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251113.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, November 13, 2025, Vol. 29, No. 316 Headlines 1001 WL LLC: Trustee Hires PCR Brokerage as Real Estate Broker 2408 W. KENNEDY: To Sell Liquor License to EL 809 for $250K 423 FLATBUSH: Seeks Chapter 11 Bankruptcy in New York 527 EDILIDO: Seeks to Hire EWM Realty as Real Estate Broker A& J'S CATFISH: Taps Johnson & Johnson PC as Bankruptcy Counsel ACQUISITION INTEGRATION: Seeks to Sell Contracting Biz at Auction ADDIAN INC: Seeks to Hire Jones & Walden LLC as Bankruptcy Counsel ADVANTIS INVESTMENT: Case Summary & One Unsecured Creditor ADVOCATES FOR OPPORTUNITY: Unsecureds Will Get 100% over 10 Months ALABAMA INSTITUTE: Hires Bush Law Firm LLC as Bankruptcy Counsel ALEXANDER PLASTICS: Unsecured Claims Under $1,500 to Recover 100% ALL SECURE: Seeks to Hire Johnson & Johnson as Bankruptcy Counsel ALTICE USA: Net Loss Widens to $1.6 Billion in 2025 Q3 AMERICAN ACHIEVEMENT: New Mountain Marks $29.8MM 1L Loan at 40% Off ANNALEE DOLLS: Court Extends Cash Collateral Access to Nov. 30 APPLIED POWDERCOAT: Unsecureds to Split $136K over 3 Years APPTECH PAYMENTS: Acquires Infinitus Pay in $2M Stock-and-Cash Deal ARTIFICIAL INTELLIGENCE: RAD Strengthens Sales in 2025 Q3 ATEG ENTERPRISES: Eric Terry Named Subchapter V Trustee ATKINS NUTRITIONALS: Moody's Rates New $400MM 1st Lien Loan 'Ba3' AVISON YOUNG: OFS Capital Marks $1.6MM 1L Loan at 22% Off BEYOND AIR: Board Approves $1.95 Stock Option Repricing BEYOND AIR: Secures Up to $32MM in Financing from Streeterville BOREN INC: Glen Watson Named Subchapter V Trustee BRUNELLE TECH: Seeks Chapter 11 Bankruptcy in Pennsylvania CAPITAL MONETIZATION: Hires Tullio DeLuca as Bankruptcy Counsel CAPSTONE GREEN: Chairman Flexon Resigns Over Strategic Disagreement CAPSTONE GREEN: Expects 47% Revenue Growth for First Half FY2026 CFN ENTERPRISES: Acquires Prestige Worldwide Wine for 150K Shares CHRISTINE HUNSICKER: Secured Party Seeks Dec. 3 Auction CLAROS MORTGAGE: Amends Term Loan with $150 Million Prepayment COASTAL CANTINA: Hires McIntyre Thanasides Bringgold as Co-Counsel CONTEMPORARY MEDICAL: Gets Extension to Access Cash Collateral CURIS INC: Reports $7.7MM Net Loss in 2025 Q3 CURIS INC: Sells Erivedge Business to Oberland for $2.5 Million DALRADA FINANCIAL: CFO Kyle McCollum Resigns Effective Immediately DANIEL TRUCKING: Unsecured Creditors to Split $110K over 5 Years DANIELS REAL ESTATE: Cameron McCord Named Subchapter V Trustee DATAVAULT AI: Signs 5-Year Lease for One Commerce Square Suite DOLPHIN SHORES: Seeks Chapter 11 Bankruptcy in North Carolina DRIVEN HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating DRSN GROUP: Court Extends Cash Collateral Access to Nov. 18 DUOMO GSP: Seeks to Sell Clothing Business ECHOSTAR CORP: Forms EchoStar Capital; Charles Ergen Returns as CEO ECHOSTAR CORP: Net Loss Widens to $12.8 Billion in 2025 Q3 ECHOSTAR CORP: Raises Total Consideration in SpaceX Deal to $19.6B EDB INVESTMENTS: Hires Gregory K. Stern P.C. as Bankruptcy Counsel EMPIRE TODAY: Moody's Withdraws 'Caa3' Corporate Family Rating EPIPHANY INVESTMENTS: Voluntary Chapter 11 Case Summary EQUITY 833: Seeks Chapter 11 Bankruptcy in Indiana ESSENTIALS MASSAGE: Gets Extension to Access Cash Collateral EUCLID REALTY: Seeks Ch. 11 Bankruptcy in the District of Columbia F-STAR SOCORRO: Hires Stretto Inc as Claims and Noticing Agent FELT & FAT: Seeks to Sell Ceramic Business at Auction FIRST BRANDS: Secures Court OK to Tap $600MM Bankruptcy Loan FIRST CLASS: Gets Final OK to Use Cash Collateral FIRSTBASE.IO INC: Court Confirms Harbor's Proposed Chapter 11 Plan FMC CORP: Moody's Puts 'Ba1' Sub. Notes Under Review for Downgrade FRESH START: Seeks to Hire Payne Law Firm as Bankruptcy Counsel FUNKO INC: Reports $948,000 Net Income in 2025 Q3 GAV REST: Seeks Subchapter V Bankruptcy in New York GEORGES REALTY: James LaMontagne Named Subchapter V Trustee GIRARDI & KEESE: Edelson Submits Revised Dismissal in Atty Suit GLASS MANAGEMENT: Court Extends Cash Collateral Access to Nov. 30 GLOBALSTAR INC: Reports $1.1MM Net Income in 2025 Q3 GLUTALITY GLOBAL: Carol Fox Named Subchapter V Trustee GRACE BAPTIST: Section 341(a) Meeting of Creditors on December 4 HALL OF FAME: Amends Note Maturity to Tie with CHCL Merger Closing HAPI METAVERSE: $1.5MM Loss in Q3; Alset Eases Going Concern Doubt HARDWOOD RESTAURANT: Court OKs Deal to Use E3's Cash Collateral HARDWOOD RESTAURANT: Hires Michael Jay Berger as Legal Counsel HIGH ZZEAZZZ: Hires Leisure Investment as Real Estate Broker HUDSON PACIFIC: Reports $144.1 Million Net Loss in 2025 Q3 I-INSPIRE DANCE: Case Summary & Four Unsecured Creditors IMAGINE SCHOOL: Moody's Cuts Revenue Bond Rating to B3, Outlook Neg IMERYS TALC: Wins Bid to Establish Second Delaware Trust IMPACT SOLUTIONS: Gina Klump Named Subchapter V Trustee INKED PLAYMATS: Unsecured Creditors to Split $205K in Plan INVENERGY THERMAL: Moody's Affirms Ba2 Rating on Amended Bank Loans IRON CROSS: Jonathan Dickey Named Subchapter V Trustee JAAC CORP: Seeks Chapter 11 Bankruptcy in New York JDM PROPERTIES: Seeks Chapter 11 Bankruptcy in West Virginia JOHN BENNETT: Leon Jones Named Subchapter V Trustee KCI WELLNESS: Leon Jones Named Subchapter V Trustee KEYSTONE PASSIONATE: Unsecureds Will Get 5% over 3 Years KIMCHI KOREAN: Nancy Isaacson Named Subchapter V Trustee KIMCHI KOREAN: Seeks Subchapter V Bankruptcy in New Jersey KLEOPATRA FINCO: Unsecureds Unimpaired in Prepackaged Plan KPOWER GLOBAL: Trustee Taps Craig M. Geno PLLC as Special Counsel KPOWER GLOBAL: Trustee Taps Teel & Gay as Bankruptcy Counsel LAFLEUR NURSERIES: Amends Plan to Include Fox Funding Secured Claim LAKESHORE TOWERS: Lender Seeks Jan. 5 Auction LANGSTON CARVER: Section 341(a) Meeting of Creditors on November 25 LEFEVER MATTSON: Seeks to Hire CBRE Inc. as Real Estate Broker LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral LLW CONSTRUCTION: Gets Extension to Access Cash Collateral LOADED BARREL: Seeks Subchapter V Bankruptcy in California LONESOME DOVE: Hires Steffes Firm LLC as Bankruptcy Counsel MARK L. OBMAN DDS: Gets Extension to Access Cash Collateral MARTIN SELIG: Bellout Lot Purchased Out of Receivership MCCLENDON & ASSOCIATES: Gets Interim OK to Use Cash Collateral MILLER'S LANDING: Case Summary & Six Unsecured Creditors MILLER'S LANDING: Seeks Chapter 11 Bankruptcy in California MODERNO PORCELAIN: Seeks Subchapter V Bankruptcy in Florida MONTANA VILLAGE: Gets Final OK to Use Cash Collateral MVL INVESTMENTS: Hires Seeks to Hire Mark S. Roher as Counsel NEUROONE MEDICAL: Nasdaq Extends Compliance Deadline to May 2026 NOAH ASHER: Seeks to Hire Guidant Law as Bankruptcy Counsel NOTORIOUS TOPCO: New Mountain Marks $10.3MM 1L Loan at 37% Off NOTORIOUS TOPCO: New Mountain Marks $10MM 1L Loan at 37% Off NOTORIOUS TOPCO: New Mountain Marks $880,000 1L Loan at 37% Off NOTORIOUS TOPCO: New Mountain Marks $883,000 1L Loan at 37% Off OFFICE PROPERTIES: $125MM DIP Facility Has Interim Approval OFFICE PROPERTIES: To Sell Tempe Property to Opus Development OSANA CLEANING: Fails to Pay Proper Wages, Gonzalez Alleges OU MEDICINE: Moody's Ups Revenue Bond Rating to Ba1, Outlook Stable PARIS312 LLC: Hires Gregory K. Stern P.C. as Bankruptcy Counsel PARK 54 RESTAURANT: Taps AKD Consultants as Bookkeeper/Tax Preparer PAWSSION PET: John Whaley Named Subchapter V Trustee PINE GATE RENEWABLES: $800MM+ DIP OK'd After Roll-Up Revision PRECIPIO INC: Schedules Fiscal Q3 Corporate Update Call for Nov. 17 PUBLIC FINANCE: Moody's Rates New 2025A-1/2 Revenue Bonds 'Ba2' PURDUE PHARMA: White & Case, ASK and A&T Represent PI Claimants RC BUYER: Moody's Affirms 'B2' CFR, Outlook Remains Stable RECOMMERCE GROUP: Secured Party Seeks Dec. 5 Auction RJMY TRUCKING: Seeks Chapter 7 Bankruptcy in California SANUWAVE HEALTH: Posts $10.3MM Income in Q3, Going Concern Lifted SCHAEFER RECOGNITION: Taps Louis C. Tebbe CPA as Accountant SCOOPIE LLC: Unsecureds to Get $1,253 per Month over 60 Months SEASHORE PROPERTIES: Hires Keen-Summit as Real Estate Broker SEASHORE PROPERTIES: Seek to Hire Compass Hawaii as Local Realtor SIDE YARD: Hires Donald W. Reid as Bankruptcy Counsel SOLANA COMPANY: Board Approves $100M Stock Repurchase Program SOLANA COMPANY: Cosmo Jiang Joins Board, Jeffrey Mathiesen Resigns SOLANA COMPANY: Joseph Chee Joins HK Unit as Executive SPIRIT AIRLINES: Seeks $100MM Labor Concessions to Unlock Next DIP SPLASH BEVERAGE: Adjourns Annual Meeting to November 14 SPLASH BEVERAGE: CEO Robert Nistico to Step Down Nov. 14 SPV MD SALE: Seeks to Hire Meridian Law as Bankruptcy Counsel SURMEIER HOLDINGS: Seeks Chapter 11 Bankruptcy in Illinois TAMPA BRASS: Hearing on Bid to Use Cash Collateral Set for Dec. 11 TMK HAWK: New Mountain Marks $10.1MM 1L Loan at 35% Off TMK HAWK: New Mountain Marks $12.6MM 1L Loan at 35% Off TMK HAWK: New Mountain Marks $4MM 1L Loan at 36% Off TRIAD AERO: Section 341(a) Meeting of Creditors on December 5 TRICO MILLWORKS: Unsecureds to Get Share of Income for 3 Years TRIMAS CORP: Moody's Puts 'Ba2' CFR on Review for Downgrade UMAMAHESH LLC: Behrooz Vida Named Subchapter V Trustee UNIFIED SCIENCE: Court OKs Deal to Use Byline's Cash Collateral US MAGNESIUM: Hires Blank Rome LLP as Insurance Recovery Counsel US SIKH: Seeks Chapter 11 Bankruptcy in California VERA RESTAURANT: Unsecureds Will Get 100% of Claims over 60 Months VIB TRANS: Seeks Subchapter V Bankruptcy in Illinois VIEWBIX INC: Signs Non-Binding Term Sheet to Acquire Quantum X Labs VMP LLC: Section 341(a) Meeting of Creditors on December 8 WABASH NATIONAL: Moody's Cuts CFR to 'B2', Outlook Remains Negative WELTY SERVICES: Seeks to Hire Clark Realty as Real Estate Broker WORLDWIDE MACHINERY: Gets Extension to Access Cash Collateral WWP MEZZ: Secured Party Seeks Jan. 15 Auction WYNN RESORTS: Reports $128.4MM Net Income in 2025 Q3 X4 PHARMA: Reports $29.8MM Net Loss in 2025 Q3 YELLOW CORPORATION: Court Approves Sale of 6 Terminals for $10.2MM YOUNGER FUNDING: Seeks to Hire Robert C. Newark III as Counsel ZAHRCO ENTERPRISES: Unsecureds Will Get 8.23% over 3 Years ZUUM TRANSPORTATION: Seeks Chapter 11 Bankruptcy in California [] Epiq Says Total Bankruptcy Filings Up 12% in October 2025 [] Oct. Commercial Bankruptcies Rose 7%, Small Biz Filings Up 35% [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1001 WL LLC: Trustee Hires PCR Brokerage as Real Estate Broker -------------------------------------------------------------- John Patrick Lowe, the Trustee for 1001 WL, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas for continued retention of PCR Brokerage Houston, LLC as real estate broker. Due to delays beyond the ability of Broker to control, the real property has not yet been put on the market and the original listing agreement with Broker has expired. By this Application, the Trustee requests approval to continue to employ Broker to market and sell the Real Property on the same financial terms continued in the original agreement, with the time period of the approval to be open-ended. The firm will market and sell the Debtor's real property located at 1001 West Loop South in Harring County, Texas. The firm will be paid a 2 percent commission if the real property sells to a purchaser other than TIG Romspen US Master Mortgage LP, and a flat fee of $50,000 if the real property is purchased by TIG Romspen. 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: Travis L. Rodgers PCR Brokerage Houston, LLC 1360 Post Oak Blvd, Suite 1900 Houston, TX 77056 About 1001 WL, LLC 1001 WL, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10119) on Feb. 6, 2024. In the petition signed by Drew Dennett, authorized signatory, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger PC represents the Debtor as counsel. 2408 W. KENNEDY: To Sell Liquor License to EL 809 for $250K ----------------------------------------------------------- 2408 W. Kennedy, LLC, seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell liquor license, free and clear of liens, claims, interests, and encumbrances. On August 3, 2023, the Court issued a Conformation Order contemplating the use of Debtor's Liquor License as collateral for a loan to fund payments under the Debtor’s Amended Plan of Reorganization. On August 28, 2023, the Court authorized the Debtor to grant a first priority security interest to M Funding I, LLC in the Debtor's Liquor License Hillsborough County No. BEV 3903646 (License) in return for a loan in the amount of $250,000.00. The loan transaction contemplated by the Funding Order was closed and M Funding I, LLC did in fact loan to the Debtor the sum of $250,000.00 and holds a first perfected lien on the License. As the Court is aware, the Debtor is no longer in possession of the premises where the Debtor previously operated its business. The Debtor is no longer in need of the License and desires to sell the same to satisfy the loan in favor of M Funding I, LLC. The Debtor has entered into a certain License Purchase Agreement with EL 809 Supermarket, LLC, which provides for a purchase price of $250,000. The Agreement provides for payment of the Purchase Price in cash or immediately available funds at closing. There will be a commission of $10,000.00 due upon closing to the sale of the License; therefore, the net proceeds received by the Debtor will be $240,000.00. M. Funding I, LLC has agreed to accept the net proceeds of the sale in satisfaction of M Funding I, LLC’s lien granted by the Funding Order. The Agreement provides that the Debtor, as a condition of closing, is obligated to obtain final, non-appealable order of the Bankruptcy Court finding that the Buyer is entitled to the protections of 11 U.S.C. Section 363(m) and approving the sale of the Purchased Assets free and clear. The Debtor believes that the sale of the License as set forth herein is fair and reasonable. In the judgment of the Debtor, it is unlikely that a significantly higher sale price for the Debtor would be achieved through further marketing, and any potential increase in the sale price would be likely exceeded by the additional costs associated with servicing the loan to M Funding I, LLC. About 2408 W. Kennedy Tampa, Fla.-based 2408 W. Kennedy, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02578) on May 18, 2021. Christopher Scott, managing member, signed the petition. At the time of the filing, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $1 million. Judge Michael G. Williamson oversees the case. David Jennis, PA, doing business as Jennis Morse Etlinger, serves as the Debtor's legal counsel. The Debtor also tapped Ferrell & Company, P.A. and Oscher Consulting, P.A. as its accountants. 423 FLATBUSH: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- 423 Flatbush LLC filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of New York on November 10, 2025. Court filings show the company listed liabilities in the range of $1 million to $10 million and reported having between 1 and 49 creditors. About 423 Flatbush LLC 423 Flatbush LLC is a single asset real estate company. 423 Flatbush LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45375) on November 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 527 EDILIDO: Seeks to Hire EWM Realty as Real Estate Broker ----------------------------------------------------------- 527 Edilido LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Esslinger Wooten Maxwell, Inc. d/b/a Berkshire Hathaway Homeservices EWM Realty and Nelson Gonzalez as broker. The broker will sell the Debtor's property located at 527 E Dilido Dr, Miami Beach, FL 33139. The broker will receive a commission of 6 percent of the sale price, plus a flat fee commission in the amount of $299. Mr. Gonzalez assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Nelson Gonzalez Esslinger Wooten Maxwell, Inc. d/b/a Berkshire Hathaway Homeservices EWM Realty 901 S. Miami Avenue, Suite 215 Miami, FL 33130 Tel: (305) 674-4040 Email: nelson@nelsongonzalez.com About 527 Edilido LLC 527 Edilido LLC is a limited liability company. 527 Edilido LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22584) on October 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy JudgeRobert A. Mark handles the case. The Debtor is represented by Thomas Zeichman, Esq. of BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN. A& J'S CATFISH: Taps Johnson & Johnson PC as Bankruptcy Counsel --------------------------------------------------------------- A& J's Catfish Station seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Johnson & Johnson, P.C. as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. assisting the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that the Debtor is required to file in these cases; c. representing the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code or that seeks the turnover or recovery of property; d. providing assistance, advice and representation concerning the formulation, negotiation and confirmation of a Plan of Reorganization; e. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; f. representing Debtor at hearings or matters pertaining to affairs as Debtor-In-Possession; g. prosecuting and defending litigation matters and such other matters that might arise during and related to these Chapter 11 cases; h. providing counseling and representation with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising from these cases; i. representing the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; j. rendering advice with respect to the myriad of general corporate and litigation issues relating to these cases, including, but not limited to, health care, ERISA, corporate finance, commercial matters; and assisting Debtor in connection with any necessary application, orders, reports or legal papers and to appear on behalf of the Debtor in proceedings instituted by or against the Debtor; and k. performing such other legal services as may be necessary and appropriate for the efficient and economical administration of these Chapter 11 cases. The firm will be paid at these rates: Curtis D. Johnson, Jr. $400 per hour Florence M. Johnson $400 per hour Johnson & Johnson received a retainer in the amount of $5,000. Johnson & Johnson will seek reimbursement of actual, necessary expenses incurred. As disclosed in the court filings, Johnson & Johnson is a "disinterested person" within the meaning of the Section 101(4) of the Bankruptcy Code. The firm can be reached through: Curtis D. Johnson, Jr., Esq. Johnson & Johnson, P.C. Suite 1002, 1407 Union Avenue Memphis, TN 38104 Phone: (901) 725-7520 About A& J's Catfish Station A& J's Catfish Station is a casual eatery offering a menu of Southern comfort food, centered around its popular catfish selections. A&J's Catfish Station sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25379) on October 21, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. ACQUISITION INTEGRATION: Seeks to Sell Contracting Biz at Auction ----------------------------------------------------------------- Acquisition Integration LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to sell inventory at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the Inventory subject to a properly-perfected, first priority security interest in favor of ServisFirst and seeks authorization to solicit bids for and to sell such Inventory to one or more third parties, with the net proceeds of such sales going first to ServisFirst to satisfy or reduce ServisFirst's secured claim (after reimbursement from such proceeds of the Debtor’s reasonable and customary costs and expenses associated with such sales). The Debtor has not yet identified any purchaser for the Inventory but expects to identify one or more purchasers for the sale of all or substantially all of the Inventory. The Debtor is a government contractor which operates throughout the United States. The Debtor had four employees, with its principal place of business located in Madison County, Alabama. The Debtor is a party to a contract with the United States Army, Contract No. W58RGZ-21-D-0089, for the delivery of parts and equipment to support weapons systems managed by the Multi-National Aviation Special Project Office (MASPO) for the Program Executive Office – Aviation (PEO AVN) in support of Foreign Military Sales and other Security Cooperation Programs. As part of the Debtor's business, the Debtor had purchased certain pieces of, among other things, aerospace and aviation equipment that ultimately were not usable by or useful to the Debtor in connection with the MASPO Contract (Inventory). ServisFirst and the Debtor executed that certain Line of Credit Agreement, pursuant to which ServisFirst agreed to extend to the Debtor a revolving line of credit in the maximum principal amount of $5,000,000. The U.S. Small Business Administration filed a UCC-1 Financing Statement with the Alabama Secretary of State as Instrument 20-7574372 securing a loan to the Debtor in the original principal amount of $129,300. Pursuant to the Bidding Procedures, the Debtor will solicit the highest or otherwise best proposals for the purchase or some or all of the Inventory. The Debtor believes that this timeline balances a thorough, targeted marketing process to maximize value to the Debtor's estate with the need to proceed expeditiously to ensure the sale of the Inventory occurs relatively contemporaneously with confirmation of the Debtor's plan of liquidation, facilitating distribution under the plan by resolving or reducing the largest secured claim against the Debtor. The Debtor has determined that the proposed schedule is in the best interest of the Debtor's estate, will assist in establishing whether and to what extent a market exists for the Inventory, will provide interested parties with sufficient opportunity to participate in any Sale Transaction(s) and, ultimately, will result in the highest and best bid(s) for the Inventory under the circumstances. The Bidding Procedures will provide potential bidders with ample notice and time to conduct thorough due diligence before submitting binding bids in advance of the Auction (if needed) and Sale Hearing. The Debtor will commence a marketing and sale process to confirm the market value of the Inventory immediately upon entry of the Bidding Procedures Order. The Bidding Procedures are designed to encourage all prospective bidders to put their best bid forward, effectuate an expeditious liquidation of the Inventory with minimal disruption to the Debtor’s Plan. The Debtor intends to conduct the Auction, if required, on a date and at the time to be set in the Bidding Procedures Order, in person or by videoconference or such other form of remote communication established by the Debtor. The Debtor seeks to obtain the highest and best value for the Inventory to maximize value to the Debtor’s secured creditors and estate. The Debtor submits that, in the interest of attracting the highest and best offers, it is appropriate to sell the Inventory free and clear of any and all encumbrances. About Acquisition Integration Acquisition Integration, LLC provides logistics, distribution, and technical services to the commercial and military aerospace and vehicle industries. The Company partners with CAP Fleet to produce upfitted police and special service vehicles for the U.S. Government Services Administration. Based in the US, it operates as an SBA-certified HUBZone and Service-Disabled Veteran-Owned Small Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81168) on June 10, 2025. In the petition signed by David P. Bristol, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Clifton R. Jessup Jr. oversees the case. Stuart Maples, Esq., at Thompson Burton, PLLC, represents the Debtor as legal counsel. NOVO Tech, Inc., as DIP lender, is represented by Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, in Huntsville, Alabama. ServisFirst Bank, as secured creditor, is represented by Wes Bulgarella, Esq., at Maynard Nexsen, P.C., in Birmingham, Alabama. ADDIAN INC: Seeks to Hire Jones & Walden LLC as Bankruptcy Counsel ------------------------------------------------------------------ Addian, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jones & Walden LLC as counsel. The firm will provide these services: a. preparing pleadings and applications; b. conducting of examination; c. advising the Debtor of its rights, duties and obligations as a debtor-in-possession; d. consulting and representing the Debtor with respect to a Chapter 11 plan; e. performing legal services incidental and necessary to the day-to-day operations of the Debtor's business; and f. taking any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these rates: Attorneys $225 to $500 per hour Paralegals and law clerks $150 to $250 per hour The firm holds a retainer in the amount of $33,650.82. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Leslie M. Pineyro, Esq., a partner at Jones & Walden LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: lpineyro@joneswalden.com About Addian Inc. Addian, Inc. imports and distributes products including personal protective equipment, to intermediaries and other clients, handling logistics and order fulfillment primarily in the United States. The company engages with upstream suppliers and provides distribution services through intermediaries and its internal operations. It conducts business under the name Media Fulfillment and is based in Powder Springs, Ga. Addian sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62506) on October 29, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Adam E. Ekbom, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. ADVANTIS INVESTMENT: Case Summary & One Unsecured Creditor ---------------------------------------------------------- Debtor: Advantis Investment Group, LLC 800 Tully Rd Houston, TX 77079-5426 Business Description: Advantis Investment Group owns an office building at 800 Tully Road in Houston, Texas, valued at about $1.6 million, and it is classified as a single-asset real estate under U.S. Bankruptcy Code section 101(51B). Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-35096 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Samuel L. Milledge, Esq. THE MILLEDGE LAW GROUP PC 1235 North Loop West 725 Houston TX 77008 Tel: (713) 812-1409 Email: milledge@milledgelawfirm.com Total Assets: $1,600,000 Total Debts: $1,192,500 Jawaid Sheikh signed the petition as authorized representative of the Debtor. The Debtor listed The Milledge Law Group, PC, at 1235 North Loop W, Suite 725, Houston, Texas 77008-1764, as its only unsecured creditor with a claim of $10,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2NZZ42A/Advantis_Investment_Group_LLC__txsbke-25-35096__0021.0.pdf?mcid=tGE4TAMA ADVOCATES FOR OPPORTUNITY: Unsecureds Will Get 100% over 10 Months ------------------------------------------------------------------ Advocates For Opportunity, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Small Business Disclosure Statement describing Plan of Reorganization dated November 4, 2025. The Debtor, a Florida for profit corporation, was founded in June 1993. The Debtor's office is located at 3521 W. Broward Blvd., Ft. Lauderdale, FL 33312. The Debtor is a case management support coordination company specializing in developmental disabilities. Debtors provides services to individuals to assist them with obtaining the proper Medicare/Medicaid benefits. The Florida Agency for Health Care Administration (AHCA) conducted an audit for calendar years 2020 and 2021 and as a result determined that the Debtor received overpayments for Medicaid reimbursements of $165,773.7, with fine and costs totaling $201,230.64 ("the Audit Claim"), and demanded payment immediately, threatening to hold back payments. AHCA is the Debtor's only source of income. Class 1 consists of General Unsecured Creditors. This Class comprised of 2 claims in the total amount of $10,887.77, with no insiders receiving payment. This Class shall receive 100% of claims in the total amount of $10,887.77 over 10 months, with monthly payments of $1,088.77 commencing on the effective date of the plan. This class is impaired. Special Class 2 consists of the unsecured claim of ACHA for $201,230.64 (POC-2) which has been objected to by Debtor, with Debtor requesting that the claim be stricken in full. In an abundance of caution, in the event that the Court allows the ACHA claim in full or partial, this Plan does provide, in the alternative, for ACHA to receive the Debtor's net income remaining after paying the required plan payments to Class 1 (the "Alternative Plan"). This Class 2 will only be paid if the Court allows any part of the AHCA claim. Any allowed part of the claim up to $50,000.00 will be paid 100% of the allowed amount. Any allowed claim above $50,000.0 will be paid $50,000.00. This class is impaired. Payments and distributions under the Plan will be funded by income received in the ordinary course of business from fees paid to Debtor by Medicare for services rendered in facilitating and scheduling health care provider services for Debtor's clients as shown in the Projections. The Debtor is confident that it will have sufficient cash on hand on the Plan Effective Date to pay all claims and expenses that are entitled under the Plan to be paid on that date. As of September 30, 2025, Debtor had $41,259.61 on deposit in the DIP account. A full-text copy of the Disclosure Statement dated November 4, 2025 is available at https://urlcurt.com/u?l=47RIqo from PacerMonitor.com at no charge. Counsel to the Debtor: Chad T. Van Horn, Esq. Van Horn Law Group, P.A. 500 NE 4th Street, Suite 200, Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: chad@cvhlawgroup.com About Advocates For Opportunity Advocates For Opportunity, Inc., is a case management support coordination company specializing in developmental disabilities. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 12-13019) on Feb. 7, 2012, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Chad T. Van Horn, Esq. ALABAMA INSTITUTE: Hires Bush Law Firm LLC as Bankruptcy Counsel ---------------------------------------------------------------- Alabama Institute for Behavioral Health, P.C. seeks approval from the U.S. Bankruptcy Court for the District of Alabama to hire The Bush Law Firm, LLC as counsel. The firm will provide these services: a. advise the Debtor-in-Possession as to the rights, powers and duties of a Debtor-in-Possession, as enumerated within 11 U.S.C. Sec. 1101, et seq.; b. prepare and file the documents necessary to advance this case, including, but not limited to, answers, applications, motions, proposed orders, responses, schedules, and other necessary and required legal documents; c. represent the Debtor-in-Possession at the hearings in this matter; d. prepare and file status reports and the plan; e. defend challenges to the automatic stay set forth within 11 U.S.C. Sec. 362(a); and f. provide such other legal services and/or preparing and/or filing such other documents as may be necessary for Debtor-in-Possession to carry out its duties and functions in this case. The firm will be paid at these rates: Attorney $350 per hour Paralegal $50 per hour The firm received a retainer in the amount of $7,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Anthony B. Bush. Esq., a partner at Bush Law Firm, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Anthony B. Bush. Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: abush@bushlegalfirm.com About Alabama Institute for Behavioral Health, P.C. Alabama Institute for Behavioral Health, P.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ala. Case No. 25-bk-81394) on November 4, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Christopher L Hawkins presides over the case. Anthony Brian Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as counsel. ALEXANDER PLASTICS: Unsecured Claims Under $1,500 to Recover 100% ----------------------------------------------------------------- Alexander Plastics, Inc., d/b/a Creations Global, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Chapter Subchapter V Plan dated November 4, 2025. The Debtor, headquartered in Garland, Texas, is a privately held commercial construction and modular design-build company founded in 1964. Operating from a 100,000-square-foot facility in Dallas, Creations specializes in designing, engineering, fabricating, and installing Pre Fab modular structures tailored to retail, food & beverage, entertainment, transit, and high-traffic venue applications. The Plan provides for payment in full of Allowed Administrative, Professional, Priority Tax Claims, and Convenience Class Claims. It establishes seven Classes of Claims: three classes of Secured Claims, a Class of General Convenience Unsecured Claims Under $1500, a Class of General Unsecured Claims, a Class of Insider Claims, and a Class of Equity Interests. All Allowed Claims will be paid through distributions funded by the Debtor's ongoing business operations and projected disposable income over the Plan term. Administrative, Professional, Priority Tax Claims, and certain Secured Claims will receive priority treatment. Insider Claims and Equity Interests will receive distributions only after all other Allowed Claims are paid in full, in accordance with the priority structure set forth in the Plan. Class 5 consists of General Unsecured Convenience Claims of $1,500 or less. Each holder of an Allowed Convenience Class Claim shall receive a one-time cash payment equal to 100% of its allowed claim, payable after all secured claims and allowed administrative expense claims have been paid in full or otherwise satisfied pursuant to the Plan. The Debtor estimates Class 5 to be $4,073.90. This Class is impaired. Class 6 consists of General Unsecured Claims. Each holder of an Allowed General Unsecured Claim, to the extent Allowed, shall receive a pro-rata share of distributions funded by the Debtor's ongoing business operations. Debtor estimates Class 6 to be $444,655.90. This Class is impaired. Class 8 consists of Equity Interests. All Equity Interests shall remain subject to the terms of the Plan. Each holder of an Equity Interest, to the extent Allowed, shall receive a pro-rata share of distributions funded by the Debtor's ongoing business operations, but only after all other Allowed Claims have been paid in full. This Plan will be funded with Estate Assets, including the Debtor's cash on hand, proceeds from ongoing business operations, and any recoveries from Causes of Action. In addition, the current shareholders, Jac Crawford and Ben Goldfarb will provide exit financing in a loan in the total amount of $400,000 to be repaid pursuant to the Plan. A full-text copy of the Subchapter V Plan dated November 4, 2025 is available at https://urlcurt.com/u?l=i1vKNM from PacerMonitor.com at no charge. Counsel to the Debtor: Frances A. Smith, Esq. Jonathan Gitlin, Esq. Offit Kurman 700 North Pearl Street, Suite 1610 Dallas, Texas 75201 Telephone: 214-377-7879 Facsimile: 214-377-9409 Email: frances.smith@offitkurman.com Email: jonathan.gitlin@offitkurman.com About Alexander Plastics Alexander Plastics, Inc., doing business as, Creations Global, manufactures and distributes plastic products and kiosk systems from its facility in Garland, Texas. The Company offers engineered interior systems, mobile fabrication services, and VMS hybrid kiosks for retail and commercial clients. It provides design, prototyping, and engineering support tailored to custom specifications, and also supplies wholesale plastic components to various industries through direct and contract channels. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33013) on August 6, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Ben Goldfarb, chairman, signed the petition. Frances A. Smith, Esq., at Ross & Smith, P.C., is the Debtor's legal counsel. ALL SECURE: Seeks to Hire Johnson & Johnson as Bankruptcy Counsel ----------------------------------------------------------------- All Secure, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Johnson & Johnson, P.C. as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. assisting the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that the Debtor is required to file in these cases; c. representing the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code or that seeks the turnover or recovery of property; d. providing assistance, advice and representation concerning the formulation, negotiation and confirmation of a Plan of Reorganization; e. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; f. representing Debtor at hearings or matters pertaining to affairs as Debtor-In-Possession; g. prosecuting and defending litigation matters and such other matters that might arise during and related to these Chapter 11 cases; h. providing counseling and representation with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising from these cases; i. representing the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; j. rendering advice with respect to the myriad of general corporate and litigation issues relating to these cases, including, but not limited to, health care, ERISA, corporate finance, commercial matters; and assisting Debtor in connection with any necessary application, orders, reports or legal papers and to appear on behalf of the Debtor in proceedings instituted by or against the Debtor; and k. performing such other legal services as may be necessary and appropriate for the efficient and economical administration of these Chapter 11 cases. The firm will be paid at these rates: Curtis D. Johnson, Jr. $400 per hour Florence M. Johnson $400 per hour Johnson & Johnson received a retainer in the amount of $5,262. Johnson & Johnson will seek reimbursement of actual, necessary expenses incurred. As disclosed in the court filings, Johnson & Johnson is a "disinterested person" within the meaning of the Section 101(4) of the Bankruptcy Code. The firm can be reached through: Curtis D. Johnson, Jr., Esq. Johnson & Johnson, P.C. Suite 1002, 1407 Union Avenue Memphis, TN 38104 Phone: (901) 725-7520 About All Secure LLC All Secure, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25349) on October 19, 2025, with up to $50,000 in assets and liabilities. Judge M Ruthie Hagan presides over the case. Curtis D. Johnson, Jr., Esq., at the Law Office of Johnson and Brown, P.C. represents the Debtor as bankruptcy counsel. ALTICE USA: Net Loss Widens to $1.6 Billion in 2025 Q3 ------------------------------------------------------ Altice USA, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.6 billion for the three months ended September 30, 2025, from a net loss of $43 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $1.8 billion and $32 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $2.1 billion and $2.2 billion, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $6.4 billion and $6.7 billion, respectively. The Company had an accumulated deficit of $2.5 billion as of September 30, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. Dennis Mathew, Altice USA Chairman and Chief Executive Officer, said: "In the third quarter, we delivered record gross margin performance and improved operational efficiencies, reaffirmed our full-year Adjusted EBITDA outlook, continued to elevate our customer and network experience, and achieved a milestone of over 700 thousand fiber customers. At the same time, we faced intense competition and a sustained low-growth environment, which resulted in softer broadband subscriber trends. Looking ahead, we are sharpening our go-to-market and base management strategies to strengthen our broadband performance and improve our revenue trajectory in this highly competitive landscape. We remain unwavering in our discipline and focus as we continue to build a more resilient business, positioned for sustainable, long-term growth and enhanced value for our shareholders." Altice declared in its Form 10-Q, "We believe existing cash balances, operating cash flows and availability under the CSC Holdings Restricted Group and Lightpath revolving credit facilities will provide adequate funds to support our current operating plan, make planned capital expenditures and fulfill our debt service requirements for the next twelve months. However, our ability to fund our operations, make planned capital expenditures, make scheduled payments on our indebtedness and repay at, or refinance our indebtedness prior to, maturity depends on our future operating performance and cash flows and our ability to access the capital and credit markets, which, in turn, are subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control. Competition, market disruptions or a deterioration in economic conditions could lead to lower demand for our products, as well as lower levels of advertising, and increased incidence of customers' inability to pay for the services we provide. These events, among others, could adversely impact our results of operations, cash flows and financial position." "Although we currently believe amounts available under the CSC Holdings Restricted Group and Lightpath revolving credit facilities will be available when, and if, needed, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets or other conditions. The obligations of the financial institutions under the CSC Holdings Restricted Group and Lightpath revolving credit facilities are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others. "In the longer term, we may not be able to generate sufficient cash from operations to fund anticipated capital expenditures, meet all existing future contractual payment obligations and repay our debt at maturity. As a result, we will be dependent on our ability to access the capital and credit markets to borrow additional amounts, issue additional debt or equity or refinance existing debt obligations. We intend to raise significant amounts of funding over the next several years to fund capital expenditures, repay existing obligations and meet other obligations, and the failure to do so successfully could adversely affect our business. If we are unable to do so, we will need to take other actions including deferring capital expenditures, selling assets, seeking strategic investments from third parties or reducing discretionary uses of cash." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mubru2ux About Altice USA Inc. Altice USA, Inc. is an American cable television provider. Effective November 7, 2025, the Company will change its corporate name to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on November 5, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICAN ACHIEVEMENT: New Mountain Marks $29.8MM 1L Loan at 40% Off ------------------------------------------------------------------- New Mountain Finance Corporation has marked its $29,879,000 loan extended to American Achievement Corporation (aka AAC Holding Corp.) to market at $17,999,000 or 60% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to American Achievement Corporation (aka AAC Holding Corp.). The loan accrues interest at a rate of 6.75%/PIK + 0.50% per annum. The loan matures on September 2026. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About American Achievement Corporation (AAC Holding Corp.) American Achievement Corporation (AAC Holding Corp.) is a company that provides graduation products and services, with its brands now operating under the name Balfour & Co. ANNALEE DOLLS: Court Extends Cash Collateral Access to Nov. 30 -------------------------------------------------------------- Annalee Dolls, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral. The interim order penned by Judge Kimberly Bacher extended the Debtor's authority to use cash collateral from October 31 to November 30 and authorized the Debtor to use up to $571,050.42 in cash collateral to pay the expenses set forth in its budget. The Debtor projects total operational expenses of $306,090.42 for November. As protection for Customers Bank and other lienholders, the Debtor was ordered to grant the lienholders replacement liens, with the same priority, validity and enforceability as their pre-bankruptcy liens; and to maintain insurance policies, naming the lienholders as mortgagees or loss payees. In addition, Customers Bank will receive a $20,000 adequate protection payment for November. The Debtor must file a further application for continued cash collateral use by November 15, including an updated budget and reconciliation of actual versus projected expenses. The next hearing is scheduled for November 26. Objections are due by November 21. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon, PLLC. APPLIED POWDERCOAT: Unsecureds to Split $136K over 3 Years ---------------------------------------------------------- Applied Powdercoat, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated November 4, 2025. The Debtor is a powdercoat application business operating out of a 30,000 square foot facility in Oxnard, California. Powdercoating is a dry metal finishing process using finely ground particles of plastic resins, color pigments and special cross linking agents which, once cured, cause the plastic resins to become very hard and extremely durable. Three primary factors contributed to the Debtor's need to file the Bankruptcy Case. First, Haas Automotive, a significant client of the Debtor, dropped 50% of their business due to contraction of their own operations on account of interest rates, clients purchasing used rather than new equipment, and global economic factors which impacted their customers. The second contributing factor was rising interest rates that caused the applicable interest rate on the First Bank of the Lake ("FBOL") debt to increase. Finally, overall demand in the powdercoating industry was down on account of the uncertainty in global commerce. The Plan Proponent's financial projections show that the Debtor will have projected disposable income to be distributed to General Unsecured Creditors of $135,809. The final Plan payment is expected to be paid on February 1, 2029. This Plan under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from cash on hand and cash flow flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has estimated at approximately six percent on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3a consists of Non Priority Unsecured Claims. All Class 3 Claims holding an Allowed Class 3 claim shall receive their pro rata share of $135,809 which is equal to the projected disposable income (after payment of secured, administrative and priority claims) of the Debtor for 3 years. The first pro rata distribution shall be due on the 1st day of the 3rd full month following the Effective Date, with thirty-five (11) consecutive quarterly payments thereafter, which shall be due on the first day of the following quarter. Class 3b consists of the claims of (i) Allowed General Unsecured Claim holders whose claim amount is less than $10,000, and (ii) Allowed General Unsecured Claim holders who choose to reduce their claim to $10,000, who elect to be paid their administrative class distribution in full on the Initial Distribution Date in lieu of Class 3a treatment. Creditors electing to have their Claim treated as a Class 3b Claim shall be paid an amount equal to fifty percent of the distribution which would be due to them over the 36 months of the Plan in a lump sum on the Initial Distribution Date (projected to be February 1, 2026). Holders of Class 3 Claims which are less than $10,000 may opt into this Administrative Convenience Class by checking the "Opt-In to Convenience Class" box on their Plan ballot. Holders of Class 3 Claims which have claims in excess of $10,000 may opt into this Administrative Convenience Class by reducing their claim to $10,000 and checking the "Opt-In to Convenience Class" box on their Plan ballot. Class 4 Equity Security Holders shall retain their interests. The Plan will be funded from three sources consisting of the Debtor's cash on hand on the Effective Date, the balance of retainer funds held by Weintraub Zolkin Talerico & Selth LLP, and the revenue generated from the Debtor's business operations. The Debtor estimates that the sum of approximately $10,250 will be necessary to fund the Plan on the Effective Date. A full-text copy of the Plan of Reorganization dated November 4, 2025 is available at https://urlcurt.com/u?l=XoTWRn from PacerMonitor.com at no charge. Counsel to the Debtor: Derrick Talerico, Esq. Weintraub Zolkin Talerico & Selth LLP 11766 Wilshire Boulevard, Suite 730 Los Angeles, CA 90025 Telephone: (424) 500-8552 About Applied Powdercoat LLC Applied Powdercoat, LLC is an Oxnard-based manufacturing firm specializing in powder coating, sandblasting, and silk screening services. Founded in 1989 and operating from a state-of-the-art 30,000 sq. ft. facility at 3101 Camino del Sol, the Company serves industrial, aerospace, defense, custom fabrication, automotive restoration, and commercial clients throughout Southern California. Applied Powdercoat sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10762) on June 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Ronald A. Clifford III handles the case. The Debtor is represented by Derrick Talerico, Esq., at Weintraub Zolkin Talerico & Selth, LLP. APPTECH PAYMENTS: Acquires Infinitus Pay in $2M Stock-and-Cash Deal ------------------------------------------------------------------- AppTech Payments Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on October 31, 2025, entered into a Stock Purchase and Share Exchange Agreement by and among the Company, Infinitus Pay Inc., a Colorado corporation, and the shareholders of Infinitus who are signatories to the Stock Purchase Agreement, and each of Kipp Bockhop and Alan Carr. Pursuant to the Stock Purchase Agreement, on the terms and subject to the conditions therein, the Company acquired 100% of the outstanding capital stock of Infinitus, making Infinitus a wholly-owned subsidiary of the Company. The Company purchased all of the respective shares of Infinitus held by the Shareholders in exchange for the following total consideration: (a) an aggregate amount equal to $2,000,000, less any Indebtedness (as defined in the Stock Purchase Agreement) of the Company paid in cash by wire transfer in immediately available funds at the closing; (b) an aggregate of 1,000,000 newly-issued shares of the Company's Common Stock, and an aggregate of 4,000,000 newly-issued shares of the Company's Common Stock, provided, however, that the Shareholders shall be prohibited from selling such Lock-Up Shares except in accordance with the terms and conditions of the Lock-Up Agreement entered into by each Shareholder; (c) warrants to purchase up to another 4,000,000 Shares, in the aggregate, at an exercise price of $3.00 per share which Warrants shall have a term of five years and shall become exercisable on the first day after the Company Common Stock closes at or above $3.00 per share on the public market which it is then-registered; and (d) an aggregate amount equal to $1,000,000, in cash by wire transfer of immediately available funds, not later than 10 business days after the date that Infinitus Revenue (as defined in the Stock Purchase Agreement) is equal to or greater than $300,000 of revenue per month for three consecutive months following the closing date. Thomas DeRosa, CEO of AppTech said, "This acquisition marks a pivotal step toward shaping the future of payments. InfinitusPay's technology and team accelerate our ability to deliver intelligent, embedded financial solutions and expand our reach across digital commerce." Alan Carr, CEO of InfinitusPay and newly appointed Chief Product Officer at AppTech, added: "Our teams are aligned in their focus on innovation, operational efficiency, and revenue generation." "Infinitus brings us added technological and sales talent, a growing customer portfolio and profitable operations" added Chairman, Albert Lord. A full-text copy of the Stock Purchase Agreement is available at https://tinyurl.com/277kpcse About AppTech Payments Corp. Headquartered in Carlsbad, Calif., AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, Calif.-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from 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 $6.49 million in total assets, $3.95 million in total liabilities, and a total stockholders' equity of $2.54 million. ARTIFICIAL INTELLIGENCE: RAD Strengthens Sales in 2025 Q3 --------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), announced that sales activity through the first two months of the Company's third fiscal quarter continues to strengthen. RAD has secured dozens of new device orders, including ROSA(TM), RIO(TM), ROAMEO(TM), alongside multiple software license agreements, including SARA(TM), RAD's agentic AI-driven autonomous response platform, and several new dealer partnerships. This growing momentum positions the Company for a strong finish to the quarter and reinforces its role as a driving force in the adoption of AI-powered security technologies across multiple sectors. Through November 4, 2025, RAD has contracted orders for 64 devices, including eight proof-of-concept deployments, and 46 software licenses spanning SARA, RADGuard(TM), and Firearm Detection. The Company has also expanded its sales reach with six new authorized dealers and two independent channel partner contractors added to its growing network. These results reflect consistent execution across both product and channel development, as demand for RAD's integrated AI and robotic solutions continues to accelerate across key markets. "We're hitting a strong stride as we move deeper into the second half of the fiscal year," said Steve Reinharz, CEO/CTO and founder of AITX and RAD. "The market continues to respond to the performance, reliability, and economics of our solutions. Every week we see greater acceptance from new clients, dealers, and enterprise partners who recognize that RAD's technology is not just innovative, it's essential. We're executing with focus and speed for our clients, channel partners and shareholders." RAD's performance this quarter reflects balanced growth across its stationary, mobile, and software platforms. The Company's dealer and independent contractor network is also broadening RAD's reach into new territories, including Latin America and the United Kingdom, fueling additional pipeline activity and accelerating the path to recurring monthly revenue growth and operational cash flow positivity. "As strong as this quarter has been so far, we're nowhere near done," added Reinharz. "There are new technologies, partnerships, and market entries coming that will further expand our reach and impact. The team is executing with purpose and intensity, and I'm confident that the results we deliver in the months ahead will speak volumes about what's next for AITX and RAD." About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ATEG ENTERPRISES: Eric Terry Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Eric Terry as Subchapter V trustee for Ateg Enterprises, Inc. Mr. Terry will charge $450 per hour for his services as Subchapter V trustee and $75 per hour for his support staff working under his direct supervision. The Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Terry declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Terry 3511 Broadway San Antonio, TX 78209 Phone: (210)468-8274 Email: eric@ericterrylaw.com About Ateg Enterprises Inc. Ateg Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52669) on November 3, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Michael M. Parker presides over the case. Robert Chamless Lane, Esq., at The Lane Law Firm PLLC represents the Debtor as bankruptcy counsel. ATKINS NUTRITIONALS: Moody's Rates New $400MM 1st Lien Loan 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Atkins Nutritionals Holdings, Inc.'s (Simply Good Foods or SMPL) proposed $400 million senior secured first lien term loan that includes a $150 million upsize and $75 million senior secured first lien revolving credit facility. All other ratings, including the company's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and Ba3 senior secured facility ratings (revolver and term loan) remain unchanged. Moody's expects to withdraw the instruments ratings on the existing revolver and term loan if the facilities are retired as part of the transaction. The SGL-1 speculative grade liquidity rating is unchanged and the outlook is stable. Simply Good Foods launched a refinancing transaction that will amend and extend the maturity of the senior credit facility by about three years. The company plans to extend the revolving credit maturity from December 2026 to December 2029 and the term loan maturity from March 2027 to March 2030. Concurrently, the company will raise a $150 million incremental term loan and utilize the proceeds for growth capital expenditures and share repurchases. The proposed transaction, if completed, is credit negative because it will increase debt and cash interest expense though leverage remains modest. The transaction more favorably improves liquidity by addressing the approaching maturity of the company's $75 million undrawn revolver and remaining $250 million outstanding on the original $600 million first lien term loan without materially affecting free cash flow. The board of directors approved a $150 million increase to the company's existing stock repurchase program in October 2025, bringing the total remaining authorization to approximately $171 million as of October 23, 2025. The Ba3 CFR and stable outlook are not affected because Moody's believes credit metrics remain strong for the rating category with debt-to-EBITDA leverage of roughly 1.8x as of August 2025 (incorporating Moody's adjustments and pro forma for the add-on). Moody's forecasts that the company's operating cash flow will comfortably accommodate increased interest costs resulting from the amend and extend transaction. While there is some continuing pressure on earnings related to higher raw material costs, particularly cocoa, and tariff-induced cost increases, the company also faces broader challenges. These include distribution losses for the Atkins brands, temporary product quality issues at OWYN, and increased marketing investments to support long-term growth for Quest and OWYN. In addition, announced price increases and the normalization of promotional activity are expected to create some near-term headwinds, especially in the first half of fiscal 2026. Despite these challenges, Moody's projects the company will generate good free cash flow of at least $150 million annually. Voluntary debt repayment and cost management should lead SMPL to maintain retained cash flow-to-net debt above 75% and debt-to-EBITDA below 2x over the next 12 months on a Moody's adjusted basis. The company's strong balance sheet, ongoing productivity initiatives, and focus on its highest growth brands provide the company flexibility to invest in its growth strategies and meet debt service. RATINGS RATIONALE Simply Good Foods' Ba3 CFR reflects the company's strong credit metrics and moderate yet improving scale relative to other consumer goods companies, as well as its concentration in the highly competitive healthy snack and meal replacement segments. Competition in the segment necessitates significant reinvestment to maintain market position as well as continuous innovation to appeal to evolving consumer preferences. SMPL benefits from strong free cash flow generation, a growing product portfolio and very good liquidity. Free cash flow generation exceeding $150 million annually benefits from both low capital spending under the outsourced manufacturing model and the absence of a dividend. At the same time, the credit profile reflects potential event risk including Moody's expectations for opportunistic debt-funded acquisitions that would increase leverage. The company continues to invest to improve product and customer diversity and enhance growth opportunities. SMPL has a preferred net debt-to-EBITDA leverage target of around 3.0x (currently 0.5x based on the company's calculation) and the company is expected to remain below this level over the next 12 months. This indicates the company's continued willingness to increase leverage as part of its acquisition growth strategy. Strong free cash flow generation provides SMPL the flexibility to reinvest in growth initiatives and reduce leverage through debt pre-payment. The company has demonstrated a disciplined approach to acquisitions when considering high industry multiples and is favorably keeping leverage low, providing capacity for future transactions within the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that SMPL will continue to grow its revenue in the mid-single digit range, maintain at least a stable EBITDA margin and generate at least $150 million of annual free cash flow. The outlook also reflects Moody's expectations that the company will maintain very good liquidity and a financial strategy that ensures maintenance of moderate leverage and good interest coverage. The ratings could be upgraded if debt-to-EBITDA is sustained at 2x or lower, EBITA-to-interest is sustained at 8x or higher and SMPL maintains steady operating performance as evidenced by stable market share, organic revenue and volume growth, and a stable to higher EBITA margin. The company would also need to generate strong free cash flow. An additional factor is maintaining financial policy consistent with these credit metrics with meaningful levels of predictability. The ratings could be downgraded if operating performance weakens due to factors such as market share erosion, loss of shelf space at key distribution partners, or cost increases. Debt-funded acquisitions or shareholder distributions, or a deterioration in liquidity could also lead to a downgrade. Debt-to-EBITDA above 3x, EBITA-to-interest below 6x, or free cash flow-to-debt sustained below 12.5% could result in a downgrade. Simply Good Foods (Nasdaq: SMPL), headquartered in Denver, Colorado, is the parent of Atkins Nutritionals Holdings, Inc. and sells a variety of consumer packaged food and beverage products. The product portfolio consists of protein bars, ready-to-drink (RTD) protein shakes, sweet and salty snacks, cookies and muffins, protein chips and crackers, protein powders and confectionery products like peanut butter cups, brownies and caramel candy bites marketed under the Atkins, Quest, and OWYN brands. The products are sold mostly in the United States (about 97% of revenue) through mass merchants, club stores, grocery stores, and drug retailers, with Walmart a key customer. Simply Good Foods reported annual revenue of $1.45 billion for the fiscal year ended August 30, 2025. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. AVISON YOUNG: OFS Capital Marks $1.6MM 1L Loan at 22% Off --------------------------------------------------------- OFS Capital Corporation has marked its $1,643,000 loan extended to Avison Young Inc. to market at $1,276,000 or 78% of the outstanding amount, according to OFS Capital's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OFS Capital is a participant in a First Lien Loan to Avison Young Inc. The loan accrues interest at a rate of 5.94% cash / 6.50% PIK per annum. The loan matures on March 12, 2029. OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFS Capital is led by Bilal Rashid as Chief Executive Officer and Kyle Spina as Chief Financial Officer. The Fund can be reach through: Bilal Rashid OFS Capital Corporation 222 W. Adams Street, Suite 1850 Chicago, IL 60606 Tel. No.: (847) 734-2000 About Avison Young Inc. Avison Young commercial real estate is a global real estate advisor invested in client success. BEYOND AIR: Board Approves $1.95 Stock Option Repricing ------------------------------------------------------- Beyond Air, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company's board of directors on November 4, 2025, approved a one-time stock option repricing of 726,618 options, effective that day. The repricing was undertaken in accordance with, and as permitted by, the Company's Amended 2013 Plan. Pursuant to the Option Repricing, all options granted pursuant to the Amended 2013 Plan that are held by Company Board members, officers, and employees expected to continue providing services to the Company were repriced, to the extent such options had an exercise price in excess of $1.95, the closing price per share of the Common Stock as reported on The Nasdaq Stock Market on November 3, 2025. All such options were repriced such that the exercise price per share was reduced to $1.95. The following options held by the Company's named executive officers and non-employee directors were included in the Option Repricing: 1. Steven Lisi, Chief Executive Officer and Chairman of the Board * Number of option shares: 195,000 * Exercise Price Range of Original Options: $5.892 - $10.80 2. Robert Carey, Director * Number of option shares: 21,802 * Exercise Price Range of Original Options: $5.892 - $10.80 3. Erick Lucera, Director * Number of option shares: 14,252 * Exercise Price Range of Original Options: $5.892 - $10.80 4. Yoori Lee, Director * Number of option shares: 14,004 * Exercise Price Range of Original Options: $5.892 - $10.80 5. Bill Forbes, Director * Number of option shares: 13,652 * Exercise Price Range of Original Options: $5.892 - $10.80 6. Douglas Larson, Chief Financial Officer * Number of option shares: 43,250 * Exercise Price Range of Original Options: $5.892 - $10.80 7. Mike Gaul, Chief Operating Officer * Number of option shares: 53,250 * Exercise Price Range of Original Options: $5.892 - $10.80 8. Robert Goodman, Director * Number of option shares: 3,750 * Exercise Price Range of Original Options: $2.45 The Board approved the Option Repricing following consideration of the Company's retention policies, the competitive market for key talent, the alignment of employee and stockholder interests, and the overall effectiveness of the Company's equity incentive program. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFit PH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 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 suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BEYOND AIR: Secures Up to $32MM in Financing from Streeterville --------------------------------------------------------------- Beyond Air, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on November 4, 2025, entered into an Equity Purchase Agreement with Streeterville Capital, LLC for the purchase of up to $20 million of the Company's shares of common stock. The Company also entered into and closed on a note purchase agreement with Streeterville, which provided for the issuance of a secured promissory note in the principal amount of $12,050,000. The Company agreed to pay $50,000 to Streeterville to cover the lender's transaction costs, resulting in the Company receiving net proceeds of $12,000,000. In connection with the Purchase Agreement, the Company and Streeterville entered into a Registration Rights Agreement, pursuant to which the Company agreed to file with the Securities and Exchange Commission a registration statement covering the resale of the shares by November 24, 2025. Pursuant to the Purchase Agreement, upon effectiveness of the Registration Statement and so long as there is no balance outstanding on the Note, the Company shall have the right, but not the obligation, to direct Streeterville, by its delivery to Streeterville of a put notice from time to time during a period of up to two years, to purchase shares of common stock: (i) in a minimum amount not less than $25,000, and (ii) in a maximum amount up to the median daily trading volume of the common stock during the five trading days immediately preceding delivery of the put notice, or such other greater amount mutually agreed upon by the parties; provided, however, that the number of put shares shall not exceed the beneficial ownership limitation, which shall be 4.99% of the number of shares of the common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable pursuant to a put notice. The purchase price for each put shall be 96% of the lowest daily volume weighted average price of the common stock during the four consecutive trading day period commencing on the trading day immediately following delivery of a put notice. On any trading day during which the Registration Statement remains effective and the Note remains outstanding and: (i) any trading price of the common stock is at least 5% greater than the current Nasdaq minimum price as defined under Nasdaq Rule 5635(d) or (ii) the total dollar trading volume has reached $750,000.00, Streeterville may elect to purchase shares of common stock up to the Beneficial Ownership Limitation at a purchase price equal to 85% of the Nasdaq Minimum Price, subject to a floor of $0.39 per share. The aggregate purchase price for these shares shall be offset by an equal amount outstanding under the Note. In no event shall the Company effect any issuances under the Purchase Agreement in violation of Nasdaq's 19.99% limitation unless the Company's stockholders have approved the issuance of common shares in excess of the 19.99% limitation in accordance Nasdaq Rule 5635(d) or the applicable Purchase Price equals or exceeds the Nasdaq Minimum Price on the effective date of the Purchase Agreement. Full-text copies of the Purchase Agreement and the Registration Rights Agreement are available at https://tinyurl.com/nv7wmnut and https://tinyurl.com/37ukutvs , respectively. Amended and Restated Loan and Security Agreement; Waiver On November 1, 2024, the Company entered into a loan and security agreement with certain lenders including its Chief Executive Officer Steven Lisi and director Robert Carey, that provided for a $11,500,000 loan and the issuance of warrants to purchase up to an aggregate of 757,975 shares of common stock to Mr. Lisi and Mr. Carey. On November 3, 2025, the Company and the Lender amended and restated the Original Loan and Security Agreement to provide for an additional $2,000,000 term loan to the Company and the issuance of new five-year warrants to Mr. Carey to purchase up to 512,821 shares of common stock at an exercise price of $1.95 per share. Concurrently, the parties entered into a Waiver Agreement, pursuant to which the Lender consented to the Company's issuance of the Streeterville Note in exchange for reducing the exercise price of the 2024 Warrants to $1.95 per share. The principal amount of the Streeterville Note is due 24 months following the date of issuance. Interest will accrue at the rate of 15% per annum, with no interest accruing for the first 12 months following issuance; provided however, that Streeterville is guaranteed 12 months of interest, or $1,800,000 even if the note is redeemed or prepaid prior to the maturity date. If the Note is outstanding within 90 days of issuance, a one-time monitoring fee will be added to the outstanding balance of the note in the amount of the outstanding balance divided by 0.85 less the outstanding balance. The monitoring fee will be credited back to the Company on a pro-rata basis if the Company makes a cash payment and either: (i) the 200-day median trading volume is less than $1,000,000; or (ii) the market capitalization of the Company is below $50,000,000. Streeterville shall have the right to redeem the Note commencing on the 12-month anniversary of the issuance date, or six months from the issuance date if either: (i) the Registration Statement has not been declared effective; or (ii) the Company is unable for any reason to issue common stock under the Purchase Agreement. The Company may prepay the note in part or in full at any time without penalty. While the Note is outstanding, the Company may not issue new debt or, subject to certain exceptions, enter into variable rate transactions. At any time following the occurrence of a Major Trigger Event or Minor Trigger Event (each as defined in the Note), the Lender may, upon prior written notice to the Company, increase the outstanding balance of the Note by 9% for each occurrence of any Major Trigger Event and 4% for each occurrence of any Minor Trigger Event, provided that the Trigger Effect may only be applied three times with respect to Major Trigger Events and three times with respect to Minor Trigger Events. Subject to certain exceptions described below, if the Company fails to cure a Trigger Event within five trading days following the date of transmission of a written demand notice by the Lender, the Trigger Event will automatically become an Event of Default (as defined in the Note). Following the occurrence of any Event of Default, the Lender may, upon written notice to the Company: (i) accelerate the Note, with the outstanding balance of the Note following application of the Trigger Effect becoming immediately due and payable in cash, and (ii) cause interest on the outstanding balance of the Exchange Note beginning on the date the applicable Event of Default occurred to accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. Notwithstanding the foregoing, upon the occurrence of certain Trigger Events related to bankruptcy or insolvency, immediately and without notice, an Event of Default will be deemed to have occurred and the outstanding balance of the Exchange Note as of the date of the occurrence of such Bankruptcy-Related Trigger Event will become immediately and automatically due and payable in cash at the Mandatory Default Amount. About $6,000,000 of the net proceeds from the Note were wired to the Company and $6,000,000 were sent to a deposit account owned and controlled by the Company's new wholly-owned subsidiary XAIR Holdings, LLC. The Note is secured by a deposit account control agreement with an initial cash collateral requirement of $6,000,000, which requirement will be reduced by $0.50 for every $1.00 of principal repaid on the outstanding balance for the first $3,000,000 million repaid and further reduced by $0.75 for every $1.00 repaid thereafter. Once the balance of the cash collateral account is $1,000,000 or less, the collateral requirement shall terminate and the Company may withdraw the remaining funds at its discretion. In addition to the DACA, the Note is secured by: (i) a guaranty from XAIR Holdings, LLC, (ii) a guaranty from certain foreign subsidiaries, and (iii) various security agreements and intellectual property pledges as detailed in Exhibits 10.6 through 10.12. Full-text copies of the Note Purchase Agreement, the Note, the XAIR Holdings Guaranty, the Foreign Subsidiary Guaranty and the related transaction documents are available at: * https://tinyurl.com/5n6hnvfs * https://tinyurl.com/yavzxz2m * https://tinyurl.com/44demw6k * https://tinyurl.com/3t33tdpy * https://tinyurl.com/yr6t2dvu * https://tinyurl.com/55sbcz48 * https://tinyurl.com/2wp32y2f * https://tinyurl.com/2ffm2x4z and * https://tinyurl.com/mvtrz2zh, respectively. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFit PH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 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 suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BOREN INC: Glen Watson Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq., at Watson Law Group, PLLC as Subchapter V trustee for Boren, Inc. Mr. Watson will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Watson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Glen Watson, Esq., Watson Law Group, PLLC 1114 17th Av. S., Suite 201 P.O. Box 121950 Nashville, TN 37212 Telephone: (615) 823-4680 Email: glen@watsonpllc.com About Boren Inc. Boren, Inc., doing business as Fitness 1440, operates multi-level fitness centers in Nashville, Tennessee, offering 24/7 gym access, swimming pools, saunas, personal training, group fitness classes, and other wellness amenities. It provides membership services with access to multiple locations and specialized fitness equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04621) on October 31, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Nelson Boren, Jr., regional manager, signed the petition. Judge Charles M. Walker presides over the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC represents the Debtor as bankruptcy counsel. BRUNELLE TECH: Seeks Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------- BRUNELLE TECH INC. filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Western District of Pennsylvania on November 11, 2025. According to court filings, the company reported liabilities ranging from $1 million to $10 million and listed between 1 and 49 creditors. About Brunelle Tech Inc. Brunelle Tech Inc. is a single asset real estate company. Brunelle Tech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70478) on November 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jeffery A. Deller handles the case. The Debtor is represented by Ryan J. Cooney, Esq. of Cooney Law Offices LLC. CAPITAL MONETIZATION: Hires Tullio DeLuca as Bankruptcy Counsel --------------------------------------------------------------- Capital Monetization Management, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire the Law Office of Tullio DeLuca as bankruptcy counsel. The firm will render these services: a. advise the Debtor-in-Possession with respect to its rights, powers, duties and obligations in the administration of this case and the management of its property; b. prepare pleadings, applications and conduct examinations incidental to administration; c. advise and represent the Debtor in connection with all applications, motions, or complaints for reclamation, adequate protection, sequestration, relief from stays, appointment of trustee or examiner, and all other similar matters; d. develop the relationship of the status of Debtor-in-Possession to the claims of creditors in these proceedings; e. advise and assist the Debtor-in-Possession in the formulation and presentation of a Plan pursuant to Chapter 11; and f. perform all other legal services. The firm will be paid at these rates: Attorneys $300 per hour Legal Assistants $120 per hour The firm has received a retainer in the amount of $2,000, plus filing fee of $1,738 filing fee. Tullio DeLuca, Esq., a partner at the Law Office of Tullio DeLuca, disclosed that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Tullio DeLuca, Esq. Law Office of Tullio DeLuca 4113 Birney Avenue, Suite 2 Moosic, PA 18507 Phone: (570) 347-7764 Email: tullio.deluca@verizon.net About Capital Monetization Management, LLC Capital Monetization Management, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 21-00957) on April 29, 2021, listing $100,001 to $500,000 in both assets and liabilities. Tullio DeLuca, Esq. at the Law Office of Tullio DeLuca represents the Debtor as counsel. CAPSTONE GREEN: Chairman Flexon Resigns Over Strategic Disagreement ------------------------------------------------------------------- Capstone Green Energy Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Robert C. Flexon on October 30, 2025, informed the Company that he resigned as a member of the Board of Directors, effective immediately. Mr. Flexon served as a member of the Board since 2017, and was Chairman of the Board and a member of the Board's Audit Committee. On October 31, 2025, the Board appointed Robert F. Powelson as Interim Chairman of the Board. The resignation email cites a disagreement regarding the strategic direction of the Company, and Mr. Flexon has expressed concern about the Company's consideration of any alternative that dilutes common stockholders but does not address the Company's debt profile and liquidity position. A full-text copy of Mr. Flexon's resignation email is available at https://tinyurl.com/45kc6jdz The Board remains committed to exploring available options to enhance stakeholder value and is determined to drive operational and financial success. Similarly, on November 1, 2025, John J. Juric notified the Company of his resignation as Chief Financial Officer (serving as principal financial officer) of the Company, effective immediately. On November 2, 2025, the Board appointed John P. Miller, a member of the Board and the Chair of the Board's Audit Committee, as Interim Chief Financial Officer, effective immediately. In his position as Interim Chief Financial Officer, Mr. Miller will act as the Company's principal financial officer. The Company expects to enter into an arrangement to compensate Mr. Miller for his services as Chief Financial Officer, but has not yet entered into such arrangement. No arrangement or understanding exists between Mr. Miller and any other person pursuant to which Mr. Miller was selected to serve as Interim Chief Financial Officer of the Company. There have been no other related party transactions between the Company or any of its subsidiaries and Mr. Miller reportable under Item 404(a) of Regulation S-K. Mr. Miller does not have a family relationship with any of the Company's other directors or executive officers. About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 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 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 $72.8 million in total assets, $80.9 million in total liabilities, and $22 million in total stockholders' deficiency. CAPSTONE GREEN: Expects 47% Revenue Growth for First Half FY2026 ---------------------------------------------------------------- Capstone Green Energy Holdings, Inc., and its subsidiaries announced select preliminary financial results for the second quarter ending September 30, 2025. The Company expects revenues of approximately $28.4 million, an increase of 25% compared to $22.7 million in the second quarter, ending September 30, 2024, and bringing its growth in the first half of fiscal year 2026 to an impressive 47% over the first half of FY 2025. The anticipated year-over-year growth reflects market momentum for distributed generation and the Company's ability to execute on product shipments, higher rental fleet utilization, and price realization while it continues to optimize its operations. These results are supported by the disciplined execution of Capstone's Three-Pillar strategy focused on financial health, sustainable excellence, and revitalization of culture and talent. In addition to positive net income, the Company also expects to report positive Adjusted EBITDA for the sixth consecutive quarter, driven by improved operational efficiency and margin expansion. Capstone will provide full financial results, along with a reconciliation of non-GAAP financial measures, including Adjusted EBITDA, to the most directly comparable GAAP measures, in its forthcoming quarterly release. These preliminary results are based on information currently available to management and are subject to revision based on the Company's completion of its normal quarter-end accounting procedures and finalization of the financial statements. The Company's independent registered public accounting firm has not completed its audit or performed any procedures with respect to these preliminary results and does not express an opinion or any other form of assurance with respect thereto. "This is a transformational quarter for Capstone Green Energy," said Vince Canino, Chief Executive Officer. "We delivered strong double-digit revenue growth and, more importantly, demonstrated the fundamental strength of our business model, resulting in solid positive net income." Canino continued, "Demand for reliable, clean energy solutions continues to accelerate across all the markets we serve, fueled by the global energy transition and the growing need for resilient, cost-efficient power. Our team executed exceptionally well, and these results reaffirm that our strategic focus under our Three Pillars of Strength is delivering meaningful, sustainable performance. With momentum building and industry tailwinds strengthening, Capstone is uniquely positioned to support the rapidly evolving needs of traditional distributed energy, microgrid applications, and the next-generation of AI and data center environments." About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 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 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 $72.8 million in total assets, $80.9 million in total liabilities, and $22 million in total stockholders' deficiency. CFN ENTERPRISES: Acquires Prestige Worldwide Wine for 150K Shares ----------------------------------------------------------------- CFN Enterprises Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 3, 2025, the Company, along with its wholly owned subsidiary, J Street Capital Partners, LLC, entered into a Securities Purchase Agreement with Thomas Hinde whereby J Street will acquire 100% of Hinde's equity interests in Prestige Worldwide Wine Company, LLC, a California limited liability company. J Street is an importer and wholesaler of wines and alcoholic beverages which currently distributes its products to Nevada, New York, New Jersey, Florida and California and its customers include bars, restaurants, casinos and hotels. Prestige is a winemaking consulting company that provides winemaking services to third parties. The acquisition of Prestige includes its global trademarks, intellectual property, formulations and its distributor network and client base. The consideration to be paid to the Seller at closing for Prestige is an aggregate of 150,000 shares of the Company's common stock. The securities to be issued by the Company will be issued pursuant to an exemption under Section 4(a)(2) of the Securities Act of 1933, as amended. The Seller has agreed to limit sales of Company common stock acquired from the sale of Prestige consisting of a 12-month lockup from the date of issuance and a 48 month leak-out. Accordingly, the acquisition of Prestige closed on November 3, 2025, and in connection with the acquisition, the Company issued 150,000 shares of Company common stock to the Seller, pursuant to an exemption under Section 4(a)(2) of the Securities Act of 1933, as amended. In connection with the closing of the acquisition of Prestige, J Street entered into a consulting agreement with Wine Trends Marketing, LLC, a Delaware limited liability company, providing for the winemaking consulting services of Thomas Hinde for an initial one year period. One of the most experienced wine industry experts in California, Tom Hinde has extensive expertise in all facets of the wine business – from vineyard cultivation to winery management and hands-on artisan winemaking – his broad skill set has been instrumental in the success of many brands created by him. Tom's impressive resume spans over three decades with prior posts at some of California's most acclaimed wineries: from 2005 to 2010, Tom was President, CEO and Director of Winemaking for Flowers Vineyard and Winery, a specialty Pinot Noir and Chardonnay producer located on the Sonoma Coast. From 1997 to 2005, Tom was General Manager for Kendall-Jackson Wine Estates and helped develop two famed Napa Valley Cabernet Sauvignon programs as part of the winemaking teams for Lokoya and Cardinale. Additionally, Tom supported the winemaking team at Stonestreet Winery and launched the world-renowned Vérité Estate. For seven years, Tom was General Manager at La Crema and Hartford Family Winery where he helped build La Crema into one of Sonoma County's most prominent wine producers. At Prestige, Tom has leveraged his longstanding grower relationships to source from Napa Valley's most sought-after fruit, providing him with the top-quality grapes necessary to craft the finest Cabernet Sauvignon from the region. From Sonoma County, he outsources the best fruit from the Russian River Valley region considered one of the best wine growing regions in the world. This combined with Tom's deft winemaking approach and exceptional palate has propelled the highly coveted wines world-wide. Tom has a Bachelor of Science degree in Business Administration from the University of Toledo and a winemaking certificate from the highly regarded University of California, Davis. The Company's board of directors considers the Prestige acquisition a key element of the Company's evolving strategic direction, designed to complement the recent acquisition of J Street. Given the current regulatory environment, the Board is reviewing potential strategic options for its subsidiary, Ranco, LLC. A full-text copy of the Securities Purchase Agreement is available at https://tinyurl.com/5ezhbnpu About CFN Enterprises Inc. CFN Enterprises Inc owns and operates as a media agency. The Company offers creative and media network solutions for cannabis industry. CFN Enterprises serves customers in the United States. As of June 30, 2025, the Company had $7,064,876 in total assets, $29,692,543 in total liabilities, and a total stockholders' deficit of $22,627,667. Los Angeles, Calif.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CHRISTINE HUNSICKER: Secured Party Seeks Dec. 3 Auction ------------------------------------------------------- Emigrant Bank, as secured party, will conduct a public sale of the collateral of Christine Hunsicker, as debtor, on December 3, 2025, at 10:00 a.m., Eastern Standard Time, at Lowenstein Sandler LLP, 1251 Avenue of the Americas, in New York. The Administrative Liaison is: Zach Benaharon, Esq. Tel: 212-419-5838 Email: Zbenaharon@lowenstein.com The Collateral are: * CaaStle Inc. common stock * A GBA 11 Fund limited liability company interests * Timescale, Inc. preferred stock * Modalyst, Inc. preferred stock * Ernexa Therapeutics Inc. common stock * Zipstorm Inc. preferred stock * Peach, Inc. preferred stock * StoryBlaster, Inc. stocks * Vital Neuro, Inc. convertible promissory note * Wildfang, Co. convertible promissory note * Stringr Inc. preferred stock CLAROS MORTGAGE: Amends Term Loan with $150 Million Prepayment -------------------------------------------------------------- Claros Mortgage Trust Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 5, 2025: * the Company; * the subsidiary guarantors -- CMTG California 2 LLC; CMTG Lender 7, 26, 31, 33, 65, 66, 73, and 99 LLC; and * the lenders -- 140 Summer Partners LP; Helix Partners Management LP; Aristeia Capital, L.L.C.; PineBridge Investments LLC and PineBridge Galaxy LLC (on behalf of multiple funds and CLOs); Citadel Multi-Asset Master Fund Ltd.; HPS Investment Partners LLC (on behalf of multiple CLOs and funds); Birch Grove CLO entities (1–14), Birch Grove Funding 1 Ltd., and related trusts and funds; Blair Funding LLC; Bridge Street CLO I–V Ltd.; FS Credit Income Fund; and FS Specialty Lending Fund, entered into Amendment No. 6 to the Company's Term Loan Credit Agreement, dated as of August 9, 2019, as amended by Amendment Nos. 1 through 5, most recently on September 12, 2025. Amendment No. 6 provides for, among other things: (i) a required $150 million prepayment of outstanding Term Loans; (ii) a reduction of the minimum Tangible Net Worth financial covenant to $1,400,000,000 for the period from the Amendment Effective Date to March 31, 2026; (iii) a waiver of the minimum Interest Coverage Ratio financial covenant for the Test Periods for Fiscal Quarters ending September 30, 2025, December 31, 2025, and March 31, 2026; (iv) the modification of certain affirmative and negative covenants, including the requirement to prepay Term Loans with a portion of the Net Proceeds of certain Dispositions; and (v) the limitation of certain rights of the Company to, among other things, create or transfer assets to unrestricted subsidiaries. Amendment No. 6 is subject to certain conditions subsequent, including the payment of certain fees and expenses, which shall be satisfied within three business days of the Amendment Effective Date. CLAROS MORTGAGE TRUST, INC. may be reached through: J. Michael McGillis President and Chief Financial Officer Claros Mortgage Trust, Inc. C/O Mack Real Estate Group 60 Columbus Circle, 20th Floor New York, NY 10023 212-484-0050 A full-text copy of the Amendment No. 6 is available at https://tinyurl.com/yc3pwmsv About Claros Mortgage Trust Inc. Claros Mortgage Trust Inc. -- https://www.clarosmortgage.com/ -- is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. As of June 30, 2025, the Company had $5.82 billion in total assets, $4.07 billion in total liabilities, and a total equity of $1.76 billion. * * * In Aug. 2025, S&P Global Ratings lowered its issuer credit rating on Claros Mortgage Trust Inc. and issue rating on the company's senior secured debt to 'CCC' from 'CCC+'. S&P doesn't think the company's existing liquidity is sufficient to repay its $714 million term loan, which matures in August 2026, absent an amendment or refinancing. As of Aug. 5, 2025, CMTG's total available liquidity increased to $323 million, up from $136 million on March 31, 2025, and $102 million as of year-end 2024. The outlook remains negative. COASTAL CANTINA: Hires McIntyre Thanasides Bringgold as Co-Counsel ------------------------------------------------------------------ Coastal Cantina, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A. as co-counsel. The firm's services include: a) rendering legal advice with respect to Debtor's powers and duties as debtor-in-possession, the continued operation of its business and/or the management of its property; b) preparing on behalf of Debtor any necessary petitions, motions, applications, answers, orders, reports, and other legal papers; c) appearing before this Court and the United States Trustee to represent and protect the interests of the Debtor; d) taking all necessary legal steps to confirm a plan of reorganization; e) representing Debtor in all adversary suits, contested matters and matters involving administration of this case; f) representing Debtor in any negotiations with potential financing sources and preparing contracts, security instruments, or other documents necessary to obtain financing; g) taking any necessary action to recover any voidable transfers and to avoid any liens against Debtor's property obtained within ninety (90) days of the filing of the petition in Chapter 11 and at a time when Debtor was insolvent; h) enjoining or staying any and all suits against the Debtor affecting the debtor-in-possession's ability to continue in business or affecting property in which the Debtor has equity; i) performing all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. McIntyre Thanasides will be paid based upon its normal and usual hourly billing rates. McIntyre Thanasides will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard McIntyre, Esq., a partner at the firm, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. McIntyre Thanasides can be reached at: Richard J. McIntyre, Esq. MCINTYRE THANASIDES BRINGGOLD ELLIOTT GRIMALDI GUITO & MATTHEWS, P.A. 500 E. Kennedy Blvd., Suite 200 Tampa, FL 33602 Tel: (813) 223-0000 Fax: (813) 899-6069 About Coastal Cantina, LLC Coastal Cantina, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. M.D. Fla. Case No. 25-07005) on September 24, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A Colton presides over the case. David W Steen, Esq. at David W Steen, P.A. represented the Debtor as counsel. CONTEMPORARY MEDICAL: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Contemporary Medical Services, PC received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use the cash collateral of secured lenders to fund operations. The court issued a second interim order authorizing the Debtor to use the cash collateral of TD Bank, N.A. and the U.S. Small Business Administration through November 30, in accordance with its budget. The Debtor cannot use cash collateral beyond 110% of any budget line item without written consent. The Debtor's budget projects total operational expenses of $297,897.58 for November. As adequate protection for any diminution in the value of their collateral, lenders will be granted replacement liens on all of the Debtor's assets. These liens are automatically perfected and maintain the same priority as the lenders' pre-bankruptcy liens. The interim order established a carveout of up to $10,000 for professional fees and $5,000 for fees and expenses of a Chapter 7 trustee in case one is appointed. It bars use of surcharges under Section 506(c) of the Bankruptcy Code without lender consent. Events of default include failure to comply with the order; unauthorized expenditures; conversion or dismissal of the Debtor's bankruptcy case; or granting of post-petition liens. The order remains effective and enforceable despite any future plan confirmation or case conversion. The final hearing is scheduled for November 19, with objections due by November 12. 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 Telephone: 212-593-3000 Facsimile: 212-593-0353 ckatz@goetzplatzer.com tsadutto@goetzplatzer.com About Contemporary Medical Services PC Contemporary Medical Services, PC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73888) on October 8, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Sheryl P. Giugliano presides over the case. Joseph S. Maniscalco, Esq., at Lamonica Herbst Maniscalco represents the Debtor as legal counsel. CURIS INC: Reports $7.7MM Net Loss in 2025 Q3 --------------------------------------------- Curis, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $7.7 million and a net loss of $10.1 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 $26.9 million and $33.8 million, respectively. Net revenues for the three months ended September 30, 2025 and 2024, were $3.2 million and $2.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net revenues of $8.3 million and $7.6 million, respectively. The Company had an accumulated deficit of $1.3 billion as of September 30, 2025. As of September 30, 2025, the Company had $27.6 million in total assets, $42.3 million in total liabilities, and $14.7 million in total stockholders' deficit. Based on the Company's $9.1 million of existing cash and cash equivalents at September 30, 2025, recurring losses and cash outflows from operations since inception, an expectation of continuing losses and cash outflows from operations for the foreseeable future and the need to raise substantial additional capital to finance the Company's future operations, the Company concluded it does not have sufficient cash on hand to support current operations within the next 12 months from the date of filing this Quarterly Report on Form 10-Q. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. The Company plans to seek additional funding through a number of potential avenues, including private or public equity financings, collaborations, or other strategic transactions. The Company has faced and expects to continue to face substantial difficulty in raising capital. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. The Company's ability to raise additional funds will depend on, among other factors, financial, economic and market conditions, as well as maintaining the Company's listing on Nasdaq, many of which are outside of its control, and it may be unable to raise financing when needed, or on terms favorable to the Company. If necessary funds are not available, the Company will have to delay, reduce the scope of, or eliminate its development of emavusertib, potentially delaying the time to market for or preventing the marketing of emavusertib, which would have a material adverse effect on the Company's operations and future prospects. If the Company is unable to obtain sufficient capital, the Company would be unable to fund its operations and may be required to evaluate alternatives, which could include dissolving and liquidating its assets or seeking protection under the bankruptcy laws, and a determination to file for bankruptcy could occur at a time that is earlier than when the Company would otherwise exhaust its cash resources. If the Company decides to dissolve and liquidate its assets or to seek protection under the bankruptcy laws, it is unclear to what extent the Company would be able to pay its obligations, and, accordingly, it is further unclear whether and to what extent any resources would be available for distributions to stockholders. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yw9sfjna About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. As of Jun. 30, 2025, the Company had total assets of $29.23 million, total liabilities of $43.22 million, and total stockholders' deficit of $13.99 million. As of September 30, 2025, the Company had $27.6 million in total assets, $42.3 million in total liabilities, and $14.7 million in total stockholders' deficit. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. CURIS INC: Sells Erivedge Business to Oberland for $2.5 Million --------------------------------------------------------------- Curis, Inc. on November 6, 2025, sold to TPC Investments Royalty LLC, a limited liability company managed by Oberland Capital Management LLC, its interest in Curis Royalty LLC. The sale includes the Erivedge intellectual property, other assets associated with Erivedge and the License Agreement, in exchange for upfront consideration of $2.5 million and a release of the Company's liability related to sale of future royalties to Oberland. Curis, Inc. and its then wholly owned subsidiary, Curis Royalty on March 22, 2019, entered into a Royalty Interest Purchase Agreement with TPC Investments I LP and TPC Investments II LP, each of which is a limited partnership managed by Oberland and Lind SA LLC, as collateral agent. In connection with entering into the Oberland Purchase Agreement, Curis Royalty and the Agent entered into a security agreement, the Company and the Agent entered into a pledge agreement and the Company and Curis Royalty entered into a consent and payment direction letter agreement with Genentech, Inc. Pursuant to the Oberland Purchase Agreement, the Purchasers acquired the rights to a portion of certain royalty and royalty-related payments, excluding a portion of non-U.S. royalties retained by Curis Royalty, owed by Genentech on potential net sales of Erivedge(R) (vismodegib), a first-in-class orally administered small molecule Hedgehog signaling pathway antagonist, pursuant to the Collaborative Research, Development and License Agreement, dated as of June 11, 2003, by and between the Company and Genentech (as amended by the First Amendment to the Collaborative Research, Development and License Agreement, between the Company and Genentech effective as of December 10, 2004, the Second Amendment to the Collaborative Research, Development and License Agreement, between the Company and Genentech effective as of April 11, 2005, the Third Amendment to the Collaborative Research, Development and License Agreement, between the Company and Genentech effective as of May 8, 2006 and the Fourth Amendment to the Collaborative Research, Development and License Agreement, between the Company and Genentech effective as of January 1, 2012). Pursuant to the License Agreement, the Company is entitled to royalty on net sales of Erivedge that ranges from 5% to 7.5%. The royalty rate applicable to Erivedge may be decreased by 2% on a country-by-country basis in certain specified circumstances. Upon closing of the Oberland Purchase Agreement, Curis Royalty received an upfront purchase price of $65 million from the Purchasers. Curis Royalty would also be entitled to receive milestone payments of $53.5 million if the Purchasers receive payments pursuant to the Oberland Purchase Agreement in excess of $117 million on or prior to December 31, 2026. In connection with the recent sale transaction, the Company transferred to Curis Royalty all rights to Curis Technology, Inventions and Joint Patents (each as defined in the License Agreement) and assigned the Company's rights, duties and obligations under the License Agreement to Curis Royalty. As a result of executing the sale of Curis Royalty to Oberland, in the fourth quarter of 2025, the Company will recognize a gain within its statement of operations and comprehensive loss and the liability related to sale of future royalties will be extinguished. Following the sale, the Company will no longer be entitled to revenues under the License Agreement. Nasdaq Compliance As a result of the sale of the Erivedge Business, the Company believes it has stockholders' equity well in excess of the $2.5 million requirement for continued listing pursuant to Listing Rule 5550(b)(1) as the alternative requirement for the MVLS Requirement. However, there can be no assurance that the Panel will determine that the Company has regained compliance with Nasdaq continued listing standards or that the Company will remain listed on Nasdaq. As previously disclosed, on August 21, 2025, the Company received notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC stating that, because the Company has not regained compliance with Nasdaq Listing Rule 5550(b)(2) which requires the market value of the Company's listed securities to be at least $35,000,000, its securities would be delisted from The Nasdaq Capital Market unless the Company timely appeals the Staff's delisting determination by requesting a hearing before the Nasdaq Hearings Panel by August 28, 2025. The Company timely requested a hearing before the Panel, which request stayed any further suspension or delisting action by the Staff, pending the ultimate conclusion of the hearing process. About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. As of June 30, 2025, the Company had total assets of $29.2 million, total liabilities of $43.2 million, and total stockholders' deficit of $14 million. As of September 30, 2025, the Company had $27.6 million in total assets, $42.3 million in total liabilities, and $14.7 million in total stockholders' deficit. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. DALRADA FINANCIAL: CFO Kyle McCollum Resigns Effective Immediately ------------------------------------------------------------------ Dalrada Technology Group, Inc. (f/k/a Dalrada Financial Corporation) disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 31, 2025, Kyle McCollum, the Chief Financial Officer, notified the Company of his resignation from his position as Chief Financial Officer, effective immediately. Mr. McCollum's resignation was not the result of any disagreement with the Company on any matter relating to the Company's accounting practices, financial statements, or disclosures. The Company is in the process of identifying and appointing a successor to fill the role of Chief Financial Officer and will provide further updates in subsequent filings as appropriate. About Dalrada Dalrada Financial Corporation accelerates change for current and future generations by harnessing true potential and developing products and services that become transformative innovations. It five business divisions: Genefic, Dalrada Climate Technology, Dalrada Precision Manufacturing, Dalrada Technologies, and Dalrada Corporate. Within each of these divisions, the Company drives transformative innovation while creating solutions that are sustainable, accessible, and affordable. Dalrada's global solutions directly address climate change, gaps in the health care industry, and technology needs that facilitate a new era of human behavior and interaction and ensure a bright future for the world around us. As of June 30, 2025, the Company had $18.36 million in total assets, $25.05 million in total liabilities, and $6.69 million in total stockholders' deficit. San Diego, California-based CM3 Advisory, the Company's auditor since 2024, 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 suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. DANIEL TRUCKING: Unsecured Creditors to Split $110K over 5 Years ---------------------------------------------------------------- Daniel Trucking International Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Plan of Reorganization dated November 4, 2025. The Debtor, based in Illinois, was established in 2010 with a single semi-truck dedicated to dry freight transportation. From the very beginning, the company's goal was to build a reliable, service-oriented trucking company rooted in integrity, safety, and commitment to excellence. Unfortunately, in recent years, the trucking industry has faced severe economic challenges, including rising fuel costs, shortages of freight, higher parts and labor expenses, increasing insurance premiums, and skyrocketing interest rates on equipment financing. Additionally, unfair competition from underpaid and unregulated drivers has further strained the company's ability to maintain sustainable operations. As a result of these combined pressures, Daniel Trucking International Inc. was forced into a period of financial hardship. To preserve the company's business, protect its employees, and continue serving its customers, the Debtor sought protection and reorganization under Chapter 11 Bankruptcy. The Company's goals are to reduce interest rates and restructure unsecured debt, allowing the company to stabilize operations and emerge stronger from these difficult times. The Debtor's Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. Class 2 consists of General Non Priority Unsecured Claims. Class 2 Claims including unsecured deficiency claims shall be paid pro rata distributions of deferred cash payments aggregating $110,000 from (i) the General Unsecured Creditor Fund in the amount of $100,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $22,000 with the first installment due 6 months following the Effective Date (or June 30, 2026, whichever sooner) and $22,000 payable annually on June 30, 2027, 2028, 2029 and 2030. Class 2 Claims are impaired under the Plan. The allowed unsecured claims total $5.6 Million. Class 3 consists of Equity Interests. All equity interests shall be deemed to be terminated and canceled upon the Effective Date. Equity interests in the Reorganized Debtor shall be issued 100% to Pavel Pavlov, as 100% owner and President of the Reorganized Debtor as of the Effective Date. Mr. Pavlov shall contribute new value to the Reorganized Debtor in the amount of $10,000, payable over 5 years at $2,000 per year, which shall be added to the General Unsecured Creditor Fund to be distributed to Class 2 general unsecured claims. Class 3 Claims and Equity interests are impaired under the Plan. The new value provided herein is subject to higher and better offers as detailed below in Section IV of the Plan. The principal of the Debtor, Mr. Pavel Pavlov, is retaining his 100% ownership interest in the Debtor. He is contributing the sum of $10,000 toward payment of general unsecured claims under the Plan over a period of 5 years (at $2,000 per year); and (3) he is maintaining and not increasing his current salary of $1,000 per week for the next year. In light of the new value contribution by the principal, the Debtor maintains that the new value of the shares in the Reorganized Debtor are sufficient and equivalent to the value of those shares. A full-text copy of the Disclosure Statement dated November 4, 2025 is available at https://urlcurt.com/u?l=PwskBY from PacerMonitor.com at no charge. Counsel to the Debtor: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Rd., Ste. 200 Skokie, IL 60076 Telephone: (847) 745-6592 Email: mgranek@gutnicki.com About Daniel Trucking International Inc. Daniel Trucking International, Inc., is a Wheeling, Illinois-based transportation company. Daniel Trucking International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq., at Law Offices of David Freydin Ltd. DANIELS REAL ESTATE: Cameron McCord Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Daniels Real Estate Holdings, LLC. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About Daniels Real Estate Holdings Daniels Real Estate Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62808) on November 3, 2025, with up to $50,000 in assets and liabilities. Leon Jones, Esq., at Jones & Walden, LLC, serves as Subchapter V trustee. Judge Jeffery W. Cavender presides over the case. DATAVAULT AI: Signs 5-Year Lease for One Commerce Square Suite -------------------------------------------------------------- Datavault AI 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 a lease agreement, with Commerce Square Partners - Philadelphia Plaza, L.P., pursuant to which the Landlord will lease to the Company approximately 23,037 rentable square feet of space located on the 24th Floor, Suite 2400 of 2005 Market Street, Philadelphia, Pennsylvania. The Lease Agreement has an initial term of 60 calendar months. The Lease Agreement provides for five rent periods of fixed rent, beginning with monthly rent of approximately $48,000, which increases by approximately 2.5% over each rent period. In addition to monthly rent, the Company shall pay the Landlord for any utilities for the Premises, as well as for Operating Expenses (as defined in the Lease Agreement), including but not limited to costs for maintenance, operations, repairs, replacements, and taxes. A full-text copy of the Lease Agreement is available at https://tinyurl.com/3bywjhmp About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $700,000 compared to $3.3 million, as of Dec. 31, 2024. DOLPHIN SHORES: Seeks Chapter 11 Bankruptcy in North Carolina ------------------------------------------------------------- Dolphin Shores Investments LLC filed for Chapter 11 bankruptcy protection in the Eastern District of North Carolina on November 9, 2025. According to the filing, the company listed liabilities estimated between $10 million and $50 million. Dolphin Shores Investments LLC reported having between 1 and 49 creditors involved in the case. About Dolphin Shores Investments LLC Dolphin Shores Investments LLC is a single asset real estate company. Dolphin Shores Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04467) on November 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Clayton W. Cheek, Esq. of Cheek Legal, PLLC. DRIVEN HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating --------------------------------------------------------------- Moody's Ratings has withdrawn Driven Holdings, LLC's ratings, including its B3 corporate family rating, B3-PD probability of default rating, and the B3 rating on its backed senior secured bank credit facility. Moody's have also withdrawn the SGL-2 speculative grade liquidity rating (SGL). Prior to withdrawal, the outlook was positive. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) for Moody's own business reasons. Driven Holdings, LLC, is the restricted group borrower subsidiary of Charlotte, North Carolina-based Driven Brands Holdings Inc. (Driven Brands). Driven Brands is a large, publicly-traded automotive services company (NASDAQ: DRVN) operating in North America and Europe, catering to a range of consumer and commercial automotive needs, including paint, collision, glass, oil change and repair. Revenue for the twelve-month period ended June 28, 2025 was approximately $2.4 billion while systemwide sales generated by about 4,800 mostly-franchised/independently-operated locations were $6.6 billion. Driven Brands is majority-owned and controlled by affiliates of Roark Capital Group, a private equity firm. DRSN GROUP: Court Extends Cash Collateral Access to Nov. 18 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia entered a third interim order authorizing DRSN Group, LLC to use cash collateral and granting adequate protection to its lenders. The court found that the Debtor needs funds to continue operations during its Chapter 11 case. The third interim order authorized the Debtor to use cash collateral from November 3 until the final hearing scheduled for November 18. To protect lenders' interests, the court granted them replacement liens on post-petition assets that are similar to their pre-bankruptcy collateral. The replacement liens do not apply to proceeds from any avoidance actions. Certain creditors, including Shopify Capital, Inc., JPMorgan Chase Bank, and Innovation Refunds, are believed to hold pre-bankruptcy liens on the Debtor's cash and revenue, which constitute cash collateral. The Debtor is not aware of any other creditor asserting an interest in the cash collateral. About DRSN Group LLC DRSN Group LLC, doing business as Wisteria, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58190) on July 23, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Dominic Respoli, co-chairman of DRSN Group, signed the petition. Judge Barbara Ellis-Monro oversees the case. The Debtor tapped Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC as legal counsel and DiLeo & Charles Tax and Consulting Services, Inc. as accountant. DUOMO GSP: Seeks to Sell Clothing Business ------------------------------------------ Duomo GSP Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of lies, claims, interests, and encumbrances. The Debtor is engaged in the business of selling high-end clothing and accessories from Store No. 2338 that it rents in the Westfield Garden State Plaza shopping center located at One Garden State Plaza Parkway, Paramus, NJ 07652. The Debtor rents the Store from its landlord Westland Garden State Plaza Limited Partnership under a lease dated June 28, 2021. The Debtor also sells operates its Business through its website: https://www.duomo.store. Over the last year, the Business’ financial performance has been significantly impacted by a series of external economic factors including sustained increases in operational costs and nationwide inflationary pressures which directly impacted the Business’ costs and sales. Due to these factors, and because of a sharp increase in monthly rent to be paid by the Debtor for the Store, the Debtor has fallen behind on its obligations to the Landlord. The Debtor has attempted to negotiate the Lease and the Rent with the Landlord, in order to resolve the issues underlying the State Court Action, however the parties have been unable to reach a compromise. Consequently, the Debtor has determined that long-term operation of its Business from the Store in the Mall is no longer viable due to the Rent. The Debtor does not have a bank line or sufficient cash to support the Rent necessary to continue its Business from the Store. However, the Debtor currently has substantial inventory on hand, with an initial cost of approximately $516,000.00 with a total retail value of approximately $860,000.00. The Debtor has engaged in discussions with the Landlord regarding an expedited sale of the Inventory from the Store and is agreeable to undertaking a "store closing sale" or similar themed from the Store location. Through the proposed Sale, the Debtor would sell much of the Business' Inventory through the upcoming holiday season and use a portion of the Sale proceeds realized each month to pay post-petition Rent to the Landlord. At the conclusion of the Holiday Season, the Debtor would reject the Lease, move its Business from the Store, continue operations online through its Website, and move the Inventory into storage and/or into a new store location, to be determined, from which to operate its Business. The Debtor respectfully submits that the proposed Sale is in the best interests of the estate and that cause exists to conduct the Sale of the Inventory from the Store through the Holiday Season. The Debtor also seeks authority to conduct the Sale without complying with any local laws, including, without limitation, local laws related to bulk sale laws, advertising, licensing requirements and procedures, waiting periods or time limits; provided, however, that the Debtor continues to be bound by and comply with public safety and health laws, to the extent applicable. About Duomo GSP Inc. Duomo GSP Inc. is engaged in the business of selling high-end clothing and accessories Duomo GSP Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-21039) on October 17, 2025, listing up to $50,000 in both assets and liabilities. Joseph Judge Vincent F. Papalia presides over the case. M. Shapiro, Esq. at Middlebrooks Shapiro, P.C. represents the Debtor as counsel. ECHOSTAR CORP: Forms EchoStar Capital; Charles Ergen Returns as CEO ------------------------------------------------------------------- EchoStar Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 6, 2025, the Company announced the creation of a new division within EchoStar to be named EchoStar Capital. In connection therewith, effective November 6, 2025, Charles W. Ergen, Chairman of EchoStar, has accepted his appointment by the Board of Directors as Chairman, President and Chief Executive Officer of the Company, and Hamid Akhavan (formerly President and Chief Executive Officer of EchoStar) has accepted his appointment by the Board as Chief Executive Officer, EchoStar Capital. Mr. Akhavan will continue to serve as a member of the Board. Mr. Ergen, age 72, has served as the Company's executive Chairman since November 2009 and Chairman of the Board of Directors since our formation in 2007. Mr. Ergen served as our Chief Executive Officer from our formation in 2007 until November 2009. Mr. Ergen was also Chairman of the Board of Directors of DISH Network Corporation since its formation and, during the past five years, held executive officer and director positions with DISH and its subsidiaries, most recently serving as the Chief Executive Officer of DISH from March 2015 to December 2017. Mr. Ergen also serves as Chairman of the Board of CONX Corp., since August 2020. About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of September 30, 2025, the Company had $45.3 billion in total assets, $38.3 billion in total liabilities, and $7 billion in total stockholders' equity. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' issuer credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. ECHOSTAR CORP: Net Loss Widens to $12.8 Billion in 2025 Q3 ---------------------------------------------------------- EchoStar Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $12.8 billion for the three months ended September 30, 2025, from a net loss of $143.8 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $13.3 billion and $459.6 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $3.6 billion and $3.9 billion, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $11.2 billion and $11.9 billion, respectively. The Company had an accumulated deficit of $1.7 billion as of September 30, 2025. As of September 30, 2025, the Company had $45.3 billion in total assets, $38.3 billion in total liabilities, and $7 billion in total stockholders' equity. EchoStar disclosed in its 10-K report that the Company's cash and cash equivalents and marketable investment securities totaled $3.915 billion as of September 30, 2025. As of September 30, 2025, EchoStar has $2.0 billion of debt maturing in July 2026 and $1.377 billion of debt maturing in August 2026. EchoStar says the re-auction of certain AWS-3 licenses previously awarded to Northstar Wireless and SNR Wireless has been designated as Auction 113 and the FCC is required to initiate Auction 113 by June 23, 2026. "We cannot predict with any degree of certainty the outcome of Auction 113, however, we may be required to make a maximum payment up to approximately $2.921 billion for the Northstar Re-Auction Payment and SNR Re-Auction Payment." EchoStar has a pending deal with AT&T Mobility II LLC, a subsidiary of AT&T Inc., to sell all of EchoStar's 3.45–3.55 GHz and 600 MHz spectrum licenses, including licenses exchanged as part of the Omega License Purchase Agreement, and to a 99-year extension of existing leases for AT&T's exclusive use of certain wireless spectrum licenses in Hawaii. EchoStar expects to receive $22.650 billion in cash upon closing of the license purchase agreement, which is scheduled to close in the first half of 2026. EchoStar also has a pending deal with Space Exploration Technologies Corp., a Texas corporation, and Spectrum Business Trust 2025-1, a Nevada Business Trust, to sell EchoStar's rights and licenses related to an aggregate of 50 MHz of spectrum in frequency ranges 2000–2020, 2180–2200, 1915–1920 and 1995– 2000 granted by the FCC. EchoStar expects to receive $19 billion in consideration which includes $17 billion in a combination of cash and the Equity Amount, and payments for the Interim Debt Service of $2 billion, upon closing of the deal, which is slated to occur by November 2027. These transactions also contemplate the repayment of certain of EchoStar's debt. However, until the closing of these transactions, which are subject to receipt of government approvals and other customary conditions, funding is not deemed committed and because EchoStar does not currently have the necessary Cash on Hand and/or projected future cash flows or committed financing to fund obligations for at least 12 months from the issuance of these condensed consolidated financial statements, "substantial doubt exists about our ability to continue as a going concern," the Company said. "We cannot provide assurances that the AT&T Transactions and SpaceX Transactions will be approved and consummated on the predicted timeline or at all." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5h2e5dda About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of September 30, 2025, the Company had $45.3 billion in total assets, $38.3 billion in total liabilities, and $7 billion in total stockholders' equity. * * * In September 2025, S&P Global Ratings placed its 'CCC+' issuer credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. ECHOSTAR CORP: Raises Total Consideration in SpaceX Deal to $19.6B ------------------------------------------------------------------ EchoStar Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 5, 2025, the Company, Space Exploration Technologies Corp., a Texas corporation, and Spectrum Business Trust 2025-1, a Nevada Business Trust, entered into an Amended and Restated License Purchase Agreement. The Amended and Restated License Purchase Agreement amends and restates in its entirety the License Purchase Agreement, dated as of September 7, 2025, by and among EchoStar, Purchaser and Trust. Pursuant to the Amended and Restated License Purchase Agreement, EchoStar and Purchaser have agreed to revise the terms of their previously announced transaction to include the transfer of up to an aggregate of 15 MHz of AWS spectrum in the frequency range of 1695–1710 MHz for each relevant license area from EchoStar to Purchaser in exchange for additional consideration of $2,616,737,853, all of which will be paid in Purchaser's Class A Common Stock, valued at $212 per share. As a result of this change, the total consideration for the Transactions has increased from $17,000,000,000 to $19,616,737,853, with up to $11,116,737,853 to be paid in Purchaser's Class A Common Stock, valued at $212 per share. A full-text of the Amended and Restated License Purchase Agreement will be filed as an exhibit to EchoStar's next Annual Report on Form 10-K. About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of September 30, 2025, the Company had $45.3 billion in total assets, $38.3 billion in total liabilities, and $7 billion in total stockholders' equity. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' issuer credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. EDB INVESTMENTS: Hires Gregory K. Stern P.C. as Bankruptcy Counsel ------------------------------------------------------------------ EDB Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Dennis E. Quaid, Monica C. O'Brien and Rachel S. Sandler, and Gregory K. Stern of Gregory K. Stern, P.C. as attorneys. The firm's services include: (a) reviewing assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) preparing list of creditors, list of twenty largest unsecured creditors, schedules and statement of financial affairs; (c) advice the Debtor with respect to its powers and duties as Debtor in Possession in the operation and management of his financial affairs; (d) assisting in the preparation of schedules, statement of affairs and other necessary documents; (e) preparing applications to employ attorneys, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motions for use, sale or lease of property, motion to assume or reject executory contracts, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (f) negotiating with creditors and other parties in interest, attending court hearings, meetings of creditors and meetings with other parties in interest; (g) reviewing proofs of claim and solicitation of creditors' acceptances of plan; and, (h) performing all other legal services for the Debtor, as Debtor in Possession, which may be necessary or in furtherance of his reorganizational goals. The attorneys received a retainer in the amount of $16,738. The attorneys will be paid at these rates: Gregory K. Stern $650 Dennis E. Quaid $550 Monica C. O'Brien $550 Rachel S. Sandler $450 The attorneys are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The attorneys can be reached at: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Phone: (312) 427-1558 About EDB Investments LLC EDB Investments, LLC, doing business as D.A.'s Corn Beef Stand, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16172) on October 21, 2025. Janice Seyedin serves as Subchapter V trustee. At the time of the filing, the Debtor listed up to $50,000 in assets and between $500,001 and $1 million in liabilities. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. EMPIRE TODAY: Moody's Withdraws 'Caa3' Corporate Family Rating -------------------------------------------------------------- Moody's Ratings withdrew all of Empire Today, LLC's ("Empire") ratings including its Caa3 corporate family rating, Caa3-PD probability of default rating and the Caa2 ratings on the company's senior secured revolving credit facility and senior secured first out term loans (Tranche A and Tranche B). In addition, Moody's have withdrawn the Ca ratings on its senior secured second out term loan and senior secured term loan as well as its stable outlook. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because of inadequate information to monitor the rating(s), due to the issuer's decision to cease participation in the rating process. Headquartered in Northlake, IL, Empire Today, LLC is majority-owned by Charlesbank Capital Partners and is a specialty contractor and retailer of carpet and hard surfaces flooring. The company offers shop-at-home sales in the largest metropolitan markets in the US. Revenue is about $720 million for the LTM ended June 30, 2025. EPIPHANY INVESTMENTS: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Epiphany Investments Group Limited Liability Company Epiphany Investment Group, LLC 9550 Spring Green Blvd # 408-112 Katy, TX 77494-3758 Business Description: Epiphany Investments Group Limited Liability Company invests in and renovates residential real estate in Texas. Chapter 11 Petition Date: November 4, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-36653 Judge: Eduardo V Rodriguez Debtor's Counsel: Aaron W. McCardell, Sr., Esq. THE MCCARDELL LAW FIRM, PLLC 440 Louisiana Houston TX 77002 Tel: (713) 236-8736 Email: amccardell@mccardelllaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Arlisa J. Hayes as managing member. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OFVNCOQ/Epiphany_Investments_Group_Limited__txsbke-25-36653__0001.0.pdf?mcid=tGE4TAMA EQUITY 833: Seeks Chapter 11 Bankruptcy in Indiana -------------------------------------------------- Equity 833 LLC filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Northern District of Indiana on November 11, 2025. The company reported liabilities ranging from $1 million to $10 million, with a total of 1–49 creditors listed. About Equity 833 LLC Equity 833 LLC is a single asset real estate company. Equity 833 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22333) on November 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James R. Ahler handles the case. The Debtor is represented by Shawn D. Cox, Esq. of Hodges and Davis P.C. ESSENTIALS MASSAGE: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Essentials Massage and Facials of Trinity 54, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The third interim order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. This authorization will continue until further order of the court. As adequate protection, each creditor that may have a security interest in the cash collateral will be granted a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. Moreover, the Debtor was ordered to keep its property insured as further protection. The next hearing is scheduled for February 5, 2026. As of the petition date, the Debtor had cash on hand of approximately $26,443.57 and had $1,073.25 in short-term accounts receivable, which constitute cash collateral. The Debtor identifies a single secured creditor -- the U.S. Small Business Administration -- which may have a blanket lien on its assets although it disputes the validity or amount of that lien. About Essentials Massage and Facials of Trinity 54 Essentials Massage and Facials of Trinity 54, LLC operates a wellness and beauty spa offering massages, facials, body sculpting, and spa packages. It provides customized, results-focused treatments that blend relaxation with aesthetic goals. It serves clients from its location in Trinity, Florida. Essentials Massage sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03987) on June 13, 2025. In its petition, the Debtor reported total assets of $33,228 and total liabilities of $8,225,240. Judge Roberta A. Colton handles the case. The Debtor is represented by Kristina Feher, Esq., at Feher Law, PLLC. EUCLID REALTY: Seeks Ch. 11 Bankruptcy in the District of Columbia ------------------------------------------------------------------ On November 11, 2025, Euclid Realty Capital V LLC initiated a Chapter 11 bankruptcy case in the District of Columbia. Court filings indicate the company holds liabilities of $1 million to $10 million and has 1–49 creditors. About Euclid Realty Capital V LLC Euclid Realty Capital V LLC is a single asset real estate company. Euclid Realty Capital V LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00518) on November 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Jeffery T. Martin, Esq. of Martin Law Group, P.C. F-STAR SOCORRO: Hires Stretto Inc as Claims and Noticing Agent -------------------------------------------------------------- F-Star Socorro, L.P. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will seek reimbursement for expenses incurred. The firm received an advance payment of $20,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About F-Star Socorro, L.P. F-Star Socorro, L.P. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90607) on November 4, 2025, listing up to $50,000 in both assets and liabilities. Judge Alfredo R Perez presides over the case. Nicholas J Hendrix, Esq. at O'Melveny & Myers LLP represented the Debtor as counsel. FELT & FAT: Seeks to Sell Ceramic Business at Auction ----------------------------------------------------- Felt and Fatt LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company organized under the laws of the Commonwealth of Pennsylvania. The Debtor is an innovative and collaborative ceramic design and manufacturing hub that provides manufacturing jobs to its local community in Kensington, Philadelphia, Pennsylvania. The Debtor's Class A Member is Nate Mell. The Debtor has additional Class B and C non-voting members and Class D is also non-voting with certain veto rights. The Debtor seeks authorization to sell substantially all of its assets to the Buyer, for its cash on hand or accounts receivables as of the closing. In connection with the with proposed sale of the Assets, the Buyer anticipates providing funds to the Debtor as part of the purchase price to satisfy accrued paid time off for the Debtor's employees that are hired by the Buyer. The debtor received an EIDL loan from the U.S. Small Business Administration in the amount of $150,000. Other lienholders of the Debtor's Property are PIDC Community Capital, United Bank of Philadelphia, PNC Bank, and Citizens Bank N.A. On November 10, 2025, an entity to be formed by Figgio AS, (Buyer), a company located in Norway and formed under the laws of Norway, or its nominee, submitted a letter of intent to purchase the Assets for a cash price of $275,000. The Debtor seeks to sell the Assets subject to higher and better offers. Any party, who wishes to complies with the bidding procedures, wishing to submit a higher or better offer for the Assets may do so in advance of the hearing on the Sale Motion. The Debtor seeks entry of an order approving bidding procedures to encourage serious offers for the Assets and promote a productive sale hearing. Any party desiring to make a bid for the Property shall submit a bid in writing by 5:00 p.m. on December 8, 2025 to counsel for the Debtor, Ciardi, Ciardi & Astin, 1905 Spruce Street Philadelphia, Pennsylvania 19103. The bidder shall have the obligation to confirm its bid status. The minimum bid will be $325,000. To the extent the Debtor receives more than one qualifying bid, the Debtor may hold an auction by Zoom or other virtual means on December 10, 2025 at a mutually agreed time to allow bidding to occur outside of the Court in a more efficient manner. Any initial counter bid for the Assets must exceed the purchase price by $50,000 and all bid increments shall be at least $25,000. The Property is being conveyed "as is". To the extent the Debtor ultimately contracts to sell the Assets to a competing bidder, the Debtor recognizes the Buyer as "stalking horse" and thus has agreed to a break-up fee in the amount of at least $13,750 payable to the Buyer at closing. The Debtor believes that the Buyer's offer sets a minimum purchase price which is fair and equitable for estate. The sale of the Debtor's Assets, excluding cash and accounts, provides for the highest possible recovery to creditors and the retention of 22 jobs. About Felt and Fatt LLC Felt and Fatt LLC is an innovative and collaborative ceramic design and manufacturing hub that provides manufacturing jobs to its local community in Kensington, Philadelphia, Pennsylvania. Felt and Fatt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pen. Bankruptcy No. 25-14162 (PMM)) on October 14, 2025. Judge Patricia M. Mayer presides over the case. Albert Anthony Ciardi III at Ciardi Ciardi & Astin, represents the Debtor as legal counsel. FIRST BRANDS: Secures Court OK to Tap $600MM Bankruptcy Loan ------------------------------------------------------------ Alicia McElhaney of The Wall Street Journal reports that First Brands Group has secured final court approval to access the remainder of its $1.1 billion bankruptcy loan, a move the company said was essential to maintaining operations during its restructuring. U.S. Bankruptcy Judge Christopher Lopez in Houston authorized the auto-parts manufacturer to draw the remaining $600 million of debtor-in-possession financing on Friday, following negotiations with lenders and trade financiers. Attorneys for First Brands told the court that without the funding, the company would be forced to liquidate, calling the loan the "only path forward." The Chapter 11 case, filed in late September, revealed more than $10 billion in liabilities and major accounting discrepancies that prompted lenders to accuse the company of fraud. Court filings indicate that nearly $2 billion in assets are currently unaccounted for, according to report. A group of hedge funds agreed to provide the $1.1 billion DIP loan and roll up $3.3 billion of existing debt into the new facility. Judge Lopez acknowledged the size of the roll-up was unusual but said it was necessary given the lack of alternative financing. Prior objectors, including Onset Financial, Evolution Credit Partners, and Raistone, reached settlements with First Brands before Friday's, November 7, 2025, ruling, the report states. Revisions to the loan ensure $200 million is reserved for administrative expenses and remove provisions that would have given DIP lenders preferential treatment over secured creditors. The company's attention will now shift to its ongoing litigation against former CEO Patrick James, who allegedly diverted company funds for personal luxuries—a claim he has denied, blaming industry headwinds instead, the report relays. About First Brands Group 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. FIRST CLASS: Gets Final OK to Use Cash Collateral ------------------------------------------------- First Class Moving Systems, Inc. and its affiliates received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The final order authorized the Debtors to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in their budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by lenders. This authorization will continue until further order of the court. As adequate protection, Valley National Bank, De Lage Landen Financial Services, Inc. and the U.S. Small Business Administration will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. Moreover, Valley National Bank will receive monthly payments on secured loans totaling $6,934.31 as additional protection. As of the petition date, the Debtors' cash collateral was comprised of cash, accounts receivable, and inventory in the aggregate amount of $2.285 million. The SBA asserts a blanket lien on the assets including cash, deposit accounts, and accounts receivable of First Class while De Lage Landen Financial Services asserts blanket liens on the cash collateral of Capital Asset Finance, Inc. Meanwhile, Valley National Bank asserts blanket liens on the assets of First Class and the cash collateral of Capital Asset Finance, First Class Moving of South Florida and FC Equipment Leasing, Inc. A copy of the final order and the Debtor's budget is available at https://shorturl.at/Daol1 from PacerMonitor.com. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. It has locations in Tampa, Miami/Fort Lauderdale; Gulfport, Miss.; Orlando, Fla.; and Bound Brook, N.J. First Class Moving Systems and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, First Class Moving Systems reported between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the cases. The Debtors are represented by Scott A. Stichter, Esq., and Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. Valley National Bank, as lender, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com FIRSTBASE.IO INC: Court Confirms Harbor's Proposed Chapter 11 Plan ------------------------------------------------------------------ The Honorable Lisa G. Beckerman of the United States Bankruptcy Court for the Southern District of New York overrules the objections of Firstbase.io, Inc., the debtor and debtor-in-possession, and Novel Capital, Inc. to the confirmation of creditor Harbor Business Compliance Corporation's proposed chapter 11 plan. The Court confirms the Plan. The Debtor and Novel both objected to the classification of unsecured claims into three separate classes (including a convenience class). According to the Court, the reason that the claims in Class 3 were separately classified from the claims in Class 4 and Class 5 was not gerrymandering. Rather, it was because Class 5 is for convenience in distribution by dealing with creditors with small claims who want to accept a certain small cash payment. Harbor offered claims in Class 3 the alternative of receiving equity in the Reorganized Debtor, or to receive cash and to participate in the plan trust which will control the prosecution of various causes of action. Harbor will not participate in the plan trust and was not afforded the opportunity to receive cash and proceeds from the plan trust; such differential treatment provides a sufficiently rational justification for Class 4's separate classification. As such, the classification set forth in the Plan complies with the requirements of section 1122. The Court overrules the Debtor and Novel's objection to classification. The Debtor and Novel argue the Plan was not proposed in good faith because, among other things, there was no robust marketing process of the business. The Court does not find the Plan to be proposed in bad faith. Even though there may be possible other alternatives, the Debtor simply does not have the cash to fund this case for another two to three months to explore them -- and even if it did have the cash, there is no certainty that the result would be better, and there is a reasonable chance that it could be worse. Accordingly, the Court finds that the Plan satisfies the requirements of section 1129(a)(3). Classes 3, 4, 5 and 6 are the only Impaired classes of Claims or Interests under the Plan. All Holders of Claims in Classes 4 and 5 voted in favor of the Plan so the best interests test is not applicable to any Holders of Claims in those classes. Claims in Class 3 voted against the Plan. So, the issue is whether the recovery under the Plan exceeds that under the hypothetical liquidation analysis. The Debtor has asserted that there is no value attributable in the liquidation analysis to the Debtor's software or two trademarks and URLs that the Debtor owns. The Court did not find the Debtor's argument that there could be a going-concern sale in a hypothetical chapter 7 to be persuasive. However, the Court believes that some value should be attributable to the two trademarks and URLs. According to the Court, there would be no distribution available for unsecured creditors or equity in a hypothetical chapter 7 liquidation. But there is under the Plan. Thus, the best interests test has been satisfied as Class 3 will receive at least as much as they would receive under the Plan as they would in a hypothetical chapter 7 liquidation. Accordingly, the Court finds that the Plan complies with the requirements of section 1129(a)(7). Classes 4 and 5 voted unanimously in favor of the proposed plan of reorganization. But, the Court will have to proceed to confirm this Plan through cram down with respect to Classes 3 and 6. The holders of Claims in Classes 4 and 5 have overwhelmingly voted to accept the Plan with no votes of insiders. Accordingly, the Plan satisfies the requirements of section 1129(a)(10) of the Bankruptcy Code. The Plan Proponent and their advisors have analyzed the Plan Proponent's ability to meet its obligations under the Plan and allow the Reorganized Debtor to continue as a going concern. In order for the equity to have any conceivable value, the enterprise valuation would have to exceed the $25.7 million in administrative, priority and unsecured claims without including any rejection damages claims. The Court does not believe that the enterprise value of the Debtor exceeds that threshold (or even comes close to it). In addition to the valuation dispute, the Debtor and Novel objected to the feasibility of the Plan based upon the ability of Harbor's management to operate the Debtor's business. While the Court agrees that Harbor will not be as well liked as another acquirer, the testimony at the confirmation hearing was that Harbor's business has similar products to certain of the Debtor's products, so it is hard to understand the Debtor's argument that Harbor's management is incapable of taking over the Debtor's business, even if there is a steep learning curve. The Court does not find Harbor's management to be incompetent or incapable, despite the fact that they do not have all of the experience of the Debtor's management with respect to the Debtor's business. Thus, the Court does not find that the plan is infeasible because of Harbor's management team. As the acquirer, Harbor (and to a lesser degree Novel) is bearing the risk of a successful transition, along with the Debtor's work force, vendors and customers. The Court expects the Debtor's management to acquit their fiduciary duties with the transition process. Accordingly, the Court rules that the Plan satisfies the feasibility test. The Court approved the Disclosure Statement as containing adequate information and certain solicitation procedures. However, the Court will not grant the Plan Proponent's request for a waiver of the 14-day stay of the confirmation order. A copy of the Court's Bench Memorandum dated November 3, 2025, is available at https://urlcurt.com/u?l=XohvbV from PacerMonitor.com. Attorneys for the Debtor: Dawn Kirby, Esq. Dana Patricia Brescia, Esq. Khyati Tuli, Esq. KIRBY AISER & CURLEY LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 E-mail: dkirby@kacllp.com Attorneys for Harbor Business Compliance Corporation: Matthew Faranda-Diedrich, Esq. Mark F. Skapof, Esq. Marc E. Hirschfield, Esq. ROYER COOPER COHEN BRAUNFELD LLC 1120 Avenue of the Americas, 4th Floor New York, NY 11102 E-mail: mfd@rccblaw.com mskapof@rccblaw.com mhirschfield@rccblaw.com Attorneys for Novel Capital, Inc.: Jennifer Kriss Pollan, Esq. HUSCH BLACKWELL 4801 Main Street Kansas City, MO 64112 E-mail: jennifer.pollan@huschblackwell.com About Firstbase.io Inc. Firstbase.io, Inc. is a technology company that provides business formation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11647) with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. FMC CORP: Moody's Puts 'Ba1' Sub. Notes Under Review for Downgrade ------------------------------------------------------------------ Moody's Ratings placed the ratings of FMC Corporation (FMC) under review for downgrade, including its Baa3 senior unsecured ratings, Baa3 backed industrial revenue bond rating, issued by Power County Industrial Development Corp., Ba1 subordinated notes rating and Prime-3 senior unsecured commercial paper rating. These actions follow the company's third quarter results where it lowered expectation for its performance for the full year and did not provide an indication of the potential impact on its performance in 2026. Previously, the outlook was stable. ESG considerations are a key driver for this action. Governance risks have increased as increased competition in agricultural chemicals have eroded management's track record and made it more difficult to sustain prior financial policies and credit metrics. "The review will focus on getting a better understanding of the actions that the company can take to ensure metrics return to investment grade levels within 18-24 months even in the event that profitability declines from current levels in 2026," said John Rogers, Senior Vice President at Moody's Ratings and lead analyst on FMC Corporation. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on what actions management can take beyond divesting its business in India to reduce debt in the event that competitive pressures continue to mount in Latin America and Asia and understand the one-time costs involved in the redesign of its manufacturing footprint for its non-diamide legacy portfolio and cost reductions in Asia, as well as any other items that could impact free cash flow in 2026. FMC's third quarter results were negatively impacted by actions taken to set up its agricultural chemicals business in India for divestiture. Excluding this extraordinary charge, EBITDA improved versus the year ago quarter. However, selling prices continued to decline and working capital increased by roughly $350 million, which caused debt to increase by almost $400 million. In addition, the company lowered its profit forecast for the full year and its expectation for free cash flow due to increased competition in Latin America and Asia. On a positive note, the company cut its dividend by 80% to further prioritize debt reduction and ensure that it will be able to generate meaningful free cash flow in 2026. As a result of the weaker results in 2025 and uncertainty over the outlook for 2026, FMC will pursue another amendment to its credit facility to ensure continuing access. The facility supports its ability to fund it sizable seasonal working capital requirements. Once the company obtains this amendment, it should continue to have good liquidity, due to a sizable cash balance and access to the facility along with access to other international facilities. In the fourth quarter of 2025, if the company can liquidate its excess inventory and get a larger than normal benefit from working capital, debt could decline to below $3.5 billion, but leverage would still be over 4.0x. In 2026, if profitability doesn't decline further and competitive pressures don't continue to increase, the divestiture of Indian business along with free cash flow could enable the company to reduce debt by upwards of $600 million. This would get credit metrics much closer to levels that would support an investment grade rating by the end of 2026 and should allow the company to reach those metrics in 2027. However, at the current time, Moody's remained concerned that competitive pressures will continue to adversely impact financial performance in 2026 and that management may need to take additional actions to ensure that credit metrics return to more reasonable levels by the end of 2027. The ratings could be downgraded if lower selling prices or weak volumes are expected to prevent a recovery in credit metrics over the next 4-5 quarters with Moody's adjusted Debt/EBITDA falling below 3.5x and Retained Cash Flow/Debt rising above 15%. The Baa3 ratings expect that FMC's credit metrics will be closer to 3.0x, and 20%, respectively, most of the time. It also assumes that EBITDA margins will rise back above 20%. An upgrade of the ratings is highly unlikely at the current time due to the company's weak credit metrics. However, an upgrade would be considered if Moody's adjusted Debt/EBITDA were to decline below 2.8x on a sustained basis and Retained Cash Flow/Debt were to remain above 20%. ESG CONSIDERATIONS FMC's CIS-3 indicates that ESG considerations have a limited impact on the current rating with potential for greater negative impact over time. Environmental risks related waste and pollution require ongoing spending, and physical climate risks that impact agricultural sector demand can create volatility in revenues and earnings. Social risk are also significant as the high toxicity of most agricultural chemicals and their potential impact on the environment results in highly negative social risks, however, these products are highly regulated and the company is one of five global producers with R&D capabilities to introduce new active ingredients as regulatory scrutiny increases over older chemistries. Governance risk score of 3 reflects elevated risks due to increased industry competition that has made it difficult for management to maintain profitability and achieve targeted credit metrics. Headquartered in Philadelphia, Pennsylvania, FMC Corporation is an agricultural chemicals producer with 21 production sites globally, including five in North America, six in EMEA, nine in Asia and one in Latin America. The company has active ingredient manufacturing in Denmark, India, China and the US It has annual revenues of $3-4 billion. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. FRESH START: Seeks to Hire Payne Law Firm as Bankruptcy Counsel --------------------------------------------------------------- Fresh Start Facility Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Payne Law Firm as counsel. The firm will render these services: a. advise and consult with the Debtor-in-Possession regarding questions arising from certain contract negotiations which will occur during the operation of business by the Debtor-in-Possession; b. evaluate and attack claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; c. appear in, prosecute, or defend suits and proceedings, and to take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; d. represent the Debtor in court hearings and to assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in this proceeding; e. advise and consult with Debtor in connection with any reorganization plan which may be proposed in this proceeding and any matters concerning Debtor which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and f. perform such other legal services on behalf of Debtor as they become necessary in this proceeding. The firm will be paid at these rates: Jerome C. Payne $450 per hour Associates $300 per hour Paralegals $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jerome Payne, Esq., a partner at Payne Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jerome C. Payne, Esq. Payne Law Firm 3525 Ridge Meadow Parkway, Suite 100 Memphis, TN 38115 Tel: (901) 794-0884 Fax: (901) 235-1246 Email: jerpaynelaw@gmail.com About Fresh Start Facility Services Inc. Fresh Start Facility Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25165) on October 9, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Denise E. Barnett presides over the case. Jerome C. Payne, Esq. at Payne Law Firm represents the Debtor as bankruptcy counsel. FUNKO INC: Reports $948,000 Net Income in 2025 Q3 ------------------------------------------------- Funko, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $948,000 and $4.3 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 $67.2 million and $13.2 million, respectively. Net sales for the three months ended September 30, 2025 and 2024, were $250.9 million and $292.8 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $635.1 million and $756.1 million, respectively. The Company had an accumulated deficit of $176 million as of September 30, 2025. As of September 30, 2025, the Company had $699.3 million in total assets, $515.7 million in total liabilities, and $183.6 million in total stockholders' equity. "We delivered a solid 2025 third quarter performance, with net sales in line with internal expectations and gross margin and bottom-line profitability well ahead of expectations," said Josh Simon, Chief Executive Officer of Funko. "Sales of our Bitty Pop! line, which made Walmart's 2025 Top Toy List, was a key contributor, and our strong gross margin benefited from the swift implementation earlier this year of our tariff mitigation plans. "I'm only 60 days into the role, but it's already clear how powerful the Funko brand is and how much growth opportunity lies ahead. Our Make Culture POP! strategy is all about being at the center of the moments everyone is talking about. Beginning with lightning-fast launches like KPop Demon Hunters--where we'll be one of the only licensees on shelves this holiday season--we're moving fast to turn pop culture into products, expanding into new fandoms, delivering bold retail experiences, and celebrating the creativity that makes Funko unique." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/529nw64s About Funko, Inc. Funko, Inc. is a global pop culture lifestyle brand, with a diverse collection of brands, including Funko, Loungefly, and Mondo, and an industry-leading portfolio of licenses. Funko delivers industry-defining products that span vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art, and music collectibles, many of which are at the forefront of the growing Kidult economy. Through these products, which include the iconic original Pop! line, Bitty Pop!, and Pop! Yourself, Funko inspires fans across the globe to express their passions, build community, and have fun. Founded in 1998 and headquartered in Washington state, Funko has offices, retail locations, operations, and licensed partnerships in major consumer geographies across the globe. Learn more at Funko.com, Loungefly.com, MondoShop.com, and follow us on TikTok, X, and Instagram. As of June 30, 2025, the Company had $694.91 million in total assets, $512.83 million in total liabilities, and $182.08 million in total stockholders' equity. As of September 30, 2025, the Company had $699.3 million in total assets, $515.7 million in total liabilities, and $183.6 million in total stockholders' equity. In the quarterly report, Management evaluated the Company's future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the Financial Covenants under its Credit Agreement for the 12 months from the date of issuance of the financial statements and determined that, the Company is forecasting that it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants as of the end of the fiscal quarter ending December 31, 2025 and future fiscal quarters and potentially will not be in compliance with the covenants with respect to a Refinancing Transaction or a Sale Transaction. In addition, based on the forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next 12 months and, relatedly, it may not be in compliance with its minimum Qualified Cash covenant in future periods. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. GAV REST: Seeks Subchapter V Bankruptcy in New York --------------------------------------------------- On November 11, 2025, GAV Rest. Corp. voluntarily filed for Chapter 11 bankruptcy in the Eastern District of New York. According to the petition, the company's liabilities fall between $100,001 and $1,000,000, with 1 to 49 creditors reported. About GAV Rest. Corp. GAV Rest. Corp. operates in the restaurant industry. GAV Rest. Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45403) on November 11, 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 Elizabeth S. Stong handles the case. The Debtor is represented by Lawrence Morrison, Esq. GEORGES REALTY: James LaMontagne Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for Georges Realty, LLC. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About Georges Realty LLC Georges Realty, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4, 2025, listing between $1 million and $10 million in assets and liabilities. William S. Gannon, Esq. at William S. Gannon PLLC represents the Debtor as legal counsel. GIRARDI & KEESE: Edelson Submits Revised Dismissal in Atty Suit --------------------------------------------------------------- Andrea Keckley of Law360 reports that Edelson PC has moved to end its conversion suit against two ex-Girardi Keese attorneys by filing what it described as a "clean and unadulterated" dismissal, after an Illinois federal judge rejected an earlier attempt. The court previously objected to language Edelson had included that went beyond a simple withdrawal. The judge directed Edelson to refile the dismissal in accordance with federal procedure, reminding the firm that voluntary dismissals must be straightforward and unconditional. Edelson complied with the order, submitting a revised filing that removed the contested language, the report states. The updated dismissal formally ends that portion of Edelson's case against the former Girardi Keese lawyers, though broader claims surrounding the defunct firm's alleged financial misconduct continue to unfold in related proceedings, the report cites. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLASS MANAGEMENT: Court Extends Cash Collateral Access to Nov. 30 ----------------------------------------------------------------- Glass Management Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of Old National Bank. The Debtor was authorized to use cash collateral until November 30 to pay the expenses set forth in its budget, plus an amount not to exceed 10% for each line item The Debtor projects total operational expenses of $206,292.61. Old National Bank's interest in the assets will be protected by replacement liens on post-petition assets, according to the interim order penned by Judge Janet Baer. The bank will also be granted a superpriority administrative expense claim in case of diminution in value of its collateral and will continue to receive monthly payments of $30,000 from the Debtor, which the bank can automatically debit from the Debtor's account. The monthly payments started in December last year. As further protection, the Debtor was ordered to keep the bank's collateral insured. The next hearing is scheduled for November 26. Old National Bank is the holder of two loans made to the Debtor. The loans are secured by a first priority security interest over all business assets of the Debtor granted to the bank. As of September 25, 2024, the balance due in the aggregate against each of the loans was not less than $4,046,480.56. About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Judge Janet S. Baer presides the case. The Debtor tapped David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel and Allocco, Miller & Cahill, PC as special labor counsel. Old National Bank, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com GLOBALSTAR INC: Reports $1.1MM Net Income in 2025 Q3 ---------------------------------------------------- Globalstar Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $1.1 million and $9.9 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 $2.97 million and a net loss of $12.95 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $73.85 million and $72.31 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $201.03 million and $189.17 million, respectively. The Company had an accumulated deficit of $2.13 billion as of September 30, 2025. As of September 30, 2025, the Company had $2.2 billion in total assets, $1.8 billion in total liabilities, and $363.8 million in total stockholders' equity. "We are pleased with the significant progress we have made in the third quarter," said Globalstar CEO, Dr. Paul E. Jacobs. "Our strong financial results reflect the team's successful execution of our business plan and product roadmap, from expanding our global ground infrastructure and progressing our next-generation C-3 satellite system, to launching our two-way Commercial IoT device on a global basis and advancing XCOM RAN sales through completion of a new supply agreement and receipt of an initial order from a new warehouse automation customer. We believe these milestones reflect the trust of our partners, the strength of our products and technologies, and the growing demand for Globalstar's satellite and terrestrial connectivity solutions. As our pace of focused innovation accelerates on the ground, in the sky and in space, we are attracting new partners and expanding our opportunities with existing ones." Dr. Jacobs continued, "This is an exciting time to be in the satellite connectivity industry, and our globally harmonized spectrum offers enormous potential. Recent sales of assets with less global coverage indicated values that reflect very well on Globalstar's assets. New innovations in the satellite industry and across the telecommunications ecosystem, coupled with our unique global spectrum bands, can drive disruptive service models that will benefit customers, enterprises and governments worldwide." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/9kaacw5 About Globalstar Inc. Headquartered in Covington, Louisiana, Globalstar Inc. provides Mobile Satellite Services including voice and data communications services globally via satellite. The Company offers these services over its network of in-orbit satellites and its active ground stations, which the Company refers to collectively as the Globalstar System. In addition to supporting Internet of Things data transmissions in a variety of applications, the Company provides reliable connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. As of September 30, 2025, the Company had $2.2 billion in total assets, $1.8 billion in total liabilities, and $363.8 million in total stockholders' equity. * * * Egan-Jones Ratings Company on January 15, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Globalstar, Inc. to CCC-from CC. GLUTALITY GLOBAL: Carol Fox Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Glutality Global Holdings, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Glutality Global Holdings Glutality Global Holdings, LLC and its affiliated companies operate in the healthcare technology and services sector, focusing on diabetes care and remote patient monitoring. The group integrates medical devices such as glucometers, scales, and blood pressure cuffs with its cloud-based Diabetes Management Platform to enable at-home monitoring using patient-generated health data. Headquartered in Boca Raton, Florida, the companies provide healthcare solutions across the United States through a network of affiliated provider entities. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-22984) on October 31, 2025. In the petition signed by Anu Pardeshi, chief restructuring officer, lead Debtor Glutality Global Holdings, LLC disclosed $0 in assets and $2,677,722 in liabilities. Sam Health, LLC listed $1,274,564 in assets and $3,192,539 in liabilities. Welco Track Services listed $0 in assets and $2,018,975 in liabilities. Stride Slim, LLC listed $23 in assets and $0 in liabilities. Glutality Provider Group, P.A. listed $1,136,839 in assets and $495,947 in liabilities. Judge Mindy A. Mora presides over the cases. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtors as bankruptcy counsel. GRACE BAPTIST: Section 341(a) Meeting of Creditors on December 4 ---------------------------------------------------------------- On October 27, 2025, Grace Baptist Church St. Lucie Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. Meeting of Creditors to be Held on 12/4/2025 at 08:30 AM by TELEPHONE About Grace Baptist Church St. Lucie Inc. Grace Baptist Church St. Lucie Inc., based on SE Lennard Road in Port Saint Lucie, Florida, delivers religious services and community-focused programs for a diverse, multi-generational congregation, including worship services, Bible studies, and children's activities, and functions within the U.S. religious institutions sector. Grace Baptist Church St. Lucie Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22641) on October 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Tarek K Kiem, Esq. of KIEM LAW PLLC. HALL OF FAME: Amends Note Maturity to Tie with CHCL Merger Closing ------------------------------------------------------------------ Hall of Fame Resort & Entertainment Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 31, 2025, the Company, and its subsidiaries HOF Village Newco, LLC, HOF Village Retail I, LLC, and HOF Village Retail II, LLC, all Delaware limited liability companies, entered into a Thirteenth Amendment to Note and Security Agreement, with CH Capital Lending, LLC, a Delaware limited liability company. CHCL is an affiliate of Stuart Lichter, a director of the Company. The Thirteenth Amendment modifies the definition of "Maturity Date" in Section 1 of the Note (as amended prior to the Thirteenth Amendment) to mean the earliest to occur of: (i) the closing of the transactions contemplated by that certain Agreement and Plan of Merger, dated May 7, 2025, by and among the Company, HOFV Holdings, LLC, Omaha Merger Sub, Inc., and CHCL solely as guarantor, (ii) the Termination Date (as defined in the Merger Agreement), and (iii) the occurrence of an Event of Default (as defined in the Note). The Borrowers may be reached by: Lisa Gould Executive Vice President of Business Administration Hall of Fame Resort & Entertainment Company 2626 Fulton Drive NW Canton, OH 44718 Tel: (412) 960-4687 The Lender may be reached by: Richard H. Klein Chief Financial Officer Holdings SPE Manager, LLC, its Manager CH CAPITAL LENDING, LLC A full-text copy of the Thirteenth Amendment to Note & Security Agreement is available at https://tinyurl.com/3cyczttd About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HAPI METAVERSE: $1.5MM Loss in Q3; Alset Eases Going Concern Doubt ------------------------------------------------------------------ Hapi Metaverse Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.5 million and $399,258 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 $2.7 million and $3.2 million, respectively. Total revenues for the three months ended September 30, 2025 and 2024, were $73,728 and $75,489, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $201,558 and $209,745, respectively. The Company had an accumulated deficit of $20.5 million as of September 30, 2025. In the three months ended September 30, 2025, the Company incurred a negative working capital of $1.1 million. In the nine months ended September 30, 2025, the Company used $953,276 of net cash in operating activities. Current conditions raise substantial doubt about the Company's ability to continue as a going concern. However, management expects improvement in the Food and Beverage business and anticipates that ongoing financial support from Alset Inc. will provide sufficient liquidity to meet the Company's obligations for the foreseeable future, thereby alleviating such doubt. The Company has obtained a letter of financial support from Alset Inc., the Company's corporate parent. Alset Inc. is committed to provide any additional funding required by the Company and would not demand repayment for the next 12 months from the filing of the Company's Form 10-Q. As of September 30, 2025, the Company had $2.2 million in total assets, $3.3 million in total liabilities, and $1.1 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc6xr3tc About Hapi Metaverse Bethesda, Md.-based Hapi Metaverse Inc., formerly GigWorld Inc. was incorporated in the State of Delaware on March 7, 2012 and established a fiscal year end of December 31. The Company's business is focused on serving business-to-business needs in e-commerce, collaboration and social networking functions. The Company also started its Food and Beverage business in 2022 and its travel business in 2023. Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Apr. 4, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant accumulated operating losses, negative cash flows from operations, and working capital deficit raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $3.2 million in total assets, $3.3 million in total liabilities, and a total stockholders' deficit of $116,435. As of September 30, 2025, the Company had $2.2 million in total assets, $3.3 million in total liabilities, and $1.1 million in total stockholders' deficit. HARDWOOD RESTAURANT: Court OKs Deal to Use E3's Cash Collateral --------------------------------------------------------------- Hardwood Restaurant Holdings, LLC received court approval for a deal that allows it to use the cash collateral of its landlord, E3 Realty, LLC, to operate its restaurant in Culver City. The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation authorizing the Debtor to use E3 Realty's cash collateral from November 1 to January 31, 2026, or until confirmation of its Chapter 11 plan, whichever occurs first. E3 Realty, the Debtor's sole secured creditor, holds a $103,131.78 claim against all assets of the Debtor, including cash collateral, under their lease agreement. Its cash collateral consists of income from the Debtor's restaurant operations. As adequate protection, E3 Realty will receive a monthly payment of $1,000 in addition to post-petition rents payable to the landlord. The stipulation is available at https://is.gd/26Tlg1 from PacerMonitor.com. About Hardwood Restaurant Holdings LLC Hardwood Restaurant Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19049) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq. HARDWOOD RESTAURANT: Hires Michael Jay Berger as Legal Counsel -------------------------------------------------------------- Hardwood Restaurant Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of Michael Jay Berger as counsel. The firm's services include: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of its estate; (b) represent the Debtor in proceedings and hearings in the bankruptcy court; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide the Debtor legal advice and assistance with respect to its powers and duties in the continued operation of its business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary legal documents on behalf of the Debtor; (g) advise the Debtor concerning the requirements of the Bankruptcy Code and the rules relating to the administration of this case and its duties in a Chapter 11 case; and (h) assist the Debtor in the preparation, negotiation, formulation, confirmation, prosecution, implementation and attain confirmation. The firm will be paid at these hourly rates: Michael Jay Berger, Partner $645 Sofya Davtyan, Partner $595 Angela Gill, Senior Associate $595 Robert Poteete, Associate $475 Senior Paralegals/Law Clerks $275 Paralegals $200 The firm shall receive a retainer in the amount of $25,000. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About Hardwood Restaurant Holdings LLC Hardwood Restaurant Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19049) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq. HIGH ZZEAZZZ: Hires Leisure Investment as Real Estate Broker ------------------------------------------------------------ High Zzeazzz, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Steven M. Ekovich of Leisure Investment Properties Group, LLC, as real estate broker. The services the broker will render are: a. advertise the Debtor's real property located at 110 Spinnaker Run Rd., Belhaven, NC 27810, for sale on various listing outlets, including but not limited commercial real estate websites, print media, client contacts, other media sources; b. receive offers and transmit those to the Debtor; c. advise the Debtor about the viability of each offer; and d. assist the Debtor in closing the transaction. The broker will receive these commission fees: a. a 10 percent commission on any gross sale price of less than $1,500,000; b. the commission will be reduced to 7 percent for any gross sale price between $1,500,001 and $2,500,000; c. a commission of 6 percent of any gross sale price between $2,500,001 and $5,000,000; d. a commission of 5 percent of any gross sale price between $5,000,001 and $7,000,000; e. a commission of 4 percent of any gross sale price between $7,000,001 and $10,000,000; f. a commission of 3.5 percent of any gross sale between $10,000,001 and $15,000,000; g. a commission of 3 percent of any gross sale price between $15,000,001 and $30,000,000; f. a commission of 2.5 percent of any gross sale price between $30,000,001 and $50,000,000; and g. a commission of 2 percent of any gross sale price above $50,000,001. Mr. Ekovich 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: Steven M. Eckovich Leisure Investment Properties Group, LLC 17539 Darby Lane Tampa, FL 33558 Tel: (301) 529-8454 About High Zzeazzz Inc. High Zzeazzz, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04096) on October 17, 2025, listing up to $10 million in both assets and liabilities. Stephen Zeltner, president of High Zzeazz, signed the petition. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. HUDSON PACIFIC: Reports $144.1 Million Net Loss in 2025 Q3 ---------------------------------------------------------- Hudson Pacific Properties, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $144.1 million and $107 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 $312.1 million and $207.9 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $186.6 million and $200.4 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $575.1 million and $632.4 million, respectively. As of September 30, 2025, the Company had $7.8 billion in total assets, $4.3 billion in total liabilities, and $3.4 billion in total stockholders' equity. Hudson Pacific disclosed that during the nine months ended September 30, 2025: -- there were $320.0 million of repayments on the unsecured revolving credit facility, net of borrowings. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes. -- the Company secured the Office Portfolio CMBS loan with an aggregate principal amount of $475.0 million. The loan is secured by six office properties, bears interest at SOFR + 3.76% and matures on April 9, 2027, with three optional one-year extensions permitting certain financial and other covenants are met. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving credit facility and to repay the $168.0 million loan secured by the Element LA property. -- the Company amended its unsecured revolving credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million. The Company then amended the agreement a second time, which resulted in an increase in the total capacity to $795.3 million and extended the maturity date for $462.0 million of the total commitments to December 31, 2028, with two optional six-month extensions at the sole discretion of the Company. -- the Company fully repaid its Series B, Series C and Series D notes. -- the Company issued in an underwritten public offering 237,553,442 shares of common stock and pre-funded warrants to purchase 71,863,597 shares of common stock. The gross proceeds from the offering amounted to $689.3 million. -- the Company refinanced its 1918 Eighth loan with a CMBS loan secured by the 1918 Eighth property with an aggregate principal balance of $285.0 million. The refinanced loan bears interest at a weighted average rate of 6.16% and matures on September 11, 2030. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/83f3wd2a About Hudson Pacific Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009, as a fully integrated, self-administered and self-managed real estate investment trust. Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. * * * In October 2025, S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP's recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. I-INSPIRE DANCE: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: I-Inspire Dance Inc. 1055 Howell Mill Road, 8th Floor Atlanta, GA 30318 Business Description: I-Inspire Dance Inc. operates a dance and entertainment studio in Atlanta, Georgia, offering classes, rehearsals, and production facilities for dance, film, and performance arts. The Company provides professional training programs and event space rentals for creative and community activities. It serves as a hub for performing artists and production teams in the local entertainment industry. Chapter 11 Petition Date: August 19, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-58261 Judge: Hon. Sage M Sigler Debtor's Counsel: Brad Fallon, Esq. FALLON LAW PC 1201 W. Peachtree St. NW, Suite 2625 Atlanta, GA 30309 Tel: (404) 849-2199 E-mail: brad@fallonbusinesslaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dennis Wimberly, Jr. as CEO. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AZHXUJI/I-Inspire_Dance_Inc__ganbke-25-58261__0032.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A662RWY/I-Inspire_Dance_Inc__ganbke-25-58261__0032.0.pdf?mcid=tGE4TAMA IMAGINE SCHOOL: Moody's Cuts Revenue Bond Rating to B3, Outlook Neg ------------------------------------------------------------------- Moody's Ratings has downgraded Imagine School at Land O'Lakes, FL's rating to B3 from B2; the outlook is negative. The school had $46 million of outstanding debt as of fiscal 2025, inclusive of parity debt issued for the Imagine School at Trinity project. The rating action concludes the review for possible downgrade initiated on August 05, 2025. The downgrade to B3 reflects the continued delay in opening the Trinity campus, resulting in enrollment and revenue growth well below projections. As debt service costs ramp up, the school is likely not to meet sum sufficient debt service coverage in fiscal 2026. Liquidity has also declined to very narrow levels and leverage is very high. RATINGS RATIONALE The B3 rating reflects materially constrained financial flexibility and elevated risk of missing 1x debt service coverage in fiscal 2026. The delayed opening of the Trinity campus has resulted in enrollment stagnation. The school's fiscal 2026 financial operations are dependent on a waiver of a portion of the management fees paid by the school and a short-term loan. The budget also depends on mid-year enrollment growth once the Trinity campus is open, which is not likely to materialize at scale within the remaining school year. Financial leverage is very high, and liquidity remains weak. Spendable cash and investments total approximately $1 million in fiscal 2025, covering just 2% of outstanding debt and equating to 46 monthly days cash on hand. While this is sufficient to meet the school's bond covenants for fiscal 2025, it provides very limited financial flexibility. The school is unlikely to meet bond covenants in fiscal 2026 and may need a waiver from bondholders to avoid default. The rating also incorporates several credit strengths, including Imagine Land O'Lakes' strong academic reputation, solid enrollment trends and student demand as well as good demographics within its service area. These factors support the potential for financial recovery-contingent on the successful opening of the Trinity campus and corresponding enrollment growth. RATING OUTLOOK The negative outlook reflects the school's exposure to risks associated with the Imagine Trinity campus project, particularly the challenge of capturing additional students mid-year to support operations in fiscal 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Reduction in financial leverage -- Enrollment and operating revenue growth that results in improved financial performance sufficient to provide at least 1.1x annual debt service coverage and sustained maintenance of at least 45 days cash on hand FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Continued declines in spendable cash and investments -- Violation of bond covenants due to the failure to maintain sufficient debt service coverage PROFILE The Imagine Pasco County LLC, affiliated with the nationally recognized nonprofit Imagine Schools, operates Imagine School at Land O'Lakes and Imagine School at Trinity. Imagine School at Land O'Lakes serves students in grade K-8 and reported $9.1 million in operating revenue and enrolled 916 students in fiscal 2025. The Imagine School at Trinity campus was expected to open in August 2024, but due to construction delays Trinity opened out of the Imagine Land O' Lakes campus for the 2025-26 school year. The Imagine School at Trinity campus has not opened to serves students, but it expected to do so in January 2026. The charters for Imagine Land O'Lakes and Imagine Trinity expire on June 30, 2028, and June 30, 2029, respectively. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. IMERYS TALC: Wins Bid to Establish Second Delaware Trust -------------------------------------------------------- Judge Laurie Selber Silverstein of the United States Bankruptcy Court for the District of Delaware granted the motion of Imerys Talc America, Inc. and its affiliated debtors for an order authorizing the establishment of a second Delaware trust. The Debtors are authorized to enter into the 2025 Trust Agreement. The 2025 Trust Agreement is approved and binding on all parties Wilmington Trust, National Association is the initial trustee and the initial administrator of the 2025 Trust. The Debtors are authorized to transfer the Trust Funds to the 2025 Trust to satisfy part of its existing liability to holders of Talc Personal Injury Claims. The 2025 Trust shall assume the Debtors' liabilities to holders of Talc Personal Injury Claims up to the amount of the Trust Funds plus any income earned thereon. A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=zRseih from PacerMonitor.com. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. The Debtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. In July 2025, the Court entered an order dismissing the Chapter 11 case of Imerys Talc Italy S.P.A. The remaining debtors are awaiting confirmation of their Chapter 11 plan. The Continued Confirmation Hearing is slated to resume on February 2, 2026, at 2:00 p.m. (prevailing Eastern Time). IMPACT SOLUTIONS: Gina Klump Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Impact Solutions LLC. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Impact Solutions LLC Impact Solutions, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-26172) on November 3, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Christopher D. Jaime presides over the case. INKED PLAYMATS: Unsecured Creditors to Split $205K in Plan ---------------------------------------------------------- Inked Playmats Corp. d/b/a Inked Gaming filed with the U.S. Bankruptcy Court for the Southern District of Florida a First Amended Small Business Plan of Reorganization under Subchapter V dated November 3, 2025. Founded in 2011, the Debtor is a direct-to-consumer e-commerce business that specializes in custom and branded tabletop and PC gaming accessories, such as mats, mousepads, and bags. The company serves both casual players and competitive gamers by offering the ability to upload personal artwork or choose from a curated catalog of designs by independent artists. Inked Gaming also provides print-on-demand and fulfillment services, supporting creators, influencers, and partner brands with custom product production and distribution. The Debtor filed this case because it had entered into multiple agreements with aggressive merchant cash advance lenders under extremely unfavorable terms. One such MCA lender's agreement, which is ostensibly governed by Connecticut law, enabled the lender to garnish the Debtor's operating account on an ex-parte basis with zero notice. Another MCA lender was seeking to complete a UCC sale of the Debtor's assets on April 15, 2025, a day after this Case was filed. These MCA lenders almost succeeded in putting the Debtor out of business. Based on the plan projections, the Debtor's monthly disposable income to be committed to the payment of claims for the 3-year period is $568,336.01. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the future profits and revenue of the Debtor. Class 6 consists of the Unsecured Claims of Artist Creditors. All artist claimants shall have the option of electing one of the following treatments: (1) payment of the allowed Class 12 claim in full, paid over two years in equal quarterly payments (without interest); or, (2) if the Class 12 artist claimant elects to forgive the full amount of their allowed Class 12 claim, the artist claimant shall be entitled to receive an increase of their royalty percentage from 10% to 20% on all future orders from the Debtor of all products featuring the specific artist's work. The allowed unsecured claims total $44,705.43. Any Class 12 artist claimant that does not make an election will receive the first option, payment on their claim as provided herein. Class 7 consists of General Unsecured Claims including the Deficiency Claims of Marlin Leasing Corporation, Bright Plastics, LLC. Every holder of a Class 13 non-priority (non-artist creditor claim) general unsecured claim against the Debtor shall receive its prorata share of $204,766.61. Payments shall be made quarterly and shall begin no later than ninety days following the Effective Date. This Class is impaired. All Equity Interests of the Debtor shall revest in Thomas Pool. The Debtor's Plan will be implemented through the Debtor's business operations and then payment to creditors from disposable income. A full-text copy of the First Amended Plan dated November 3, 2025 is available at https://urlcurt.com/u?l=g1Rrl2 from PacerMonitor.com at no charge. Attorneys for the Debtor: Philip Landau, Esq. Landau Law PLLC 3010 N. Military Trail, Suite 318 Boca Raton, FL 33131. Telephone: (561) 43-0802 Email: phil@landau.law About Inked Playmats Corp. Inked Playmats Corp. is a direct-to-consumer e-commerce business specializing in custom gaming accessories. Inked Playmats filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14046) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Thomas Pool, president of Inked Playmats, signed the petition. Judge Mindy A. Mora oversees the case. Philip J. Landau, Esq., at Landau Law, PLLC, represents the Debtor as bankruptcy counsel. INVENERGY THERMAL: Moody's Affirms Ba2 Rating on Amended Bank Loans ------------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 senior secured rating of Invenergy Thermal Operating I LLC ("ITOI" or "Borrower") amended senior secured bank credit facilities. The outlook is stable. The amended senior secured credit facilities will consist of an incremental senior secured first lien term loan B (TLB) of $100 million increasing the TL to a total of up to approximately $800 million due 2032. The Borrower's existing $50 million senior secured first lien term loan C (TLC) due 2032 and the existing $150 million senior secured first lien revolving credit facility (RCF) maturing in May 2030 will remain unaffected but will be expected to reprice targeting a reduction of the SOFR margin applicable to all credit facilities including the upsized TLB. The amendment will not affect the maturity dates of the credit facilities and is expected to close during November 2025. The incremental TLB will be utilized to fund related transaction costs and to fund a sizable cash dividend to ITOI's shareholders with the remaining proceeds. RATINGS RATIONALE The rating action considers ITOI's proposed incremental debt load supported by the substantial contractual cash flows underpinning ITOI's consolidated credit profile and further considers the improving capacity prices and energy margins supporting ITOI's merchant cash flows. Including the incremental debt load, ITOI's cash flow from operations (CFO) to debt ratio is expected to range between approximately 22% to 26%, the consolidated debt service coverage ratio (DSCR) ranging approximately 2.7x to 3.0x, and the consolidated debt to consolidated EBITDA ratio in the approximately 2.7x to 3.1x range during the initial 3 years after financial close based on cash flow scenarios considered by Moody's. These consolidated credit metrics continue to remain consistent with a solid 'Ba' credit profile. The rating considers the asset mix and the geographic power market diversity of ITOI's portfolio. The credit profile considers the predictable cash flows from the tolling agreement at the 650 MW natural gas fired Grays Harbor combined cycle power generation facility with Puget Sound Energy, Inc. (PSE, Baa1 Stable). The tolling agreement has an initial term through the end of 2027 with two incremental extensions to 2030 at the option of PSE. The tolling contract includes the delivery of natural gas to the plant by PSE, the provision of a variable O&M adder and the pass through to PSE of carbon allowance costs required under Washington state law. The rating incorporates Moody's expectations that PSE will exercise the extension options given the significantly tight capacity in the Pacific Northwest (PNW) region and the importance of assets such as Grays Harbor for PSE to meet its reliability needs. While Moody's base case assumption considers Grays Harbor to be merchant following the expiration of the tolling agreement with PSE in 2030, Moody's considers the potential for the renewal of the tolling agreement with PSE beyond 2030. The PNW region is experiencing rising electric demand amid the retirement of baseload coal generation units as Washington state pursues ambitious decarbonization goals including net zero targets pursuant to Washington's Climate Commitment Act (CCA). The requirements pursuant to the CCA will also effectively prevent new gas fired units from being permitted within the state which increases the likelihood that load serving entities such as PSE will continue to rely upon existing gas fired plants including the Grays Harbor plant to meet resource adequacy needs. The rating further reflects the substantially improved capacity markets benefiting ITOI's 609 MW Nelson combined cycle natural gas power generation facility and the 380 MW Nelson Expansion simple cycle natural gas power generation facility located in Illinois within the PJM Interconnection, L.L.C.'s (PJM: Aa2 stable) ComEd zone. The rating also considers the long-term offtake contract with WPPI Energy (A1/STA) for a 96 MW (15.6%) portion of the Nelson power plant's output through 2037, which provides a baseline level of cash flow support for ITOI. The rating further considers Invenergy's active hedging strategy that provides a degree of additional downside protection for the merchant margins at the Nelson and Nelson Expansion projects. The rating also recognizes the contracted cash flows of the 584 MW natural gas fired St. Clair combined cycle power generation project located in Ontario, Canada. The St. Clair project has a long-term contract for differences (CfD) with the IESO of Ontario through 2035, supporting ITOI's consolidated credit profile. However, the rating further acknowledges the structural subordination of the St. Clair project's cash flows to ITOI given the project finance debt at St. Clair. ITOI's credit profile further recognizes the good operating track record of the underlying projects in the portfolio and Invenergy's sound asset management strategy including the maintenance of outage insurance, which Moody's views as credit positive. The Grays Harbor, Nelson and St. Clair projects also benefit from long term contractual service agreements (CSA) with affiliates of General Electric (GE), the original equipment manufacturer of the gas turbines, which provides a greater degree of maintenance cost certainty for the portfolio. The rating additionally recognizes ITOI's good liquidity profile with the inclusion of a 6-month debt service reserve (DSR) account and access to the $150 million revolving credit facility for operational liquidity and the $50 million Term Loan C for cash collateralized letters of credit issuance. The financing structure further includes a major maintenance reserve (MMR) account to fund the expected major maintenance expenses at the Nelson, Nelson Expansion and Grays Harbor projects for the immediately succeeding two-year period. The rating further acknowledges the required Carbon Payment Reserve Account within the structure to reserve funds needed to purchase carbon allowances projected to be incurred in the immediately succeeding three-month period when required. Creditors benefit from key structural features including a trustee administered cash flow waterfall, limitations on additional indebtedness with an incremental debt basket subject to a leverage threshold and ratings test. The structure includes an excess cash sweep mechanism in the financing structure that should enable a substantial degree of repayment of the TLB though the term of the Grays Harbor tolling agreement. Based on the cash sweep, Moody's have a reasonable expectation that the TLB could be repaid to a level below 50% of the increased TLB amount by the 2032 maturity date. RATING OUTLOOK The stable outlook reflects Moody's expectations that ITOI's consolidated cash flows will remain highly predictable over the term of the debt underpinned by the tolling revenues at Grays Harbor through 2030, further supported by the contracted cash flows at St. Clair, and near-term certainty of capacity revenues and spark spread hedges impacting the Nelson and Nelson Expansion projects. The stable outlook further reflects Invenergy's track record of implementing risk mitigation strategies and Moody's expectations that the assets will continue to benefit from Invenergy's sound operating track record, reducing the potential for operational disruptions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ITOI's rating has limited prospects for an upgrade in the near-term owing to the substantial leverage which continues to remain elevated following dividend recapitalization transactions along with the overall high business risk profile with exposure to merchant cash flows from the Nelson and Nelson Expansion plants and vulnerability to merchant exposure at the Grays Harbor plant following the expiration of the tolling agreement with PSE. The rating could be upgraded if there is a substantially greater repayment of debt than expected in Moody's base case, such that ITOI's DSCR exceeds 4.0x and the adjusted CFO/debt ratio is greater than 30% on a sustained basis. ITOI's rating could be downgraded if there are subsequent recapitalization transactions which further raise leverage or there are significant outages or prolonged operating problems at the underlying projects leading to an inability to generate cash flow as expected such that the consolidated DSCR decreases below 2.0x and the adjusted CFO to debt ratio decreases below 15% on a sustained basis. PROFILE Invenergy Thermal Operating I LLC holds 100% ownership interests in approximately net 2,293 MW portfolio of four operating natural gas fired plants located across the US and CA. The ITOI project portfolio consists of the 609 MW Nelson combined cycle generating facility (Nelson) and 380 MW natural gas combustion turbine peaking facility (Nelson Expansion) located in Rock Falls, IL, within the PJM ComEd market region; the 650 MW Grays Harbor combined cycle generating facility (Grays Harbor) located near Olympia, WA; and the 584 MW (expanding to 654 MW) St. Clair combined cycle generating facility (St. Clair) located in Sarnia, Ontario, CA. ITOI is owned under a 50/50 joint venture partnership named Invenergy AMPCI Thermal Power LLC, which is a partnership between Invenergy Clean Power LLC (Invenergy) and InfraBridge's Global Infrastructure Fund Platform (InfraBridge), formerly known as AMP Capital's Global Infrastructure Equity Platform. LIST OF AFFECTED RATINGS Issuer: Invenergy Thermal Operating I LLC Affirmations: Senior Secured Bank Credit Facility, Affirmed Ba2 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. IRON CROSS: Jonathan Dickey Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Iron Cross Services Company. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Iron Cross Services Company Iron Cross Services Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17228) on November 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joseph G. Rosania Jr. presides over the case. JAAC CORP: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- JAAC Corp. has entered Chapter 11 bankruptcy protection through a voluntary filing in the Eastern District of New York on November 11, 2025, under case number #25-74344. The bankruptcy petition shows the company $1 million to $10 million in liabilities, and lists 1-49 creditors. About JAAC Corp. JAAC Corp. operates in the restaurant industry. JAAC Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74344) on November 11, 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 Louis A. Scarcella handles the case. The Debtor is represented by Lawrence Morrison, Esq. JDM PROPERTIES: Seeks Chapter 11 Bankruptcy in West Virginia ------------------------------------------------------------ On November 11, 2025, JDM Properties LLC initiated a Chapter 11 bankruptcy case in the Northern District of West Virginia. Court records indicate the company holds liabilities between $100,001 and $1 million, and lists 1–49 creditors. About JDM Properties LLC JDM Properties LLC is a single asset real estate company. JDM Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00656) on November 11, 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 David L. Bissett handles the case. The Debtor is represented by D. Conrad Gall, Esq. JOHN BENNETT: Leon Jones Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for The John Bennett Group, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About The John Bennett Group LLC The John Bennett Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62872) on November 4, 2025. KCI WELLNESS: Leon Jones Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for KCI Wellness Group 2, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About KCI Wellness Group 2 LLC KCI Wellness Group 2, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62867) on November 04, 2025, with $100,001 to $500,000 in assets and liabilities. Walter Booth, Jr., Esq., at Jones & Booth, LLC represents the Debtor as legal counsel. KEYSTONE PASSIONATE: Unsecureds Will Get 5% over 3 Years -------------------------------------------------------- Keystone Passionate Care, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania a Second Amended Plan of Reorganization dated November 3, 2025. The Debtor was formed as a limited liability company in July, 2017. The Debtor began business shortly thereafter. The Debtor's business operations consist of providing home health care services, which include cleaning and cooking for customers. The Debtor continues to make payments on the home health care business. It is seeking additional customers as well as non Medicare and Medicaid customers. The Debtor has cut back on various operational costs. Nonetheless, because of the cash flow difficulties in the Debtor, the Debtor determined to file Chapter 11. The Debtor is filing this Plan of Reorganization and believes it will be able to reorganize. Class 7 consists of General Unsecured Creditors. Class 7 includes any Claim of Mariner Financial with respect to the loan which is secured upon a Vehicle not owned by the Debtor, but rather as owned by the equity holder of the Debtor, Deandre Nordt. The Bankruptcy Schedules and Claims filed in this case set forth the approximate amount of the unsecured Claims as $208,477.87. Beginning six months after the Effective Date, the general unsecured creditors in Class 7 shall be paid five percent of each allowed Class 7 Claim, payable in three equal annual installments of 1.67% of each Claim which is allowed. Based upon the amount of the unsecured Claims, this means that the total amount paid to Class 7 Claim holders will be $10,423.89, payable in three annual installments of $3,474.63. Class 8 consists of Equity Holder. The equity holder of the Debtor is Deandre Nordt, who holds 100% of the membership interest in the Debtor. The Equity Holder will continue to hold the equity subsequent to the Effective Date of the Plan. As of the Effective Date, the Debtor retains the right to cancel the equity and issue new equity in the same percentages as exists pre-Petition. The Equity Holder and his spouse will be paid as employees of the Debtor, based upon a regular, fixed payroll amount. The Equity Holder and his spouse will be permitted to receive expenses consisting only of normal travel expenses and reimbursement of any expenditures made by the Equity Holder or his spouse directly on behalf of the Debtor. In addition, for a period of six months following Confirmation of the Plan, neither the Equity Holder or his spouse shall receive an increase in their salary over that which is paid on the Confirmation Date of the Plan. The Debtor continues to operate its home health care business. The Debtor has made overhead cuts, including cutting administrative costs. The Debtor is also seeking better and more customers. The Debtor continues to generate and collect the receivables. The pre Petition receivables set forth in the Debtor's Bankruptcy Schedules have been essentially collected in the regular course of business. Under the Plan, the Debtor provides for distributions to creditors of disposable income over the three years after the Effective Date. If necessary, and as may be required in a non-consensual Plan, the disposable income will be submitted to the Subchapter V Trustee for distributions under the Plan. A full-text copy of the Second Amended Plan dated November 3, 2025 is available at https://urlcurt.com/u?l=qHNJic from PacerMonitor.com at no charge. Counsel to the Debtor: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, PC 2320 North Second Street P.O. Box 60457 Harrisburg, PA 17106-0457 Telephone: (717) 238-6570 About Keystone Passionate Care Keystone Passionate Care, LLC, was formed as a limited liability company in July, 2017 and provides home health care services. The Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-01004) on April 11, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped Cunningham, Chernicoff & Warshawsky, PC, as counsel. KIMCHI KOREAN: Nancy Isaacson Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nancy Isaacson, Esq., at Greenbaum, Rowe, Smith & Davis, LP, as Subchapter V trustee for Kimchi Korean Restaurant Inc. Ms. Isaacson will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Isaacson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nancy Isaacson, Esq. Greenbaum, Rowe, Smith & Davis, LP 75 Livingston Avenue Roseland, NJ 08068 Phone: (973) 535-1600 Email: nisaacson@greenbaumlaw.com About Kimchi Korean Restaurant Inc. Kimchi Korean Restaurant Inc., doing business as Yook92, operates a Korean cuisine restaurant at 425 Grand Avenue in Palisades Park, New Jersey, offering dine-in, takeout, and delivery services, including traditional Korean BBQ and lunch specials. Kimchi Korean Restaurant filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. N.J. Case No. 25-21432) on October 28, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Jong Young Choi, president and sole shareholder, signed the petition. Judge John K. Sherwood oversees the case. Stephen B. McNally, Esq., at McNallyLaw, LLC represents the Debtor as bankruptcy counsel. KIMCHI KOREAN: Seeks Subchapter V Bankruptcy in New Jersey ---------------------------------------------------------- On October 28, 2025, Kimchi Korean Restaurant Inc. filed Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Kimchi Korean Restaurant Inc. Kimchi Korean Restaurant Inc., doing business as Yook92, operates a Korean cuisine restaurant at 425 Grand Avenue in Palisades Park, New Jersey, offering dine-in, takeout, and delivery services, including traditional Korean BBQ and lunch specials. Kimchi Korean Restaurant Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21432) on October 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Stephen B. McNally, Esq. of MCNALLYLAW, LLC. KLEOPATRA FINCO: Unsecureds Unimpaired in Prepackaged Plan ---------------------------------------------------------- Kleopatra Finco S.a.r.l. and its debtor affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Prepackaged Plan of Reorganization dated November 5, 2025. Klöckner is a leading global business-to-business supplier in the plastic film industry providing plastic products to businesses across industries from food packaging to medical devices. Klöckner has a celebrated sixty-year history of excellence and innovation. The Company is a premier global destination for manufacturers and other businesses with ordinary and specialized packaging needs. The Company was founded in Montabaur, Germany in 1965. It began exporting packaging solutions to the United States and Canada in 1970, and in 1977, the Company expanded its footprint to the United States with the opening of a manufacturing plant in Gordonsville, Virginia. The Company has continuously operated the manufacturing plant in Gordonsville since 1977 and has established deep roots in the community. On November 4, 2025, after months of arm's-length, good faith negotiations overseen by the Debtors' Special Committee, the Debtors, and the Consenting Stakeholders, including holders representing, in the aggregate, over two-thirds of the Bridge Facilities Claims, over two-thirds of the First Lien Claims, and over two-thirds of the Second Lien Claims executed the RSA. Pursuant to the RSA, the Consenting Stakeholders and the Debtors agreed, subject to the terms and conditions thereof, to support a recapitalization transaction that will: (a) allow the Debtors to successfully emerge from chapter 11 with a rightsized balance sheet; (b) resolve Company liabilities in a manner that maintains the Debtors' ability to deliver their valuable products to their customer base; and (c) provide DIP and exit financing to support the Company during the chapter 11 proceedings and as a going concern upon emergence. The key terms of the RSA include: * the DIP Lenders will provide a EUR984 million DIP Facility that will provide the Debtors with EUR215 million in new money to fund the operations of these Chapter 11 Cases, with an additional EUR134 million of the proceeds of such financing to refinance the Bridge Loan Obligations upon entry of the Interim DIP Order; * the DIP Facility will include a EUR635 million roll-up of First Lien Claims held by the DIP lenders effective upon each funding pursuant to the terms of the DIP Orders; * each Holder of an Allowed First Lien Claim will receive: (i) its pro rata share of 100 percent of the New Equity Interests, subject to dilution on account of the Management Incentive Plan; or (ii) such reasonable equivalent value on account of the Alternative Instrument (if any); * each Holder of an Allowed Second Lien Claim shall receive its pro rata share of an aggregate principal amount of EUR17.5 million of Exit Financing Loans or Notes in accordance with the Exit Facility Documents (which EUR17.5 million shall be in addition to the amount of the Exit Financing Loans or Notes provided to the DIP Lenders pursuant to Article II.C of the Plan); * General Unsecured Claims will be unimpaired; * KH2 Equity Interests and KPA Equity Interests will be cancelled; and * customary Debtor and third party releases. Class 5 consists of all Allowed General Unsecured Claims against any Debtor. Each Holder of an Allowed General Unsecured Claim shall, in full and final satisfaction of such General Unsecured Claim, either: * be Reinstated; or * receive such other treatment rendering such General Unsecured Claims Unimpaired. Unimpaired. Unimpaired. Class 5 is Unimpaired under this Plan. Holders of Allowed Claims in Class 5 are conclusively presumed to have accepted this Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, such Holders are not entitled to vote to accept or reject this Plan. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan and the Restructuring Transactions contemplated thereby with: (1) the Debtors' Cash on hand as of the Effective Date; (2) the New Equity Interests; and (3) the loans or notes under the Exit Facility. Each distribution and issuance referred to in Article VI of the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. A full-text copy of the Disclosure Statement dated November 5, 2025 is available at https://urlcurt.com/u?l=kY5ORt from Stretto, claims agent. Proposed Co-Counsel to the Debtors: PORTER HEDGES LLP John F. Higgins, Esq. Eric M. English, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Joanna D. Caytas, Esq. 1000 Main St., 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Facsimile: (713) 226-6248 Email: jhiggins@porterhedges.com eenglish@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jcaytas@porterhedges.com Proposed Co-Counsel to the Debtors: KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP Joshua A. Sussberg, P.C. (pro hac vice pending) 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com -and- Chad J. Husnick, P.C. (pro hac vice pending) John R. Luze, P.C. (pro hac vice pending) Jeffrey T. Michalik (pro hac vice pending) David R. Gremling (pro hac vice pending) 333 West Wolf Point Plaza Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: chad.husnick@kirkland.com john.luze@kirkland.com jeff.michalik@kirkland.com dave.gremling@kirkland.com About Kleopatra Finco and Klockner Klockner is a global manufacturer of packaging for companies all around the world. Klockner's trays and films are used to preserve meats, cheese, fish, and other perishable products in grocery stores. Its clear plastic shell packaging is used to protect individually packaged pills. Klockner's durable films are used in the manufacturing of credit cards, and Klockner's labels are on everything from laundry detergent containers to craft beer cans to spice containers. Kleopatra Finco S.a r.l., is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner. Kleopatra Finco S.a r.l. and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on Nov. 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The debtors sought Chapter 11 protection after entering into a Restructuring Support Agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. Kirkland & Ellis LLP serves as counsel to the Debtors. Porter Hedges LLP serves as local counsel. PJT Partners is the investment banker and Alvarez & Marsal is the restructuring advisor. Stretto, Inc. is the claims and noticing agent and Ernst & Young LLP is the tax advisor. KPOWER GLOBAL: Trustee Taps Craig M. Geno PLLC as Special Counsel ----------------------------------------------------------------- C. Jerome Teel, Jr., the Chapter 11 Trustee of KPower Global Logistics, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Law Offices of Craig M. Geno, PLLC as special counsel. The firm will render these services: The short-term services include: a. Financing and working capital needs - this task may actually have already been accomplished by the entry of the Court's Final Order (I) Authorizing Debtor to Obtain Post-petition Financing Pursuant to 11 U.S.C. Secs. 105, 363, and 364; and (II) Granting Related Relief entered on October 24, 2025, authorizing the Debtor to enter into a factoring arrangement to provide for its capital needs. Absent some issue or problem (not anticipated) that will arise in connection with the financing, the only other special services for which Mr. Geno's further services may be required is the "renewal" or extension of the financing if there is no plan confirmed within thirteen weeks of the entry of the financing order; b. Transition from debtor-in-possession to Trustee - there are numerous transition issues and "bringing the Trustee up to speed" matters, in connection with this case, that Mr. Geno could answer readily and easily while the Trustee gets comfortable with the past transactions in this case. This should not be an extended engagement and should only last a short period. The longer-term services include: a. Assumption/rejection of unexpired non-residential real estate leases and executory contracts - Mr. Geno has performed substantial work in these areas already and, while it is the Trustee's business judgment as to assumption or rejection of leases and contracts, Mr. Geno's background in the work he has done thus far in these areas will be of benefit to the Trustee and will be much more efficient than the Trustee "starting from scratch." This may include objection to the Pool 6 Industrial TN LLC pending claims with which Mr. Geno is familiar; b. Plan and disclosure statement - Mr. Geno has done work already on the plan and disclosure statement in the case and, while the ultimate plan and disclosure statement will be up to the Trustee, Mr. Geno's experience in the case and experience in general will aid the Trustee in efficiently bringing to the Court and the creditors a plan and disclosure statement; c. Omni Retail Enterprises, LLC v. KPower Global Logistics, LLC, Adversary Proceeding No. 25-00078 - while the Trustee has not yet made a final decision with respect to whether Mr. Geno should represent him in the ongoing Omni litigation, the Trustee reserves the right to do so due to Mr. Geno's familiarity with the litigation, its current status, the negotiated order providing for temporary injunctive relief, discovery and other matters involving the claims of Omni against the Debtor/Trustee and the Debtor's/Trustee's counterclaims. The firm will be paid at these rates: Craig Geno, Attorney $500 Christopher J. Steiskal, Sr. $275 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $51,800 from Debtor. Mr. Geno 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: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 601 Renaissance Way, Suite A Ridegeland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com About KPower Global Logistics, LLC KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Judge Jennie D Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. KPOWER GLOBAL: Trustee Taps Teel & Gay as Bankruptcy Counsel ------------------------------------------------------------ C. Jerome Teel, Jr., the Chapter 11 Trustee of KPower Global Logistics, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Teel & Gay, PLC as his counsel. The firm will render these services: a. advise and consult with the Trustee regarding questions arising from certain contract negotiations which will occur during the operation of business by the Trustee; b. evaluate and attack claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; c. appear in, prosecute, or defend suits and proceedings, and to take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; d. represent the Trustee in court hearings and to assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in this proceeding; e. advise and consult with the Trustee in connection with any reorganization plan which may be proposed in this proceeding and any matters concerning Debtor which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and f. perform such other legal services on behalf of the Trustee as they become necessary in this proceeding. The firm will be paid at these hourly rates: C. Jerome Teel, Jr., Attorney $350 Associate Attorney $200 Paralegals $150 Mr. Teel, 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 through: C. Jerome Teel, Jr., Esq. Teel & Gay, PLC 79 Stonebridge Blvd., Suite B Jackson, TN 38305 Telephone: (731) 424-3315 Facsimile: (731) 424-3501 Email: bankruptcy@tennesseefirm.com About KPower Global Logistics, LLC KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Judge Jennie D Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. LAFLEUR NURSERIES: Amends Plan to Include Fox Funding Secured Claim ------------------------------------------------------------------- Lafleur Nurseries and Garden Center, LLC, submitted a First Amended Plan of Reorganization dated November 3, 2025. The Plan provides for: 8 classes of secured claims; 1 class of unsecured claims; and 1 class of equity security (i.e., membership interest) holders. The Debtor's projected disposable income is $76,087.00. Like in the prior iteration of the Plan, Class 8 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $76,500.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $6,375.00 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $76,087.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment shall be $6,340.58. Class 10 consists of Fox Funding Secured Claim represented by Claim 19-1. The Class 10 Secured Claim is $5,000.00. This Class is Unimpaired. The Debtor will pay or cause to be paid the Allowed Secured Claim of Fox Funding in full on the Effective Date. This claim shall be paid directly by the Debtor. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the First Amended Plan dated November 3, 2025 is available at https://urlcurt.com/u?l=oi5o5i from PacerMonitor.com at no charge. The Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com About Lafleur Nurseries and Garden Center LLC Lafleur Nurseries and Garden Center, LLC, operates a retail garden center in Sanford, Florida. It offers a wide selection of plants, trees, and landscaping materials, and provides related services such as landscape design, installation, and irrigation system support. Lafleur sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03734) on June 17, 2025. In its petition, the Debtor reported total assets of $568,637 and total liabilities of $3,283,410. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. LAKESHORE TOWERS: Lender Seeks Jan. 5 Auction --------------------------------------------- On January 5, 2026, at 10:00 a.m. Eastern Time at the offices of Lowndes, Drosdick, Doster, Kantor & Reed, P.A., at 215 N. Eola Drive, Orlando, Florida, and virtually, secured party, Thorofare REIT V CNB, LLC, will offer at public sale the following: * 100% of the membership interests in Lakeshore Towers 2021, LLC, now held by 70 Lakeshore LLC; and * 100% of the membership interests in HB Lakeshore LLC, now held by 30 Lakeshore LLC. Lender is the owner and holder of an Amended and Restated Promissory Note in the principal amount of $19,000,000 made by Lakeshore Towers 2021 LLC and HB Lakeshore LLC to Lender. Additional information may be provided by contacting: Brock Cannon Newmark E-mail: brock.cannon@nmrk.com or Lender's counsel: Michael S. Provenzale, Esq. Tel: 407-418-6294 E-mail: Michael.provenzale@lowndes-law.com LANGSTON CARVER: Section 341(a) Meeting of Creditors on November 25 ------------------------------------------------------------------- On October 27, 2025, Langston Carver LLC filed Chapter 11 protection in the District of Columbia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on November 25, 2025 at 10:00 AM US Trustee Remote 341: (888) 330-1716; Passcode: 5678318. About Langston Carver LLC Langston Carver LLC is a real estate company that owns and manages a residential property at 1223 18th Place NE in Washington, D.C. It operates as a single-asset entity from its base in Ashburn, Virginia. Langston Carver LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00495) on October 27, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Kristen E. Burgers, Esq. of HIRSCHLER FLEISCHER PC. LEFEVER MATTSON: Seeks to Hire CBRE Inc. as Real Estate Broker -------------------------------------------------------------- Lefever Mattson filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of California expanding the scope of CBRE Inc.'s employment as real estate broker. The firm will list the Debtor's property located at 18935 5th Street, Sonoma, California. The firm will be paid at these rates: a. Two point 2.50 percent of the gross sales price. b. If there is a Cooperating Broker, 4 percent of the gross sales price, which would be divided 50/50 between CBRE and the Cooperating Broker. The term of the Agreement is extended until Dec. 31, 2025. Henry E. Bose, Jr., a partner at CBRE, Inc., 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: Henry E. Bose, Jr., CBRE, Inc. 415 Mission Street, 46th Floor San Francisco, CA 94105 Tel: (415) 772-0123 About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Lilydale Progressive Missionary Baptist Church received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court's 11th interim order authorized the Debtor to use cash collateral through December 10 to operate and maintain its property in accordance with its budget. The Debtor projects total monthly operational expenses of $34,763.14. As protection for any diminution in value of its collateral, CadleRock III, LLC was granted a replacement lien on the Debtor's accounts and accounts receivables. The replacement lien does not apply to causes of action. In addition, the Debtor will continue its monthly payments to CadleRock in the amount of $10,000 and will remit to CadleRock all revenues for the 30-day period that exceed $45,000. The Debtor will also keep its property insured as further protection. The Debtor's authority to use cash collateral will terminate on December 10; upon entry of a court order modifying or otherwise altering the effectiveness of the eighth interim order; or upon occurrence of an event of default, whichever comes first. A status hearing is set for December 10. Cadlerock is the successor in interest to Park National Bank, the original lender. It has a mortgage on the Debtor's property in Chicago, Ill., which is valued at approximately $2 million. The property generates income through tithes and offerings, which qualify as cash collateral under Section 363(a) of the Bankruptcy Code. As of the petition date, Cadlerock is owed not less than $504,401.05. About Lilydale Progressive Missionary Lilydale Progressive Missionary Baptist Church sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-12502) on August 26, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Janet S. Baer presides over the case. The Debtor tapped the Law Office William E. Jamison & Associates as bankruptcy counsel and Chitwood & Chitwood Financial Services as accountant. CadleRock III, LLC, as secured creditor, is represented by: Cynthia G. Feeley, Esq. Feeley & Associates, P.C. 161 North Clark Street, Suite 1600 Chicago, IL 60601 Tel: 312-541-1200 feeleypc@aol.com LLW CONSTRUCTION: Gets Extension to Access Cash Collateral ---------------------------------------------------------- LLW Construction, Inc. 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 until December 18 to fund its operations. The Debtor projects total operational expenses of $229,370 for the period from June to November. The Debtor lists the U.S. Small Business Administration as a secured creditor with a claim of approximately $400,000 under a UCC-1 filing but reserves the right to contest the lien’s validity and scope. About LLW Construction Inc. LLW Construction, Inc., doing business as Adeline Custom Homes, is a construction company specializing in residential and commercial projects. It operates with a network of experienced project managers, subcontractors, and suppliers. Founded by Michal and Mary Winiarek, the Company emphasizes hands-on expertise and client-centered service in its operations. LLW Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23, 2025. In its petition, the Debtor reported total assets of $63,757 and total liabilities of $1,865,048. Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq., at Ford & Semach, P.A. LOADED BARREL: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------- On October 28, 2025, Loaded Barrel LLC filed Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports $1,740,875 in debt owed to 1 and 49 creditors. About Loaded Barrel LLC Loaded Barrel LLC, doing business as Flagship Taproom, operates a restaurant and taproom at 446 B Street in Santa Rosa, California. The establishment offers a range of craft beers and casual pub-style food in a local dining setting. Loaded Barrel LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10689) on October 28, 2025. In its petition, the Debtor reports total assets of $209,649 and total liabilities of $1,740,875. The Debtor is represented by Michael C. Fallon, Esq. of LAW OFFICE OF MICHAEL C. FALLON. LONESOME DOVE: Hires Steffes Firm LLC as Bankruptcy Counsel ----------------------------------------------------------- Lonesome Dove Land Company, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire The Steffes Firm, LLC as bankruptcy counsel. The firm will provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession and to perform all legal services for the debtor-in-possession which may be necessary. The Debtor deposited a retainer of $5,000 plus filing fee of $1,738. The Steffes Firm represents no adverse interest to the Debtor, according to court filings. The firm can be reached through: Noel Steffes Melancon, Esq. THE STEFFES FIRM, LLC 13702 Coursey Blvd., Building 3 Baton Rouge, LA 70817 Tel: (225) 751-1751 Email: nmelancon@steffeslaw.com About Lonesome Dove Land Company, LLC Lonesome Dove Land Company, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-51023) on November 4, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge John W Kolwe presides over the case. Noel Steffes Melancon, Esq. at The Steffes Firm, LLC represents the Debtor as counsel. MARK L. OBMAN DDS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Mark L. Obman, DDS, P.A. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use its secured creditors' cash collateral. The court issued a second interim order authorizing the Debtor to continue to use cash collateral to pay the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and additional amounts subject to approval by secured creditors. The secured creditors include Truist Bank, NewLane Finance Company, Navitas Credit Corp., Liberty Funding, and the U.S. Small Business Administration. As adequate protection, the court granted the secured creditors replacement liens on post-petition cash collateral, with the same validity, extent, and priority as their pre-bankruptcy liens, without requiring further filings. The Debtor must also maintain insurance coverage on all property consistent with loan and security agreements. The next hearing is scheduled for December 18. A copy of the second interim order and the Debtor's budget is available at https://shorturl.at/JjPVN from PacerMonitor.com. About Mark L. Obman DDS Mark L. Obman, DDS, P.A. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06496) on September 8, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jonathan A. Semach, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. MARTIN SELIG: Bellout Lot Purchased Out of Receivership ------------------------------------------------------- Chris Malone Mendez of The Real Deal reports that Seattle-based Urban Visions and Diamond Parking recently purchased the parking lot at 1931 Third Avenue in Belltown from an unnamed receiver for $4.3 million, according to the Puget Sound Business Journal. The sale price equates to roughly $332 per square foot, less than a third of what real estate mogul Martin Selig paid for the property a decade ago. The lot, at Third Avenue and Virginia Street, is one of seven parking lots Selig lost to receivership earlier this 2025. Selig had borrowed $50 million against these properties, according to deeds of trust cited by the outlet. Two of the seven lots had already been sold: one in Lower Queen Anne at 408 First Avenue West, and another at 133 First Avenue North, which went to a Diamond Parking affiliate. The Third and Virginia site was once envisioned for a high-rise office and apartment project under Selig’s original plans. Zoning allows buildings up to 440 feet, the report states. Urban Visions CEO Greg Smith said the property, which currently has about 25 parking spaces and a 111-year-old three-story office building, will eventually host a residential tower. However, construction will not start until the local market strengthens. In the meantime, the new owners plan to clean up the lot, which Smith compared to "a drug den," to generate interim income. The parking lot sale comes amid a broader financial struggle for Martin Selig Real Estate. The firm lost several office buildings to custodial receivership after defaulting on hundreds of millions in loans, including the 36-story Modern tower in Belltown and its headquarters at 1000 Second Avenue. Around the same time, Selig's daughter, Jordan, left the company, and 86 employees were laid off, the report relays. About Martin Selig Real Estate Martin Selig provides real estate services. The Company builds, plans, and develops commercial, retail, and residential properties. Martin Selig serves clients in the United States. Martin Selig Real Estate has seen seven of its older office buildings placed in receivership as the firm contends with staff layoffs and hundreds of millions in outstanding debt. The properties include 635 Elliott and 645 Elliott, both on the waterfront, in Elliott Park. They also include Fifth & Jackson, across the street from King Street Station; Fourth & Blanchard in the Denny Regrade; and three in Lower Queen Anne, including 200 West Thomas and both towers of the West Harrison campus. MCCLENDON & ASSOCIATES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- McClendon and Associates, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The interim order signed by Judge Jacob Brown authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration. This authorization will continue until further order of the court. As adequate protection, each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with the obligations under its loan and security agreement with the SBA. The next hearing is scheduled for December 8 About McClendon & Associates LLC McClendon & Associates, LLC filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 25-03798) on October 20, 2025, listing between $100,001 and $500,000 in assets and liabilities. Judge Jacob A. Brown oversees the case. The Debtor tapped Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP as its bankruptcy counsel. MILLER'S LANDING: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: Miller's Landing at the Lake, Inc. 185 Hwy 173 Lake Arrowhead, CA 92352 Business Description: Miller's Landing at the Lake, Inc. operates a wedding and events venue in Lake Arrowhead, California, offering indoor and outdoor spaces for private gatherings. The Company provides event coordination, catering, and related services within a forested mountain setting that attracts clients from across Southern California. Chapter 11 Petition Date: November 9, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18091 Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Email: michael.berger@bankruptcypower.com Total Assets: $1,144,917 Total Liabilities: $2,066,680 The petition was signed by Terri R. Miller as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K5HF3OI/Millers_Landing_at_the_Lake_Inc__cacbke-25-18091__0001.0.pdf?mcid=tGE4TAMA MILLER'S LANDING: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- Miller's Landing at the Lake Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California on November 9, 2025. According to the filing, the company reported liabilities estimated between $1 million and $10 million, and listed between 1 and 49 creditors. About Miller's Landing at the Lake Inc. Miller's Landing at the Lake Inc. operates in the real estate industry. Miller's Landing at the Lake Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18091) on November 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Michael Jay Berger, Esq. MODERNO PORCELAIN: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On October 28, 2025025, Moderno Porcelain Tampa LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Moderno Porcelain Tampa LLC Moderno Porcelain Tampa LLC, doing business as Moderno Porcelain Works, fabricates and installs large-format porcelain slabs for residential and commercial applications. The Company provides end-to-end services including design consultation, precision fabrication, and on-site installation of surfaces such as countertops, walls, and floors. It operates from Palmetto, Florida, serving clients across the greater Tampa area. Moderno Porcelain Tampa LLC sought relief under Subchapter V o Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08025) on October 28, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Esther McKean, Esq. of AKERMAN LLP. MONTANA VILLAGE: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Montana Village Developers, LLC received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The final order authorized the Debtor to use cash collateral pursuant to the budget (with a 15% flexibility for each expense line item), plus any fees owed to the U.S. Trustee. Secured creditors will be granted replacement liens on the Debtor's post-petition accounts receivable as adequate protection in case of any diminution in the value of their cash collateral. Additionally, the Debtor was ordered to maintain insurance, pay post-petition taxes, preserve collateral, and provide regular financial reports. RE III Debt I, LLC and Indicate Capital REIT, LLC are the secured creditors identified by the Debtor, which may have a secured lien on funds and revenues that constitute cash collateral. As of the petition date, the Debtor had no accounts receivable and held cash on hand and in bank accounts totaling $1.83. The final order is available at https://is.gd/136sKw from PacerMonitor.com. About Montana Village Developers LLC Based in Denver, Colorado, Montana Village Developers, LLC is a real estate development company focused on a single property, qualifying it as a single-asset real estate entity under 11 U.S.C. Section 101(51B). It is managed by Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Montana Village Developers filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-16406) on October 1, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Nathan Adams in his capacity as manager of redtCapital Partners, LLC, the Debtor's managing member. Judge Joseph G Rosania Jr. oversees the case. Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's legal counsel. MVL INVESTMENTS: Hires Seeks to Hire Mark S. Roher as Counsel ------------------------------------------------------------- MVL Investments Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mark S. Roher, PA, also known as, The Law Office of Mark S. Roher, PA, as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Roher, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark S. Roher, Esq. Law Office of Mark S. Roher, PA 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Tel: (954) 353-2200 Email: mroher@markroherlaw.com About MVL Investments Group, Inc. MVL Investments Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23117) on November 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 to $500,000. The petition was signed by Anastasia L. Thelusma as president. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Mark S. Roher, Esq., at LAW OFFICE OF MARK S. ROHER, P.A. NEUROONE MEDICAL: Nasdaq Extends Compliance Deadline to May 2026 ---------------------------------------------------------------- NeuroOne Medical Technologies Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company on November 4, 2025, received an Extension Notice from the Listing Qualifications Staff of The Nasdaq Stock Market, LLC, notifying the Company that Nasdaq has granted the Company a 180-day extension, until May 4, 2026, to regain compliance with the requirement for the Company's common stock, par value $0.001 per share, to maintain a minimum bid price of $1.00 per share for continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2). The Extension Notice has no immediate effect on the continued listing status of the Company's Common Stock on the Nasdaq Capital Market. The Company's listing on the Nasdaq Capital Market remains fully effective. As previously disclosed in the Company's Current Report on Form 8-K, filed on May 9, 2025, the Company received notice from Nasdaq that the Company was not in compliance with the Minimum Bid Price Requirement for a period of 30 consecutive business days. As provided in the Initial Notice, the Company had a 180-day period, until November 3, 2025, to regain compliance with the Minimum Bid Price Requirement. As of the date of November 5, 2025, the Company has not yet regained compliance with the Minimum Bid Price Requirement, and instead advised Nasdaq of its intent to cure the deficiency within the Extension Period. The Company will continue to monitor the closing bid price of its Common Stock and seek to regain compliance with the Minimum Bid Price Requirement within the Extension Period. If the Company does not regain compliance with the Minimum Bid Price Requirement within the Extension Period, Nasdaq will provide written notification to the Company that its Common Stock will be subject to delisting, at which time the Company may appeal Nasdaq's delisting determination to a Nasdaq Hearing Panel. There can be no assurance that, if the Company does need to appeal a Nasdaq delisting determination to the Panel, that such appeal would be successful. About NeuroOne Medical Technologies Headquartered in Eden Prairie, Minnesota, NeuroOne Medical Technologies Corporation -- nmtc1.com -- is a medical technology company focused on (i) diagnostic, ablation and deep brain stimulation technology for brain related conditions such as epilepsy and Parkinson's disease; (ii) ablation and stimulation for pain management throughout the body; and (iii) drug delivery including diagnostic and stimulation capabilities. The Company is developing and commercializing thin film electrode technology for continuous electroencephalogram ("cEEG") and stereoelectrocencephalography ("sEEG"), spinal cord stimulation, brain stimulation, drug delivery and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other pain-related neurological disorders. The Company is also developing the capability to use its sEEG electrode technology to deliver drugs or gene therapy while being able to record brain activity before, during, and after delivery. Additionally, the Company is investigating the potential applications of its technology associated with artificial intelligence. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company had recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These are the reasons that raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, NeuroOne had $10.82 million in total assets, $2.64 million in total liabilities, and $8.18 million in total stockholders' equity. NOAH ASHER: Seeks to Hire Guidant Law as Bankruptcy Counsel ----------------------------------------------------------- Noah Asher LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Guidant Law, PLC to handle its bankruptcy proceedings. Guidant will render legal advice and assistance with respect to the Debtor's Chapter 11, Subchapter V proceedings and reorganization. The firm will be paid at these rates: Attorneys $375 to $490 per hour Paralegals $125 to $185 per hour Paralegal Assistants $80 to $125 per hour In addition, the firm will seek reimbursement for expenses incurred. D. Lamar Hawkins, Esq., a partner at Guidant Law, 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: D. Lamar Hawkins, Esq. JoAnn Falgout, Esq. Karen Bentley, Esq. Guidant Law, PLC 402 E. Southern Ave. Tempe, AZ 85282 Telephone: (602) 888-9229 Facsimile: (480) 725-0087 E-mail: lamar@guidant.law joann.falgout@guidant.law karen.bentley@guidant.law About Noah Asher LLC Noah Asher LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Court for the District of Arizona to hire Guidant Law, PLC as bankruptcy counsel. At the time of filing, the Debtor estimated up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Brenda K Martin presides over the case. D. Lamar Hawkins, Esq. at Guidant Law, PLC represents the Debtor as counsel. NOTORIOUS TOPCO: New Mountain Marks $10.3MM 1L Loan at 37% Off -------------------------------------------------------------- New Mountain Finance Corporation has marked its $10,135,000 loan extended to Notorious Topco, LLC to market at $6,345,000 or 63% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to Notorious Topco, LLC. The loan accrues interest at a rate of 4.75% + 2.50%/PIK per annum. The loan matures on November 2027. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About Notorious Topco, LLC Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. NOTORIOUS TOPCO: New Mountain Marks $10MM 1L Loan at 37% Off ------------------------------------------------------------ New Mountain Finance Corporation has marked its $10,008,000 loan extended to Notorious Topco, LLC to market at $6,266,000 or 63% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to Notorious Topco, LLC. The loan accrues interest at a rate of 4.75% + 2.50%/PIK per annum. The loan matures on November 2027. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About Notorious Topco, LLC Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. NOTORIOUS TOPCO: New Mountain Marks $880,000 1L Loan at 37% Off --------------------------------------------------------------- New Mountain Finance Corporation has marked its $880,000 loan extended to Notorious Topco, LLC to market at $551,000 or 63% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Drawn Loan to Notorious Topco, LLC. The loan accrues interest at a rate of 6.75% per annum. The loan matures on May 2027. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About Notorious Topco, LLC Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. NOTORIOUS TOPCO: New Mountain Marks $883,000 1L Loan at 37% Off --------------------------------------------------------------- New Mountain Finance Corporation has marked its $883,000 loan extended to Notorious Topco, LLC to market at $553,000 or 63% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to Notorious Topco, LLC. The loan accrues interest at a rate of 4.75% + 2.50%/PIK per annum. The loan matures on November 2027. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About Notorious Topco, LLC Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. OFFICE PROPERTIES: $125MM DIP Facility Has Interim Approval ----------------------------------------------------------- Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 5, 2025, the Court entered the Interim Order Pursuant to Sections 105, 361, 362, 363, and 364 of the Bankruptcy Code and Rules 2002, 4001, 6004, and 9014 of the Federal Rules of Bankruptcy Procedure: (I) Authorizing the Debtors to Use Cash Collateral and Obtain Secured Postpetition Financing; (II) Granting Liens and Superpriority Administrative Claims; (III) Providing Adequate Protection; (IV) Scheduling a Final Hearing; and (V) Granting Related Relief allowing OPI to enter into a secured debtor-in-possession term loan credit agreement with lenders party thereto from time to time and Acquiom Agency Services LLC, as administrative agent and collateral agent. The DIP Credit Agreement provides for a multiple draw secured debtor-in-possession term loan facility in an aggregate principal amount of up to $125 million. The DIP Facility is backstopped by certain holders -- the September 2029 Ad Hoc Group SteerCo -- of OPI's 9.000% Senior Secured Notes due September 2029 issued pursuant to an 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 will be syndicated and made available, based on pro rata holdings, to certain other holders of the June Issuance. Proceeds of the DIP Facility will be used to fund the Debtors' working capital and general corporate needs, transaction costs and professional fees, and other costs and expenses of administering the Chapter 11 Cases, in each case, in accordance with an approved budget and the DIP Credit Agreement. An initial borrowing of $10 million was made available following entry of the Interim Order and our entry into the DIP Credit Agreement on November 6, 2025, with the remaining commitments to be made available following entry of a final order approving the DIP Facility, in each case subject to customary conditions precedent, milestones and variances, as set forth in the DIP Credit Agreement. The DIP Facility matures on the earliest to occur of: (a) the date that is 185 days after the Petition Date, as such date may be extended by the September 2029 Ad Hoc Group SteerCo; (b) the effective date of a chapter 11 plan of reorganization for each of the Debtors on the terms set forth in the RSA; (c) the consummation of any sale or other disposition of all or substantially all of the assets of the Debtors pursuant to section 363 of the Bankruptcy Code; and (d) the date of acceleration or termination of the DIP Facility following the occurrence of an event of default thereunder. The DIP Loans will bear interest, payable in cash, at a rate of 12.00% per annum. Fees and expenses under the DIP Facility include: (a) an upfront fee equal to 2.25% of the lenders' commitments under the DIP Facility, which fee was earned upon the initial funding of the DIP Facility and is payable in kind, at the Debtors' election, in cash or common equity of the reorganized Debtors on the effective date of the Plan (at a 37% discount to Plan equity value and subject to dilution on account of any management incentive plan); (b) an anchor capital commitment fee of 10.00% of the lenders' commitments under the DIP Facility, which was earned upon the initial funding of the DIP Facility, and may be paid to the September 2029 Ad Hoc Group SteerCo, at the Debtor's election, in cash or common equity of the reorganized Debtors (at Plan equity value and subject to dilution on account of any management incentive plan); and (c) an exit fee of 5.75% of the DIP Loans, which is due and payable to the DIP Lenders upon the repayment of the DIP Loans, at the Debtors' election, in cash or common equity of the reorganized Debtors (at Plan equity value and subject to dilution on account of any management incentive plan). ACQUIOM AGENCY SERVICES LLC, as DIP agent, may be reached by: Lisha John Director Acquiom Agency Services LLC 950 17th Street, Suite 1400 Denver, CO 80202 Telephone: (303) 879-4705 Email: loanagency@srsacquiom.com; ljohn@srsacquiom.com OFFICE PROPERTIES INCOME TRUST may be reached by: John Castellano Chief Restructuring Officer Office Properties Income Trust Two Newton Pl., 255 Wash. St., Ste. 300 Newton, MA 02458 Tel: (617) 219-1440 A full-text copy of the DIP Credit Agreement is available at https://tinyurl.com/y6mz9kx7 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. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. OFFICE PROPERTIES: To Sell Tempe Property to Opus Development ------------------------------------------------------------- Office Properties Income Trust and its debtor affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Prior to the Petition Date, and following a comprehensive marketing, leasing, and sale process spanning nearly two years, the Debtors reached an agreement with a third-party purchaser for the sale of the Debtors' land and certain commercial real estate located at 1920 and 1930 W University Drive in Tempe, Arizona, pursuant to the certain Purchase and Sale Agreement, dated October 9, 2024 (as amended on April 11, 2025 and September 3, 2025 and as may further be amended or modified, the Purchase Agreement), between Opus Development Company, L.L.C. and Debtor. The property to be sold consists of approximately ten acres of land improved with two single-story office buildings, together with all related site improvements, personal property, intangible property, and certain parking rights, as described more fully in the Purchase Agreement. The purchase price for the Property is $11,037,975. The Property has been vacant since the prior lease with tenant American Airlines expired in November 2023. The Debtors initially started marketing the Property for lease in November 2022 once they learned that their existing tenant declined to renew the lease. After having little success attempting to re-let the Property, the Debtors pivoted to a sale marketing process in May 2024, following two separate unsolicited purchase offers received in late 2023 and early 2024. Following multiple rounds of competitive bidding, the Purchaser’s bid represented the only actionable offer for the Property. The proposed closing for the Sale was originally scheduled to occur on February 6, 2025, and, following several extensions requested by the Purchaser, was most recently scheduled for November 3, 2025. The Debtor asserts that the sale will bring substantial benefits to the Debtors and their estates. The sale price is fair and reasonable and consistent with the Debtors’ market estimates and the highest, actionable offer received by the Debtors. Given that the Property has been vacant, the Sale will also eliminate approximately $720,000 of annual carrying costs associated with the Property. The Debtor and, together with the other Debtors and their non-Debtor subsidiaries, is a real estate investment trust formed in 2009 under Maryland law. The Company is focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. The Company seeks to maintain a diverse revenue base across geographies with ownership in central business districts, urban infill, and suburban locations. As of the Petition Date, the Company owns 124 properties containing approximately 17.2 million rentable square feet with over 220 tenants, including government entities. The Company has no employees. The personnel and various services the Company requires to operate its business and properties are provided by The RMR Group LLC pursuant to two agreements: a business management agreement and a property management agreement. RMR is an alternative asset management company that is focused on commercial real estate and related businesses. Among other responsibilities, RMR provides strategic and real estate management and administrative services to the Company. The Debtor's Property was built in 1988, which is also known as Regents Center, consists of two single story Class B office buildings containing a total of 100,500 square feet (with each building being 50,250 square feet) that sit on a 6.57-acre parcel. The Property is a single-tenant-lease property, and is not designed to support multiple tenants. Parking is provided by a surface lot owned by OPI along with a parking arrangement and includes a total of 712 spaces. However, 90 of those parking spaces are not owned by OPI. Instead, the use of those spaces is governed by a license arrangement with the neighboring owner to the south of the Property. There is no associated payment, and the license agreement expires in 2037. The Property is located just east of the Phoenix Sky Harbor International Airport, in Tempe, Arizona. 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 Debtor' 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. OSANA CLEANING: Fails to Pay Proper Wages, Gonzalez Alleges ----------------------------------------------------------- MOISES BENITEZ GONZALEZ, individually and on behalf of all others similarly situated, Plaintiff v. OSANA CLEANING CORP.; GLOBAL COMMERCIAL CLEANING SERVICES, INC.; CLNZ LLC d/b/a ANAGO CLEANING SYSTEMS, INC.; JEAN PIERRE ESPEJO; and VANESSA ESPEJO, Defendants, Case No. 2:25-cv-06107 (E.D.N.Y., Oct. 31, 2025) seeks to recover from the Defendants unpaid wages and overtime compensation, interest, liquidated damages, attorneys' fees, and costs under the Fair Labor Standards Act. Plaintiff Gonzalez was employed by the Defendants as a cleaner. Osana Cleaning Corp. operates an office and commercial cleaning companies which are engaged by office buildings, car dealers, mechanic shops, and other facilities to perform daily janitorial cleaning. [BN] The Plaintiff is represented by: LaDonna M. Lusher, Esq. Leonor H. Coyle, Esq. Paige Piazza, Esq. VIRGINIA & AMBINDER, LLP 40 Broad Street, Seventh Floor New York, NY 10004 Telephone: (212) 943-9080 Facsimile: (212) 943-9082 Email: llusher@vandallp.com lcoyle@vandallp.com ppiazza@vandallp.com - and - Gennadiy Naydenskiy, Esq. NAYDENSKIY LAW GROUP, P.C. 426 Main Street, #201 Spotswood, NJ 08884 Telephone: (315) 314-8000 Email: naydenskiylaw@gmail.com OU MEDICINE: Moody's Ups Revenue Bond Rating to Ba1, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has upgraded OU Medicine, Inc.'s (now OU Health, OUH) (OK) revenue bond rating to Ba1 from Ba2. The outlook is stable. OUH had approximately $1.5 billion of debt at FYE 2025. The upgrade to Ba1 from Ba2 is based on better than expected operating performance and liquidity, both of which are expected to continue as a result of growth initiatives and strong state support, and contribute to system deleveraging. RATINGS RATIONALE The Ba1 reflects OUH's strong governance ties with and demonstrable financial support from the State of Oklahoma and The University Hospitals Trust (the Trust), OUH's sole corporate member. These closely aligned public entities provide significant and growing funding for both capital and operating needs. OUH's role as the only comprehensive academic medical center in the state and its alignment with its faculty practice plan support strategies to expand high acuity services within a competitive market. Material recurring Medicaid and state funding, along with increasing volume, will help sustain significant operating improvement. However, OUH's cashflow is now highly dependent on several Medicaid and state funding programs. Despite some improvement, liquidity is projected to remain low, and combined with substantial debt, results in a low cash-to-debt ratio. RATING OUTLOOK The stable outlook is supported by sustained operating cash flow margins of 8-9%, which are expected to maintain debt-to-cash flow below 5x. Additionally, the outlook assumes that days cash on hand will remain approximately 65-70, with cash to debt exceeding 40%. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Increase in cash-to-debt to above 60% or sustained growth in liquidity to above 80 days cash on hand -- Maintenance of 8-9% operating cashflow margin -- Articulation of financial plan that enables maintenance of strong margins as supplemental funding sources/amounts change FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Sustained reduction in operating cashflow margin to below 8% -- Decline in cash on hand or cash-to-debt to below 55 days and 35%, respectively -- Adverse change in relationships with the state or related entities PROFILE OU Health operates 3 hospitals, including flagship adult and children's hospitals in Oklahoma City and a community hospital in Edmond, and includes a faculty practice plan. The hospitals serve as teaching and training facilities for students enrolled at the University of Oklahoma Health Sciences Center. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in October 2024. PARIS312 LLC: Hires Gregory K. Stern P.C. as Bankruptcy Counsel --------------------------------------------------------------- Paris312, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Dennis E. Quaid, Monica C. O'Brien and Rachel S. Sandler, and Gregory K. Stern of Gregory K. Stern, P.C. as attorneys. The firm's services include: (a) reviewing assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) preparing list of creditors, list of twenty largest unsecured creditors, schedules and statement of financial affairs; (c) advice the Debtor with respect to its powers and duties as Debtor in Possession in the operation and management of his financial affairs; (d) assisting in the preparation of schedules, statement of affairs and other necessary documents; (e) preparing applications to employ attorneys, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motions for use, sale or lease of property, motion to assume or reject executory contracts, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (f) negotiating with creditors and other parties in interest, attending court hearings, meetings of creditors and meetings with other parties in interest; (g) reviewing proofs of claim and solicitation of creditors' acceptances of plan; and, (h) performing all other legal services for the Debtor, as Debtor in Possession, which may be necessary or in furtherance of his reorganizational goals. The attorneys received a retainer in the amount of $16,738. The attorneys will be paid at these rates: Gregory K. Stern $650 Dennis E. Quaid $550 Monica C. O'Brien $550 Rachel S. Sandler $450 The attorneys are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The attorneys can be reached at: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Telephone: (312) 427-1558 About Paris312 LLC Paris312, LLC operates an online and brick and mortar party store in Chicago offering décor and gift deliveries for every occasion. Paris312 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15872) on October 15, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. The petition was signed by Alireza Shahanaghi as managing member. The Debtor is represented by Gregory K. Stern, Esq. of Gregory K. Stern, P.C. PARK 54 RESTAURANT: Taps AKD Consultants as Bookkeeper/Tax Preparer ------------------------------------------------------------------- Park 54 Restaurant Group LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire AKD Consultants as its bookkeeper and tax preparer. AKD's services would include assisting the Debtor in preparing its monthly operating reports, reconciling the Debtor's QuickBooks and assisting the Debtor in the preparation and filing of its annual tax returns. AKD typically charges regular hourly rates of between $105 and $350 per hour for bookkeeping and tax preparation services. As disclosed in the court filings, AKD Consultants is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam Dworkin, CPA AKD Consultants 188 Whiting St #10th Hingham, MA 02043 Phone: (781) 556-5554 About Park 54 Restaurant Group LLC Park 54 Restaurant Group, LLC, doing business as Park 54 Restaurant & Lounge, operates a full-service restaurant at 81 Fairmount Avenue in Hyde Park, Massachusetts, serving American, Southern, Caribbean, and soul cuisine with signature dishes such as chicken and waffles, shrimp and lobster grits, and Rasta pasta. The Company offers private event space through its upstairs "Oasis Room," accommodating up to 50 guests for gatherings including birthdays and repass services. Founded by Hyde Park resident Tasha Hull, Park 54 emphasizes a community-oriented dining experience inspired by the 54th Massachusetts Volunteer Infantry, the first African American regiment to serve in the Civil War. Park 54 Restaurant Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12185) on October 10, 2025, with $627,265 in assets and $1,837,756 in liabilities. Tasha Hull, manager, signed the petition. Judge Christopher J. Panos presides over the case. David B. Madoff, Esq., at Madoff & Khoury, LLP represents the Debtor as legal counsel. PAWSSION PET: John Whaley Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Pawssion Pet Care, LLC. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Pawssion Pet Care LLC Pawssion Pet Care, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62844) on November 3, 2025, with $500,001 to $1 million in assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. PINE GATE RENEWABLES: $800MM+ DIP OK'd After Roll-Up Revision ------------------------------------------------------------- Emlyn Cameron of Law360 reports that a Texas bankruptcy judge has approved a revised debtor-in-possession (DIP) financing package for Pine Gate Renewables, authorizing the solar energy developer to roll up approximately $800 million in prepetition debt. The approval follows the court’s earlier rejection of a proposal that sought to roll up $1.4 billion on an interim basis. U.S. Bankruptcy Judge Christopher Lopez said during Tuesday's, November 11, 2025, hearing that the updated financing plan "significantly improves" the structure of the company's postpetition funding. The reduced roll-up, he noted, better aligns with the interests of creditors and preserves flexibility for future negotiations. Pine Gate filed for Chapter 11 bankruptcy protection last October 2025, citing strained liquidity, construction delays, and higher borrowing costs across its renewable energy projects. The new DIP financing, backed by existing lenders, will provide working capital as the company continues operating its solar development pipeline during the restructuring process, according to report. The revised agreement also introduces enhanced reporting and oversight measures and allows stakeholders to challenge prepetition claims tied to the rolled-up debt. Lopez described the compromise as a "alanced approach" that keeps Pine Gate operational while avoiding an overly aggressive debt conversion so early in the case, the report relays. About Pine Gate Renewables Pine Gate Renewables is a developer and owner-operator of renewable energy projects across the United States. Dedicated to delivering sustainability at scale, Pine Gate has over 30 GW of projects in its development pipeline, has closed approximately $10 billion in project financing and capital investment, and operates a fleet of over 2 GW of solar and storage assets. The Company also provides services to over 7 GW of third party solar and storage assets through wholly owned subsidiary ACT Power Services. Pine Gate is proud to invest in the communities where we live, develop, and operate projects through corporate partnerships and charitable initiatives supported by the Pine Gate Community Impact Fund. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented byT imothy Alvin Davidson, II, Esq. ofA ndrews Kurth LLP and Philip M. Guffy, Esq. of Hunton Andrews Kurth LLP. PRECIPIO INC: Schedules Fiscal Q3 Corporate Update Call for Nov. 17 ------------------------------------------------------------------- Precipio, Inc. will be hosting its Q3-2025 corporate update call on November 17, 2025 at 5:00 PM ET. The call will include updates on all the company's current core businesses. The conference call may be accessed by calling 800.717.1738. All callers should ask for the Precipio conference call. Listeners interested in submitting questions in advance should email their questions to investors@precipiodx.com and management will do its best to address those questions during the call. A replay of the call will be available approximately 24 hours after the call and may be accessed via the Investors page on Precipio's website, https://www.precipiodx.com/investors/. About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Form 10-K, 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. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of June 30, 2025, the Company had $18.8 million in total assets, $6.5 million in total liabilities, and a total stockholders' equity of $12.3 million. PUBLIC FINANCE: Moody's Rates New 2025A-1/2 Revenue Bonds 'Ba2' --------------------------------------------------------------- Moody's Ratings has assigned an initial Ba2 rating and stable outlook to Public Finance Authority's $21.825 million Multifamily Housing Revenue Bonds (Villas at Sonterra) Series 2025A-1 and Taxable Series 2025A-2. RATINGS RATIONALE The Ba2 rating reflects AHF-Villas at Sonterra, LLC's (the "Project") stable operating performance which leverages the growing need for affordable housing within the demographically vibrant Far North Central region of the City of San Antonio, TX (Aaa stable). The project will benefit from favorable trends in regional income growth which will provide longer-term pricing flexibility for the 75% of property units designated as income-restricted affordable housing. Financial performance has been well-maintained with unaudited operating margins averaging 58% over the last five years. Project operations have benefitted from recent sizable rent increases resulting in average annual revenue growth of 4.1% since 2020. Long-term occupancy trends have similarly been positive averaging 95% since 2015. Offsetting these strengths is recent growth in project vacancies consistent with general market softening due to ongoing regional housing development. As a result, rent growth among the project's direct competitors has been constrained, diminishing the Villas at Sonterra's competitive advantage with current unit pricing now more in line with market rents. Project operating performance will narrow absent a combination of improved demand and achievement of expense reductions expected from planned capital rehabilitation work over the next year. Governance considerations are a key driver to the rating. Experienced ownership and centralized management of multiple projects, in addition to well-defined business strategies, has supported performance through various market cycles and will contribute to successful execution of planned project reinvestment. Project-specific financial statements, while available, are not audited which represents a limiting factor within the governance consideration. Financial audits will be a requirement with this financing. RATING OUTLOOK The stable outlook incorporates a track record of balanced financial operations which, in combination with current occupancy performance, will provide sufficient debt service coverage over the outlook period. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Annual rental rate and occupancy increases that balance the affordability constraints of the target resident base with maintenance of debt service coverage above 1.4x. -- Strong and sustained growth in area median income that creates capacity to raise rental rates above projected levels FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Increased competition from new development that increases pressure to hold rental rates stable and results in debt service coverage sustained below 1.1x -- Inability to adequately fund ongoing facility maintenance that results in competitive disadvantages relative to competitors PROFILE The 156-unit Villas at Sonterra is an affordable housing project built in 1999 in San Antonio's Far North Central area. As an income-restricted project there are set-asides of 20% and 55% of rental units for individuals or families earning 50% and 80% of area median income (adjusted for family size), respectively. Atlantic Housing Foundation, a qualified 501(c)(3) organization with 34 affordable housing projects across 24 cities in five states, serves as sole member of AHF-Villas at Sonterra, LLC. Proceeds of the bonds will be loaned to AHF-Villas at Sonterra, LLC, whose sole member is Atlantic Housing Foundation, to fund acquisition of all partnership interests in the Villas at Sonterra property as well as the financing project-wide rehabilitation work at the 156-unit affordable housing project. METHODOLOGY The principal methodology used in these ratings was Global Housing Projects published in August 2024. PURDUE PHARMA: White & Case, ASK and A&T Represent PI Claimants --------------------------------------------------------------- An ad hoc group of individual victims of Purdue Pharma LP et al. and its debtor-affiliates, represented by White & Case LLP, ASK LLP and Andrews & Thornton as co-counsel, filed with the United States Bankruptcy Court for the Southern District of New York a Third Amended Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of Ad hoc group's current members and the claims and equity interests they held in the Debtors' cases. According to the Amended Verified Statement: 1. Following the process for submitting PI Trust Claim Forms, the Ad hoc PI Group is currently comprised of approximately 30,300 personal injury claimants; each member of the Group holds one or more unsecured, unliquidated, opioid-related personal injury claims against one or more of the Debtors. ASK and A&T retained W&C to serve as co-counsel to the Ad Hoc PI Group in March 2020. The Ad Hoc PI Group also believes that it continues to represent in excess of 50% of Holders of PI Claims eligible to participate in the applicable PI TDP. 2. The names and addresses of the Ad Hoc PI Group Members constitute "Personally Identifying Information" as defined in the Third Amended Protective Order (ECF No. 1935) and shall be treated as confidential information and protected from disclosure. As such, the names and addresses of the individual Ad Hoc PI Group Members are not listed in this Statement. 3. The Ad Hoc PI Group Members make no representation with respect to the amount, allowance, validity, or priority of their claims and reserve all rights with respect thereto. Nothing contained herein should be construed as a limitation upon, or waiver of, any Ad Hoc PI Group Member's right to assert, file, and/or amend its claim(s) in accordance with applicable law and any orders entered in these Chapter 11 Cases establishing procedures for filing proofs of claim. 4. The Ad Hoc PI Group reserves the right to amend and/or supplement this Statement in accordance with Bankruptcy Rule 2019. The Ad Hoc Group Individual Victims' co-counsel may be reached at: Edward E. Neiger, Esq. Jennifer A. Christian, Esq. ASK LLP 60 East 42nd Street, 46th Floor New York, NY 10165 Tel.: (212) 267-7342 Fax: (212) 918-3427 E-mail: eneiger@askllp.com E-mail: jchristian@askllp.com - and - J. Christopher Shore, Esq. Michele J. Meises, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 819-8200 Fax: (305) 358-5744 E-mail: cshore@whitecase.com E-mail: michele.meises@whitecase.com - and - Thomas E Lauria, Esq. WHITE & CASE LLP Southeast Financial Center, Suite 4900 200 South Biscayne Boulevard Miami, FL 33131 Tel: (305) 371-2700 Fax: (305) 358-5744 E-mail: tlauria@whitecase.com The Ad Hoc Group Individual Victims' mass torts legal advisor may be reached at: Anne Andrews, Esq. Sean T. Higgins, Esq. Robert S. Siko, Esq. ANDREWS & THORNTON Newport Beach, CA 92660 Tel: (949) 748-1000 Fax: (949) 315-3540 E-mail: aa@andrewsthornton.com E-mail: shiggins@andrewsthornton.com E-mail: rsiko@andrewsthornton.com About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries --http://www.purduepharma.com/ --develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. RC BUYER: Moody's Affirms 'B2' CFR, Outlook Remains Stable ---------------------------------------------------------- Moody's Ratings affirmed the ratings of RC Buyer Inc. (Rough Country) including the B2 corporate family rating, B2-PD probability of default rating and B2 rating on the company's senior secured first-lien bank credit facilities. The outlook remains stable. The affirmation of the ratings reflects Moody's expectations for continued sales growth and a reduction of debt-to-EBITDA. Contributing to the decline in leverage is Rough Country's new product pipeline and maintenance of good margins through strategic price initiatives, notwithstanding tariff headwinds that may raise cost pressures. Rough Country is expected to maintain good liquidity, supported by solid free cash flow and an access to an untapped revolving credit facility. RATINGS RATIONALE Rough Country's ratings reflect its moderate scale and high financial leverage which is expected to decline. It also reflects favorable brand recognition, strong profit margin and good liquidity. The company maintains a competitive position within the discretionary segment of truck and Jeep aftermarket accessories. Moody's expects Rough Country will grow sales organically by approximately 12% in 2025 and mid-single digits in 2026. Moody's expects growth to be driven by new product launches and higher sales of non-suspension cargo management and UTV parts. Its direct to consumer and direct to installer business through e-commerce represents around 94% of sales, augmenting better pricing and lower costs than many peers who predominantly sell through warehouse distributors. The company's scale remains modest and demand could decline and negatively impact earnings if consumer sentiment wanes and disposable income decreases. Nonetheless, the company has maintained solid volume and pricing power underpinned by its loyal customer base and unique market positioning. Moody's expects that debt-to-EBITDA will decrease to approximately 5.0x by the end of 2026, driven by pricing and sourcing initiatives which will result in higher EBITDA, as well as mandatory debt amortization payments. Since the TSG Consumer Partners leveraged buyout in 2021, Rough Country has repaid close to $100 million of debt and reduced financial leverage by almost two turns. However, debt-to-LTM EBITDA still remains high at 5.5x at September 30, 2025. Earnings growth and cost mitigation strategies remain critical to further deleverage. Rough Country is expected to maintain good liquidity. The company consistently generates free cash flow, which is reflective of its high quality earnings, efficient working capital management and low capital expenditure requirements. The company had substantial availability on its undrawn, revolving credit facility at September 30, 2025. Moody's expects the revolving credit facility to remain largely undrawn. A healthy amount of free cash flow in 2026 will support investments to expand its manufacturing footprint. The stable outlook reflects Moody's views that Rough Country will steadily grow earnings and leverage will decline over the next 12-18 months. It also reflects the company's track record of consistent free cash flow, which is expected to continue. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Rough Country substantially increases its scale and product diversification while maintaining its high level of profitability. In addition, a more conservative financial policy that would result in debt-to-EBITDA approaching 4.0x could support an upgrade. The ratings could be downgraded if Rough Country's organic revenue growth stalls or earnings materially weaken from historical levels. Debt-to-EBITDA approaching 6.0x or a deterioration in liquidity, including an extended period of limited availability under the revolving credit facility or sharply weaker free cash flow, could prompt a downgrade of the ratings. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Dyersburg, Tennessee, Rough Country is a US focused manufacturer of aftermarket performance suspension products and accessories. The company provides lift and leveling kits, shocks and stabilizers and accessories primarily for truck, SUV and Jeep models. Rough Country is majority owned by private equity firm TSG Consumer Partners, LLC. Revenue for the twelve months ended September 30, 2025 was approximately $558 million. RECOMMERCE GROUP: Secured Party Seeks Dec. 5 Auction ---------------------------------------------------- Chase Financing Inc., as collateral agent, will sell the collateral that is made up of all the interests held by Recommerce Group Inc. and any of its subsidiaries in all of its assets to the highest qualified bidder at a public sale at 10:00 a.m. on December 5, 2025, via Zoom or web-based video conferencing. The sale will be conducted by Mannion Auctions, LLC, by Matthew D. Mannion, Auctioneer. Interested parties that intend to bid on the Collateral must contact Secured Party, Abe Burger at (646) 790-8719 or aburger@covefunding.com to receive the terms of sale. RJMY TRUCKING: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------- RJMY Trucking Inc. filed for Chapter 7 bankruptcy in the Central District of California on November 10, 2025. The bankruptcy petition listed the company's liabilities in the range of $0 to $100,000. RJMY TRUCKING INC reported having between 1 and 49 creditors. About RJMY Trucking Inc. RJMY Trucking Inc. operates in the trucking industry. RJMY Trucking Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20019) on November 10, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Jaime A Cuevas, Jr., Esq. of Law Offices of Jaime A. Cuevas, Jr. SANUWAVE HEALTH: Posts $10.3MM Income in Q3, Going Concern Lifted ----------------------------------------------------------------- SANUWAVE Health, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $10.3 million for the three months ended September 30, 2025, compared to a net loss of $20.7 million for the same period in 2024. For the nine months ended September 30, 2025, the Company reported a net income of $5.7 million compared to a net loss of $18.6 million for the same period in 2024. Revenues for the three months ended September 30, 2025 and 2024, were $11.5 million and $9.4 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $31 million and $22.3 million, respectively. The Company had an accumulated deficit of $245.7 billion as of September 30, 2025. As of September 30, 2025, the Company had $35.6 million in total assets, $38.5 million in total liabilities, and $2.9 million in total stockholders' deficit. In prior periods, the Company experienced recurring net losses, accumulated deficits, negative working capital, and significant debt maturities, which raised substantial doubt about its ability to continue as a going concern. During the third quarter of 2025, management executed a comprehensive debt refinancing with a new lender, which extended the maturity of the Company's principal debt obligations from the secured term loan and provided the option for additional liquidity to support ongoing operations through a secured revolving credit facility. In addition, the Company achieved positive operating income for the three and nine months ended September 30, 2025, and prior fiscal year ended December 31, 2024, reflecting the impact of strategic initiatives focused on revenue growth and operational efficiency. As a result of these actions, management has evaluated the Company's financial condition and cash flow requirements for the 12 months following the issuance of these condensed consolidated financial statements. Based on the debt refinancing, the achievement of operating income, and cash inflow from forecasted operations for at least the next 12 months, management believes the Company has sufficient resources to meet its obligations as they become due and to continue its operations for the foreseeable future. Accordingly, when considering all conditions and factors, management has concluded that the substantial doubt about the Company's ability to continue as a going concern for at least 12 months from issuance of the condensed consolidated financial statements has been alleviated. Management will continue to monitor the Company's financial position, operating results, and compliance with debt covenants. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/52mvatxt About SANUWAVE Headquartered in Suwanee, Ga., SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, 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 December 31, 2024, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt 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 $33.05 million in total assets, $47.82 million in total liabilities, and $14.78 million in total stockholders' deficit. As of September 30, 2025, the Company had $35.6 million in total assets, $38.5 million in total liabilities, and $2.9 million in total stockholders' deficit. * * * This concludes the Troubled Company Reporter's coverage of SANUWAVE Health, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. SCHAEFER RECOGNITION: Taps Louis C. Tebbe CPA as Accountant ----------------------------------------------------------- Schaefer Recognition & Media Group LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Louis C. Tebbe, CPA, LLC to provide accounting services. The firm will provide monthly and yearly accounting and tax preparation services. The firm will be paid at these rates: a. $250 per month for monthly operating reports from Oct. 1, 2025 to Sep. 30, 2026; b. $100 per hour for preparation of monthly reports; c. $100 for preparation of 941 payroll tax report for the fourth quarter of 2025; d. $325 for preparation of 2025 individual income tax return; and e. $750 for 2025 S-Corporation income tax returns. As disclosed in the court filings, Louis Tebbe, LLC is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Louis C. Tebbe, CPA Louis C. Tebbe, CPA, LLC 14850 Cave Creek Rd # 3 Phoenix, AZ 85032 Phone: (602) 867-9090 About Schaefer Recognition & Media Group LLC Schaefer Recognition & Media Group LLC is a limited liability company. Schaefer Recognition & Media Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09689) on October 10, 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 Daniel P. Collins handles the case. The Debtor is represented by Patrick F. KEERY, Esq. of KEERY MCCUE, PLLC. SCOOPIE LLC: Unsecureds to Get $1,253 per Month over 60 Months -------------------------------------------------------------- The Scoopie, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas an Amended Plan of Reorganization under Subchapter V dated November 4, 2025. The Debtor was organized as a limited liability company under the laws of the State of Texas on September 28, 2012. It was formed by Jarred L. Allen under the name imblowingup, LLC. The Debtor is in the business of manufacturing scoops with an attached funnel (The Scoopie) together with various other receptacles, bottles, lids and other packaging. The Debtor operates from a warehouse in Conroe, Texas, with its only employee being the majority member, Jarred Allen. The Debtor creates the actual molds from which its products are manufactured and third-party plastic manufacturing facility actually manufactures the product using food grade plastics. The Debtor sells both wholesale and retail through the internet and its products can be found in third party retail establishments such as GNC Nutrition and on Amazon. The goals of its reorganization plan are to continue to grow and expand its business in order to fund its reorganization plan. The Debtor's Plan provides for the continuation of the Debtor's business with a portion of the net profits from operations used to fund the Plan. In addition, the Debtor has commenced litigation against Champion Foods, Inc. and White Mountain, LLC, and the recovery, if any, from that litigation will also be used to fund the Plan. The Debtor seeks to confirm a consensual Plan but is prepared to utilized the "cram down" provisions of Section 1191(b) of the Bankruptcy Code if a consensus cannot be reached. Class 4 consists of General Unsecured Creditors. There are four claimants in this Class for a total of $501,068.66. These claims will be paid monthly over a five-year period with interest at the rate of 0.00%. The monthly payment shall be in the amount of $1,252.67 which will be distributed on a pro-rata basis over sixty months. In the event the Debtor receives a recovery under the litigation with Champion Foods and White Mountain, the Debtor shall pay that recovery, less costs and attorney's fees, on a pro rata basis to the claimants in this Class. In any event, the claimants in this Class shall receive at least 15% of their claim at 0.00% interest over a five-year period. The first payment to members of this class shall be made on the fifteenth day of the first full month of the first full quarter following the Effective Date and continuing monthly over a period of sixty months. Class 4 Claimants are impaired under the Plan. Class 5 consists of Equity Security Holders. There are five equity security holders in this Class who collectively own 100% of the interest in the Debtor. The equity security holders will not receive any payment under the Plan other than the monthly salary paid to Jarred Allen. The equity security holders will be allowed to retain their respective ownership interest in the Reorganized Debtor. Class 5 Claimants are not impaired under the Plan. The Debtor shall continue operations and utilize the after-tax net profits to fund its Plan. In addition, the Debtor shall utilize the recovery, if any, from the litigation with Champion Foods and White Mountain to partially fund the claimant in Class 4 of the Plan. A full-text copy of the Amended Subchapter V Plan dated November 4, 2025 is available at https://urlcurt.com/u?l=q5mjVh from PacerMonitor.com at no charge. Counsel to the Debtor: Julie Koenig, Esq. Cooper & Scully, P.C. 900 Jackson St Ste 100 Dallas, TX 75202 Tel: (214) 712-9500 About The Scoopie, LLC The Scoopie, LLC was organized as a limited liability company under the laws of the State of Texas on September 28, 2012. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32929) on May 28, 2025. In the petition signed by Jarred Allen, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Julie M. Koenig, Esq., at Cooper & Scully, PC, represents the Debtor as legal counsel. SEASHORE PROPERTIES: Hires Keen-Summit as Real Estate Broker ------------------------------------------------------------ Seashore Properties, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Keen-Summit Capital Partners LLC as realtor and investment banker. The realtor will market the Debtor's property referred to as Paia Inn (93 Hana Hwy, 95 Hana Hwy, 40 Ae, 23 Nalu, Paia, Island of Maui, Hawaii), plus the property located at 69 and 75 Hana Highway, Paia, Island of Maui, Hawaii. Keen-Summit will earn a commission equal to 4 percent up to the first $10 million of the sales price, 3 percent of the next $15 million of the sale price, and 2 percent of the sale price exceed $25 million. The firm will earn a commission equal to 2 percent of the total amount of any new loan approved by the Bankruptcy Court. Keen-Summit Capital Partners LLC does not hold or represent an interest adverse to the Debtor or the estate and is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Matthew Bordwin Keen-Summit Capital Partners LLC 1 Huntington Quadrangle, Suite 2C04 Melville, NY 11747 Telephone: (646) 381-9202 E-mail: mbordwin@Keen-Summit.com About Seashore Properties Seashore Properties, LLC, doing business as Paia Inn, operates a boutique hotel located at 93 Hana Highway in Paia on the island of Maui, Hawaii. The inn provides upscale lodging accommodations that blend contemporary amenities with local design elements, offering rooms and suites equipped with modern conveniences such as private baths, Wi-Fi, and air conditioning. Situated in Maui's North Shore beach town, the property serves both leisure and business travelers seeking personalized hospitality and proximity to local dining, shopping, and coastal attractions. Seashore Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00952) on October 24, 2025, with up to $50 million in both assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as counsel. SEASHORE PROPERTIES: Seek to Hire Compass Hawaii as Local Realtor ----------------------------------------------------------------- Seashore Properties, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Compass Hawaii as local realtor. The realtor will market the Debtor's property referred to as Paia Inn (93 Hana Hwy, 95 Hana Hwy, 40 Ae, 23 Nalu, Paia, Island of Maui, Hawaii), plus the property located at 69 and 75 Hana Highway, Paia, Island of Maui, Hawaii. Compass will share 25 percent of the transaction fee awarded to Keen-Summit, co-realtor. Robert Lightbourn, a principal at Compass Hawaii, 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: Robert Lightbourn Compass Hawaii 900 Fort Street Mall, Suite 1680 Honolulu, HI 96813 Email: robert.lightbourn@compass.com About Seashore Properties Seashore Properties, LLC, doing business as Paia Inn, operates a boutique hotel located at 93 Hana Highway in Paia on the island of Maui, Hawaii. The inn provides upscale lodging accommodations that blend contemporary amenities with local design elements, offering rooms and suites equipped with modern conveniences such as private baths, Wi-Fi, and air conditioning. Situated in Maui's North Shore beach town, the property serves both leisure and business travelers seeking personalized hospitality and proximity to local dining, shopping, and coastal attractions. Seashore Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00952) on October 24, 2025, with up to $50 million in both assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as counsel. SIDE YARD: Hires Donald W. Reid as Bankruptcy Counsel ----------------------------------------------------- Side Yard Public House, Inc. and Milovan, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of California to hire the Law Office of Donald W. Reid as general bankruptcy counsel. The firm will render these services: a. prepare pleadings, applications and conduct examinations incidental to administration; b. advise the Debtors with respect to its rights, powers, duties and obligations as a debtor in possession in the administration of this case, the management of its financial affairs and the management of their income and property; c. advise and assist the Debtors with respect to compliance with the requirements of the Office of the United States Trustee; d. advise the Debtors regarding matters of bankruptcy law, including rights and remedies of Debtors with respect to its assets and with respect to claims of creditors and to communicate and negotiate with such creditors; e. advise and represent the Debtors in connection with all applications, motions or complaints for adequate protection, sequestration, relief from stays, appointment of a trustee or examiner and all other similar matters; f. develop the relationship of the status of the Debtors to the claims of creditors in these proceedings; g. advise and assist the Debtors in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; h. represent the Debtors in any necessary adversary proceedings; and i. perform any and all other legal services incident and necessary. The firm will be paid at the rate of $500 per hour. The Debtors each paid separate initial retainers of $10,000, for a total of $20,000. As disclosed in a court filing, the Law Office Of Donald W. Reid is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Donald W. Reid, Esq. Law Office Of Donald W. Reid PO Box 2227 Fallbrook, CA 92088 Tel: (951) 777-2460 Email: don@donreidlaw.com About Side Yard Public House Inc. Side Yard Public House, Inc. operates an outdoor restaurant and bar at 10326 Meadow Glen Way E, Escondido, CA 92026. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04126-JBM11) on October 2, 2025. In the petition signed by Shari Nickelson, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Barrett Marum oversees the case. Donald Reid, Esq., at Law Office of Donald W. Reid, represents the Debtor as legal counsel. SOLANA COMPANY: Board Approves $100M Stock Repurchase Program ------------------------------------------------------------- Solana Company announced on Nov. 5, 2025, that its Board of Directors has approved a stock repurchase program to acquire up to $100 million of the company's outstanding common stock. The new stock repurchase program, which is open-ended, allows the company to repurchase its shares from time to time in the open market and in negotiated transactions. As of Nov. 4, 2025, the current common shares and common shares underlying the pre-funded and penny warrants outstanding is 84,130,257. "For our goal of maximizing SOL per share accumulation, there may be times when the best expected return of our capital is to acquire our own shares," said Joseph Chee, Executive Chairman of Solana Company and Chairman of Summer Capital. "In this period of market adjustment, our strategic focus remains unwavering, as does our commitment to delivering value and transparency to our shareholders." Repurchases of Common Stock may be made in the open market (including through Rule 10b-18 compliant transactions), in privately negotiated transactions, in block trades, through one or more accelerated share repurchase transactions, through one or more trading plans intended to comply with Rule 10b5-1, through tender offers, or by any combination of the foregoing. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. For additional information, including the latest Chairman's Note and corporate presentation, please visit https://www.solanacompany.co/news. About Solana Company Solana Company (Nasdaq: HSDT) formerly known as Helius Medical Technologies, Inc. is a listed digital asset treasury dedicated to acquiring Solana (SOL), created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and onchain activity, Solana Company offers public market investors optimal exposure to Solana's secular growth. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. SOLANA COMPANY: Cosmo Jiang Joins Board, Jeffrey Mathiesen Resigns ------------------------------------------------------------------ On October 30, 2025 at the Special Meeting of Stockholders of Solana Company (formerly known as Helius Medical Technologies, Inc.), shareholders of the Company approved the election of Cosmo Jiang to Board of Directors. Immediately following the Special Meeting, Cosmo Jiang became a director of the Board. On October 30, 2025, the Company received a written letter of resignation from Jeffrey S. Mathiesen informing the Executive Chairman of his resignation from the Board effective that same day. Mr. Mathiesen was not a member of any committees of the Company. Mr. Mathiesen's decision to resign is not the result of any disagreement with the Company and was in connection with the election of Cosmo Jiang to the Board. A full-text copy of the Resignation Letter is available at https://tinyurl.com/3bmr6awv About Solana Company Solana Company (Nasdaq: HSDT), formerly known as Helius Medical Technologies, Inc., is a listed digital asset treasury dedicated to acquiring Solana (SOL), created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and onchain activity, Solana Company offers public market investors optimal exposure to Solana's secular growth. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. SOLANA COMPANY: Joseph Chee Joins HK Unit as Executive ------------------------------------------------------ Solana Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 30, 2025, Solana Company (Hong Kong) Limited, a wholly owned subsidiary of the Company, entered into an Employment Agreement with Joseph Chee. The Employment Agreement entitles Mr. Chee to, among other benefits, the following compensation: * An annual base salary of US$525,000, reviewed at least annually; * a sign on cash bonus of US$61,250, considering the preparation work and contribution Mr. Chee has done during the period from September 18, 2025 up to October 30, 2025; * a discretionary annual cash bonus, the target value of which is 100% of the Annual Base Salary; and * additional incentives, as may be approved by the Board of Directors of Solana Company HK at its sole and absolute discretion in a separate grant letter. A full-text copy of the Employment Agreement is available at https://tinyurl.com/2abk6ptd About Solana Company Solana Company (Nasdaq: HSDT) formerly known as Helius Medical Technologies, Inc. is a listed digital asset treasury dedicated to acquiring Solana (SOL), created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and onchain activity, Solana Company offers public market investors optimal exposure to Solana's secular growth. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. SPIRIT AIRLINES: Seeks $100MM Labor Concessions to Unlock Next DIP ------------------------------------------------------------------ Natalia Shelley of Aviation A2Z reports that Spirit Airlines is pursuing $100 million in labor concessions from its pilots and flight attendants as part of critical negotiations tied to its ongoing Chapter 11 bankruptcy. The Florida-based low-cost carrier must reach at least one tentative agreement with a labor group by Thursday to unlock the next phase of its $475 million debtor-in-possession (DIP) financing approved by a New York bankruptcy court. Nearly half of the DIP financing has already been spent on flight operations and supplier payments. To access the remaining funds, Spirit must demonstrate progress in reducing labor costs through negotiated concessions viewed by lenders as vital to its short-term liquidity and restructuring, the report states. The airline has approached the Air Line Pilots Association (ALPA) and the Association of Flight Attendants-CWA (AFA-CWA) for relief measures totaling $100 million. If talks fail, Spirit may invoke Section 1113 of the Bankruptcy Code, allowing modification or rejection of union contracts to sustain operations, according to report. Union officials confirmed that discussions are ongoing under tight deadlines. While both ALPA and AFA-CWA acknowledged the urgency, they’ve rejected any cuts to base pay or health benefits, saying any concessions should be temporary and directly tied to the company's recovery, 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. SPLASH BEVERAGE: Adjourns Annual Meeting to November 14 ------------------------------------------------------- Splash Beverage Group, Inc. held on October 31, 2025, the 2025 Annual Meeting of Stockholders. At the 2025 Annual Meeting, the Company's stockholders voted on: (i) the election of four directors to the Company's Board of Directors for a one-year term expiring at the next annual meeting of stockholders (Proposal 1); (ii) the ratification of the appointment of Rose, Snyder & Jacobs LLP as Company's independent registered accounting firm for the fiscal year ended December 31, 2025 (Proposal 2); (iii) the approval, in accordance with NYSE American rules, the issuance of shares of common stock in excess of 379,785 shares, which is 19.99% of the shares of common stock outstanding as of June 25, 2025, pursuant to outstanding convertible preferred stock, warrants, and convertible promissory notes (Proposal 3); (iv) the approval, in accordance with NYSE American rules, the issuance of shares pursuant to that certain securities purchase agreement dated September 19, 2025 with C/M Capital Master Fund, LP (as disclosed in Current Report Form 8-K filed September 25, 2025) (Proposal 4); (v) the approval of the 2025 Equity Incentive Plan (Proposal 5); (vi) the approval of a possible increase in the Company's authorized common stock to 400,000,000 shares (Proposal 6); and (vii) the approval of an adjournment of the 2025 Annual Meeting to a later date or time, if necessary, to permit further solicitation and vote of proxies if there are not sufficient votes at the time of the Annual Meeting to approve any of the proposals presented for a vote at the 2025 Annual Meeting (Proposal 7), all as described in more detail in the Company's definitive proxy statement filed with the Securities and Exchange Commission on October 6, 2025. Set forth are the voting results on each matter submitted to the stockholders at the 2025 Annual Meeting: Proposal 1. The Company's stockholders voted to elect the following four individuals as directors to hold office until the next annual meeting of the stockholders: 1. Robert Nistico * Votes For: 847,254 * Abstentions: 30,776 * Broker Non-Votes: 465,888 2. Justin Yorke * Votes For: 821,802 * Abstentions: 56,228 * Broker Non-Votes: 465,888 3. Thomas Fore * Votes For: 851,375 * Abstentions: 26,655 * Broker Non-Votes: 465,888 4. Frederick William ("Bill") Caple * Votes For: 829,075 * Abstentions: 48,955 * Broker Non-Votes: 465,888 Proposal 2. The Company's stockholders voted to ratify the appointment of Rose, Snyder & Jacobs LLP as the Company's independent registered accounting for the fiscal year ended December 31, 2025. * Votes For: 1,276,250 * Abstentions: 66,987 * Broker Non-Votes: 681 Proposal 3. The Company's stockholders voted to approval the issuance of common stock in excess of 379,785 shares pursuant to outstanding convertible preferred stock, warrants, and convertible promissory notes. * Votes For: 655,507 * Abstentions: 30,771 * Broker Non-Votes: 1,765 Proposal 4. The Company's stockholders voted to approve the issuance of shares of the Company's common stock pursuant to the ELOC Agreement with the Purchaser. * Votes For: 848,976 * Abstentions: 28,496 * Broker Non-Votes: 558 Proposal 5. The Company's stockholders voted to approve the 2025 Equity Incentive Plan. * Votes For: 816,287 * Abstentions: 61,454 * Broker Non-Votes: 289 Proposal 6. The Company's stockholders voted not to approve the possible increase of the Company's common stock to 400,000,000 shares. * Votes For: 1,135,581 * Abstentions: 149,088 * Broker Non-Votes: 59,252 There were also 465,888 broker non-votes on each of the proposals. Proposal 7. The Company's stockholders voted to approve an adjournment of the Annual Meeting. * Votes For: 1,200,000 * Abstentions: 143,399 * Broker Non-Votes: 522 In accordance with Proposal 7, the 2025 Annual Meeting has been adjourned to 10:00 a.m., Eastern Time on Friday, November 14, 2025, in order to permit further solicitation and vote of proxies to approve Proposal 6. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of ccelerating them to higher volumes and increased sales revenue. As of June 30, 2025, the Company and $22.2 million in total assets, $13.5 million in total liabilities, and $8.7 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. SPLASH BEVERAGE: CEO Robert Nistico to Step Down Nov. 14 -------------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 31, 2025, Robert Nistico notified the Company that he will resign as Chief Executive Officer of the Company, effective November 14, 2025. Mr. Nistico will continue to serve on the Board of Directors of the Company and work on special projects for the Company in the beverage space. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of ccelerating them to higher volumes and increased sales revenue. As of June 30, 2025, the Company and $22.2 million in total assets, $13.5 million in total liabilities, and $8.7 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. SPV MD SALE: Seeks to Hire Meridian Law as Bankruptcy Counsel ------------------------------------------------------------- SPV MD Sale LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Meridian Law, LLC as counsel. The firm will provide legal services in connection with the filing and prosecution of the Debtor's Chapter 11 case. The firm will be paid at the rate of $450 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Aryeh Stein, Esq., a member of Meridian Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aryeh E. Stein, Esq. Meridian Law, LLC 1212 Reisterstown Road Baltimore, MD 21208 Tel: (443) 326-6011 Fax: (410) 653-9061 Email: astein@meridianlawfirm.com About SPV MD Sale LLC SPV MD Sale LLC owns eight properties located in Baltimore City. SPV MD Sale LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-19852) on October 21, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Aryeh E. Stein, Esq. at Meridian Law, LLC represents the Debtor as counsel. SURMEIER HOLDINGS: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------------- Surmeier Holdings LLC filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Southern District of Illinois on November 9, 2025. According to court filings, the company listed liabilities valued between $1 million and $10 million and reported having between 1 and 49 creditors. About Surmeier Holdings LLC Surmeier Holdings LLC is a single asset real estate company. Surmeier Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30863) on November 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by Spencer P Desai, Esq. of The Desai Law Firm, LLC. TAMPA BRASS: Hearing on Bid to Use Cash Collateral Set for Dec. 11 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida is set to hold a hearing on December 11 to consider another extension of Tampa Brass and Aluminum Corporation's authority to use cash collateral. The Debtor was previously authorized to use the cash collateral of its lenders to fund operations pursuant to the 13th interim order entered by the court on October 27. The 13th interim order granted the lenders a perfected post-petition lien on the cash collateral, matching the validity, priority and extent as their pre-bankruptcy liens. First Florida, Breakout Capital, LLC and the U.S. Small Business Administration are the lenders identified by the Debtor that may assert an interest in the cash collateral. The Debtor owes First Florida approximately $5.625 million under an asset-based financing facility. First Florida asserts a first priority, blanket lien on substantially all of the Debtor's assets. Meanwhile, the Debtor has two loans with SBA in the total amount of $3.25 million, which are secured by junior liens, and a merchant cash advance loan with Breakout Capital, which asserts a lien on accounts receivable. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation -- https://tampabrass.com/about/ -- is a supplier of cast machined parts for the commercial and defense industries. The company is based in Tampa, Fla. Tampa Brass and Aluminum filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00105) on January 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. TMK HAWK: New Mountain Marks $10.1MM 1L Loan at 35% Off ------------------------------------------------------- New Mountain Finance Corporation has marked its $10,169,000 loan extended to TMK Hawk Parent, Corp. to market at $6,570,000 or 65% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to TMK Hawk Parent, Corp. The loan accrues interest at a rate of 3.25%/PIK + 2.00% per annum. The loan matures on June 2029. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About TMK Hawk Parent, Corp. TMK Hawk Parent Corp. is the parent company for TriMark USA LLC, a major North American distributor of food service equipment, supplies, and design services. TMK HAWK: New Mountain Marks $12.6MM 1L Loan at 35% Off ------------------------------------------------------- New Mountain Finance Corporation has marked its $12,631,000 loan extended to TMK Hawk Parent, Corp. to market at $8,161,000 or 65% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to TMK Hawk Parent, Corp. The loan accrues interest at a rate of 3.25%/PIK + 2.00% per annum. The loan matures on June 2029. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About TMK Hawk Parent, Corp. TMK Hawk Parent Corp. is the parent company for TriMark USA LLC, a major North American distributor of food service equipment, supplies, and design services. TMK HAWK: New Mountain Marks $4MM 1L Loan at 36% Off ---------------------------------------------------- New Mountain Finance Corporation has marked its $4,036,000 loan extended to TMK Hawk Parent, Corp. to market at $2,581,000 or 64% of the outstanding amount, according to New Mountain's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to TMK Hawk Parent, Corp. The loan accrues interest at a rate of 3.00%/PIK + 1.00% per annum. The loan matures on June 2029. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. The company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive. New Mountain is led by John R. Kline as President and Chief Executive Officer and Kris Corbett as Chief Financial Officer and Treasurer. The Fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, NY 10019 Tel. No.: (212) 720-0300 About TMK Hawk Parent, Corp. TMK Hawk Parent Corp. is the parent company for TriMark USA LLC, a major North American distributor of food service equipment, supplies, and design services. TRIAD AERO: Section 341(a) Meeting of Creditors on December 5 ------------------------------------------------------------- On October 27, 2025, Triad Aero Sales Corp. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 5, 2025 at 12:00 PM by TELEPHONE. About Triad Aero Sales Corp. Triad Aero Sales Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Triad Aero Sales Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on October 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented byBrian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. TRICO MILLWORKS: Unsecureds to Get Share of Income for 3 Years -------------------------------------------------------------- Trico Millworks, Inc., filed with the U.S. Bankruptcy Court for the District of Maine a Plan of Reorganization and Disclosure Statement dated November 4, 2025. The Debtor is a business corporation formed under the laws of the State of Maine. Founded in 2000 and located in Limington, Maine, the Debtor provides a full range of specialized millwork and related construction services, including cabinets, countertops, doors, desks, fireplace mantels, crown molding, bookcases, and railings. The Debtor has completed millwork projects at numerous banks, schools, hospitals, fire stations, and other businesses across Maine, including University of Southern Maine, Maine Medical Center, Portland International Airport, Oxford County Court House, Falmouth Fire Station, LL Bean, and Scarborough Public Library. David Baker is the sole stockholder of the Debtor. The Debtor's 2025 gross revenue through the Petition Date was $1,212,000.00. The Debtor's 2024 gross revenue was $1,483,000.00. The Assets include certain personal property, including cash, accounts receivables, shop equipment and machinery, and vehicles. The Debtor does not own any real property. In addition to the liquidation of the Assets, a chapter 7 trustee may be entitled to attempt to avoid and recover preferential payments made by the Debtor in the ninety days prior to the Petition Date (and payments to insiders made within one year of the Petition Date), as well as transfers of property made by the Debtor with actual fraudulent intent or for less than reasonably equivalent value. Class Eight consists of Allowed General Unsecured Claims, including, without limitation, all Claims arising from rejection of any lease or executory contract, and all deficiency Allowed Unsecured Claims of Holders of Allowed Secured Claims. The Class Eight Claims are impaired. In full and final satisfaction of all Allowed Unsecured Claims in Class Eight, and regardless of whether Class Eight votes to accept or reject the Plan, the Debtor shall make three Pro Rata payments of projected net disposable income to Holders of Allowed Class Eight Claims, with one payment made on each of within thirty days of the first anniversary of the Effective Date, the second anniversary of the Effective Date, and the third anniversary of the Effective Date (collectively, the "PDI Payments"). The PDI Payments shall be in the amount of the projected net disposable income (for the applicable year) set forth in Exhibit 2. Notwithstanding the foregoing, the Debtor shall be entitled to pay the PDI Payments in full at an earlier date based upon the following schedule: (a) if the PDI Payments are paid in full within 365 days of the Effective Date, the Debtor may satisfy the PDI Payments in full by paying cash equal to 75% of the total PDI Payments; and (b) if the PDI Payments are paid in full between 365 and 730 days of the Effective Date, the Debtor may satisfy the PDI Payments in full by paying cash equal to 85% of the total then remaining amount of the PDI Payments. The Class Nine Interests are unimpaired. The Holder of Interests in Class Nine shall retain his Interests in the Debtor under this Plan. The Holder of Interests in Class Nine is not entitled to vote on the Plan and is deemed to accept the Plan pursuant to Section 1126(f) of the Bankruptcy Code. Except as otherwise provided in the Plan, or in any contract, instrument, release, or agreement entered into in connection with the Plan, in accordance with Section 1123(b) of the Bankruptcy Code, the Debtor and/or its Estate shall retain and preserve and shall be vested with, retain, and may enforce and prosecute any claims or Causes of Action that the Debtor and/or its Estate may have against any person or entity that constitute a Cause of Action. The payments under the Plan shall be made primarily from the following sources: (a) cash on hand; (b) the proceeds generated from the ongoing operation of the Debtor’s business; (c) the proceeds of any Causes of Action and Claims which the Debtor and/or its Estate has brought and/or may elect to bring; and (d) refinancing some or all of the Allowed Claims under the Plan. In addition, nothing in this Plan or the Confirmation Order shall prohibit the Debtor from selling all or substantially all of its Assets after the Effective Date and satisfying some or all of the Allowed Claims under this Plan through the proceeds of such sale (including with such proceeds to be applied by the Debtor in accordance with the rights of Holders of Allowed Secured Claims under the Plan). A full-text copy of the Disclosure Statement dated November 4, 2025 is available at https://urlcurt.com/u?l=j1TJnu from PacerMonitor.com at no charge. Counsel to the Debtor: Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, P.A. 100 Middle Street PO Box 9729 Portland, Maine 04104 Tel: (207) 774-1200 Fax: (207) 774-1127 Email: aprescott@bernsteinshur.com About Trico Millworks Inc. Trico Millworks, Inc. designs, fabricates, and installs custom architectural millwork for commercial construction projects across Maine and New Hampshire. Founded in 2000, the company serves schools, medical facilities, and office buildings, providing cabinetry, doors, stair components, reception and display fixtures, and other interior woodwork, and holds QCP Certification from the Architectural Woodwork Institute. Trico Millwork collaborates with contractors on projects ranging from small fit-ups to large-scale millwork packages. Trico Millworks sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20222) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Michael A. Fagone handles the case. Adam Prescott, at Bernstein, Shur, Sawyer & Nelson, P.A., is the Debtor's counsel. BCM ADVISORY GROUP is the Debtor's financial advisor. TRIMAS CORP: Moody's Puts 'Ba2' CFR on Review for Downgrade ----------------------------------------------------------- Moody's Ratings has placed TriMas Corporation's (TriMas) ratings under review for downgrade, including the Ba2 corporate family rating, Ba2-PD probability of default rating, and Ba3 senior unsecured notes rating. The SGL-2 speculative grade liquidity rating (SGL) remains unchanged. The outlook, previously negative, was also placed under review. The review follows the November 4, 2025 announcement [1] that TriMas intends to sell its Aerospace segment to an affiliate of Tinicum L.P. for $1.45 billion. The transaction is expected to close by the end of the first quarter of 2026. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on the operating profile, capital structure and financial policies of TriMas following the close of the transaction. Post-close, Moody's expects the company will be considerably smaller with a less diversified business profile. The segment being sold comprises approximately 37% of total revenue and approximately 43% of total segment EBITDA during the 12-month period ending September 30, 2025. Governance is a driver of the rating action because of the transformative nature of the transaction. TriMas Corporation, headquartered in Bloomfield Hills, Michigan, is a publicly-traded diversified industrial manufacturer with operations in three reporting segments: Packaging, Aerospace and Specialty Products. Revenue for the twelve months ended Sept. 30, 2025 totaled $1,014 million. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. UMAMAHESH LLC: Behrooz Vida Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Umamahesh, LLC. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Umamahesh LLC Umamahesh, LLC, doing business as Howard Johnson Lubbock, operates a hotel at 5108 Interstate 27 in Lubbock, Texas, under a franchise agreement with Wyndham Hotels & Resorts. It owns the property, including both the land and hotel building, which is listed in a court document with a competitive bid of $1.5 million. Umamahesh filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-50299) on October 31, 2025, with $1,584,056 in assets and $3,550,961 in liabilities. Naynaben Patel, managing member, signed the petition. Judge Mark X. Mullin presides over the case. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P. represents the Debtor as legal counsel. UNIFIED SCIENCE: Court OKs Deal to Use Byline's Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Wisconsin approved a stipulation between Unified Science, LLC and secured creditor, Byline Bank, authorizing the continued use of cash collateral. The stipulation, executed on October 30, followed discussions regarding the need to protect Byline Bank against depreciation of its interest in its collateral pending development of a potential Chapter 11 plan. Under the stipulation, the court's interim order entered on October 3 remains in effect for 60 days from October 30, with a possible 30-day extension. Unified Science is required to file a plan of liquidation and disclosure statement by November 18 and begin winding down its operations, which must be completed within 60 days of October 30. The stipulation and court order are available for free at https://is.gd/22AqXp and https://is.gd/kDTGDv from PacerMonitor.com. Unified Science claims that Byline is adequately protected through (i) replacement liens on post-petition assets granted to the bank; (ii) the proposed sale of the Debtor's properties at 811 Pine Street and 500 Simmon Drive, with the potential to pay down more than $8 million of debt; and (iii) an equity cushion from non-cash collateral. The Debtor estimates the fair market value of its real estate, machinery, and equipment at $16 million, with a liquidation value of $9.7 million. This exceeds Byline's current claim of approximately $11 million, providing at least a 20-25% equity cushion, which courts have historically found sufficient. About Unified Science LLC Unified Science, LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. Byline Bank, as lender, is represented by: Daniel J. Habeck, Esq. Cramer Multhauf LLP 1601 E. Racine Avenue, Suite 200 P.O. Box 558 Waukesha, WI 53187-0558 Phone: (262) 542-4278 Fax: (262) 542-4270 djh@cmlawgroup.com US MAGNESIUM: Hires Blank Rome LLP as Insurance Recovery Counsel ---------------------------------------------------------------- US Magnesium LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Blank Rome LLP as special insurance recovery counsel. The firm will represent the Debtor in connection with the USM Coverage Claim as well as a related petition for permission to appeal commenced by Ace American Insurance Company filed on Oct. 2, 2025 in the Pennsylvania Superior Court arising from the denial of Ace's motion to dismiss the USM Coverage Claim for forum non conveniens. The firm's current hourly rates are: John A. Gibbons, Partner $1,205 Jason A. Snyderman, Partner $1,015 Jason A. Frye, Of Counsel $915 Andrew Martin, Associate $675 Asia Livingstone, Associate $670 Partners $750 to $1,750 Counsel $750 to $1,550 Associates $650 to $995 Paraprofessionals $350 to $695 Blank Rome is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: John A. Gibbons, Esq. Blank Rome LLP 1825 Eye Street NW Washington, D.C. 20006 Telephone: (202) 420-644 Email: john.gibbons@blankrome.com About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. US SIKH: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------- On November 11, 2025, US Sikh Transport initiated a voluntary Chapter 11 bankruptcy in the Eastern District of California. The case was assigned #25‑13801. According to the filing, the company holds liabilities of $1 million to $10 million, with a creditor count of 1–49. About US Sikh Transport US Sikh Transport operates as an interstate freight carrier based in Fresno, California. US Sikh Transportsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13801) on November 11, 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 Jennifer E. Niemann handles the case. The Debtor is represented by Arasto Farsad, Esq. VERA RESTAURANT: Unsecureds Will Get 100% of Claims over 60 Months ------------------------------------------------------------------ Vera Restaurant Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a First Amended Disclosure Statement describing First Amended Plan dated November 4, 2025. The Debtor is a company created and existing under the laws of the State of Florida. The Debtor operates a relatively new yet wildly popular Peruvian restaurant in Miami Beach doing business as "5 Esquinas by Henry Vera." VERA features dine-in and take-out service. VERA was conceptualized, designed and the retail space renovated from the ground up by Henry Vera. Since its opening, the casual space has become a favorite local restaurant and the darling of "A Listers," social media influencers, and those who appreciate the quality and authenticity of its cuisine and ambiance. VERA's sole location, with a street of address of 1536 Alton Road, Miami Beach, Florida is leased. Rent was current before and throughout this reorganization. VERA and the premises were insured before and after this reorganization. Prior to the reorganization, VERA at one point had over a dozen employees. At the time of the filing of the original disclosure statement, during the historic slow season, there are five employees, including Mr. Vera. Separately, VERA contracts administrative and web-support services initially from abroad in Peru and now locally. The Debtor proposes a restructuring of its financial obligations in this Plan. The Debtor believes that the Plan will allow the operation of the Debtor's business and provide the creditors with the maximum value. Moreover, the Debtor believes that the Plan provides the creditors more value than they would receive in a liquidation of the Debtor under Chapter 7, which would be zero and cost the chapter 7 professionals to work without funds for the benefit of the government entities and priority claimants which are owed in excess of $85,000.000 (without interest). Class 1 consists of the allowed general unsecured claims including Claims filed and and others not listed as either disputed, contingent or unliquidated in Debtor's Schedule F, as amended. In addition, there is $7,920.63 reflecting the unsecured portion of various priority claims. This class shall receive 100% of their Allowed Claims during a period of not more than 5 years through the tenure of the Plan, 60 months from the Effective Date. This class is impaired by the Plan and its members are entitled to vote the Plan. Class 2 consists of the Members' equity interest in the Debtor. Members of this class will not withdraw capital or receive dividends or profits. Mr. Vera will provide new value, either in the form of work or "sweat" equity or cash to the reorganized Debtor as necessary to execute upon or fund the Plan pursuant to the Cash Flow analysis attached to the Disclosure Statement. It is further contemplated that Mr. Vera will buy-out/repay Mr. Zwick for his investment in the Debtor through non-Debtor and/or personal funds secured by equity in his home through the life of the Plan until fully paid. Upon the Effective Date, Mr. Vera will execute guarantees secured by his assets, including his home, in favor of Mr. Zwick, in a form satisfactory to Mr. Zwick. Specifically, Mr. Vera shall buyout Mr. Zwick's interest in the Debtor as follows or as further agreed upon with Mr. Zwick prior to confirmation: $25,000 by December 1, 2025; $283,0000 balance over 36 months at the rate of $7,861.11 commencing January 2, 2026. This payment shall be guaranteed by a judgment held in escrow, a second mortgage on his home and a filed UCC1 on Mr. Vera's assets. The Debtor will fund the Plan with funds collected from its accounts receivables, cash in hand and funds received from its continued operations. Debtor will set aside sufficient funds for amounts due pursuant to the plan as of the Effective Date. The Administrative Claims not paid in full on the Effective Date will be paid in installments after the Effective Date. A full-text copy of the First Amended Disclosure Statement dated November 4, 2025 is available at https://urlcurt.com/u?l=9efQ8R from PacerMonitor.com at no charge. Special Counsel for the Debtor: Aleida Martinez Molina, Esq. AXS Law Group, PLLC 2121 NW 2nd Ave., Suite 201 Miami, FL 33127 Tel: 305-297-1878 E-mail: aleida@axslawgroup.com About Vera Restaurant Inc. Vera Restaurant Inc. was founded by restaurateurs with diverse backgrounds but a common joy for delivering elevated experiences through food, drinks, and music. Vera Restaurant Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10623) on Jan. 22, 2025. In its petition, the Debtor reports estimated assets between $50,000 and 100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. VIB TRANS: Seeks Subchapter V Bankruptcy in Illinois ---------------------------------------------------- On October 28, 2025, VIB Trans Inc. filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports $3,047,598 in debt owed to 1 and 49 creditors. About VIB Trans Inc. VIB Trans Inc. operates as a freight transportation company based in Illinois, providing interstate cargo hauling services across the United States. The Company maintains a fleet of trucks and trailers, including Volvo, Freightliner, Kenworth, Mack, and Wabash units, to move general freight for commercial clients. VIB Trans Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16602) on October 28, 2025. In its petition, the Debtor reports total assets of $1,285,794 and total liabilities of $3,047,598. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by David Freydin, Esq. of LAW OFFICES OF DAVID FREYDIN. VIEWBIX INC: Signs Non-Binding Term Sheet to Acquire Quantum X Labs ------------------------------------------------------------------- Viewbix Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 5, 2025, it entered into a non-binding term sheet with Quantum X Labs Ltd., an Israeli company, a cutting-edge quantum computing and AI company focusing on advancing technologies in quantum algorithmics and quantum physics, and all of the shareholders of Quantum with respect to a strategic transaction to acquire 100% of Quantum's issued and outstanding share capital on a fully diluted and post-closing basis in exchange for the issuance of 65% of the Company's issued and outstanding capital stock, including the Private Placement Shares issued in the Private Placement Offering, on post-closing basis of the Acquisition and the Private Placement Offering consisting of: (i) shares of the Company's common stock, par value $0.0001 per share representing 19.99% of the Company's issued and outstanding capital stock, including the Private Placement Shares issued in the Private Placement Offering, and (ii) pre-funded warrants to purchase shares of Common Stock representing the balance of the 65.0% less the Exchange Shares. The completion of the Acquisition and the issuance of Viewbix Exchange Securities is subject to final due diligence, the execution of definitive agreements, regulatory approvals, the approval of the Company's stockholders in accordance with applicable rules or regulations of the Nasdaq Stock Market LLC and customary closing conditions. Private Placement On November 5, 2025, the Company entered into a securities purchase agreement with certain accredited investors pursuant to which the Company agreed to sell and issue in a Private Placement an aggregate of 800,000 shares of Common Stock or pre-funded warrants to purchase shares of Common Stock in lieu of the Private Placement Shares. Each Private Placement Share and Pre-Funded Warrant will be sold together with a number of warrants equal to the aggregate number of Private Placement Shares and Pre-Funded Warrants sold in the Private Placement Offering, or in total warrants to purchase up to an aggregate of 800,000 shares of Common Stock, at a combined purchase price of $3.75 per Private Placement Share and accompanying Common Warrant and $3.7499 per Pre-Funded Warrant and accompanying Common Warrant. The Private Placement Offering and the issuance of the Securities is expected to close during December 2025, subject to the satisfaction of customary closing conditions, receipt of the Stockholder Approval and the execution of definitive agreements related to the Acquisition. The Private Placement Offering was made without an underwriter, placement agent, broker, or dealer. The Pre-Funded Warrants will be immediately exercisable upon issuance at an exercise price of $0.0001 per share and will not expire until exercised in full. The Common Warrants will be immediately exercisable upon issuance at an exercise price of $5.625 per share, subject to adjustment as set forth therein, and will expire five years from the issuance date. The Common Warrants may be exercised on a cashless basis if there is no effective registration statement registering the shares of Common Stock underlying the Common Warrants. A holder of the Warrants will not have the right to exercise any portion of its Warrants if the holder (together with such holder's affiliates, and any persons acting as a group together with such holder or any of such holder's affiliates or any other persons whose beneficial ownership of shares of Common Stock would be aggregated with the holder's or any of the holder's affiliates), would beneficially own shares of Common Stock in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. In connection with the Purchase Agreement, the Company entered into a Registration Rights Agreement with each investor. Pursuant to the Registration Rights Agreement, the Company is required to file a resale registration statement with the Securities and Exchange Commission to register for resale the Private Placement Shares and the shares of Common Stock issuable upon exercise of the Warrants within 30 calendar days after the Closing Date, and to have such Registration Statement declared effective within 60 calendar days after the Filing Date in the event the Registration Statement is not reviewed by the SEC, or 90 calendar days of the Filing Date in the event the Registration Statement is reviewed by the SEC. If, due to a shutdown or suspension of operations of the U.S. federal government or the SEC, the Registration Statement cannot be declared effective, the Company shall not be deemed to be in breach of the Registration Rights Agreement for failure to cause such Registration Statement to be declared effective during such period. The Purchase Agreement and the Registration Rights Agreement contain representations, warranties, indemnification and other provisions customary for transactions of this nature. The Company also entered into an advisory agreement with L.I.A. Pure Capital Ltd. pursuant to which the Advisor agreed to provide advisory services in connection with the Private Placement Offering. The Company agreed to pay a commission to the Advisor of: (i) a cash fee of $150,000 and (ii) a warrant to purchase 40,000 shares of Common Stock. Payment of the commission is conditioned upon the closing of the Private Placement Offering. The Advisor Warrant will have the same terms as the Common Warrants issued in the Private Placement Offering. In addition, in connection with the closing of the Private Placement Offering, the Company shall repay the outstanding loan amount owed to the Advisor pursuant to that certain Amended and Restated Facility Agreement, dated July 22, 2024, by and between the Company and by and between such lenders set forth in Schedule 1 thereto, including the Advisor, which as of November 5, 2025, is approximately $529,510, which includes the principal portion and accrued interest as of such date. Aggregate gross proceeds to the Company in respect of the Private Placement Offering are expected to be approximately $3 million, before deducting fees payable to the Advisor and other offering expenses payable by the Company. If the Warrants are exercised in cash in full this would result in an additional $4.5 million of gross proceeds. The Private Placement Shares, the Warrants to be issued in the Private Placement Offering and the shares of Common Stock underlying the Warrants are being offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended. The investors have represented that they are accredited investors, as that term is defined in Regulation D, or qualified institutional buyers as defined in Rule 144(A)(a), and have acquired such securities for their own account and have no arrangements or understandings for any distribution thereof. The offer and sale of the foregoing securities is being made without any form of general solicitation or advertising. None of the Private Placement Shares, the Warrants to be issued in the Private Placement Offering, nor the shares of Common Stock underlying the Warrants have been registered under the Securities Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Full-text copies of the Purchase Agreement, the Pre-Funded Warrants, the Common Warrants and the Registration Rights Agreement are available at https://tinyurl.com/54jynf59, https://tinyurl.com/33kdsfcy, https://tinyurl.com/2vm3crs2, and https://tinyurl.com/4kr48wk3, respectively. About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Viewbix had $22.1 million in total assets against $14.8 million in total liabilities. VMP LLC: Section 341(a) Meeting of Creditors on December 8 ---------------------------------------------------------- On October 27, 2025, VMP LLC filed Chapter 11 protection in the Eastern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on December 8, 2025 at 11:00 AM via Sacramento Conference Line: 888-330-1716 Passcode: 4191086#. About VMP LLC VMP LLC, formerly doing business as Valley Meal Prep, provided meal preparation and delivery services in Modesto, California, focusing on gourmet and healthy meals for individual customers. VMP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-25929) on October 27, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by David C. Johnston, Esq.. WABASH NATIONAL: Moody's Cuts CFR to 'B2', Outlook Remains Negative ------------------------------------------------------------------- Moody's Ratings downgraded the ratings of Wabash National Corporation (Wabash), including its corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured notes rating to B3 from B2. The outlook remains negative. The company's speculative grade liquidity rating remains unchanged at SGL-3. The rating downgrade reflects Moody's expectations that Wabash's credit metrics will remain weak over the next 12 months. Wabash's earnings have significantly deteriorated amid a protracted down cycle in new truck trailer production as the company's customers defer investments in their transportation fleets. Moody's expects soft end market demand to stretch into 2026 based on lower order backlogs, though Moody's do anticipate trailer production will gradually recover over the course of next year supported by pent up replacement needs of fleets. However, given the decline in Wabash's earnings in 2025, a recovery in the company's credit metrics will likely extend into 2027 when Moody's expects more meaningful growth in trailer production volumes to occur. The negative outlook reflects the risk that trailer production volumes remain weak over the next several quarters, thus preventing Wabash from improving its earnings. Further, Moody's expects a prolonged low production environment will contribute to negative free cash flow. Governance considerations were also a key driver to the rating action and is reflected in the revision of Wabash's governance issuer profile score to G-4 from G-3 and its Credit Impact Score to CIS-4 from CIS-3. The combination of a deep cyclical downturn and a settlement related to a product liability lawsuit will constrain liquidity and prolong improvement in credit metrics. The litigation settlement will result in a $30 million payment to be made by the company and removes lingering uncertainty by resolving the pending litigation. RATINGS RATIONALE Wabash's ratings reflect the company's exposure to the highly volatile truck trailer manufacturing market, specifically for Class 8 commercial vehicles, which contributes to sizeable swings in the company's operating performance. The current downturn has significantly eroded the company's profitability and resulted in very high financial leverage, weak interest coverage and negative free cash flow. Moody's expects Wabash's revenue to decline at least 20% in 2025 following a similar revenue drop in 2024. The steep falloff in revenue reflects lower demand for new truck trailer production following an extended replacement cycle in the immediate post-pandemic years. Further, lingering uncertainty around US tariffs has caused transportation fleets to slow or defer spending on new truck trailers and bodies. While production volumes remain low, Wabash has benefited from ongoing growth in its Parts and Services segment, including Trailers as a Service (TaaS), although this still represents a small portion of the overall business. Moody's expects this segment, which is higher margin than the Transportation Solutions segment, to continue to expand over the next 12 months. The substantial drop in production volumes has resulted in negative operating leverage for Wabash despite the company taking structural cost measures to adapt to current demand. Moody's expects earnings (EBITA on a Moody's adjusted basis) to be negative in 2025. As production volumes gradually increase over the course of 2026, Moody's expects Wabash's operating leverage to improve and for EBITA margin to recover to around 3%. Historically, Wabash has demonstrated an ability to effectively navigate through periods of severe end market declines by maintaining a conservative balance sheet ahead of downturns. The company entered the current cycle with debt/EBITDA near 1x at the end of 2023. However, significant earnings deterioration over the past year and expectations for a gradual recovery will result in debt/EBITDA remaining over 5x by the end of 2026. Moody's anticipates further earnings growth in 2027 will lower debt/EBITDA back to around 3x. Wabash is expected to maintain adequate liquidity as reflected in its SGL-3 speculative grade liquidity rating. Wabash's liquidity as of September 30, 2025 consisted of $92 million of cash and $264 million of availability under its revolving credit facility, net of letters of credit and borrowing base limitations. The company had $25 million in borrowings under its revolver to fund capital investments and share repurchases in the first half of 2025. For the full year 2025, Moody's expects negative free cash flow of at least $40 million (inclusive of the one-time $30 million legal settlement and investments related to TaaS). Moody's expects negative free cash flow to persist into 2026 as working capital investments to support a gradual recovery in demand will offset improved earnings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if trailer demand substantially improves and Wabash's EBITA margin returns to at least 5%. Further, a rating upgrade would also require debt/EBITDA that is expected to remain below 5x and good liquidity with solidly positive free cash flow. The ratings could be downgraded if trailer demand remains weak and Wabash is unable to improve earnings. Weakening liquidity, including increased reliance on its ABL or free cash flow that is expected to remain negative, could also lead to a ratings downgrade. The principal methodology used in these ratings was Manufacturing published in September 2025. Wabash's B2 CFR is two notches below the Ba3 scorecard indicated outcome for the twelve month period ended June 30, 2025. The difference reflects the expectation of Wabash's weak operating performance for the remainder of 2025 before recovering gradually in 2026. Wabash National Corporation, based in Lafayette, Indiana, is a leading designer and manufacturer of truck and tank trailers, as well as related transportation equipment. The company also manufactures truck bodies. Revenue for the last 12 months ended September 30, 2025 was approximately $1.6 billion. WELTY SERVICES: Seeks to Hire Clark Realty as Real Estate Broker ---------------------------------------------------------------- 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 William Clark of Clark Realty as its real estate broker. The broker will market and sell the Debtor's property located at 2201 S. Velasco, Hwy. 288B, in Brazoria County, TX. The firm will be paid a commission equal to 6 percent of the purchase price. William Clark of Clark Realty disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William Clark Clark Realty 1100 N. Velasco St. Angleton, TX 77515 Tel: (979) 299-9400 Email: will@clarkrealtytx.com 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. WORLDWIDE MACHINERY: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Worldwide Machinery Group, Inc. and affiliates received third interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The third interim order authorized the Debtors to use cash collateral until the final hearing or until it is terminated by the court. Cash collateral must be used in accordance with the interim budget, subject to a 15% variance. The Debtors' financing involves two major facilities: (i) a $132.5 million asset-based revolving loan with Key Equipment Financing as administrative agent, of which about $117.6 million is outstanding and past maturity, secured by first-priority liens on substantially all assets of the Debtors; and (ii) a $50 million term loan with Cantor Fitzgerald Securities, as administrative and collateral agent, with about $70.9 million outstanding, secured by second-priority liens. An intercreditor agreement governs lien priorities between these lenders. To protect secured lenders against any diminution in collateral value, the court granted these lenders (i) continuing liens on collateral, with the same validity and priority as their pre-bankruptcy liens; (ii) replacement liens on post-petition collateral (excluding Chapter 5 avoidance actions and any commercial tort claims against the lenders); and (iii) superpriority administrative claims under Section 507(b) of the Bankruptcy Code. A copy of the third interim order and the Debtor's budget is available at https://shorturl.at/w8hxV from PacerMonitor.com. As of the petition date, the Debtors have approximately $190.2 million of secured debt obligations, which include $188.5 million owed under the credit agreements with Key Equipment Financing and Cantor, and $1.68 million owed to John Deere Financial. Between February and December 2023, John Deere Financial issued nine secured term loans due between June 2027 and December 2028 in the aggregate principal amount of approximately $2.8 million pursuant to certain retail instalment contracts by and among Worldwide Machinery, Ltd. and John Deere Financial. The loans financed the Debtors' acquisition of certain pieces of equipment, with such equipment serving as the sole collateral for the loans. The Debtors do not believe that John Deere Financial has a security interest in cash collateral entitled to adequate protection. Key Equipment Financing is represented by: William A. (Trey) Wood III, Esq. Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. Bracewell, LLP 711 Louisiana Street, Suite 2300 Houston, TX 77002 Telephone: (713) 223-2300 Facsimile: (800) 404-3970 trey.wood@bracewell.com jason.cohen@bracewell.com jonathan.lozano@bracewell.com -and- Frederick D. Hyman, Esq. Crowell & Moring, LLP Two Manhattan West 375 Ninth Avenue New York, NY 10001 Telephone: (212) 803-4028 fhyman@crowell.com -and- Randall Hagen, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Telephone: (202) 624-2712 rhagen@crowell.com About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental company. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. WWP MEZZ: Secured Party Seeks Jan. 15 Auction --------------------------------------------- On the 15th day of January, 2026, commencing at 11:00 a.m. prevailing Eastern Time, at the law offices of Polsinelli PC, located at 600 3rd Avenue, 42nd Floor, New York, and offered virtually via online video conference, WP MEZZ Investment Company LLC shall cause the following collateral to be sold by public auction all right, title and interest of WWP Mezz, LLC, in, under and to: (i) (a) a certain Amended and Restated Limited Liability Company Agreement dated as of October 18, 2017, as amended in accordance with a Mezzanine Loan Agreement, and an Amended and Restated Limited Liability Company Agreement, and (b) all limited liability company interests of Pledgor in and to WWP Office, LLC and WWP Amenities Holdings, LLC; (ii) all distributions of all interest in respect of, and all proceeds of, any instrument or interest constituting part of the Pledged Collateral; (iii) all right, title and interest of each of the Issuers in, to and under any policy of insurance payable by reason of loss or damage to the Equity Interests and any other Pledged Collateral; (iv) all accounts, general intangibles, instruments and investment property constituting the foregoing; (v) all replacements and substitutions of the foregoing; (vi) all books and records relating to any of the foregoing; (vii) all other rights appurtenant to the Property; (viii) all securities and security certificates representing the Equity Interests and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Equity Interests; and (ix) all "proceeds", products and accessions of any of the Equity Interests; and (x) any stock certificates, share certificates, limited liability certificates, partnership certificates, or other certificates or instruments evidencing the Equity Interests. WWP MEZZ, LLC, is the owner and/or operator of certain real property and personal property located at 825 8th Avenue, New York. Interested parties who would like additional information should execute the confidentiality agreement at www.825EighthAveUCCSale.com For questions and inquiries, please contract: Brett Rosenberg Jones Lang LaSalle Americas, Inc. 330 Madison Avenue, Floors 3-5 New York, NY 10017 Tel: (212) 812-5926 Email: brett.rosenberg@jll.com WYNN RESORTS: Reports $128.4MM Net Income in 2025 Q3 ---------------------------------------------------- Wynn Resorts, Limited filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $128.4 million for the three months ended September 30, 2025, compared to a net loss $5.4 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported a net income of $286.79 million and $317.36 million, respectively. Total operating revenues for the three months ended September 30, 2025 and 2024, were $1.8 billion and $1.7 billion, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total operating revenues of $5.3 billion and $5.3 billion, respectively. The Company had an accumulated deficit of $1.5 billion as of September 30, 2025. As of September 30, 2025, the Company had $12.8 billion in total assets, $13.9 billion in total liabilities, and $1.1 million in total stockholders' deficit. "Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we achieved healthy market share and saw a significant increase in mass table drop year over year. In Las Vegas, the team delivered another quarter of year over year EBITDA growth and continued to take gaming market share. We also made significant progress on the completion of Wynn Al Marjan Island, where we are now pouring concrete for the remaining few floors of the 70-story tower." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4xvdhruy About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of September 30, 2025, the Company had $12.8 billion in total assets, $13.9 billion in total liabilities, and $1.1 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. X4 PHARMA: Reports $29.8MM Net Loss in 2025 Q3 ---------------------------------------------- X4 Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $29.8 million and $36.7 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 $55.27 million and a net income $2.37 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $1.77 million and $560,000, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $32.55 million and $1.12 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $570.63 million, compared to an accumulated deficit of $515.36 million as of December 31, 2024. Cash, cash equivalents and short-term investments totaled $122.2 million for the period ended September 30, 2025. On October 27, 2025, the Company completed a public offering with net proceeds of $145.6 million, which management believes will enable the Company to fund its operations into the end of 2028. As of September 30, 2025, the Company had $163.56 million in total assets, $101.94 million in total liabilities, and $61.62 million in total stockholders' equity. "The third quarter of 2025 was a time of corporate restructuring at X4 with the start of a new leadership team and a renewed focus on chronic neutropenia," said Adam Craig, M.D., Ph.D., Executive Chairman of X4 Pharmaceuticals. "With a strengthened financial position through two successful financings totaling $240.3 million, our primary focus is now on the completion of the 4WARD Phase 3 pivotal trial of mavorixafor in patients with moderate and severe chronic neutropenia, which has a potential addressable market of 15,000 patients in the US. With a cash runway to the end of 2028, we are now positioned to unlock mavorixafor's full potential and to establish X4 as a world-class rare hematology company." Recent Accomplishments and Updates: -- Since early August, the Company has initiated a number of measures to restructure its operations: * A shift in the primary focus of the Company to the successful completion of the 4WARD Phase 3 pivotal trial of mavorixafor in patients with moderate and severe chronic neutropenia. * A deprioritization of the commercialization of mavorixafor (XOLREMDI) for patients with WHIM syndrome, while maintaining patient access. * A 50% reduction in the workforce (expected to generate approximately $13 million in annualized cost savings) with continued cost cutting measures. * An increase in the enrollment target for the pivotal Phase 3 4WARD study to 176 patients with enrollment now expected to be completed in third quarter of 2026. * The promotion of John Volpone to the role of Chief Operating Officer, in addition to his responsibilities as President. * Dr. Adam Craig expanded his role to include oversight of clinical development activities. -- Since August, the Company raised $240.3 million in gross proceeds from two successful financings: the closing of a $155.3 million underwritten public offering and an $85 million upsized private placement. -- With a strengthened cash runway to the end of 2028, X4 is now expected to be able to complete the 4WARD trial, file a potential sNDA for the chronic neutropenia indication, and, if successful, launch mavorixafor in this new indication by the end of 2028. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4rd54mdk About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, X4 Pharmaceuticals had $146.45 million in total assets, $124.23 million in total liabilities, and $22.15 million in total shareholders' equity. As of June 30, 2025, it had $105.17 million in total assets, $101.2 million in total liabilities, and $3.97 million in total shareholders' equity. YELLOW CORPORATION: Court Approves Sale of 6 Terminals for $10.2MM ------------------------------------------------------------------ Todd Maiden of FreightWaves reports that a Delaware bankruptcy court has approved the sale of six former Yellow Corp. terminals for a combined $10.2 million, marking another step in the liquidation of the shuttered trucking giant's assets. Earlier filings sought approval for four locations, including an 18-door terminal in Montgomery, Alabama, sold to ArcBest Corp. for $375,000, while real estate investors purchased the other sites. The court's latest order also includes two additional terminals — a 56-door facility near Scranton, Pennsylvania, sold for $3.5 million, and a 40-door terminal in Birch Run, Michigan, sold for $683,100, both acquired by property investors. These transactions leave the estate with only 11 owned terminals still to be sold, down from more than 325 before Yellow ceased operations in July 2023, according to report. A hearing is scheduled for Wednesday, November 12, 2025, on the estate's final distribution plan, which proposes disbursing $600 million to $700 million from remaining liquidation proceeds to creditors and funding payments for employee PTO claims. To date, the estate has generated nearly $2.4 billion from real estate sales and lease terminations, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and internationalshipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YOUNGER FUNDING: Seeks to Hire Robert C. Newark III as Counsel -------------------------------------------------------------- Younger Funding & Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Robert C. Newark, III to handle the bankruptcy proceedings. The firm will be paid at these rates: Robert C. Newark, III $400 per hour Paralegals and Legal Assistants $95 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Newark 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: Robert C. Newark, III, Esq. 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (866) 230-7236 Fax: (888) 316-3398 About Younger Funding & Investments, LLC Younger Funding & Investments, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34389) on Nov. 4, 2025. At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Robert C. Newark, III, Esq. represents the Debtor as counsel. ZAHRCO ENTERPRISES: Unsecureds Will Get 8.23% over 3 Years ---------------------------------------------------------- Zahrco Enterprises, Inc., submitted a First Amended Plan of Reorganization dated November 3, 2025. The Debtor's plan is to generate revenues through proposed three year Amended Plan of Reorganization through the continued operation of both restaurants during the term of their leases. As reflected by the projections, the Debtor will continue to operate Sawa during the entire 36-month post-confirmation period and will operate C'Est Bon until its lease with Merrick Park terminates on January 31, 2028. C'Est Bon will not resume operations during the Plan period at another location. The Plan Proponent's financial projections show that the Debtor will have projected disposable income for the 36-month period of $856,858.00, (the "Projected Disposable Income"). The final Plan payment is expected to be paid on or about 3 years after the Effective Date1 of the Plan. The Projected Disposable Income will be primarily allocated to creditor payments under the Plan. The relatively modest cash reserves projected during the Plan are necessary to maintain ongoing operations and address consistent market fluctuations in the Debtor's operations, especially during the late spring, summer and early fall months. This Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the operating income derived from continued and future business operations. All claims unless stated otherwise, will be paid bi-annually on November 30th and May 30th of each Plan year. The first payment, unless otherwise stated, will be on May 30, 2026. Class 5 consists of Unsecured Creditors. This Class shall be paid 8.23% in six bi-annual installments of the pro-rata amount contained in Ex. C during the three years of the plan. The allowed unsecured claims total $1,700,411.78. This Class is impaired. The Debtor estimates revenues would be generated based on the continuation of its restaurant operations. A full-text copy of the First Amended Plan dated November 3, 2025 is available at https://urlcurt.com/u?l=DSypre from PacerMonitor.com at no charge. Counsel for the Debtor: Kristopher Aungst, Esq. Paragon Law, LLC Executive Suites 2665 Coconut Grove, FL 33133-5402 Tel: (305) 812-5443 About Zahrco Enterprises Inc. Zahrco Enterprises Inc. operates two restaurants located in Coral Gables, Fla., on leased properties. Zahrco Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13628) on April 2, 2025. In its petition, the Debtor reported total assets of $72,679 and total liabilities of $2,591,821. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Kris Aungst, Esq., at Paragon Law, LLC. ZUUM TRANSPORTATION: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- Boston Real Estate Times reports that freight-tech startup Zuum has filed for Chapter 11 bankruptcy protection, marking another casualty in the transportation sector's mounting financial distress. The company, headquartered in Irvine, California, made its filing in the U.S. Bankruptcy Court for the Central District of California on Thursday, November 6, 2025, citing both assets and debts between $10 million and $50 million. According to court documents, Zuum's top 20 unsecured creditors are almost entirely freight brokers. The largest is Metropolitan Logistics of Shelby, Michigan, with an unsecured claim exceeding $303,000, while Ra Logistics, also of Michigan, is owed $139,650. The only exception is Accion Labs US Inc., owed $421,635 for its engineering and AI technology services. Founded by CEO Mustafa Azizi, Zuum raised $12.58 million in 2021 and $22 million earlier this 2025, but efforts to reach the company for comment were unsuccessful, the report states. About Zuum Transportation Inc. Zuum Transportation Inc. provides digital logistics solutions that include a transportation management system (TMS), broker software, and a driver app integrated into its Logistics Super Platform. The company's mission is to automate logistics and streamline global supply chains. Zuum sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.25-13127) in its petition, the Debtor reports assets and debts between $10 million and $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Eve H. Karasik, Esq. of Levene, Neale, Bender, Yoo & Golubchik. [] Epiq Says Total Bankruptcy Filings Up 12% in October 2025 ------------------------------------------------------------ Total bankruptcy filings were 53,019 in October 2025, a 12 percent increase from the October 2024 total of 47,135, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. Overall commercial filings increased 7% to 2,820 in October 2025, up from the 2,628 commercial filings registered in October 2024. There were 634 commercial chapter 11 filings registered in October 2025, up 11% from the 571 filings registered in October 2024. Small business filings, captured as subchapter V elections within chapter 11, were 248 in October 2025, representing an increase of 35% from the 184 filings in October 2024. "Small business bankruptcy and overall consumer filings showed strong increases in October as expected," said Michael Hunter, vice president of Epiq AACER. "Given the student loan, repayment and collection activities along with a high recidivism rate, particularly within the FHA mortgage portfolio I would anticipate continued increase throughout the remainder of this year and 2026. Higher interest rates, increased costs, and overall household debt levels all indicate a continued demand for both consumers and businesses to seek bankruptcy protection." Individual bankruptcy filings totaled 50,199 in October 2025, registering a 13% increase from the October 2024 44,507 filing total. There were 31,078 individual chapter 7 filings in October 2025, a 14% increase over the 27,350 filings recorded in October 2024, and there were 19,007 individual chapter 13 filings in October 2025, an 11% increase over the 17,087 filings in October the previous year. "Persistent economic headwinds -- including higher prices, tighter lending conditions, and ongoing geopolitical uncertainty -- continue to weigh on financially distressed consumers and businesses," said ABI Executive Director Amy Quackenboss. "Bankruptcy remains an indispensable tool to help debt-burdened families and businesses achieve a financial fresh start." October's total bankruptcy filings represented an 8% increase when compared to the 49,192 total filings recorded in September. Total individual filings, individual chapter 7s and individual chapter 13s for October also represented an 8% increase from September 2025. Commercial filings increased 1% from September's commercial filing total of 2,796. Subchapter V elections within chapter 11 increased 16% from the 213 filed in September 2025. Conversely, the commercial chapter 11 filing total decreased 17% from the September 2025 commercial chapter 11 filing total of 768, although the September total was skewed by the related filings of two large cases. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com. About Epiq Epiq, a technology and services leader, takes on large-scale and complex tasks for corporations, law firms, and the courts by integrating people, process, technology, and data intelligence. Clients rely on Epiq to streamline legal, compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. It has a presence in 17 countries. Learn more at  www.epiqglobal.com.   About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [] Oct. Commercial Bankruptcies Rose 7%, Small Biz Filings Up 35% ----------------------------------------------------------------- ABL Advisor reports that the bankruptcy activity in the U.S. continued its upward trend in October 2025, with total filings reaching 53,019, an increase of 12% compared to 47,135 in October 2024, according to Epiq AACER. The figures underscore mounting financial pressure on consumers and businesses amid a climate of inflation, higher interest rates, and tightening credit. Commercial filings rose 7% to 2,820, while Chapter 11 business cases climbed 11% to 634. Small business filings under subchapter V showed the steepest growth, surging 35% to 248 from 184 a year ago. "Given the student loan repayment and collection activities, along with a high recidivism rate in FHA portfolios, I anticipate continued increases through 2026," said Michael Hunter, vice president at Epiq AACER. The consumer segment also saw double-digit increases, with 50,199 individual filings, up 13% from the prior year. Chapter 7 filings rose to 31,078, and Chapter 13 filings reached 19,007. ABI Executive Director Amy Quackenboss attributed the rise to "persistent economic headwinds," noting that bankruptcy remains a vital tool for families and businesses seeking a financial reset amid ongoing instability. Month-over-month comparisons also revealed steady growth. Total filings increased 8% from September's 49,192, while subchapter V cases surged 16%. Commercial filings edged up 1%, but commercial Chapter 11 filings fell 17%, a decline attributed to September 2025's large one-off corporate cases. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Felix Rodolfo Wasser Bankr. C.D. Cal. Case No. 25-12048 Chapter 11 Petition filed November 2, 2025 represented by: Stella Havkin, Esq. In re Desiree C Faulkner Bankr. S.D. Fla. Case No. 25-23033 Chapter 11 Petition filed November 2, 2025 represented by: Kevin Gleason, Esq. In re Gohar, Inc. Bankr. N.D. Ill. Case No. 25-16980 Chapter 11 Petition filed November 2, 2025 See https://www.pacermonitor.com/view/JZLTADY/Gohar_Inc__ilnbke-25-16980__0001.0.pdf?mcid=tGE4TAMA represented by: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN E-mail: david.freydin@freydinlaw.com In re FTE Networks, Inc. Bankr. S.D.N.Y. Case No. 25-12465 Chapter 11 Petition filed November 2, 2025 See https://www.pacermonitor.com/view/KCCNZKI/FTE_Networks_Inc__nysbke-25-12465__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Marc A. Seidner Bankr. C.D. Cal. Case No. 25-17960 Chapter 11 Petition filed November 3, 2025 represented by: David Golubchik, Esq. In re Impact Solutions LLC Bankr. E.D. Cal. Case No. 25-26172 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/4KVR5BY/Impact_Solutions_LLC__caebke-25-26172__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Omar Garcia Bankr. S.D. Cal. Case No. 25-04648 Chapter 11 Petition filed November 3, 2025 In re Iron Cross Services Company Bankr. D. Colo. Case No. 25-17228 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/IP2JEUY/Iron_Cross_Services_Company__cobke-25-17228__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re LJS Associates LLC Bankr. M.D. Fla. Case No. 25-04036 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/AFKCSHI/LJS_Associates_LLC__flmbke-25-04036__0001.0.pdf?mcid=tGE4TAMA represented by: Rehan N. Khawaja, Esq. NASSAU BANKRUPTCY LAWYERS, P.A. E-mail: khawaja@fla-bankruptcy.com In re Perfect Pitch Consulting Group LLC Bankr. S.D. Fla. Case No. 25-23046 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/FT4G65A/Perfect_Pitch_Consulting_Group__flsbke-25-23046__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Collective Concepts LLC Bankr. N.D. Ga. Case No. 25-62743 Chapter 11 Petition filed November 3, 2025 Filed Pro Se In re Daniels Real Estate Holdings LLC Bankr. N.D. Ga. Case No. 25-62808 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/MA4MSYI/Daniels_Real_Estate_Holdings_LLC__ganbke-25-62808__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re GHI Family Properties LLC Bankr. N.D. Ga. Case No. 25-62770 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/UNDFDEQ/GHI_Family_Properties_LLC__ganbke-25-62770__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re IALA LLC Bankr. N.D. Ga. Case No. 25-62797 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/4LB6FUA/IALA_LLC__ganbke-25-62797__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ismak Trust Bankr. N.D. Ga. Case No. 25-62858 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/ADNJIQY/Ismak_Trust__ganbke-25-62858__0001.0.pdf?mcid=tGE4TAMA represented by: Brad Fallon, Esq. FALLON LAW PC E-mail: brad@fallonbusinesslaw.com In re Pawssion Pet Care LLC Bankr. N.D. Ga. Case No. 25-62844 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/T53HGQI/Pawssion_Pet_Care_LLC__ganbke-25-62844__0001.0.pdf?mcid=tGE4TAMA represented by: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. E-mail: paul.marr@marrlegal.com In re 28 Jamaica Ave Holding LLC Bankr. E.D.N.Y. Case No. 25-74253 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/5IIF6NA/28_Jamaica_Ave_Holding_LLC__nyebke-25-74253__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph Hubbard, Esq. HUBBARD LAW E-mail: bluefin619@yahoo.com In re Terre Louise Siepser-Simpson Bankr. S.D.N.Y. Case No. 25-12450 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/L22GF3Q/Terre_Louise_Siepser-Simpson__nysbke-25-12450__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re MEI Real Estate LLC Bankr. S.D. Tex. Case No. 25-80548 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/WUXZYSI/MEI_Real_Estate_LLC__txsbke-25-80548__0001.0.pdf?mcid=tGE4TAMA represented by: Larry Vick, Esq. LAW OFFICE OF LARRY A. VICK E-mail: lv@larryvick.com In re Zeem Capital, LLC Bankr. S.D. Tex. Case No. 25-36651 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/WBR5STQ/Zeem_Capital_LLC__txsbke-25-36651__0001.0.pdf?mcid=tGE4TAMA represented by: Aaron W. McCardell, Sr., Esq. THE MCCARDELL LAW FIRM, PLLC E-mail: amccardell@mccardelllaw.com In re Destiny Voice & Music Studio, Inc Bankr. N.D. Tex. Case No. 25-44314 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/FEPLJJA/Destiny_Voice__Music_Studio_Inc__txnbke-25-44314__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Ateg Enterprises, Inc. Bankr. W.D. Tex. Case No. 25-52669 Chapter 11 Petition filed November 3, 2025 See https://www.pacermonitor.com/view/EYDWPJY/Ateg_Enterprises_Inc__txwbke-25-52669__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Alabama Institute for Behavioral Health, P.C. Bankr. M.D. Ala. Case No. 25-81394 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/OYASFXA/Alabama_Institute_for_Behavioral__almbke-25-81394__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC E-mail: abush@bushlegalfirm.com In re Roger W. Nunamann Bankr. N.D. Ala. Case No. 25-82278 Chapter 11 Petition filed November 4, 2025 represented by: Kevin Heard, Esq. HEARD, ARY & DAURO, LLC Email: kheard@heardlaw.com In re Nor Cal Design & Construction Inc Bankr. N.D. Cal. Case No. 25-42087 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/QJDF3EA/Nor_Cal_Design__Construction__canbke-25-42087__0001.0.pdf?mcid=tGE4TAMA represented by: Elizabeth C. Sears, Esq. E-mail: esears@elizabethsearslaw.com In re John William Stubblefield, IV Bankr. N.D. Fla. Case No. 25-31121 Chapter 11 Petition filed November 4, 2025 represented by: Edward Peterson, Esq. THE LAW FIRM OF BERGER SINGERMAN LLP Email: EPeterson@bergersingerman.com In re All Spirit Investment, LLC Bankr. S.D. Fla. Case No. 25-23091 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/4W4LDAY/All_spirit_investment_llc__flsbke-25-23091__0001.0.pdf?mcid=tGE4TAMA represented by: Paul N. Contessa, Esq. PAUL N. CONTESSA & ASSOCIATES, LLC E-mail: CONTESSALAW@GMAIL.COM In re KCI Wellness Group 2 Bankr. N.D. Ga. Case No. 25-62867 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/DWQRPNY/KCI_Wellness_Group_2__ganbke-25-62867__0001.0.pdf?mcid=tGE4TAMA represented by: Walter Booth, Esq. JONES & BOOTH, LLC E-mail: wbooth@jonesboothlaw.com In re Liv Taylor LLC Bankr. N.D. Ga. Case No. 25-62907 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/2J2BIEA/Liv_Taylor_LLC__ganbke-25-62907__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Platt Family Real Estate Holdings LLC Bankr. N.D. Ga. Case No. 25-62880 Chapter 11 Petition filed November 4, 2025 Filed Pro Se In re Stephen Atunzu and Simone Atunzu Bankr. N.D. Ga. Case No. 25-62881 Chapter 11 Petition filed November 4, 2025 Filed Pro Se In re The John Bennett Group, LLC Bankr. N.D. Ga. Case No. 25-62872 Chapter 11 Petition filed November 4, 2025 Filed Pro Se In re Wayne's Handyman Bankr. N.D. Ga. Case No. 25-62869 Chapter 11 Petition filed November 4, 2025 Filed Pro Se In re 2507 Woodbrook, LLC Bankr. D. Md. Case No. 25-20424 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/ZJRUXYQ/2507_Woodbrook_LLC__mdbke-25-20424__0001.0.pdf?mcid=tGE4TAMA represented by: Gary S Poretsky, Esq. THE LAW OFFICES OF GARY S PORETSKY, LLC E-mail: gary@plgmd.com In re Franklin Lagers and Ales, LLC Bankr. W.D. Pa. Case No. 25-23000 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/63KHSQQ/Franklin_Lagers_and_Ales_LLC__pawbke-25-23000__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Anne Gregory Couture LLC Bankr. W.D. Pa. Case No. 25-23006 Chapter 11 Petition filed November 4, 2025 See https://www.pacermonitor.com/view/7NOB2UY/Anne_Gregory_Couture_LLC__pawbke-25-23006__0001.0.pdf?mcid=tGE4TAMA represented by: David Fuchs, Esq. FUCHS LAW OFFICE, LLC E-mail: dfuchs@fuchslawoffice.com In re Elite Enterprise Development LLC Bankr. S.D. Tex. Case No. 25-36660 Chapter 11 Petition filed November 4, 2025 Filed Pro Se In re Gray's Landing Development LLC Bankr. D. Del. Case No. 25-11967 Chapter 11 Petition filed November 5, 2025 See https://www.pacermonitor.com/view/JTRL6AA/Grays_Landing_Development_LLC__debke-25-11967__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re David Frank Petrano and Mary Katherine Day-Petrano Bankr. M.D. Fla. Case No. 25-04051 Chapter 11 Petition filed November 5, 2025 In re Ralf T. Faber Bankr. D. Mass. Case No. 25-12401 Chapter 11 Petition filed November 5, 2025 represented by: Joshua Burnett, Esq. In re Levi R Moore Bankr. E.D. Mich. Case No. 25-32395 Chapter 11 Petition filed November 5, 2025 See https://www.pacermonitor.com/view/EAIZKSI/Levi_R_Moore__miebke-25-32395__0001.0.pdf?mcid=tGE4TAMA represented by: Scott M. Kwiatkowski, Esq. GOLDSTEIN BERSHAD & FRIED PC E-mail: scott@bk-lawyer.net In re Brenda Liz Lugo Velez Bankr. D.P.R. Case No. 25-05088 Chapter 11 Petition filed November 5,2025 represented by: Jesus Enrique Batista Sanchez, Esq. In re Nicole Moses Bankr. W.D. Ark. Case No. 25-71950 Chapter 11 Petition filed November 6, 2025 represented by: Kevin Keech, Esq. In re 1174 E 82th St LLC Bankr. E.D.N.Y. Case No. 25-45337 Chapter 11 Petition filed November 6, 2025 See https://www.pacermonitor.com/view/DGC6HWQ/1174_E_82th_St_LLC__nyebke-25-45337__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Morris Holland Management Corp Bankr. E.D.N.Y. Case No. 25-45330 Chapter 11 Petition filed November 6, 2025 See https://www.pacermonitor.com/view/IOXOVZY/Morris_Holland_Management_Corp__nyebke-25-45330__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Roger P. Gray and Shelley M. Gray Bankr. S.D.N.Y. Case No. 25-36166 Chapter 11 Petition filed November 6, 2025 represented by: Michelle Trier, Esq. In re Eihsum, Incorporated Bankr. S.D.N.Y. Case No. 25-23069 Chapter 11 Petition filed November 6, 2025 See https://www.pacermonitor.com/view/XIOHGNY/Eihsum_Incorporated__nysbke-25-23069__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Dustin Knight and Bethany Knight Bankr. E.D. Tenn. Case No. 25-32101 Chapter 11 Petition filed November 6, 2025 represented by: Kelli Holmes, Esq. In re Arville Street Equity Partners Bankr. N.D. Cal. Case No. 25-51750 Chapter 11 Petition filed November 7, 2025 See https://www.pacermonitor.com/view/4M65H6Q/Arville_Street_Equity_Partners__canbke-25-51750__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Dav-Dan Enterprises, LLC Bankr. S.D. Fla. Case No. 25-23233 Chapter 11 Petition filed November 7, 2025 See https://www.pacermonitor.com/view/2QLSICQ/Dav-Dan_Enterprises_LLC__flsbke-25-23233__0001.0.pdf?mcid=tGE4TAMA represented by: Winston Cuenant, Esq. CUENANT & PENNINGTON, PA E-mail: winston@cuenantlaw.com In re J.U.M.P. Worldwide, LLC Bankr. S.D. Ga. Case No. 25-50519 Chapter 11 Petition filed November 7, 2025 See https://www.pacermonitor.com/view/367EIPQ/JUMP_Worldwide_LLC__gasbke-25-50519__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Inter Faith Community Church Bankr. E.D. Mich. Case No. 25-32412 Chapter 11 Petition filed November 7, 2025 See https://www.pacermonitor.com/view/BFEGROI/Inter_Faith_Community_Church__miebke-25-32412__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Darrell Shaw Bankr. D. Mont. Case No. 25-20197 Chapter 11 Petition filed November 7, 2025 In re Rebekah Kay Proctor Bankr. E.D. Tex. Case No. 25-12991 Chapter 11 Petition filed November 7, 2025 In re T Deez Car Audio LLC Bankr. S.D. Tex. Case No. 25-36745 Chapter 11 Petition filed November 7, 2025 See https://www.pacermonitor.com/view/RODSLWA/T_Deez_Car_Audio_LLC__txsbke-25-36745__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin S. Wiley, Sr., Esq. THE WILEY LAW GROUP, PLLC E-mail: kwiley@wileylawgroup.com In re AquaServ Pool Service, Inc. Bankr. M.D. Fla. Case No. 25-08398 Chapter 11 Petition filed November 8, 2025 See https://www.pacermonitor.com/view/7IWVYIQ/AquaServ_Pool_Service_Inc__flmbke-25-08398__0001.0.pdf?mcid=tGE4TAMA represented by: Robert DeLeon, Esq. DE LEON LAW, PLLC E-mail: robert@deleon-law.com ********* 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. 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