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251107.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, November 7, 2025, Vol. 29, No. 310 Headlines 20390 US 27: Hires FIA Capital Partners as Restructuring Officer 20390 US 27: Seeks to Hire Rosen Tsionis & Pizzo as Legal Counsel 210 WASHINGTON: Voluntary Chapter 11 Case Summary 3 BOYS EXPRESS: Taps Law Offices of Wenarsky & Goldstein as Counsel 393 HOLDINGS: Hires Berger Singerman LLP as Legal Counsel 51319 W US HIGHWAY: Cash Collateral Hearing Set for Nov. 20 7333 NEW HAMPSHIRE: Taps VerStandig Law Firm as Bankruptcy Counsel A K EXPRESS: Retains Law Offices of Wenarsky & Goldstein as Counsel ADVANTIS INVESTMENT: Seeks to Hire Milledge Law as Legal Counsel AFRITEX VENTURES: Court OKs Bid Rules for Seafood Biz Sale ALACHUA GOVERNMENT: Seeks to Extend Exclusivity to Feb. 2, 2026 ALBANY INN: Seeks to Extend Plan Exclusivity to February 13, 2026 ALL SEASONS WATERPROOFING: Gets Interim OK to Use Cash Collateral AMAZING WINGS: Seeks Chapter 7 Bankruptcy in Georgia AMERICA'S GARDENING: Plan Exclusivity Extended to Jan. 16, 2026 AMERICAN SAMOA: Moody's Rates New Ser. 2025A/B Revenue Bonds 'Ba3' ANCHOR PACKAGING: Moody's Withdraws 'B2' CFR on Debt Repayment API GP Venture: Taps Hilco Corporate Finance as Investment Banker ARSENAL AIC: Moody's Affirms 'B1' CFR, Outlook Stable BAXSTO LLC: Seeks to Employ Lucosky Brookman LLP as Special Counsel BELLA GREY: Hires Darby Law Practice as Counsel BEST CUPPA: Seeks Chapter 11 Bankruptcy in Texas BIG LEVEL: Seeks to Hire Copeland Cook Taylor as Special Counsel BIG LOTS: Court Sustains Objection to Lipp's Proof of Claim BIG STORM: Creditors to Get Proceeds From Liquidation BIOTACTICS INC: Updates CDC Secured Claim Pay Details BOACKPEARL SALON: Hires Geri Lyons Chase as Bankruptcy Counsel BRIGHT CARE: Seeks to Extend Plan Exclusivity to February 2, 2026 BURLINGTON OPERATING: Hires Ciardi Ciardi & Astin as Counsel BYJU'S ALPHA: Court Confirms Chapter 11 Plan CAIRO EXPRESS: To Retain Law Offices of Wenarsky as Counsel CAMERA HOLDINGS: Moody's Downgrades CFR to Caa2, Outlook Stable CANDYWAREHOUSE.COM INC: Seeks to Hire Lane Law Firm as Counsel CAPITOL STREET: Hires KC Cohen Lawyer PC as Bankruptcy Counsel CAPROCK MILLING: Hires Franklin & Prokopik as Special Counsel CARPENTER FAMILY: Affiliate to Sell Tract 3 Carpenter Farm to SSMP CARPENTER FAMILY: To Sell Tract 2 Carpenter Farm to B. & P. Rush CATHOLIC HEALTH: Moody's Upgrades Revenue Bond Rating to B2 CAUSEY STREETER: Taps Rountree Leitman Klein & Geer as Counsel CLAIRE'S HOLDINGS: Court Confirms Amended Joint Chapter 11 Plan CLEARWATER PAPER: Moody's Alters Outlook on 'Ba3' CFR to Negative CLESMA INC: Gets Final OK to Use Cash Collateral COLLABORATIVE TECHNOLOGY: Taps Roder & Associates as Accountant COLORART LLC: Case Summary & 20 Largest Unsecured Creditors CORPORATE AIR: Francois Bitz Steps Down From Creditors' Committee CORPORATE AIR: Hires Omni Agent Solutions as Administrative Agent CORPORATE AIR: Seeks to Hire Hilco Real Estate as Appraiser CORPORATE AIR: Seeks to Hire Klehr Harrison Harvey as Co-Counsel CORPORATE AIR: Taps David Nolletti of Riveron Management as CRO CPW CORP: Taps Capalbo Mather & Dougherty as Accountant CRAB-N LLC: Seeks Chapter 7 Bankruptcy in Texas DAVID CHOATE HUGHES II: Court Tosses Mims, et al. Adversary Case DELUXE CORP: Fitch Alters Outlook on 'B' IDR to Positive DISTRICT METALS: Swedish Parliament Lifts Uranium Mining Moratorium DJAMES FOODS: Seeks Chapter 7 Bankruptcy in Texas DM ELECTRICAL: Case Summary & 20 Largest Unsecured Creditors DOMTAR CORP: Moody's Lowers CFR to B2, Outlook Negative ECOM AUTHORITY: Seeks to Hire Moecker Auctions as Auctioneer EL BURRO: Gets Interim OK to Use Cash Collateral Until Nov. 12 EL DORADO: Court Amends Order on Oil & Gas Leases Sale to Hilcorp EL-MAN EXPRESS: Retains Law Offices of Wenarsky as Counsel ELITE EQUIPMENT: Comm. Taps Dundon Advisers as Financial Advisor EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral EP GLOBAL: S&P Downgrades ICR to 'B-', Outlook Stable ESPERANZA ELEMENTARY: S&P Assigns 'BB' Rating on 2018A Rev. Bonds ET BELLA PASTA: Seeks Chapter 7 Bankruptcy in Rhode Island EXRO TECHNOLOGIES: U.S. Units File Ch. 7; Canada Seeks Receivership EXTREME PROFITS: Gets Final OK to Use Cash Collateral FALLS OF BRAEBURN: Case Summary & 24 Largest Unsecured Creditors FAMILY SOLUTIONS: Trustee Employs Calfee Halter as Special Counsel FELT & FAT: U.S. Trustee Unable to Appoint Committee FIRST BRANDS: Seeks to Hire Ernst & Young LLP as Tax Advisor FIRST BRANDS: Seeks to Hire Ordinary Course Professionals FIRST BRANDS: Taps Charles M. Moore of Alvarez & Marsal as CRO FIRST BRANDS: Taps Lazard Freres & Co LLC as Investment Banker FIRST BRANDS: Unsecured Creditors Object to DIP Bid FIVE STAR: Enters Voluntary Chapter 11 Protection in S.D. Tex. FLAMINGO SEPTIC: Case Summary & 20 Largest Unsecured Creditors FLEETPRIDE INC: Moody's Withdraws 'Caa1' Corporate Family Rating FRESH START: Seeks to Hire Law Offices of Geno as Legal Counsel FTX TRADING: 2nd Cir. Flags $11B Forfeiture as Excessive FUEL FITNESS: Gets Extension to Access Cash Collateral FUEL HOMESTEAD: Gets Extension to Access Cash Collateral FUEL REYNOLDA: Gets Extension to Access Cash Collateral FXI HOLDINGS: New Debt Exchange No Impact on Moody's 'Caa3' CFR GALBREATH RESTAURANT: Case Summary & 13 Unsecured Creditors GALBREATH RESTAURANT: Seeks Chapter 11 Bankruptcy in Florida GBOGBARA INC: Gets Final OK to Use Cash Collateral GENESIS HEALTHCARE: Cain & Skarnulis Represents Claimants GENESIS PROJECT: Gets Extension to Access Cash Collateral GIANT WASH: Seeks to Hire Roger Klosterman & Co. as Accountant GLOBAL BIOENERGIES: Postpones Takeover Hearing Amid Receivership GMB TRANSPORT: Seeks to Hire Jill M. Flinton CPA as Accountant GOHAR INC: Seeks Subchapter V Bankruptcy in Illinois GRACE LIMOUSINE: Case Summary & 20 Largest Unsecured Creditors GRACE ROYALS: Hires Gregory K. Stern P.C. as Legal Counsel GREATER PARKHILL: Voluntary Chapter 11 Case Summary GREEN OUTDOOR: Unsecureds Will Get 100% of Claims over 10 Years GREENIDGE GENERATION: Completes Tender/Exchange for 2026 Notes GRMG REAL: Seeks to Employ Nyemaster Goode P.C. as Counsel GROUP STONE: L. Todd Budgen Named Subchapter V Trustee GS MORTGAGE 2025-PJ9: Moody's Assigns B2 Rating to Cl. B-5 Certs GWG HOLDINGS: Judge Removed From Chapter 11 Case After Scandal HADLOCK ENTERPRISES: Taps Soelberg Peralta PS as CPA HADNOT LOGISTICS: Katharine Clark Named Subchapter V Trustee HEADWAY WORKFORCE: Plan Exclusivity Period Extended to December 4 HONOLULU SPINE: Court Extends Cash Collateral Access to Dec. 31 HUDSON 1701/1706: Appoints Kurtzman Carson Consultants as Agent HUDSON VALLEY: Case Summary & 20 Largest Unsecured Creditors ILLINOIS INSTITUTE: Moody's Alters Outlook on 'Ba2' Ratings to Neg. IN HOME PROGRAM: U.S. Trustee Unable to Appoint Committee INFINITE GLOW: Unsecureds to Recover 1.7% via Quarterly Payments ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until Dec. 2 J.R. BUTLER: Seeks to Hire CliftonLarsonAllen LLP as Accountant JET EXPRESS: Retains Law Offices of Wenarsky & Goldstein as Counsel JOSHUA CABINETRY: Seeks to Hire Paul Reece Marr P.C. as Counsel JVK OPERATIONS: Updates Equity Holders Details; Plan Hearing Dec. 9 KC PET: Gets OK to Use Cash Collateral KENNISON STRATEGIC: Unsecureds Owed $19K Will Get 82% Dividend KIM ENGINEERING: Gets OK to Use Cash Collateral Until Nov. 30 KIMCHI KOREAN: Seeks to Retain McNallyLaw LLC as Attorney KLOCKNER PENTAPLAST: Seeks Chapter 11, Gets OK to Tap DIP Financing LAKE BUENA VISTA: Gets OK to Use Cash Collateral Until Nov. 19 LAMUMBA INC: Hires Kornfield Nyberg Bendes as Bankruptcy Counsel LIGADO NETWORKS: Seeks to Extend Plan Exclusivity to July 6, 2026 LINQTO INC: Releases Full Transaction Data Amid Ch. 11 Bankruptcy LORDON ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors M + D PROPERTIES: Taps Mr. Grobstein of Grobstein Teeple as CRO M.A.M. EXPRESS: Retains Law Offices of Wenarsky as Special Counsel MAGNOLIA OIL: Moody's Raises CFR to Ba2 & Alters Outlook to Stable MAWSON INFRASTRUCTURE: Court Issues Order Dismissing Ch. 11 MAY INTERNATIONAL: Gets Interim OK to Use Cash Collateral MCMILLAN LOGGING: Jerrett McConnell Named Subchapter V Trustee MG LOGISTICS: Plan Exclusivity Period Extended to March 1, 2026 MJD GLOBAL: U.S. Trustee Unable to Appoint Committee MJS MATERIALS: Gets Interim OK to Use Cash Collateral Until Dec. 15 MODIVCARE INC: Taps Mills Halstead Zaloudek as Real Estate Counsel MOH EXPRESS: Retains Law Offices of Wenarsky & Goldstein as Counsel MOHAWK VALLEY HEALTH: S&P Affirms 'BB' Bonds Rating, Outlook Neg. MONROE OPERATIONS: Hires Ciardi Ciardi & Astin as Counsel MVL INVESTMENTS: Case Summary & Four Unsecured Creditors MY JOB MATCHER: Seeks to Extend Plan Exclusivity to Feb. 2, 2026 NAUTICA'S EDGE: Hires Martin Bagwell Luke as Special Counsel NEPTUNE BIDCO: S&P Alters Outlook to Positive, Affirms 'B-' ICR NEW AGE: Court OKs Vehicles Sale to Peakfinity for $200K NICK'S PIZZA: To Sell Pizza Business to Randall & Bowes for $3.5MM NORCOLD LLC: Seeks Chapter 11 Bankruptcy with $300MM Debt NORTH AMERICAN: Seeks Approval to Hire Syed Asif as Bookkeeper NORTH PONDEROSA: To Sell Melissa Property to SR Capital for $8.1MM O & K ALEXANDER'S: Hires Joel A. Schechter as Bankruptcy Counsel OFFICE PROPERTIES: Milbank and Porter Represent 2027 Noteholders OFFICE PROPERTIES: Paul Weiss Represents March 2029 Noteholders OFFICE PROPERTIES: White & Case Represents Sept 2029 Noteholders OM SAI MED: Case Summary & Seven Unsecured Creditors OMNICARE LLC: Secures Court OK on $110MM DIP Funding ORLANDO INTERNATIONAL: Employs K&L Gates as Bankruptcy Co-Counsel OXFORD FINANCE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable PANADERIA EL DEPORTIVO: Seeks Chapter 7 Bankruptcy in Puerto Rico PARADOX ENTERPRISES: Cash Collateral Access Extended to Nov. 14 PCP GROUP: Court Extends Cash Collateral Access to Nov. 18 PINE GATE RENEWABLES: Files Ch. 11 to Sell Assets in 45-Day Process PINE GATE: Case Summary & 30 Largest Unsecured Creditors PINSTRIPES INC: Wants Chapter 11 Converted to Chapter 7 PLATINUM BEAUTY: Court Extends Cash Collateral Access to Nov. 18 PROFESSIONAL HONDA: Seeks to Hire Francisco J Ramos as Counsel PROFESSIONAL HONDA: Taps Monge Robertin as Restructuring Advisor PROPEL TRUCKING: Gets OK to Hire John W. Stottman as Accountant RAZZOO'S INC: Chapter 11 Asset Auction Rescheduled for December REBORN COFFEE: CFO Stephan Kim Resigns; CEO Jay Kim Assumes Role RELLIS CAMPUS DATA: Voluntary Chapter 11 Case Summary RENGEN III CORP: Launches $4M Cashless Debenture Exchange RENOVO HOME: Seeks Chapter 7 Bankruptcy with Over $100MM Debt REYNA HOSPITALITY: Court Extends Cash Collateral Access to Jan. 24 S & W SALES: Court Extends Cash Collateral Access to Nov. 19 SAPPHIRE AVIATION II: Fitch Hikes Rating on Class C Notes to 'BBsf' SASH GROUP: Gets Interim OK to Use Cash Collateral Until Dec. 2 SEAMLESS QUALITY: Seeks to Hire Mickler & Mickler LLP as Attorney SHANE BARNES: Gets Final OK to Use Cash Collateral SHORT FORK: Withdraws Motion to Sell Hernando Property SMARTSCIENCE LABORATORIES: Amy Mayer Named Subchapter V Trustee SMITH'S BARBECUE: Hires A. Harvey Tackett Jr. PA as Accountant SOUTHERN CHICKEN-WOODSTOCK: Seeks Chapter 11 Bankruptcy in Georgia SPIRIT AVIATION: Marc Heimowitz's Appointment as Examiner OK'd ST. AUGUSTINE FOOT: Gets Interim OK to Use Cash Collateral STRATHCONA RESOURCES: Moody's Alters Outlook on 'B1' CFR to Stable STRUCTURLAM MASS: Court Narrows Claims in Adversary Case v Walmart SUNNY EXPRESS: Retains Law Offices of Wenarsky as Special Counsel TAYLOR MORRISON: S&P Rates New $525MM Senior Unsecured Notes 'BB+' TEAM VETCOR: Michael Markham Named Subchapter V Trustee TENET HEALTHCARE: S&P Rates Proposed Senior Secured Debt 'BB' TENNECO LLC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative TOMATLAN INC: Court Extends Cash Collateral Access to Dec. 12 TRIPLETT FUNERAL: To Sell Funeral Properties to J. Otto Funeral TWENTY EIGHT: Gets OK to Use Cash Collateral Until Dec. 31 UKG INC: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ULTR8 LLC: Voluntary Chapter 11 Case Summary UNITED CABINET: Committee Hires EmergeLaw as Bankruptcy Counsel VAN'S EQUIPMENT: Unsecured Creditors to Split $40K in Plan VIB TRANS: Hires Law Offices of David Freydin as Bankruptcy Counsel VNS HOTEL: Seeks to Hire Ryan C. Wood as Bankruptcy Counsel VOLUSION LLC: Sued Jackson Walker Over Judge's Romance VS BUYER: Moody's Affirms 'B2' CFR & Alters Outlook to Stable VS HOLDING: S&P Alters Outlook to Negative, Affirms 'B+' ICR VSM PROPERTIES: Court OKs Interim Use of Cash Collateral VYAIRE MEDICAL: Sued by Reed Smith, Covington Over Lost Fees VYVVE LLC: Fine-Tunes Plan Documents WELCH & WELCH: Seeks to Extend Plan Filing Deadline to December 10 WHITE WILSON: Seeks to Hire Iurato Law as Special Counsel WOC EVENTS: Case Summary & One Unsecured Creditor WOC EVENTS: To Sell Wedding Venue Business to Enchanted Way WOODCREST CONDOMINIUMS: Seeks to Extend Plan Exclusivity YALDA REAL ESTATE: Voluntary Chapter 11 Case Summary YELLOW CORP: 10th Circ. Revives $137MM Lawsuit Against Teamsters [] Choate Hires Marc Leduc as Finance & Restructuring Partner [^] BOOK REVIEW: LING The Rise, Fall, & Return of a Texas Titan ********* 20390 US 27: Hires FIA Capital Partners as Restructuring Officer ---------------------------------------------------------------- 20390 US 27 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire David Goldwasser and its firm FIA Capital Partners, LLC to serve as Co-Chief Restructuring Officers in its Chapter 11 case. David Goldwasser and Mark Taub of FIA Capital Partners will act as Co-CROs and provide these services: (a) oversee the Debtor's operations, including property management and maintenance, tenant negotiations, and lease compliance; manage bank accounts, and disburse funds consistent with any cash management order approved by the Bankruptcy Court; (b) manage cash flow and ensure the payment of operating expenses, property taxes, and insurance; (c) work with bankruptcy counsel to develop a plan of reorganization or liquidation and discuss the plan with counsel, secured creditors, other creditors, and governmental authorities; (d) develop and implement a strategy for stabilizing or selling the property under §363 of the Bankruptcy Code or as part of a reorganization plan; (e) conduct analyses of property performance, debt obligations, and restructuring alternatives, including loan modifications or discounted payoffs; (f) perform due diligence on the Debtor, including reviewing liabilities, properties, and financial statements, and, if necessary, conduct on-site inspections; (g) assist in preparing bankruptcy materials, including schedules, books and records reviews, loan document analyses, and creditors' claims analyses; (h) prepare and file Monthly Operating Reports (MORs) and ensure compliance with U.S. Trustee requirements; (i) attend court proceedings, debtor interviews, §341(a) meetings, and meetings with creditors and stakeholders as required; and (j) perform other related services as reasonably requested. FIA Capital Partners received a $20,000 prepetition retainer. Hourly rates range from $330 for paralegals to $800 for David Goldwasser, with other roles will be billed at these hourly rates: Managing Director $450 CFO/CPA $500 and In-House Attorney $600 A per diem travel fee of $2,500 per day plus expenses applies. According to court filings, FIA Capital Partners, David Goldwasser, and Mark Taub are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: FIA Capital Partners, LLC 295 Front Street, 2nd Floor Brooklyn, NY 11201 E-mail: dgoldwasser@fiacp.com About 20390 US 27 LLC 20390 US 27 LLC, classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), holds its principal assets at 20390 US-27, Clermont, Florida 34715. 20390 US 27 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44736) on September 29, 2025. In its petition, the Debtor reports total assets of $8,000,000 and total liabilities of $10,009,344. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Avrum J. Rosen, Esq. of ROSEN, TSIONIS & PIZZO, PLLC. 20390 US 27: Seeks to Hire Rosen Tsionis & Pizzo as Legal Counsel ----------------------------------------------------------------- 20390 US 27 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Rosen, Tsionis & Pizzo, PLLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under the Bankruptcy Code; (b) preparation and filing of the petition, schedules, statement of financial affairs and other documents required by the Court; (c) representation of the Debtor at the meeting of creditors; (d) preparation of motions, documents and applications in connection with the case; and (e) legal advice to the Debtor in connection with all matters pending before the Court. Compensation will be paid to the firm at its customary hourly rates: partners up to $690 per hour associates up to $590 per hour and paraprofessionals up to $200 per hour. The firm received a $25,000 retainer and $1,738 for the Debtor's bankruptcy filing fee, for a total of $26,738 paid by the Debtor. Rosen, Tsionis & Pizzo, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Avrum J. Rosen, Esq. Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq. ROSEN, TSIONIS & PIZZO, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 About 20390 US 27 LLC 20390 US 27 LLC, classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), holds its principal assets at 20390 US-27, Clermont, Florida 34715. 20390 US 27 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44736) on September 29, 2025. In its petition, the Debtor reports total assets of $8,000,000 and total liabilities of $10,009,344. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Avrum J. Rosen, Esq. of ROSEN, TSIONIS & PIZZO, PLLC. 210 WASHINGTON: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 210 Washington Notebuyer LLC 131 Radcliff Road Staten Island NY 10305 Business Description: 210 Washington Notebuyer LLC is a mortgage holder that owns or provides loans secured by real estate and is classified as a shell company under SEC Rule 12b-2. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45298 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Michael L. Previto, Esq. MICHAEL L. PREVITO 150 Motor Parkway Hauppauge NY 11788 Tel: 631-379-0837 Total Assets: $110,000 Total Debts: $1,100,000 The petition was signed by Lorenzo Deluca as managing member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/76JWHSY/210_Washington_Notebuyer_LLC__nyebke-25-45298__0001.0.pdf?mcid=tGE4TAMA 3 BOYS EXPRESS: Taps Law Offices of Wenarsky & Goldstein as Counsel ------------------------------------------------------------------- 3 Boys Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in connection with its Chapter 11 case. The services she will provide include: (a) advising and assisting the Debtor regarding the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary motions, applications, and pleadings with the Court; (c) representing the Debtor in hearings, negotiations, and other proceedings related to the administration of the bankruptcy case; and (d) performing all other legal services deemed necessary for the Debtor's reorganization efforts. Ms. Ciccarelli's standard hourly rate is $450, with additional hourly rates of $225 for law clerks and $195 for paralegals and legal assistants. The firm has received a $40,000 retainer, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Suite 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com About 3 Boys Express LLC 3 Boys Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20170) on September 29, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq., at Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. 393 HOLDINGS: Hires Berger Singerman LLP as Legal Counsel --------------------------------------------------------- 393 Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to employ Edward J. Peterson and the law firm Berger Singerman LLP as its legal counsel in connection with its Chapter 11 case. Berger Singerman LLP will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to compliance with the United States Trustee's Operating Guidelines, Reporting Requirements, and the rules of the Court; (c) prepare motions, pleadings, orders, applications, notices, adversary proceedings, and other legal documents necessary for the administration of the case; (d) protect the Debtor's interests in all matters pending before the Court; and (e) represent the Debtor in negotiations with creditors and in the preparation of a Chapter 11 plan. Berger Singerman received an initial retainer of $10,000, followed by a second retainer of $96,778 from Craig Huff and Jacqueline Huff. After applying $8,544.95 for prepetition fees and expenses, $98,233.05 remains in trust as security for approved fees and costs. The firm's hourly rates range from $400 to $925: Edward J. Peterson and Nicolette Corso Vilmos (principal restructuring attorneys): $600/hour Other attorneys: $400/hour Paralegals and legal assistants: $125–$250/hour According to court filings, Berger Singerman LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no adverse interest to the Debtor. The firm can be reached at: BERGER SINGERMAN LLP 101 E. Kennedy Blvd., Suite 1165 Tampa, FL 33602 Telephone: (813) 498-3400 Facsimile: (813) 527-3705 E-mail: epeterson@bergersingerman.com nvilmos@bergersingerman.com About 393 Holdings, LLC 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. 393 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31055-JCO). At the time of filing, the Debtor reported estimated assets of between $10 million and $50 million and estimated liabilities of between $10 million and $50 million. Judge Jerry C. Oldshue Jr. oversees the case. Berger Singerman LLP serves as the Debtor's legal counsel. 51319 W US HIGHWAY: Cash Collateral Hearing Set for Nov. 20 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, is set to hold a hearing on November 20 to consider another extension of 51319 W US Highway 60, LLC's authority to use cash collateral. The Debtor was previously authorized to use the cash collateral of its lender, Judy Zobel, and make a monthly payment of $1,636 as adequate protection pursuant to the court's October 24 second interim order. The lender's cash collateral includes rents from the trailer park in Aguila, Arizona, which the Debtor operates. The lender claims an interest in the trailer park and associated rents under a series of loan documents. About 51319 W US Highway 60 51319 W US Highway 60, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21357) on September 24, 2025, listing up to $500,000 in both assets and liabilities. Cameron McCord, Esq., at Jones & Walden, LLC, serves as Subchapter V trustee. Judge James R. Sacca oversees the case. Charles N. Kelley, Jr., Esq., at Kelley Law LLC, represents the Debtor as bankruptcy counsel. 7333 NEW HAMPSHIRE: Taps VerStandig Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ 7333 New Hampshire T Units LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The VerStandig Law Firm, LLC d/b/a The Belmont Firm as counsel. The firm will provide these services: a. prepare and file all necessary pleadings, motions, and other court papers, on behalf of the Debtor; b. negotiate with creditors, equity holders, and other interested parties; c. represent the Debtor in any adversary proceedings, contested matters, and other proceedings before this Honorable Court; d. prepare a chapter 11 plan on behalf of the Debtor; and e. tend to such other and further matters as are necessary and appropriate in the prism of this case. The firm will be paid at these rates: Attorneys $600 per hour Associates $300 per hour Paralegals $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Maurice VerStandig, Esq., a partner at VerStandig Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LLC 9812 Falls Road, #114-160 Potomac, MD 20854 Phone: (301) 444-4600 Email: mac@mbvesq.com About 7333 New Hampshire T Units LLC 7333 New Hampshire T Units LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-19766) on October 19, 2025, listing $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Lori S Simpson presides over the case. Maurice Belmont VerStandig, Esq. at The Verstandig Law Firm, LLC represents the Debtor as counsel. A K EXPRESS: Retains Law Offices of Wenarsky & Goldstein as Counsel ------------------------------------------------------------------- A K Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in connection with its Chapter 11 case. According to the filing, Ms. Ciccarelli will represent the Debtor and Debtor-in-Possession in matters requiring her specific legal expertise. The services to provide will include: (a) advising and assisting the Debtor in the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary motions, applications, and pleadings with the Court; (c) representing the Debtor in hearings, negotiations, and other proceedings related to the administration of the bankruptcy case; and (d) performing all other legal services deemed necessary for the Debtor’s reorganization efforts. Ms. Ciccarelli's standard hourly rate is $450, with additional hourly rates of $225 for law clerks and $195 for paralegals and legal assistants. The firm has received a $40,000 retainer, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Suite 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com About A K Express LLC A K Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20171) on September 29, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq., at Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. ADVANTIS INVESTMENT: Seeks to Hire Milledge Law as Legal Counsel ---------------------------------------------------------------- Advantis Investment Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Samuel L. Milledge, Sr. of The Milledge Law Group, P.C. to serve as legal counsel in its Chapter 11 case. Mr. Milledge will provide these services: (a) provide the Debtor legal advice concerning its powers and duties as a Debtor-in-Possession in the continued operation of its business and management of its property; (b) prepare all pleadings on behalf of the Debtor, as Debtor-in-Possession, which may be necessary herein; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor as a Debtor-in-Possession, which may become necessary in these proceedings. Mr. Milledge will receive an hourly rate of $400. Associates will be compensated at hourly rates ranging from $150 to $200, and law clerks and legal assistants will be compensated at hourly rates ranging from $60 to $75. The Milledge Law Group, P.C. has received $11,738 from the Debtor prior to filing this application, of which $1,738 was used to pay filing fees, and $10,000 is held in the firm's IOLTA account. According to court filings, The Milledge Law Group, P.C. "has no connection of any kind or nature with the creditors, the United States Trustee, or any person employed in the office of the United States Trustee, any parties-in-interest, or their respective attorneys and accountants in this case." The firm represents no interest adverse to the Debtor or its estate. The firm can be reached at: Samuel L. Milledge, Sr., Esq. THE MILLEDGE LAW GROUP, P.C. 1235 North Loop West, Suite 725 Houston, TX 77008 Telephone: (713) 812-1409 Facsimile: (713) 812-1418 E-mail: milledge@milledgelawfirm.com blopez@milledgelawfirm.com About Advantis Investment Group LLC Advantis Investment Group LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35096) on August 29, 2025. The Milledge Law Group, P.C. serves as the Debtor's legal counsel. AFRITEX VENTURES: Court OKs Bid Rules for Seafood Biz Sale ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has permitted Afritex Ventures Inc. sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor, a Texas corporation established in 2017, is a diversified company specializing in the seafood industry. Its retail operations focus on the development and commercialization of innovative, value-added seafood products under various food brands. The portfolio spans from raw seafood to prepared dishes, including private label offerings for retail partners. The Debtor engages with USA-based retailers, focusing on the importation and distribution of fresh and frozen seafood products. Over the years, the company has evolved from a traditional producer-importer model to a more diversified operation, adapting to market fluctuations and consumer demands. The Court found that the Debtor has articulated good and sufficient reasons for, and the best interests of its estate and approved (i) the Bidding Procedures; (ii) the designation of the Stalking Horse Bidder and approval of the Break-Up Fee; and (iii) the form and manner of notice of the Auction and the Sale Hearing described in the Motion. The Court held that the proposed Bidding Procedures balance the Debtor's interests in (i) inducing Optimista Florida SPV, LLC, to serve as the Stalking Horse Bidder, and to commit to consummate the Sale, (ii) preserving the opportunity to attract higher and better offers, and (iii) expediting the sale process. The Debtor has demonstrated a sound business justification for authorizing payment to the Stalking Horse Bidder of the Break-Up Fee, as set forth in and upon satisfaction of the conditions set forth in the annexed Bidding Procedures, in the amount of $41,250.00, which equals 3% of the initial cash purchase price plus a maximum of $20,000 reimbursement of fees and expenses incurred in pursuing this purchase, for a total of less than 4.5% of the initial cash purchase price, support for which shall be provided to Debtor's counsel and deemed satisfactory in their reasonable discretion. The potential payment to the Stalking Horse Bidder of the Break-Up Fee, in accordance with the Stalking Horse PSA, would be (i) an actual and necessary cost of preserving the Debtor's estate, within the meaning of 11 U.S.C. § 503(b), (ii) necessary to ensure that the Stalking Horse Bidder will continue to pursue its proposed acquisition of the Assets, (iii) of substantial benefit to the Debtor’s estate, and (iv) reasonable and appropriate in light of the size and nature of the Sale and the efforts that have been and will be expended by the Stalking Horse Bidder, notwithstanding that the proposed Sale is subject to higher or better offers. The Sale Hearing shall be held on November 19, 2025 at 11:00 a.m. Central time in the United States Bankruptcy Court, Northern District of Texas, Fort Worth Division before the Honorable Edward L. Morris, at the US Bankruptcy Court, 501 W. Tenth Street, Room 204, Fort Worth, TX, 76102, at which time the Court will consider the relief requested in Part II of the Motion with respect to the Sale and consider approval of the Successful Bidder and the Back-up Bidder resulting from the Auction. This will be a hybrid hearing and parties may attend via Webex or in person. Parties may use the following videoconference link for Webex Video Participation/Attendance: https://us-courts.webex.com/meet/morris. WebEx hearing instructions may be obtained at: Morris WebEx Hearing Instructions (rev May 2024).pdf (uscourts.gov). The Sale Hearing may be adjourned from time to time without further notice to creditors or parties in interest other than by announcement of the adjournment in open court or on the Court's calendar on the date scheduled for the Sale Hearing or any other adjourned date. About Afritex Ventures, Inc. Afritex Ventures is a diversified investment holding company specializing in the seafood industry. Headquartered in Dallas, the Company develops and markets premium seafood products under multiple brands. Afritex Ventures, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-43390) on September 22, 2024, listing $1 million to $10 million in assets and $1 million to $50 million in liabilities. The petition was signed by David J. Diamond as director. Judge Edward L Morris presides over the case. Vickie L. Driver, Esq. at CROWE & DUNLEVY, P.C. represents the Debtor as counsel. ALACHUA GOVERNMENT: Seeks to Extend Exclusivity to Feb. 2, 2026 --------------------------------------------------------------- Alachua Government Services, Inc. asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 2, 2026 and April 2, 2026, respectively. The Debtor explains that the Chapter 11 Case is complex. Since the Petition Date, the Debtor and its personnel have been focused on winding down the Debtor's operations, including selling its remaining property and transferring certain equipment and materials at the Alachua Site owned by the Government and other commercial counterparties, who, pre-petition, were either in clinical trials or maintained periodic testing or samples/other products previously manufactured by the Debtor. Further, the Debtor engaged in a sale process for the Alachua Site Assets and is currently engaged in the sale of its Royalty Assets. In particular, the Alachua Site Sale process required significant coordination between the Debtor and the Government to address, among other things, the removal of the Government's property that remained at the Alachua, Florida facility subject to the Sale. The Alachua Site Sale that was ultimately achieved required significant planning, documentation, litigation, and negotiation, demonstrating that the complexity of the Chapter 11 Case warrants an extension of the Exclusive Periods. Additionally, the Debtor's prepetition operations were mostly through government contracts. As such, the Chapter 11 Case is a case where the passage of the governmental bar date is necessary for the Debtor to gain an understanding of the magnitude of claims against the Debtor's estate and what the claims reconciliation process will look like. This fact, when combined with the disruption caused by the Government shutdown, serves as an additional basis for granting the requested extension of the Exclusive Periods. The Debtor claims that since the Petition Date, the Debtor's primary focus in the Chapter 11 Case has been providing for an orderly transition of programs and property to third parties, including the Government, and obtaining Court approval of and consummating the sale of its Alachua Site Assets. In pursuit of this goal, the Debtor expended significant time and resources over the past four months, ultimately resulting in a $11,500,000.00 sale of the Alachua Site Assets to the Buyer for the estate’s benefit. This is the Debtor's first request for an extension of the Exclusive Periods. Less than four months have elapsed since the Petition Date, during which the Debtor has already made significant progress. The very brief time that has elapsed during this Chapter 11 Case and the substantial progress the Debtor has made to date support the relief requested in this Motion. The Debtor asserts that it has been in frequent and active communications with the Committee (since its appointment) and the Government, as well as the U.S. Trustee, throughout this Chapter 11 Case. The Debtor expects these discussions to continue to progress in good faith and the Debtor is hopeful that they will lead to a consensual chapter 11 plan. The Debtor believes an extension of the Exclusive Periods will allow the Debtor and its creditor constituents the necessary time to continue to discuss the best possible terms, working towards a consensual plan that will benefit all stakeholders. Alachua Government Services Inc., is represented by: RICHARDS, LAYTON & FINGER, P.A. Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Matthew P. Milana, Esq. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com milana@rlf.com About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALBANY INN: Seeks to Extend Plan Exclusivity to February 13, 2026 ----------------------------------------------------------------- Albany Inn LLC and Albany Equity LLC asked the U.S. Bankruptcy Court for the Eastern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 13, 2026 and April 13, 2026, respectively. Equity is the fee title owner of the real property and improvements located at 3 Watervliet Avenue Extension, Albany, New York (the "Property"). On March 27, 2020, Inn (as the hotel operator) signed a franchise agreement with Ramada Worldwide Inc. ("Ramada Franchise Agreement"). Inn commenced this chapter 11 case to, inter alia, compel Ramada to reinstate the Inn’s use of the reservation system pending further discussions with Ramada. The cornerstone of a chapter 11 plan for Equity will be through a sale of the property. Equity has received written offers for the purchase of the Property. The present offers generated will be sufficient to pay its creditors in full. However, it is in the best interest of Equity to delay entering into a contract of sale and/or file a reorganization plan based on a sale until Inn decides whether to affiliate itself with another national or regional hotel operator. Inn is delinquent in its obligations to Equity under the Equity Inn Lease. In the event that Equity proceeds with a sale of the Property, a resolution of issues involving the Equity-Inn Lease will have to be negotiated. Neither Equity nor Inn are in a position to resolve these issues presently. Inn explains that it requires additional time to file a plan of reorganization pending progress in its efforts to collect revenues from the ACDSS, a process that it is presently undertaking and to finalize the intercompany debt with Equity assuming the likely rejection of the Equity-Inn Lease. Counsel to the Debtors: Gary M. Kushner, Esq. Goetz Platzer LLP One Penn Plaza, 31st Floor New York, New York 10119 Telephone: (212) 695-8100 Facsimile: (212) 629-4013 About Albany Inn LLC Albany Inn LLC is a real estate lessor that owns and rents residential property in New York. Albany Inn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43431) on July 18, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Gary Kushner, Esq. at GOETZ PLATZER LLP. ALL SEASONS WATERPROOFING: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington issued an interim order granting All Seasons Waterproofing and Drainage, Inc. approval to use cash collateral. The interim order authorized the Debtor to use cash collateral to pay the expenses outlined in its budget, including post-petition payroll and taxes due before the final hearing on November 14. The Debtor may exceed budgeted amounts by up to 15% without further court approval and can carry forward any savings to subsequent weeks. The Debtor projects total operational expenses of $48,427 for the week ending November 8; $39,400 for the week ending November 15; $40,600 for the week ending November 22; $42,000 for the week ending 29; $213,947 for December; and $215,997 for January 2026. As adequate protection, the Internal Revenue Service and the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and proceeds thereof, maintaining the same extent and priority as their pre-bankruptcy liens. Additional secured creditors including Idea 247, Inc., FinWise Bank, Fenix Capital Funding, LLC, Washington State Department of Revenue, and Washington State Department of Labor & Industries will be granted replacement liens only if the Debtor's asset values later prove sufficient to secure their claims. About All Seasons Waterproofing and Drainage Inc. All Seasons Waterproofing and Drainage, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12912) on October 20, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Timothy W. Dore oversees the case. The Debtor is represented by: Jennifer L. Neeleman, Esq. Thomas D. Neeleman, Esq. Neeleman Law Group, P.C. 1403 8th Street Marysville, WA 98270 Tel: 425-212-4800 jennifer@neelemanlaw.com courtmail@neelemanlaw.com AMAZING WINGS: Seeks Chapter 7 Bankruptcy in Georgia ---------------------------------------------------- Amazing Wings Cafe LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia on October 31, 2025. According to court documents, the company listed liabilities ranging from $100,001 to $1 million. Amazing Wings Cafe, LLC also reported having between 1 and 49 creditors as it proceeds with liquidation under Chapter 7. About Amazing Wings Cafe LLC Amazing Wings Cafe LLC is a limited liability company. Amazing Wings Cafe LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62640) on October 31, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Michael B. Weinstein, Esq. of Weinstein & Black, LLC. AMERICA'S GARDENING: Plan Exclusivity Extended to Jan. 16, 2026 --------------------------------------------------------------- Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware extended America's Gardening Resource, Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 16, 2026 and March 17, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that their conduct in these Chapter 11 Cases, particularly in connection with the Plan, demonstrates that the Debtors are acting in a fair and transparent manner. They are not seeking an extension of the Exclusive Periods to delay the administration of these Chapter 11 Cases or to pressure their creditors unfairly. Indeed, the Debtors' goal, and reason for this extension request, is to cooperate with the Committee on the terms of the Plan and solicitation procedures. The Debtors assert that their request for an extension of the Exclusivity Periods is the Debtors' first request and comes less than four months after the Petition Date. As discussed, during this short time, the Debtors have accomplished a great deal and are working diligently toward a timely resolution of these chapter 11 cases. The Debtors further assert that the requested extension is intended to allow the Debtors to confirm the proposed Plan in the most cost-efficient possible manner. Accordingly, the Debtors believe that the requested extension aligns with the intent and purpose of section 1121 of the Bankruptcy Code and should be granted. Counsel for the Debtors: Patrick J. Reilley, Esq. Jack M. Dougherty, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue Suite 600 Wilmington, DE 19801 Tel: 302-652-3131 Fax: 302-574-2103 Email: preilley@coleschotz.com jdougherty@coleschotz.com - and - Gary H. Leibowitz, Esq. H.C. Jones III, Esq. J. Michael Pardoe, Esq. 1201 Wills Street, Suite 320 Baltimore, Maryland 21231 Tel: (410) 230-0660 Fax: (410) 230-0667 Email: gleibowitz@coleschotz.com hjones@coleschotz.com mpardoe@coleschotz.com About America's Gardening Resource America's Gardening Resource, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11180) on June 20, 2025, listing up to $10 million in assets and up to $50 million in liabilities. The case is jointly administered in Case No. 25-11180. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Robert K. Malone, Esq., at Gibbons PC as counsel, and Dundon Advisers LLC as financial advisor. AMERICAN SAMOA: Moody's Rates New Ser. 2025A/B Revenue Bonds 'Ba3' ------------------------------------------------------------------ Moody's Ratings has assigned Ba3 ratings to the Territory of American Samoa's proposed issuance of $45.6 million General Revenue Refunding Bonds, Series 2025A and $13.8 million General Revenue Bonds, Series 2025B. Moody's maintains American Samoa's Ba3 issuer rating and the Ba3 on the territory's outstanding general revenue bonds. The outlook is stable. RATINGS RATIONALE The Ba3 general revenue bond rating is the same as the territory's issuer rating given the government's pledge of its full faith and credit and broad revenue base to repay the bonds. The Ba3 issuer rating reflects American Samoa's status as a US territory that receives generous operating and capital assistance from the federal government, which has enabled the government to maintain a solid financial position. American Samoa's available fund balance declined to 34.5% of own-source revenue in fiscal 2024 from 40.3% the year before but remains higher than it was three years ago. In fiscal 2025, general fund revenue fell short of projections; although expenditures were also below budget, the general fund ended with a deficit of about $2.9 million or about 2% of general revenue. The fiscal 2026 budget includes lower revenue expectations because of lower collections in fiscal 2025. The issuer rating also factors in the territory's small and volatile economy with employment concentrated in government and tuna packing; very low resident income levels (social issuer profile score of S-5); high long-term liabilities and fixed costs; and risks associated with operating a government-owned charter bank. The rating also reflects significant exposure to physical climate risks, especially sea level rise (environmental issuer profile score of E-5). RATING OUTLOOK The stable outlook reflects the territory's solid financial position and significant federal government support, which will enable the territory to weather economic swings that may occur in the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Diversification and growth of economy -- Substantial improvement in financial management and governance coupled with a reduction in long-term liabilities ratio to below 200% of own-source revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Weakening of financial position and decline in available fund balance below 20% of own-source revenue -- Weakening of US federal government support evidenced by federal grants accounting for less than 60% of total governmental funds revenue -- Significant increase of debt and pension liabilities to over 300% of own-source revenue PROFILE American Samoa is a chain of seven small islands in the Pacific Ocean about 2,700 miles southwest of Hawaii and 2,300 miles northeast of New Zealand that became a US territory in 1900. The territory is self-governing under a 1966 constitution. The economy is concentrated in government and tuna packing, and the population was 49,710 as of the 2020 Census. METHODOLOGY The principal methodology used in these ratings was US States and Territories published in July 2024. ANCHOR PACKAGING: Moody's Withdraws 'B2' CFR on Debt Repayment -------------------------------------------------------------- Moody's Ratings withdrew all ratings of Anchor Packaging, LLC. The ratings withdrawn include the B2 Corporate Family Rating, B2-PD probability of default rating, and the B2 backed senior secured first lien bank credit facility. Prior to the withdrawal the rating outlook was stable. This rating action follows the repayment of the company's rated debt following the sale of the company to Georgia-Pacific LLC. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the full repayment and termination of the rated first lien credit facility, comprised of a revolving credit facility and term loan both due in 2029. Headquartered in St. Louis, Missouri, Anchor Packaging, LLC is a manufacturer of polypropylene (PP) and polyethylene terephthalate (PET) containers for hot and cold food as well as flexible food wrap film. The company generated sales of $540 million for the last twelve months ended June 30, 2025. TJC, a private equity firm, acquired a controlling stake in Anchor Packaging in July 2019. The minority stake was owned by privately-held Hermann Companies, Inc. API GP Venture: Taps Hilco Corporate Finance as Investment Banker ----------------------------------------------------------------- API GP Venture Partners, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Hilco Corporate Finance, LLC as its investment banker. The firm's services include: a) familiarizing itself to the extent that HCF deems appropriate with the commercial, financial, operational, and legal circumstances of the Debtors; b) evaluating and making recommendations to the Debtors regarding its strategic alternatives under current business conditions; c) with API's assistance, creating written materials (e.g., a "teaser," confidential information memorandum, management presentation, and form of nondisclosure agreement) to be used in presenting the Transaction opportunity to prospective buyers and capital sources; d) soliciting and reviewing proposals and making recommendations, and advising API in negotiating proposals concerning a Transaction; e) assisting API in responding to the due diligence review of interested parties with respect to a Transaction, including by managing a Virtual Data Room (VDR), and assisting the Debtors in organizing, populating, and maintaining the VDR; f) assisting API and its other professional advisors in negotiating definitive documentation concerning a Transaction and otherwise assisting in the process of closing a Transaction; and g) performing such other tasks as appropriate and as may reasonably be requested by API's management or counsel. h) cooperating with the Debtors in providing information required for HCF's retention under Bankruptcy Rule 2014, and complying with the U.S. Trustee Guidelines applicable to investment bankers in Chapter 11 cases and Local Rules 2014-1 and 2016-2, in each case as approved or modified by the Bankruptcy Court; i) assisting with the preparation of Bankruptcy Court motions related to a Transaction; j) consulting with other retained parties, lenders, creditors' committee, and other parties in interest; k) participating in Bankruptcy Court hearings and providing testimony in connection with a Transaction; and l) performing such other tasks as appropriate and as may reasonably be requested by the Debtors' management or counsel. Hilco shall be compensated with a transaction-based fee equal to 2 percent of the aggregate principal amount of debt committed at the closing of a transaction. Teri Stratton, senior managing director of Hilco, assured the court that her firm is a "disinterested person" as that term is defined in section 101(14). The firm can be reached through: Teri Stratton Hilco Corporate Finance, LLC 5 Revere Dr, Suite 206 Northbrook, IL 60062 Email: tstratton@hilcocf.com About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: (310) 245-8784 mette.kurth@pierferd.com - and - Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com ARSENAL AIC: Moody's Affirms 'B1' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings affirmed Arsenal AIC Parent LLC's (Arsenal) B1 corporate family rating, B1-PD probability of default rating and Ba3 ratings of backed senior secured first lien term loan B and backed senior secured notes. The ratings outlook is stable. RATINGS RATIONALE The rating affirmation follows the recent completion of several transactions by Arsenal which included the divestment of its Kawneer Europe and Eastman businesses and the carveout of its Kawneer North America (KNA) business from Arsenal's credit group, resulting in two distinct standalone credit groups. As a part of the separation, KNA raised $700 million in new financing, issuing $600 million five-year senior secured Term Loan A (TLA) and $100 million via an undrawn Asset-Based Lending (ABL) facility (both unrated). The proceeds were used to prepay $582 million of Arsenal's Term Loan B, to fund KNA's operations and cover transaction fees. KNA's debt is secured solely by its own assets with no cross-guarantees or liens involving Arconic's assets, and KNA's cash, accounts receivable and inventory as well as second-priority lien in TLA priority collateral will support its own ABL. Although Arsenal's business mix has become less diversified because KNA assets are no longer a part of Arsenal's credit group, and its gross leverage will likely increase modestly on a pro forma basis, Moody's views these transactions as credit neutral because Arsenal's overall risk profile will be balanced by an improved capital structure and because of the TLB prepayment, its credit metrics will remain commensurate with a B1 CFR. Furthermore, the remaining portfolio will allow the company to focus on its core aerospace, automotive, and industrial markets. Arsenal's B1 CFR reflects its strong market position in the downstream aluminum industry with a broad operating footprint and diversified end-market exposure. The rating also considers the company's long-standing customer relationships with many blue-chip customers, including Boeing, Airbus and Ford and that a substantial portion of its revenues is generated from long-term agreements. The rating benefits from the company's margin-on-metal business construct, which combined with an effective hedging strategy, mitigates most of the aluminum price volatility. However, the rating also factors in the increased risk of a more aggressive financial policy following the leveraged buyout by Apollo Global Management, Inc. (Apollo) and Irenic Capital Management (collectively, Apollo Consortium) in 2023 as well as potential liabilities related to the unresolved Grenfell Tower litigation in the UK and US and the ongoing criminal investigation by the London Metropolitan Police Service. Arsenal generated $718 million in Moody's-adjusted EBITDA in the LTM ended June 30, 2025 with leverage rising modestly to 4.5x from 4.4x at YE2024 but down materially from 5.5x at YE2023. After adjusting for recent divestitures, mixed end market conditions and inflationary cost pressures, Moody's expects 2025 EBITDA, as adjusted by Moody's, in the range of $680-700 million, lower than $747 million generated in 2024 but in line with Moody's previous forecasts. Moody's estimates that Moody's-adjusted leverage could tick up to 4.6x by the end of 2025 but will improve to about 4.5x in 2026 driven by modest earnings growth supported by higher volumes in rolled products, additional cost and productivity improvements and better conversion revenues. Moody's expects the company to generate $130-160 million in positive free cash flow (Moody's-adjusted) in 2025 and 2026 and for its credit metrics to remain appropriate for a B1 CFR. The Ba3 rating of the senior secured TLB and senior secured notes, one notch above the CFR, reflect their secondary position behind the unrated $1.2 billion asset-based revolver and their priority position with respect to the unrated senior unsecured notes. The senior secured TLB and the senior secured notes have a first priority security interest in substantially all material assets of the borrower and each subsidiary guarantor (other than ABL priority collateral) and a second priority security interest on the ABL priority collateral. The immediate parent holding company (Arsenal AIC Holdings II LLC or Holdings) guarantees the TLB and the ABL on a limited recourse basis. The Holdings do not guarantee the senior secured or unsecured notes. Additionally, the TLB (first-priority basis) and the ABL (second-priority basis) are secured by all equity interests in the borrower held by the Holdings. The company has a very good liquidity position supported by $468 million of cash on hand as of June 30, 2025, and $1,171 million available under its $1.2 billion ABL facility. Moody's expects the company to be free cash flow positive in 2025 and in 2026. The TLB does not have any financial covenants. The ABL has a springing fixed charge covenant of 1x if availability is less than the greater of 10% of the specified availability and $90 million. Moody's expects the company to remain in compliance with the covenant. The majority of assets are encumbered by the secured credit facilities with guarantors accounting for more than two thirds of sales, EBITDA and assets. RATING OUTLOOK The stable ratings outlook reflects the view that Arsenal will maintain a very good liquidity position and its earnings and cash flows will support credit metrics commensurate with a B1 rating or better. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's will consider an upgrade of Arsenal's credit ratings if the company reduces gross debt such that leverage (Moody's-adjusted debt/EBITDA) is maintained below 4x in an adverse market environment, interest coverage (adjusted EBIT/Interest) increases to above 3x and RCF/Net Debt is sustained above 18%. Sustainable positive Moody's-adjusted free cash generation is also a prerequisite for the ratings upgrade. Arsenal's ratings could be downgraded if liquidity, measured as cash plus revolver availability, evidences a material deterioration, if the company undertakes a significant debt-financed acquisition or dividend recapitalization. Quantitatively, ratings could be downgraded if leverage (Moody's-adjusted debt/EBITDA) is sustained above 5x, interest coverage (adjusted EBIT/Interest) below 2x and RCF/Net Debt below 13%. Headquartered in Pittsburgh, PA, Arsenal AIC Parent LLC is a downstream aluminum producer active in a number of diverse end markets including ground transportation, aerospace, industrial, packaging and building & construction. Revenues for the LTM ended June 30, 2025, were about $7.4 billion. The principal methodology used in these ratings was Steel 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. BAXSTO LLC: Seeks to Employ Lucosky Brookman LLP as Special Counsel ------------------------------------------------------------------- Baxsto LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire the Law Office of Lucosky Brookman LLP to serve as special counsel in its Chapter 11 case. Lucosky Brookman LLP will provide these services: (a) render legal services related to various matters, including but not limited to litigation regarding Lea County State Bank, Valley Bank of Commerce, Diversified Lenders, and Capital Asset Resources; (b) represent the Debtor in such dispute and potential litigation, including pre-litigation efforts to resolve the matter, litigation, trials, post-trial matters, and any subsequent appeals; and (c) perform additional legal services as necessary and appropriate for the purpose of this representation. Lucosky Brookman LLP will receive compensation on an hourly basis: (a) partners, $750 per hour; (b) associates and counsel, $550 per hour; and (c) law clerks and legal assistants, $200 per hour. The firm received retainers totaling $45,000, which were exhausted pre-petition. According to court filings, the Law Office of Lucosky Brookman LLP does not represent or hold any interest adverse to Baxsto LLC, its estate, creditors, equity security holders, or affiliates, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: LUCOSKY BROOKMAN LLP 1250 S Capital of Texas Hwy Building 3, Suite 400 Austin, TX 78746 Telephone: (512) 298-1130 Facsimile: (732) 395-4400 Website: www.lucbro.com About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BELLA GREY: Hires Darby Law Practice as Counsel ----------------------------------------------- Bella Grey Medical Spa, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd. to serve as legal counsel in its Chapter 11 Subchapter V case. Darby Law Practice will provide these services: (a) advise the Debtor of its rights, powers and duties as a debtor and debtor in possession in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; (c) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the Debtor's estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the Court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 Subchapter 5 case. Darby Law Practice will be compensated at its customary hourly rate of $550 and has received a $15,000 retainer, which includes the Chapter 11 filing fee of $1,738. The firm holds the remaining $12,000 of the retainer in its trust account. Darby Law Practice, Ltd. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kevin A. Darby, Esq. Tricia M. Darby, Esq. DARBY LAW PRACTICE, LTD. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 E-mail: kevin@darbylawpractice.com tricia@darbylawpractice.com About Bella Grey Medical Spa LLC Bella Grey Medical Spa, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-51002) on October 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. BEST CUPPA: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On October 30, 2025, Best Cuppa Austin Inc. initiated a voluntary Chapter 11 bankruptcy in the Western District of Texas. Court documents show that the coffee business has liabilities totaling between $100,001 and $1 million. The petition further notes that Best Cuppa Austin, Inc. has a modest creditor count of 1 to 49. About Best Cuppa Austin Inc. Best Cuppa Austin Inc. operates in the restaurant industry. Best Cuppa Austin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11703) on October 30, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Michael G. Colvard, Esq. of Martin & Drought, PC. BIG LEVEL: Seeks to Hire Copeland Cook Taylor as Special Counsel ---------------------------------------------------------------- Big Level Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Copeland Cook Taylor & Bush as special counsel. The firm's services include: a. pursuing a claim against Dependable Abrasives, Inc. for amounts owed for hauling; b. continuing to represent and advise the Debtor in Charles Evans, Jr. v. Big Level Trucking, et al. in the Chancery Court of Stone County Mississippi as may be necessary to a limited extent while the bankruptcy stay is in effect; c. representing the Debtor and assisting counsel of record in this bankruptcy proceeding with regard to potential motions for injunctions or other appropriate relief arising from harmful actions and interference by Charles Evans, Jr.; and d. continuing to provide the Debtor with general non-litigation corporate legal advice and representation arising in the normal course of business. The firm will charge $275 per hour for its services. Matthew Miller, a shareholder of Copeland Cook Taylor & Bush, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew D. Miller, Esq. Copeland Cook Taylor & Bush P.O. Box 17619 110 Sheffield Loop (39402) Hattiesburg, MS 39404 Tel: 601 264-6670 Fax: 601 264-5660 Email: mmiller@cctb.com About Big Level Trucking Big Level Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51204) on August 18, 2025, listing up to $50 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as counsel. BIG LOTS: Court Sustains Objection to Lipp's Proof of Claim ----------------------------------------------------------- Judge J. Kate Stickles of the United States Bankruptcy Court for the District of Delaware sustained the objection of Former BL Stores, Inc. (formerly known as Big Lots, Inc.) and its affiliated debtors to Lipp CDS, Inc.'s Proof of Claim. The Claim is denied. On February 2, 2023, Debtor Big Lots Stores - PNS, LLC ("Seller") entered into a purchase agreement (the "Original Purchase Agreement") with 6351 Westminster Blvd, LLC ("Buyer") governing the Debtor's sale of the land, easements, appurtenances, and improvements located at 6351 Westminster Blvd., Westminster, CA 92683. Seller, Lipp, and Conway (Agent/Salesperson) entered into a Client Registration and Commission Agreement, dated February 3, 2023, that sets forth the mutual understanding between Lipp and Seller regarding the payment of a commission to Lipp for broker services, if a sale is consummated between Client of Broker (BBIG Holdings, LLC and/or their Assignee) and Seller, for the Westminster Property. A dispute between Buyer and Seller relating to the condition of the Westminster Property at the time of the Original Westminster Sale resulted in Seller filing an action against Buyer in the United States District Court for the Central District of California, Case No. 8:24-cv-757-M WE-JDE. On August 8, 2024, the District Court ruled in the Westminster Litigation in favor of Seller finding: "Under applicable Ohio law, the Agreement [Original Purchase Agreement] is rendered void by the parties' failure to close by the Amended Closing Date and the time-is-of-the-essence clause." On September 4, 2024, Buyer filed a notice of appeal of the judgment with the Ninth Circuit Court of Appeals. On September 9, 2024, the Debtors commenced the chapter 11 cases. Thereafter, Seller and Buyer reached an agreement to resolve the Westminster Appeal. Seller and Buyer agreed for Buyer to purchase the Westminster Property from Seller at a purchase price of $6.1 million (the "Amended Purchase Agreement").' On November 27, 2024, the Debtors filed the Motion of Debtors for Entry of an Order: (I) Authorizing and Approving (A) the Debtors' Assumption of and Performance Under the Purchase Agreement and (B) the Sale of the Westminster Assets Free and Clear of all Liens, Claims, Encumbrances and Other Interests, (II) Approving the Settlement and (III) Granting Related Relief (the "Westminster Sale Motion"), which was approved by order entered December 20, 2024. Pursuant to a stipulation of the Buyer and Seller, the Westminster Appeal was voluntarily dismissed. Lipp asserts an administrative priority claim under 11 U.S.C. Sec. 507(a) against Big Lots, Inc., in the amount of $62,595.94 ($60,000 claim, plus $2,595.94 interest at a rate of 10% from January 31, 2025 pursuant to Cal. Civ. Code Sec. 3289), for a real estate broker commission. The Debtors dispute that Lipp is entitled to an administrative claim under section 507(a)(2) or 503(b)(1)(A). They argue that the alleged administrative claim fails because the Commission Agreement is not a post-petition transaction with the Debtors. They assert that Lipp has not provided any evidence or argument as to the benefit it provided to the estate. The Debtors contend that if Lipp has a valid claim, such claim is a general unsecured claim. Lipp asserts it procured the Buyer that resulted in a $6.1 million benefit to the estate. The Bankruptcy Court finds Lipp has failed to meet its burden. Judge Stickles explains, "Lipp's claim is alleged to have arisen from the Commission Agreement. The Commission Agreement, which is dated February 2023, is a prepetition agreement. Contract-based bankruptcy claims arise at the time the contract is executed even if that claim is contingent or unmatured. To the extent that there is a valid claim under that prepetition agreement, such a claim would be a general unsecured. claim." She adds, "Lipp has not presented any evidence that the post-petition Amended Purchase Agreement and sale arose from a post-petition transaction between Lipp and Debtor. At most, when the Commission Agreement was executed, Lipp had a contingent right to future payment which was extinguished by the voided Original Purchase Agreement. No evidence has been presented of any post-petition transaction or agreement between Lipp and the Debtor to support an administrative claim." The Bankruptcy Court concludes Lipp's asserted administrative expense claim fails. A copy of the Court's Memorandum Opinion dated November 4, 2025, is available at https://urlcurt.com/u?l=zPd1f4 from PacerMonitor.com. About Big Lots Big Lots -- http://www.biglots.com/-- was 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. BIG STORM: Creditors to Get Proceeds From Liquidation ----------------------------------------------------- Big Storm Brewery, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida a Joint Disclosure Statement describing Joint Chapter 11 Plan of Liquidation dated October 28, 2025. The Debtors are Florida limited liability companies operating collectively under the "Big Storm" brand, a regional craft brewery founded in 2012 and known for its award-winning beers and distillery products. The Debtors determined that a Chapter 11 proceeding would allow for continued operations, preservation of going-concern value, and an orderly sale of assets. By Order entered March 19, 2025, the Court approved the employment of Joshua Rizack of The Rising Group Consulting, Inc. as Chief Restructuring Officer (the "CRO" or "Mr. Rizack"). Mr. Rizack was charged with operational oversight, financial management, and marketing the Debtors' assets for sale. These cases have been managed by the CRO, who has overseen operations and led the sale and auction process. The Debtors engaged a broker and negotiated a stalking horse purchase and sale agreement ("PSA") with TIDE LLC. The Debtors filed the Expedited Motion to Sell Property Free and Clear of Liens seeking approval of the sale of all assets, real estate, brewery equipment, trade names, intellectual property, inventory, and licenses through a competitive auction process. A stalking horse bid of $7,500,000 was submitted by TIDE, LLC, setting the floor for higher and better offers. The sale will occur free and clear of all liens, claims, interests, and encumbrances pursuant to Section 363(f) of the Bankruptcy Code, with such liens, claims, interests, and encumbrances attaching to sale proceeds in the same order of priority, validity, and enforceability as existed prior to the sale, pending distribution in accordance with the Bankruptcy Code and the Plan. The CRO will conduct the auction as Auctioneer without additional fees beyond approved CRO compensation, will qualify bidders under the Bid Procedures, and will continue through the post-confirmation wind down as Liquidating Agent under the Plan. The Plan is a liquidating plan. Upon entry of the Confirmation Order and occurrence of the Effective Date, the Debtors will consummate the sale, and the Liquidating Agent will be appointed to administer and distribute Net Sale Proceeds pursuant to the priority scheme of the Bankruptcy Code: first to Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and other Priority Claims under Section 507(a) of the Bankruptcy Code; next to Allowed Secured Claims to the extent of their collateral value and in accordance with Section 506 of the Bankruptcy Code; and thereafter to Allowed General Unsecured Claims on a pro rata basis. The Sale Property consists of the Clearwater real property; brewery equipment, fixtures, inventory; trademarks, recipes, and other intellectual property; and beverage and brewing licenses. Secured claims include, among others, the mortgage claim of Briar Capital Real Estate Fund, LLC, and asserted positions of the U.S. Small Business Administration and The Center for Special Needs Trust Administration, Inc. The sale proceeds, net of costs and allowed administrative and priority claims, will fund secured recoveries to the extent of collateral value under Section 506 of the Bankruptcy Code and then fund general unsecured distributions. Class 3 consists of General Unsecured Claims against Big Storm Real Estate, LLC (BSRE). Pro rata distribution from BSRE's net distributable cash after payment in full of all allowed administrative expenses, priority tax claims, and allowed secured claims in Classes 1A and 2A (including funding of reserves for disputed claims and release of reserves for resolved claims). Class 3P consists of General Unsecured Claims against Big Storm Pinellas, LLC. Pro rata distribution from Big Storm Pinellas, LLC's net distributable cash after payment in full of all allowed administrative expenses, priority claims, and allowed secured claims in Classes 1P, 1P-Briar, and 2P (including funding of reserves for disputed claims). Class 3B consists of General Unsecured Claims against Big Storm Brewery, LLC. Pro rata distribution from Big Storm Brewery, LLC's net distributable cash after payment in full of all allowed administrative expenses, priority claims, and allowed secured claims in Classes 1B, 1B-Apex, 1BSBA, and 2B (including funding of reserves for disputed claims). The Plan is based upon the Debtors' belief that an orderly liquidation of the assets would yield substantially more to priority and general unsecured creditors than in a Chapter 7 bankruptcy case because the Debtor is selling assets at market value as opposed to auction value. The liquidating Debtor, through its Plan, will hold and liquidate the Estate Assets for the benefit of Creditors and for payment of Allowed Claims in accordance with the provisions of the Plan. The Plan will be funded through the sale of Debtors' property and other assets. The Debtor reserves all rights to pursue preference actions under Section 547 of the Bankruptcy Code, fraudulent conveyance actions under Sections 544, 548 of the Bankruptcy Code, and applicable state law, and other avoidance actions under Chapter 5 of the Bankruptcy Code. The Liquidating Agent shall have standing to prosecute such actions on behalf of the estate, and any recoveries shall be added to the Net Sale Proceeds for distribution in accordance with the Plan. The Plan is proposed in good faith and not by any means forbidden by law. A full-text copy of the Joint Disclosure Statement dated October 28, 2025 is available at https://urlcurt.com/u?l=2cpTjI from PacerMonitor.com at no charge. Counsel to the Debtor: Jake C. Blanchard, Esq. Blanchard Law, P.A. 8221 49th Street North Pinellas Park, FL 33781 Tel: (727) 531-7068 Fax: (727) 535-2086 Email: Jake@jakeblanchardlaw.com About Big Storm Brewery Big Storm Brewery, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04026) on June 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's bankruptcy counsel. Joshua Rizack serves as Chief Restructuring Officer. Briar Capital Real Estate Fund, LLC, as secured creditor, is represented by Zachary J. Bancroft, Esq., at Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, in Orlando, Florida. BIOTACTICS INC: Updates CDC Secured Claim Pay Details ----------------------------------------------------- Biotactics, Inc. submitted an Amended Plan of Reorganization for Small Business dated October 31, 2025. The Debtor's proposed 5-year projections itemize the Debtor's revenue source and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. This Plan of Reorganization proposes to pay creditors of the Debtor from business operation. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 3 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of the Secured claim of CDC Small Business Finance. CDC Small Business Finance (the "CDC") holds a secured claim in connection with a Small Business Loan ("Loan") (UCC-1 Financing Statement filed on February 4, 2020, File # 20-7760780522) for the estimated amount of $110,705.50 secured by Debtor's assets. CDC shall have an allowed secured claim against the Collateral in the total amount of $130,515.50, including its post-petition business asset appraisal in the sum of $1,450.00, post-petition attorney's fees in the sum of $18,360.00 to be amortized over fifty-eight months at a fixed rate of 7.5% interest per annum that is payable in full on or before February 1, 2030 ("Secured Claim"). The Debtor shall tender monthly payments of principal and interest to CDC on the first day of each month for the Secured Claim commencing June 1, 2025, and continuing on the (1st) day of each month thereafter until February 1, 2030. The amount of the Debtor's monthly payment to CDC shall be $2,689.66, and payments shall be made payable to CDC at 2448 Historic Decatur Road, Suite 200, San Diego, CA 92106. Except as otherwise expressly provided in the Plan Treatment Stipulation, all remaining terms of the Loan documents, which are incorporated in the Plan Treatment Stipulation by reference, shall govern the treatment of CDC's Secured Claim. Like in the prior iteration of the Plan, the total amount of the allowed general unsecured claims in Class 3 is $818,686.46 and includes the undersecured claims of the SBA. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims will be receiving an estimated 3% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment of $409.33 due on the Effective Date, followed by 59 consecutive payments, each in the amount of $409.33 to be paid pro-rata to each holder of allowed general unsecured claim. This Class is impaired. The Debtor's proposed 5-year projections itemize the Debtor's revenue sources and the expenses for the next 5 years. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. The Debtor will continue to operate its business of breeding and supplying beneficial mites to agricultural producers throughout the United States. The Debtor's operations are seasonal in nature, with periods of higher production and sales occurring in alignment with planting and pest-control cycles. The Debtor's historical monthly operating reports, which reflect losses during off-season months, do not fully capture the cyclical nature of the Debtor's revenue stream and its capacity to generate significant income during peak agricultural periods. As of the filing of this Amended Plan, the Debtor has received confirmed orders from Florida farmers for the upcoming Florida agricultural season. Specifically, the Debtor anticipates the sale of approximately 83.25 million mite generating between $360,000 to $450,000 in gross revenue from mid-November through the end of February 2026. These orders are guaranteed sales and are expected to be completed within the next 6-month period. Because the Debtor's operational costs are largely fixed, any increase in production will result in a corresponding increase in profitability. A full-text copy of the Amended Plan dated October 31, 2025 is available at https://urlcurt.com/u?l=zcpo5H from PacerMonitor.com at no charge. About Biotactics Inc. Biotactics, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12038) on Dec. 6, 2024, with up to $500,000 in assets and up to $1 million in liabilities. Howard Andrew Maltby, president of Biotactics, signed the petition. Judge Victoria S. Kaufman oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger. CDC Small Business Finance, as lender, is represented by: David McAllister, Esq. Aldridge Pite, LLP Phone: 877-319-8840 dmcallister@aldridgepite.com BOACKPEARL SALON: Hires Geri Lyons Chase as Bankruptcy Counsel -------------------------------------------------------------- Boackpearl Salon and Day Spa, L.C. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire the Law Office Of Geri Lyons Chase as counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession necessary complaints, applications, answers, orders, reports, schedules, statements of financial affairs, and other legal papers; (c) take the necessary steps to stay any action by creditors seeking liens, attachments, or other advantages by legal or nonjudicial process; (d) negotiate and prepare a Plan of Reorganization; and (e) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary. The firm will receive compensation at an hourly rate of $400. The firm was paid a prepetition retainer of $2,500, which included a filing fee of $1,738. According to court filings, Law Office of Geri Lyons Chase is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Geri Lyons Chase, Esq. Law Office of Geri Lyons Chase 2007 Tidewater Colony Drive, Suite 2B Annapolis, MD 21401 Telephone: (410) 573-9004 E-mail: gchase@glchaselaw.com About Boackpearl Salon and Day Spa, L.C. Boackpearl Salon and Day Spa, L.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-19364) on October 7, 2025, listing up to $50,000 in assets and $50,001 to $100,000 in liabilities. Geri Lyons Chase, Esq. at Law Office Of Geri Lyons Chase represents the Debtor as counsel. BRIGHT CARE: Seeks to Extend Plan Exclusivity to February 2, 2026 ----------------------------------------------------------------- Bright Care Veterinary Hospital, Inc. and Bright Care Veterinary Group, Inc. asked the U.S. Bankruptcy Court for the Central District of California to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 2, 2026 and April 3, 2026, respectively. The Debtors explain that they have been paying, and will continue to pay, their post-petition operating expenses as they become due. On November 3, 2025, counsel for the Debtors received a notice of default from Live Oak Banking Company concerning the second stipulation for use of cash collateral. The notice of default alleged that the stipulation was violated due to Dr. Gorgi's missed payment of $443.45 for his personal insurance obligation due under the stipulation and $65,111.46 due under the October 5, 2025 adequate protection payment. The Debtors claim that they have been operating profitably post petition and with guidance from estate professionals, have reconciled their financial accounting and books and records. These ongoing efforts, if allowed to mature under a further extended exclusivity deadline, will likely culminate in a confirmable plan, thereby advancing the interests of all creditors and the estates. The Debtors assert that their bankruptcy cases have been pending for 8 months, and this is the Debtors' second request for an extension of their plan exclusivity periods. Based on the foregoing, the Debtors respectfully submit that this factor weighs in favor of the requested extension of the Debtors' plan exclusivity periods. The Debtors further assert that their request for an extension of their plan exclusivity periods is being made in good faith and is not being made for the purpose of pressuring creditors into acceding to certain plan terms. The Debtors have performed substantial work to reconcile their financial records so that their plan projections are based on reliable financial information. Accordingly, the Debtors respectfully submit that this factor also weighs in favor of the requested extension of the Debtors' plan exclusivity periods. Bright Care Veterinary Hospital Inc. is represented by: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: dbg@lnbyg.com About Bright Care Veterinary Hospital Inc. Bright Care Veterinary Hospital Inc., dba CASE is a veterinary facility in Anaheim, CA, offering 24/7 emergency care and specialized veterinary services. Its services include neurology and neurosurgery, cardiology, internal medicine, oncology, surgery, and advanced imaging. The hospital emphasizes compassionate and comprehensive care, working collaboratively with primary case veterinarians to improve the quality of life for pets. CASE state-of-the-art facility ensures the latest technology and equipment, focusing on pet safety and comfort. Bright Care Veterinary Hospital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10900) on April 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by David B. Golubchik, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. BURLINGTON OPERATING: Hires Ciardi Ciardi & Astin as Counsel ------------------------------------------------------------ Burlington Operating Group, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Ciardi Ciardi & Astin as counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its power and duties; (b) prepare on behalf of the Debtor any necessary legal papers; (c) perform all other legal services for the Debtor which may be necessary; and (d) prepare and file a Plan of reorganization. The firm's counsel and staff will be paid at these hourly rates: Albert A. Ciardi, III $625 per hour Jennifer C. McEntee $475 per hour NIcole M. Nigrelli $525 per hour Stephanie Frizlen, Paralegal $100 per hour Mr. Ciardi disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Albert Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce St. Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Burlington Operating Group, Inc. Burlington Operating Group, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-21214) on October 22, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Jerrold N Poslusny Jr presides over the case. Albert Anthony Ciardi, III, Esq. at Ciardi Ciardi & Astin represents the Debtor as counsel. BYJU'S ALPHA: Court Confirms Chapter 11 Plan -------------------------------------------- Judge John T. Dorsey of the United States Bankruptcy Court for the District of Delaware confirmed the Amended Combined Disclosure Statement and Chapter 11 Plan of BYJU's Alpha, Inc. The Disclosure Statement contains (a) extensive material information regarding the Debtor's administration of the Chapter 11 Case so that parties entitled to vote on the Plan could make informed decisions regarding the Plan, satisfying the disclosure requirements of all applicable nonbankruptcy laws, rules, and regulations, including, to the extent applicable, the Securities Act of 1933, 15 U.S.C. Secs. 77a–77aa, together with the rules and regulations promulgated thereunder, as amended from time to time, and (b) "adequate information" (as such term is defined in section 1125(a) of the Bankruptcy Code and used in section 1126(b)(2) of the Bankruptcy Code) with respect to the Debtor, the Debtor's administration of the Chapter 11 Case, the Plan, and the transactions contemplated therein, and the Disclosure Statement is approved in all respects. As set forth in the Plan, holders of Claims in Class 3 were eligible to vote to accept or reject the Plan in accordance with the Interim Approval and Procedures Order. As evidenced by the Voting Report, the Voting Class voted to accept the Plan in accordance with section 1126 of the Bankruptcy Code. The solicitation of votes on the Plan complied with the Bankruptcy Code, Bankruptcy Rules, Local Rules, and all applicable non-bankruptcy rules, laws, and regulations, and was appropriate and satisfactory and is approved in all respects. The Debtor, the Wind-Down Debtor, the Released Parties, the Exculpated Parties, and each of their respective Affiliates, agents, representatives, members, principals, shareholders, officers, directors, employees, advisors, and attorneys are granted the protections provided under section 1125(e) of the Bankruptcy Code. The Debtor, as the proponent of the Plan, has met its burden of proving the applicable elements of sections 1129(a) and 1129(b) of the Bankruptcy Code by a preponderance of the evidence, which is the applicable evidentiary standard for Confirmation of the Plan. As reported by Troubled Company Reporter on Sept. 8, 2025, BYJU's Alpha filed with the Bankruptcy Court a Combined Disclosure Statement and Chapter 11 Plan dated August 29, 2025, which provides for the liquidation and Distribution of the proceeds of the Debtor's remaining assets. Under the Plan, Holders of Prepetition Term Loan Claims in Class 3 are impaired and entitled to vote on the Plan. The Prepetition Term Loan Claims are deemed Allowed in the aggregate principal amount of $1,189,513,685, plus accrued and unpaid interest. On the Effective Date, each Holder of an Allowed Prepetition Term Loan Claim shall receive (a) its pro rata share of the Prepetition Term Loan Effective Date Distribution, if any, and (b) its pro rata share of the Distributable Proceeds, in each case up to the Allowed amount of such Holder's Prepetition Term Loan Claims until the Claims are paid in full in Cash. Any Prepetition Term Loan Effective Date Distribution and any Distributable Proceeds available on account of the Prepetition Term Loan Claims shall be distributed to the Prepetition Agent, which shall further distribute such amounts in accordance with the terms of the Intercreditor Agreement. Unless and until all Allowed Prepetition Term Loan Claims have been paid in full in Cash, and notwithstanding anything to the contrary, the Prepetition Term Loan Facility shall be deemed to remain an outstanding obligation of the Debtor or the Wind-Down Debtor, as applicable, for all purposes, including Distributions to be made on account of the Claims and in accordance with the Intercreditor Agreement. Class 4 consists of all General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall not receive any Distribution on account of such Claims. Class 4 is Impaired under the Plan. Holders of Allowed General Unsecured Claims are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, such Holders are not entitled to vote to accept or reject the Plan. Class 7 consists of all Interests. On the Effective Date, all Interests (including Intercompany Interests) shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. The Wind-Down Debtor shall be established, formed, and merged on the Effective Date. The Wind-Down Debtor shall be the successor in interest to the Debtor, and the Wind-Down Debtor shall be the successor to the Debtor and its Estate's right, title, and interest to the Wind-Down Debtor Assets. The Wind-Down Debtor will conduct no business operations and will be charged with winding down the Debtor's Estate. The Wind-Down Debtor shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtor Oversight Committee. A full-text copy of the Combined Disclosure Statement and Plan dated August 29, 2025 is available at https://urlcurt.com/u?l=nE5HPs from PacerMonitor.com at no charge. The Disclosure Statement is approved on a final basis pursuant to section 1125 of the Bankruptcy Code as containing adequate information, and sufficient information of a kind necessary to satisfy the disclosure requirements of any applicable non-bankruptcy laws, rules, and regulations. The Plan, including (a) all modifications to the Plan filed with this Bankruptcy Court prior to or during the Confirmation Hearing, (b) all exhibits to the Plan, and (c) all documents incorporated into the Plan through the Plan Supplement, is approved in its entirety, as modified, and confirmed pursuant to section 1129 of the Bankruptcy Code. A copy of the Court's Order dated October 27, 2025, is available at https://urlcurt.com/u?l=HFl4B5 from PacerMonitor.com. Counsel for the Debtor: Robert S. Brady, Esq. Kenneth J. Enos, Esq. Jared W. Kochenash, Esq. Timothy R. Powell, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 E-mail: rbrady@ycst.com kenos@ycst.com jkochenash@ycst.com tpowell@ycst.com - and - Susheel Kirpalani, Esq. Benjamin Finestone, Esq. Daniel Holzman, Esq. Jianjian Ye, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 51 Madison Avenue, 22nd Floor New York, NY 10010 Telephone: (212) 849-7000 E-mail: susheelkirpalani@quinnemanuel.com benjaminfinestone@quinnemanuel.com danielholzman@quinnemanuel.com jianjianye@quinnemanuel.com About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CAIRO EXPRESS: To Retain Law Offices of Wenarsky as Counsel ----------------------------------------------------------- Cairo Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in connection with its Chapter 11 case. According to the filing, Ms. Ciccarelli will represent the Debtor and Debtor-in-Possession in matters that require her specific legal expertise. Her duties will include: (a) advising and assisting the Debtor regarding the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary motions, applications, and pleadings with the Court; (c) representing the Debtor in hearings, negotiations, and other proceedings related to the administration of the bankruptcy case; and (d) performing all other legal services deemed necessary for the Debtor’s reorganization efforts. Ms. Ciccarelli's standard hourly rate is $450, with additional hourly rates of $225 for law clerks and $195 for paralegals and legal assistants. The firm has received a $40,000 retainer, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Suite 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com About Cairo Express LLC Cairo Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20188) on September 29, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq. at Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. CAMERA HOLDINGS: Moody's Downgrades CFR to Caa2, Outlook Stable --------------------------------------------------------------- Moody's Ratings downgraded Camera Holdings LP's (Cast & Crew, the company) corporate family rating to Caa2 from Caa1. Moody's also downgraded the Probability of Default Rating to Caa2-PD from Caa1-PD and appended the PDR with a limited default (/LD) designation, changing it to Caa2-PD/LD. Concurrently, Moody's downgraded Cast & Crew LLC's backed senior secured first-lien ratings, including a $150 million senior secured first-lien revolver ("RLOC"), a $1,425 million senior secured first-lien term loan, and a 142.5 million CAD-denominated incremental first-lien term loan to Caa1 from B3. Moody's also assigned a Caa1 rating to Cast & Crew LLC's proposed $123 million backed senior secured first-lien revolving bank credit facility. The outlook for both entities is stable. The company is a California-based provider of technology-enabled payroll processing and related services to the entertainment industry. The /LD designation reflects Moody's views that the company's amendment to pay in kind, in lieu of cash, the interest expense on its second-lien term loan (unrated) constitutes a limited default within the company's capital structure. While Moody's recognizes that the company is first paying down $25 million of principal, Moody's regard the amendment to PIK interest as a limited default because it implies economic losses to lenders and helps the company alleviate a potentially untenable capital structure. The use of PIK interest does not constitute an event of default under the terms of the credit agreement following the amendment. Moody's will remove the /LD designation from the PDR in 3 business days. The ratings downgrade is driven by the company's persistent weak operating performance and continued high leverage as of the quarter ended June 30, 2025 and strained liquidity. The lingering effects from the 2023 SAG-AFTRA strike continue to be a drag to Cast & Crew's financial performance. Additionally, the anticipated rebound of production volumes back to levels prior to the work disruption appears to be meaningfully slower as the company manages both industry-wide and idiosyncratic factors. Cast & Crew's aggressive financial strategies via persistent high leverage, debt restructure and covenant waivers, as well as underperformance versus its underwriting budget are also key governance considerations for the rating action. RATINGS RATIONALE Cast & Crew's Caa2 CFR is constrained by the company's continued high debt leverage with debt/EBITDA of over 12.0x as of the fiscal year ended June 30, 2025, that Moody's do not expect to decline meaningfully over the next 12-18 months. The company's credit profile is also negatively impacted by risks related to its concentrated exposure to the media and entertainment sectors, which has experienced volatile demand due to both the 2023 work stoppages and the slower than expected pace of recovery for projects with both streaming content providers and conventional feature film and television studios. The industry faces disruption risks from AI technologies that could result in lower staffing volumes. Additional credit risks stem from the company's ability to effectively manage workers' compensation insurance claims, cybersecurity related risks given the company's access to sensitive customer data, concentrated equity ownership, and aggressive financial policies which have recently led to debt restructure and material asset write-downs. The credit profile benefits from the company's entrenched position within its niche market, long-term customer relationships, and specialized industry expertise as a provider of payroll processing, production accounting, and related services for media and entertainment companies. The company has maintained very strong operating profitability margins (company adjusted EBITDA margin of approximately 43%), which could drive improvement in credit metrics if top-line growth can return to historically normalized levels. Moody's also notes that their private equity sponsor, EQT, has been supportive via a recent equity investment. Moody's considers Cast & Crew's liquidity profile as weak, and could come under further pressure due to high debt service costs and if the activity rebound in the entertainment sector remains sluggish. The company had an unrestricted cash balance of $143 million as of June 30, 2025 but Moody's notes that this was funded later in the fiscal year by RLOC following the pay down of the line after issuance of $100 million USD equivalent of incremental Canadian debt (CAD 142.5 million). Absent the incremental debt raises or an equity infusion, Moody's expects cash balances to decline over the next 12-18 months as a result of free cash flow deficits. Support from the $123 million RLOC facility is limited given the current draw of $41 million as of June 30, 2025 and the expectation that there will be significant usage due to net working capital swings into 2026. The company's first-lien term loan is not subject to financial maintenance covenants. However, Cast & Crew has a springing covenant for its revolving credit facility based on a maximum first-lien net leverage ratio of 8.3x. In December 2023, the company received a waiver for this requirement until September 30, 2024. This was then extended in September 2025 until June 2027. Moody's expects the waiver will be extended moving forward if needed, but the uncertainty constrains liquidity. The Caa1 rating on Cast & Crew's $123 million senior secured first-lien revolver, $1,425 million senior secured first-lien term loan, and CAD 142.5 million first-lien term loan reflects the borrower's Caa2-PD PDR and Moody's Loss Given Default for Speculative-Grade Companies Methodology (LGD Methodology). The senior secured first-lien ratings are secured and guaranteed by all business assets and are one notch above the CFR due to the instruments' priority in the collateral and senior ranking in the capital structure relative to Cast & Crew's unrated $275 million second-lien debt. Subsequent to the year ended June 30, 2025 the second-line debt principal balance will be paid down by $25 million. The stable outlook reflects Moody's expectations that Cast & Crew's revenue and adjusted EBITDA will be lower but eventually stabilize over the next 12-18 months, and that the company does not have material debt maturities due in the near term. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Cast & Crew either maintains or improves revenue growth while expanding EBITDA margins, significantly reduces debt/EBITDA leverage, achieves some positive free cash flow, and materially improves its liquidity profile so that it does not rely on either incremental debt raises or other structural mechanisms to manage near term liabilities. The ratings could be downgraded if revenue or EBITDA contract materially from current levels, the company continues to generate weak or negative free cash flow, liquidity deteriorates further, Moody's believes there is a higher refinancing risk as maturities approach, or Moody's perceives that the recovery prospects in the event of default could deteriorate. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Cast & Crew, based in Burbank, CA and owned by affiliates of equity sponsor, EQT, is a provider of technology-enabled payroll processing, production accounting software, workers' compensation coverage and related value-added services to clients across the entertainment industry. The company's core competency is their ability to manage a complex labor structure that is often more difficult and costly for temporary production companies to navigate independently. CANDYWAREHOUSE.COM INC: Seeks to Hire Lane Law Firm as Counsel -------------------------------------------------------------- CandyWarehouse.com, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm will render these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these cases. The firm will be paid at these hourly rates: Robert Lane, Attorney $650 Joshua Gordon, Senior Associate $625 Zach Casas, Attorney $575 Kyle Garza, Attorney $450 Grant Bullwinkel, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments from Debtor totaling $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 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. The Company provides customers with search options by flavor, color, event, or holiday, and caters to both individual and wholesale buyers. CandyWarehouse.com, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34192) on October 24, 2025. At the time of filing, the Debtor estimated $223,957 in assets and $3,244,950 in liabilities. The petition was signed by Mimi Kwan-Nguyen as president. Robert C. Lane, Esq. at THE LANE LAW FIRM represents the Debtor as counsel. CAPITOL STREET: Hires KC Cohen Lawyer PC as Bankruptcy Counsel -------------------------------------------------------------- Capitol Street Surgery Center, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ KC Cohen, Lawyer, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers, and responsibilities in this case; (b) investigate and pursue any actions on behalf of the estate in order to recover assets for or best enable this estate to reorganize fairly; (c) represent the Debtor in these proceedings in an effort to maximize the value of the assets available herein, and to pursue confirmation of a successful Plan of Reorganization; and (d) perform such other legal services as may be required and in the interest of the estate. The firm will be paid at these rates: Christopher J. McElwee $325 per hour Nicholas J Wildeman $275 per hour Bobby H Macias (paralegal) $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. KC Cohen, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: KC Cohen, Esq. KC Cohen, Lawyer, PC 1915 Broad Ripple Ave. Indianapolis, IN 46220 Telephone: (317) 715-1845 Facsimile: (317) 636-8686 Email: kc@smallbusiness11.com About Capitol Street Surgery Center, LLC Capitol Street Surgery Center, LLC, based in Indianapolis, Indiana, operates an independent ambulatory surgery center offering a range of specialized surgical services, including orthopedic, general, plastic, and OB/GYN procedures. Capitol Street Surgery Center, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06216) on October 12, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Zak Khan as CEO. Judge James M Carr presides over the case. KC Cohen, Esq. at KC Cohen, Lawyer, PC represents the Debtor as counsel. CAPROCK MILLING: Hires Franklin & Prokopik as Special Counsel ------------------------------------------------------------- CapRock Milling & Crushing, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Franklin & Prokopik, P.C. as special counsel. The firm will pursue claims and legal action against its largest aged receivable, in the lawsuit styled CapRock Milling & Crushing, LLC v. Perdue AgriBusiness LLC, Civil Action No. 1:24-cv-3320-MJM. Franklin & Prokopik will charge $275 per hour for its services. Renee Bowen, Esq., the firm's attorney who will be representing the Debtor, disclosed in court filings that he is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Franklin & Prokopik can be reached through: Renee L. Bowen, Esq. Franklin & Prokopik, P.C. 100 South Queen Street, Suite 200 Martinsburg, WV 25401 Direct: (410) 230-3943 Fax: (410) 752-6868 Email: rbowen@fandpnet.com About Caprock Milling & Crushing, LLC CapRock Milling & Crushing, LLC of Amarillo, Texas is engaged in the business of grain and oilseed milling. Caprock Milling filed its a voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 23-20251) on November 3, 2023, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Thomas Bunkley as member, signed the petition. Mullin Hoard & Brown, L.L.P. serve as the Debtor's legal counsel. CARPENTER FAMILY: Affiliate to Sell Tract 3 Carpenter Farm to SSMP ------------------------------------------------------------------ Carpenter Family Farms LLC and its affiliate B & L Land LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real estate located in Sugar Creek Township, Montgomery County, Darlington, Indiana known as Carpenter Farm, Tract 3, containing 33.94 acres, with a brief legal description of "Part of the NW 1/4 of the SE 1/4 T20N R3W S20". The Property does not contain any improvements and does not have a common address. The Debtor has received an offer for the Property for $509,100.00, pursuant to a Purchase Agreement. The offeror for the Property is SSMP LLC. All deadlines in the Agreement are deemed waived to allow for the Sale Motion to be approved. The Purchaser has no relationship with the Debtor. None of the Property being sold contains any personally identifiable information. The Debtor shall be entitled to any and all 2025 farm income in respect to planted/harvested 2025 crops. The Debtor believes the sale of the Property is in the best interest of the estate and creditors, and the sale will help the Debtor provide a distribution to its general unsecured creditors. Because the Purchase Price is equal to the fair market value, as established by appraisal, the Debtor submits that no further marketing is necessary and that the Agreement is a result of arms-length and good-faith negotiations. The Property is being sold "as-is" with no express or implied warranty. The sale is contingent upon the Purchaser selling property located on 1000 North, Linden, Indiana which was scheduled to close September 25, 2025. According to the Purchaser, this sale can occur at any time and was merely delayed until the buyer knew the sale of the Property would be approved. First Farmers Bank and Trust has a secured claim on all of the Property in the Debtor's estate. There are no known tax liens, other than potential real estate taxes due to the Montgomery County, Indiana, Treasurer. The Debtor submits that the sale of the Property is within its sound business judgment. The Debtor has determined that the sale of the Property will maximize the value of the Debtor's estate and is in the best interest of the estate and its creditors. About Carpenter Family Farms Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on Sep. 12, 2025, listing $1,000,001 to $10 million in assets and $1,000,001 to $50 million in liabilities. Judge Andrea K Mccord presides over the case. Jeffrey M. Hester, Esq. at Hester Baker Krebs, LLC represents the Debtor as legal counsel. CARPENTER FAMILY: To Sell Tract 2 Carpenter Farm to B. & P. Rush ---------------------------------------------------------------- Carpenter Family Farms LLC and its affiliate B & L Land LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real estate located in Sugar Creek Township, Montgomery County, Darlington, Indiana known as Carpenter Farm, Tract 2, containing 77 acres, with a brief legal description of "Part of the S 1/2 of the SE 1/4 T20 R3W S22". The Property does not contain any improvements and does not have a common address. The Debtor receives an offer for the Property for r $1,232,000.00, pursuant to a Purchase Agreement. The offeror for the Property is Bruce Rush and Penni Rush. Any deadlines in the Agreement are deemed waived to allow for the Sale Motion to be approved. The Purchaser is a current landlord of the Debtor. None of the Property being sold contains any personally identifiable information. The Debtor shall be entitled to any and all 2025 farm income in respect to planted/harvested 2025 crops. The Debtor believes the sale of the Property is in the best interest of the estate and creditors, and the sale will help the Debtor provide a distribution to its general unsecured creditors. Because the Purchase Price is equal to the fair market value, as established by appraisal, the Debtor submits that no further marketing is necessary and that the Agreement is a result of arms-length and good-faith negotiations. The Property is being sold “as-is” with no express or implied warranty. All the debt of the Debtor has been fully disclosed in its schedules. First Farmers Bank and Trust has a secured claim on all of the Property in the Debtor's estate. There are no known tax liens, other than potential real estate taxes due to the Montgomery County, Indiana, Treasurer. The Debtor submits that the sale of the Property is within its sound business judgment. The Debtor has determined that the sale of the Property will maximize the value of the Debtor's estate and is in the best interest of the estate and its creditors. About Carpenter Family Farms Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on Sep. 12, 2025, listing $1,000,001 to $10 million in assets and $1,000,001 to $50 million in liabilities. Judge Andrea K Mccord presides over the case. Jeffrey M. Hester, Esq. at Hester Baker Krebs, LLC represents the Debtor as legal counsel. CATHOLIC HEALTH: Moody's Upgrades Revenue Bond Rating to B2 ----------------------------------------------------------- Moody's Ratings has upgraded Catholic Health System's (CHS) (NY) in Buffalo revenue bond rating to B2 from B3. The outlook is positive. CHS had $360 million in debt at FYE24. The upgrade to B2 reflects a continuation of improving operating performance and liquidity driven by good revenue growth and the receipt of sizable FEMA grants. RATINGS RATIONALE The B2 rating reflects Catholic Health System's strong market position in western New York and expansion into Niagara County with a new hospital. Volume growth, cost controls, and revenue cycle initiatives are supporting higher margins, while recent FEMA grants and improved revenue cycle management are helping stabilize cash. Increased contributions will reduce the pension obligations, but adjusted cash-to-debt is still low at 40-45%. Liquidity remains limited at 50-60 days, and capital needs and additional pension funding will restrict further growth. Achieving sustainable cashflow to cover debt service and routine capital spending may take several years. Managing labor costs is challenging due to a heavily unionized workforce and potential work disruptions. RATING OUTLOOK The positive outlook reflects the possibility of further improvement in the operating cashflow margin to around 4% and cash on hand close to 60 days. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained growth in liquidity approaching 60 days cash -- Sustained improvement in recurring operating cashflow to above 4% -- Reduction in operating and balance sheet leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Days cash on hand below 30 days -- Inability to maintain 2-3% operating cashflow margin (excluding non-recurring items) -- Meaningful increase in debt PROFILE Catholic Health System serves the residents of Buffalo, New York and surrounding areas in Erie and Niagara Counties. The system includes four acute-care hospitals with seven campuses, free-standing ambulatory surgery centers, and other healthcare services. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in October 2024. CAUSEY STREETER: Taps Rountree Leitman Klein & Geer as Counsel -------------------------------------------------------------- Causey Streeter CPAS, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC to serve as legal counsel in its Chapter 11 case. RLKG will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; (b) prepare on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor as Debtor-in-Possession that may be necessary herein. RLKG's attorneys and personnel will bill at hourly rates ranging from $595 for partners to $300 for associates, and from $225 to $290 for paralegals. The firm received a pre-petition retainer of $40,000, from which $9,553.50 in pre-petition fees and the $1,738 Chapter 11 filing fee were deducted, leaving a balance of $28,708.50 as a security retainer. RLKG represents no interest adverse to the Debtor and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: William A. Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: wrountree@rlkglaw.com About Causey Streeter CPAs LLC Causey Streeter CPAs, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61703) on October 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. CLAIRE'S HOLDINGS: Court Confirms Amended Joint Chapter 11 Plan --------------------------------------------------------------- Judge Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware approved the disclosure statement and confirmed the First Amended Joint Chapter 11 Plan of Claire's Holdings LLC and its debtor affiliates. The Disclosure Statement contains extensive material information regarding the Debtors so that parties entitled to vote on the Plan could make informed decisions regarding the Plan. The Disclosure Statement contains "adequate information" within the meaning of section 1125 of the Bankruptcy Code and complies with any additional applicable requirements of the Bankruptcy Code, the Bankruptcy Rules, and non-bankruptcy law. The Debtors' solicitation of acceptances and rejections of the Plan via transmittal of the Disclosure Statement and the other materials in the Solicitation Packages was authorized by and complied with the Conditional Disclosure Statement Order and was appropriate under the circumstances. The Plan was solicited in good faith and in compliance with applicable provisions of the Bankruptcy Code and Bankruptcy Rules. The Disclosure Statement is approved on a final basis as containing adequate information within the meaning of section 1125 of the Bankruptcy Code and sufficient information of a kind necessary to satisfy the disclosure requirements of any applicable non-bankruptcy laws, rules, and regulations. The Plan, including all exhibits, is confirmed under section 1129 of the Bankruptcy Code. As reported by Troubled Company Reporter on Sept. 18, 2025, Claire's Holdings LLC and affiliates submitted an Amended Disclosure Statement for the First Amended Joint Chapter 11 Plan dated September 9, 2025. The principal objective of the Plan is to maximize value for all Holders of Allowed Claims and generally to distribute all property of the Estates that is or becomes available for distribution generally in accordance with the priorities established by the Bankruptcy Code. The Debtors believe that the Plan accomplishes this objective and is in the best interest of the Estates. Nevertheless, the Debtors continue to explore any viable paths that would further maximize recoveries. Generally, the Plan: * Embodies a global settlement of all Claims and Causes of Action; * Contemplates cash distributions being made pursuant to a waterfall priority scheme in accordance with the Bankruptcy Code; * Establishes a Liquidating Trust and provides for (1) the vesting in the Liquidating Trust of the Liquidating Trust Assets for the purpose of distributions pursuant to such waterfall priority scheme, and (2) the appointment of the Liquidating Trustee; and * Contemplates recoveries to Holders of Administrative Claims and Other Priority Claims as is necessary to satisfy section 1129 of the Bankruptcy Code. Class 6 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, on or as soon as reasonably practicable after the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of (a) Distributable Proceeds pursuant to the Waterfall Recovery; and (b) the Trust GUC Assets after all Allowed Prepetition ABL Claims have been paid in full. The allowed unsecured claims total $78 million. This Class will receive a distribution of 1% to 3% of their allowed claims. On or after the Effective Date, the Debtors shall fund the Plan Distributions, as applicable, with the Distributable Proceeds on account of Allowed Claims in accordance with the Waterfall Recovery in accordance with Article III.B of the Plan. The Distributable Proceeds shall be allocated and paid to the Holders of Allowed Claims, other than Allowed Professional Fee Claims, as applicable, until paid in full, in each case, on a Pro Rata basis, and subject in all respects to the terms of the DIP Order, except as otherwise agreed to by such Holders of Claims or Interests, as follows: (a) first, on account of Allowed Administrative Claims and Priority Tax Claims; (b) second, on account of Allowed Other Secured Claims (solely to the extent such proceeds are collateral of such Allowed Other Secured Claim), if any; (c) third, on account of Allowed Other Priority Claims, if any; (d) fourth: * to the extent such proceeds are ABL Priority Collateral, -- first, on account of Allowed Prepetition ABL Claims; -- second, on account of Allowed Prepetition Priority Term Loan Claims (once the Allowed Prepetition ABL Claims have been paid in full); and -- third, on account of Allowed Prepetition Existing Term Loan Claims (which Claims, for the avoidance of doubt and pursuant to the Prepetition Term Loan Intercreditor Agreement, shall not be entitled to receive any distribution or recovery until the Allowed Prepetition Priority Term Loan Claims are paid in full); or * to the extent such proceeds are Term Loan Priority Collateral, -- first, on account of Allowed Prepetition Priority Term Loan Claims, -- second, on account of Allowed Prepetition Existing Term Loan Claims (which Claims, for the avoidance of doubt and pursuant to the Prepetition Term Loan Intercreditor Agreement, shall not be entitled to receive any distribution or recovery until the Allowed Prepetition Priority Term Loan Claims are paid in full); and -- third, on account of Allowed Prepetition ABL Claims (once the Allowed Prepetition Priority Term Loan Claims and Allowed Prepetition Term Loan Claims have been paid in full); and (e) fifth, on account of Allowed General Unsecured Claims. For purposes of the Waterfall Recovery, all Liquidating Trust Assets other than the Trust GUC Assets shall constitute either "ABL Priority Collateral" or "Term Loan Priority Collateral," in accordance with the terms of the ABL Intercreditor Agreement. On or after the Effective Date, the Disbursing Agent shall be responsible for making Plan Distributions on account of Allowed Claims. For the avoidance of doubt, any Plan Distribution made on account of an Allowed Administrative Claim that is a 507(b) Claim shall be subject in all respects to the Prepetition Term Loan Intercreditor Agreement, the ABL Intercreditor Agreement, and the DIP Order. A full-text copy of the Amended Disclosure Statement dated September 9, 2025 is available at https://urlcurt.com/u?l=ZEs11o from Omni Agent Solutions, Inc., claims agent. A copy of the Court's Order dated October 29, 2025, is available at https://urlcurt.com/u?l=QJWpwy from PacerMonitor.com. About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLEARWATER PAPER: Moody's Alters Outlook on 'Ba3' CFR to Negative ----------------------------------------------------------------- Moody's Ratings affirmed Clearwater Paper Corporation's (Clearwater) ratings including the Ba3 corporate family rating, Ba3-PD probability of default rating and B1 senior unsecured notes rating. At the same time, Moody's revised the outlook to negative from stable. Clearwater's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-2. "The outlook change reflects Moody's expectations that operating performance and credit metrics will weaken as a result of a weak pricing environment in an oversupplied SBS market, compounded by the company's concentration to one substrate and lack of forward integration into final products", said Mikhil Mahore, Moody's Ratings AVP – Analyst. RATINGS RATIONALE Clearwater's Ba3 CFR benefits from: (1) good North American market position in high-end consumer paperboard packaging; (2) relatively stable end market demand for paperboard packaging; (3) efficient backward-integrated paperboard operations; (4) good liquidity. Clearwater's rating is constrained by: (1) its relatively small revenue base; (2) product concentration to the high-end consumer paperboard packaging market; (3) significant financial exposure to market downtime and maintenance outages that can cause increased volatility in financial leverage; and (4) vulnerability to significantly larger, forward integrated and financially stronger competitors in paperboard packaging. Clearwater has good liquidity (SGL-2) with about $500 million of liquidity sources, compared to no uses. Sources include $34 million of cash in September 2025, $156 million availability on a $214 million borrowing base under the company's $375 million ABL facility expiring in November 2027, full availability under the $264.6 million farm credit revolver (subject to 2% annual reduction in commitments; expiring 2029) and about $25 million of positive free cash flow through 2026. The company is subject to a springing fixed charge covenant of 1.1:1 if the ABL revolver availability falls below the greater of 10% or $19 million. Moody's do not expect it to be applicable over the next 4 quarters, but the company doesn't have enough cushion if the covenant triggers. The B1 rating on Clearwater's $275 million senior unsecured notes is one notch below the CFR, reflecting the note holders' subordinate position to the $375 million asset based revolving credit facility and the $264.6 million farm credit revolving credit facility. The negative outlook reflects Moody's expectations that operating performance and credit metrics will weaken as a result of weak pricing environment in an oversupplied SBS market. Moody's expects Clearwater's financial leverage to weaken to above 3.5x in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to grow its market position or diversity into additional product lines such that operating performance is more resilient, adjusted debt to EBITDA is sustained below 2x, and normalized retained cash flow to adjusted net debt is sustained above 20%. The ratings could be downgraded if the company's operational performance deteriorates significantly such that normalized retained cash flow to adjusted net debt is sustained below 10%, adjusted debt to EBITDA are sustained above 3.5x, or liquidity weakens. Headquartered in Spokane, Washington, Clearwater is a mid-size North American non-forward integrated producer of bleached paperboard. The principal methodology used in these ratings was Paper and Forest Products published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CLESMA INC: Gets Final OK to Use Cash Collateral ------------------------------------------------ Clesma Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral to fund operations in accordance with its budget. The Debtor may use cash collateral to pay up to 110% of any individual expense, provided total monthly spending does not exceed 110% of the overall budget. The 30-day budget projects total cash disbursements of $25,676.90. As adequate protection, secured creditor The Huntington National Bank will be granted replacement liens on all post-petition cash collateral and property, maintaining the same priority and extent as its pre-bankruptcy liens. These replacement liens do not apply to any Chapter 5 avoidance actions and are subject to the fee carveout. Huntington retains its rights to challenge whether certain funds are property of the estate, and the Debtor reserves the right to dispute any claimed secured status. The final order is available at https://is.gd/uFolMu from PacerMonitor.com. According to public records, Huntington holds two UCC-1 financing statements that appear to be blanket liens on the Debtor's assets, including accounts receivable, inventory, and equipment. The underlying loan is SBA-backed. About Clesma Inc. Clesma Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42744) on September 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Frances Smith, Esq., at Ross, Smith & Binford, PC, serves as Subchapter V trustee. Judge Brenda T. Rhoades oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. COLLABORATIVE TECHNOLOGY: Taps Roder & Associates as Accountant --------------------------------------------------------------- Collaborative Technology Solutions International, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Roder & Associates Tax & Accounting as accountants. The firm will assist the Debtor in preparing tax-related documents and schedules, as well as providing payroll and other accounting-related services as may be needed. Roder will charge hourly rates of $170 per hour for the accounting-related services described and $70 for the payroll services. Dianna Roder, a tax preparer with Roder & Associates, assured the court that her firm is a "disinterested person" as that term is defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: Dianna Roder Roder & Associates Tax & Accounting 26697 Pleasant Park Rd b200 Conifer, CO 80433 Phone: (303) 838-7719 About Collaborative Technology Solutions International, Inc. Collaborative Technology Solutions International LLC provides technology consulting and cloud-based solutions to small and mid-market organizations worldwide, offering advisory services, project implementations, and ticket-based support for CRM and other cloud platforms. The Company customizes its services to meet individual business needs and integrates technologies from providers such as Microsoft, Amazon Web Services, Zapier, Opero, ZoomInfo, Formstack, HubSpot, ActiveCampaign, Conga, DocuSign, and QuickBooks. It partners with firms including Owls Head, Cloudstreet, and Insycle to enhance its service offerings. Collaborative Technology Solutions International LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16557) on October 9, 2025. In its petition, the Debtor reports total assets of $380,763 and total liabilities of $1,092,702. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Aaron A. Garber, Esq. of WADSWORTH GARBER WARNER CONRARDY, P.C. COLORART LLC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- ColarArt, LLC 25-16701 101 Workman Court Eureka, MO 63025 Las Vegas Color Graphics, Inc. 25-16697 4265 W. Sunset Road Las Vegas, NV 89118 Business Description: ColorArt, LLC, and its affiliate Las Vegas Color Graphics, Inc., provide commercial printing, marketing, and fulfillment services, including digital and offset printing, mailing, signage, and data- management solutions, operating primarily from Eureka, Missouri, and Las Vegas, Nevada. The companies serve a range of business clients across the U.S., supporting marketing and promotional campaigns with integrated print and fulfillment capabilities. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court District of Nevada Judge: Hon. Natalie M Cox Debtors' Counsel: Teresa M. Pilatowicz, Esq. GARMAN TURNER GORDON LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Tel: 725-777-3000 Email: tpilatowicz@gtg.legal ColorArt, LLC's Estimated Assets: $10 million to $50 million ColorArt, LLC's Estimated Liabilities: $10 million to $50 million Las Vegas Color's Estimated Assets: $1 million to $10 million Las Vegas Color's Estimated Liabilities: $10 million to $50 million The petitions were signed by Eran Salu as authorized representative of the Debtors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/HP5ODWI/COLORART_LLC__nvbke-25-16701__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/VJMNGTI/LAS_VEGAS_COLOR_GRAPHICS_INC__nvbke-25-16697__0001.0.pdf?mcid=tGE4TAMA List of ColorArt, LLC's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Centene Corporation $4,041,223 Centene Plaza 7700 Forsyth Blvd. Saint Louis, MO 63105 2. Missouri Dept of $2,464,281 Revenue Sales & Use Tax PO Box 840 Jefferson City, MO 65105-0840 3. 4 Over $1,948,637 16111 NW 13th Ave Miami, FL 33169 4. Accent Group Solutions $1,215,914 1154 Reco Ave St Louis, MO 63126 5. FedEx-CA $379,705 Po Box 94515 Palatine, IL 60094-4515 6. Oracle America Inc. $317,317 (Netsuite) 500 Oracle Pkwy Redwood City, CA 94065-1677 7. Sunset Transportation $312,591 10877 Watson Rd St Louis, MO Transportation 8. Worldwide Express $284,989 Po Box 733360 Dallas, TX 75373 9. Webgurus Tech SA $281,782 353 S. 7th Street Newark, NJ 07106 10. KnowledgeWorks $274,963 Global Ltd. | KGL PO Box 74007142 Chicago, IL 60674-7142 11. Butler Merchandising Solutions $272,210 2233 Delmar Blvd St. Louis, MO 63102 12. Canon Solutions - $221,563 SAT / AMA 2122977 15004 Collections Center Drive Chicago, IL 60693-0150 13. Canon Fin. - $189,375 Contract 765914 158 Gaither Drive Mount Laurel, NJ 08054 14. Eastman Kodak $175,334 Company - ASG (Iowa) 343 State Street Rochester, NY 14650 15. Ricoh USA Inc. $149,013 P.O. Box 802815 Chicago, IL 50580-2815 16. Bradley Graphic Solutions $146,589 941 Mill Rd Bensalem, PA 19020-6342 17. VECP $128,954 1401 S Brentwood Blvd Saint Louis, MO 63144 18. Johnson Controls $127,772 Security Solutions 11364 Lackland Rd St. Louis, MO 63146 19. Pitney Bowes $117,228 P.O Box 371896 Pittsburgh, PA 20. Amazon Web Svcs Online $104,345 410 Terry Avenue North Seattle, WA 98109-5210 CORPORATE AIR: Francois Bitz Steps Down From Creditors' Committee ----------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Francois Bitz from the official committee of unsecured creditors in the Chapter 11 cases of Corporate Air, LLC and its affiliates. The remaining members of the committee are: 1. Precision Recruiting Solutions Group, LLC A.J. Ray 3919 William Penn Hwy, Ste 200 Murrysville, PA 15668 ajray@prsgllc.com Tel: (412) 550-4071 2. Air Inter LLC Pedro Barelli 5505 Dunmoyle Street Pittsburgh, PA 15217 pedro.barelli@gmail.com Tel: (412) 512-4305 About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and Fixed-Base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Raines Feldman Littrell, LLP. CORPORATE AIR: Hires Omni Agent Solutions as Administrative Agent ----------------------------------------------------------------- Corporate Air LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Omni Agent Solutions, Inc. as administrative agent. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement. Prior to petition date, the firm received a retainer of $25,000 from the Debtors. Paul Deutch, an executive vice president of Omni Agent Solutions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agent Solutions Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 Facsimile: (818) 783-2737 Email: lacontact@omniagnt.com About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and fixed-base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. CORPORATE AIR: Seeks to Hire Hilco Real Estate as Appraiser ----------------------------------------------------------- Corporate Air LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Hilco Enterprise Valuation Services, LLC and Hilco Real Estate Appraisal, LLC as appraiser. Hilco will provide appraisal services with respect to the Debtors' enterprise as a going concern. Hilco will also provide an opinion of the liquidation value of the Debtors' real estate. Hilco will be paid a flat fee of $40,000 for the going concern valuation and a flat fee of $15,000 for the real estate appraisal. Eric Kaup, an executive vice president at Hilco Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and fixed-base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. CORPORATE AIR: Seeks to Hire Klehr Harrison Harvey as Co-Counsel ---------------------------------------------------------------- Corporate Air LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Klehr Harrison Harvey Branzburg LLP as co-counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their businesses, management of their properties and how to accomplish the Debtor's goals in connection with the prosecution of these cases; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) preparing, on behalf of the Debtors, necessary applications, motions, answers, orders, reports, and other legal papers; (d) appearing in Court, at depositions, and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtors as their counsel; (e) attending meetings and negotiating with representatives of creditors and other parties in interest; (f) providing assistance, advice, and representation concerning any investigation of the assets, liabilities, and financial condition of the Debtors that may be required under local, state, or federal law or orders of this or any other court of competent jurisdiction; (g) advising and assisting the Debtors with respect to the reporting requirements of the U.S. Trustee; (h) taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; (i) performing various services in connection with the administration of these cases; (j) performing all other services. Klehr Harrison's current hourly rates are: Partners $595 to $1,240 Counsel $525 to $615 Associates $380 to $595 Paralegals $330 to $405 Klehr Harrison received a special purpose retainer in the amount of $250,000 on August 29, 2025 and $35,000 on Sept. 29, 2025. The following is provided in relation to the request for additional information set forth in Paragraph D.1. of the Large Case UST Guidelines: Question: Did Klehr Harrison agree to any variations from, or alternatives to, Klehr Harrison's standard billing arrangements for this engagement? Answer: No. Klehr Harrison and the Debtors have not agreed to any variations from, or alternatives to, Klehr Harrison's standard billing arrangements for this engagement. The rate structure provided by Klehr Harrison is appropriate and is not significantly different from (a) the rates that Klehr Harrison charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the Klehr Harrison professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Klehr Harrison in representing the Debtors are consistent with the rates that Klehr Harrison charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If Klehr Harrison has represented the Debtors in the 12 months prepetition, disclose Klehr Harrison's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Klehr Harrison's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Klehr Harrison represented the Debtors during the approximately two-week period before the Petition Date using the hourly rates effective January 1, 2025. Commensurate with the annual rate increases of Klehr Harrison, effective January 1, 2025 Klehr Harrison represented the Debtors using the rates listed below: Partners $595 to $1,240 Counsel $525 to $615 Associates $380 to $595 Paralegals $330 to $405 Question: Have the Debtors approved Klehr Harrison's budget and staffing plan, and, if so, for what budget period? Answer: Yes, as reflected in the budget attached as Exhibit 1 to the Interim Order (I) Authorizing the Debtors to Obtain Post-Petition Financing, (II) Granting Liens and Providing Claims with Superpriority Administrative Expense Status, (III) Authorizing the Use of Cash Collateral and Granting Adequate Protection, (IV) Modifying the Automatic Stay, and (V) Granting Related Relief. Domenic E. Pacitti, a partner at Klehr Harrison, assured the court that Klehr Harrison is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. The firm can be reached through: Domenic E. Pacitti, Esq. Klehr Harrison Harvey Branzburg LLP 919 N. Market Street, Suite 1000 Wilmington, DE 19801-3062 Tel: (302) 426-1189 Fax: (302) 426-9193 Email: dpacitti@klehr.com About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and fixed-base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. CORPORATE AIR: Taps David Nolletti of Riveron Management as CRO --------------------------------------------------------------- Corporate Air LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Riveron Management Services, LLC to provide interim management services and a chief restructuring officer and designate of David Nolletti as CRO. The firm's services include: I. Assessment: A. Provide a report to the Board of Directors evaluating Company viability, including reviews of: 1. Historical financial results, 2. Forward-looking business projections, 3. Executory contracts, 4. Capital structure, and 5. Other factors as appropriate. B. Identify and help evaluate strategic alternatives in cooperation with management, C. Advise management on restructuring matters and other matters. II. Finance, Operations, Turnaround and Restructuring: a. Executive leadership: 1. Lead all Finance, Operations, Turnaround and Restructuring activities. 2. David Nolletti will act as the Chief Restructuring Officer ("CRO") of the Company. The CRO shall hold such powers as are customarily associated with that title and office, or as may be prescribed from time to time by the Company and accepted by Riveron in writing. The CRO shall have the authority with respect to the following: (i) the bank accounts and cash of the Company, including final decisions regarding any payment or disbursement of cash; (ii) any future cash or debt obligations of the Company, including new contracts, leases, rentals, or purchase orders; (iii) all proposed sales, refinancings, and recapitalizations, among other transactions; and (iv) to delegate and appoint existing Company personnel to assist and supervise in the performance of the aforementioned tasks and duties. b. Performance Improvement and Turnaround Management. 1. Work collaboratively with management to enhance profitability, cash generation and enterprise value through development and implementation of cost-cutting initiatives, c. Negotiation of contract amendments with customers, suppliers, and other stakeholders, and d. Other Performance Improvement and Turnaround Management activities. e. Treasury / liquidity management: 1. Lead Treasury functions, including: a. Cash / liquidity planning, b. Disbursements of Company monies, c. Debt monitoring and compliance, d. Cash management, e. Cash controls, f. Banking relationships, g. Liquidation of obsolete and/or non-core assets, and h. Other Treasury activities. 2. Negotiate accommodations from customers, suppliers, and other stakeholders to enhance liquidity while managing risk to long-term relationships, 3. Review new business priorities to ensure investment is directed towards opportunities that maximize near-term cash flow. 4. Lead scenario development and analysis to assess liquidity in the context of potential contingency plans or alternative paths forward, and 5. Other Treasury /Liquidity Management activities. f. Financial Planning & Analysis: 1. Analyze business operations and financial performance, 2. Prepare 13-week cash flows, 2. Develop and/or refine KPI package to assess performance, 3. Develop and manage financial projections and annual operating plan (AOP), 4. Oversee the refinement of management accounting processes and workstreams to maximize visibility into underlying business performance. 5. Track variances in financial performance relative to the AOP, 6. Lead internal monthly or quarterly operating reviews to understand variances relative to the AOP and address meaningfully negative variances as appropriate, 7. Analyze business processes to understand cost drivers and reduce costs, 8. Participate in Company's strategic planning initiatives, and 9. Other Financial Planning & Analysis activities. g. Financial Reporting: 1. Oversee monthly close process, 2. Oversee the development of financial reporting materials for the Board of Directors, lenders and other stakeholders as appropriate, 3. Lead monthly financial review conference calls with the Board of Directors, lenders and other stakeholders as appropriate, 4. Provide lenders with weekly cash forecast updates with variance analysis for previous weeks, 4. Oversee the refinement of financial accounting processes and workstreams to maximize visibility into underlying business performance, and 5. Other Financial Reporting activities. III. Bankruptcy-related workstreams: A. Pre-petition workstreams: 1. Assist drafting of first-day motions and first-day declarations, 2. Assist in the development of the plan of reorganization and associated documents, 3. Coordinate execution of communications plan, 4. Coordinate AP & Treasury Cutoff, 5. Coordinate invoice bifurcation and post-closing disbursement process, 6. Develop key workstream (t-minus) schedule, 7. Develop a Key Employee Retention Plan or similar retention plan, 8. Other pre-petition workstreams. B. Post-petition workstreams: 1. Creditor Committee Formation and 341 Hearing, 2. Schedule of Assets & Liabilities, 3. Statement of Financial Affairs, 4. Monthly Operating Reports, 5. Assist the company in communications with key constituents, including lenders, customers, and/or other stakeholders, 6. Such other services as are customarily associated with the office and title of "Chief Restructuring Officer," 7. Other post-petition workstreams. C. Emergence initiatives: 1. Claims and objections, 2. Contract cure claims, 3. Exit finance modeling and review, 4. Support plan of reorganization and disclosure statement development, 5. Support fresh-start accounting, opening balance sheet development, and tax- planning initiatives, 6. Novation of government contracts, 7. Transition Support Agreement development and implementation, 8. Wind down and ultimate dissolution of debtor entity, and 9. Other emergence initiatives. IV. Other workstreams: A. Provide Strategic Communications support as appropriate, B. Support external diligence requests as appropriate, C. Provide litigation support and expert testimony as appropriate, D. Provide enterprise software implementation and configuration support as appropriate, E. Conduct and review various tax-related analysis and investigate potential tax implications under various scenarios, and F. Perform other services as directed by the Company and agreed to by Riveron. The firm will charge these hourly rates: David Nolletti, CRO $950 Aimee Rice, Manager $740 David Blanks, Manager $700 Managing Director to Senior Managing Director $895 to $1,160 Director to Senior Director $695 to $885 Manager to Associate Director $595 to $685 Associate to Senior Associate $465 to $585 Administrative to Analyst $275 to $390 In addition to the fees, the Debtors shall pay directly, or reimburse RMS upon receipt of periodic billings, for all reasonable and documented out-of-pocket expenses incurred in connection with the CRO Services, such as travel, meals, reasonable attorney fees, and delivery services. RMS received an initial retainer in the amount of $100,000. Mr. Nolletti disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rob Hubbard Riveron Management Services, LLC 2515 McKinney Ave Dallas, TX 75201 Phone: (615) 618-5217 Email: rob.hubbard@riveron.com About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and fixed-base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. CPW CORP: Taps Capalbo Mather & Dougherty as Accountant ------------------------------------------------------- CPW Corp. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Capalbo, Mather, & Dougherty Accounting Services, LLC as its accountant in its Chapter 11 case. CM&D will provide these services: (a) preparing business income tax return; (b) preparing personal income tax returns; (c) preparing annual non-payroll tax filings; (d) preparing annual personal property declaration; (e) preparing monthly sales and use tax returns; and (f) providing monthly bookkeeping services. CM&D will charge a flat rate of $786.25 per month for the period of November 1, 2025 through October 31, 2026. CM&D is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has confirmed that it holds no interest adverse to the Debtor or its estate in the matters for which it is to be engaged. The firm can be reached at: Anita L. Mather Capalbo, Mather, & Dougherty Accounting Services, LLC 328 Mitchell Street Groton, CT 06340 About CPW Corp. CPW Corp. operates in the restaurants industry. CPW Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20930) on September 4, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $100,001 and $1 million in liabilities. Honorable Judge James J. Tancredi oversees the case. The Debtor is represented by Jeffrey M. Sklarz, Esq., at Green & Sklarz, LLC. CRAB-N LLC: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------- On November 1, 2025, Crab-N LLC initiated a voluntary Chapter 7 bankruptcy case in the Southern District of Texas. The bankruptcy petition shows that Crab-N LLC holds liabilities ranging from $1 million to $10 million within the same range. The company further disclosed that it has approximately 1 to 49 creditors. About Crab-N LLC Crab-N LLC is a limited liability company. Crab-N LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-20327) on November 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Marvin Isgur handles the case. The Debtor is represented by Nathaniel Peter Holzer, Esq. DAVID CHOATE HUGHES II: Court Tosses Mims, et al. Adversary Case ---------------------------------------------------------------- Judge Mary P. Gorman of the United States Bankruptcy Court for the Central District of California will grant the motions filed by Defendants Mitchell Mims, MIMS-IPR, LLC, Jackson Neal, Curtis H. Seal, Blake Milner, and Emily G. Erwin to dismiss the adversary proceeding captioned as DAVID CHOATE HUGHES II, Plaintiff, v. MITCHELL MIMS, MIMS-IPR, LLC, JACKSON NEAL, CURTIS H. SEAL, BLAKE MILNER, and EMILY GRACE ERWIN, Defendants, Adv. No. 25-07011 (Bankr. C.D. Calif.). The complaint filed by Plaintiff David Choate Hughes II will be dismissed without prejudice, an order will be entered abstaining from hearing matters related to pending Alabama litigation, and an order will be entered in the bankruptcy case sua sponte lifting the automatic stay to allow the Alabama case to proceed. Both Motions to Dismiss assert two grounds for dismissal: insufficient service of process and failure to plausibly state a claim for relief. Each Motion to Dismiss also asks this Court to abstain from hearing the dispute as an alternative to dismissal. The Defendants contend that service was insufficient in this case because, while service by "first-class" mail is permitted under the Bankruptcy Rules, service via FedEx or UPS is not the same as "first-class" mail and therefore a defective method of service. As to the adequacy of the complaint itself, the Defendants contend that the Debtor largely pleads legal conclusions directed at no particular Defendant and that, to the extent factual allegations are set forth, they lack enough detail to support any of the asserted causes of action and include allegations against persons other than the named Defendants. In support of their abstention arguments, the Defendants note that the dispute relates to pending litigation filed in Alabama state court on July 8, 2025, involving rightful ownership of real property located in Alabama. The Defendants assert that they have no apparent connection to Illinois and that the Alabama court is situated to resolve the disputes expeditiously without adversely affecting the administration of the Debtor's bankruptcy case. The Debtor counters that he did properly serve the Defendants by mail via the United States Postal Service, presumably referring to the certificate of service he filed on August 27, 2025. He also contends that his complaint states plausible claims for relief because lien fraud and stay violations are core bankruptcy claims and that the complaint, "read in conjunction with the attached exhibits," easily meets even the highest pleading standards. He argues that abstaining from any of the causes of action asserted would result in grave injustice by forcing him to litigate in a "compromised forum" and erode the integrity of the bankruptcy process. Because the Debtor, despite having notice of the requirements, failed to serve the Defendants in the time allowed under Federal Rule of Civil Procedure 4(m), and because extending the time to complete service would not cure the defects, the Court finds no good cause shown and that dismissal of the adversary proceeding for insufficient service of process as to all Defendants is appropriate. The Court says the Defendants correctly point out that the Debtor's complaint does not contain enough factual detail to plausibly state a cause of action. According to the Court, the factual allegations cover an array of topics, many of which have no apparent connection to the causes of action asserted or the named Defendants, and the allegations are largely comprised of unsupported assumptions and legal conclusions. The causes of action themselves are laid out in six separate counts consisting of nothing more than labels and vague assertions that give little if any indication as to which Defendants they seek relief against or the factual basis for relief sought. Perhaps most critically, the complaint does not identify the properties at the heart of action. The Court finds these defects are enough to warrant dismissal. Judge Gorman holds, "The Debtor's attempts to serve the Defendants with summons and the complaint were defective. The complaint itself fails to allege facts sufficient to state any claim for relief, and several of the intended claims seek relief not available from this Court or properly considered by another court. Not only should the complaint be dismissed, but it is also appropriate that this Court abstain from hearing the Debtor's nonbankruptcy claims." A copy of the Court's Opinion dated October 31, 2025, is available at https://urlcurt.com/u?l=0LWI7D from PacerMonitor.com. David Choate Hughes II filed for Chapter 11 bankruptcy protection (Bankr. C.D. Ill. Case No. 25-70566) on July 10, 2025, listing under $1 million in both assets and liabilities. DELUXE CORP: Fitch Alters Outlook on 'B' IDR to Positive -------------------------------------------------------- Fitch Ratings has affirmed Deluxe Corporation's (Deluxe) Long-Term Issuer Default Rating (IDR) at 'B' and revised the Rating Outlook to Positive from Stable. Fitch has also affirmed the company's senior secured notes at 'BB' rating with a Recovery Rating of 'RR1'. The Positive Outlook reflects Fitch's expectation of EBITDA leverage declining below 3.5x over the forecast period, along with improved profitability and free cash flow generation. The ratings reflect Deluxe's growth in the payment and data solutions segment, strong merchant partnerships and improving EBITDA margins. The ratings are constrained by secular industry headwinds in the print segment, which limit revenue growth over the forecast period. Key Rating Drivers Manageable Leverage: Fitch expects Deluxe's EBITDA leverage to remain below the 3.5x range post 2025, as management continues its strategy of reducing selling, general, and administrative expenses. and restructuring expenses through Project NorthStar. Fitch also expects restructuring expenses to decline to nearly half of 2024 levels in 2025 and to reduce further in 2026. Management has expressed a commitment to deleveraging and maintaining a long-term net leverage target of 3.0x. Secular Industry Headwinds: Fitch believes that the print industry will continue to experience secular volume declines as digital devices reduce demand for printed products. Deluxe's print segment accounted for 57% of its FY 2024 revenue. Fitch expects the company's print segment to face ongoing headwinds, with revenue declining in the mid-single-digit range during the forecast period. However, EBITDA margins have improved, driven by Deluxe's transformation into a comprehensive payment solutions provider, cost reduction initiatives through Project NorthStar and strategic business dispositions. Modest and Improving FCF: Despite a secular decline in the print segment, Fitch expects that Deluxe will continue to generate positive and improving free cash flow, as defined by Fitch, thereby enhancing its near-term credit strength. The stable cash flow from the print segment enables Deluxe to reinvest in its payments and data business. A key goal of Project NorthStar is to improve operational efficiency and free cash flow. Fitch expects the company's free cash flow margins to gradually expand over the forecast period. Diversifying Revenue: Fitch believes that Deluxe's ongoing transformation into a payment solutions provider may further enhance its operating profile over time. The company is investing in unique service capabilities and technological advancements that reinforce its partner relationships, thereby fueling the growth of its payment and data segment. Revenues in this segment increased from approximately 38% in FY 2021 to about 43% in FY 2024, and Fitch expects the segment to generate over 50% of total revenue by FY 2027. Competitive Landscape: Deluxe's end markets in the payment and data segment are highly competitive and fragmented, which could affect the IDR over time. Deluxe faces significant technological disruption and pricing competition from legacy fintech companies, large established technology providers, and emerging software-centric fintech companies. Fitch believes that barriers to entry are very limited while switching costs are moderate and vary depending on the company's offerings. Peer Analysis Fitch assesses Deluxe's ratings relative to peers in the printing, fintech, and services sectors. Fitch believes Deluxe is well positioned, with EBITDA leverage reducing to 3.5x or below over the forecast period, positive free cash flow, and improving EBITDA margins relative to industry peers at the 'B' rating level. The company's ratings are constrained by secular industry headwinds that limit revenue growth; however, its transformation toward payment and data solutions will help offset the decline in print revenues. Fitch rates R.R. Donnelley & Sons Company (RRD; B/Stable), which provides printing and supply chain solutions, maintains a robust competitive position driven by its scale. However, its EBITDA margins trail those of Deluxe, and its EBITDA leverage remains in the low 4.0x range. In the payments segment, Fitch rates MoneyGram International, Inc. (MoneyGram; B/Negative), which offers cross-border peer-to-peer payments and money transfers, displays lower EBITDA margins and higher EBITDA leverage relative to Deluxe. The company's outlook has been revised to Negative to reflect its sluggish growth and the risk that its cost and revenue initiatives may continue to underperform in reactivating growth and profitability while reducing leverage. In comparison, Shift4 Payments (BB/Stable), which provides software and payment processing solutions, benefits from a significantly larger scale and higher free cash flow margins relative to Deluxe. Fitch expects Shift4 Payments, like Deluxe, to reduce leverage to 3.5x or below over the forecast period. Key Assumptions - Fitch expects revenue to grow in the low single-digit range for FY 2025 and forecast period. - The payment and data segments are forecast to grow in the mid- to high single digits from FY 2025, offset by a mid-digit year-over-year decline in the print business. - EBITDA margins are expected to improve marginally over the forecast period. - Restructuring costs are estimated at about $25 million in FY 2025, declining to $10 million thereafter. - Annual dividends are projected to be in the $55 million to $60 million range. - Capex is expected to remain steady at approximately 4.5% to 4.7% of revenue across the forecast period. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from 'RR1' to 'RR6') and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Key Recovery Rating Assumptions: Fitch assumes that Deluxe would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach: Deluxe's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The GC EBITDA is assumed at $280 million and reflects a secular decline in commercial printing and highly competitive and fragmented nature of the payment industry. An EV multiple of 5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: The historical bankruptcy case study exit multiples in TMT sector have ranged from 4.0x-7.0x, with a median of 5.9x. The recovery analysis assumes that the Company's revolving credit facility is fully drawn to the extent of borrowing base to provide liquidity in a distress situation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Fitch could revise the Outlook to Stable if key credit financial metrics underperform; - Failure to execute on payments and data growth leading to further revenue declines; - Sustained negative FCF; - EBITDA leverage sustained above 4.5x; - EBITDA coverage sustained below 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Revenue and EBITDA growth sustained over a multiyear period; - EBITDA leverage sustained below 3.5x. Liquidity and Debt Structure Deluxe's liquidity is supported by a cash balance of $26 million in cash and net available for borrowing under the refinanced revolving credit facility of $390 million, as of June 30, 2025. Deluxe's credit facilities include secured debt consisting of revolving credit facility of $400 million, Term Loan A of $500 million and $450 million of secured notes maturing 2029. The company also has existing unsecured notes of $475 million. Fitch expects the company to fund Term Loan A amortization payments with FCF. Issuer Profile Deluxe Corporation is a payments solutions company. Its primary business is print payment solutions (checks), though it is growing its digital payments and data-driven offerings. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Deluxe Corporation LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB DISTRICT METALS: Swedish Parliament Lifts Uranium Mining Moratorium ------------------------------------------------------------------- District Metals Corp. announced that the Swedish Parliament voted on November 5, 2025, to repeal the moratorium on uranium mining and exploration in Sweden imposed in 2018 and approved new legislation permitting uranium exploration and mining will come into effect on January 1, 2026. The decision marks a pivotal shift in Sweden's energy and mining policy, aligning national regulation with the country's goals of improving energy security, supporting its nuclear power ambitions and strengthening its role in the supply of critical raw materials. Swedish bedrock hosts approximately 27 percent of Europe's known uranium resources. Key Features of the Legislation to be valid from January 1, 2026: -- The moratorium on granting permits for mining operations that handle uranium is lifted. -- Uranium will be classified as a "concession mineral" under the Minerals Act, bringing it into the same regulatory regime as other extractable minerals. -- The section of the Environmental Code prohibiting uranium-related mining and processing will be repealed or amended so that uranium-related operations may apply for exploration and extraction licences, subject to prescribed conditions. -- Technical and regulatory safeguards will remain in place, including oversight from the Swedish Radiation Safety Authority and environmental impact assessments consistent with Sweden's high-standard permitting regime. Garrett Ainsworth, CEO of District, commented: "The Swedish Government's consistent and thorough approach to lifting the uranium moratorium has now culminated in today's historic vote by the Swedish Parliament to repeal the ban on uranium exploration and mining. The legislative changes enabling uranium exploration and extraction are scheduled to take effect on January 1, 2026. We are very pleased with this decisive step, which positions Sweden to unlock its vast uranium resources in support of the green energy transition amid growing global geopolitical uncertainty. In anticipation of this decision, District Metals updated the Viken Energy Metals Deposit mineral resource estimate on April 29, 2025, and completed airborne geophysical surveys across our uranium polymetallic properties in Sweden. Looking ahead to 2026, we are now eager to further advance exploration programs at our uranium properties in Sweden that we anticipate will include fieldwork, additional airborne geophysics, drilling, and an economic study of the Viken Deposit." Technical Information: All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. About District Metals Corp. District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year. District is a polymetallic exploration and development company focused on the Viken and Tomtebo Properties in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world(2) along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials. The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden and is situated between the historic Falun Mine and Boliden's Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district. For further information on the Viken Property, please see the technical report entitled "NI 43-101 Updated Mineral Resource Estimate and Technical Report on the Viken Energy Metals Project, Jämtland County, Sweden" dated effective April 25, 2025, which is available on SEDAR+ at www.sedarplus.ca. DJAMES FOODS: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------- On November 2, 2025, DJames Foods Inc. sought Chapter 7 bankruptcy protection in the Northern District of Texas. Documents submitted to the court show that DJames Foods, Inc. has liabilities valued between $0 and $100,000. The filing further notes that the company has between 1 and 49 creditors. About DJames Foods Inc. DJames Foods Inc. operates in the restaurant industry. DJames Foods Inc.sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34344) on November 2, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Gregory Wayne Mitchell, Esq. of The Mitchell Law Firm, L.P. DM ELECTRICAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: DM Electrical and Construction, LLC 5250 Gulfton St Ste 1a-C Houston, TX 77081-2920 Business Description: DM Electrical and Construction, LLC, formed on June 30, 2014, operates an electrical contracting business primarily focused on commercial projects while also providing residential electrical services. The Company's operations include new construction work under general contractors, maintenance contracts, residential generator and battery system installations, and whole- home electrical services across Texas. Its electricians are licensed by the Texas Department of Licensing and Regulation, and the Company emphasizes safety, quality, and customer-focused project completion. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-36621 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Total Assets: $2,158,050 Total Debts: $2,641,912 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Hubbard as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RLZRA2I/DM_ELECTRICAL_AND_CONSTRUCTION__txsbke-25-36621__0001.0.pdf?mcid=tGE4TAMA DOMTAR CORP: Moody's Lowers CFR to B2, Outlook Negative ------------------------------------------------------- Moody's Ratings downgraded Domtar Corporation's ("Domtar") corporate family rating to B2 from B1 and the probability of default rating to B2-PD from B1-PD. Moody's also downgraded the rating on the senior secured term loan to B2 from B1, the rating on the senior secured notes to B2 from B1, the rating on the backed senior secured revenue bonds, issued by The Ind. Dev. Board of the City of Kingsport, to B2 from B1, and the rating on the senior unsecured notes to Caa1 from B3. The outlook remains negative. RATINGS RATIONALE Domtar's credit profile (B2 Negative) reflects sustained weak credit metrics and declining liquidity due to persistently weak conditions across multiple end markets. Moody's adjusted debt/EBITDA was 6.0x for the LTM period ending June 2025. Moody's expects financial performance to remain challenged and credit metrics to decline further through the end of 2025. Conditions for the company's key end markets are not expected to materially improve in the near term. The credit profile also reflects an aggressive financial policy by Domtar's current owner, having executed multiple debt-funded acquisitions following the initial purchase of Domtar, including most recently the November 2024 acquisition of Iconex. Secular decline for paper and newsprint will continue to weigh on long term performance, while weakness in the pulp and lumber end markets as well as the uncertain global trade environment (e.g., escalating anti-dumping / countervailing duties and recently implemented Section 232 tariffs on imported lumber) will pressure performance and cash flow in the coming quarters. The rating also reflects execution risks related to Domtar's ongoing efforts to repurpose and optimize its asset portfolio, which may involve converting, selling, and closing existing facilities. Domtar faces significant refinancing needs, with approximately $1.8 billion of debt maturing in 2028. Although Moody's expects the company to be able to refinance its coming maturities, its ability to achieve meaningful deleveraging in advance of the refinancing is uncertain due to current market outlook, therefore potentially increasing execution and pricing risks related to the upcoming refinancing. The credit profile is supported by the company's scale ($7.2 billion in LTM June 2025 revenue) and diverse product offering, including paper, pulp, wood products, containerboard, and tissue. The operations benefit from good vertical integration and strong market positions in its key paper and pulp segments. The company has additional assets that could be monetized or converted to containerboard to offset secular decline in the paper segment. The business also benefits from relatively high barriers to entry given the stringent regulatory requirements and capital intensity. OUTLOOK The negative outlook reflects Moody's expectations that credit metrics will remain under pressure while liquidity may weaken further due to expectation of negative free cash flow generation over the next 6 to 12 months. LIQUIDITY The company has adequate liquidity, consisting of $113 million of cash on hand as of June 2025 and $618 million of availability under its $1.14 billion ABL revolver due in March 2028. The revolver has a springing fixed charge coverage ratio of 1.0x when excess availability is less than the greater of $99.8 and 10% of the lesser of the borrowing base and maximum borrowing capacity. The term loans have no financial maintenance covenants. The company is not expected to generate free cash flow in 2025 due to depressed earnings. There are no short-term maturities other than amortization payments. A significant portion of Domtar's debt is due in 2028. The majority of its US assets are encumbered under the secured credit facilities and secured notes. Domtar has accumulated over $700 million in duties related to the softwood lumber dispute between Canadian and the US producers. If the agreement between the two countries is reached and the duties are returned, Domtar has agreed to distribute all duties collected until June 2022 or up to $500 million to Resolute shareholders, but duties paid after June 2022 will be kept by Domtar (currently estimated to be at approximately $200 million) as an additional potential source of liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE Moody's could consider an upgrade if the company sustains Moody's adjusted debt/EBITDA below 5.0x, RCF/Net Debt above 12.5%, and EBITDA/interest expense above 3.0x, and consistently generates positive free cash flow. An upgrade may also be considered if the outstanding debt amount was materially reduced. FACTORS THAT COULD LEAD TO A DOWNGRADE Moody's could consider a downgrade if the company's earnings and credit metrics deteriorate further, resulting in the Moody's adjusted debt/EBITDA sustained above 6.5x, RCF/Net Debt below 10%, and EBITDA/interest expense below 2.0x. A downgrade could also be considered if liquidity deteriorates further as a result of negative cash flow generation, large mill conversion projects, or material add-on acquisitions. PROFILE Headquartered in Fort Mill, SC, Domtar is a producer of paper, pulp, wood products, container board and tissue. The company generated pro forma sales of $7.2 billion for the twelve months ended June 30, 2025. The principal methodology used in these ratings was Paper and Forest Products published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ECOM AUTHORITY: Seeks to Hire Moecker Auctions as Auctioneer ------------------------------------------------------------ ECom Authority, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Moecker Auctions, Inc. as auctioneer. The auctioneer will facilitate all aspects of the auction sales of $1,325 pallets of inventory stored at the Medley warehouse. Moecker's compensation will consist of an 18 percent buyer's premium -- 15 percent retainer by Moecker Auctions and 3 percent payable to Proxibid.com, the online auction platform. Eric Rubin, an appraiser at Moecker Auctions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Rubin Moecker Auctions, Inc. 1885 Marina Mile Blvd., Suite 103 Fort Lauderdale, FL 33315 Phone: (954) 252-2887 Fax: (954) 252-2791 ECom Authority, LLC Ecom Authority, LLC is a wholesaler doing business in Texas. Ecom sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17808-LMI) on June 5, 2025. Judge Laurel M. Isicoff presides over the case. The Plaintiff is represented by Alfonso Kennard, Jr., Esq., at KENNARD LAW PC, in Houston, Texas. EL BURRO: Gets Interim OK to Use Cash Collateral Until Nov. 12 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division entered an interim order allowing El Burro Loco Food Corp. to use cash collateral through November 12. The interim order signed by Judge Lori Vaughan authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor the U.S. Small Business Administration and Itria Ventures LLC. The Debtor projects total operational expenses of $145,239 for the period from October to January 2026. Secured creditors were granted a replacement lien on the Debtor's post-petition property to the same extent and with the same validity and priority as their pre-bankruptcy lien. In addition, the Debtors were ordered to keep their property insured in accordance with the obligations under the loan and security documents with the lender. A continued preliminary hearing is scheduled for November 12. About El Burro Loco Food Corp. El Burro Loco Food Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06539) on October 10, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Lori V. Vaughan presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. EL DORADO: Court Amends Order on Oil & Gas Leases Sale to Hilcorp ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Mississippi has approved Dawn M. Ragan, the duly appointed Chapter 11 Trustee for the bankruptcy estate of El Dorado Gas & Oil, Inc. and Hugoton Operating Company Inc., in an amended order to sell oil and gas leases, free and clear of all liens, claims, encumbrances, and interests. The Trustee seeks to sell to Hilcorp Energy I, L.P., or its designated assignee of the non-operating working interests in those certain oil and gas leases and wells located in Zapata County, TX, and to the extent necessary, the assumption and assignment of various farm-out agreements. The Court has authorized the Trustee to sell the oil and gas leases and well located in Zapata County to Hilcorp Energy in the purchase price of $350,000. The amended order also indicates that to the extent Bluestone Natural Resources II – South Texas, LLC holds an interest in any of the Assets, Bluestone shall be included as an additional assignor in and under the Sale Documents. All of the provisions articulated herein shall apply to Bluestone and any related sale to Purchaser with full force and effect. Any objection to the terms of this Amended Order must be filed with the clerk of court within twenty-one (21) days of entry of this Amended Order and served on the chapter 11 trustee, U.S. Trustee and debtors; following which, if no objection is filed, this Order shall become final. About El Dorado Gas & Oil and Hugoton Operating Company Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions (Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. EL-MAN EXPRESS: Retains Law Offices of Wenarsky as Counsel ---------------------------------------------------------- El-Man Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in connection with its Chapter 11 case. Her duties will include: (a) advising and assisting the Debtor regarding the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary motions, applications, and pleadings with the Court; (c) representing the Debtor in hearings, negotiations, and other proceedings related to the administration of the bankruptcy case; and (d) performing all other legal services deemed necessary for the Debtor’s reorganization efforts. Ms. Ciccarelli's standard hourly rate is $450, with additional hourly rates of $225 for law clerks and $195 for paralegals and legal assistants. The firm has received a $40,000 retainer, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Suite 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com El-Aman Express LLC El-Aman Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20187) on September 29, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq., at Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. ELITE EQUIPMENT: Comm. Taps Dundon Advisers as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Elite Equipment Leasing, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ Dundon Advisers LLC as financial advisor. The firm will render these services: a. assist in the analysis, review, and monitoring of the restructuring process, including, but not limited to, an assessment of the potential recoveries for unsecured creditors; b. analyze the proposed use of cash collateral from the perspective of adequacy of liquidity and proper inclusion and exclusion of assets of the Debtor as collateral therefore; c. support and augment the Debtors' sale process, as appropriate and without duplication of material efforts of the Debtors' adviser in the performance of its duties as set forth in its retention application; d. develop a sufficient understanding of the Debtors' businesses and operations optimization to support the Committee superintendence of any sales process and preparation for any contingencies; e. assist the Committee in identifying, valuing, and pursuing estate causes of action, including, but not limited to, relating to pre-petition transactions, control person liability, and lender liability and potential fraudulent transfers; f. assist the Committee to address claims against the Debtor and to identify, preserve, value, and monetize tax assets of the Debtor; g. advise the Committee in negotiations with the Debtor and third parties; h. assist the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, cash budgets, and monthly operating reports; i. review and provide analysis of any proposed disclosure statement and Chapter 11 plan and if appropriate, assist the Committee in developing an alternative Chapter 11 Plan; j. attend meetings and assist in discussions with the Committee, the Debtors, the secured lenders, the U.S. Trustee, and other parties in interest and professionals; k. present at meetings of the Committee, as well as meetings with other key stakeholders and parties; l. perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and m. provide testimony on behalf of the Committee as and when may be deemed appropriate. Dundon Advisers will render its services on an hourly fee basis based on its customary hourly rates currently in effect through June 30, 2026, which range from $350 to $1,090 per hour which shall be capped at a blended rate of $650 per recorded hour of all professionals. Eric Reubel, a managing director at Dundon Advisers, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Reubel Dundon Advisers LLC 10 Bank St., Ste. 1100 White Plains, NY 10606 Telephone: (914) 341-1188 About Elite Equipment Leasing Elite Equipment Leasing, LLC is a Billings, Montana-based crane rental group. Elite Equipment Leasing and its affiliates filed Chapter 11 petitions (Bankr. D. Mon. Lead Case No. 25-10145) on September 7, 2025. In its petition, Elite Equipment Leasing reported between $10 million and $50 million in assets and liabilities. Judge Benjamin P. Hursh oversees the cases. The Debtors tapped James A. Patten, Esq., at Patten, Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas & Alverson LLP as legal counsel; Garrett Stiepel Ryder, LLP as special corporate and transactional counsel; SierraConstellationPartners, LLC as financial advisor; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Billstein, Monson & Small PLLC and Dykema Gossett PLLC as counsel. EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Allison Byman, the Chapter 11 trustee for Emergency Hospital Systems, LLC, received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The 12th interim order approved a stipulation between the trustee and RDFCB Acquisition, LLC, authorizing the trustee to use the lender's cash collateral through January 31, 2026. Spending must follow rolling 30-day budgets agreed between the Trustee and RDFCB, with flexibility to pay approved expenses when they come due and authority to spend within a 10% variance. RDFCB will be granted replacement liens on its collateral to the extent of any cash collateral used without the need to file any UCC or other perfection instrument. In the event of any diminution in the value of its collateral, RDFCB will have an administrative expense pursuant to Section 507(b) of the Bankruptcy Code, subordinate only to the administrative claims of the trustee and her estate professionals. The 12th interim order approved the carveout for trustee compensation, estate-professional fees, and U.S. Trustee fees, as well as employee wage payments. About Emergency Hospital Systems Emergency Hospital Systems LLC, doing business as Cleveland Emergency Hospital, is a system of regional hospitals serving the communities of The Woodlands, Porter, and Deerbrook, Cleveland. These facilities support each other with respect to the services they provide and are united under a common objective to provide quality healthcare professionally and compassionately. Emergency Hospital Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on October 3, 2024, with $10 million to $50 million in both assets and liabilities. Rafael Delaflor, operating officer, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Megan Rapp, Esq., at Kean Miller, LLP is the Debtor's legal counsel. RDFCB Acquisition, LLC, as lender, is represented by: Kell Mercer, Esq. Kell C. Mercer, P.C. 901 S. Mopac Expy, Suite 300, Bldg. 1 Austin, Texas 78746 Telephone: 512-767-3214 EP GLOBAL: S&P Downgrades ICR to 'B-', Outlook Stable ----------------------------------------------------- S&P Global Ratings downgraded all its ratings on EP Global Production Solutions LLC's (Entertainment Partners), including its issuer credit rating to 'B-' from 'B' and its issue-level rating on the company's first-lien credit facility to 'B' from 'B+'. S&P's recovery rating on the credit facility of '2' (rounded estimate: 70%) is unchanged. The stable outlook reflects S&P's expectation for good revenue growth, significant EBITDA margin improvement, and reduced leverage below 10x in 2026 as the industry recovers and the company realizes the benefit of its cost savings initiatives. The downgrade reflects weaker growth as the industry normalizes to lower wage levels than previously expected. S&P said, "We previously anticipated industry resumption post-Hollywood strikes would strengthen the company's credit metrics but have now revised our forecast to account for the lower volumes. We expect the industry to normalize at weaker levels as streaming services have trimmed budgets and focused on profitability." Gross wages decreased about 27%, signaling that the new equilibrium will likely be lower than anticipated. Entertainment Partners' last-12-month S&P Global Ratings-adjusted EBITDA margins tapered to 6% in the first half of the year from lower top-line and higher costs, some of which are one time in nature. S&P said, "We forecast margins will improve to the mid-30% area next year as these costs roll off and the company realizes the benefit of its cost savings initiatives. We believe gross wages for Entertainment Partners will start to trend upwards in 2026, leading to revenue growth in the mid-single-digit percent area. While we believe content spend growth will not mirror the early post-COVID-19 boom, the competitive landscape for streaming services remains fierce and the demand for premium content will sustain continued growth in content, albeit at lower levels." Entertainment Partners' cost cutting initiatives and debt paydown will modestly improve leverage and cash flow, but credit metrics remain weak. S&P said, "We anticipate the $150 million term loan paydown will help reduce debt to EBITDA to about 8.4x in 2026. This paydown will also lower the company's interest expense and help it return to positive free operating cash flow (FOCF). The company has also enacted cost savings initiatives, including trimming its work force, that we believe will strengthen EBITDA in the next year and lead to margins significantly improving. Still, we anticipate S&P Global Ratings-adjusted leverage will remain above 7x in the next two years." The debt paydown will reduce liquidity amid heightened refinancing risk as Entertainment Partners' revolver will mature next year. While the company does not have a history of drawing on its revolver, it used a significant portion of its cash on hand to repay debt and has had sizable outflows in working capital. S&P believes if the company is not able to sufficiently collect cash to offset liabilities, it may need to tap into its revolver, which would constrict our view of its liquidity if it does not extend the maturity. As a payroll provider, Entertainment Partners can collect cash ahead of time and, given payroll dynamics where cash from some projects does not need to be paid out immediately, it is able to maintain sizable cash on hand (though to lower levels going forward because of the planned debt repayment). S&P recognizes the company can earn an interest income on this balance, which contributes modestly to cash flows. S&P said, "The stable outlook reflects our expectation for good revenue growth, significant EBITDA margin improvement, and reduced leverage below 10x in 2026 as the industry recovers and the company realizes the benefit of its cost savings initiatives. "We could consider taking a negative rating action on Entertainment Partners if the company does not successfully refinance its revolver in the next six months or the industry worsens, leading to lower payroll activity such that it sustains cash flow deficits and its liquidity deteriorates." This would most likely occur if: -- Lower content spend and weaker industry conditions lead to poor demand for the company's services; -- Major media contract losses weaken its competitive advantage and market share; or -- It undertakes large, debt-financed dividend payments or acquisitions. S&P said, "We could consider upgrading Entertainment Partners if it establishes a strong operating performance track record and conservative financial policy such that we expect its S&P Global Ratings-adjusted leverage will decline below 7x on a sustained basis and FOCF to debt is in the mid-single-digit percent area." ESPERANZA ELEMENTARY: S&P Assigns 'BB' Rating on 2018A Rev. Bonds ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating to the Utah Charter School Finance Authority's $8.1 million series 2018A charter school revenue bonds, issued for Esperanza Elementary (Esperanza). The outlook is stable. S&P said, "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectation that Esperanza will sustain enrollment and demand metrics in line with expansion plans, and that it will maintain positive operating performance and sufficient lease-adjusted MADS coverage following the upcoming issuance. "We could consider a negative rating action if demand metrics weaken materially or if financial performance levels are weaker than currently expected. Following the planned series 2025 issuance, we would view negatively the issuance of additional debt without a commensurate growth in resources or material declines in liquidity. "We could consider a positive rating action if the school strengthens its liquidity position in line with that of higher-rated peers while sustaining positive operating performance, sound lease-adjusted MADS coverage, and consistent demand metrics in line with expansion plans." ET BELLA PASTA: Seeks Chapter 7 Bankruptcy in Rhode Island ---------------------------------------------------------- ET Bella Pasta Inc. has filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of Rhode Island. The voluntary petition, filed on October 29, 2025. According to court filings, the company listed liabilities ranging from $100,001 to $1 million. ET Bella Pasta, Inc. also reported having between 1 and 49 creditors as it proceeds with liquidation under Chapter 7. About ET Bella Pasta Inc. ET Bella Pasta Inc. operates in the restaurant industry. ET Bella Pasta Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.R.I. Case No. 25-10857) on October 29, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge John A. Dorsey Jr. handles the case. The Debtor is represented by Rafael A. Ovalles, Esq. of the Law Offices Rafael Ovalles. EXRO TECHNOLOGIES: U.S. Units File Ch. 7; Canada Seeks Receivership ------------------------------------------------------------------- Exro Technologies Inc. on Nov. 4, 2025, made several announcements: Exro's shares were delisted from the TSX at the close of business on October 30, 2025. On October 31, 2025, the Company's direct and indirect subsidiaries established in the United States filed voluntary petitions for creditor protection under Chapter 7 of the US Bankruptcy Code which included each of Exro Technologies USA, Inc., Exro Vehicle Systems, Inc., SEA Electric, Inc. and SEA Electric, LLC. The Company further announces that it has consented to the appointment of a receiver under the Bankruptcy and Insolvency Act (Canada), in connection with an application expected to be filed with the Court of King's Bench of Alberta by the Company's senior secured lender, in respect of the Company and its Canadian subsidiaries DPM Technologies Inc. and Cellex Energy Inc. About Exro Technologies Exro Technologies is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed. EXTREME PROFITS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida granted Extreme Profits, Inc. final approval to use cash collateral effective as of the petition date. The final order signed by Judge Corali Lopez-Castro authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. As adequate protection, PayPal, a secured creditor, will be granted a replacement lien on property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as its pre-bankruptcy lien. Based on the Debtor's preliminary analysis, only PayPal holds a properly perfected first-position blanket lien as of the petition date, securing an estimated $135,872. The Debtor contended that creditors, particularly PayPal, are adequately protected because the business continues to generate revenue and will maintain or increase the collateral base. About Extreme Profits Inc. Extreme Profits, Inc., operating as X-Stream Power Washing and Cleaning Services, is a pressure washing and cleaning company based in Key West, Florida. Extreme Profits sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15709) on May 21, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by: Kevin C. Gleason, Esq. FALLS OF BRAEBURN: Case Summary & 24 Largest Unsecured Creditors ---------------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Falls of Braeburn, LLC (Lead Case) 25-90602 Falls of Braeburn Apartments 8707 Braeburn Glen Blvd. Houston, TX 77074-2303 Falls of Chelsea Lane, LLC 25-90603 Northwest Miami Gardens, LP 25-90604 Falls of Westpark Apartments, Ltd. 25-90605 Business Description: Falls of Braeburn, LLC, Falls of Chelsea Lane, LLC, Northwest Miami Gardens, LP, and Falls of Westpark Apartments, Ltd. are privately held real estate investment companies based in Houston, Texas, specializing in ownership and management of apartment complexes. Falls of Braeburn, LLC owns a 292-unit complex at 9707 Braeburn Glen Blvd; Falls of Chelsea Lane, LLC manages a 208-unit complex at 8039 Boone Rd; Northwest Miami Gardens, LP operates a 442- unit complex at 9540 Kempwood Dr; and Falls of Westpark Apartments, Ltd. holds a 356- unit complex at 6130 Southwest Freeway. All entities are wholly owned by Rao J. Polavarapu, who serves as managing member or partner for each company. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' Bankruptcy Counsel: Matthew S. Okin, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine Street, Suite 240 Houston TX 77002 Tel: (713) 228-4100 Email: mokin@okinadams.com Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Siri Khalsa as authorized representative. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/EBTFT4Y/Falls_of_Braeburn_LLC__txsbke-25-90602__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/EODLJGQ/Falls_of_Chelsea_Lane_LLC__txsbke-25-90603__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/EJBXZZY/Northwest_Miami_Gardens_LP__txsbke-25-90604__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WSSFX5I/Falls_of_Westpark_Apartments_Ltd__txsbke-25-90605__0001.0.pdf?mcid=tGE4TAMA List of Falls of Braeburn's 24 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Braeburn $120,323 City of Houston PO Box 1560 Houston, TX 77251-1560 2. Braeburn $7,290 Waste Connections Po Box 679859 Dallas, TX 75267-9859 3. Braeburn $3,051 ProEnergy Po Box 644007 Dallas, TX 75264-4007 4. Braeburn $2,056 AETexas Po Box Box 738376 Dallas, TX 75373-8376 5. Braeburn $1,070 TXU Energy Po Box 650638 Dallas, TX 75265-0638 6. Braeburn $448 Comcast Po Box 60533 City Industry, CA 91716-0533 7. Miami $13,655 GFL Environmental Po Box 555193 Detroit, MI 48255-5193 8. Miami $13,100 Texas Yellowstone Construction LLC 2962 Washington Dr Houston, TX 77038-3321 9. Miami $9,024 AETexas Po Box Box 738376 Dallas, TX 75373-8376 10. Miami $4,154 ProEnergy Po Box 644007 Dallas, TX 75264-4007 11. Miami $1,129 AT & T Po Box 5014 Carol Stream, IL 60197-5014 12. Miami $634 City of Houston PO Box 1560 Houston, TX 77251-1560 13. Miami $133 Comcast Po Box 60533 City Industry, CA 91716-0533 14. Chelsea $80,873 City of Houston Po Box 1560 Houston, TX 77251-1560 15. Chelsea $79,108 Texas Yellowstone Construction LLC 2962 Washington Dr Houston, TX 77038-3321 16. Chelsea $10,667 AETexas Po Box Box 738376 Dallas, TX 75373-8376 17. Chelsea $5,322 Waste Management Po Box 660345 Dallas, TX 75266-0345 18. Chelsea $1,220 Symmetry Energy Solutions Po Box 301149 Dallas, TX 75303-1149 19. Chelsea $395 AT & T Po Box 5014 Carol Stream, IL 60197-5014 20. Westpark $507,312 City of Houston Po Box 1560 Houston, TX 77251-1560 21. Westpark $54,093 TXU Energy PO Box 650638 Dallas, TX 22. Westpark $40,326 GFL Environmental Po Box 555193 Detroit, MI 48255-5193 23. Westpark $3,134 ProEnergy PO Box 644007 Dallas, TX 75264-4007 24. Westpark $133 Comcast Po Box 60533 City Industry, CA 91716-0533 FAMILY SOLUTIONS: Trustee Employs Calfee Halter as Special Counsel ------------------------------------------------------------------ George F. Sanderson III, Chapter 11 Trustee for the Bankruptcy Estate of Family Solutions of Ohio, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to employ Calfee, Halter & Griswold LLP as Special Purpose Counsel. Calfee, Halter & Griswold LLP will provide these services: (a) provide the Trustee legal advice with respect to Ohio nonprofit and health laws and regulations pertaining to behavioral health practices; (b) provide legal advice and otherwise assist in the sale of the Debtor's operating assets; and (c) perform all other legal services for the Trustee necessary in connection with the foregoing matters. The lead attorney for the proposed engagement is Michael G. Van Buren, a partner of the Firm, whose billing rate for this matter is $545 per hour. According to court filings, Calfee, Halter & Griswold LLP represents no interest adverse to the Trustee or to the bankruptcy estate and is otherwise disinterested within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael G. Van Buren, Esq. CALFEE, HALTER & GRISWOLD LLP Cleveland, OH Telephone: (216) 622-8343 E-mail: mvanburen@calfee.com About Family Solutions of Ohio Family Solutions of Ohio, Inc. in Wake Forest, NC, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 24-03043) on Sept. 5, 2024, listing as much as $1 million to $10 million in both assets and liabilities. John Hopkins, Jr., vice president, signed the petition. Judge Pamela W. McAfee oversees the case. Hendren, Redwine & Malone, PLLC serves as the Debtor's counsel. George Sanderson III was appointed as trustee appointed in this Chapter 11 case. The trustee tapped The Sanderson Law Firm, PLLC and Hendren, Redwine & Malone, PLLC as bankruptcy counsel and Calfee, Halter & Griswold LLP as special purpose counsel. FELT & FAT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Felt & Fat, LLC. About Felt & Fat LLC Felt & Fat LLC, a Philadelphia ceramics manufacturer, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14162) on October 14, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by Albert Anthony Ciardi, III, Esq., at Ciardi Ciardi & Astin. FIRST BRANDS: Seeks to Hire Ernst & Young LLP as Tax Advisor ------------------------------------------------------------ First Brands Group, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Ernst & Young LLP as tax advisor. The firm's services include: a. preparation and e-filing of fourteen Consolidated Forms 1120, state and local tax returns outlined in Appendix A to the Tax Compliance SOW; b. preparation and e-filing (as applicable) for Brake Parts Holdings, Inc. state and local tax returns for entity listed in Appendix B to the Tax Compliance SOW; c. preparation and e-filing (as applicable) for First Brands Group Holdings, LLC state and local tax returns for entities listed in Appendix C to the Tax Compliance SOW; d. preparation of 123 Federal Forms 5471, Information Return for U.S. Persons with Respect to Certain Foreign Corporations for affiliates included in Appendix A of the Tax Compliance SOW; e. preparation of 24 Federal Forms 8858, Information Return of U.S. Persons with Respect to Foreign Disregarded Entities for affiliates included in Appendix A to the Tax Compliance SOW; f. preparation of 2 Federal Form 8865, Information Return of U.S. Persons with respect to Certain Foreign Partnerships for affiliates included in Appendix A to the Tax Compliance SOW; g. preparation of 5 Federal Form 5472, Information Returns of 25% Foreign Owned US Corps or Foreign Corps Engaged in US Trade or Business for affiliates included in Appendix A to the Tax Compliance SOW; h. preparation of Section 263A (Unicap) calculations for each tax year as outlined in Appendix D to the Tax Compliance SOW; i. preparation of Section 174 calculations as outlined in Appendix E to the Tax Compliance SOW for each tax year; j. computation of Research Tax Credit for each tax year as outlined in Appendix F to the Tax Compliance SOW; and k. computation of Tax Depreciation Calculations including Tax Gain/Loss Calculations as outlined in Appendix G to the Tax Compliance SOW. It is further proposed that E&Y be employed to render the following professional services pursuant to, and in accordance with, the terms of the Tax Advisory SOW: a. assistance with tax matters by answering one-off questions, drafting memos describing how specific tax rules work, and assisting with general transactional and operational issues. Tax advice related to transactions occurring pursuant to the bankruptcy proceedings shall be subject to a separate statement of work. b. assistance with various tax, tax compliance, tax account registration/deregistration and/or tax audit issues arising in the ordinary course of business while in bankruptcy, including but not limited to: US and non-US income and indirect tax audit defense, voluntary disclosure assistance and/or compliance questions, notices or issues related to: US and non-US income/franchise tax, sales and use tax, excise tax, property tax, employment tax, credit & incentive agreements and other miscellaneous taxes or regulatory assessments and fees. c. provide documentation of tax analyses, recommendations, conclusions and correspondence as it relates to any historical tax matters. d. limited tax compliance services not covered within a separate statement of work, including upon Client's written request, the preparation of estimated tax computations and related vouchers and requests for extensions of tax return due dates, and the one-off preparation of sales, use, excise, and property tax returns. In accordance with the terms and provisions of the Tax Compliance SOW, the Debtors will pay EY LLP a fixed fee of $2,000,000 on account of tax services to be performed. In accordance with the Tax Advisory SOW, the firm will charge these hourly rates for services rendered: Partner/Principal $1,550 Managing Director $1,450 Senior Manager $1,250 Manager $1,125 Senior $840 Staff $535 EY LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Karin Schmit Ernst & Young LLP 5 Times Square New York, NY 10036 Telephone: (212) 773-3000 About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Matthew R. Bentley, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 E-mail: Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com - and - Eric J. Fromme, Esq. 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Tel: (213) 629-7400 E-mail: Eric.Fromme@afslaw.com FIRST BRANDS: Seeks to Hire Ordinary Course Professionals --------------------------------------------------------- First Brands Group, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Day Pitney LLP Attn: Chaclas, George N. / Garens, Alex P. One Federal Street, 29th Floor Boston, MA 02110 United States Legal - Intellectual Property Tier 1 Ungria International Inc. 50 Tice Blvd, Suite 152 Woodcliff Lake, NJ 07677-7658 United States Legal - Intellectual Property Tier 1 Wiggin & Dana LLP Attn: Cassidy, Kate 437 Madison Avenue New York, NY 10022 United States Legal - Intellectual Property Tier 1 Aird & Berlis LLC Brookfield Place, 181 Bay Street Suite 1800 Toronto, ON M5J 2T9 Canada Legal - Employment Tier 2 Baker & Hostetler LLP PO Box 70189 Cleveland, OH 44190-0189 United States Legal - Environmental & Intellectual Property Tier 2 Ballard Spahr LLP Attn: Nelson, Charles 2000 IDS Center, 80 South 8th Street Minneapolis, MN 55402-2100 United States Legal - Litigation Tier 2 Beveridge & Diamond PC 1900 N Street, Suite 100 Washington, DC 20036 United States Legal - Environmental Tier 2 Bober Markey Fedorovich 3421 Ridgewood Road, Suite 300 Akron, OH 44333 United States Accounting - Benefit Plan Audit & Tax Advisory Tier 2 Dehay & Elliston LLP 400 E. Pratt Street, Suite 510 Baltimore, MD 21202 United States Legal - Litigation Tier 2 Deloitte & Touche LLP 2200 Ross Ave #1600 Dallas, TX 75201 United States Accounting - Tax Advisory Tier 2 Foley & Lardner LLP Attn: Aiello, Mark A. 500 Woodward Avenue, Suite 2700 Detroit, MI 48226 United States Legal - Recall Matters Tier 2 Fox Rothschild LLP Attn: Harris, Jesse M. Two Commerce Square, 2001 Market Street, Suite 1700 Philadelphia, PA 19103 United States Legal - Litigation Tier 2 Fragomen, Del Rey, Bernsen & Loewy, LLP 90 Matawan Road, 4th Floor Matawan, NJ 07747 United States Legal - Immigration Tier 2 Kyl J. Kirby, Attorney and Counselor at Law, P.C. 1400 Lipscomb Street Fort Worth, TX 76104 United States Legal - International Trade Law Tier 2 Leech Tischman 525 William Penn Pl Pittsburgh, PA 15219 United States Legal - Property Tier 2 Mallette Inc. 200-1562 Rue Nationale Terrebonne Quebec, QC J6W 0E2 Canada Accounting - Tax Advisory Tier 2 McMillan LLP 181 Bay Street, Suite 4400 Toronto, ON M5J 2T3 Canada Legal - Recall Matters Tier 2 Michael Best & Friedrich LLP 790 N Water Street, Suite 2500 Milwaukee, WI 53202 United States Legal - Property Tier 2 Moore Doeren Mayhew, P.C. 305 W. Big Beaver Road Troy, MI 48084 United States Legal - Mobile Workforce Tax Advisory Tier 2 Reed Smith LLP 2672 Paysphere Circle Chicago, IL 60674 United States Legal - Environmental Tier 2 Ryan Tax Compliance Services, LLC Three Galleria Tower, 13155 Noel Road Suite 100 Dallas, TX 75240 United States Accounting - Tax Advisory & Compliance Tier 2 Segal GCSE LLP 10 York Mills Road, Suite 700 Toronto, ON M2P 2G4 Canada Accounting - Tax Advisory Tier 2 Seyfarth Shaw LLP 233 S. Wacker Drive, Suite 8000 Chicago, IL 60606 United States Legal - Employment Tier 2 Sprouse Law Firm PO Box 92466 Austin, TX 78709 United States Legal - Litigation Tier 2 Stoll Keenon Ogden PLLC 300 West Vine Street, Suite 2100 Lexington, KY 40507 United States Legal - Litigation Tier 2 Vanzetta & Associati Via A. Manzoni, 38 Milan, 20121 Italy Legal - Business Tier 2 Varnum LLP PO Box 352 Grand Rapids, MI 49501 United States Legal - Supply Chain Disputes & Litigation Tier 2 Vinson & Elkins LLP 845 Texas Avenue Houston, TX 77002 United States Legal - Regulatory Tier 2 WTP Advisors 601 Carlson Parkway, Suite 1050 Minneapolis, MN 55305 United States Accounting - Transfer Pricing Advisory & Compliance Tier 2 Frilot LLC 1100 Poydras Street, Suite 3700 New Orleans, LA 70163 United States Legal - Litigation Tier 3 Gordon Rees Scully Mansukhani, LLP 1 Battery Park Plaza, 28th Floor New York, NY 10004 United States Legal - Litigation Tier 3 Hacker Stephens LLP 108 Wild Basin Road South, South 250 Austin, TX 78746 United States Legal - Litigation Tier 3 Hoagland, Longo, Moran, Dunst & Doukas, LLP 40 Paterson Street New Brunswick, NJ 08903 United States Legal - Litigation Tier 3 Kelley Jasons McGowan Spinellis Hanna & Reber LLP 1818 Market Street, Suite 3205 Philadelphia, PA 19103 United States Legal - Litigation Tier 3 MG+M The Law Firm 701 Brickell Avenue, Suite 2000 Miami, FL 33131 United States Legal - Litigation Tier 3 Richardson Plowden & Robinson, P.A. 235 Magrath Darby Blvd., Suite 100 Mount Pleasant, SC 29464 United States Legal - Litigation Tier 3 Segal McCambridge Singer & Mahoney Ltd 2 Granite Ave, Suite 260 Milton, MA 02186 United States Legal - Litigation Tier 3 Sinars Slowikowski Tomaska LLC 6 Cardinal Way, Suite 900 St. Louis, MO 63102 United States Legal - Litigation Tier 3 Spilman Thomas & Battle, PLLC 300 Kanawha Boulevard, East Charleston, WV 25301 United States Legal - Litigation Tier 3 Wilson Elser Moskowitz Edelman & Dicker 805 SW Broadway, Suite 2460 Portland, OR 97205 United States Legal - Litigation Tier 3 Yukevich | Cavanaugh 355 South Grand Ave, 15th Floor Los Angeles, CA 90071 United States Legal - Litigation Tier 3 About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Matthew R. Bentley, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 E-mail: Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com - and - Eric J. Fromme, Esq. 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Tel: (213) 629-7400 E-mail: Eric.Fromme@afslaw.com FIRST BRANDS: Taps Charles M. Moore of Alvarez & Marsal as CRO -------------------------------------------------------------- First Brands Group, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC and designate Charles M. Moore as chief restructuring officer, Daniel Jerneycic and Gaurav Malhotra as co-CRO and any additional personnel of A&M to serve as officers of the Debtors. A&M will provide these services: (a) execute day to day in a leadership position the standard activities and operations of the Debtors that are considered CEO duties and responsibilities; (b) oversee activities related to the Debtor's commercial activities, including meeting and participating in negotiations with the Debtor's customers, vendors, employees and other key commercial stakeholders; (c) provide assistance in evaluation of the Debtor's current business plan and in preparation of a revised operating plan and cash flow forecast and presentation of such plan and forecast to the Special Committee and its creditors; (d) assist with preparation of chapter 11 filings, including preparation of certain motions and declarations in support thereof; (e) assist the Debtor with accounting and reporting activities, including preparation of monthly operating reports and other reporting requirements as part of the chapter 11 filings; (f) oversee the Debtor's cash management system, including approval of all cash expenditures of each Debtor and incurrence of any indebtedness by each Debtor, and together with the Engagement Personnel, develop and manage a 13-week cash flow forecast, DIP/cash collateral budget, and longer-term cash forecast; (g) oversee C-Street Advisory Group, LLC in the performance of its services under its engagement letter with the Debtor, dated September 19, 2025; (h) undertake a comprehensive review of outstanding debt exposures and liabilities; (i) support and collaborate with other Debtor engaged professionals in developing for the Special Committee, possible restructuring plans or strategic alternatives for maximizing the enterprise value of the Debtor's various business lines; (j) assist the Special Committee with its investigation of the Debtor's potential claims and causes of action, including by providing forensic accounting advisory services if requested by the Special Committee; (k) provide assistance with issues arising in connection with potential transactions, including identifying potential financial statement adjustments, preparation of reports, including quality of earnings, and carve-out support; (l) assist the Debtor with responding to diligence and information requests from third parties; (m) provide US and non-US tax advisory services in connection with the restructuring, including but not limited to, cash tax forecasting, analysis on the tax effects of restructuring alternatives and sales, Section 382 planning, analysis on cancellation of debt income, and corporate and partnership tax planning initiatives; (n) provide tax and compensation advisory services in connection with the Debtor's restructuring; (o) assist with oversight and general assistance on matters of insured risk management, which may include insurance program management, broker/vendor management, stakeholder advisory, situational support (program diligence, right scoping/scaling, coverage preservation and insurance motions support), transaction support and budgetary support; (p) serve as the principal contact with the Debtor's key constituents/creditors with respect to financial and operational matters; and (q) perform such other services the Executive Officers reasonably understand to be ancillary and necessary to the execution of their responsibilities set forth in the Engagement Letter or as otherwise requested or directed by the Special Committee and agreed to by A&M. The firm's hourly rates: Managing Directors $1,100 to 1,575 Director $850 to 1,100 Associates $625 to 825 Analysts $450 to 600 Alvarez & Marsal North America, LLC is a "disinterested person" as that term is defined by section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Charles M. Moore Alvarez & Marsal North America, LLC 755 W. Big Beaver Rd., Suite 650 Troy, MI 48084 Tel: (248) 936-0800 Fax: (248) 936-0801 About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Debtor's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Matthew R. Bentley, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 E-mail: Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com - and - Eric J. Fromme, Esq. 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Tel: (213) 629-7400 E-mail: Eric.Fromme@afslaw.com FIRST BRANDS: Taps Lazard Freres & Co LLC as Investment Banker -------------------------------------------------------------- First Brands Group, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Lazard Freres & Co. LLC as investment banker. The firm's services: a. reviewing and analyzing the Debtor's business, operations and financial projections; b. evaluating the Debtor's potential debt capacity in light of its projected cash flows; c. assisting in the determination of a capital structure for the Debtor; d. assisting in the determination of a range of values for the Debtor on a going concern basis; e. advising the Debtor on tactics and strategies for negotiating with the Stakeholders; f. rendering financial advice to the Debtor and participating in meetings or negotiations with the Stakeholders and/or rating agencies or other appropriate parties in connection with any Financing, Amendment, Liability Management Transaction, Sale Transaction, and/or Restructuring Transaction; g. advising the Debtor on the timing, nature, and terms of new securities, other consideration or other inducements to be offered pursuant to any Financing, Amendment, Liability Management Transaction or Restructuring Transaction; h. advising and assisting the Debtor in evaluating any potential Financing transaction, contacting potential sources of capital, and assisting the Debtor in implementing such Financing; i. assisting the Debtor in preparing documentation within Lazard's area of expertise that is required in connection with any Financing, Amendment, Liability Management Transaction, Sale Transaction and/or Restructuring Transaction; j. assisting the Debtor in identifying and evaluating candidates for any potential Sale Transaction, advising the Debtor in connection with negotiations and aiding in the consummation of any Sale Transaction; k. attending meetings of the Board of Managers of First Brands with respect to matters on which Lazard has been engaged to advise hereunder; l. providing testimony, as necessary, with respect to matters on which Lazard has been engaged to advise hereunder in any proceeding before the Bankruptcy Court; and m. providing the Debtor with other financial restructuring advice. The firm will be paid as follows: a. A monthly fee consisting of: i. $250,000, payable on October 1, 2025 and on the first day of each month thereafter until the earlier of the completion of the Restructuring or the termination of Lazard's engagement pursuant to Section 10 of the Engagement Letter. One-half (i.e., 50 percent) of such Monthly Fees paid in excess of $1,500,000 will be credited (without duplication) against any Financing Fee, Amendment Fee, Liability Management Fee, Sale Transaction Fee or Restructuring Fee payable under the Engagement Letter; and ii. an incremental $250,000, payable on October 1, 2025 and on the first day of each month thereafter until the earlier of the completion of the Restructuring or the termination of Lazard's engagement pursuant to Section 10 of the Engagement Letter. One hundred percent (100 percent) of such Monthly Fees will be credited (without duplication) against any Financing Fee, Amendment Fee, Liability Management Fee, Sale Transaction Fee or Restructuring Fee payable under the Engagement Letter. b. A fee, payable upon consummation of a Financing (the "Financing Fee"), equal to the applicable percentages of gross proceeds as follows based on the type of Financing: (i) 1.5 percent of any senior secured debt financing, plus (ii) 2.5 percent of any junior secured, last-out, unsecured, or subordinated debt financing, plus (iii) 4.0 percent of any equity, equity-linked or equity-stapled or similarly bundled equity financing (including, but not limited to, preferred or common equity, convertible debt, debt bundled or stapled with equity or equity-linked financing, options, warrants, or other rights to acquire interests). To the extent that the type of Financing issued (including any "stapled" or similarly bundled securities) would qualify as more than one of the types of Financings listed above, the highest applicable fee percentage will apply); provided, however, that to the extent that Lazard is paid a fee in connection with a proposed "debtor-in-possession" Financing and the Bankruptcy Court does not provide any required approval with respect thereto, Lazard will return such fee to the Company (less any Monthly Fees that have accrued). c. A fee payable upon the consummation of an Amendment (the "Amendment Fee") equal to 0.5 percent of the Existing Obligations involved in any Amendment. d. A fee payable upon the consummation of any Liability Management Transaction (the "Liability Management Fee") equal to 1.0 percent of the Existing Obligations involved in any Liability Management Transaction. e. (i) If, whether in connection with the consummation of a Restructuring Transaction or otherwise, the Company consummates a Sale Transaction, incorporating all or a majority of the assets or all or a majority or controlling interest in the equity securities of the Company, Lazard will be paid a fee (the "Sale Transaction Fee") equal to the greater of (A) the sum of (1) 0.75 percent of the portion of the Aggregate Consideration in such Sale Transaction up to and including $11,000,000,000, plus (2) 2.25 percent of the portion of the Aggregate Consideration in such Sale Transaction in excess of $11,000,000,000 or (B) the Restructuring Fee; provided, however, for the avoidance of doubt, in no event will both a Sale Transaction Fee and a Restructuring Fee be paid. (ii) If, whether in connection with the consummation of a Restructuring or otherwise, the Company consummates any Sale Transaction not covered by clause (i) above, the Company will pay Lazard a fee (the "Minority Sale Transaction Fee") equal to the sum of the portions of the Aggregate Consideration in such Minority Sale Transaction as set forth in Schedule I of the Engagement Letter. (iii) any Sale Transaction Fee or Minority Sale Transaction Fee will be payable upon consummation of the applicable Sale Transaction. (iv) any Sale Transaction Fee and/or Minority Sale Transaction Fee shall not exceed $150,000,000 in the aggregate. f. A fee equal to $45,000,000, payable upon the consummation of a Restructuring11 (the "Restructuring Fee"). g. Milestone fees (the "Restructuring Milestone Fees"), payable subject to the following milestones and which shall be fully (i.e., 100 percent) credited (without duplication) against any Restructuring Fee or Sale Transaction Fee: i. $5,000,000 upon receiving two or more indications of interest for the potential purchase of all or a significant portion of the Company's assets; provided that such amount shall only be payable following the launch of a sale process for the Company as evidenced by delivering a confidential information memorandum (CIM) to potential buyers for all or a significant portion of the Company's assets; and ii. $5,000,000 upon receiving one or more binding bids at the qualified bid deadline for the potential purchase of all or a significant portion of the Company's assets. h. For the avoidance of any doubt, more than one fee may be payable pursuant to each of clauses (b) through (f) above. i. In addition to any fees that may be payable to Lazard, and regardless of whether any transaction occurs, the Company will promptly reimburse Lazard for all reasonable and documented out-of-pocket expenses incurred by Lazard (including travel and lodging, data processing and communications charges, courier services and other expenditures) and the reasonable fees and expenses of outside counsel, if any, retained by Lazard. Tyler W. Cowan, a managing firector in the Restructuring & Liability Management Group at Lazard Freres & Co. LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tyler W. Cowan Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10012 Tel: (212) 632-6000 About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Debtor's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Matthew R. Bentley, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 E-mail: Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com - and - Eric J. Fromme, Esq. 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Tel: (213) 629-7400 E-mail: Eric.Fromme@afslaw.com FIRST BRANDS: Unsecured Creditors Object to DIP Bid --------------------------------------------------- Emlyn Cameron of Law360 reports that First Brands' unsecured creditors committee has objected to the company's bid for final approval of its postpetition financing, saying the arrangement unfairly advantages the lenders and provides little benefit to the estate. The committee argued that the proposed terms would primarily serve to protect lender interests rather than facilitate a balanced restructuring. According to the objection, the financing package could constrain the debtor's ability to pursue alternative strategies or maximize value for other creditors. The committee also said that approving the deal in its current form would effectively hand control of the bankruptcy process to the lender group. In response, First Brands and the ad hoc lender group defended the proposal, emphasizing that the financing is essential to maintaining liquidity and ensuring continued operations. They said the facility was negotiated at arm’s length and will help preserve the company's value during its Chapter 11 proceedings, the report states. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIVE STAR: Enters Voluntary Chapter 11 Protection in S.D. Tex. -------------------------------------------------------------- Five Star Development, LLC and affiliated entities, including those developing The Palmeraie, announced on Nov. 4, 2025, that it has filed voluntary petitions for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. The filing is intended to create a clear, court-supervised path toward completing The Ritz-Carlton Paradise Valley, The Palmeraie -- a 122-acre master-planned resort, residential, and luxury retail destination. To ensure alignment across related assets and stakeholders, other Texas-based Five Star entities have also filed for Chapter 11 protection. "This process provides the structure and transparency needed to bring the resort to completion and preserve the integrity of one of the most important developments in Arizona," said Gerald C. Ayoub, Founder and Principal of Five Star Development. "Our commitment to the Ritz-Carlton brand, our buyers, and our community remains unwavering." Hotel construction is in its final phase, with substantially all infrastructure complete, and luxury interior finishes ready to begin once court approvals are finalized. Upon completion, The Ritz-Carlton, Paradise Valley, The Palmeraie will comprise a 215-room Ritz-Carlton resort, 80 branded Villas, 32 Estate Homes, and a 29-acre luxury retail and dining district. Chapter 11 preserves Five Star's control over the Project and strengthens protection for stakeholders as the Company advances toward a full construction restart and completion of the resort. The automatic stay imposed by the filing will protect Five Star and its affiliated debtors from lender collection activity, including actions by the Company's secured lender, Madison Realty Capital. A Texas state court recently determined that Madison engaged in "acts of manipulation and fraud in breach of their duty of good faith and fair dealing" with respect to Five Star. "This filing is about preserving the extraordinary progress already made and securing the Project's successful completion," said Lance Miller, Chief Restructuring Officer of Five Star Development and Managing Partner of Pivot Management Group. "Our priority is to position the company for a strong construction restart and deliver the world-class destination that the community has long anticipated." Throughout this process, Five Star will continue normal operations across all Project sites and maintain full-service amenities for homeowners and residents without interruption. Other Five Star debtors will operate in their ordinary course post Chapter 11 filings. Five Star is represented by O'Melveny & Myers LLP as legal counsel and Pivot Management Group as Chief Restructuring Officer and restructuring advisor. Additional information regarding the Chapter 11 filing, court documents, and claims process is available at https://cases.stretto.com/FStarSocorro. About Five Star Development Five Star Development is a leading commercial real estate developer with a nearly five-decade track record delivering transformative, high-value projects across the Southwest. Since 1978, the Company has developed, constructed, and managed more than 20 million square feet of residential, hospitality, retail, office, and industrial real estate, representing more than $3.5 billion in investment. Today, the Five Star's portfolio includes more than 7 million square feet of income-producing properties under active ownership and management. FLAMINGO SEPTIC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Flamingo Septic and Utilities, LLC d/b/a Flamingo Plumbing 10212 New Kings Rd Jacksonville, FL 32219 Business Description: Flamingo Septic and Utilities, LLC, doing business as Flamingo Plumbing, provides residential and commercial septic and plumbing services including tank installation, pumping, inspection, repair, and pipe or fixture maintenance in Jacksonville, Florida. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04018 Judge: Hon. Jacob A Brown Debtor's Counsel: Thomas Adam, Esq. ADAM LAW GROUP, PA 2258 Riverside Ave Jacksonville, FL 32204 Email: tadam@adamlawgroup.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Charles Mullis as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OBTQOZQ/Flamingo_Septic_and_Utilities__flmbke-25-04018__0001.0.pdf?mcid=tGE4TAMA FLEETPRIDE INC: Moody's Withdraws 'Caa1' Corporate Family Rating ---------------------------------------------------------------- Moody's Ratings withdrew FleetPride, Inc.'s (FleetPride) Caa1 corporate family rating and Caa1-PD probability of default rating. Moody's also withdrew the Caa1 senior secured first lien term loan rating and the Caa3 backed senior secured second lien term loan rating. Prior to the withdrawal, the rating outlook was negative. RATINGS RATIONALE FleetPride's first lien term loan and second lien term loan have been repaid. This follows the closing of the merger with TruckPro, LLC and the formation of a newly combined entity. All of FleetPride's ratings have been withdrawn because its rated debt is no longer outstanding. Headquartered in Irving, Texas, FleetPride, Inc. is a leading independent US distributor of aftermarket heavy-duty truck and trailer parts. Prior to the merger, the company distributed brand name heavy-duty vehicle parts and select private label brands through five distribution centers and over 300 branches nationwide. In addition, the company provided a limited range of remanufactured products, as well as truck and trailer repair services. FleetPride was owned by private equity firm American Securities. FRESH START: Seeks to Hire Law Offices of Geno as Legal Counsel --------------------------------------------------------------- Fresh Start Facility Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire the Law Offices of Geno and Steiskal, PLLC to serve as legal counsel in its Chapter 11 case. The Law Firm will provide these services: (a) advise and consult with the Debtor-in-Possession regarding questions arising from contract negotiations during the operation of business; (b) evaluate and attack claims of creditors asserting security interests in the Debtor's assets and seeking to disturb the continued operation of the business; (c) appear in, prosecute, or defend suits and proceedings, and take all necessary and proper steps connected with the affairs of the estate; (d) represent the Debtor in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications, orders, and other papers and documents as necessary in this proceeding; (e) advise and consult with the Debtor regarding any proposed reorganization plan and related matters; and (f) perform such other legal services on behalf of the Debtor as may become necessary in this proceeding. The firm will bill at the following hourly rates: $500 for Craig M. Geno, $400 for Christopher J. Steiskal, Sr., and $250 for paralegals, plus expenses. According to court filings, the Law Offices of Geno and Steiskal, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Craig M. Geno, Esq. Christopher J. Steiskal, Sr., Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 E-mail: cmgeno@cmgenolaw.com csteiskal@cmgenolaw.com About Fresh Start Facility Services Inc. Fresh Start Facility Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25165) on October 9, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Denise E. Barnett presides over the case. Jerome C. Payne, Esq. at Payne Law Firm represents the Debtor as bankruptcy counsel. FTX TRADING: 2nd Cir. Flags $11B Forfeiture as Excessive -------------------------------------------------------- Elliot Weld of Bloomberg Law reports that a Second Circuit panel on Tuesday, November 4, 2025, questioned the federal government's $11 billion forfeiture order against FTX founder Sam Bankman-Fried, suggesting the amount may violate the Eighth Amendment's ban on excessive fines. The judges noted the forfeiture figure is unprecedented in scope and exceeds those seen in prior white-collar cases. The forfeiture stems from Bankman-Fried's conviction for orchestrating a massive fraud that led to the collapse of cryptocurrency exchange FTX and trading firm Alameda Research. Prosecutors say the amount represents the full scope of investor losses, while defense attorneys argue it far surpasses any personal benefit he received, according to report. The appellate court stopped short of issuing a ruling but indicated it would closely review whether the forfeiture is constitutionally permissible. The case could become a key precedent in defining proportionality standards for large-scale financial crime penalties, 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. FUEL FITNESS: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, extended Fuel Fitness, LLC's authority to use cash collateral to fund its operations. The 13th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget, which shows total projected expenses of $82,792.50 for the period from October 21 to November 21. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Newtek Bank N.A., and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As further protection, Live Oak Banking Company will receive payment of $5,000 by November 15. The next hearing is scheduled for November 12. About Fuel Fitness LLC Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 Phone: (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL HOMESTEAD: Gets Extension to Access Cash Collateral -------------------------------------------------------- Fuel Homestead, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, to use cash collateral. The court's 13th interim order authorized the Debtor to use cash collateral pursuant to its budget, which shows total projected expenses of $93,230 for the period from October 21 to November 21. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Live Oak Banking Company will receive payment in the amount of $5,000 by November 15. The next hearing is set for November 12. About Fuel Homestead Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03699) on October 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL REYNOLDA: Gets Extension to Access Cash Collateral ------------------------------------------------------- Fuel Reynolda, LLC received 13th interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The 13th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget for the period from October 21 to November 21. The budget shows total projected expenses of $93,680 for the interim period. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. In addition, Live Oak Banking Debtor will receive payment of $5,000 on or before November 15 as further protection. The next hearing is set for November 12. About Fuel Reynolda Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing business as Fuel Fitness, is a fitness center that offers the best free weights, strength training/cardio equipment, group fitness classes, personal training, childcare, recovery studio and smoothie bar. Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October 22, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FXI HOLDINGS: New Debt Exchange No Impact on Moody's 'Caa3' CFR --------------------------------------------------------------- Moody's Ratings says FXI Holdings, Inc.'s ("FXI") proposed exchange of existing senior secured notes into new senior secured ("senior notes") and junior secured notes ("junior notes"), and proposed issuance of new super senior secured notes ("super senior notes") will be considered a distressed exchange upon completion. The transaction is expected to improve free cash flow because interest on the junior notes will be paid-in-kind ("PIK") for three years. The transaction has no immediate effect on FXI's Caa3 Corporate Family Rating, Caa3-PD Probability of Default Rating, Caa3 senior secured notes ratings or negative outlook because completion of the exchange offer is not assured, but Moody's anticipates changing the outlook to stable if the transaction is completed. FXI is offering lenders the option to exchange each $1,000 of existing 12.25% senior secured notes due 2026, issued in 2019, and 12.25% senior secured notes due 2026, issued as part of a previous exchange offer in 2023, for $618 ($553 if accepted after the early tender date of November 04, 2025) of new 11% senior secured notes due 2029 and $397 of new 16%/14% junior secured notes due 2028. Interest on the junior notes of 16% will be "Paid-in-Kind" until November 2028 at which point the notes will pay 14% in cash interest until they mature. Covenants on the junior notes require sponsors, One Rock and Bain Capital, to contribute up to $140 million in the form of junior equity capital over two years in 2027 and 2028. The contribution must be used to repay principal on the junior notes and operating cash from FXI cannot go towards redemption of the junior notes. FXI is also requesting consent from lenders to issue $50 million of new 11% super senior secured notes and is requesting consent to remove collateral, guarantees and covenants on any unexchanged notes. The Caa3 rating on any unexchanged senior secured notes due 2026 is likely to be downgraded if collateral is released due to the consent solicitation that will effectively subordinate the notes to the large amount of super senior secured, senior secured and junior secured notes. If all of the existing 2026 notes are exchanged, the instrument ratings will be withdrawn. FXI is also looking to amend and extend its $187 million asset-based lending facility in a separate transaction and extend the expiration to the earlier of: 1) December 15, 2029 or 2) 91 days before the junior notes mature if they are outstanding. The agreement is expected to increase the borrowing rate and the proposed exchange notes will have covenants that limit available borrowings and letters of credit on the ABL over time culminating at a maximum of $137.5 million after nine months following the settlement of the exchange offer. Moody's do not anticipate a change to the CFR if the transactions close with high noteholder participation because FXI's end markets continue to face weak consumer demand and volumes, the transaction does not reduce the company's very high debt-to-EBITDA leverage that is currently around 9x, and the PIK interest will add to the debt burden. The maintenance covenant for the sponsors to invest $140 million to pay down the junior secured notes is positive, but Moody's believes the willingness of the sponsors to fund the investment will likely depend on the company's performance over the next few years. Considerable improvement in revenue and the EBITDA margin is necessary to grow earnings by enough to reduce leverage to a sustainable level and to generate positive free cash flow once interest on the junior notes begins to pay in cash. A violation of the sponsor capital contribution covenant would constitute an event of default on the notes. Moody's nevertheless anticipate moving the outlook to stable because the transaction would improve liquidity by addressing the 2026 maturities and will position the company to generate modestly positive free cash flow in 2026 and 2027 when a portion of the interest expense is PIK. The improved liquidity provides the company with additional time to execute its growth strategies. Moody's will consider the proposed transaction a distressed exchange once it closes because the company does not have sufficient funds or alternatives to address the maturities and the leverage is at an unsustainable level. The transaction would subordinate a portion of the existing notes into a new junior lien security and result in a portion of the interest transitioning to pay-in-kind. Stripping collateral, guarantees and covenant protections on unexchanged notes also creates an incentive to accept the exchange offer to avoid becoming subordinate to a material amount of debt. Moody's expects to append a limited default (/LD) designation to FXI's Caa3-PD PDR if the transaction closes as proposed. Moody's expects the transaction will increase interest by approximately $25 million depending on the level of exchanging note holders. Moody's projects free cash flow will be roughly negative $55 million in 2025 as profitability is weak but will turn modestly positive over the next 12-18 months as cash interest declines due to the transaction and as a result of an expected modest improvement in EBITDA. Moody's expects some stabilization in the mattress and furniture end-markets in 2026 from very depressed levels and for recent distribution gains in FXI's retail business as well as recent pricing and cost saving initiatives to support earnings growth. Liquidity is currently weak due to the 2026 ABL and note maturities. The company has minimal balance sheet cash and the $23 million of excess availability as of June 2025 on the $187 million asset-backed loan facility provides limited capacity to fund seasonal working capital outlays, large semiannual interest rate payments, and the maturities. Under the proposed debt structure, the ABL facility will be secured by a first-priority lien on accounts receivable, inventory, and cash (the Credit Facility Priority Collateral), and a second-priority lien on assets such as property, plant, equipment, and intellectual property (the Term Priority Collateral). The super senior notes are expected to be secured by a first-priority lien on the Term Priority Collateral and a second-priority lien on the Credit Facility Priority Collateral, ranking behind the ABL. The senior notes share a first-priority lien on the Term Priority Collateral but will be paid after the super senior notes in bankruptcy, and a third-priority lien on the Credit Facility Priority Collateral. The junior notes are secured by a second-priority lien on the Term Priority and a fourth-priority lien on the Credit Facility Priority Collateral (behind the ABL, New Money, and Senior Secured Notes). RATINGS RATIONALE FXI's Caa3 CFR reflects the company's very high leverage, weak free cash flow, good market position and cyclical exposure. Soft consumer demand across the furniture and mattress end-markets continue to weigh on profitability. Earnings improvement in FXI's retail business has not been sufficient to offset the weakness in its other operations. Liquidity is weak because of the entire existing debt structure matures in 2026. Internal cash and cash generation is minimal and excess availability on the ABL is tight and further constrained by limited cushion on the covenant. In the 12 months ended June 2025, FXI generated negative $46 million of funds from operation while a reduction in working capital contributed to a smaller $12 million free cash flow burn. FXI operates in cyclical mattress, furniture and automotive markets and profitability is sensitive to downturns in the economic cycle as consumers reduce spending on discretionary goods. Leverage is very high as a result of the large debt funded acquisition of Innocor Inc. in 2020 and ongoing earnings pressure. An aggressive financial policy and steps such as distressed exchanges that preserve FXI's private equity ownership positions create high governance risk. Positive factors include the company's large scale, strong market position in the US foam manufacturing industry and good end market diversity through its retail bedding, OEM bedding and furniture, transportation and medical & technical segments. FXI partially mitigates earnings volatility associated with chemical prices with its pass-through contracts. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects the risk that consumer demand continues to weaken resulting in further deterioration in FXI's profitability and free cash flow at a time when the company has to address its 2026 debt maturities. A decline in demand as a result of rising costs due to tariffs may offset any benefits the company had as domestic manufacturer if consumers delay purchases. The rating could be further downgraded if the company earnings and cash flow do not improve. The ratings could also be downgraded if FXI does not address the maturing debt obligations, or liquidity otherwise deteriorates. Ratings could also be downgraded if recovery values weaken. The ratings could be upgraded if the company demonstrates sustained operational improvement including higher revenue and EBITDA that leads to lower leverage and sustained positive free cash flow. An upgrade would also require a substantial improvement in liquidity. Headquartered in Radnor, Pennsylvania, FXI is a North American comfort technologies provider serving multiple end-markets at scale. End-markets and applications include bedding, furniture, comfort and acoustic applications in transportation, surgical applicators, and filtration and industrial acoustic management. The company is owned by One Rock Capital Partners LLC and Bain Capital Private Equity. This follows One Rock's acquisition of FXI in 2017 and FXI's subsequent acquisition of Innocor Inc. in February 2020. Revenue was approximately $1.2 billion for the 12 months ended June 2025. GALBREATH RESTAURANT: Case Summary & 13 Unsecured Creditors ----------------------------------------------------------- Debtor: Galbreath Restaurant Group, LLC d/b/a Goodrich Seafood and Oyster House 253 River Road Oak Hill, FL 32759 Business Description: Galbreath Restaurant Group, LLC, operating as Goodrich Seafood & Oyster House, runs a seafood restaurant at 253 River Road in Oak Hill, Florida. The business traces its roots to 1910 when the Goodrich family began wholesale and retail seafood operations, including blue crab processing, and has evolved over successive generations to comply with modern seafood handling regulations. The Company maintains small- scale local operations with a focus on restaurant service. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07137 Judge: Hon. Grace E Robson Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com Total Assets: $18,103 Total Liabilities: $1,247,579 The petition was signed by Karyn McNamara as manager. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LUPWNZA/Galbreath_Restaurant_Group_LLC__flmbke-25-07137__0001.0.pdf?mcid=tGE4TAMA GALBREATH RESTAURANT: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ On November 3, 2025, Galbreath Restaurant Group LLC filed a voluntary Chapter 11 bankruptcy petition in the Middle District of Florida, assigned case number #25-07137. Court documents show that the restaurant group disclosed assets of $0 to $100,000 and total liabilities estimated between $1 million and $10 million. The company's filing further reports that it has between 1 and 49 creditors involved in the case. About Galbreath Restaurant Group LLC Galbreath Restaurant Group LLC is a limited liability company. Galbreath Restaurant Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07137) on November 3, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Grace E. Robson the case. The Debtor is represented by Jeffrey Ainsworth, Esq. of BransonLaw PLLC. GBOGBARA INC: Gets Final OK to Use Cash Collateral -------------------------------------------------- Gbogbara, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, Detroit, to use cash collateral to fund operations. The final order authorized the Debtor to use $272,863.14 in cash collateral, subject to a 10% variance, to continue business activities under the approved budget. As adequate protection, the U.S. Small Business Administration, Superfast Capital, Inc., McKesson Corporation and the Internal Revenue Service will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing that are similar to the secured creditors' pre-bankruptcy collateral. The replacement liens will have the same priority and validity as the pre-bankruptcy security interests and liens held by the secured creditors. Moreover, these liens do not apply to any Chapter 5 claims and causes of action. As additional protection, the SBA will receive a monthly payment of $236 beginning this month. Gbogbara believes it owes the SBA $505,979.65; the IRS, $100,940.9; and McKesson, $2,000. The Debtor's financial strain arose primarily from high-interest, daily repayment loans taken during the pandemic, which interfered with its ability to pay suppliers and maintain essential inventory. One of its most profitable locations in Roseville was previously closed due to financial pressure, exacerbating the situation. Gbogbara, now operating as a debtor-in-possession, aims to restructure by closing its Gratiot location and focusing on the Jefferson and Roseville sites. The Debtor believes its cash collateral may include inventory, with no current cash on hand or accounts receivable. The four creditors may hold claims on this collateral through prior UCC-1 filings. The SBA is expected to assert first-priority rights, followed by Superfast Capital, the IRS, and possibly McKesson, although the latter may have been paid off. The Debtor does not yet admit the validity or priority of these claims but acknowledges their potential interest in the collateral. About Gbogbara Inc. Gbogbara, Inc. is a full-service pharmacy with three locations in Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49970) on October 3, 2025. In the petition signed by Lenyie Ngbogbara, sole shareholder, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark A. Randon oversees the case. Alexander J. Berry-Santoro, Esq., at Maxwell Dunn PLC, represents the Debtor as legal counsel. GENESIS HEALTHCARE: Cain & Skarnulis Represents Claimants --------------------------------------------------------- GENESIS HEALTHCARE: Cain & Skarnulis Represents Claimants In the Chapter 11 bankruptcy cases of Genesis Healthcare Inc. et al. and its debtor-affiliates, Cain & Skarnulis PLLC filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, a Verified Statement of multiple representation pursuant to Federal Rule of Bankruptcy Procedure 2019. According to the Verified Statement: 1. Cain & Skarnulis PLLC represents Erin Bongard and Laura Plummer as co-executors of the Estate of Charles Katan, Kenneth Enriquez Jr., individually and as personal representative of the Estate of Kenneth Enriquez, Della Lobato, individually and as personal representative of the Estate of Adam Raul Lobato, Michael Lobato, Jennifer Martinez, individually and as personal representative of the Estate of Arthur Henniges, Tammy Scouten, individually and as personal representative of the Estate of Robert Scouten, Lisa Encinias, and Robin Gentry, individually and as personal representative of the Estate of Jerry Gentry. 2. Co-executors Bongard and Plummer of Estate of Charles Katan assert medical negligence and wrongful death claims against the Debtor and non-debtor affiliates. 3. Kenneth Enriquez Jr., individually and as personal representative of the Estate of Kenneth Enriquez, are personal injury and survival claimants with claims against the Debtor and non-debtor affiliates in Cause No. D-202-CV-2025-07320, in the 2nd Judicial District of Bernalillo County, New Mexico, styled Kenneth Enriquez, Jr., individually and as the personal representative of Kenneth Enriquez v. Albuquerque Heights Healthcare and Rehabilitation Center, LLC, et al. 4. Della Lobato, individually and as personal representative of the Estate of Adam Raul Lobato, are personal injury and survival claimants with claims against Debtor and non-debtor affiliates in Cause No. D-202-CV-2021-05978, in the 2nd Judicial District of Bernalillo County, New Mexico, styled Della Lobato, individually and as the personal representative of Adam Raul Lobato, and Michael Lobato v. Albuquerque Heights Healthcare and Rehabilitation Center, LLC, et al. 5. Michael Lobato is a personal injury and survival claimants with claims against Debtor and non-debtor affiliates in Cause No. D-202-CV-2021-05978, in the 2nd Judicial District of Bernalillo County, New Mexico, styled Della Lobato, individually and as the personal representative of Adam Raul Lobato, and Michael Lobato v. Albuquerque Heights Healthcare and Rehabilitation Center, LLC, et al. 6. Jennifer Martinez, individually and as personal representative of the Estate of Arthur Henniges, are personal injury and survival claimants with claims against Debtor and non-debtor affiliates in Cause No. D-202-CV-2024-02895, in the 2nd Judicial District of Bernalillo County, New Mexico, styled Jennifer Martinez, individually and as the personal representative of Arthur Henniges v. Canyon Transitional Rehabilitation Center, LLC, et al. 7. Lisa Encinias is a personal injury claimant with personal injury and medical negligence claims against Debtor and non-debtor affiliates. 8. Tammy Scouten, individually and as personal representative of the Estate of Robert Scouten, are personal injury and survival claimants with claims against Debtor and non-debtor affiliates. 9. Robin Gentry, individually and as personal representative of the Estate of Jerry Gentry, are personal injury and survival claimants with claims against Debtor and non-debtor affiliates. 10. Nothing contained in this Verified Statement, is intended or shall be construed to constitute: (i) a waiver or release of the rights of the Creditors to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; (ii) a waiver or release of the rights of any of the Creditors to have any and all final orders in any and all non-core matters entered only after de novo review by a United States District Judge; (iii) consent to the jurisdiction of the Court over any matter; (iv) an election of remedy; (v) a waiver or release of any rights of any of the Creditors may have to a jury trial; (vi) a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in the chapter 11 case against or otherwise involving any of the Creditors; or (vii) a waiver or release of any other rights, claims, actions, defenses, setoffs or recoupments to which any of the Creditors are or may be entitled, in law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs or recoupments being expressly reserved in all respects. 11. Nothing contained in this Verified Statement should be construed as a limitation upon or waiver of any right by the Creditors to assert, file, and/or amend their claims in accordance with applicable law and any orders entered in these chapter 11 cases establishing procedures for filing proofs of claims. 12. Cain & Skarnulis PLLC reserves the right to amend or supplement this verified statement in accordance with the requirements set forth in Rule 2019 of the Federal Rules of Bankruptcy Procedure. The names, addresses, nature of claims against the debtors and principal amount of claims (exclusive of interest, costs, and attorney’s fees) are: 1. Kenneth Enriquez Jr. c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in the death of Kenneth Enriquez. Survival claims asserted. Unliquidated 2. Estate of Kenneth Enriquez c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in death. Survival claims asserted. Unliquidated 3. Della Lobato c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in the death of Adam Raul Lobato. Survival claims asserted. Unliquidated 4. Michael Lobato c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in the death of Adam Raul Lobato. Survival claims asserted. Unliquidated 5. Estate of Adam Raul Lobato c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in death. Survival claims asserted. Unliquidated 6. Jennifer Martinez c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in the death of Arthur Henniges. Survival claims asserted. Unliquidated 7. Estate of Arthur Henniges c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in death. Survival claims asserted. Unliquidated 8. Tammy Scouten c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in the death of Robert Scouten. Survival claims asserted. Unliquidated 9. Estate of Robert Scouten c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in death. Survival claims asserted. Unliquidated 10. Robin Gentry c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in the death of Jerry Gentry. Survival claims asserted. Unliquidated 11. Estate of Jerry Gentry c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence which ultimately resulted in death. Survival claims asserted. Unliquidated 12. Lisa Encinias c/o Shane T. Maier Gauthier & Maier Law Firm P.O. Box 27261 Albuquerque, NM 87125 Claims for personal injury and medical negligence that resulted in a rotator cuff being torn, and requiring surgery. Unliquidated 13. Erin Bongard and Laura Plummer as Co-Executors of the Estate of Charles Katan c/o Michael D’Amico D'Amico & Pettinicchi, LLC 465 Straits Turnpike Watertown, CT 06795 Claims for personal injury and medical negligence which ultimately resulted in the death of Charles Katan. Survival claims asserted. Unliquidated The firm may be reached at: Ryan E. Chapple, Esq. CAIN & SKARNULIS PLLC 303 Colorado Street, Suite 2850 Austin, TX 78701 Tel: (512) 477-5000 Fax: (512) 477-5011 E-mail: rchapple@cstrial.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GENESIS PROJECT: Gets Extension to Access Cash Collateral --------------------------------------------------------- Genesis Project 1, Inc. received another extension from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral. At the hearing held on November 4, the court approved the Debtor's continued use of cash collateral pending a further hearing on December 9. The Debtor was previously authorized to use its secured lenders' cash collateral in accordance with its budget and grant such lenders replacement liens as adequate protection. The lenders include Payroll Funding Company, LLC and The Merchant Marketplace Corp. As of the petition date, the Debtor believes the total amount owed to PFC is approximately $80,000. Meanwhile, The Debtor disputes the amounts owed to MMC as well as its purported security interest. The Debtor's budget projects total operational expenses of $131,867.00. About Genesis Project 1 Inc. Genesis Project 1 Inc. provides behavioral health and substance use addiction treatment services to individuals and families in North Carolina. Founded in 2007 and based in Charlotte, the organization offers individual and family counseling, intensive in-home care, peer support, crisis intervention, and tailored care management programs. It also operates a Substance Abuse Intensive Outpatient Program (SAIOP) and community support team services aimed at promoting recovery and stability. Genesis Project 1 Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-31074) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtor is represented by Rashad Blossom, Esq. of BLOSSOM LAW, PLLC. GIANT WASH: Seeks to Hire Roger Klosterman & Co. as Accountant -------------------------------------------------------------- Giant Wash LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to hire Roger Klosterman of Roger Klosterman & Co. to serve as accountant in its Chapter 11 case. Mr. Klosterman will provide these services: (a) prepare the Debtor's 2024 and 2025 Federal and State Income Tax Returns with supporting schedules; (b) prepare financial statements for Giant Wash and its affiliates for the fiscal years ending 2023, 2024, and through June 2025; (c) provide bookkeeping services for the bankruptcy estate on a monthly basis starting July 2025; and (d) prepare and deliver ongoing monthly financial statements starting September 1, 2025, in accordance with the agreed schedule. Klosterman has requested a $12,000 retainer, which will be applied toward the final invoice for services rendered. Fees will be based on the number of hours worked and this firm's standard hourly billing rates: Roger Klosterman $320; Heena $156; Vishal $156; Derek $156; Dayja $128; Danny $128; and Anabel $156. According to court filings, Roger Klosterman & Co. does not have any connection with the Debtor, its affiliates, creditors, or any other parties in interest and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roger Klosterman, CPA, PFS ROGER KLOSTERMAN & CO. 116 West Davenport Street Eldridge, IA 52748 About Giant Wash LLC Giant Wash, LLC is an Iowa-based laundromat operator with multiple locations across Dubuque and Cascade, Iowa provides self-service laundry facilities. Giant Wash sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01133) on June 30, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. Judge Lee M. Jackwig handles the case. The Debtor tapped Jeffrey Douglas Goetz, Esq., at Dickinson Bradshaw Fowler & Hagen, PC as legal counsel and Franklin Capital Advisors, LLC as financial advisor. GLOBAL BIOENERGIES: Postpones Takeover Hearing Amid Receivership ---------------------------------------------------------------- The hearing which was held on November 3, 2025 at the Commercial Court of Evry concluded with the decision to postpone until November 24, 2025 the review of the offers to take over Global Bioenergies' activities. The new deadline for submitting the offers has been set up on November 12, 2025. As a reminder, the company had initiated a pre-pack sale process on June 3, 2025 and the Evry Commercial Court had opened a receivership procedure on September 29, 2025 in order to implement a sale plan. In the event of the takeover of certain assets or activities by one or more buyers, or in the absence of a final offer, judicial liquidation proceedings for Global Bioenergies will be opened simultaneously with the judgment of the court resulting from the review hearing. The judicial liquidation of Global Bioenergies will ultimately result in the delisting of its shares. Their residual value will most likely be zero, as the amount obtained in exchange for the assets sold is expected to be lower than the amount of liabilities. The company also states that it is not able to close its half-year financial statements because of the uncertainty surrounding the outcome of the ongoing process. GMB TRANSPORT: Seeks to Hire Jill M. Flinton CPA as Accountant -------------------------------------------------------------- GMB Transport LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Jill M. Flinton CPA PLLC as accountant. The firm's services include: a) preparation and filing of the 2025 1120-S and CT-3-S; and b) preparation of Debtor's Monthly Operating Reports. The firm's rates are: a) Flat Rate Services: (i) Tax preparation and filing - combined total not to exceed $1200 per year b) Hourly Services: (i) Monthly Operating Reports - $200 per hour (ii) Administrative - $100 per hour Jill M Flinton CPA PLLC disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jill Flinton, CPA Jill M Flinton CPA PLLC 800 NY-146 Suite 385 Clifton Park, NY 12065 Phone: (518) 460-5165 About GMB Transport LLC GMB Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-60850) on September 23, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Wendy A. Kinsella oversees the case. Boyle Legal LLC represents the Debtor as bankruptcy counsel. GOHAR INC: Seeks Subchapter V Bankruptcy in Illinois ---------------------------------------------------- Gohar Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois on November 2, 2025. According to court filings, the company listed liabilities ranging from $100,001 to $1 million. GOHAR, INC. also reported having between 1 and 49 creditors. About Gohar Inc. Gohar Inc. operates in the restaurant industry. Gohar Inc. relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16980) on November 2, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by David Freydin, Esq. of Law Offices of David Freydin Ltd. GRACE LIMOUSINE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Grace Limousine, LLC Grace Limousine and Shuttle Grace Limousine 995 Goffstown Road Manchester NH 03102 Business Description: Grace Limousine, LLC, also known as Grace Limousine and Grace Limousine and Shuttle, provides ground and air transportation services across northern New England for corporate travel, weddings, sports teams, special occasions, nights out, and groups, using a diverse fleet of sedans, limousines, mini coaches, trolleys, and antique vehicles. It customizes services for both private and corporate clients, offering airport transfers and tailored group travel solutions. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10775 Debtor's Counsel: Matthew Delude, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 Email: mdelude@bernsteinshur.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Campbell as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OAGXUHA/Grace_Limousine_LLC__nhbke-25-10775__0001.0.pdf?mcid=tGE4TAMA GRACE ROYALS: Hires Gregory K. Stern P.C. as Legal Counsel ---------------------------------------------------------- Grace Royals, Inc., together with Jass, LLC, Glenwood GFB, LLC, Rifle RFB, LLC, and Waheguru, LLC, seek approval from the U.S. Bankruptcy Court for the District of Colorado to employ Gregory K. Stern of Gregory K. Stern, P.C. as lead counsel, and Robert D. Lantz of Lantz Law Group as co-counsel and local counsel, in their jointly administered Chapter 11 (Subchapter V) cases. Mr. Stern will provide these services: (a) meet with the Debtors, advise them, and analyze the needs of the cases; (b) review assets, liabilities, loan documentation, account statements, executory contracts, and other relevant documentation; (c) prepare lists of creditors, the list of twenty largest unsecured creditors, schedules, and statements of financial affairs; (d) give the Debtors legal advice with respect to their powers and duties as Debtors-in-Possession in the operation and management of their financial affairs; (e) assist in the preparation of schedules, statements of affairs, and other necessary documents; (f) prepare applications to employ professionals, motions for turnover, use of cash collateral, sale or lease of property, assumption or rejection of executory contracts, plans, applications, motions, adversary complaints, orders, reports, objections to claims, and other legal pleadings; (g) negotiate with creditors and other parties in interest, attend court hearings, and meetings of creditors; (h) review proofs of claim and solicit creditor acceptances of plans; and (i) perform all other legal services necessary or in furtherance of the Debtors' reorganizational goals. Mr. Stern's hourly rate is $650, while rates for other attorneys are $550 for Dennis E. Quaid and Monica C. O'Brien, and $450 for Rachel S. Sandler. Paralegals and legal assistants are billed at $190 per hour. The Attorneys received pre-petition retainers totaling $100,000, allocated as follows: Grace Royals, Inc. ($60,000) and $10,000 each for Jass, LLC, Glenwood GFB, LLC, Rifle RFB, LLC, and Waheguru, LLC. In addition, Robert D. Lantz received a $20,000 retainer deposited into the Lantz Law Group COLTAF account. According to court filings, Gregory K. Stern, Monica C. O'Brien, Dennis E. Quaid, Rachel S. Sandler, and the firm Gregory K. Stern, P.C. are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, having no connections with the Debtors, creditors, or any other party in interest. The firms can be reached at: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Telephone: (312) 427-1558 E-mail: greg@gregstern.com About Grace Royals Inc. Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, runs retail convenience stores and a supermarket in Colorado. The company offers groceries, convenience products and fuel, and maintains the required business and tobacco retail licenses in the state. Grace Royals sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-16681) on October 15, 2025. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. GREATER PARKHILL: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Greater Parkhill Church of God In Christ, Inc. 7809 Winship St Houston, TX 77028-2441 Business Description: Greater Parkhill Church of God In Christ, Inc. operates as a religious organization affiliated with the Church of God in Christ (COGIC) denomination, providing worship services and related church activities from its location at 7809 Winship Street in Houston, Texas. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-36652 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Aaron W. McCardell, Sr., Esq. THE MCCARDELL LAW FIRM, PLLC 440 Louisiana Houston TX 77002 Tel: (713) 236-8736 Email: amccardell@mccardelllaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Robert Robinson as pastor. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WPNX45Q/Greater_Parkhill_Church_of_God__txsbke-25-36652__0001.0.pdf?mcid=tGE4TAMA GREEN OUTDOOR: Unsecureds Will Get 100% of Claims over 10 Years --------------------------------------------------------------- Green Outdoor Services LLC submitted an Amended Combined Disclosure Statement and Small Business Plan of Reorganization dated October 31, 2025. This Amended Combined Plan of Reorganization and Disclosure Statement proposes to pay creditors of the Debtor from cash flow from operations, and/or future income. This Plan provides for 19 classes. Unsecured creditors holding allowed claims will be paid $695,174.49, which is (100.00%) of allowed aggregated unsecured claims totaling $695,174.49 over ten years from the effective date of the Plan with no interest. Class 18 consists solely of Debtor's allowed general unsecured, non-priority, undisputed, non-insider claims who filed a timely proof of claim on or before the court ordered claims bar date in the aggregate amount of $695,174.49, consisting of the following claimants and amounts, each of which shall be granted an Allowed General Unsecured Claim: (a) ODK Capital, LLC, POC no. 8 ($29,637.60); (b) Capital One, N.A., POC no. 12 ($9,375.92); (c) Cellco Partnership d/b/a Verizon Wireless, POC no. 16 ($1,287.88); (d) American Express National Bank, POC no. 17 ($9,749.77); (e) the unsecured portion of the Stearns Bank National Association claim, POC no. 15, in the amount of $43,089.77; (f) PNC Bank, National Association, POC nos. 42 and 43, shall have an Allowed General Unsecured Claim in the amount of $315,483.21; (g) Wells Fargo Vendor Financial Services, LLC, POC no. 10, shall have an Allowed General Unsecured Claim in the amount of $286,550.34; and (h) Falcon Equipment Finance shall have an Allowed General Unsecured Claim in the amount of its deficiency following the liquidation of its collateral. No other creditor shall be granted a general unsecured claim unless otherwise ordered by the Bankruptcy Court. Payments shall begin on the first day of the ninth month following the effective date of the Plan and shall be made yearly thereafter until ten payments are made. In the event sufficient cash flows are not available for any given due date, distributions shall be made as soon as possible based on Debtor's cash flow, but a total distribution to this class will be at a total of $695,174.49 over 10 years. Payments will be made once per year over the life of the Plan. Upon Falcon Equipment Finance's liquidation of its collateral, the annual payments will be increased sufficiently to pay Falcon Equipment Finance's deficiency claim in full over the remaining term. Class 19 consists of the equity security holders' interests in the Debtor. Thomas Benjamin Green has a 50% interest in the Debtor and Rebecca Green has a 50% interest in the Debtor. The Debtor is paying unsecured creditors in full over the plan, and thereby satisfies the requirements of Section 1129(b)(2) of the Bankruptcy Code. The Debtor will continue its current business operations and payments will be made from cash flow from operations and future income. A full-text copy of the Amended Combined Disclosure Statement and Plan dated October 31, 2025 is available at https://urlcurt.com/u?l=cjCzo5 from PacerMonitor.com at no charge. Counsel to the Debtor: William F. Godbold, IV, Esq. Natural State Law, PLLC 8201 Ranch Blvd. Ste. B-1, Little Rock, AK 72223 Tel: (501) 916-2878 About Green Outdoor Services Green Outdoor Services, LLC filed a Chapter 11 petition (Bankr. E.D. Ark. Case No. 24-13358) on October 15, 2024, listing between $1 million and $10 million in both assets and liabilities. Thomas B. Green, authorized representative of Green Outdoor Services, signed the petition. Judge Phyllis M. Jones handles the case. The Debtor is represented by William F. Godbold IV, Esq., at Natural State Law, PLLC. GREENIDGE GENERATION: Completes Tender/Exchange for 2026 Notes -------------------------------------------------------------- Greenidge Generation Holdings Inc. announced on November 06, 2025, the final results of its previously announced concurrent offers to exchange or to purchase, at the election of each holder, its outstanding 8.50% Senior Notes due 2026, as set forth in the Offer to Purchase/Exchange, dated as of October 6, 2025 (as amended or supplemented from time to time, the "Offer to Purchase/Exchange"), which trade on the Nasdaq Global Select Market under the symbol "GREEL." The Tender/Exchange Offer expired at 5:00 p.m., New York City time, on November 5, 2025. According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Offer, the following aggregate principal amount of the Old Notes set forth in the table below was: (i) validly tendered and not properly withdrawn as of 5:00 p.m., New York City time, on Tuesday, October 21, 2025, for cash in an amount equal to $12.50 for each $25.00 principal amount of Old Notes tendered, plus accrued and unpaid interest in cash up to, but not including the prior interest payment date of October 31, 2025; and (ii) validly tendered and not properly withdrawn as of the Expiration Date for a new series of 10.00% Senior Notes due 2030, in an amount equal to $14.85 principal amount of New Notes for each $25.00 principal amount of Old Notes exchanged, plus accrued and unpaid interest in cash up to, but not including, the prior interest payment date of October 31, 2025: * Title of Security: 8.50% Senior Notes Due 2026 * CUSIP Number: 39531G209 * Aggregate Principal Amount Outstanding: $38,409,825 * Aggregate Principal Amount of Notes Tendered Pursuant to the Tender Option: $276,225 * Aggregate Principal Amount of Notes Tendered Pursuant to the Exchange Option: $276,225 * Aggregate Principal Amount of Notes Accepted Pursuant to the Tender/Exchange Offer: $58,300 * Aggregate Total Principal Amount of Tendered Notes Exchanged and Accepted: $334,525 * Aggregate Principal Amount of Notes Outstanding Following Final Settlement of Tender/Exchange Offer: $38,075,300 The Tender/Exchange Offer was made pursuant to the terms and subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase/Exchange. As of the Expiration Date, all conditions to the Tender/Exchange Offer were satisfied or waived. Upon settlement of the Exchange Offer, which is currently expected to occur on November 7, 2025, subject to the acceptance procedures described in the Offer to Purchase/Exchange, holders of Exchanged Notes will receive an aggregate principal amount of New Notes in an amount equal to $14.85 for each Exchanged Note accepted, in addition to a stub payment in cash for the fractional portion of New Notes that would otherwise have been issued. Accordingly, on the settlement date, Greenidge expects to issue approximately $34,606 in aggregate principal amount of New Notes. As the aggregate principal amount of New Notes is less than the minimum offering required for listing on Nasdaq, Greenidge seeks to list the New Notes under the ticker "GREEN" for trading on the OTC Market's platform. However, as previously disclosed in the Offer to Purchase/Exchange, Greenidge cannot provide any assurances that the New Notes will be tradable or that an active trading market will develop for the New Notes or that holders will be able to sell their New Notes. If the New Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, the Company's credit ratings, general economic conditions, the Company's financial condition, performance and prospects and other factors. Accordingly, Greenidge cannot make any assurances that a liquid trading market for the New Notes will be sustained, that holders will be able to sell their New Notes at a particular time or that the price holders receive when they sell will be favorable. To the extent an active trading market is not sustained, the liquidity and trading price for the New Notes may be harmed. Accordingly, holders may be required to bear the financial risk of an investment in the New Notes for an indefinite period of time. About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. GRMG REAL: Seeks to Employ Nyemaster Goode P.C. as Counsel ---------------------------------------------------------- GRMG Real Estate LLP and DMB-GRMG Medical Building Investment, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Iowa to retain Nyemaster Goode, P.C. as counsel in connection with their Chapter 11 cases. Nyemaster Goode will provide these services: (a) advise the Debtors on all legal matters related to their Chapter 11 cases; (b) prepare pleadings, motions, notices, orders, and other legal documents required during the proceedings; (c) represent the Debtors in hearings, adversary proceedings, and negotiations; (d) assist in the formulation and confirmation of a Chapter 11 plan of reorganization; and (e) perform all other legal services necessary for the Debtors' effective representation in these cases. The firm will be paid at these hourly rates: $475 for shareholders, $375 for associates, and $195 for paralegals. The Debtors paid a $25,000 retainer to the firm prior to filing. According to court filings, Nyemaster Goode, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interests adverse to the Debtors or their estates. The firm can be reached at: Scott P. Johnson, Esq. NYEMASTER GOODE, P.C. 625 First Street SE, Suite 400 Cedar Rapids, IA 52401 Telephone: (319) 286-7000 E-mail: spjohnson@nyemaster.com About GRMG Real Estate LLP GRMG Real Estate LLP and DMB-GRMG Medical Building Investment, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01234) on October 15, 2025. At the time of the filing, the Debtors had estimated assets of between $10 million and $50 million and liabilities of between $10 million and $50 million. Nyemaster Goode, P.C. is the Debtors’ legal counsel. GROUP STONE: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Group Stone Investment Inc. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Group Stone Investment Inc. Group Stone Investment Inc., a company based in Ormond Beach, Florida, distributes natural and engineered stone products, including marble, granite, quartz, and quartzite. It imports stone slabs internationally and supplies materials for construction and renovation projects through regional warehouse and distribution operations. Group Stone Investment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06982) on October 29, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Jesus Santiago, Esq., at Dasa Law represents the Debtor as bankruptcy counsel. GS MORTGAGE 2025-PJ9: Moody's Assigns B2 Rating to Cl. B-5 Certs ---------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to 65 classes of residential mortgage-backed securities (RMBS) issued by GS Mortgage-Backed Securities Trust 2025-PJ9, and sponsored by Goldman Sachs Mortgage Company (GSMC). The securities are backed by a pool of prime jumbo (83.15% by balance) and GSE-eligible (16.85% by balance) residential mortgages aggregated by GSMC, including loans aggregated by MAXEX Clearing LLC (MAXEX; 6.49% by loan balance), originated and serviced by multiple entities. The complete rating actions are as follows: Issuer: GS Mortgage-Backed Securities Trust 2025-PJ9 Cl. A-1, Definitive Rating Assigned Aaa (sf) Cl. A-2, Definitive Rating Assigned Aaa (sf) Cl. A-3, Definitive Rating Assigned Aaa (sf) Cl. A-4, Definitive Rating Assigned Aaa (sf) Cl. A-5, Definitive Rating Assigned Aaa (sf) Cl. A-6, Definitive Rating Assigned Aaa (sf) Cl. A-7, Definitive Rating Assigned Aaa (sf) Cl. A-8, Definitive Rating Assigned Aaa (sf) Cl. A-9, Definitive Rating Assigned Aaa (sf) Cl. A-10, Definitive Rating Assigned Aaa (sf) Cl. A-11, Definitive Rating Assigned Aaa (sf) Cl. A-12, Definitive Rating Assigned Aaa (sf) Cl. A-13, Definitive Rating Assigned Aaa (sf) Cl. A-14, Definitive Rating Assigned Aaa (sf) Cl. A-15, Definitive Rating Assigned Aaa (sf) Cl. A-16, Definitive Rating Assigned Aaa (sf) Cl. A-17, Definitive Rating Assigned Aaa (sf) Cl. A-18, Definitive Rating Assigned Aaa (sf) Cl. A-19, Definitive Rating Assigned Aaa (sf) Cl. A-20, Definitive Rating Assigned Aaa (sf) Cl. A-21, Definitive Rating Assigned Aaa (sf) Cl. A-22, Definitive Rating Assigned Aaa (sf) Cl. A-23, Definitive Rating Assigned Aaa (sf) Cl. A-24, Definitive Rating Assigned Aaa (sf) Cl. A-27, Definitive Rating Assigned Aaa (sf) Cl. A-29, Definitive Rating Assigned Aaa (sf) Cl. A-30, Definitive Rating Assigned Aaa (sf) Cl. A-X-1*, Definitive Rating Assigned Aaa (sf) Cl. A-X-2*, Definitive Rating Assigned Aaa (sf) Cl. A-X-3*, Definitive Rating Assigned Aaa (sf) Cl. A-X-4*, Definitive Rating Assigned Aaa (sf) Cl. A-X-5*, Definitive Rating Assigned Aaa (sf) Cl. A-X-6*, Definitive Rating Assigned Aaa (sf) Cl. A-X-7*, Definitive Rating Assigned Aaa (sf) Cl. A-X-8*, Definitive Rating Assigned Aaa (sf) Cl. A-X-9*, Definitive Rating Assigned Aaa (sf) Cl. A-X-10*, Definitive Rating Assigned Aaa (sf) Cl. A-X-11*, Definitive Rating Assigned Aaa (sf) Cl. A-X-12*, Definitive Rating Assigned Aaa (sf) Cl. A-X-13*, Definitive Rating Assigned Aaa (sf) Cl. A-X-14*, Definitive Rating Assigned Aaa (sf) Cl. A-X-15*, Definitive Rating Assigned Aaa (sf) Cl. A-X-16*, Definitive Rating Assigned Aaa (sf) Cl. A-X-17*, Definitive Rating Assigned Aaa (sf) Cl. A-X-18*, Definitive Rating Assigned Aaa (sf) Cl. A-X-19*, Definitive Rating Assigned Aaa (sf) Cl. A-X-20*, Definitive Rating Assigned Aaa (sf) Cl. A-X-21*, Definitive Rating Assigned Aaa (sf) Cl. A-X-22*, Definitive Rating Assigned Aaa (sf) Cl. A-X-23*, Definitive Rating Assigned Aaa (sf) Cl. A-X-24*, Definitive Rating Assigned Aaa (sf) Cl. A-X-25*, Definitive Rating Assigned Aaa (sf) Cl. A-X-27*, Definitive Rating Assigned Aaa (sf) Cl. A-X-28*, Definitive Rating Assigned Aaa (sf) Cl. A-X-29*, Definitive Rating Assigned Aaa (sf) Cl. A-X-30*, Definitive Rating Assigned Aaa (sf) Cl. B-1, Definitive Rating Assigned Aa3 (sf) Cl. B-1A, Definitive Rating Assigned Aa3 (sf) Cl. B-X-1*, Definitive Rating Assigned Aa3 (sf) Cl. B-2, Definitive Rating Assigned A2 (sf) Cl. B-2A, Definitive Rating Assigned A2 (sf) Cl. B-X-2*, Definitive Rating Assigned A2 (sf) Cl. B-3, Definitive Rating Assigned Baa2 (sf) Cl. B-4, Definitive Rating Assigned Ba2 (sf) Cl. B-5, Definitive Rating Assigned B2 (sf) *Reflects Interest-Only Classes Moody's are withdrawing the provisional ratings for the Class A-1L Loans, Class A-2L Loans and Class A-3L Loans, assigned on October 14, 2025, because the issuer will not be issuing these classes. RATINGS RATIONALE The ratings are based on the credit quality of the mortgage loans, the structural features of the transaction, the origination quality and the servicing arrangement, the third-party review, and the representations and warranties framework. Moody's expected loss for this pool in a baseline scenario-mean is 0.29%, in a baseline scenario-median is 0.12% and reaches 4.82% at a stress level consistent with Moody's Aaa ratings. PRINCIPAL METHODOLOGIES The principal methodology used in rating all classes except interest-only classes was "US Residential Mortgage-backed Securitizations" published in August 2025. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's original expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud. Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions. In addition, improvements in reporting formats and data availability across deals and trustees may provide better insight into certain performance metrics such as the level of collateral modifications. GWG HOLDINGS: Judge Removed From Chapter 11 Case After Scandal -------------------------------------------------------------- Hailey Konnath of Law360 Bankruptcy Authority reports that a federal bankruptcy judge who had been overseeing GWG Holdings' Chapter 11 case has been removed amid continuing fallout from the ethics scandal involving former Judge David R. Jones. Chief Bankruptcy Judge Christopher Lopez explained that the reassignment was necessary to safeguard public trust in the courts, noting that the action was prompted by Jones's misuse of authority, not the current judge's behavior. The decision follows revelations that Jones maintained a secret relationship with an attorney who appeared before him in numerous cases, raising concerns about potential conflicts of interest. To maintain integrity in the process, GWG Holdings' bankruptcy case will now be reassigned to a new judge. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HADLOCK ENTERPRISES: Taps Soelberg Peralta PS as CPA ---------------------------------------------------- Hadlock Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Mauricio Peralta of Soelberg Peralta, PS as certified public accountant. The firm will assist the Debtor in its bookkeeping and filing of its tax returns. Soelberg will receive monthly payments of $2000 per month for services rendered. Mr. Peralta assured the court that his firm does not hold or represent any interest adverse to the interests of the estate, and is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Mauricio Peralta, CPA Soelberg Peralta, PS 901 Summitview Ave Ste 260 Yakima, WA 98902 Phone: (509) 654-7777 About Hadlock Enterprises LLC Hadlock Enterprises LLC, doing business as Autoglass Clinic and Mobile Radio, provides auto glass repair and replacement, car audio installation, and window tinting services. The Company serves individual and commercial clients across automotive, residential, and marine sectors. Its offerings include RV and boat glass services as well as home and commercial glass solutions. Hadlock Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11654) on June 16, 2025. In its petition, the Debtor reports total assets of $275,750 and total liabilities of $2,170,473. The Debtors are represented by Steven M. Palmer, Esq. at CAIRNCROSS & HEMPELMANN, P.S. HADNOT LOGISTICS: Katharine Clark Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Hadnot Logistics, LLC. Ms. Clark will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Hadnot Logistics LLC Hadnot Logistics, LLC, a company in Rockwall, Texas, transports heavy and oversized machinery across the southern and southeastern region of the United States. Hadnot Logistics sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34270) on October 29, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Scott W. Everett presides over the case. Robert Lane, Esq., at The Lane Law Firm PLLC represents the Debtor as bankruptcy counsel. HEADWAY WORKFORCE: Plan Exclusivity Period Extended to December 4 ----------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina extended Headway Workforce Solutions, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 4, 2025 and February 4, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have pivoted and are considering their options for the terms of a consensual plan. Counsel for the Debtors met with counsel for the Committee and informed them of Jackson's decision and discussed the process for moving forward on other potential plan alternatives, including the potential for finding an alternative purchaser of the reorganized equity interests and preservation of the tax attributes. The Debtors claim that as the transaction with Jackson was the expected centerpiece of their plan, significant revisions will need to be made to put forth a confirmable plan that has the support of the parties. The Debtors assert that they will continue to work with their creditor constituencies on terms relating to post-petition financing and a plan of reorganization. To permit the Debtors the time and opportunity to pursue a consensual exit, the Debtors seek an additional 45-day extension of the Court's Extension Order to develop, circulate and receive feedback from interested parties on the terms of the proposed plan. Counsel to the Debtors: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Tel: (919) 573-1422 Fax: (919) 420-0475 E-mail: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalon.com - and - Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Tel: (412) 456-8100 E-mail: kburkley@bernsteinlaw.com About Headway Workforce Solutions Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HONOLULU SPINE: Court Extends Cash Collateral Access to Dec. 31 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Hawaii issued a fifth stipulated order authorizing Honolulu Spine Center, LLC's interim use of cash collateral through December 31. The order authorized the Debtor to use the pre-bankruptcy cash collateral of Central Pacific Bank to pay its operating expenses in accordance with its budget, and to exceed the budget by 20% each on an aggregate and cumulative basis. The Debtor projects total monthly operational expenses of $996,192 for November and $1,015,983 for December. As adequate protection, Central Pacific Bank will be granted replacement liens on post-petition assets and the proceeds thereof, and will continue to receive a monthly payment at the non-default interest of $6,543.89. The next hearing is scheduled for December 8. The Debtor owes Central Pacific Bank approximately $1 million on a line of credit that is evidenced by, among other loan documents, a promissory note and security agreement, both dated May 3, 2024. The loan is secured by a blanket UCC-1 financing statement recorded on April 1, 2024, at the Bureau of Conveyances for the State of Hawaii and on April 9, 2024, at the Delaware Department of State U.C.C. Filing Section. Central Pacific Bank is represented by: Cori Ann C. Takamiya, Esq. Jill J. Takayama, Esq. Kessner, Umebayashi, Bain & Matsunaga 220 South King Street, Suite 1900 Honolulu, HI 96813 Telephone: (808) 536-1900 Facsimile: (808) 529-7177 ctakamiya@kdubm.com jtakayama@kdubm.com About Honolulu Spine Center Honolulu Spine Center, LLC, doing business as Honolulu Sports & Spine Surgery Center and Honolulu Sports and Spine Center, is a surgical center in Honolulu, Hawaii. Honolulu Spine Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 24-01110) on December 6, 2024, with $1 million to $10 million in both assets and liabilities. Louis DiMartini, the authorized signatory, signed the petition. Judge Robert J. Faris handles the case. The Debtor is represented by: Chuck C. Choi, Esq. Choi & Ito 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 Email: cchoi@hibklaw.com HUDSON 1701/1706: Appoints Kurtzman Carson Consultants as Agent --------------------------------------------------------------- HUDSON 1701/1706, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants LLC dba Verita Global to serve as Claims and Noticing Agent in its Chapter 11 case. KCC will perform, at the request of the Debtor, these noticing and claims management services: (a) preparing and serving required notices in these Chapter 11 cases; (b) maintaining an updated master mailing matrix for each Debtor; (c) maintaining copies of all proofs of claim and proofs of interest filed and the Debtor's schedules of assets and liabilities and statements of financial affairs; (d) providing access to the public for examination of copies of the proofs of claim or interest without charge during regular business hours; (e) creating and maintaining a website to provide case-specific information; (f) furnishing additional noticing, claims processing, and administrative services as may be requested by the Debtor or the Court; and (g) performing any other related services as may be requested by the Debtor or the Clerk of the Court. KCC will be compensated according to its standard hourly rates and reimbursed for all reasonable out-of-pocket expenses incurred in connection with the services. The Debtor has agreed to pay KCC a retainer of $10,000 prior to the filing of the petition. KCC will seek compensation from the Debtor upon the submission of monthly invoices and will apply the retainer against the final invoice. According to the declaration of Robert Jordan, Senior Consultant of KCC, the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor's estate that would preclude KCC from performing the services described in the application. The firm can be reached at: Kurtzman Carson Consultants LLC dba Verita Global 222 N. Pacific Coast Highway, Suite 300 El Segundo, CA 90245 Telephone: (310) 823-9000 E-mail: info@kccllc.com About HUDSON 1701/1706, LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. HUDSON 1701/1706, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtor had estimated assets of between $100,000,001 and $500 million and liabilities of between $100,000,001 and $500 million. The company is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the case. Details regarding the Debtor's legal counsel were not available at the time of this report. HUDSON VALLEY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Hudson Valley Lyo Mac, Inc. a/k/a Hudson Valley Lyonmac 795 Route 66 Hudson, NY 12534 Business Description: Hudson Valley Lyo Mac, Inc., also known as Hudson Valley Lyomac, designs and manufactures freeze-dryers for pharmaceutical, biotechnology, diagnostic, food preservation, and industrial applications, operating from Hudson, New York. The Company offers both standard and custom systems ranging from benchtop units to large-capacity production models, along with installation, maintenance, and contract freeze-drying services. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-36156 Judge: Hon. Kyu Young Paek Debtor's Counsel: Anne Penachio, Esq. PENACHIO MALARA LLP 245 Main Street Suite 450 White Plains, NY 10601 Tel: (914) 946-2889 Email: anne@pmlawllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Thomas Finck 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/CMSAS5I/Hudson_Valley_Lyo_Mac_Inc__nysbke-25-36156__0001.0.pdf?mcid=tGE4TAMA = ILLINOIS INSTITUTE: Moody's Alters Outlook on 'Ba2' Ratings to Neg. ------------------------------------------------------------------- Moody's Ratings has revised Illinois Institute of Technology, IL's (IIT) outlook to negative from stable and affirmed the Ba2 issuer and revenue bond ratings. IIT has approximately $321 million of debt outstanding. The change in outlook reflects an unexpected material decline in fall 2025 enrollment and net tuition revenue for fiscal 2026, resulting in a potentially substantial operating deficit. The enrollment decline underscores the social risks facing the higher education sector and is a key driver of the rating action. Management will deploy an array of strategies to counter the deficit including expense reductions and the use of reserves, the magnitude of which is not yet known. RATINGS RATIONALE The Ba2 issuer rating reflects Illinois Tech's sound overall wealth and good regional brand with its STEM focus and urban location. Following several years of significant enrollment progress and growth in net student charges, IIT significantly improved its operating performance and moved to budget surpluses. However, federal policy shifts have complicated the university's ability to enroll international students which, until fall 2025, accounted for around 50% of total FTE enrollment. Similar to the higher education sector at large, IIT experienced a significant decline in international enrollment, largely at the graduate level. Compounded by a constraining demographic environment in the Midwest and significant regional competition, prospects for a rebound in enrollment will remain challenged. Favorably, fiscal 2025 results are expected to reflect a surplus, providing IIT with an increase in cash and investments from which to address the projected deficit. Longer term plans are being pursued to address IIT's cost structure while pursuing revenue growth opportunities, the results of which may take time to realize. However, management expects to see traction in certain areas in as early as fiscal 2027. A recent debt issuance in the summer of 2025 reduces Illinois Tech's debt structure risks. The restructuring of financial covenants provides greater flexibility, and by eliminating the balances on lines of credit, renewal risk is eliminated. However, Illinois Tech took on considerably more debt including approximately $47 million for capitalized interest through fiscal 2027 and establishing a debt service reserve fund. Debt service begins to escalate beginning in fiscal 2028. Growth of EBIDA to cover debt service and other needs will be important for sustaining credit quality. The Ba2 revenue bond rating reflects the credit characteristics associated with the issuer rating and the unsecured general obligation nature of the payment obligation. RATING OUTLOOK The negative outlook reflects the potential for credit deterioration if IIT is unable to make meaningful progress towards a balanced budget by fiscal 2027. It acknowledges a potentially deep operating deficit in fiscal 2026, the extent of which is not fully known until spring enrollment and expense control initiatives take hold. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Substantial and sustained improvement in operating performance, including growth of EBIDA to account for rising debt service obligations -- A change in ability to enroll a greater number of international students, a cohort that had provided significant enrollment and student charges growth over the last several years -- Material and lasting growth in the university's total wealth and unrestricted liquidity FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to meaningfully stem operating deficits beyond fiscal 2026 and generate at least 1x debt service coverage -- Material decline in unrestricted liquidity, resulting in less than 75 monthly days cash on hand -- Resumption of reliance on external sources of liquidity, particularly after the university just converted outstanding lines of credit to long term debt in the summer of 2025 -- Additional declines in FTE enrollment and net student charges in fiscal 2027; federal policy that sustainably impairs IIT from recruiting students from core markets PROFILE Illinois Institute of Technology (Illinois Tech) is a private, not-for-profit university located in Chicago, IL. In fiscal 2024, Illinois Tech generated operating revenue of approximately $306 million and enrolled 7,636 full-time equivalent (FTE) students as of fall 2024. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. IN HOME PROGRAM: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of In Home Program, Inc. About In Home Program Inc. In Home Program, Inc., doing business as MARS Care, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14136) on October 10, 2025. On June 10, 2024, the Company first filed protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11991-amc). The case was terminated on July 2, 2025. At the time of the new filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $500,001 and $1 million. Judge AMC oversees the case. The Debtor tapped Ciardi Ciardi & Astin as legal counsel and Gitomer & Berenholz P.C. as accountant. INFINITE GLOW: Unsecureds to Recover 1.7% via Quarterly Payments ---------------------------------------------------------------- Infinite Glow, LLC submitted a Combined Third Amended Plan of Reorganization and Disclosure Statement dated October 31, 2025. The Debtor owns and operates an 18-unit apartment building located at 2912 14th Ave., Oakland, CA 94606. It acquired the property in 2018. The time line of the events leading to the filing of this bankruptcy case began in March 2020 with the Covid pandemic and the County of Alameda and the City of Oakland independently enacting health emergency ordinances and eviction and rent moratoriums ("moratoriums"). Creditors holding undisputed claims shall be paid over time in quarterly payments starting with the 3rd quarter (month 7 to 9 following the Plan's Effective Date) with the first payment in Month 9 and being paid quarterly through the quarter ending month 54 following the Plan's Effective Date. Class 1B consists of the Secured Claim of JP Morgan Chase Bank, N.A. If Claimant seeks to charge Debtor for any attorney’s fees, up through the Plan's Effective Date, the Claimant shall file an amended claim, not later than 60 days following the Effective Date, specifying its claims for fees and expenses. As of December 1, 2025, the interest rate on the JP Morgan Chase loan will be based on SOFR. SOFR is the Secured Overnight Financing Rate, a benchmark interest rate that reflects the cost of borrowing cash overnight, secured by U.S. Treasury securities. It is based on actual transactions in the overnight repurchase agreement (repo) market and serves as an alternative to the London Interbank Offered Rate (LIBOR). As the note interest rate is subject to change every six months after December 1, 2025, the SOFR is based on the six-month treasury rate available on December 1, 2025. The note has a margin of 2.25%. The current six-month treasury rate is 3.79%. The maximum interest rate on December 1, 2025 will be 3.79% plus 2.25% or 6.04%, assuming six-month treasury rate stays at 3.79% until December 1, 2025. If the six-month treasury rate is lower, then the note interest rate will be lower. At the conclusion of the litigation and to the extent the Debtor owes monies to Chase, the monies then determined to be owed shall be added to the principal and paid out over the remaining term of the loan. General Unsecured Claims includes all general unsecured creditors with claims estimated to amount to $1,217,019.00. The estimated percentage to members of this class is 1.7% Creditors holding undisputed claims shall be paid over time in quarterly payments starting with the 3rd quarter (month 7 to 9 following the Plan's Effective Date) with the first payment in Month 9 and being paid quarterly through the quarter ending month 54 following the Plan's Effective Date. The Debtor has rented out additional apartment units. The Debtor intends to continue its lawsuit against Chase after the Debtor obtains a reversal of the referee's ruling on the demurrer. The Debtor can reorganize and can make plan payments. Mr. Tara Singhal's willingness to infuse $100,000 prior to the plan confirmation hearing for administrative purposes and for operating capital and sufficient monies to ensure that the monthly payment to Chase (from month 1 of the Plan forward) is sufficient to pay interest at the non-default rate. A full-text copy of the Combined Third Amended Plan and Disclosure Statement dated October 31, 2025 is available at https://urlcurt.com/u?l=TBNuIT from PacerMonitor.com at no charge. About Infinite Glow, LLC Infinite Glow, LLC has an equitable interest in the property situated at 2912 14th Ave., Oakland, Calif., which is valued at $4.7 million. Infinite Glow filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 25-50253) on February 27, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Stephen L. Johnson handles the case. The Debtor is represented by: Steven Robert Fox, Esq. Law Offices of Steven R. Fox Tel: (818) 774-3545 Email: emails@foxlaw.com ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until Dec. 2 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued a third interim order allowing ISAVA Enterprise, Inc. to use cash collateral through December 2. The third interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. As adequate protection, secured creditors were granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured as further protection to secured creditors. The next hearing is scheduled for December 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5FLD8 from PacerMonitor.com. As of the petition date, the Debtor held $5,418.45 in its operating account. These funds, together with future operating income such as room revenues, constitute cash collateral. Prior to its Chapter 11 filing, the Debtor obtained a $586,100 loan from Locality Bank, a Florida banking corporation. This loan is purportedly secured by a lien on the Debtor's cash and cash equivalents. Locality Bank may assert a first priority security interest in the Debtor's cash and cash equivalents by virtue of a UCC-1 financing statement filed with the State of Florida. Locality Bank is represented by: J. Ellsworth Summers, Jr., Esq. Burr & Forman LLP 50 North Laura Street, Suite 3000 Jacksonville, FL 32202 Phone: (904) 232-7200 Fax: (904) 232-7201 ESummers@burr.com About ISAVA Enterprise Inc. ISAVA Enterprise, Inc., doing business as Ideal Spine and Wellness, provides chiropractic and spine-related healthcare services at their Kissimmee, Florida location. Based on their business name and industry, the company likely offers spinal adjustments, therapeutic treatments, and wellness services focused on spinal health and overall wellbeing. ISAVA Enterprise sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04399) on July 16, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. J.R. BUTLER: Seeks to Hire CliftonLarsonAllen LLP as Accountant --------------------------------------------------------------- J.R. Butler, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ CliftonLarsonAllen, LLP as accountant. The firm's services include tax preparation, corporate structuring consultations, and specialized reporting for the 2024 fiscal year. The firm's hourly rates are: Principals and Signing Directors $400 to $800 Managers and Directors $300 to $450 Senior Accountants $200 to $350 Associate Accountants $100 to $200 Dennis Buelow, CPA, of CliftonLarsonAllen, assured the court that his firm does not hold or represent any interest adverse to the Debtor or the estate and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Dennis Buelow, CPA CLA Denver 2001 16th Street, Suite 1700 Denver, CO 80202 Telephone: (303) 779-5710 Facsimile: (303) 779-0348 About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. JET EXPRESS: Retains Law Offices of Wenarsky & Goldstein as Counsel ------------------------------------------------------------------- Jet Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in connection with its Chapter 11 case. According to the filing, Ms. Ciccarelli will represent the Debtor and Debtor-in-Possession in matters that require her specific legal expertise. Her duties will include: (a) advising and assisting the Debtor regarding the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary motions, applications, and pleadings with the Court; (c) representing the Debtor in hearings, negotiations, and other proceedings related to the administration of the bankruptcy case; and (d) performing all other legal services deemed necessary for the Debtor's reorganization efforts. Ms. Ciccarelli's standard hourly rate is $450, with additional hourly rates of $225 for law clerks and $195 for paralegals and legal assistants. The firm has received a $40,000 retainer, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Suite 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com About Jet Express LLC Jet Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20181) on September 29, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq., at Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. JOSHUA CABINETRY: Seeks to Hire Paul Reece Marr P.C. as Counsel --------------------------------------------------------------- Joshua Cabinetry LLC seeks approval from U.S. Bankruptcy Court for the Northern District of Georgia to hire Paul Reece Marr, P.C. as bankruptcy counsel. The firm's services include: (a) providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm will be paid at these rates: Paul Reece Marr, Attorney $475 per hour Paralegal $275 per hour In addition, the firm will seek reimbursement to expenses incurred. Mr. Marr disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Reece Marr, Esq. Paul Reece Marr, PC 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Tel: (770) 984-2255 Email: paul.marr@marrlegal.com About Joshua Cabinetry LLC Joshua Cabinetry LLC, headquartered in Georgia, provides expert cabinetry and woodworking services with a focus on customization and craftsmanship. The firm designs and installs superior-quality cabinets for residential and commercial projects, offering solutions such as kitchen and bathroom cabinetry, built-in furnishings, and other tailored wood creations. Joshua Cabinetry LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62270) on October 23, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Paul Reece Marr, Esq. of Paul Reece Marr, PC. JVK OPERATIONS: Updates Equity Holders Details; Plan Hearing Dec. 9 ------------------------------------------------------------------- JVK Operations Limited submitted a Modified Third Amended Disclosure Statement for the Modified Third Amended Plan of Reorganization dated October 31, 2025. The Plan as proposed is based on a settlement reached by and between, among other parties, MediServ Global USA Inc. and JVK NY dated October 9, 2025 (the "MediServ-JVK Settlement") and approved by the Bankruptcy Court on October 19, 2025 and entered on the docket on October 20, 2025. The MediServ-JVK Settlement sets forth the basic agreed terms between MediServ and JVK NY which form the basis of the Plan that the Debtor is proposing, and this Plan is consistent with the treatment of Claims, distribution of equity interests and Plan funding under the MediServ-JVK Settlement. On the Petition Date, the Debtor filed certain "first day" motions and applications with the Bankruptcy Court seeking certain immediate relief to aid in the efficient administration of the Chapter 11 Case, including the Cash Collateral Motion, a motion (i) prohibiting the Debtor's Utility Providers from altering, refusing, or discontinuing service, (ii) deeming the Debtor's Utility Providers adequately assured of future performance, (iii) establishing procedures for determining requests for additional adequate assurance by the Debtor's utility providers, and a motion to pay pre-petition wages of its employees. The Debtor has made post-petition adequate protection payments to Dime Savings and Santander in connection with the final Cash Collateral Order. The Debtor is currently addressing arrears in adequate protection payments to Dime, Santander and other secured creditors and expects to be current or compliant with payment terms regarding arrears by as soon as the Confirmation Date but no later than the Effective Date. By Agreement dated as of July 14, 2025, the Sellers and MediServ entered into a certain standstill agreement tolling all time periods and deadlines under the APA and in the MediServ Notice and Seller Notice while they re-engaged in discussions regarding settlement of the claims arising from the APA and a plan of reorganization in the case of JVK NY which discussions culminated in the MediServ-JVK Settlement fully executed and dated October 9, 2025 and annexed to the JVK NY Modified Third Amended Plan as Exhibit A. Funds for the Plan are already on deposit for MediServ (the contract DeporitDeposit), from Joseph Samuel ($100,000) and from Vinny Samuel and Mike Connell who have also committed $836,700 coming from the sale of the building in New Jersey where JVK NJ operates. Based on the MediServ-JVK Settlement, the Debtor expects an Effective Date no later than December 31, 2025. Like in the prior iteration of the Plan, except to the extent that the Holders of the Class 5 Allowed General Unsecured Claims agree to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for, each Holder of an Allowed General Unsecured Claim shall receive its pro rata share from the Asset Sale to Arway. In no event will such Holder of an Allowed General Unsecured Claim be paid more than the scheduled or filed amount of its Allowed Claim. Class 12 consists of all Interests in Debtor. The Existing Equity Holders' Interests in the Debtor shall be Reinstated, vest in, or otherwise be assumed by, the Reorganized Debtor and the Existing Equity Holders shall in MediServ-JVK Settlement exchange for the funding they are providing for the Plan under the MediServ-JVK Settlement, retain all Interests in the Reorganized Debtor in accordance with the Plan and subject to the MediServ-JVK Settlement wherein their equity interests in the Reorganized Debtor will be diluted in accordance with Schedule 1m1 thereof by the issuance of new shares by the Reorganized Debtor to the incoming shareholders in exchange for the funding provided by the incoming shareholders. Existing Interests will lose their controlling interest in the Reorganized Debtor. Class 12 is impaired and is entitled to vote on the Plan. The Debtor or the Reorganized Debtor, as applicable, shall fund distributions under the Plan with Cash on hand, investments and funding as provided in the MediServ-JVK Settlement, and income or other proceeds generated by the operation of the Reorganized Debtor. Cash payments to be made pursuant to the Plan will be made by the Disbursing Agent. Each distribution and issuance referred to in Article VI of the Plan shall be governed by the terms and conditions set forth herein applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance; provided, that to the extent that a term of the Plan conflicts with the term of any such instruments or other documents, the terms of the Plan shall govern. The Combined Hearing to consider final approval of the Disclosure Statement and confirmation of the Plan has been scheduled for December 9, 2025 at 3:30 P.M. Objections to final approval of the Disclosure Statement and confirmation of the Plan must be filed on or before December 2, 2025 at 5:00 P.M. A full-text copy of the Modified Third Amended Disclosure Statement dated October 31, 2025 is available at https://urlcurt.com/u?l=HYrBeO from PacerMonitor.com at no charge. Counsel to the Debtor: Robert J. Spence, Esq. Spence Law Office, P.C. 55 Lumber Road, Suite 5 Roslyn, NY 11576 Tel: (516) 336-2060 Fax: (516) 605-2084 Email: rspence@spencelawpc.com About JVK Operations Limited JVK Operations Ltd. is a provider of linen and garments laundry services for healthcare facilities on the East Coast. JVK was founded in 2004 and has been servicing hospitals, nursing homes and healthcare institutions. The Company's processing services include sorting of the soiled linen, washing, drying, ironing packing and delivery according to customer specifications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-70800) on March 1, 2024. In the petition signed by Vinod Samuel, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert E. Grossman oversees the case. Robert J. Spence, Esq., at SPENCE LAW OFFICE, P.C., is the Debtor's legal counsel. KC PET: Gets OK to Use Cash Collateral -------------------------------------- The United States Bankruptcy Court for the District of Minnesota issued an order granting KC Pet, Inc. authority to use cash collateral. The interim order authorized the Debtor to utilize cash collateral in accordance with the terms of the projections it filed with the court. As protection for any diminution in the value of their collateral, Old National Bank and other secured creditors will be granted replacement liens on post-petition assets of the Debtor, with the same dignity, priority and effect as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 claims. As additional protection, the Debtor was ordered to pay $2,000 per month to Old National Bank, with the bank permitted to debit the payment directly from the debtor-in-possession accounts. The order further required the Debtor to maintain all DIP accounts at Old National Bank, keep insurance on collateral with the bank named as loss payee, and provide financial reports and monthly budget-to-actual reports to the bank. The Debtor must also remain current on all post-petition taxes. The authority to use cash collateral will terminate automatically on the earlier of November 30, confirmation of a Chapter 11 plan, occurrence of an uncured default, case dismissal or conversion, trustee appointment, or business cessation. The Debtor's secured creditors include Old National Bank, which is owed $750,000 on an SBA loan secured by all of its personal property, and Quickbridge Funding, with a $36,562 claim. The Debtor estimates it had approximately $31,226 in liquid cash collateral as of the petition date and expects that to vary between $27,500 and $47,000 over the 13-week projection period. About KC Pet Inc. KC Pet, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41990) on June 18, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Kristina Clay, president and owner of KC Pet, signed the petition. Judge Katherine A. Constantine oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as legal counsel. KENNISON STRATEGIC: Unsecureds Owed $19K Will Get 82% Dividend -------------------------------------------------------------- Kennison Strategic Development Co, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement to accompany Amended Plan dated October 31, 2025. The Debtor is a business operating in the Commonwealth of Pennsylvania. The Debtor owns real estate and collects rent from an affiliated non-debtor entity restaurant, bar, and wedding venue. The Debtors initiated this Chapter 11 case to restructure its secured mortgage claim after a downturn in business during the COVID pandemic, and roof damage caused a substantial decrease in revenue. The Plan is to be implemented by the reorganized Debtor through a mortgage modification, together with increased bookings by the businesses renting Debtor's property, leading to increased collection of rent. Any shortfall will be made up by the owners. Additionally, the roof damage has been repaired, and wedding and event bookings are being scheduled. The Debtor has listed the property at 80-88 N. Main Street for sale, for a sale price of $1,000,000.00, which will significantly reduce overall debt payments. After the completion of a sale, Debtor will then seek to lease the property. Debtor has engaged Ean Miller and Keller Williams Realty as real estate broker. The sale of the property may be contingent upon the sale of non-debtor assets. Class 5 General Unsecured Non-Tax Claims of S&T Bank in the amount of $18,622.94 shall receive a distribution of 82% dividend. Class 5 General Unsecured Tax Claims of the Dept. of Treasury Internal Revenue Service in the amount of $3,704.58 shall receive a distribution of 18% dividend. Class 6 General Unsecured Non-Tax Claims of Zurich American Insurance Company in the amount of $1.00 will receive a distribution of 100%. The source of funds for plan payments will be derived from Debtor's Income. A full-text copy of the Disclosure Statement dated October 31, 2025 is available at https://urlcurt.com/u?l=6kM3ZF from PacerMonitor.com at no charge. Kennison Strategic Development Co. LLC is represented by: Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Tel: (724) 799-8404 Fax: (724) 799-8409 Email: bthompson@thompsonattorney.com About Kennison Strategic Development Kennison Strategic Development Co. LLC is engaged in activities related to real estate. Kennison Strategic Development Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-21944) on August 8, 2024. In the petition filed by Mark Kennison, as president, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Brian C. Thompson, Esq. at Thompson Law Group, P.C. KIM ENGINEERING: Gets OK to Use Cash Collateral Until Nov. 30 ------------------------------------------------------------- Kim Engineering, Inc. received a one-month extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court's interim order extended the Debtor's authority to use cash collateral from November 1 to 30, in accordance with its monthly budget (subject to a 10% variance), which projects total operational expenses of $558,771.96. As adequate protection, secured creditors, the Internal Revenue Service and the Maryland Tax Department, will receive monthly payments of $10,000 and $5,000, respectively. The IRS will also be granted a replacement lien on the Debtor's after-acquired property. Meanwhile, the Debtor was ordered to fully pay Prince George's County, Maryland, on its secured tax claims, including all accrued interest and penalties, upon confirmation of a Chapter 11 plan. Prince George's County holds a statutory first-priority lien on the Debtor's personal property. The Debtor's cash collateral consists of monthly operating income of approximately $574,361, recovered funds from a previously frozen PNC account ($145,200), post-petition receivables mistakenly deposited into an owner's personal account ($19,200.90), potential recoveries from UCC lien creditors' preference payments ($150,802), and withheld funds from Block, Inc. ($11,548). The only secured creditors identified are the IRS and the Comptroller of Maryland, with total outstanding tax liens exceeding $11 million, secured by virtually all of the Debtor's assets. However, because the total asset value is only approximately $6.2 million, these tax creditors are undersecured. Several other creditors have filed UCC-1 financing statements but due to their junior position, they are considered unsecured. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Lori S. Simpson oversees the case. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. KIMCHI KOREAN: Seeks to Retain McNallyLaw LLC as Attorney --------------------------------------------------------- Kimchi Korean Restaurant Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to retain McNallyLaw, LLC to serve as attorney for the Debtor in its Chapter 11 case. According to the application, McNallyLaw, LLC was selected due to its considerable expertise in Chapter 11 matters. The firm will provide these services: (a) give the Debtor legal advice regarding its powers and duties in these proceedings; and (b) represent the Debtor in adversary proceedings and perform all necessary legal services. Stephen B. McNally will receive compensation at the rate of $375 per hour. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen B. McNally, Esq. McNallyLaw, L.L.C. 93 Main Street, Suite 201 Newton, NJ 07860 Telephone: (973) 300-4260 Facsimile: (973) 300-4264 E-mail: Not provided About Kimchi Korean Restaurant Inc. Kimchi Korean Restaurant Inc., doing business as Yook92, operates a Korean cuisine restaurant at 425 Grand Avenue in Palisades Park, New Jersey, offering dine-in, takeout, and delivery services, including traditional Korean BBQ and lunch specials. Kimchi Korean Restaurant Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 2:25-bk-21432) on October 28, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge John K. Sherwood oversees the case. McNallyLaw, L.L.C. is Debtor's legal counsel. KLOCKNER PENTAPLAST: Seeks Chapter 11, Gets OK to Tap DIP Financing ------------------------------------------------------------------- Rieka Rahadiana of Bloomberg News reports that Klockner Pentaplast has voluntarily filed a prepackaged Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas as part of a broader global restructuring. The company entered into a restructuring support agreement (RSA) with its key financial stakeholders to reduce its funded debt by about 1.3 billion euros. Under the agreement, ownership of Klöckner Pentaplast will shift to certain of its financial partners. The Germany-based packaging manufacturer stated that operations will continue without interruption during the court process. It intends to fully pay all vendors, suppliers, and business partners for goods and services provided both before and after the bankruptcy filing, according to report. To support the restructuring, Klöckner Pentaplast has obtained commitments for 215 million euros in new debtor-in-possession financing from existing lenders. The company said the plan will strengthen its balance sheet and position it for long-term financial stability and growth, the report states. About Klockner Pentaplast Klockner Pentaplast is a Germany-based packaging manufacturer. Klockner Pentaplast sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.25-90645) on November 4, 2025. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Eric Michael English, Esq, of Porter Hedges LLP. LAKE BUENA VISTA: Gets OK to Use Cash Collateral Until Nov. 19 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division granted Lake Buena Vista Investments, LLC interim approval to use cash collateral. The Debtor is authorized to use cash collateral through November 19 to fund regular business expenses as outlined in a budget. To facilitate this, Key Bank was directed to immediately release necessary funds from the Debtor's lockbox account so that the Debtor could continue operations without disruption. The Debtor is allowed to vary budgeted expenses by up to 10% per line item and 10% overall, but professional fees included in the budget may not be paid until the court grants further approval. The budget projects total operational expenses of $450,385.00. To protect DBR's potential interest, the court granted DBR a post-petition lien on all cash generated after the bankruptcy filing, but only to the extent and priority of any existing valid prepetition lien. This lien is deemed automatically perfected without the need for additional filings or documentation. A continued hearing is set for November 19. 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 12341â€“12353 Winter Garden Vineland Road in Orlando, Florida, a site encompassing hospitality and commercial properties. Lake Buena Vista Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 25-06768) with $10,000,001 to $50 million in both assets and laibilities. The petition was signed by Jack Flechner as manager. Judge Hon. Grace E Robson oversees the case. The Debtor is represented by: Aaron A Wernick Wernick Law, PLLC Tel: 561-961-0922 Email: awernick@wernicklaw.com LAMUMBA INC: Hires Kornfield Nyberg Bendes as Bankruptcy Counsel ---------------------------------------------------------------- Lamumba Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Kornfield, Nyberg, Bendes, Kuhner & Little, P.C. as counsel. The firm will render these services: a. give Debtor legal advice with respect to its powers and duties as debtor-in-possession and the continued operation of its business and management of its assets; b. prepare on behalf of applicant, as debtor-in-possession, the necessary motions, applications, answers, orders, reports and other legal papers required to be filed in this bankruptcy case; c. prepare and prosecute plan of reorganization in this chapter 11 bankruptcy; and d. perform all other legal services for Debtor which may be necessary in this case. The firm's hourly rates are: Eric A. Nyberg, Attorney 525 Chris D. Kuhner, Attorney 525 Sarah L. Littlem Attorney 475 Gail Michael, Paralegal 75 Madison Lampi, Paralegal 75 The firm requires a post-petition retainer of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Chris D. Kuhner, Esq., a partner at Kornfield, Nyberg, Bendes, Kuhner & Little, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little, P.C. 1970 Broadway, Suite 600 Oakland, CA 94612 Tel: (510) 763-1000 Fax: (510) 273-8669 Email: c.kuhner@kornfieldlaw.com About Lamumba Inc. Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's Inner Circle, is an entertainment venue and nightclub located in Oakland, California that offers live music, events, and dining experiences. Lamumba Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41554) on August 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices Of Michael Jay Berger. LIGADO NETWORKS: Seeks to Extend Plan Exclusivity to July 6, 2026 ----------------------------------------------------------------- Ligado Networks LLC and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 6, 2026 and September 8, 2026, respectively. Based on the relevant factors, there is more than sufficient cause here to approve the requested extension of the Exclusive Periods, including, but not limited to: * These Chapter 11 Cases Are Large and Complex. The Debtors are 11 separate entities operating a complex satellite network across the United States and Canada, providing mobile satellite services to government and commercial customers. As set forth in the First Day Declaration, the Debtors' prepetition capital structure comprised approximately $8.6 billion in funded debt, five-tranches of preferred equity, and two-tranches of common equity. The Plan will significantly simplify the Debtors' balance sheet, allowing them to emerge with just a single Exit First Lien Facility. * The Debtors Have Made Good Faith Progress and Have Obtained Confirmation of Their Plan. Since entry of the Second Exclusivity Extension Order, the Debtors have made significant progress (i) negotiating with their stakeholders and (ii) toward reorganization. The Debtors obtained confirmation of the Plan on September 29, 2025. The Plan provides the Debtors with the means to emerge from chapter 11 as a viable, competitive business and is supported by nearly all of the Debtors' economic stakeholders. * Unresolved Contingencies Exist, and Additional Time Is Necessary. Although the Debtors have made significant progress toward emergence, they operate in a highly regulated industry and require additional time to obtain the required regulatory approvals in the United States and Canada to implement the AST Transaction and consummate the Plan. The Debtors are working to prepare the applications for such regulatory approvals and will cooperate with the regulatory authorities until the approvals are received. * The Debtors Have Continued to Pay Operating Expenses. The Debtors have continued to pay all of their undisputed postpetition obligations in the ordinary course of business or as otherwise provided by an order of the Court. * An Extension Will Not Prejudice Creditors. The Debtors are requesting an extension of the Exclusive Periods to obtain regulatory approvals to implement the Plan. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders, who overwhelmingly support the Plan and have an interest in the Debtors having sufficient time to obtain the regulatory approvals necessary for their emergence from chapter 11. Co-Counsel for the Debtors: Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Emily R. Mathews, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com mathews@rlf.com -and- Dennis F. Dunne, Esq. Matthew L. Brod, Esq. Lauren C. Doyle, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 Email: ddunne@milbank.com mbrod@milbank.com ldoyle@milbank.com Andrew M. Leblanc, Esq. MILBANK LLP 1850 K Street, NW, Suite 1100 Washington DC 20006 Telephone: (202) 835-7500 Facsimile: (202) 263-7586 Email: aleblanc@milbank.com About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LINQTO INC: Releases Full Transaction Data Amid Ch. 11 Bankruptcy ----------------------------------------------------------------- Linqto, Inc. on November 05, 2025, released a complete transaction dataset containing all historical transactions made on its platform from 2020 through 2025. This voluntary disclosure is designed to promote transparency and provide greater clarity for customers affected by the Linqto Chapter 11 bankruptcy proceedings. On July 8, 2025, Linqto filed for voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas in front of Judge Alfredo Perez. "When new management joined Linqto in January of 2025, we were stunned to discover the fraudulent actions taken and decisions made by prior management that had a material effect on the operating performance of the company and, more importantly, the financial returns of our more than 13,000 customers," said Dan Siciliano, Linqto Chief Executive Officer. "New management has worked tirelessly to validate that the underlying assets exist and what transactions actually occurred across the individual accounts of our customers. This was an enormous task but essential to providing comfort and transparency to customers who entrusted their capital to Linqto. In order to help correct the wrongs of prior management, we feel an obligation to provide information to customers so they can make decisions in their best interest. By releasing this dataset publicly, we want to give customers the information they need to pursue their rightful claims, and we welcome anyone who reviews the data to share their insights." "We continue to make steady and important progress, working closely with the Unsecured Creditors Committee, to file a detailed plan with the Court that can be voted on by customers," Mr. Siciliano continued. The information released today has previously been shared with the legal and other professionals working on the bankruptcy case. Records kept by prior management were poorly organized, and Linqto released the data exactly as it was recorded, adding definitions where possible to provide clarity. The data is complete enough to link customers to their economic interests. The transaction dataset can be accessed and downloaded by customers from the Linqto platform. Customer names and IDs have been removed for privacy, but Linqto customers can still browse transactions by date. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com - and - Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com - and - Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: (310) 600-3980 Office: (212) 444-7200 LORDON ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Lordon Enterprises, Inc. Lordon Management Co. 1275 Center Court Dr Covina, CA 91724-3602 Business Description: Lordon Enterprises, Inc. provides specialized services to the real estate industry, including property management, appraisal, listing, escrow, and consulting services. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-19832 Debtor's Counsel: Misty Perry Isaacson, Esq. SALVATO BOUFADEL, LLP 505 N. Tustin Ave Ste 282 Santa Ana CA 92705 Tel: (714) 541-6072 Ext. 2 Email: Misty@salvatoboufadel.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Donald J. Melching as chief executive officer. 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/THJHHRI/Lordon_Enterprises_Inc__cacbke-25-19832__0001.0.pdf?mcid=tGE4TAMA M + D PROPERTIES: Taps Mr. Grobstein of Grobstein Teeple as CRO --------------------------------------------------------------- M + D Properties seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Grobstein Teeple LLP to provide Howard B. Grobstein as chief restructuring officer and restructuring advisor personnel. GT will continue to provide the Debtor with Mr. Grobstein as the Debtor's CRO and the additional personnel to provide certain support services as described herein. As CRO, Mr. Grobstein has had and will continue to have absolute authority and decision-making power to: (a) perform all tasks typically performed by the Debtor's officers; (b) evaluate and implement strategies in the Debtor's Chapter 11 case, including the sale of the Debtor's real property and the proposal of a Chapter 11 plan; and (c) oversee and direct the Debtor's professionals in all matters pertaining to the Debtor and its conduct in this Chapter 11 case. The Additional Personnel at GT will assist the Debtor, CRO, and counsel in all compliance related tasks, including the preparation of schedules and statements required of the Debtor. The Additional Personnel also will prepare, as necessary, analyses of pre-petition transfers to and from the Debtor. Finally, the Additional Personnel will assist the CRO in overseeing all other aspects of the Debtor's Chapter 11 case. The hourly rates of Grobstein Teeple are: Mr. Grobstein $700 Partners $400 to $700 Managers & Directors $325 to $485 Staff & Senior Accountants $115 to $325 Paraprofessionals $95 to $200 Grobstein Teeple received a $20,000 retainer. Mr. Grobstein assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Howard B. Grobstein Grobstein Teeple, LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills CA 91367 Phone: (818) 532-1020 About M + D Properties M + D Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12674) on September 22, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott C. Clarkson presides over the case. Roye Zur, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP represents the Debtor as legal counsel. M.A.M. EXPRESS: Retains Law Offices of Wenarsky as Special Counsel ------------------------------------------------------------------ M.A.M. Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in its Chapter 11 case. According to the filing, Ms. Ciccarelli will represent the Debtor and Debtor-in-Possession in connection with specific matters requiring her specialized legal expertise. Her services will include: (a) advising and assisting the Debtor regarding the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary applications, pleadings, and other legal documents with the Court; (c) representing the Debtor in hearings, negotiations, and other matters related to the administration of the case; and (d) performing such other legal services as may be necessary and proper in connection with the Chapter 11 proceedings. Ms. Ciccarelli's proposed hourly rate is $450. Additional hourly rates are $225 for law clerks and $195 for paralegals and legal assistants. The Law Offices of Wenarsky & Goldstein, LLC has received an initial retainer of $40,000, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Ste 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com About M.A.M. Express LLC M.A.M. Express LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20174) on September 29, 2025, with $50,001 to $100,000 in assets and $0 to $50,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq. at Wenarsky And Goldstein, LLC represents the Debtor as legal counsel. MAGNOLIA OIL: Moody's Raises CFR to Ba2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded Magnolia Oil & Gas Operating LLC's (Magnolia) Corporate Family Rating to Ba2 from Ba3, its Probability of Default Rating to Ba2-PD from Ba3-PD, and its backed senior unsecured notes rating to Ba3 from B1. The company's Speculative Grade Liquidity Rating (SGL) is maintained at SGL-1 and the rating outlook is changed to stable from positive. "The upgrade of Magnolia's ratings reflects the company's strong financial profile and resilient operating cash flow, as well as the track-record of funding production growth and dividends within the operating cash flow amid wide variation in oil prices," said Thomas Le Guay, a Moody's Ratings Vice President, "Magnolia successfully increased its production scale and reserves, while demonstrating strong capital efficiency and maintaining its prudent financial policies." RATINGS RATIONALE Magnolia's upgrade to Ba2 CFR reflects the company's meaningful increase in production scale and reserves in the last 24 months. It is on track to produce more than 100 thousand barrels of oil equivalent per day (Mboe/d) in 2026 while replacing its reserves organically at competitive finding and development costs and returns on investment. The upgrade also reflects Magnolia's continued commitment to conservative financial policies and track record of consistent free cash flow generation. Magnolia's Ba2 CFR reflects its resilient low cost production, low absolute level of debt and commitment to prudent financial policies and free cash flow generation. Continued production growth in the reemerging Giddings Field through a mix of organic growth and bolt-on acquisitions, while demonstrating strong capital efficiency, have increased Magnolia's scale and confirmed its position as a leading driller and consolidator in Giddings. Moody's expects dividends to grow in line with cash flow growth, while remaining sustainable through cycles. The Ba2 CFR also reflects Magnolia's comparatively small scale and short reserve life relative to similarly and higher rated peers. Magnolia does not hedge its production and is fully exposed to a weakening in oil prices. However, the company would still generate positive free cash flow at much lower commodity prices, thanks to its prudent financial policies. The stable outlook reflects Moody's expectations that Magnolia will continue to grow production into 2026 while generating strong free cash flow and maintaining strong credit metrics. Magnolia has very good liquidity, reflected in its SGL-1 rating. The liquidity position is supported by a sizable cash position of $280 million at September 30, 2025 and full availability under its senior secured reserve-based revolving credit facility that matures in November 2029. Magnolia's liquidity is further supported by its continued track record of consistent free cash flow generation that remained resilient during the stressed oil and natural gas liquid prices in 2020, and the expectation that the company will not rely on external funding to support operations, resource development, or distributions to shareholders. Magnolia's revolving facility provides for a borrowing base of $800 million and committed capacity of $450 million. The facility has financial covenants, including debt/EBITDA below 3.5x and current ratio above 1.0x. Moody's expects the company to maintain ample headroom under the covenants through 2025. Magnolia's $400 million senior unsecured notes due 2032 are rated Ba3, one notch below the Ba2 CFR, reflecting the effective subordination of the unsecured notes relative to the $450 million senior secured revolving credit facility which has a first lien claim on all oil and gas assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Magnolia's Ba2 CFR may be upgraded if the company delivers a substantial increase in scale through profitable growth in production, some diversification and further addition to the life of its reserves, while maintaining solid financial profile. To support an upgrade, the company should maintain a leveraged full cycle ratio (LCFR) above 2x. The ratings may be downgraded if the company experiences a meaningful decline in production or if there is a change in its financial policy leading to substantial increase in debt to fund acquisitions or shareholder returns. A downgrade could occur if RCF/ debt falls below 50% or LFCR is sustained below 1.25x. Magnolia Oil & Gas Corp. is a publicly listed independent oil and gas producer in the Eagle Ford Shale and Austin Chalk Oil & Gas formations in South Texas. The company owns over 600,000 net acres with production averaging 100 Mboe/d in the second quarter of 2025 (39% oil). Magnolia Oil & Gas Operating LLC (Magnolia) is the operating holding company, 97% owned and controlled by publicly listed holding company Magnolia Oil & Gas Corp., with a 3% passive stake in the operating company held by non-controlling interests. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. Magnolia's Ba2 CFR is two notches below the scorecard-indicated outcome of Baa3. The difference reflects among other factors, the company's comparatively modest size, limited asset diversification, and limited proved developed reserve life. MAWSON INFRASTRUCTURE: Court Issues Order Dismissing Ch. 11 ----------------------------------------------------------- Mawson Infrastructure Group Inc., a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms providing services to the artificial intelligence, high-performance computing (HPC), and digital assets (including Bitcoin mining), and other intensive compute applications market sectors, announced that: On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MAY INTERNATIONAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- May International, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Washington, at Seattle, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral through November 17 in accordance with its budget. As adequate protection for the Debtor's use of its cash collateral, Washington Federal Bank, a secured creditor, will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and the proceeds thereof. These replacement liens will have the same priority and extent as the secured creditor's pre-bankruptcy liens. In addition, Washington Federal Bank will receive payment from the Debtor in the sum of $8,102.16, pursuant to the budget. The final hearing is scheduled for November 14. Objections are due by November 7. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/c1RrA from PacerMonitor.com. May International, operating under the trade name Mitco LTD since its founding in 1988, historically focused on solving inefficiencies in U.S. import logistics via a West Coast gateway model. Expansion into the Los Angeles market ultimately failed due to COVID-19 disruptions, port congestion, and equipment shortages, leading to the closure of that facility in early 2025. Although a return to profitability was initially projected post-closure, unexpected tariffs and a weak peak import season further destabilized the Debtor's financial standing. These cumulative factors forced the Debtor to file for Chapter 11 protection on September 18, 2025. At the time of filing, the Debtor held approximately $241,000 in cash and $890,000 in discounted accounts receivable, for a total estimated cash collateral value of $1.13 million. The Debtor's only secured lender is Washington Federal Bank, which is owed around $42,565 on a 2022 loan originally totaling $425,815. The bank has a perfected security interest in the Debtor's assets. About May International Inc. May International, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12615) on September 18, 2025, listing up to $10 million in both assets and liabilities. Kevin May, chief executive officer of May International, signed the petition. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. MCMILLAN LOGGING: Jerrett McConnell Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for McMillan Logging Inc. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About McMillan Logging Inc. McMillan Logging Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. McMillan Logging sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40405) on August 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Karen K. Specie oversees the case. The Debtor is represented by Byron W. Wright III, Esq., and Robert C. Bruner, Esq., at Bruner Wright, P.A. MG LOGISTICS: Plan Exclusivity Period Extended to March 1, 2026 --------------------------------------------------------------- Judge Donald R. Cassling of the U.S. Bankruptcy Court for the Northern District of Illinois extended MG Logistics Incorporated's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 1, 2026 and May 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that it ultimately anticipates proposing a plan that re-amortizes the secured claims of its equipment lenders. But as the Court and parties are aware, the Debtor still needs to work through a number of unresolved contingencies. More granularly, the Debtor has also been, among many other things, negotiating with its current landlord (while simultaneously exploring alternative locations), negotiating with insurance providers regarding long-term deposit requirements, and otherwise laying the groundwork to eventually emerge from bankruptcy. The Debtor asserts that the extension of the Exclusive Periods will afford the company and all other parties in interest an opportunity to fully develop the grounds upon which further negotiations toward a plan of reorganization can be based. Terminating the Exclusive Periods before this process is complete would defeat the very purpose of section 1121 of the Bankruptcy Code, which is to afford the Debtor a meaningful and reasonable opportunity to negotiate with creditors and propose and confirm a consensual plan of reorganization. Accordingly, the Debtor should be afforded a full and fair opportunity to propose, negotiate, and seek acceptance of a chapter 11 plan. The Debtor believes that the requested extension of their Exclusive Periods is warranted and appropriate under the circumstances, particularly in light of the fact that this is the Debtor's initial request. The Debtor submits that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford it a meaningful opportunity to pursue a consensual plan of reorganization, all as contemplated by chapter 11 of the Bankruptcy Code. MG Logistics Incorporated is represented by: Matthew E. McClintock, Esq. Jeffrey Dan, Esq. Joshua Grenard, Esq. GOLDSTEIN & MCCLINTOCK LLLP 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Facsimile: (312) 277-2310 Email: mattm@goldmclaw.com About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MJD GLOBAL: 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 MJD Global Disaster Restoration, LLC, according to court dockets. About MJD Global Disaster Restoration MJD Global Disaster Restoration, LLC, a company based in Pompano Beach, Florida, provides disaster restoration services, including water and fire damage restoration, mold remediation, crime scene cleanup, and flood recovery for residential and commercial clients. Established in 2013, the company offers 24/7 emergency response across Florida. It operates within the environmental services and restoration industry and maintains an online presence through multiple platforms. MJD Global Disaster Restoration sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21681) on October 2, 2025. At the time of the filing, the Debtor had estimated assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Judge Peter D. Russin oversees the case. Florida Bankruptcy Group, LLC serves as the Debtor's legal counsel. MJS MATERIALS: Gets Interim OK to Use Cash Collateral Until Dec. 15 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida granted MJS Materials, Inc. interim approval to use cash collateral through December 15. The court found the relief necessary to maintain business operations and protect the value of the bankruptcy estate while the Debtor reorganizes under Chapter 11 Subchapter V. In its interim order, the court authorized the Debtor to use cash to pay ordinary business expenses pursuant to an approved budget, subject to a 10% variance. A carveout was approved for court fees and professional fees, including Subchapter V trustee and counsel fees. The Debtor projects total operational expenses of $5,282,470 for the period from October 15 to January 3, 2026. The order granted adequate protection to secured creditors, including monthly payments of $7,000 to CIT Bank, N.A. and continued maintenance and insurance on secured vehicles and equipment. Certain lenders may inspect collateral and may seek relief if the Debtor defaults. The Debtor is not allowed to make monthly payments to other secured creditors including Commercial Equipment Finance International, LLC, Wells Fargo Equipment Finance, Inc. and Amur Equipment Finance, Inc. without further order of the court. The next hearing is scheduled for December 9. The court order is available at https://is.gd/2GtGOq from PacerMonitor.com. About MJS Materials Inc. MJS Materials, Inc. is a Florida-based business offering aggregate hauling and logistics solutions for the construction, land development, and infrastructure sectors. MJS Materials sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21971) on October 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and liabilities. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Matthew S. Kish, Esq. MODIVCARE INC: Taps Mills Halstead Zaloudek as Real Estate Counsel ------------------------------------------------------------------ Modivcare Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Mills Halstead Zaloudek, LLC as real estate counsel. The firm will to assist the Debtors with lease amendments and modifications. The firm will be paid at these rates: Amanda Halstead $450 Paralegal $135 The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: a. Question: Did Mills agree to any variations from, or alternatives to, Mills' standard billing arrangements for this engagement? Answer: No. b. Question: Do any of the Mills professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. c. Question: If Mills has represented the Debtors in the 12 months prepetition, disclose Mills' billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Mills' billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Mills was not retained pre-petition. d. Question: Have the Debtors approved Mills' budget and staffing plan and, if so, for what budget period? Answer: The Debtors have not requested a budget and/or staffing plan from Mills. Amanda Halstead, manager of Mills Halstead, assured the court that her firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Amanda Halstead, Esq. Mills Halstead Zaloudek, LLC 600 17th Street, Suite 2800 S Denver, CO 80202-5408 Phone: (303) 226-5861 About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MOH EXPRESS: Retains Law Offices of Wenarsky & Goldstein as Counsel ------------------------------------------------------------------- MOH Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in connection with its Chapter 11 case. According to the filing, Ms. Ciccarelli will represent the Debtor and Debtor-in-Possession in matters that require her specific legal expertise. Her duties will include: (a) advising and assisting the Debtor regarding the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary motions, applications, and pleadings with the Court; (c) representing the Debtor in hearings, negotiations, and other proceedings related to the administration of the bankruptcy case; and (d) performing all other legal services deemed necessary for the Debtor's reorganization efforts. Ms. Ciccarelli's standard hourly rate is $450, with additional hourly rates of $225 for law clerks and $195 for paralegals and legal assistants. The firm has received a $40,000 retainer, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Suite 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com About MOH Express LLC MOH Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20186) on September 29, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq., at Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. MOHAWK VALLEY HEALTH: S&P Affirms 'BB' Bonds Rating, Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings affirmed its underlying rating (SPUR) of 'BB' on Oneida County Local Development Corp., N.Y.'s tax-exempt revenue bonds series 2019A and 2021A, and taxable series 2019B, issued for Mohawk Valley Health System, N.Y. (MVHS). The outlook remains negative. S&P said, "We view MVHS' social risk as neutral in our credit rating analysis. However, MVHS is experiencing widespread human capital social risks tied to higher labor and salary pressures that continues to pressure operations, similar to others in the sector. In addition, MVHS has a large percentage of unionized employees (55%), which constrains its flexibility to manage expenses quickly. Further social risks include a payer mix that relies heavily on government payers and some reliance on special funding. "We analyzed MVHS' environmental and governance factors and determined that both are neutral in our credit rating analysis. "The negative outlook reflects our view that MVHS' performance will remain negative in fiscal 2025 with weak DCOH leaving the hospital with minimal cushion at the rating level. "We could lower the rating if management is unable to improve financial performance closer to breakeven in fiscal 2026, or if balance sheet metrics further deteriorate, notably unrestricted reserves and DCOH. We would also view a meaningfully large debt issuance negatively without a sustained improvement in unrestricted reserves. Due to MVHS' limited financial flexibility, any covenant violations would also likely lead to a downgrade. "We could revise the outlook to stable if MVHS improves the balance sheet, particularly DCOH, and financial performance closer to breakeven by fiscal 2026. At the very least, we also expect enterprise characteristics to remain stable and volumes to rebound to historical levels with commensurate increases in market share." MONROE OPERATIONS: Hires Ciardi Ciardi & Astin as Counsel --------------------------------------------------------- Monroe Operations, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Ciardi Ciardi & Astin as counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its power and duties; (b) prepare on behalf of the Debtor any necessary legal papers; (c) perform all other legal services for the Debtor which may be necessary; and (d) prepare and file a Plan of reorganization. The firm's counsel and staff will be paid at these hourly rates: Albert A. Ciardi, III $625 Jennifer C. McEntee $475 NIcole M. Nigrelli $525 Stephanie Frizlen, Paralegal $100 Mr. Ciardi disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Albert Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce St. Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Monroe Operations, LLC Monroe Operations, LLC is an American mental health treatment program for teens and young adults. Monroe Operations, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-21213) on October 22, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Jerrold N Poslusny Jr presides over the case. Albert Anthony Ciardi, III, Esq. at Ciardi Ciardi & Astin represents the Debtor as counsel. MVL INVESTMENTS: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: MVL Investments Group, Inc. 2328 A Hollywood Blvd. Hollywood, FL 33020-6703 Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-23117 Debtor's Counsel: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. 1806 N. Flamingo Rd., Ste 300 Pembroke Pines, FL 33028 Tel: 954-353-2200 Email: mroher@markroherlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Anastasia L. Thelusma as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QEFLO3A/MVL_Investments_Group_Inc__flsbke-25-23117__0001.0.pdf?mcid=tGE4TAMA MY JOB MATCHER: Seeks to Extend Plan Exclusivity to Feb. 2, 2026 ---------------------------------------------------------------- My Job Matcher, Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 2, 2026 and April 2, 2026, respectively. Since the Petition Date, the Debtors have paid their postpetition debts in the ordinary course or as otherwise provided by Court order. The Debtors explain that during this short time, they Debtors have accomplished a great deal, including but not limited to the sale of substantially all of their assets, addressing questions, concerns, and issues raised by employees, vendors, utility companies, and other parties in interest, and negotiating and obtaining final approval for the Debtors' use of cash collateral to address the Debtors' liquidity needs, and the Debtors will continue to work diligently with all stakeholders to negotiate and consummate a plan. The fact that this is the Debtors' first request for an extension supports granting the requested extension. The Debtors claim that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these Chapter 11 Cases forward. Accordingly, the relief requested herein is without prejudice to the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest. The Debtors assert that an objective analysis of the relevant factors demonstrates that they are doing everything that they should be doing as Chapter 11 debtors to facilitate a successful conclusion to these Chapter 11 Cases. Accordingly, sufficient cause exists to extend the Exclusivity Periods as provided herein. Counsel to the Debtors: Jeffrey R. Waxman, Esq. Carl N. Kunz, III, Esq. Christopher M. Donnelly, Esq. Samantha L. Rodriguez, Esq. MORRIS JAMES LLP 500 Delaware Avenue Suite 1500 Wilmington, DE 19801 Tel: (302) 888-6800 Fax: (302) 571-1750 E-mail: jwaxman@morrisjames.com ckunz@morrisjames.com cdonnelly@morrisjames.com srodriguez@morrisjames.com About My Job Matcher Inc. My Job Matcher, Inc., owns the Job.com platform, which has been developed to a cutting-edge, AI-driven recruitment platform. On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280). In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million. The case is pending before the Honorable Karen B. Owens. The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore & Associates, as financial advisor. Stretto is the claims agent. An official committee of unsecured creditors has been appointed in the case and is represented by Greenberg Traurig, LLP as counsel. The DIP Lenders and Prepetition Lenders are represented by Geoffrey T. Raicht, PC and Chipman Brown Cicero & Cole, LLP. Ankura Trust Company, LLC, which serves as the Agent under the DIP loan and the prepetition credit facility, is represented by A&O Shearman and Chipman Brown Cicero & Cole, LLP. Creditors Venture Debt, LLC and SOJA Ventures, LLC are represented by Bayard, P.A. and Varnum LLP. Lily Grace Investments PTY Ltd., another creditor, is represented by K&L Gates LLP. NAUTICA'S EDGE: Hires Martin Bagwell Luke as Special Counsel ------------------------------------------------------------ Nautica's Edge, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Martin Bagwell Luke, P.C. as special counsel. The firm's services include: a. negotiating the sale contract for the property; b. performing certain title research on the Property and on the neighboring property owned by Debtor at 6550 Powers Ferry Road NW, Atlanta, Georgia 30339 to determine the status of an access easement burdening the Property; c. drafting and negotiating an easement if none is found of record; d. responding to potential purchaser's inquiries about the property, including responding to title objections; and e. representing Debtor at the closing on the property. The firm's hourly rates are: Mitch Bagwell, Esq. $450 Paralegals $140 The firm has requested a retainer in the amount of $2,000. Mitchell Bagwell, Esq., a principal at Martin Bagwell Luke, P.C., assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Mitchell Bagwell, Esq. Martin Bagwell Luke, P.C. 400 Northridge Road, Suite 1225 Atlanta, GA 30350 Direct Dial: (404) 467-5866 Email: mbagwell@mbllawfirm.com About Nautica's Edge LLC Nautica's Edge LLC owns two properties in Atlanta, Georgia. The first is a rental home at 6550 Powers Ferry Rd NW, with an estimated value of $915,000. The second is a 3.52-acre undeveloped parcel at 6500 Powers Ferry Rd NW, valued at around $750,000. Nautica's Edge LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54710) on April 29, 2025. In its petition, the Debtor reports total assets of $1,670,000 and total liabilities of $505,000. The Debtor is represented by Michael D. Robl, Esq. at Robl & Bowen LLC. NEPTUNE BIDCO: S&P Alters Outlook to Positive, Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Neptune Bidco US Inc. (dba Nielsen) to positive from stable and affirmed the 'B-' issuer credit rating. S&P said, "At the same time, we assigned our 'B' issue-level rating and '2' recovery rating to the company's proposed first-lien senior secured notes. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a default. "The positive outlook reflects our expectation that Nielsen will expand its organic revenue by 3%-5% in 2025 and 2026, while generating increasingly positive FOCF, as it largely completes its previously announced cost-reduction actions in 2025." Nielsen has increased its revenue for the past three quarters and is on a path toward generating sustainably positive and improving free operating cash flow (FOCF). Nielsen's increasing revenue reflects the rising adoption of its streaming and non-linear television measurement products. The company has expanded its organic revenue by 2%-4% in each of the first three quarters of 2025, which follows relatively flat year-over-year revenue performances in 2023 and 2024, on the increasing adoption of its streaming measurement products. Nielsen had been ramping up its development of these products over the past 2-3 years and is benefitting from the increasing traction of its newly released products among its customer base. The resumption of the company's revenue growth demonstrates the success of this transition of its measurement capabilities to streaming, which is continuing to take a greater share of audience viewership and advertising from linear television. Additionally, Nielsen has been able to expand its relationships with its streaming clients, like Netflix and Amazon. The rising adoption of the company's products has enabled it to improve its pricing as it renews its deals with key clients, which was evidenced by its ability to finally reach a comprehensive deal with Paramount after having seen its contract lapse for several months in late 2024 and into early 2025. Despite that lapse, Nielsen was able to eventually ink a new multi-year deal with Paramount that included additional streaming measurement products. Subsequently, in 2025, the company has extended its deals with other large media companies. Nielsen's maintenance of this momentum will be key to its ability to strengthen its position in total audience measurement across the linear and digital channels, as well as to expand its revenue by the mid-single digit percent area through price increases and the rising sales of its products and services. Significant cost reductions and improving revenue trends have materially improved Nielsen's margin. However, S&P believes the company's cash flow generation remains modest. Since Nielsen was taken private in late 2022, it has embarked on several cost-reduction plans to streamline its cost basis. For examples, over the past three years the company has realized $687 million of cost reductions, which have translated to a more than 800 basis points (bps) improvement in its S&P Global Ratings-adjusted EBITDA margin since the end of 2023 (to 45% for the 12-months ended June 30, 2025, from 37%). While Nielsen's margin improvement has increased EBITDA, it continues to generate modest FOCF due to its high debt load and interest burden, which stood at $1.2 billion for the past 12 months. Additionally, the company has incurred one-time restructuring expenses to achieve its cost savings initiatives, which have contributed to its limited FOCF generation. Ratings upside is predicated on improving cash flow metrics and favoring debt reduction over shareholder returns. S&P said, "Nielsen's FOCF to debt was modest at less than 1% in 2024 and we forecast it will only modestly improve this ratio to the 1.0%-1.5% range in 2025. However, if the company continues to increase its revenue by the 3%-4% range and fully realizes the benefits from the cost actions it has implemented over the past year, we forecast it could improve its FOCF to debt to about the 3.0%-3.5% range in 2026, supported by a reduction in its interest expense from lower rates, the repayment of its debt using the proceeds from its asset sales in 2025, and lower restructuring expenses. If Nielsen achieves these credit metrics, we would likely raise our issuer credit rating to 'B'. Additionally, we would expect the company to couple the improvement in its operating performance with a financial policy that accommodates reduced leverage and debt instead of undertaking leveraged shareholder returns or acquisitions that hamper its ability to achieve FOCF to debt of greater than 3% on a sustained basis." The positive outlook reflects S&P's expectation that Nielsen will expand its organic revenue by 3%-5% in 2025 and 2026, while generating increasingly positive FOCF, as it largely completes its previously announced cost-reduction actions in 2025. S&P could revise its outlook on Nielsen to stable if: -- Its revenue is flat to declining due to increasing competition, leading to modest EBITDA growth and minimal to modestly positive FOCF to debt of below 3% on a sustained basis; or -- It adopts a more-aggressive financial policy with respect to acquisitions or shareholder returns that causes its FOCF to debt to remain below 3% on a sustained basis. S&P could raise its rating on Nielsen if it improves its FOCF to debt above 3% on a sustained basis. This could occur if the company continues to increase its organic revenue by 3%-5% while improving margins through its cost-efficiency program over the next year. NEW AGE: Court OKs Vehicles Sale to Peakfinity for $200K -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois has approved New Age Leasing LLC to sell Trucks, free and clear of liens, claims, interests, and encumbrances. The Debtor is in the trucking business has a principal place of business in Glenview, Illinois. The Debtor filed an Amended Plan of Reorganization on August 11, 2025 and the Debtor is working with its creditors to try and confirm a Plan on a consensual basis. The Debtor owns a fleet of trucks and trailers, subject to liens of various secured parties. Part of its fleet consists of four 2022 Dry Van Trailers and eight 2019 Freightliner Cascadia Trucks which are encumbered by liens of Bank of America. The Debtor is authorized to sell the following vehicles to Peakfinity LLC for the purchase price of $200,000, free and clear of any liens, claims, or encumbrances, with the Liens to attach to the proceeds of sale. The Sale is on an "as is" and "where is" basis with no representations or warranties made by the Debtor. 1JJV532D6NL284398 2022 Dry Van Trailer 1JJV532D8NL284399 2022 Dry Van Trailer 1JJV532D6NL305430 2022 Dry Van Trailer 1JJV532D8NL305431 2022 Dry Van Trailer 3AKJHHDR0KSKF7125 2019 Freightliner Cascadia 3AKJHHDR9LSLM9646 2019 Freightliner Cascadia 3AKJHHDR0KSKF7139 2019 Freightliner Cascadia 3AKJHHDR8KSKF7115 2019 Freightliner Cascadia 3AKJHHDR5KLKC1541 2019 Freightliner Cascadia 3AKJHHDRXKLKC1535 2019 Freightliner Cascadia 3AKJHHDR5KLKC1510 2019 Freightliner Cascadia 3AKJHHDR1KLKC1519 2019 Freightliner Cascadia Bank of America NA asserts a Lien on the Vehicles, which is not disputed by the Debtor. As a result, the Purchase Price shall be paid in full to Bank of America in full satisfaction of its secured Liens on the Vehicles. Bank of America NA is permitted to amend its proof of claim to an unsecured claim for the deficiency amount due to it from the Debtor's estate. The Debtor is authorized and approved to execute any and all documents necessary to complete the sale of the Vehicles, including, without limitation, the authority to execute a bill of sale of the Vehicles to Buyer or its nominee. About New Age Leasing New Age Leasing, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on December 16, 2024, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Law Offices of David Freydin PC serves as the Debtor's counsel. NICK'S PIZZA: To Sell Pizza Business to Randall & Bowes for $3.5MM ------------------------------------------------------------------ Nick's Pizza & Pub, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property, free and clear of liens, claims, claims, interests, and encumbrances. The Debtor operates two family restaurants located at 856 Pyott Road, Cystal Lake, McHenry County, Illinois 60014 (Crystal Lake Real Estate) and 990 South S. Randall Road, Elgin, Kane County, Illinois 60123 (Eight Real Estate), commonly known as Nick's Pizza and Pub. The Buyer, Randall & Bowes LLC, a Delaware limited liability company, wants to purchase substantially all of the assets and/or used by the Debtor in connection in the business, including the Crystal Lake Real Estate and Elgin Real Estate. The Buyer will pay the Debtor as the purchase price of $3,500,000 and the Buyer shall deposit into a non-interest bearing account maintained by the Title Company, as escrow agent the sum of $50,000. Upon the expiration of Due Diligence Period, $10,000 of the Earnest Money will become nonrefundable to Buyer. At closing, the Buyer shall assume and agree to pay, perform, fulfill, and discharge obligations of the the Debtor. About Nick's Pizza & Pub, Ltd. Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in Crystal Lake and Elgin, serving thin-crust Chicago pizza. Nick's Pizza & Pub filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-18037) on December 2, 2024, with assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Nicholas Sarillo, president of Nick's, signed the petition. Judge Janet S. Baer handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. St. Charles Bank & Trust Company, N.A., as lender, is represented by John Adam Powers, Esq., at Brotschul Potts, LLC, in Oak Brook Terrace, Illinois. NORCOLD LLC: Seeks Chapter 11 Bankruptcy with $300MM Debt --------------------------------------------------------- Alex Wittenberg of Law360 reports that recreational vehicle refrigerator manufacturer Norcold LLC sought Chapter 11 protection in Delaware on November 3, 2025, with liabilities exceeding $300 million. The company announced plans to sell its business to Dave Carter & Associates, a major distributor of RV parts and equipment, as part of a court-approved restructuring plan. According to bankruptcy filings, Norcold has struggled with financial losses and operational disruptions that weakened its liquidity. The proposed asset sale, supported by new financing, is intended to preserve operations during the process and maximize recovery for creditors and stakeholders. About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORTH AMERICAN: Seeks Approval to Hire Syed Asif as Bookkeeper -------------------------------------------------------------- North American Recycled Clothing, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to employ Syed Asif, doing business as Stalwart Global Accounting, to serve as bookkeeper in its Chapter 11 case. Mr. Asif will provide these services: (a) perform bookkeeping services for the Debtor; and (b) maintain accounting records and related financial documentation as required in connection with the Debtor's Chapter 11 proceedings. Mr. Asif will be compensated at a rate of $200 per month. According to court filings, Mr. Asif has no connection with the Debtor's creditors, parties-in-interest, or the U.S. Trustee, and represents that he has no interest adverse to the Debtor or its estate. The Court found that Mr. Asif is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. Mr. Asif can be reached at: Syed Asif Stalwart Global Accounting #1-4-249/67, Balaji Nagar Suryapet, Hyderabad, India 508213 About North American Recycled Clothing, LLC orth American Recycled Clothing, LLC, formed on September 26, 2014, operates a secondhand textile recycling business. The Company handles a variety of products including clothing, shoes, handbags, toys, and household items. It purchases used bulk clothing from thrift stores such as Goodwill and resells the bulk items to international buyers. North American Recycled Clothing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36394) on October 28, 2025. At the time of the filing, the Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC serves as the Debtor's legal counsel. NORTH PONDEROSA: To Sell Melissa Property to SR Capital for $8.1MM ------------------------------------------------------------------ North Ponderosa LLC (NPLLC) seeks permission from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Mark Weisbart, the duly appointed Chapter 7 Trustee in the Cardwell Case asserts that the Cardwell Estate has an interest in that certain 94.25-acres of real property located in Melissa, Texas owned by NPLLC and/or the lien purportedly encumbering the Property in favor of Barbara F. Marshall, LP. as a result of, among other things, a purported TUFTA judgment entered by the 134th District Court for the Judicial District of Dallas County, Texas. The Debtor is the current record owner of the Property, and disputes that the Cardwell Estate has an interest in the Property and/or the Marshall Lien. In October of 2023, the Cardwell Trustee and NPLLC, amongst others, participated in a mediation seeking to resolve all disputes amongst them, including, without limitation, all pending litigation surrounding the Property. As a result of the mediation, the parties entered into a settlement in principle, subject to the Court's approval. The settlement resolved all disputes between the Cardwell Estate and NPLLC and was memorialized in a Confidential Settlement Agreement. Pursuant to the terms of the Prior Settlement Agreement, the Cardwell Estate was granted an option that give the Cardwell Trustee the exclusive right to market and sell the Property on or before November 2, 2024. The Trustee thereafter entered into a Purchase and Sale Agreement dated August 27, 2024, with SR Capital Management, LLC for a purchase price of $8,100,000.00. The Trustee/SR Capital PSA was amended on September 16, 2024, and again on March 10, 2025, which required the sale of the Property to close on or before May 28, 2025. Ultimately, the Trustee/SR Capital PSA did not close and the Option expired. Following the expiration of the Option, the Cardwell Trustee's Motion to Dismiss was reset for hearing on September 5, 2025, at 10 a.m. On September 4, 2025, however, the Debtor and the Cardwell Trustee reached an agreement, subject to the Court's approval, to once again settle all claims between them. Pursuant to, and in accordance with the Settlement Agreement, the Debtor has entered into a Purchase and Sale Agreement with SR Capital dated November 3, 2025 for the sale of the Property by NPLLC to SR Capital for the stated purchase price of $7,775,000.00. The Debtor has determined, in its business judgment, that the proposed Sale and the releases in the Settlement Agreement are appropriate and in the best interests of the NPLLC Estate and the creditors. The resolution of the litigation will save both NPLLC and the Cardwell Estate from incurring a substantial amount of legal fees that have administrative priority, which, if such legal fees continue to accrue, may render the Cardwell Estate administratively insolvent and unable to pay anything to general unsecured creditors. Thus, the Sale substantially increases the chances that creditors of the Cardwell Estate will receive a distribution because the Sale will occur at or near the height of the real property market in Collin County, Texas, which remains unpredictable in the current economic climate. About North Ponderosa North Ponderosa, LLC, is engaged in activities related to real estate. North Ponderosa filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-41387) on July 31, 2023. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by William H. Gibson as sole manager. Judge Brenda T. Rhoades presides over the case. Robert T. DeMarco, Esq., at DEMARCO MITCHELL, PLLC, is the Debtor's counsel. O & K ALEXANDER'S: Hires Joel A. Schechter as Bankruptcy Counsel ---------------------------------------------------------------- O & K Alexander's Co. Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of Joel A. Schechter as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of the business and financial affairs; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary in the prosecution of this proceeding. The firm shall receive a retainer in the amount of $10,000, plus filing fee. Joel Schechter, Esq., an attorney of the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About O & K Alexander's Co. Inc. O & K Alexander's Co. Inc. is a single assets real estate company. O & K Alexander's Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15355) on October 61, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Joel A. Schechter, Esq., Law Office of Joel A. Schechter. OFFICE PROPERTIES: Milbank and Porter Represent 2027 Noteholders ---------------------------------------------------------------- An ad hoc group of secured noteholders to Office Properties Income Trust, et al. and its debtor-affiliates, represented by Milbank LLP and Porter Hedges LLP as counsel, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group’s current members and the claims and equity interests they held in the Debtors’ cases. The Ad hoc group holds 3.25% senior secured notes due in 2027, dated as of December 11, 2024, by and between Office Properties Income Trust as the issuer, the subsidiary guarantor parties thereto, and U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee and collateral agent. According to the group’s Verified Statement: 1. The Ad Hoc Group of 2027 Noteholders retained Porter Hedges LLP and Milbank LLP as counsels to represent their interests in connection with these Chapter 11 Cases. 2. Each member of the Ad Hoc Group of 2027 Noteholders has indicated to Counsel that it holds disclosable economic interests, or acts as investment manager or advisor to funds and/or accounts that hold disclosable economic interests, in relation to the Debtors. 3. Nothing contained in this Statement is intended or shall be construed to constitute (i) a waiver or release of any claims against or equity interests in the Debtors by any of the members of the 2027 Ad Hoc Group or any of their respective affiliates, (ii) an admission with respect to any fact or legal theory, or (iii) a limitation or waiver of any rights of any members of the 2027 Ad Hoc Group or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim in accordance with applicable law and any orders entered in these Chapter 11 Cases. 4. The information contained in this Statement is provided only for the purposes of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 5. Counsel reserves the right to amend or supplement this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, nature, and amount of all disclosable economic interests of each present member of the 2027 Ad Hoc Group in relation to the Debtors, are: 1. FFI Fund Ltd. 888 Boylston St. #15 Boston, MA 02116 2027 Secured Notes: $95,201,002.26 Secured Credit Facility: $60,720,000.12 2. FYI Ltd. 888 Boylston St. #15 Boston, MA 02116 2027 Secured Notes: $18,804,428.85 Secured Credit Facility: $14,080,000.29 3. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by MSD PARTNERS, L.P., or a subsidiary or an affiliate thereof 550 Madison Ave., 20th floor, New York, NY 10022 2027 Secured Notes: $164,382,547.30 2026 Unsecured Notes: $14,000,000.00 2027 Unsecured Notes: $1,500,000.00 2031 Unsecured Notes: $2,400,000.00 4. Olifant Fund, Ltd. 888 Boylston St. #15 Boston, MA 02116 2027 Secured Notes: $20,119,489.56 Secured Credit Facility: $13,199,999.59 Counsel to the Ad Hoc Group of 2027 Noteholders may be reached at: John F. Higgins, Esq. Eric M. English, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Joanna D. Caytas, Esq. Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 E-mail: jhiggins@porterhedges.com eenglish@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jcaytas@porterhedges.com -and- Dennis F. Dunne, Esq. Andrew M. Leblanc, Esq. Abhilash M. Raval, Esq. Michael W. Price, Esq. Alexander Lees, Esq. Brian Kinney, Esq. Milbank LLP 55 Hudson Yards New York, New York 10001 Tel: (212) 530-5000 Fax: (212) 530-5219 E-mail: ddunne@milbank.com aleblanc@milbank.com araval@milbank.com mprice@milbank.com alees@milbank.com bkinney@milbank.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust 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 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. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors’ counsel. Moelis & Company serves as the Debtors’ investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors’ claims, noticing & solicitation agent. OFFICE PROPERTIES: Paul Weiss Represents March 2029 Noteholders --------------------------------------------------------------- An ad hoc group of secured noteholders to Office Properties Income Trust, et al. and its debtor-affiliates, represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C., as counsel, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group’s current members and the claims and interests they held in the Debtors’ cases. The Ad hoc group holds: (a) 90% senior secured notes due in March 2029, dated as of February 12, 2024, by and between Office Properties Income Trust as the issuer, the subsidiary guarantor parties thereto, and U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee and collateral agent; (b) 90% senior secured notes due 2029, dated as of June 20, 2024 and October 8, 2024, by and between Office Properties Income Trust as the issuer, the subsidiary guarantor parties thereto, and U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee and collateral agent; (c) 3.25% senior secured notes due 2027, dated as of December 11, 2024, by and between Office Properties Income Trust as the issuer, the subsidiary guarantor parties thereto, and U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee and collateral agent; and (d) a short position in OPI’s common equity interests. According to the Verified Statement: 1. In August 2025, the Ad Hoc Group of March 2029 secured noteholders engaged Paul, Weiss in connection with the Members’ holdings of the Claims and Interests. The Group also retained Munsch Hardt to serve as its co-counsel in October 2025. 2. Each member of the Ad Hoc Group of March 2029 secured noteholders has indicated to Counsel that it holds disclosable economic interests, or acts as investment manager or advisor to funds and/or accounts that hold disclosable economic interests, in relation to the Debtors. 3. Nothing contained in this Statement is intended or shall be construed to constitute (i) a waiver or release of any claims against or equity interests in the Debtors by any of the members of the Ad Hoc Group of March 2029 Secured Noteholders or any of their respective affiliates, (ii) an admission with respect to any fact or legal theory, or (iii) a limitation or waiver of any rights of any members of the Ad Hoc Group of March 2029 Secured Noteholders or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim in accordance with applicable law and any orders entered in these Chapter 11 Cases. 4. The information contained in this Statement is provided only for the purposes of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 5. Counsel reserves the right to amend or supplement this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, secured notes, and amount of all disclosable economic interests of each present member of the Ad Hoc Group of March 2029 Secured Noteholders in relation to the Debtors, are: 1. Axebrook Capital LLP 33 Cavendish Square, London, W1G 0PW, United Kingdom 90% March 2029 Secured Notes $30,867,000.00 90% September 2029 Secured Notes $15,975,000.00 2. Citadel Mult-Asset Master Fund Ltd. c/o Citadel Enterprise Americas LLC, 830 Brickell Plaza, Miami, FL 33131 90% March 2029 Secured Notes $16,466,000.00 Short position representing 3,000,000 common shares 3. Citigroup Global Markets, Inc., solely with regards to its North America High Yield Credit Trading Desk 388 Greenwich Street, New York NY 10013 90% March 2029 Secured Notes $6,250,000.00 4. FourSixThree Capital LP (on behalf of certain funds and accounts) 520 Madison Ave,, 19th Floor New York, NY 10022 90% March 2029 Secured Notes $35,500,000.00 5. Certain funds and accounts managed by Oak Hill Advisors, L.P. c/o Oak Hill Advisors, L.P. One Vanderbilt Ave., 16th Floor New York, NY 10017 90% March 2029 Secured Notes $29,300,000.00 6. Point72 Global Macro Investments, LLC 72 Cummings Point Rd Stamford, CT 06902 90% March 2029 Secured Notes $57,288,000.00 3.25% March 2027 Secured Notes $14,008,000.00 7. Taconic Capital Advisors L.P. 280 Park Avenue, 5th Floor New York, NY 10017 90% March 2029 Secured Notes $25,000,000.00 Total 90% March 2029 Secured Notes = $200,671,000.00 Total 90% September 2029 Secured Notes = $15,975,000.00 Total 3.25% March 2027 Secured Notes = $14,008,000.00 Counsel to the Ad Hoc Group of March 2029 Secured Noteholders may be reached at: John D. Cornwell, Esq. Alexander R. Perez, Esq. Munsch Hardt Kopf & Harr, P.C. 700 Milam St., Suite 800 Houston, TX 77002 Telephone: (713) 222-1470 Fascimile: (713) 222-1475 Email: jcornwell@munsch.com arperez@munsch.com -and- Sung Pak, Esq. William A. Clareman, Esq. Robert A. Britton, Esq. Luxiang Wang, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: spak@paulweiss.com wclareman@paulweiss.com rbritton@paulweiss.com lwang@paulweiss.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust 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 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. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors’ counsel. Moelis & Company serves as the Debtors’ investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors’ claims, noticing & solicitation agent. OFFICE PROPERTIES: White & Case Represents Sept 2029 Noteholders ---------------------------------------------------------------- An ad hoc group of noteholders to Office Properties Income Trust, et al. and its debtor-affiliates, represented by White & Case LLP as counsel, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group's current members and the nature and amount of claims they held in the Debtors' cases. The Ad hoc group holds 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000 that was issued under an indenture, dated as of June 20, 2024, by and between Office Properties Income Trust as the issuer, the subsidiary guarantor parties thereto, and U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee and collateral agent. According to the group's Verified Statement: 1. In June 2025, the Ad Hoc Group of September 2029 Noteholders retained White & Case LLP to represent their interests in connection with these Chapter 11 Cases. 2. Each member of the Ad Hoc Group of September 2029 Noteholders has indicated to Counsel that it holds disclosable economic interests, or acts as investment manager or advisor to funds and/or accounts that hold disclosable economic interests, in relation to the Debtors. 3. Nothing contained in this Statement is intended or shall be construed to constitute (i) a waiver or release of any claims against or equity interests in the Debtors by any of the members of the Ad Hoc Group of September 2029 Noteholders or any of their respective affiliates, (ii) an admission with respect to any fact or legal theory, or (iii) a limitation or waiver of any rights of any members of the Ad Hoc Group of September 2029 Noteholders or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim in accordance with applicable law and any orders entered in these Chapter 11 Cases. 4. The information contained in this Statement is provided only for the purposes of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 5. Counsel reserves the right to amend or supplement this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, nature, and amount of all disclosable economic interests of each present member of the Ad Hoc Group of September 2029 Noteholders in relation to the Debtors, are: 1. Cetus Capital LLC 8 Sound Shore Drive, Suite 303 Greenwich, CT 06830 September 2029 Notes: $17,650,000 2. ExodusPoint Capital Management, LP 65 East 55th Street, 6th Floor New York, NY 10022 September 2029 Notes: $53,747,000 3. Helix Partners Management LP 545 Madison Avenue, 8th Floor New York, NY 10022 September 2029 Notes: $159,261,700 4. Liberty Mutual Investments 175 Berkeley Street Boston, MA 02116 September 2029 Notes: $43,391,000 5. Mackenzie Financial Corporation 180 Queen Street West Toronto, ON M5V 3K1 Canada September 2029 Notes: $16,239,000 6. Nuveen Asset Management, LLC 730 Third Avenue New York, NY 10017 September 2029 Notes: $8,000,000 March 2029 1L Notes: $16,660,000 7. Redwood Capital Management 250 West 55th Street, 26th Floor New York, NY 10019 September 2029 Notes: $148,464,000 Secured Credit Facility: $86,683,333.33 8. Whitebox Advisors LLC 3033 Excelsior Blvd., Suite 500 Minneapolis, MN 55416 September 2029 Notes: $41,926,000 March 2029 1L Notes: $16,300,000 2027 1L Notes: $13,859,000 2031 Unsecured Notes: $5,000,000 2026 Unsecured Notes: $20,510,000 Counsel to the Ad Hoc Group of September 2029 Noteholders may be reached at: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, TX 77002 Tel: (713) 496-9700 Fax: (713) 496-9701 E-mail: charles.koster@whitecase.com - and - Brian Pfeiffer, Esq. Glenn Kurtz, Esq. Andrew Costello, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 819-8200 Fax: (212) 354-8113 E-mail: brian.pfeiffer@whitecase.com gkurtz@whitecase.com andrew.costello@whitecase.com - and - Aaron E. Colodny, Esq. WHITE & CASE LLP 555 South Flower Street, Suite 2700 Los Angeles, CA 90071 Tel: (213) 620-7700 Fax: (213) 452-2329 E-mail: aaron.colodny@whitecase.com - and - Adam Swingle, Esq. WHITE & CASE LLP 111 South Wacker Drive, Suite 5100 Chicago, IL 60606 Tel: (312) 881-5400 Fax: (312) 881-5450 E-mail: adam.swingle@whitecase.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust 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 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. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. OM SAI MED: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: Om Sai Med Center, LLC Fairbridge Inn & Suites c/o Leena Patel and Shailesh Patel 6712 Morningside Dr. Houston, TX 77030 Business Description: Om Sai Med Center, LLC, owned by Leena Patel, operates a hotel under the name Fairbridge Inn & Suites at 6712 Morningside Dr., Houston, Texas, providing lodging services in the hospitality industry. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-36622 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Leena Patel as owner. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FOPTDXA/Om_Sai_Med_Center_LLC__txsbke-25-36622__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NC4ACUY/Om_Sai_Med_Center_LLC__txsbke-25-36622__0001.0.pdf?mcid=tGE4TAMA OMNICARE LLC: Secures Court OK on $110MM DIP Funding ---------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Omnicare LLC has received court approval to tap $110 million in Chapter 11 financing as it works to stabilize operations and find a buyer. A Texas bankruptcy judge granted the interim order Monday, November 3, 2025, giving the CVS Health-owned pharmacy services provider access to new liquidity during its restructuring. The financing will help the company meet critical obligations, including employee wages and vendor payments, while ensuring uninterrupted service to long-term care facilities. Omnicare said the funds are a necessary step to protect value as it moves forward with a sale process, according to report. The company, which filed for bankruptcy in October, blamed financial strain and shifting market conditions for its Chapter 11 filing. The court is expected to hold a final hearing on the financing and sale plans in the coming weeks, the report states. About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. ORLANDO INTERNATIONAL: Employs K&L Gates as Bankruptcy Co-Counsel ----------------------------------------------------------------- Orlando International Resort Club Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire K&L Gates LLP as bankruptcy co-counsel. K&L Gates LLP will provide these services: (a) advise the Debtor with respect to its rights, powers, and duties as debtor-in-possession in the continued management and operation of its business and assets, including management of the Property; (b) advise the Debtor with respect to the conduct of the Chapter 11 case, including legal and administrative requirements under the Bankruptcy Code and Rules; (c) take all necessary actions to protect and preserve the Debtor's estate, including prosecuting and defending actions and negotiating disputes; (d) prepare necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the estate; (e) take all actions in connection with any Chapter 11 plan, related disclosure statement, and associated documents; (f) appear before the Court and represent the interests of the Debtor's estate; (g) attend meetings and represent the Debtor in negotiations with creditors and other parties-in-interest; (h) negotiate and prepare documents relating to the disposition or sale of assets, including the marketing and sale of the Debtor's interests in the Property; (i) advise the Debtor on transactions related to any asset sale; and (j) perform other legal services necessary for the administration of the case, including analyzing leases, contracts, liens, and corporate governance matters. K&L Gates’ principal attorneys and their hourly rates are: Jeffrey T. Kucera, Partner $1,080 Margaret R. Westbrook, Partner $875 Daniel M. Eliades, Partner $765 William Waldman, Partner $760 Jennifer Mazawey, Partner $715 Peter J. D’Auria, Counsel $760 Jonathan N. Edel, Associate $685 Ryan W. DeSimone, Associate $480 Joy M. VanDerWeert, Paralegal $360 Kyra Swinney-Darby, Paralegal $360 Prior to filing, the Debtor paid K&L Gates $207,712.54, of which $200,145.04 was applied to pre-petition fees and expenses. The firm holds a remaining $7,567.50 evergreen retainer as security for post-petition services and expenses. K&L Gates LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: K&L GATES LLP One Newark Center, Tenth Floor Newark, NJ 07102 Telephone: (973) 848-4000 E-mail: daniel.eliades@klgates.com About Orlando International Resort Club Condominium Association, Inc. Orlando International Resort Club Condominium Association, Inc., a not-for-profit corporation organized under Florida law, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25-bk-06813-GER) on October 24, 2025. The Debtor administers the Orlando International Resort Club I condominium located in Orange County, Florida. Shuker & Dorris, P.A. serves as the Debtor's local and conflicts counsel. OXFORD FINANCE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Oxford Finance LLC (Oxford) and its wholly owned, debt-issuing subsidiary, Oxford Finance Co-Issuer II Inc., at 'BB'. The Rating Outlook is Stable. Fitch has also affirmed Oxford's senior unsecured debt rating at 'BB-'. Key Rating Drivers Solid Franchise: The affirmations reflect Oxford's solid direct origination franchise in the healthcare/life sciences sectors, a well-laddered and diversified funding profile, focus on senior lending, relatively consistent operating performance through market cycles and an experienced management team. Additionally, Fitch expects an expanding managed funds business to support fee income growth. Higher Leverage a Constraint: Rating constraints include higher leverage compared to business development company (BDC) peers and a largely secured funding profile, which reduces funding flexibility in times of stress. Additional constraints are the potential liquidity and leverage impact from elevated charge-offs and meaningful draws on portfolio company revolver commitments, which typically increase during market downturns. Oxford's healthcare/life sciences sector focus is less diversified than most BDCs and commercial lender peers. Non-Accruals Improving: For the trailing twelve months (TTM) ending June 30, 2025, the net charge-off to gross loan ratio was 0.4%, while non-accruals were 3.7% of loans at quarter-end. Non-accruals remain above the 2.8% average from 2021-2024 due to several idiosyncratic issues in the loan portfolio but have improved from 4.1% at YE 2024. Fitch expects non-accrual levels to moderate closer to medium-term averages as the company resolves currently impaired loans and continued rate cuts relieve pressure on borrowers. Rates and Competition Pressure Earnings: Oxford's core earnings have come down from recent highs on falling base rates and intense competition in middle market lending. Pre-tax ROAA was 3.7% for the TTM ended June 30, 2025, compared with an average of 4.2% from 2021-2024. The average portfolio yield was 11.4% at June 30, 2025, compared to 12.8% a year earlier, while 2Q25 originations yielded 9.8%. Loan loss provisions for the TTM ended June 30, 2025, were down 17% from 2024 driven by fewer non-accruals and a healthy reserve balance, representing 2.4% of the portfolio. Operating expenses have remained relatively consistent while management, incentive and structuring fee income has grown. Fitch expects management and incentive fee revenue to increase as the company leverages its existing infrastructure across a growing managed funds business. Relative to BDCs, Fitch expects Oxford to have a more stable earnings profile since it doesn't mark its loan portfolio to fair value on a quarterly basis and has less exposure to volatile equity investments. However, core earnings may face headwinds in 2026 due to lower base rates and compressed spreads. Leverage in Target Range: Oxford targets a leverage ratio of 3.0x-3.5x, measured by consolidated gross debt divided by tangible equity. Leverage was 3.1x at 2Q25; up from 2.7x at YE 2024 as robust origination activity drove higher debt usage and distributions outpaced earnings. While Oxford's leverage is higher than rated BDC peers, it aligns with other commercial lenders and corresponds with Fitch's 'bbb' category benchmark range of 0.75x-4.0x for finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. Largely Secured Funding Profile: Oxford's funding profile is largely secured but is relatively diversified with well-laddered maturities. At June 30, 2025, the company had nine different revolving credit facilities from over a dozen banks in addition to four asset-backed security issuances and $400 million of unsecured notes. Unsecured debt represented 10.7% of total debt at June 30, 2025, which is below the rated BDC average and within Fitch's 'b and below' funding, liquidity and coverage benchmark range of less than 20% for finance and leasing companies with an SROE score in the 'bbb' category. The below-average funding flexibility continues to constrain the rating. Sufficient Liquidity Levels: Fitch views Oxford's liquidity profile as sound. Given its revolver commitments, Fitch expects Oxford to maintain adequate liquidity to meet potential peak revolver draws during periods of market stress. At June 30, 2025, Oxford had $664 million of liquidity, including unrestricted cash, availability under debt financing agreements, unrestricted cash available for reinvestment and equity commitments. This is sufficient to fund the $532 million of portfolio company revolver commitments outstanding at June 30, 2025, and a $69 million subscription facility coming due over the next 12 months. Stable Outlook: The Stable Outlook reflects Fitch's expectation that Oxford will retain underwriting discipline given the competitive market conditions, demonstrate sound credit performance, manage leverage within the targeted range and maintain sufficient liquidity to fund potential draws on unfunded commitments. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A reduction in the unsecured funding mix to 0%; - Material deterioration in asset quality; - An inability to maintain sufficient liquidity to fund operating expenses and revolver draws; - Sustained increase in leverage above the targeted range of 3.5x; and/or - A change in the perceived risk profile of the portfolio, and/or damage to the firm's franchise which negatively impacts its access to deal flow and industry relationships. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved funding flexibility, as evidenced by unsecured debt approaching 20% of total debt; - Growth of the franchise including the managed funds business becoming a significant contribution to earnings, or increased portfolio diversification by sector and issuer; - Strong and differentiated credit performance of recent vintages; - Consistent operating performance and a sufficient liquidity profile; and/or - Maintenance of leverage below 3.0x. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is one notch below the Long-Term IDR given the high balance sheet encumbrance and the largely secured funding profile, which indicates weaker recovery prospects under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is expected to move in tandem with the Long-Term IDR. However, a material increase in the proportion of unsecured funding or the creation of a sufficient unencumbered asset pool, which alters Fitch's view of the recovery prospects for the debt class, could result in the unsecured debt rating being equalized with the IDR. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The Long-Term IDR and the unsecured debt rating of Oxford Finance Co-Issuer II Inc. are equalized with the parent. Oxford Finance Co-Issuer II Inc. is a wholly owned subsidiary and co-issuer on the existing unsecured debt with no material operations of its own. Oxford Finance Co-Issuer II Inc's ratings would be expected to move in tandem with the parent's. ADJUSTMENTS The Standalone Credit Profile has been assigned below the implied Standalone Credit Profile due to the following adjustment reason(s): Weakest Link - Funding, Liquidity & Coverage (negative). The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative). ESG Considerations Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This 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 of the materiality and relevance of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Oxford Finance LLC LT IDR BB Affirmed BB senior unsecured LT BB- Affirmed BB- Oxford Finance Co-Issuer II Inc. LT IDR BB Affirmed BB senior unsecured LT BB- Affirmed BB- PANADERIA EL DEPORTIVO: Seeks Chapter 7 Bankruptcy in Puerto Rico ----------------------------------------------------------------- Panaderia El Deportivo LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of Puerto Rico on October 31, 2025. According to the bankruptcy petition, the company reported liabilities valued between $0 and $100,000. Panaderia El Deportivo L.L.C. also disclosed that it has between 1 and 49 creditors. About Panaderia El Deportivo LLC Panaderia El Deportivo LLC is a limited liability company. Panaderia El Deportivo LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04960) on October 31, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Maria de los Angeles Gonzalez handles the case. The Debtor is represented by Homel Mercado Justiniano, Esq. of 8 CALLE RAMIREZ SILVA. PARADOX ENTERPRISES: Cash Collateral Access Extended to Nov. 14 --------------------------------------------------------------- Paradox Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Winchester Division, to use cash collateral until November 14, marking the 13th extension since its Chapter 11 filing. The 13th interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget and fund payments to Legalist DIP Fund I, LP and Legalist DIP SPV II, LP. The Debtor's budget shows total disbursements of $30,870 for November. Legalist DIP Fund I and Legalist DIP SPV will be granted a replacement lien to the extent that the use of cash collateral results in a decrease in the value of their collateral. The secured creditors will receive a weekly payment of $1,750 and the remaining six $1,500 "make-up" payments during this period. A final hearing is scheduled for November 13. About Paradox Enterprises Paradox Enterprises, LLC owns various properties valued at $6.1 million. Paradox Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-10826) on April 5, 2024, with $6,174,373 in assets and $13,012,125 in liabilities. Eric Shelley, managing member, signed the petition. Judge Nicholas W. Whittenburg oversees the case. Denis Graham Waldron, Esq., at Dunham Hildebrand, PLLC is the Debtor's legal counsel. Secured creditors Legalist DIP Fund and Legalist DIP SPV are represented by: Gregory C. Logue, Esq. Woolf, McClane, Bright, Allen & Carpenter, PLLC P.O. Box 900 Knoxville, TN 37901 Phone: (865)215-1000 Fax: (865)215-1001 logueg@wmbac.com PCP GROUP: Court Extends Cash Collateral Access to Nov. 18 ---------------------------------------------------------- PCP GROUP, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral until November 18 in accordance with its budget, subject to a 10% variance per line item. The Debtor projects total operating disbursements of $1,780,494 for November; $2,039,694 for December; and $2,171,694 for January 2026. As adequate protection, secured creditors, Valley National Bank and Vox Funding, LLC, will be granted replacement liens on post-petition assets, subject to the fee carveout; and superpriority administrative expense claims under Section 507(b) of the Bankruptcy Code. The interim order also approved the monthly payments of $50,000 to both creditors as additional protection and directed the Debtor to provide them with monthly reconciliation reports. Termination events under the interim order include dismissal or conversion of the Debtor's Chapter 11 case; appointment of a Chapter 11 trustee or examiner with expanded powers; failure to comply with the interim order that is not cured after two days written notice; termination of the interim order by the court; reversal or vacatur of the interim order; and the Debtor granting any post-petition liens or security interests other than those granted under the interim order. The next hearing is scheduled for November 18. Objections are due by November 11. About PCP Group PCP Group LLC, a company in Clearwater, Fla., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42448) on June 10, 2024, with up to $50,000 in assets and up to $50 million in liabilities. John S. Haskell, chairman and chief executive officer of PCP Group, signed the petition. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Brian J. Hufnagel, Esq., at Morrison Tenenbaum, PLLC. Fred Stevens, Esq., a partner at Klestadt Winters Jureller Southard & Stevens, LLP, has been appointed as examiner. PINE GATE RENEWABLES: Files Ch. 11 to Sell Assets in 45-Day Process ------------------------------------------------------------------- Pine Gate Renewables, LLC, a leading developer and owner-operator of renewable energy projects across the United States, announced on November 6, 2025, that it is pursuing a strategic and value-maximizing sales process for substantially all of its assets and business operations. Pine Gate's operations will continue uninterrupted while the Company continues to engage in a competitive sales process with multiple interested parties to transition ownership of its solar and energy storage project fleet while preserving jobs and maximizing value. To support Pine Gate through this process, the Company has secured financing commitments from certain of its current lenders that will be used to support operations, including the advancement of projects in development and under construction. As part of the financing, Pine Gate is entering into a series of agreements with its lenders, including: -- Agreements with certain secured lenders, to sell certain of Pine Gate's solar operating (and near completion) projects and development assets that secure each such lender's respective financing facilities. Each such lender will serve as the "stalking horse bidder" for their respective asset portfolio, subject to higher or otherwise better offers for such assets or the Company; and -- An agreement with another secured lender, to sell Pine Gate's independent power producer platform and substantially all of its development pipeline, which includes 10 GWdc of safe harbored new project capacity. The lender will serve as the "stalking horse bidder" for these assets and the platform, subject to higher or otherwise better offers for such assets or the Company. To facilitate the sales process and maximize value for all stakeholders, Pine Gate and certain subsidiaries have initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Pine Gate expects to complete the marketing and sales process, which will provide interested parties the opportunity to submit competing bids for the Company and its assets, in approximately 45 days. ACT Power Services, the Company's wholly-owned operations and maintenance provider, is not part of the Chapter 11 process. The Company is, however, in active discussions with multiple interested parties to identify a value-maximizing sale transaction for that business. During the court-supervised sales process, Pine Gate and ACT Power Services are continuing to support their project partners and advance projects currently in development and under construction, as well as provide O&M services. Pine Gate's operational projects will also continue to generate and sell power. "Since our founding almost 10 years ago, Pine Gate has grown tremendously, deploying innovative solar and energy storage projects at scale that enable us to deliver renewable, reliable, and affordable energy," said Ben Catt, Chief Executive Officer of Pine Gate. "To ensure that our projects continue generating renewable energy, we made the strategic decision to commence this court-supervised sales process. With significant financial support from certain of our current lenders, we're confident that we will successfully conduct a competitive sales process that reflects the inherent value of our nationwide portfolio of solar and energy storage projects." Mr. Catt continued, "I'm grateful for the hard work and dedication of the Pine Gate team who has been key to helping us drive the renewable energy transition. As we move through this process, we remain committed to supporting our valued project partners across our more than 100 operational solar facilities and forging ahead with our projects in development and under construction." Additional Information Regarding the Court-Supervised Sales Process Pine Gate has also filed a number of customary "first day" motions with the Court seeking to maintain uninterrupted operations and uphold its go-forward commitments to stakeholders. These motions include requests to continue paying wages and providing benefits to the Company's employees as usual, and to continue honoring postpetition obligations to commercial partners. Pine Gate expects to receive Court approval for these requests shortly. In addition, to assist in the process, the Company has appointed Mark Rajcevich, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer. Mr. Rajcevich brings more than 20 years of financial restructuring experience and energy industry expertise to Pine Gate. Additional information regarding Pine Gate's court-supervised sales process is available at the Company's restructuring website, www.PGRsaleprocess.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Omni Agent Solutions, at https://omniagentsolutions.com/PGR; by calling Omni representatives toll-free in the U.S. and Canada at +1 (888) 812-2572 or (747) 263-0193 for calls originating outside of the U.S. or Canada; or by emailing PGRInquiries@omniagnt.com. Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel, Alvarez & Marsal is serving as restructuring advisor, Lazard is serving as investment banker, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Pine Gate. About Pine Gate Renewables Pine Gate Renewables is a developer and owner-operator of renewable energy projects across the United States. Dedicated to delivering sustainability at scale, Pine Gate has over 30 GW of projects in its development pipeline, has closed approximately $10 billion in project financing and capital investment, and operates a fleet of over 2 GW of solar and storage assets. The Company also provides services to over 7 GW of third party solar and storage assets through wholly owned subsidiary ACT Power Services. Pine Gate is proud to invest in the communities where we live, develop, and operate projects through corporate partnerships and charitable initiatives supported by the Pine Gate Community Impact Fund. PINE GATE: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: Pine Gate Renewables, LLC 130 Roberts Street Asheville, NC 28801 Business Description: Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court Southern District of Texas One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 Judge: Hon. Christopher M. Lopez Debtors' Bankruptcy Co-Counsel: Timothy A. ("Tad") Davidson II, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com Debtors' Bankruptcy Co-Counsel: LATHAM & WATKINS LLP Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: LAZARD FRERES & CO. LLC Debtors' Claims, Noticing & Solicitation Agent: OMNI AGENT SOLUTIONS, INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion Ray Shem signed the petitions as president and chief financial officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QYGA5GI/Pine_Gate_Renewables_LLC__txsbke-25-90669__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. LPL Solar, LLC Trade Payable $54,370,004 3116 S. Andrews Ave. Fort Lauderdale, FL 33316 United States Attn: Mike Little Title: President Phone: (954) 306-2647 Email: mlittle@lplsolar.com 2. Sungrow USA Corporation Trade Payable $11,996,044 3200 Park Center Dr Suite 850 Costa Mesa, CA 92626 United States Attn: Hanyu Zheng Title: VP, Operations And Finance Phone: (949) 749-2068 Email: cfahanyuzheng@sungrow.cn 3. WHC, LLC Trade Payable $11,494,382 300 Industrial Trace Broussard, LA 70518 United States Attn: Jacob Favaron Title: General Counsel Phone: (337) 837-8765 Email: jfavaron@whcenergyservices.com 4. Fall Line Construction Trade Payable $9,819,415 52 Industry Road Butler, GA 316 United States Attn: Ryan Pounds Title: Chief Executive Officer Phone: (478) 862-3700 Email: rpounds@flcofga.com 5. Nobull Energy LLC Trade Payable $9,680,201 10435 Commerce Drive, Suite 12 Carmel, IN 46032 United States Attn: Doug Pickering Title: Managing Director Phone: (317) 590-0377 Email: dougpickering@gmail.com 6. Nextracker LLC Trade Payable $7,377,309 6200 Paseo Padre Pkwy Fremont, CA 94555 United States Attn: Daniel Shugar Title: Chief Executive Officer, Founder Phone: (510) 270-2500 Email: dshugar@nextracker.com 7. Directional Services, Inc. Trade Payable $6,536,514 4830 US Highway 301 S. Hope Mills, NC 28348 United States Attn: Shelby Barbier Title: Chief Executive Officer Phone: (910) 424-4512 Email: sbarbier@directionalservices.net 8. Aerotek, Inc. Trade Payable $5,946,848 7301 Parkway Drive South Hanover, MD 21076 United States Attn: Thomas Kelly Title: President Phone: (410) 694-5100 Email: thomas.kelly@allegisgroup.com 9. The Boldt Company Trade Payable $5,004,289 2121 E. Capitol Drive Appleton, WI 54911 United States Attn: Dave Kievet Title: Chief Executive Officer Phone: (920) 225-6225 Email: dkievet@boldt.com 10. Gwinnups Restoration And Trade Payable $4,658,313 Environmental Service Inc 5201 W. 86th St. Indianapolis, IN 46268 Attn: Terry Gwinnup Title: President Phone: (317) 429-3340 Fax: (317) 429-3301 Email: terry@gwinnupsrestoration.com 11. WAAREE Solar Americas Inc Trade Payable $4,636,471 2439 Discovery Hills Parkway Brookshire, TX 77423 United States Attn: Puneet Sikka Title: Director Finance And Accounting Phone: (713) 249-6869 Email: puneetsikka@waaree.com 12. Shackelford Construction & Trade Payable $4,579,348 Hauling LLC 350 South Industrial Parkway Yazoo City, MS 39194 United States Attn: Jay Shackelford Title: Owner Phone: (662) 746-5112 Email: jayshackelford@gmail.com 13. United Rentals Trade Payable $4,446,321 100 First Stamford Place, Ste 700 Stamford, CT 06902 United States Attn: Matthew J. Flannery Title: Chief Executive Officer Phone: (203) 622-3131 Email: mflannery@unitedrentals.com 14. Sacramento Drilling, Inc. Trade Payable $4,153,817 1143 Blumenfeld Dr Suite 100 Sacramento, CA 95815 United States Attn: Jeff Calabro Title: President Phone: (916) 638-1766 Email: jeff.calabro@sdiservices.com 15. Omco Solar LLC Trade Payable $4,098,347 4550 W Watkins St Phoenix, AZ 85043 United States Attn: Gary Schuster Title: Chief Executive Officer Phone: (602) 352-2700 FAX: (602) 352-2701 Email: gschuster@omcoform.com 16. WEG Transformers USA, LLC Trade Payable $3,981,900 6655 Sugarloaf Parkway Duluth, GA 30097 United States Attn: Alberto Kuba Title: Chief Executive Officer Phone: (800) 275-4934 Email: kuba@weg.net 17. Lonestar Electric Supply Trade Payable $3,580,551 4414 Hollister Street Houston, TX 774 United States Attn: Jeff Metzler Title: Chief Executive Officer Phone: (832) 855-3400 Email: jmetzler@lonestarelectricsupply.com 18. Power Construction G Inc Trade Payable $3,130,009 128 Robbins Ave Jamestown, NC 27282 United States Attn: Jose Medina Velazco Title: Chief Operating Officer Phone: (336) 886-4021 Email: jose.medina@powerconstructionjr.com 19. DC Solar Solutions, LLC Trade Payable $3,125,496 4208 Six Forks Rd. Suite 1000 Raleigh, NC 27609 United States Attn: Glen Depiero Title: Owner Phone: (919) 602-0327 Email: gdepiero@dcsolarsolutions.us 20. APA Solar, LLC Trade Payable $3,109,961 20-345 County Road Ridgeville Corners, OH 43555 United States Attn: Josh Von Deylen Title: Chief Executive Officer Phone: (419) 267-5280 Email: joshv@apalternatives.com Fax: (419) 267-5214 21. Aubrey Silvey Enterprises, Inc. Trade Payable $3,016,905 371 Hamp Jones Road Carrollton, GA 3117 United States Attn: Bill Head Title: Chief Financial Officer Phone: (770) 834-0738 Email: bhead@silvey.com 22. Pralar USA, Inc. Trade Payable $2,992,710 2200 West Loop South, Suite 55 Houston, TX 77027 United States Attn: Diego E. Olmos Title: Senior Vice President Phone: (713) 630 9279 Email: dolmos@pralar.com 23. TSEA Energy Trade Payable $2,856,484 Rod. Fernao Dias, 3045 Amazonas Contagem, MG 37418-760 Brazil Attn: Jose Roberto Reynaldo Title: Chief Executive Officer Phone: (954) 737-0287 Email: jose.roberto@tseaenergia.com.br 24. West Florida Fence Trade Payable $2,790,965 6500 E. Broadway Ave Tampa, FL 33619 United States Attn: Wes Tolbert Title: Chief Executive Officer Phone: (813) 251-5883 Email: wtolbert@perimetersolutionsgroup.com 25. Origis USA, LLC Trade Payable $2,696,000 800 Brickell Avenue, Suite 1000 Miami, FL 33131 United States Attn: Vikas Anand Title: Chief Executive Officer Phone: (786) 693-2624 Email: vikas.anand@origisenergy.com 26. Staffing Support Solutions, LLC Trade Payable $2,592,305 10205 US Hwy 15-501, Unit 26-167 Southern Pines, NC 28387 United States Attn: Christopher Kent Title: Managing Partner Phone: (844) 978-2334 Email: chris@staffingsupportsolutions.com Fax: (844) 269-8858 27. Carter Machinery Co. Inc. Trade Payable $2,540,967 1330 Lynchburg Tpke Salem, VA 24153 United States Attn: Drew Parker Title: Chief Executive Officer Phone: (540) 387-9745 Email: drew_parker@cartermachinery.com 28. Utilitypower, LLC Trade Payable $2,338,785 702 Oberlin Road, Suite 330 Raleigh, NC 27605 United States Attn: Brian Mcfarlin Title: President Phone: (984) 301-1311 Email: bmcfarlin@utilityinnovation.com 29. JB Electric And Solar LLC Trade Payable $2,330,265 325 Fifth Avenue, Suite 18 Indialantic, FL 3293 United States Attn: Josh Bessette Title: Chief Executive Officer Phone: (321) 735-4363 Email: josh.bessette@jandbsolar.com 30. Elevated Staffing Support, LLC Trade Payable $2,228,442 102 Commonwealth CT Cary, NC 27511 United States Attn: Don Beddiges Title: Managing Partner Phone: (704) 438-9898 Email: don@elevatedstaffingsupport.com PINSTRIPES INC: Wants Chapter 11 Converted to Chapter 7 ------------------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that Pinstripes Inc., an Illinois-based operator of bowling and dining venues, has requested that its Delaware Chapter 11 case be converted to a Chapter 7 liquidation, arguing that a trustee should now handle the final wind-down following its asset sale and the depletion of available cash. The company said its reorganization phase has run its course. According to its filing, Pinstripes has no further business operations and lacks funding to continue in Chapter 11. The proposed conversion, it said, will allow for an efficient wrap-up of the estate and distribution of remaining proceeds to creditors through the trustee process. About Pinstripes Inc. Pinstripes Inc. is a dining and entertainment company known for its venues featuring bowling, bocce, and food service. Pinstripes Inc. sough relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11678) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. PLATINUM BEAUTY: Court Extends Cash Collateral Access to Nov. 18 ---------------------------------------------------------------- Platinum Beauty Bar and Spa, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Macon Division, to use cash collateral. The third interim order authorized the Debtor to use cash collateral from October 27 until the final hearing scheduled for November 18 to pay operating expenses in accordance with its budget. As adequate protection, Citizens Bank will receive a replacement lien on the Debtor's post-petition property that is similar to its pre-bankruptcy collateral. The replacement lien does not apply to Chapter 5 avoidance proceeds and is automatically valid and perfected as of the petition date. In addition, the Debtor must make monthly payments of $13,461 as further protection, plus escrow payments of $1,885.43. About Platinum Beauty Bar and Spa LLC Platinum Beauty Bar and Spa, LLC is a full-service spa in Conyers, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-51222) on September 1, 2023. In the petition signed by Rebecca Davis, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Austin E. Carter oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. Citizens Bank, as lender, is represented by John A. Thomson, Jr., Esq., at Adams and Reese LLP. PROFESSIONAL HONDA: Seeks to Hire Francisco J Ramos as Counsel -------------------------------------------------------------- Professional Honda & Acura, Inc. seeks approval from the US Bankruptcy Court for the District of Puerto Rico to employ Francisco J Ramos & Asoc CSP as its counsel. Francisco J Ramos will assist the Debtor for general counseling services in connection with this bankruptcy petition. The firm will charge $200 per hour of service for Francisco J Ramos Gonzales, Esq., $100 per hour attorney advisor and $60 per hour for paralegal assistant, plus out-of-pocket expenses. A retainer of $5,000, plus $1,738 filing fee, has been paid prior to filing of the petition. Mr. Ramos Gonzales assures the court that his firm is "disinterested" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Francisco J Ramos Gonzales, Esq. FRANCISCO J. RAMOS & ASOCIADOS; C.S.P. PO BOX 191903 San Juan, PR 001919-1993 Phone: (787) 632-5454 About Professional Honda & Acura, Inc. Professional Honda & Acura, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04497) on October 3, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Francisco J. Ramos Gonzalez, Esq. at FRANCISCO J RAMOS & ASOCIADOS CSP, represents the Debtor as counsel. PROFESSIONAL HONDA: Taps Monge Robertin as Restructuring Advisor ---------------------------------------------------------------- Professional Honda & Acura, Inc. seeks approval from the US Bankruptcy Court for the District of Puerto Rico to employ Monge Robertin Advisors, LLC, as its insolvency and restructuring advisor. The firm will assist the Debtor in the preparation of a plan of reorganization; evaluate its financial condition; participate in negotiations for post-petition equity funding or financing; review claims of creditors; and provide other services in connection with its Chapter 11 case. Monge Robertin will be paid at these hourly rates: Jose M. Monge Robertin, CPA $275 Maria Pena, MST, CIRA $175 Systems Support Staff $85 Accounting Assistants $45 Jose Monge Robertin, a certified public accountant employed with MRA, disclosed in a court filing that the firm and its employees neither hold nor represent any interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Jose M. Monge Robertin, CPA Monge Robertin Advisors LLC 60 Georgetti St., Rio Piedras San Juan, PR Phone: (787) 745-0707 Email: cpamonge@cirapr.com About Professional Honda & Acura, Inc. Professional Honda & Acura, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04497) on October 3, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Francisco J. Ramos Gonzalez, Esq. at FRANCISCO J RAMOS & ASOCIADOS CSP,represents the Debtor as counsel. PROPEL TRUCKING: Gets OK to Hire John W. Stottman as Accountant --------------------------------------------------------------- Propel Trucking, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ John W. Stottman, Jr., CPA, PA as accountant. The firm will provide accounting services for the Debtor and serves as an expert witness at the confirmation hearing. The firm will charge $250 per hour for document and tax preparation, plus reimbursement for mileage and any out-of-pocket expenses. As disclosed in the court filings, the accountant does not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached through: John W. Stottman, Jr., CPA John W. Stottman, Jr., CPA, PA 2320 E 16th St Russellville, AR 72802 Phone: (479) 968-2992 About Propel Trucking, Inc. Propel Trucking, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Ark. Case No. 4:25-bk-13396) on October 2, 2025. The Debtor listed estimated assets of $0 to $50,000 and liabilities of $1,000,001 to $10 million. Judge Bianca M. Rucker oversees the case. Stanley V. Bond, Esq. represents the Debtors as counsel. RAZZOO'S INC: Chapter 11 Asset Auction Rescheduled for December --------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Razzoo's Inc., the Cajun restaurant chain, is targeting a late-December closing for its Chapter 11 asset sale after a Delaware bankruptcy judge approved its proposed bidding procedures on Tuesday, November 4, 2025. The company said the process is aimed at achieving the best outcome for creditors while sustaining day-to-day operations through the sale. The approved order sets a December bid deadline, followed by an auction later in the month if multiple offers are received. Razzoo’s entered Chapter 11 earlier this 2025, citing operational challenges and rising expenses that strained its financial position. About Razzoo's Inc. Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. and Razzoo's Holdings, Inc. filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, chief executive officer, signed the petitions. The case is jointly administered in Case No. 25-90522. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry LLP as counsel; Stout Capital, LLC as investment banker; and Stout Risius Ross, LLC as financial advisor. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. REBORN COFFEE: CFO Stephan Kim Resigns; CEO Jay Kim Assumes Role ---------------------------------------------------------------- Reborn Coffee, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 29, 2025, Stephan Kim provided the Company with his formal resignation as Chief Financial Officer of the Company, effective October 31, 2025. The resignation is not the result of any disagreement with the Company with respect to any matter relating to the Company's operations, policies or practices, including any matters related to the Company's accounting practices or financial reporting. Jay Kim, the Company's Chief Executive Officer, will assume the responsibilities of Chief Financial Officer effective upon Stephan Kim's departure and will serve as the Company's principal financial officer and principal accounting officer for purposes of the rules and regulations of the U.S. Securities and Exchange Commission in the interim period until a replacement can be found. About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, 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's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. As of June 30, 2025, the Company had $6.38 million in total assets against $8.28 billion in total liabilities, and $1.91 million in total stockholders' deficit. RELLIS CAMPUS DATA: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Rellis Campus Data and Research Center, LLC (Lead) 25-90666 833 Rellis Parkway Bryan, TX 77802 Optimus Datacenters, LLC 25-90667 Business Description: The Debtors are two non-operator entities owned by TenTech-3 Holdings, LLC, formed to develop and manage a data center on Texas A&M University's RELLIS Campus in Bryan, Texas. The RELLIS Campus, designed to foster innovation and technology for public and private sector applications, provides the setting for the planned facility along State Highway 21 on its northern side. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtors' Counsel: Christopher Adams, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, TX 77002 Tel: (713) 228-4100 Fax: (888) 865-2118 Email: info@okinadams.com Debtors' Restructuring & Financial Advisor: VERITAS RESTRUCTURING GROUP Rellis Campus' Estimated Assets: $10 million to $50 million Rellis Campus' Estimated Liabilities: $10 million to $50 million The petitions were signed by Sam Tenorio III as president and managing member. A list of Rellis Campus' 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of Rellis Campus' petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SRU4Z7Q/RELLIS_Campus_Data_and_Research__txsbke-25-90666__0001.0.pdf?mcid=tGE4TAMA RENGEN III CORP: Launches $4M Cashless Debenture Exchange --------------------------------------------------------- ReGen III Corp., a leading clean technology company specializing in the upcycling of used motor oil into high-value Group III base oils, is pleased to announce it has provided all holders of its Series 1 and 2 Convertible Debentures with a cashless exchange offer for new Convertible Debentures. Holders representing approximately 95% of the value of the Old Debentures have indicated their preference to participate in the Exchange Offer, including 100% of the Old Debentures held by insiders. A total of $4,025,000 in Old Debentures is available for exchange into New Debentures, subject to execution of formal settlement agreements, final board approval, and the approval of the TSX Venture Exchange. The key terms of the Exchange Offer are as follows: -- Each New Debenture will consist of $1,000 in principal amount of unsecured convertible debenture and 500 common share purchase warrants of the Company. Each Warrant will be exercisable to purchase one common share at a price of $0.35 for a period of 24 months after closing. The Warrants will replace the warrants which were originally issued with the Old Debentures, such that the Old Warrants will be cancelled. -- The New Debentures will have a term of 24 months and will accrue interest at a rate of 12% per annum, payable in arrears on a semi-annual basis, and on the maturity date. After 12 months, the Company may elect to pay outstanding interest in common shares at a price per share equal to the greater of: (i) the volume weighted average price of the common shares on the Exchange for the 5 trading days prior to the date which is 5 trading days before the date such interest is due; and (ii) the Market Price as determined by the policies of the Exchange. -- The New Debentures will be convertible at the option of the holder into common shares at a price of $0.25 per common share. After 4 months, the Company may redeem the outstanding principal amount, in whole or in part, by payment equal to 115% of the Redeemed Principal in cash, together with payment of any accrued but unpaid interest on the Redeemed Principal in cash or Interest Shares or any combination thereof. -- All accrued but unpaid interest on the holder's Old Debentures will be paid in cash 15 days after Closing. -- The New Debentures and Warrants will be subject to a 4-month hold period under applicable securities legislation and applicable Exchange policies. CEO Commentary: "With holders representing approximately 95% of the Old Debentures indicating their preference to participate, including 100% of the Old Debentures held by insiders, this Exchange Offer is a critical part of our financing strategy and positions us well to advance key agreements with offtake parties and strategic partners," said Tony Weatherill, CEO and President of ReGen III. The New Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any State securities laws, and, accordingly, may not be offered or sold, directly or indirectly, to a U.S. Person except pursuant to an effective registration statement under the U.S. Securities Act (or pursuant to an available exemption from or in a transaction not subject to the registration requirements of the U.S. Securities Act) and in accordance with applicable State securities laws. The Issuer currently has no present intention to and is not obligated to register the New Debentures, and, as a result, this U.S. hold period may be indefinite subject to resale in accordance with Regulation S or other available exemption. About ReGen III ReGen III Corp. is driving a new era in high performance, sustainable lubricants. Harnessing its patented ReGen(TM) technology, the Company is commercializing an advanced process to transform used motor oil into premium Group II and III base oils. These high-quality base oils are essential to high performance engines, turbines, and industrial applications-and ReGen III's process is designed to deliver up to 82% lower CO e emissions than virgin crude derived oils combusted at end of life. By turning waste into high-value products, ReGen III is leading the movement toward circular, domestically produced Group III base oils. RENOVO HOME: Seeks Chapter 7 Bankruptcy with Over $100MM Debt ------------------------------------------------------------- Alex Wittenberg of Law360 reports that Renovo Home Partners, a home renovation platform backed by private equity firm Audax Group, has filed for Chapter 7 liquidation in Delaware bankruptcy court, citing up to $500 million in debt across nearly 20 affiliates. The filing marks the collapse of a once fast-growing consolidator in the home improvement industry. The Dallas-based company listed both assets and liabilities between $100 million and $500 million, according to its petition. Unlike Chapter 11 proceedings, the Chapter 7 case signals an intent to cease operations and liquidate assets to repay creditors, the report relays. Launched in 2021, Renovo acquired and integrated multiple regional remodeling companies in an effort to build a national presence. But the business struggled under debt burdens, rising costs, and slowing housing demand, ultimately leading to its downfall, the report states. About Renovo Home Partners Renovo Home Partners is a home renovation platform supported by private equity company Audax Grou. Renovo Home sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11937) on November 3, 2025. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Matthew B. Harvey, Esq. of Morris Nichols Arsht & Tunnell, LLP. REYNA HOSPITALITY: Court Extends Cash Collateral Access to Jan. 24 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York issued a second interim order granting Reyna Hospitality Group Inc. approval to use the cash collateral of its secured creditors. The court authorized the Debtor to use cash collateral through January 24, 2026, in accordance with its budget, subject to a 10% variance. Use beyond this period requires further court approval at the final hearing. The Debtor previously entered agreements with several merchant cash advance lenders (MCAs) which filed UCC-1 financing statements. However, the Debtor disputes the validity or perfection of the MCAs' liens. Additionally, the State of New York holds tax warrants against the Debtor for unpaid taxes. As protection, these creditors will be granted replacement liens on the Debtor's property, proceeds, and future assets. These replacement liens will have the same priority and extent as the secured creditors pre-bankruptcy liens, subject only to the carveout for U.S. Trustee fees and potential Chapter 7 trustee commissions. The replacement liens are deemed automatically perfected without additional filings and will not attach to proceeds from avoidance actions. The MCAs and New York State may assert superpriority claims under Section 507(b) if their interests diminish. The Debtor's authority to use cash collateral terminates immediately if any of the following occurs: conversion or dismissal of the bankruptcy case, confirmation of a Chapter 11 plan, uncured default, unauthorized modification of the order, or cessation of business operations. A final hearing is scheduled for January 15, 2026. Objections are due by January 8, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/S2gf6 from PacerMonitor.com. About Reyna Hospitality Group Inc. Reyna Hospitality Group, Inc. operates a restaurant in New York City under the name Reyna New York. Reyna Hospitality Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12020) on September 16, 2025, listing up to $1 million in both assets and liabilities. Samuel Dawidowicz serves as Subchapter V trustee. Judge Lisa G. Beckerman oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP, represents the Debtor as legal counsel. S & W SALES: Court Extends Cash Collateral Access to Nov. 19 ------------------------------------------------------------ S & W Sales and Service, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Georgia to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through November 19 based on its updated budget. The projected budget covers the period from October to December. It shows total operational expenses of $146,971.73 for October; $164,695.73 for November and $164,695.73 for December. The interim use of cash collateral is subject to the terms of the initial cash collateral order issued by the court on Jan. 16. The next hearing is scheduled for November 19. S & W's cash collateral consists of revenues from the operation of its business. The Debtor owns and operates a construction company specializing in government contracting for concrete services. The creditors that may claim an interest in the Debtor's cash collateral are Five Star Credit Union, Marlin Business Bank, U.S. Small Business Administration, Newtek Small Business Finance, LLC, American Contractors Indemnity Co., ASSN Co., CT Corporation Service as representative, CHTD Company, and Lexington National Insurance Corporation. About S & W Sales and Service S & W Sales and Service, LLC is a limited liability company in Fort Valley, Ga. S & W Sales and Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 24-51814) on December 2, 2024, with assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Waldo Moody, a managing member of S & W Sales, signed the petition. Judge Robert M. Matson handles the case. Wesley J. Boyer, Esq., at Boyer Terry, LLC is the Debtor's legal counsel. Five Star Credit Union, as secured creditor, is represented by: Doroteya N. Wozniak, Esq. James Bates Brannan Groover, LLP 2827 Peachtree Rd, NE, Suite 300 Atlanta, GA 30305 Telephone: (404) 997-6031 Facsimile: (404) 997-6021 dwozniak@jamesbatesllp.com Newtek Small Business Finance, as secured creditor, is represented by: Michael R. Wing, Esq. Robinson Franzman, LLP 191 Peachtree Street NE, Suite 2600 Atlanta, GA 30303 Telephone: (404) 255-2503 michael@rfllplaw.com Lexington National Insurance Corp., as secured creditor, is represented by: John G. Brookhuis, Esq. McMichael Taylor Gray, LLC 3550 Engineering Drive, Suite 260 Peachtree Corners, GA 30092 Telephone: 404-474-7149 Facsimile: 404-745-8121 jbrookhuis@mtglaw.com SAPPHIRE AVIATION II: Fitch Hikes Rating on Class C Notes to 'BBsf' ------------------------------------------------------------------- Fitch Ratings has upgraded the ratings for Sapphire Aviation Finance II Limited's (Sapphire II) Series A and C notes and following their upgrades, were assigned Stable Outlooks. Fitch has also affirmed the rating on the Series B notes and revised the Rating Outlook to Positive from Stable. The ratings reflect current transaction performance, Fitch's cash flow projections, and the agency's expectation that the structure will withstand rating case assumptions under Fitch's criteria and cash flow modeling. Lease terms, lessee credit quality and performance, updated aircraft values, and Fitch's assumptions used within the asset model inform Fitch's modeled cash flows and coverage levels in its transaction structure analysis. Entity/Debt Rating Prior ----------- ------ ----- Sapphire Aviation Finance II Limited A 80307AAA7 LT Asf Upgrade A-sf B 80307AAB5 LT BBBsf Affirmed BBBsf C 80307AAC3 LT BBsf Upgrade Bsf KEY RATING DRIVERS Asset Values: The Fitch Value for the pool was approximately $351 million as of the October 2025 payment date. Fitch used the most recent appraisals as of October 2025 and applied depreciation and market value decline assumptions in accordance with its criteria. Fitch Values are generally derived from base values unless the remaining leasable life is less than three years, in which case a market value is used. Fitch then uses the lesser of the mean and median of the given value. Using the Fitch Value, LTVs for series A, B and C notes reached 68%, 80%, and 92%, respectively. Tiered Collateral Quality: The aircraft in the transaction are characterized as mid-life (weighted average [WA] age of 12.3 years). The WA tier for the collateral pool is 1.4. Fitch utilizes three tiers when assessing the desirability and liquidity of aircraft collateral: tier one which is most liquid, and tier three which is least liquid. Additional details regarding Fitch's tiering methodology can be found here. Pool Concentration: The underlying collateral is comprised of 17 aircraft and two engines on lease to 16 lessees as of the October 2025 payment date. As the pool ages, remaining aircraft are assumed to be sold at the end of their leasable lives, or earlier if indicated by the servicer, resulting in higher pool concentrations. Fitch stresses cash flows based on the effective aircraft count, given the increased riskiness of the cashflows, particularly maintenance cashflows for a smaller pool. The effective count for Sapphire II was 16.2 as of the October 2025 payment date. Lessee Credit Risk: Fitch considers the credit risk posed by the pool of lessees to be moderate to high. The WA assumed lessee rating for the pool is 'CCC+', a marginal improvement from 'CCC' in the prior review. The transaction remains exposed to moderate arrears balances, which will take time to cure. The lessee credit risk has particular importance in Sapphire II, as the leases underlying the transaction include end-of-lease (EOL) payers. Fitch received projected EOL payments and applied a haircut based on lessee credit quality and forecasted payment time horizon. Operation and Servicing Risk: Fitch has found Avolon Aerospace Leasing Limited, a wholly owned indirect subsidiary of Avolon Holdings Limited (BBB/Stable) to be an acceptable servicer based on its experience as a lessor, overall servicing capabilities and historical ABS performance to date. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The aircraft ABS sector has a rating cap of 'Asf'. All subordinate tranches carry ratings lower than the senior tranche. - An increase in delinquencies, lower lease rates, or sales of aircraft below Fitch's projections could lead to a downgrade. - Fitch conduct sensitivities in which lessee rating of 'CCC' was assumed for all future lessees. This sensitivity resulted in no changes to the current ratings. - Fitch also conducted sensitivities in which the lower of mean and median of two lowest appraised values were assumed in deriving the Fitch Value. This sensitivity resulted in no changes to the current ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Contractual lease rates outperforming modeled cash flows or material improvement in lessee credit quality could lead to an upgrade. Similarly, assets in the pool displaying higher values and stronger rent generation than Fitch's stressed scenarios could also lead to an upgrade. - Fitch conducted a sensitivity scenario assuming disposition of certain assets and the related sale proceeds being realized prior to the end of their leasable lives. Under this scenario, the ratings of the subordinate classes could see rating upgrades. - Fitch considers jurisdictional concentrations per the "Structured Finance and Covered Bonds Country Risk Rating Criteria," which could result in rating caps lower than 'Asf'. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SASH GROUP: Gets Interim OK to Use Cash Collateral Until Dec. 2 --------------------------------------------------------------- Sash Group, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of California, San Diego, to use cash collateral. The court authorized the Debtor to use cash collateral only for expenses listed in the budget covering the period through December 2. Specifically, the court explicitly excluded authorization for payment of professional fees or expenses during this interim period, which requires a separate order. The Debtor may use proceeds from inventory sales in the U.S. and Canada but must promptly reimburse MFD for contract costs and related charges and share purchase orders for verification. The debtor is permitted to exceed individual budget line items by up to 15%, provided it does not spend outside the approved expense categories. As protection for the use of their cash collateral, secured creditors including Manufactured Networks, Inc. and the U.S. Small Business Administration were granted replacement liens. In addition, Manufactured Networks and SBA will receive monthly payments of $2,500 and $731, respectively, by November 15. The next hearing is scheduled for November 24. Manufactured Networks is represented by: Steven N. Kurtz, Esq. J. Alexandra Rhim, Esq. Levinson Arshonsky Kurtz & Komsky, LLP 15303 Ventura Blvd., Suite 1650 Sherman Oaks, CA 91403 Telephone: (818) 382-3434 Facsimile: (818) 382-3433 arhim@lakklawyers.com About Sash Group Inc. Sash Group Inc. is the San Diego-based company behind 'The Sash Bag' brand of crossbody handbags and accessories. Sash Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01150) on March 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 milliion and $10 million each. The Debtor is represented by: Matthew D. Resnik Rhm Law LLP Tel: 818-285-0100 Email: matt@rhmfirm.com SEAMLESS QUALITY: Seeks to Hire Mickler & Mickler LLP as Attorney ----------------------------------------------------------------- Seamless Quality Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire the Law Offices of Mickler & Mickler, LLP as its attorney. The firm will provide general representation to the Debtor in the bankruptcy case and perform all legal services necessary. The firm's compensation will range from $300 to $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About Seamless Quality Solutions LLC Seamless Quality Solutions, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03853) on October 23, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. SHANE BARNES: Gets Final OK to Use Cash Collateral -------------------------------------------------- Shane Barnes Construction, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral only for ordinary business expenses consistent with the approved budget, subject to a 10% variance per line item. The Debtor projects total operational expenses of $48,425. The Debtor was ordered to deposit and track all cash collateral in its debtor-in-possession account at Regions Bank and separately identify non-collateral funds in monthly operating reports. It must also reserve $900 monthly for future Subchapter V trustee compensation. As adequate protection for the Debtor's use of their cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on their collateral, with the same validity and priority as their pre-bankruptcy liens. These replacement liens are subordinate to the fee carveout. The final order is available at https://is.gd/ydSMhb from PacerMonitor.com. Shane Barnes, a construction company based in Florence, Alabama, has operated since 2009, specializing in concrete and brick work. The Debtor is attempting to reorganize under Chapter 11 to stabilize its finances and meet obligations under a future confirmed plan. The Debtor obtained a loan from SBA on September 10, 2020, with an outstanding balance of approximately $100,000. SBA has a secured interest in the Debtor's assets, including accounts receivable and deposit accounts, based on a UCC-1 financing statement. Other creditors have also filed UCC-1 statements, including Secured Lender Solutions, LLC, on behalf of First Citizens Bank, though the Debtor believes that debt has been satisfied. SBA's lien has priority over all others with respect to the cash collateral. About Shane Barnes Construction Shane Barnes Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81865) on September 11, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Clifton R. Jessup Jr. presides over the case. Angela Stewart Ary, Esq., at Heard, Ary & Dauro, LLC represents the Debtor as legal counsel. SHORT FORK: Withdraws Motion to Sell Hernando Property ------------------------------------------------------ Short Fork Farms LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Mississippi to withdraw motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors intends to sell the 650+/- acres located at 3461 Johnston Road, Hernando, Mississippi, including an equipment shed, farm shop and two 15,000 bushel grain bins. The Debtor's decision to liquidate the Property is in the best interest of all creditors and parties. The purchasers of the Property are Jason and Mitchell Scruggs or their assignee, with the purchase price of $2,250,000, in an "as is - where is" basis. The Court has authorized the Debtor to withdraw the motion. About Short Fork Farms Short Fork Farms, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 23-13661) on Nov. 30, 2023. In the petition signed by Guy Hendrix, member the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Jason D Woodard presides over the case. Craig M. Geno, Esq., at Law Offices of Craig M. Geno, PLLC, is the Debtor's legal counsel. SMARTSCIENCE LABORATORIES: Amy Mayer Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for SmartScience Laboratories, Inc. Ms. Mayer 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. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About SmartScience Laboratories Inc. SmartScience Laboratories, Inc. develops and manufactures over-the-counter drugs, medical devices, and private-label health products from its FDA-registered, cGMP-compliant facility in Tampa, Florida. It provides contract formulation, packaging, and production services for healthcare and personal care clients. Founded in 1998, SmartScience Laboratories focuses on delivering customized product solutions under branded and private-label programs. SmartScience Laboratories sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08072) on October 29, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Catherine Peek Mcewen presides over the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. SMITH'S BARBECUE: Hires A. Harvey Tackett Jr. PA as Accountant -------------------------------------------------------------- Smith's Barbecue and Cajun Cuisine, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ A. Harvey Tackett, Jr. PA as accountant. The firm will render these services: a. advise and consult with the debtor-in-possession regarding questions in general accounting, bookkeeping and payroll preparation; b. prepare corporate tax returns and any special accounting preparation necessary for same; and c. perform such other accounting services on behalf of debtor as they become necessary in this proceeding. A. Harvey Tackett, Jr. PA does not represent any interest adverse to the Debtor or its estate and matters upon which it is to be engaged. The firm can be reached through: A. Harvey Tackett, Jr. CPA A. Harvey Tackett, Jr. PA 1417 Trailwood Dr # G2, Greenville, MS 38701 Phone: (662) 332-6371 About Smith's Barbecue and Cajun Cuisine Smith's Barbecue and Cajun Cuisine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13340) on Oct. 5, 2025, disclosing under $1 million in both assets and liabilities. Judge Selene D. Maddox oversees the case. The Debtor is represented by Susan C. Smith Law Firm. SOUTHERN CHICKEN-WOODSTOCK: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------------------ On November 3, 2025, Southern Chicken-Woodstock LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Southern Chicken-Woodstock LLC Southern Chicken-Woodstock LLC is identified as a single-asset real estate entity under 11 U.S.C. Section 101(51B), indicating its primary business centers on owning and operating a single income-generating property. Southern Chicken-Woodstock LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62780) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between Honorable Bankruptcy Judge Paul W. Bonapfel handles the case. The Debtor is represented by Leslie Pineyro, Esq. of JONES & WALDEN LLC. SPIRIT AVIATION: Marc Heimowitz's Appointment as Examiner OK'd -------------------------------------------------------------- Judge Sean Lane of the U.S. Bankruptcy Court for the Southern District of New York approved the appointment of Marc Heimowitz of Coda Advisory Group, LLC as examiner for Spirit Aviation Holdings, Inc. and affiliates. Mr. Heimowitz was appointed on October 28 by the U.S. Trustee for Region 2, the Justice Department's bankruptcy watchdog overseeing the companies' Chapter 11 cases. The U.S. Trustee's counsel has consulted the respective attorneys for the companies and the official committee of unsecured creditors before appointing the examiner. Mr. Heimowitz disclosed in a court filing that he is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The examiner is represented by: Andrew K. Glenn, Esq. Kurt A. Mayr, Esq. Trevor J. Welch, Esq. Richard C. Ramirez, Esq. Malak S. Doss, Esq. Glenn Agre Bergman & Fuentes, LLP 1185 Avenue of the Americas, 22nd Floor New York, NY 10036 Telephone: (212) 970-1600 aglenn@glennagre.com kmayr@glennagre.com twelch@glennagre.com rramirez@glennagre.com mdoss@glennagre.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 $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the 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. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. ST. AUGUSTINE FOOT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, granted St. Augustine Foot and Ankle, Inc. interim approval to use cash collateral. The interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget (subject to a 10% variance per line item); court-approved payments including U.S. Trustee quarterly fees; and any additional amounts approved in writing by the U.S. Small Business Administration, a secured creditor. The SBA will be granted, as adequate protection, a replacement lien on post-petition cash collateral equal in extent and priority to its pre-bankruptcy lien without the need for additional filings. As additional protection, St. Augustine Foot and Ankle must maintain insurance coverage and allow the secured creditor access to business records and premises for inspection upon notice. The order is without prejudice to the rights of any party to seek modifications of adequate protection, challenge liens, or assert other remedies, including actions by any future creditors' committee that may be appointed by the U.S. Trustee. Additionally, the court authorized the Debtor's banks to continue operating under existing deposit and cash management agreements. Banks may process pre-bankruptcy checks and transactions in the ordinary course, rely on the Debtor's representations about payments, and continue charging normal account maintenance fees. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/GGlH7 from PacerMonitor.com. About St. Augustine Foot & Ankle Inc. Based in St. Augustine, Fla., St. Augustine Foot & Ankle Inc. is a multispecialty clinic offering podiatry, dermatology, vein procedures, physical therapy, and neuropathy treatment, including care for common foot conditions and wounds. The clinic is led by board-certified podiatric surgeon Dr. Thomas A. LeBeau and provides both conservative and minimally invasive outpatient treatments. St. Augustine Foot & Ankle filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03696) on October 14, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. STRATHCONA RESOURCES: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------------------ Moody's Ratings changed Strathcona Resources Ltd.'s (Strathcona) outlook to stable from positive. At the same time, Moody's affirmed Strathcona's B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured notes rating. The speculative grade liquidity rating (SGL) is SGL-3. The change in outlook to stable reflects Moody's views that developments supportive of upward ratings momentum will take a more extended time to materialize. The organic growth trajectory beyond 2027 is dependent on supportive prices to fund growth capital and the company's base dividend is large relative to its scale. In the current price environment, Moody's expects Strathcona to generate sustained negative free cash flow and remain dependent on its revolving credit facility. RATINGS RATIONALE Strathcona's B1 CFR is supported by: 1) organic production growth momentum that will support improving metrics over time; 2) sizeable, long-lived proved developed reserves base; and 3) low sustaining capital requirements. Ratings constraints include: 1) geographic concentration in Western Canada, exposing the company to regional prices and regulatory developments; 2) sustained negative free cash flow at Moody's medium term prices; and 3) a track record of an aggressive financial policy, including a sizeable base dividend and tight liquidity management. Strathcona has adequate liquidity (SGL-3). Pro-forma for the special distribution in Q4-25, Moody's estimates that sources of liquidity will consist of minimal cash and around C$1.8 billion in availability under the C$3 billion revolver expiring March 2028. Uses of liquidity in 2026 total close to C$950 million, consisting of Moody's forecasts for negative free cash flow of around C$260 million and the C$690 million notes due August 2026 (Moody's expects Strathcona to refinance its notes in the near term). Moody's expects Strathcona to remain in compliance with its three financial covenants. Alternate liquidity is somewhat limited, as all assets are pledged to the first lien credit facilities. Strathcona's unsecured notes are rated B3, two notches below the company's B1 CFR, reflecting the priority ranking of the company's sizeable C$3 billion first lien revolver expiring March 2028. The stable outlook reflects Moody's expectations that Strathcona will gradually grow production and improve credit metrics while maintaining adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Strathcona maintains good liquidity while demonstrating successful execution and the ability to grow production organically at competitive costs while maintaining positive free cash flow and RCF/debt above 40% and LFCR above 1.5x. The ratings could be downgraded if RCF/debt is below 20%, if the LFCR is below 1x, or if Strathcona generates sustained negative free cash flow or the company's liquidity profile deteriorates. Strathcona Resources Ltd. is an oil and gas producer headquartered in Calgary with heavy oil production across assets in Alberta and Saskatchewan. Strathcona is a publicly traded company majority owned by private equity firm Waterous Energy Fund. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. STRUCTURLAM MASS: Court Narrows Claims in Adversary Case v Walmart ------------------------------------------------------------------ Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware granted Walmart, Inc.'s motion to dismiss in part the adversary proceeding captioned as HEATHER L. BARLOW, AS LIQUIDATING TRUSTEE OF THE STRUCTURLAM LIQUIDATING TRUST, Plaintiff, v. WALMART, INC., Defendant, Adv. Proc. No. 25-50541-CTG (Bankr. D. Del.). Structurlam manufactured a mass timber product -- a type of engineered wood that is strong enough to replace steel or concrete in building structures. The company had entered into a contract to supply its product to Walmart, which Walmart intended to use in building its new home office campus in Conway, Arkansas. A dispute between Structurlam and Walmart over the parties' performance under that contract ultimately led to the debtors filing these bankruptcy cases in April 2023. During the bankruptcy case, the debtors sold substantially all of their assets and in December 2023 confirmed a plan of liquidation under which plaintiff Heather Barlow became the trustee of the post-confirmation liquidation trust. The trust filed this adversary proceeding as an objection to the proofs of claim that Walmart filed in the bankruptcy case (which assert claims of more than $80 million) and seeking affirmative recovery against Walmart on breach of contract and various equitable theories. While strenuously denying that it breached the contract, Walmart acknowledges that the complaint states a claim for breach. It therefore moves to dismiss the complaint only in part, arguing: (a) that the contractual disclaimer of consequential damages precludes the trust from seeking to recover the costs associated with the bankruptcy case; and (b) that because the parties have a contractual agreement, the equitable theories of conversion, unjust enrichment, and in quantum meruit are not available to recover on a claim that is governed by the terms of the contract. On the merits, the Court agrees with Walmart that the contractual disclaimer of consequential damages applies and is properly enforceable. The breach of contract claims are thus dismissed to the extent they seek to recover, as damages, the costs associated with the bankruptcy case or other "consequential" damages. The liquidating trust seeks to recover multiple categories of consequential damages through the complaint. Specifically, it seeks to recover: (1) the costs and expenses Structurlam incurred due to being forced into bankruptcy by Walmart; and (2) compensation for the loss in enterprise value resulting from the cessation of Debtors' business operations. Both of these types of damages are consequential damages. Judge Goldblatt explains, "First, the 'costs and expenses' of bankruptcy were incurred as a consequence of Walmart's alleged breach of the contract. Second, the 'loss in enterprise value' sought to be recovered is stated in the complaint to be 'resulting from the cessation of the Debtor's business operations,' not directly from Walmart's alleged breach. Because (a) the contract expressly disclaims the recovery of consequential damages, (b) that provision does not cause the agreement to fail of its essential purpose, and (c) there is no allegation of an inconsistent 'tacit agreement' to permit such damages, the trust's request to recover these damages will be dismissed." The Court finds Walmart is similarly correct that the existence of the contract precludes the trust from recovering contract damages on any of the various equitable theories asserted. At argument, the trust acknowledged that contract damages were not available on those theories but raised the possibility that the debtors may have had some other claim for equitable relief against Walmart. That may be right as a matter of theory, but the Court does not read the existing complaint to seek anything other than the same damages that are sought in the breach of contract claim. The existing claims for equitable relief will therefore be dismissed, the Court holds. A copy of the Court's Memorandum Opinion dated October 30, 2025, is available at https://urlcurt.com/u?l=dUpZA6 from PacerMonitor.com. About Structurlam Mass Timber U.S. Structurlam Mass Timber U.S., Inc. -- http://structurlam.com/-- is a North American provider of mass timber solutions for construction and industrial markets in Canada and the U.S. Established in 1962, Structurlam is based in Penticton, British Columbia and has mass timber production facilities in Canada and the U.S. After reaching a deal with Mercer International Inc. to sell assets in British Columbia and Arkansas for US$60 million, Structurlam and certain of its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-10497) on April 21, 2023. The Debtors also have sought recognition of the Chapter 11 proceedings in the Supreme Court of British Columbia. Structurlam Mass Timber estimated assets and debt of $100 million to $500 million as of the bankruptcy filing. Judge Craig T. Goldblatt oversees the Debtors' Chapter 11 cases. The Debtors tapped Chipman Brown Cicero & Cole, LLP and Potter Anderson Corroon, LLP as bankruptcy counsels; Paul Hastings, LLP as special counsel; Gowling WLG as Canadian counsel; Alvarez & Marsal Canada, Inc. as financial advisor; and Stifel, Nicolaus & Company, Incorporated and Miller Buckfire & Co., LLC as investment bankers. Kurtzman Carson Consultants, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases. The committee hired Buchalter, P.C. and Morris, Nichols, Arsht & Tunnell, LLP as bankruptcy counsels; Goodmans, LLP as Canadian counsel; and Dundon Advisers, LLC as financial advisor. SUNNY EXPRESS: Retains Law Offices of Wenarsky as Special Counsel ----------------------------------------------------------------- Sunny Express, LLC filed an application with the U.S. Bankruptcy Court for the District of New Jersey seeking approval to retain Jenee K. Ciccarelli of the Law Offices of Wenarsky & Goldstein, LLC as Special Counsel in its Chapter 11 case. According to the filing, Ms. Ciccarelli will represent the Debtor and Debtor-in-Possession in connection with specific matters requiring her specialized legal expertise. Her services will include: (a) advising and assisting the Debtor regarding the prosecution of its Chapter 11 proceedings; (b) preparing and filing necessary applications, pleadings, and other legal documents with the Court; (c) representing the Debtor in hearings, negotiations, and other matters related to the administration of the case; and (d) performing such other legal services as may be necessary and proper in connection with the Chapter 11 proceedings. Ms. Ciccarelli's proposed hourly rate is $450. Additional hourly rates are $225 for law clerks and $195 for paralegals and legal assistants. The Law Offices of Wenarsky & Goldstein, LLC has received an initial retainer of $40,000, which includes filing fees for related cases. According to court documents, Ms. Ciccarelli and her firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jenee K. Ciccarelli, Esq. LAW OFFICES OF WENARSKY & GOLDSTEIN, LLC 410 Route 10 West, Ste 214 Ledgewood, NJ 07852 Telephone: (973) 927-5100 Facsimile: (973) 927-5252 E-mail: jenee@wg-attorneys.com About Sunny Express LLC Sunny Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20183) on September 29, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark Edward Hall presides over the case. Jenee K. Ciccarelli, Esq. at Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. TAYLOR MORRISON: S&P Rates New $525MM Senior Unsecured Notes 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Taylor Morrison Communities Inc.'s (BB+/Positive/--) proposed $525 million senior unsecured notes due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. Taylor Morrison intends to use the proceeds to refinance its existing $500 million 5.8755% senior unsecured notes due June 2027 and its outstanding $27 million 6.625% senior unsecured notes due July 2027. The proposed notes will be senior unsecured obligations considered pari passu to its other debt obligations. S&P views the refinancing as positive because it is effectively neutral to its debt to EBITDA calculation and extends the company's nearest maturity to March 2027, when its $1.0 billion revolving credit facility comes due. S&P said, "Our 'BB+' issuer credit rating and positive outlook remain unchanged. Our positive outlook continues to reflect our belief that we could upgrade Taylor Morrison to investment grade, as we expect the company to maintain strong liquidity and prioritize its balance sheet strength by prudently managing upcoming debt maturities and other liabilities, efficiently investing in organic growth across its platforms, and returning capital to shareholders." This should keep its S&P Global Ratings-adjusted debt to EBITDA at approximately 1.5x in fiscal 2025 absent any further unforeseen declines in the market or recession risk. TEAM VETCOR: Michael Markham Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Team VetCor, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Team VetCor LLC Team VetCor, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07692) on October 17, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Jake C. Blanchard, Esq. at Blanchard Law, P.A. represents the Debtor as legal counsel. TENET HEALTHCARE: S&P Rates Proposed Senior Secured Debt 'BB' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '2' recovery rating to Tenet Healthcare Corp.'s proposed senior secured debt and 'B' rating to its proposed senior unsecured debt. The '2' recovery rating on the senior secured debt indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. The '6' recovery rating on the senior unsecured debt indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. S&P expects the company will use the proceeds to refinance its $1.5 billion senior secured second lien notes due February 2027, and a portion of its senior notes due October 2028. S&P said, "All our other ratings on Tenet are unchanged. We consider its improved credit profile and strategic investments that have positioned it well for further success. The company has been on a multiyear process to expand its higher margin-ambulatory surgery center (ASC) business while downsizing its acute-care hospital portfolio through an extensive rationalization process. Its strategy also includes allocating more capital to higher-acuity services. The ASC business now generates about 24% of Tenet's total consolidated revenue, but a higher percentage of profitability. Given this strategy, coupled with relatively good industry conditions, the company has increased margins and lowered leverage. Leverage decreased to 3.2x as of Sept. 30, 2025, from 3.6x as of Dec. 31, 2024." TENNECO LLC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings affirmed Tenneco LLC's (Tenneco) B2 corporate family rating, B2-PD probability of default rating, B1 senior secured notes rating and B1 backed senior secured bank credit facilities ratings. The outlook was changed to negative from stable. The rating affirmations reflect that despite an uneven quarter-to-quarter performance over the last eighteen months, key metrics have been relatively stable but at weak levels. Margins and free cash flow continue to be constrained by ongoing restructuring initiatives in anticipation that the targeted cost savings from these actions will be realized in the near-to-intermediate term. Liquidity is expected to remain sufficient, helping to offset some of the delay in demonstrating more meaningful improvement in reported financial results. The negative outlook reflects Moody's concerns that progress in improving credit metrics could continue to be limited due to persistent macroeconomic worries, tariff implications and uncertainty around global light vehicle production volumes. Key credit metrics have been largely stagnant with debt-to-EBITDA remaining high at around 7x and EBITDA-to-interest below 1.5x. Additionally, the EBIT margin had been around 2% until a modest uptick in Q2 2025. Given the weak credit metrics, Tenneco has limited ability to absorb disruptions if improved operating results are not realized. RATINGS RATIONALE Tenneco has good scale, diverse end markets and geographic presence as well as a broad product and customer base. The company has strong market positions to capitalize on key automotive industry trends, including vehicle safety and handling and emissions regulations. Slower electrification adoption, especially within the off-highway and commercial truck markets, presents growth opportunities. The higher margin DriV business (aftermarket repair parts) provides a stable offset to volatility in light vehicle production as it benefits from a large and aging global used car parc. Over one-third of revenue is vulnerable to the transition to alternative propulsion, which will likely require strategic actions over time to bridge the gap. Favorably, Tenneco is improving penetration and comparable content per vehicle on hybrid electric vehicles. Roughly three years into an aggressive cost-reduction plan, realization of savings has been protracted and pro forma adjustments to reported earnings remain sizable. Accordingly, Moody's adjusted margins are modest and free cash flow significantly negative. Moody's expects these adjustments to significantly reduce beginning Q3 2025 and to a minimal level in 2026. Moody's expects Tenneco to maintain adequate liquidity supported by cash of around $500 million (cash was approximately $815 milion at June 30, 2025) and significant availability under the unrated $1.175 billion revolving tranche of the asset-based lending facility (ABL) set to expire in 2028. ABL availability was nearly $640 million at June 30, 2025 after considering minimum liquidity requirements. Though sharply negative for the twelve months ended June 30, 2025, Moody's continues to expect the company to make meaningful progress toward generating positive and sustainable free cash flow. Tenneco utilizes accounts receivable factoring/securitization facilities as a source of financing (included in Moody's adjusted debt calculations). The company also modestly utilizes a supplier financing program that allows it to make payments beyond typical supplier terms. If unable to maintain and extend these programs, additional borrowings under the ABL would be required to meet liquidity needs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with an EBIT margin approaching 4%, debt-to-EBITDA trending toward 4.5x and positive and increasing free cash flow that enables debt repayment. EBITDA-to-interest exceeding 5x and strengthening liquidity could also result in positive rating action. The ratings could be downgraded due to the inability to improve margins, a lack of progress toward generating positive free cash flow, debt-to-EBITDA remaining above 5.5x and EBITDA-to-interest remaining below 2x. Deteriorating liquidity could also pressure ratings. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Tenneco LLC is a global automotive supplier of clean air, powertrain, performance solutions and brand name aftermarket products for automotive original equipment manufacturers (OEM) and automotive repair and replacement parts customers. Value-add revenue (net of substrate sales within the Clean Air segment that are passed through to the customer at cost) for the twelve months ended June 30, 2025 was approximately $13.4 billion versus nearly $16 billion of reported revenue. TOMATLAN INC: Court Extends Cash Collateral Access to Dec. 12 ------------------------------------------------------------- Tomatlan, Inc. received another extension from the U.S. Bankruptcy Court for the Western District of New York to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through December 12 in accordance with its budget under the same terms and conditions set forth in its cash collateral motion. The court determined that the secured creditors' interests are adequately protected, and their rights remain unaffected by this interim use. The next hearing is scheduled for December 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7pzhO from PacerMonitor.com. According to its bankruptcy schedules, the Debtor holds approximately $55,000 in assets, which are encumbered by various secured claims. KeyBank, N.A. holds a first priority blanket lien based on a line of credit initiated in 2018, with approximately $75,000 currently outstanding. A second lien is held by the U.S. Small Business Administration for around $470,000, related to a COVID-19 disaster recovery loan. In addition to these, the Debtor has financing arrangements with several merchant cash advance lenders including Ready Capital, Can Capital, Rapid Finance, Network Rewards, LG Funding LLC, Highland Hill Capital LLC, and MNY Capital LLC whose collective claims total over $350,000. These lenders have perfected Uniform Commercial Code security interests on various dates between 2018 and 2024, with lien expirations ranging into 2029. About Tomatlan Inc. Tomatlan, Inc. operates Rio Tomatlan, a Mexican restaurant in Canandaigua, New York. The Company specializes in Pacific Coast Mexican cuisine made from scratch using locally sourced, seasonal ingredients. It also offers catering services and private event hosting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20547) on July 22, 2025. In the petition signed by Juan R. Guevara, as president and sole shareholder, the Debtor disclosed $54,732 in total assets and $1,101,411 in total liabilities. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., represents the Debtor as legal counsel. TRIPLETT FUNERAL: To Sell Funeral Properties to J. Otto Funeral --------------------------------------------------------------- Robert E. Eggmann, Chapter 11 Operating Trustee for Triplett Funeral Homes LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of Missouri, Northern Division, to sell Commercial Property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates Triplett Funeral Homes Golden, a funeral home operating at 501 Emminga Road, Golden, IL 62339 and Triplett Funeral Homes Mendon, a funeral home operating at 208 North State Street, Mendon, IL 62351, and owns the commercial properties located at 501 Emminga Road, Golden, IL 62339, 208 North State Street, Mendon, IL, 123 E. South Street, Mendon, IL 62351 (commonly known as the Family Care Center), and 100 E. South Street, Mendon, IL 62351. The Debtor also owns certain personal property located on the Property, including but not limited to a 2019 or 2020 Pacifica Van and a two-person refrigerator unit in Golden, Illinois, which is used in the operations of the Businesses. The Property and Assets are encumbered by a security interest in favor of Ready Capital Lending in an approximate amount of $1,600,000.00. Trustee seeks an order allowing Trustee to sell substantially the Assets and Property free and clear of all liens. J. Otto Funeral Homes, LLC (along with J. Otto Properties, LLC) has submitted an offer to Trustee to purchase the Assets and Property for the total sale price of $385,000.00. Ready Capital Lending has communicated to Trustee that it consents to the Sale despite the fact that the Sale will not result in Ready Capital Lending getting its entire secured claim paid in full. Trustee believes that the Sale Price is the best offer available for the sale of the Property and Assets and that the Sale will maximize value for the Debtor's bankruptcy estate. The Trustee requests approval to enter into a contract to sell the Property to Purchaser and approval to enter a contract to sell the Assets to Purchaser for the Sale Price. The proceeds of the Sale shall be used to repay Ready Capital Lending a portion of its secured claim. The Proposed Sale has been negotiated at arms-length and constitutes a good faith offer to purchase in accordance with § 363(m) of the Bankruptcy Code. About Triplett Funeral Homes, LLC Triplett Funeral Homes, LLC, a company in Kahoka, Mo., is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kathy A. Surratt-States oversees the case. The Debtor is represented by Fredrich J. Cruse, Esq., at Cruse Chaney-Faughn. Robert E. Eggmann is the Debtor's Chapter 11 trustee. TWENTY EIGHT: Gets OK to Use Cash Collateral Until Dec. 31 ---------------------------------------------------------- Twenty Eight Hundred Lafayette, Inc. received a two-month extension from the U.S. Bankruptcy Court for the District of New Hampshire to use its secured creditors' cash collateral. The interim order signed by Judge Kimberly Bacher authorized the Debtor to use up to $351,344.98 in cash collateral for the period from November 1 to December 31 to pay the expenses in accordance with its budget. As protection for the Debtor's use of their cash collateral, secured creditors including Enterprise Bank & Trust, Rockingham Economic Development Corp. and the U.S. Small Business Administration will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 actions. As further protection, the Debtor will continue to make monthly payments of $3,156.11 to SBA, $3,232.12 to Enterprise Bank & Trust, and $1,509.26 to Rockingham. The next hearing is scheduled for December 17. Objections are due by December 10. About Twenty Eight Hundred Lafayette Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a seafood restaurant with locations in Epping, Portsmouth, Salem, and North Hampton (seasonal) in New Hampshire. It conducts business under the names The Beach Plum 2 Portsmouth and The Beach Plum 3 Epping. Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr. D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Kimberly Bacher handles the case. Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional Association is the Debtor's legal counsel. Enterprise Bank & Trust, as secured creditor, is represented by: Patricia J. Ballard, Esq. Preti, Flaherty, Beliveau & Pachios, PLLP P.O. Box 1318 Concord, NH 03302-1318 (603) 410-1500 pballard@preti.com UKG INC: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ------------------------------------------------------------ Moody's Ratings affirmed UKG Inc.'s ratings including the B2 corporate family rating and changed the outlook to stable from negative. Moody's also affirmed the B2-PD probability of default rating, and the B2 ratings on its senior secured notes and senior secured bank credit facilities. The outlook revision reflects the improvement in leverage and free cash flow and Moody's expectations for continued revenue and profit growth. Free cash flow after employee stock related cash payments is expected to be solidly positive in the fiscal year ended September 2025 after being significantly negative in prior years. RATINGS RATIONALE UKG's B2 CFR primarily reflects the exceptional strength and scale of the company's Human Capital Management business and growth prospects offset by the aggressive financial policies of its private equity owners. UKG is a large vendor of Human Capital Management (HCM) software with strong market positions in the Workforce Management (WFM), Human Resources software, and payroll processing segments. If economic conditions remain favorable, Moody's expects revenue growth in the high single-digit percentages over the next two to three years. UKG's $4.4 billion of recurring software revenues ($4.9 billion total revenues in the twelve months ending June 2025) provide high revenue and operating cash flow visibility over the next 12 to 18 months. However, the company's history of debt-funded capital returns and acquisitions along with large employee stock related payments constrains its credit profile despite strong growth prospects. Recent EBITDA growth was driven by mid to high single digit revenue growth, the realization of restructuring initiatives and wind down of one time costs. While the majority of the changes are behind them, Moody's expects continued EBITDA growth above revenue growth but closer to revenue growth than historically. Free cash flow covered all employee stock related cash outlays in the LTM period ended June 2025. In the absence of additional acquisitions or distributions to the owners, free cash flow after employee payments should continue to grow. While Moody's expects this cash flow measure to increase, employee stock related payments can vary widely in any given year. Debt to EBITDA (Moody's adjusted, treating employee stock related cash payments and capitalized software as an expense) was around 6.5x as of June 30, 2025 but can decrease below 6x in FY 2026 depending on the pace of employee payments. While Moody's believes the ongoing vesting and monetization related to employee equity holdings is a positive retention benefit to the business and a portion is discretionary, the scale and uncertainty of the timing of the cash payments creates an overhang on the credit profile. The stable outlook reflects Moody's expectations of mid to high single digit revenue growth and solid pre employee stock payment EBITDA and cash flow growth. Cash flow after employee payments will likely be solidly positive as well but payment pace can vary widely. UKG has good liquidity comprised of around $368 million of cash balances and $945 million of availability under its revolving credit facility as of June 30, 2025. Moody's expects well over $400 million of free cash flow over the next year after employee stock related cash payments but amounts depend significantly on the pace of those payments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company commits to and demonstrates a track record of more conservative financial policies and sustains free cash flow after employee payments in the high single digit percentages of adjusted debt. The ratings could be downgraded if performance materially weakens or if free cash flow after employee payments is expected to remain negative on other than a temporary basis. The ratings could also be downgraded if the company pursues large debt financed acquisitions or dividends. UKG was formed through the merger of The Ultimate Software Group, Inc. and Kronos Incorporated in April 2020. The company is a leading provider of human resources, payroll, time and attendance, scheduling, absence management, benefits management, hiring and labor analytics solutions. Affiliates of Hellman & Friedman have controlling equity interest in the company. Funds affiliated with Blackstone, GIC, Canada Pension Plan Investment Board, and JMI Equity own minority interests in UKG. UKG has revenue of around $4.9 billion for the twelve months ended June 30, 2025. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ULTR8 LLC: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Ultr8 LLC Series Cedar 8871 Frontage 183A Toll Rd Leander TX 78641 Business Description: Ultr8 LLC Series Cedar is a single-asset real estate entity with its principal property located at 9718 Anderson Mill Rd, Austin, Texas. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-11737 Debtor's Counsel: Jonathan P. Fly, PLC 7201 Broadway Ste 233 San Antonio TX 78209 Tel: 210-213-6382 Email: jfly@juristerra.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrey Derevianko as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VQXOQZI/Ultr8_LLC_Series_Cedar__txwbke-25-11737__0001.0.pdf?mcid=tGE4TAMA UNITED CABINET: Committee Hires EmergeLaw as Bankruptcy Counsel --------------------------------------------------------------- The official unsecured creditors committee of United Cabinet Company, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire EmergeLaw as its counsel. The firm's services include: a. assisting, advising and representing the Committee in its consultations with the Debtor regarding the administration of the Case; b. assisting, advising and representing the Committee with respect to the Debtor's retention of professionals and advisors in connection with the Debtor's business and the Case; c. assisting, advising and representing the Committee in analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings; d. assisting, advising and representing the Committee in any manner relevant to reviewing and determining the Debtor's rights and obligations under leases and other executory contracts; e. assisting, advising and representing the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtor, the Debtor's operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to the Case or to the formulation of a plan; f. assisting, advising and representing the Committee in its participation in the negotiation, formulation, or objection to any plan of liquidation or reorganization; g. assisting, advising and representing the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; h. assisting, advising and representing the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; and i. providing such other services to the Committee as may be necessary in the Case. The firm's hourly rates are: Robert J. Gonzales $875 Hannah L. Berny $490 Paralegals $225 Robert Gonzales, Esq., a partner at EmergeLaw, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert J. Gonzales, Esq. Hannah L. Berny, Esq. EMERGELAW, PLLC 4235 Hillsboro Pike, Suite 350 Nashville, TN 37215 Tel: (615) 815-1535 Email: robert@emerge.law hannah@emerge.law About United Cabinet Company, LLC United Cabinet Company, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04196) on October 6, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Nancy B King presides over the case. MICHAEL G ABELOW, Esq. at Sherrard Roe Voigt & Harbison, PLC represents the Debtor as counsel. VAN'S EQUIPMENT: Unsecured Creditors to Split $40K in Plan ---------------------------------------------------------- Van's Equipment Co. filed with the U.S. Bankruptcy Court for the Western District of Washington a Disclosure Statement describing Chapter 11 Plan dated October 31, 2025. The Debtor is currently in the business of leasing and selling heavy equipment. The Debtor operates as a distributor for Yanmar Equipment. The Debtor was purchased from the prior owner in April, 2019 with funds from an SBA loan and line of credit both through KeyBank National Association. The business was able to make the payment to Key Bank, but the revenue was eventually affected by the COVID-19 pandemic. At that time, the business obtained a disaster loan from the SBA to allow the business to continue operating during the shutdown. The business also has several leases and loans in which the lenders hold a security interest in equipment. With the large payment to Key Bank and the SBA it became difficult to remain current on these additional loans as well. To continue operating, a petition was filed under Chapter 11 on June 26, 2025 (herein the "Petition Date") in an effort to reorganize the outstanding debt owed. Class 17 consists of General Unsecured Claims. Allowed Class 17 claims will be paid a prorata share of $40,000.00. Payments will be made in the amount of $700.00 per month beginning March 10, 2026. This Class is impaired. This class includes the claim of Sara Van Zandt, Greg Van Zandt, and Destiny Development as no remaining value exists in Debtor's assets to secured the claims after payment to higher priority perfected claims. This class also includes Lending Global Services and the unsecured portion of any secured claim. Class 18 consists of Equity interest of Alok Sharma. Alok Sharma will receive no distribution under the Plan and will retain his ownership in the Debtor following of Plan. This Class is unimpaired. The Plan will be funded with revenue from the Debtor's regular business operations. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Fees due to the United States Trustee shall be paid on or before the Effective Date. Absent agreement by the parties, fees due other administrative costs shall be paid on or before the effective date but after court approval. Any post-confirmation fees due to the United States Trustee shall be paid when due and in addition to the Plan payments. A full-text copy of the Disclosure Statement dated October 31, 2025 is available at https://urlcurt.com/u?l=76CFAr from PacerMonitor.com at no charge. The Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 E-mail: courtmail@expresslaw.com About Van's Equipment Co. Van's Equipment Co. sells and rents new and used heavy equipment, specializing in dirt equipment such as excavators, loaders, and dozers. Based in Burlington, Washington, Van's Equipment serves contractors and homeowners and operates as an authorized dealer for Yanmar, Canycom, Okada, and Felling Trailers. Its services include equipment sales, rentals, maintenance, and customization. Van's Equipment sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11750) on June 26, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. VIB TRANS: Hires Law Offices of David Freydin as Bankruptcy Counsel ------------------------------------------------------------------- VIB Trans, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire David Freydin of the Law Offices of David Freydin PC to serve as its bankruptcy counsel in its Chapter 11 case. Mr. Freydin will provide these services: (a) negotiating with creditors; (b) preparing a plan and financial statements; and (c) examining and resolving claims filed against the estate. The Debtor proposes to retain the Law Offices of David Freydin PC on an hourly basis at these rates: David Freydin $450 Jan Michael Hulstedt $425 and Derek V. Lofland $425 The firm received a $15,000 pre-petition retainer, of which $11,462 remains held in its IOLTA account for post-petition work. Freydin believes he does not hold or represent any interest adverse to the Estate and is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached at: David Freydin, Esq. Law Offices of David Freydin, LTD. 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About VIB Trans Inc. VIB Trans, Inc. operates as a freight transportation company based in Illinois, providing interstate cargo hauling services across the United States. It maintains a fleet of trucks and trailers, including Volvo, Freightliner, Kenworth, Mack, and Wabash units, to move general freight for commercial clients. VIB Trans filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16602) on October 28, 2025, with $1,285,794 in assets and $3,047,598 in liabilities. Nevena Batachka, president of VIB Trans, signed the petition. Judge Jacqueline P. Cox presides over the case. David Freydin, Esq., at the Law Offices of David Freydin represents the Debtor as bankruptcy counsel. VNS HOTEL: Seeks to Hire Ryan C. Wood as Bankruptcy Counsel ----------------------------------------------------------- VNS Hotel Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire the Law Offices of Ryan C. Wood, Inc. to handle its Chapter 11 case. Ryan Wood, Esq., the primary attorney in this representation, will be paid at his hourly rate of $475 plus reimbursement for expenses incurred. The firm received a retainer of $12,001 including a filing fee of $1,738 from the Debtor. Mr. Wood disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. 611 Veterans Blvd., Ste. 218 Redwood City, CA 94063 Telephone: (650) 366-4858 Facsimile: (650) 366-4875 About VNS Hotel Inc. VNS Hotel Inc. manages hotel facilities that offer accommodations, lodging, and amenities for travelers. VNS Hotel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30782) on September 26, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc. VOLUSION LLC: Sued Jackson Walker Over Judge's Romance ------------------------------------------------------ Adrian Cruz of Law360 reports that former Volusion LLC executives have launched a malpractice suit against Jackson Walker LLP, alleging that the firm concealed a romantic relationship between one of its former partners and a Texas bankruptcy judge. The executives contend that this undisclosed relationship undermined their company's Chapter 11 proceedings. The complaint asserts that Jackson Walker's lack of transparency breached ethical standards and denied the plaintiffs a fair and impartial process. They further claim that the firm's actions directly contributed to their losses during the bankruptcy case, according to report. This latest lawsuit follows several others tied to the same misconduct allegations involving Judge David R. Jones, who resigned amid revelations of his personal relationship with the former Jackson Walker partner, the report states. About Volusion LLC Volusion, LLC, is an ecommerce software company based in Austin, Texas. It designs and builds custom websites for clients. Visit http://www.volusion.comfor more information. Volusion filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 20-50082) on July 27, 2020. Judge David R. Jones presides over the case. In the petition signed by CRO Timothy B. Stallkamp, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. Jackson Walker LLP and Conway Mackenzie Management Services, LLC serve as Debtor's bankruptcy counsel and restructuring advisor, respectively. VS BUYER: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ------------------------------------------------------------- Moody's Ratings affirmed VS Buyer, LLC (Veeam)'s B2 corporate family rating, B2-PD probability of default rating, and B2 senior secured first lien bank credit facilities ratings. Moody's assigned a B2 rating to the company's proposed $300 million senior secured first lien revolving bank credit facility expiring 2030. The outlook was changed to stable from positive. Veeam is a leading provider of backup and recovery software. Proceeds from the proposed $900 million senior secured first lien term loan add-on along with rollover equity will be used to fund the acquisition of Securiti, a leading provider of an integrated Data Security Posture Management (DSPM) and AI security platform, and pay transaction-related fees and expenses. As part of the transaction, Veeam is also entering into a new $300 million senior secured first lien revolving bank credit facility expiring 2030. The transaction is expected to close in the fourth quarter and is subject to customary closing conditions and regulatory approvals. Moody's expects to withdraw the rating of the existing $250 million senior secured first lien revolving credit facility upon completion of the transaction. The outlook change to stable from positive and affirmation of the B2 CFR reflect the increase in Veeam's debt and financial leverage from the acquisition. While the company's business and cash flow generation ability remain sound and the increased financial leverage should be manageable, meaningful deleveraging will be needed following the acquisition to restore the company's financial profile to prior levels. However, Moody's believes the Securiti acquisition enhances Veeam's long-term growth trajectory by expanding its addressable market through the fast-growing DSPM segment and strengthening its competitive position against other data protection and security competitors including Rubrik and Commvault. Historically focused on backup and disaster recovery, Veeam will now broaden its capabilities into DSPM and active data security, unlocking opportunities to cross-sell DSPM and AI solutions to its extensive customer base. This positions Veeam to deliver a unified platform that spans primary and backup data, structured and unstructured formats, and hybrid, multi-cloud, and SaaS environments. The assigned ratings are subject to review of final documentation and no material change to the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE Veeam's B2 CFR benefits from its good operating scale with over $1.8 billion of annual recurring revenue, its leading position in the backup and recovery software market, and very good liquidity. Veeam has built a particularly strong position as a provider of backup and recovery software for virtualized environments and will enhance its product set and long-term competitive positioning following the Securiti acquisition. The favorable growth outlooks for the backup and recovery software and DSPM industries support Moody's expectations for at least high-single digit percentage annual revenue growth over at least the next two years. The company's asset-lite business model requires low capital intensity supporting Moody's expectations of good free cash flow generation and profitability. The CFR is constrained by elevated financial leverage resulting from the Securiti acquisition and Moody's expectations of higher R&D investment spend and increased costs associated with the scaling of Veeam's cloud offerings. Competition is intense across the industry, and Veeam must meaningfully invest in technological innovation and value-added capabilities to remain competitive, to thwart the increasing complexity of cyberattacks, and to address clients' ever-changing needs. Moody's expects financial policies to favor shareholders with high financial risk tolerance under financial sponsor ownership. All financial metrics cited reflect Moody's standard adjustments. The senior secured bank credit facilities are rated B2, the same as the CFR, reflecting that the first lien debt comprises substantially all the debt in the capital structure. Moody's expects Veeam to maintain very good liquidity, with $422 million cash on hand as of June 30, 2025, the proposed undrawn $300 million revolver expiring in 2030, and Moody's expectations of over $150 million of free cash flow over the next 12 months. The company will have $29 million of annual term loan amortization and it has modest capital expenditures and working capital requirements. While the term loan is not subject to financial covenants, the revolver contains a springing maximum first lien net leverage covenant that cannot exceed 8.75x and is tested quarterly when utilization is greater than 35% ($105 million). Moody's expects Veeam will have ample operating cushion under the covenant if it were to apply. The stable outlook balances the near term increase in financial leverage from the Securiti acquisition while also considering Moody's expectations of double-digit percentage revenue growth over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Veeam maintains its strong growth profile, strong liquidity, financial leverage is sustained below 5x (adding back stock-based compensation and the change in deferred revenue) and free cash flow to debt is sustained above 10%. The company would also need to maintain prudent financial policies consistent with a higher rating. The ratings could be downgraded if operating performance slows materially, market share deteriorates, financial leverage (adding back stock-based compensation and the change in deferred revenue) exceeds 6.5x, or free cash flow debt remains below 3% on other than a temporary basis. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Veeam Software is a leading provider of backup and recovery software for SMB, mid-market, and increasingly, enterprise customers. VS Buyer, LLC (Veeam), the owner of Veeam and the borrower of the senior secured bank credit facilities, is a Delaware corporation. The company is controlled by the private equity firm Insight Partners. The company generated approximately $1.8 billion in adjusted revenue as of LTM June 30, 2025. VS HOLDING: S&P Alters Outlook to Negative, Affirms 'B+' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook on U.S.-based data backup and recovery provider VS Holding I Inc. (dba Veeam) to negative from stable and affirmed the 'B+' issuer credit rating. S&P's 'B+' rating and '3' (50%) recovery rating on Veeam's first-lien debt is unchanged. The negative outlook reflects that elevated leverage following the Securiti acquisition introduces risks to the rating and that any meaningful deviation from the trajectory toward 6x in fiscal 2026 and 5x in fiscal 2027 could pressure the ratings. Veeam announced that it plans to acquire Securiti AI for $1.7 billion, funded by a $900 million add-on to its first-lien term loan and equity. Given Securiti's limited history of profitable operations, S&P expects a modest margin decline and leverage to increase to above 6x through fiscal 2026 from the low-4x area as of June 2025. The acquisition of Securiti strategically enhances Veeam's offering in data security. San Jose, Calif.-based Securiti provides data security posture management (DSPM), privacy, compliance and AI trust services. The transaction combines Securiti's leading DSPM and AI governance capabilities with Veeam's core strengths in backup, recovery, and resilience, creating a unified platform for enterprises to manage, secure, and recover data while deploying AI systems. Strategically, it broadens Veeam's total addressable market, with the DSPM segment forecast to expand at roughly a 40% compound annual growth rate. Securiti has exceeded a 60% three-year average recurring revenue growth rate. S&P said, "The transaction will be financially dilutive in the near term. Founded in 2019, Securiti remains an early-stage, venture-backed business that has prioritized innovation and market expansion over profitability, which we expect will weigh on Veeam's margins for several years. While this complements Veeam's growth, Securiti's small size suggests limited immediate cost synergies, although it may realize some savings through alignment of back-office functions and cost avoidance from joint marketing initiatives. We believe risk of operational disruption should be limited. We don't expect the transaction to result in sales or marketing headcount reductions as Veeam seeks to preserve customer relationships and maintain sales continuity during the integration. Additionally, Securiti will initially run its core Data Command Center as a distinct platform. Although this may not be immediately apparent, as Veeam's largest acquisition to date and one completed at a high transaction valuation, the deal could carry higher risk than prior tuck-in acquisitions. "The outlook reflects elevated leverage and reduction uncertainties over the next 12-18 months. Pro forma for the acquisition, we project combined revenue to reach approximately $2 billion, increasing low-teen digit percent annually on at least 10% growth in Veeam's core business and above 35% at Securiti. We expect its S&P adjusted EBITDA margins to decline to 22%-23% in fiscal 2026 from roughly 27% on a trailing-12-months basis as of June 2025, reflecting Securiti's operating losses, integration costs, and higher research and development and infrastructure investments related to Veeam Data Cloud. Margins should improve modestly to the mid-20% area by 2027, supported by operating leverage and integration efficiencies. "We project annual free operating cash flow (FOCF) to remain solid at about $190 million, with liquidity sufficient to cover debt service and operating needs. It's backed by $428 million cash at deal close, $300 million revolver availability, and consistent cash generation. Pro forma total gross debt will rise to approximately $2.9 billion, including the proposed $900 million term loan, with S&P Global Ratings-adjusted leverage increasing to about 6x in fiscal 2026 and improving toward 5x in 2027. "We believe sponsor ownership and an acquisition appetite could introduce additional uncertainties to our base case, keeping credit metrics near the edge of the current rating range or worse. Prior to acquiring Securiti, Veeam completed three tuck-in, cash-funded transactions between 2023 and 2025. This acquisition highlights owner Insight Partners' willingness to use meaningful debt and maintain flexibility around acquisition-related spikes in leverage to support strategic expansion. Given the limited headroom, any further sizable acquisitions could delay deleveraging and pose downside risks to the ratings. "The negative outlook on Veeam reflects that elevated leverage following the Securiti acquisition introduces risks to the rating. We expect leverage of about 6x in fiscal 2026, improving toward 5x in fiscal 2027. Major deviation from the current deleveraging trajectory--whether due to weaker operating performance, integration challenges, further acquisitions, or a more aggressive financial policy--could pressure the ratings." S&P may consider lowering its rating on Veeam if it encounters integration challenges, operational missteps, or heightened competition that weaken revenue and profitability more than expected, such that: -- S&P does not foresee a path for the company to reduce S&P Global Ratings-adjusted leverage below 6x beyond temporary spikes associated with Securiti acquisition; -- FOCF to debt declines below 5%; or -- It shifts toward more aggressive acquisition strategies and financial policies. S&P could revise the outlook on Veeam back to stable if: -- Leverage is on track to improve toward 5x, supported by successful integration of Securiti and consistent operating performance, and we believe the company is committed to maintaining lower leverage longer term through disciplined acquisitions and shareholder returns; -- Free cash flow to debt sustains above 5%; or -- S&P views any progress toward an IPO and public listing as favorable. VSM PROPERTIES: Court OKs Interim Use of Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, on October 30 entered an interim order authorizing VSM Properties, LLC to continue using cash collateral. Previously, an agreed order dated October 24 had approved the Debtor's interim use of cash collateral and scheduled a status conference for November 13. However, the Debtor's Chapter 11 case was transferred to the Northern Division on October 30. To prevent delay caused by rescheduling the hearing, the court re-authorized interim cash collateral use under the same terms as the October 24 order until a final hearing is held before the new presiding judge. The Debtor's cash collateral consists of rental income in which secured creditors, Mary Jane Saunders and Grassland Financial Services, LLC, assert an interest. As protection, the Debtor offered to grant secured creditors a post-petition lien on their existing collateral and collateral created after the petition date. Grassland is represented by: David G. Mangum, Esq. 2303 8th Avenue South Nashville, TN 37204 Phone: (615) 255-8690 Fax: (615) 255-2766 notice@davidmangum.com Ms. Saunders is represented by: Maurice K. Guinn, Esq. Gentry, Tipton & McLemore, P.C. P.O. Box 1990 Phone: 865-525-5300 mkg@tennlaw.com About VSM Properties LLC VSM Properties, LLC owns and operates short-term rental and residential real estate in Tellico Plains, Tennessee, and the surrounding area, focusing on cabin and hospitality properties. VSM Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9, 2025, listing up to $50,000 in assets and between $10 million and $50 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25−32042). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. VYAIRE MEDICAL: Sued by Reed Smith, Covington Over Lost Fees ------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that two major law firms -- Covington & Burling LLP and Reed Smith LLP -- have sued Vyaire Medical Inc. and its Chapter 11 plan administrator in Delaware bankruptcy court, accusing them of failing to pay legal fees tied to a product recall insurance settlement. The firms assert that their work directly contributed to resolving complex insurance issues before Vyaire's bankruptcy. The adversary complaint claims that despite benefiting from the settlement, Vyaire has refused to pay the agreed-upon fees, violating contractual obligations. The law firms also allege that the plan administrator is withholding funds that were rightfully earned through services that protected the debtor's financial interests. Vyaire, formerly known for its ventilator manufacturing, filed for Chapter 11 earlier this year as market conditions worsened. The dispute underscores the financial and legal complications that continue to unfold following its bankruptcy. About Vyaire Medical Vyaire Medical, Inc., together with its direct and indirect subsidiaries, is a global company focused on developing products and providing related services for the diagnosis, treatment, and monitoring of various cardiology, pulmonology, and respiratory health conditions. With a 70-year history of pioneering breathing technology, the integrated solutions offered by the Company help enable, enhance, and extend lives. Headquartered in Mettawa, Illinois, Vyaire operates approximately 27 offices and manufacturing facilities, and employs approximately 950 individuals around the world. The Company has a global reach, and Vyaire products are available in more than 100 countries. Its customers are the hospitals, health centers, and private practice facilities delivering life-enhancing products and services to patients every day. Vyaire Medical and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11217) on June 9, 2024. In the petitions signed by John Bibb, chief executive officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Cole Schotz P.C. as counsel; AlixPartners, LLP as financial advisor; and PJT Partners, LP as investment banker. The Omni Agent Solutions, Inc. is the Debtors' claims and noticing agent. VYVVE LLC: Fine-Tunes Plan Documents ------------------------------------ Vyvve, LLC, submitted a Second Amended Chapter 11 Plan dated October 31, 2025. The prior versions of the Plan highlighted two scenarios for reorganization and one for liquidation, all dependent upon the Court's ruling on the Debtor In Possession's Second Amended Motion to Assume Unexpired License as an Executory Contract. Since the filing for the First Amended Plan of Reorganization, the Court has ruled that the Debtor's contract with AmiLyfe terminated pre-petition. As such, the contract is unassumable. Moreover, even if it were capable of being assumed, Meaningful Beauty has indicated to the Debtor it will not purchase any more of the Debtor's product. As such, creditor recoveries will occur principally from Retained Causes of Action. This Plan proposes to pay Allowed Claims no less than the value of Vyvve's projected Net Disposable Income for a period 36-60 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Like in the prior iteration of the Plan, Allowed Class 3 General Unsecured Claims will receive the balance of any recoveries from Retained Causes of Action after payment in full of: (a) Liquidating Trustee's fees and costs; (b) fees and costs associated with prosecution of the Retained Causes of Action and collection thereof; (c) payment in full of the unpaid balance of Allowed Administrative Claims; (d) payment in full of Classes 1 and 2. Class 3 is Impaired and entitled to vote. Class 4 consists of membership interests of the Equity Shareholders in Vyvve as disclosed in the Debtor's Equity Security Holder's List as may be revised or amended from time to time in the ordinary course of the Debtor's business or to account for new raises of capital or debt. On the Effective Date, the Equity Interests will be extinguished but will receive a pro rata distribution proportionate to the Equity Interests held on the date of the Confirmation Hearing of any sums remaining after payment in full to Class 3. Class 4 is Impaired and entitled to vote. All property of the Debtor not otherwise disposed of under the Plan, including without limitation all Retained Causes of Action, shall transfer, vest in, and be assigned to the Vyvve Liquidating Trust (the "Liquidating Trust"), free and clear of all liens, claims, and encumbrances, for the sole purpose of liquidating and distributing such property in accordance with this Plan. The Reorganized Debtor shall not retain any interest in such property except as expressly provided herein. The Plan proposes to pay Allowed Claims to be paid under the Plan from Retained Causes of Action. While the Debtor anticipates no revenue from post-confirmation operations, the Debtor will commit 100% of any recoveries from the Retained Causes of Action (after payment of costs associated therewith) to payment of holders of Allowed Claims. As such, this Plan commits 100% of the Debtor's projected disposable income for a period of 36-60 months to funding of the Plan. A full-text copy of the Second Amended Plan dated October 31, 2025 is available at https://urlcurt.com/u?l=VZm01H from PacerMonitor.com at no charge. Counsel to the Debtor: Robert P. Charbonneau, Esq. Agentis PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 Email: rpc@agentislaw.com About Vyvve LLC Vyvve, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-13760) on April 7, 2025, listing under $1 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Robert P. Charbonneau, Esq., at Agentis PLLC is the Debtor's legal counsel. WELCH & WELCH: Seeks to Extend Plan Filing Deadline to December 10 ------------------------------------------------------------------ Welch & Welch Planting Co., LLC asked the U.S. Bankruptcy Court for the Western District of Tennessee to extend its period to file a plan and disclosure statement to December 10, 2025. The Debtor explains that it has not fully realized his 2025 crop harvesting as his crop was late. The Debtor seeks an additional 30 days within which to file a plan and disclosure statement up to and including December 10, 2025. Welch & Welch Planting Co. LLC is represented by: Tom Strawn, Esq. The Law Office of Tom Strawn 115 S. Mill Ave. P.O. Box 908 Dyersburg, TN 38025 Tel: (731) 285-3375 Email: tstrawn42@bellsouth.net About Welch & Welch Planting Co., LLC Welch & Welch Planting Co. LLC is an agricultural company specializing in crop production, utilizing advanced machinery for planting, soil preparation, irrigation, and harvesting. Welch & Welch Planting Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10356 on March 13, 2025. In its petition, the Debtor reports total assets of $1,323,500 and total liabilities of $1,055,264. The Debtor is represented by Tom Strawn, Esq., at The Law Office of Tom Strawn. WHITE WILSON: Seeks to Hire Iurato Law as Special Counsel --------------------------------------------------------- White Wilson Medical Center, PA seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Jenay E. Iurato and Iurato Law Firm, PL as special counsel. Iurato Law is currently representing the Debtor as counsel in various litigation and business matters. The hourly rates of the lawyers at Iurato Law who will be working on this matter are $525 per hour and the hourly rates for paralegals are $295 per hour. According to court filings, Iurato Law represents no interest adverse to the Debtor or to the estate in the matter upon which it is to be engaged by the Debtor. The firm can be reached through: Kevin Iurato, Esq. Jenay Iurato, Esq. Iurato Law Firm, PL 10012 N Dale Mabry Hwy #213 Tampa, FL 33618 Phone: (813) 898-2818 About White Wilson Medical Center White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as counsel. WOC EVENTS: Case Summary & One Unsecured Creditor ------------------------------------------------- Three affiiates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- WOC Events Grapevine, LLC 25-44313 2040 Enchanted Way Grapevine, TX 76051 Laurel Events, LLC 25-44337 2040 Enchanted Way Grapevine, TX 76051 KellyBain Events, LLC 25-44338 1810 Mayflower Dallas, TX 75208 Business Description: The Debtors operate a wedding and events venue located on six acres at 2040 Enchanted Way, Grapevine, Texas 76051, hosting over 1,000 weddings historically. They provide commercial event planning and venue services, with operations often conducted under the name The Laurel. Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Mark X Mullin Debtors' Bankruptcy Counsel: Jacob J. King, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Suite 4000 Dallas, TX 75201 Tel: 214-855-7598 Email: jking@munsch.com WOC Events Grapevine's Estimated Assets: $1 million to $10 million WOC Events Grapevine's Estimated Liabilities: $1 million to $10 million KellyBain Events' Estimated Assets: $0 to $50,000 KellyBain Events' Estimated Liabilities: $100,000 to $500,000 Laurel Events' Estimated Assets: $0 to $50,000 Laurel Events's Estimated Liabilities: $1 million to $10 million The petitions were signed by Thomas Bain as owner and authorized signer. WOC Events Grapevine, LLC identified Veritex Community Bank, located at 17950 Preston Road, Suite 500 Dallas, TX 75252, as its sole unsecured creditor, with a claim of $1.28 million. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/H4YZDBA/WOC_Events_Grapevine_LLC__txnbke-25-44313__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LB5JPLY/KellyBain_Events_LLC__txnbke-25-44338__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2BBWU7I/Laurel_Events_LLC__txnbke-25-44337__0001.0.pdf?mcid=tGE4TAMA WOC EVENTS: To Sell Wedding Venue Business to Enchanted Way ----------------------------------------------------------- WOC Events Grapevine, LLC, and affiliates, Laurel Events, LLC KellyBain Events, LLC, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors operate a wedding venue sitting on six acres of property and located at 2040 Enchanted Way, Grapevine, Texas 76051. The Debtors have hosted over 1,000 weddings in their history. In 2018, the Debtors began exploring a sale of the Property and operations surrounding the wedding venue. The Debtors initially marketed the Property and business to Walters Wedding Estates, the largest wedding venue owner in Texas. These negotiations did not produce an offer. From 2020 to 2021, COVID-19 and Winter Storm Uri impeded the Debtors' marketing and sale efforts. As the Debtors struggled to survive through this time, less marketing took place. In 2023, the Debtors brought the Property and the business operations back to market. The Debtors re-engaged Walters Wedding Estate, and marketed the Property, and the business, to G Texas Catering, Food Glorious Food ǀ Culinaire, Wendy Krispin Catering, and Contigo Catering. These entities constitute most of the entities able and willing to purchase the Property and the business. None of these entities made an offer in 2023. Following robust negotiations, the Debtors, as sellers, and Enchanted Way Operating LLC and Enchanted Way Ventures, LLC entered into that certain Asset Purchase Agreement dated as of November 3, 2025. The proposed sale is also subject to higher and better offers. A summary of the proposed Asset Purchase Agreement (APA) is provided below: -- Purchase Price: $3,310,000.00 less any Accounts Receivable collected by any of the Debtors. -- Purchased Assets: Substantially all the Debtors' property, including, but not limited to, all equipment, inventory, business personal property, goodwill, intellectual property, software, the Owned Real Property, Accounts Receivable, Transferred Contracts, computers, printers, machinery, furniture, fixtures, tangible property, documents, and all warranties to the extent assignable. -- Closing: Closing of the APA shall occur no later than December 29, 2025, and within five (5) business days on which the last of the conditions. The Debtors have exercised their business judgment appropriately and submit that the proposed sale should be approved. Additionally, because Stalking Horse Purchasers are not insiders and the Purchase Price was arrived through an arm's-length negotiation, the Stalking Horse Purchasers are entitled to the full good faith purchaser protections of section 363(m) of the Bankruptcy Code. About WOC Events Grapevine, LLC WOC Events Grapevine, LLC operates a wedding venue sitting on six acres of property and located at 2040 Enchanted Way, Grapevine, Texas 76051. WOC Events Grapevine filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44313-mxm11) on November 3, 2025. Judge Mark X. Mullin presides over the case. Jacob J King at Munsch Hardt Kopf & Harr, P.C., represents the Debtor as legal counsel. WOODCREST CONDOMINIUMS: Seeks to Extend Plan Exclusivity -------------------------------------------------------- Woodcrest Condominiums IX, LLC, asked the U.S. Bankruptcy Court for the District of Columbia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 1, 2026 and May 1, 2026, respectively. The Debtor is a limited liability company formed under the laws of the District of Columbia, which owns three condominium units (the "Condo Units") located on Woodcrest Drive SE, Washington, DC 20032. The Condo Units are part of a larger condominium development known as Woodcrest Villas. Welch Family Limited Partnership Five holds a disputed lien against the Condo Units. The Debtor filed an adversary proceeding against Welch seeking to, among other things, determine that the Welch lien is invalid, which adversary proceeding is pending and has yet to be adjudicated. The Debtor explains that the pendency of the disputed liens asserted by Welch and extensive litigation with Welch has made this case complex, although this is not a large case. The Debtor has worked expeditiously to position the disputed issues before the Court for determination. The Debtor believes it is prudent to preserve its exclusive right to file a plan while it works through the issues relating to the liens on and the sale of the Condo Units. The amount of time that the Debtor is requesting is modest and is in line with this Court's extension of exclusive periods in similar cases. Woodcrest Condominiums IX LLC is represented by: Brent C. Strickland, Esq. Whiteford, Taylor & Preston L.L.P. 8830 Stanford Blvd., Suite 400 Columbia, Maryland 21045 Phone: (410) 347-9402 Facsimile: (410) 223-4302 Email: bstrickland@whitefordlaw.com Joshua D. Stiff, Esq. Whiteford, Taylor & Preston, L.L.P. 249 Central Park Avenue, Suite 300 Virginia Beach, VA 23462 Telephone: (757) 271-9751 Facsimile: (757) 271-9736 Email: jstiff@whitefordlaw.com About Woodcrest Condominiums IX LLC Woodcrest Condominiums IX LLC is a residential real estate company that appears to develop or manage condominium properties in Washington, DC, operating under the Woodcrest Villas brand. The company maintains its principal place of business at 454-460 Woodcrest Drive SE in Washington, DC, with its primary operations in residential building construction as indicated by its NAICS code 2361. Woodcrest Condominiums IX LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00265) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Elizabeth L. Gunn oversees the case. The Debtors are represented by Brent C. Strickland, Esq. at Whiteford Taylor & Preston L.L.P. YALDA REAL ESTATE: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Yalda Real Estate, LLC 4650 FM 2920 Spring, TX 77388 Chapter 11 Petition Date: November 3, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-36650 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Larry Vick, Esq. LAW OFFICE OF LARRY A. VICK 13501 Katy Fwy, Suite 3474 Houston TX 77079 Tel: (832) 413-3331 Email: lv@larryvick.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Leevr Yalda as managing member. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R6ECBYQ/Yalda_Real_Estate_LLC__txsbke-25-36650__0001.0.pdf?mcid=tGE4TAMA YELLOW CORP: 10th Circ. Revives $137MM Lawsuit Against Teamsters ---------------------------------------------------------------- Emily Brill of Law360 reports that a 10th Circuit panel has reinstated Yellow Corp.'s $137 million lawsuit against the Teamsters, ruling that the lower court erred in dismissing the company's claims. The trucking company alleges that the union’s refusal to engage in restructuring negotiations violated their contract and contributed to Yellow's bankruptcy. The court found that Yellow presented sufficient factual allegations linking the union's conduct to its financial downfall. The panel's decision revives a case that could determine whether union resistance played a role in one of the largest trucking bankruptcies in U.S. history, the report states. Yellow, which ceased operations and filed for Chapter 11 protection in 2023, has accused the Teamsters of obstructing key operational changes meant to modernize its business. The case now heads back to the lower court for further proceedings, according to report. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and internationalshipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [] Choate Hires Marc Leduc as Finance & Restructuring Partner ------------------------------------------------------------- Marc Leduc has joined Choate as a Partner in the Firm's nationally recognized Finance and Restructuring Group. He will advise commercial banks and private credit lenders on a broad range of domestic and international finance transactions and debt restructurings. Leduc has extensive experience representing agents and arrangers on complex secured and unsecured lending transactions across industries including manufacturing, retail, transportation, financial services, and emerging technologies. He has served as lead counsel on acquisition financings, asset-based credit facilities, and debtor-in-possession and bankruptcy exit financings. Leduc advises clients on debt workouts and restructurings, both in and out of court, and works with companies and lenders transacting business across North America, Europe, Latin America, Asia, and Australia. He will counsel clients seeking strategic guidance on multinational credit facilities and special situation transactions. "Marc brings exceptional legal experience along with a sophisticated and well-developed business perspective to clients across the full spectrum of our finance and restructuring practice," said John Ventola, Department Chair of Choate's Finance and Restructuring Group. "His ability to navigate complex financing transactions makes him an outstanding addition to our team." Prior to joining Choate, Leduc practiced at Morgan, Lewis & Bockius and Bingham McCutchen, and served as an Adjunct Professor of Law at Suffolk University Law School. He is admitted to practice in Massachusetts and Connecticut. Leduc earned his J.D. from Notre Dame Law School and a B.S. in Finance and Philosophy from Boston College. About Choate Choate Hall & Stewart LLP, one of the nation's leading law firms, represents national and international clients with a focus on a core group of legal practices, including private equity, complex investigations and litigation, intellectual property, business and financial litigation, life sciences and technology, middle market M&A, finance and restructuring, and wealth management services. Choate partners and practice areas are consistently recognized by Chambers USA, The Legal 500, Best Lawyers and Benchmark Litigation. For more information, please visit choate.com. Media Contact: Sonia Mangino Choate Hall & Stewart LLP Tel: (617) 248-5000 [^] BOOK REVIEW: LING The Rise, Fall, & Return of a Texas Titan --------------------------------------------------------------- Author: Stanley H. Brown Publisher: Beard Books Softcover: 308 pages List Price: $34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1893122301/internetbankrupt Summed up neatly, this is Jim Ling, founder and CEO of Ling-Temco-Vought, once the fourteenth-largest corporation on the Fortune 500 list: That he was able to get control of - and combine - the sixth largest steel company, the eighth largest airline, the eighth largest defense contractor, the third largest meat packer, the largest sporting-goods maker, and a string of other companies in an almost random group of industries may well be the most significant thing to be said about him. Or maybe it is the fact that he performed all this from a base of little education, no connections, no money, no status, no leverage of any kind, but solely on the strength of what he discovered and created. As fascinating as Ling was, this book offers so much more. Stanley H. Brown presents a remarkable knowledge of and intriguing insights into corporate history and institutional behavior. He understands what makes organizations work, whether corporate, religious, or military. Although it has been more than 25 years since Jim Ling was on top of the world, he and his story remain hard to beat. He was a man of integrity. Faced with defeat, he conjured up innovative solutions. He picked up the pieces and tried something else, and even investors once burned went back for more. He believed in himself and his ventures absolutely, so much so that he kept all his won money and his children's money in LTV stock, and was wiped out when it went bust. Ling was born one of six in Hugo, Oklahoma. A devout Catholic in the fundamentalist Bible Belt, his father killed a fellow worker in a rage after years of enduring anti-Catholic torment and, although acquitted, was so racked with guilt he left the family to live in a monastery. Ling's mother died when he was eleven. He never finished high school. After a short stint in the Navy during World War II, during which time he became an electrician, he started Ling Electric in Dallas. Post-war Dallas was good to bright men who worked hard. The company grew exponentially. Ling discovered public investors and began infusing them with his enthusiasm, enthusiasm that made them hand over lots of money to him. And he began to acquire companies at a dizzying pace, bigger and bigger companies: meatpacker Wilson & Co., steelmaker Jones & Laughlin, Braniff Airlines, LTV Aerospace, Wilson Sporting Goods, and many other, smaller companies. He was masterful financier with seemingly endless ideas on making money work. So where did it go wrong? Ling's over-conglomerated conglomerate spun out of control. He was a micromanager extraordinaire and kept too much decision-making power to himself. He was a victim of his own success and overfed ego. He fought long and hard with the Justice Department in an antitrust suit over Jones & Laughlin, but the country's suspicion of conglomerates in the late 1960s got the better of him. In the end, he was ousted by his own people but, true to form, went on to try something new. The author researched this book very thoroughly. He convinced Ling to keep a journal during some critical moments and interviewed all the major players. Read it for the story of Ling, but also to learn about what makes people tick. Stanley H. Brown is a former writer and editor at Business Week, Fortune, and Forbes. His columns have appeared in numerous publications. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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