251111.mbx

251111.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 11, 2025, Vol. 29, No. 314 Headlines 155 N ANITA: Seeks Chapter 7 Bankruptcy in California 22ND CENTURY: Signs New Executive Employment Agreements 22ND CENTURY: Swings to $5.5MM Net Income in 2025 Q3 23ANDME HOLDING: 157,000 Dubious Claims Approved for Removal ABUELO'S INT'L: Court OKs Deal to Amend Cash Collateral Budget ADVANCE TRANSIT: Court OKs Glenolden Property to One Remington ADVENT TECHNOLOGIES: Two Directors Resign ALBANY AMITYVILLE: Seeks Chapter 7 Bankruptcy in New York ALLSTAR PROPERTIES: Gets Extension to Access Cash Collateral AMERICA'S GARDENING: Unsecureds Will Get 2% to 5% in Plan AMERICAN RESOURCES: ReElement, Vulcan Secure $1.4B OSC Loans AMERICAN TRASH: Court OKs Deal to Use Cash Collateral ARCHDIOCESE OF NEW ORLEANS: DOJ Opposes Chapter 11 Exit Plan AVID ENGINEERING: Seeks Chapter 7 Bankruptcy in Colorado AZUL SA: Unsecureds Will Get 0.7% to 1.9% of Claims in Plan BALAJIO LLC: Daytona Beach Property Sale to Atlantic Ocean OK'd BAYTOWN CONVENTION: S&P Lowers Senior Bonds Rating to 'CCC+' BEECH INTERNATIONAL: Gets Extension to Use Cash Collateral BELLA TUSCANY: Case Summary & 13 Unsecured Creditors BIG STORM: Court OKs Clearwater Property Sale to TIDE LLC BOKQUA LLC: Court Approves Odessa Property Sale to Z. & R. DeLoach BOYD GROUP: DBRS Confirms BB(high) Issuer Rating, Trend Stable BROWNIE'S MARINE: Board OKs New Compensation Structure for CEO BUILT SOLID: Case Summary & 20 Largest Unsecured Creditors BURLINGTON OPERATING: Gets Interim OK to Use Cash Collateral BWX TECHNOLOGIES: S&P Rates New $1BB Convertible Bond 'BB-' CANDYWAREHOUSE.COM INC: Gets Interim OK to Use Cash Collateral CHASE & GREEN: Seeks Chapter 7 Bankruptcy in West Virginia CIVITAS RESOURCES: S&P Places 'BB-' ICR on CreditWatch Positive COLORART LLC: Court Appoints Receiver to Oversee Co. DAYSTAR CARGO: Seeks Chapter 7 Bankruptcy in South Carolina DEE KUEN: Hires Amann Burnett PLLC as Legal Counsel DMO NORTH: Court Denies Bid to Use Cash Collateral DOUBLE PORTION: Seeks to Hire Vert Law Group PC as Counsel DREAMSTYLE REMODELING: Seeks Chapter 7 Bankruptcy in Delaware EAST CLEVELAND: Ohio AG Wants to Place City Into Receivership ELLIS AGGREGATOR: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ENKB-MONTICELLO LLC: Unsecureds Will Get 50% over 60 Months ENKB-MONTICELLO: Gets Extension to Access Cash Collateral ETHEMA HEALTH: Reports $295,529 Net Loss in Fiscal Q2 EXECUTIVE RENTALS: Seeks Chapter 7 Bankruptcy in New York FIREFLY NEUROSCIENCE: OKs 5B Share Increase at Annual Meeting FIRST BRANDS: Judge Signals FTX-Scale Probe in Chapter 11 FIRST BRANDS: UBS Liquidates O'Connor Funds Citing Co.'s Strain FIVE STAR: Gets Court Interim OK to Tap $6MM Chapter 11 Loan FOUR FINANCIAL: Case Summary & 20 Largest Unsecured Creditors FRANKLIN LAGERS: Hires Thompson Law Group PC as Counsel GARDA WORLD: S&P Rates Proposed US$570MM Senior Secured Notes 'B' GEORGIA BEAR: Case Summary & Two Unsecured Creditors GLOBAL TECH: Files 5th Interim Report Under Receivership GRAY'S LANDING: Seeks Chapter 7 Bankruptcy in Delaware GREAT CIRCLE: Gets Interim OK to Use Cash Collateral Until Nov. 21 GREEN TERRACE: Trustee Hires Specialty Engineering as Consultant HOTEL ONE: Case Summary & 20 Largest Unsecured Creditors HYPERION DEFI: Enters Into HAUS Deal With Felix Foundation HYPERION DEFI: Signs Joint Validator Deal with Kinetiq & Pier Two HYPERSCALE DATA: Issues 10M Shares via Note, Share Conversions ICAST: Seeks Chapter 7 Bankruptcy in Colorado IF YOU PLEASE: Gets Extension to Access Cash Collateral INTERNATIONAL DIRECTIONAL: Gets Extension to Access Cash Collateral IRON CROSS SERVICES: Seeks Chapter 11 Bankruptcy in Colorado JACKS DONUTS: April 27 Governmental Claims Filing Deadline JENY TRANSPORTATIONS: Seeks Chapter 7 Bankruptcy in California JTA SPRINGS: Case Summary & One Unsecured Creditor KARYOPHARM THERAPEUTICS: Posts $33.1 Million Net Loss in Fiscal Q3 KOSMOS ENERGY: Swings to $124 Million Net Loss in 2025 Q3 LORDSTOWN MOTORS: Former Execs Object to Reserve Reduction LUNAI BIOWORKS: All Proposals OK'd at Annual Meeting MARTINS FOOD: Case Summary & Six Unsecured Creditors MBIA INC: Narrows Fiscal Q3 Net Loss to $8MM on $15MM Revenue MORRIS REAL: Hires Thompson Law Group PC as Counsel MVP GROUP: Gets Extension to Access Cash Collateral MY CITY BUILDERS: Acquires 4-Acre Alabama Site for $350,000 Note NIBA DESIGNS: Gets Final OK to Use Cash Collateral NIGHTFOOD HOLDINGS: Amends Preferred Share Conversion Terms NIGHTFOOD HOLDINGS: Replaces Fruci With TAAD as Independent Auditor NISOURCE INC: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes NOAH ASHER: Case Summary & 14 Unsecured Creditors NOSH AND GROG: Seeks Chapter 7 Bankruptcy in Rhode Island NUVISTA ENERGY: S&P Places 'B+' ICR on CreditWatch Positive OCCUM PIZZA: Seeks Chapter 7 Bankruptcy in Connecticut OFFICE PROPERTIES: Files Voluntary Chapter 11 Cases OFFICE PROPERTIES: Ordered Into Mediation With Objecting Creditors OLIVER CORNERS: Hires Rountree Leitman Klein as Attorney OLIVER VILLAGE: Hires Rountree Leitman Klein as Attorney OPTION CARE: Posts $51.8MM Net Income in Fiscal Q3, Revenue Up 13% PAULAZ ENTERPRISES: Gets Final OK to Use Cash Collateral PC LEARNING: Gets Final OK to Use Cash Collateral PFI HOLDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable PHILLIPS ACRES: Court Extends Cash Collateral Access to Nov. 30 PORTLAND DUCK: Hires Bernstein Shur Sawyer as Counsel PREMIER PEDIATRICS: Hires Tuttle Consulting as Accountant PRINCIPAL PROPERTIES: Seeks Chapter 7 Bankruptcy in Illinois QT HAU: Seeks to Hire Ten-X LLC as Auctioneer RAZZOO'S INC: Secures Court OK to Tap $4MM DIP Financing in Ch. 11 RELAX GROUP: Seeks Chapter 7 Bankruptcy in New Hampshire RENHURST HOLDINGS: Gets Extension to Use Cash Collateral RHODIUM ENCORE: Creditors Oppose Barnes & Thornburg Legal Fees RIZO-LOPEZ FOODS: Court Extends Cash Collateral Access to Nov. 26 ROYALE ENERGY: Switches Auditors as Horne LLP Staff Join BDO USA RYVYL INC: CFO George Oliva Named Interim CEO S&G LABS HAWAII: Case Summary & Four Unsecured Creditors SAGA FORMATIONS: Court Confirms Chapter 11 Plan SCILEX HOLDING: Terminates Equity Line Agreements With Tumim Stone SERTA SIMMONS: Supreme Court Declines to Review Uptier Debt Dispute SHERLAND & FARRINGTON: Gets Extension to Access Cash Collateral SILVER COMMERCIAL: Seeks Chapter 7 Bankruptcy in California SOLANA COMPANY: All Proposals Approved at Special Meeting SONOMA PHARMACEUTICALS: Reports $534,000 Net Loss in Fiscal Q2 SOTHEBY'S: S&P Affirms 'B-' Issuer Credit Rating, Outlook Negative SOUTHERN EXPRESS: Court OKs Buses Sale to Chris Huang for $65K SPEARMAN AEROSPACE: Court Extends Cash Collateral Access to Dec. 31 SPIRIT AIRLINES: Cuts Jobs as It Seeks to Exit 2nd Chapter 11 STANO ON 17: Seeks Chapter 7 Bankruptcy in New York STAR ISLAND: Case Summary & Three Unsecured Creditors STELLA RESTAURANT: Seeks Chapter 7 Bankruptcy in California STIX LLC: Seeks Approval to Hire Michael H. Moody Law as Counsel STOLI GROUP: Court Extends Cash Collateral Access to Nov. 15 SUNNOVA ENERGY: Secures Court OK for Liquidation Plan SUNSET FITNESS: Gets Interim OK to Use Cash Collateral TARO INVESTMENT: Hires Gilbert T. Garczynski Jr. as Accountant TEGNA INC: Receives Second DOJ Request in Nexstar Merger Review TENET HEALTHCARE: Fitch Alters Outlook on 'BB-' IDR to Positive THREE RIVERS: Seeks Chapter 7 Bankruptcy in Indiana THREEPIECEUS LLC: Gets Extension to Access Cash Collateral TOTAL COLLECTION: Court Extends Cash Collateral Access to Nov. 21 TRICOLOR AUTO: BlackRock Shuts Down Fund Invested in Co. U.S. RENAL CARE: S&P Upgrades ICR to 'B-' on Stronger Performance UNITED CABINET: Hires Cards Consulting as Restructuring Advisor US NOT YOU: Seeks Chapter 7 Bankruptcy in California VEON LTD: Akin Gump's Sebastian Rice Joins as General Counsel VERITONE INC: Plans Full $36.7MM Term Loan Repayment on Nov. 12 VERITONE INC: Repurchases $45.7MM of 1.75% Convertible Notes VICTORY RIDGE: S&P Rates 2025 Charter School Revenue Bonds 'BB-' VINCENT GALLO: Seeks Approval to Tap Maldjian & Citta as Accountant VIVACE HOSPITALITY: Court Extends Cash Collateral Access to Dec. 10 VP DIRECT: Case Summary & 17 Unsecured Creditors WATERBRIDGE MIDSTREAM: Fitch Withdraws 'BB-' LongTerm IDR WC PARADISE: Hires Hayward PLLC as Bankruptcy Counsel WEINBERG CAPITAL: Case Summary & Seven Unsecured Creditors WELTY SERVICES: Hires Lucove Say & Co. as Accountant WFL BUILDERS: Hires Treybich Law P.C. as Special Counsel WILDFANG HOLDINGS: Hires RE/MAX as Real Estate Professional XEROX HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Negative ZEBRAS RESTAURANT: Seeks Chapter 7 Bankruptcy in Rhode Island ZHL TRUCKING: Seeks Chapter 7 Bankruptcy in Florida ZUUM TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors ********* 155 N ANITA: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- 155 N Anita LLC filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Central District of California on November 8, 2025. According to the filing, the company reported liabilities estimated between $10 million and $50 million, with a total of one to 49 creditors. About 155 N Anita LLC 155 N Anita LLC is a limited liability company. 155 N Anita LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19996) on November 8 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Sanaz Sarah Bereliani, Esq. of Bereliani Law Firm, PC. 22ND CENTURY: Signs New Executive Employment Agreements ------------------------------------------------------- 22nd Century Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 3, 2025, the Company entered into executive employment agreements with certain executives, including its named executive officers. The Employment Agreements have the initial durations indicated in the table, with automatic one-year renewal periods unless either party provides advance written notice of an intent not to renew. The Employment Agreements specify the titles and provide for base salaries at the current levels. They also provide that the executive officers will be eligible to participate in annual cash incentive and long-term cash and equity incentive plans and programs, as well as other employee benefit plans, that are generally provided to the Company's senior executives from time to time. The Employment Agreements also provide that, upon an involuntary termination of the executive officer's employment by the Company without Cause, or upon a resignation for Good Reason (as defined in the Employment Agreements) upon or within 24 months following a Change of Control (as defined in the Company's 2021 Omnibus Incentive Plan or any successor incentive plan), the executive officer will receive the severance payment, as well as subsidized COBRA benefits for the continuation period: 1. Lawrence Firestone * Initial term: 42 months * Title: Chief Executive Officer * Current base salary: $425,000 * Severance (not during change of control): 1.5x sum of base salary plus target bonus * Severance (during change of control): 2.5x sum of base salary plus greater of target bonus or prior year's actual bonus * COBRA continuation period: 18 months 2. Daniel Otto * Initial term: 39 months * Title: Chief Financial Officer * Current base salary: $315,000 * Severance (not during change of control): 1.0x sum of base salary plus target bonus * Severance (during change of control): 1.5x sum of base salary plus greater of target bonus or prior year's actual bonus * COBRA continuation period: 12 months 3. Jonathan Staffeldt * Initial term: 36 months * Title: General Counsel * Current base salary: $315,000 4. Scott Marion * Initial term: 39 months * Title: Vice President, Manufacturing Operations * Current base salary: $275,000 5. Robert Manfredonia * Initial term: 36 months * Title: Executive Vice President, Sales and Marketing * Current base salary: $275,000 "Cause" is defined generally in the Employment Agreements to include: (a) a willful act or omission that is a material breach of any material obligation under the Employment Agreement or material written policy or procedure and failure to cure, (b) continued willful failure or refusal to substantially perform duties reasonably required, (c) an act of moral turpitude, dishonesty or fraud by, or criminal conviction (excluding non-felony convictions relating solely to vehicle and traffic offenses), (d) material misappropriation of Company property or (e) other willful misconduct that is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the Company. "Good Reason" is defined generally in the Employment Agreements to include: (1) a breach by the Company or successor in the Change of Control of the Employment Agreement, (2) a reduction in base salary, percentage of base salary available as incentive compensation or bonus opportunity or benefits, in each case relative to those most favorable to the in effect at any time during the 180-day period prior to the Change of Control or, to the extent more favorable to the executive officer, those in effect at any time after the Change of Control, (3) the removal of the executive officer from, or failure to reelect or reappoint the executive to, any of the positions held with the Company on the date of the Change of Control or any other positions with the Company to which the executive officer has been elected, appointed or assigned, (4) a material adverse change, without the executive officer's written consent, in the executive officer's working conditions or status with the Company relative to the most favorable working conditions or status in effect during the 180-day period prior to the Change of Control or, to the extent more favorable to the executive officer, those in effect at any time after the Change of Control, (5) the relocation by more than 50 miles from the principal place of employment on the date 180 days prior to the Change of Control, (6) a requirement to travel 20% in excess of the average number of days per month the executive officer was required to travel during the 180-day period prior to the Change of Control, or (7) a failure to obtain an agreement from a successor in a Change of Control expressly to assume and agree to perform from and after the date of such assignment all of the terms, conditions and provisions imposed by the Employment Agreement. Upon a qualifying termination, the executive officers will also receive accrued but unpaid benefits. Equity awards will be treated as provided in the applicable equity incentive plan and award agreements. The Employment Agreements also require the executive officers to comply with certain restrictive covenants. A full-text copy of the Employment Agreements is available at https://tinyurl.com/2np4h4e4 About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 22ND CENTURY: Swings to $5.5MM Net Income in 2025 Q3 ---------------------------------------------------- 22nd Century Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $5.49 million and a net loss of $3.76 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $2.25 million and $10.61 million, respectively. Net revenues for the three months ended September 30, 2025 and 2024, were $4.01 million and $5.95 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $14.05 million and $20.36 million, respectively. The Company has incurred significant losses and negative cash flows from operations since inception, and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. The Company had negative cash flow from operations of $10.47 million and $9.95 million for the nine months ended September 30, 2025 and 2024, respectively, and an accumulated deficit of $396.12 million and $393.87 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the Company had cash and cash equivalents of $4.85 million. Given the Company's projected operating requirements and its existing cash and cash equivalents, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. In response to these conditions, management continues to evaluate different strategies for reducing expenses, as well as pursuing financing strategies which include raising additional funds through the issuance of debt or equity securities, asset sales, and through arrangements with strategic partners. If capital is not available to the Company when, and in the amounts needed, it could be required to liquidate inventory, cease or curtail operations, or seek protection under applicable bankruptcy laws or similar state proceedings. There can be no assurance that the Company will be able to raise the capital it needs to continue operations. Management's plans do not alleviate substantial doubt about the Company's ability to continue as a going concern within the next 12 months. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/9sw7rrd9 About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. As of June 30, 2025, the Company had $22.4 million in total assets, $16.8 million in total liabilities, and $5.6 million in total stockholders' equity. 23ANDME HOLDING: 157,000 Dubious Claims Approved for Removal ------------------------------------------------------------ James Nani of Bloomberg Law reports that the bankruptcy court approved 23andMe's request to remove approximately 157,000 claims filed in connection with its 2023 data breach, which compromised sensitive customer data. The DNA testing company, now rebranded as Chrome Holding Co., had argued that the claims were likely fraudulent, according to the report. Judge Brian Walsh of the Eastern District of Missouri sustained the company's objection during a hearing Friday, November 7, 2025, endorsing the effort to expunge the questionable filings from the case. This decision helps streamline the estate's administration and protect legitimate stakeholders. Court filings show that the flagged claims were suspicious because they were not tied to known customers, contained unusual descriptions, or originated from suspect domains. The sheer number of claims raised concerns that they were part of a coordinated scheme targeting the bankruptcy process. About 23andMe Holding Co. 23andMe Holding Co., now rebranded as Chrome Holding Co., is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. ABUELO'S INT'L: Court OKs Deal to Amend Cash Collateral Budget -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, approved a stipulation allowing Abuelo's International, L.P. and affiliates to amend their cash collateral budget. The court previously approved the Debtors' use of cash collateral under a final cash collateral order entered on September 23. That order included a budget governing permitted expenditures during the Chapter 11 cases. Following this approval, the Debtors determined they must extend two employment practices liability and director/officer insurance policies that would otherwise expire on October 31, 2025. Extending these policies provides both six months of additional coverage and a six-year runoff period. The total insurance premium required for extension is $231,560, which includes $200,000 for the Federal Insurance Company policy and $31,560 for the Continental Casualty Company policy. This premium was not included in the original budget approved with the final cash collateral order. Under the stipulation, the budget is amended to authorize payment of the insurance premiums in October from cash collateral. The Debtors may make this payment as soon as practicable. About Abuelo's International L.P. Abuelo's International, L.P. operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. ADVANCE TRANSIT: Court OKs Glenolden Property to One Remington -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania, has granted Advance Transit Mix Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor was a ready-mix concrete Pennsylvania corporation with an initial registered office address of 613 Oak Lane and a principal place of business address of 607 Oak Lane and Quarry Street in Glenolden, Pennsylvania 10036. The Debtor is also the owner of several parcels of real property. The Debtor's property is comprised of improvements, including a 23,970 square foot structure on 2.46 acres, with a common address of 8 Groce Avenue, Glenolden, PA 19036, 0 and 950 Hopkins Avenue, as well as 202 and 204 Academy Avenue, all located in the City of Glenolden, County of Delaware and State of Pennsylvania. The Court has authorized the Debtor to sell the Property to One Remington LLC a New York Limited Company, with an office for the conduct of business at 5857 Fisher Rd, East Syracuse, NY 13057, or an entity to be assigned, with the purchase price of $2,550,000. The Property may be sold, transferred and surrendered free and clear of any and all liens, encumbrances, interests and claims. The lien on the Property of Heidelberg M. Heidelberg Materials Northeast LLC f/k/a Hanson Aggregates Pennsylvania LLC, Heidelberg Materials UC Cement f/k/a Lehigh Hanson Cement Company LLC, and Heidelberg Materials US Inc. f/k/a Lehigh Hanson Cement Company LLC, and Heidelberg Materials Inc. f/k/a Lehigh Hanson shall attach to the proceeds of the sale. The Debtor is permitted to distribute the proceeds of the sale at the closing as set forth in the Motion. The Debtor will maintain any remaining net proceeds in its Wells Fargo Bank. debtor-in-possession bank account ending -1802, subject to further distribution through a chapter 11 plan. The Debtor will provide the U.S. Trustee with a final closing statement and proof of deposit of the net proceeds in the Wells Fargo Bank debtor-in-possession bank account ending -1802 within 3 business days of the closing date. The Debtor shall pay Heidelberg USA and all outstanding real estate taxes and an other secured claims with liens on the real estate at the Closing. The Property was marketed by the Receiver and the Purchaser is no way related to the Debtor and/or any insider of the Debtor. The Purchaser is not a successor to the Debtor or otherwise liable for any liability or claim against the Debtor. Each and every holder of any of any such claim, or liability, if any, is enjoined from commencing, continuing or otherwise pursuing or enforcing any remedy, claim, cause of action or encumbeances against the potential buyers. About Advance Transit Mix Inc Advance Transit Mix Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. The Company operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M Mayer handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. ADVENT TECHNOLOGIES: Two Directors Resign ----------------------------------------- Advent Technologies Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Marc Seelenfreund and Joseph Celia, respectively, resigned from their respective positions as members of the Board of Directors, with such resignations effective on their respective Resignation Dates. Messrs. Seelenfreund and Celia's resignations were not due to any disagreement with the Company on any matter relating to its operations, policies or practices. About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. As of June 30, 2025, the Company had $6.7 million in total assets, against $36.1 million in total liabilities. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. ALBANY AMITYVILLE: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- Albany Amityville LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York on November 3, 2025. According to the filing, the company listed assets and liabilities each estimated between $100,001 and $1 million, and reported having 1 to 49 creditors. About Albany Amityville LLC Albany Amityville LLC is a limited liability company. Albany Amityville LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74252) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. ALLSTAR PROPERTIES: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Allstar Properties, LLC and its affiliates received third interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to fund operations. The third interim order authorized the Debtors to use cash collateral through December 10 to pay post-petition operating expenses in accordance with the budget, subject to a 10% variance per line item (excluding insurance, which may exceed that limit as needed). Creditors with potential security interests in the properties and rents include banks and lenders such as Bank of America N.A., AgSouth Farm Credit ACA, and Synovus Bank. To protect the interests of secured creditors, the Debtors will grant replacement liens on post-petition assets, with the same validity and extent as their pre-bankruptcy liens. These liens do not extend to potential proceeds from avoidance actions. A final hearing is scheduled for December 10. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/o5Bx4 from PacerMonitor.com. Bank of America is represented by: William A. DuPre, IV, Esq. Clayton A. Smith, Esq. Miller & Martin, PLLC Regions Plaza, Suite 2100 1180 West Peachtree Street NW Atlanta, GA 30309 bill.dupre@millermartin.com clayton.smith@millermartin.com AgSouth is represented by: Roy E. Manoll, III, Esq. Fortson, Bentley and Griffin, PA 2500 DaniellÃ¢â‚¬â„¢s Bridge Rd. Building 200, Suite 3A Athens, GA 30606 (706) 548-1151 rem@fbglaw.com About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor's legal counsel. AMERICA'S GARDENING: Unsecureds Will Get 2% to 5% in Plan --------------------------------------------------------- America's Gardening Resource, Inc., and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated November 3, 2025. America's Gardening Resources, Inc, ("AGR"), together with its affiliates (collectively, the "Company"), is a multi-channel marketer of gardening products and equipment, as well as live goods for gardeners throughout the United States. AGR, a corporation organized under the laws of the State of Delaware, is the primary operating company for the Company's direct-to-consumer business, which consists of quality garden tools, soil improvement products, and other products. AGR is the direct parent company of each of the other Debtors, with none of the other Debtors owning an equity stake in each of the others. AGR is owned as an Employee Stock Ownership Plan ("ESOP"). As an ESOP, the ESOP Trust owns 100% of the equity of the Debtors, and the employees are the beneficiaries of the trust. On the Petition Date, the Debtors filed the Motion of the Debtors and Debtors-In-Possession for Entry of (I) an Order (A) Authorizing and Approving Bidding Procedures in Connection with the Sale of Substantially All of the Debtors' Assets, (B) Approving the Debtors' Entry into Stalking Horse Agreement and Related Bidding Protections, (C) Scheduling the Auction and Sale Hearing, (D) Approving the Form and Manner of Notice Thereof, and (E) Granting Related Relief; And (II) an Order (A) Approving the Sale of Substantially All of the Debtors' Assets Free and Clear of All Encumbrances; and (B) Approving the Assumption and Assignment of Executory Contracts and Unexpired Leases (the "Bidding Procedures Motion"), which sought to approve bidding procedures, approve stalking horse bid protections, authorize the Debtors to designate a stalking horse bidder, schedule an auction, approve assumption and assignment procedures, schedule a sale hearing, approve the proposed sale and the assumption and assignment of executory contracts and unexpired leases. On July 10, 2025, the Bankruptcy Court entered the Bidding Procedures Order,4 which among other things, authorized the Debtors, to enter into the Stalking Horse Agreement (as defined in the Bidding Procedures Motion) with Gardens Alive, Inc. (the "Stalking Horse Bidder"). The Stalking Horse Agreement provided, inter alia, for the sale of substantially all of the Debtors' assets, free and clear of liens, for a purchase price of $9,000,000.00, subject to certain working capital adjustments. The Stalking Horse Agreement provided bid protections to the Stalking Horse Bidder, offering a break-up fee of $360,000.00. The Sale closed in accordance with the Sale Order and the Asset Purchase Agreement on August 7, 2025. The Sale excluded certain aged inventory and inventory with damaged packaging as well as certain racking and FFE at the Debtors' warehouse. The Debtors intend to file motions seeking Court approval of the sale of these remaining assets. Following the Sale, the Debtors are focused principally on winding down their remaining operations, affairs and business. This Combined Disclosure Statement and Plan provides for the Assets, to the extent not Purchased Assets or already liquidated, to be liquidated over time and the proceeds thereof to be distributed to Holders of Allowed Claims in accordance with the terms of the Combined Disclosure Statement and Plan and the treatment of Allowed Claims described more fully herein. The Plan Administrator will effect such liquidation and distributions. After the Effective Date, one or more of the Debtors will continue its corporate existence for Distribution purposes, and the Debtors will be dissolved by the Plan Administrator as soon as is reasonably practicable. Class 3 consists of General Unsecured Claims against the Debtors. Each Holder of an Allowed General Unsecured Claim shall receive in exchange for such Allowed General Unsecured Claim: (A) such Holder's pro rata share of the available cash in the Estates; or (B) such other treatment which the Debtors or the Plan Administrator and the Holder of such Allowed General Unsecured Claim have agreed upon in writing. The Debtors believe that the distributions to Holders of Allowed Class 3 Claims is largely dependent upon the monetization of the Causes of Action. Class 3 is Impaired by the Combined Disclosure Statement and Plan. This Class will receive a distribution of 2% to 5% of their allowed claims. Class 4 consists of Interests in the Debtors. On the Effective Date, all Interests shall be canceled and extinguished as of the Effective Date, and owners thereof shall receive no Distribution on account of such Interests. The Combined Disclosure Statement and Plan will be implemented by, among other things, the liquidation of the FFE and remaining inventory, rejection of the ESOP, appointment of the Plan Administrator to administer, without limitation, all Cash and Retained Causes of Action, and the making of Distributions in accordance with the Combined Disclosure Statement and Plan. A full-text copy of the Combined Disclosure Statement and Plan dated November 3, 2025 is available at https://urlcurt.com/u?l=2Mqiqk from Stretto, claims agent. 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 RESOURCES: ReElement, Vulcan Secure $1.4B OSC Loans ------------------------------------------------------------ American Resources Corporation, through its holding in ReElement Technologies Corporation a leading U.S. innovator in rare earth element (REE) and critical mineral refining, announced a joint partnership of $1.4 billion with the U.S. Department of War's Office of Strategic Capital (OSC). The funding supports the expansion of ReElement's partnership with Vulcan Elements to scale a 100% vertically integrated, domestic rare earth magnet supply chain. The OSC commitment includes two separate loans, matched by private capital: $620 million to Vulcan Elements and $80 million to ReElement Technologies. These loans will directly support the production of advanced rare earth element separation, metallization, and magnet manufacturing capabilities in the United States. With the increased manufacturing and processing capabilities enabled by OSC's loans, Vulcan Elements and ReElement will collectively scale to 10,000 metric tonnes of NdFeB magnet production capability, thereby significantly reducing the U.S. NdFeB magnet supply chain gap. In conjunction with the loan commitment, the U.S. Department of War will receive warrants in ReElement Technologies Corporation. The funding for OSC's loans comes from the One Big Beautiful Bill Act (OBBBA), passed by Congress and signed by President Trump in July 2025. The Act provides up to $100 billion in total OSC lending authority specifically for critical minerals production and related industries and projects. Mark Jensen, Chairman and CEO of ReElement Technologies stated, "We are honored to have the support of our government and remain fully committed to meeting the call of our nation. ReElement's innovative refining platform is designed to address midstream processing and refining challenges for rare earth and critical minerals. Our ongoing collaboration with Vulcan Elements is driven by a shared vision, mission and culture of execution. With support from the United States Government, we are positioned to deliver the secure, scalable, and sustainable solutions that our nation's supply chain urgently needs." John Maslin, CEO of Vulcan Elements added, "As a former Navy officer, I am honored by the trust that the American government and American people have placed in Vulcan Elements. Now more than ever, we remain focused on execution and performance, so that we can deliver a capability that the nation urgently needs. Vulcan Elements and ReElement Technologies already have a record of strong collaboration, and I look forward to continuing to work with ReElement Technologies as we move forward into this next phase of our partnership." Since inception, the Vulcan Elements–ReElement partnership has been guided by four core principles: 1. Prioritizing the objectives of the United States Government and the nation above all else; 2. Collaborating with transparency, trust, and respect; 3. Ensuring a fair and equitable return on investment; and 4. Driving innovation and entrepreneurship to advance American leadership. The result is a resilient, end-to-end U.S. supply chain that delivers speed, certainty, and scale for customers while reinforcing national security and industrial independence. Vulcan Elements and ReElement Technologies are in ongoing discussions with the Office of Strategic Capital to finalize diligence requirements. About ReElement Technologies Corporation ReElement Technologies Corporation, a portfolio company of American Resources Corporation (NASDAQ:AREC), is a leading provider of high-performance refining capacity for rare earth and critical battery elements. Its multi-mineral, multi-feedstock platform technology focuses on the refining of recycled material from rare earth permanent magnets and lithium-ion batteries, concentrated ores and brines, as well as coal-based waste streams and byproducts to create a cost effective and environmentally-safe, circular supply chain. ReElement has developed its innovative and scalable "Powered by ReElement" process which collaboratively utilizes its exclusively licensed intellectual property within its partners' material processing flow sheets to more efficiently support the global supply chain's growing demand for magnet and battery-grade products. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn. About Vulcan Elements Vulcan Elements manufactures sintered permanent neodymium iron boron magnets in the United States for critical defense and commercial applications. The company will also produce high-purity rare earth metals in its commercial facility. Vulcan Elements remains committed to advancing technological innovations, galvanizing America's manufacturing workforce, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain. For more information visit vulcanelements.com or connect with the Company on LinkedIn. About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of June 30, 2025, the Company had $200,445,719 in total assets, $292,644,028 in total liabilities, and total deficit of $92,198,309. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 19, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. AMERICAN TRASH: Court OKs Deal to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, approved a stipulation authorizing American Trash Management, Inc. to use cash collateral through the next hearing scheduled for December 18. Under the stipulation, American Trash Management and secured creditor Fremont Bank agreed to increase the monthly "adequate protection payment to $7,500 and maintain that amount until the next hearing. Moreover, Fremont Bank is allowed to file UCC-1 liens in Oregon and Florida where the Debtor has inventory. The court previously granted the Debtor interim authority through two separate orders issued after hearings held on September 23 and October 3. Those interim orders ensured the Debtor could maintain operations while negotiations and review continued. Fremont Bank is represented by: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little, PC 1970 Broadway, Suite 600 Oakland, CA 94612 Telephone: 510-763-1000 Facsimile: 510-273-8669 c.kuhner@kornfieldlaw.com About American Trash Management Inc. American Trash Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30743) on September 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Stephen Finestone, Esq., at Finestone Hayes, LLP, represents the Debtor as legal counsel. ARCHDIOCESE OF NEW ORLEANS: DOJ Opposes Chapter 11 Exit Plan ------------------------------------------------------------ Randi Love of Bloomberg Law reports that the Archdiocese of New Orleans faces opposition from the Justice Department regarding its bankruptcy exit plan, which a DOJ unit says contains improper releases and injunctions harmful to child sex abuse survivors and other stakeholders. The proposal is designed to consolidate claims into a single settlement trust. The U.S. Trustee objected, noting that the trust would block survivors from pursuing claims against non-bankrupt third parties -- including insurers and other Catholic entities -- without creditor approval. The objection was filed Thursday in the U.S. Bankruptcy Court for the Eastern District of Louisiana. The plan offers a $230 million settlement to survivors who had previously attempted to dismiss the bankruptcy case. DOJ officials warned that the non-debtor releases could shield affiliated organizations from legal responsibility, potentially limiting the recourse available to abuse victims, the report states. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. AVID ENGINEERING: Seeks Chapter 7 Bankruptcy in Colorado -------------------------------------------------------- Avid Engineering LLC filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado on November 5, 2025. The company reported liabilities ranging from $1 million to $10 million. Avid Engineering LLC indicated that it has between 1 and 49 creditors. About Avid Engineering LLC Avid Engineering LLC is a limited liability company. Avid Engineering LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17274) on November 5, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Aaron J. Conrardy, Esq. AZUL SA: Unsecureds Will Get 0.7% to 1.9% of Claims in Plan ----------------------------------------------------------- Azul S.A. and affiliates submitted a Revised Disclosure Statement for the Joint Plan of Reorganization dated November 1, 2025. Azul was founded in 2008 in Brazil by the experienced aviation entrepreneur David Gary Neeleman and a group of American executives who believed in the opportunities of aviation in Brazil. Azul is the largest airline in Brazil in terms of departures and cities served and, prior to the COVID-19 pandemic, was sufficiently capitalized to continue its operational initiatives and take advantage of its strategic partnerships. The Plan is the result of extensive good-faith negotiations, overseen by Azul's board of directors (the "Board of Directors"), among the Debtors and their key economic stakeholders. The Plan is supported by, among others, the Secured Ad Hoc Group, DIP Debtholders, the Consenting Stakeholders, the Consenting Shareholders and AerCap. The transactions contemplated by the Plan also have the support of United and American. The transactions contemplated in the Plan will strengthen the Company by substantially reducing its debt and increasing its cash flow and, importantly, will preserve over 15,000 jobs in Brazil, the United States and around the world. As part of the restructuring: * The Reorganized Debtors will conduct an Equity Rights Offering through which the Reorganized Debtors will raise up to $950,000,000 of New Equity Interests. $650,000,000 of the Equity Rights Offering will be backstopped by the Backstop Commitment Parties pursuant to the Backstop Commitment Agreement. * The Strategic Investors, subject to certain conditions, will participate in the Equity Rights Offering up to $300,000,000, thereby solidifying a long-term partnership among the Reorganized Debtors and the Strategic Investors. * The 1L Claims and 2L Notes Claims will exchange their Claims for New Equity Interests, subject to dilution from, among other things, the Equity Rights Offering. * A Management Incentive Plan will be adopted by the New Azul Strategy Committee subject to the Significant Shareholders satisfactory performance of their obligations under the Bondholder RSA, which will provide for the grants of equity and equity-based awards (in the form of MIP Interest), totaling up to seven percent of the New Equity Interests of the Reorganized Debtors. * On the Effective Date, the GUC Trust will be established for the benefit of the GUC Trust Beneficiaries and, in accordance with the Plan and pursuant to the GUC Trust Agreement, will receive, hold, and administer the following GUC Trust Assets: -- The GUC Trust Cash meaning $2,500,000 or $5,000,000 in Cash as determined by the Cash-Out Percentage. -- The GUC Warrants meaning warrants to purchase up to 5.5% of the total outstanding New Equity Interests (calculated on a fully-diluted basis) which shall be exercisable for a 5-year period commencing on the Effective Date and subject to various conditions set forth in the Plan and the GUC Warrant Documents. -- The GUC CVR meaning that certain non-transferable contingent value note issued by the Reorganized Debtor providing for an annual payment of $6,500,000 with respect to each of the fiscal years ending December 31, 2027, 2028, and 2029 (respectively), subject to certain conditions. * Holders of Allowed General Unsecured Claims will receive either (i) its Cash-Out Relative Portion of the Cash-Out Pool (if such Holder has made the Cash-out Election) or (ii) its Trust Relative Portion of the GUC Trust Interests (if such holder has made the GUC Trust Election), provided that if a Holder of an Allowed General Unsecured Claim does not make a valid GUC Trust Election, such Holder shall be subject to the Cash-Out Default. * Unsecured Convenience Class Claims will receive a Cash payment equal to their Pro Rata share of the Unsecured Convenience Class Cash Pool consisting of $3,000,000 in Cash. The Plan is the result of extensive, good faith negotiations among the Debtors, the Secured Ad Hoc Group and the Creditors' Committee. Before engaging in Plan negotiations, the Creditors' Committee conducted an extensive, months' long investigation into, among other things, the Debtors' capital structure and various prepetition transactions. As part of that investigation, the Creditors’ Committee engaged with the Debtors and the Secured Ad Hoc Group regarding the claims which the Creditors' Committee believed could be asserted in connection with the capital structure and certain prepetition transactions, among other potential claims and causes of action. The Debtors, the Secured Ad Hoc Group and the Creditors' Committee engaged in months of extensive, productive negotiations, which ultimately culminated in an agreement on the terms of the Plan. Accordingly, the Plan represents a global settlement of many complex legal issues, the litigation of which would have significantly lengthened the Chapter 11 Cases, depleted the Debtors' assets and risked the Debtors' ability to consummate a successful restructuring. Ultimately, the parties agreed on treatment for Holders of Allowed General Unsecured Claims and Unsecured Convenience Class Claims in a manner that they believe reasonably resolves these issues and treats all unsecured creditors fairly and equitably. Class 6 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive either: * if such Holder has made the Cash-Out Election, its Cash-Out Relative Portion of the Cash-Out Pool; or * if such Holder has made the GUC Trust Election, its Trust Relative Portion of the GUC Trust Interests; provided, that, for the avoidance of doubt, no Holder of an Allowed General Unsecured Claim shall receive both forms of recovery set forth in the foregoing (A) and (B) on account of such Claim; provided, further, that, pursuant to the AerCap Settlement Order and AerCap Term Sheet, AerCap has waived any rights to receive a distribution with respect to: (i) $284,799,546 of the Allowed AerCap Unsecured Claim against ALAB and (ii) the Allowed AerCap Unsecured Claims in their entirety against Azul on account of any guarantee claims; provided, further, that the Holders of any 1L Deficiency Claims or 2L Notes Deficiency Claims (in their capacity as such) shall not receive any portion of the Cash-Out Pool or GUC Trust Interests, nor any recovery from the GUC Trust or the GUC Trust Net Assets, on account of such 1L Deficiency Claims and 2L Notes Deficiency Claims, respectively. For the avoidance of doubt. If a Holder of an Allowed General Unsecured Claim does not make a valid GUC Trust Election, such Holder shall be subject to the Cash-Out Default. The allowed unsecured claims total $2,359,233,281 to $3,049,305,661. This Class will receive a distribution of 0.7% to 1.9% of their allowed claims. Class 7 consists of Unsecured Convenience Class Claims. Each Holder of an Allowed Unsecured Convenience Class Claim shall receive a Cash payment in an amount equal to its Pro Rata share of the Unsecured Convenience Class Cash Pool. The allowed unsecured claims total $251,294,737. This Class will receive a distribution of 1.2% of their allowed claims. Existing Azul Interests shall be Reinstated, subject to dilution by the transactions contemplated by the Plan and the Transaction Steps. The Existing Azul Interests have no value, and retained Existing Azul Interests will have de minimis value, if any, following the implementation of the Plan and the Transaction Steps. Notwithstanding anything to the contrary in the Plan, no Holder of an Existing Azul Interest (in its capacity as such) shall be a Releasing Party, Released Party, or Exculpated Party except as expressly provided in the Plan. The Reorganized Debtors shall fund distributions under this Plan required to be paid in Cash, if any, and provide for the conveyance and funding of the GUC Trust Assets, as applicable: (1) with Cash on hand, including Cash from operations, (2) with Cash received under the DIP Facility and refinanced pursuant to the Exit Notes (if any), (3) with any proceeds (if any) arising from the exercise of statutory preemptive rights within the context of the transactions implemented to carry out the equitization of 1L Claims and 2L Notes Claims (as applicable); (4) with any proceeds from the Equity Rights Offering, (5) from the Cash proceeds from the issuance of Other Exit Financing (if any), and (6) from the Cash proceeds of an Additional Investment (if any). A full-text copy of the Revised Disclosure Statement dated November 1, 2025 is available at https://urlcurt.com/u?l=hPD2fc from Stretto, claims agent. Counsel to the Debtors: DAVIS POLK & WARDWELL LLP Marshall S. Huebner, Esq. Timothy Graulich, Esq. Joshua Y. Sturm, Esq. Jarret Erickson, Esq. Richard J. Steinberg, Esq. 450 Lexington Avenue New York, New York 10017 Telephone: (212) 450-4000 About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. BALAJIO LLC: Daytona Beach Property Sale to Atlantic Ocean OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has permitted Balajio LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real and personal property located at 90 and 136 Professional Boulevard, Daytona Beach, Florida 32114, which consists of a non-flagged hotel along with its furniture, fixtures and equipment necessary to operate the hotel. The Court has authorized the Debtor to sell the Property to Atlantic Ocean Inn of Daytona Beach, LLC, owned by Manilal Patel, the principal of the Debtor's father, in the purchase price of $7,823,000.00. Subject to higher and better offers, the Debtor is authorized to close, consummate, and comply with the Purchase Agreement for the sale and transfer of the Real Property. Debtor is authorized to execute the Purchase Agreement and all other agreements and documents related to and contemplated thereby, and take such other actions as are necessary or appropriate to effectuate the Sale pursuant to the terms of the Purchase Agreement. The terms and provisions of the Sale Order shall be binding in all respects upon the Purchaser and the Debtor, the estate and any trustees thereof, and all creditors and shareholders of the Debtor, all interested parties and their respective successors and assigns, including, but not limited to, any creditor asserting an interest in the Real Property. Subject to the terms of the Settlement Agreement between the Debtor and Daytona 90, LLC, the Real Property shall be purchased "as is" and free and clear of, liens, claims, and interest, security interests of any kind, and any successor liability claim that could be asserted by any entity or person, including but not limited to, the United States or the State of Florida. The Debtor shall retain and pay at Closing any broker representing the Debtor in the Sale and Purchase Agreement. The Broker is hereby directed to continue to market the Real Property in an attempt to obtain higher or better offers until the Closing. About Balajio LLC Balajio, LLC operates a hotel in Daytona Beach, Florida. Balajio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing up to $10 million in both assets and liabilities. Sameer M. Patel, managing member of Balajio, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP, represents the Debtor as legal counsel. BAYTOWN CONVENTION: S&P Lowers Senior Bonds Rating to 'CCC+' ------------------------------------------------------------ S&P Global Ratings lowered the rating on with Baytown Convention Center Hotel's senior bonds to 'CCC+'. S&P also revised the outlook on the subordinated bonds to negative from stable and affirmed the 'CCC+' rating on them. The stable outlook on the senior bonds reflects that S&P does not expect a default within 12 months given its approximately 24 months of senior debt service cushion in the senior debt service reserve account (DSRA), which provides some runway to mitigate the risk of a payment default in the next year. The negative outlook on the subordinated debt reflects the risk of a payment default over the next 12 months given that there is only about 12 months of liquidity in the subordinated DSRA, which restricts the project's room to maneuver if the municipality elects not to renew its support. Baytown Municipal Development District (BMDD, a political subdivision of Texas and the city of Baytown), issued $18.055 million first-lien series 2021A hotel revenue bonds, $14.03 million second-lien series 2021B hotel revenue bonds, and $30.68 million series 2021C combination limited sales tax revenue and third-lien hotel revenue bonds. The series 2021C (rated 'AA-') is backed by the sales taxes imposed by BMDD and do not fall under the methodologies listed in this publication. The project used bond proceeds to fund the construction and development of a full-service, upper-upscale 208-room Hyatt Regency hotel in Baytown, Texas. Located 30 miles east of downtown Houston, the project is operated under a 30-year hotel service agreement by Hyatt Corp. The project is financed with hotel revenue bonds and direct contributions from BMDD. BMDD repays the first- and second-lien hotel revenue bonds, with net revenue generated from the project. Construction began in October 2021 with substantial completion in March 2023. The hotel opened May 18, 2023. Garfield Public/Private LLC is the project developer and asset manager. The hotel is indirectly owned and controlled by the city through BMDD. The first- and second-lien bonds are solely repaid through hotel operations and do not obligate the city to any explicit financial support, except the insurance costs. However, to date, it has been contributing (through the BMDD) sizably to the start-up operating costs of the hotel. S&P said, "We forecast the hotel will remain reliant on municipal support for the foreseeable future. Since opening in May 2023, the hotel has ramped up in line with our expectations; however, momentum has recently slowed. We updated our base case with a lower stabilized occupancy for the hotel, and we now expect cash flows to stabilize below debt service, resulting in ongoing cash flow deficits after debt service and a persistent reliance on support from the city via funding from BMDD." While the district agreed to fund any shortfalls in first- and second-lien debt-service payments through fiscal-year 2026 (ending Sept. 30), as well as certain operating expenses including insurance premiums, the district is limited to an annual appropriations process, and so the hotel is vulnerable to a shift in the BMDD's willingness or ability to provide further support at its annual budget meeting. BMDD funding could be affected by underperformance of the hotel, changing budgetary priorities, or the election of a new administration. The City of Baytown annual budget process concludes in September, and the BMDD annual budget process occurred in July. S&P said, "The hotel must significantly outperform our updated base-case forecast to improve senior debt service coverage ratio (DSCR) above 1.0x and sustain its senior debt structure without external support. Under our updated forecast for annual revenue per available room (RevPAR) expansion in the 4%-5% range over the next few years, the hotel would have to improve its gross operating profit margin by about 1,300 basis points to about 24%, from 11% in 2025 in order to grow cash flows to a level that would allow it to sustain its senior debt structure without reliance on external support from the BMDD. "Execution risks are elevated given growth momentum has already begun to slow in recent months amid persistent macroeconomic uncertainty. Indeed, transient demand (83% of occupancy) RevPAR has already reached the level of competitors, indicating modest runway for additional growth. We expect persistent macroeconomic uncertainty will challenge the hotels expansion in the near-term. We recently revised our hotel U.S. national RevPAR growth forecast for 2025 to negative 0.5% to negative 1.5% from flat to 2%. For 2026, we expect no U.S. national RevPAR growth at best. "We expect the hotel will continue to ramp-up in the coming years, albeit more slowly, and with operating leverage, we think GOP margins can eventually approach low-20%. However, we highlight the increasing risks the hotel faces in achieving the growth necessary to generate positive cash flows after debt service, which would require margins to reach mid-20%. The hotel is a single-site asset located in Baytown, Texas. Baytown is a smaller economy lacking the strength and diversity of most other larger single-asset hotels we rate, and due to rising recessionary probability, we see the risks to our forecast as firmly to the downside." RevPAR and gross operating profit margins growth has slowed, casting greater uncertainty around the future growth trajectory and sustainability of the capital structure: -- A recently discovered building defect could challenge profitability improvement. BMDD is currently investigating potential construction and design defects associated with the hotel following Hurricane Beryl. BMDD's experts have not reached any conclusions or opinions on those potential defects. Therefore, there is no timeline for any remediation work or any plans to close the hotel currently. The hotel has hired its own consultants currently evaluating the issue. While there may be no litigation, these costs could increase if the construction contractor fails to agree to make repairs, which could further challenge cash flow growth. Additionally, large cash calls, if not covered by the municipality, could challenge the projects liquidity and affect BMDD's willingness to provide the necessary ongoing debt service support. The stable outlook on the senior bonds reflects that S&P does not expect a default within 12 months given its approximately 24 months of senior debt service cushion in the senior DSRA, which provides some runway to mitigate the risk of a payment default in the next year. The negative outlook on the subordinated debt reflects the risk of a payment default over the next 12 months as there is only about 12 months of liquidity in the subordinated DSRA, which restricts the project's room to maneuver in the event the municipality elects not to renew its support. S&P said, "We could lower the ratings on either the senior or the subordinated debt if we expect a payment default or debt restructuring will occur within 12-months. This could occur if the municipality fails to renew its support for the debt service payments at its next annual budgetary vote in 2026 or an economic recession, combined with increased litigation and building repair costs impair cash flow and liquidity. "We could raise the ratings on the senior debt or on the subordinated debt if we forecast the hotel will generate sufficient cash flow to cover the respective debt service payments without reliance on external support." BEECH INTERNATIONAL: Gets Extension to Use Cash Collateral ---------------------------------------------------------- Beech International, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court's interim order extended the Debtor's authority to use cash collateral through November 20, marking the 16th extension since its Chapter 11 filing. The interim order signed by Judge Ashely Chan authorized the Debtor to use cash collateral within a 15% variance per budget category, (except those cash held by UMB Bank, National Association in reserves). As protection, each creditor with an interest in the cash collateral will be granted a replacement lien on all property of the Debtor acquired after its bankruptcy filing. The replacement lien does not apply to proceeds of actions commenced under Chapter 5 of the Bankruptcy Code. Termination events under the interim order include the entry of a subsequent cash collateral order; the appointment of a Chapter 11 trustee or examiner; the conversion of the Debtor's Chapter 11 case to one under Chapter 7; or the filing by the Debtor of a motion to obtain financing secured by liens senior to the liens in favor of UMB. A final hearing is scheduled for November 19. The deadline for filing objections is on November 12. The Debtor believes that only UMB and PIDC Local Development Corporation have an asserted interest in cash collateral. UMB is the trustee under a Trust Indenture dated as of September 1, 2010, between the Philadelphia Authority for Industrial Development and TD Bank, N.A., as prior trustee. Pursuant to the Indenture, among other things, PAID issued certain Revenue Bonds (International Apartments at Temple University) Series 2010A, 2010B, and 2010C, in the aggregate principal amount of $17.280 million. On September 1, 2010, PAID loaned the proceeds of the bonds to the Debtor to acquire, construct, equip and install the student housing facility with two commercial units adjacent to Temple University. This loan is evidenced by, among other things, a loan agreement between PAID and the Debtor dated as of September 1, 2010, and three promissory notes issued by the Debtor in favor of PAID. As of the petition date, UMB asserts that approximately $15,241,671.88 remained due and owing on the notes. Prior to the petition Date, PIDC Local Development Corporation made (i) a loan in the amount of $600,000 to the company's sole member, Beech Interplex, Inc.; and (ii) a loan in the amount of $1 million to Beech Interplex. A copy of the 16th interim order and the Debtor's budget is available at https://shorturl.at/Vjy3H from PacerMonitor.com. About Beech International Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan handles the case. The Debtor tapped Robert Lapowsky, Esq., at Stevens & Lee, P.C. as bankruptcy counsel and Weir LLP as special counsel. UMB Bank, N.A., as secured creditor, is represented by: Tobey M. Daluz, Esq. Margaret A. Vesper, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 daluzt@ballardspahr.com vesperm@ballardspahr.com -- and -- William P. Wassweiler, Esq. Ballard Spahr, LLP 2000 IDS Center 80 South 8th Street Minneapolis, MN 55402-2119 Telephone: (612) 371-3289 Facsimile: (612) 371-3207 wassweilerw@ballardspahr.com BELLA TUSCANY: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: Bella Tuscany Windermere Inc. 13424 Summerport Village Parkway Windermere, FL 34786 Business Description: Bella Tuscany Windermere Inc. operates Italian restaurant in Florida serving Tuscan-style cuisine with dine-in, takeout. and catering services. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07204 Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Carlos Sciortino as authorized representative of the Debtor. 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/NDBMGTQ/Bella_Tuscany_Windermere_Inc__flmbke-25-07204__0001.0.pdf?mcid=tGE4TAMA BIG STORM: Court OKs Clearwater Property Sale to TIDE LLC --------------------------------------------------------- The U.S. Bankrutpcy Court for the Middle District of Florida, Tampa Division, has approved Big Storm Brewery LLC and its affiliates, Big Storm Pinellas LLC and Big Storm Real Estate LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. Joshua Rizack serves as Chief Restructuring Officer and oversees ongoing operations. Debtor Big Storm Real Estate, LLC is the 100% owner of the real property located at 12707 49th Street N., Clearwater, FL 33762. Debtor, Big Storm Brewery, LLC is the 100% owner of that certain personal property, listed attached as Exhibit A (BSB Property) in https://tinyurl.com/bdwzx9yc Debtor, Big Storm Pinellas, LLC is the 100% owner of that certain personal property known as liquor licenses attached as Exhibit B (Liquor Licenses) in https://urlcurt.com/u?l=o9AXtk. Debtors own 100% ownership interests in the Sale Property. The Court authorized the Debtors to sell the following Sale Property: real property located at 12707 49th Street N., Clearwater, Florida 33762 (Parcel ID 09-30-16-70992-100-1207) as legally described in Exhibit A to this Order; the personal property listed in Exhibit B to this Order; and liquor licenses listed in Exhibit C to this Order, together with all improvements, fixtures, and appurtenances, to TIDE LLC in the purchase price of $7,500,000. The Sale Property shall be sold free and clear of all liens, claims, interests, rights and encumbrances, with all such claims attaching to the proceeds of the sale to the same extent, validity, and priority as existed pre-petition, subject to real estate property taxes, municipal liens, covenants, conditions, restrictions, easements, reservations, declarations or other limitations of record. The making or delivery of an instrument or instruments transferring the Sale Property shall not be taxed under any law imposing any recording, registration, transfer or stamp tax fee, including any applicable transfer tax fees, or mortgage recording taxes or fees. The Purchase and Sale Agreement dated October 27, 2025, between the Debtors and TIDE LLC for $7,500,000 is approved as the stalking horse baseline, subject to higher and better offers at auction. The Break-Up Fee of 2% ($150,000) is approved and shall be payable to TIDE LLC from the sale proceeds upon consummation of a sale to an alternative purchaser, provided such alternative purchaser's bid exceeds the stalking horse bid and TIDE LLC has complied with all material terms of the Purchase and Sale Agreement through the date of the auction. The Debtors are authorized to conduct the auction in accordance with those procedures. The auction shall be held on December 2, 2025, at 1:00 pm. The Debtors are authorized to use the Initial $100,000 deposit currently held in trust by Blanchard Law, P.A. for continued operations pending the sale, provided that such use shall not prejudice the rights of TIDE LLC to a return of its deposit in accordance with the Purchase and Sale Agreement. The Court shall conduct the Final Sale Hearing on December 3, 2025, at 3:00 p.m. in Courtroom 8A of the United States Bankruptcy Court, located at 801 North Florida Avenue, Tampa, Florida 33602. 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. BOKQUA LLC: Court Approves Odessa Property Sale to Z. & R. DeLoach ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Colorado has granted Bokqua LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. As of the Petition Date, the Debtor held approximately 160 properties. The 4050 S. Odessa Property is among the properties owned and managed by the Debtor, and is comprised of improved real property with a single family residence. The Court has authorized the Debtor to sell the Property to Zachary and Rachel DeLoach for $555,000. The sale price of $555,000 is fair and reasonable under the circumstances and the Debtor is authorized to effectuate the transfer of the 4050 S. Odessa Property in accordance with the Sale Contract. The Debtor is authorized to executive any and all instruments and other documents necessary or appropriate to effectuate the transfer. The sale of the Property to the Buyer shall be free and clear of any and all liens, claims, interests, and encumbrances. The Debtor is authorized and directed to pay the following creditors and/or costs at closing on the sale, subject to any payoff statements provided to the applicable title company prior to closing: -- Genesis Capital - minimum of $510,470.39 -- Seller Concessions - $10, 000 -- Cost of Sale Including Commission - $34,369.28 The validity of the sale approved shall not be affected by the appointment of a trustee, the dismissal of the case, or its conversion to another chapter under the Bankruptcy Code. About Bokqua LLC Bokqua, LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq., at KutnerBrinen Dickey Riley, P.C. BOYD GROUP: DBRS Confirms BB(high) Issuer Rating, Trend Stable -------------------------------------------------------------- DBRS Limited confirmed its Issuer Rating on Boyd Group Services Inc. (BGSI or the Company) at BB (high) and its credit rating on the Company's Senior Unsecured Notes at BB with a Recovery Rating of RR5. The trends on both credit ratings are Stable. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations follow the Company's announcement to acquire Joe Hudson's Collision Center (JHCC) for approximately $1.3 billion (the Acquisition; all amounts in USD unless otherwise noted). Morningstar DBRS believes the Acquisition will have a modest positive effect on the Company's business risk profile, considering BGSI's resulting increased size and scale, solidified market position, and enhanced geographical diversification. While Morningstar DBRS anticipates BGSI's leverage to temporarily increase because of the Acquisition, Morningstar DBRS expects BGSI to take a prudent financing approach. The closing of the Acquisition is expected to occur in the fourth quarter of 2025, subject to customary closing conditions and regulatory requirements. Founded in 1989, JHCC is the sixth-largest collision repair platform by location count in North America, operating 258 locations across 18 states, primarily in the U.S. Southeast. While JHCC's location footprint is complementary to BGSI's existing footprint, consisting of 1,015 locations spread across 34 states and Canada, the Acquisition will only add a presence into two new states. For the last 12 months ended June 30, 2025 (LTM ended Q2 2025), JHCC generated approximately $720 million in revenues and $100 million in EBITDA, increasing BGSI's pro forma revenue and EBITDA to roughly $3.8 billion and $440 million, respectively. The Acquisition only modestly increases BGSI's revenue share to 7.6% from 6.1% but solidifies BGSI's position as the third-largest player in the industry. Boyd has fully committed bridge financing in place and intends to fund the purchase price for the acquisition through a combination of drawings on the Company's revolving credit facilities, proceeds from a concurrently announced equity financing and new senior notes of up to $375 million. As such, Morningstar DBRS believes BGSI's leverage could increase to modestly above 4.0 times (x) in F2026, but primarily though growth in earnings anticipates the Company will be able to return leverage to below 4.0x in F2027, which Morningstar DBRS views as appropriate for the current credit rating. On August 20, 2025, Morningstar DBRS assigned an Issuer Rating of BB (high) with a Stable trend to BGSI. At the time, Morningstar DBRS stated that should BGSI be challenged to improve operating performance, including a return to positive same-store sales growth on a consistent basis over the next few quarters, the credit ratings would be pressured. Since then, the Company has reported preliminary results for Q3 2025. Results for Q3 2025 are expected to show an improvement in operating performance, including a return to positive same-store sales growth in the 2.0% to 2.5% range and EBITDA margins (as calculated by management) in the 12.3% to 12.5% range versus 12.0% in Q2 2025 and 11.5% in 2024, benefitting from the Company's cost-saving and efficiency improvement initiatives. CREDIT RATING DRIVERS Should BGSI be challenged to deliver positive same-store sales growth on a consistent basis over the next few quarters, and/or key credit metrics be sustained at a level not commensurate with the current credit rating (i.e., debt-to-EBITDA of more than 4.0x) because of weaker-than-expected operating performance and/or more aggressive financial management, the credit ratings could be pressured. Conversely, although unlikely over the near term, Morningstar DBRS could take a positive credit rating action should BGSI materially strengthen its business risk profile, including successfully integrating the Acquisition, along with a commensurate improvement in the Company's key credit metrics on a normalized and sustained basis. EARNINGS OUTLOOK Morningstar DBRS' standalone earnings outlook for BGSI remains largely unchanged from the credit rating action taken on August 20, 2025. Morningstar DBRS continues to believe that the Company's earnings profile will recover and strengthen within the current credit rating category over the near term. BGSI's earnings profile should benefit from rising used car prices and moderating insurance premiums as well as the Company's cost-saving initiatives. Additionally, over the medium term, the Company should benefit from increasingly costly repairs, including those affected by complexities around advanced driver assistance systems which, for example, require recalibration after a windshield replacement or accident. This, in combination with higher miles travelled, should also more than offset reduced accident rates. Morningstar DBRS forecasts BGSI's revenues to grow to more than $3.1 billion and well above $4.0 billion in 2025 and 2026, respectively, from just below $3.1 billion during the LTM ended Q2 2025. Morningstar DBRS expects new locations to be the primary driver of revenue growth in 2025. While same-store sales returned to growth in Q3 2025, Morningstar DBRS expects full-year same-store sales to be slightly negative to relatively flat given the weaker performance in the first half of the year. That said, Morningstar DBRS acknowledges that the weaker performance in the year to date was broad based across the industry, with BGSI performing better than the industry average. Revenue growth in 2026 should benefit from the full-year contribution from the Acquisition, a more normalized same-store sales growth cadence in the low- to mid-single-digit range and the contribution from new locations and acquisitions. Morningstar DBRS expects EBITDA margins to gradually improve, supported by increasing vehicle complexity, higher-margin scanning and calibration services, operating leverage gains, and BGSI's cost-saving initiatives. In support of its EBITDA margin growth objectives, the Company aims to achieve $100 million in annual recurring cost savings over the next five years. As part of this plan, BGSI implemented cost savings with a run rate of $30 million during the first half of the year and expects to realize an incremental $40 million in annualized run-rate cost savings by the end of 2026. These cost savings are primarily related to staffing as well as direct and indirect procurement spending. Additionally, Morningstar DBRS notes that BGSI has identified $35 million to $45 million of potential synergies related to the Acquisition, which the Company aims to duly achieve by 2028. As such, Morningstar DBRS forecasts BGSI's EBITDA to increase to comfortably above $350 million in 2025 and at least $550 million in 2026 from approximately $340 million for the LTM ended Q2 2025. FINANCIAL OUTLOOK Morningstar DBRS anticipates BGSI's cash flow from operations to grow in line with earnings, increasing towards $400 million in F2026 from roughly $230 million in the LTM ended Q2 2025, reflecting earnings growth of BGSI on a standalone basis, incremental earnings from JHCC, and a higher interest burden. Morningstar DBRS expects the Company to continue to use its cash flow from operations to fund growth initiatives, principal lease payments, and a modest dividend. As such, Morningstar DBRS expects BGSI's leverage could increase to modestly above 4.0x in F2026 because of the Acquisition but primarily though growth in earnings anticipates the Company will be able to return leverage to below 4.0x in F2027, which Morningstar DBRS views as appropriate for the current credit rating. Morningstar DBRS notes that weaker-than-expected operating performance for a sustained period, resulting in a more permanent shift in the Company's business risk profile, could also result in the requirement to maintain stronger credit metrics to support the same credit rating. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BBH/BB BGSI's CBRA of BBH/BB is supported by the Company's solid market position as one of the largest non-franchised collision repair centers in North America, benefitting from the Company's strong reputation and long-standing relationships with insurance companies. The CBRA also reflects the highly competitive and fragmented industry in which BGSI operates, the noncontractual aspect of its relationships with insurance companies, and the risks associated with its aggressive growth plans. Comprehensive Financial Risk Assessment (CFRA): BBH The Company's CFRA of BBH reflects Morningstar DBRS' anticipation that BGSI's leverage will increase because of the Acquisition, as well as Morningstar DBRS' expectation that BGSI will take a prudent financing approach. This includes funding more than half of the purchase price through an equity issuance, and the Company's intention to return leverage roughly in line with pre-acquisition levels, which Morningstar DBRS views as appropriate for the current credit rating (i.e., maintain debt-to-EBITDA between 3.5x and 4.0x), over the near term. Intrinsic Assessment (IA): BBH The IA of BBH is within the Intrinsic Assessment Range and is based on the CBRA and CFRA, also taking into consideration peer comparisons, among other factors. Additional Considerations: None The credit ratings include no further negative or positive adjustments resulting from additional considerations. Recovery Rating: The recovery rating of RR5 assumes the Company's secured revolver is fully drawn and reflects the first-lien position of indebtedness under the secured credit agreement. BROWNIE'S MARINE: Board OKs New Compensation Structure for CEO -------------------------------------------------------------- Brownie's Marine Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved a revised compensation structure for Robert Carmichael, the Company's Chief Executive Officer. Effective November 1, 2025, Mr. Carmichel's annual base salary will be $246,000. Mr. Carmichael will be eligible for an annual bonus of $98,400 (representing 40% of his base salary) subject to revenue, profitability and compliance metrics. In addition, Mr. Carmichael will be eligible to receive awards under the Company's 2021 Equity Compensation Plan of performance-based restricted stock units with a target value of $150,000, and cashless stock options with a target value of $350,000, with terms to be set by the Board in accordance with the terms of such Plan. About Brownie's Marine Pompano Beach, Fla.-based Brownie's Marine Group, Inc., through its wholly owned subsidiaries, designs, tests, manufactures and distributes tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus air compressor and nitrox generation fill systems and acts as the exclusive distributor in North and South America for Lenhardt & Wagner GmbH compressors in the high-pressure breathing air and industrial gas markets. The Company is also the exclusive United States and Caribbean distributor for Chrysalis Trading CC, a South African manufacturer of fitness and dive equipment, which is doing business as Bright Weights, of a dive ballast system produced in South Africa. As of June 30, 2025, the Company had $5,812,643 in total assets, $4,151,423 in total liabilities, and $1,661,219 in total stockholders' equity. Henderson, Nev.-based Bush and Associates CPA LLC, the Company's auditor since 2024, issued a 'going concern' qualification in its report dated June 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a net loss of approximately $240,599 and cash used in operating activities of approximately $292,314 for the year ended December 31, 2024, as well as an accumulated deficit of approximately $17,927,329 as of December 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern. BUILT SOLID: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Built Solid Renovations, LLC d/b/a Rock Solid Exteriors 42452 Hayes Rd Clinton Township, MI 48038 Business Description: Built Solid Renovations, LLC, doing business as Rock Solid Exteriors, provides residential and commercial roofing, siding, and concrete installation services across Michigan. Founded over 25 years ago by Levi Moore, the Company offers roof and siding replacement, gutter system installation, and emergency repair services, serving both homeowners and business clients. It is an Owens Corning Platinum Preferred installer, maintaining industry certifications and offering lifetime warranties on its workmanship. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-51258 Judge: Hon. Mark A Randon Debtor's Counsel: Kim K. Hillary, Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Ave., Suite 100 Bloomfield Hills, MI 48304 Tel: (248) 540-3340 Email: khillary@schaferandweiner.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Levi Moore as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AC4DRBA/Built_Solid_Renovations_LLC__miebke-25-51258__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D2UAF4A/Built_Solid_Renovations_LLC__miebke-25-51258__0001.0.pdf?mcid=tGE4TAMA BURLINGTON OPERATING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey, Camden Division, entered an interim order allowing Burlington Operating Group, Inc. to use cash collateral and granting adequate protection to secured creditors. The interim order authorized the Debtor to use cash collateral through November 28 to fund operations consistent with its budget, subject to a 10% variance. Creditor Itria Ventures, LLC claims a secured interest in real and personal property of the Debtor while Performance Food Groups asserts a claim against inventory. As adequate protection, secured creditors will be granted replacement liens on the Debtor's post-petition assets, with the same validity, priority and extent as their pre-bankruptcy liens; and a superpriority administrative expense claim under Section 507(b) of the Bankruptcy Code, if necessary. In addition, Itria Ventures will receive payment of $3,500. A continued hearing is scheduled for November 25, with objections due by November 18. Itria Ventures is represented by: Andrew J. Pincus, Esq. Seidman & Pincus, LLC 77 Brant Avenue, Suite 202 Clark, NJ 07066 Office Tel: (201) 473-0047 Remote Office Tel. (973) 464-1704 ap@seidmanllc.com About Burlington Operating Group Inc. Burlington Operating Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-21214) with $100,001 to $500,000 in both assets and laibilities. Judge Hon. Jerrold N Poslusny Jr oversees the case. The Debtor is represented by: Albert Anthony Ciardi, III Ciardi Ciardi & Astin Tel: 215-557-3550 Email: aciardi@ciardilaw.com Daniel S. Siedman Ciardi Ciardi & Astin Email: 215-557-3550 Email: dsiedman@ciardilaw.com BWX TECHNOLOGIES: S&P Rates New $1BB Convertible Bond 'BB-' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating with a recovery rating of '5' (rounded estimate recovery of 10%) to BWX Technology Inc.'s proposed $1 billion convertible bond offering. The company will use the proceeds to repay its existing $250 million term loan due April 2027 and drawn amounts on its existing revolving credit facility (RCF), as well as paying related transaction fees and adding about $100 million to its balance sheet. In addition to the new convertible note offering, the company will amend and extend the maturity of its existing $750 million RCF to 2030 and increase the amount to $1.25 billion. S&P anticipates the RCF will be undrawn at the close of the transaction. Its 'BB' issuer credit rating and stable outlook on BWX are unchanged. S&P said, "We anticipate the proposed debt issuance will only marginally increase the company's leverage; thus, we expect its credit measures will remain within our expectations for the rating. Through the first three quarters of 2025, BWX's performance was in line with our expectations, including top-line growth driven by its position on the Virgina and Columbia class submarines, which remain priorities within the current budget. In addition, the company has been successful in maintaining S&P Global Ratings-adjusted EBITDA margins in line with expectations at 18%-20% for 2025. "In 2025 and 2026, we forecast the company's S&P Global Ratings-adjusted leverage at 2.75x-3.25x and funds from operations to debt of 20.0%-25.0%, which we consider consistent with the current rating." Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure comprises of the amended and extended $1.25 billion secured revolver due 2030 (not rated), the proposed $1 billion convertible note due 2030, $400 million of unsecured notes due 2028, and $400 million of unsecured notes due 2029. -- S&P has valued the company on a going-concern basis using a 5x multiple of its projected emergence EBITDA. -- Other key default assumptions include SOFR of 2.5% and the revolver 85% drawn. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $234 million -- EBITDA multiple: 5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.115 billion -- Valuation split (obligors/nonobligors): 82%/18% -- Collateral value available to first-lien creditors: $1.045 billion -- Total first-lien debt: $880 million -- Recovery expectations: Not applicable -- Collateral value available to unsecured creditors: $164 million -- Total unsecured debt: $1.837 billion -- Recovery expectations: 10%-30% (rounded estimate: 10%) CANDYWAREHOUSE.COM INC: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division issued an interim order authorizing CandyWarehouse.com, Inc. to use cash collateral through November 25. The court found that the Debtor's use of cash collateral is necessary to finance ongoing operations. The Debtor may use funds in accordance with the budget, paying up to 110% of individual line items without further court approval. The 30-day budget projects total cash disbursements of $230,101. As adequate protection, secured creditors listed in the debtor's filings are granted replacement liens on post-petition assets, limited to any decrease in value of their collateral. These liens exclude Chapter 5 claims and their proceeds. The interim order provides for a carveout for certain administrative expenses, including fees incurred by the U.S. Trustee and Subchapter V trustee, clerk fees and bankruptcy professional fees. A final hearing is scheduled for November 25, with objections due by November 17. About Candywarehouse.com Inc. CandyWarehouse.com, Inc. operates an e-commerce platform that sells bulk candies, snacks, and party supplies, offering products such as chocolates, gummies, and international confections. It provides customers with search options by flavor, color, event, or holiday, and caters to both individual and wholesale buyers. CandyWarehouse.com sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34192) on October 24, 2025, with $223,957 in assets and $3,244,950 in liabilities. Mimi Kwan-Nguyen, president of CandyWarehouse.com, signed the petition. Judge Michelle V. Larson presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. CHASE & GREEN: Seeks Chapter 7 Bankruptcy in West Virginia ---------------------------------------------------------- Chase & Green Corp. has voluntarily filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Northern District of West Virginia on November 4, 2025. According to the bankruptcy petition, the company listed liabilities estimated between $1 million and $10 million. Chase & Green Corp. reported having between 50 and 99 creditors as it begins liquidation proceedings to address its financial obligations. About Chase & Green Corp. Chase & Green Corporation provides a broad range of construction and maintenance services. The firm focuses on both residential and commercial projects, delivering solutions in general contracting, property development, renovations, and ongoing facility upkeep. Chase & Green Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 25-00648) on November 4, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Ryan Winquist Johnson, Esq. of Johnson Legal Services, PLLC. CIVITAS RESOURCES: S&P Places 'BB-' ICR on CreditWatch Positive --------------------------------------------------------------- S&P Global Ratings placed all its ratings on Civitas Resources Inc., including the 'BB-' issuer credit rating and issue-level ratings, on CreditWatch with positive implications. S&P took the same action on SM Energy. This reflects the likelihood of a one-notch upgrade following close, which it expects in the first quarter of 2026. Civitas Resources Inc. and SM Energy Co., both Denver-based exploration and production (E&P) companies, announced a definitive agreement to merge in an all-stock transaction with a combined enterprise value at about $12.8 billion. SM will continue as the surviving entity. The combined entity will be materially larger than stand-alone Civitas based on proved reserves and production. It will operate across four basins and improve scale in the Permian. S&P said, "The CreditWatch placement reflects the likelihood that we will raise our ratings on Civitas by one notch after the close of its merger with SM Energy, given the combined company's improved scale and supportive financial measures. On a pro forma basis, the combined entity had year-end 2024 proved reserves of 1.476 billion barrels of oil equivalent (boe) and pro forma second-quarter production of 526,000 boe per day." As part of the merger, SM Energy will issue 1.45 shares of common stock for each common share of Civitas and assume net debt of $5.4 billion as of June 30, 2025. SM shareholders will own approximately 48% of the combined entity, with Civitas shareholders owning the remaining 52%. Both companies' boards of director have approved the transaction, subject to regulatory and shareholder approvals. CreditWatch The CreditWatch positive reflects the likelihood that S&P will raise the ratings on Civitas in line with SM Energy when the deal closes, which it expects in the first quarter of 2026, assuming it is completed as proposed. COLORART LLC: Court Appoints Receiver to Oversee Co. ---------------------------------------------------- TonerNews reports that a St. Louis County court has appointed a receiver to take charge of ColorArt LLC after the printing company defaulted on a $26 million loan. The lawsuit, filed by Aequum Capital Financial II LLC, claims that ColorArt, led by CEO Eran Salu, and its affiliate, Las Vegas Color Graphics Inc., breached their credit agreement, prompting serious allegations of financial misconduct. According to the lender, ColorArt inflated the value of its collateral, overstated receivables and inventory, and funneled company funds to related entities. A recent operational review found additional concerns, including an understaffed and mostly vacant facility, signaling significant financial and managerial weaknesses, according to report. Judge Heather Cunningham appointed NMBL Strategies, led by Eric Moraczewski, to manage the receivership, safeguard assets, and explore options for recovering debts, including possible asset sales. Although ColorArt tried to halt the process by citing a contract clause favoring County, Illinois, jurisdiction, the court allowed the receivership to proceed in St. Louis. The move casts further uncertainty on the company's future, which had expanded nationwide after JAL Equity acquired it in 2021, the report states. About ColorArt LLC ColorArt LLC is a Eureka-based printing company. ColorArt LLC was placed in receivership after it defaulted on a $26 million loan and after the lawsuit filed by Aequum Capital Financial II LLC claiming that ColorArt, led by CEO Eran Salu, and its affiliate, Las Vegas Color Graphics Inc., breached their credit agreement, prompting serious allegations of financial misconduct. DAYSTAR CARGO: Seeks Chapter 7 Bankruptcy in South Carolina ----------------------------------------------------------- Daystar Cargo LLC filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of South Carolina on November 7, 2025. According to the petition, the company listed liabilities ranging between $100,001 and $1 million and identified between one and 49 creditors. About Daystar Cargo LLC Daystar Cargo LLC is a limited liability company. Daystar Cargo LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-04411) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Helen E. Burris handles the case. The Debtor is represented by Robert A. Pohl, Esq. DEE KUEN: Hires Amann Burnett PLLC as Legal Counsel --------------------------------------------------- Dee Kuen Dee Won Corporation dba Satang Infiniti Thai Retaurant and Bar seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Amann Burnett, PLLC as legal counsel. The firm will provide these services: (a) advising the Debtor with respect to its powers and duties in the continued management and operation of its businesses and properties; (b) advising and assisting in formulating and filing First-Day Motions such as cash collateral, Monthly Operating Reports, determining and paying UST Quarterly Fees, opening a DIP bank account, reviewing the UST Region One (1) Operating Guidelines, providing insurance information, preparing and attending the Initial Debtor Interview; (c) attending meetings and negotiating with representatives of creditors and other parties in interest, responding to creditor inquiries, and advising and consulting on the conduct of the case; (d) negotiating and preparing on behalf of the Debtor a Plan or Plans of reorganization and all related documents and prosecuting the Plan or Plans through the confirmation process; (e) representing the Debtor in connection with any adversary proceedings or automatic stay litigation that may be commenced in the proceedings and any other action necessary to protect and preserve the Debtor's estates; (f) advising the Debtor in connection with any sale, use or lease of assets; (g) representing and advising the Debtor regarding post-confirmation operations and consummation of a Plan, Decree of reorganization; (h) appearing before this court, any appellate courts, and administrative hearings conducted by the Office of the United States Trustee and protecting the interests of the Debtor and the estate before such courts and the United States Trustee; (i) preparing necessary legal papers necessary to the administration of the estate; and j. performing all other legal services for and providing all other legal advice to the Debtor that may be necessary and proper in these proceedings. The firm will be paid at the rate of $345 per hour for William Amann, Esq., attorney, and $165 per hour for paralegal. The Debtor paid the firm a retainer of $15,000, and the filing fee of $1,738. Mr. Amann 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: William J. Amann, Esq. Amann Burnett, PLLC 757 Chestnut Street Manchester, NH 03104 Tel: (603) 696-5401 Email: wamann@amburlaw.com About Dee Kuen Dee Won Corporation dba Satang Infiniti Thai Retaurant and Bar Dee Kuen Dee Won Corporation dba Satang Infiniti Thai Retaurant and Bar, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 25-41031) on Sept. 30, 2025. The Debtor hires Amann Burnett, PLLC as legal counsel. DMO NORTH: Court Denies Bid to Use Cash Collateral -------------------------------------------------- DMO North Hampton Realty, LLC failed to win approval from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral to fund operations. The court ruled that the Debtor's request was unnecessary for the reasons stated on the record. The Debtor on October 7 asked for court approval to use cash collateral, which consists of post-petition rent from its real estate located in North Hampton, New Hampshire. The property is currently leased to a commercial tenant. The primary secured creditor is Primary Bank, which holds two loans: a $2.8 million loan secured by a mortgage on the property, and a $10.8 million loan associated with a related entity owned by the Debtor's principal. Primary Bank claims the property secures both loans due to alleged cross-default and cross-collateralization clauses, a point the Debtor disputes. A foreclosure had been scheduled for August 20 but was preempted by the Debtor's bankruptcy filing. About DMO North Hampton Realty DMO North Hampton Realty, LLC is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B), that leases commercial and residential properties. DMO North Hampton Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 25-10578) on August 19, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Judge Kimberly Bacher oversees the case. The Debtor is represented by William J. Amann, Esq., at Amann Burnett, PLLC. DOUBLE PORTION: Seeks to Hire Vert Law Group PC as Counsel ---------------------------------------------------------- Double Portion Ranch LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Vert Law Group PC as counsel. The firm will provide these services: a. serve as counsel of record for the Debtor in all respects, including any adversary proceedings commenced in connection with the Bankruptcy Case, and to provide representation and legal advice to the Debtor throughout the Bankruptcy Case; b. assist the Debtor in carrying out its duties under the Bankruptcy Code, including advising the Debtor of such duties, its obligations, and its legal rights; c. consult with the U.S. Trustee, any statutory committee that may be formed, and all other creditors, and parties-in-interest concerning the administration of the Bankruptcy Case; d. assist in one or more potential sale(s) of the Debtor's assets; e. prepare, on behalf of the Debtor, all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtor's interests and objectives, and to assist the Debtor in the preparation of its schedules, statements, and reports, and to represent the Debtor at all related hearings and at all related meeting of creditors, U.S. Trustee interviews, and the like; f. assist the Debtor in connection with the formulation and confirmation of a Chapter 11 plan; g. assist the Debtor with analyzing and appropriately treating the claims of creditors; h. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with the Bankruptcy Case; and i. perform all other legal services and provide all other legal advice to the Debtor as may be required or deemed to be in the interests of its Estate in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Akiko Endo, Managing Partner $290 per hour Zachary Regan, Law Clerk $115 per hour On October 4, 2025, Vert Law received a retainer in the amount of $3,832. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Endo 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: Akiko Endo, Esq. Vert Law Group PC 2108 N Street Suite 5754 Sacramento, CA 95816 Tel: (781) 660-9207 Email: akiko.endo@vertfirm.com About Double Portion Ranch LLC Double Portion Ranch LLC is a single asset real estate company. Double Portion Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43006) on October 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. The Debtor is represented by Akiko Endo, Esq. of Vert Law Group PC. DREAMSTYLE REMODELING: Seeks Chapter 7 Bankruptcy in Delaware ------------------------------------------------------------- Dreamstyle Remodeling of Idaho LLC filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on November 3, 2025. According to court filings, the company reported liabilities ranging from $100 million to $500 million, and listed between 100 and 199 creditors. About Dreamstyle Remodeling of Idaho LLC Dreamstyle Remodeling of Idaho LLC is a limited liability company. Dreamstyle Remodeling of Idaho LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11943) on November 3, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Matthew B. Harvey, Esq. of Morris Nichols Arsht & Tunnell, LLP. EAST CLEVELAND: Ohio AG Wants to Place City Into Receivership ------------------------------------------------------------- Randi Love of Bloomberg Law reports that the Ohio Attorney General's Office has petitioned for the city of East Cleveland to be placed into receivership in response to ongoing financial distress. Since a fiscal emergency was declared in 2012, the city has struggled to maintain balanced budgets and stabilize its operations, according to the report. Attorney General Dave Yost highlighted in a court filing that East Cleveland's decade-long fiscal emergency has strained its ability to deliver critical services, leaving the city vulnerable to legal and operational challenges. The filing emphasizes the need for stronger oversight to address systemic financial problems. About East Cleveland East Cleveland is a city situated in Cuyahoga County, Ohio. The Ohio Attorney General is pushing for receivership in East Cleveland to address its long-term financial problems. Since a fiscal emergency was declared in 2012, the city has grappled with ongoing budget deficits and unstable municipal management. ELLIS AGGREGATOR: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed PEX Holdings, LLC and its parent, Ellis Aggregator UK LP's (collectively, Gen II) Long-Term Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed PEX Holdings, LLC's senior secured revolver and term loan at 'BB' with a Recovery Rating of 'RR2'. The ratings reflect Gen II's highly recurring revenue, strong profitability, solid FCF generation, and comfortable liquidity. The company is a leading provider of fund administration services to the private capital industry, resulting in a diverse customer base. However, the rating is constrained by Gen II's moderate leverage and relatively small scale of operations. Key Rating Drivers Small Scale of Operations: Gen II has a limited scale of operations. Nonetheless, the company has a strong niche market position within funds administration as the largest provider to closed-end funds, particularly in private equity, real estate, infrastructure, and fund of funds. Fitch believes continued growth, primarily through organic means, which has been Gen II's main strategy since inception, will support improved scale over time. Moderate Metrics Support FCF: Fitch forecasts EBITDA leverage at 4.8x for 2025 and in the low- to mid-4x range in 2026. Leverage is expected to improve in 2026 and beyond, driven mainly by gradual margin gains. EBITDA interest coverage is projected in the mid- to high-2x range over the next few years. Gen II has a history of steady FCF that supports its ratings. Fitch forecasts solidly positive FCF in FY25-FY27. Good Revenue Visibility: Fund administration is characterized by high client and revenue retention given operational complexity and long private fund lifespans, which drive recurring revenue. Gen II reports average gross and net retention of 99% and about 115%. Around 92%-95% of annual revenue comes from existing funds on the platform, which generate revenue for an average of 10-15 years. Existing clients typically launch a new fund every three to five years, implying roughly 25% of clients launch a new fund each year. Gen II's pure-play focus on closed-end funds ties revenue to capital deployed rather than assets under administration, limiting exposure to market volatility. Diversified, Stable Customer Base: Gen II serves 300+ general partners with no material customer concentration and room to gain share across its base. Its mission-critical solutions support general partners through the fund lifecycle, underpinning resilient revenue. New bookings from emerging managers, in-sourced administrators, and replacement conversions add to growth. The largest customer is less than 10% of annual revenue, and geographic diversification is decent, though diversification outside financial services is limited. Favorable Outsourcing Trends: Fitch expects strong industry revenue growth over the medium term, driven by private asset growth and continued fund administration outsourcing. COVID-19 accelerated adoption of outsourcing and cloud-based solutions, a trend that continues as customers seek efficiency and robust, secure, cloud-accessible, compliant infrastructure. Outsourcing is further supported by rising fund complexity, greater regulatory oversight, fund-borne fees, and high technology capex needs. Peer Analysis Gen II's ratings are supported by strong recurring revenue, solid profitability and positive cash flow generation. Fitch rates Gen II relative to other services peers including Broadridge Financial Solutions, Inc. (Broadridge; BBB+/Stable) and Boost Parent, LP (Boost; B/Stable). Broadridge provides outsourced investor communications as well as technology and services to banks, broker-dealers, asset/wealth managers, corporate issuers, investors, and mutual funds. Boost is a market leader in data and analytics solutions for the automotive industry, with high market share and brand awareness among industry participants. Both Broadridge and Boost operate with a highly recurring revenue business model, similar to Gen II. Fitch expects Broadridge's leverage to remain below 2.5x, while Fitch expects Boost's leverage to stay within the 6x-7x range. Fitch projects Gen II's leverage to be moderate, staying within the 4x-5x range over the forecast horizon, which supports its rating differential with its peers. Key Assumptions - Organic revenue growth in the low to mid-teens range in 2026 and beyond; - EBITDA margins relatively stable with 2024 levels in 2025 before improving modestly in subsequent years; - Capex near 3.0% of revenue; - No M&A or dividend distributions; - Debt unchanged from original issuance amount with the exception of 1% debt amortization per year; - Floating rate debt assumes secured overnight financing rate (SOFR) of 4.2% from 2025-2027. Recovery Analysis For entities rated 'B+' and below, where the risk of default is higher and recovery prospects are more significant to investors, Fitch conducts 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. Fitch assumes that Gen II would emerge from a default scenario under a going concern approach rather than liquidation. The key assumptions used in the recovery analysis are as follows: - The revolver is fully drawn; - 10% administrative claims; - Fitch estimates a going concern EBITDA of approximately $90 million, which is meaningfully below current run-rate EBITDA. This lower level of EBITDA reflects the possibility of competitive and company-specific pressures that lead to a material decrease in EBITDA; - Fitch assumes a 7.0x multiple, which is validated by historic public company trading multiples, industry M&A, and past reorganization multiples Fitch has seen across various industries; - The waterfall analysis generates a recovery estimate corresponding to a Recovery Rating of 'RR2' and an instrument rating of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 5.5x on a sustained basis; - Interest coverage below 2.5x; - CFO less capex to debt below 7.5% on a sustained basis; - Significant acquisitions largely funded with debt that pressure credit metrics or other changes in financial policies that weaken the credit profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4.5x; - CFO less capex to debt at 10% or better; - Significant improvement in operating fundamentals reflected by growth of revenue and EBITDA. Liquidity and Debt Structure Fitch believes Gen II's liquidity is adequate and should enable it to invest for growth while also providing sufficient financial flexibility for the rating category. As of Sept. 30, 2025, Gen II had cash and cash equivalents of $91 million and full availability on its $75 million RCF. In addition, Fitch expects liquidity will be further supported by stable and positive FCF generation. Debt amortization is modest at less than $10 million annually. Gen II's capital structure consists of first-lien senior secured revolver and term loans. Its first-lien senior secured debt includes (i) a $75 million revolver and (ii) a $675 million term loan maturing in 2031. The term loan amortizes at 1% per annum. Issuer Profile Gen II is an independent private equity fund administrator servicing closed-end funds with a focus on PE, real estate, infrastructure, and fund of funds. It administers more than $1.6 trillion of private fund capital across 300+ clients with 1,700+ professionals. 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 ----------- ------ -------- ----- PEX Holdings, LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Ellis Aggregator UK LP LT IDR B+ Affirmed B+ ENKB-MONTICELLO LLC: Unsecureds Will Get 50% over 60 Months ----------------------------------------------------------- ENKB-Monticello LLC and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Second Amended Disclosure Statement for First Amended Joint Plan of Reorganization dated November 2, 2025. The Debtors are owners and operators of five apartment complexes located in the Houston, Texas area (4 of which are the subject of litigation with BSD Houston, LLC and its related entities). The Debtors also own causes of action against BSD Houston, LLC and Ranch Knot Realty LLC et. al., for fraudulent transfer of their assets, as described in Adversary Proceeding No. 25-08006 herein, styled ENKB-Monticello, LLC, Mar de Sol 2021, LLC, TX Nueva 2021 LLC, and La Plaza 2022, LLC v. BSD Houston, LLC, Ranch Knot Realty LLC, Nueva Owner LLC, Nueva Owner 2 LLC, La Plaza Owner LLC, La Plaza Owner 2 LLC, Mar del Sol Owner LLC, Mar del Sol Owner 2 LLC, Monticello Owner LLC and Monticello Owner 2 LLC. The Debtors allege that BSD and Ranch Knot executed or caused to be executed warranty deeds purporting to transfer the Properties owned by ENKB, Mar de Sol, La Plaza and TX Nueva to the other Defendants, which are third party entities controlled by BSD and Ranch Knot, for far less than their market value. Should the Debtors prevail in this litigation the Properties would be re deeded back to the Debtors and any damages would be offset against any claims BSD Houston, LLC or the other Defendants may have in these Cases. Class 6 Allowed Unsecured Claims against ENKB shall be paid one half (50%) of their Allowed Claims over sixty months in equal monthly installments. Payments will commence on the Effective Date and continue until the end of 60 months from the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 6 Allowed Unsecured Claims against Verenda shall be paid one-half (50%) of their Allowed Claims over sixty months in equal monthly installments. Payments will commence on the Effective Date and continue until the end of 60 months from the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 7 Allowed Unsecured Claims against Mar de Sol shall be paid one-half (50%) of their Allowed Claims over sixty months in equal monthly installments. Payments will commence on the Effective Date and continue until the end of 60 months from the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 8 Allowed Unsecured Claims against TX Nueva shall be paid one-half (50%) of their Allowed Claims over sixty months in equal monthly installments. Payments will commence on the Effective Date and continue until the end of 60 months from the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 8 Allowed Unsecured Claims against La Plaza shall be paid one-half (50%) of their Allowed Claims over sixty months in equal monthly installments. Payments will commence on the Effective Date and continue until the end of 60 months from the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. The Debtors will use the net revenue derived from their business operations to make the payments required under the Plan. Any shortfalls in the Debtors' net revenue necessary to fund the Plan payments will be funded by the Equity Interest Holders. A full-text copy of the Second Amended Disclosure Statement dated November 2, 2025 is available at https://urlcurt.com/u?l=CFhGnD from PacerMonitor.com at no charge. Counsel to the Debtors: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503 4033 Fax: (972) 503-4034 About ENKB-Monticello, LLC ENKB-Monticello, LLC and affiliates own and operate multifamily residential properties in Texas, including Monticello Apartments, La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva Apartments. The Debtors provide rental housing across their respective communities and are managed as part of a real estate investment portfolio based in Houston, Texas. ENKB-Monticello and affiliates, La Plaza 2022, LLC, Mar De Sol 2021, LLC, TX Nueva 2021, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-80418) on September 7, 2025. In its petition, ENKB-Monticello reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. ENKB-MONTICELLO: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, issued a second interim order authorizing ENKB-Monticello, LLC to use the cash collateral of Golden Bank, N.A. and grant adequate protection to the lender. The Debtor was authorized to use cash collateral to fund operations under a monthly budget, subject to a 5% per line item and 10% overall variance. The Debtor projects total operational expenses of $180,134 for November and 180,184 for December. As adequate protection for the Debtor's use of its cash collateral, Golden Bank will be granted replacement liens and security interests in the Debtor's post-petition assets, co-extensive with its pre-bankruptcy liens. These liens are automatically perfected without further filings and exclude Chapter 5 causes of action. In addition, Golden Bank will continue to receive monthly payments equal to the pre-bankruptcy amounts for principal, interest, and tax escrows; maintain insurance on the collateral; and deposit all post-petition accounts receivable into a designated debtor-in-possession account subject to Golden Bank's first lien. The interim order also provides a carveout only for U.S. Trustee fees under 28 U.S.C. Section 1930(a). A final hearing is scheduled for December 16. Golden Bank is represented by: Morris D. Weiss, Esq. William R. Nix, Esq. Abigail Rogers, Esq. Kane Russell Coleman & Logan, PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Telephone: (512) 487-6650 mweiss@krcl.com tnix@krcl.com arogers@krcl.com About ENKB-Monticello LLC ENKB-Monticello, LLC and affiliates own and operate multifamily residential properties in Texas, including Monticello Apartments, La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva Apartments. The Debtors provide rental housing across their respective communities and are managed as part of a real estate investment portfolio based in Houston, Texas. ENKB-Monticello and affiliates, La Plaza 2022, LLC, Mar De Sol 2021, LLC, TX Nueva 2021, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-80418) on September 7, 2025. In its petition, ENKB-Monticello reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. ETHEMA HEALTH: Reports $295,529 Net Loss in Fiscal Q2 ----------------------------------------------------- Ethema Health Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $295,529 and $465,275 for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported net losses of $1.18 million and $839,478, respectively. The Company reported revenues of $4.91 million for the three months ended June 30, 2025, and $1.49 million for the same period in 2024. For the six months ended June 30, 2025 and 2024, the Company had revenues of $8.42 million and $2.79 million, respectively. For the six months ended June 30, 2025, the Company incurred operating losses of $0.4 million. As of June 30, 2025, the Company had an accumulated deficit of $45.6 million, a working capital deficiency of $12.2 million and total liabilities in excess of total assets of $8.6 million. These matters raise substantial doubt about Company's ability to continue as a going concern. Management believes that current available resources will not be sufficient to fund the Company's planned expenditures over the next 12 months. Accordingly, the Company will be dependent upon the raising of additional capital through placement of common shares, and/or debt financing in order to implement its business plan and generating sufficient revenue in excess of costs. If the Company raises additional capital through the issuance of equity securities or securities convertible into equity, stockholders will experience dilution, and such securities may have rights, preferences or privileges senior to those of the holders of common stock or convertible senior notes. If the Company raises additional funds by issuing debt, the Company may be subject to limitations on its operations, through debt covenants or other restrictions. If the Company obtains additional funds through arrangements with collaborators or strategic partners, the Company may be required to relinquish its rights to certain geographical areas, or techniques that it might otherwise seek to retain. There is no assurance that the Company will be successful with future financing ventures, and the inability to secure such financing may have a material adverse effect on the Company's financial condition. Based on the uncertainties described above, the Company believes its business plan does not alleviate the existence of substantial doubt about its ability to continue as a going concern within the next 12 months. As of June 30, 2025, the Company had $28.9 million in total assets, $37.54 million in total liabilities, and $8.64 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2ajw3sta About Ethema Health Ethema Health Corp. is a Colorado-based company headquartered in West Palm Beach, Florida, focused on addiction treatment services in the United States. Originally established as an oil and gas exploration firm, the Company transitioned through various sectors including electronics -- before shifting to healthcare. It now operates primarily through Evernia, maintaining in-network relationships with healthcare providers to source most of its clients. As of March 31, 2025, the Company had $28.54 million in total assets, $36.89 million in total liabilities, and $8.34 million in total stockholders' deficit. In an audit report dated May 23, 2025, RBSM LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has working capital deficiency and accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. EXECUTIVE RENTALS: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- Executive Rentals NY Inc. filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York on November 5, 2025. According to court documents, the company reported liabilities between $100,001 and $1 million. Executive Rentals NY Inc. also indicated that it has between 1 and 49 creditors. About Executive Rentals NY Inc. Executive Rentals NY Inc. is a single asset real estate company. Executive Rentals NY Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74272) on November 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. FIREFLY NEUROSCIENCE: OKs 5B Share Increase at Annual Meeting ------------------------------------------------------------- Firefly Neuroscience, Inc. held the 2025 Annual Meeting of Stockholders. As of September 4, 2025, the record date for the Annual Meeting, there were 13,448,848 shares of common stock, par value $0.0001 per share, issued and outstanding and entitled to vote on the proposals presented at the Annual Meeting, of which 7,435,767 shares were present in person or represented by proxy, which constituted a quorum. The holders of shares of the Common Stock are entitled to one vote for each share held. At the Annual Meeting, the stockholders voted on four proposals, each of which is described in greater detail in the Company's Definitive Proxy Statement on Schedule 14A, as filed with the Securities and Exchange Commission on October 3, 2025 and Amendment No. 1 to the Proxy Statement, as filed with the SEC on October 23, 2025. At the Annual Meeting, stockholders approved Proposals 1,2, 3 and 5, each of which was presented for a vote. Set forth are the final voting results for each of the proposals, submitted to a vote of the Company's stockholders at the Annual Meeting: Proposal 1: A proposal to elect two (2) Class II directors to the Board of Directors to serve until the annual meeting of stockholders to be held in 2028, or until each one's respective successor has been duly elected and qualified. The proposal was approved: Nominees: 1. Brian Posner For: 3,837,681 Withheld: 82,245 Broker Non-Votes: 3,515,841 2. Stella Vnook For: 3,814,079 Withheld: 105,847 Broker Non-Votes: 3,515,841 Proposal 2: A proposal to ratify the appointment of Marcum Canada, LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending December 31, 2025. The proposal was approved: For: 7,044,440 Against: 300,800 Abstain: 90,527 Proposal 3: A proposal to approve an amendment to the Firefly Neuroscience, Inc. 2024 Long-Term Incentive Plan to: (i) increase the maximum number of shares available for grant under the Plan by 317,820 shares of Common Stock, and (ii) on the first day of each calendar year during the term of the Plan, commencing on January 1, 2026 and continuing until (and including) January 1, 2035, to automatically increase the Plan Share Limit to a number equal the lower of: (a) four percent of the total number of shares of Common Stock issued and outstanding on the last calendar day of the prior fiscal year or (b) a number of shares of Common Stock determined by the Board, and the Amendment No.1 to the Plan attached to the Proxy Statement of the Company as Annex A be adopted and approved in all respects with immediate effect. The proposal was approved: For: 3,678,394 Against: 160,838 Abstain: 80,694 Broker Non-Votes: 3,515,841 Proposal 5: A proposal to approve the adjournment of the Annual Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of any one or more of the foregoing proposals. The proposal was approved: For: 6,208,007 Against: 1,141,830 Abstain: 85,930 On October 23, 2025, the Company filed the Amendment with the SEC, to amend Proposal 4 as "a proposal to approve Certificate of Amendment No. 1 of Amended and Restated Certificate of Incorporation of the Company to increase the total number of authorized shares from 101,000,000 to 5,001,000,000, consisting of: (i) 5,000,000,000 shares of Common Stock, par value $0.0001 per share, and (ii) 1,000,000 shares of Preferred Stock, par value $0.0001 per share." Specifically, Proposal 4 has been revised to present a single, fixed-number increase to the Company's authorized shares. All prior references to a "range" of authorized shares, or to the Board's discretion to determine the final number of authorized shares, have been removed. This change was made to ensure compliance with Delaware General Corporation Law, which requires that any increase in authorized shares be stated as a specific number, rather than as a range or a number to be determined at the Board's discretion. As a result, stockholders are now being asked to approve a specific increase in the number of authorized shares, and the Board will not have discretion to select a number within a range. Given these important changes, the Board believes it is in the best interests of the Company and its stockholders to provide additional time for stockholders to review and consider the revised Proposal 4. Accordingly, the Chairman of the Annual Meeting only called for a vote on the above listed proposals, with the last proposal considered a vote on Proposal 5, to authorize the adjournment of the Annual Meeting to adjourn the vote on Proposal 4 to a later date in order to permit further solicitation and voting of proxies and to ensure that all stockholders have a fair opportunity to consider the revised Proposal 4. The Chairman then adjourned the Annual Meeting without opening the polls on Proposal 4, which was scheduled on October 31, 2025 to be submitted to a vote of the Company's stockholders at the Annual Meeting, to allow additional time for voting. On October 31, 2025, the Company reconvened the Annual Meeting at 10:00 a.m. Eastern Time, at www.virtualshareholdermeeting.com/AIFF2025, pursuant to notice duly given. At the Annual Meeting, the holders of 7,631,150 shares of the Common Stock were represented in person or by proxy, constituting a quorum. The stockholders were asked to approve Proposal 4. The stockholders voted to approve Proposal 4 at the Meeting. The vote was as follows: Proposal 4: A proposal to approve Certificate of Amendment No. 1 of Amended and Restated Certificate of Incorporation of Firefly Neuroscience, Inc. to increase the total number of authorized shares from 101,000,000 to 5,001,000,000, consisting of (i) 5,000,000,000 shares of Common Stock, par value $0.0001 per share, and (ii) 1,000,000 shares of Preferred Stock, par value $0.0001 per share, was not presented. For: 6,185,466 Against: 1,303,224 Abstain: 142,460 No other actions were taken at the reconvened meeting. About Firefly Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $14.93 million in total assets, $2.84 million in total liabilities, and a total stockholders' equity of $12.1 million. FIRST BRANDS: Judge Signals FTX-Scale Probe in Chapter 11 --------------------------------------------------------- Emily Lever of Law360 reports that on Friday, November 7, 2025, a Texas bankruptcy judge indicated that the investigation into First Brands' Chapter 11 case might rival the complexity of the FTX Trading Ltd. probe, as he considered calls for a Chapter 11 examiner. The court pointed to the company's extensive accounting records, intercompany dealings, and invoice‑factoring arrangements as areas requiring careful examination. The judge warned that determining the full scope of potential wrongdoing, whether by executives, related parties, or outside financiers, could demand months of forensic investigation. The U.S. Trustee's office has requested an independent examiner to probe possible fraudulent or criminal activity by First Brands' leadership. The judge expressed willingness to appoint one but emphasized that the examiner must have broad powers, worldwide access to books and records, and the authority to initiate litigation or asset recovery actions on behalf of the estate. tes. 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. FIRST BRANDS: UBS Liquidates O'Connor Funds Citing Co.'s Strain --------------------------------------------------------------- Myriam Balezou of Bloomberg News reports that two UBS O'Connor hedge funds are being wound down after sustaining losses from exposure to First Brands Group, the bankrupt auto-parts supplier. UBS, through its Chicago-based hedge fund unit, cited the need to protect investors and respond to financial stress within the funds, according to the report. The Working Capital Opportunistic funds had faced redemption requests, prompting the bank to accelerate liquidation. UBS informed investors that the bulk of the funds' assets would be monetized by year-end to resolve outstanding positions efficiently, the report states. By closing these funds, UBS aims to minimize further losses while maximizing recovery for remaining First Brands–related assets. The move reflects a wider reassessment of risk by large financial institutions exposed to troubled corporate borrowers and structured finance products, according to report. 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., and Matthew R. Bentley, Esq., at ArentFox Schiff, LLP, in New York; and Eric J. Fromme, Esq., in Los Angeles, California. FIVE STAR: Gets Court Interim OK to Tap $6MM Chapter 11 Loan ------------------------------------------------------------ Ben Zigterman of Law360 reports that the court in Texas gave interim approval to a $6 million debtor-in-possession loan for Five Star Development LLC, enabling the global luxury-resort developer to tap financing despite opposition from a secured creditor that offered an alternative financing proposal. The ruling allows Five Star to access immediate funds to sustain operations and continue construction of its high-end Arizona resort project while the Chapter 11 case progresses. A final hearing on the financing package is expected in the coming weeks, during which the court will consider the competing offer and determine the most favorable terms for the estate and creditors, the report states. About Five Star Development Properties LLC 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. Five Star Development sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90608) on November 4, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Nicholas J. Hendrix, Esq. of O'Melveny & Myers LLP. FOUR FINANCIAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: The Four Financial, LLC 1710A Posner Blvd. Davenport, FL 33837 Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08387 Debtor's Counsel: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Asach Paredes as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DTWAM5A/The_Four_Financial_LLC__flmbke-25-08387__0001.0.pdf?mcid=tGE4TAMA FRANKLIN LAGERS: Hires Thompson Law Group PC as Counsel ------------------------------------------------------- Franklin Lagers and Ales, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Thompson Law Group, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare all necessary legal papers in connection with the administration of the Debtor's estate; (d) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting its effort to reorganize. The firm will be paid at these rates: Attorneys $350 Paralegals $90 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $10,000 from the Debtor. Brian Thompson, Esq., an attorney at Thompson Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About Franklin Lagers and Ales, LLC Franklin Lagers and Ales, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-23000) on Nov. 4, 2025. The Debtor hires Thompson Law Group, PC as counsel. GARDA WORLD: S&P Rates Proposed US$570MM Senior Secured Notes 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Quebec-based security company Garda World Security Corp.'s proposed US$570 million senior secured notes due 2031. The '3' recovery rating indicates its expectation for meaningful (50%-90%; rounded estimate: 55%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance to repay its existing US$570 million senior secured notes due 2027. S&P expects to withdraw our ratings on Garda's existing 2027 notes following the completion of the transaction, which it expects will be leverage neutral. S&P said, "Our 'B' issuer credit rating and stable outlook on Garda are unchanged. We continue to expect the company will reduce its leverage to about 8x in fiscal year 2026 (ending Jan. 31, 2026) because the contributions from its acquisitions will add about C$130 million to its S&P Global Ratings-adjusted EBITDA. In addition, we continue to expect declining interest rates and Garda's improving working capital management will lead to increased free operating cash flow generation and stronger interest coverage metrics. "We could lower our ratings on the company in the next 12 months if we expect S&P Global Ratings-adjusted debt to EBITDA will be sustained well above 8.0x or S&P Global Ratings-adjusted funds from operations cash interest coverage approaches 1.5x. This could occur if Garda's earnings and operating cash flow generation are weaker than expected due to competitive pressures or operating inefficiencies. This scenario could also occur if the company materially increases its debt levels, most likely through a higher-than-expected level of acquisitions or shareholder distributions. Higher-than-anticipated short-term interest rates could also contribute to weakness in Garda's performance, given that about half of its outstanding debt is variable rate. "In our view, debt-funded acquisitions will remain an important part of the company's growth strategy, which limits the ratings upside. Although unlikely, we could upgrade Garda in the next 12 months if it demonstrates a commitment to sustaining S&P Global Ratings-adjusted debt to EBITDA of close to 5x. Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for this transaction, the company's capital structure will comprise a US$392 million revolving credit facility, a US$2.3 billion term loan B due 2029, the proposed US$570 million senior secured notes due 2031, US$400 million of senior secured notes due 2028, US$500 million of senior unsecured notes due 2029, US$550 million of senior unsecured notes due 2032, and US$1 billion of senior unsecured notes due 2032. -- The '3' recovery rating on the company's secured debt indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. -- The '6' recovery rating on the company's senior unsecured debt (senior notes due 2029, July 2032, and November 2032) indicates S&P's expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default. -- S&P said, "Our simulated default scenario contemplates a default in 2028 stemming from the loss of customer contracts, heightened competition, and margin erosion caused by an unexpected increase in costs. We believe these factors could pressure Garda's ability to meet its financial obligations, prompting the need for a bankruptcy filing or restructuring." -- S&P's recovery analysis assumes a net enterprise value for the company of about C$2.9 billion, which reflects emergence EBITDA of about C$567 million and a 5.5x multiple. -- S&P assumes that, in our hypothetical bankruptcy scenario, the US$392 million revolving credit facility is 85% drawn. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: About C$567 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): C$2.9 billion -- Obligor/nonobligor valuation split: 100%/0% -- Total value available to secured first-lien debt claims: C$2.9 billion -- Secured first-lien debt claims: C$5 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) -- Total value available to unsecured claims: $0 -- Senior unsecured debt/pari passu unrecovered secured claims: C$5.1 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. GEORGIA BEAR: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Georgia Bear Mountain Hideaway LLC 1769 Glendale Blvd Los Angeles, CA 90026 Business Description: Georgia Bear Mountain Hideaway LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B), with its main property situated at 449 Georgia St., Big Bear Lake, California 92315. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-17973 Judge: Hon. Scott H. Yun Debtor's Counsel: Richland Morton, Esq. 6400 S. Pulaski Rd Chicago IL 60629 Tel: 312-433-0100 E-mail: bellademi1221@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joel Tucker as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RRL44ZY/Georgia_Bear_Mountain_Hideaway__cacbke-25-17973__0001.0.pdf?mcid=tGE4TAMA GLOBAL TECH: Files 5th Interim Report Under Receivership -------------------------------------------------------- The Globe and Mail reports that a Nevada corporation, Global Tech Industries Group, Inc., has been placed under receivership pursuant to a court order issued September 18, 2024, with Paul L. Strickland acting as the receiver. On November 1, 2025, the Fifth Interim Report was filed detailing the receivership's progress. Additionally, the company's subsidiary, TTII Strategic Acquisitions and Equity Group, Inc., successfully secured a default judgment against Astra Energy, Inc. for failing to comply with the terms of a February 16, 2023 loan agreement, and the receiver plans to pursue collection through legal action, the report states. About Global Tech Industries Group Global Tech Industries Group, Inc., operates an online cryptocurrency trading platform in the United States. It operates Beyond Blockchain, a cryptocurrency trading platform, which allows multi-currency clearing and direct settlements in Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, Bitcoin SV, Aave, Compound, Uniswap, Chainlink, and Yearn Finance. The company was formerly known as Tree Top Industries, Inc. and changed its name to Global Tech Industries Group, Inc. in July 2016. Global Tech Industries Group was incorporated in 1980 and is based in New York. On September 18, 2024, in the case of White Rocks (BVI) Holdings Inc., et al. v. Reichman, et al., Case No. A‑24‑896359‑B, the Eighth Judicial District Court for Clark County, Nevada, issued an Order Appointing Receiver for Global Tech Industries Group, Inc. (GTII), naming Paul L. Strickland as the receiver. Investingpro data indicates that GTII has operated at a loss over the past year and continues to face substantial financial and operational challenges. GRAY'S LANDING: Seeks Chapter 7 Bankruptcy in Delaware ------------------------------------------------------ Gray's Landing Development LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on November 5, 2025. According to the bankruptcy petition, the company reported liabilities ranging from $100,001 to $1 million. Gray's Landing Development LLC. also listed between 1 and 49 creditors. About Gray's Landing Development LLC Gray's Landing Development LLC is a limited liability company. Gray's Landing Development LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11970) on November 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. GREAT CIRCLE: Gets Interim OK to Use Cash Collateral Until Nov. 21 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York approved a stipulation granting Great Circle Park, LLC a one-month extension to use the cash collateral of its lender, Flagstar Bank, N.A. Under the stipulation, the Debtor is authorized to use up to $75,276.12 in cash collateral from October 21 until November 21 or earlier upon default. Events of default include the appointment of a Chapter 11 trustee; conversion of the Debtor's bankruptcy case to one under Chapter 7; stay relief; or breach of the stipulation terms. Upon default, the lender may move for relief from stay on seven days' notice. The Debtor must comply with the budget and must not exceed any line item by more than 5% without lender approval. Flagstar consented to the Debtor's use of its cash collateral in order to preserve the value of its collateral and fund the Debtor's business operations. As adequate protection, Flagstar will receive monthly non-default interest payments of $23,801.04 and retain all pre-bankruptcy liens on the collateral. The stipulation is available at https://is.gd/JUbWTf from PacerMonitor.com. A final hearing is scheduled for November 18. About Great Circle Park LLC Great Circle Park, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11767) on August 12, 2025, listing up to $10 million in both assets and liabilities. Pamela Frost, managing member, signed the petition. Judge Martin Glenn oversees the case. Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, represents the Debtor as legal counsel. Flagstar Bank, N.A., as lender, is represented by: Phillip S. Pavlick, Esq. McCarter & English, LLP Four Gateway Center, 100 Mulberry Street Newark, NJ 07102 Tel: (973) 849-4181 ppavlick@mccarter.com GREEN TERRACE: Trustee Hires Specialty Engineering as Consultant ---------------------------------------------------------------- Daniel J. Stermer, the Chapter 11 Trustee of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Specialty Engineering Consultants, Inc. as consultant. The firm will review and provide an estimate for potential renovations to, among other things, assess and evaluate the condition, safety, and code compliance of the existing buildings and provide a report and plan of action relating to rehabilitation needs on the Property of the Debtor located at 2800 Georgia Avenue, West Palm Beach, Florida 33405. The firm will be paid $37,800 for inspection services of $37,800, plus hourly work at a rate of $95 to $325 per hour. Mr. LeBlanc 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: D. Mark LeBlanc, P.E. Specialty Engineering Consultants, Inc. 1599 SW 30th Ave., Suite 20 Boynton Beach, FL 33426 Tel: (561) 752-5440 About Green Terrace Condominium Association, Inc. Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A. HOTEL ONE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Hotel One Partners Miramar Beach, LLC 50 Ponce De Leon Street Miramar Beach, FL 32550 Business Description: Hotel One Partners Miramar Beach, LLC is a Florida-registered limited liability company engaged in the ownership and investment of a hotel property in Miramar Beach, Florida, operating in the traveler accommodation industry. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-31131 Judge: Hon. Jerry C Oldshue Jr Debtor's Counsel: Edward J. Peterson, Esq. BERGER SINGERMAN LLP 101 E. Kennedy Boulevard Suite 1165 Tampa, FL 33602 Tel: 813-498-3400 E-mail: epeterson@bergersingerman.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by H. Brandt Niehaus as managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PTPQSPY/Hotel_One_Partners_Miramar_Beach__flnbke-25-31131__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PNLNI3I/Hotel_One_Partners_Miramar_Beach__flnbke-25-31131__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. WSJ Enterprises, LLC Vendor $199,135 1302 County Road 75 Lafayette, AL 36862 2. Sunny's Plumbing Vendor $120,000 198 Comtex Dr. Nicholasville, KY 40356 Email: office@sunnysplumbingsolutions.com Phone: 859-800-4750 3. Lambert Electric Inc. Vendor $93,374 1 Industrial Park Road, Suite D1 Destin, FL 32541 Tel: 850-650-1936 4. G&A Installations Vendor $74,940 Attn: Noe Gutierrez 632 Independence Drive Franklin, TN 37067 Email: noe@gainstall.com Phone: 214-400-8647 5. Pheonix Aluminum Vendor $71,750 7781 NW 73rd Ct. Miami, FL 33166 6. Elite Exteriors, LLC Vendor $60,000 Attn: Britt Watson Lawrenceville, GA 30043 Britt Watson Email: admin@eliteexteriorsllc.com Phone: 678-614-3246 7. New Image Roofing $34,527 1400 Market Place Blvd., #106 Cumming, GA 30041 8. Hiller Pensacola Vendor $31,157 Att: Billy Gandy 5040 Commerce Park Circle Pensacola, FL 32505 9. Otis Elevator Vendor $30,447 8403 Benjamin Rd Suite E Tampa, FL 33634 10. Genesis Vendor $22,470 4912 Glover Lane Milton, FL 32570 Email: cweed@reliablesprinklercom 11. Insight Direct USA Inc. $14,102 2701 E Insight Way Chandler, AZ 85286-1930 12. Southern Floors Vendor $13,757 13. Panam Pool & Spas Vendor $13,500 2828 Highway 79 Vernon, FL 32462 14. David L. Wallace & Vendor $12,271 Assoc., P.A. Attn: David Wallace 1659 Achieva Way, Suite 140 Dunedin, FL 34698 Email: dlw2@dlwarchitects.com Phone: 727-736-6000 15. Meuller Constructors & Painters Vendor $12,189 5605 Galaxy Dr. Crestview, FL 32539 Tel: (423) 605-6381 16. Steel of Alabama Vendor $10,270 2 West Blvd. Montgomery, AL 36108 17. Intercontinental Hotel Group $10,034 Three Ravinia Dr Suite 100 Atlanta, GA 30346 18. Superior Connect Vendor $9,135 c/o Chris Gnetz PO Box 770236 Orlando, FL 32877 Email: chris@superiorconnects.com Phone: 651-202-8690 19. Tier Four Business Vendor $9,090 Solutions, LLC Attn: Joe PO Box 770236 Orlando, FL 32877 Email: joe@tierfour.com Phone: 407-491-6357 20. FPL General Main Facility $7,490 Miami, FL 33188-0001 HYPERION DEFI: Enters Into HAUS Deal With Felix Foundation ---------------------------------------------------------- Hyperion DeFi, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Hype Asset Use Service Agreement with Felix Foundation to support the deployment of a perpetual futures market on the Hyperliquid protocol. Under the HAUS Agreement, Hyperion will allocate 500,000 HYPE tokens (the native token of Hyperliquid) to a multi-signature wallet controlled jointly by Hyperion and Felix. These tokens will be staked to satisfy the HIP-3 deployment requirements for launching a perpetual futures market. Hyperion will retain full ownership of the allocated HYPE tokens, and Felix is prohibited from transferring, encumbering, or otherwise alienating the allocated HYPE tokens. Under the HAUS Agreement, which has an initial term of 52 weeks and is automatically renewable for successive 26-week periods unless terminated with 30 days' notice, Hyperion will receive a share of HIP-3 Market revenues based on trading volume tiers, plus 100% of staking rewards. About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. HYPERION DEFI: Signs Joint Validator Deal with Kinetiq & Pier Two ----------------------------------------------------------------- Hyperion DeFi, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 27, 2025, the Company entered into a Joint Validator Operators' Agreement with Kinetiq Research Pte. Ltd. and Pier Two Pty Ltd, effective retroactively to June 25, 2025. The Joint Validator Agreement formalizes the parties' collaboration in jointly operating a co-branded validator node ("Kinetiq x Hyperion" or "KxH Node") on the Hyperliquid Layer-1 blockchain. Under the Joint Validator Agreement, Hyperion initiated the validator with 10,000 HYPE and agreed to provide staking capital from its treasury of HYPE tokens, so that the validator enters Hyperliquid's active set of validators and it is eligible to produce and attest blocks in the Hyperliquid consensus protocol. Kinetiq Group will contribute validator operations support, smart contract infrastructure, and stake-routing tooling via its liquid staking protocols, and Pier Two will host and manage the validator infrastructure, including uptime, monitoring and security, and will maintain ISO/IEC 27001 and SOC 2 compliance. The Joint Validator Agreement outlines shared responsibilities for validator operations, governance, incident response, and performance monitoring. It includes a revenue-sharing arrangement whereby staking commissions and other validator-level rewards are allocated among Hyperion, Kinetiq Group and Pier Two, with specific overrides for referred delegations. The Joint Validator Agreement also includes provisions for key management and quorum-based control of validator cryptographic material; service level obligations and remedies for performance shortfalls; and risk management and indemnification for slashing events or operational failures. The Joint Validator Agreement is effective for an initial term of one year and will automatically renew annually unless terminated by any party with 90 days' notice. The agreement may also be terminated by any party for an event of default after a cure period; by any non-affected party if a force majeure event continues for more than a specified number of consecutive calendar days and materially impairs another party's ability to carry out its obligations under the Joint Validator Agreement; and by Hyperion, at any time in its sole discretion, if the KxH Node remains unable to meet a specified active stake or falls out of the active set. A full-text copy of the Joint Validator Agreement is expected to be filed as an exhibit to the Company's next Annual Report on Form 10-K. About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. HYPERSCALE DATA: Issues 10M Shares via Note, Share Conversions -------------------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between October 10 and October 27, 2025, the Company issued an aggregate of 10 shares of its Class A common stock upon conversion of an equal number of shares of Class B common stock. Between October 24 and October 28, 2025, the Company issued an aggregate of 7,500,000 shares of Class A Common Stock upon conversion of 3,000 shares of Series B Convertible Preferred Stock. On October 28, 2025, the Company issued 2,500,000 of Class A Common Stock upon conversion of $1,000,000 of principal and accrued interest under a convertible note. The shares of Class A Common Stock were offered and sold in reliance upon an exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended. As of October 30, 2025, the Company had 323,826,710 shares of Class A Common Stock outstanding. About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in a private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. ICAST: Seeks Chapter 7 Bankruptcy in Colorado --------------------------------------------- ICAST (International Center for Appropriate and Sustainable Technology) filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado on November 5, 2025. According to the petition, the company reported liabilities ranging from $1 million to $10 million, and listed between 50 and 99 creditors. About ICAST ICAST is a U.S.-based 501(c)(3) nonprofit social enterprise located in Lakewood, Colorado, focused on delivering sustainable solutions for underserved communities through energy-efficiency improvements, clean-energy projects, and workforce training. ICAST sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17268) on November 5, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Aaron J. Conrardy, Esq. IF YOU PLEASE: Gets Extension to Access Cash Collateral ------------------------------------------------------- If You Please, LLC received another extension from the U.S. Bankruptcy Court for the District of Arizona to use of cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral in accordance with its monthly budget from October 31 until the date of confirmation of a Chapter 11 plan, dismissal of its Chapter 11 case, or further court order, whichever comes first. The monthly budget projects total operational expenses of $167,760 for November. As adequate protection, Evolve Bank & Trust and other secured creditors will be granted replacement liens on post-petition assets equal to any diminution in the value of their collateral. The Debtor must also make monthly payments of $1,533 to Evolve Bank & Trust, $350 to Centra Funding, LLC, and $300 to North Star Leasing as additional protection. The order was entered without prejudice to creditors' rights to seek modified protection or other relief. About If You Please LLC If You Please, LLC, doing business as Honeymoon Sweets European Bakery, operates a retail, wholesale, and catering bakery based in Tempe, Arizona. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09405) on October 2, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Krista Gordon, member, signed the petition. Judge Daniel P. Collins oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C., represents the Debtor as bankruptcy counsel. INTERNATIONAL DIRECTIONAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------------- International Directional Drilling, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. The fourth interim order authorized the Debtor to use cash collateral from October 22 to November 21 to pay the expenses set forth in its budget, subject to a 10% variance per line item. As adequate protection, Locality Bank, a Florida Banking Corporation, and other secured creditors will be granted a replacement lien on the Debtor's post-petition cash collateral, to the same extent as any pre-bankruptcy lien. In addition, the Debtor will keep its property insured in accordance with its loan and security agreements with Locality Bank. A copy of the fourth interim order and the Debtor's budget is available at https://shorturl.at/BnYHV from PacerMonitor.com. The next hearing is set for November 19. International Directional Drilling believes all of its assets, including cash collateral are encumbered by the lien held by Locality Bank. The value of the Debtor's assets is $2,399,972.76 as of the petition date, and the bank's loan has an outstanding balance of $2,500,000. Other entities that may have a lien on the cash collateral are Lender Solutions, as a successor-in-interest to CHTD Company, Corporation Services Company and CT Corporation System. The Debtor believes that these lienholders are wholly unsecured as all of its assets are encumbered by Locality Bank's lien. The lienholders are not entitled to a post-petition lien as there is no remaining collateral available to secure their loans. Locality Bank, as secured creditor, 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 International Directional Drilling Inc. International Directional Drilling, Inc. is a company specializing in directional drilling services that provides specialized drilling services for oil and gas exploration, utility installation, or other underground infrastructure projects where non-vertical well drilling techniques are required. International Directional Drilling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17606) on July 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Chad T. Van Horn, Esq., is the Debtor's bankruptcy counsel. IRON CROSS SERVICES: Seeks Chapter 11 Bankruptcy in Colorado ------------------------------------------------------------ Iron Cross Services Company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado on November 3, 2025. According to the petition, the company reported liabilities valued between $100,001 and $1 million, with a total of one to 49 creditors. About Iron Cross Services Company Iron Cross Services Company is a full-service company specializing in commercial snow and ice management, landscape maintenance, construction hauling, and related site operations. Iron Cross Services Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-17228) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr.handles the case. JACKS DONUTS: April 27 Governmental Claims Filing Deadline ---------------------------------------------------------- On October 29, 2025, Jacks Donuts of Indiana Commissary LLC filed Chapter 11 protection in the Southern District of Indiana. According to court filing, the Debtor reports $14,191,389 in debt owed to 100 and 199 creditors. The deadline for filing of government claims is on April 27, 2026. About Jacks Donuts of Indiana Commissary LLC Jacks Donuts of Indiana Commissary LLC operates a food production and distribution facility in New Castle, Indiana, serving as the central commissary for Jack's Donuts franchise locations. The Company manufactures and supplies doughnuts and related baked goods to retail stores across Indiana and neighboring states. It functions as part of the Jack's Donuts franchise network, supporting consistency in product quality and distribution efficiency for its affiliated outlets. Jacks Donuts of Indiana Commissary LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06610) on October 29, 2025. In its petition, the Debtor reports total assets of $1,429,958 and total liabilities of $14,191,389. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Jeffrey Hester, Esq. of HESTER BAKER KREBS LLC. JENY TRANSPORTATIONS: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------------- Jeny Transportation Inc. filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California on November 1, 2025. According to the filing, the company listed liabilities estimated between $100,001 and $1 million, with the number of creditors reported to be between 1 and 49. About Jeny Transportation Inc. Jeny Transportation Inc. operates in the trucking industry. Jeny Transportation Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19804) on November 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Wesley H. Avery, Esq. of Law Offices Of Wesley H. Avery, Apc. JTA SPRINGS: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: JTA Springs LLC 2501 Jammes Road Jacksonville, FL 32210 Business Description: JTA Springs LLC is a single-asset real estate company whose principal operations involve owning and leasing a property located at 1220 Potter Drive in Colorado Springs, Colorado. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04071 Judge: Hon. Jacob A Brown Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jarek Tadla as manager of Peoples Choice Apartments LLC. The Debtor identified the El Paso County Treasurer, located at Post Office Box 2018, Colorado Springs, CO 80901-2018, as its only unsecured creditor, holding a $72,757 claim related to property taxes. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TSIXWZY/JTA_Springs_LLC__flmbke-25-04071__0001.0.pdf?mcid=tGE4TAMA KARYOPHARM THERAPEUTICS: Posts $33.1 Million Net Loss in Fiscal Q3 ------------------------------------------------------------------ Karyopharm Therapeutics Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $33.13 million and $32.07 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $93.84 million and $45.64 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $44.04 million and $29.52 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $82.77 million and $83.55 million, respectively. The Company had an accumulated deficit of $1.66 billion as of September 30, 2025. As of September 30, 2025, the Company had $96.23 million in total assets, $365.49 million in total liabilities, and $269.26 million in total stockholders' deficit. "This has been a very productive quarter as we have strengthened our financial foundation and made meaningful clinical progress with enrollment completion of our Phase 3 SENTRY trial in myelofibrosis, marking a pivotal milestone for Karyopharm," said Richard Paulson, President and Chief Executive Officer of Karyopharm. "With SENTRY enrollment complete, our teams remain focused on clinical trial execution, preparing for top-line data in March, potential regulatory filings, and commercial launch readiness, as we work to redefine the standard-of-care for frontline myelofibrosis patients, pending regulatory approvals." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bddp23a5 About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. As of June 30, 2025, the Company had $104.88 million in total assets, $343.81 million in total liabilities, and $238.93 million in total stockholders' deficit. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. KOSMOS ENERGY: Swings to $124 Million Net Loss in 2025 Q3 --------------------------------------------------------- Kosmos Energy Ltd. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $124.3 million and a net income $44.97 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $322.65 million and a net income of $196.43 million, respectively. Total revenues and other income for the three months ended September 30, 2025 and 2024, were $311.23 million and $407.83 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had Total revenues and other income of $995.18 million and $1.28 billion, respectively. As of September 30, 2025, the Company had $5.09 billion in total assets, $4.19 billion in total liabilities, and $898.78 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4k4x3pj6 About Kosmos Energy Ltd. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. As of September 30, 2025, the Company had $5.09 billion in total assets, $4.19 billion in total liabilities, and $898.78 million in total stockholders' equity. As of June 30, 2025, the Company had $5.2 billion in total assets, $4.2 billion in total liabilities, and $1 billion in total stockholders' equity. * * * In October 2024, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Kosmos Energy Ltd. (Kosmos), a Dallas-based oil and gas exploration and production (E&P) company. At the same time, S&P raised its issue-level rating on Kosmos' unsecured debt to 'CCC+' from 'CCC' and revised its recovery rating to '4' from '5', reflecting a higher estimated valuation under current commodity price assumptions. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 40%) recovery of principal to creditors in the event of a payment default. S&P stated that, "The negative outlook reflects the likelihood that we could lower the rating if the company is unable to meet its upcoming debt obligations and refinance its near-term maturities in a timely and favorable manner or if liquidity deteriorates further." LORDSTOWN MOTORS: Former Execs Object to Reserve Reduction ---------------------------------------------------------- Jerk Rutz of Law360 reports that the former executives of bankrupt Ohio electric vehicle manufacturer Lordstown Motors urged a Delaware bankruptcy judge to preserve a key financial cushion in the company's post‑bankruptcy claims reserve, arguing that the reorganised debtor is improperly seeking to reduce the protections negotiated for unresolved indemnification and defence‑cost claims. They contend that the proposed General Unsecured Claims ("GUC") Reserve "reserves nothing on account of partially liquidated or unliquidated general unsecured claims," and warn that the reduction would jeopardise their ability to recover on defence‑cost obligations. About Lordstown Motors Corp. Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- was an electric vehicle OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle. It has engineering, research and development facilities in Farmington Hills, Mich. and Irvine, Calif. On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases are pending before Judge Mary F. Walrath. The Debtors tapped White & Case, LLP and Richards, Layton & Finger, P.A., as bankruptcy counsels; Baker & Hostetler, LLP as special counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor; and Silverman Consulting as restructuring advisor. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Troutman Pepper Hamilton Sanders, LLP, as legal counsel and Huron Consulting Group Inc. as financial advisor. In October 2023, Lordstown Motors received Bankruptcy Court approval to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, acquired the Debtors' intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The Debtors later renamed to Nu Ride Inc. The Court on March 6, 2024, confirmed the Debtors' Third Modified First Amended Joint Chapter 11 Plan. The Plan was declared effective on March 14, 2024. LUNAI BIOWORKS: All Proposals OK'd at Annual Meeting ---------------------------------------------------- Lunai Bioworks Inc. held its annual meeting of shareholders during which the shareholders voted on each of the following four matters: 1. To elect David Weinstein, James McNulty, Douglas W. Calder, and Mark A, Collins, to serve until the Company's 2026 annual meeting of stockholders or until their successors are duly elected and qualified; The election of directors was conducted in accordance with the applicable requirements of Nasdaq Listing Rule 5605(e), which governs the process for the election of directors and requires that a majority of the board's members be independent directors as defined in Nasdaq Listing Rule 5605(a)(2). The Company further confirms that the director nomination and election process complied with all applicable Nasdaq corporate governance standards, including those relating to the composition and independence of the Nominating and Corporate Governance Committee under Rule 5605(e)(1) and the shareholder approval and voting requirements under Rule 5620. The election of directors at the Annual Meeting was duly conducted and is in compliance with Nasdaq's corporate governance and voting standards. 2. To approve by a non-binding advisory vote the compensation of the Company's named executive officers, as disclosed in this proxy statement; 3. To approve by a non-binding advisory vote the appointment of Sadler, Gibb & Associates LLC as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2026; and 4. To approve proposed amendments to the Renovaro Biosciences, Inc. 2023 Equity Incentive Plan, as amended, in substantially the form attached to the proxy statement as Annex A. According to the final vote, the Company's stockholders approved proposals 1, 2, 3, and 4. The final vote results for each of the matters are filed in the Company's report on Form 8-K with the Securities and Exchange Commission, available at https://tinyurl.com/3nxzj43w About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. As of June 30, 2025, the Company had total assets of $8.23 million, $29.58 million in total liabilities, and $21.35 million in total shareholders' deficit. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated September 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations, which raises substantial doubt about its ability to continue as a going concern. MARTINS FOOD: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: Martins Food Technology, LLC Naples Fresh 392 Mallory CT Naples FL 34110 Business Description: Martins Food Technology, LLC, doing business as Naples Fresh, is a family-owned agricultural company based in Naples, Florida, specializing in greenhouse-grown hydroponic lettuce and herbs. The Company operates fully controlled, bio-secure facilities that use advanced technology to produce fresh, flavorful, and non-GMO greens year-round. Naples Fresh emphasizes sustainable farming practices and innovation to deliver local produce while minimizing environmental impact. Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02199 Debtor's Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 E-mail: mike@dallagolaw.com Total Assets: $898,467 Total Liabilities: $3,113,463 Saint Clair Martins signed the petition as managing member. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VUSR7SA/Martins_Food_Technology_LLC__flmbke-25-02199__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VJDV4FY/Martins_Food_Technology_LLC__flmbke-25-02199__0001.0.pdf?mcid=tGE4TAMA MBIA INC: Narrows Fiscal Q3 Net Loss to $8MM on $15MM Revenue ------------------------------------------------------------- MBIA Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $8 million and $56 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $126 million and $396 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $15 million and $29 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $52 million and $5 million, respectively. As of September 30, 2025, MBIA Inc.'s liquidity position totaled $354 million, consisting primarily of cash and cash equivalents and liquid invested assets. There were no purchases of MBIA shares during the quarter. As of October 31, 2025, there was $71 million of remaining capacity under the Company's share repurchase authorization and 50.5 million of the Company's common shares outstanding. As of September 30, 2025, the Company had $2.06 billion in total assets, $4.23 billion in total liabilities, and $2.17 billion in total deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdzfu5ak About MBIA Inc. Headquartered in Purchase, Harrison, New York, MBIA Inc. provides financial guarantee insurance and other forms of credit protection. As of September 30, 2025, the Company had $2.06 billion in total assets, $4.23 billion in total liabilities, and $2.17 billion in total deficit. * * * Egan-Jones Ratings Company on June 4, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by MBIA Inc. MORRIS REAL: Hires Thompson Law Group PC as Counsel --------------------------------------------------- Morris Real Estate Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Thompson Law Group, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare all necessary legal papers in connection with the administration of the Debtor's estate; (d) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting its effort to reorganize. The firm will be paid at these rates: Attorneys $350 per hour Paralegals $90 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $10,000 from the Debtor. Brian Thompson, Esq., an attorney at Thompson Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About Morris Real Estate Solutions, LLC Morris Real Estate Solutions, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa., Case No. 25-22958-GLT) on Oct. 31, 2025. The Debtor hires Thompson Law Group, PC as counsel. MVP GROUP: Gets Extension to Access Cash Collateral --------------------------------------------------- MVP Group, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral to fund operations. The court order authorized the Debtor to use its lenders' cash collateral in accordance with its interim budget until the next hearing scheduled for December 3. As adequate protection, lenders including Austin Financial Services, Inc., Investissement Quebec, and Libertas Funding LLC will receive continuing liens on all property of the Debtor that is similar to their pre-bankruptcy collateral, including all proceeds. To the extent the continuing liens do not fully protect against any diminution in the value of their pre-bankruptcy collateral, lenders will be granted replacement liens on the Debtor's current or future assets. These replacement liens do not extend to avoidance actions and are automatically perfected, with no further action required by the lenders. The Debtor's authority to use cash collateral remains effective until December 3 or earlier if terminated by an event of default, which includes noncompliance with the order, unauthorized liens; appointment of a trustee or examiner; conversion or dismissal of the Debtor's Chapter 11 case; or reversal of the interim order. A copy of the court's order and the Debtor's budget is available at https://is.gd/fmdB5G from PacerMonitor.com. About MVP Group LLC MVP Group, LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.????S.D. Fla. Case No. 25-20199) on August 29, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Michael D. Seese, Esq., is the Debtor's legal counsel. Austin Financial Services, Inc., as lender, is represented by: Donald R. Kirk, Esq. Carlton Fields, P.A. P.O. Box 3239 Tampa, FL 33601-3239 (813) 223-7000 dkirk@carltonfields.com MY CITY BUILDERS: Acquires 4-Acre Alabama Site for $350,000 Note ---------------------------------------------------------------- My City Builders, Inc., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an Asset Purchase Agreement, with, RAC Gadsden, LLC. The LLC is wholly owned by RAC Real Estate Acquisition, Corp., which is wholly owned by RAC Merger LLC, which owns 98.5% of the current issued and outstanding shares of the Company and is managed by the following officers and directors of the Company and RAC: * Yolanda Goodell – interim chief executive officer and director of the Company, vice president and director of RAC. * Francis Pettilloni – interim chief financial officer and director of the Company, chief operating officer and director or RAC. * Frank Gillen – president and director of RAC. As a result of the Agreement, the Company acquired 4 acres of land in Glencoe, Alabama in exchange for a secured promissory note with the LLC in the amount of $350,000.00. The Note has a 3-year term and carries an interest rate of 9.5% per annum. The principal and interest are due at the conclusion of the 3-year term on October 30, 2028. The Company intends to construct up to 25 multi-family units in three phases starting with an 8-unit multi-family duplex development on the Property as phase one. Per the terms of the Agreement, if construction of the duplex development on the Property does not begin within one year of the Closing Date of the Agreement, that will be considered an Event of Default, as defined by in the Note, which may result in either: (i) the entire principal balance of the Note and all accrued and unpaid interest and costs would immediately become due and payable or (ii) the Company would be required to return ownership of the Property to the LLC. Change in Shell Company Status: As a result of the Agreement, the Company is no longer a "shell company" as the term is defined in Rule 12b-2 under the Exchange Act. About My City Builders, Inc. Headquartered in Miami, Fla., My City Builders, Inc., through its subsidiary, plans to focus on real estate transactions, in which it will buy and develop real estate for sale or rent of low-income housing. The Company plans to invest in three sectors of this market by (i) buying, refurbishing, and selling traditional foreclosures, (ii) buying, developing and renting "Land Banks" that have an average pool of homes or lots in excess of 100 in one location, and (iii) buying, refurbishing or developing and selling homes made available by the government through HECM pools. As of April 30, 2025, the Company had $4,307,607 in total assets, $1,644,978 in total liabilities, and $2,662,629 in total stockholders' equity. Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Oct. 29, 2024, citing that the Company has negative operating cashflow and is in need of additional capital to grow its operations so that it can become profitable. These factors raise substantial doubt about the Company's ability to continue as a going concern. NIBA DESIGNS: Gets Final OK to Use Cash Collateral -------------------------------------------------- Niba Designs, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral -- consisting of pre-bankruptcy and post-petition income -- in accordance with its budget, subject to a 10% variance per line item. As adequate protection, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on post-petition cash collateral, matching the scope of their pre-bankruptcy liens. The Debtor may challenge the validity, extent or priority of any such liens. The final order establishes a carveout for U.S. Trustee and Clerk of Court fees. A copy of the final order and the Debtor's budget is available at https://shorturl.at/1RYLX from PacerMonitor.com. As of the petition date, the Debtor's total assets were valued at $157,575, while the SBA loan balance was approximately $2 million, indicating that the SBA lien likely encompasses the full value of the Debtor's estate. Because all assets are encumbered by the SBA lien, Funding Circle, another creditor, is wholly unsecured. About NIBA Designs Inc. NIBA Designs Inc. designs and manufactures custom luxury rugs for interior designers and architects, offering fully bespoke pieces handmade by artisans in India, Nepal, and Peru. The Company provides thousands of customizable rug designs in various styles and offers consultation services including custom renderings, color consulting, and product sampling for residential and commercial projects. Based in the United States, NIBA Designs works exclusively with Good Weave-certified factories and is recognized in the design community for its craftsmanship, originality, and socially responsible production practices. NIBA Designs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19316) on August 13, 2025. In its petition, the Debtor reported total assets of $157,574 and total liabilities of $2,728,104. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. NIGHTFOOD HOLDINGS: Amends Preferred Share Conversion Terms ----------------------------------------------------------- Nightfood Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Certificate of Designation of Preferences, Rights and Limitations of Series B Preferred Stock of the Company was amended by amending the method of converting the Series B Preferred Stock into common stock, par value $0.0001 per share. Prior to amending the conversion method, each holder of Series B Preferred Stock had the right at such holder's option, at any time or from time to time, to convert Series B Preferred Stock into Common Stock and warrants to purchase Common Stock until March 31, 2026. Effective as of filing the Amended Series B COD, the conversion of all outstanding shares of the Series B Preferred Stock to the Company's Common Stock can be effectuated upon the vote or written consent of holders owning at least 50.1% of all the outstanding shares of Series B Preferred Stock. Each share of Series B Preferred Stock shall be convertible into 8,366 shares of Common Stock. No other material changes were made to the Amended Series B COD. NGTF's board of directors unanimously approved the Amended Series B COD. The Amended Series B COD was also approved by the affirmative vote of majority stockholder of the Series B Preferred Stock entitling it to a majority of the voting power. The forgoing description of the amendment to the Series B Preferred Stock is qualified in its entirety by reference to the Amended Series B COD, which is available at https://tinyurl.com/3952y47j About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of June 30, 2025, the Company had total assets of $7.32 million, $11.95 million in total liabilities, $12.71 million in total temporary equity and $17.33 million in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NIGHTFOOD HOLDINGS: Replaces Fruci With TAAD as Independent Auditor ------------------------------------------------------------------- Nightfood Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company dismissed Fruci & Associates II, PLLC as its independent registered public accountancy firm, and engaged TAAD, LLP as the Company's new independent registered public accounting firm. The reports of Fruci regarding the Company's financial statements for the fiscal years ended June 30, 2025 and June 30, 2024, respectively, being the two most recent fiscal years for which the Company has filed financial statements with the Securities and Exchange Commission, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except to indicate that there was substantial doubt about the Company's ability to continue as a going concern. The board of directors of the Company, acting as the audit committee, approved the decision to change the Company's independent accountants. For the period from engagement with Fruci on April 8, 2024 through October 28, 2025, the Company had no disagreements with Fruci (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Fruci, would have caused Fruci to make reference thereto in connection with its report. During the two most recent fiscal years and through October 28, 2025, the Company did not experience any reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K), During the Company's fiscal years ending June 30, 2025, and 2024, respectively, and through October 28, 2025, neither the Company nor anyone on the Company's behalf consulted with TAAD regarding any of the following: (i) either the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that TAAD concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K). About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, our aim is to create upside potential unmatched in more mature markets. As of June 30, 2025, the Company had total assets of $7.32 million, $11.95 million in total liabilities, $12.71 million in total temporary equity and $17.33 million in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NISOURCE INC: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB+' rating to NiSource Inc.'s (NI; BBB/Stable) planned fixed-to-fixed-rate reset junior subordinated notes (JSN). Proceeds from the offering will be used for general corporate purposes, including to finance capital expenditures, fund working capital and repay existing indebtedness. The securities are eligible for 50% equity credit based on Fitch's hybrid methodology. Features supporting the equity categorization of these debentures include their junior subordinate priority, the option to defer interest payments on a cumulative basis for up to 10 years on each occasion and no step-up. NI's credit profile is supported by its 100% regulated gas and electric utility operations in six states. The partial sale of 19.9% of Northern Indiana Public Service Company (NIPSCO), completed YE 2023, will provide additional funding for NI's aggressive growth capex program while improving financial flexibility. Key Rating Drivers Data Center: NI recently formed NIPSCO Generation LLC (GenCo) to own, build and operate generation assets serving data center customers. In January 2025, GenCo filed a declination of jurisdiction request with the Indiana Utility Regulatory Commission (IURC), which was approved on Sep 24, 2025, that would allow its rates and capital structure to be set through negotiated contracts rather than base rate proceedings. On Sep 22, 2025, NI announced it entered into a special contract with a large investment-grade company to provide electric services to the customer's data centers. The contract is subject to the IURC approval, expected in 1H2026. The capex to support this data center load is about $6.0-$7.0 billion. The contract includes termination protection that Fitch believes may protect NI from potential stranded asset exposure, a credit positive. Fitch expects NI to fund its data center capex in a credit supportive manner. IURC Uncertainty: On Sept. 3, 2025, two IURC commissioners announced they will resign in October 2025, and the chair will step down in January 2026. This gives Indiana's governor, who has been vocal on customer affordability, an opportunity to reshape the commission with new appointees. The governor also directed the Office of Utility Consumer Counselor to seek bill reduction and evaluate utility profits. These developments add some uncertainty to Indiana's regulatory compact, which Fitch expects to remain manageable within NI's current rating category. Supportive Gas Regulation: Gas utilities have revenue decoupling in Ohio, Maryland and Virginia, weather normalization in Pennsylvania, Maryland, Virginia, Indiana and Kentucky, and straight fixed variable rates in Ohio. All NI's gas utilities use infrastructure trackers except in Pennsylvania. Gas rates in Indiana are nearly 50% fixed for residential and commercial customers. Approximately 50% of the total revenue is non-volumetric. Gas utilities in Indiana, Kentucky, Ohio and Maryland have authorized return on equity (ROE) of 9.75%, 9.75% 9.60% and 9.80%, respectively. The other gas utility has ROE for infrastructure programs of 9.75%. Supportive Electric Regulation: NIPSCO electric's authorized ROE is 9.75%, above the industry average of mid-9%. Indiana's Transmission, Distribution and Storage System Improvement Charge statute allows cost recovery between rate cases for safety, reliability and modernization. It also allows preapproval of a seven-year plan for eligible investments. Up to 80% of eligible costs can be recovered using semiannual trackers. The Federal Energy Regulatory Commission (FERC) regulates transmission projects, which supports forward-looking rates and recovery of construction work in progress, with over 10% ROE. Electric Rate Case Settlement: On Feb. 7, 2025, NIPSCO filed a settlement agreement with the IURC reflecting a net annual revenue increase of $257.0 million and prospective fuel cost reduction and certain tax credits. On June 26, 2025, the IURC fully approved and adopted the settlement. The new rate increases will be implemented in two steps, with Step 1 rates effective in July 2025 and Step 2 rates to be effective in March 2026. The outcome is constructive and consistent with Fitch's expectations. Gas Rate Case Settlement: On Dec. 5, 2024, Columbia Gas of Virginia (CVA) filed a settlement agreement for gas distribution rate increases of $40.7 million against the requested amount of $52.6 million filed on April 29, 2024. The increase includes about $12.5 million that was being collected under an aging pipeline replacement rider. On May 15, 2025, the settlement was adopted. The approved equity layer and ROE were 43.147% and 9.75%, respectively. The new rates were effective Oct. 2024, subject to refund. The rate case outcome is constructive and consistent with Fitch's expectations. Pending Gas Rate Case: On March 20, 2025, Columbia Gas of Pennsylvania filed a gas distribution base rate increase of $110.5 million. The requested rate base is $3.8 billion with an equity layer of 54.40% and ROE of 11.35%. An outcome is expected by Q4 2025. Fitch assumes a constructive outcome from the rate decision with 60% of the requested base rate increase to be approved, consistent with prior rate decisions. Elevated Capex: NI's capex remains elevated. Over the 2026-2030 period, Fitch expects NI's base capex plan to be about $21 billion, supporting annual rate base growth of about 8%-10%. Most projects are small, providing flexibility in execution. NI's robust capex program is mainly supported by infrastructure modernization legislations and riders in all its service territories. Renewable projects are preapproved, reducing regulatory uncertainties. Credit Metrics Stabilized: NI's credit metrics have stabilized. Over the past few years, NI's credit metrics were affected by the Merrimack Valley gas explosions, the pandemic, an asset sale in Massachusetts, one-time expenses associated with NiSource Next initiative, unfavorable weather, and timing of the minority sale in NIPSCO. The FFO leverage ratio averaged around 6.3x during 2020-2023. For 2024, FFO leverage improved and stabilized to about 5.8x. Over the 2025-2027 period, Fitch forecast FFO leverage of about 5.5x-5.8x. Peer Analysis NI's fully regulated business model provides predictable earnings and cash flow compared with Southern Company Gas (BBB+/Stable), which invests in unregulated operations. NI's business model, geographic diversification and supportive regulations mitigate its relatively weak credit metrics. Like IPALCO Enterprises, Inc. (BBB-/Stable), which also operates in Indiana, NI's subsidiary NIPSCO has coal generation. However, NI's operation is diversified and gas-focused compared with IPALCO's single-state electric generation. Both NI and IPALCO are executing large capex programs. Fitch expects NI's FFO leverage to be around 5.5x-5.8x in 2025-2027 while that of IPALCO is anticipated to be around 5.5x-6.0x in 2025-2027. NI's larger scale and asset mix result in a one-notch IDR difference from IPALCO, although their FFO leverage ratios are similar. Key Assumptions - Capex consistent with management guidelines; - Normal weather; - Modest customer growth; - No adverse regulatory outcomes; - All debt maturities are refinanced. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - NI and NIPSCO could be downgraded if consolidated FFO leverage are sustained above 6.0x with low probability of recovery; - Material adverse changes in NI's regulatory construct result in unexpected lag or disallowance in recovering capex; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - NI and NIPSCO could be upgraded if consolidated FFO leverage is consistently below 5.0x. Liquidity and Debt Structure NI continues to have sufficient liquidity. As of Sep 30, 2025, it had about $95 million of unrestricted cash and full availability under its $1.85 billion unsecured revolving credit facility (RCF). Outstanding commercial paper is about $1.06 billion that is backstopped by the RCF. NI is required to maintain total debt to total capitalization that does not exceed 0.70 to 1.00 under the credit facility. There are about $1.3 billion debt maturities over the next 12 months. Issuer Profile NiSource Inc. is a fully regulated utility holding company whose regulated subsidiaries provide natural gas and electricity to 3.8 million customers across six states. Date of Relevant Committee 11 July 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts 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 ----------- ------ NiSource Inc. junior subordinated LT BB+ New Rating NOAH ASHER: Case Summary & 14 Unsecured Creditors ------------------------------------------------- Debtor: Noah Asher LLC d/b/a Armed American Supply 1225 S 48th St Tempe, AZ 85281 Business Description: Noah Asher LLC, doing business as Armed American Supply, operates a custom apparel and sticker business based in Tempe, Arizona. The Company produces T-shirts, long-sleeve shirts, hoodies, hats, and high- visibility clothing using heat presses and sticker machines. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-10568 Judge: Hon. Brenda K Martin Debtor's Counsel: Lamar Hawkins, Esq. GUIDANT LAW PLC 402 East Southern Ave Tempe, AZ 85282 E-mail: lamar@guidant.law Total Assets: $25,054 Total Liabilities: $2,735,123 Joshua B Rapaport signed the petition as sole member. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IJ4KCAI/Noah_Asher_LLC__azbke-25-10568__0001.0.pdf?mcid=tGE4TAMA NOSH AND GROG: Seeks Chapter 7 Bankruptcy in Rhode Island --------------------------------------------------------- On November 6, 2025, Nosh and Grog Canton LLC initiated a voluntary Chapter 7 bankruptcy proceeding in the U.S. Bankruptcy Court for the District of Rhode Island. According to the filing, the debtor reported assets of up to $100,000, liabilities of $1–10 million, and a creditor count between 50 and 99. About Nosh and Grog Canton LLC Nosh and Grog Canton LLC is a limited liability company. Nosh and Grog Canton LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.R.I. Case No. 25-10887) on November 6, 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 John A. Dorsey Jr. handles the case. The Debtor is represented by Thomas P. Quinn, Esq. of McLaughlinQuinn LLC. NUVISTA ENERGY: S&P Places 'B+' ICR on CreditWatch Positive ----------------------------------------------------------- S&P Global Ratings placed all its ratings on Calgary-based NuVista Energy Ltd., including its 'B+' issuer and 'BB-' issue-level ratings, on CreditWatch with positive implications. The CreditWatch reflects the likelihood that S&P will raise its ratings on NuVista to equalize them with those on higher-rated Ovintiv following the close of the transaction, which S&P expects in the first quarter of 2026. On Nov. 4, 2025, Denver-based oil and gas exploration and production company Ovintiv Inc. announced that it had entered into a definitive agreement to acquire Calgary-based NuVista Energy Ltd. in a cash and equity transaction valued at about C$3.8 billion (approximately US$2.7 billion), including the assumption of C$300 million (US$215 million) of NuVista's net debt. S&P said, "The CreditWatch reflects the likelihood that we will raise our ratings on NuVista following the close of the transaction to equalize them with our ratings on Ovintiv (BBB-/Stable/A-3). We will likely view NuVista as a core subsidiary of Ovintiv, which we expect will assume NuVista's outstanding debt. As of June 30, 2025, NuVista had C$164 million of 7.8756% senior unsecured notes due in July 2026." The transaction has been approved by the boards of directors for both companies. It remains subject to NuVista shareholder approval, regulatory approval, and other customary closing conditions. S&P said, "Placement of all ratings on NuVista on CreditWatch with positive implications reflects the likelihood that we will raise the issuer credit rating to equalize it with the issuer credit rating on Ovintiv when the acquisition closes, assuming the transaction is completed as proposed and there are no significant changes to our current operating assumptions. We anticipate the transaction will close in the first quarter of 2026." OCCUM PIZZA: Seeks Chapter 7 Bankruptcy in Connecticut ------------------------------------------------------ Occum Pizz II LLC has voluntarily filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Connecticut on November 4, 2025. According to court documents, the company listed liabilities ranging from $100,001 to $1 million. The filing shows Occum Pizz II LLC has between 1 and 49 creditors. About Occum Pizza II LLC Occum Pizza II LLC is a limited liability company. Occum Pizza II LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-21188) on November 4, 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 James J. Tancredi handles the case. OFFICE PROPERTIES: Files Voluntary Chapter 11 Cases --------------------------------------------------- Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 30, 2025, OPI and certain of its subsidiaries commenced voluntary cases under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. The Chapter 11 Cases are being filed to implement a court-supervised financial restructuring pursuant to the terms described in the RSA. The Debtors are seeking joint administration of the Chapter 11 Cases under the caption "In re Office Properties Income Trust, et al." The Debtors continue to operate their businesses and manage their properties as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Debtors have filed a number of customary motions seeking "first day" relief intended to support operations during the Chapter 11 Cases. The Debtors will notice a hearing for November 3, 2025, or such other date as stated on the docket, to seek emergency relief with respect to certain "first day" matters. Participation at the hearing will only be permitted by an audio and video connection. The Debtors' proposed claims and noticing agent has established a website, which contains the Debtors' filings on the Bankruptcy Court's docket as well as instructions for how to participate in the hearing by audio and video connection. In addition, important information about the Chapter 11 Cases, including court filings and other information may be found at the website. Such information may be filed with the Bankruptcy Court without the filing of an accompanying Current Report on Form 8-K. This website contains third-party content and is provided for convenience only. The documents and other information available on this website are not incorporated by reference into, and do not constitute a part of, this Current Report on Form 8-K. The website can be accessed at: https://restructuring.ra.kroll.com/OPI. Restructuring Support Agreement: On October 30, 2025, OPI entered into the Restructuring Support Agreement with an ad hoc group of holders of OPI's 9.000% Senior Secured Notes due September 2029, issued pursuant to: (a) that certain indenture, dated as of June 20, 2024, by and among OPI, the subsidiary guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee and collateral agent, and (b) that certain Indenture, dated as of October 8, 2024, by and among OPI, the subsidiary guarantors parties thereto, and U.S. Bank, as trustee and collateral agent, each as may be amended, restated, amended and restated, supplemented, or otherwise modified from time to time in accordance with the terms thereof, and The RMR Group LLC, in its capacity as manager of the Company. The RSA, including the restructuring term sheet attached thereto, contemplates a comprehensive restructuring of the Company's debt obligations and capital structure. Among other things, the Restructuring Transactions contemplate the following transactions and creditor treatment to be implemented in a plan of reorganization to be filed in the coming weeks: * the September 2029 Senior Secured Notes will convert their debt into reorganized common equity valued at $98 million and $420 million of takeback debt in the form of secured exit notes; * those certain 3.250% Senior Secured Notes due 2027, issued pursuant to that certain Indenture, dated as of December 11, 2024, by and among OPI, the subsidiary guarantors party thereto, and U.S. Bank, as trustee and collateral agent, as may be amended, restated, amended and restated, supplemented, or otherwise modified from time to time in accordance with the terms thereof will receive certain or all of their collateral properties, cash, or takeback debt in full satisfaction of their claim; * OPI's priority guaranteed notes and any unsecured deficiency claims of the 2027 Senior Secured Notes will receive reorganized common equity after accounting for such equity: (a) issued in proposed equity rights offerings and (b) in satisfaction of certain senior and other claims; * OPI's other series of unsecured notes and any unsecured deficiency claims of the September 2029 Senior Secured Notes will receive: (a) any remaining reorganized common equity after accounting for equity: (i) issued in two proposed equity rights offerings and (ii) in satisfaction of certain senior and other claims and (b) subscription rights to purchase reorganized common equity in the Equity Rights Offerings; and * the remainder of the Debtors' funded debt will be rendered unimpaired. Upon consummation, the Restructuring Transactions will substantially reduce the Company's balance sheet liabilities from approximately $2.4 billion in total debt to approximately $1.3 billion in total debt upon emergence. The RSA contains certain representations, warranties, and covenants on the part of the Company and the Consenting Stakeholders, including limitations on the parties' ability to pursue alternative transactions, commitments by the Consenting Stakeholders to support the Plan, and commitments of the Company and the Consenting Stakeholders to cooperate in good faith to finalize the documents and agreements contemplated by the RSA and the Restructuring Term Sheet. The RSA also contemplates a new business management agreement and a new property management agreement with RMR pursuant to a term sheet attached thereto, which agreements would take effect upon effectiveness of the Plan. Pursuant to the term sheet, the initial term of the new management agreements is five years, with the annual fee under the business management agreement set at $14 million per year for the first two years and the fees under the property management agreement consistent with the fees under the existing property management agreement. OPI's current management agreements with RMR will remain in effect during the pendency of the Chapter 11 Cases, and RMR will continue to manage OPI's business in the ordinary course. The RSA includes certain milestones for the progress of the Chapter 11 Cases, which include entry of an order by the Bankruptcy Court confirming the Plan no later than 175 calendar days following the Petition Date and the occurrence of the effective date of the Plan no later than 185 calendar days following the Petition Date. The Required Consenting September 2029 Senior Secured Noteholders (as defined in the RSA) may extend or waive the Milestones pursuant to the terms of the RSA. The RSA may be terminated upon, among other things: (a) the failure to meet the Milestones; (b) the occurrence of certain breaches of the RSA; (c) the mutual agreement of the parties; and (d) in the case of the Company, if the board of directors, board of managers, board of trustees, or such similar governing body (including any special committee) reasonably determines in good faith, after consulting with, and receiving written advice from, outside counsel that performance under the RSA would be inconsistent with its applicable fiduciary duties. The Restructuring Transactions are subject to Bankruptcy Court approval and the satisfaction of the conditions set forth in the RSA, the Plan, and related definitive documents. There can be no assurance that the Debtors will successfully complete the Restructuring Transactions on the terms contemplated by the RSA and the Restructuring Term Sheet, on different terms, or at all. The foregoing description of the RSA and the Restructuring Term Sheet does not purport to be complete and is qualified in its entirety by reference to the full text of the RSA, a copy of which is available at https://tinyurl.com/3svkuvad In relation to the commencement of the Chapter 11 Cases on October 30, 2025 constituted events of default under certain of the Company's debt instruments, including, without limitation, the following (each as may have been amended or otherwise modified): * approximately $54.3 million of mortgage debt (plus any accrued but unpaid interest in respect thereof) under the loan agreement dated as of September 13, 2023, by and among UBS AG, as lender, and Clay Ave Waco LLC and Primerica Pkwy GA LLC, collectively, as borrowers; * approximately $123 million of mortgage debt (plus any accrued but unpaid interest in respect thereof) under the loan agreements: (a) dated as of August 8, 2023, by and between JPMorgan Chase Bank, National Association, as lender, and Echelon Pkwy MS LLC, as borrower; (b) dated as of June 30, 2023, by and between JPM, as lender, and Rio Robles CA LLC, as borrower; (c) dated as of June 23, 2023, by and between JPM, as lender, and Sterling Park LLC, as borrower; (d) dated as of May 25, 2023, by and between JPM, as lender, and 3300 75th Avenue LLC, as borrower; and (e) dated as of June 27, 2023, by and between JPM, as lender, and Ewing Boulevard LLC, as borrower; * approximately $425 million of outstanding borrowings (plus any accrued but unpaid interest in respect thereof) under OPI's second amended and restated credit agreement, dated January 29, 2024, with Wilmington Savings Fund Society, FSB, as successor administrative agent, and the applicable lenders; * approximately $300 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of OPI's 9.000% Senior Secured Notes due March 2029, issued pursuant to that certain indenture, dated as of February 12, 2024, by and among OPI, the subsidiary guarantors party thereto, and U.S. Bank; * approximately $418 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of the 2027 Senior Secured Notes; * approximately $610 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of the September 2029 Senior Secured Notes; * approximately $14.4 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of the 8.000% Senior Priority Guaranteed Unsecured Notes due 2030, issued pursuant to that certain indenture, dated as of March 12, 2025, by and among OPI, the subsidiary guarantors party thereto, and U.S. Bank; * approximately $133.9 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of OPI's 2.650% Senior Notes due 2026, issued pursuant to: (i) that certain indenture, dated as of July 20, 2017, by and between OPI and U.S. Bank and (ii) that certain Third Supplemental Indenture, dated as of May 18, 2021, by and between OPI and U.S. Bank; * approximately $78.3 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of OPI's 2.400% Senior Notes due 2027, issued pursuant to: (i) the 2017 Indenture and (ii) that certain Fourth Supplemental Indenture, dated as of August 13, 2021, by and between OPI and U.S. Bank; * approximately $102.4 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of the OPI's 3.450% Senior Notes due 2031, issued pursuant to: (i) the 2017 Indenture and (ii) that certain Fifth Supplemental Indenture, dated as of September 28, 2021, by and between OPI and U.S. Bank; and * approximately $162 million in aggregate outstanding principal amount (plus any accrued but unpaid interest in respect thereof) of OPI's 6.375% Senior Notes due 2050, issued pursuant to: (i) that certain indenture, dated as of July 20, 2017, by and between the OPI and U.S. Bank and (ii) that certain Second Supplemental Indenture, dated as of June 23, 2020, by and between the OPI and U.S. Bank. Pursuant to the indentures and the other agreements governing the foregoing debt instruments, the filing of the Chapter 11 Cases accelerated the Company's obligations thereunder. Any efforts to enforce such payment obligations are automatically stayed as a result of the Chapter 11 Cases, and the creditors' rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. About Office Properties Income Trust Office Properties Income Trust is the US-based real estate investment trust. * * * In October 2025, S&P Global Ratings lowered its issue-level rating on Office Properties Income Trust's (OPI) senior unsecured notes due 2031 to 'D' from 'CC' following its missed interest payment. The '5' recovery rating is unchanged. OFFICE PROPERTIES: Ordered Into Mediation With Objecting Creditors ------------------------------------------------------------------ Steven Church of Bloomberg News reports that Office Properties Income Trust, the bankrupt owner of more than 120 office properties across the U.S., has been directed to enter mediation with noteholders owed up to $400 million, a federal judge ruled Monday, November 3, 2025. The decision follows extended arguments over allegations that the company's restructuring plan unfairly favored one group of noteholders over another. US Bankruptcy Judge Christopher Lopez said he intends to appoint a mediator to help the parties address their ongoing disagreements and avoid escalating litigation that could hinder the Chapter 11 process. The dispute centers on how the company's debt obligations are prioritized under its proposed restructuring framework. Judge Lopez noted that early mediation could prevent further friction among creditors and facilitate progress in the case. "It just seems to me early on that the parties would benefit from a pause," he remarked during the hearing. 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. OLIVER CORNERS: Hires Rountree Leitman Klein as Attorney -------------------------------------------------------- Oliver Corners Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as attorney. The firm 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. The firm'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 $22,500. Mr. Rountree 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: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wrountree@rlkglaw.com About Oliver Corners Apartments, LLC Oliver Corners Apartments, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61617) on Oct. 6, 2025. The Debtor hires Rountree, Leitman, Klein & Geer, LLC as attorney. OLIVER VILLAGE: Hires Rountree Leitman Klein as Attorney -------------------------------------------------------- Oliver Village Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as attorney. The firm 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. The firm'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 $22,500. Mr. Rountree 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: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wrountree@rlkglaw.com About Oliver Village Apartments, LLC Oliver Village Apartments, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61614) on Oct. 6, 2025. The Debtor hires Rountree, Leitman, Klein & Geer, LLC as attorney. OPTION CARE: Posts $51.8MM Net Income in Fiscal Q3, Revenue Up 13% ------------------------------------------------------------------ Option Care Health, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $51.82 million and $53.86 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net income of $149.08 million and $151.69 million, respectively. The Company's net revenue for the three months ended September 30, 2025 and 2024, were $1.44 billion and $1.28 billion, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $4.18 billion and $3.65 billion, respectively. As of September 30, 2025, the Company had $3.48 billion in total assets, $2.12 billion in total liabilities, and $1.36 billion in total stockholders' equity. John C. Rademacher, Chief Executive Officer, commented, "The Option Care Health team delivered another strong quarter with balanced growth across the portfolio. I'd like to thank our team for their extraordinary execution and continued dedication to providing access to quality care to more patients. We are well positioned for success as we continue to navigate a dynamic regulatory environment, changing competitive landscapes, and our evolving portfolio of therapies while always keeping the patient at the center of everything we do." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4yyyzr4e About Option Care Health Option Care Health, Inc. and its wholly-owned subsidiaries, provide infusion therapy and other ancillary healthcare services through a national network of 87 full service pharmacies, including 74 with ambulatory infusion suites. Additionally, the Company has 105 stand-alone ambulatory infusion suites, including 24 with advanced practitioner capabilities. The Company contracts with managed care organizations, third-party payers, hospitals, physicians, and other referral sources to provide pharmaceuticals and complex compounded solutions to patients for intravenous delivery in the patients' homes or other nonhospital settings. The Company operates in one segment, infusion services. The Company's stock is listed on the Nasdaq Global Select Market as of September 30, 2025. As of September 30, 2025, the Company had $3.48 billion in total assets, $2.12 billion in total liabilities, and $1.36 billion in total stockholders' equity. * * * In September 2025, S&P Global Ratings assigned its 'BB' issue-level rating and '2' recovery rating to Option Care Health Inc.'s proposed $678 million first lien term loan due in 2032. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of default. Option Care will use the proceeds to refinance its existing first lien debt and add $50 million cash to the company's balance sheet. Although the transaction modestly increases debt, it is leverage neutral due to EBITDA growth. S&P Global Ratings-adjusted leverage was 2.6x as of June 30, 2025. S&P said, "Our 'BB-' issuer credit rating and stable outlook on Option Care reflect our expectation that the company will continue to increase both revenue and EBITDA and maintain S&P Global Ratings-adjusted leverage below 4x. It also reflects our expectation that revenue improvement and solid operating cash flow will provide capacity to fund growth and shareholder returns." PAULAZ ENTERPRISES: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Paulaz Enterprises Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral -- consisting of pre-bankruptcy and post-petition income -- in accordance with its budget, subject to a 10% variance per line item. As adequate protection, Wells Fargo Bank, N.A. and other secured creditors will be granted replacement liens on post-petition cash collateral, matching the scope and priority of their pre-bankruptcy liens. The Debtor may challenge the validity, extent or priority of any such liens. The final order establishes a carveout for U.S. Trustee and Clerk of Court fees. A copy of the final order is available at https://is.gd/67cMzF from PacerMonitor.com. The Debtor believes that all of its assets, including cash collateral, are encumbered by a lien held by Wells Fargo. As of the petition date, the assets were valued at $303,282.25, while the outstanding balance on the bank's loan was $637,481. Other entities that may have a lien on the cash collateral are Alliance Franchise Brands, LLC, ODK Capital, LLC and the U.S. Small Business Administration. The Debtor believes that the secured loan from Alliance is subordinated to the Wells Fargo loan. Since its inception, the Debtor has made regular payments on the Alliance loan. About Paulaz Enterprises Inc. Paulaz Enterprises Inc., doing business as Image360 Hollywood FL, provides custom signage, graphics, and display solutions for businesses and organizations in Hollywood, Miami, Fort Lauderdale, and surrounding areas. It offers interior signs, business signage, vehicle wraps, and event displays, coordinating projects from design to installation. Paulaz Enterprises operates as part of a national network, ensuring consistent quality and branding across various applications. Paulaz Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18061) on July 15, 2025. In its petition, the Debtor reported total assets of $303,282 and total liabilities of $1,733,834. Judge Peter D. Russin handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, PA. PC LEARNING: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York issued a final order allowing PC Learning Centers, Inc. to use the cash collateral of Citibank N.A. and the U.S. Small Business Administration. The final order authorized the Debtor to use the secured creditors' cash collateral to fund operations in accordance with its budget, subject to a 10% variance. As protection, the secured creditors will receive automatically perfected replacement liens, with the same validity and priority as their pre-bankruptcy liens; and superpriority administrative expense claims for any post-petition diminution in value of their collateral. In addition, the Debtor was authorized to make monthly payments to Citibank of $3,333.33 immediately after entry of the order, decreasing to $2,500 beginning January 2026. The final order is available at https://is.gd/mSFcV2 from PacerMonitor.com. The cash collateral at issue is claimed by two secured creditors: Citibank, which holds a lien based on a 1999 UCC-1 financing statement and is owed $331,761.47, and the SBA, which filed its own UCC-1 statement in 2020 and is owed about $467,477. As of the bankruptcy filing on September 9, the Debtor had approximately $25,718 in its operating account, $5,649 in accounts receivable, and a $150,000 security deposit held by its landlord. The Debtor's six-month post-petition budget outlines anticipated revenues and operating expenses through March 2026. The projections show that the business expects monthly losses, totaling a net negative income of $118,313 over the six-month period. Despite these projected losses, the Debtor maintains that use of the cash collateral will prevent the value of the creditors' collateral from diminishing, as the funds will be used solely to support ongoing business operations and maintain the enterprise as a going concern. Citibank is represented by: Teresa Sadutto-Carley, Esq. Goetz Platzer LLP 1 Penn Plaza, 31st Floor New York, NY 10119 Phone: (212) 593-3000 tsadutto@goetzplatzer.com About PC Learning Centers PC Learning Centers, Inc., doing business as NYC Seminar and Conference Center (NYCSCC), operates a 9,300-square-foot event and conference facility in New York City's Flatiron District, Chelsea neighborhood. The center provides flexible seminar and meeting spaces accommodating 6 to 200 participants, supporting hybrid events with integrated audiovisual and technology infrastructure, including internet connectivity, video conferencing, and on-site tech support. NYCSCC offers event planning services, catering options, customizable room configurations and online booking, targeting corporate meetings, training sessions, and professional seminars. PC Learning Centers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11964) on September 9, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Tod Shapiro, vice president of PC Learning Centers, signed the petition. Judge Michael E. Wiles presides over the case. Kenneth L. Baum, Esq., at the Law Offices of Kenneth L. Baum, LLC represents the Debtor as the bankruptcy counsel. PFI HOLDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings assigned a 'B' issuer credit rating to U.S.-based PFI Holdco LLC (dba Peterson Farms). The outlook is stable. S&P said, "We also assigned a 'B' issue level rating to the company's proposed $775 million term loan B due in 2032 and $100 million revolving credit facility due in 2030. The recovery rating is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. "The stable outlook reflects our expectation that Peterson Farms will maintain above average EBITDA margins and reduce leverage closer to 4x over the next year, prior to likely pursuing additional acquisitions that could bring S&P Global Ratings-adjusted leverage closer to 5x." Peterson Farms is raising a $775 million senior secured term loan to acquire Country Pure Foods, Inc. (CPF) in a transaction for which we estimate pro forma debt to EBITDA will be 4.9x. This acquisition is the sixth in five years for Peterson Farms as it continues to execute an acquisition growth strategy that, so far, has not materially increased leverage. The transaction keeps Peterson Farms' pro forma leverage below 5x, but the company remains highly acquisitive. S&P said, "We expect S&P Global Ratings-adjusted leverage to improve to about 4.7x at fiscal year-end 2025 from pro forma leverage of about 4.9x for the transaction and about 5.0x as of fiscal 2024 (excluding pro-forma adjustment for acquired EBITDA). The company's active acquisition strategy has historically resulted in pro forma leverage maintained below 5x. It completed the King Brands acquisition in 2024, which brought leverage closer to 5.0x, followed by the Cool Tropics acquisition in early 2025. Although we forecast it will further reduce leverage to about 4.0x in 2026 as integration and synergies materialize, we believe continued acquisition activity will likely keep leverage at 4x-5x over the next several years." The company is co-controlled by the founding family and financial sponsor Mubadala Capital. S&P said, "Mubadala holds a 56% preferred equity stake, while the board has equal representation between the family and Mubadala, whose initial preferred equity investment totaling about $239 million (which we do not adjust to debt) was made in part to provide additional funding for its acquisition-led growth strategy. Given the company's 4.5x leverage target for future acquisitions and our expectations for ongoing business growth investments (including additional acquisitions), we do not anticipate future debt-financed shareholder returns. Nonetheless, we do not view Mubadala as a long-term investor and believe it will likely seek to monetize its investment over the intermediate term (possibly within the next three to five years). As such, we consider Peterson Farms a financial-sponsor owned company with an aggressive financial policy." The acquisition is consistent with Peterson Farms' strategy to expand scale and production capacity to further grow market share, particularly in the K-12 education channel. CPF expands the company's operating footprint and positions it to capitalize on favorable consumer trends toward healthier, lower-sugar, higher-fiber products. Still, the company remains narrowly concentrated on apples, with a niche advantage in fresh-sliced apples to quick-service restaurants, and a growing presence in the K-12 education channel, with several product offerings ranging from juice pouches and cups to slushies and apple sauces. The company has built a sufficiently large and established manufacturing base to support continued sales growth with above-average EBITDA margins. Additionally, it has a favorable growth outlook, underpinned by recent capacity investments in juice cups and pouches to further penetrate the K–12 channel, where U.S. mandates for domestically sourced products favor its well-established U.S. farm supply chain spanning more than 600 farmers. With demand for shelf-stable juice products already exceeding current capacity and its recently added capacity from recent plant expansions and acquired facilities, S&P projects the company will grow sales by more than 10%, which is well above the food industry average. S&P said, "We expect Peterson Farms to generate positive free operating cash flow (FOCF) in 2026, but its capital allocation priorities do not include debt repayment. We expect negative FOCF in 2025, reflecting continued capital expenditures (capex) in capacity expansion, improved automation, enhanced processing capabilities, new product launches, and expanded storage infrastructure. Although we anticipate positive FOCF closer to $45 million in 2026 as its recent expansion capex tapers off, we do not expect the company to use this cash for debt repayment, as management is likely to prioritize funding additional acquisitions instead. While its operating outlook remains favorable, the company's overall credit trajectory will continue to depend on its financial policy decisions, particularly regarding the pace and financing of future merger and acquisition (M&A) activity, which could keep leverage elevated despite stronger earnings and improving cash generation. "The stable outlook reflects our expectation that Peterson Farms will maintain its above average EBITDA margins and reduce S&P Global Ratings-adjusted leverage closer to 4x over the next year before likely pursing additional acquisitions that could bring leverage closer to 5x." S&P could lower its ratings if Peterson Farms sustains S&P Global Ratings-adjusted leverage above 7x. This could occur if: -- The company faces significant macroeconomic pressure (from schools, health care, or retail consumers); -- It faces challenges integrating the CPF acquisition; or -- The company's brands fall out of favor with consumers, leading to persistently weak volumes and declining margins. S&P could take a positive rating action over the next 12 months if it believes Peterson Farms will sustain leverage well below 5x. This could occur if the company: -- Successfully integrates CPF and realizes transaction synergies as expected -- Does not undertake further debt-funded M&A; and -- Maintains financial policies consistent with sustaining leverage well below 5x. PHILLIPS ACRES: Court Extends Cash Collateral Access to Nov. 30 --------------------------------------------------------------- Phillips Acres, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral in accordance with its budget until the earlier of (i) November 30; (ii) the Debtor ceases operations; (iii) the Debtor expends any funds or monies for any purpose or amount other than what is set forth in the budget, (iv) any material or intentional misrepresentation by the Debtor in the reporting to the court; (v) non-compliance or default of the Debtor with any terms and provisions of the interim order; or (vi) another order concerning cash collateral is entered. Secured creditors include the U.S. Small Business Administration, First Bank and Trust Company, and Southern States Cooperative, each holding perfected liens on the Debtor's assets. As adequate protection for any post-petition diminution in value of their interests in their collateral, creditors will be granted post-petition continuing replacement liens on the collateral. These replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. As additional protection, First Bank retains $40,555.71 from Butterball, LLC's payment under an assignment agreement, subject to later review. The next hearing is scheduled for November 25. A copy of the Debtor's budget is available at https://shorturl.at/rsQTf from PacerMonitor.com. About Phillips Acres Inc. Phillips Acres, Inc operates a flock production facility for turkeys located on a 108.1-acre property in Greene County, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03601-5-PWM) on September 16,2025. In the petition signed by David N. Phillips, president, the Debtor disclosed up to $1million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. PORTLAND DUCK: Hires Bernstein Shur Sawyer as Counsel ----------------------------------------------------- Portland Duck, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Bernstein, Shur, Sawyer & Nelson, P.A. as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee, as they pertain to the Debtor; (b) advise the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bring such claims as the Debtor, in its business judgment, decides to pursue; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) conduct examinations of witnesses, claimants, or adverse parties, and represent the Debtor in any adversary proceeding (except to the extent that any such adversary proceeding is in an area outside of the firm's expertise); (e) review and analyze various claims of the Debtor's creditors and treatment of such claims and prepare, file, or prosecute any objections thereto or initiate appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) prepare and assist the Debtor with the preparation of reports, applications, pleadings, motions, and orders; (g) assist the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of the Debtor's assets, as appropriate; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) perform any other services that may be appropriate in the firm's representation of the Debtor as general bankruptcy counsel in the case. The firm will be paid at these rates: Adam R. Prescott, Attorney (Shareholder) $495 per hour Kenny Laughton, Attorney (Associate) $295 per hour Kathrine Flynn, Paraprofessional (Trainee) $175 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Prescott 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: Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, P.A. 100 Middle Street PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: aprescott@bernsteinshur.com About Portland Duck, LLC Portland Duck, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Me Case No. 25-10205) on Oct. 24, 2025. The Debtor hires Bernstein, Shur, Sawyer & Nelson, P.A. as general bankruptcy counsel. PREMIER PEDIATRICS: Hires Tuttle Consulting as Accountant --------------------------------------------------------- Premier Pediatrics, LC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Tuttle Consulting Group as accountant. The firm's services include: a) updating and reconciling accounting records for tax years 2023 and 2024; b) preparing and filing monthly operating reports required by the U.S. Trustee; c) performing bank reconciliations and internal ledger review; and d) supporting post-confirmation reporting and compliance. The firm will be paid at these rates: a) $300 per hour for consultations and bankruptcy support; b) $150 per hour for monthly reporting assistance; and c) $75 per hour for travel time. A retainer is given to the firm amounting to $1,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Tuttle 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: Tad Tuttle, CPA Tuttle Consulting Group 15851 Dallas Pkwy #700 Addison, TX 75001 Tel: (972) 505-2142 About Premier Pediatrics, LC Premier Pediatrics, LC operates a pediatric medical office in Southern Utah. Premier Pediatrics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 25-21548) on March 26, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Robert K. Dowse, managing member of Premier Pediatrics, signed the petition. Judge William T. Thurman oversees the case. Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC, represents the Debtor as bankruptcy counsel. PRINCIPAL PROPERTIES: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------------------ Principal Properties Inc. voluntarily filed for Chapter 7 bankruptcy in the Northern District of Illinois on November 7, 2025. The case was assigned number #25-17282. The filing lists liabilities from $100,001 to $1 million, and 1 to 49 creditors. About Principal Properties Inc. Principal Properties Inc. operates in the real estate industry. Principal Properties Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17282) on November 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy JudgeDeborah L. Thorne handles the case. The Debtor is represented by Timothy M. Hughes, Esq. of Lavelle Law, Ltd. QT HAU: Seeks to Hire Ten-X LLC as Auctioneer --------------------------------------------- QT Hau LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Ten-X, LLC as auctioneer. The firm will assist in the marketing, sale, and auction of the Debtor's commercial real property located at 3226-3240 Greenmount Avenue, Baltimore, Maryland 21218. The firm will be paid at these rates: Buyer's Offer Price Transaction Fee (% of Buyer's Offer Price) $OM to RAZZOO'S INC: Secures Court OK to Tap $4MM DIP Financing in Ch. 11 ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that on Friday, November 7, 2025, a Texas bankruptcy judge approved Razzoo's Cajun Café's request to borrow $4 million in new debtor‑in‑possession (DIP) financing to support its Chapter 11 restructuring efforts. The move allows the restaurant chain to access immediate funds to maintain critical operations. The interim order permits the company to use the DIP facility to cover payroll, vendor payments, and other post‑petition expenses while it evaluates whether to reorganize or pursue a going‑concern sale. The financing is intended to stabilize operations and provide necessary liquidity during the bankruptcy process, the report states. The DIP loan comes from the chain's pre‑petition secured lender, which will receive priming liens on Razzoo's assets. At the time of filing, the company reported assets and liabilities each ranging from $10 million to $50 million. The judge also imposed strict covenants on cash collateral usage and required the company to submit an updated budget promptly as it considers potential store closures and lease rejections, according to report. 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. RELAX GROUP: Seeks Chapter 7 Bankruptcy in New Hampshire -------------------------------------------------------- The Relax LLC voluntarily filed for Chapter 7 bankruptcy in the District of New Hampshire on November 7, 2025. According to the petition, the company reported liabilities ranging from $1 million to $10 million, with 1 to 49 creditors. About The Relax LLC The Relax LLC is a limited liability company. The Relax LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10784) on November 7, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Olga L. Gordon, Esq. of Harris Beach Murtha Cullina PLLC. RENHURST HOLDINGS: Gets Extension to Use Cash Collateral -------------------------------------------------------- Renhurst Holdings, Inc. and its affiliates received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use the cash collateral of Golden Bank National Association. The court's order authorized the Debtors to use cash collateral from October 26 through January 31, 2026, to pay expenses outlined in their budget, with deviations limited to 5% per line item or 10% in the aggregate. As adequate protection for any potential diminution in the value of its collateral, Golden Bank, N.A., a secured creditor, will be granted replacement liens on the Debtors' post-petition assets and proceeds therefrom. These liens do not apply to avoidance actions and certain restricted assets and are subject to a carveout for court fees and U.S. Trustee fees. Golden Bank is also entitled to a superpriority administrative expense claim under Section 503(b) and 507(b). The Debtors' authority to use cash collateral ends on January 31, 2026, or earlier upon occurrence of so-called termination events, including the dismissal or conversion of their Chapter 11 cases; the appointment of a trustee or examiner; the occurrence of the effective date or consummation date of a plan of reorganization; and the entry of an order reversing, staying, vacating or otherwise modifying in any material respect the terms of the order. The court order is available at https://is.gd/v0ti1L from PacerMonitor.com. As of the petition date, the Debtors held approximately $24,229 in deposits and receivables, along with over $144,000 in inventory, which constitute the cash collateral in question. Golden Bank is the only known creditor with asserted liens on the Debtors' assets through three loans totaling over $3 million, secured by comprehensive UCC-1 filings. The Debtors currently owe around $160,000 to unsecured creditors and remain current on employee wages and tax obligations. Given the lack of other revenue, the Debtors intend to use their cash collateral to maintain business operations, cover employee wages, pay vendors, and preserve the estate's value. Without this relief, the Debtors risk business interruption and irreparable harm. Golden Bank is represented by: Morris D. Weiss, Esq. Kane Russell Coleman Logan, PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Telephone: (512) 487-6650 mweiss@krcl.com About Renhurst Holdings Inc. Renhurst Holdings, Inc. manages real estate for others and provides property appraisal services and is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Renhurst Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43905) on October 7, 2025, listing between $1 million and $10 million in assets and liabilities. Qasim Saeed, president of Renhurst Holdings, signed the petition. Judge Edward L Morris oversees the case. Joseph Fredrick Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. RHODIUM ENCORE: Creditors Oppose Barnes & Thornburg Legal Fees -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Rhodium Encore LLC's creditors are escalating their dispute over the Bitcoin miner's bankruptcy process by targeting legal fees sought by its counsel. They intend to oppose $6 million in payments requested by Barnes & Thornburg LLP, claiming the firm's billing is excessive. According to a filing by Transcend Partners Legend Fund LLC, the creditors urged the Texas bankruptcy court to deny the firm's $438,000 August bill and said they plan to seek repayment of all fees earned during the case. The new objection builds on a prior motion challenging earlier compensation requests. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, Rhodium listed assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RIZO-LOPEZ FOODS: Court Extends Cash Collateral Access to Nov. 26 ----------------------------------------------------------------- Rizo-Lopez Foods, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral. The court order authorized the Debtor to use cash collateral until the conclusion of the final or continued hearing scheduled for November 26 to fund operations in accordance with its budget. As adequate protection, the Debtor Wells Fargo Bank and all other secured creditors will be granted automatically perfected replacement liens on post-petition assets, with the same priority and extent as their pre-bankruptcy liens. The order emphasizes that replacement liens will not cross-collateralize unsecured or undersecured portions of claims. As additional protection, the Debtor must pay $88,000 to Wells Fargo Bank pending the November 26 hearing. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7DNVv from PacerMonitor.com. About Rizo-Lopez Foods Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. ROYALE ENERGY: Switches Auditors as Horne LLP Staff Join BDO USA ---------------------------------------------------------------- Royale Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the partners and professional staff of Horne LLP, which was engaged as the independent registered public accounting firm of the Company, joined BDO USA, P.C. As a result of this transaction, Horne resigned as the Company's independent registered public accounting firm on October 31, 2025. On November 3, 2025, following the resignation of Horne, the Company, through and with the approval of its Audit Committee, appointed BDO as its independent registered public accounting firm. The report of Horne on the financial statements of the Company for the fiscal years ended December 31, 2024 and 2023, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the Company's fiscal years ended December 31, 2024 and 2023, and through October 31, 2025, there were no disagreements between the Company and Horne on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Horne, would have caused Horne to make reference to the subject matter of the disagreements in connection with its audit report on the Company's financial statements. During the Company's fiscal year ended December 31, 2024, and the interim period through October 31, 2025, Horne did not advise the Company of any of the matters specified in Item 304(a)(1)(v) of Regulation S-K. The Company provided Horne with a copy of this report on Form 8-K in accordance with Item 304(a) of Regulation S-K prior to its filing with the Securities and Exchange Commission and requested that Horne furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the above statements and, if it does not agree, the respects in which it does not agree. A full-text copy of the letter from Horne is available at https://tinyurl.com/4cthv85p During the Company's two most recently completed fiscal years and through the date of engagement of BDO, neither the Company nor anyone on behalf of the Company consulted with BDO regarding (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements as to which the Company received a written report or oral advice that was an important factor in reaching a decision on any accounting, auditing or financial reporting issue; or (b) any matter that was the subject of a disagreement or a reportable event as defined in Items 304(a)(1)(iv)and (v), of Regulation S-K. About Royale Energy, Inc. Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company headquartered in San Diego, California. The Company focuses on the acquisition, development, and marketing of oil and natural gas, with primary operations in Texas's Permian Basin. In its April 8, 2025 audit report, Horne LLP issued a "going concern" qualification, noting that the Company's recurring operating losses and liabilities exceeding its assets raise substantial doubt about its ability to continue operations. At June 30, 2025, the Company's consolidated financial statements reflect a working capital deficiency of $12,030,955, and an accumulated deficit of $94,605,190. The Company had a net loss of $1,100,721 for the six months ended June 30, 2025. The Company reported $14.44 million in total assets, $27.87 million in total liabilities, and a total stockholders' deficit of $13.43 million as of June 30, 2025. The Company warned that without sufficient new capital, it would need to extend payables, seek note repayment extensions, and cut overhead to continue operations, with no assurance such measures would succeed. RYVYL INC: CFO George Oliva Named Interim CEO --------------------------------------------- RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Fredi Nisan notified the board of directors, of his resignation as a director of the Company, effective on October 30, 2025. As previously disclosed in the Company's Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on October 1, 2025, Mr. Nisan also retired as Chief Executive Officer of the Company effective October 31, 2025. The resignation of Mr. Nisan as a director of the Company was not related to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. In connection with Mr. Nisan's retirement, the Company's board of directors has determined to appoint George Oliva, the Company's Chief Financial Officer, as the Company's Interim Chief Executive Officer, effective immediately following Mr. Nisan's retirement. Updated biographical information regarding Mr. Oliva: Mr. Oliva, age 64, joined the Company in October 2023 as Chief Financial Officer, has served as a Director since September 2025, and has over 30 years as a senior finance professional, with a background in corporate finance, treasury, financial planning and analysis, international tax, and strategic planning. Prior to joining the Company, he was Chief Financial Officer and Corporate Secretary for WiSA Technologies ("WiSA") since 2019. Prior to WiSA, he provided financial consulting services to public and private companies nationwide. He was also a partner with Hardesty LLC, a national executive services firm. Mr. Oliva has held several interim positions with a variety of clients that included a scientific instruments business acquired by a private equity firm, a medical device manufacturer preparing for an IPO, an audio company merger and a yield improvement software company implementing a world-wide ERP system. Mr. Oliva was CFO of Penguin Computing from 2009 through 2013, where he played a leading role in guiding them through a period of rapid growth, twice making the Silicon Valley Business Journal's list of fastest growing private companies. Prior to Penguin, he was CFO of StreamLogic, a public company doing business as Hammer Storage Solutions, where he navigated its going-private transaction. Prior to serving in such roles, Mr. Oliva was responsible for financial planning and analysis and operational support as the operations controller for Conner Peripherals and at Read-Rite Corporation, both exceeding a billion of revenue in the data storage industry. Mr. Oliva began his career in auditing with Arthur Andersen & Co., a leading public accounting firm. Mr. Oliva is a certified public accountant, currently inactive status. He earned a B.S. degree in Business Administration from U.C. Berkeley with a dual emphasis in Accounting and Finance. There are no arrangements or understandings between Mr. Oliva and any other persons pursuant to which he was appointed as Interim Chief Executive Officer of the Company. There are also no family relationships between Mr. Oliva and any director or executive officer of the Company and Mr. Oliva has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, California, develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. The Company reported a net loss of $26.83 million in 2024 following a net loss of $53.10 million in 2023. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. S&G LABS HAWAII: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: S&G Labs Hawaii, LLC 11 Inverness Way South Suite 200 Englewood, CO 80112 Business Description: S&G Labs Hawaii, LLC provides toxicology testing, drug detection, and Covid-19 diagnostic services using advanced laboratory technology for healthcare providers. Founded by Lynn Welch, MD, the Company operates laboratory facilities on the Big Island of Hawaii and maintains an office in Englewood, Colorado. Established in 2008, it serves clinicians by supporting medication monitoring and patient treatment programs within the clinical laboratory services industry. Chapter 11 Petition Date: November 7, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17335 Debtor's Counsel: David V. Wadsworth, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 E-mail: dwadsworth@wgwc-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lynn Welch Puana as managing member of Big Island Pain Center, LLC, sole member of the Debtor. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GWARYFI/SG_Labs_Hawaii_LLC__cobke-25-17335__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GMDB2WA/SG_Labs_Hawaii_LLC__cobke-25-17335__0001.0.pdf?mcid=tGE4TAMA SAGA FORMATIONS: Court Confirms Chapter 11 Plan ----------------------------------------------- Judge John T. Dorsey of the United States Bankruptcy Court for the District of Delaware confirmed the Second Amended Combined Disclosure Statement and Chapter 11 Plan of Saga Formations, Inc. fka Epic! Creations, Inc., and its debtor-affiliates. The Disclosure Statement contains (a) extensive material information regarding the Debtors and the Chapter 11 Trustee's administration of the Chapter 11 Cases so that parties entitled to vote on the Plan could make informed decisions regarding the Plan, thereby 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 Debtors, the Chapter 11 Trustee's administration of the Chapter 11 Cases, 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 at each Debtor entity 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 Debtors, the Wind-Down Debtors, 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 Chapter 11 Trustee, as the proponent of the Plan, has met her 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 Oct. 22, 2025, Claudia Springer, the Chapter 11 Trustee of the Estates of Saga Formations, Inc. f/k/a Epic! Creations, Inc., and affiliates, submitted a Second Amended Combined Disclosure Statement and Chapter 11 Plan for the Debtors dated October 14, 2025. The Amended Combined Disclosure Statement and Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. This Class will receive a distribution of 0% of their allowed claims. Class 4 is Impaired under 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. For the avoidance of doubt, the treatment of Class 7 Interests under the Plan pertains only to any Interest in any Debtor and shall in no way release, alter, impair, or otherwise impact the vesting of all Retained Assets in the Wind-Down Debtors, which shall be entitled to retain ownership of, dispose of, or otherwise monetize such Retained Assets, including any Interest that any Debtor has in any non-Debtor, as set forth elsewhere herein and in the Plan Administrator Agreement. The Wind-Down Debtors will be established, formed, and merged on the Effective Date. The Wind Down Debtors shall be the successors in interest to the Debtors, and the Wind-Down Debtors shall be successors to each Debtor and its respective Estate's right, title, and interest to the Wind-Down Debtor Assets. The Wind-Down Debtors will conduct no business operations and will be charged with winding down the Debtors' Estates. The Wind-Down Debtors shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtors Oversight Committee. Prior to the Effective Date, any and all of the Debtors' assets shall remain assets of the Estates pursuant to section 1123(b)(3)(B) of the Bankruptcy Code and on the Effective Date the Wind-Down Debtor Assets shall irrevocably vest in the Wind-Down Debtors. For the avoidance of doubt, to the extent not otherwise waived in writing, released, settled, compromised, assigned or sold pursuant to a prior Final Order of the Bankruptcy Court or the Plan, the Wind-Down Debtors specifically retain and reserve the right to assert, after the Effective Date, any and all of the Retained Causes of Action and related rights, whether or not asserted as of the Effective Date (and whether or not listed on the Schedule of Retained Causes of Action), and all proceeds of the foregoing, subject to the terms of the Plan. To the extent that the Wind-Down Debtors or the Plan Administrator request cooperation from the Chapter 11 Trustee or a Professional after the Effective Date that will cause such Professional or the Chapter 11 Trustee to expend more than a de minimis amount of time or to incur out-of-pocket costs to comply with such request, such Professional or the Chapter 11 Trustee shall not be required to provide the requested cooperation without compensation at such Professional's standard hourly rates and reimbursement for such actual expenses. A full-text copy of the Second Amended Combined Disclosure Statement and Plan dated October 14, 2025 is available at https://urlcurt.com/u?l=17LUpK 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 29, 2025, is available at https://urlcurt.com/u?l=BxckZM from PacerMonitor.com. About Epic! Creations, Inc. Epic! Creations Inc. -- https://www.getepic.com/ -- doing business as Byju's, retails books online. The Company offers digital library which includes kids books, ebooks, and videos. Epic! Creations serves customers in the State of California. Alleged creditors of Epic! Creations sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. The creditors who signed the petition are: * HPS Investment Partners, LLC, * TBK Bank, SSB * Redwood Capital Management, LLC, * Veritas Capital Credit Opportunities Fund SPV, L.L.C. and Veritas Capital Credit Opportunities Fund II SPV, L.L.C. * HGV BL SPV, LLC, * Midtown Acquisitions GP LLC, * Silver Point Capital, L.P., * Shawnee 2022-1 LLC, * Sentinel Dome Partners, LLC, * Stonehill Capital Management LLC, * Diameter Capital Partners LP, * Ellington CLO III, Ltd. and Ellington Special Relative ValueFund L.L.C. * GLAS Trust Company LLC, in its capacity as administrativeagent and collateral agent, * Continental Casualty Company, and * India Credit Solutions, L.P. Glas Trust Company is represented by: Laura Davis Jones Pachulski, Stang, Ziehl & Jones LLP Telephone: (302) 778-6401 E-mail: ljones@pszjlaw.com TBK Bank, et al., are represented by: G. David Dean Cole Schotz P.C. Telephone: (302) 652-3131 E-mail: ddean@coleschotz.com SCILEX HOLDING: Terminates Equity Line Agreements With Tumim Stone ------------------------------------------------------------------ As previously disclosed, Scilex Holding Company entered into a Common Stock Purchase Agreement and Registration Rights Agreement on July 22, 2025, with Tumim Stone Capital, LLC as part of an Equity Line Of Credit. Pursuant to the Original Agreements, the Company was obligated to issue 150,000 shares of the Company's common stock to Tumim upon effectiveness of the registration statement related to the ELOC. On October 30, 2025 the Company and Tumim entered into a Termination Agreement pursuant to which each of the Original Agreements shall terminate upon payment in full of an aggregate of $2.7 million by the Company to Tumim in lieu of the issuance of the Commitment Shares with $500,000 to be paid on or before each of October 31, 2025 and November 14, 2025 and the remaining $1.7 million to be paid on or before December 15, 2025. The Company acknowledges Tumim's beneficial support. The termination of the Original Agreements is due to the Company no longer needing to raise additional capital under the Original Agreements at this time. A full-text copy of the Termination Agreement is available at https://tinyurl.com/ybxrxybm About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SERTA SIMMONS: Supreme Court Declines to Review Uptier Debt Dispute ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that the U.S. Supreme Court refused to hear a challenge brought by lenders of Serta Simmons Bedding LLC to a Fifth Circuit ruling from last 2024. That ruling had rejected the mattress maker's controversial "uptier" debt exchange, leaving intact the appellate court's decision to modify Serta's Chapter 11 plan, according to the report. By declining the case, the Supreme Court chose not to weigh in on whether the Fifth Circuit erred in altering the plan without giving creditors an opportunity to vote again. As a result, the lower court's ruling stands, maintaining the outcome of the uptier transaction dispute, the report states. About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. During the Chapter 11 process, Weil, Gotshal & Manges LLP served as SSB's legal counsel, Evercore Group L.L.C. served as SSB's investment banker and FTI Consulting, Inc., served as SSB's financial and restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims and noticing agent. Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview Partners served as financial advisor and investment banker, to an ad hoc group of SSB's priority lenders. SHERLAND & FARRINGTON: Gets Extension to Access Cash Collateral --------------------------------------------------------------- Sherland & Farrington, Inc. received third interim approval from the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through December 18 in accordance with its budget. The Debtor is not allowed to spend more than 110% of any line item in the weekly budget or more than 105% of the aggregate budget for one week. The Debtor projects total operational expenses of $132,080.86 for November. To protect the interests of secured lenders, the Debtor granted them replacement liens on all current and future assets, subject to valid, pre-existing senior liens (excluding Chapter 5 recoveries). These liens would be automatically perfected without the need for additional filings. As additional protection, the Debtor was ordered to pay $10,000 to Columbia Bank. Events such as conversion to Chapter 7, appointment of a trustee, material misrepresentations, or failure to remain cash positive constitute defaults. A final hearing on the continued use of cash collateral is scheduled for December 18. The Debtor's assets, which include inventory, leasehold improvements, goodwill, and revenue from sales, are valued at approximately $3.17 million. Its secured debt totals about $3.59 million, including a disputed $629,625 claim asserted by Skanska USA Building, Inc. Prior to the bankruptcy filing, the Debtor obtained financing from multiple secured lenders, including Columbia Bank, the U.S. Small Business Administration, the Internal Revenue Service, and Skanska. Each lender has filed UCC-1 financing statements to perfect its security interests. Columbia Bank is believed to hold a first-priority lien on the Debtor's assets based on a $1.75 million loan. The SBA claims a perfected lien for a $478,000 loan, and the IRS has asserted a tax lien of over $581,000, which the Debtor disputes. Skanska filed a UCC-1 for a $629,625 debt related to construction materials, which the Debtor also disputes, asserting that the lien was improperly filed and should have been terminated. About Sherland & Farrington Inc. Sherland & Farrington, Inc. provides commercial flooring services including consultation, design specification, renovation logistics and installation for corporate clients. The company has operated for more than five decades in the New York area, working with businesses on large-scale flooring projects. It is a founding member of Fuse Alliance, a network of independent flooring contractors. Sherland & Farrington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73272) on August 26, 2025. In its petition, the Debtor reported total assets of $3,165,506 and total liabilities of $7,917,185. Honorable Bankruptcy Judge??Alan S. Trust handles the case. The Debtor is represented by Fred S. Kantrow, Esq., at The Kantrow Law Group, PLLC. SILVER COMMERCIAL: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------------- Silver Commercial Properties LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California on November 4, 2025. According to the bankruptcy petition, the company listed liabilities in the range of $0 to $100,000. Silver Commercial Properties LLC also reported having between 1 and 49 creditors. About Silver Commercial Properties LLC Silver Commercial Properties LLC is a limited liability company. Silver Commercial Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17966) on November , 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Allan Otis Cate, Jr, Esq. of Cate Legal Group. SOLANA COMPANY: All Proposals Approved at Special Meeting --------------------------------------------------------- At the special meeting of stockholders of Solana Company (formerly known as Helius Medical Technologies, Inc.), the Company's stockholders: (i) Elected one new director, Cosmo Jiang, to the Company's Board of Directors; Votes For: 21,737,666 Votes Withheld: 4,675 Broker Non-Votes: 0 (ii) Approved, in accordance with Nasdaq Listing Rule 5635(a), the issuance of shares of the Company's Class A common stock, par value $0.001 per share upon the exercise of the Strategic Advisor Warrants issued to Pantera Capital Management LP and Summer Wisdom Holdings Limited; Votes For: 21,577,950 Votes Against: 152,144 Abstain: 12,247 Broker Non-Votes: 0 (iii) Approved, in accordance with Nasdaq Listing Rule 5635(a), the issuance of shares of the Common Stock upon the exercise of the Cryptocurrency Pre-Funded Warrants and Cryptocurrency Stapled Warrants issued in connection with the Company's acceptance of Solana (SOL) cryptocurrency as consideration in our private placement offering; Votes For: 20,135,405 Votes Against: 151,931 Abstain: 1,455,005 Broker Non-Votes: 0 (iv) Approved an amendment to the Helius Medical Technologies, Inc. 2022 Equity Incentive Plan to increase the number of shares of Common Stock available for issuance thereunder by 4,000,000 shares; and Votes For: 21,420,874 Votes Against: 319,816 Abstain: 1,651 Broker Non-Votes: 0 (v) Approved the authorization of one or more adjournments to the Special Meeting to solicit additional proxies in the event there were insufficient votes to approve the foregoing proposals. Votes For: 21,734,015 Votes Against: 7,893 Abstain: 433 Broker Non-Votes: 0 The numbers reported are based on 40,299,220 shares of Common Stock outstanding and entitled to vote as of September 26, 2025, the record date of the Special Meeting, and 21,742,341 shares of Common Stock were represented in person or by proxy at the Special Meeting, which number constituted a quorum. About Solana Company Solana Company (Nasdaq: HSDT) formerly known as Helius Medical Technologies, Inc. is a listed digital asset treasury dedicated to acquiring Solana (SOL), created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and onchain activity, Solana Company offers public market investors optimal exposure to Solana's secular growth. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, the Company had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. SONOMA PHARMACEUTICALS: Reports $534,000 Net Loss in Fiscal Q2 -------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $534,000 and $610,000 for the three months ended September 30, 2025 and 2024, respectively. For the six months ended September 30, 2025 and 2024, the Company reported a net loss of $1.78 million and of $1.75 million, respectively. Revenues for the three months ended September 30, 2025 and 2024, were $5.6 million and $3.58 million, respectively. For the six months ended September 30, 2025 and 2024, the Company had revenues of $9.62 million and $6.97 million, respectively. At September 30, 2025 and March 31, 2025, the Company's accumulated deficit amounted to $199.58 million and $197.81 million, respectively. The Company had working capital of $8.18 million and $8.55 million as of September 30, 2025 and March 31, 2025, respectively. The cash balance at September 30, 2025 and March 31, 2025 was $3.04 million and $5.37 million, respectively. During the six months ended September 30, 2025 and 2024, net cash used in operating activities amounted to $2.65 million and $558,000, respectively. Management believes that the Company has access to additional capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company cannot provide any assurance that other new financings will be available on commercially acceptable terms, if needed. If the economic climate in the U.S. deteriorates, the Company's ability to raise additional capital could be negatively impacted. If the Company is unable to secure additional capital, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company's continued efforts to commercialize its products, which is critical to the realization of its business plan and the future operations of the Company. This uncertainty along with the Company's history of losses indicates that there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months, Sonoma said. As of September 30, 2025, the Company had $13.86 million in total assets, $10,07 million in total liabilities, and $3.79 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3ushcn8r About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCL, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in 55 countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $13.86 million in total assets, $10,07 million in total liabilities, and $3.79 million in total stockholders' equity. As of March 31, 2025, the Company had $13.69 million in total assets, $9.28 million in total liabilities, and total stockholders' equity of $4.41 million. SOTHEBY'S: S&P Affirms 'B-' Issuer Credit Rating, Outlook Negative ------------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on Sotheby's, including the 'B-' issuer credit rating. The outlook remains negative. The negative outlook reflects our expectation that S&P could lower the rating on Sotheby's over the next 12 months if the company is unable to address its upcoming sizeable debt maturities in a timely fashion or does not materially improve operating performance. Sotheby's upcoming debt maturity represents a notable medium-term credit consideration. The company has $765 million of senior secured notes maturing in October 2027, which represents a significant obligation relative to its capital structure and cash flow generation. S&P said, "However, we anticipate the company will address the 2027 maturity well ahead of it becoming current in October 2026. In addition, Sotheby's has $31 million of senior secured notes due December 2025, which we expect will be fully repaid with available balance sheet cash. We would view a successful extension or refinancing of the 2027 notes as credit positive because it would enhance financial flexibility and mitigate near-term refinancing risk." S&P said, "We forecast significant improvement in credit metrics for this year and 2026 after pressured performance during 2024. We forecast full-year sales growth of approximately 3.5% in 2025 and 3.3% in 2026 due to significantly higher supply from single-owner collections and properties. We expect this increased supply will boost auction services and transaction volumes, supported by ongoing buyer demand, marking a notable recovery from the roughly 21% sales contraction in 2024. We forecast S&P Global Ratings-adjusted EBITDA margins will increase to approximately 25.2% in 2025, up from 16.6% in the prior year, and further improve to 25.9% in 2026. "This reflects Sotheby's strategic focus on higher-margin product categories, which we expect will enhance gross profitability. In addition, previously implemented workforce reductions and broader cost optimization initiatives will likely lead to sustained profitability metrics overs the longer term. As a result, we project the company's S&P Global Ratings-adjusted leverage will decline to approximately 6.7x in 2025 and 6.3x in 2026, representing a significant improvement from 10.7x in 2024." Market volatility and economic policy uncertainty could weigh on demand and transaction activity, particularly given the luxury and discretionary nature of Sotheby's core business. Additionally, while a substantial intergenerational wealth transfer over the next 15 years suggests long-term growth prospects, timing and execution risks remain as asset price inflation and demographic trends could evolve unpredictably, which could affect Sotheby's revenue visibility and operating performance. S&P said, "However, we believe demographic shifts and continued investment in digital capabilities may support long-term resilience, particularly as more than 50% of Sotheby's auctions are now held online--enhancing access to a broader, tech-savvy client base and contributing to revenue diversification. This is further supported by the broader art market, where online engagement now accounts for over 18% of total market value. "We believe Sotheby's consistent operating cash flow and revolver availability provide it with working capital flexibility. As of the second quarter of 2025, Sotheby's maintained an adequate liquidity position, with $56 million in cash on the balance sheet and approximately $447 million available under its $570 million revolving credit facility. We project reported free operating cash flow (FOCF) of $50 million-$60 million for 2025, following capital expenditures (capex) of roughly $40 million primarily directed toward maintenance, technology platform investments, and strategic real estate expansion." In July 2025, the company increased its revolving credit facility by $45 million, bringing the total commitment amount to $570 million from $525 million. At the same time, Sotheby's extended a $440 million tranche of the facility to July 2030, while the remaining $130 million portion continues to mature in August 2026. This extension was significant, as the company relies on the revolver to support substantial working capital needs driven by the inherently cyclical and transaction-oriented nature of the art and luxury asset markets. The negative outlook reflects our expectation that S&P could lower the rating on Sotheby's over the next 12 months if the company is unable to address its upcoming debt maturities in a timely fashion or does not materially improve operating performance. S&P could lower its rating on the company if: -- It is unable to address upcoming debt maturities ahead of becoming current; or -- S&P Global Ratings-adjusted EBITDA interest coverage approaches and remains at 1x or lower. S&P could revise the outlook to stable if the company: -- Successfully addresses its upcoming debt maturity due October 2027; and -- Improves its overall operating performance, including S&P Global Ratings-adjusted EBITDA to interest coverage maintained in the mid-1x area or better. SOUTHERN EXPRESS: Court OKs Buses Sale to Chris Huang for $65K -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has approved Southern Express Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. Southern Express Inc. is a North Carolina corporation headquartered in Apex, North Carolina and founded in 2010. The Debtor is a motorcoach transportation company located in Apex, North Carolina that provides transportation services across the United States to a variety of clients and customers, including, among others, collegiate athletics teams, entertainers and performers, military groups, utilities companies, and various private charter clients. The Court has authorized the Debtor to sell the Property to Chris Huang in the purchase price of $65,000.00 The sale of the Vehicles shall be free and clear of any and all liens, encumbrances, claims, rights, and other interests, including, but not limited to the lien of Capital Bank, N.A. The Purchaser shall not have any liability for, nor shall the Purchaser in any manner be responsible for, any liabilities or obligations of the Debtor. The Purchaser is a "good faith purchaser" entitled to the protections of Section 363, and the Debtor is authorized to sell, transfer and convey the Property in accordance with the terms and conditions of the Motion and the Order. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. SPEARMAN AEROSPACE: Court Extends Cash Collateral Access to Dec. 31 ------------------------------------------------------------------- Spearman Aerospace, Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The fifth interim order signed by Judge Deborah Saltzman extended the Debtor's authority to use cash collateral through December 31 to pay the expenses set forth in its budget. As protection for any diminution in the value of their collateral, creditors that have a perfected security interest in the cash collateral will be granted replacement liens on post-petition assets, with the same validity and priority as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 claims and the pre-bankruptcy retainer provided to Echo Park Legal, APC. A further hearing is scheduled for December 16. The Debtor believes Pacific Premier Bank (as successor-in-interest to Opus Bank) may be the only secured creditor with an interest in cash collateral. This is because while Midland States Bank, Valley Acquisition Corporation, Celtic Capital Corporation, and ASSN Company may have an interest in its cash collateral based on their filings with the Secretary of State, the Debtor believes the underlying debts owed to these creditors have already been satisfied. Pacific Premier Bank, as secured creditor, is represented by: Thomas J. Polis, Esq. Polis & Associates A Professional Law Corporation 19800 MacArthur Boulevard, Suite 1000 Irvine, CA 92612-2433 Telephone: (949) 862-0040 Facsimile: (949) 862-0041 tom@polis-law.com About Spearman Aerospace Inc. Spearman Aerospace, Inc. manufactures high-precision components for the aerospace industry, specializing in parts for landing gear assemblies, door pivots, and gearboxes. It utilizes advanced CNC technology to produce these components for satellite or space applications and other aerospace needs. Spearman Aerospace filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10917) on February 6, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Deborah J. Saltzman handles the case. M. Douglas Flahaut, Esq., at Echo Park Legal, APC is the Debtor's legal counsel. SPIRIT AIRLINES: Cuts Jobs as It Seeks to Exit 2nd Chapter 11 ------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that bankrupt carrier Spirit Aviation Holdings Inc. is eliminating 150 positions as part of a cost-cutting plan intended to stabilize operations and help the company emerge from Chapter 11. The cuts will affect both administrative and frontline roles as Spirit looks to streamline its business and refocus on its most profitable routes. The airline also plans to discontinue flights to five cities -- including Milwaukee, Phoenix, St. Louis, and Rochester, New York -- to match its reduced fleet size and concentrate on stronger-performing markets, the report said. The restructuring marks Spirit's latest effort to restore profitability and rebuild after filing for bankruptcy protection twice in less than a year, according to report. The move reflects a broader trend of workforce reductions across multiple sectors of the U.S. economy. Through September, nearly 1 million layoffs were reported nationwide, according to data from Challenger, Gray & Christmas, as companies grapple with rising costs and weaker demand, the report relays. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. STANO ON 17: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- Stano on 17 Hampton Corporation filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York on November 5, 2025. According to the filing, the company reported liabilities ranging from $100,001 to $1 million. Stano on 17 Hampton Corporation also listed between 1 and 49 creditors. About Stano on 17 Hampton Corporation Stano on 17 Hampton Corporation operates in the real estate industry. Stano on 17 Hampton Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74277) on November 5, 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 Sheryl P. Giuglianon handles the case. STAR ISLAND: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Star Island Vacation Ownership Association, Inc. 5000 Avenue of the Stars Kissimmee FL 34746 Business Description: Star Island Vacation Ownership Association, Inc. operates as a real estate brokerage and agency, facilitating the buying, selling, and rental properties. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07207 Judge: Hon. Grace E Robson Debtor's Counsel: R. Scott Shuker, Esq. SHUKER & DORRIS, P.A. 121 S Orange Ave, Ste 1120 Orlando FO 32801 Tel: 407-337-2060 E-mail: rshuker@shukerdorris.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeannine Rodriguez as president. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7RFJR4Y/Star_Island_Vacation_Ownership__flmbke-25-07207__0003.0.pdf?mcid=tGE4TAMA STELLA RESTAURANT: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------------- Stella Restaurant Holdings LP has voluntarily filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Central District of California on November 4, 2025. According to the filing, the company reported total liabilities estimated between $10 million and $50 million. Stella Restaurant Holdings LP listed between 100 and 199 creditors in its petition. About Stella Restaurant Holdings LP Stella Restaurant Holdings LP operates in the restaurant industry. Stella Restaurant Holdings LP sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19844) on November 4, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Nathaniel Thompson, Esq. STIX LLC: Seeks Approval to Hire Michael H. Moody Law as Counsel ---------------------------------------------------------------- Stix, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Michael H. Moody Law, PA as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) negotiate, draft, and pursue all document necessary in this Chapter 11 case; (c) prepare on behalf of the Debtor legal papers necessary to the administration of its estate; (d) appear in Court and protect the interests of the Debtor before the Court; (e) assist with any disposition of the Debtor's assets, by sale or otherwise; (f) negotiate and take all necessary or appropriate actions in connection with any Chapter 11 plan and all related documents thereunder and transactions contemplated therein; (g) attend meetings and negotiate with representatives of creditors, the United States Trustee, and other parties-in-interest; (h) provide legal advice regarding bankruptcy law, corporate law, corporate governance, securities, employment, transactional, tax, labor, litigation, intellectual property and other issues to the Debtor in connection with its ongoing business operations; (i) take all necessary actions to protect and preserve the Debtor's estate; (j) perform other legal services for, and provide other necessary legal advice to, the Debtor, which may be necessary and proper in this Chapter 11 case. The firm will be paid at these hourly rates: Attorneys $450 Paralegals $285 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition advanced payment of $5,000 from the Debtor. Michael Moody, Esq., an attorney at the firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Moody, Esq. Michael H. Moody Law, PA 1350 Market Street, Suite 224 Tallahassee, FL 32312 About Stix LLC Stix LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40410) on August 27, 2025, with up to $50,000 in assets and liabilities. Michael Howard Moody, Esq., at Michael H. Moody Law PA represents the Debtor as counsel. STOLI GROUP: Court Extends Cash Collateral Access to Nov. 15 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas approved the 12th stipulation allowing Stoli Group (USA), LLC and Kentucky Owl, LLC to continue to use the cash collateral of Fifth Third Bank, National Association. The stipulation extended the Debtors' authority to use the lender's cash collateral from October 24 to November 15 to pay the expenses set forth in their latest budget. The Debtors are authorized to make a payment of $250,000 to the lender on account of the lender's professional fees and expenses. A copy of the stipulation and the budget is available at https://shorturl.at/32Gvb from PacerMonitor.com. As of the petition date, the Debtors' aggregate principal outstanding funded debt obligations total approximately $78,374,334.30. Fifth Third Bank holds valid, senior, perfected, and enforceable liens on the collateral, including cash proceeds and other cash equivalents, which constitute the lender's cash collateral. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. Fifth Third Bank, N.A., as lender, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 Email: brent.mcilwain@hklaw.com chris.bailey@hklaw.com -- and -- Jeremy M. Downs, Esq. Steven J. Wickman, Esq. Goldberg Kohn, Ltd. 55 East Monroe Street, Suite 3300 Chicago, IL 60603 Telephone: 312.201.4000 Email: jeremy.downs@goldbergkohn.com steven.wickman@goldbergkohn.com SUNNOVA ENERGY: Secures Court OK for Liquidation Plan ----------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a Texas bankruptcy judge has approved Sunnova Energy's liquidation plan, marking a key milestone in the solar financier's efforts to wind down operations and repay creditors. The plan establishes a trust to distribute proceeds to creditors as part of the company’s path out of bankruptcy. Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas confirmed the plan during a Monday, November 10, 2025, hearing, overruling objections raised by the U.S. Trustee, the Justice Department's bankruptcy watchdog, according to report. The agency had opposed portions of the plan, particularly its opt-out process for nondebtor releases and the exculpation provisions that limit liability for certain parties involved in Sunnova's restructuring. Officials argued that the plan imposed improper third-party releases without sufficient consent, the report states. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNSET FITNESS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, granted Sunset Fitness, LLC interim approval to use cash collateral to fund operations. The Debtor's cash collateral consists of cash on hand and future income from operation in which secured creditors, including Geneva Capital LLC and Cadence Bank assert an interest. The court's interim order authorized the Debtor to make monthly payments as adequate protection, including $200 per month to Geneva Capital, and $565 per month to Cadence Bank, replacing previously proposed payments to Headway Capital, which the Debtor determined is not secured. The Debtor was also authorized to pay $10,483.12 toward pre-bankruptcy employee 401(k) obligations and to make monthly payments to the Subchapter V trustee in accordance with a prior stipulation. The interim order is available at https://is.gd/kyKg0n from PacerMonitor.com. As of the petition date, the Debtor's assets are valued at $70,053, which include funds in bank accounts, fitness equipment, and other inventory and supplies. The Debtor's secured creditors are owed approximately $456,248. In addition to secured creditors, the Debtor has priority unsecured creditors, including the Internal Revenue Service and the Franchise Tax Board, with claims totaling approximately $71,480. There are also general unsecured claims, including business credit cards, a deficiency balance on an equipment lease, workers' compensation claims, a small SBA loan, and a seller note, with claims totaling $115,328. About Sunset Fitness LLC Sunset Fitness, LLC, doing business as Hype Fitness, is a boutique fitness studio based in Los Angeles, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-18336) on September 19, 2025. In the petition signed by Evgenya Levchenko, chief financial officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Neil W. Bason oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. TARO INVESTMENT: Hires Gilbert T. Garczynski Jr. as Accountant -------------------------------------------------------------- Taro Investment Corporation seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Gilbert T. Garczynski, Jr., CPA as accountant. The firm will provide these services: a. assist in the investigation and preparation of an Objection to Claim of the IRS based on irregularities in auditing and assessing a corporate tax liability against the debtor, who was incompetent at the time of the tax audit; b. assist in obtaining discovery in the litigation in the anticipated objection; c. testify as to such irregularities at a hearing on the anticipated objection; and d. any other tasks relating to the litigating the objection to claim of the IRS. The firm will be paid at the rate of $200 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Garczynski, Jr. 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: Gilbert T. Garczynski, Jr. 320 E. Towsontown Boulevard, Suite 200 Towson, MD 21286 Tel: (410) 337-0000 About Taro Investment Corporation Ellicott City, Maryland-based Taro Investment Corporation is engaged in the business of bottled water manufacturing. Taro Investment Corp. filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 24-13539) on April 26, 2024, listing $2,146,200 in assets and $2,159,165 in liabilities. Meghan McCulloch, Personal Representative of Estate of Thomas Taro Sr., authorized representative of the Debtor, signed the petition. Ronald L. Schwartz, Esq. serves as the Debtor's legal counsel. TEGNA INC: Receives Second DOJ Request in Nexstar Merger Review --------------------------------------------------------------- As previously disclosed, on August 18, 2025, TEGNA Inc. entered into an Agreement and Plan of Merger with Nexstar Media Group, Inc., a Delaware corporation, and Teton Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Nexstar. Pursuant to the terms of the Merger Agreement, subject to the terms and conditions set forth therein, Merger Sub will be merged with and into TEGNA, with TEGNA continuing as the surviving corporation and as wholly owned subsidiary of Nexstar. As previously disclosed, on September 30, 2025, the parties to the Merger Agreement filed their respective notification and report forms with respect to the Merger with the U.S. Department of Justice and the U.S. Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. On October 30, 2025, the Parties received a request for additional information and documentary material from the DOJ in connection with the DOJ's review of the Merger. Issuance of the Second Request extends the waiting period under the HSR Act until 30 days after the Parties have substantially complied with the Second Request, unless the waiting period is terminated earlier by the DOJ or extended by agreement of the Parties. The Parties will continue to cooperate with the DOJ staff in its review of the Merger. The Parties expect that the Merger will be completed by the second half of 2026. Completion of the Merger remains subject to the termination or expiration of the waiting period under the HSR Act and the satisfaction or waiver of the other closing conditions specified in the Merger Agreement. About TEGNA Headquartered in Tysons Corner, Virginia, TEGNA Inc. (NYSE: TGNA) is an American publicly traded broadcast, digital media and marketing services company. It was created on June 29, 2015, when the Gannett Company split into two publicly traded companies. In August 2025, S&P Global Ratings placed all its ratings on U.S. TV broadcaster TEGNA Inc., including its 'BB+' issuer credit rating, on CreditWatch with negative implications. S&P expects to resolve the CreditWatch placement or discontinue its ratings on the company once the proposed acquisition closes, depending on whether any of its rated debt remains outstanding. TENET HEALTHCARE: Fitch Alters Outlook on 'BB-' IDR to Positive --------------------------------------------------------------- Fitch Ratings has revised Tenet Healthcare Corporation's Outlook to Positive from Stable and affirmed the Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed its asset-based lending (ABL) revolving credit facility at 'BB+'/'RR1', the first-lien notes at 'BB'/'RR3', the second-lien notes at 'BB-'/'RR4' (to be withdrawn upon their proposed full redemption), and the senior unsecured notes at 'BB-'/'RR4'. Fitch has also assigned a 'BB'/'RR3' rating on Tenet's proposed new issuance of first-lien notes and a 'BB-'/'RR4' rating on Tenet's proposed new issuance of senior unsecured notes. The Positive Outlook reflects Tenet's improving competitive position, with its hospital and ambulatory care segments posting robust EBITDA growth, and the hospital business also expanding margins, for the past two years. The sale of certain hospitals has enhanced liquidity (cash was last $3.0 billion) and funded $2.1 billion of debt reduction in 2024. The 2025 U.S. Tax Law is causing industry uncertainty, but ongoing deleveraging (per its latest forecast, below the 3.5x positive leverage sensitivity for Tenet's BB- IDR) also supports the Positive Outlook. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Tenet Healthcare Corporation LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB Affirmed RR3 BB Senior Secured 2nd Lien LT BB- Affirmed RR4 BB- senior secured LT BB New Rating RR3 senior unsecured LT BB- New Rating RR4 Key Rating Drivers Ongoing Deleveraging: Fitch-defined EBITDA leverage declined from 5.1x at YE 2023 to 3.9x at YE 2024, driven by robust EBITDA growth and $2.1 billion of debt reduction funded from hospital divestitures. Supporting its Positive Outlook, Fitch sees EBITDA leverage declining to 3.4x by YE 2025 and 3.2x by YE 2026 (below the positive rating sensitivity for Tenet's BB- IDR), driven by EBITDA growth as Fitch assumes no gross debt reduction either now or in 2026, its $3.0 billion of cash on hand notwithstanding. Fitch assumes Tenet will allocate its capital prudently, balancing its top objectives of expanding via M&A and de novo development and returning capital to shareholders, with balance sheet management at least limiting EBITDA leverage to 4.5x (the negative rating sensitivity for Tenet's BB- IDR). Tenet has yet to articulate a target for leverage or ratings, and thus there is risk that leverage could increase unexpectedly through highly significant acquisitions. Impressive Free Cash Flow: Tenet posted $1.2 billion in free cash flow (FCF) in 2024 (6% of revenue, excluding taxes from divestitures), marking considerable progress with cash flow conversion. Fitch now expects Tenet to sustain annual FCF at about 8% of revenue over its forecast, rising from $1.7 billion in 2025 to $2.0 billion in 2027. These FCF levels, and the cash flow from operations less capex-to-debt ratio, which Fitch forecasts at mid-teen levels, both support the Positive Outlook. After $2.1 billion of debt reduction in 2024, Fitch expects FCF to fund stock repurchases ($1.2 billion in 2025 YTD, and forecast at $1.0 billion annually thereafter, well above historical levels) and ambulatory care M&A (Fitch assumes $0.5 billion annually, which is double Tenet's $250 million annual ambulatory surgery center (ASC) investment baseline, but any given year may be higher if compelling opportunities present). Ambulatory Care Driving EBITDA Growth: Tenet is one of the U.S.'s largest for-profit operators of acute care hospitals and ASCs, and Fitch sees secular tailwinds for, and continuing investment in, ASCs driving at least mid-single-digit growth in Tenet's consolidated EBITDA. Relative to its hospital segment, Tenet's ambulatory care segment has higher margins (about double those of its hospital operations) and higher revenue growth (on a system-wide, same-facility basis, up at least 8% since 2023). Notwithstanding the upturn in the hospital business since 2023, Tenet's ASCs should remain its key growth driver. Notable EBITDA Margin Improvement: Tenet's EBITDA margin expansion has continued, and its ASCs do not deserve sole credit this year. In 2025, Tenet's hospitals have benefitted from rising acuity, volume growth (+2% YoY on a same-facility basis), expanded Medicaid funding, and subsidized ACA exchange coverage (expiring YE 2025), with Fitch forecasting hospital segment EBITDA margin rising over 200 bps YoY. Coupled with its high-margin ASCs delivering double-digit growth annually, Fitch sees Tenet's EBITDA margin surpassing 20% in 2025 (vs. 18% in 2024 and 16% in 2023), supporting the Positive Outlook. Collateral Constrains Secured Note Rating: Under Fitch's criteria for 'BB-' IDR issuers, first-lien debt structurally junior to an ABL revolver is generally notched up two levels from the IDR to 'BB+'/'RR2', unless it enjoys lower collateral value due to subordination or otherwise. Fitch has thus affirmed the 'BB'/'RR3' rating on Tenet's first-lien notes, reflecting its view of their "lower relative call on enterprise value (EV)" due to Tenet's significant non-guarantor assets, most notably, its ASCs. Peer Analysis Tenet's Long-Term IDR of 'BB-' reflects higher EBITDA leverage relative to health system peer Universal Health Services, Inc. (UHS; BB+/Stable) and slightly higher EBITDA leverage relative to health system peer HCA Healthcare, Inc. (HCA). Tenet's operating and FCF margins are now in the same league as industry-leader HCA, reflecting Tenet's success in cutting costs, divesting lower-margin hospitals, expanding its high-margin ambulatory care business, and investing to emphasize higher-acuity services across its hospital operations and ambulatory care segments. Tenet's operating margins are superior to those of UHS, but UHS's cash flow measures are better. Tenet has a much stronger operating profile than lower-rated health system peer Community Health Systems, Inc. (CYH; CCC+), given the latter's lower margins, lower FCF and much higher leverage. Unlike CYH, but like HCA and UHS, Tenet's operations are primarily located in urban or large suburban markets with superior organic growth prospects. Key Assumptions - Revenue of $21.2 billion in 2025, up 3% YoY, which is tempered by 2024 hospital divestitures. Fitch expects the ambulatory care segment to show 2% revenue per case growth and 11% volume growth YoY in 2025, including acquisitions. Subsequent revenues include $22.6 billion in 2026 (up 7% YoY) and $23.9 billion in 2027 (up 6% YoY), with hospital operations growing 4% to 5% YoY and ambulatory care growth averaging 8%; - Fitch-defined EBITDA after affiliates and non-controlling interests (NCI) of $3.8 billion in 2025, up 14% YoY, and thereafter growth of 4% to 8% annually, benefitting from $500 million in acquisitions annually. Fitch expects operating EBITDA margins to improve from 18.1% in 2024 to 20.5% in 2025 (up 240 bps YoY) and 21.0% in 2026 (up 50 bps YoY) and 21.3% in 2027 (up 30 bps YoY); - Capex within 4.0% to 4.5% of revenue, totalling $925 million in 2025 and $1.0 billion annually thereafter through 2027, in addition to $0.5 billion of acquisitions annually (noted above). M&A and development spending will focus on expanding the ambulatory care business and offering higher-acuity services generally; - Interest payments of about $0.7 billion to $0.8 billion annually through 2027. This includes Fitch's assumption that bonds due through 2028 are refinanced with an average coupon of just below 6%; - FCF of $1.7 billion to $1.8 billion annually in 2025 and 2026, and about $1.9 billion to $2.0 billion in 2027 (all about 8% of revenue), supporting share repurchases of $1.5 billion in 2025 and $1.0 billion annually in 2026 and 2027. Recovery Analysis Refinancing Tenet's second-lien notes with first-lien notes would not relieve the first-lien notes of their lower relative call on EV and thus does not warrant revising the notching on Tenet's first-lien notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of EBITDA leverage sustained above 4.5x (net of NCI distributions); and - Fitch's expectation of FCF sustained below 5.0% of revenue. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of EBITDA leverage sustained below 3.5x (net of NCI distributions); and - Fitch's expectation of FCF sustained above 7.5% of revenue. Liquidity and Debt Structure Liquidity totaled $4.5 billion as of September 30, 2025, including $3.0 billion of cash and $1.5 billion available under Tenet's $1.5 billion asset-backed revolver (reflects nothing drawn and immaterial letters of credit). Fitch expects Tenet's cash position could improve further as Fitch forecasts average annual FCF of about $1.8 billion through 2027. Liquidity also benefits from fixed-rate bonds comprising all of Tenet's funded debt, reducing interest rate volatility. Tenet's nearest debt maturities consist of $1.5 billion of second-lien senior secured notes due February 2027 and $1.5 billion of first-lien senior secured notes due November 2027. The former would be redeemed using the proceeds of Tenet's proposed offering of $1.5 billion of first-lien senior secured notes, and Fitch expects Tenet to maintain access to capital to refinance the latter in 2026. Tenet's undrawn $1.5 billion ABL revolver also matures in 2027. Fitch assumes new first-lien senior secured debt could be raised at about 6.0%, which is above recent yields on comparable Tenet bonds. Tenet's only financial maintenance covenant is a 1.5x fixed-charge coverage minimum that applies solely if revolver availability falls below $150 million. Issuer Profile Tenet, a leading for-profit health system, operates 50 acute care and specialty hospitals and 135 outpatient centers (imaging, urgent care, emergency care) across eight states, 530 ASCs and 26 surgical hospitals across 37 states, and the Conifer Health Solutions RCM business. 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 Tenet has an ESG Relevance Score of '4' for Exposure to Social Impacts due to pressure to manage healthcare spending growth amid a highly sensitive political environment and social demands to control costs or limit pricing, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. THREE RIVERS: Seeks Chapter 7 Bankruptcy in Indiana --------------------------------------------------- Three Rivers Communications LLC filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Indiana on November 6, 2025. According to the petition, the company reported liabilities ranging from $1 million to $10 million, and listed between one and 49 creditors. About Three Rivers Communications LLC Three Rivers Communications LLC is a limited liability company. Three Rivers Communications LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-11635) on November 6, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert E. Grant handles the case. The Debtor is represented by Heather Faith Welch, Esq. of HallerColvin, P.C. THREEPIECEUS LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Threepieceus, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recent hearing, the court extended the Debtor's authority to use cash collateral to fund its operations through November 20. The Debtor was initially allowed to access the cash collateral of secured creditors including U.S. Bank, N.A., the U.S. Small Business Administration, U.S. Bank Equipment Finance, and I.S. Bank Equipment Finance pursuant to the court's October 30 interim order. The initial order granted the secured creditors a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. Threepieceus estimates that the collective claims of the secured creditors are secured by $21,598.13 in cash, $16,550.54 in collectible accounts receivables, and $157,415 in inventory. The Debtor owes U.S. Bank and the SBA $5,000 and $756,984.31, respectively. It reserves the right to challenge the validity, priority and extent of the Secured Creditors' liens against ITS assets. U.S. Bank is represented by: Mark E. Steiner, Esq. Liebler Gonzalez & Portuondo Courthouse Tower - 25th Floor 44 West Flagler Street Miami, FL 33130 Tel: (305) 379-0400 mes@lgplaw.com About Threepieceus LLC Threepieceus, LLC is a Florida-based company that designs and sells custom wheels and automotive accessories, operating an online store at its Largo headquarters. The Company offers a range of products including rims, wheel and tire packages, and accessories from brands such as Work, CCW, SSR, and Fuel Forged. Threepieceus, LLC sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-07261) on Oct. 1, 2025, listing $270,753 in assets and $1,395,402 in liabilities. Jake Owens, manager, signed the petition. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. TOTAL COLLECTION: Court Extends Cash Collateral Access to Nov. 21 ----------------------------------------------------------------- Total Collection Services, Inc. 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's second interim order authorized the Debtor to use the cash collateral of TD Bank, N.A. and the U.S. Small Business Administration through November 21 in line with its budget, subject to a 5% variance per line item. A copy of the Debtor's budget is available at https://shorturl.at/QVOTp from PacerMonitor.com. As adequate protection, the Debtor must make monthly payments of $818 to TD Bank and $4,697 to the SBA, and grant both creditors replacement liens on all pre-bankruptcy and post-petition assets, including cash collateral and its proceeds. The replacement liens are subordinated to the carveouts for U.S. Trustee fees, professional fees, fees for a potential Chapter 7 trustee., and proceeds from successful avoidance actions under Chapter 5 of the Bankruptcy Code. The final hearing is set for November 20. The deadline for filing objections is on November 13. Total Collection Services owes approximately $100,000 to TD Bank and approximately $1.87 million to the SBA. Both are considered conventional secured creditors with clearly perfected liens. Meanwhile, the Debtor disputes the liens of merchant cash advance lenders and believes that these claims are likely unenforceable due to their structure as usurious, disguised loans. TD Bank is represented by: Clifford A. Katz, Esq. Teresa Sadutto-Carley, Esq. Goetz Platzer, LLP 1 Penn Plaza, 31st Floor New York, NY 10119 Phone: (212) 593-3000 ckatz@goetzplatzer.com tsadutto@goetzplatzer.com About Total Collection Services Inc. Based in Port Jefferson Station, New York, Total Collection Services, Inc. provides commercial garbage collection and recycling services in Suffolk County and operates as a sanitation company. Total Collection Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73838) on October 3, 2025. In its petition, the Debtor reports total assets of $3,018,785 and total liabilities of $5,842,117. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Health S. Berger, Esq. of BFSNG LAW GROUP, LLP. TRICOLOR AUTO: BlackRock Shuts Down Fund Invested in Co. -------------------------------------------------------- BlackRock is winding down its social impact fund that held investments in the collapsed car lender Tricolor, according to the Financial Times, citing sources familiar with the matter. The move follows Tricolor's bankruptcy filing in September, which prompted the firm to close the BlackRock Impact Opportunities fund to new investors, according Bloomberg Law. Employees said BlackRock will continue managing the fund's existing portfolio over the next one to two years, during which it will seek to sell off the investments before fully closing the strategy, Bloomberg said. The decision reflects a measured approach to winding down the fund while maximizing value for current investors, the report states. Tricolor's bankruptcy was a key factor behind BlackRock's decision. The company reportedly held discussions with fund investors in recent months about the future of the strategy. BlackRock declined to comment on the report to the Financial Times. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. U.S. RENAL CARE: S&P Upgrades ICR to 'B-' on Stronger Performance ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S. Renal Care Inc. (USRC) to 'B-' from 'CCC+'. S&P said, "At the same time, we raised our issue-level ratings on the company's senior secured $100 million revolver, $1.463 billion first-lien term loan, and $121 million first-lien notes (issued by USRC, the parent entity) to 'B-' from 'CCC+'. Recovery ratings remain at '4' (30%-50%; rounded estimate: 35%). "We also raised the issue-level rating on the $75 million revolver (issued by unrestricted subsidiaries Dialysis Holdco LLC and USRC South Texas L.P.) to 'BB-' from 'B+'. The recovery rating is '1+' (100%). "Additionally, we raised our issue-level rating on the $301 million first-lien term loan (issued by unrestricted subsidiaries Dialysis Holdco LLC and USRC South Texas L.P.) to 'B'. The recovery rating is '2' (70%-90%; rounded estimate 80%). "The stable outlook reflects our expectation for the company's continued solid operating performance, positive free cash flow generation, and S&P Global Ratings-adjusted debt leverage of approximately 6.5x. "USRC performance has exceeded our expectations through 2024 and is projected to continue in 2025, supporting our view of sustained free cash flow generation and reduced debt leverage. "The upgrade reflects our expectation of better operating performance and sustained discretionary cash flow (DCF) generation in 2027. Although we expect a DCF deficit of about $28 million in 2025, we forecast the company will generate positive DCF of approximately $40 million by 2027. We project reported cash flow from operations of $83 million in 2025, increasing to $100 million-$115 million in 2026. "We estimate total capital expenditure (capex) of approximately $56 million in 2025 and $78 million in 2026 (including $40 million-$50 million in maintenance spending) and distributions to noncontrolling interests of $55 million in 2025 and $70 million-$75 million in 2026. This forecast is supported by robust revenue growth and improved operating efficiency, including stronger EBITDA margins and working capital management, driven by reduced days sales outstanding and AI investments in revenue cycle management. "We expect revenue to grow 17.5% in 2025 and 2.4% in 2026. Pricing remains the primary driver of growth in 2025-2026, supported by the full rollout of Transitional Drug Add-on Payment Adjustment (TDAPA), which enables dialysis providers to receive separate reimbursement for new high-margin drugs (including HIF PHI [Vafseo], DefenCath, and newer phosphate binders) before they transition into the Medicare bundle." The company is benefitting from direct drug contracting, avoiding pharmacy benefit manager costs, and has successfully negotiated favorable pricing and rebate structures, maximizing returns during the two-year TDAPA period. While margins will gradually decline as these drug therapies move into the bundle, the expected approval and TDAPA entry of additional drugs over the next two- to three-year period should help sustain revenue momentum and mitigate post-bundle pressure on profitability. S&P said, "In addition, we expect value-based care revenue to become more meaningful (approximately $20 million in 2025), with continued growth supported by ongoing investment in this segment. We expect expansion clinics in Saudia Arabia to contribute modest positive EBITDA. We also anticipate limited new clinic openings and minimal tuck-in merger and acquisition (M&A) activity. "USRC's revenue increased 18% in the first half of 2025, driven by 2% treatment volume growth, favorable pricing, and the full-year impact of the Satellite clinics acquisition. We expect its S&P Global Ratings-adjusted EBITDA margin to increase by 50 basis points to 16.5% in 2025 and about 16.2% in 2026, supported by stabilized labor costs and more normalized productivity levels (similar to pre-COVID-19 pandemic levels). "USRC's performance in 2024 exceeded our expectations. Revenue increased 25%, primarily driven by the successful integration and strong performance of the Satellite clinics acquisition, as well as favorable pricing. The company maintained its S&P Global Ratings-adjusted EBITDA margin at 16% and reported cash flow from operations turned positive. "The stable outlook reflects our expectation for a continued solid operating performance, positive free cash flow generation, and S&P Global Ratings-adjusted debt leverage of approximately 6.5x. "We could lower our rating on USRC in the next 12 months if we expect sustained DCF deficits that could lead us to conclude the company's capital structure is unsustainable. This could occur if USRC faces a major setback in its business, such as a significant drop in patient visits, a large increase in treatment costs, or an adverse reimbursement trend. "We could raise our rating on USRC if we expect it will achieve and sustain reported DCF to debt of more than 2.5% (approximately $50 million)." UNITED CABINET: Hires Cards Consulting as Restructuring Advisor --------------------------------------------------------------- United Cabinet Company, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Cards Consulting, LLC as chief restructuring advisor. The firm will provide Gulam Zade as chief restructuring officer and certain additional personnel to the Debtor. The CRO and additional personnel will avoid unnecessary delay in the sale process and the risk of unnecessary administrative expenses to the Debtor's landlord. Mr. Zade will be paid at a flat fee of $4,000 a week. His regular hourly rate is $400. Mr. Zade 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: Gulam Zade Cards Consulting, LLC 10209 N. Brooklyn Ave. Kansas City, MO 64155 About United Cabinet Company 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. US NOT YOU: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- Us Not You LLC filed a voluntary Chapter 7 bankruptcy petition in the Central District of California on November 7, 2025. The petition lists liabilities of $100,001–$1 million, and 1–49 creditors. About Us Not You LLC Us Not You LLC is a limited liability company. Us Not You LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19985) on November 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,000 and $1 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by David H. Chung, Esq. of MacLean Chung Law Firm. VEON LTD: Akin Gump's Sebastian Rice Joins as General Counsel ------------------------------------------------------------- VEON Ltd. announced on November 6, 2025, the appointment of Sebastian Rice as General Counsel of the Group, effective January 1, 2026. Rice will succeed the Group's Acting General Counsel Vitaly Shmakov, who has been appointed as Chief Investment Officer, leading the Group's mergers & acquisitions function. Anand Ramachandran, VEON's Chief Corporate Development Officer, will continue in his current role with expanded investor relations and investor value creation responsibilities, also effective January 1, 2026. Rice joins VEON from Akin Gump Strauss Hauer & Feld LLP, where he has worked for the past 24 years. His most recent roles include Partner-in-Charge of the firm's London and Geneva offices and Co-Head of the Corporate Practice. "I am excited to take on the role of General Counsel at VEON Group, an organization I hold in the highest regard, having worked closely with the team for many years. I look forward to joining VEON'S growing headquarters in Dubai, and to contributing to the Group's growth agenda as VEON advances its digital operator transformation," said Rice. "We look forward to welcoming Sebastian to the VEON Leadership Team starting January 1, 2026. We are also delighted to announce the appointments of Vitaly and Anand to their new and expanded roles. Sebastian's experience will be invaluable as VEON continues its digital operator transformation across the exciting frontier markets that we serve. Vitaly moves into his new role after nearly a decade within VEON across legal and M&A functions, and will be driving our growth portfolio with value-accretive transactions. Anand will lead our deepening investor engagement as we expand our work with capital markets across multiple geographies, as the largest Nasdaq-listed company with a Dubai headquarters, and the parent of Kyivstar, another Nasdaq-listed company," said VEON Group CEO Kaan Terzioglu. About Veon Ltd. headquartered in Dubai, VEON is a digital operator strategically positioned across six frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine Uzbekistan and Kyrgyzstan (currently classified as held for sale). The Company delivers comprehensive telecommunications and digital services (including voice, fixed broadband, data and cloud services) through local brands that resonate with each market's unique digital landscape, including our "Kyivstar," "Banglalink," "Toffee" and "Jazz" brands. VEON operates across six countries that are home to more than 7% of the world's population. The company's digital operator strategy focuses on delivering services beyond traditional mobile and fixed connectivity, and expands into digital financial services, entertainment, healthcare, education and digital enterprise services. As of June 30, 2025, the Company had $8.5 billion in total assets, $7 billion in total liabilities, a total equity of $1.5 billion. Melville, New York-based UHY LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has been negatively impacted and will continue to be negatively impacted by the consequences of the war in Ukraine, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. VERITONE INC: Plans Full $36.7MM Term Loan Repayment on Nov. 12 --------------------------------------------------------------- Veritone, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 6, 2025, the Company provided notice under its Credit and Guaranty Agreement, dated as of December 13, 2023, by and among the Company, certain subsidiaries of the Company, as guarantors, the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent for the Lenders and collateral agent for the secured parties that the Company intends to repay in full all outstanding amounts under the Term Loan Facility on November 12, 2025 for an aggregate amount of $36.7 million in cash. The repayment amount reflects the outstanding principal amount of loans under the Term Loan Facility of $31.8 million, together with accrued and unpaid interest thereon of $500,000, and a prepayment premium equal to 14% of such principal amount. Following such repayment, the Company's obligations under the Term Loan Facility have been terminated. About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. The Company disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Based on the Company's liquidity position as of June 30, 2025 and current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about the Company's ability to continue as a going concern over the 12 months following the filing of this Quarterly Report on Form 10-Q, principally driven by current debt service obligations, historical negative cash flows and recurring losses. As a result, the Company will require additional liquidity to continue its operations over the next 12 months." As of June 30, 2025, the Company had $186.81 million in total assets, $185.59 million in total liabilities, and $1.22 million in total stockholders' equity. VERITONE INC: Repurchases $45.7MM of 1.75% Convertible Notes ------------------------------------------------------------ Veritone, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 6, 2025, the Company entered into separate, privately negotiated transactions with certain holders of the Company's outstanding 1.75% Convertible Senior Notes Due 2026 to repurchase approximately 50% of the outstanding Notes or approximately $45.7 million aggregate principal amount of the Notes, comprising a combination of: (i) approximately $39 million in cash; and (ii) the issuance of 625,000 shares of the Company's common stock, par value $0.001 per share. The Shares have not been registered under the Securities Act of 1933, as amended or any state securities laws and are being issued without registration pursuant to Section 4(a)(2) of the Securities Act. The Repurchases are expected to close on or about November 12, 2025, subject to certain closing conditions. Following the closing of the Repurchases, the Company intends to cancel the repurchased Notes and, after such cancellation of repurchased Notes, approximately $45.6 million aggregate principal amount of the Notes will remain outstanding. The Repurchases could affect the market price of the Company's common stock. About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. The Company disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Based on the Company's liquidity position as of June 30, 2025 and current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about the Company's ability to continue as a going concern over the 12 months following the filing of this Quarterly Report on Form 10-Q, principally driven by current debt service obligations, historical negative cash flows and recurring losses. As a result, the Company will require additional liquidity to continue its operations over the next 12 months." As of June 30, 2025, the Company had $186.81 million in total assets, $185.59 million in total liabilities, and $1.22 million in total stockholders' equity. VICTORY RIDGE: S&P Rates 2025 Charter School Revenue Bonds 'BB-' ---------------------------------------------------------------- S&P Global ratings assigned its 'BB-' long-term rating to the Polk County Industrial Development Authority's approximately $39.2 million series 2025 charter school revenue bonds, issued for Victory Ridge Academy Inc. (VRA), Fla. The outlook is stable. S&P said, "We analyzed VRA's environmental, social, and governance factors relative to the school's market position, financial performance, reserves and liquidity, and debt burden. According to S&P Global Sustainable1 data, Florida generally experiences above-average risk of tropical storms, extreme heat, and water stress compared with the rest of the U.S. VRA is in Polk County which benefits somewhat from its relatively inland location, but we ultimately view environmental risk as elevated. We consider social and governance factors neutral in our analysis. "The stable outlook reflects our expectation that over the one-year outlook period, VRA will continue to demonstrate positive operations and sustain demand trends, while maintaining its liquidity position through expected capital projects. "We could take a negative rating action if VRA materially draws down reserves or sees a trend of weakened operating results from sustained enrollment declines. While not expected, if the school issues additional debt, pressuring current financial metrics, we could also lower the rating. "We could consider a positive rating action over time should management achieve its growth plans while demonstrating a trend of positive operations. This would result in healthier lease-adjusted MADS coverage and growth in liquidity in line with that of higher rated peers, while successfully managing the balloon payment on the 2022 construction loan and maintaining its solid enterprise profile." VINCENT GALLO: Seeks Approval to Tap Maldjian & Citta as Accountant ------------------------------------------------------------------- Vincent Gallo & Sons, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Maldjian & Citta PC as accountant. The firm will review the Debtor's financial data and to assist in the preparation of cash flow projections, monthly operating reports, and tax returns. The firm's professionals will be paid at these hourly rates: Certified Public Accountants (CPAs) $300 Level 3 Accountants $290 Level 2 Accountants $180 Level 1 Accountants $100 The firm requested an initial retainer of $7,500 from the Debtor. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Maldijan & Citta PC 2520 NJ-35 Manasquan, NJ 08736 Telephone: (732) 223-5600 Facsimile: (732) 223-1241 Email: infp@mccoadvisors.com About Vincent Gallo & Sons Vincent Gallo & Sons, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15384) on May 20, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Stacey L. Meisel presides over the case. The Debtor tapped Eugene D. Roth, Esq., at the Law Office of Eugene D. Roth as counsel and Maldjian & Citta PC as accountant. VIVACE HOSPITALITY: Court Extends Cash Collateral Access to Dec. 10 ------------------------------------------------------------------- Vivace Hospitality, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. The court authorized the Debtor to use cash collateral from the petition date through December 10. The Debtor may use cash on hand to pay business expenses in accordance with its budget, subject to a 15% variance per line item; and pay pre-bankruptcy employee business expenses within statutory caps set by Section 507(a)(4) and (5). As adequate protection, both the U.S. Small Business Administration and the merchant cash advance (MCA) lenders such as LG Funding, LLC and OnDeck Capital will be granted replacement liens on all post-petition property of the Debtor that is similar to their pre-bankruptcy collateral. The order expressly preserves all parties' rights to dispute the validity, priority, and extent of the liens or related claims. Additionally, the interim order includes a carveout for court and U.S. trustee fees under Section 1930 of the Bankruptcy Code. A further hearing is scheduled for December 10. About Vivace Hospitality Vivace Hospitality, LLC operates a full-service dining establishment in Plantation, Florida, offering Italian cuisine, hand-tossed pizzas, pasta dishes, and craft cocktails. The restaurant provides dine-in and takeout services, with delivery available through third-party platforms. Vivace Hospitality filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20637) on September 12, 2025, listing up to $50,000 in assets and $2,185,248 in liabilities. Carol Fox of GlassRatner serves as Subchapter V trustee. Judge Scott M. Grossman oversees the case. Thomas Zeichman, Esq., at Beighley, Myrick, Udell, Lynne and Zeichman, P.A represents the Debtor as legal counsel. VP DIRECT: Case Summary & 17 Unsecured Creditors ------------------------------------------------ Debtor: VP Direct, Inc. 640 Schooner Pt. Schaumburg, IL 60194 Business Description: VP Direct, Inc. operates as a transportation and logistics company based in Schaumburg, Illinois, managing a fleet of heavy-duty trucks and trailers for freight hauling and related services. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-17208 Judge: Hon. David D Cleary Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Total Assets: $313,750 Total Liabilities: $1,066,418 The petition was signed by Pancho Futekov as president. A full-text copy of the petition, which includes a list of the Debtor's 17 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LJ2MCWY/VP_Direct_Inc__ilnbke-25-17208__0001.0.pdf?mcid=tGE4TAMA WATERBRIDGE MIDSTREAM: Fitch Withdraws 'BB-' LongTerm IDR --------------------------------------------------------- Fitch Ratings has upgraded WaterBridge Midstream Operating LLC's (WATOPE) Long-Term Issuer Default Rating (IDR) to 'BB-' from 'B+' with a Stable Outlook. Fitch has subsequently withdrawn the IDR. The upgrade reflects lower leverage at the reorganized operating company WBI Operating LLC (WBI; BB-/Stable) following the upsized IPO proceeds from WaterBridge Infrastructure LLC (WaterBridge; not rated) which were used to refinance the previously outstanding debt at WaterBridge's operating subsidiaries, including WATOPE, at a lower amount. Fitch calculates WBI's pro forma LTM 2Q25 EBITDA leverage of about 3.7x and Fitch's forecast for leverage to remain below 4.0x. Fitch has withdrawn WATOPE's IDR as it is no longer considered relevant to the agency's coverage because all debt at WAOPE has been repaid and the entity is no longer expected to issue debt. Key Rating Drivers Upsized IPO Proceeds Drive Leverage Lower: The additional cash proceeds from the upsized WaterBridge IPO are being used refinance the term loans at WATOPE with lower debt. Fitch calculates WBI's post-refinancing pro forma LTM 2Q25 leverage around 3.7x, almost a turn lower than WATOPE's leverage. WBI has a stated financial policy targeting long-term consolidated net leverage below 3.0x. Fitch expects WBI's low net leverage target supports Fitch's forecast for gross EBITDA leverage to remain below 4.0x over the forecast period. Peer Analysis No longer relevant. Key Assumptions No longer relevant. Recovery Analysis No longer relevant. RATING SENSITIVITIES No longer relevant. Liquidity and Debt Structure No longer relevant. Issuer Profile WaterBridge Midstream Operating, LLC provides water services to oil and gas producers in Texas and Oklahoma. Summary of Financial Adjustments To calculate EBITDA, Fitch adds back non-cash expenses such as share-based compensation. 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 WaterBridge Midstream Operating LLC has an ESG Relevance Score of '4' for Group Structure due to related party transactions with affiliate companies, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. WaterBridge Midstream Operating LLC has an ESG Relevance Score of '4' for Financial Transparency due to private equity ownership resulting in less structural and financial disclosure transparency than publicly traded issuers, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- WaterBridge Midstream Operating LLC LT IDR BB- Upgrade B+ LT IDR WD Withdrawn WC PARADISE: Hires Hayward PLLC as Bankruptcy Counsel ----------------------------------------------------- WC Paradise Cove Marina, L.P. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Hayward PLLC as general bankruptcy counsel. The firm's services include: a. give the Debtor legal advice with respect to its powers and duties as Debtor as Debtor-in-Possession in the continued operation of its business and management of its property; b. advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; c. prepare and file Voluntary Petition, DIP Loan Financing, and other paperwork necessary to commence this proceeding; d. assist in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, and any amendments thereto; e. assist in preparing the Initial Debtor's Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; f. represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor; g. represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the Chapter 11 Case, and in obtaining the necessary approvals of such sales or refinancing by this Court; and h. assist the Debtor in the formulation of, among other things, a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. The firm will be paid at these rates: Ron Satija $600 per hour Other attorneys and clerks $150 to $500 per hour Paralegals $150 to $215 per hour Legal Assistants $95 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Satija 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: Ron Satija, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7102 Email: rsatija@haywardfirm.com About WC Paradise Cove Marina, L.P. WC Paradise Cove Marina, LP, a single-asset real estate debtor under U.S. bankruptcy law, leases property at 17141 Rocky Ridge Road in Austin, Texas. WC Paradise Cove Marina, LP in Austin TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tex. Case No. 25-11563) on Oct. 7, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Natin Paul as authorized signatory. Judge Christopher G Bradley oversees the case. HAYWARD PLLC serve as the Debtor's legal counsel. WEINBERG CAPITAL: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------- Debtor: Weinberg Capital Investments LLC 15241 1/2 Saticoy St. Van Nuys, CA 91405 Chapter 11 Petition Date: November 5, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12068 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, A.P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Tel: (888) 619-8222 Fax: (877) 789-5778 E-mail: go@gobklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ali Kobaissi as managing member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SFV7PYA/WEINBERG_CAPITAL_INVESTMENTS_LLC__cacbke-25-12068__0001.0.pdf?mcid=tGE4TAMA WELTY SERVICES: Hires Lucove Say & Co. as Accountant ---------------------------------------------------- Welty Services, LLC, d/b/a Brazoria County Truck Outfitters, d/b/a Jones And Hardley and d/b/a Mike’s Paint and Body Shop seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Lucove, Say & Co. as accountant. The firm's services include: a. reviewing the Debtor's financial status and determining those accounting and financial changes which are appropriate and necessary; b. assisting the Debtor to prepare projections for cash collateral and for a plan; c. reviewing the Debtor's financial records and assist counsel to determine if any avoidance actions should be brought; d. preparing tax returns for the Debtor and to handle audits; and e. rendering other accountancy services for the Debtor for which services of an accountant may be necessary during the pendency of this case. The firm will be paid at these rates: Richard Say, C.P.A. $300 per hour Cameron Say, C.P.A. $200 per hour The firm received from the Debtor a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Say 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: Richard Say Lucove Say & Co. 23901 Calabasas Road, Suite 2085 Calabasas, CA 91302 Tel: (818) 224-4411 Fax: (818) 225-7054 About Welty Services, LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. Genevieve Marie Graham, Esq., at Genevieve Graham Law, PLLC and Steven Robert Fox, Esq., are the Debtor's legal counsel. WFL BUILDERS: Hires Treybich Law P.C. as Special Counsel -------------------------------------------------------- WFL Builders, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Treybich Law, P.C. as special counsel. The Debtor needs the firm's legal assistance in connection with a case (Index Nos. 2025-2837 and 2025-2838) filed in the Supreme Court of New York, Ulster County, an action seeking to foreclose on the mechanics' liens held by the Debtor against HRH Development, LLC. The firm will be paid $300 per hour for Partner time, and $100 per hour for Paralegal time. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Treybich 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: Michael Treybich, Esq. Treybich Law, P.C. 272 Mill Street Poughkeepsie, NY 12601 Tel: (845) 554-5295 Fax: (212) 390-1756 About WFL Builders, LLC WFL Builders, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36052) on October 7, 2025, with $100,001 to $500,000 in assets and up to $50,000 in liabilities. Judge Kyu Young Paek presides over the case. Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP represents the Debtor as legal counsel. WILDFANG HOLDINGS: Hires RE/MAX as Real Estate Professional ----------------------------------------------------------- Wildfang Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ David Smid and RE/MAX Integrity as real estate professional. The firm will market and sell the Debtor's real property located at 770 Bertelsen Road, Eugene, Oregon. The firm will be paid a commission of 2.5 percent of the selling price. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Smid RE/MAX Integrity 4710 Village Plaza Loop Euigene, OR 97401 Tel: (541) 287-7775 About Wildfang Holdings LLC Wildfang Holdings, LLC is a single-asset real estate company that owns and leases a commercial restaurant and bar property located in Eugene, Oregon. Wildfang Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61981) on July 16, 2025. In its petition, the Debtor reported total assets of $1,600,000 and total liabilities of $786,313. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtor is represented by Nicholas J. Henderson, Esq., at Elevate Law Group. XEROX HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Xerox Holdings Corp. to 'CCC+' from 'B-'. S&P also lowered its issue-level ratings on its senior secured term loan and first-lien notes to 'B' from 'B+', on its second-lien notes to 'CCC+' from 'B-', and on its senior unsecured notes to 'CCC' from 'CCC+'. The negative outlook reflects Xerox's challenges in returning to long-term organic revenue growth and positive core FOCF generation. S&P believes there are increased risks about its ability to refinance its 2028 and 2029 debt maturities. At the same time, S&P expects the company to have sufficient liquidity to cover debt servicing needs until those maturities. Xerox Holdings Corp. revised its 2025 guidance downwards for a second time this year, driven by further weakness in print equipment demand due to macroeconomic and U.S. government funding uncertainties delaying orders. S&P now expects S&P Global Ratings-adjusted negative core free operating cash flow (FOCF) of $170 million-$200 million this year. This excludes Lexmark integration costs and the benefit from decreasing finance receivables. S&P said, "We also now expect greater S&P Global Ratings-adjusted pro forma debt-to-EBITDA of slightly above 7.5x at year-end compared with our previous 6.3x forecast. This reflects a steeper 7%-8% decline in reported revenues pro forma for Lexmark and ITsavvy contributions in 2025, and a lower pro forma EBITDA margin of about 8%. "We note Xerox's challenges in returning to sustained positive core FOCF and stabilizing revenues amid a secularly declining print market and more uncertain operating environment while facing the prospect of lower cash inflows from finance receivable reductions after 2026." An uncertain print demand environment weighs on Xerox's near-term revenue and core FOCF generation. The company's second downward guidance revision this year reflects further weakness in print equipment demand, with the U.S. federal government shutdown adding to continued tariff and macroeconomic uncertainties. Although pro forma IT Solutions revenue (slightly over 10% of total pro forma revenues) grew 12% year over year in the third quarter, pro forma declines in the print business weighed on overall profitability and core FOCF. Despite consolidating Lexmark's higher-margin business profile, the updated company-adjusted operating income margin guidance of 3.5% for 2025 represents a 140 basis point decline compared with legacy Xerox in 2024. With our revised revenue assumptions and S&P Global Ratings-adjusted EBITDA margins of about 7.5% in 2025 and 9% in 2026, S&P now expects greater leverage and negative core FOCF over the next 12 months. Refinancing risk around Xerox's 2028 and 2029 debt maturities has increased due to weaker near-term performance, integration and restructuring execution risks, and the prospect of lower finance receivable inflows. Some of the weaker performance is driven by an uncertain policy and government funding environment that may get incrementally clearer, and the company expects to maintain market share during this period of weaker demand. However, S&P does not expect a return to organic revenue growth over the next several years given the already secularly declining print market and the execution risks around the ongoing Lexmark integration and Reinvention transformation plan. S&P said, "Even with cost savings and synergies from these programs, we no longer expect a return to positive core FOCF next year due to our lower EBITDA assumptions, which also incorporate higher tariff-related and product costs (about $100 million expected in 2026). In addition to the prospect of considerably reduced proceeds from decreasing finance receivables after 2026, we believe there are greater risks regarding Xerox refinancing its 2028 and 2029 debt maturities." Xerox increased its planned total gross cost synergies from the Lexmark integration by $50 million to over $300 million by the end of 2027, as well as the associated implementation costs. S&P said, "Although we do not include one-off implementation costs in our adjusted core FOCF metric, they further pressure the company to successfully execute on its integration and transformation plans. Nonetheless, we believe it should have sufficient liquidity to cover debt servicing and maturities over the next 24 months." This is due to about $400 million of planned proceeds from finance receivable reductions next year, potential cost savings and synergies, and a reduction in reported dividends to an annual run rate of about $27 million going forward. The negative outlook reflects the secular print demand challenges, decreasing benefit from finance receivable reductions, and costs related to Xerox's transformation program and Lexmark integration. This results in execution risks in returning to long-term organic revenue growth and positive core FOCF generation. S&P believes there are greater risks around it refinancing its 2028 and 2029 debt maturities. S&P could lower its rating if: -- Xerox experiences steeper organic revenue declines or worse operating performance than S&P expects in its base-case forecasts. This could be due to weaker print demand, competitive pressures, difficulties integrating Lexmark, or strategic execution mishaps; -- S&P expects it to generate worse-than-expected negative core FOCF over the next 12 months or its liquidity position deteriorates significantly. Core FOCF excludes one-time Lexmark integration costs and the benefit from a decreasing finance receivables portfolio; or -- There is an increased risk that the company will pursue a transaction over the next 12 months that S&P views as offering less than the original promise to lenders. S&P would revise its outlook to stable if: -- The successful execution of the Reinvention program and integration of Lexmark help stabilize long-term reported revenues. This could be due to A4 color and IT and digital service revenue contributions offsetting declining A3 print revenues; and -- The company returns to around break-even core FOCF generation. ZEBRAS RESTAURANT: Seeks Chapter 7 Bankruptcy in Rhode Island ------------------------------------------------------------- Zebras Restaurant Group Ltd. voluntarily filed for Chapter 7 bankruptcy in the District of Rhode Island on November 6, 2025. According to the petition, the company reported liabilities ranging from $1 million to $10 million, with 1 to 49 creditors. About Zebras Restaurant Group Ltd. Zebras Restaurant Group Ltd. operates in the restaurant industry. Zebras Restaurant Group Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.R.I. Case No. 25-10886) on November , 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 John A. Dorsey Jr. handles the case. The Debtor is represented by Thomas P. Quinn, Esq. of McLaughlinQuinn LLC. ZHL TRUCKING: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------- ZHL Trucking LLC filed a Chapter 7 bankruptcy in the Middle District of Florida bankruptcy court on November 3, 2025. This is a voluntary filing; it was assigned the bankruptcy case number #25-04028. The bankruptcy petition for ZHL Trucking LLC showed assets in the range of $0-$100,000 with liabilities in the range of $0-$100,000. ZHL TRUCKING, LLC reports that the number of creditors is in the range of 1-49. About ZHL Trucking LLC ZHL Trucking LLC is a limited liability company. ZHL Trucking LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04028) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. ZUUM TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Zuum Transportation Inc. 131 Innovation Drive Suite 200 Irvine, CA 92617 Business Description: Zuum Transportation Inc., based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. The Company provides technology- driven freight and supply-chain solutions aimed at improving efficiency and cost -effectiveness for shippers while enhancing profitability for carriers. Chapter 11 Petition Date: November 6, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13127 Judge: Hon. Mark D Houle Debtor's Counsel: Eve H. Karasik, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: ehk@lnbyg.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Matt Tabatabai as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YTXOQCA/Zuum_Transportation_Inc__cacbke-25-13127__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Logitrans Inc Brokerage COGS $664,600 dba Kamu Transport 8055 St Andrews Ave San Diego, CA 92154 Email: jaimeoctavio@mddlogistics.com Phone: (664) 440-0869 2. AAR Logistics Brokerage COGS $599,470 639 Shale Drive Indianapolis, IN 46227 Email: aarlogistic81@gmail.com Phone: (317) 772-8295 3. ITF LLC Brokerage COGS $467,550 11990 Missouri Bottom Rd Hazelwood, MO 63042 Email: aliam@itfgroup.com Phone: (877) 477-9677 ext 106 4. Accion Labs US, Inc. Overhead $421,636 1225 Washington Pike Suite 401 Bridgeville, PA 15017 Email: prathima.rao@accionlabs.com Phone: (832) 670-8085 5. SGI Freightways LLC Brokerage COGS $386,994 7639 Loma Vista Dr Kansas City, MO 64138 Email: sgifreightways@gmail.com Phone: (816) 912-7231 6. Alaw Moving Service LLC Brokerage COGS $316,175 6551 McKinney Ranch Pkwy APT 5204 McKinney, TX 75070 Email: alawinvoices@gmail.com Phone: (469) 664-9433 7. Metropolitan Logistics LLC Brokerage COGS $303,867 47507 Van Dyke Ave Shelby Township, MI 48317 Email: dps@meovmi.com Phone: (586) 480-2762 8. F&D Trucking Inc Brokerage COGS $290,550 36730 Iroquois Dr Sterling Heights, MI 48310 Email: sdelon87@gmail.com Phone: (248) 202-9033 9. Gonzalez & Sons Brokerage COGS $246,713 Logistics LLC 1225 Presidio San Elizario, TX 79849 Email: dickiesbqqelpasotx@gmail.com Phone: (915) 319-8661 10. Moulay Logistics Inc Brokerage COGS $211,212 17263 Palmer St Melvindale, MI 48122 Email: moulaylogistics@gmail.com Phone: (844) 532-9988 11. Warrior Logistics LLC Brokerage COGS $183,943 450 Freeport Parkway Suite 3500 Coppell, TX 75019 Email: seth@warriorlogistics.com Phone: (423) 620-9345 12. Miami Transport Inc Brokerage COGS $174,950 4610 Stecker St Dearborn, MI 48126 Email: dispatch@miamitransportinc.com Phone: (248) 214-1745 13. Southern Mail Service Inc. Brokerage COGS $169,650 Po Box 2145 Houston, TX 77252 Email: scottw@southernmail.com Phone: (936) 647-1260 14. AAA Express LLC Brokerage COGS $165,875 1660 Copper Run Way Bowling Green, KY 42101 Email: aaaexpressacc@gmail.com Phone: (270) 799-5072 15. Serrano Trucking Brokerage COGS $163,785 Po Box 584 Salem, NN 87941 Email: serranotrucking80@gmail.com Phone: (575) 635-8862 16. Trail Hills Transport Corp. Brokerage COGS $162,750 2116 Robert Drennan El Paso, TX 79938 Email: cnunez@trailhillselp.com Phone: (915) 867-3104 17. Freight Pro Transport LLC Brokerage COGS $154,015 13508 Pellicano Dr El Paso, TX 79928 Email: donna@freightprotransport.com Phone: (915) 258-3775 18. Munisa Trans Inc Brokerage COGS $148,200 1601 Bond St Ste 206 Naperville, IL 60563 Email: accounting@munisatrans.com Phone: (563) 343-758 19. Osipov Inc Brokerage COGS $139,650 640 Haynie Mill Road Belton, SC 29627 Email: benosipov2@gmail.com Phone: (347) 860-4605 20. RA Logistics Inc Brokerage COGS $139,650 38109 Lordstown Dr Sterling Hts, MI 48312 Email: ralogistics2018@gmail.com Phone: (602) 334-6511 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***