to
EBITDA (Moody's adjusted) to decline to below 2x. Free cash flow
(FCF) is expected to be at least $500 million annually on improved
profitability combined in conjunction with the company's low
capital intensity, and FCF to debt (Moody's adjusted) will remain
above 30%. The positive outlook also reflects the scale and
diversification benefits of the announced combination with Skyworks
and Moody's expectations that financial leverage would decrease
quickly following the closing of the transaction.
Qorvo's speculative grade liquidity rating (SGL) of SGL-1 indicates
the company's very good liquidity supported by cash and cash
equivalents which Moody's expects to be maintained in excess of
$700 million ($1.2 billion as of June 28, 2025) and Moody's
expectations the company will generate at least $500 million of
annual FCF generation on a standalone basis. These internal sources
of liquidity are supplemented by access to an undrawn $325 million
revolving credit facility terminating in April 2029, which Moody's
expects to remain undrawn.
The Ba1 rating of the senior unsecured notes, which equals the Ba1
CFR, reflects the predominantly single class of debt and the
limited cushion of subordinated liabilities in the capital
structure.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The senior unsecured debt ratings of Qorvo could be upgraded if
Skyworks completes the acquisition and integration of Qorvo without
material operational disruption or market share loss and the debt
of Qorvo is guaranteed by Skyworks. Moody's would also expect the
combined company to maintain a very conservative leverage profile
(e.g., less than 1.5x debt to EBITDA on a Moody's adjusted basis).
The ratings could be downgraded if Moody's expects a sustained
slowdown in Qorvo's revenue growth, EBITDA margin falls below the
low 20s percent level (Moody's adjusted) for an extended period of
time, or if profitability pressure or a material increase in debt
levels lead to debt to EBITDA (Moody's adjusted) sustained above
2.5x.
Qorvo, Inc. (Qorvo) produces radio frequency (RF) filters and
modules used in smartphones and other RF products for a variety of
end markets including cellular telephony base stations, military
and commercial radar, and WiFi networks.
The principal methodology used in these ratings was Semiconductors
published in October 2025.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
RASMUSSEN RASMUSSEN: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Rasmussen, Rasmussen and Rasmussen
133 S La Patera Ln.
Goleta, CA 93117
Case No.: 25-11445
Chapter 11 Petition Date: October 29, 2025
Court: United States Bankruptcy Court
Central District of California
Judge: Hon. Ronald A Clifford III
Debtor's Counsel: Eric Bensamochan, Esq.
THE BENSAMOCHAN LAW FIRM, INC.
2566 Overland Ave. Suite 650
Los Angeles, CA 90054
Tel: (818) 574-5740
Fax: (818) 961-0138
E-mail: eric@eblawfirm.us
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $0 to $50,000
The petition was signed by Alex Rasmussen as partner.
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/ZVOQETY/Rasmussen_Rasmussen_and_Rasmussen__cacbke-25-11445__0001.0.pdf?mcid=tGE4TAMA
RENT-A-CHRISTMAS: Court Extends Cash Collateral Access to Dec. 31
-----------------------------------------------------------------
Rent-A-Christmas, LLC received second interim approval from the
U.S. Bankruptcy Court for the Southern District of New York to use
cash collateral to fund operations.
The second interim order authorized the Debtor to use cash
collateral from October 16 to December 31 in accordance with its
budget, subject to a 10% variance.
As adequate protection for any diminution in the value of its
collateral, NYBDC Local Development Corporation, a secured
creditor, will be granted replacement liens on the cash collateral,
subject and subordinate only to the fee carveout.
In addition, NYBDC will receive $2,487.43 per month as payment for
two separate loans it provided to the Debtor.
The Debtor has two active loans with NYBDC: a 2021 loan with about
$26,267 remaining and a modified 2022 loan (formerly a line of
credit) with about $29,483 owed.
The Debtor's authority to use cash collateral terminates without
further order on the earliest of January 1, 2026; entry of an order
lifting the automatic stay; case dismissal or conversion to Chapter
7; plan confirmation; or modification or revocation of the second
interim order without NYBDC's consent.
A final hearing is scheduled for December 10. Objections are due by
December 3.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/SCOS6 from PacerMonitor.com.
About Rent-A-Christmas LLC
Rent-A-Christmas LLC is a seasonal decoration rental company
specializing in Christmas trees, lights, and holiday displays for
commercial and residential customers.
Rent-A-Christmas sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22707) on
July 29, 2025. In its petition, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities $1 million
and $10 million.
Judge Sean H. Lane oversees the case.
The Debtor is represented by Julie Cvek Curley, Esq., at Kirby
Aisner & Curley, LLP.
ROBERT PAUL: Amends Unsecured Claims Details
--------------------------------------------
Robert Paul Johnson Investments, LLC submitted an Amended
Disclosure Statement describing Chapter 11 Plan dated October 27,
2025.
As of the commencement of this case Debtor's sole asset was a lot
and boathouse located at 4003 US Hwy 79, Guntersville, AL 35976
valued by the tax assessor at $348,800.00 and securing claim #4 in
the amount of $261,162.00.
Class II consists of General Unsecured Claims. Class II Allowed
general unsecured claims in the amount of $96,033.37 shall be paid
pro rata from available funds after payment of all administrative
expenses and quarterly fees on the effective date of the Plan.
These payments will deplete Debtor's bank account and shall be the
only payment made to claimholders in this class.
This class includes claim #1 of AmeriCredit Financial Services,
Inc. in the amount of $29,809.37, claim #2 of Redstone Federal
Credit Union in the amount of $16,333.77, claim #5 of American
Express National Bank, AENB in the amount of $33,089.23, claim #6
of Cellco Partnership d/b/a Verizon Wireless in the amount of
$1.00, and PNC Equipment Finance in the scheduled amount of
$16,800.00 (no claim filed). Debtor's sole member is a
guarantor/co-obligor of the claims filed by Redstone Federal Credit
Union, American Express, Cellco Partnership and PNC Equipment
Finance.
Upon the effective date of this Plan, or as nearly thereafter as
practicable, Debtor shall commence performance under the Plan.
There was one lawsuit pending against Debtor at the time this case
was commenced: American Express National Bank vs. Robert Paul
Johnson Investments, LLC and Robert Johnson, in the Circuit Court
of Marshall County, AL, case no. 50-CV-2025-900100.00 for
collection of an account. Debtor anticipates there will be no
further collection effort by Plaintiff against Debtor following
disbursement of the funds resulting from liquidation of Debtor's
sole asset.
A full-text copy of the Amended Disclosure Statement dated October
27, 2025 is available at https://urlcurt.com/u?l=UAp4pa from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Tameria S. Driskill, Esq.
Tameria S. Driskill, LLC
246 South 8th Street
Gadsden, AL 35901
(256) 546-5591
About Robert Paul Johnson Investments
Robert Paul Johnson Investments, LLC s a sole member entity which
files its tax returns as an S corp.
The Debtor filed a Chapter 11 petition (Bankr. N.D. Ala. Case No.
25-40503) on April 15, 2025, listing under $1 million in both
assets and liabilities.
Tameria S. Driskill, Esq., serves as the Debtor's counsel.
SEKISUI HOUSE: Moody's Affirms 'Ba1' CFR, Outlook Stable
--------------------------------------------------------
Moody's Ratings affirmed the Ba1 corporate family rating, Ba1-PD
probability of default rating and Ba1 senior unsecured notes rating
of Sekisui House US, Inc. (formerly M.D.C. Holdings, Inc.). The
company's SGL-2 Speculative Grade Liquidity (SGL) rating remains
unchanged. The outlook is stable.
This rating action follows the announcement by Sekisui House, Ltd.,
the Japanese parent company of Sekisui House US, of its plan to
consolidate its US homebuilding subsidiaries under a single entity,
Sekisui House US, Inc. The reorganization is expected to be
completed by January 2026, bringing Woodside Homes Company, LLC,
Holt Group Holdings, LLC, and Chesmar Holdings, LLC and their
respective subsidiaries (all unrated) under Sekisui House US as
operating subsidiaries.
The affirmation reflects Moody's expectations that the restructured
Sekisui House US will benefit from a stronger business profile,
enhanced scale, and broader geographic diversification.
With the addition of land inventories from Woodside, Holt and
Chesmar, Sekisui House US will become the 6th largest homebuilder
in the US in terms of home closings. The reorganization will also
expand the company's footprint into six new markets—Dallas,
Houston, Central Texas, San Antonio, Willamette Valley, and
Southern Oregon—while strengthening its presence in California,
Idaho, Utah, Nevada, Washington, and Arizona.
The integration of Sekisui House, Ltd.'s US operations into one
entity is expected to improve alignment in land strategy,
financing, and procurement, and enhance operational efficiency
through a unified ERP system. Additionally, access to Sekisui
House, Ltd.'s proprietary SHAWOOD framing system is anticipated to
support growth in premium home construction.
RATINGS RATIONALE
The Ba1 CFR reflects Sekisui House US's conservative financial
policies, including the absence of joint ventures or off-balance
sheet obligations and modest leverage. The company's limited land
holdings reduce exposure to land impairment risks. Its
geographically diverse operations and focus on affordable
housing—an area of resilient demand—further support the
rating.
However, Sekisui House US's profit margins and free cash flow
generation are weak compared to similar rated peers, partially
because the company relies less on land banking and option
agreements than its peers. Other credit constraints include the
inherent cyclicality of the homebuilding industry, which can lead
to prolonged revenue declines in a downturn.
Affordability challenges in the housing market have pressured
pricing power, leading to increased reliance on incentives to
sustain sales. As a result, Moody's expects the company's pro forma
gross margin to decline from approximately 18.5%
post-reorganization to around 17.5% in 2026.
Despite an anticipated negative free cash flow of about $40 million
in 2025 due to land investments, Moody's expects Sekisui House US
to maintain good liquidity over the next 12 to 18 months. Moody's
projects the company to generate about $200 million in positive
free cash flow in 2026 as home sales materialize. As of June 30,
2025, the company held roughly $400 million in unrestricted cash
and had nearly full availability on its recently upsized $1.4
billion senior unsecured revolving credit facility, with $1.36
billion maturing in October 2029 and $40 million in November 2028.
The stable outlook reflects Moody's expectations that Sekisui House
US will continue to operate within its long-term leverage target of
below 40% debt-to-book capitalization and will maintain good
liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Sekisui House US demonstrates
maintenance of strong credit metrics, including homebuilding debt
to book capitalization below 35% and EBIT margin above 10% on a
sustained basis. An upgrade would also require maintenance of very
good liquidity, including consistent positive free cash flow
generation, and maintaining a conservative financial policy.
Finally, an upgrade would require a meaningful increase in scale
and further diversification of its product offering.
The ratings could be downgraded if Sekisui House US shifts to a
more aggressive financial policy or if operating results decline
such that debt to book capitalization approaches 45%, EBIT interest
coverage declines below 5x or liquidity weakens.
The principal methodology used in these ratings was Homebuilding
and Property Development published in September 2025.
Sekisui House US's Ba1 rating is two notches above the
scorecard-indicated outcome of Ba3. The difference reflects among
other factors, the company's improved scale and geographic
diversification following the reorganization.
Sekisui House US, Inc. was taken private in April 2024 and delisted
from the NYSE. The company is now an operating subsidiary of
Sekisui House, Ltd. a Japanese home developer. Founded in 1972 and
headquartered in Denver, CO, Sekisui House US is a mid-sized
national homebuilder that builds and sells primarily single family
detached homes to first time and first time move up buyers under
the name "Richmond American Homes". The company generated about
$4.6 billion in revenue for the twelve-month period ended June 30,
2025.
SHARPLINK GAMING: Allocates $200M ETH Treasury to Linea Layer 2
---------------------------------------------------------------
SharpLink Gaming, Inc. said October 28, 2025, a collaboration to
deploy ETH from its corporate treasury onto Linea, a zkEVM Layer 2
network bootstrapped by Consensys. SharpLink plans to allocate $200
million in ETH for deployment on Linea in a risk-managed manner
over a multi-year commitment period. As a public entity operating
at the forefront of Digital Asset Treasury innovation, SharpLink is
leveraging Linea's institutional-grade infrastructure to make its
ETH even more productive by unlocking scalable, secure and
composable ways to optimize onchain yield.
This deployment on Linea brings together leading ecosystem
participants in an innovative collaboration that allows SharpLink
to capture highly competitive, differentiated, risk-adjusted,
ETH-denominated returns. The strategy is supported by
institutional-grade risk management, leveraging the scale of its
digital asset treasury with the custodian protections of Anchorage
Digital Bank, SharpLink's qualified custodian. The yield combines
native Ethereum yield, restaking rewards from securing EigenCloud
Autonomous Verifiable Services (AVSs), and direct Linea and
ether.fi partner incentives, all within a compliant Layer 2
infrastructure.
Joseph Chalom, Co-CEO of SharpLink, stated, "As one of the largest
public holders of ETH, we manage our treasury with institutional
rigor and discipline. This deployment enables us to access the best
of Ethereum's staking, restaking and DeFi yield, while maintaining
the institutional safeguards our stockholders expect. We are proud
to be among the early institutional adopters of Linea's
infrastructure, which leads the Ethereum Layer 2 ecosystem in terms
of its standards for composability, scalability and security. This
is a foundational step in our broader strategy to responsibly
generate enhanced staking yield and optimize treasury performance
in a way that maximizes stockholder value, and marks the beginning
of a much larger effort."
Collaboration Establishes New Institutional
Pathway to DeFi Yield on Linea
This innovative partnership positions Linea as an emerging home for
institutional ETH capital and EigenCloud as a trusted source of
ETH-denominated yield. Moreover, it reinforces SharpLink's
institutional approach to actively managing and deploying its
treasury assets. This also reflects SharpLink's strategy to advance
the Ethereum ecosystem, prioritizing institutional risk management
while leveraging Ethereum's leading position in capital liquidity,
trust and security.
"Ethereum is becoming the programmable foundation for a new
generation of financial markets," noted Joseph Lubin, Founder and
CEO of Consensys, Co-Founder of Ethereum and Chairman of SharpLink.
"Linea was built to ensure that ETH is not just used but made more
productive with every deployment. Through this initial innovative
collaboration, SharpLink's ETH will earn enhanced native yield
through Linea's ecosystem partners, ether.fi and EigenCloud. It's a
model we believe other institutions will adopt as they look for
safe, efficient ways to operate onchain."
Mike Silagadze, CEO of ether.fi, stated, "We are honored to be a
primary staking solution for SharpLink's Treasury ETH. At scale,
ETH treasury managers need trusted, efficient venues to put their
assets to work -- and these companies are setting the standard for
doing so with both trust and operational excellence. We will
continue to focus on bringing the best risk adjusted returns to
institutions."
"SharpLink's commitment positions them at the foundation of a
verifiable economy that's just beginning to scale. Together with
Consensys and Linea, they're enabling EigenCloud to make possible a
new generation of services secured by ETH, like verifiable AI,
insured DeFi and trustless infrastructure that together expand the
total addressable market for Ethereum. As this economy grows, so do
yield opportunities for the institutional capital securing these
apps, agents and services. What excites me about this deployment is
not just what it delivers today, but what it enables tomorrow.
We've created infrastructure for a new class of applications that
couldn't be built without this combination of platforms," added
Sreeram Kannan, Founder and CEO of Eigen Labs.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital, noted
"Ethereum's institutional era demands infrastructure that's every
bit as secure and regulated as traditional finance. At Anchorage
Digital, we're proud to power SharpLink's staking solution on
Linea--proving that innovation and compliance can and should move
in lockstep."
Deployment Optimized for Institutional
ETH Yields Using Linea and DeFi Infrastructure
Linea provides financial institutions with a secure,
Ethereum-aligned foundation to execute high-volume operations while
benefiting from faster settlement, lower fees and composability
with the broader Ethereum ecosystem. Linea's architecture is
designed to accommodate complex institutional workflows while
preserving Ethereum's credible neutrality.
This innovative deployment marks the beginning of a broader
partnership between SharpLink and Consensys to co-develop
institutional, composable capital markets primitives. Together, the
two companies aim to pioneer new models for onchain capital raises,
programmable liquidity tools and tokenized equity strategies,
helping shape a capital markets paradigm where assets are
always-on, interoperable and globally accessible.
About Consensys:
Consensys is the leading Ethereum software company, building the
infrastructure, tools, and protocols that power the world's largest
decentralized ecosystem. Founded in 2014 by Ethereum co-founder
Joseph Lubin, Consensys has played a foundational role in
Ethereum's growth, from pioneering products like MetaMask, Linea
and Infura to shaping protocol development and staking
infrastructure. Today, Consensys continues to lead Ethereum's
evolution through strategic R&D, and direct contributions to
network upgrades like the Merge and Pectra. With a global product
suite, and deep roots across the ecosystem, Consensys is uniquely
positioned to accelerate Ethereum's role as the trust layer for a
new global economy, one that is decentralized, programmable, and
open to all. Consensys is a strategic advisor to and an investor in
SharpLink. To learn more, visit consensys.io.
About EigenCloud:
EigenCloud is the world's first verifiable cloud, enabling
developers to build applications, AI products and AI agents that
are provably trustworthy. Built on top of the EigenLayer restaking
protocol, EigenCloud extends Ethereum's security across the digital
and even physical world, allowing developers to verify any input,
event, or computation using cryptoeconomic guarantees. With
primitives like EigenAI for verifiable inference, EigenCompute for
secure offchain execution, and EigenDA for high-throughput data
availability, EigenCloud introduces verifiability-as-a-service to
launch a new era of cloud computing. Its services are backed by
over $20B in staked assets, with more than 190 Autonomous
Verifiable Services (AVSs) in development and 40+ live on mainnet.
For more information, visit eigencloud.xyz.
About Anchorage Digital:
Anchorage Digital is a global crypto platform that enables
institutions to participate in digital assets through trading,
staking, custody, governance, settlement, stablecoin issuance, and
the industry's leading security infrastructure. Home to Anchorage
Digital Bank N.A., the only federally chartered crypto bank in the
U.S., Anchorage Digital also serves institutions through Anchorage
Digital Singapore, which is licensed by the Monetary Authority of
Singapore; Anchorage Digital NY, which holds a BitLicense from the
New York Department of Financial Services; and self-custody wallet
Porto by Anchorage Digital. Anchorage Digital principal trading
services are provided through A1 Ltd. Anchorage Digital agency
trading services offered to N.Y. clients exclusively through
Anchorage Digital New York. The company is funded by leading
institutions, including Andreessen Horowitz, GIC, Goldman Sachs,
KKR and Visa, with its Series D valuation over $3 billion. Founded
in 2017 in San Francisco, California, Anchorage Digital has offices
in New York City; Porto, Portugal; Singapore; and Sioux Falls,
South Dakota. Learn more at anchorage.com, on X @Anchorage, and on
LinkedIn.
About ether.fi:
ether.fi is a leading non-custodial DeFi protocol that institutions
and investors use to stake, restake, and spend their ETH, BTC, and
stablecoins. This combination has allowed ether.fi to be the
leading DeFi banking alternative. With over $11 billion in total
value locked, ether.fi enables users to securely save, grow, and
spend using their crypto assets. For details, visit ether.fi.
About SharpLink Gaming
SharpLink Gaming, Inc., operates as a marketing partner to
sportsbooks and online casino gaming operators globally. SharpLink
Gaming operates as a marketing partner to sportsbooks and online
casino gaming operators globally. Based in Minneapolis, Minnesota,
the Company operates PAS.net, an affiliate marketing network that
facilitates player acquisition and engagement for regulated iGaming
operators. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences.
Cherry Bekaert LLP, the Company's auditor since 2022, included a
"going concern" qualification in its audit report dated March 14,
2025, for the fiscal year ended December 31, 2024. The firm cited
recurring losses and negative operating cash flows as factors that
raise substantial doubt about the Company's ability to continue
operating.
As of Dec. 31, 2024, the Company had $2.57 million in total assets
against $488,300 in total liabilities. As of June 30, 2025, the
Company had $453.92 million in total assets, including $382.4
million in digital tangible assets, against $1.393 million in total
liabilities.
SKYWORKS SOLUTIONS: Moody's Affirms 'Ba1' CFR, Outlook Positive
---------------------------------------------------------------
Moody's Ratings affirmed Skyworks Solutions, Inc.'s (Skyworks) Ba1
corporate family rating, Ba1-PD probability of default rating, Ba1
senior unsecured notes rating, and Ba1 senior unsecured revolving
credit facility rating, following Skyworks' announcement that it
intends to acquire Qorvo, Inc. (Qorvo) for about $10 billion in a
cash and stock acquisition. The company's Speculative Grade
Liquidity (SGL) rating of SGL-1 remains unchanged. The outlook
remains positive.
Consideration will be comprised of $32.50 cash and 0.96 Skyworks
shares for each Qorvo share. Qorvo also has $1.5 billion of senior
unsecured notes. If the notes are assumed by Skyworks, Moody's
would consider any guarantees provided by Skyworks and in the event
the notes are not guaranteed, the adequacy of financial information
provided by Qorvo. The boards of both Skyworks and Qorvo have
unanimously approved of the transaction, which is expected to close
in the first half of calendar year 2027. The transaction is subject
to regulatory approvals and the approval of both Skyworks and Qorvo
shareholders. Starboard Value, LP, an approximately 8% shareholder
of Qorvo, has signed a voting agreement in support of the
transaction. Skyworks has obtained debt financing commitments from
Goldman Sachs & Co, LLC. and the transaction is not subject to any
financing conditions. Upon closing, Skyworks shareholders will
hold 63% of the equity of the combined company, while Qorvo
shareholders will hold 37%.
The acquisition will increase Skyworks' revenue scale and product
and end market diversification. In Skyworks' mobile phone segment,
the acquisition of Qorvo adds complementary radiofrequency (RF)
products, including ultra-high band power amplifier modules,
antenna tuning and power management, and WiFi chips. To Skyworks
Broad Markets segment, Qorvo will contribute a strong business of
products and customer relationships in the aerospace & defense
market as well as a range of complementary RF and power management
products across Edge Internet of Things (Edge IoT), data center and
telecommunications infrastructure, automotive, and the broad
industrial market. The acquisition also reduces Skyworks' revenue
concentration to it largest customer, from 68% (twelve months ended
June 27, 2025) to around 60% (twelve months ended June 28, 2025,
Moody's estimated).
The use of equity for at least 69% of the purchase price greatly
limits the leveraging impact of the acquisition. Moody's expects
that the large combined cash balance of both Skyworks and Qorvo
($2.5 billion at June 2025) and the accumulation of combined free
cash flow after dividends (FCF) until the acquisition closes will
limit the debt funding needed for the cash portion of the purchase
price. Excluding anticipated cost synergies, the pro forma starting
leverage would be in the low-2x level of debt to EBITDA (twelve
months ended June 2025, Moody's adjusted). Including anticipated
synergies, the pro forma starting leverage would be below 2x debt
to EBITDA (twelve months ended June 2025, Moody's adjusted). With
revenue growth and profitability expansion in the year following
closing (anticipated in the first half ofFY2027), Moody's would
expect leverage to decline toward the mid-1x level of debt to
EBITDA (Moody's adjusted).
RATINGS RATIONALE
The Ba1 CFR reflects Skyworks' solid financial risk profile, though
with elevated end market and customer concentration. The company
sells into the highly competitive smartphone market (about two
thirds of revenues), which has very short product cycles of one to
two years, making it critical to maintain market share in each new
phone model. Skyworks generates 65% to 70% of its revenue from
sales into a variety of products for Apple Inc., which exposes
Skyworks to a potential loss of business or margin compression in
Apple's new products over time.
Given the above risks, Moody's expects that Skyworks as a
standalone company will maintain a conservative leverage profile,
with debt to EBTIDA (Moody's adjusted) maintained at or below 1.5x.
This provides flexibility to mitigate the potential volatility of
the smartphone market. Skyworks has an established market position
in RF chips used in smartphones. Increasing dollar content of RF
chips in smartphones provides a secular revenue driver despite the
maturity of the smartphone market. The Broad Markets business,
which serves a variety of end markets such as automotive,
industrial, communications infrastructure, healthcare, and
aerospace and defense, partially diversifies Skyworks'
smartphone-concentrated revenue base
During the fiscal Q1 earnings call (quarter end December 27, 2024),
Skyworks revealed that Apple would be dual-sourcing a key part in
its upcoming smartphone model, reducing Skyworks' content in this
model by 20% to 25% versus the prior year model, negatively
impacting revenues in late FY 2025 and throughout FY 2026. This
decline will be partially offset by growth in Skyworks' Broad
Markets business, which continues to recover from the inventory
corrections across end markets that negatively impacted revenues in
FY2023 and FY2024 and from growth in the Android market. Prior to
closing of the Qorvo acquisition, Moody's expects that Skyworks'
financial leverage will rise modestly to around the mid 1x level of
debt to EBITDA (Moody's adjusted) over the next 12 to 18 months.
The positive outlook reflects the scale and diversification
benefits of the announced acquisition of Qorvo and Moody's
expectations that financial leverage would decrease quickly
following the closing of the acquisition. Skyworks' positive
outlook also reflects Moody's expectations that financial leverage
will remain low despite an annual revenue decline in the mid-single
digits percent over the next 12 to 18 months. This reflects the
content loss with their key customer, reducing revenue in late
FY2025 and through FY2026 relative to FY2024 levels, partially
offset by a revenue recovery in FY2027 driven by continued growth
in Skyworks' non-mobile phone business.
The Speculative Grade Liquidity (SGL) rating of SGL-1 indicates
very good liquidity, which is supported by Skyworks' consistent FCF
and a large cash balance. Moody's expects that Skyworks will
generate annual FCF of at least $100 million (Moody's adjusted)
over the next 12 to 18 months and maintain a cash and marketable
securities balance of at least $700 million ($1.3 billion as of
June 27, 2025). In addition, Skyworks has a $750 million revolving
credit facility that matures in July 2026 (Revolver). Moody's
expects that Skyworks will take steps to extend the maturity of the
Revolver well in advance of the current July 2026 maturity. Moody's
do not anticipate any drawings under the Revolver, as the company
generates consistent FCF. Given the low financial leverage,
Skyworks should remain comfortably in compliance with the
Revolver's leverage financial maintenance covenant (maximum of 3.0x
debt to EBITDA as defined in the credit agreement, relaxed by 0.5x
for material acquisitions, as defined) over the next 12 to 18
months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if:
-- Skyworks completes the acquisition and integration of Qorvo
without material operational disruption or market share loss
-- Maintains the very conservative leverage profile (e.g., less
than 1.5x debt to EBITDA on a Moody's adjusted basis)
The ratings could be downgraded if:
-- In the absence of completing the Qorvo acquisition, Skyworks'
revenues decline or remain flat on more than temporary basis
-- Profitability pressure or a material increase in debt levels
lead to debt to EBITDA (Moody's adjusted) sustained above 2.5x.
Skyworks Solutions, Inc. designs and manufactures analog
semiconductor chips, primarily radiofrequency communication chips
used in smartphones and cellular communications infrastructure for
amplification and filtering of RF signals.
The principal methodology used in these ratings was Semiconductors
published in October 2025.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
SOLANA COMPANY: SOL Holdings Rise to 2.3 Million
------------------------------------------------
Solana Company announced its updated Solana token and cash holdings
as of Oct. 29 at 12:00 am ET, as well as its current staking
performance.
This update reflects the Company's continued execution of its
mission to maximize SOL per share through disciplined execution of
its digital asset treasury strategy including capital deployment,
active onchain management, and transparent reporting.
As of Oct. 29, the Company and its subsidiaries collectively hold
over 2.3 million SOL, which is an increase of roughly 0.1 million
since its last update on Oct. 6. The Company and its subsidiaries
also collectively hold in excess of $15 million of cash and
stablecoins, which it intends to use to further the digital asset
strategy.
For the month of October through October 27th (the latest complete
epoch), the Company's average gross staking yield was 7.03% APY.
This performance was approximately 36 basis points better than the
6.67% APY stake-weighted average of the top 10 validators over that
same period. Solana Company's SOL holdings are primarily staked
through institutional-grade validator infrastructure, with rewards
automatically restaked to compound returns. This staking yield
translates to consistent daily onchain revenue generation while
preserving full liquidity and custody of underlying assets.
"Our strategy integrates disciplined capital markets execution with
high-performance on–chain yield," said Cosmo Jiang, General
Partner at Pantera Capital and Board Observer at the Company. "HSDT
has increased its SOL holdings by roughly 5% in less than a month.
Additionally, with a gross staking yield of over 7%, our Solana
holdings are compounding and outperforming benchmarks by more than
35 basis points. We believe this consistent alpha demonstrates the
strength of our active management mode, which captures both onchain
productivity and capital markets efficiency."
"Institutional engagement with Solana Company has accelerated
following key network milestones and ecosystem developments," said
Joseph Chee, Executive Chairman of Solana Company and Chairman of
Summer Capital. "We remain focused on transparency and growth,
operating at the intersection of capital markets and blockchain
innovation. The goal is to develop a compounding vehicle that grows
intrinsic value through disciplined capital allocation and
long-term alignment with the Solana network's success."
Solana remains one of the world's fastest-growing blockchain
networks, processing over 3,500 transactions per second and
maintaining approximately 3.7 million daily active wallets. The
network is among the leaders in transaction revenue and user
adoption, offering an estimated 7% native staking yield,
positioning SOL as a financially productive asset for long-term
treasuries.
Created in partnership with Pantera Capital and Summer Capital, the
Solana Company serves as the market's dedicated vehicle for
institutional participation in the Solana ecosystem. Its approach
integrates capital markets access, onchain management, and
long-term staking to compound SOL-denominated returns. Through
transparent disclosures on asset composition, yield, and
performance, the Company provides investors with a structured,
regulated channel to capture Solana's growth.
Additional information, including the latest Chairman's Note and
corporate presentation, is available at
https://www.solanacompany.co/investor-relations
About Solana Company
Solana Company (Nasdaq: HSDT) formerly known as Helius Medical
Technologies, Inc. is a listed digital asset treasury dedicated to
acquiring Solana (SOL), created in partnership with Pantera and
Summer Capital. Focused on maximizing SOL per share by leveraging
capital markets opportunities and onchain activity, Solana Company
offers public market investors optimal exposure to Solana's secular
growth.
In its report dated March 25, 2025, the Company's auditor since
2022, Baker Tilly US, LLP, issued a "going concern" qualification,
attached to the Company's Annual Report on Form 10-K for the year
ended Dec. 31, 2024, citing that the Company has recurring losses
from operations and an accumulated deficit, expects to incur losses
for the foreseeable future, and requires additional working
capital. These factors raise substantial doubt about their ability
to continue as a going concern.
As of March 31, 2025, Helius Medical Technologies had $3.5 million
in total assets, $2.2 million in total liabilities, and total
stockholders' equity of $1.3 million.
SPECIALTY CARTRIDGE: Gets Final OK to Use Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, issued a final order authorizing Specialty
Cartridge, Inc. to continue using the cash collateral of Pinnacle
Bank, the primary secured lender.
The final order penned by Judge Paul Bonapfel authorized the Debtor
to use cash collateral to fund its operations from October 16 until
confirmation of its proposed Chapter 11 plan of reorganization.
The Debtor claims it owes Pinnacle Bank approximately $6.18 million
under various loan and lease agreements.
As protection for the use of its cash collateral, Pinnacle Bank was
granted a replacement lien on assets acquired by the Debtor after
the petition date. These assets do not include Chapter 5 proceeds.
To further protect Pinnacle Bank, the Debtor was authorized to
continue its weekly interest-only payments of $1,500.
The final order is available at https://is.gd/gxR2bR from
PacerMonitor.com.
About Specialty Cartridge Inc.
Specialty Cartridge, Inc., doing business as Atlanta Arms,
manufactures precision ammunition for handguns and rifles. Based in
Covington, Ga., the company supplies law enforcement agencies,
military clients, and shooting sports professionals. It operates
out of a 20,000-square-foot climate-controlled facility.
Specialty Cartridge sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55193) on May 7, 2025.
In its petition, the Debtor reported total assets of $15,065,301
and total liabilities of $8,137,719.
G. Frank Nason, IV, Esq., at Lamberth Cifelli Ellis & Nason, PA is
the Debtor's legal counsel.
Pinnacle Bank, as secured lender, is represented by:
Michael B. Pugh, Esq.
Thompson, O'Brien, Kappler & Nasuti, P.C.
2 Sun Court, Suite 400
Peachtree Corners, GA 30092
Telephone: (770) 925-0111
Fax: (770) 925-8597
mpugh@tokn.com
SPIRIT AVIATION: Pomerantz Sues Over False Financial Statements
---------------------------------------------------------------
Pomerantz LLP announced on October 29, 2025, that a class action
lawsuit has been filed on behalf of investors in the securities of
Spirit Aviation Holdings, Inc. The class action, filed in the
United States District Court for the Southern District of Florida,
and docketed under 25-cv-61959, is on behalf of a class consisting
of all persons and entities other than Defendants that purchased or
otherwise acquired Spirit securities between May 28, 2025 and
August 29, 2025, both dates inclusive, seeking to recover damages
caused by Defendants' violations of the federal securities laws and
to pursue remedies under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against
certain of the Company's top officials.
If you are an investor who purchased or otherwise acquired Spirit
securities during the Class Period, you have until December 1,
2025, to ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Danielle
Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW),
toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and the number of
shares purchased.
Spirit is the parent company of Spirit Airlines, LLC, an
ultra-low-cost American airline that provides passenger air
transportation services for destinations throughout the United
States, Latin America, and the Caribbean.
In November 2024, Spirit's predecessor entity, Spirit Airlines,
Inc. and its subsidiaries filed a voluntary petition for Chapter 11
bankruptcy protection after years of mounting losses and increased
competition, among other issues.
In March 2025, the Corporate Debtors satisfied the conditions
precedent to consummation of a pre-arranged Chapter 11 plan of
reorganization (the "Plan of Reorganization"), whereby, inter alia,
the Corporate Debtors emerged from Chapter 11 bankruptcy
protection. In connection with the Plan of Reorganization, Former
Spirit completed a corporate reorganization pursuant to which
Spirit became the new parent company of the Corporate Debtors, with
Former Spirit becoming a wholly owned subsidiary of Spirit and
converted from a Delaware corporation to a Delaware limited
liability company.
In late April 2025, Spirit announced that its common stock had been
approved for listing on the NYSE American, with public trading to
begin on April 29, 2025 under the ticker symbol "FLYY."
Thereafter, at all relevant times, Defendants touted their
purported plan to enhance Spirit's liquidity, financial condition,
and business operations, as well as the purported positive impacts
these measures were having the Company's business and financial
results. In so doing, Defendants indicated to investors and the
market that Spirit's business had emerged from bankruptcy
protection on improved financial footing with the requisite
corporate strategy and means to operate as a publicly traded
company.
The Complaint alleges that, throughout the Class Period, Defendants
made materially false and misleading statements regarding Spirit's
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose that:
(i) Spirit was at substantial risk of being unable to meet certain
of its debt and other financial obligations
(ii) Spirit was also at substantial risk of being forced to file
for Chapter 11 bankruptcy protection within a mere matter of months
(iii) accordingly, Defendants had overstated enhancements to
Spirit's financial condition, liquidity, and overall business and
operations, while simultaneously downplaying the negative impacts
of adverse market conditions on the same and
(iv) as a result, Defendants' public statements were materially
false and misleading at all relevant times.
On August 11, 2025, Spirit filed a quarterly report on Form 10-Q
with the U.S. Securities and Exchange Commission for the period
ended June 30, 2025. Therein, Defendants disclosed that "there is
substantial doubt as to the Company's ability to continue as a
going concern within 12 months[,]" citing, inter alia, "adverse
market conditions" and "minimum liquidity covenants in the
Company's debt obligations and credit card processing agreement
[that] require financial results to improve at a rate faster than
what the Company is currently anticipating."
On this news, Spirit's stock price fell $1.44 per share, or 40.68%,
to close at $2.10 per share on August 12, 2025.
That same month, on August 29, 2025, Spirit issued a press release
wherein Defendants disclosed, inter alia, that "the Company has
filed voluntary petitions for Chapter 11 in the U.S. Bankruptcy
Court for the Southern District of New York" and that "[t]he
[Company's] shares are expected to be cancelled and have no value
as part of Spirit's restructuring."
On the next trading day, September 2, 2025, the NYSE suspended
trading of Spirit's common stock. As Spirit explained in an SEC
filing on September 3, 2025, the Company had received a notice from
the regulatory staff of the NYSE (the "NYSE Regulation") on
September 2, 2025, wherein the NYSE Regulation notified Spirit that
it "had determined to commence proceedings to delist the common
stock . . . of the Company" and, accordingly, trading in Spirit's
common stock "was suspended immediately on September 2, 2025."
Following the foregoing disclosures and developments, Spirit's
stock price fell $0.71 per share, or 58.2%, to close at $0.51 per
share on September 3, 2025-the first day that the Company's common
stock began trading on the over-the-counter market under the ticker
symbol "FLYYQ."
Pomerantz LLP, with offices in New York, Chicago, Los Angeles,
London, Paris, and Tel Aviv, is acknowledged as one of the premier
firms in the areas of corporate, securities, and antitrust class
litigation. Founded by the late Abraham L. Pomerantz, known as the
dean of the class action bar, Pomerantz pioneered the field of
securities class actions. Today, more than 85 years later,
Pomerantz continues in the tradition he established, fighting for
the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
billions of dollars in damages awards on behalf of class members.
See www.pomlaw.com.
About Spirit Aviation Holdings Inc.
Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit
Airlines, a U.S.-based low-cost carrier providing air
transportation services across the United States, Latin America,
and the Caribbean. They employ approximately 25,000 direct
employees and independent contractors.
Spirit Aviation Holdings and its subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead
Case No. 25-11897) on August 29, 2025. In the petition signed by
Frederick Cromer, authorized signatory, Spirit Aviation Holdings
disclosed up to $8.5 billion in assets and $8.1 billion in
liabilities.
Judge Sean H. Lane oversees the cases.
Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents
the Debtors as legal counsel.
The Debtors tapped FTI Consulting, Inc. as restructuring, fleet and
communications advisor PJT Partners, LP as investment banker
Debevoise & Plimpton, LLP as fleet counsel Morris, Nichols, Arsht &
Tunnell, LLP as conflicts counsel, and Epiq Corporate
Restructuring, LLC as claims, noticing, solicitation and
administrative agent.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
STM CONSTRUCTION: Behrooz Vida Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the
Vida Law Firm, PLLC as Subchapter V trustee for STM Construction,
LLC.
Mr. Vida will be paid an hourly fee of $495 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Vida declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Behrooz P. Vida, Esq.
The Vida Law Firm, PLLC
3000 Central Drive
Bedford, TX 76021
Telephone: (817) 358-9977
Facsimile: (817) 358-9988
behrooz@vidalawfirm.com
About STM Construction LLC
STM Construction, LLC, a company in McKinney, Texas, provides
general contracting services, including new construction, repairs,
restorations, and build-outs, for commercial and residential
projects.
STM Construction filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-43231) on
October 28, 2025, listing between $1 million and $10 million in
assets and liabilities.
Brandon John Tittle, Esq., at Tittle Law Firm, PLLC represents the
Debtor as bankruptcy counsel.
STREAM TV: Court OKs Trustee's Settlement Agreement with Rembrandt
------------------------------------------------------------------
Judge Derek J. Baker of the United States Bankruptcy Court for the
Eastern District of Pennsylvania overruled the objection of Visual
Semiconductor, Inc. to the motion filed by William A. Homony., the
chapter 11 trustee of Stream TV Networks, Inc., seeking approval of
the settlement agreement between the estate and Rembrandt 3D
Holding Ltd. and related relief. The Settlement Agreement is
approved.
The Trustee and Rembrandt have agreed to cease the multiplicity of
litigation between them, pending or on appeal in various courts,
and settled upon certain negotiated payments and rights Rembrandt
will receive from the estate.
The Settlement Agreement identifies seven distinct pending legal
proceedings in which Rembrandt is adverse to either the Trustee or
the Debtors. The Settlement Agreement also identifies a sizeable
claim Rembrandt has asserted against the Debtors. Rembrandt filed
multiple proofs of claim in this bankruptcy case, effectively
alleging $1,212,407,000 is owed to Rembrandt, a figure derived from
alleged lost profits according to the terms of a prior agreement
between Stream TV and Rembrandt.
The Settlement Agreement results in a dismissal of the actions
where Rembrandt is a plaintiff (except for the Pennsylvania
District Court Action) (E.D. Pa. 24-cv-06706).
The Settlement Agreement calls for:
(i) Rembrandt to terminate its participation in the appeals
pending in the Eastern District of Pennsylvania,
(ii) the parties to reject/terminate the agreements existing
between the Debtors and Rembrandt, and
(iii) a reduction of Rembrandt's general unsecured claim in the
Chapter 11 case from $1.2 billion to $1 million.
The Settlement Agreement provides that the Trustee shall pay
Rembrandt $100,000.00 in cash as well as use reasonable efforts to
seek a judgment in favor of the Trustee and against SeeCubic, Inc.
in an amount of $1,150,000.00 (which will be assigned to Rembrandt
on a non-recourse basis) in full satisfaction of the Pennsylvania
District Court Action. Rembrandt agrees to make certain additional
discovery and disclosures available to the Trustee which have been
the subject of other contested matters. The parties agree to
exchange mutual, general releases.
The Trustee filed his Omnibus Motion and seeks approval of the
settlement and related relief. VSI and SeeCubic lodged objections
to the Motion on entirely separate grounds.
VSI, operated by Mathu Rajan, had proposed to fund a plan through
which VSI would contribute significant capital to the Debtors in
exchange for issuance of new stock, attempting to effectively gain
clear control of the assets and the panoply of intellectual
property rights of the Debtors. The Trustee, however, decided that
a sale of substantially all of the Debtors' assets pursuant to Sec.
363 of the Bankruptcy Code was in the best interests of the estate,
and on December 9, 2024, the Court approved a free and clear sale
of the Debtors' assets to SeeCubic.
SeeCubic had been a secured creditor of the Debtors and was
approved as a stalking horse bidder in the Debtors' asset sale
process. Through that process, SeeCubic purchased the Debtors'
assets and closing occurred on January 3, 2025. As part of the
asset purchase agreement, and included in the Sale Order, SeeCubic
agreed to indemnify the Trustee for costs associated with
addressing claims that certain intellectual property was improperly
transferred as part of the sale. According to the Trustee, on March
24, 2025, he demanded that SeeCubic defend and indemnify him in
connection with certain litigation against Rembrandt. He alleges
SeeCubic ignored his demands and breached its obligations under the
Sale Order. The Trustee is presently seeking a judgment against
SeeCubic to enforce those indemnification rights.
VSI's relation to the Motion is not entirely clear. While VSI was a
proposed equity sponsor of a prior failed plan and is helmed by the
Debtors' now-ousted principal, VSI does not appear to be a creditor
of the Debtors or be directly affected by the Trustee's Motion.
Rather VSI asserts that a purported separate agreement between
Rembrandt and VSI strips Rembrandt's authority to settle litigation
with the Trustee.
The Trustee testified that settlement eliminates the risk of an
outsized liability that would jeopardize any potential recoveries
by creditors. Allowing Rembrandt a residual claim against the
estate of only $1,000,000.00 benefits all other unsecured creditors
whose claims would have been otherwise drastically diluted by
Rembrandt's as-filed claim. The Settlement Agreement also preserves
estate assets, , by reducing the costs of conducting discovery,
employing professionals, and continuing litigation. Resolving those
litigations and eliminating an appellant on several appeals,
including of this Court's prior sale order, reduces the risk those
appeals pose to estate assets and will allow for this case to
proceed more rapidly to creditor distributions.
The Court finds that the Settlement Agreement is fair, reasonable,
and in the best interests of the estate and creditors. The Trustee
has used his business judgment to negotiate settlement of several
pending actions which will reduce estate expenses, maximize
distributions to creditors, and allow for a smoother and quicker
path to a confirmed plan and distributions. The Trustee's testimony
to this end is largely unopposed and the Court credits the
Trustee's representations and business judgment. The Settlement
Agreement undoubtedly falls within the "range of reasonableness"
and meets the requirements for approval pursuant to Federal Rule of
Bankruptcy 9019.
Judge Baker holds, "Because the Trustee has satisfied the standard
for approval of a compromise pursuant to Federal Rule of Bankruptcy
Procedure 9019, VSI's objection is overruled and the Settlement
Agreement is approved. However, because the Trustee failed to prove
SeeCubic positively and unconditionally repudiated its obligations
under the Sale Order, SeeCubic's objection to entry of the judgment
is sustained, without prejudice to the Trustee seeking similar
relief in the future based on new facts and circumstances."
A copy of the Court's Opinion dated October 31, 2025, is available
at https://urlcurt.com/u?l=EUlijy from PacerMonitor.com.
About Stream TV Networks
Stream TV Networks Inc. develops technology intended to display
three-dimensional content without the use of 3D glasses.
Stream TV Networks sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Penn. Case No. 23-10763) on March 15,
2023. In the petition filed by Mathu Rajan, as director, the Debtor
reported assets between $500 million and $1 billion and estimated
liabilities between $10 million and $50 million.
The case is overseen by Honorable Bankruptcy Judge Magdeline D.
Coleman.
The Debtor is represented by Rafael X. Zahralddin-Aravena, Esq., at
Lewis Brisbois Bisgaard & Smith.
STRICKS LLC: CoBank to Push for Receiver, Says No Deal Yet
----------------------------------------------------------
CoBank, ACB, which is seeking to appoint a receiver for Stricks,
LLC and Stricks AG, LLC, tells the Colorado District Court that the
Defendants, in their Unopposed Motion for Second Extension of Time
to Respond to Plaintiff's Verified Motion for Immediate Appointment
of Limited Receiver and for Extension of Time to Respond to
Complaint, indicated that "[t]he Parties reached a settlement
agreement" and that the extension is necessary "so the Parties can
formalize the settlement agreements."
CoBank clarifies that as of Oct. 30, there is no settlement
agreement between the Parties, and while settlement remains a
possibility, further settlement discussions are at a standstill.
While CoBank, as a matter of professional courtesy, did not oppose
the Defendants' Motion, CoBank intends to move forward in seeking
the appointment of a limited receiver without further delay.
CoBank sued Stricks LLC and Stricks AG LLC after they defaulted on
the parties' credit agreement. CoBank alleges a $5 million
Seasonal Loan came due on December 20, 2024, and a Revolving Loan
came due on August 6, 2025. The Defendants failed to timely pay
both.
Because of the default, CoBank says it is able to seek all
principal amounts past due and accelerate the Maturity Dates of
each of the lines of credit.
As of August 26, 2025, the outstanding balance due under the Loan
Documents across all Loans, exclusive of attorneys' fees and costs,
was $39.8 million.
The case is, CoBank, ACB v. Stricks, LLC et al, Case No.
1:25-cv-02942 (D. Colo., Sept. 18, 2025), before the Hon. Philip A.
Brimmer.
CoBank is represented by:
Adam L. Hirsch, Esq.
DAVIS GRAHAM & STUBBS LLP
3400 Walnut Street, Suite 700
Denver, CO 80205
Tel: (303) 892-9400
E-mail: adam.hirsch@davisgraham.com
- and -
Benjamin E. Shook, Esq.
Katherine C. McDiarmid, Esq.
MOORE & VAN ALLEN PLLC
100 North Tryon Street, Suite 4700
Charlotte, NC 28202-4003
Tel: (704) 331-1000
E-mail: benshook@mvalaw.com
katherinemcdiarmid@mvalaw.com
Attorneys for Defendants Stricks, LLC and Stricks Ag, LLC:
Fritz W. Ganz, Esq.
COAN, PAYTON & PAYNE, LLC
999 18th Street
South Tower, Suite S-3100
Denver, CO 80202
E-mail: fganz@cp2law.com
Stricks LLC and Stricks AG LLC farm sustainable specialty crops,
such as chickpeas, lentils, and peas, for mass production to the
larger agricultural supply chain.
TALPHERA INC: Adds 1.5M Shares Under Equity & Employee Stock Plans
------------------------------------------------------------------
Talphera, Inc. filed a Registration Statement on Form S-8 with the
U.S. Securities and Exchange Commission for the purpose of
registering 1,400,000 additional shares of common stock to be
issued pursuant to the Company's Amended and Restated 2020 Equity
Incentive Plan and 100,000 additional shares of common stock to be
issued pursuant to the Company's Amended and Restated 2011 Employee
Stock Purchase Plan.
The Company may be reached through:
Raffi Asadorian
Chief Financial Officer
Talphera, Inc.
1850 Gateway Drive, Suite 175
San Mateo, CA 94404
Tel: (650) 216-3500
A full-text copy of the Registration Statement is available at:
https://tinyurl.com/t8ndkndt
About Talphera
Headquartered in San Mateo, California, Talphera, Inc. --
www.talphera.com -- is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. Talphera's lead product
candidate, Niyad, is a lyophilized formulation of nafamostat and is
currently being studied under an investigational device exemption
(IDE) as an anticoagulant for the extracorporeal circuit, and has
received Breakthrough Device Designation status from the U.S. Food
and Drug Administration (FDA).
Walnut Creek, Calif.-based BPM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended Dec. 31, 2024, citing that the Company has
suffered recurring operating losses and negative cash flows from
operating activities since inception and expects to continue to
incur operating losses and negative cash flows in the future. These
matters raise substantial doubt about its ability to continue as a
going concern.
As of June 30, 2025, Talphera had $16.52 million in total assets,
$9.89 million in total liabilities, and $6.63 million in total
stockholders' equity.
TEKNATOOL USA: Unsecured Creditors Will Get 10% Dividend in Plan
----------------------------------------------------------------
Teknatool USA, Inc. filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Disclosure Statement describing
Chapter 11 Plan dated October 25, 2025.
Teknatool is a global exporter with its Parent (Teknatool
International Ltd) based in New Zealand, since 1980 with sales to
over 15 countries. R&D is based in New Zealand and manufacturing of
its products in China.
Teknatool USA Inc. (TekUSA) was incorporated in December 2010 in
Florida as a corporate C company. This was a recognition that USA
was the largest global woodworking market and that the company
needed a solid 'on the ground' presence. Teknatool International
(NZ) had operated as an exporter to the USA since the 1980s and the
logical step was to operate directly to grow the market.
The Debtor anticipated, with Chapter 11, it would give TekUSA the
space and relief to continue working on a much more successful
business plan to successfully meet the current challenging business
environment.
The Plan in this case proposes to pay its obligations over 9 years
from confirmation of the plan beginning on the effective date
estimated as January 1, 2026.
Class 6 consists of General Unsecured Creditors. Allowed unsecured
non insider claims will be paid dividend of 10% at $4548 month paid
quarterly $54,576 yearly to July 5, 2034 8.5 years. This Class will
receive a distribution of $468,444. The allowed unsecured claims
total $4,683,717.23.
Class 7 consists of Equity Security Holders of the Debtors. Keep
their Equity Interests for new value contributed by equity holder
Teknatool International Ltd (New Zealand) $100,000 end of 2025 then
$168,000 over 3 years, plus amounts to cover any shortfalls total
at least $268,000; plus amounts to be determined to be paid by Joel
Latimer on his guaranty.
Payments and distributions under the Plan will be funded by the
debtor by the ongoing operation of the business and contributions
from parent expected to make a substantial payment.
A full-text copy of the Disclosure Statement dated October 25, 2025
is available at https://urlcurt.com/u?l=ECNLyo from
PacerMonitor.com at no charge.
The Debtor's Counsel:
Joel Aresty, Esq.
JOEL M. ARESTY PA
309 1st Ave. S.
Tierra Verde, FL 33715
Tel: (305) 904-1903
E-mail: aresty@icloud.com
About Teknatool USA Inc.
Teknatool USA Inc., a company in Seminole, Fla., offers a wide
array of woodturning tools and accessories, including lathes and
chucks, catering to both hobbyists and professionals in the
woodworking community.
Teknatool USA filed a Chapter 11 bankruptcy petition (Bankr. M.D.
Fla. Case No. 25-01248) on March 1, 2025. In its petition, the
Debtor reported between $1 million and $10 million in both assets
and liabilities.
Judge Catherine Peek McEwen handles the case.
Joel Aresty, Esq., at Joel M. Aresty, PA is the Debtor's legal
counsel.
Pathward N.A., as secured creditor, is represented by:
James J. Webb, Esq.
Mitrani, Rynor, Adamsky & Toland, P.A.
301 Arthur Godfrey Road, PH
Miami Beach, FL 33140
Tel: (305) 358-0500
Fax: (305) 358-0550
jwebb@mitrani.com
TOPICAL BIOMEDICS: Unsecureds Will Get 100% of Claims over 7 Years
------------------------------------------------------------------
Topical BioMedics, Inc. ("TBM") submitted an Amended Disclosure
Statement describing Amended Plan dated October 27, 2025.
The Debtor continues to operate as a debtor-in-possession pursuant
to Sections 1107 and 1108 of the Bankruptcy Code.
Class 4 consists of Allowed Unsecured Claims. Unless otherwise
agreed by the applicable holder of an Allowed Claim in this Class
to accept different and less favorable treatment, each holder of an
Allowed Unsecured Claim shall be entitled receive a one hundred
percent distribution of its claim over a period of 7 years. The
amount of the Class 4 claims total the sum of $1,057,493.00. The
monthly payment to Class 4 creditors shall be approximately
$12,589.20.
Class 6 consists of the interest of the shareholders (preferred and
common stock) of the Debtor. The Debtor does not propose a change
in the ownership structure of the Debtor and the existing
shareholders shall retain his/her interest in the Debtor, but shall
not receive any dividends or payments under the Plan.
The Debtor's Plan will be implemented by revenues generated and
received in the ordinary course and operations of the business,
together with an anticipated, future infusion of capital from
investors. The Debtor expects to launch a multi-tiered crowdfunding
campaign, supported by targeted social outreach to donors and/or
investors aligned with the Debtor’s mission of alternative
wellness and with the Debtor's prior award of grant funds.
As of the Effective Date, and except as otherwise provided in this
Plan, pursuant to the provisions of Bankruptcy Code Section 1141(b)
and (c), all assets shall vest in the reorganized Debtor free and
clear of all Claims, liens, encumbrances, charges, membership
interests and other interests, subject to the terms and conditions
of this Plan and the Confirmation Order. Upon confirmation, the
reorganized Debtor shall be entitled to manage their affairs for
window purposes without further Order of this Court.
The Debtor's Plan does not provide for payment or treatment of the
alleged claims of AltWellRX, Inc. ("AWR"), Fundamental Credit
Advisors, LLC ("FCA") and John P. Takacs (collectively the "AWR
Parties"). The Debtor, on November 11, 2024, commenced an adversary
proceeding with the filing of a complaint against AWR, FCA, and
Takacs (as well as other affiliated entities) seeking to void as a
fraudulent conveyance the Licensing Agreement between the Debtor
and AWR. The adversary proceeding also seeks an accounting to
determine what, if any, obligation is owed by the Debtor to the
defendants therein and whether the defendants are liable for
damages to the Debtor for fraudulent acts. Furthermore, the Debtor
filed a Motion objecting to the Proofs of Claim filed by AWR, FCA
and Takacs (in the amounts of $3,342,485.00, $2,168,714.00 and
$2,168,714.00, respectively).
The Debtor expressly retains and seeks to enforce and prosecute any
and all claims, rights and causes of action against the AWR Parties
belonging to the Debtor or its estate. Any proceeds or recoveries
from such retained causes of action shall be distributed in
accordance with this Plan or as may be subsequently approved by the
Court.
Prior to substantial consummation of this Plan, the Debtor shall
seek modification of its Plan pursuant to Section 1127(b), subject
to court approval, to accommodate and include the Court's
determinations regarding the AWR Parties.
A full-text copy of the Amended Disclosure Statement dated October
27, 2025 is available at https://urlcurt.com/u?l=CEhxk3 from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
GENOVA, MALIN & TRIER, LLP
Andrea B. Malin, Esq.
Michelle L. Trier, Esq.
Hampton Business Center
1136 Route 9
Wappingers Falls, New York 12590
(845) 298-1600
About Topical BioMedics Inc.
Topical BioMedics offers natural pain relief products.
Topical BioMedics, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
24-36109) on Nov. 11, 2024, listing $437,628 in assets and
$2,412,922 in liabilities. The petition was signed by Dennis
Barnett Dennis as chairman of the Board.
Michelle L. Trier, Esq. at GENOVA, MALIN & TRIER, LLP, is the
Debtor's counsel.
TRASK RADIO: Voluntary Chapter 11 Case Summary
----------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Trask Radio LLC (Lead Case) 25-12431
674 9th Avenue
New York, NY 10036
Advanced Aerospace LLC 25-12433
Balcon Salon
674 9th Avenue
New York, NY 10036
Business Description: Trask Radio LLC and Advanced Aerospace LLC,
doing business as Balcon Salon, operate a
bar at 674 9th Avenue in the Hell's Kitchen
neighborhood of New York, serving the local
LGBTQ+ community. Balcon Salon leases the
premises from Trask Radio LLC, which owns
the property. The companies are privately
held, with ownership divided between Eric L.
Einstein (51%) and Justin Buchanan (49%).
Chapter 11 Petition Date: October 31, 2025
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. David S Jones
Debtors' Counsel: Ilana Volkov, Esq.
David C. McGrail, Esq.
Cynthia L. Botello, Esq.
MCGRAIL & BENSINGER LLP
888-C 8th Avenue #107
New York, NY 10019
Tel: (201) 931-6910
Email: ivolkov@mcgrailbensinger.com
dmcgrail@mcgrailbensinger.com
cbotello@mcgrailbensinger.com
Trask Radio's
Total Assets: $8,814,531
Trask Radio's
Total Liabilities: $12,078,286
Advanced Aerospace's
Estimated Assets: $1 million to $10 million
Advanced Aerospace's
Estimated Liabilities: $10 million to $50 million
Eric L. Einstein, as member, signed the petitions.
The petitions were filed without the Debtors' list of their 20
largest unsecured creditors.
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/XV7ACUI/Trask_Radio_LLC__nysbke-25-12431__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/GVW37QI/Advanced_Aerospace_LLC__nysbke-25-12433__0001.0.pdf?mcid=tGE4TAMA
TURNONGREEN INC: Secures $1.5MM Convertible Loan from SJC Lending
-----------------------------------------------------------------
TurnOnGreen, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on October 29, 2025,
the Company entered into a Securities Purchase Agreement with SJC
Lending LLC, a Delaware limited liability company, pursuant to
which the Company agreed to sell to SJC convertible promissory
notes in the aggregate principal amount of up to $1,650,000 for a
total purchase price of up to $1.5 million.
The consummation of the transactions contemplated by the Agreement
is subject to various customary closing conditions.
In addition, SJC entered into various collateral agreements in
support of the Convertible Notes, including:
(i) an Intellectual Property Security Agreement, pursuant to
which the Company and its subsidiaries, Digital Power Corporation,
a Delaware corporation, and TOG Technologies, Inc., a Nevada
corporation, granted SJC a continuing security interest in all of
their right, title, and interest in certain trademarks, copyrights,
patents, and mask works;
(ii) a Security Agreement, pursuant to which the Company and
the Company's Subsidiaries granted SJC a security interest in
substantially all of their respective assets as collateral for
repayment of the Convertible Notes; and
(iii) a Pledge Agreement, pursuant to which the Company pledged
the capital stock of the Company's Subsidiaries as additional
collateral.
Description of the Agreement
The Agreement provides that the Loan shall be conducted through
seven separate tranche closings, provided, however, that SJC has
the ability, exercisable in its sole discretion, to purchase any
principal face amount of Convertible Notes prior to the dates of
the tranche closings provided for in the Agreement.
Pursuant to the Agreement, the initial tranche closing, which
occurred on the Execution Date, consisted of the issuance of a
Convertible Note to SJC in the principal face amount of $440,000,
for a purchase price of $400,000.
Pursuant to the Agreement, subject to certain conditions being
satisfied, following the filing by the Company with the Securities
and Exchange Commission of a Registration Statement registering for
resale under the Securities Act of 1933, as amended, the shares of
the Company's common stock, par value $0.001 per share, issuable
upon conversion of the Convertible Notes, SJC will purchase a
Convertible Note in the principal face amount of $220,000, for a
purchase price of $200,000.
Following the SEC's declaration of effectiveness of the
Registration Statement, subject to certain conditions being
satisfied, SJC will purchase additional Convertible Notes having an
aggregate principal face amount of $990,000 for a total purchase
price of $900,000, to be funded in monthly increments consistent
with the tranche schedule set forth in the Agreement.
Until the later of the date that all Convertible Notes have been:
(i) repaid in full; or
(ii) fully converted into shares of Common Stock pursuant to
the terms of the Agreement and the Convertible Notes, neither the
Company nor any subsidiary thereof shall issue, enter into any
agreement to issue or announce the issuance or proposed issuance of
any shares of Common Stock or instruments convertible into,
exercisable or exchangeable for such shares of Common Stock, with
certain exceptions.
The Agreement and the Convertible Notes contain customary
affirmative and negative covenants applicable to the Company and
its subsidiaries. Among other things, the Company is restricted,
for so long as any Convertible Notes remain outstanding, from:
(i) incurring additional indebtedness or granting liens other
than permitted indebtedness and liens,
(ii) declaring or paying dividends or other distributions,
(iii) entering into mergers, acquisitions, or other
change-of-control transactions,
(iv) selling or transferring material assets outside the
ordinary course of business,
(v) issuing additional equity or convertible securities except
as expressly permitted, and
(vi) amending its charter, bylaws, or other governing documents
in a manner adverse to the holder of the Convertible Notes.
These covenants are subject to customary exceptions and thresholds
as set forth in the Agreement and the Convertible Notes.
Additionally, commencing on the Execution Date and continuing until
the earlier of:
(i) such date when the Convertible Notes are no longer
outstanding; or
(ii) one year thereafter, the Company shall be prohibited from
entering into a variable rate transaction.
From the Execution Date and continuing until the date that is one
year therefrom, SJC shall have a right of first refusal with
respect to any investment proposed to be made by any individual or
entity for each and every future public or private equity offering,
including a debt instrument convertible into equity of the Company
during such period.
The Agreement contains customary representations, warranties and
agreements by the Company, obligations of the parties, termination
provisions and closing conditions. The representations, warranties
and covenants contained in the Agreement were made only for
purposes of such agreement and as of specific dates, were solely
for the benefit of the parties to such agreement, and may be
subject to limitations agreed upon by the contracting parties.
Description of Convertible Notes
The first Convertible Note, which was issued to SJC on the
Execution Date, has a principal face amount of $440,000 and was
issued with an original issue discount of 10%. The remaining
Convertible Notes will be issued as described above under
"Description of the Agreement."
The Convertible Notes accrue interest at the rate of 12% per annum,
unless an event of default (as defined in the Convertible Notes)
occurs, at which time the Convertible Notes in excess of $300,000
will accrue interest at 20% per annum. The Convertible Notes will
mature on the first anniversary of their respective issuance dates.
The Convertible Notes are convertible into shares of the Company's
Common Stock on the terms and conditions set forth in the
Convertible Notes, at a conversion price equal to the greater of:
(i) $0.035 per share, which Floor Price shall not be adjusted
for stock dividends, stock splits, stock combinations, or other
similar transactions; and
(ii) an amount representing a 20% discount to the Company's
lowest VWAP on any Trading Day (as defined in the Convertible
Notes) during the 10 Trading Days immediately prior to the date of
conversion.
About TurnOnGreen Inc.
TurnOnGreen, Inc., formerly known as Imperalis Holding Corp., a
Nevada corporation, through its wholly owned subsidiaries Digital
Power Corporation and TOG Technologies Inc., is engaged in the
design, development, manufacture, and sale of highly engineered,
feature-rich, high-grade power conversion and power system
solutions for mission-critical applications and processes.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated April
23, 2025, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2024, citing that the Company
has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
As of June 30, 2025, the Company had $2.58 million in total assets,
$9.5 million in total liabilities, and $31.92 million in total
equity.
VALLEY JUICE: Gets Extension to Access Cash Collateral
------------------------------------------------------
Valley Juice, LLC received another extension from the U.S.
Bankruptcy Court for the Northern District of California to use
cash collateral to fund operations.
At the hearing held on November 4, the court extended the Debtor's
authority to use cash collateral until November 19, the date of the
next hearing.
The Debtor was initially allowed to access cash collateral pursuant
to the court's October 20 interim order.
The interim order directed the Debtor to make a monthly payment of
$25,000 to the Bank of Midwest, a division of NBH Bank, and granted
the bank and other secured creditors replacement liens on the cash
collateral, with the same validity and priority as their
pre-bankruptcy liens.
Bank of Midwest is represented by:
Lisa M. Peters, Esq.
Kutak Rock LLP
1650 Farnam Street
Omaha, NE 68102
Phone: 402.661.8609 / 402.346.6000
Fax: 402.346.1148
lisa.peters@kutakrock.com
About Valley Juice LLC
Valley Juice, LLC operates quick-service restaurants under the
Jamba brand, offering smoothies, juices, and related food products
in the San Francisco Bay Area. It manages franchise locations that
provide blended fruit and vegetable beverages, energy bowls, and
snacks to retail consumers.
Valley Juice sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Calif. Case No. 25-41876) on October 8, 2025. In
its petition, the Debtor reported total assets of $639,209 and
total liabilities of $24,977,816.
Honorable Bankruptcy Judge William J. Lafferty handles the case.
The Debtor is represented by Chris Kuhner, Esq., at Kornfield,
Nyberg, Bendes, Kuhner & Little, P.C.
VENUS CONCEPT: Lender Relaxes Minimum Liquidity Requirements
------------------------------------------------------------
Venus Concept Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on October 31, 2025,
the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of
the Company, Venus Concept Canada Corp., a wholly-owned Canadian
subsidiary of the Company, and Venus Concept Ltd., a wholly-owned
Israeli subsidiary of the Company, entered into a Consent Agreement
with Madryn Health Partners, LP and Madryn Health Partners (Cayman
Master), LP.
The Consent Agreement granted relief under the Loan and Security
Agreement (Main Street Priority Loan), dated December 8, 2020,
among the Lenders, as lenders, and Venus USA, as borrower, such
that:
(i) certain minimum liquidity requirements under the MSLP Loan
Agreement are waived through November 30, 2025, and
(ii) Venus USA is permitted to apply the November 8, 2025 cash
interest payment due under each Note (as defined in the Consent
Agreement) to the respective outstanding principal balance of each
Note.
A full-text of the Consent Agreement is available at
https://tinyurl.com/farprxan
Twenty First Bridge Loan Amendment:
On October 31, 2025, the Loan Parties entered into a Twenty First
Bridge Loan Amendment Agreement with the Lenders. The Twenty First
Bridge Loan Amendment amended that certain Loan and Security
Agreement, dated April 23, 2024, among Venus USA, as borrower, the
Company, Venus Canada and Venus Israel, as guarantors, and the
Lenders, as lenders, such that:
(i) the maturity date of the Bridge Loan is extended from
October 31, 2025 to November 30, 2025, and
(ii) certain minimum liquidity requirements under Loan and
Security Agreement are waived through November 30, 2025.
A full-text copy of the Twenty First Bridge Loan Amendment is
available at https://tinyurl.com/55maad9w
Thirteenth Delayed Drawdown:
On April 23, 2024, the Company, Venus USA, Venus Canada, and Venus
Israel, entered into a Loan and Security Agreement, with the
Lenders and Madryn, as administrative agent. Pursuant to the Loan
and Security Agreement (as amended), the Lenders agreed to provide
the Borrower with bridge financing in the form of a term loan in
one or more draws in an aggregate principal amount of up to
$5,000,000 which amount was subsequently increased to
$28,237,906.85. Borrowings under the Bridge Financing will bear
interest at a rate per annum equal to 12%.
On the maturity date of the Bridge Financing, the Loan Parties are
obligated to make a payment equal to all unpaid principal and
accrued interest. The Loan and Security Agreement also provides
that all present and future indebtedness and the obligations of the
Borrower to Madryn shall be secured by a priority security interest
in all real and personal property collateral of the Loan Parties.
The initial drawdown under the Loan and Security Agreement occurred
on April 23, 2024, when the Lenders agreed to provide the Borrower
with bridge financing in the form of a term loan in the principal
amount of $2,237,906.85.
The second drawdown under the Loan and Security Agreement occurred
on July 26, 2024, when the Lenders agreed to provide the Borrower
with a subsequent drawdown under the Loan and Security Agreement in
the principal amount of $1,000,000.
The third drawdown under the Loan and Security Agreement occurred
on September 11, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,000,000.
The fourth drawdown under the Loan and Security Agreement occurred
on November 1, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,000,000.
The fifth drawdown under the Loan and Security Agreement occurred
on November 26, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,200,000.
The sixth drawdown under the Loan and Security Agreement occurred
on December 9, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,500,000.
The seventh drawdown under the Loan and Security Agreement occurred
on January 27, 2025, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $3,000,000.
The eighth drawdown under the Loan and Security Agreement occurred
on February 21, 2025, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $2,300,000.
The ninth drawdown under the Loan and Security Agreement occurred
on April 4, 2025, when the Lenders agreed to provide the Borrower
with a subsequent drawdown under the Loan and Security Agreement in
the principal amount of $2,000,000.
The tenth drawdown under the Loan and Security Agreement occurred
on May 22, 2025, when the Lenders agreed to provide the Borrower
with a subsequent drawdown under the Loan and Security Agreement in
the principal amount of $2,000,000.
The eleventh drawdown under the Loan and Security Agreement
occurred on July 21, 2025, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $2,000,000.
The twelfth drawdown under the Loan and Security Agreement occurred
on August 21, 2025, when the Lenders agreed to provide the Borrower
with a subsequent drawdown under the Loan and Security Agreement in
the principal amount of $2,000,000.
The thirteenth drawdown under the Loan and Security Agreement
occurred on September 19, 2025, when the Lenders agreed to provide
the Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $2,000,000.
On October 28, 2025, the Lenders agreed to provide the Borrower
with a subsequent drawdown under the Loan and Security Agreement in
the principal amount of $2,000,000.
The Thirteenth Delayed Drawdown was funded on October 28, 2025. The
Company expects to use the proceeds of the Thirteenth Delayed
Drawdown, after payment of transaction expenses, for general
working capital purposes.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Mississauga, Canada-based MNP LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has reported recurring net losses and negative cash flows from
operations, which raises substantial doubt about its ability to
continue as a going concern.
As of June 30, 2025, the Company had $63.09 million in total
assets, $60.31 million in total liabilities, and $2.33 million in
total stockholders' equity.
VERRICHIA COMPANY: Receiver Seeks to Take Over More Companies
-------------------------------------------------------------
Alan Gould, Esq., as Receiver over Thomas Verrichia's interests in
29 corporate entities to aid in the execution of judgments
exceeding $30 million, asks the U.S. District Court for the Eastern
District of Pennsylvania to expand the receivership to additional
entities affiliated with Thomas Verrichia and Nancy Verrichia.
According to the receiver, recent forensic tracing and follow-up
discovery by the receiver's expert, Stephen J. Scherf, has revealed
new and significant post-judgment transfers and concealment of
assets involving the Verrichias. The updated Scherf report
identifies millions of dollars in diverted income, unauthorized
loans, and asset transfers through entities nominally held by or
affiliated with the Verrichias.
Moreover, in a recent deposition by the receiver's counsel, Nancy
Verrichia admitted under oath that she and Thomas had circumvented
the receivership order on certain accounts in order to make
payments to third parties.
The receiver also seeks to impose sanctions against the Verrichias
and their counsel.
The receiver says the Verrichias, through their counsel, engaged in
obstructive deposition conduct that violated the Federal Rules of
Civil Procedure and the Court's prior Orders. The October 8, 2025
deposition transcript of Nancy reveals a repeated pattern of
improper interference, including where her attorney instructed her
not to answer material questions concerning sources of funds and
her compliance with a prior court order.
A copy of the receiver's request is available at
https://urlcurt.com/u?l=bZ37rE from PacerMonitor.com.
The matter began in December 2022 when SB PB Victory, L.P.,
commenced a lawsuit against Tonnelle North Bergen LLC and Thomas
Verrichia to confirm an arbitration award, after the defendants
defaulted under a $17.2 million promissory note that matured
November 30, 2020.
The receiver is represented by:
Robert L. Saldutti, Esq.
Rebecca K. McDowell, Esq.
Thomas B. O’Connell, Esq.
SALDUTTI LAW GROUP
1700 Market Street, Suite 1005
Philadelphia, PA 19103
Tel: (610) 994-1137
Email: rsaldutti@slgcollect.com
rmcdowell@slgcollect.com
toconnell@slgcollect.com
Thomas Verrichia is an American commercial real estate developer
and the founder and president of The Verrichia Company, LLC. He is
primarily known for his work in the acquisition, development,
ownership, and operation of retail projects, particularly in the
metropolitan Philadelphia area, as well as in New Jersey, Colorado,
and Indiana.
VIVAKOR INC: Lender Converts $400,000 Note Into 3.9MM Shares
------------------------------------------------------------
Vivakor, Inc., has received a Notice of Conversion from a lender
converting $400,000 of the Principal Amount of the Initial Note
into 3,923,492 shares of the Company's common stock.
The Company on March 17, 2025, issued a junior secured convertible
promissory note to J.J. Astor & Co., in the principal amount of
$6,625,000, in relation to a Loan and Security Agreement by and
between the Company, its subsidiaries, and the Lender. The Company
received $5,000,000, before fees. The Company received the funds on
March 18, 2025.
Pursuant to the terms of the Initial Note and the Notice of
Conversion, the Company issued the Shares. The Shares were issued
without a Rule 144 restrictive legend pursuant to a legal opinion
received by the Company and its transfer agent.
The issuance of the securities was exempt from registration
pursuant to Section 4(a)(2) of the Securities Act promulgated
thereunder as the holder is an accredited investor and familiar
with our operations.
About Vivakor, Inc.
Vivakor, Inc. provides transportation, storage, reuse, and
remediation services for crude oil and petroleum byproducts. The
Company operates facilities under long-term contracts to support
these services and manages energy-related assets, properties, and
technologies.
Vivakor reported total assets of $244.54 million, total liabilities
of $146.5 million, and total stockholders' equity of $98.04 million
as of June 30, 2025.
The Company has historically suffered net losses and cumulative
negative cash flows from operations, and as of June 30, 2025, it
had an accumulated deficit of approximately $112.1 million. As of
June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital
deficit of approximately $105.8 million and $101.5 million,
respectively. As of June 30, 2025, the Company had cash of
approximately $3.7 million, of which $3.2 million is restricted
cash. In addition, the Company has obligations to pay
approximately $74 million of debt within one year of the issuance
of the financial statements.
In its audit report dated April 15, 2025, Urish Popeck & Co., LLC
issued a "going concern" qualification citing that the Company has
a significant working capital deficiency, suffered significant
recurring losses from operations, and needs to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
WELL RUN: Seeks Subchapter V Bankruptcy in Alabama
--------------------------------------------------
On October 20, 2025, Well Run LLC filed Chapter 11 protection in
the Northern District of Alabama. According to court filing, the
Debtor reports $1,501,649 in debt owed to 1 and 49 creditors.
About Well Run LLC
Well Run LLC operates a coffee cafe under the Just Love Coffee Cafe
brand in Madison, Alabama, providing food and beverage services,
including coffee, espresso drinks, teas, juices, and light snacks.
Well Run LLC sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-82131) on
October 20, 2025. In its petition, the Debtor reports total assets
of $650,769 and total liabilities of $1,501,649.
Honorable Bankruptcy Judge Clifton R. Jessup Jr. handles the
case.
The Debtor is represented by Kevin D. Heard, Esq. of HEARD, ARY &
DAURO, LLC.
WPT PROPERTIES: Lender Seeks Receiver Amid $1.3B Loan Default
-------------------------------------------------------------
Wells Fargo Bank, National Association -- as Trustee, for the
benefit of Holders of J.P. Morgan Chase Commercial Mortgage
Securities Trust 2018-WPT, Commercial Mortgage Pass-Through
Certificates, Series 2018-WPT -- asks the U.S. District Court for
the District of Arizona to appoint a receiver to take immediate
possession and control of the real and personal property that WPT
Properties LP and WPT Land 2 LP pledged as collateral for a more
than $1.28 billion commercial real estate loan.
"The appointment of a receiver is necessary for the protection and
preservation of Lender's collateral for the loan. The appointment
of a receiver is Lender's statutory right under [the Uniform
Commercial Real Estate Receivership Act] and it is a right agreed
to by the Defendant in the loan and security documents evidencing
the loan, the appointment of a receiver in this instance is just
and equitable, and Defendants have already agreed to the
appointment of a receiver in this situation because multiple
'Events of Default' have occurred under the loan and security
documents evidencing this loan," Wells Fargo says.
The loan was originally extended by JPMorgan in 2018. Pursuant to a
2018 Co-Lender Agreement, Wells Fargo was designated as the "Lead
Securitization Note Holder" for the Loan and has the sole and
exclusive authority with respect to the administration of, and
exercise of rights and remedies with respect to, the Loan,
including the right to institute any foreclosure action or other
remedy.
Pursuant to a Modification and Extension Agreement dated June 30,
2023, the maturity date was amended to be July 1, 2025.
According to Wells Fargo, the Borrowers failed to make the monthly
debt service payments starting in January 2025 and continuing
through June 2025. Additionally, Borrowers failed to pay the Loan
in full on the July 1, 2025 maturity date.
To protect and preserve its Collateral, Wells Fargo made a
protective advance of $2.99 million in May 2025 and a protective
advance of $9.95 million in August 2025 to the Borrowers, which
amounts have not been repaid to the Lender.
The Borrowers' failure to make the monthly payments owed to the
Lender and to deliver the requisite funds for reserve and escrow as
and when required under the Loan Documents, failure to pay the Loan
in full at maturity, and failure to repay the Lender for protective
advances made by the Lender constitute Events of Default under the
Loan Documents. By letters dated January 21, June 6, and August 25,
2025, the Lender notified the Borrowers of the Events of Default.
The case was originally filed in the Superior Court of the State of
Arizona, Maricopa County, and was later removed to the U.S.
District Court for the District Court of Arizona. Judge Dominic W.
Lanza presides over the case.
Wells Fargo is represented by:
John S. Craiger, Esq.
Aaron Jackson, Esq.
POLSINELLI PC
CityScape
One East Washington Street, Suite 1200
Phoenix, AZ 85004
Tel: (602) 650-2000
Fax: (602) 264-7033
E-mail: jcraiger@polsinelli.com
WPT is represented by:
Jared Sutton, Esq.
Jon Weiss, Esq.
Benjamin Shattuck, Esq.
PAPETTI SAMUELS WEISS MCKIRGAN LLP
16430 North Scottsdale Road, Suite 290
Scottsdale, AZ 85254
Tel: (480) 800-3527
(480) 800-3540
(480) 800-3531
Email: bshattuck@PSWMlaw.com
Email: jsutton@PSWMlaw.com
Email: jweiss@PSWMlaw.com
WPT PROPERTIES: Opposes Receivership Bid, Claims Forum Shopping
---------------------------------------------------------------
WPT Properties LP and WPT Land 2 LP ask the U.S. District Court for
the District of Arizona to deny the request of Wells Fargo Bank,
National Association -- as Trustee, for the benefit of Holders of
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT,
Commercial Mortgage Pass-Through Certificates, Series 2018-WPT --
for appointment of a receiver.
In the alternative, WPT contends the Court should set an
evidentiary hearing to address the affirmative harm a receiver
would work on the assets Wells Fargo purports to want to protect.
WPT tells the Court that, despite what Wells Fargo alleges, and
contrary to the purpose of a receiver in the first instance,
appointing a receiver would work real harm on their real estate
portfolio.
According to WPT, the first problem with Wells Fargo's application
is that it is an exercise in forum shopping. The loan on which
Wells Fargo sues was made to five entities and the loan agreement
has a New York choice of law and venue provision. This suit thus
should have been filed in New York, where all borrowers are subject
to jurisdiction. Instead, Wells Fargo filed in Arizona against the
only two borrowers that own property to take advantage of Arizona's
receivership law, WPT says. But this jurisdictional gambit serves
only to prove a receiver cannot be appointed, WPT asserts.
The two borrowers Wells Fargo sued, WPT Properties LP and WPT Land
2 LP, are part of a commercial real estate enterprise with 144
properties in four states, of which are operated by a single
property manager. A receiver could only control assets Defendants
own in Arizona because the Court doesn't have jurisdiction over
real property in other states, WPT contends.
"But because management of the Arizona assets is inextricably
intertwined with management of assets in other states, it would be
affirmatively harmful for a receiver to assert control over a
fraction of the overall Portfolio," WPT argues.
"And that says nothing of the fact that a receiver would interfere
with the contractual rights and obligations of the other borrowers
and the entity that manages the entire Portfolio, even though they
are not parties to this lawsuit."
Non-party Workspace Property Trust, L.P. is a Delaware limited
partnership with its principal place of business in Florida.
Workspace Property Trust owns the entities listed below, all of
which are also Delaware limited partnerships with their principal
places of business in Florida:
Entity States Where Property Owned
------ ---------------------------
WPT Properties, LP Florida (4 properties)
Arizona (5 properties)
Minnesota (3 properties)
WPT Land 2, LP Florida (41 properties)
Arizona (9 properties)
Minnesota (16 properties)
Pennsylvania (29 properties)
RV OP 1 LP (non-party) Pennsylvania (34 properties)
RV OP 2 LP (non-party) Pennsylvania (2 properties)
RV OP 3 Lessee LP Pennsylvania (1 property)
(non-party)
The 144 properties they collectively own are all managed by
Workspace Property Management, L.P. Although there is some overlap
in ownership, Manager is organized and operated independently from
WPT and each property-owning entity (including Defendants).
The Court need not even address the complicated jurisdictional
issues Wells Fargo instigated, though, because Wells Fargo has not
met its threshold burden to show a receiver is necessary, WPT
points out. Wells Fargo relies solely on allegations of Defendants'
monetary (not operational) default and unsupported conclusions
about diminished value.
"Even if we assume arguendo Defendants defaulted, that would not by
itself warrant a receiver. In fact, according to Plaintiff,
Defendants have been in default for almost a year, yet there isn't
a shred of evidence that any of the assets have been wasted or
otherwise dissipated in value in that time. To the contrary, the
evidence shows Defendants have kept the properties fully
operational despite barriers Plaintiff has erected along the way.
Regardless of whether the parties' agreements contemplate the
possibility of a receiver upon default, Plaintiff was still
required to establish that a receiver is appropriate. It failed to
do that."
WPT contends that despite the refusal of Keybank, the Lender's
servicing agent, to fully fund Borrowers' expenses (when there is
money in the account to do so), the Borrowers and the Manager have
persevered. In the 10+ months since Wells Fargo declared default,
the Borrowers and Manager have kept every property in the Portfolio
fully operational and executed over 70 leases. The Borrowers also
have been in constant contact with Keybank about the status of the
properties and the alleged default. Not once has Wells Fargo raised
any concern that the Borrowers were causing a "diminution" of the
properties' value. Nor has Wells Fargo ever questioned the
sufficiency of the Manager's work or the Borrowers' ability to
continue protecting the Plaintiff's interests in the properties as
collateral. There has never been any suggestion of fraud or waste
or that the Borrowers or the Manager are misspending. To the
contrary, Wells Fargo and the Borrowers have worked together this
entire time, including Plaintiff approving the terms of new leases
and the sale of assets in the Portfolio to improve the Borrowers'
liquidity.
Wells Fargo is asking the Court to appoint a receiver to take
immediate possession and control of the real and personal property
that WPT Properties LP and WPT Land 2 LP pledged as collateral for
a more than $1.28 billion commercial real estate loan. According
to Wells Fargo, the Borrowers have failed to make monthly debt
service payments from January 2025 through June 2025, and have
failed to pay the Loan in full on the July 1, 2025 maturity date.
The case was originally filed in the Superior Court of the State of
Arizona, Maricopa County, and was later removed to the U.S.
District Court for the District Court of Arizona. Judge Dominic W.
Lanza presides over the case.
Wells Fargo is represented by John S. Craiger, Esq., and Aaron
Jackson, Esq., at POLSINELLI PC.
The WPT Borrowers are represented by Jared Sutton, Esq., Jon Weiss,
Esq., and Benjamin Shattuck, Esq., at PAPETTI SAMUELS WEISS
MCKIRGAN LLP.
X4 PHARMA: Growth Equity Opportunities, NEA Funds Hold 6.2% Stake
-----------------------------------------------------------------
Growth Equity Opportunities 18 VGE, LLC, NEA 18 Venture Growth
Equity, L.P., NEA Partners 18 VGE, L.P., NEA 18 VGE GP, LLC, and
individual reporting persons Ali Behbahani, Carmen Chang, Anthony
A. Florence, Jr., Mohamad H. Makhzoumi, Edward T. Mathers, Scott D.
Sandell, Paul Walker, and Rick Yang, disclosed in a Schedule 13D/A
(Amendment No. 4) filed with the U.S. Securities and Exchange
Commission that as of October 27, 2025, they beneficially own
5,057,610 shares of X4 Pharmaceuticals, Inc.'s common stock, $0.001
par value per share, representing approximately 6.2% of the class,
based on 81,038,574 shares outstanding (which includes 79,214,708
shares reported by the Company and 1,823,866 exercisable shares).
The holdings consist of 3,233,744 shares of common stock and the
right, upon exercise of pre-funded and class warrants, to purchase
up to 1,823,866 additional shares. The securities were acquired
through working capital of Growth Equity Opportunities 18 VGE, LLC
in connection with an October 2025 underwritten offering, at a
purchase price of $2.90 per share.
Growth Equity Opportunities 18 VGE, LLC and related reporting
persons may be reached through:
Stephanie Brecher
New Enterprise Associates
1954 Greenspring Drive, Suite 600
Timonium, Md. 21093
Tel: (410) 842-4000
A full-text copy of Growth Equity Opportunities 18 VGE, LLC's SEC
report is available at: https://tinyurl.com/6u6ztuer
About X4 Pharmaceuticals
Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical
company focused on discovering, developing, and commercializing
novel therapeutics for the treatment of rare diseases and those
with limited treatment options, particularly conditions resulting
from immune system dysfunction.
Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated March 25, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended Dec. 31, 2024, citing that
the Company has incurred operating losses and negative cash flows
from operations since inception that raise substantial doubt about
its ability to continue as a going concern.
As of December 31, 2024, X4 Pharmaceuticals had $146.45 million in
total assets, $124.23 million in total liabilities, and $22.15
million in total shareholders' equity. As of June 30, 2025, it had
$105.17 million in total assets, $101.2 million in total
liabilities, and $3.97 million in total shareholders' equity.
ZOOZ STRATEGY: Acquires 94 Bitcoin for $10 Million
--------------------------------------------------
ZOOZ Strategy Ltd., formerly known as ZOOZ Power Ltd., said October
28, 2025, that it has acquired an additional 94 Bitcoin at an
average price of $112,000 per Bitcoin, representing a total
consideration per such Bitcoin of approximately $10 million. With
this latest purchase, ZOOZ's total Bitcoin holdings now stand at
1,036 Bitcoin.
This continued accumulation reflects ZOOZ's commitment to its
long-term Bitcoin treasury strategy and strengthens its standing as
the firstdual-listed companies on Nasdaq and the Tel Aviv Stock
Exchange to integrate Bitcoin as a core treasury asset. The Company
offers investors direct Bitcoin exposure denominated in New Israeli
Shekels (NIS), a distinctive opportunity in the capital markets.
Jordan Fried, CEO of ZOOZ, said: "We continue to execute on our
vision with discipline and speed. Our growing Bitcoin treasury
underscores our belief in Bitcoin's role as a resilient store of
value and a cornerstone of sound financial strategy. ZOOZ is
committed to building a bridge between traditional capital markets
and the Bitcoin economy."
Since the launch of its Bitcoin treasury strategy in July 2025,
ZOOZ has purchased a total of 1,036 Bitcoin, with an aggregate
acquisition value of approximately $115 million.
About ZOOZ Power
Headquartered in Lod, Israel, ZOOZ Power Ltd., formerly Chakratec,
develops, produces, and markets energy storage and management
systems for electric vehicle charging infrastructure. The
Company's solutions use flywheel-based kinetic energy storage and
advanced software to optimize power delivery to clusters of
ultra-fast EV chargers, providing additional energy when grid
capacity is limited and enabling off-peak energy storage. ZOOZ
operates internationally, focusing on supporting the deployment and
efficiency of robust, cost-effective EV charging networks.
In its audit report dated March 7, 2025, Kesselman & Kesselman
issued a "going concern" qualification citing that the Company has
net losses and has generated negative cash flows from operating
activities for the years ended Dec. 31, 2024, 2023 and 2022. Such
circumstances raise substantial doubt about the Company's ability
to continue as a going concern.
The Company noted in its Quarterly Report for the period ended June
30, 2025, that since commercial sales of its products have only
recently begun and in light of anticipated cash requirements, its
cash balance as of June 30, 2025, and at the time the financial
statements were approved, is insufficient to fund operations for at
least 12 months from the approval date.
In order to continue the Company's operations, including research
and development and sales and marketing, the Company is looking to
secure financing from various sources, including additional
investment funding. There is no assurance that the Company will be
successful in obtaining the level of financing necessary to finance
its operations.
As of June 30, 2025, ZOOZ Power had $6.55 million in total assets,
$6.70 million in total liabilities, and a total deficit of
$146,000.
[] Brattle Bolsters Bankruptcy Practice With Brendan Rudolph Hire
-----------------------------------------------------------------
The Brattle Group has welcomed Brendan Rudolph to its New York
office as a Principal and Co-Leader of the firm's Private Equity,
Venture Capital & Hedge Funds practice. He brings over 20 years of
experience advising on securities class actions, hedge fund and
private equity cases, and other complex commercial litigations.
Mr. Rudolph has deep expertise in damages estimation, market
efficiency and price impact analyses, and asset and business
valuation, which he applies to Rule 10b-5 and Section 11 securities
cases, Delaware appraisal actions, and other disputes. His
experience spans all phases of commercial litigations -- including
class certification, merits, arbitration, and trial -- and covers a
wide range of industries, from financial institutions and high-tech
to consumer goods and pharmaceuticals. Mr. Rudolph has served as a
lead consultant and helped prepare expert testimony in myriad
high-profile matters, including dozens of "bet-the-company"
litigations with multi-billion-dollar damages exposure.
"Brendan's broad expertise in preparing expert witnesses for
deposition and trial, and developing independent, objective expert
reports, makes him an invaluable addition to Brattle and our
clients. His litigation experience spans matters involving
investors, corporations, hedge funds, private equity and venture
fund firms, regulators, and fiduciaries," said Torben Voetmann,
Brattle President & Principal.
A member of Law360's Editorial Advisory Board for private equity
coverage, Mr. Rudolph is an expert in private equity and venture
capital. He is experienced in evaluating portfolio performance and
strategy, analyzing trading behavior in both foreign and domestic
markets, and assessing private investments in public equity
(PIPES). He also has consulted extensively on residential
mortgage-backed securities (RMBS) and real estate matters.
At Brattle, Mr. Rudolph will join Principal Nguyet Nguyen and
Senior Associate Julia Zhu in co-leading the Private Equity,
Venture Capital & Hedge Funds practice, and he will bolster
additional capabilities in the Securities Class Actions and
Bankruptcy & Restructuring practices. These groups are
industry-recognized for providing analyses in notable and
high-stakes disputes on behalf of both private parties and
regulatory agencies.
"I am thrilled to join the top-notch team of securities experts at
Brattle," said Mr. Rudolph. "I look forward to collaboration with
my new colleagues and helping clients address a variety of
economic, financial, and statistical questions in complex
commercial litigations."
Prior to joining Brattle, Mr. Rudolph was a Principal and former
Co-Head of the Venture Capital/Private Equity Practice at a global
economics consultancy, where he led the firm's private equity and
venture capital practice. He previously gained experience in sales
and trading at a multinational bank.
To learn more about Mr. Rudolph, please see his full bio at
https://www.brattle.com/experts/brendan-rudolph/.
ABOUT BRATTLE
The Brattle Group answers complex economic, finance, and regulatory
questions for corporations, law firms, and governments around the
world. We are distinguished by the clarity of our insights and the
credibility of our experts, which include leading international
academics and industry specialists. Brattle has 500 talented
professionals across four continents. For more information, please
visit brattle.com.
[] Ottawa to Lift T4A Moratorium, Targeting Driver Inc. Scheme
--------------------------------------------------------------
A major step aimed at curbing the notorious Driver Inc.
misclassification scheme fueling the growth of the underground
economy in the trucking sector was announced today by Minister of
Finance and Revenue, Francois-Philippe Champagne.
It was announced that Budget 2025 will provide $77 million over
four years, starting in 2026-27, with ongoing funding of $19.2
million annually, for the Canada Revenue Agency to lift the
moratorium on the penalties for failure to report fees for service
transactions in the trucking industry and to implement a focused
program that addresses non-compliance issues related to personal
services businesses and reporting fees for service.
In addition, the budget would also propose amending the Income Tax
Act and the Excise Tax Act to allow the Canada Revenue Agency to
share taxpayer information and confidential information as it
relates to the classification of workers with Employment and Social
Development Canada. This would provide Employment and Social
Development Canada with access to better information, which could
allow it to more effectively address the issue of driver
misclassification in the trucking industry.
In the release, the Minister of Finance and National Revenue,
Francois-Philippe Champagne, stated:
"Budget 2025 is cracking down on Driver Inc., closing loopholes,
making our roads safer, and standing up for drivers and businesses
that play by the rules. We are lifting the moratorium on T4A
penalties in the trucking industry as part of a series of targeted
measures to combat misclassification. In doing so, we are working
to guarantee the benefits workers are entitled to, improve safety
for Canadians, and ensure that everyone pays their fair share."
"Today is a substantial day for our industry. We thank Minister
Champagne for his leadership, and we look forward to working with
government as it follows through on its commitments," said Canadian
Trucking Alliance president and CEO Stephen Laskowski. "This move
finally gives owners and drivers who obey the law and follow the
tax code hope that their businesses and jobs will survive against
the surge carriers who operate within the underground economy and
who have been undermining legitimate operators for years."
Lifting the moratorium of T4A enforcement in the trucking industry
means that all truck drivers who are not classified as employees by
their companies -- including owner-operators and incorporated
drivers operating as Personal Service Businesses (PSBs) under the
so-called Driver Inc. model -- will once again receive T4A slips.
Now, when a carrier audited by the CRA is discovered not to have
issued T4As to PSBs and contractors, the carrier will face
financial consequences for failing to do so. In turn, issuing T4A
slips creates a formal record of income the CRA can use to match
against what contractors report on their tax returns. Together,
this process helps identify and address underreporting or
non-reporting of income, making all parties transparent and
accountable for their tax obligations.
Opposition to lifting the moratorium has largely focused on the
perceived administrative burden it would place on businesses -- an
argument CTA strongly rejects.
"A lot has changed since the moratorium was introduced in 2011, and
the idea that issuing T4As creates a mountain of red tape for small
businesses is simply not true in 2025," said Laskowski. "The
trucking industry is one of the largest in Canada, and it's made up
primarily of small businesses. Both large and small carriers alike
have strongly supported this measure. Reintroducing T4As will help
many small fleets stay in business, not harm them."
To learn more about why the T4A process is vital to the trucking
industry, see CTA's submission to the House of Commons TRAN
Committee on this subject.
[] U.S. Zombie Foreclosures Hits 3.25% in Q4, Says ATTOM
--------------------------------------------------------
ATTOM, a leading curator of land, property data, and real estate
analytics, today released its fourth-quarter 2025 Vacant Property
and Zombie Foreclosure Report showing that 1.32 percent of
residential properties in the United States, about 1.4 million
homes, were vacant. That was down slightly from a 1.33 percent
national vacancy rate the previous quarter as the country continues
to experience high demand for houses.
The report analyzes publicly recorded real estate data collected by
ATTOM -- including foreclosure status, equity and owner-occupancy
status -- matched against monthly updated vacancy data.
The analysis shows that 228,943 residential properties nationwide
were in the process of foreclosure during the fourth quarter. Of
those, 3.25 percent, or about 7,448 homes, were "zombie"
properties, meaning they had been abandoned by their owner prior to
the conclusion of the foreclosure proceedings. That was down from a
3.38 percent zombie rate the previous quarter.
"These continuously low vacancy rates that the nation has held
steady at around 1.4 percent for nearly four years, show that
record high prices haven't dampened the demand for homes," said Rob
Barber, CEO of ATTOM. "It's a good sign for local housing markets
that even as we've seen foreclosure filings increase, the rate of
homes in foreclosure that are abandoned is going down."
2025 Zombie Foreclosure Infographic:
Low zombie rates fall further in most states
The number of zombie properties rose quarter-over-quarter in 21
states and the District of Columbia, but by small margins and as
few as a single additional zombie property in some states.
Among states with at least 50 zombie properties, the biggest
quarter-over-quarter increases in zombie properties came in:
* Oregon (up 37.8 percent to 51 zombie properties in the fourth
quarter)
* Nevada (up 31.1 percent to 59)
* Georgia (up 15.6 percent to 74)
* Ohio (up 9 percent to 606) and
* Arizona (up 6.3 percent to 68).
Those with the largest quarter-over-quarter drops in zombie
properties were Oklahoma (down 23 percent to 57) Indiana (down 12.7
percent to 219) California (down 12.3 percent to 272) Michigan
(down 11.3 percent to 63) and Iowa (down 9.3 percent to 107).
Vacancies rare in New England states:
The states with the highest overall home vacancy rates in the
fourth quarter were:
* Oklahoma (2.4 percent)
* Kansas (2.3 percent)
* Alabama (2.2 percent)
* Missouri (2.1 percent) and
* West Virginia (2.1 percent).
The lowest overall vacancy rates were in:
* New Hampshire (0.3 percent)
* Vermont (0.4 percent)
* New Jersey (0.5 percent)
* Idaho (0.5 percent) and
* Connecticut (0.5 percent).
Midwestern cities see highest zombie rates:
Zombie property rates were below the national rate of 3.25 percent
in 56 percent (75) of the 133 metropolitan statistical areas in our
analysis with at least 100,000 properties and 100 properties in the
foreclosure process.
Of those metro areas, the ones with the highest rates of
pre-foreclosure homes that had been abandoned, or become "zombies,"
in the fourth quarter were:
* Cedar Rapids, IA (14 percent of pre-foreclosure homes abandoned)
* Peoria, IL (11.9 percent)
* Wichita, KS (11.8 percent)
* Cleveland, OH (10.8 percent) and
* Youngstown, OH (10.6 percent).
Three of the largest metro areas had no zombie properties in the
fourth quarter:
* Grand Rapids, MI
* Nashville, TN and
* Raleigh, NC.
The next lowest zombie rates were in:
* Atlantic City, NJ (0.2 percent)
* Provo, UT (0.3 percent)
* Trenton, NJ (0.3 percent)
* Oxnard, CA (0.7 percent) and
* Stockton, CA (0.8 percent).
Vacancy rates higher for investment properties:
Homes owned by institutional investors were slightly more likely
than typical homes to be vacant in the fourth quarter. Of the
880,347 investor-owned properties nationwide, 3.5 percent were
unoccupied compared to the overall national rate of 3.3 percent.
The states with the highest vacancy rates for investor-owned homes
were:
* Indiana (7.1 percent)
* Illinois (6.1 percent)
* Alabama (5.9 percent)
* Oklahoma (5.9 percent) and
* Kansas (5.8 percent).
The lowest vacancy rates for investor-owned properties were in:
* New Hampshire (0.8 percent)
* Vermont (1 percent)
* Idaho (1.3 percent)
* Utah (1.5 percent) and
* North Dakota (1.5 percent).
Some zip codes see far higher concentration of zombies
Of the 2,247 zip codes in ATTOM's analysis with at least 1,000
properties and 25 in pre-foreclosure in the fourth quarter, about
64.6 percent (1,452) had zombie property rates below the national
rate of 3.25 percent.
The zip codes with the highest zombie home rates were
* 91001 in Altadena, CA (56 percent)
* 52404 in Cedar Rapids, IA (39.3 percent)
* 44103 in Cleveland, OH (34.6 percent)
* 33703 in Saint Petersburg, FL (32.8 percent) and
* 33708 in Saint Petersburg, FL (32.7 percent).
Conclusion:
ATTOM's fourth-quarter 2025 analysis found that 1.32 percent of
U.S. residential properties were vacant, down slightly from 1.334
percent the previous quarter.
The share of zombie foreclosures also ticked lower, dropping from
3.38 percent in Q3 to 3.25 percent in Q4, representing about 7,448
homes.
Vacancy and zombie foreclosure rates declined in most states, with
notable drops in California, Indiana, and Florida, while modest
increases were seen in Ohio, Nevada, and Oregon.
Report Methodology:
ATTOM analyzed county tax assessor data for 104.3 million
residential properties for vacancy, broken down by foreclosure
status and owner-occupancy status in the fourth quarter of 2025.
Only metropolitan statistical areas with at least 100,000
residential properties, counties with at least 50,000 residential
properties and zip codes with at least 1,000 residential properties
were included in the analysis.
About ATTOM
ATTOM powers innovation across industries with premium property
data and analytics covering 158 million U.S. properties--99% of the
population. Our multi-sourced real estate data includes property
tax, deed, mortgage, foreclosure, environmental risk, natural
hazard, neighborhood and geospatial boundary information, all
validated through a rigorous 20-step process and linked by a unique
ATTOM ID.
From flexible delivery solutions--such as Property Data APIs, Bulk
File Licenses, Cloud Delivery, Real Estate Market Trends--to
AI-Ready datasets, ATTOM fuels smarter decision-making across
industries including real estate, mortgage, insurance, government,
and more.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
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Troubled Company Reporter is a daily newsletter co-published
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Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***