251117.mbx

251117.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, November 17, 2025, Vol. 29, No. 320 Headlines 140 WEST 121: Voluntary Chapter 11 Case Summary 140 WEST: Section 341(a) Meeting of Creditors on December 10 18 WELLINGTON: Seeks Chapter 7 Bankruptcy in New York 250 53RD: Seeks Chapter 7 Bankruptcy in New York 26 CAPITAL: Plan Exclusivity Period Extended to February 9, 2026 34 PLEASANT: Seeks Chapter 7 Bankruptcy in New York A&A HOLDING: Seeks Chapter 11 Bankruptcy in Florida ABUELO'S INTERNATIONAL: Seeks to Sell Restaurant Biz at Auction ACUSHNET COMPANY: Moody's Rates New Unsec. Notes Due 2033 'Ba3' AEMETIS INC: Reports $23.7MM Net Loss in Fiscal Q3 ALLSTAR PROPERTIES: To Sell Floyd County Property to Allan Purdie AMERICAN RESIDENTIAL: Moody's Alters Outlook on 'B2' CFR to Stable AMERICAN TIRE: Landlord Loses Bid for Administrative Claim AMERIGO METAL: Plan Exclusivity Period Extended to Dec. 29 ANTHOLOGY INC: Davis Polk, Porter Represent Ad Hoc Lenders Group AQUASERV POOL: Kathleen DiSanto Named Subchapter V Trustee AQUASERV POOL: Seeks Chapter 11 Bankruptcy in Florida ARCADIA BIOSCIENCES: Posts $856,000 Net Income in Fiscal Q3 ARCHDIOCESE OF NEW ORLEANS: Lenders to Challenge $230MM Ch. 11 Deal ARCHER INSTALLATION: Brian Shapiro Named Subchapter V Trustee ASCENSUS GROUP: Moody's Affirms 'B3' CFR, Outlook Stable ASTRA ACQUISITION: S&P Rates New Money/Roll-Up DIP Term Loans 'BB-' ATLAS PURCHASER: Moody's Appends 'LD' Designation to PDR AZUL SA: Court Okays Disclosure Statement AZUL SA: Wins Bid to Enter Into Backstop Commitment Agreement BAXSTO LLC: Gets Extension to Access Cash Collateral BAYTEX ENERGY: Moody's Puts 'Ba3' CFR Under Review for Downgrade BCPE PEQUOD: S&P Affirms 'B' Issue Credit Rating, Outlook Stable BELLA TUSCANY: L. Todd Budgen Named Subchapter V Trustee BESSEMER, AL: S&P Affirms 'BB-' Rating on Electric Revenue Debt BH DOWNTOWN: Court OKs Bid Rules for Hotel Sale at Auction BLINK CHARGING: Narrows Net Loss to $86,000 in Fiscal Q3 BLUE GALLERIA: Seeks Chapter 11 Bankruptcy in Florida BOYD GROUP: DBRS Assigns 'BB' Credit Rating, Trend Stable BRANDHOOT LLC: Mary Sieling Named Subchapter V Trustee BRIGHT MOUNTAIN: Reports $2.8MM Net Loss in Fiscal Q3 BROOKDALE SENIOR: Widens Net Loss to $114.7MM in Fiscal Q3 BROOKLYN KEBAB: Court Extends Cash Collateral Access to Nov. 30 BRUNELLE TECH: Case Summary & Four Unsecured Creditors BUILT LLC: Ruediger Mueller of TCMI Named Subchapter V Trustee BUILT LLC: Section 341(a) Meeting of Creditors on December 17 CAMP LOUEMMA: Gets Interim OK to Use Cash Collateral CCA CONSTRUCTION: Ordered to Mediate with BML Properties in Ch. 11 CHICAGO RIVET & MACHINE: Swings to $67,572 Net Income in Fiscal Q3 CHPPR MIDCO: Moody's Alters Outlook on 'B3' CFR to Stable CITRUS360 LLC: Claims to Get Paid from Asset Sale Proceeds CLEAR GUIDE: Wins Interim OK of Postpetition Financing CM RESORT: Trustee to Disburse $4.5MM Remaining Funds to Susan Ruff CMC ADVERTISING: Court Denies Bid to Use Cash Collateral COHERENT CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable COMMERCIAL METALS: Moody's Rates New Senior Unsecured Notes 'Ba2' DAV-DAN ENTERPRISES: Soneet Kapila Named Subchapter V Trustee DIRECTV ENTERTAINMENT: Fitch Affirms 'BB' IDR, Outlook Stable DUCHESS FARM: Case Summary & Two Unsecured Creditors DUCHESS FARM: Seeks Chapter 11 Bankruptcy in New York E.W. SCRIPPS: Posts $33 Million Net Loss in Fiscal Q3 EAGLE FENCE: Case Summary & 10 Unsecured Creditors EAGLE FENCE: Joseph Moore Named Subchapter V Trustee EAGLE LANDSCAPING: Rebecca Redwine Grow Named Subchapter V Trustee ELIJAH'S XTREME GOURMET: Case Summary & 20 Top Unsecured Creditors ENKB-MONTICELLO: Gets Interim OK to Use Cash Collateral ENO RIVER: Moody's Alters Outlook on 'Ba1' Bond Rating to Stable EQUITY 833: Case Summary & Nine Unsecured Creditors ERC MANUFACTURING: To Sell Naranjito Property to Nelson B. Elias ERO COPPER: Moody's Affirms 'B1' CFR, Outlook Remains Stable ES PARTNERS: Gets Final OK to Use Cash Collateral EVERGREEN LODGING: Seeks to Sell Hotel at Auction EXCHANGE REDEMPTION: Seeks Chapter 7 Bankruptcy in New York FARRELL'S ON: To Sell Purling Property to Bavarian Ventures FILTRATION GROUP: Moody's Puts 'B3' CFR on Review for Upgrade FIRST BRANDS: Lenders Want Separate Attorneys for Finance Entities FMC CORP: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable FOREST GOOD: Affiliate to Sell Restaurant Biz to Chow F&B FOSSIL GROUP: Secures Court Ok for Chapter 15 to Rework $150MM Debt FOUNDATION BUILDING: Moody's Withdraws 'B3' CFR on Debt Repayment FOUR FINANCIAL: Amy Denton Mayer Named Subchapter V Trustee FOUR FINANCIAL: Section 341(a) Meeting of Creditors on December 17 FTAI AVIATION: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable FTE NETWORKS: Seeks Chapter 11 Bankruptcy in New York FTX TRADING: Former Bank Owner Fights Clawback Bid GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Dec. 15 GLENWOOD GFB: Case Summary & Three Unsecured Creditors GLOBAL WOUND: Plan Exclusivity Period Extended to February 13, 2026 GRACE ROYALS: Case Summary & Seven Unsecured Creditors GRAHAM HOLDINGS: Moody's Rates New $500MM Unsecured Notes 'Ba1' GREAT CIRCLE: Seeks to Extend Plan Exclusivity to April 9, 2026 GREENWICH RETAIL: Court Extends Cash Collateral Access to Dec. 3 HARBOR HOLDING: Fitch Affirms 'B' LongTerm IDR, Outlook Positive HAVERLAND CARTER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable HERITAGE SALVAGE: Gets Interim OK to Use Cash Collateral HERON BIDCO: Moody's Assigns First Time B2 Corporate Family Rating HIGHER GROUND: To Sell Georgetown Assets to Path Georgetown HL PIT STOP: Unsecured Creditors to Split $26K in Plan HUSKY TECHNOLOGIES: Moody's Puts 'B3' CFR on Review for Upgrade I A P CONSTRUCTION: Court Extends Cash Collateral Access to Dec. 4 INGRAM MICRO: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable INMOBILIARIA LLC: Case Summary & 17 Unsecured Creditors JAAC CORP: Case Summary & 19 Unsecured Creditors JADE HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida JASS LLC: Case Summary & 20 Largest Unsecured Creditors JDM PROPERTIES: Case Summary & Three Unsecured Creditors JERSEY SHORE: Voluntary Chapter 11 Case Summary JVL COMPANY: Seeks Subchapter V Bankruptcy in New Jersey LAVENDER LANDSCAPE: Business Operations to Fund Plan Payments LION RIBBON: Creditors to Get Proceeds From Liquidation LOOK CINEMAS: Court Extends Cash Collateral Access to Dec. 31 M&M CUSTARD: Case Summary & 20 Largest Unsecured Creditors MANTECH INTERNATIONAL: Moody's Assigns 'B2' CFR, Outlook Stable MARFA CABINETS: Cabinet Business Sale to New Marfa Holdings OK'd MARTINS FOOD: Amy Denton Mayer Named Subchapter V Trustee MAWSON INFRASTRUCTURE: Former-CEO Misled Board to Get $2.6MM Bonus MEDICAL PROPERTIES: Narrows Net Loss to $77.7 Million in Fiscal Q3 MERIT STREET: Judge Orders Co. to Cut Costs in Chapter 11 MIDNIGHT VENTURES: Gets OK to Use Cash Collateral Until Dec. 15 MILOVAN INC: Gets Final OK to Use Cash Collateral MOD PIZZA: Faces Recurring Financial Losses, Warns Uncertain Future MOUNTAIN VIEW: Gets Extension to Access Cash Collateral NABORS INDUSTRIES: Fitch Hikes LongTerm IDR to 'B', Outlook Stable NEW NORMAL BREWING: Gets Interim OK to Use $153K in Cash Collateral NEWELL BRANDS: Moody's Cuts CFR to 'B1', Outlook Negative NOR CAL DESIGN: Christopher Hayes Named Subchapter V Trustee OFFICE PROPERTIES: Dec. 3 Final Hearing on DIP Financing OMNICARE LLC: Wins Final OK on Postpetition Financing ONEX TSG: Moody's Affirms 'B2' CFR & Alters Outlook to Positive OUT THE GATE: Case Summary & 20 Largest Unsecured Creditors OWENS & MINOR: Fitch Lowers LongTerm IDR to 'B+', On Watch Negative PACKERS HOLDINGS: Fitch Lowers LongTerm IDR to 'RD' PALMAS ATHLETIC: Unsecureds Owed $100K+ to Get 10% over 60 Months PINE GATE: Court OKs Bid Protocol for Renewable Energy Biz Sale PINEAPPLE PROPERTIES: To Sell Augustine Property to Szolgyemy Hosp. PREMFLOOR INC: Seeks Chapter 11 Bankruptcy in Florida PRIVATE LENDER: Updates Quy Claim Details; Amends Plan PROSPECT MEDICAL: Seeks to Extend Plan Exclusivity to Feb. 9, 2026 PSSI HOLDINGS: Moody's Cuts CFR to C, Appends PDR Limited Default PURDUE PHARMA: Claimants Object to Chapter 11 Plan QVC GROUP: Issues 'Going Concern' Warning Amid Mounting Debt R J EXPRESS: Voluntary Chapter 11 Case Summary RE4 GEORGIA: To Sell Conley Property to Blackcloud Properties REMEMBER ME SENIOR: PCO Reports No Change in Resident Care RICH LUCK: Seeks Chapter 11 Bankruptcy in New York RJT FOOD: To Sell Suffolk Property to Richard Bivona for $4.2MMM RK WILLIAMS: Seeks Chapter 7 Bankruptcy in New York SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral SHV ARTS: Case Summary & Two Unsecured Creditors SHV ARTS: Seeks Chapter 11 Bankruptcy in New York SIDE YARD PUBLIC: Gets Final OK to Use Cash Collateral SOUL EASE: Seeks Chapter 7 Bankruptcy in New York SOUTHERN AUTO: Court Extends Cash Collateral Access to Dec. 1 SPEAR SECURITY: Seeks Chapter 11 Bankruptcy in Florida STAR ISLAND: Aaron Cohen Named Subchapter V Trustee STAR NATURAL: Seeks Chapter 11 Bankruptcy in New York STEWARD HEALTH: Weil Gothal, Akin Gump Defend Fee Requests in Ch.11 SUNATION ENERGY: Narrows Net Loss to $392,975 in Fiscal Q3 SYNAPSE FINANCIAL: Court Tosses Chapter 11 After Failed Sale TARGET GROUP: Reports $479,392 Net Loss in Fiscal Q3 TEADS HOLDING: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. TEREX CORP: S&P Affirms 'BB' ICR on Acquisition of REV Group TIKE LLC: Jeanette McPherson Named Subchapter V Trustee TIMOTHY JEROME BARBER: Loses Bid to Remand Two Adversary Cases TOTAL AIR: Case Summary & Eight Unsecured Creditors TREEHOUSE FOODS: Moody's Puts 'B1' CFR Under Review for Downgrade TRICIDA INC: Trustee Sues 7 Former Execs Over $70MM Loss TRICOLOR AUTO: Ch. 7 Trustee Gets Court OK to Tap McDermott TRIGGER IT: Kathleen O'Malley Named Subchapter V Trustee TRIMAS CORP: S&P Places 'BB' ICR on CreditWatch Negative TURNKEY ROOFING: Seeks Chapter 11 Bankruptcy in Florida TYLER 2 CONSTRUCTION: Unsecureds Will Get 11.5% of Claims in Plan UNITED AIRLINES: Moody's Ups CFR to Ba1 & Alters Outlook to Stable US SIKH TRANSPORT: Case Summary & Six Unsecured Creditors VERITONE INC: Widens Net Loss to $26.9 Million in Fiscal Q3 VILLAGE HOMES: Court OKs Sandpiper Property Sale to J. & A. Alvis VOXTUR ANALYTICS: Chapter 15 Case Summary VR ENTERTAINMENT: Unsecureds Will Get 15% Dividend over 60 Months WATERMAN-SMITH I: Updates Secured Lender Claims Pay; Amends Plan WHITESTONE CROSSING: Seeks to Extend Plan Exclusivity to Dec. 10 YARETON HOTEL INVESTMENT: Marriot Tacoma Hotel Auction Set for 2026 ********* 140 WEST 121: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 140 West 121 LLC 140 West 121st Street New York, NY 10027 Business Description: 140 West 121 LLC classifies itself as a single-asset real estate debtor under Section 101(51B) of the U.S. Bankruptcy Code. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12527 Judge: Hon. Michael E Wiles Debtor's Counsel: David H. Wander, Esq. TARTER KRINSY & DROGIN LLP 1350 Broadway 11th Floor New York, NY 10018 Tel: (212) 216-8000 Email: dwander@tarterkrinsky.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Beatrice O. Sibblies as sole member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NJW6K5Y/140_West_121_LLC__nysbke-25-12527__0001.0.pdf?mcid=tGE4TAMA 140 WEST: Section 341(a) Meeting of Creditors on December 10 ------------------------------------------------------------ 140 West 121 LLC voluntarily filed for Chapter 11 bankruptcy in the Southern District of New York on November 12, 2025. The company reports having between 1 and 49 creditors, with liabilities in the range of $1 million to $10 million. A meeting of creditors under Section 341(a) to be held on December 10, 2025 at 01:00 PM at Zoom.us - USTrustee 7: Meeting ID 161 1242 4438, Passcode 8901234678, Phone 1 (202) 793-2740. About 140 West 121 LLC 140 West 121 LLC is a single asset real estate company. 140 West 121 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12527) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by David H. Wander, Esq. of Tarter Krinsky & Drogin. LLP 18 WELLINGTON: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- 18 Wellington Road LLC filed a voluntary Chapter 7 bankruptcy in the Eastern District of New York on November 12, 2025. The company reports having between 1 and 49 creditors, with liabilities in the range of $100,001 to $1,000,000. About 18 Wellington Road LLC 18 Wellington Road LLC is a single asset real estate company. 18 Wellington Road LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74366) on November 12, 2025. In its petition, the Debtor reports estimated estimated assets between $100,001 and $1 million each. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. 250 53RD: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------ On November 12, 2025, 250 53rd LLC initiated a Chapter 7 bankruptcy proceeding in the Southern District of New York. The filing lists liabilities of $1 million to $10 million and indicates the company has 1 to 49 creditors. About 250 53rd LLC 250 53rd LLC is a single asset real estate company. 250 53rd LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12531) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Philip Bentley handles the case. 26 CAPITAL: Plan Exclusivity Period Extended to February 9, 2026 ---------------------------------------------------------------- Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware extended 26 Capital Acquisition Corp.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 9, 2026, and April 8, 2026, respectively. As shared by Troubled Company Reporter, the Debtor submits that extension of the Exclusive Periods is appropriate so that the Debtor can continue to focus its efforts on finalizing and ultimately seeking confirmation of its Plan. Failure to extend the Exclusive Periods could result in other parties filing competing plans, which would require the Debtor to expend scarce estate resources to evaluate those plans, while simultaneously trying to confirm its own Plan. The Debtor explains that the requested extension of the Exclusive Periods is reasonable given the current status of this chapter 11 case and the progress achieved to date. As the Debtor moves toward confirmation and the eventual wind down of its estate, the Debtor and its professionals will continue to focus on maximizing the value of its estate by efficiently managing ongoing chapter 11 administrative tasks for the benefit of its stakeholders. Accordingly, the Debtor's efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtor asserts that throughout the chapter 11 process, the Debtor has endeavored to establish and maintain cooperative working relationships with its primary creditor constituencies. Importantly, the Debtor is not seeking the extension of the Exclusive Periods to delay administration of this chapter 11 case or to exert pressure on its creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtor further asserts that termination of the Exclusive Periods would adversely impact the administration of this chapter 11 case. If the Court were to deny the Debtor's request for an extension of the Exclusive Periods, upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan for the Debtor and solicit acceptances thereof. Such a ruling could undermine the Debtor's progress in this chapter 11 case and thwart any meaningful opportunity for the Debtor to confirm a plan that maximizes value for its creditors and other stakeholders. Co-Counsel to the Debtor: CROSS & SIMON, LLC Christopher P. Simon, Esq. Kevin S. Mann, Esq. 1105 North Market Street, Suite 901 Wilmington, Delaware 19801 (302) 777-4200 Email: csimon@crosslaw.com kmann@crosslaw.com -and- NIXON PEABODY LLP Richard C. Pedone, Esq. Exchange Place 53 State Street Boston, Massachusetts 02109 Telephone: (617) 345-1000 Email: rpedone@nixonpeabody.com -and- Christopher J. Fong, Esq. 55 West 46th Street New York, NY 10036 Telephone: (212) 940-3000 Email: cfong@nixonpeabody.com About 26 Capital Acquisition Corp. 26 Capital Acquisition Corp. is a special purpose acquisition company (SPAC). 26 Capital Acquisition Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11323) on July 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Kevin Scott Mann, Esq. at Cross & Simon, LLC. 34 PLEASANT: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- 34 Pleasant Place Corp. filed a voluntary Chapter 7 bankruptcy in the Eastern District of New York on November 12, 2025. The petition lists liabilities in the $1 million to $10 million range. The company also reports having between 1 and 49 creditors involved in the case. About 34 Pleasant Place Corp. 34 Pleasant Place Corp. is a single asset real estate company. 34 Pleasant Place Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45411) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Kafi Harris Harris, Esq. A&A HOLDING: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- A&A Holding Investments Express Trust U-A 12-0 filed a voluntary Chapter 11 bankruptcy petition in the Middle District of Florida on November 12, 2025. According to the filing, the trust reports liabilities between $100,001 and $1 million and estimates having 1 to 49 creditors. About A&A Holding Investments Express Trust U-A 12-0 A&A Holding Investments Express Trust U-A 12-0 A&A Holding Investments Express Trust U-A 12-0 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07321) on November , 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. ABUELO'S INTERNATIONAL: Seeks to Sell Restaurant Biz at Auction --------------------------------------------------------------- Abuelo's International, L.P. and its affiliates, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Food Concepts International Holdings, Inc. (FCIH) is the sole member of the general partner of Food Concepts International, L.P., a Texas limited partnership (FCI). FCI is the 99.99% limited partner of the Abuelo's International, L.P., a Texas limited partnership (ABI). The Debtors are headquartered in Lubbock, Texas where they conduct their restaurant operations. The Debtors own and operate a chain of full-service, casual dining Mexican restaurants serving made-from-scratch Mexican food. The Debtors' first restaurant opened in 1989, and on the Petition Date, they operated a total of 16 restaurants located in 7 states throughout the nation. The Debtors’ operations have been impacted by a significant drop in sales, rising food and labor costs, continued staffing challenges, and changes in consumer preferences. In connection with these bankruptcy proceedings the Debtors are in the process of conducting a review of current and projected profitability of their restaurant locations. Already, the Debtors have closed the restaurants located in The Colony, Texas and E Wichita, Kansas. The Debtors have determined it is in their best interests as well as the interests of creditors of the Debtors' estates to cease operations and close the restaurant located at 10909 E. 71st Street South, Tulsa, Oklahoma 74133, to sell at public auction the furniture, equipment, inventory and supplies located at the Tulsa Restaurant, and reject the ground lease associated with the Tulsa Restaurant. The Debtors will cease operations and close the Tulsa Restaurant on November 12, 2025, and vacate the leased premises on or before November 30, 2025. The Debtors assert that, in order realize maximum value for the Assets, it is in the best interest of the estate and its creditors to liquidate the Assets at public sale by online auction. The Debtors' estimate the Assets have a fair market value between $10,000 and $50,000, which is based on the results of recent sales conducted after the prepetition closure of other similarly situated underperforming locations. The Assets may be subject to liens and/or claims of Ben E. Keith and UMB, successor in interest to First Bank & Trust, Lubbock, Texas, a state bank. Additionally, the Assets are subject to 2025 and prior year claims of ad valorem tax authorities. Between November 13, 2025 and November 20, 2025, Local Liquidators will inventory, tag, divide into lots, advertise the Assets and Auction, and conduct the Auction with Buyer's required to pick up purchased Assets no later than November 22, 2025. The Debtors are proposing this timeline to facilitate completion of the Auction process prior to commencement of the Thanksgiving holiday season. Local Liquidators may market the Assets and Auction in the manner and means it deems appropriate, in its sole discretion, including, without limitation, online advertising, social media, press releases and any other marketing or advertising means it deems necessary to obtain the highest and best value for the Assets. The Auction will be conducted online. The Assets will be sold in place, free and clear of all liens, claims, interests and encumbrances, without express or implied warranty, and on an "as is, where is' basis. Pursuant to the Auction Agreement, in exchange for its services, including inventorying, tagging, marketing, and the use of its online auction platform, Local Liquidators charges a fee equal to 30% of the gross sale proceeds, excluding any buyer premium or applicable taxes. The sale of the Assets shall be without warranty and on an "as is" "where is" subject to all defects basis. The Debtors have determined, in their best judgment, the Auction will maximize the value of the Assets. As such, the Auction is in the best interests of the Debtors' estate and their respective creditors. About Abuelo's International L.P. Abuelo's International, L.P. operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. ACUSHNET COMPANY: Moody's Rates New Unsec. Notes Due 2033 'Ba3' --------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to the proposed senior unsecured notes due 2033 that will be issued by Acushnet Company, a subsidiary of Acushnet Holdings Corp. ("Acushnet"). The refinancing does not affect Acushnet's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, or SGL-2 Speculative Grade Liquidity Rating ("SGL") and does not affect the Ba3 rating on Acushnet Company's existing senior unsecured notes. The outlook on Acushnet Holdings Corp. and Acushnet Company is stable. Acushnet Company will utilize the proceeds from the proposed $500 million of new senior unsecured notes to call the existing $350 million notes due 2028, repay a portion of debt outstanding on the existing revolving credit facility, and pay the call premium and transaction fees. The company is also refinancing its existing $950 million revolving credit facility (unrated) due 2027 and replacing it with a new facility of the same size that will expire in 2030. The proposed notes are guaranteed on a senior unsecured basis by Acushnet and its existing and future wholly-owned domestic restricted subsidiaries. Moody's expects to withdraw the Ba3 rating on the existing senior unsecured notes due 2028 if they are fully retired as part of the transaction. Moody's views the transaction as a credit positive because the deal will increase availability on the revolver and extend the maturity profile. The revolver balance has increased in 2025 because Acushnet is reinvesting in the business, repurchasing shares, and funding increased working capital usage, partly driven by tariff mitigation efforts. The refinancing does not materially affect leverage and will provide flexibility to navigate highly seasonal earnings and cash flow as well as potential cyclical declines in the discretionary golf equipment and apparel industry. The rating on the new senior unsecured notes is one notch below the Ba2 CFR reflecting the effective subordination to the secured revolver that reduces recovery expectations in the event of a default scenario. Earnings performance remains steady and supports positive free cash flow. Revenue and EBITDA grew in a low single digit range in the first nine months of 2025. The company's guidance for $405 - $415 million of Adjusted EBITDA (based on the company's calculation) in line with the $413 million of Adjusted EBITDA for the 12 months ended September 2025. RATINGS RATIONALE Acushnet Holdings Corp.'s Ba2 CFR reflects its strong market position as a leading manufacturer of golf products, excellent brand awareness and customer reach, solid credit metrics, and good liquidity with typically strong free cash flow generation. Golf's growing customer base, engagement, and popularity supports EBITDA margin expansion particularly in golf consumables where Acushnet holds commanding market share leadership in golf balls and gloves. The steadier consumables business helps dampen overall volatility from more cyclical golf club sales. The company is also a leader in golf footwear and certain golf clubs categories. Additionally, the company's global footprint helps insulate against regional economic weakness. Credit risks include the company's concentration in the highly seasonal and discretionary golf end market and capital intensity required to invest in the design, manufacturing, and marketing of golf equipment to remain competitive. Tariffs are a moderate risk and Acushnet will need to execute tariff mitigation plans to maintain good profitability. Governance factors are a key consideration, with a moderately aggressive financial policy that balances shareholder distributions with a modest leverage target. Acushnet has prioritized reinvestment in the business and share repurchases while lifting net debt-to-EBITDA leverage close to the company's stated leverage target of less than 2.25x net debt-to-EBITDA on an annual basis (2.0x as of September 2025 and pro forma for the offering). Debt-to-EBITDA has increased gradually in recent years due to the share repurchases but remains moderate at 2.7x as of September 2025 (incorporating Moody's adjustments). Moody's expects the company will moderate buy-backs and prioritize debt repayment to maintain leverage below its target. Misto's majority ownership introduces risk related to concentrated control and decision making but is partially mitigated by a public company board and the presence of independent directors. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that solid golf participation will drive steady EBITDA margin improvement led by healthy demand for golf consumables, which would mitigate potential softening in golf club sales. The outlook also reflects Moody's expectations that debt-to-EBITDA will remain below 3.0x, including Moody's adjustments, even as the company deploys revolver borrowings to fund capital expansion, and shareholder distributions. The ratings could be upgraded if the company increases its scale and product diversity, continues to grow profitability with a stable to improving EBITDA margin, and maintains solid and effective reinvestment in product development and marketing. An upgrade would also require the company to maintain good liquidity and manage to a financial policy that is commensurate with sustaining free cash flow-to-debt (after dividends) above 10% and debt-to-EBITDA sustained below 2.0x. The ratings could be downgraded if operating performance materially deteriorates including from a reduction in demand, increased competition, higher costs, supply chain disruptions, or weak execution. Debt-to-EBITDA above 3.0x, free cash flow-to-debt below 7%, or a deterioration in liquidity could also lead to a downgrade. The principal methodology used in this rating was Consumer Durables published in September 2021. Acushnet Holdings Corp., headquartered in Fairhaven, MA, designs, manufactures, markets and sells performance-driven golf products, including golf balls, golf clubs, footwear, and golf gear, as well as golf apparel and accessories. The company's portfolio features Titleist golf equipment, which includes golf balls, golf clubs, and golf gear, and FootJoy golf wear. Acushnet Holdings Corp. (NYSE: GOLF) was founded by Phil Young in 1910. Acushnet is 51.3% controlled by Misto Holdings Corporation (formerly known as Fila Holdings Corp.) as of December 31, 2024. Acushnet was acquired by a consortium of investors led by Fila Korea and Mirae Asset Private Equity in 2011 from Fortune Brands for roughly $1.2 billion. Acushnet closed its IPO in 2016 with Misto (Fila Korea at the time) holding a 33.3% share of the company. Acushnet generated roughly $2.5 billion revenue for the last 12-month period ended September 30, 2025. AEMETIS INC: Reports $23.7MM Net Loss in Fiscal Q3 -------------------------------------------------- Aemetis, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $23.7 million and $17.9 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 loss of $71.7 million and $71.3 million, respectively. Revenues for the three months ended September 30, 2025 and 2024, were $59.2 million and $81.4 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $154.3 million and $220.6 million, respectively. The Company had an accumulated deficit of $634.6 billion as of September 30, 2025. As of September 30, 2025, the Company had $241.1 million in total assets, $546 million in total liabilities, and $304.9 million in total stockholders' deficit. As of September 30, 2025, the outstanding balance of principal, interest and fees, net of discounts, on all Third Eye Capital Notes totals $236.6 million. The maturity dates for the debts to Third Eye Capital are: * Due on demand: $47.1 million * March 1, 2026: $28.7 million * April 1, 2026: $160.8 million Third Eye Capital has provided a series of accommodating amendments to the Company's debt facilities. The Company warns future amendments or accommodations will continue to be at the discretion of the lender. "In the event our senior lender does not extend our debt, we would likely not have sufficient cash to pay the debt when due unless we are able to obtain alternative financing," the Company said. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/53h32xcr About Aemetis Inc. Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. -- www.aemetis.com -- is an international renewable natural gas, and renewable fuels company focused on the operation, acquisition, development and commercialization of innovative low and negative carbon intensity products and technologies that replace traditional fossil fuel products. The Company operates in three reportable segments consisting of "California Ethanol," "California Dairy Renewable Natural Gas," and "India Biodiesel." The Company's mission is to create sustainable and innovative renewable fuel solutions that benefit communities and restore the environment. The Company achieves this by establishing a local, circular bioeconomy that utilizes agricultural products and waste to produce low-carbon, advanced renewable fuels that reduce greenhouse gas (GHG) emissions and enhance air quality by replacing traditional fossil fuel products. The auditor's report dated March 14, 2025, issued by RSM US LLP in the Company's Annual Report for the year ended December 31, 2024, raised additional concerns, with the auditor issuing a "going concern" qualification. The report highlighted that the Company has suffered recurring losses from operations and has a net capital deficiency, casting substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Aemetis reported $240.02 million in total assets, $321.93 million in total current liabilities, $207.34 million in total long-term liabilities, and a total stockholders' deficit of $289.26 million. ALLSTAR PROPERTIES: To Sell Floyd County Property to Allan Purdie ----------------------------------------------------------------- Allstar Properties, LLC, and its affiliates seek permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Georgia limited liability company. The Debtor is a real estate holding company that owns and/or manages several large pieces of real property throughout the northwest corner of the State of Georgia, in Floyd, Haralson and Polk Counties. The Investment Properties do not generate revenue unless and until they are sold, other than occasional timber and tangential sales. The Debtors and CBRE Inc. as the broker, entered into that certain Exclusive Marketing Agreement wherein the Debtor has agreed to sell and CBRE agreed to market that property known as Doyle Road, and bearing parcel ID I19-006, in Floyd County, Georgia. On November 12, 2025, The Debtor, CBRE, and Dr. Allan Purdie, as the purchaser entered into that certain Real Estate Purchase Agreement wherein Buyer agreed to purchase the Property for $595,000.00. The Purchase Price was the result of a months-long marketing campaign by CBRE. CBRE and the Debtor assert that the Purchase Price is the fair market value of the Property. The Property secures an approximate $488,319.76 debt to AgSouth Farm Credit ACA. Pursuant to the Sale Agreement, CBRE is to receive a 5% commission on the gross sale amount of the Property, to be paid at closing. In this case, and should the Court approve the sale, the commission due to CBRE will be $29,750.00. Further, real property taxes are due including: 2024 - $12,147.34; a pro rata share of the 2025 - $12,764.30. No other closing costs, other than possible nominal amounts, are anticipated to be paid out of the Debtor's portion of the sale proceeds. Additionally, Debtors seek authority for the closing attorney to also transmit $4,760.00 to the Office of the United States Trustee to pay for U.S. Trustee fees which will be generated from this sale and the distribution of the sales proceeds. The Debtors submit that the sale to Buyer, which is an arms-length transaction between unrelated parties, is reasonable and appropriate, and designed to insure fairness. The Debtor believes that, based on its and CBRE’s experience in the industry, the Purchase Price is the highest and best price it can obtain for the Property. About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor's legal counsel. AMERICAN RESIDENTIAL: Moody's Alters Outlook on 'B2' CFR to Stable ------------------------------------------------------------------ Moody's Ratings affirmed American Residential Services L.L.C.'s (ARS) B2 corporate family rating, the B2-PD probability of default rating, and the B2 ratings assigned to its senior secured first lien bank credit facility, including the $135 million senior secured first lien revolving credit facility due January 2030 and the $585 million senior secured first lien term loan due February 2032. The outlook has been changed to stable from negative. On November 12, 2025, ARS announced plans to issue a $100 million fungible add-on to its existing $585 million secured first lien term loan due February 2032; on a pro forma basis the outstanding balance for the senior secured first lien term loan will be about $681 million. The company will use the net proceeds to fund a shareholder distribution and pay fees and expenses related to the transaction. On a pro forma basis, Moody's expects debt-to-EBITDA to increase to 5.8x from 5.2x as of the period ended September 30, 2025. The affirmation of the B2 CFR and change in the outlook to stable reflects the improvements in the company's credit metrics thanks to solid demand for residential and commercial ventilation and air conditioning, and plumbing maintenance and replacement services. While Moody's views the recent debt funded distribution as aggressive, the stable outlook reflects Moody's expectations that the company will maintain debt-to-EBITDA at a level consistent with its B2 CFR over the next 12-18 months. In 2024, the company initiated a multi-year operational efficiency plan following unfavorable market conditions and over estimation of demand in 2023. The company's focus on a more conservative hiring strategy and additional initiatives to create operating efficiencies over the last two years has materially improved profitability, free cash flow generation, and credit metrics. As of the period ended September 30, 2025, pro forma debt-to-EBITDA has improved to about 5.8x, which compares to year-end 2023's level of over 9.0x. RATINGS RATIONALE ARS's B2 CFR benefits from the company's scale and geographic diversity in a fragmented industry, which provides a supply chain advantage and an ability to manage its product pricing. The company is entrenched with big box retailers and has a solid platform on which to expand and increase its business lead opportunities. The majority of ARS's revenue is derived from non-discretionary residential HVAC and plumbing end markets. Furthermore, as a servicer and distributor, ARS has an asset-lite business model requiring minimal capital expenditures. ARS' ability to generate modest amounts of positive free cash flow despite high leverage and weak interest coverage is a key credit strength. The B2 CFR is constrained by the company's aggressive financial policy, inclusive of an acquisitive growth strategy and debt funded distributions. While the company has shown a track record of successful acquisition integration, execution risk is elevated. Furthermore, ARS's end markets experience seasonality and are susceptible to volatile weather conditions that can negatively impact financial results. Moody's expects ARS will maintain good liquidity over the next 12-18 months. The company's liquidity is supported by $26 million of cash on hand as of September 30, 2025, and full availability under its $135 million senior secured first lien revolving credit facility due January 2030. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if ARS' debt-to-EBITDA remains above 6.0x, if EBITA-to-interest expense approaches 1.0x, or if liquidity deteriorates, including expectations for negative free cash flow. The ratings could be upgraded if ARS' debt-to-EBITDA is sustained below 5.0x, if EBITA margins approach 15%, if RCF/net debt approaches 15%, and if the company maintains good liquidity. Headquartered in Memphis, Tennessee, American Residential Services L.L.C. is one of the largest providers of HVAC, plumbing, sewer, drain cleaning, and energy efficiency services in the United States. For the last twelve months ended September 30, 2025, the company generated $1.4 billion in revenue. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AMERICAN TIRE: Landlord Loses Bid for Administrative Claim ---------------------------------------------------------- Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware denied a landlord's motion to allow an administrative claim against the bankruptcy estate of American Tire Distributors, Inc. The landlord's claim against Asphalt Buyer II LLC is dismissed for lack of subject-matter jurisdiction. The debtor and the landlord were parties to a lease covering two facilities -- one in Lincolnton, North Carolina and the other in Mauldin, South Carolina. Under the terms of the lease, the debtors were required, when the lease terminated, to remove all equipment and hazardous materials from the facility. The debtors did not -- leaving behind, among other things, forklifts, racks, and a 55-gallon drum labeled as containing hazardous materials. The landlord accordingly incurred almost $125,000 in expenses in removing the equipment and materials. In these bankruptcy cases, the debtors sold substantially all of their assets to their prepetition lenders for approximately $600 million. The Court approved that sale in an order entered on February 11, 2025. The sale closed on February 28, 2025. After the closing of the sale, the buyer decided to have the debtors reject the lease on the two facilities. Following the procedures the Court had approved, on May 5, 2025, the debtors filed a notice providing for the rejection of the lease in question. The parties have stipulated that the rejection of the lease was effective as of May 30, 2025 (the date on which the debtors' confirmed plan became effective). The landlord's entitlement to be paid the rent, including the prorated real estate taxes for the period between the petition date and the effective date of the lease's rejection, is not disputed. The parties do dispute, however, the landlord's asserted administrative claim against the bankruptcy estate for the cost of removing the equipment and hazardous materials from its facilities. Alternatively, the landlord asserts a claim against the buyer. The landlord argues that once the sale closed, the buyer owned the materials that were on its premises. And by effectively dumping equipment that the buyer owned in the landlord's facility, the landlord contends that the buyer committed a trespass for which it is liable under state tort law. The landlord filed an original proof of claim in February 2023 (by virtue of the bar date order) indicating that the amounts due under the lease had not yet been liquidated. The landlord amended that proof of claim in June 2025 to assert a claim for more than $8.1 million, including $445,000 for failure to remove abandoned equipment and other property from the leased premises in accordance with the lease. In October 2025, the landlord filed a motion seeking the allowance of an administrative claim to cover the removal costs. The landlord alternatively sought an order declaring that the buyer is liable to it for the cleanup costs, on the theory that at the time the premises were turned over to the landlord, the buyer was the owner of the equipment, and the buyer is therefore liable in tort for having left its equipment in the landlord's premises. Both the post-effective date debtor and the landlord filed oppositions. There is extensive caselaw in this jurisdiction holding that when a lease is rejected, a claim for breach of a contractual obligation to leave the premises in “broom swept” or other specified conditions is a rejection damages claim that becomes a prepetition claim under Sec. 502(g) of the Bankruptcy Code. The landlord makes a technical argument that in this case, the date when the equipment was left upon the surrender of the premises was before the effective date of the lease’s rejection. On that basis, the landlord argues its claim is covered by Sec. 365(d)(3), which requires a trustee to perform its post-petition obligations under a lease during the "limbo" period between the petition date and the time a lease is rejected. According to Judge Goldblatt, "That contention is incorrect. As the extensive caselaw on the issue demonstrates, a claim for violation of a 'return condition' provision of a lease is paradigmatically a claim that is incident to the rejection of the lease. For that reason, Sec. 502(g) speaks directly to the treatment of such a claim, and controls over the more general provision of Sec. 365(d)(3)." The landlord also argues that it should have an administrative claim against the estate under the ordinary application of the test for the allowance of an administrative claim under Sec. 503(b)(1). It is true that if the tenant damages the property on a post-petition basis, the landlord would have an administrative claim for those damages. The Court need not, however, resolve that question, as there is nothing in the record to suggest that the condition of the premises on the date of rejection was different from the condition on the petition date. The landlord's claim against the buyer raises an interesting question of subject-matter jurisdiction, as it is a post-confirmation claim between non-debtors without any effect on the bankruptcy estate. The landlord argues that because of the close relationship between the sale order and the confirmation order, this claim is one that satisfies the "close nexus" test regarding the scope of the related-to jurisdiction. Judge Goldblatt holds, "The effort to tie the landlord's claim against the buyer to the sale order, however, is ultimately unpersuasive. The only basis for subject-matter jurisdiction over the landlord's claim would be supplemental jurisdiction. It is clear, however, that under existing law such jurisdiction does not apply in bankruptcy. The landlord's claim against the buyer will accordingly be dismissed for lack of subject-matter jurisdiction." A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=drGGsR from PacerMonitor.com. About American Tire Distributors Headquartered in Huntersville, N.C., American Tire Distributors Inc. (now known as Oldco Tire Distributors, Inc.) and its affiliates are the largest distributor of replacement tires in North America based on dollar amount of wholesale sales. With their network of over 115 distribution centers and 1,500 delivery vehicles, the Debtors service a geographic region covering more than 90 percent of the replacement tire market for passenger vehicles and light trucks in the United States. The Debtors carry many of the nation's leading tire brands including Michelin, Pirelli, and Continental. In addition, the Debtors' proprietary Hercules brand is a leading private tire brand in North America. American Tire Distributors and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12391) on October 22, 2024. In its petition, American Tire Distributors reported $1 billion to $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Kirkland & Ellis as bankruptcy counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP Services, LLC as restructuring advisor; and Moelis & Company, LLC as financial advisor. Donlin, Recano & Company, Inc. is the notice and claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AMERIGO METAL: Plan Exclusivity Period Extended to Dec. 29 ---------------------------------------------------------- Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the Northern District of Georgia extended Amerigo Metal Recycling, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 29, 2025 and January 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that it requires the additional time to gather the remaining quotes and lead times to prepare a budget for the installation. additional information regarding the systems needed to install a new income generating line. With a final budget, Debtor will have the opportunity to enter into an agreement with a similarly situated company to install the system and increase income. The final analysis of this project will be the best predicator of Debtor's future income to fund a plan of reorganization. The Debtor cites that presenting a plan at this stage will not provide an accurate picture of its ability to fund payment to unsecured creditors and its secured creditors under the plan. Debtor believes filing a plan that will require amending will result in unnecessary concerns for its creditors. On the other hand, filing a plan that will not require substantive amendments will foster Debtor's reorganization effort. The Debtor asserts that the request for an extension will not unfairly prejudice or pressure its creditors or grant Debtor any unfair bargaining leverage. Debtor needs creditor support to confirm any plan, so Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor further asserts that termination of the current Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. Amerigo Metal Recycling, LLC is represented by: Ceci Christy, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: cchristy@rlkglaw.com About Amerigo Metal Recycling Amerigo Metal Recycling, LLC operates a metal recycling business. Amerigo sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57425) on July 1, 2025, listing up to $50,000 in assets and up to $50 million in liabilities. Jeffrey H. Cammllarie, manager, signed the petition. The Debtor tapped William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC as counsel and Elite Tax Preparers as tax preparer. ANTHOLOGY INC: Davis Polk, Porter Represent Ad Hoc Lenders Group ---------------------------------------------------------------- In the Chapter 11 cases of to Anthology Inc. and its debtor-affiliates, Davis Polk & Wardwell LLP and Porter Hedges LLP filed with the United States Bankruptcy Court for the Southern District of Texas a Joint Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court the law firms represent an ad hoc group of holders of: (i) term loans and revolving commitments ("Prepetition Superpriority Loans"), including tranche A term loans (the "Superpriority First Out Term Loans") and tranche A revolving loans (the "Superpriority First Out Revolving Loans"), tranche B term loans (the "Superpriority Second Out Term Loans") and the tranche C term loans (the "Superpriority Third Out Term Loans"), issued pursuant to a First Lien Credit Agreement, dated as of April 19, 2024 (as amended and restated, supplemented, or otherwise modified from time to time), by Astra Intermediate Holding Corp, as holdings, Astra Acquisition Corp and BlackBoard LLC, as administrative borrowers, the L/C issuers and lenders from time to time party thereto and JPMorgan Chase, N.A., as administrative agent; and (ii) initial DIP term loans issued pursuant to the Senior Secured Superpriority Debtor-In-Possession Term Loan Credit Agreement, dated as of October 1, 2025, by Astra Intermediate Holding Corp, as holdings, Astra Acquisition Corp. and Blackboard LLC, as administrative borrowers, and the Alter Domus (US) LLC, as administrative agent, the lenders party thereto. According to the Verified Statement: 1. In October 2024, the Ad Hoc Group engaged Davis Polk to represent it in connection with the Members' holdings under the Prepetition Superpriority Credit Agreement. The Ad Hoc also engaged Porter Hedges in June 2025 to act as co-counsel in the Chapter 11 Cases. 2. As of the date of this Statement, Counsel represents only the Ad Hoc Group and does not represent or purport to represent any entities other than the Ad Hoc Group in connection with the Chapter 11 Cases. In addition, the Ad Hoc Group does not claim or purport to represent any other entity and undertakes no duties or obligations to any entity. 3. Upon information and belief formed after due inquiry, Counsel does not hold any claim against, or interests in, the Debtors or their estates, other than claims for fees and expenses incurred in representing the Ad Hoc Group. 4. Ad Hoc Group members have committed to backstop incremental Delayed Draw Term Loans under the DIP Facility. 5. Nothing contained in this Statement is intended or shall be construed as an admission that (i) the requirements of Bankruptcy Rule 2019 apply to Counsel's representation of the Ad Hoc Group or (ii) the Ad Hoc Group constitutes a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended or any successor provision), including any group acting for the purpose of acquiring, holding, or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended or any successor provision). 6. Nothing contained in this Statement is intended or shall be construed as (i) a waiver or release of any claims against the Debtors by any Member, (ii) an admission with respect to any fact or legal theory or (iii) a limitation upon, or waiver of, any Member's right to file and/or amend a proof of claim in accordance with applicable law and any orders entered in the Chapter 11 Cases establishing procedures for filing proofs of claim or interests. 7. Counsel reserves the right to amend or supplement this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The members, addresses, and the nature and amount of all disclosable economic interests are: 1. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT L.L.C., or a subsidiary or an affiliate thereof 1 Vanderbilt Avenue New York, NY, 10001 $60,041,493.06 in aggregate principal amount of Superpriority Second Out Term Loans 2. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by EATON VANCE MANAGEMENT, or a subsidiary or an affiliate thereof One Post Office Square 18th Floor Boston, MA 02109 $47,878,542.43 in aggregate principal amount of Superpriority First Out Term Loans $68,499,489.01 in aggregate principal amount of Superpriority Second Out Term Loans $43,723,422.16 in aggregate principal amount of Superpriority Third Out Term Loans $2,341,772.92 in aggregate principal amount of DIP Term Loans 3. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by GATEWAY HE LOANS, LP, or a subsidiary or an affiliate thereof 11111 Santa Monica Blvd, Suite 350 Los Angeles, CA 90025 $132,207,234.85 in aggregate principal amount of Superpriority First Out Term Loans $52,008,341.75 in aggregate principal amount of Superpriority First Out Revolving Loans $43,445,501.62 in aggregate principal amount of Superpriority Second Out Term Loans $8,422,529.10 in aggregate principal amount of DIP Term Loans 4. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by OAKTREE CAPITAL MANAGEMENT, L.P., or a subsidiary or an affiliate thereof 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 $138,391,263.88 in aggregate principal amount of Superpriority First Out Term Loans $44,620,094.24 in aggregate principal amount of Superpriority First Out Revolving Loans $141,580,956.11 in aggregate principal amount of Superpriority Second Out Term Loans $8,355,530.08 in aggregate principal amount of DIP Term Loans 5. UBS ASSET MANAGEMENT (AMERICAS) LLC, in its capacity as investment manager, sub-adviser, or similar capacity on behalf of certain investment vehicles, funds, and accounts that are holders of the term loans that are managed/ advised by the Credit Investments Group UBS Asset Management 11 Madison Avenue New York, NY 10010 $61,613,876.69 in aggregate principal amount of Superpriority First Out Term Loans $132,995,919.23 in aggregate principal amount of Superpriority Second Out Term Loans $3,005,477.85 in aggregate principal amount of DIP Term Loans The firm may be reached at: Damian S. Schaible, Esq. David Schiff, Esq. Joshua Y. Sturm, Esq. Amber A. Leary, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Fax: (212) 701-5800 E-mail: damian.schaible@davispolk.com E-mail: david.schiff@davispolk.com E-mail: joshua.sturm@davispolk.com E-mail: amber.leary@davispolk.com - and - John F. Higgins, Esq. PORTER H EDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 E-mail: jhiggins@porterhedges.com About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Fla., provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90498) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors listed (on a consolidated basis) $1 billion to $10 billion in estimated assets and estimated liabilities. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the consolidated cases. The Debtors hired Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York, as counsel; and Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas, as local bankruptcy and conflicts counsel. The Debtors hired PJT PARTNERS LP as investments banker; FTI CONSULTING, INC., as restructuring advisor; and STRETTO INC. as claims and noticing agent. The Official Committee of Unsecured Creditors has hired HERBERT SMITH FREEHILLS KRAMER (US) LLP as counsel. AQUASERV POOL: Kathleen DiSanto Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for AquaServ Pool Service, Inc. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About AquaServ Pool Service Inc. AquaServ Pool Service, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08398) on November 8, 2025, listing between $500,001 and $1 million in assets and liabilities. Judge Catherine Peek Mcewen presides over the case. Roberto D. DeLeon, Esq., at Deleon Law, PLLC represents the Debtor as bankruptcy counsel. AQUASERV POOL: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On November 8, 2025, Aquaserv Pool Services Inc. initiated a Chapter 11 proceeding in the Middle District of Florida. The voluntary case was assigned number 25-08398. The debtor listed $100,001–$1 million in liabilities. The filing indicates the company has 1 to 49 creditors. About Aquaserv Pool Services Inc. Aquaserv Pool Service, Inc. is a Florida-based provider of residential and commercial pool maintenance, repair, and water-care solutions. Its services include routine pool cleaning, chemical balancing, equipment checks, and ongoing preventative maintenance to keep pools operating safely and efficiently throughout the year. Aquaserv Pool Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08398) on November 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Roberto D. DeLeon, Esq. of Deleon Law, PLLC. ARCADIA BIOSCIENCES: Posts $856,000 Net Income in Fiscal Q3 ----------------------------------------------------------- Arcadia Biosciences, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income attributable to common stockholders of $856,000 and a net loss attributable to common stockholders of $1.6 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 attributable to common stockholders of $1 million and $280,000, respectively. Total revenues for the three months ended September 30, 2025 and 2024, were $1.3 million and $1.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $4 million and $3.8 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $279.9 million and cash and cash equivalents of $1.1 million. As of September 30, 2025, the Company had $8.6 million in total assets, $3.1 million in total liabilities, and $5.4 million in total stockholders' equity. CEO Comments: "We are very pleased with our performance for the third quarter of 2025." said T.J. Schaefer, CEO of Arcadia. "Zola(R) coconut water revenues were flat year-over-year in the third quarter as we overlapped the initial sell-in to Zola's largest customer during the third quarter of 2024. However, on a year-to-date basis, Zola coconut water revenues have grown 26% and more than offset $700,000 in GLA sales in 2024 that did not occur in 2025. Additionally, our gross margins have now exceeded 30% for eleven consecutive quarters, SG&A expenses are at an all-time low and our cash management exceeded our expectations. "In addition to our strong operating performance, we continue to own 2.7 million shares of Above Food Ingredients Inc. stock as a partial repayment of the $6 million principal amount of the note receivable related to the sale of GoodWheatTM assets in the second quarter of 2024 and are pursuing resolution of the remaining outstanding balance. "Our pending business combination with Roosevelt Resources is still in progress," Schaefer continued, "but uncertainty exists regarding the timing due to several factors including the ongoing federal government shutdown that went into effect over a month ago. We continue to monitor events closely, but the shutdown is obviously a situation that is outside of our control." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yav87fkf About Arcadia Biosciences Inc. Headquartered in Dallas, Texas, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. In its report dated March 25, 2025, the Company's auditor, Deloitte & Touche 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's accumulated deficit, recurring net losses, and net cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. Additionally, the auditor noted that the Company's resources would not be sufficient to meet its anticipated cash requirements. As of June 30, 2025, the Company had total assets of $7.79 million, total liabilities of $3.26 million, and total stockholders' equity of $4.53 million. ARCHDIOCESE OF NEW ORLEANS: Lenders to Challenge $230MM Ch. 11 Deal ------------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that after five years in Chapter 11, the Archdiocese of New Orleans is gearing up for a multiday bankruptcy trial to confirm its reorganization plan -- a critical moment that comes after a $230 million settlement with sexual abuse survivors, whose near-unanimous support has been key to moving the deal forward. Yet the plan remains contested by bondholders, who argue that it shortchanges them by more than $20 million. With that much at stake, their objections could set the stage for a cramdown, where the court is asked to approve the plan over their dissent if it meets legal standards of fairness, the report states. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARCHER INSTALLATION: Brian Shapiro Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Brian Shapiro as Subchapter V trustee for Archer Installation & Solutions, Inc. Mr. Shapiro will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian Shapiro 510 S. 8th Street Las Vegas, NV 89101 Phone: (702) 386-8600 Email: brian@trusteeshapiro.com About Archer Installation & Solutions Inc. Archer Installation & Solutions, Inc. is a Las Vegas-based company that provides logistics, warehousing, transportation, and installation services for hotel and retail properties, managing the storage, delivery, and assembly of furniture, fixtures, and equipment across the U.S. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-16702) on November 5, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Todd Hyde, chief financial officer, signed the petition. Judge Natalie M. Cox presides over the case. Ryan A. Andersen, Esq., at Andersen Beede Weisenmiller represents the Debtor as legal counsel. ASCENSUS GROUP: Moody's Affirms 'B3' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings affirmed Ascensus Group Holdings, Inc's (Ascensus) ratings, including the B3 corporate family rating, B3-PD probability of default rating and B3 existing senior secured credit facility ratings. Concurrently, Moody's assigned B3 ratings to the company's proposed senior secured first lien bank credit facilities, consisting of an upsized and extended new revolver and a $2.868 billion senior secured first lien term loan due 2032. Moody's also assigned a Caa2 rating to the proposed $350 million senior secured second-lien term loan due 2033. The outlook remains stable. The net proceeds of the proposed $350 million second-lien term loan will be used to fund a shareholder distribution. Moody's will withdraw the ratings for its existing first lien credit facilities upon the closing of the proposed refinancing transaction, The affirmation of Ascensus' B3 CFR reflects its high financial leverage as the result of aggressive financial policies, with a history of debt-funded acquisitions and shareholder distributions. Moody's views the $350 million debt add-on to fund shareholder distributions via a second lien term loan as an aggressive financial policy, particularly following the $600 million debt funded distribution via a first lien term loan add-on in 2025. Pro forma for the $350 million second-lien term loan issuance, debt/EBITDA as of September 30, 2025 is in the mid 7x range. Moody's expects debt/EBITDA to decline to below 7x over the next 12 to 18 months through earnings growth. The ratings affirmation also reflects Ascensus's good liquidity profile, supported by roughly $150 million of cash at transaction closing and Moody's expectations for free cash flow generation exceeding $50 million over the next year. RATINGS RATIONALE Ascensus' B3 CFR reflects its modest revenue size, narrow operating scope within the US retirement and savings plan administration market, and high leverage with debt/EBITDA in the mid 7x as of September 30, 2025, pro forma for the $350 million second-lien term loan issuance. Ascensus has moderate revenue concentration among its top customers, which include state 529 college savings plans, institutional clients, and channel partners. The company's reliance on channel partners for new plan sales heightens the risk that losing these relationships could adversely impact its operating performance. All financial metrics cited reflect Moody's standard adjustments. The rating is supported by Acensus' well-established and scalable position in the market for administration of retirement plans and government savings plans (state 529 college savings plans and state-facilitated retirement plans) sponsored by small to mid sized businesses in the US, which supports Moody's expectations for positive organic revenue growth trends in the mid to high single digit, very good profit margins, and long-standing customer relationships with high retention rates. The company's account fees and long-term contracts provide a high degree of revenue visibility and stability. Moody's anticipates a general trend of increasing regulatory compliance and disclosure requirements for retirement asset administration, which also supports the growing demand for the company's services. Moody's expects Ascensus to maintain good liquidity over the next 12 to 15 months, with a cash balance of roughly $150 million at the close of the transaction. Moody's expects the company to generate free cash flow exceeding $50 million over the next year, which will provide coverage of its approximately $29 million of mandatory first-lien term loan amortization. Support is also provided by the full availability of the company's proposed new revolver. The revolver is subject to a maximum springing first lien net leverage ratio test that cannot exceed 8.35x when drawings exceed 40% of availability. The company's pro forma covenant leverage was 6.5x as of September 30, 2025. Moody's do not expect the company to need to use the revolver over the next year, and do not expect the covenant to be tested. However, if tested, Moody's anticipates there would be some cushion within the covenant test. The proposed senior secured first-lien credit facility (revolver and term loan) is rated B3, which is the same as Ascensus' B3 CFR, reflecting the preponderance of the debt obligations in the capital structure. The $350 million senior secured second lien term loan maturing in 2033 is rated Caa2, which is two notches below the CFR, reflecting its contractual subordination to the first lien credit facilities. A decrease in the proportion of senior secured first lien to total debt could result in an upgrade of the B3 senior secured first lien ratings. The proposed refinancing contains the same covenants as the existing debt. Incremental first lien debt is subject to a 5.75x first lien net leverage ratio, incremental junior lien debt is subject to a 7.0x senior secured net leverage ratio, incremental unsecured debt is subject to an unsecured debt ratio of 7.25x, and an interest coverage ratio of 1.75x. The stable rating outlook reflects Moody's expectations that debt/EBITDA will decline to below 7x over the next 12 to 18 months. The stable outlook also reflects Moody's expectations that the company will maintain at least adequate liquidity, with at least $50 million of annual free cash flow generation that more than covers its required annual amortization for its first-lien term loan (roughly $29 million). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company continues to grow its revenue size and operating scope while maintaining its very good profit margin. More balanced financial policies that result in Moody's anticipating debt/EBITDA sustained below 6x could also result in ratings upgrade. The ratings could be downgraded if operating performance weakens, as evidenced by deterioration in revenue, earnings, or liquidity. Continued very aggressive financial policies with more debt-funded acquisitions or dividends resulting in leverage increasing or weakening of the company's liquidity could also result in a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Ascensus is a service provider primarily focused on record-keeping and administration for retirement plans and college savings programs in the US. The company is controlled by affiliates of financial sponsor Stone Point Capital and GIC (Singapore's sovereign wealth fund). Revenue for the twelve months ended September 30, 2025 was roughly $1.2 billion. ASTRA ACQUISITION: S&P Rates New Money/Roll-Up DIP Term Loans 'BB-' ------------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' point-in-time rating to Astra Acquisition Corp. (doing business as Anthology)'s $50 million debtor-in-possession (DIP) new money term loan and its 'B+' point-in-time rating to the company's $50 million DIP roll-up term loan. The DIP new money term loan will rank ahead of the DIP roll-up term loan in liquidation priority. Astra Acquisition Corp. (dba Anthology), the borrower and a provider of education software LMS and SIS solutions, has been operating under Chapter 11 bankruptcy protection since Sept. 29, 2025. The DIP ratings are based on our debtor credit profile (DCP) assessment of Anthology, which is operating under the protection of Chapter 11 of the U.S. Bankruptcy Code. The ratings primarily reflect S&P's view of the credit risk borne by the DIP term lenders and is not indicative of ratings that may be assigned to exit facilities or the reorganized firm after bankruptcy. The DIP issue ratings are point-in-time ratings effective only for the date of this report. S&P will not review, modify, or provide ongoing surveillance on these ratings. S&P said, "Our 'BB-' issue rating on Astra Acquisition Corp.'s new money DIP term loan and 'B+' rating on its roll-up DIP term loan reflect our view of the credit risk borne by the DIP lenders. The rating is based on our view of the company's ability to meet its financial requirements during bankruptcy through our debtor credit profile (DCP) assessment. This reflects the prospects for full repayment through the company's reorganization and emergence from Chapter 11 using our capacity for repayment at emergence (CRE) assessment and the prospects for full repayment in a liquidation scenario using our additional protection in a liquidation scenario (APLS) assessment: "Our DCP of 'b-' reflects our view of the company's vulnerable business risk profile and highly leveraged financial risk profile, together with our consideration of applicable ratings modifiers in bankruptcy. "We believe the DIP term loan has strong potential for full coverage in an emergence scenario for our CRE assessment (CRE above 250%). Our CRE assessment provides an uplift of two notches over the DCP. We assess repayment prospects for the CRE assessment as if the DIP loan is required to be repaid in full in cash at emergence. "Our APLS assessment indicates more than 125% total value coverage in a liquidation scenario and provides an additional one notch of uplift over the DCP for the new money DIP term loan. Residual coverage for the roll-up term loan is insufficient to provide uplift." If the restructuring is completed as expected under the restructuring support agreement, the additional $50 million DIP roll over will have junior payment status to the new money term loan. S&P said, "We assess Anthology's capacity to repay the DIP debt at emergence as strong, with coverage above 250%. We believe Anthology will successfully emerge from bankruptcy. We derived our CRE through a combination of estimated sales proceeds and value attributed to the remaining businesses upon emergence from bankruptcy. We estimate $120 million of sales proceeds upon emergence and ascribe $200 million of value to the remaining business for an aggregate CRE valuation of $320 million. The resulting DIP loan coverage of 320% results in a CRE assessment of 'Strong' coverage and two notches of upward adjustment from the DCP. "Our APLS assessment indicates greater than 125% total value coverage in a liquidation scenario for the DIP new money tranche, resulting in an additional one-notch uplift. However, the DIP roll-up loans have less than 125% total value coverage after the distribution of value waterfall, and therefore, there is no APLS uplift for this tranche. "Our view of Anthology's business risk and financial risk are unchanged. Our view of Anthology's business risk remains 'Vulnerable', reflecting operational challenges and market share loss due to competitive pressures. The company is looking to sell everything but its Teaching and Learning (T&L) business, which represents about 45% of 2025 revenues. The company has two stalking horse bids from Ellucian Co. LLC and Encoura LLC. The T&L business is the company's LMS product suite and includes its learning effectiveness, assessment management, accreditation and self-study products. Our view of Anthology's financial risk remains 'highly leveraged'. It reflects our expectation that S&P Global Ratings-adjusted EBITDA will be negative in fiscal 2026 and our expectation that the company will generate negative free cash flow throughout the year, despite the company no longer having any interest expense during bankruptcy. We project the company's 2026 negative free cash flow will be the result of lower revenues, increased working capital needs, and substantial one-time expenses related to the Chapter 11 restructuring process." ATLAS PURCHASER: Moody's Appends 'LD' Designation to PDR -------------------------------------------------------- Moody's Ratings has appended a limited default (LD) designation to Atlas Purchaser, Inc.'s (Alvaria) probability of default rating, revising it to a Caa1-PD/LD. The LD designation will remain in place for three business days. There is no change to the company's Caa1 corporate family rating. The outlook is negative. On October 24th, the company closed an amendment transaction where lenders agreed, among other items, to reduce total debt from around $950 million to less than $200 million and extend debt maturity to 2030 from 2028. Moody's considers this transaction a distressed exchange and event of default. This transaction significantly improves Alvaria's liquidity position by reducing the company's interest expense burden by roughly $80 million. Although this can support the company's turnaround by providing cash for reinvestment, Alvaria's operating metrics continue to be pressured with continued revenue declines in most segments. Alvaria, headquartered in Atlanta, GA, was founded through the merger of Aspect Software, Inc. and Noble Systems Corporation in May 2021. The company is a provider of call center (CC) software and workforce optimization (WFO) solutions to more than 1,800 enterprise customers located primarily in North America. The company is majority owned by private equity firm Abry Partners following the May 2021 LBO. Private equity firm Vector Capital, Aspect Software, Inc.'s previous majority owner, and management own the remaining equity. Revenue was roughly $260 million for the twelve months ended June 30, 2025. AZUL SA: Court Okays Disclosure Statement ----------------------------------------- The Honorable Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York granted the motion of Azul S.A. and its affiliated debtors for entry of an order, pursuant to sections 1125, 1126 and 1128 of title 11 of the United States Code, rules 2002, 3016, 3017, 3018 and 3020 of the Federal Rules of Bankruptcy Procedure, and rules 3017-1, 3018-1 and 3020-1 of the Local Bankruptcy Rules for the Southern District of New York, approving, among other things: (a) the adequacy of information in the Disclosure Statement, (b) Solicitation and Voting Procedures, (c) forms of Ballots, notices and notice procedures, and (d) certain dates. The Court finds the relief requested is in the best interests of the Debtors, their estates, creditors and all parties in interest. The Disclosure Statement is approved as providing Holders of Claims entitled to vote on the Plan with adequate information to make an informed decision as to whether to vote to accept or reject the Plan in accordance with section 1125(a)(1) of the Bankruptcy Code, and as otherwise required by applicable law with respect to the Plan. The Disclosure Statement, including all applicable exhibits and notices, provides Holders of Claims and Interests and all other parties in interest with sufficient notice of the release, exculpation, and injunction provisions contained in Article VIII of the Plan, in satisfaction of the requirements of Bankruptcy Rule 3016(c). All objections, responses, statements or comments, if any, in opposition to approval of the Disclosure Statement and the relief requested in the Motion that have not otherwise been resolved or withdrawn prior to, or on the record at, the Disclosure Statement Hearing are overruled in their entirety. The following dates are established (subject to modification as necessary) with respect to the solicitation of votes to accept, and voting on, the Plan: Event Date ----- ---- Plan Supplement Filing Deadline November 26, 2025 Voting Deadline, Opt-Out Deadline, Plan Objection Deadline, Contract Objection Deadline December 2, 2025, at 4:00 p.m. Deadline to File Voting Report December 5, 2025, at 4:00 p.m. Deadline to File the Confirmation Brief and Omnibus Reply to Plan Objections Three (3) days before Confirmation Hearing, at 4:00 p.m. Confirmation Hearing Date December 11, 2025, at 11:00 a.m. The Solicitation Packages are approved. The Solicitation Packages provide the Holders of Claims entitled to vote on the Plan with adequate information to make informed decisions with respect to voting on the Plan in accordance with the Bankruptcy Code, Bankruptcy Rules 2002(b) and 3017(d), and the Local Rules. The Solicitation and Voting Procedures provide for a fair and equitable process and are consistent with section 1126 of the Bankruptcy Code, Bankruptcy Rule 3018 and the Local Rules, and are approved in their entirety. A copy of the Disclosure Statement is available at https://urlcurt.com/u?l=sewGUC from PacerMonitor.com. A copy of the Solicitation and Voting Procedures and the Court's Order dated November 5, 2025, are available at https://urlcurt.com/u?l=jrHWQ0 from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. AZUL SA: Wins Bid to Enter Into Backstop Commitment Agreement ------------------------------------------------------------- The Honorable Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York granted on a final basis the motion of Azul S.A. and its direct and indirect subsidiaries for entry of an order, pursuant to sections 105(a), 363, 503(b)(1), and 507(a)(2) of the Bankruptcy Code authorizing and approving the Debtors' (a) entry into, and performance under, a Backstop Commitment Agreement, and (b) incurrence, payment, and allowance of the related Backstop Obligations as administrative expense claims. Azul commenced the Chapter 11 Cases to implement a comprehensive financial restructuring that, once effectuated, will (a) reduce funded debt by over $2.0 billion, (b) provide the Debtors with approximately $670 million of new capital to bolster liquidity during the restructuring process, and (c) provide up to approximately $950 million of new equity investments upon emergence to address the DIP financing raised in the Chapter 11 Cases and to optimize the size and cost structure of Azul's fleet and supply chain. The Debtors' emergence from the Chapter 11 Cases will be facilitated by, among other things, (y) a commitment from certain existing bondholders to backstop the ERO and to receive take-back exit debt for the Debtors' remaining DIP financing obligations and (z) a commitment from United Airlines, Inc. and American Airlines, Inc. as Strategic Partners to invest a minimum of $200 million, and up to $300 million of additional new equity. The terms of the proposed restructuring transactions are set forth in the restructuring support agreements among the Debtors and their key financial stakeholders and strategic partners, including (a) certain of their existing bondholders, (b) AerCap Holdings N.V., the lessor of more than a majority of the aircraft leased to the Debtors as of the Petition Date, and (c) the Strategic Partners, who have together agreed to meaningfully support Azul with resources, capital commitments, significant operational savings, and increased liquidity. The bondholder group consists of (a) the Consenting Superpriority Noteholders, holding in the aggregate 75% of the aggregate principal amount of the Superpriority Notes Claims; (b) the Consenting 1L Noteholders, holding in the aggregate 67% of the aggregate principal amount of the 1L Notes Claims; (c) the Consenting 2L Noteholders, holding in the aggregate 49% of the aggregate principal amount of the 2L Notes Claims; (d) the Consenting Convertible Debenture Noteholders, holding in the aggregate 95% of the aggregate principal amount of the Convertible Debenture Claims; and (e) the Consenting Bridge Noteholders, holding in the aggregate 89% of the aggregate principal amount of the Bridge Note Claims. Under the backstop deal, certain parties have committed to financially support an equity capital raise of up to US$650 million as part of Azul S.A.'s Chapter 11 restructuring process. The agreement provides a "backstop commitment" to ensure that Azul successfully raises the committed amount of equity capital. The parties agree to purchase any unsubscribed shares in the equity rights offering, ensuring the company receives the full amount of funding it needs. The Backstop Commitment Agreement is approved in its entirety. The Backstop Obligation are approved and allowed as administrative expenses pursuant to sections 503(b) and 507(a) of the Bankruptcy Code. The Court finds the terms and conditions of the Backstop Commitment Agreement, including the Backstop Obligations, are fair, reasonable, and the best available to the Debtors under the circumstances. The Debtors' entry into and performance under the Backstop Commitment Agreement, including the Debtors' agreement to pay each of the Backstop Obligations and the Extension Fees, constitute a reasonable exercise of the Debtors' business judgment. According to the Court, the Backstop Commitment Agreement and all relief requested in the Motion serve to maximize estate value for the benefit of all the Debtors' stakeholders and parties in interest and are otherwise in the best interests of the Debtors, their estates, their creditors, and all other parties in interest. The deal that an incremental extension fee will be earned by the Backstop Commitment Parties in an amount equal to 1.5% of the ERO Amount if the Closing Date has not occurred on or prior to January 31, 2026. The Backstop Obligations constitute actual and necessary costs and expenses to preserve the Debtors' estates and are reasonable and warranted on the terms set forth in the Backstop Commitment Agreement. A copy of the Backstop Commitment Agreement and the Court's Order are available at https://urlcurt.com/u?l=hqDMn7 from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by: Richard J. Cooper, Esq. Thomas S. Kessler, Esq. Carina S. Wallance, Esq. Cleary Gottlieb Steen & Hamilton One Liberty Plaza New York, NY 10006 Email: rcooper@cgsh.com tkessler@cgsh.com cwallance@cgsh.com - and - Marina Anselmo Schneider, Esq. Marcelo Sampaio Goes Ricupero, Esq. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Alameda Joaquim Eugenio de Lima, 447 Bela Vista, São Paulo – SP, 01403-001 Email: marina.anselmo@mattosfilho.com.br mricupero@mattosfilho.com.br The Subscription Agent is: Jung (JW) Song Stretto 7 Times Square Tower, Suite 1601 New York, NY 10036 Email: AzulBackstopTransfer@Stretto.com BAXSTO LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Baxsto LLC received another extension from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. The court issued a second interim order authorizing the Debtor to use cash collateral to pay the expenses set forth in its budget pending the final hearing on December 4. The Debtor may exceed individual line items by up to 10% as long as the total authorized amount is not exceeded by more than 10%. The budget shows total operational expenses of $24,635 for the week ending November 7; $3,750 for the week ending November 14; $3,750 for the week ending November 21; $18,750 for the week ending November 28; and $28,135 for the week ending December 5. Lea County State Bank and other secured creditors with an interest in cash collateral will be granted replacement liens, with the same priority, validity and extent as their pre-bankruptcy liens. As additional protection, Lea County State Bank will receive monthly payments of $8,385 for November and December. The Debtor's cash collateral consists of revenues generated from its oil and gas interests. There are no UCC financing statements on file with the Texas Secretary of State but a $729,000 judgment lien from Lea County Bank was found in Reeves County. Additionally, local taxing authorities have filed claims totaling over $125,000. About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BAYTEX ENERGY: Moody's Puts 'Ba3' CFR Under Review for Downgrade ---------------------------------------------------------------- Moody's Ratings placed Baytex Energy Corp.'s ("Baytex") ratings under review for downgrade, including the Ba3 corporate family rating, Ba3-PD probability of default rating and B1 senior unsecured notes ratings. Previously, the outlook was stable. The SGL-2 speculative grade liquidity rating (SGL) remains unchanged. The review follows the November 12, 2025 announcement that Baytex has entered into an agreement to sell its US Eagle Ford operations, including its 25% non-operating interest in the Sugarkane Field operated by ConocoPhillips (A2 stable), in a transaction totaling US$2.305 billion (approximately C$3.25 billion). The majority of proceeds will be used for a combination of debt reduction, growth initiatives and shareholder returns. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS "The review for downgrade reflects a weaker pro-forma business profile given Baytex's loss of diversification, significantly smaller scale, a lower weighting of high-value light oil, and potentially more elevated per-barrel costs going forward," said Whitney Leavens, Moody's Ratings analyst. The review will focus on Moody's assessments of the post transaction production profile, final use of divestiture proceeds, debt levels and trajectory of the company's financial policies as well as M&A and business strategies. Moody's expects to conclude the review once the transaction closes following regulatory approvals. Baytex Energy Corp. is a publicly listed Calgary, Alberta-based independent exploration and production company. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. Baytex's Ba3 rating is three notches below the scorecard-indicated outcome of Baa3 at LTM Q3/2025. The final rating reflects Moody's views of the company's performance under medium term price assumptions as well as its limited business profile and financial policy track record including slow debt reduction. BCPE PEQUOD: S&P Affirms 'B' Issue Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on BCPE Pequod Buyer Inc. (doing business as Envestnet) and the 'B' issue-level rating on the company's $412.5 million revolving credit facility due 2029 and $1.98 billion first-lien term loan due 2031. S&P said, "At the same time, we revised our recovery rating on the company's debt to '3' (rounded estimate: 50%) from '4' (rounded estimate: 40%) based on our estimate of somewhat higher emergence EBITDA than we previously assumed. "The stable outlook reflects our expectation that Envestnet's S&P Global Ratings-adjusted debt to EBITDA will decline somewhat as the company grows its earnings base but remain above 6x through 2026 (compared with 8.5x in 2024). "We anticipate Envestnet's platform assets to continue to grow, as the company benefits from scale and continued demand for turnkey asset management platforms among wealth managers. "We forecast revenue to grow 0%–5% in 2025 (compared with 11% growth in 2024), due in large part to the divestiture of data aggregation and analytics platform Yodlee in September 2025 and continued growth in the wealth segment. However, we expect margins to expand somewhat, since Yodlee's margins were meaningfully lower than the rest of the business. We also think the divestiture will allow the company to focus on its core wealth management segment. "Historically, the company has expanded through both organic growth and acquisitions. While we expect its near-term focus to remain on organic growth and cost optimization, we anticipate the sponsors will continue to explore strategic and tuck-in acquisitions over the longer term. "We continue to view the company's recurring revenue base as a credit strength." Envestnet's business model and high asset-retention rate allow it to bill clients in advance of each quarter based on total platform assets, providing visibility into near-term revenue (approximately 96% of the company's net revenue is recurring). Roughly 45% of net revenue (net of pass-through direct expenses) derives from asset-based fees, priced as a percentage of total assets under management or assets under advisement, while the remainder is subscription-based (priced on a per-account, per-firm, or per-seat basis, among others). Management intends to shift the business mix from lower-fee, commodity reporting products--often competitively priced (typically assets under advisement, priced at 1-2 basis points) --toward higher-value core turnkey asset management platform offerings and personalized products that generate higher yields (classified as assets under management, with pricing averaging greater than 5 basis points). S&P said, "We anticipate a continued focus on cost optimization and margin improvement. Specifically, we expect EBITDA margins of 20%-25% through 2026. Envestnet's S&P Global Ratings-adjusted EBITDA margins have largely been in line with similarly rated peers, historically. The company ended 2024 with S&P Global Ratings-adjusted EBITDA margins of 20.4%, which improved to 23.9% in the second quarter of 2025 (excluding merger-related costs). "About 80% of the company's cost structure is fixed, which we believe somewhat limits the company's financial flexibility in periods of operating weakness, although it also provides some operating leverage as the company scales. Restructuring costs (associated with ongoing cost-saving initiatives) have also constrained profit margins over the past two years. "We expect Envestnet's S&P Global Ratings-adjusted leverage to remain above 6x through 2026. We expect leverage to decline to 7.0x-8.0x by year-end 2025, and further in 2026, as Envestnet's earnings continue to grow and restructuring and transaction costs decline. Nevertheless, given Envestnet's private-equity ownership and its strategy of organic growth complemented by opportunistic acquisitions, we expect leverage to remain above 6x. "The company ended 2024 with debt to EBITDA of 8.5x (excluding over $80 million of merger-related direct costs; 12x including), reflecting the incremental debt from the transaction. We also forecast EBITDA interest coverage to be 2.0x-2.5x through 2026. (Coverage of 3.6x in 2024 is not directly comparable since it partly reflects the company's capital structure under prior owners.) "We view Envestnet as somewhat larger than its peers in terms of asset size, but largely comparable on an earnings basis. We consider GTCR Everest Borrower LLC (doing business as AssetMark Financial Holdings; B+/Stable/--) and Orion Advisor Solutions Inc. (B-/Stable/--) as Envestnet's closest peers. While Envestnet's platform assets exceed AssetMark's, the companies have comparable EBITDAs, given AssetMark's somewhat different pricing strategy and custody business. Envestnet and AssetMark are larger than Orion in terms of both platform assets and earnings. Envestnet's leverage is currently higher than AssetMark's, but we anticipate it will remain below that of Orion. "The stable outlook reflects our expectation that Envestnet's debt to EBITDA will remain above 6x through 2026 due to the higher levels of debt associated with financial-sponsor ownership, while the company continues to expand its platform assets and undertake various cost efficiency initiatives. "We could lower the ratings on Envestnet over the next year if we expect leverage to increase to 8.0x or EBITDA interest coverage to decline below 1.5x on a sustained basis." This could happen if: -- Business weakens such that it sustains net outflows and progress with its cost-saving initiatives stalls; or -- The financial sponsor pursues a more aggressive financial policy than S&P expects, evidenced by debt-financed acquisitions or shareholder returns. S&P said, "We could raise the ratings if the business continues to grow organically, and the company operates with S&P Global Ratings-adjusted debt to EBITDA well below 6x while interest coverage remains above 2.0x on a sustained basis, and we expect financial policy to remain supportive of those levels." BELLA TUSCANY: L. Todd Budgen Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Bella Tuscany Windermere, Inc. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Bella Tuscany Windermere Inc. Bella Tuscany Windermere Inc. operates Italian restaurant in Florida, serving Tuscan-style cuisine with dine-in, takeout and catering services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07204) on November 6, 2025, with $1 million to $10 million in assets and liabilities. Carlos Sciortino, authorized representative of the Debtor, signed the petition. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP presides over the case. BESSEMER, AL: S&P Affirms 'BB-' Rating on Electric Revenue Debt --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' underlying rating (SPUR) on Bessemer, Ala.'s electric revenue debt. The outlook is stable. S&P said, "In our view, the electric utility's risk management, culture, and oversight practices are credit weaknesses that contributed to lagged cost recovery and weak financial performance in recent history. We believe financial management is lacking, particularly in long-term financial planning, liquidity, and debt targets. Although management has initiated several strategies to enhance revenue collections and financial metrics in the near term, we believe sustained financial improvement hinges on its ongoing commitment to review, implement, and update these strategies. Additionally, we note the Bessemer Electric Service Department audit (which is independent and separate from the city and water enterprise audit) for fiscal 2024 and 2025 had certain deficiencies in the internal controls that the auditor considered to be a material credit weakness. These include insufficient electric rates, co-mingled accounts receivable balances between water and power, and accounts receivable balances that need to be written off. We understand management implemented a procedure to reconcile ledgers and plans to update its software to better segregate the water and electric enterprise funds. Nevertheless, we view this to be a credit weakness and will continue to monitor the audit findings and if future improvements result in a clean audit. "We believe the electric utility's affordability risk factors are also credit negative. Weak income indicators and historically high delinquent customer account balances could limit financial flexibility. The electric utility collects for both electric and water. In 2025, about 47%, or about $7 million, of the total accounts receivable balance was over 120 days past due. We consider this to be elevated and understand it was driven by no shutoffs during the pandemic and insufficient collections afterward. Nevertheless, in September 2025, the utility implemented a strict shutoff policy, which management expects will improve collections. We will continue to monitor rate affordability and whether increased collection policies improve revenue collection for the electric utility. "We view energy transition risk factors as neutral in our credit rating analysis. Bessemer's power supply comes from TVA, which, in our opinion, has a diverse fuel mix. TVA sharply lowered coal's contribution to electricity production to 13% in 2022, which has greatly reduced its environmental exposures, in our opinion. Nevertheless, the contribution of natural gas has increased in recent years to about 22%, which we view as moderately negative because of its carbon attributes. TVA is adding gas generation and expects the percentage to increase. Hydroelectric production and purchases from renewable resources accounted for 12% of the utility's 2022 energy sales. TVA is evaluating the impact of retiring the balance of the coal-fired fleet by 2035. "The stable outlook reflects our expectation that the electric system's improved FCC in fiscal 2025 given the 7.5% rate increase, and recently approved 6.5% rate increases planned for 2026, and enhanced collection policy that started the fall of 2025 will decrease delinquencies and improve revenue collection. However, we expect it will take several years to establish a sustainable trend, as management works to resolve revenue collection issues and implement additional rate increases. "We could lower the rating if the electric utility's financial performance does not improve despite rate increases and improved collection mechanisms, resulting in another significant decline in coverage or cash. We could also lower the rating if there are issues implementing new software to improve collections and segregation of funds. "We are unlikely to raise the rating based on the electric utility's history of volatile FCC below 1.0x and uncertainty about the sustainability of management actions. However, we could do so if management demonstrates timely and effective cost recovery, with a sustained track record of net revenues producing healthy DSC and maintenance of stronger liquidity levels." BH DOWNTOWN: Court OKs Bid Rules for Hotel Sale at Auction ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, has granted BH Downtown Miami LLC and 340 Biscayne Owner LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is the sole fee simple owner of the real property located at 340 Biscayne Boulevard in Miami, Florida as well as the hotel located thereon, commonly known as Holiday Inn Port of Miami-Downtown. The Debtor currently operates the Hotel as a Holiday Inn. The Debtor also holds certain tangible personal property that was acquired for or used in the operation of the Hotel, including but not limited to furniture, fixtures, computers, and other personal property located in the Hotel or on the Real Property as well as certain intangible personal property held in connection with the Real Property and the Hotel, including but not limited to transferable development rights, consents, authorizations, variances or waivers, licenses, permits and approvals from various governmental or quasi-governmental agencies, departments, boards, commission, bureaus or other entities solely in respect of the Real Property and Hotel, all transferable warranties and guaranties. Cirrus 340BB Lender LLC and Cirrus Real Estate Funding LLC are Debtor's only secured creditor asserting a lien on the Assets. The secured claim of Cirrus is disputed. The Court has authorized the Debtor to sell the Property and all of the Assets located at 340 Biscayne Boulevard, Miami, Florida pursuant to an auction free and clear of all liens, claims, encumbrances and interests, other than permitted exceptions, with any such liens, claims or encumbrances to attach to the net proceeds of the Sale, and pay closing or other costs from the sale proceeds at closing as may be required, subject to further hearing on the sale. The Registration Fee of $250,000 is hereby approved. The Debtor is authorized to sell the Property and Assets by an auction pursuant to the terms of the Sale Procedures, subject to further Court approval of the Purchase and Sale Agreement between the Debtor and the Winning Bidder and any Backup Bidder at the Auction. The Auction will open on December 3, 2025 and will end with a live Auction on December 17, 2025 in New York City. The Winning Bid and any Back Up Bid will be announced at the conclusion of the Auction. The Debtor will have the live Auction transcribed. he Debtor is authorized to take all steps necessary to close the Hotel Operations upon receipt of a signed Purchase and Sale Agreement and non-refundable deposit from (1) the Winning Bidder at the Auction or (2) a private buyer (to the extent permitted by the terms of the Auction Agreement), and to complete the closing of the Hotel Operations prior to a closing on the sale of the Property. Notwithstanding anything in this paragraph, the Debtor must operate the Hotel in accordance with the License Agreement until the Termination Date. The Holiday Inn® Hotel Change of Ownership License Agreement dated May 31, 2016 by and between HHF as licensor, and 340 Biscayne Owner LLC, as licensee, shall, automatically terminate as of 12:01 a.m. on January 5, 2026, without the requirement of any further action on the part of HHF or the Debtor to effect such termination, unless extended in writing by HHF and the Debtor prior to the Termination Date. HHF is authorized and has relief from the automatic stay to take any and all actions necessary to remove the Debtor from the System (as that term is defined in the License Agreement) upon the expiration of and in accordance with the License Agreement. The Debtor will work with HHF regarding the orderly shutdown of the reservation system. The Debtor shall remain obligated to and shall continue to pay all post-petition franchise fees due and owing to HHF in the ordinary course as they become due pursuant to the terms of the License Agreement. As fees and other amounts under the License Agreement are generally billed in arrears, some amounts which accrue under the License Agreement on or before the Termination Date will nonetheless be invoiced after the Termination Date. The Debtor acknowledges and agrees that it must still pay all post-petition fees which accrue under the License Agreement through and including the Termination Date, including those which become due and owing after the Termination Date as a result of fees being billed in arrears under the License Agreement. HHF need not file an application for payment of any administrative claim, and any amounts due under the License Agreement shall be paid in the ordinary course. Cirrus shall have a credit bid in the amount of$101,500,000.00 and shall be entitled to credit bid up to the Credit Bid Amount at the Auction pursuant to Section 363(k) of the Bankruptcy Code and the Sale Procedures. In the event Cirrus is the Winning Bidder and its Winning Bid exceeds the Credit Bid Amount, at closing Cirrus will pay the difference between the Credit Bid Amount and its Winning Bid in cash, along with a flat fee to Concierge of $750,000 in lieu of the Buyer's Premium, subject to the provisions of the Sale Procedures. In the event Cirrus is the Winning Bidder at the Auction and their allowed claim is later determined by the Court in Adversary Proceeding Case No. 25-01110-LMI to be less than the amount Cirrus credit bids at the Auction, Cirrus shall be liable to the Debtor for the difference between the amount Cirrus credit bids and the allowed amount of its claim. In the event Cirrus is the Winning Bidder at the Auction and their allowed claim is later determined by the Court to be more than the amount Cirrus credit bid at the Auction, the Debtor shall refund to Cirrus the portion of the Positive Credit Bid Delta, if any, representing the difference between the credit bid and the allowed claim amount. Upon closing on the Sale, whether with Cirrus or a third-party buyer, the Debtor will deposit into escrow an amount equal to the Cirrus Escrow Fund. In the event Cirrus is the Winning Bidder, Cirrus reserves all rights to pursue a deficiency judgment or otherwise as provided in the loan documents. About BH Downtown Miami BH Downtown Miami, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23028) on Dec. 13, 2024. In its petition, the Debtor reported estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Pardo Jackson Gainsburg & Shelowitz, PL as counsel and Gould & Pakter Associates, LLC as financial expert. BLINK CHARGING: Narrows Net Loss to $86,000 in Fiscal Q3 -------------------------------------------------------- Blink Charging Co. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $86,000 for the three months ended September 30, 2025, from a net loss of and $87.4 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $52.8 million and $124.6 million, respectively. Total revenues for the three months ended September 30, 2025 and 2024, were $27 million and $25.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $76.5 million and $96 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $788.6 million and cash and cash equivalents of $23.1 million. As of September 30, 2025, the Company had $171.3 million in total assets, $80.5 million in total liabilities, and $90.8 million in total stockholders' equity. As of September 30, 2025, the Company had cash and cash equivalents of $23.110 million compared to $41.774 million in cash and cash equivalents and $13.630 million in marketable securities as of December 31, 2024, representing a decrease of $32.294 million in available liquidity due to ongoing operating losses, working capital requirements, and limited cash inflows from operations. Absent a near-term capital infusion or significant improvement in cash flow from operations, the Company expects that its current cash resources will be insufficient to fund operations for the next 12 months. As such, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern within one year from the date of issuance of these financial statements. Management is actively evaluating strategic alternatives, including additional cost-reduction initiatives, asset sales, and potential restructuring or fundraising opportunities. However, there can be no assurance that any of these efforts will result in additional liquidity or resolve the Company's current financial challenges. The Company has no agreements, commitments, or understandings with respect to any financing alternatives. Any equity issuance would be dilutive to stockholders. On August 4, 2025, the Company's wholly owned subsidiary, Envoy Technologies, Inc., entered into Amendment No. 4 to the Agreement and Plan of Merger, dated as of April 18, 2023, with the Company, Envoy Technologies, Envoy Mobility, Inc. and Fortis Advisors LLC, as equityholders' agent. Pursuant to the Fourth Amendment, the sole remaining payment obligation to the former shareholders of Envoy Technologies was fully satisfied, and the Company and Mobility were released from all claims and liabilities relating to such obligation, with the issuance of (x) $10,000 in shares of Company common stock, valued based on the volume-weighted average trading price for the 25 trading days preceding the issuance date, and (y) warrants exercisable for shares of Company common stock with an aggregate value of $11,000, divided into three tranches with vesting conditions based on specific stock price achievements. During the three months ended September 30, 2025, the Company issued an aggregate of 9,696,882 shares of common stock and issued warrants to purchase an aggregate of 3,898,177 shares of Company common stock in full satisfaction of the consideration payable to the former shareholders of Envoy Technologies. The former shareholders of Envoy Technologies were granted registration rights for shares of Company common stock initially issued and those issuable pursuant to the exercise of warrants. On July 7, 2025, the Company acquired 100% of the equity interest in Zemetric, Inc., a Silicon Valley–based provider of charging infrastructure tailored for fleet, multi-family, and high-utilization destinations. The consideration for the acquisition includes cash, the Company's restricted stock and a performance based earn-out. Shortly thereafter, Zemetric's founder, Harmeet Singh, became the Company's Chief Technology Officer. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/46rw2bzs About Blink Charging Blink Charging Co., through its wholly-owned subsidiaries, is an owner, operator and provider of electric vehicle charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various location types. As of June 30, 2025, the Company had $168.42 million in total assets, $97.67 million in total liabilities, and $70.75 million in total stockholders' equity. The Company says it has not yet achieved profitability and expects to continue to incur cash outflows from operations. Absent a near-term capital infusion or significant improvement in cash flow provided by operations, the Company expects that its current cash and net working capital resources will be insufficient to fund future operations, and the need for additional funding to support its planned operations raises substantial doubt regarding the Company's ability to continue as a going concern within the next 12 months. BLUE GALLERIA: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On November 10, 2025, Blue Galleria LLC initiated a voluntary Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Florida. The petition discloses liabilities between $100,001 and $1 million. The debtor states it has roughly 1 to 49 creditors. About Blue Galleria LLC Blue Galleria LLC is a limited liability company. Blue Galleria LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23318) on November 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. The Debtor is represented by Michael D. Seese, Esq. BOYD GROUP: DBRS Assigns 'BB' Credit Rating, Trend Stable --------------------------------------------------------- DBRS Limited assigned a final credit rating of BB, Stable to Boyd Group Services Inc.'s (BGSI or the Company; rated BB (high), Stable) issuance of CAD 525 million, 5.500% Senior Unsecured Notes, due November 6, 2030 (the Notes). The Recovery Rating on the Notes is RR5. The proceeds of the Notes will be used to partially finance the acquisition of JHCC Holdings Parent, LLC (JHCC). The Notes will be guaranteed by all material subsidiaries of BGSI, including any borrowers and guarantors under the Company's secured credit agreement. The Notes will be unsecured obligations ranking equal with all existing and future unsecured indebtedness of BGSI but will effectively be subordinated to any secured indebtedness of the Company. If the acquisition of JHCC is not completed, the Notes will be redeemed at a redemption price equal to 100% of the aggregate initial issue price of the Proposed Notes plus accrued and unpaid interest. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to the most recent Morningstar DBRS press release dated October 30, 2025 for more information, including all relevant disclosures. The ratings listed above are based on the Final Preliminary Offering Memorandum dated October 30, 2025, the Final Pricing Term Sheet dated October 30, 2025, the Final Trust Indenture dated November 6, 2025, and information provided by BGSI to Morningstar DBRS as of November 6, 2025. BRANDHOOT LLC: Mary Sieling Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 12 appointed Mary Sieling as Subchapter V trustee for Brandhoot, LLC. Ms. Sieling will be paid an hourly fee of $330 for her services as Subchapter V trustee and an hourly fee of $200 for paralegal time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Sieling declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mary F. Sieling 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Email: mary@mantylaw.com About Brandhoot LLC BrandHoot, LLC is a Rochester, Minnesota-based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. It develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Brandhoot, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-33565) on November 7, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. BRIGHT MOUNTAIN: Reports $2.8MM Net Loss in Fiscal Q3 ----------------------------------------------------- Bright Mountain Media, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.8 million and $3.3 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 $10.1 million and $13.2 million, respectively. Revenues for the three months ended September 30, 2025 and 2024, were $13.9 million and $14.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $43.5 million and $39.6 million, respectively. As of September 30, 2025, the Company had $37.6 million in total assets, $111 million in total liabilities, and $73.4 million in total stockholders' deficit. Going Concern and Liquidity: Historically, the Company has incurred losses, which have resulted in an accumulated deficit of approximately $177 million as of September 30, 2025. Cash flows provided by (used in) operating activities were $347,000 and $(451,000) for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had approximately a $17.3 million working capital deficit, inclusive of $553,000 in cash and cash equivalents and $1.9 million in restricted cash. The Company's ability to continue as a going concern is dependent upon its ability to meet its liquidity needs through a combination of factors. The Company is currently exploring several strategic alternatives, including restructuring or refinancing its debt, or seeking additional debt, including borrowing under the Centre Lane Senior Secured Credit Facility, or raising equity capital. The ability to access the capital markets depends, in part, upon the volume and market price of the Company's stock, which cannot be assured. Other measures include reducing or delaying certain business activities, and reducing general and administrative expenses, including a reduction in headcount. The ultimate success of these plans is not guaranteed. The Company's current cash and working capital, as of the filing of this Quarterly Report on Form 10-Q, is not expected to be sufficient to fund its anticipated level of operations over the next twelve months. As a result, such matters create a substantial doubt regarding the Company's ability to meet its financial obligations and continue as a going concern. CEO Comments: Matt Drinkwater, CEO of Bright Mountain Media, provided insights into the company's performance in the third quarter. He announced, "Year-to-date revenue has reached $43.5 million, which is an increase of $3.9 million compared to the same period in 2024. While our Q3 revenue was $13.9 million - slightly down from $14.2 million in Q3 2024 - this modest decline is a reflection of broader market challenges, including inflationary pressures and more conservative spending by advertisers. Despite these conditions, we are encouraged by our financial trajectory and the resilience of our core business." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2ase9w6u About Bright Mountain Bright Mountain Media, Inc. (together with its wholly-owned subsidiaries) is an end-to-end marketing services company that helps brands with the right audiences, at the right time, with the right message, both effectively and efficiently by removing the middlemen in the marketing workflow. The Company's end-to-end offerings combine consumer insights with creative services, media services, and advertising technology to deliver solutions to improve audience fidelity for brands. The Company focuses on digital publishing, advertising technology, consumer insights, creative services, and media services. New York, New York-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 10, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024. The report cited that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $39.50 million in total assets, $110.12 million in total liabilities, and $70.62 million in total stockholders' deficit. BROOKDALE SENIOR: Widens Net Loss to $114.7MM in Fiscal Q3 ---------------------------------------------------------- Brookdale Senior Living Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $114.7 million for the three months ended September 30, 2025, from a net loss of $50.7 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $222.8 million and $118.1 million, respectively. Total revenues for the three months ended September 30, 2025 and 2024, were $813.2 million and $784.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $2.4 billion and $2.3 billion, respectively. As of September 30, 2025, the Company had an accumulated deficit of $4.3 billion and cash and cash equivalents of $253.4 million. As of September 30, 2025, the Company had $6.01 billion in total assets, $6.02 billion in total liabilities, and $5.3 million in total stockholders' deficit. "We are highly leveraged and have significant debt and lease obligations," Brookdale declared. "As of September 30, 2025, we had $4.3 billion of debt outstanding at a weighted average interest rate of 5.18%. As of such date, 88.1%, or $3.8 billion, of our total debt obligations represented non-recourse property-level mortgage financings." As of September 30, 2025, Brookdale had $1.2 billion of operating and financing lease obligations, and for the twelve months ending September 30, 2026, Brookdale will be required to make approximately $200.0 million of cash lease payments in connection with existing operating and financing leases (without giving effect to the early termination by Ventas of certain of its community leases with maturity dates of December 31, 2025). Brookdale's total liquidity of $351.6 million as of September 30, 2025 included $253.4 million of unrestricted cash and cash equivalents (excluding restricted cash of $77.9 million) and $98.1 million of availability on its secured credit facility (excluding $16.1 million of availability on our separate letter of credit facilities, which can be drawn only as letters of credit). Total liquidity as of September 30, 2025 decreased $37.7 million from total liquidity of $389.3 million as of December 31, 2024. The decrease was primarily attributable to cash paid for acquisitions, net of financing proceeds, and the repayment of mortgage debt, partially offset by $45.5 million of Adjusted Free Cash Flow and a $37.6 million increase in availability on the secured credit facility during the period. Brookdale disclosed, "As of September 30, 2025, our current liabilities exceeded current assets by $100.8 million. Included in our current liabilities is $82.4 million of the current portion of operating and financing lease obligations, for which the associated right-of-use assets are excluded from current assets on our condensed consolidated balance sheets. We currently estimate our historical principal sources of liquidity, primarily our cash flows from operations, together with cash balances on hand and cash equivalents, availability on our secured credit facility, and proceeds from financings and refinancings of various assets will be sufficient to fund our liquidity needs for at least the next 12 months. We continue to focus on increasing our RevPAR, maintaining appropriate expense discipline, continuing to refinance or exercise available extension options for maturing debt, continuing to evaluate our capital structure and the state of debt and equity markets, and monetizing non-strategic or underperforming owned assets. There is no assurance that financing will continue to be available on terms consistent with our expectations or at all, or that our efforts will be successful in monetizing certain assets or exercising extension options." "Our actual liquidity and capital funding requirements depend on numerous factors, including our operating results, our actual level of capital expenditures, general economic conditions, and the cost of capital, as well as other factors . . . . Since the amount of mortgage financing available for our communities is generally dependent on their appraised values and performance, decreases in their appraised values, including due to adverse changes in real estate market conditions, or their performance, could result in available mortgage refinancing amounts that are less than the communities' maturing indebtedness. In addition, our inability to satisfy underwriting criteria for individual communities may limit our access to our historical lending sources for such communities, including Fannie Mae and Freddie Mac. As of September 30, 2025, 9% of our owned communities were unencumbered by mortgage debt. "We have $98.8 million and $227.1 million of mortgage notes payable scheduled to mature in January 2026 and October 2026, respectively, with one-year extension options, exercisable by us subject to the satisfaction of certain conditions. We expect to satisfy the conditions to exercise the options to extend the mortgage notes payable for the additional one-year term. We have completed the refinancing of all of our mortgage debt maturities due in 2025. Our other debt maturities in 2026 are $20.3 million of mortgage debt and the $23.3 million aggregate principal amount of the 2026 Notes. Our inability to obtain refinancing proceeds sufficient to cover 2026 and later maturing indebtedness could adversely impact our liquidity, and may cause us to seek additional alternative sources of financing, which may be less attractive or unavailable. Shortfalls in cash flows from estimated operating results or other principal sources of liquidity may have an adverse impact on our ability to fund our planned capital expenditures or to fund investments to support our strategy. In order to continue some of these activities at historical or planned levels, we may incur additional indebtedness or lease financing to provide additional funding. There can be no assurance that any such additional financing will be available or on terms that are acceptable to us. "Funding our planned capital expenditures or investments to support our strategy may require additional capital. We expect to continue to assess our financing alternatives periodically and access the capital markets opportunistically. If our existing resources are insufficient to satisfy our liquidity requirements, we may need to sell additional equity or debt securities. Any such sale of additional equity securities will dilute the percentage ownership of our existing stockholders, and we cannot be certain that additional public or private financing will be available in amounts or on terms acceptable to us, if at all. Any newly issued equity securities may have rights, preferences, or privileges senior to those of our common stock. If we are unable to raise additional funds or obtain them on terms acceptable to us, we may have to delay or abandon our plans." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yfbuwec6 About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of June 30, 2024, Soluna Holdings had $6.14 billion in total assets, $6.03 billion in total liabilities, and $106.78 million in total equity. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BROOKLYN KEBAB: Court Extends Cash Collateral Access to Nov. 30 --------------------------------------------------------------- Brooklyn Kebab House Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use the cash collateral of its secured creditor, Accompany Capital. The court's second interim order authorized the Debtor to use up to $117,825 in cash collateral from November 4 to 30 in according to its budget, subject to a 10% variance per line item. Accompany Capital, a secured creditor, will be provided with protection in the form of monthly cash payments, replacement liens on post-petition assets, and additional liens to the extent required by their pre-bankruptcy loan agreements. Termination events under the interim order include dismissal of the Debtor's Chapter 11 case, conversion of the case to one under Chapter 7, and violation of the order. Accompany Capital filed a UCC financing statement with the New York State Department of State in February. According to the financing statement, the secured creditor's lien covers all of the Debtor's assets. About Brooklyn Kebab House Inc. Brooklyn Kebab House, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-44535) on September 22, 2025, listing up to $1 million in both assets and liabilities. Adel Kassim, president of Brooklyn Kebab House, signed the petition. Judge Nancy Hershey Lord oversees the case. Alex E. Tsionis, Esq. and Nico G. Pizzo, Esq., at Rosen, Tsionis & Pizzo, PLLC represent the Debtor as legal counsel. BRUNELLE TECH: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Brunelle Tech Inc. 317 E Pleasant Valley Blvd Altoona, PA 16602 Business Description: Brunelle Tech Inc., also known as Brunelle Technologies Inc., provides engineering solutions including system design, equipment supply and installation, performance optimization, and maintenance services, operating from Altoona, Pennsylvania. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-70478 Debtor's Counsel: Ryan J. Cooney, Esq. COONEY LAW OFFICES 223 Fourth Ave Pittsburgh, PA 15222 Tel: (412) 992-7597 Email: Rcooney@cooneylawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Paul Brunelle as president. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6GSBCTA/Brunelle_Tech_Inc__pawbke-25-70478__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZRDAMLI/Brunelle_Tech_Inc__pawbke-25-70478__0001.0.pdf?mcid=tGE4TAMA BUILT LLC: Ruediger Mueller of TCMI Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Built, LLC. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Built LLC Built, LLC, provides custom cabinetry, furniture, and architectural millwork for residential and commercial clients. It was founded in 2013 and is based in Tampa, Florida. Built filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08415) on November 10, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Catherine Peek Mcewen presides over the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. BUILT LLC: Section 341(a) Meeting of Creditors on December 17 ------------------------------------------------------------- On November 10, 2025, Built LLC initiated a voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida. Court papers indicate that the company holds assets valued at $100,001 to $1 million, while its debts fall between $1 million and $10 million. The debtor estimates a creditor count of 1 to 49. A meeting of creditors under Section 341(a) to be held on December 17, 2025 at 03:00 PM. U.S. Trustee (Peair) will hold the meeting telephonically. Call in Number:888-330-1716. Passcode: 7645123#. About Built LLC Built LLC is a limited liability company. Built LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08415) on November 10, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Buddy D. Ford, Esq. of Ford & Semach, P.A. CAMP LOUEMMA: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Camp Louemma Lane, Inc. and 11 Louemma Lane, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral to fund operations. The interim order authorized the Debtors to use cash collateral from May 29 until the date of the final hearing in accordance with their budget (subject to a 10% variance per line item). As adequate protection, the court granted L&L Capital Partners, LLC replacement liens on all post-petition assets of the Debtors, with the same priority as its pre-bankruptcy liens. The secured lender will receive a superpriority administrative claims under Section 507(b) of the Bankruptcy Code in case the replacement liens prove insufficient. As further protection, L&L will receive payments of $25,000 per month, effective retroactively to the petition date. Termination events under the interim order include the dismissal or conversion of the Debtors' cases; appointment of a trustee; and failure to comply with the order. The final hearing is scheduled for December 18. Objections are due by December 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/qzynK from PacerMonitor.com. The Debtors' secured obligations stem from a series of loan documents executed on December 24, 2021, including a consolidated promissory note for $3 million. L&L subsequently commenced a foreclosure action in state court, which resulted in an amended final judgment against the Debtors in the amount of $5.3 million, with an additional $1,555 in costs and $106,474 in attorney's fees. The lender's security interests in the Debtors' properties and related proceeds, rents, and revenues constitute pre-bankruptcy collateral. About Camp Louemma Lane Inc. Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Camp Louemma Lane Inc. 29ought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15658) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Mark Edward Hall handles the case. The Debtors are represented by Eric H. Horn, Esq. and Deanna Olivero, Esq., at A.Y. Strauss, LLC. L&L Capital Partners LLC, as lender, is represented by: Clifford A. Katz, Esq. Goetz Platzer, LLP One Penn Plaza, Suite 3100 New York, NY 10119 Attn: Clifford A. Katz, Esq. Telephone: 212-695-8100 ckatz@goetzplatzer.com CCA CONSTRUCTION: Ordered to Mediate with BML Properties in Ch. 11 ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that the Chinese construction firm CCA Construction has been ordered by a New Jersey bankruptcy judge to participate in mediation with BML Properties, the Bahamas-based developer of the Baha Mar resort. The ruling comes amid the company's Chapter 11 bankruptcy case, as the court seeks a faster, negotiated resolution. The move is designed to encourage dialogue and settlement between the parties, potentially avoiding a lengthy courtroom battle. The dispute stems from allegations of mismanagement and unmet contractual obligations during the resort's construction, the report states. About CCA Construction CCA Construction Inc., doing business as China Construction America Inc., ProServ Shared Services, and Plaza Construction, was established in 1993 as a Delaware corporation, and it is a direct subsidiary of CSCEC Holding Company, Inc., also a Delaware corporation. CSCEC Holding, CCA, and CCA's subsidiaries are discrete pieces of CSCEC's broader business, which is operated by more than 100 distinct entities located throughout the world, eight of which are publicly traded. Together, the group of affiliated entities makes up the largest construction company in the world, operating in more than 100 countries and regions globally, covering investment, development, construction engineering, survey and design. CCA Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22, 2024. In the petition filed by Yan Wei, chairman and chief executive officer, the Debtor reports reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson, Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at Debevoise & Plimpton LLP, in New York as general bankruptcy counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC, dba Verita Global, is the administrative advisor. CHICAGO RIVET & MACHINE: Swings to $67,572 Net Income in Fiscal Q3 ------------------------------------------------------------------ Chicago Rivet & Machine Co. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $67,572 for the three months ended September 30, 2025, from a net loss of $1.4 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported a net income of $73,615 and $2 million, respectively. Net sales for the three months ended September 30, 2025 and 2024, were $7.4 million and $7 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had net sales of $21.9 million and $22.9 million, respectively. As of September 30, 2025, the Company had retained earnings of $22.4 million and cash and cash equivalents of $1.7 million. As of September 30, 2025, the Company had $24 million in total assets, $4 million in total liabilities, and $20 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4hzd9u6c About Chicago Rivet & Machine Co. Warrenville, Ill.-based Chicago Rivet & Machine Co. operates in the fastener industry in North America. It operates through Fasteners and Assembly Equipment. The Fastener segment manufactures and sells rivets, cold-formed fasteners and parts, and screw machine products.The Assembly Equipment segment engages in the manufacture and sale of automatic rivet setting machines, as well as parts and tools for related machines. It sells its products to automotive industry through independent sales representatives. As of June 30, 2025, the Company had $23.64 million in total assets, $3.66 million in total liabilities, and $19.98 million in total stockholders' equity. During 2024, the Company incurred significant recurring operating losses primarily driven by continuous decline in revenues, recurring negative cash flows from operations and continued reduction in liquidity. The Company reported operating profit of $64,570 and operating loss of $823,571 for the three months ended September 30, 2025 and 2024, respectively. The Company reported operating losses of $282,687 and $1.6 million for the nine months ended September 30, 2025 and 2024, respectively. The Company's liquid assets at September 30, 2025 consisted of cash and cash equivalents totaling $1.7 million. The Company's declining revenues, recurring operating losses and negative cash flows, and continued reduction in liquidity, raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. CHPPR MIDCO: Moody's Alters Outlook on 'B3' CFR to Stable --------------------------------------------------------- Moody's Ratings affirmed CHPPR MidCo Inc.'s (dba Air Methods) B3 corporate family rating and B3-PD probability of default rating following the company's announced refinancing transaction. Concurrently, Moody's assigned a B3 rating to the new backed senior secured first lien term loan due 2032. Moody's also revised the outlook to stable from positive. Proceeds from the new debt, along with cash on the balance sheet, will be used to refinance the existing senior secured first lien term loan due 2029 and fund a $1 billion dividend to shareholders. The B3 rating on the existing senior secured first lien term loan remains unchanged and will be withdrawn upon the close of the transaction as Moody's expects it to be fully repaid. The revision of the outlook to stable from positive reflects a substantial increase in financial leverage used to finance the dividend, which Moody's views as aggressive financial policy. This transaction raises the company's leverage at a time when there is heightened risk of growth in the uninsured population, particularly for a business with exposure to uncompensated care. Governance considerations, including financial strategy and risk management, were a key driver of the rating action. The dividend recap transaction meaningfully increases debt levels and leverage, while also adding incremental interest expense. RATINGS RATIONALE Air Methods' B3 CFR reflects the company's market position as one of the two largest providers of medical air transportation services in the United States. The rating also reflects the company's broad geographic presence across the US and sizeable revenue base of around $1.6 billion per annum. The rating is supported by solid credit metrics, including Moody's expectations that financial leverage will remain below 4x over the forecasted period. The rating is counterbalanced by the requisite capital investment to maintain fleet age, which burdens free cash flow generation. Continued uncertainty related to an evolving reimbursement environment is another risk that could impact revenue and profitability. Inflationary cost pressures including labor shortages and volatility from weather conditions also constrain the rating. Moody's expect Air Methods to maintain good liquidity over the next 12 to 18 months, supported by $100 million of cash on the balance sheet as of June 30, 2025, pro forma for the transaction, and Moody's expectations of moderate free cash flow absent the $1 billion dividend. The company has access to a $200 million accounts receivable securitization facility expiring in November 2027, which is available up to the $188 million borrowing base afters of letters of credit calculated as of June 30, 2025. The accounts receivable securitization facility has a springing minimum fixed charge covenant, which Moody's do not expect the company to trigger or to violate. The outlook is stable. Moody's expects Air methods to maintain solid credit metrics and profitability. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $435 million and 100% of LTM EBITDA, plus unlimited amounts subject to the greater of 3.10x First Lien Net Leverage Ratio and leverage neutral incurrence. There is an inside maturity sublimit up to the greater of $435 million and 100% of LTM EBITDA. A "blocker" provision restricts the transfer of material intellectual property (other than any bona fide operational joint venture established for legitimate business purposes) to unrestricted subsidiaries, if such material intellectual property is licensed back by the company for use in the ordinary course of business (other than pursuant to a bona fide transition service or similar arrangement). The credit agreement is expected to provide some limitations on up-tiering transactions, requiring adversely affected lender consent for amendments that contractually subordinate the debt or liens, unless each lender with respect to the applicable class of loans can ratably participate in such priming debt. Amounts up to 100% of unused capacity from the builder basket and the RP covenant may be reallocated to incur debt. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Air Methods' ratings could be upgraded if the company continues to grow its earnings and profitability while maintaining good liquidity, including consistent positive free cash flow. Moody's could also consider upgrading the ratings if the company demonstrates a track record of prudent financial policies. Quantitatively, sustained financial leverage below 5x could support an upgrade. Air Methods' ratings could be downgraded if the company's liquidity weakens or if the company experiences a material deterioration in operating performance, EBITDA, and earnings quality. Ratings could also be downgraded if the company exhibits aggressive financial policies, such as debt-funded acquisitions or large shareholder distributions. Significant policy changes affecting reimbursement rates could also prompt consideration for a downgrade. Air Methods is one of the largest providers of air medical emergency services in the United States. In addition to its core air medical emergency services business, the company also provides aerial tours in select US tourist destinations. The company also has a small presence in the design, manufacturing, and installation of medical aircraft interiors for domestic and international customers. The company generated about $1.6 billion of net revenue for the last twelve months ended June 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Air Methods' B3 rating is six notches below the LTM scorecard-indicated outcome of Baa3 as it is weighted toward the company's track record of aggressive financial policies including its Chapter 11 filing in 2023. The strong quantitative credit metrics are a result of the company's debt restructuring following emergence from bankruptcy. CITRUS360 LLC: Claims to Get Paid from Asset Sale Proceeds ---------------------------------------------------------- Citrus360 LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas an Amended Disclosure Statement describing Amended Plan. The Debtor is a limited liability company. Beginning in June 10, 2021, the Debtor was in the business of trying to establish a citrus orchard. Debtor owns approximately 240 acres of land in Hidalgo and Willacy Counties. The Debtor originally intended to establish a citrus orchard/production operation and bought land (126.26 acres and 112 acres) for that purpose. However, due to several circumstances that developed including a water drought in the Rio Grande Valley, the Debtor was not able to establish its citrus orchard. Debtor's members have begun injecting capital into the Debtor in an effort to allow it more time to sell the real property and pay all its creditors. Debtor settled an ongoing pre-petition dispute with Best Citrus Investments, LLC. The Debtor formulated a plan to develop farmland in South Texas RGV as new citrus orchards, seeking investors who would benefit from passive income for the amount of acres they invested in. To this end, the Debtor contacted various persons through word-of mouth. This Amended Plan of Reorganization proposes to pay creditors of the Debtor from transfer of assets, settling claims and adding new value. Class 6 consists of Non-priority unsecured creditors. The unsecured creditors are comprised of Best Citrus Investments, LLC for $592,500.00; Rajini Malisetti for $330,000.00; Angel Villanueva for $14,000.00; and Jones, Galligan, Key & Lozano, LLP for $4,720.56. All reserved causes of action will be transferred to and vest in a Liquidating Trust on the Effective Date, EXCEPT not the claims against Mr. & Mrs. Vidiyala that are assigned to Best Citrus as part of its treatment. Reserved causes of action include: * Any and all claims against Texas International Irrigation, including recovery of $84,604.00 in payments made prepetition for irrigation fixtures, and any associated claims for turnover, unjust enrichment, or avoidance under Sections 542, 547, 548, and 550 of the Bankruptcy Code; * Any and all claims against U.S. Citrus, LLC, including recovery of approximately $163,001.01 in estimated payments or transfers; * Avoidance of secured status of Angel Villanueva dba Villa Nueva Farms; The Liquidating Trust will demand, prosecute, settle, or abandon all causes of action, and after paying costs of litigation, will distribute net proceeds, pro rata among the Allowed Claims of the general unsecured creditors. Class 7 consists of Insider Subordinate Unsecured Claim. The insider subordinated unsecured claim of Narsi Reddy Ponagandla (POC#9 for $72,008.00 reduced to $48,000.00) is subordinate unless all unsecured non-priority unsecured claims get paid in full. The Debtor will sell its real property assets to pay its creditors. The members of the Debtor will remain as Surya K. Vidiyala 60%-member interest and Narsi Reddy Ponagandla 40% member interest. Debtor received $158,161.93 check dated August 11, 2025 which Debtor deposited on August 20, 2025 from a water treaty grant. These funds are used to implement the Plan. A full-text copy of the Amended Disclosure Statement dated November 6, 2025 is available at https://urlcurt.com/u?l=PFRs4s from PacerMonitor.com at no charge. Counsel to the Debtor: Kurt Stephen, Esq. Law Office of Kurt Stephen, PLLC 100 S. Bicentennial Blvd. McAllen, TX 78501-7050 Tel: (956) 631-3381 Fax: (956) 687-5542 Email: kurtstep@swbell.net About Citrus360 LLC Citrus360 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70056) on March 3, 2025. In its petition, the Debtor listed assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Kurt Stephen, Esq. at LAW OFFICES OF KURT STEPHEN, PLLC. CLEAR GUIDE: Wins Interim OK of Postpetition Financing ------------------------------------------------------ Judge Michelle M. Harner of the United States Bankruptcy Court for the District of Maryland granted on an interim basis the motion of Clear Guide Medical Inc., seeking: (a) authorization for the Debtor to obtain post-petition loans, advances and other financial accommodations from Dr. Paul C. Clark in accordance with the DIP Credit Agreement and this Interim Order up to the amount of $1,000,000, secured by security interests in and liens upon all of the Post-Petition Collateral pursuant to Sections 364(c)(2) and 364(c)(3) of the Bankruptcy Code; (b) authorization for the Debtor to enter into the DIP Credit Agreement, by and among the Debtor and Dr. Clark; and (c) the grant to Dr. Clark of superpriority administrative claim status pursuant to Section 364(c)(1) of the Bankruptcy Code in respect of all obligations under the DIP Credit Agreement. The Debtor has requested from Dr. Clark, and Dr. Clark is willing to extend, certain loans, advances and other financial accommodations on the terms and conditions set forth in this Interim Order and the DIP Credit Agreement. The Court finds the relief requested in the Motion is necessary, essential and appropriate, and is in the best interest of and will benefit the Debtor, its creditors and its Estate, as its implementation will, among other things, provide the Debtor with the necessary liquidity to: (a) minimize disruption to the Debtor's businesses and on-going operations; and (b) preserve and maximize the value of the Debtor's Estate for the benefit of all the Debtor's creditors. To secure the prompt payment and performance of any and all the Debtors' obligations under the DIP Credit Agreement, Dr. Clark is granted on an interim basis, effective as of the Petition Date, valid and perfected, security interests and liens, superior to all other liens, claims or security interests that any creditor of the Debtor's Estate may have, in and upon the Debtor's post-petition assets. For all Debtor's Post-Petition Obligations, Dr. Clark is granted, on an interim basis, an allowed superpriority administrative claim pursuant to Section 364(c)(1) of the Bankruptcy Code, having priority in right of payment over any and all other obligations, liabilities and indebtedness of the Debtor, whether now in existence or hereafter incurred by the Debtor, and over any and all administrative expenses or priority claims of the kind specified in, or ordered pursuant to, inter alia, Sections 105, 326, 328, 330, 331, 503(b), 506(c), 507(a), 507(b), 364(c)(1), 546(c), 726 or 1114 of the Bankruptcy Code. A copy of the Court's Order is available at https://urlcurt.com/u?l=jvRiLt from PacerMonitor.com. About Clear Guide Medical Inc. Clear Guide Medical Inc., a privately held company headquartered in Baltimore, Maryland, develops next-generation navigation technology for minimally invasive medical procedures, including biopsies, ablations, pain injections, and peripheral nerve blocks. The Company's offerings, including the CLEAR GUIDE SCENERGY system and the SuperPROBE platform, integrate image fusion and instrument guidance using computer vision to enhance procedural efficiency and reduce healthcare costs. Clear Guide Medical is a spinout of Johns Hopkins Medical Institutions and Johns Hopkins University and provides solutions across multiple imaging modalities for interventional radiology and surgical applications. Clear Guide Medical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19171) on October 1, 2025. In its petition, the Debtor reports total assets as of December 31, 2024 amounting to $1,347,691 and total liabilities as of December 31, 2025 of $683,594. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Stephen B. Gerald, Esq. of TYDINGS & ROSENBERG LLP. CM RESORT: Trustee to Disburse $4.5MM Remaining Funds to Susan Ruff ------------------------------------------------------------------- The United States Bankruptcy Court for the Northern District of Texas approved Suzann Ruff's amended motion to disburse remaining funds in the bankruptcy case of CM Resort LLC. The full balance of all remaining funds held by the Trustee in these jointly administered estates in the amount of $4,520,218.73, will be disbursed to Ms. Ruff. A copy of the Court's Order dated November 4, 2025, is available at https://urlcurt.com/u?l=7f5gex from PacerMonitor.com. Attorneys for John Dee Spicer, Chapter 11 Trustee: Steven T. Holmes, Esq. CAVAZOS HENDRICKS POIROT, P.C. 900 Jackson Street, Suite 570 Dallas, TX 75202 Direct: (214) 573-7305 Email: sholmes@chfirm.com Attorneys for Suzann Ruff: Dennis Olson, Esq. 1412 Main Street, Suite 2600 Dallas, TX 75202 Tel: (214) 460-7179 Email: denniso@dallas-law.com About CM Resort Based in Gordon, Texas, CM Resort LLC, a single-asset real estate, filed a voluntary petition for bankruptcy under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 18-43168) on Aug. 15, 2018. The case is jointly administered with the Chapter 11 cases filed by CM Resort Management LLC and nine other companies. Case No. 18-43168 is the lead case. In the petition signed by Mark Ruff, member and authorized agent, CM Resort estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Russell F. Nelms presides over the case. Gerrit M. Pronske, Esq., at Pronske Goolsby & Kathman, P.C., is CM Resort's legal counsel. John Dee Spicer was appointed as Chapter 11 trustee. The trustee is represented by Cavazos Hendricks Poirot, P.C. CMC ADVERTISING: Court Denies Bid to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio, Western Division, issued an order denying as moot CMC Advertising Ltd.'s motion for conditional use of cash collateral. The court had earlier confirmed the Debtor's Chapter 11 Small Business Subchapter V Plan. About CMC Advertising Ltd. CMC Advertising, Ltd. operating as Mailworks II, is an Ohio-based advertising company. CMC Advertising sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Claude R. Montgomery, Jr., managing member of CMC Advertising, signed the petition date. Judge John Gustafson oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. COHERENT CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Coherent Corp.'s Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed the company's senior secured revolving credit facility and the Term Loan B at 'BBB-' with a Recovery Rating of 'RR1' and senior unsecured notes at 'BB'/'RR4'. The Rating Outlook is Stable. The rating reflects gross debt reduction actions which, together with Fitch's treatment of the 0% equity credit preferred shares, result in Fitch forecast EBITDA leverage being within sensitivities in fiscal 2027. It also reflects stronger performance in the data-center market driving higher revenue growth than previously forecast, and Coherent's vertical integration and FCF generation, which Fitch expects will fund normal growth investment and discretionary debt repayments. Key Rating Drivers Leverage Decreasing Towards Sensitivities: Coherent reduced gross debt predominantly through discretionary debt repayments, including applying about $400 million in proceeds from the Aerospace & Defense divestiture to debt. Further leverage improvement is anticipated after proceeds from the sale of the German tools-for-materials processing business, expected to close in early 2026, are applied to debt reduction. Fitch forecasts Coherent's leverage to be with sensitivities in fiscal 2027. Coherent's leverage exceeded its downgrade sensitivity since II-VI's Incorporated's acquisition of legacy Coherent business in July 2022. The Rating Outlook remained Stable during the deleveraging process because Fitch viewed the heightened leverage as non-structural. Change in Preferred Share Treatment: In prior analyses of Coherent's Series B preferred shares, Fitch treated them as non-debt because Fitch assessed Bain Capital Private Equity LP, the preferred share holder, as having economic and strategic interests aligned with common equity holders. In the current analysis, Fitch does not assume preferred and common shareholders' interests remain aligned under stress; Fitch assesses the preferred shares as debt under its Corporate Hybrids Treatment and Notching Criteria with 0% equity recognition. This reflects preferred share attributes such as a cash repurchase at the holders discretion under a change of control. Positioned for AI Investment Growth: Coherent's data center revenue rose 61% yoy in fiscal 2025 and 4% sequentially in fiscal 1Q26, driven by AI data center capacity investments. Fitch anticipates a pullback in AI infrastructure spending at some point as investors pause to realize returns. However, rapid growth and potential future AI-related demand benefit its assessment of Coherent's industry profile, which Fitch considers a higher-importance factor in its credit profile. Margin Expansion Upside: Coherent targets long-term gross margin above 42% through scale, mix, pricing and cost efficiencies, and exiting lower-return projects. EBITDA margins, historically volatile but in the low 20% range, are a strength within the 'BB' category and support FCF margins of around 3%-4%. The lack of a common dividend, historically low share repurchases, and prior debt reduction actions, provide flexibility to allocate FCF to financial priorities. Potential Cash Inflows from Divestments: In June 2024, Coherent began a portfolio review to identify assets misaligned with its strategic and financial criteria. Recently, Coherent divested its aerospace and defense business and agreed to sell its German tools-for-materials processing business, as these did not align with Coherent's long-term strategic focus and financial targets. Proceeds (and planned proceeds) are for debt reduction. Coherent's capital allocation priorities are funding organic investments, maintaining leverage below 2x, and pursuing strategic M&A. Fitch does not assume any large divestments in its forecast. Significant Silicon Carbide Restricted Cash: The fiscal 2024 sale of a 25% interest in Coherent's Silicon Carbide business to DENSO and Mitsubishi Electric for a total of $1 billion effectively reduced Coherent's capex burden. The proceeds from the sales are held as restricted cash at the Silicon Carbide subsidiary for use in that business. At fiscal 1Q26, the Silicon Carbide subsidiary held $697 million in restricted cash, which is separate from the approximately $850 million of readily available cash held on Coherent's balance sheet. Peer Analysis Coherent compares with MKS Inc. (BB/Stable), which is smaller by revenue at about $4 billion versus about $6 billion for Coherent. MKS operates with higher EBITDA margins in the mid-20% range and is forecast to generate roughly twice the total FCF as Coherent. Both are in post-M&A deleveraging phases. Coherent and MKS remain above their downgrade EBITDA leverage sensitivities, with Fitch forecasting both moving within sensitivities in 2027. Within the 'BB' category, Coherent compares with Viavi Solutions Inc. (BB-/Stable), which produces optical filters for 3D sensing. Viavi has historically had lower EBITDA margins in the high teens and is about a quarter of Coherent's scale measured by revenue. Compared with Qnity Electronics, Inc (BB+; Stable), Qnity has better EBITDA and FCF margins of around 30% and 10%, respectively and has an initial approximately 3.0x EBITDA leverage in its capital structure. Broadcom Inc. (BBB+/F2/Positive) competes directly with Coherent in semiconductor diodes for industrial and consumer markets. Broadcom has substantially greater revenue scale, market position, higher EBITDA margins, and lower EBITDA leverage consistent with its higher rating. Broadcom has an M&A history and periods of heightened leverage at transaction close. Key Assumptions - Datacenter and Communications segment maintains strong performance through fiscal 2026, supported by growth in transceiver demand from rising AI data center needs and related capital investment. Growth decelerates over the forecast as AI spending supports expansion at a more normal rate. - EBITDA margins improve slightly in 2027 and through the forecast, benefiting from divestitures of lower margin projects, better sales mix, site rationalization, and operating leverage. - Series B preferred stock is not converted. The coupon is paid in a mix of cash and PIK over the forecast. - Restricted cash in the JV is adequate to meet Silicon Carbide funding needs during the forecast. - No common dividends or share repurchases. Coherent continues to make discretionary debt repayments. Tuck-in strategic acquisitions are funded from the balance sheet in the latter portion of the forecast. - Base rates on the revolving credit facility follow the current SOFR forward curve of 3.8%, 3.1%, 3.2%, 3.3%, and 3.5% for fiscal 2026-2030. The 1Q26 revolver draw is repaid in the short term with no further facility usage during the forecast. RATING SENSITIVITIES Factors That Could, Individually Or Collectively, Lead To Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.5x; - Shift to a more aggressive financial policy; - (CFO-capex)/debt sustained below 7.5%; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Performance improvements or conversion of significant portion of preferred shares that results in EBITDA leverage sustained below 3.0x; - More balanced sales mix with overall EBITDA margin growth; - (CFO-capex)/debt sustained above 12.5%. Liquidity and Debt Structure Coherent had $1.5 billion of liquidity as of Sept. 30, 2025, comprising $655 million available on its $700 million revolving credit facility and $853 million of unrestricted cash. Fitch's forecast of growing FCF, together with no common dividends and rare share repurchases, supports increasing liquidity available for discretionary debt repayment and internal investment. Coherent has no meaningful maturities before 2029, when its $990 million senior unsecured notes and the term loan B mature. The revolver and term loan A mature in 2030. These facilities include a springing maturity that brings their maturities ahead of the unsecured notes and term loan B if, 91 days before the term loan B maturity, liquidity is less than the term loan B balance plus $250 million. Issuer Profile Coherent is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation and electronics markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Coherent Corp. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- COMMERCIAL METALS: Moody's Rates New Senior Unsecured Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned Ba2 ratings to Commercial Metals Company's (CMC) proposed senior unsecured notes. The company plans to issue two different $1 billion tranches of the notes which will be due in 8 and 10 years, respectively. The proceeds will be used to fund the acquisition of Foley Products and transaction-related fees and expenses and for general corporate purposes. CMC's existing ratings remain unchanged including its Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating and Ba2 senior unsecured notes rating. The Ba2 ratings on the revenue bonds issued by West Virginia Economic Development Authority and the Maricopa County Industrial Dev. Auth., AZ also remain unchanged. CMC's Speculative Grade Liquidity Rating of SGL-1 and its stable outlook also remain unchanged. RATINGS RATIONALE Commercial Metals Company's (CMC) Ba1 corporate family rating reflects its strong position in the rebar and merchant bar markets in the US, which are currently benefitting from high import tariffs. It also reflects its newly established position in the precast concrete products sector, as well as its exposure to the steel market in Eastern Europe through its operations in Poland. This operation will continue to be supported by government assistance programs established to offset the high cost of electricity, natural gas, and carbon emission rights, which is counterbalancing weak near-term operational profitability. The company's rating also incorporates Moody's expectations for it to maintain relatively low financial leverage, ample interest coverage and very good liquidity on a pro forma basis including the acquisitions of Foley Products and Concrete Pipe & Precast, and for it to focus on using free cash flow to pay down debt to move back towards its net debt target of below 2.0x. CMC's rating is constrained by its reliance on two steel product categories for the majority of its earnings, its dependence on cyclical construction activity and its exposure to volatile steel and scrap prices. It also reflects its focus on organic and acquisitive growth investments and its willingness to use debt to mostly fund deals. Organic growth investments by CMC and others have increased the risk that significant rebar capacity additions weigh on pricing and metal spreads. Although, the majority of this capacity is being added by CMC and Nucor Corporation (A3 stable), which have leading shares in this product category and should have incentive to not chase market share at the expense of profitability. CMC does have a track record of prudently funding its growth initiatives without materially impacting its credit profile. The company's rating is also constrained by the potential payment of around $330 million to Pacific Steel Group related to an adverse legal ruling, but the company plans to appeal this verdict. CMC's operating earnings materially declined for the second consecutive year in fiscal 2025 (ended August 2025) due to a compression in steel and downstream products metal margins in the North America Steel Group segment. Its fiscal 2025 adjusted EBITDA was $851 million versus $1.0 billion in fiscal 2024 and $1.4 billion in fiscal 2023. Nevertheless, it remained above pre-pandemic levels due to import protections and acquisitions and capacity additions completed over the past few years. CMC's fiscal 2026 adjusted EBITDA will increase materially due to the acquisitions of Concrete Pipe & Precast and Foley Products. The company estimates these companies will add about $250 million to adjusted EBITDA excluding potential synergies, which CMC estimates at $30 million - $40 million. However, these businesses will only contribute for part of the fiscal year which began September 2025 since they are not expected to close until sometime during the second fiscal quarter. These acquisitions will provide strategic benefits including a new growth platform, enhanced product diversity, higher pro forma margins and stronger earnings and free cash flows. Nevertheless, it doesn't improve the company's end market diversity since these companies are also reliant on US construction activity. Moody's estimates pro forma fiscal 2025 adjusted EBITDA at about $1.1 billion excluding potential synergies, which will result in a pro forma leverage ratio of about 3.2x. This will remain below Moody's downgrade guidance of 4.0x and Moody's expects this ratio to decline as the company uses free cash flow to pay down debt. Also, CMC's leverage ratio could decline if it achieves organic growth supported by higher steel product margins, increased utilization at the Arizona 2 micro mill, cost savings from its TAG program, and increased spending related to infrastructure, data center and carbon transition related investments. This will likely be somewhat tempered by soft economic growth and competition from increased rebar capacity. CMC has a Speculative Grade Liquidity rating of SGL-1 reflecting its very good liquidity including $1.043 billion of cash. The company plans to use about $500 million of its cash balance to fund a portion of the Foley and CP&P acquisitions but should maintain a very good liquidity profile. It has availability of about $599 million under its unrated $600 million revolving credit facility (secured by US inventory) which had no outstanding borrowings and $1.0 million of letters of credit issued. Concurrently with the closing of the senior unsecured notes, CMC expects to amend and extend the revolver (unrated), upsizing the facility to $1 billion and extending the maturity to 5 years from close. The company also has about $165 million of USD equivalent unsecured revolving credit facilities (unrated) in Poland that have an expiration date in April 2028, and these facilities are mostly undrawn except for letters of credit. It also has an unrated factoring accounts receivable program in Poland of about $79 million USD equivalent. The Ba2 rating on the company's senior unsecured debt (one notch below the Ba1 CFR) reflects the effective subordination to the US revolving credit facility, which is secured by US inventory, as well as to priority accounts payable in the liability waterfall of Moody's loss given default model. Instrument ratings could change depending on the mix of secured and unsecured debt in the capital structure. The stable ratings outlook incorporates Moody's expectations that CMC will produce significantly improved operating results in fiscal 2026 driven by the EBITDA contribution from acquired companies. It also assumes the company will use free cash flow to pay down debt and maintain credit metrics that support its Ba1 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CMC's ratings could be upgraded should it enhance its product and end market diversity and sustain an EBIT margin above 8%, a leverage ratio (debt/EBITDA) below 2.75x, interest coverage (EBIT/Interest) above 4.0x and operating cash flow less dividends above 25% of outstanding debt through various steel price points and metal spread environments. The ratings could be downgraded if economic weakness or increased competition leads to a material deterioration in its operating performance and credit metrics. Quantitatively, the ratings could be downgraded if its EBIT margin is sustained below 4%, its leverage ratio above 4.0x and interest coverage below 2.5x. Headquartered in Irving, Texas, Commercial Metals Company (CMC) offers products and technologies to meet the reinforcement needs of the global construction sector. It manufactures long steel products including rebar, merchant bar, light structural and other special sections and wire rod. Its North America Steel Group has six electric arc furnace mini mills, three micro mills, and one rerolling mill with total rolling capacity of about 6.1 million tons and operates steel fabrication facilities and ferrous and nonferrous scrap metal recycling facilities. The Europe Steel Group has a vertically integrated network of recycling facilities, an EAF mini mill with about 1.6 million tons of rolling capacity and fabrication operations in Poland. Its Emerging Business Group includes its Tensar(R) geogrids and Geopier(R) foundation systems and its CMC Anchoring Systems business which provides anchoring solutions for the electrical transmission market. The acquisitions of Foley Products and Concrete Pipe & Precast will add a range of pipe and other precast products to this segment. Revenues for the fiscal year ended August 31, 2025, were $7.8 billion. The principal methodology used in these ratings was Steel published in September 2025. DAV-DAN ENTERPRISES: Soneet Kapila Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila Mukamal as Subchapter V trustee for Dav-Dan Enterprises, LLC. Mr. Kapila will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kapila declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Soneet R. Kapila Kapila Mukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 Email: skapila@kapilamukamal.com About Dav-Dan Enterprises LLC Dav-Dan Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23233) on November 7, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Scott M. Grossman presides over the case. Winston I. Cuenant, Esq., at Cuenant & Pennington PA represents the Debtor as legal counsel. DIRECTV ENTERTAINMENT: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) for DIRECTV Entertainment Holdings LLC and the IDR for DIRECTV Financing LLC at 'BB'. Fitch has downgraded the ratings for the outstanding senior secured revolver, term loans and senior secured notes to 'BB+' with a Recovery Rating of 'RR2' from 'BBB-'/'RR1'. The Rating Outlook is Stable. The instruments' downgrade reflects secular pressures resulting in increased uncertainty around industry valuations. The IDR reflects the company's scale as one of the largest multi-channel video programming providers in the U.S., its strong cash flows and its conservative leverage profile. Concerns include the continued, industry-wide secular pressure on providers of traditional linear television as consumers have shifted a material portion of their video consumption to a variety of over-the-top (OTT) streaming services. Key Rating Drivers Declining Industry Trends: Secular pressures have resulted in declining subscribers of traditional linear television, including satellite pay TV, due to shifting consumer preferences and technology changes. The video industry has rapidly evolved over the last few years, with direct to consumer (DTC) platforms such Netflix, Amazon and Disney+ amassing significant subscribers. This has led to material subscriber losses in traditional video distributors. In addition, the growth in broadband accessibility and speeds makes it easier for OTT platforms to provide streaming services. Conservative Leverage: Fitch expects EBITDA leverage of approximately 2.0x at YE 2025. Leverage increased in 2025, largely due to the additional debt to fund the dividend payment to AT&T and TPG and continued decline in EBITDA. DIRECTV's ratings reflect its commitment to remain conservatively capitalized within its stated target net leverage of 1.5x in the medium term. EBITDA Margin Pressure: Declining revenue due to subscriber losses has placed pressure on margins over the past several years. Management continues to implement cost cuts to offset these declines and newer product offerings have lower expenses, but Fitch expects EBITDA margins to be pressured through the forecast. Financial Flexibility: Fitch expects FCF will approximate $1 billion a year, after tax distributions and excluding a one-time dividend impact in 2025. Fitch assumes slightly higher capex for potential satellite replacements by decade's end. FCF is supported by low capex intensity of 2.5%-3.5% and a shifting product mix. DIRECTV via Internet and DIRECTV Stream have lower subscriber acquisition costs. The equipment cost is lower, and the product generally does not require a truck roll as customers can self-install the equipment. Fitch also expects continued dividends on common equity to TPG if DIRECTV remains within its stated leverage target range. Material Scale: DIRECTV's video subscriber base is the third largest traditional multi-channel video programming distributor (MVPD) in the U.S. with about 8.8 million subscribers at the end of 2Q25. It follows Charter Communications, Inc. with about 12.6 million and Comcast with about 11.5 million video subscribers. All three have materially less scale than five years ago. DIRECTV remains the largest on a video-only revenue basis but has no broadband or other operations like its peers. Scale is crucial for MVPD operators as it provides greater negotiating power with content providers and TV broadcasters, helping to manage costs amid secular pressures. Peer Analysis DIRECTV's publicly rated MVPD peers include Comcast Corp. (A-/Stable) and Charter Communications, Inc. (BB+/RWP). Comcast is rated higher than DIRECTV primarily due to significantly greater revenue size and segment diversification. With fewer than 9 million subscribers through the DIRECTV satellite TV, DIRECTV Stream, DIRECTV via Internet and U-verse offerings, DIRECTV is the third largest U.S. MVPD behind Comcast and Charter. However, Fitch believes DIRECTV is more weakly positioned given its less competitive product offering. This has disadvantaged it relative to MVPD peers, which benefit from their ability to use bundling (mainly broadband services) to retain video subscribers. Charter's ratings also benefit from segment diversification, scale and higher FCF that is balanced against higher leverage metrics (4.0x-4.5x) compared to DIRECTV's metrics. Key Assumptions - Revenues decline in the high single digits in 2025 primarily due to declines in DIRECTV satellite subscribers and U-Verse subscribers, partly offset by higher ARPUs across all four platforms; - EBITDA margins in the low to mid-20% range; - Fitch-calculated CFO margin in the high teens over 2026-2028 with capex intensity of 2.5%-3.5%; - Fitch assumes the company applies discretionary cash flow beyond the term loan amortization to additional debt repayments to improve leverage toward its 1.5x net leverage target. Recovery Analysis The senior secured ratings reflect the application of Fitch's "Corporate Recovery Ratings and Instrument Ratings Criteria" for 'BB' category issuers and category 2 first lien debt. Therefore, the secured debt is rated one notch above DIRECTV's 'BB' IDR, supported by expected recoveries in the 'RR2' range. The 'RR2' Recovery Rating reflects enterprise value (EV) uncertainty for DIRECTV in a secularly declining industry. It is exposed to the traditional linear television market which is facing structural headwinds, including cord cutting and evolving customer preferences. Given DIRECTV's status as a private company and its most direct public peer, Dish DBS, operating as part of a larger more diverse entity, EV is uncertain. This uncertainty limits confidence in an EV that would support superior recovery expectations. While the instruments benefit from structural priority, the combination of valuation uncertainty and industry pressures constrains recovery to substantial rather than superior levels, consistent with 'RR2' versus 'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Prolonged declines in revenue and EBITDA, not offset by reductions in debt, leading to EBITDA leverage of 2.5x or greater; - EBITDA leverage greater than 2.5x due to leveraging transactions, particularly without a credible deleveraging plan, or a more aggressive financial policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not anticipate an upgrade at this time given the secular trends in the industry; - Successful execution on initiatives to return to revenue/EBITDA growth, along with EBITDA leverage maintained at 1.5x or less. Liquidity and Debt Structure DIRECTV's liquidity is supported by cash on hand, strong FCF and full availability under a $500 million revolving credit facility as of June 30, 2025. As of June 30, 2025, DIRECTV's capital structure consisted of approximately $6.135 billion of senior secured notes, a $2.05 billion first lien term loan, a $500 million undrawn revolving credit facility and $58 million outstanding of rolled over unsecured notes at DIRECTV Holdings, LLC. The debt is issued at DIRECTV Financing, LLC (with DIRECTV Financing Co-Obligor, Inc. as co-issuer on the notes) and is guaranteed by DIRECTV Financing HoldCo, LLC, a wholly owned subsidiary of DIRECTV. In September 2025, the company issued $1.6 billion first lien senior secured notes due 2030 which, along with cash from the balance sheet, was used to refinance $1.6 billion in face value of the existing first lien senior secured notes due 2027, with the remainder of net proceeds and balance sheet cash applied toward the $262 million remaining balance of first lien term loan B due August 2027. The company also has a three-year accounts receivable securitization facility due in 2028 with up to $500 million of availability. The facility had $395 million outstanding at June 30, 2025. Fitch expects the company will continue rolling over the accounts receivable facility. Issuer Profile DIRECTV provides video entertainment services consisting of the DIRECTV direct-to-home satellite business, U-verse video and DIRECTV Stream. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- DIRECTV Financing, LLC LT IDR BB Affirmed BB senior secured LT BB+ Downgrade RR2 BBB- senior secured LT BB+ Downgrade RR2 BBB- DIRECTV Entertainment Holdings LLC LT IDR BB Affirmed BB DIRECTV Financing Co-Obligor, Inc. senior secured LT BB+ Downgrade RR2 BBB- senior secured LT BB+ Downgrade RR2 BBB- DUCHESS FARM: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Duchess Farm Equestrian Community, LLC 35 Warren Way High Falls, NY 12440 Business Description: Duchess Farm Equestrian Community LLC owns and manages residential parcels within the Duchess Farm Equestrian Community in High Falls, New York. The properties, located along Warren Way, Bridle Path Lane, and Palomino Path, have a combined estimated market value of $2.8 million. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-36179 Debtor's Counsel: Raymond Ragues, Esq. MARC W. MILLER & ASSOCIATES PC 50 Broadway Kingston NY 12401 Tel: (845) 481-0086 E-mail: ray@ragueslaw.com Total Assets: $2,804,359 Total Liabilities: $88,000 The petition was signed by Michael Warren as sole managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HTPFLHI/Duchess_Farm_Equestrian_Community__nysbke-25-36179__0001.0.pdf?mcid=tGE4TAMA DUCHESS FARM: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- Duchess Farm Equestrian Community LLC filed a voluntary Chapter 11 bankruptcy petition in the Southern District of New York on November 11, 2025. The company reported liabilities in the $0–$100,000 range. According to the filing, Duchess Farm Equestrian Community LLC estimates having between 1 and 49 creditors. About Duchess Farm Equestrian Community LLC Duchess Farm Equestrian Community LLC is a limited liability company. Duchess Farm Equestrian Community LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36179) on November 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Raymond Ragues, Esq. of Ragues PLLC. E.W. SCRIPPS: Posts $33 Million Net Loss in Fiscal Q3 ----------------------------------------------------- The E.W. Scripps Company filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $33 million for the three months ended September 30, 2025, from a net income of $33 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $119.5 million and a net income of $7.3 million, respectively. Total operating revenues for the three months ended September 30, 2025 and 2024, were $525.9 million and $646.3 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total operating revenues of $1.6 billion and $1.8 billion, respectively. As of September 30, 2025, the Company had an accumulated deficit of $548.4 million and cash and cash equivalents of $54.7 million. As of September 30, 2025, the Company had $5.1 billion in total assets, $3.8 billion in total liabilities, and $1.3 million in total stockholders' equity. From Scripps President and CEO Adam Symson: "We are pleased today to report a third consecutive quarter of meeting or exceeding Wall Street expectations on nearly every reporting line. In addition, we completed a significant refinancing and brought down our leverage ratio from the start of the year. Since early August, we have announced the sale of two stations at valuations well above the industry average, contributing to improving the health of our balance sheet and the durability of our Local Media portfolio and further de-levering. "Expense discipline is an important part of our success story. In the third quarter alone, we reduced expenses by more than 4% in Local Media and 7.5% in Scripps Networks. Employee costs came down in both divisions. In Local Media, we held network compensation flat over last Q3, and in Networks, we're seeing the ongoing effect of reductions in our Scripps News operations last fall. As a result of our initiatives, our Networks margins have exceeded our original guidance of 400-600 basis-point improvement for three straight quarters. "All of these financial milestones should serve as clear evidence that our short-term performance improvement and near-term growth strategies we have been executing, many of them unique among local broadcast groups, are working: launching sports partnerships and programming for business growth; optimizing the performance of our portfolio at premium seller multiples; improving our networks margins; and embracing artificial intelligence and other technologies to create efficiencies across the enterprise. These strategies will help Scripps thrive, driving business growth by creating connection through our local news and network programming in our geographic and audience communities from coast to coast." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3n9d4r5a About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of Dec. 31, 2024, E.W. Scripps Company had $5.2 billion in total assets, $3.9 billion in total liabilities, and $1.3 billion in total stockholders' equity. * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. EAGLE FENCE: Case Summary & 10 Unsecured Creditors -------------------------------------------------- Debtor: Eagle Fence and Iron Work, LLC 9411 Kimberly Road South Shreveport, LA 71129 Business Description: Eagle Fence and Iron Work, LLC provides metal and wood fencing services in Shreveport, Louisiana, including installation, repair, and replacement of gates, stairs, and handrails. The Company serves residential and commercial clients with solutions for security, privacy, and property enhancement. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-11374 Judge: Hon. John S Hodge Debtor's Counsel: Robert W. Raley, Esq. ROBERT W. RALEY, ESQ. 290 Benton Spur Road Bossier City, LA 71111 Tel: 318-747-2230 E-mail: rwr@robertraleylaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Clara Deleon Lopez as managing member. A copy of the Debtor's list of 10 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5QWACBQ/Eagle_Fence_and_Iron_Work_LLC__lawbke-25-11374__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5AKZ6WQ/Eagle_Fence_and_Iron_Work_LLC__lawbke-25-11374__0001.0.pdf?mcid=tGE4TAMA EAGLE FENCE: Joseph Moore Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Joseph Moore as Subchapter V Trustee for Eagle Fence and Iron Work, LLC. Mr. Moore will be paid an hourly fee of $350 for his services as Subchapter V trustee, an hourly fee of $110 for his legal assistant, and will be reimbursed for work related expenses incurred. Mr. Moore declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph Richard Moore 200 Washington Street Monroe, LA 71201 (318) 322-6232 subv@eorumyoung.com About Eagle Fence and Iron Work LLC Eagle Fence and Iron Work, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-11374) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John S. Hodge presides over the case. Robert W. Raley, Esq., represents the Debtor as legal counsel. EAGLE LANDSCAPING: Rebecca Redwine Grow Named Subchapter V Trustee ------------------------------------------------------------------ Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Rebecca Redwine Grow as Subchapter V trustee for Eagle Landscaping, LLC. The Subchapter V trustee will receive an hourly fee of $375 and reimbursement for work-related expenses. Ms. Redwine disclosed in an affidavit that she is "disinterested" according to Section 101(14) of the Bankruptcy Code. About Eagle Landscaping LLC Eagle Landscaping, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04493) on November 12, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Joseph N. Callaway presides over the case. Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC represents the Debtor as bankruptcy counsel. ELIJAH'S XTREME GOURMET: Case Summary & 20 Top Unsecured Creditors ------------------------------------------------------------------ Debtor: Elijah's Xtreme Gourmet Sauces, Inc. 2719 Independence Way Gastonia, NC 28056 Business Description: Elijah's Xtreme Gourmet Sauces, Inc. produces and sells handcrafted hot sauces, specializing in high-heat, flavor-forward products. Founded in 2014 by a father-and- son team, the Company operates from the United States and distributes its sauces through national retailers, including Bass Pro Shops. It is classified within the food manufacturing industry, focusing on specialty condiments and hot sauces. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-31225 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street Suite 200 Charlotte, NC 28204 Tel: 704-944-6560 Fax: 704-944-0380 Email: rwright@mwhattorneys.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bret Morey as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IKQO6LI/Elijahs_Xtreme_Gourmet_Sauces__ncwbke-25-31225__0001.0.pdf?mcid=tGE4TAMA ENKB-MONTICELLO: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, granted ENKB-Monticello, LLC another extension to use the cash collateral of Golden Bank, N.A. The Debtor was authorized to use the lender's cash collateral to fund operations under a monthly budget, subject to a 5% per line item and 10% overall variance. As adequate protection for the Debtor's use of its cash collateral, Golden Bank will be granted replacement liens and security interests in the Debtor's post-petition assets, co-extensive with its pre-bankruptcy liens. These liens are automatically perfected without further filings and exclude Chapter 5 causes of action. In addition, the Debtor must make monthly payments to Golden Bank beginning this month, equal to the pre-bankruptcy amounts for principal, interest, and tax escrows; maintain insurance on the collateral; and deposit all post-petition accounts receivable into a designated debtor-in-possession account subject to Golden Bank's first lien. The interim order also provides a carveout only for U.S. Trustee fees under 28 U.S.C. Section 1930(a). All other provisions of the First Interim Order remain fully in effect. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ys4bQ from PacerMonitor.com. Golden Bank is represented by: Morris D. Weiss, Esq. William R. Nix, Esq. Abigail Rogers, Esq. Kane Russell Coleman & Logan, PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Telephone: (512) 487-6650 mweiss@krcl.com tnix@krcl.com arogers@krcl.com About ENKB-Monticello LLC ENKB-Monticello, LLC and affiliates own and operate multifamily residential properties in Texas, including Monticello Apartments, La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva Apartments. The Debtors provide rental housing across their respective communities and are managed as part of a real estate investment portfolio based in Houston, Texas. ENKB-Monticello and affiliates, La Plaza 2022, LLC, Mar De Sol 2021, LLC, TX Nueva 2021, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-80418) on September 7, 2025. In its petition, ENKB-Monticello reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. ENO RIVER: Moody's Alters Outlook on 'Ba1' Bond Rating to Stable ---------------------------------------------------------------- Moody's Ratings has revised Eno River Academy, NC's outlook to stable from positive and affirmed its Ba1 revenue bond rating. As of fiscal 2025 (June 30 year-end), the academy had $19 million in total debt outstanding. The outlook revision to stable from positive reflects the academy's potential expansion plans and uncertainty around timing, costs, and sources of funding. While still in the early feasibility stages, the expansion poses credit risks related to land acquisition, increased financial leverage, and regulatory approvals. RATINGS RATIONALE The affirmation of the Ba1 reflects the academy's good competitive profile as evidenced by consistently full enrollment and strong student demand supported by its solid academic performance. Operating performance is also solid with annual debt service coverage of 1.9x in fiscal 2025. Operating performance will narrow slightly in fiscal 2026 with annual debt service coverage budgeted at 1.3x and liquidity will remain stable as the academy does not have any immediate or material plans to spend down unrestricted cash. The academy had 254 monthly days cash on hand in fiscal 2025. Leverage is moderate with spendable cash and investments covering total debt by 35%, but the academy's share of unfunded pension liabilities adds to balance sheet leverage and fixed costs, which is elevated at 18% operating revenue in fiscal 2025. The academy remains in good standing with its authorizer, the North Carolina State Board of Education, and prospects are good for renewal in 2027 based on the school's strong academic and financial performance. RATING OUTLOOK The stable outlook reflects the academy's continued enrollment stability, strong academic performance, and maintenance of solid debt service coverage and liquidity. It also assumes that any future expansion will be pursued prudently, with effective management of construction and operational risks, and with measured use of incremental financial leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Reduction in financial leverage -- Sustained debt service coverage above 1.75x and days cash on hand above 200 FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Material increases in financial leverage without commensurate increase in operating revenue -- Weakening in operating performance resulting in annual debt service coverage below 1.2x PROFILE Eno River Academy opened in 1997 and is a K-12 charter school within the geographic boundaries of the Orange County School District. The academy operates two schools from a single campus, about 20 miles west of City of Durham, NC (Aaa stable). The academy reported $11 million in operating revenue in fiscal 2025 and enrolled 838 students in grades K-12. The academy is authorized by the North Carolina State Board of Education and its current charter contract expires on June 30, 2027. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. EQUITY 833: Case Summary & Nine Unsecured Creditors --------------------------------------------------- Debtor: Equity 833 LLC 833 US Highway 30 Suite 100 West Schererville, IN 46375 Business Description: Equity 833 LLC is a Schererville, Indiana– based single-asset real estate entity as defined under U.S. bankruptcy law 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Northern District of Indiana Case No.: 25-22333 Debtor's Counsel: Shawn D. Cox, Esq. HODGES & DAVIS 8700 Broadway Merrillville, IN 46410-7036 Tel: 219-641-8700 Fax: 219-641-8710 E-mail: scox@hodgesdavis.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tad Lagestee as manager. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RUCML7I/Equity_833_LLC__innbke-25-22333__0001.0.pdf?mcid=tGE4TAMA ERC MANUFACTURING: To Sell Naranjito Property to Nelson B. Elias ---------------------------------------------------------------- ERC Manufacturing Inc. seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at Carr 814 Km 0.8 Cedro Abajo, Naranjito, Puerto Rico, which is comprised of productive assets which includes the real estate holdings associated with the operational facilities, the equipment and machinery used in production and distribution and the vehicles registered under ERC Manufacturing, Inc. and used for business operations. The Debtor receives three purchase offer to purchase the Property: -- Mr. Jose D. Rivera Fuentes, P.E., President of Enviro-Tab, Inc. in the amount of $380,000.00. -- Dr. Omar Rivera, President of Omar El Dentista, LLC, in the amount of $300,000.00 -- Mr. Nelson B. Elias, President of BA Professional Services, LLC in the amount of $425,000.00. There are no other assets to be claimed by the debtor, for after the sale is completed, the debtor will cease to continue or operate any future business. After payment of administrative expenses, and U.S. Trustee’s fees, the debtor will surrender the remaining in behalf of the priority and secured creditors. All of Debtor's assets will be sold free and clear of any liens and interests over the mentioned assets. The Debtor intends to sell the Property to Mr. Nelson B. Elias, who is the one interested in buying the assets for the highest amount. About ERC Manufacturing, Inc. ERC Manufacturing Inc. owns the property located at Carr 814 Km 0.8 Cedro Abajo, Naranjito, Puerto Rico, spanning 6,977.84 square meters. It includes a two-story commercial office building, two metal concrete industrial buildings, 28 parking spaces, two offices, two terraces, two workshops, two mezzanines, and two bathrooms. The appraised value is $213,000, as of July 27, 2016. ERC Manufacturing Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-00475) on February 4, 2025. In its petition, the Debtor reports total assets of $785,322 and total liabilities of $1,599,734. The Debtor is represented by Juan C. Bigas, Esq., in Ponce, Puerto Rico. ERO COPPER: Moody's Affirms 'B1' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings has affirmed Ero Copper Corp.'s ("Ero Copper or Ero") B1 corporate family rating, B1-PD probability of default rating, and B1 senior unsecured notes rating. Ero's Speculative Grade Liquidity Rating ("SGL") was upgraded to SGL-1 from SGL-2. The outlook remains stable. The affirmation of the ratings is based on the Tucuma mine's (located in the Carajas Mineral Province, Para State, Brazil) transition to full commercial production and the expectation that the company will generate substantial free cash flow in 2026, while maintaining financial leverage below 2x. Ero Copper's operating cash flow and liquidity are expected to be meaningfully bolstered over the near term by the commencement of gold concentrate sales from stockpiled material at its Xavantina mine. Ero Copper recently announced the commencement of gold concentrate sales from stockpiled material at its Xavantina mine. Sampling of this stockpile indicates an inferred resource of about 29,000 ounces of gold contained and the stockpiles will be monetized over the next 12–18 months. RATINGS RATIONALE Ero Copper benefits from: 1) the high grade and subsequent competitive cost profile of its copper operations (C1 cash cost of US$2.07/lb for the nine months ending September 2025); 2) expected strong positive free cash generation as the Tucuma has now begun commercial production; 3) the long mine life of its Caraiba (located in the Curaca Valley, Bahia State, Brazil) operations (about 18 years) and Tucuma (12 years); and 4) conservative financial policies. Constraints include its: 1) small scale with Moody's expectations of about 70,000 tonnes of copper at the Caraiba and Tucuma operations and about 50,000 ounces of gold at the Xavantina (in Mato Grosso State, Brazil) operations in 2026; 2) mine concentration with a reliance on the Caraiba and Tucuma operations (both located in Brazil) for most its operating cash flow and 3) a concentration of cash flow largely from one metal (copper). Ero Copper has excellent liquidity to the end of 2026, with sources totaling about $560 million compared to uses of about $40 million. Sources include cash and short term investments of $68 million at September 2025, $45 million available on its $200 million credit facility (expiring December 2028) and Moody's expectations of about $450 million in free cash flow generation through the end of 2026. Uses are approximately $40 million in lease and borrowing repayments to the end of 2026. Ero Copper has financial covenants within its credit facility including a maximum leverage and minimum interest coverage tests. Moody's expects the company will remain well in compliance with its financial covenants. The stable outlook reflects Moody's expectations that Ero Copper will have stable operating performance at its mines, and will prioritize de-levering with free cash flow. Ero's senior unsecured notes due 2030 are rated B1, the same rating level as the CFR, because it comprises the preponderance of the company's funded debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The CFR could be upgraded if Ero Copper is able to achieve increased scale and mine diversity and the company demonstrates a track record of generating sustained positive free cash flow. It would also require that financial leverage is sustained below 2.5x and liquidity remains good. Negative rating pressure could develop if the company experiences material operational issues at its producing mines that results in lower production and higher costs. Quantitatively, Moody's would consider a downgrade if financial leverage is expected to increase and be sustained above 3.5x. Headquartered in Vancouver, Canada, Ero Copper is a public copper and gold producer. The company's operations include the Caraiba Mining Complex (copper), Tucuma Operations (copper) and the Xavantina Operations (gold), all in Brazil. The company has ten operating mines in Canada, Australia, Finland and Mexico and a pipeline of exploration and development projects. The principal methodology used in these ratings was Mining published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ES PARTNERS: Gets Final OK to Use Cash Collateral ------------------------------------------------- ES Partners, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. All prior interim cash collateral orders are deemed final. The Debtor's secured creditors include Truist Bank, Fox Funding Group, LLC and ODK Capital. All three creditors have filed UCC-1 financing statements asserting security interests in the Debtor's assets but Truist Bank holds the first-priority lien covering all assets. Truist Bank is owed approximately $1.2 million while the estimated value of the secured assets is around $821,000. A copy of the final order and the Debtor's budget is available at https://shorturl.at/Y57CT from PacerMonitor.com. About ES Partners Inc. ES Partners, Inc. operates a pharmacy delivery company. It operates out of a leased warehouse in Pompano Beach, Fla. ES Partners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14211) on April 17, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Steven M. Easton, chief executive officer of ES Partners, signed the bankruptcy petition. Judge Mindy A. Mora oversees the case. Brian K. McMahon, Esq., at Brian K. McMahon, PA, represents the Debtor as legal counsel. Truist Bank, as secured creditor, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Phone (813) 229-7600 Fax (813) 229-1660 jverona@shumaker.com EVERGREEN LODGING: Seeks to Sell Hotel at Auction ------------------------------------------------- Evergreen Lodging, LLC and its affiliate Ephesians320 Partners, LLC, seek permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors own and operate a hotel under a Best Western Franchise with an address of 15059 W. Colfax Ave., Golden, Colorado 80401. The Property is owned by Ephesians and the Hotel is operated by Evergreen. Ephesians' assets are primarily comprised of the Property consisting of the Hotel. Evergreen's assets are comprised of the personal property assets of the Hotel, including furniture, fixtures, machinery, signage, computers, computer equipment, and intellectual property assets including its Best Western Membership Agreement. The Assets, including the personal property assets, is subject to the following secured claims: a. Property Taxes owed to Jefferson County in the amount of $331,978.25 for property taxes from 2024 payable in 2025; b. Withholding and Sales Taxes owed to the Colorado Department of Revenue in the amount of $88,474.34; c. Deed of Trust, Fixture Lien, Security Agreement and UCC-1 Financing Statement in favor of High Plains Bank in the amount of $7,191,120.26, plus accrued interest; d. Deed of Trust, Security Agreement and UCC-1 Financing Statement in favor of the Small Business Administration in the amount of $4,707,000, plus accrued interest; and e. Pleasant View Water and Sanitation District Assessment Lien in the amount of approximately $60,022.08 plus accrued interest. Evergreen's receivables are further encumbered by liens in favor of On Deck and Rapid Finance. Given the prior liens, On Deck and Rapid Finance are likely wholly unsecured by the value of the collateral. The Debtors have determined, in consultation with their professionals, that implementing the Bidding Procedures and providing a definite deadline for potential bids and an Auction is the best method to obtain bids for the Assets that will maximize the value of the Debtors' estates. The Debtors believe the Bidding Procedures achieve both objectives under the facts and circumstances of these Bankruptcy Cases. Potential bidders will have access to financial and related information, including financial projections, prepared by the Debtors and their advisors through a virtual data room. The key dates the Debtors will utilize in connection with the Sale Transaction are as follows: -- Bid Deadline December 3, 2025, at 5:00 p.m. MT -- Designation Deadline December 4, 2025 at 5:00 p.m. MT -- Auction (if applicable) December 5, 2025 at 1:00 p.m. MT -- Closing Deadline (Successful Bidder) December 17, 2025 -- Closing Deadline (Back-Up Bidder) Two Business Days after Closing Deadline for Successful Bidder The Debtors, in consultation with their advisors, designed the Bidding Procedures to maximize value for the Debtors' estates. The Debtors believe the Bidding Procedures will enable the Debtors to review, analyze and compare all bids received to determine which bid is in the best interests of the Debtors' estates and creditors. The Debtors have structured the Bidding Procedures, and the expedited relief this Motion seeks, in a manner that complies with the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules and the Local Rules. Qualifying Bid: Must be in writing, submitted to Hilco by the Bid Deadline, and must include or be accompanied by the following items including, but not limited to: (A) a deposit of not less than $250,000; (B) an offer executed on the form of an Asset Purchase Agreement (APA) provided by the Debtors and, if any changes are proposed to the form of Asset Purchase Agreement, specific identification of the nature of such changes. (C) a list of proposed executory contracts or unexpired leases the bidder wishes to assume, if any; (D) sufficient financial and other information that will allow the Debtors to make a determination as to the bidder's financial wherewithal and its ability to consummate the transactions contemplated by the APA; (E) must not be conditioned upon financing or unperformed due diligence; (F) sufficient identification of the bidder; and (G) representation that it obtained all necessary organizational approvals. The Debtors respectfully submit that a prompt sale is in the best interest of creditors and will maximize the amount that creditors may realize on account of their claims in the Bankruptcy Cases. About Evergreen Lodging, LLC Evergreen Lodging LLC, owned by Sean and Susi Keating, is a Colorado-based hospitality company that operates lodging facilities and manages a 155-room Days Inn lodging facility in Golden under a 2020 franchise agreement. Evergreen Lodging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15542) on August 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC. EXCHANGE REDEMPTION: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------------- On November 11, 2025, Exchange Redemption Inc. submitted a voluntary Chapter 7 bankruptcy filing in the Western District of New York. The filing indicates liabilities of up to $100,000. According to the petition, the business has an estimated 1 to 49 creditors. About Exchange Redemption Inc. Exchange Redemption Inc. is a beverage Container Redemption Facility in Attica, New York. Exchange Redemption Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-11316) on November 11, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Warren, U.S.B.J. handles the case. The Debtor is represented by Michael W. Cole, Esq. of Law Offices of Michael W. Cole, PLLC. FARRELL'S ON: To Sell Purling Property to Bavarian Ventures ----------------------------------------------------------- Farrell's On Round Top LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 866-872-876 Mountain Avenue, Purling, New York. The Debtor is a New York Limited Liability company with its corporate office located at Box 68, East Durham, New York. The Debtor's financial difficulties are a result of cash flow issues foreclosing all possible options beyond the sale of the Subject Property. The lienholders of the Property are the real estate taxes owed to the County of Greene in the approximate amount of $150,000 and a first mortgage of record held by Centra Bavarian Manson LLC in the approximate amount of $2.350,000. The Property at bar is comprised of a hotel and apartments on a lot of approximately 105 acres. The Debtor retains Coldwell Banker Village Green Realty as its broker to market the property. The Debtor has tendered a contract of sale for the Property to Bavarian Ventures LLC for the price of $2,225,000. The amount represents by far the highest and best offer the Debtor has received for the Property since the termination of the first transaction. The Debtor acknowledges that although the sale of the Property will not generate sufficient funds to enable it to satisfy all of the outstanding liens encumbering the Property, the Debtor, through extended discussions with the Bavarian Companies, has obtained the respective consents to proceed with the transaction. Any remaining balances on the respective mortgages shall continue to encumber the properties held by the Debtors in the related cases. The Debtor believes that good cause and sound business reasons exist for the Debtor to enter into the Agreement and sell the Property. About Farrell's On Round Top LLC Farrell's on Round Top LLC owns a mixed-use commercial property (105 acres, hotel, bar/restaurant (dormant) located at Mountain Avenue, Purling NY 12470 having a current value $3 million. Farrell's on Round Top LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35906) on September 9, 2024. In the petition filed by Garrett P. Doyle, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Richard S. Feinsilver, Esq. FILTRATION GROUP: Moody's Puts 'B3' CFR on Review for Upgrade ------------------------------------------------------------- Moody's Ratings placed the ratings of Filtration Group Corporation (Filtration Group) on review for upgrade, including the B3 corporate family rating, B3-PD probability of default rating and the B3 ratings on the backed senior secured first-lien bank credit facilities. Previously, the outlook was stable. The review was prompted by the company's November 11, 2025 announcement that Filtration Group has entered into an agreement to be acquired by Parker-Hannifin Corporation (Parker-Hannifin, A3 stable) for $9.25 billion. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in 2026. Moody's placed the ratings on review for upgrade because Filtration Group will become part of a higher-rated, well-capitalized entity with greater scale and synergy opportunities that Moody's expects to be realized over the next few years. There is a change of control provision in Filtration Group's existing debt, hence Moody's expects it will be repaid in connection with the transaction. In the review for upgrade Moody's will focus on the completion of the transaction once all necessary approvals are obtained, and whether Filtration Group's debt will be fully repaid at closing. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Excluding the review for upgrade, Filtration Group's B3 CFR reflects its strong market position in niche markets for filtration products with good end market and geographic diversification. Favorable long-term demand trends, including demand for clean water and air, underpin revenue growth. Filtration Group's large recurring revenue base, combined with the low average price of filters and critical importance to customers' systems and processes, reduces vulnerability to economic down cycles. The large replacement/consumables proportion of the product portfolio and modest capital expenditures also support good free cash flow. However, Filtration Group has high financial leverage and a history of debt-funded acquisitions that increase scale but also pose execution risks, including integration. The company is exposed to certain cyclical end-markets, such as industrial and automotive markets, and operates in a fragmented and competitive landscape with larger players. Factors that could lead to an upgrade or downgrade of the ratings will be updated once the review is completed. Prior to the review, the ratings could be upgraded with organic revenue growth of 6%-8%, greater free cash flow used for debt repayment and demonstrated improvement in financial flexibility. Sustainable and significant margin expansion would also be viewed favorably. Quantitatively, debt-to-EBITDA expected to remain below 5.5x and free cash flow-to-debt of 7%-10% on a sustained basis could support a ratings upgrade. Prior to the review, the ratings could be downgraded with demonstration of aggressive financial policies, including debt funded acquisitions or dividends that weaken credit metrics. Debt-to-EBITDA expected to remain above 6.25x or free cash flow-to-debt falling toward the low single digits could also lead to a downgrade. A negative rating action could also occur from a decline in revenue driven by several key end markets correlating to the downside or increased competition from larger players, or sustained margin erosion. The ratings could also be downgraded with deteriorating liquidity. The principal methodology used in these ratings was Manufacturing published in September 2025. Filtration Group's B3 CFR is two notches below the B1 scorecard indicated outcome. The difference reflects Moody's views that excluding the planned acquisition by Parker-Hannifin Corporation, Moody's expects Filtration Group to make debt-funded acquisitions that sustain high leverage and pose execution risks. Filtration Group Corporation is a designer and manufacturer of fluid and air filtration products serving customers in the medical and bioscience, indoor air quality, CO2 emission reduction, food & beverage, and other end markets. The company is privately held. Management owns approximately 5% of the company. Revenue for the twelve months ended June 30, 2025 was approximately $2.03 billion. FIRST BRANDS: Lenders Want Separate Attorneys for Finance Entities ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that lenders in the First Brands Group Chapter 11 case are urging a Texas bankruptcy judge to require the company's financing entities to hire independent legal counsel. They argue that the current setup, in which the same advisors represent both the parent company and its financing arms, creates unavoidable conflicts. According to the lenders, these special-purpose financing units have distinct interests that cannot be adequately protected under shared representation. They contend that separate counsel is necessary to ensure impartial decision-making as the restructuring progresses. 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. FMC CORP: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable ------------------------------------------------------------ Fitch Ratings has downgraded FMC Corporation's (FMC) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-' and downgraded the Short-Term IDR to 'B' from 'F3'. Fitch has also downgraded FMC's senior unsecured ratings to 'BB+' from 'BBB-', assigning a Recovery Rating of 'RR4'; downgraded the subordinated rating to 'BB-' from 'BB', assigning a Recovery Rating of 'RR6'; and downgraded the commercial paper to 'B' from 'F3'. The Outlook is Stable. The downgrade reflects greater generic competition and the resulting pressure on earnings and cash flow generation. FMC's dividend cut supports future free cash flow (FCF) generation; however, weaker forecasted EBITDA leads to higher-for-longer leverage and a longer deleveraging path. The ratings and Stable Outlook also consider FMC's position as the fifth-largest global agrochemical company, its broad product portfolio and intellectual property, the strength of its growth portfolio, and its historically strong margins. Key Rating Drivers Generic Competition: Heightened generic penetration in Latin America weighs on pricing and volumes for branded Rynaxypyr. FMC has reduced manufacturing costs, improved fixed-cost absorption, and reformulated products to defend share. It is shifting growth to data-protected and new active ingredients that face less generic pressure. These steps should improve FMC's price competitiveness versus generics, but at lower margins. FMC's growth portfolio has offset some pressure on the core portfolio, but not enough to fully counter headwinds from generics. Fitch expects that over time, the growth portfolio will stabilize some of the runoff FMC faces from generic competition. Growth in plant health and active-ingredient products should help it maintain a competitive edge and pricing power. Failure to sustain commercial success from new launches could pressure credit quality. Elevated Leverage and Execution Risk: Fitch expects leverage to exceed 4.5x in 2025 on lower EBITDA and negative FCF after dividends and remain high through 2028. While leverage starts to decline in 2026 due to debt reduction efforts, Fitch expects operating weakness to persist in 2026, as near-term gains from the growth portfolio only partially offset generic competition and higher working capital needs to meet competitor payment terms. Risk from generics is increasing while FMC is adding resources in Brazil to win large-farmer business, raising execution risk and supporting a higher-for-longer leverage profile. Dividend Cut Supports FCF Generation: FMC's announced dividend cut reduces annual cash outlays by about $250 million starting in 2026, supporting FCF. Fitch expects FMC's reduced dividend burden enables the company to generate positive FCF of around $130 million to $150 million annually starting in 2026, despite lower EBITDA and higher working capital needs tied to competition. Seasonality: Working capital swings are significant, with net working capital and seasonal borrowing peaking in the second quarter. FMC exited 2023 with higher borrowings due to destocking, which largely reversed by YE 2024. Fitch expects seasonal trends and higher net working capital to drive greater short-term borrowings exiting 2025. Diversified Global Platform: The rating is supported by FMC's role as a major global crop protection company, with a diverse product mix, geographic footprint and crop exposure. Sales are balanced across Latin America, North America, EMEA and Asia, with revenue from a variety of crops including soybeans, fruits and vegetables, rice, and others. Demand is largely stable, driven by food, animal feed and biofuels, leading to predictable consumption. Subordinated Notes Assigned Equity Credit: Fitch has assigned 50% equity credit to FMC's junior subordinated notes under the Corporate Hybrids Treatment and Notching Criteria. Key factors include the notes' subordination to senior debt, absence of material covenants or events of default, maturity beyond five years with no call dates within that period and FMC's unconstrained ability to defer coupon payments for more than five years, although deferred coupon payments are cumulative. Fitch believes that FMC plans to have this instrument in its capital structure until leverage materially improves to support a stronger rating. Peer Analysis FMC's credit profile benefits from its leading market position in crop protection and the underlying attractive fundamentals of its end markets. FMC is smaller in scale than peers Corteva, Inc. (A/RWN), The Mosaic Company (BBB/Stable) and CF Industries, Inc. (BBB/Stable). FMC's market position is not as dominant as that of Mosaic and CF Industries, which are among the world's largest fertilizer producers. FMC's revenue is more variable than Corteva's, as Corteva historically benefitted from the diversity of the more stable seed business. Compared with CF Industries and Mosaic, FMC's revenue and EBITDA are more stable, as the company is not as exposed to global commodity prices and the more volatile nature of the fertilizer market. FMC's EBITDA margin compares well to Corteva's, due in part to its singular focus on crop protection, lack of licensing fees and diamide pricing benefits. FMC's EBITDA margin is generally lower than that of Mosaic and CF Industries, but it also exhibits greater consistency due to the nature of the fertilizer market. FMC has the weakest financial profile among its peers. Corteva maintains a more conservative capital structure, often carrying negative net debt at year-end in advance of seasonal working capital needs. FMC's EBITDA leverage is higher than that of CF Industries and Mosaic, but its more stable end-markets and lower capital expenditure (capex) burden allow it to carry comparatively greater leverage at a given rating category. Key Assumptions - Revenue declines in 2025, driven by greater generic competition, lower partner sales, the reclassification of India as held-for-sale, full-year impact of 2024 asset sales, partially offset by strong revenue in FMC's growth portfolio. Growth remains weak in 2026 as continued challenges in certain markets, outweigh performance in the growth portfolio. Revenue begins to improve in 2027 as the company laps easier comparisons and realizes better price, mix and volumes. Revenue growth in the low- to mid-single digits thereafter; - Gross profit margins decline to 36% to 37%, driven largely by price reductions to branded partners on cost-plus contracts and increased generic competition, offset by the benefits from manufacturing cost restructuring initiatives; - R&D averaging around 6.5% of sales. Flat selling, general and administration expenses in 2025 and 2026, as cost savings from restructuring largely offset additional corporate and marketing investments; - Capex around 3% of revenue; - Dividends in line with management guidance of around $40 million annually beginning in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Continued earnings weakness leading to EBITDA leverage durably above 4.5x; - Free Cash Flow, after dividends, that is consistently at or near break-even. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Gross debt reduction and/or improved operating performance leading to EBITDA leverage sustained below 3.5x; - Successful broadening of the business platform through diamide product extensions and/or new product introductions, leading to a sustained EBITDA margin in the mid-20s. Liquidity and Debt Structure Liquidity and Debt Structure: FMC's liquidity is solid, with seasonal borrowings in line with the prior year and demonstrated market access. At 3Q25, FMC held about $500 million in cash and had more than $800 million available under its $2 billion revolving credit facility, which matures in 2028 and includes an accordion to $2.75 billion. In February 2025, FMC amended financial covenants and extended the revolver maturity by one year to 2028. Fitch expects FMC to obtain additional covenant headroom as needed. In May 2025, FMC issued $750 million in 30-year subordinated notes and used proceeds to redeem $500 million senior notes due May 2026. FMC has $500 million of debt maturing in October 2026, which Fitch expects the company to refinance ahead of maturity. Beyond that note, FMC has no other material maturities before 2029. Issuer Profile FMC is the fifth-largest crop protection company, focusing on insecticides, herbicides and fungicides, with a global manufacturing platform and diversified sales footprint across Latin America, North America, EMEA and Asia. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- FMC Corporation LT IDR BB+ Downgrade BBB- ST IDR B Downgrade F3 senior unsecured LT BB+ Downgrade RR4 BBB- junior subordinated LT BB- Downgrade RR6 BB senior unsecured ST B Downgrade F3 FOREST GOOD: Affiliate to Sell Restaurant Biz to Chow F&B --------------------------------------------------------- Forest Good Eats LLC (FGE) and its wholly-owned subsidiary, the Heritage Grille & Wine Barrel LLC, seek approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Purchaser, Chow F&B, LLC, a North Carolina limited liability company, or its Assigns, has agreed to purchase certain identified personal property assets and equipment owed by Heritage Grille and located in the Premises for the sum of $50,000.00. The Landlord, Optimal Living LLC, has agreed to terminate the Lease for the Premises and waive, release, and discharge the Debtor from any and all amounts due and owing under the Lease as of the Effective Date, including any liability for payment of due and outstanding prepetition rental payments owed by the Debtors to the Landlord. The Debtors, with the advice of counsel and in view of its fiduciary duties, had a fiduciary duty to protect and maximize the estate's assets, believe that the Transaction—which includes a sale of substantially all of the Debtor's tangible assets and eliminates any prior and future liability and exposure under the Lease—would be in its best interests, as well as those of the bankruptcy estate and its creditors, by eliminating operational expenses and generating a finite return for creditors in the form of the Purchase Price. The Debtors—with the assistance of its counsel at Buckmiller & Frost, PLLC—entered into extensive, arms-length discussions and negotiations with Purchaser and the Landlord, regarding the sale and acquisition of the Purchased Assets located in the Premises and termination of the Lease. In addition to the economic aspects, a central focus of the discussions and negotiations with these parties was the Debtor's desire for realization of funds from any transaction that could be utilized to pay its creditors, including but not limited to, Gulf Coast Bank & Trust Company and ensuring that Heritage Grille's employees could retain and continue their employment, if desirable, with Purchaser and minimalization of any interruption to the existing customer base. FGE is the sole member of Heritage Grille and, as a result, holds all membership interests in Heritage Grille. Heritage Grille, prior to and since the Petition Date, operated a restaurant business located at 1228 Heritage Links Drive, Suite 100 and 104, Wake Forest, North Carolina 27587 (Premises). Heritage Grille, as of the Petition Date, was delinquent in the payment of rent due and owing to the Landlord under the Lease, as well as charges, costs, and other expenses, in the sum of at least $212,000.00. The purchaser is a limited liability company organized and existing under the laws of the State of North Carolina, which has no affiliation or relationship whatsoever with the Debtors, Thomas, or Wisenbaker. FGE, on April 15, 2020, executed and delivered to United States Small Business Administration a Note in the original principal amount of $150,000.00, together with interest accruing at a rate equal to 3.75% per annum, with payments commencing on April 15, 2021, and continuing monthly thereafter with a final payment of all remaining principal and interest due and payable on or before May 14, 2050. Based upon the favorable terms agreed upon with the Purchaser, the Debtor has determined that the sale of the Purchased Assets would generate the highest return for its creditors, with the lowest risk to the Debtors, the bankruptcy estates, and their creditors. The Debtors are confident that the Purchase Price, represents fair and reasonable consideration for the Purchased Assets. About Forest Good Eats Forest Good Eats, LLC operates Real McCoy's, a restaurant and sports bar in Wake Forest, North Carolina. The establishment offers American cuisine and craft beer in a casual setting. Forest Good Eats sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02018) on May 30, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge David M. Warren handles the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. Gulf Coast Bank & Trust Company, as secured creditor, is represented by Lisa P. Sumner, Esq., at Maynard Nexsen, PC, in Raleigh, North Carolina. FOSSIL GROUP: Secures Court Ok for Chapter 15 to Rework $150MM Debt ------------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a U.S. Bankruptcy Court in Texas has granted recognition to a debt-restructuring scheme filed by Fossil's UK arm under Chapter 15, giving force to a U.K.-based plan to reorganize approximately $150 million of liabilities. The court's ruling supports Fossil's cross-border strategy, preventing a potentially disruptive Chapter 11 filing in the U.S, according to report. Under the plan, Fossil will exchange its 7.00% senior notes for new, secured debt with extended maturities, reducing near-term pressure from its bond obligations, the report states. About Fossil (UK) Fossil (UK) Global Services Ltd. is a subsidiary of U.S.-based Fossil Group, Inc., a global leader in the design, production, and marketing of watches, jewelry, handbags, and related accessories. The UK unit supports the company's European operations, handling distribution, logistics, and administrative functions for its retail and wholesale network across the region. Fossil Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90525) on October 20, 2025. In its petition, the Debtor reports about $150 million in unsecured debt. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Clifford William Carlson, Esq. of Weil Gotshal And Manges. About Fossil Group Inc. Fossil Group Inc. is the U.S.-based watch and accessories company. FOUNDATION BUILDING: Moody's Withdraws 'B3' CFR on Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn all ratings for Foundation Building Materials, Inc. ("FBM") including the B3 corporate family rating, the B3-PD probability of default rating, and the B3 backed senior secured first lien term loan ratings. The rating action follows FBM's full repayment of its previously rated debt. Prior to the withdrawal the outlook was stable. RATINGS RATIONALE Moody's have withdrawn all of FBM's ratings following the complete redemption of all its outstanding rated debt. On August 20, 2025, the company announced that it had entered into a definitive agreement to be acquired by Lowe's Companies, Inc. The acquisition closed on October 09, 2025, and the company's rated debt was repaid in full. Foundation Building Materials, Inc., headquartered in Santa Ana, California, is a North American distributor of wallboard, suspended ceiling systems, metal framing, and other related building products. Revenue was around $5.5 billion for the twelve months ended June 30, 2025. FOUR FINANCIAL: Amy Denton Mayer Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for The Four Financial, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About The Four Financial LLC The Four Financial, LLC, a company in Davenport, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08387) on November 7, 2025, with $1 million to $10 million in assets and liabilities. Asach Paredes, managing member, signed the petition. Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. FOUR FINANCIAL: Section 341(a) Meeting of Creditors on December 17 ------------------------------------------------------------------ The Four Financial LLC filed a voluntary Chapter 11 bankruptcy in the Middle District of Florida on November 7, 2025, under case number 25-08387. In its petition, the company reported $1 million to $10 million in liabilities. The filing also notes that the debtor has 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on December 17, 2025 at 01:00 PM. U.S. Trustee (Peair) will hold the meeting telephonically. Call in Number:888-330-1716. Passcode: 7645123#. About The Four Financial LLC The Four Financial LLC is a limited liability company. The Four Financial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08387) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Justin M. Luna, Esq. of Latham, Luna, Eden & Beaudine, LLP. FTAI AVIATION: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has upgraded FTAI Aviation Ltd's (FTAI) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB-' and assigned a 'BB+' IDR to its debt-issuing subsidiary, FTAI Aviation Investors LLC (FTAI Aviation). The Rating Outlook is Stable. Fitch has rated FTAI Aviation's senior secured revolver 'BBB-' with a Recovery Rating of 'RR1' and upgraded its senior unsecured bonds to 'BB+'/'RR4' from 'BB-' and FTAI's preferred shares to 'BB-'/'RR6' from 'B'/'RR6.' The upgrade reflects financial benefit realization this year and next, following FTAI's transition to a corporate profile. Green-time optimization with modular focus on CFM56 engines, Maintenance, Repair and Exchange (MRE) capabilities and Parts Manufacturer Approval (PMA) access underpin margins and market position. The non-recourse Strategic Capital Initiative (SCI) aircraft-leasing vehicle enhances FTAI's visibility, supporting balance sheet flexibility. Execution risks, engine platform concentration, broader industry cyclicality, as well as risks related to the phased transition to next-generation engine platforms and SCI-related risks were considered. Key Rating Drivers Low-Cost, Modular Engine Focus: FTAI strategically focuses its operations on widely deployed narrowbody CFM56 and V2500 engines. The CFM56's modular design with varying cycle lives enables green-time optimization through module swaps and life-limited part (LLP) recycling, executed via FTAI's in-house MRE capabilities and inventory of run-out engines. FTAI can reconfigure modules to last to limiter and redeploy these engines to match customer cycle needs. This provides small and midsize airline customers with a lower cost, immediately available engine with predictable, regulatory-driven maintenance cycles that reduce work scope risk. Fitch expects FTAI will look to gradually broaden its focus to the next generation LEAP/GTF engines toward the end of the decade as those programs mature and coverage under OEM maintenance programs end. The ability to execute on this transition will help replace legacy engine platforms and facilitate growth. SCI Enables Visibility, Capital-Light Model: FTAI's pivot to an asset-light strategy is underpinned by the formation of its non-recourse, aircraft leasing affiliate SCI, which reduces on-balance-sheet leasing exposure and shifts focus to MRE-driven growth. FTAI's 19% minority interest and its role as originator/servicer preserves operational control and visibility into lessee maintenance schedules. SCI's diversified, on-lease portfolio is contractually required to purchase FTAI engines and utilize FTAI maintenance and repair services, supporting predictable MRE shop visits and continued market share gains. SCI also facilitates the sourcing of on-wing engines via acquisitions of on-lease 737NG/A320ceo aircraft, enabling exchanges that replenish moule inventory while limiting capital intensity at FTAI. Fitch expects SCI will contribute roughly 20% of revenues and 30% of EBITDA. PMA Access Supports Margins, Flexibility: The company's PMA-parts JVs with Chromalloy provide access to cost-advantaged PMA parts, supporting structurally lower shop visit costs and enhance margins. FTAI also provides the option to lease, sell, or exchange engines further aligning to customer needs and, in the case of an exchange, replenishing module inventory at favorable economics. Low-40% EBITDA, Mid-Teen FCF Margins: Fitch expects FTAI to operate with EBITDA margins in the low-40% range, and FCF margins in the mid-teens, which is considered strong for the 'BB' rating category. FTAI generates margins that are materially higher than traditional MROs, driven by green-time optimization and unique access to PMA parts at attractive rates. Fitch forecasts (CFO-capex)/debt to approach mid-20% over the forecast, highlighting the company's financial flexibility. Balanced Capital Deployment; Sub-3.0x Leverage: FTAI has completed various MRO facility acquisitions to expand operations and capacity, as well as strategic bolt-on M&A at attractive prices to enhance MRE economics and increase proprietary repair content. FTAI's asset-light pivot and capital deployment strategy allows for greater financial flexibility, as the company benefits from greater operational leverage with increased capacity. Fitch expects the company to continue bolt-on acquisitions, with the potential for share repurchases, in accordance with its net leverage target of 2.5x-3.0x. Supportive Industry Dynamics: OEM delivery delays, manufacturing-linked engine durability issues, next generation engine production constraints, and attractive economics for mid-life aircraft are extending aircraft lifespans and supporting aftermarket demand. Even as OEM production ramps, the capital cost benefits and proven reliability of CFM56/V2500 platforms should support demand over the medium term. Prespecified regulatory maintenance intervals reinforce demand visibility. Additionally, FTAI's facilities can be qualified to service next generation engines, mitigating obsolescence/substitution risk, subject to successful execution of the transition. SCI-Related Risks Largely Mitigated: Risks include SCI underperformance that hinders engine transaction cadence and MRE revenue. Mitigants include the high installed engine base, SCI's diversified portfolio, and FTAI's servicing role. Maintenance reserve collection, repossession optionality (airframe sale; engine lease/sale/exchange), concentration limits, pooled payment obligations, DSCR/LTV thresholds, and frequent appraisals support SCI's standalone profile, while the non-recourse nature insulates FTAI from material risk. Loss of operational insight could weigh on efficiency and economics, but SCI representing about 20% of FTAI's business moderates the impact. Application of Corporates Methodology: FTAI's strategic pivot toward MRE operations and an asset-light operating profile is more reflective of corporate risks, with aircraft leasing activities housed in the non-recourse SCI vehicle. Fitch's Corporate Rating Criteria provides an appropriate analytical framework to assess the operational and financial characteristics of FTAI's engine-centric activities. Fitch evaluates residual exposure to aircraft leasing through FTAI's minority investment and servicing arrangements with SCI in conjunction with Structured Finance and Non-Bank Financial Institutions analytical frameworks. Peer Analysis FTAI Aviation is differentiated from traditional independent MROs and OEMs in how it participates in the engine lifecycle, and the competitive dynamics differ meaningfully by OEM. GE Aerospace (GE; not rated) and Safran design the CFM56 ecosystem so that the aftermarket becomes open after initial coverage, creating a competitive maintenance environment in the outer years. That openness generally lowers shop visit costs over time for operators, supports longer engine lifecycles, and broadens the addressable pool for independent providers; FTAI plays directly into this phase by leveraging its engine ownership and MRE capabilities to reduce downtime and costs for operators. By contrast, Rolls-Royce (BBB+/Positive) keeps its aftermarket largely closed, with maintenance effectively performed by Rolls itself. This tends to keep shop visit costs higher and can shorten economic lifecycles as operators weigh total cost of ownership, leading some engines to be retired earlier. While Rolls is a peer to FTAI in that both perform maintenance, the market structure and incentives are different. Rolls monetizes a captive aftermarket, whereas FTAI operates as a non-OEM, aftermarket specialist capturing value across open aftermarkets with GE/Safran's CFM56. Against traditional MROs such as StandardAero (BB/Positive), FTAI differs by owning a large pool of engines and prioritizing exchange-based maintenance, which aligns incentives around speed, predictability, and capital efficiency. FTAI's MRE model focuses on swapping engines and modules and executing targeted module repairs, leading to reductions in turnaround time, downtime, and costs, as well as alignment with green-time needs, for operators which support a higher margin profile versus conventional providers. This difference is demonstrated by StandardAero's EBITDA margins around 13%, with FTAI's forecasted in the low-40%s. Key Assumptions - Revenue growth in the mid-teens to low-20% in 2026 and onward, driven by aerospace products growth and MRE contract growth, supported by added capacity and throughput from recent MRO shop acquisitions, PMA penetration and new part introductions, and favorable industry demand environment; additionally, SCI deploys capital to acquire aircraft, enhancing sourcing visibility and on-wing economics, which feeds incremental MRE volumes and exchange activity, further supporting FTAI's growth - EBITDA margins experience modest compression near term as the business model becomes more MRE and products driven vs. leasing, with incremental expansion opportunity in the outer years as the company benefits from greater scale, PMA content mix, improved exchange economics and productivity gains from integrated operations. - Continued opportunistic M&A of MRO facilities and adjacent capabilities that differentiate MRE offerings, reduce shop visit costs, and deepen PMA partnerships. - Elevated capex around mid-teens percent of revenue in 2025, with maintenance capex trending to around 4% in the outer years as SCI enables FTAI to become more capital-light. - Company maintains a balanced capital deployment strategy, with potential for share repurchases, in accordance with its net leverage target of 2.5x-3.0x. - SCI continues to provide visibility, MRE revenue and engine feedstock; SCI 2 launched in 2026, broadening aircraft/engine exposure and reinforcing sourcing of engines and exchange economics. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to/lack of success in module production transition to next generation engine platforms (LEAP/GTF), leading to obsolescence risk over time as the demand environment for CFM56/V2500 wanes; - EBITDA leverage sustained above 3.5x; - Inability to maintain margin profile reflective of the company's value proposition, supported by differentiated green-time optimization and PMA access; - SCI experiences heightened credit risks, prompting greater asset-intensity and weaker economics at FTAI that lead to a weaker financial profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated progress of module production transition to next generation engine platforms, facilitating operational continuity and sustaining longer-term cash flow profile; - Proven ability to maintain differentiated margin profile, reflective of the company's value proposition; - Commitment to a financial policy supporting EBITDA leverage sustained below 3x; - Establishment of a successful track record at SCI. Liquidity and Debt Structure Fitch expects the company's liquidity to be sufficient over the rating horizon. Total liquidity was composed of approximately $510 million of cash and full availability under its $400 million revolver at the end of September 2025. The company's capital structure consists of a senior secured RCF and senior unsecured notes issued by FTAI Aviation Investors LLC and preferred shares issued by FTAI Aviation Ltd. Issuer Profile FTAI Aviation operates as a maintenance, repair and exchange (MRE) provider, acquiring "run out" CFM56 and V2500 engines, rebuilding modules and engines in its facilities, and then leasing, selling, or exchanging pre-built engines and modules to airlines and lessors. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- FTAI Aviation Ltd. LT IDR BB+ Upgrade BB- Preferred LT BB- Upgrade RR6 B FTAI Aviation Investors LLC LT IDR BB+ New Rating WD senior secured LT BBB- New Rating RR1 senior unsecured LT BB+ Upgrade RR4 BB- FTE NETWORKS: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On November 2, 2025, FTE Networks Inc. filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 50 and 99 creditors. About FTE Networks Inc. FTE Networks Inc., formerly known as Beacon Enterprise Solutions Group, through its subsidiary US Home Rentals LLC, owns, operates and invests in affordable rental housing in tier 3 and 4 markets. FTE Networks Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12465) on November 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Amalia Y. Sax-Bolder, Esq. of Brownstein Hyatt Farber Schreck, LLP and Fred Steven Kantrow, Esq. of The Kantrow Law Group, PLLC. FTX TRADING: Former Bank Owner Fights Clawback Bid -------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the attorneys for the former bank owner urged a Delaware bankruptcy court on Thursday, November 13, 2025, to halt FTX's attempt to claw back an $11.5 million investment. They argued that the crypto exchange is stretching bankruptcy law in an effort to reclassify the funding as something it was not. In filings and arguments, the defense maintained that the investment constituted a valid equity transaction made in good faith. They said FTX's estate is improperly seeking to convert routine business dealings into clawback targets as part of its broader recovery strategy. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 +billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Dec. 15 ------------------------------------------------------------------- Generations on 1st, LLC and Parkside Place, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of North Dakota to use the cash collateral of secured creditor Red River State Bank. The court order approved the Debtors' eighth stipulation with Red River State Bank, allowing them to use the secured creditor's cash collateral for the period from November 15 to December 15, consistent with their budget. Red River State Bank's cash collateral includes rents from the Debtors' mixed-use apartment buildings in South Dakota. The rents are currently being held by a court-appointed receiver. Under the stipulation, within two business days of the order, the Debtors' counsel must transfer $80,592.04 and $43,500 to Red River State Bank to reduce the Debtors' loan balance, and deposit $10,000 into Generation's DIP account and $30,000 into Parkside's DIP account. As of the petition date, the receiver is holding pre-bankruptcy rents in the sum of $110,948.58 for Parkside and $211,201.59 for Generations. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GLENWOOD GFB: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: Glenwood GFB LLC d/b/a Glenwood Fast Break 1304 Grand Avenue Glenwood Springs, CO 81601 Business Description: Glenwood GFB LLC operates a gas station on leased property at 1304 Grand Avenue, Glenwood Springs, Colorado. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17389 Judge: Hon. Kimberley H Tyson Debtor's Counsel: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 E-mail: dwarner@wgwc-law.com Total Assets: $56,759 Total Liabilities: $2,087,562 The petition was signed by Navkirat Singh as manager. A copy of the Debtor's list of three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EPU45MA/Glenwood_GFB_LLC__cobke-25-17389__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4TVOTJI/Glenwood_GFB_LLC__cobke-25-17389__0001.0.pdf?mcid=tGE4TAMA GLOBAL WOUND: Plan Exclusivity Period Extended to February 13, 2026 ------------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Global Wound Care Medical Group's, a Professional Corporation, exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 13, 2026 and April 16, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that the additional time is needed to continue negotiations with the DOJ on a global resolution, which resolution will pave the way for a chapter 11 plan. The DOJ represents CMS, HHS, and other agencies, which are the largest creditors in these Cases. A resolution with these parties will be implemented into the Debtor's plan to mitigate against any potential objections from these parties. Therefore, this factor weighs heavily in support of the Debtor's request for an extension of the Exclusivity Periods. The Debtor explains that it has a viable business, which continues to generate sufficient revenue to pay its postpetition accounts payables. If a global DOJ Settlement with the United States can be reached, there is no reason to believe that the Debtor will not be viable going forward and will be able to file a viable plan. This factor also supports an extension of the Exclusivity Periods. The Debtor asserts that its request for an extension of the Exclusive Periods is not a tactical decision aimed at pressuring creditors to accept its goals and objectives related to a plan of reorganization. The Debtor genuinely intends to reorganize and move forward with its business at the end of this Case. Therefore, this factor does not weigh against the Court granting this Motion. The Debtor further asserts that its current potential plan of reorganization anticipates a global resolution between the company and the United States, and until terms and conditions of such global resolution can be settled, it is premature to file a plan of reorganization. Counsel to the Debtor: Casey W. Doherty, Jr., Esq. Dentons US LLP 1300 Post Oak Blvd. Suite 650 Houston, TX 77056 Phone: (713) 658-4600 Email: casey.doherty@dentons.com -and- Samuel R. Maizel, Esq. Tania M. Moyron, Esq. Dentons US LLP 601 S. Figueroa Street Suite 2500 Los Angeles, CA 90017 Phone: (213) 892-2910 Email: samuel.maizel@dentons.com tania.moyron@dentons.com About Global Wound Care Medical Group Global Wound Care Medical Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34908) on Oct. 21, 2024, with $100 million to $500 million in both assets and liabilities. Owen B. Ellington, M.D., president of Global Wound Care Medical Group, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Casey W. Doherty, Jr., Esq., at Dentons US, LLP serves as the Debtor's legal counsel while Verita Global serves as notice, claims and balloting agent. Suzanne Richards is the patient care ombudsman appointed in the Debtor's case. GRACE ROYALS: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: Grace Royals, Inc. d/b/a Evans Fast Break d/b/a Kersey Supermarket 320 Hill Street Kersey, CO 80644 Business Description: Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, is a Colorado-based company that operates convenience stores and gas stations at leased properties in Evans and Kersey, Colorado. The Company holds leasehold interests in these locations and conducts retail fuel and grocery sales to local customers. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17391 Judge: Hon. Kimberley H Tyson Debtor's Counsel: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: dwarner@wgwc-law.com Total Assets: $225,489 Total Liabilities: $3,232,760 Navkirat Singh signed the petition as president. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JNIEMSI/Grace_Royals_Inc__cobke-25-17391__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/45YBBDI/Grace_Royals_Inc__cobke-25-17391__0001.0.pdf?mcid=tGE4TAMA GRAHAM HOLDINGS: Moody's Rates New $500MM Unsecured Notes 'Ba1' --------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Graham Holdings Company's ("Graham" or the "company") new $500 million senior unsecured notes due 2033 (the "2033 Notes"). Concurrent with this rating action, Moody's affirmed Graham's Ba1 corporate family rating, Ba1-PD probability of default rating, and Ba1 rating on the existing $400 million senior unsecured notes due June 2026 (the "2026 Notes"). The company's Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. The outlook is stable. In connection with the proposed senior unsecured notes offering, Graham intends to extend the maturity of its unrated $300 million senior unsecured revolving credit facility (RCF) to 2030 from May 2027 and increase its commitments to $400 million. Net proceeds from the 2033 Notes plus a draw under the new RCF will be used to redeem the 2026 Notes, retire the $135 million outstanding term loan A due May 2027 (unrated), and repay $67 million of borrowings under the old revolver. Upon full extinguishment of the 2026 Notes, Moody's will withdraw their ratings. The assigned rating is subject to review of final documentation and no material change in the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE The affirmation of the Ba1 CFR reflects the pending credit neutral transaction and Moody's expectations that Graham will continue to operate with a prudent financial policy, despite its M&A appetite, and maintain leverage, as measured by total debt to EBITDA, in the 2.5x range (Moody's adjusted) following a projected temporary increase to around 3x at year end 2025. Notwithstanding increasing volatility in Graham's broadcasting and manufacturing units, declines in the automotive segment, and operating losses in other businesses, Moody's expects continued strength, profitability and margin expansion in the education and healthcare units to offset those pressures. Education and healthcare now account for over 60% of Graham's as-reported EBITDA. Graham's Ba1 CFR reflects the company's increasing business diversity, moderate financial leverage and very good liquidity profile. Graham has diversified its operations by investing in businesses with different demand drivers than its broadcasting unit while managing operating losses in the e-commerce and online content and media marketing businesses. The ratings consider the strong balance sheet, which Moody's expects the company will maintain, with substantial unrestricted cash and marketable securities that exceed total debt, coupled with a prudent financial policy and solid free cash flow (FCF) that increases in election years (even-numbered years) from the inflow of high margin political ad revenue in the broadcasting business. Nonetheless, Graham's CFR is constrained by broadcasting's cyclical revenue, increasing volatility, and ongoing structural decline in linear TV core advertising as non-political TV advertising budgets continue to erode in favor of digital media. Moody's expects Graham's linear TV core ad revenue will remain pressured, which could worsen during periods of weak CPM (cost per thousand impressions) pricing, depressed TV ratings, deteriorating macroeconomic conditions and/or displacement during election years. Moody's also expects retransmission revenue will continue to experience declines as the rate of traditional subscriber losses outpaces annual fee increases, which also constrains the ratings. To offset these challenges and differentiate its operations, Graham has invested in businesses across other industries, including education, home health and hospice services, automotive dealerships, restaurant chains, online content/magazines and media marketing, as well as e-commerce platforms centered around home and lifestyle. While the education and healthcare segments have performed admirably in recent years, manufacturing and automotive have underperformed, and several enterprises in Graham's other businesses unit will continue to burden cash flows in the short-to-medium term until they become profitable. Non-broadcasting businesses represent around 90% of the company's total revenue, however their margins are significantly lower (i.e., ranging from 3%-12% on an as-reported EBITDA basis) than broadcasting margins (i.e., ranging from 30%-40% on an as-reported EBITDA basis), pulling companywide margins lower. Factored in the Ba1 CFR is uncertainty as to whether Graham's non-broadcasting businesses will experience sustained meaningful growth and margin expansion over the rating horizon to offset secular pressures in the broadcasting unit as well as negative EBITDA contribution from other businesses. The stable outlook reflects Moody's expectations that Graham's gross leverage will increase temporarily to 3x at year end 2025 from 2.6x at LTM September 30, 2025 and then decrease to the 2.5x area in 2026. Despite margin pressure in some business units, consolidated EBITDA margins have improved to around 10%, near the low-end of the 11%-14% range exhibited by the company between 2020-22. Moody's expects the influx of high margin political advertising revenue in the second half of 2026 associated with the US mid-term elections will boost EBITDA margins and decrease leverage to Moody's expected range by year end 2026 (all metrics are Moody's adjusted). Graham's SGL-1 Speculative Grade Liquidity rating reflects very good liquidity with sizable cash and short-term marketable securities balances that exceed reported debt. At September 30, 2025, unrestricted cash and marketable securities totaled roughly $1.2 billion compared to reported debt of around $738 million (pro forma for the planned refinancing). Graham's unrestricted cash balances include a portion held outside the US. Over the next 12 months, Moody's projects FCF (defined by us as cash flow from operations less capex less dividends) of around $50 million to $100 million and continued strong cash balances, with FCF rising to around $200 million to $250 million in 2026 due to the influx of political ad revenue. Moody's expects outstanding borrowings on the new unrated $400 million RCF will increase at year end 2025 by roughly $150 million. This increase, together with $100 million of incremental proceeds from the 2033 Notes, will be used to repay the existing balances on the old RCF, retire the $135 million term loan A, fund certain temporary needs for working capital, and to acquire the Honda automotive dealership. Moody's expects Graham will extinguish most of the borrowings with FCF by year end 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely in the short-term given the company's smaller scale and lower profitability relative to investment grade rated peers. Upward ratings pressure would be contingent upon enhanced scale, steady revenue and EBITDA growth, EBITDA margin expansion to the 15%-20% range, reduced earnings volatility, and significant growth in free cash flow. Ratings could be upgraded if Graham were to maintain a publicly-defined financial leverage target with leverage sustained below 2.25x (all metrics are Moody's adjusted). Ratings could be downgraded if leverage was sustained above 3.25x total debt to EBITDA (Moody's adjusted). Ratings pressure could also occur if the company's very good liquidity position were to weaken or should the overall business risk of the company increase. Headquartered in Arlington, VA, Graham Holdings Company is a diversified conglomerate with operations across education, broadcasting, manufacturing, healthcare, automotive dealerships, and other businesses. Other businesses include Slate and Foreign Policy magazines, Clyde's restaurant group, an online content and media marketing platform provider as well as e-commerce platforms focused on home and lifestyle. Graham is a controlled company with Donald E. Graham and family members beneficially owning the majority of the Class A common shares, providing voting control through a dual class share structure, and a significant ownership percentage of the Class B common shares (assuming conversion of Class A shares) with remaining Class B shares being widely held. Revenue totaled roughly $4.9 billion at LTM September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. GREAT CIRCLE: Seeks to Extend Plan Exclusivity to April 9, 2026 --------------------------------------------------------------- Great Circle Park, LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 9, 2026 and June 8, 2026, respectively. The Debtor submits that "cause" exists for the Court to extend the Exclusive Periods. In particular, factors all weigh in favor of granting an extension at this time. First, since the Petition Date, the Debtor had been engaged in negotiations to purchase the interest of its current operating tenant, MP Battery 70 LLC. Those negotiations are now nearing completion, and the parties are close to finalizing an agreement that will enable the Debtor to assume direct management of its sole asset, the parking garage located at 70 Little West Street, New York, New York (the "Parking Garage"). In addition, the Debtor has initiated the process of engaging qualified real estate brokers to evaluate strategic options, including the potential refinancing of its existing mortgage or a sale of the Parking Garage. These efforts are in the preliminary stages, and the Debtor is presently assessing the viability of each alternative to determine the most advantageous path forward for the estate and its creditors. Finally, the Debtor has been diligent in filing its operating reports and will shortly file a motion for an order of the Court establishing deadlines to file proofs of claim (the "Bar Date"). The Debtor anticipates the Bar Date for all creditors, other than governmental entities, to be December 19, 2025, and the Bar Date for governmental entities to be February 9, 2025. Great Circle Park, LLC is represented by: Tracy L. Klestadt, Esq. Christopher Reilly, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS LLP 200 West 41st Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245 About Great Circle Park LLC Great Circle Park, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11767) on August 12, 2025, listing up to $10 million in both assets and liabilities. Pamela Frost, managing member, signed the petition. Judge Martin Glenn oversees the case. Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, represents the Debtor as legal counsel. Flagstar Bank, N.A., as lender, is represented by: Phillip S. Pavlick, Esq. McCarter & English, LLP Four Gateway Center, 100 Mulberry Street Newark, NJ 07102 Tel: (973) 849-4181 ppavlick@mccarter.com GREENWICH RETAIL: Court Extends Cash Collateral Access to Dec. 3 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York extended Greenwich Retail Group, LLC's authority to use cash collateral. The court approved a stipulation between the Debtor and secured creditors to extend the termination date for cash collateral use through December 3. The Debtor must continue to comply with all prior interim order terms and file an updated budget. As adequate protection, the Debtor was required to pay Hanover Bank $10,000 by November 30. All other provisions of the previous interim cash collateral orders remain in full effect. The court order is available at https://is.gd/oE1iwR from PacerMonitor.com. About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com HARBOR HOLDING: Fitch Affirms 'B' LongTerm IDR, Outlook Positive ---------------------------------------------------------------- Fitch Ratings has affirmed Harbor Holding Corp.'s and HMH Company's Long-Term Issuer Default Ratings (IDRs) at 'B' and first lien credit facilities rating at 'B+' with a Recovery Rating of 'RR3'. The Rating Outlook is Positive. Fitch anticipates that HMH's EBITDA leverage will improve in 2026, driven by the company's participation in major curriculum adoption cycles across key U.S. states. The temporary increase in leverage observed in 2025 was largely due to it being a year with limited state adoption opportunities, which typically results in lower earnings. The current ratings reflect HMH's strong position as a leading provider in the U.S. K-12 education market, supported by its expanding digital offerings, which now account for most of its gross bookings. However, its rating is constrained by the company's narrow focus within the K-12 segment and its still-elevated leverage profile. Key Rating Drivers Key Adoption Year Ahead: Major curriculum adoptions in states including California, Florida, and Texas are scheduled for 2026, which are expected to drive meaningful revenue and EBITDA growth. Fitch projects revenue to increase by around 6% in 2026, with EBITDA surpassing just above $500 million. As a result, leverage is anticipated to decline to around 4.0x by year-end. Beyond 2026, additional adoption cycles across key states should support sustained earnings strength and help maintain lower leverage. The temporary rise in leverage to roughly 6.0x in 2025 reflects the impact of a low-adoption year. Fitch expects HMH's EBITDA margins to remain around 40% through 2026-2027, supported by a favorable adoption cycle and cost-saving initiatives announced in 2Q25. These margins represent a significant improvement from the historical range of 20%-25%, driven largely by efficiency measures implemented following the acquisition of NWEA. Growing Digital and Subscription Revenue: Since acquiring NWEA, HMH has increased its annual digital billings from 41% in 2021 to 56% in 2Q25 due to the integration of NWEA's digital offerings. These offerings are in line with HMH's efforts to increase its digital exposure. Recent acquisitions, including Classcraft and Writable, which add new subscription services and incremental generative AI capabilities, have also help drive subscription-based revenues The ongoing digital shift, catalyzed by the pandemic, is expected to persist, allowing HMH to maintain a more efficient cost structure and reduce dependency on print product risks and costs. Limited Diversification in a Competitive Market: HMH competes with various other publishers across the K-12 market for instructional materials and services, which the company estimates to total around $14 billion. The company offers a broad portfolio of core, supplemental and assessment instructional material. HMH, together with Savvas Learning and McGraw-Hill, are the largest core curriculum providers. Fitch believes all three collectively hold a significant portion of the core market. However, HMH's lack of exposure to the higher education, professional, and international markets leaves it susceptible to operational risks while navigating the K-12 market cycle, such as not securing state approval for its publications and content. Resilient Sector During Downturns: K-12 spending has demonstrated resilience and steady growth over the past two decades. Even during periods of economic contraction, overall budgets have never declined for a prolonged period, underscoring the sector's structural stability. Looking ahead, Fitch expects overall K-12 spending to continue to expand over the rating horizon, supported by healthy state and local funding, which historically has accounted for the majority of K-12 budgets. This long-term trend highlights the durability of education funding and its ability to withstand cyclical pressures. K-12 Funding Dynamics, ESSER Sunset: While the Elementary and Secondary School Emergency Relief fund (ESSER) provided no significant direct benefits to suppliers like HMH, it gave district budgets greater flexibility. Fitch expects ESSER's expiration to have limited impact on HMH's operating environment. State and local sources account for 90% of K-12 education funding in the U.S. Aggregate state education budgets have continued to rise every year, even during prior federal transitions. Fitch expects the overall instructional materials spending to remain stable in 2026, supported by steady state revenues, ongoing curriculum adoption cycles, and the essential nature of K-12 instructional products. Peer Analysis HMH is well-positioned in the domestic K-12 core education and supplemental learning markets and is one of the top three K-12 textbook market publishers. HMH has completed re-investment in its core textbook educational material following a period of operational weakness that has resulted in improved market share, as demonstrated by recent state adoptions. Fitch expects K-12 education publishers to benefit from the adoption market in the coming months, including opportunities in Florida, California and Texas, which are the largest adoption states and drive a significant portion of the adoption cycle. Key Assumptions - For 2026 - Fitch expects revenues to rise meaningfully in the mid-single digit range, driven primarily by higher adoptions in key states such as California, Florida and Texas - EBITDA margins are expected to increase to around 40% in 2026 - supported by a stronger top-line performance and cost efficiency measures; - FCF to improve materially in 2026. Capex intensity of 10% of net revenues per-annum; - No shareholder returns projected over the rating horizon of 2025-28. Recovery Analysis HMH's recovery analysis assumes significant K-12 adoption delays followed by market share loss, driven by an inability to win enough upcoming adoptions, pressuring margins. This results in a post-reorganization GC EBITDA of $250 million. Fitch assumes full draw on the company's $250 million RCF in its recovery scenario. The enterprise value (EV) multiple of 6.0x incorporates the following information: - The median TMT multiple of reorganization enterprise value to forward EBITDA was 5.9x for 85 cases for which there was adequate information to make an estimate. Most (60%) multiples were between 4.0x and 7.0x. However, 26 issuers were reorganized at multiples of 7.1x or higher and eight at multiples below 4.0x. The broadcasting and media sector median multiple was 6.2x, compared with 5.4x and 5.5x, for small samples of technology and telecom cases, respectively. - Following the global financial crisis and economic downturn in 2008, HMH filed for Chapter 11 Bankruptcy on May 21, 2012, and eventually emerged at a 4.9x multiple. Fitch's GC multiple estimate of 6.0x is influenced by Fitch's belief that HMH has made significant strides in reducing cyclicality in its business model though its transition to a more digital model with reduced volatility. - Veritas Capital acquired HMH in 2022 for a total consideration of $3.2 billion, or 14x Fitch-calculated adjusted LTM ended March 31, 2022, EBITDA of $229 million. Fitch's assumption of $250 million in recovery EBITDA and a 6.0x emergence multiple leads to a Recovery Rating of 'RR3' on the first lien debt. Applying standard notching criteria to the 'B' Long-Term IDR results in a 'B+' first lien rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Persistent margin losses as result of a failed business strategy sustainably driving EBITDA leverage above 6.0x without a credible pathway to reduce leverage within 18-24 months; - Sustained negative FCF generation. Revision of Outlook to Stable: Fitch could revise the Positive Outlook to Stable if EBITDA leverage is sustained in the 5.0x-6.0x range, along with the maintenance of an adequate liquidity position and positive FCF generation over 12-18 months. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage maintained below 5.0x through the adoption cycle; - Significant increase in operational scale and segmental or geographical diversification, providing additional financial flexibility to navigate the K-12 adoption cycle. Liquidity and Debt Structure As of the end of September 2025, HMH reported $400 million of liquidity which was comprised of $162 million of cash on hand and $238 million of available capacity under its existing RCF net of outstanding LOCs. This compares well to just $18 million of contractual obligations falling due in the next 12 months. The company's liquidity position is supported by its expectation of increasing FCF generation in the upcoming years. Issuer Profile HMH Company is a leading global provider of K-12 core curriculum, supplemental and intervention solutions and professional learning services. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Harbor Holding Corp. LT IDR B Affirmed B HMH Company LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ HAVERLAND CARTER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Haverland Carter Obligated Group, NM's (OG) Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed various series of revenue bonds issued by the New Mexico Hospital Equipment Loan Council and Oklahoma Development Finance Authority on behalf of members of OG at 'BB'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Haverland Carter Obligated Group (NM) LT IDR BB Affirmed BB Haverland Carter Obligated Group (NM) /General Revenues/1 LT LT BB Affirmed BB The affirmation of OG's IDR and outstanding debt at 'BB' reflects continued weak, but improving occupancy, and elevated labor expenses that have produced a deteriorated operating risk profile and weak cash flow. The rating considers recent divestitures and strategic initiatives implemented by the new ownership group that Fitch believes will improve operating metrics. Effective Oct. 1, 2023 the OG entered into an affiliation agreement with Pacific Retirement Services, Inc. (PRS). Following the affiliation, PRS is the sole corporate member of Haverland Carter Lifestyle Group. The affiliation strengthens Haverland Carter's market position by providing system-level management resources and operational expertise. In fiscal 2025 PRS focused its strategy on improving occupancy and operations at Haverland Carter's core communities, La Vida Llena (LVL) and The Neighborhood in Rio Ranch (NIRR). It also divested the group's non-performing assets including Haverland Carter Ralston Creek (HCRC), LLC (CO) and Sommerset Neighborhood (OK). The divestiture resulted in one-time non-operating expenses including a $6 million debt guarantee payment for HCRC, and a $1 million sale transaction fee for the divestiture of Sommerset. The Stable Outlook reflects Fitch's expectation that OG will generate gradual improvements in independent living and healthcare occupancy and, in turn, cash flow, building off of its solid market position as a multi-campus system and the only type-A life care providers their respective primary market areas (PMAs), as well as through marketing and sales strategies and performance improvements introduced by PRS. Fitch believes the divestitures of HCRC and Sommerset relieves OG of operating pressure and expects the renewed focus on Haverland Carter's core communities will result in improved occupancy and operations, allowing stable financial profile metrics over the next one to two years. SECURITY The bonds issued on behalf of the OG are secured by a first mortgage on the OG's properties, a pledge of the OG's gross revenues and debt service reserve funds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Softer Occupancy Stable in FY24; Good Market Position OG's midrange revenue defensibility reflects its good historical demand indicators as well as LVL and NIRR's solid positions as the only Type-A LPCs in their respective primary service areas. Both communities primarily compete against rental communities that do not provide the combination of an entrance fee contract and the full continuum of care, which Fitch views as a differentiating factor. Fitch assesses OG's revenue defensibility as 'bbb' based on LVL's solid position in its primary service area as the only Type-A life care provider in Albuquerque, NM. LVL and NIRR had historically good demand indicators, but census weakened during the pandemic and only recently recovered. Following the affiliation with PRS, occupancy has gradually improved with 2025 independent living unit (ILU) occupancy improving to 82% from 80%. Fitch expects gradual census growth as sales traction from traditional marketing channels improves and PRS executes on a revamped sales and marketing plan combined with capital reinvestment in modernizing vacant LVL units. Operating Risk - 'bb' Operations Pressured; Elevated Debt Burden The OG's operating risk of a 'bb' signifies a weak assessment, reflecting recent pressures on operations and an elevated debt burden associated with the continued weaker-than-expected occupancy and staffing and expense challenges. Due to additional expenses related to elevated staffing costs and inflation, coupled with occupancy pressures across service lines, the OG reported a weak 124.8% operating ratio and 26% net operating margin adjusted (NOMA) in FY24. These pressures are in-line with industry labor challenges given LVL and NIRR provide type-A lifecare contracts and inflated clinical care costs without adequate revenue generation will continue to depress the OG's profitability metrics. Following strategic initiatives implemented by PRS, operating margins improved to 120.8%, but NOMA softened to negative 20.8% for unaudited FY 2025 (YE Sept. 30, 2025). Fitch expects both metrics to stabilize and improve as occupancy continues to grow and operating efficiencies are realized. The OG's capital spending has moderated to an average of 124% over the past three years as a result of less spending coming off the LVL expansion and operating pressures. Given the completion of the expansion project at LVL and the fact that NIRR's campus is relatively new (opened in April 2016), Fitch expects capex over the next few years to be limited to routine renovations funded by internal cash flow. The OG issued series 2022 debt in April 2022 to refund its outstanding series 2012 bonds. MADS following the issuance of its series 2022 bonds is approximately $9.3 million. Capital-related metrics are weak with the low revenue-only MADS coverage of negative 0.3x and debt-to-net available of and a high MADS as a percent of revenue of 18.6%, respectively. These metrics are expected to trend favorably as the OG's revenue generation/ILU occupancy improves over the outlook period. Financial Profile - 'bb' Adequate Liquidity; Stable-to-Improving Financials In the context of its midrange revenue defensibility and weak operating risk assessments, the OG's financial profile is assessed as 'bb', reflecting sufficient liquidity position and the expectation for adequate debt service coverage around 1.2x. Fitch expects that the OG will achieve coverage metrics that will meet or exceed the rate covenant as a result of its affiliation with PRS that will allow it to enhance and develop strategies to increase occupancy, and stabilize its workforce, in line with Fitch's expectation. At Sept. 30, 2024, the OG had approximately $47.4 million of unrestricted cash and investments, translating to 319 days cash on hand, which is neutral to the assessment of the OG's financial profile. Fitch estimates cash to adjusted debt to be approximately 44.1% - this metric includes $12.9 million in DSRFs as cash. Unaudited fiscal 2025 shows improvement in financial position with cash to adjusted debt increasing to 48.1% and $46.2 million in unrestricted cash translating to 332 days cash on hand. Fitch's baseline scenario, which is a reasonable forward look of financial performance over the next five years given current economic expectations, shows the OG financial profile improving, although this improvement is predicated on Haverland Carter meeting Fitch's expectations of expense management, and occupancy improvement leading to revenue growth over the next five years. The stress scenario incorporates both an investment portfolio and cash flow stress that are in line with current economic conditions and expectations. Under these assumptions, the OG's cash-to-adjusted debt recovers to 35% by year four, which is consistent with the 'BB' rating. Haverland Carter's MADS coverage averages only 1.2x in the stress case, which underscores Fitch's expectation that even with financial improvement, the OG's rating will remain stable over the Outlook period. Asymmetric Additional Risk Considerations There is no asymmetric risk considerations associated with the ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Improvement of census across campuses leading to improved operating metrics; - Improvement of cash to adjusted debt to be consistently above 50% in Fitch's stress case. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Prolonged weak census levels at the OG resulting in weaker operational performance and/or deterioration in liquidity. PROFILE The OG consists of Haverland Carter Lifestyle Group (HCLG), LVL and NIRR. LVL is a Type-A life plan community located in Albuquerque, NM and consists of 354 ILUs, 17 MCUs, 53 ALUs and 55 SNF beds. NIRR is a Type-A life plan community located in Rio Rancho, NM and consists of 90 ILUs, 32 ALUs, 24 MCUs and 48 SNF beds. LVL and NIRR offer fully amortizing and 50% refundable contract options. Over 90% of the residents at LVL and NIRR have chosen the fully amortizing plan. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from Lumesis. ESG Considerations Haverland Carter Obligated Group (NM) has an ESG Relevance Score of '4' for Group Structure due to transfers outside of the OG that have hindered the OG's liquidity growth, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. HERITAGE SALVAGE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division issued an interim order authorizing Heritage Salvage, Inc. to use cash collateral. The court authorized the Debtor to use cash collateral on an interim basis to fund its operations in accordance with its budget. Columbia Bank and other secured creditors will be granted post-petition replacement liens maintaining the same validity and priority as before the bankruptcy filing. The order further provides that the Debtor must make adequate protection payments of $785.28 per month to Columbia Bank. A final hearing is scheduled for December 2, and any objections must be filed by November 25. Heritage Salvage generates income from its reclaimed building materials business and its custom design-and-build operations, and this income constitutes cash collateral of its secured creditors. The Debtor is indebted to Columbia and Credibly under loan agreements secured by recorded UCC-1 financing statements. Heritage Salvage requires the use of the funds on deposit in its bank accounts, which total $28,154.60, as well as the receivables and income generated from ongoing operations. The Debtor estimates its receivables at approximately $78,997, its inventory at $75,000, and its tools and equipment at roughly $30,000. About Heritage Salvage Inc. Heritage Salvage Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10677) on October 26, 2025, listing between $100,001 and $500,000 in assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge William J. Lafferty presides over the case. Gina R. Klump, Esq., at the Law Office of Gina R. Klump represents the Debtor as bankruptcy counsel. HERON BIDCO: Moody's Assigns First Time B2 Corporate Family Rating ------------------------------------------------------------------ Moody's Ratings assigned a B2 corporate family rating and a B2-PD probability of default rating to Heron BidCo, LLC (dba Heidrick & Struggles or Heidrick) in connection with the proposed $1.1 billion leveraged-buyout of Heidrick & Struggles International, Inc. by two financial sponsors, Advent International, L.P. (Advent) and Corvex PE Advisors LP (Corvex), as well as several leading family offices. Concurrently, Moody's assigned a B2 rating to the company's proposed $700 million backed senior secured credit facilities, including a 5-year $150 million revolver and a 7-year $550 million term loan B. Heron BidCo, LLC is the borrower under the proposed credit facilities and a holding company of Heidrick & Struggles International, Inc. The outlook is stable. Heidrick, headquartered in Chicago, IL, is a global human capital advisory firm that provides executive search, leadership consulting, and on-demand talent services to its corporate and financial sponsor clients. Proceeds from the proposed debt financing, along with a contribution of new cash equity, as well as balance sheet cash, will be used to fund the acquisition of 100% of the common stock of Heidrick in a go-private transaction and pay related transaction fees and expenses. Moody's expects the new revolving credit facility will be undrawn at closing. The transaction is expected to close in 4Q 2025, subject to customary closing conditions and applicable regulatory approvals. The assignment of ratings remains subject to Moody's reviews of the final terms and conditions of the proposed financing. Due to the change in ownership and significant increase in debt and financial leverage, ESG governance considerations were key factors in this rating assignment. Historically, Heidrick maintained a debt-free balance sheet, and funding its organic and inorganic growth initiatives with internally generated cash flow. However, the introduction of debt obligations is expected to constrain free cash flow relative to previous years, which heightens its credit profile, particularly given the company's sensitivity to hiring trends and cash flow variability. Moody's also believes that under concentrated ownership the risk of more aggressive financial strategies will be high. In addition, the company will be introducing an equity-based compensation program, which will be incremental to the existing cash payment plans, designed to retain top partners, attract leading talent and retirement planning. Under the consortium's proposed management incentive plan and inclusive of co-investment, Heidrick's employees will own more than 20% of the company's fully diluted equity, a significant increase from approximately 2% prior to the transaction. RATINGS RATIONALE Heidrick's B2 CFR is constrained by the company's elevated debt/EBITDA leverage (based on Moody's adjustments) of 4.5x as of the twelve months ended September 30, 025 and pro forma for the transaction, which Moody's expects will remain at current levels over the next 12-18 months. Prior to this transaction, the company operated with virtually no debt, so Heidrick will need to establish a track record of continued execution while also servicing a substantial debt load. The rating is further constrained by the transactional nature of its revenue, which presents limited visibility into future revenue streams, though significant repeat business from private equity clients partially mitigates this risk. Heidrick's success is highly dependent on its ability to attract and retain key revenue-producing employees and senior leaders. The company faces strong competition from several well-established executive search firms that limits the company's market share, pricing power and profitability. The rise of in-house recruiting and disruptive human resource technologies poses a threat to the traditional executive search model, as clients may choose to perform searches internally or use technology-driven solutions, reducing the demand for the company's services. In addition, the company needs to invest in growth, including increasing headcount and enhancing digital capabilities to maintain relevance, and elevate its brand and reputation. Moody's believes the company is also likely to pursue acquisitions that would expand its revenues into new service line adjacencies. The rating is further constrained by the company's concentrated ownership and Moody's expectations that financial strategies may become more aggressive. All financial metrics cited reflect Moody's standard adjustments. The rating also reflects Heidrick's global leadership in executive search, generating roughly $1.2 billion annually and serving premier corporate and private equity clients across diverse industries. Its established brand, broad service portfolio, and specialized industry expertise distinguish the company within the sector. While executive search and consulting face cyclical and AI-driven challenges, Moody's believes that Heidrick's focus on C-suite and board-level placements insulate it from broader market volatility due to the essential and generally non-cyclical nature of demand for these roles. In addition, the company generates about 25%-30% in re-occurring executive search revenue from its private equity clients, and has limited customer concentration, providing some revenue stability. Heidrick's historically strong partner retention rates, above 95%, combined with the new equity-based compensation plan support the company's talent pipeline for future growth. Moody's believes the company's cash-based compensation model, with bonuses paid in March of the following year, coupled with a highly variable cost structure – about 70% tied to compensation and services – protects profitability and liquidity when cyclical headwinds pressure revenue. The rating is supported by Moody's expectations that the company will sustain positive organic revenue growth and low-teens EBITDA margins over the next 12-18 months. Heidrick's very good liquidity profile and attractive working capital dynamics further provide rating support. Moody's expects Heidrick will maintain a very good liquidity profile over the next 12-15 months. Sources of liquidity consist of a $380 million cash balance as of the twelve months ended September 30, 2025 pro forma for the transaction, including amounts earmarked for earnouts and bonus payout obligations, Moody's expectations for annual free cash flow of at least $60 million over the next 12-15 months, and full access to the proposed $150 million revolving credit facility. The company has moderate cash flow variability; typically, the first quarter is cash flow negative due to substantial bonus payouts and accounts receivable build, but Moody's expects that these payments, along with earnouts related to previous acquisition, will be funded as part of the transaction. Moody's believe that all available liquidity sources to the company provide good coverage relative to the annual mandatory term loan amortization of $5.5 million, paid quarterly. There are no financial maintenance covenants with respect to the term loan, but the revolver is subject to a springing maximum consolidated first-lien net leverage ratio set at static level of 7.75x (as defined in the credit agreement), when the amount drawn at the end of any fiscal quarter exceeds 40% ($60 million) of the aggregate amount of commitments under the revolving credit facility. Moody's do not expect the covenant to be triggered over the next term and believe there is ample cushion within the covenant based on the projected earnings levels for the next 12-15 months. The B2 ratings assigned to the proposed senior secured credit facilities are the same as the B2 CFR, reflecting the preponderance of Heidrick's senior secured debt in the new capital structure. Heron BidCo, LLC is the borrower and the entity that will be providing financial statements. The credit facilities are unconditionally guaranteed on a senior secured basis by Heron MidCo, LLC, a direct parent of the borrower (Holdings) and each of the borrower's direct and indirect wholly-owned material restricted US subsidiaries. All guarantees are secured on a first-priority basis, in substantially all tangible and intangible assets of the borrower and guarantors. Marketing terms for the new senior secured credit facilities (final terms may differ materially) include, without limitation, the following: incremental pari passu debt capacity up to the greater of $160 million and 100% of Consolidated Adjusted EBITDA calculated on a pro forma basis, plus unused amounts from the general debt basket and ratio debt starter amount, plus an additional amount of incremental revolving facilities such that the aggregate amount of Revolving Commitments does not exceed the greater of $160 million and 100% of Consolidated Adjusted EBITDA calculated on a pro forma basis, plus unlimited amounts subject to the greater of 3.75x First Lien Leverage Ratio and a leverage neutral test. There is an inside maturity sublimit up to the greater of $306 million and 200% of Consolidated Adjusted EBITDA, plus any incremental facility incurred to finance an acquisition or similar investment, plus any indebtedness incurred in reliance on the incremental prepayment amount, plus any amounts incurred in reliance on reallocated debt incremental component (i.e. the unused amounts from the general debt basket and ratio debt starter amount), plus any incremental revolving facilities, plus customary term A loans and customary bridge loans. For debt that is otherwise subject to restrictions on the scope of collateral or guarantees supporting such indebtedness, an amount up to the greater of $160 million and 100% of Consolidated Adjusted EBITDA can be incurred as Permitted Alternative Credit Support Amount guaranteed by non-loan parties or secured by non-collateral. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. There are no express protective provisions prohibiting an up-tiering transaction. The credit agreement includes an anti-cooperation provision that prohibits lenders from entering into such agreements without borrower's consent. The stable outlook reflects over view that Heidrick will maintain low to mid-single digit organic revenue growth over the next 12-18 months, modestly expand its EBITDA margins, and generate healthy free cash flow. Moody's also projects the company's debt/EBITDA (based on Moody's adjustments) will remain under 5x in the event of debt-funded M&A. The outlook also anticipates the company will demonstrate a track record of maintaining balanced financial strategies under new ownership and refrain from engaging in sizable debt-funded M&A and shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Heidrick maintains solid organic revenue growth and EBITDA margin expansion, meaningfully increases its scale and diversification, and builds a consistent track record of balanced financial policies while maintaining good liquidity. Quantitatively, the ratings could be upgraded if the company sustains its debt/EBITDA (based on Moody's adjustments) below 4x throughout an economic cycle. The ratings could be downgraded if competitive or cyclical pressures lead to weaker than expected revenue growth or profitability declines. More aggressive financial policies or deteriorating liquidity may also pressure the ratings. Quantitatively, the ratings could be downgraded if Moody's expects debt/EBITDA (based on Moody's adjustments) will be sustained around 6x and free cash flow/debt declines towards the low-single digit percentage range. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Chicago IL, Heidrick is a leading global human capital advisory firm that specializes in executive search, consulting, and on-demand talent services. Founded in 1953, the company operates in 60 offices across 36 countries, with over 2,200 full-time employees. The firm is renowned for its expertise in placing top-level executives and providing leadership consulting and culture-shaping programs. Following the close of the transaction, Heidrick will be majority owned by financial sponsors Advent and Corvex, several leading family offices and employees. Heidrick generated roughly $1.2 billion in GAAP revenue as of the twelve months ended September 30, 2025. HIGHER GROUND: To Sell Georgetown Assets to Path Georgetown ----------------------------------------------------------- Higher Ground Education, Inc., and its affiliates, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. From their inception in 2016 through the beginning of 2025, the Debtors grew to over 150 schools, becoming the largest owner and operator of Montessori schools in the world. The Debtors' mission was to modernize and mainstream the Montessori education movement. In addition to owning and operating the Schools, the Debtors provided training and consulting services to Montessori schools around the world. The Debtors sought to offer an end-to-end experience that covers the entire lifecycle of a family at school, virtually, and at home, from birth through secondary education -- enabled by next-gen, accredited Montessori instruction. The Debtors seek entry of an order approving the form of and authorizing the Debtors to enter into the Transition Agreement, dated June 24, 2025, by and among Guidepost Global Education, Inc. and Debtor Guidepost A LLC, Path Georgetown LLC (Buyer); authorizing the sale of the personal property and equipment (Georgetown Assets) utilized by the School located at 3010 FM 1460, Georgetown, Texas, to the Buyer free and clear of liens, claims, encumbrances, and interests. The Debtors engaged Barclays Capital Inc., Rothschild & Co US Inc., and SC&H Capital, as investment bankers, to pursue various opportunities for the Debtors, including, among other things, recapitalization of existing debt. As a result, the Debtors then began pursuing alternative out-of-court restructuring efforts, such as closing certain schools. The Debtors were forced to close over 50 Schools in 2025 prior to the Petition Date. The Debtors have also worked with landlords to transfer as many campuses as possible to other operators, such as Path, in an effort to reduce damages for landlords and help ensure stability of childcare for communities. On June 24, 2025, the Sellers and Buyer entered into the Transition Agreement for the purchase, sale, and transition of operations of the Georgetown Assets for the aggregate price of $28,000.00. The proposed Sale is in the best interests of the Debtors’ estates and stakeholders. It allows for the disposition of the Georgetown School and its de minimis operational assets free and clear of all interests, claims, liens, and encumbrances. The Transition Agreement was proposed, negotiated and entered into by the Sellers and Buyer without collusion, in good faith and as a result of arm’s-length bargaining, and is expected to close shortly following the receipt of Court approval. About Higher Ground Education Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Bankruptcy Judge Michelle V. Larson handles the case. The Debtors tapped Foley & Lardner LLP, as counsel; and SierraConstellation Partners, LLC, as financial advisor. Verita Global, LLC, f/k/a Kurtzman Carson Consultants, LLC, is the claims agent. HL PIT STOP: Unsecured Creditors to Split $26K in Plan ------------------------------------------------------ HL Pit Stop, LLC, filed with the U.S. Bankruptcy Court for the District of Minnesota a Plan of Reorganization for Small Business dated November 5, 2025. The Debtor is a Minnesota corporation formed in January 2016. Its principal place of business and store location is 620 Dutch Lake Drive, Howard Lake, Minnesota 55349. The Debtor operates an A&W Restaurant. The Debtor also previously operated a small coffee shop and a convenient store at its location. Going forward, the Debtor will operate the A&W Restaurant and the remaining space at its location will be leased to other businesses. The Debtor believes that this proposed Plan ensures the long-term viability of the Debtor and its continued operations in Howard Lake, Minnesota. The Debtor's financial projections show that the Debtor will have sufficient revenue to make payments on the Plan. The final Plan payment is expected to be paid in December 2028. Class 2 consists of all Allowed unsecured claims against the Debtor that are not entitled to priority and are not classified elsewhere in this Plan, including, without limitation, Citizens' unsecured deficiency claims of Citizens, the SBA, ODK Capital and Forward Financing. Pursuant to such deficiency claims, the Schedules and the filed proofs of claim, the Debtor believes the general unsecured claims total approximately $1,819,734.00. Holders of Allowed Class 2 claims shall receive their pro rata share of $26,000 pursuant to the Debtor's projections, which shall follow the payment schedule: Payment 1 Payment 2 Payment 3 July 2027 July 2028 August 2028 $10,000 $8,000 $8,000 The payments shall be paid on a pro rata basis to each holder of an Allowed Class 2 claim. Nothing contained in this Plan shall restrict the Debtor or the Reorganized Debtor from objecting to, contesting, or seeking to avoid a Class 2 claim as permitted under the Bankruptcy Code or otherwise applicable law. The payments to the holder of the Class 2 claims pursuant to this Article shall be in exchange for, and in full satisfaction, settlement, release, and discharge of, the Class 2 claims. Class 3 consists of Equity Interest Holders. Equity Interest Holders are people who hold an ownership interest in the Debtor. The members of Class 3 are David Rollins and Sandra Rollins, each owning 50 percent. The Rollins shall retain their equity interest in the Debtor. All property of the Debtor and the estate is dealt with by this Plan; therefore, on the Effective Date, to the full extent authorized by section 1141(b) of the Bankruptcy Code, all property of the Debtor and the estate vests in the Reorganized Debtor and such property is free and clear of all liens, encumbrances, claims, and interests of creditors, including any notices of lis pendens, except to the extent the Plan explicitly provides that such liens, encumbrances, claims, or interests are retained. A full-text copy of the Plan of Reorganization dated November 5, 2025 is available at https://urlcurt.com/u?l=1YcqoW from PacerMonitor.com at no charge. Attorney for the Debtor: SIELING LAW, PLLC Mary F. Sieling, Esq. 12800 Whitewater Dr, Ste. 100, #3201 Minnetonka, MN 5534 Phone: 612-325-1191 Email: mary@sielinglaw.com About HL Pit Stop HL Pit Stop, LLC operates a convenience-based retail business that combines a gas station with food, beverages, and general merchandise. The Company offers drive-thru meals, deli items, specialty coffee, snacks, and convenience store staples, catering to customers seeking quick service and variety along commuter routes or travel stops. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-42571) on August 7, 2025, with $105,860 in assets and $2,819,521 in liabilities. David Rollins, authorized representative, signed the petition. Judge Katherine A. Constantine presides over the case. Mary Sieling, Esq., at Sieling Law, PLLC represents the Debtor as bankruptcy counsel. HUSKY TECHNOLOGIES: Moody's Puts 'B3' CFR on Review for Upgrade --------------------------------------------------------------- Moody's Ratings placed Husky Technologies Limited's (Husky) ratings on review for upgrade, including its B3 corporate family rating and B3-PD probability of default rating. Moody's also placed Husky Injection Molding Systems Ltd's ratings under review for upgrade, including its Ba3 senior secured multi-currency revolving credit facility rating, and its B3 senior secured term loan and senior secured notes ratings. Previously, the outlook was stable for both entities. This rating action follows the November 03, 2025 announcement of a business combination between Husky and CompoSecure, Inc. (CompoSecure) valuing the combined business at approximately $7.4 billion. The transaction is expected to close in Q1 2026. Proceeds include about $1 billion of rolled equity from Platinum, a $2 billion PIPE investment, cash from the balance sheet, and an amount raised from a Delayed Draw Term Loan (DDTL). Proceeds will be used for a combination of debt repayment, shareholder distributions and fees. Moody's expects the company to fully repay Husky's senior secured notes and CompoSecure's outstanding debt. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS All of Husky's ratings were placed on review for upgrade based on the potentially stronger credit profile of the combined company as it will have a larger and more diversified asset base and will generate stronger free cash flow with a proforma initial financial leverage that is significantly lower than Moody's 6x upgrade trigger. The review will conclude once the transaction has closed. If the transaction closes based on the proposed terms and in alignment with current assumptions, Moody's expects that an upgrade of the debt ratings and CFR would be limited to two notches. Upon close, it is Moody's expectations that the existing Term loan (along with an incremental delayed draw term loan) would be guaranteed by Husky and CompoSecure subsidiaries. Moody's expects debt to EBITDA to be between 4x to 4.5x due to the repayment of debt and from the inclusion of CompoSecure's EBITDA. Corresponding cash flow metrics are also expected to improve, in addition to greater scale, diversity, improved margins and free cash flow. The combined entity would be constrained by a complex financial structure including being held by Resolute Holdings, a public consolidation firm, that takes 10% of LTM Adjusted EBITDA less stock based compensation as a management fee each year. The review will focus on the final post-transaction asset base, capital structure and Moody's assessments of execution risks, macroeconomic conditions, liquidity and cash generation, and deleveraging capacity at the time the deal closes. Moody's expects to conclude the review once regulatory approvals are secured and the deal has closed. Husky Technologies Limited is headquartered in Bolton, Ontario and is the indirect parent of Husky Injection Molding Systems Ltd (Husky IMS), a global manufacturer of plastic injection molding equipment and related components and services for consumer and medical products. The principal methodology used in these ratings was Manufacturing published in September 2025. The B3 corporate family rating is two notches below the scorecard-indicated outcome of B1. This reflects the weaker financial leverage and coverage metrics, narrowly focused business, and private equity ownership risk of the Husky only entity. I A P CONSTRUCTION: Court Extends Cash Collateral Access to Dec. 4 ------------------------------------------------------------------ I A P Construction, Inc. received ninth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral until December 4. The Debtor requires access to cash collateral to pay the expenses set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $55,701.50 for November. American Community Bank & Trust may have an interest in the Debtor's assets, including cash collateral. As protection for the use of its cash collateral, the bank will be granted replacement liens on all post-petition property of the Debtor, including cash collateral, with the same validity, priority and extent as its pre-bankruptcy liens. The Debtor's right to use cash collateral will terminate upon entry of a court order directing the cessation of the use of cash collateral; dismissal of the Debtor's Chapter 11 case; or conversion of the case to one under Chapter 7. The next hearing is scheduled for December 3. About I A P Construction I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02709) on February 24, 2025, listing up to $1 million in both assets and liabilities. Ian Proce, president of IAP, signed the petition. Judge Deborah L. Thorne oversees the case. The Debtor is represented by: David R. Herzog, Esq. Law Offices of David R Herzog Tel: 312-977-1600 Email: drh@dherzoglaw.com INGRAM MICRO: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Ingram Micro Holding Corporation's (IMHC) and its subsidiary, Ingram Micro, Inc.'s (IMI; collectively referred to as Ingram) Long-Term Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook is Stable. Fitch has also affirmed Ingram's asset-based lending (ABL) revolving credit facility at 'BBB-' with a Recovery Rating of 'RR1', and the first-lien term loan and senior secured notes at 'BB+'/'RR2'. The ratings and Stable Outlook reflect Fitch's expectation that continued debt repayment and improved EBITDA generation in 2026 will support credit metrics consistent with the existing ratings over the next few years, including sustained leverage below 4.0x. The ratings also reflect Ingram's position as a leading global IT distributor, its large- scale, diversified customer base, and counter-cyclical free cash flow (FCF) profile. Key Rating Drivers Expected Leverage Improvement: Ingram's leverage stood at 4.1x as of Sept. 27, 2025, elevated from working capital investment to support strong revenue growth. The company increased inventory by $667 million from Dec. 31, 2024, contributing to negative reported adjusted FCF of $532 million for the nine-month period, which was partly funded by credit facility draws. Despite this near-term pressure, Fitch forecasts EBITDA leverage will improve to 3.8x by year-end 2025 with further improvement in 2026, driven by voluntary debt repayments and EBITDA growth. Fitch will continue to monitor Ingram's financial policies, which remain influenced by its financial sponsor and majority shareholder, Platinum Equity, post-IPO. Market Leadership and Scale: Ingram is a leading global technology distributor, offering customers and suppliers a global footprint that optimizes logistics and enables suppliers to reach fragmented demand. With revenue of more than $50 billion and operations in 57 countries, Ingram leverages its presence to meet demand for over 161,000 customers. Ingram's market position is underpinned by its scale, broad product portfolio with over 1,500 vendor partners, and extensive distribution footprint. Fitch believes Ingram is well positioned to adapt to the evolving technology environment. This is due to its robust digital platform which facilitates the delivery of its products and solutions, as well as its capability to support customers' technical and pre- and post-sales needs through its team of over 1,000 engineers. Additionally, Ingram has invested to create an integrated marketplace that includes digital distribution, which strengthens its ability to adapt as technology moves toward "as a service" offerings. Financial Flexibility: Ingram's counter-cyclical FCF profile supports strong financial flexibility. During periods of expansion, Ingram invests in working capital, resulting in cash outflows. However, this dynamic reverses during contractionary periods, as sales declines typically lead to cash inflows. As a result, Ingram generally reduces leverage when revenue declines, although this can lag if inventory builds on the balance sheet and accounts receivable are extended. Additionally, the company has strong liquidity. Industry Dynamics Impact Profitability: The IT distribution business is relatively consolidated, with Ingram and TD SYNNEX Corporation (BBB-/Stable) representing a significant share of the total market. Nevertheless, the industry remains both competitive and low margin due to vigorous competition among IT distributors and IT vendors' leverage over distributors. Ingram's EBITDA margins have historically been below 2.5% and margins can deteriorate quickly during economic downturns. Additionally, FCF tends to be weak or negative during growth periods due to substantial working capital investments. Rating Linkage: Fitch equalizes the ratings of IMHC (parent and financial statement filer) with that of IMI (the operating company) without applying the Parent and Subsidiary Linkage Rating Criteria because IMHC has no material assets or liabilities other than its indirect ownership of IMI, and there are no material impediments to IMHC accessing the assets of IMI. Peer Analysis Ingram's ratings reflect its strong market position, balanced against weaker credit metrics compared with investment-grade peers. Ingram competes directly with TD SYNNEX Corporation (BBB-/Stable), Arrow Electronics, Inc. (Arrow; BBB-/Stable) and other distributors in North American and internationally. Other Fitch-rated peers include Avnet, Inc. (Avnet; BBB-/Negative) and CDW Corporation (CDW; BBB-/Stable). Ingram is the second-largest IT wholesale distributor, moderately smaller than TD SYNNEX, which has lower leverage. TD SYNNEX has a defined financial policy targeting leverage in the 2.0x to 3.0x range, while Ingram lacks a stated leverage target and is majority-owned by a private equity sponsor, making its leverage tolerance over time difficult to assess. The rating difference between TD SYNNEX and Ingram mainly reflects Ingram's higher leverage and uncommitted financial policies. TD SYNNEX's EBITDA margin is typically around 50 basis points higher than Ingram's. Arrow and Avnet are primarily semiconductor distributors, which enables them to capture significantly higher operating and EBITDA margins than IT distributors like Ingram. While Avnet generally does not compete with Ingram, Arrow competes directly through its Enterprise Computing Solutions business. Both Arrow and Avnet typically maintain leverage targets of 3.0x or below; however, a sustained inventory glut in the semiconductor space has pushed leverage above these targets. CDW acts as a multi-brand provider of IT solutions to end-market customers, rather than as an IT distributor. Consequently, it has better profitability and a somewhat higher tolerance for leverage, with a stated leverage target range of 2.0x to 3.0x on a net debt basis. Key Assumptions - Revenue growth of around 8% in 2025, followed by low single-digit growth through the remainder of the forecast; - EBITDA margin of 2.3%-2.4% throughout the forecast; - Secured overnight financing rate (SOFR) of 4.30% in 2025, 3.50% in 2026 and 3.25%-3.50% thereafter; - Assumed cash taxes of 33% as a percent of pre-tax income; - No acquisitions; - Voluntary Term Loan Repayments of $125 million annually through 2027, followed by approximately $150 million in 2028; all other debt held flat at 2024 levels. Fitch assumes the ABL is mostly repaid by year-end 2025 from its $355 million Sept. 27, 2025 balance; - Maturing debt, factoring, receivables facility and uncommitted lines assumed to be constantly renewed; - Cash conversion cycle extends moderately in 2025, then stays flat through the remainder of the forecast; - $75 million of dividend payments in 2025 modestly increasing every year; - $10 million in annual minority interest distributions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage sustained above 4.0x; - (CFO-capex)/debt sustained below 7.5% on a mid-cycle basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA leverage sustained below 3.5x; - Expectation that mid-cycle (CFO-capex)/debt will be above 10%. Liquidity and Debt Structure Strong Liquidity and Financial Flexibility: As of Sept. 27, 2025, Ingram's liquidity consisted of $803 million of cash and approximately $3.15 billion of availability on its $3.5 billion multicurrency asset-based lending (ABL) revolving credit facility. Fitch considers all of Ingram's cash readily available, though a significant proportion is located outside the U.S., potentially causing friction if Ingram wishes to repatriate it. The company has no material near-term debt maturities; Ingram's senior secured notes and ABL mature in 2029, and its term loan matures in 2031. Fitch expects the company to extend the maturity of its European ABS facility (€375 million capacity maturing in October 2026) and various short-term lines of credit in the normal course of business. Ingram may also access additional sources of liquidity not included in Fitch's calculation of liquidity, including accounts receivable factoring programs, and $828 million of other liquidity sources including lines of credit and short-term overdraft facilities, most of which are on an uncommitted basis ($379 million outstanding at Sept. 27, 2025). Ingram's diversified sources of liquidity provide significant operating flexibility, with no need to access capital markets in the next 24 months. Ingram typically maintains above $10 billion in aggregate accounts receivable and inventory balances, suggesting that the borrowing base provides significant overcollateralization and full availability on the ABL facility. Fitch believes liquidity is further enhanced by Ingram's counter-cyclical working capital profile, which typically results in improved FCF during a downturn, offering elevated liquidity support during adverse macroeconomic environments. Issuer Profile Ingram is a leading global wholesale distributor of information technology (IT) products. The company primarily distributes IT hardware (servers, storage, PCs) as well as software and services to value-added resellers (VARs) who in turn sell these offerings to end customers. Summary of Financial Adjustments Fitch's EBITDA is adjusted for the following items: restructuring costs, integration and transition expenses, stock-based compensation, and the gain of the divestiture of the Commerce & Lifecycle Services business. Fitch also deducts minority interest dividends from its EBITDA calculation. In addition, Fitch reverses the accounting treatment of factored receivables by adding them to debt and adjusting balance sheet working capital and relevant cash flow items to reflect the annual changes related to such balances. This includes reclassifying proceeds from deferred purchase price of factored receivables from cash flow from investing to cash flow from operations. Fitch's financial model also includes a reverse factoring adjustment for a portion of outstanding obligations under supplier finance arrangements, based on Fitch's estimate of days payable extension. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Ingram Micro Holding Corporation has an ESG Relevance Score of '4' for Governance Structure due to majority financial sponsor ownership, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Ingram Micro Holding Corporation LT IDR BB Affirmed BB Ingram Micro Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BB+ Affirmed RR2 BB+ INMOBILIARIA LLC: Case Summary & 17 Unsecured Creditors ------------------------------------------------------- Debtor: Inmobiliaria LLC 4725 Wisc. Ave, NW, Suite 275 Washington, DC 20016 Business Description: Inmobiliaria LLC owns and leases a single real estate property at 1324 18th Street NW in Washington, D.C. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00519 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: 301-441-2420 Fax: 301-982-9450 E-mail: jfasano@mhlawyers.com Total Assets: $5,585,618 Total Liabilities: $7,195,332 The petition was signed by Julio Murillo as managing member. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V7NPYQI/Inmobiliaria_LLC__dcbke-25-00519__0001.0.pdf?mcid=tGE4TAMA JAAC CORP: Case Summary & 19 Unsecured Creditors ------------------------------------------------ Debtor: JAAC Corp d/b/a Athenian Greek Taverna 2188 Jericho Turnpike Commack, NY 11725 Business Description: JAAC Corp, doing business as Athenian Greek Taverna, is a restaurant located at 2188 Jericho Turnpike, Commack, NY 11725. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-74344 Judge: Hon. Louis A Scarcella Debtor's Counsel: Lawrence Morrison, Esq. MORRISON, TENENBAUM PLLC 87 Walker Street, Second Floor New York, NY 10013 Email: lmorrison@m-t-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alexander Homenides as president. A copy of the Debtor's list of 19 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FOLKVCA/JAAC_Corp__nyebke-25-74344__0001.2.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FE7HMFA/JAAC_Corp__nyebke-25-74344__0001.0.pdf?mcid=tGE4TAMA JADE HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- Jade Holdings Group LLC filed a voluntary Chapter 11 bankruptcy petition in the Southern District of Florida on November 11, 2025, receiving case number 25-23338. The company reports liabilities between $100,001 and $1 million and estimates having 1 to 49 creditors. About Jade Holdings Group LLC Jade Holdings Group LLC is a limited liability company. Jade Holdings Group LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23338) 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 Peter D. Russin handles the case. The Debtor is represented by Chad T. Van Horn, Esq. JASS LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Jass LLC d/b/a Conoco Truck Stop 3851 Highway 119 Longmont, CO 80504 Business Description: Jass LLC, doing business as Conoco Truck Stop, operates a gas station and convenience store at the leased premises located at 3851 Highway 119, Longmont, Colorado. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17392 Judge: Hon. Kimberley H Tyson Debtor's Counsel: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 E-mail: dwarner@wgwc-law.com Total Assets: $275,683 Total Liabilities: $5,843,591 The petition was signed by Navkirat Singh as manager. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/J2PJ3CQ/Jass_LLC__cobke-25-17392__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ZGF42Q/Jass_LLC__cobke-25-17392__0001.0.pdf?mcid=tGE4TAMA JDM PROPERTIES: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: JDM Properties, LLC 211 Craig Run Rd. Rivesville, WV 26588 Business Description: JDM Properties, LLC owns and manages residential and rental real estate in Marion and Monongalia Counties, West Virginia, including multiple properties in Fairmont, Morgantown, and Rivesville with a combined value of $1 million. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Northern District of West Virginia Case No.: 25-00656 Judge: Hon. David L Bissett Debtor's Counsel: D. Conrad Gall, Esq. D. CONRAD GALL, ESQ. 3497 Fairmont Ave., Suite 2 Fairmont, WV 26554 Tel: 304-363-5632 Fax: 304-363-5632 Email: dcgall4@frontier.com Total Assets: $1,021,000 Total Liabilities: $540,550 The petition was signed by Diane E. Mayle as organizer. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DUD6UHQ/JDM_Properties_LLC__wvnbke-25-00656__0001.0.pdf?mcid=tGE4TAMA JERSEY SHORE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Jersey Shore Steel, Inc. 636 Herman Road Jackson, NJ 08527 Business Description: Jersey Shore Steel, Inc. is a structural and miscellaneous steel fabricator based in Jackson, New Jersey. The Company designs, fabricates, and erects steel components such as beams, columns, roof frames, trusses, stairs, and railings for commercial, public, and private construction projects. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-22002 Debtor's Counsel: Joseph M. Casello, Esq. COLLINS, VELLA & CASELLO, LLC 2430 Highway 34, B12 Manasquan, NJ 08736 Tel: 732-751-1766 E-mail: jcasello@cvclaw.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Gary Loveland as president. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7KDQSKQ/Jersey_Shore_Steel_Inc__njbke-25-22002__0001.0.pdf?mcid=tGE4TAMA JVL COMPANY: Seeks Subchapter V Bankruptcy in New Jersey -------------------------------------------------------- JVL Company Corp. filed for Chapter 11 bankruptcy in the District of New Jersey on November 12, 2025. The filing lists the company's liabilities between $1 million and $10 million, with an estimated 1 to 49 creditors. About JVL Company Corp. JVL specializes in new construction framing, residential and commercial build-outs, repair projects, and coordinated management of multi-phase construction sites. JVL Company Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22024) on November 12, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ellen M. McDowell, Esq. of McDowell Law, PC. LAVENDER LANDSCAPE: Business Operations to Fund Plan Payments ------------------------------------------------------------- Lavender Landscape Design Co. LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization under Subchapter V dated November 6, 2025. The Debtor is a business offering residential and commercial janitorial and cleaning services. At the time of the bankruptcy filing, the Debtor was facing multiple lawsuits and collection holds caused by Merchant Cash Advance loans. Haley Tew is the 100% owner of the Debtor. She will be paid $100,000.00 per year for managing the Debtor's business as well as her role as a Senior Designer. Mrs. Tew will be the 100% owner of the Reorganized Debtor and will continue to manage the business. Her husband, Tyler Tew, also works for the Debtor and receives a salary of $100,000.00. By this Plan the Debtor is seeking to retain all of its personal property, and continue operating its outdoor design and build business creating custom landscape designs with pools, plus construction services, as the Reorganized Debtor. Class Six shall consist of all Allowed General Unsecured Claims. Class Six will be paid the balance under the Plan, pro rata. Class Six includes, but is not limited to Unsecured Claim of the Fox Funding Group, LLC. General Unsecured Creditors will receive distributions quarterly. Class Six is Impaired. Except as set forth in Article I Section A, as of the Effective Date of the Plan, the property, and all Claims of the bankruptcy Estate, shall be vested in the Reorganized Debtor. Haley Tew will be the 100% owner of the Reorganized Debtor. In addition, except as otherwise provided in the Plan or the Confirmation Order, entry of the Confirmation Order shall vest in Debtor, as of the Effective Date, all assets acquired pursuant to this Plan. All assets shall remain property of the estate until Plan completion. Upon Plan completion, all property shall vest in the Reorganized Debtor. Upon such transfer, the Reorganized Debtor shall own all such property free and clear of all liens, Claims and Interests of any person or entity, except as specifically provided in the Plan or the Order Confirming the Plan. Base Plan Payments from Business Operations Months 1-4. The Debtor shall pay $14,837.54 per month, to be distributed as follows: Fox Funding Group, LLC ($6,028.81); Ally Capital ($601.72); Ally Capital ($679.97); Stellantis Financial ($627.04); Casey & Laurie Compton ($5,000.00); and Priority Unsecured 507(a)(7) claims ($1,900.00) per month. Months 5-6. The Debtor shall pay $14,837.54 per month, to be distributed as follows: Fox ELLETT LAW OFFICES 2999 North 44TH Street, Suite 330 Phoenix, Arizona 85018 (602) 235-9510 Funding Group, LLC ($6,028.81); Ally Capital ($601.72); Ally Capital ($679.97); Stellantis Financial ($627.04); Casey & Laurie Compton ($5,000.00); and General Unsecured Creditors, pro rata, $1,900.00 per month. Months 7-12. The Debtor shall pay $14,837.54 per month, to be distributed as follows: Fox Funding Group, LLC ($6,028.81); Ally Capital ($601.72); Ally Capital ($679.97); Stellantis Financial ($627.04); and General Unsecured Creditors, pro rata, $6,900.00 per month. Months 13-24. The Debtor shall pay $19,837.54 per month, to be distributed as follows: Fox Funding Group, LLC ($6,028.81); Ally Capital ($601.72); Ally Capital ($679.97); Stellantis Financial ($627.04); and General Unsecured Creditors, pro rata, $11,900.00 per month. Months 25-36. The Debtor shall pay $21,437.54 per month, to be distributed as follows: Fox Funding Group, LLC ($6,028.81); Ally Capital ($601.72); Ally Capital ($679.97); Stellantis Financial ($627.04); and General Unsecured Creditors, pro rata, $13,500.00 per month. A full-text copy of the Plan of Reorganization dated November 6, 2025 is available at https://urlcurt.com/u?l=dx3cb0 from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald J. Ellett, Esq. Ellett Law Offices, PC 2999 North 44th Street, Suite 330 Phoenix, AZ 85018 Telephone: (602) 235-9510 About Lavender Landscape Design Co. LLC Lavender Landscape Design Co. LLC, based in Tempe, Arizona, provides luxury landscape architecture, design, and construction services for residential clients, offering features such as 3D renderings, custom fire pits, water features, swimming pools, hardscaping, and outdoor lighting. Founded in 2019 by Haley Tew, the Company operates from a 20,000-square-foot facility and serves clients across Arizona with an emphasis on personalized, high-end outdoor environments. The firm handles both design and build phases in-house, catering to projects ranging from mid-sized renovations to multimillion-dollar estate landscapes. Lavender Landscape Design Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-07403) on August 9, 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 Madeleine C. Wanslee handles the case. The Debtor is represented by Ronald J. Ellett, at Ellett Law Offices, P.C. LION RIBBON: Creditors to Get Proceeds From Liquidation ------------------------------------------------------- Lion Ribbon Texas Corp. and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Plan of Liquidation dated November 6, 2025. Prior to the Hilco Transaction, the Company (i.e., the Debtors and their Non-Debtor Subsidiaries) was part of a larger international enterprise owned by IG Design Group plc (the "Former Parent"). Including its headquarters in Berwick, Pennsylvania, the Company utilized 27 operational facilities worldwide as of the Petition Date. These facilities included product development and design studios, manufacturing facilities, sourcing and quality control offices, and fulfillment and distribution centers. In addition to its domestic footprint, the Company utilized certain specialized manufacturing facilities in India and Mexico. The Plan is a liquidating plan. Pursuant to six separate sale orders entered by the Bankruptcy Court on September 17, 2025 (the "Sale Orders"), the Debtors obtained authorization to sell certain of their assets (the "Sale Transactions") to several Purchasers. The Debtors intend to sell their remaining assets through a separate liquidation process authorized by the Bankruptcy Court in the Disposition Services Order and Location Services Order. As such, the Plan provides for (a) the Distribution of any proceeds from the previously-approved Sale Transactions and the liquidation of any remaining assets, as well as the Distribution of other Cash that the Debtors have on hand on the Effective Date, and (b) the creation of a Liquidating Trust and appointment of a Liquidating Trustee that will administer and liquidate certain property of the Debtors, including the Retained Causes of Action, make certain Distributions, and wind up the Debtors' Estates and remaining business affairs. On the Effective Date, the Liquidating Trustee will execute the Liquidating Trust Agreement, thereby establishing the Liquidating Trust for the benefit of Holders of Allowed General Unsecured Claims and, to the extent Allowed General Unsecured Claims are satisfied in full, Allowed Existing Equity Interests (together, the "Liquidating Trust Beneficiaries"). In accordance with the terms of the Liquidating Trust Agreement, the Liquidating Trust Assets, consisting of all Distributable Proceeds, the Wind-Down Reserve and the Cash therein, the CarveOut Account and the Cash therein, the Committee Fee Reserve and the Cash therein, and the Retained Causes of Action, will vest in the Liquidating Trust. Class 3 consists of all General Unsecured Claims. In accordance with the Distribution mechanics described in Article VIII of the Plan, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder of an Allowed General Unsecured Claim shall be deemed a Liquidating Trust Beneficiary and shall receive, in full and final satisfaction, settlement, release, and discharge of its Allowed General Unsecured Claim, its Pro Rata Share of (a) the Committee Location Fee Return and (b) the Distributions in respect of its Liquidating Trust Interests. Class 3 is Impaired under the Plan. Class 6 consists of all Existing Equity Interests. In accordance with the Distribution mechanics described in Article VII of the Plan, except to the extent that a Holder of an Allowed Existing Equity Interest agrees to less favorable treatment, each Holder of an Allowed Existing Equity Interest shall be deemed a Liquidating Trust Beneficiary and shall receive, in full and final satisfaction, settlement, release, and discharge of its Allowed Existing Equity Interest, its Pro Rata Share of the Distributions in respect of its Liquidating Trust Interests. Holders of Allowed Existing Equity Interests shall not be entitled to receive a Distribution on account of such Existing Equity Interests until all Allowed General Unsecured Claims have been paid in full, including Post-Petition Interest. The transactions contemplated by the Plan will be approved and effective as of the Effective Date, without the need for any further state or local regulatory approvals or approvals by any non-Debtor parties, and without any requirement for further action by the Debtors, their board of directors, their stockholders, or any other Person or Entity. On the Effective Date, the Liquidating Trustee shall sign the Liquidating Trust Agreement and accept all Distributable Proceeds, the Wind-Down Reserve and the Cash therein, the CarveOut Account and the Cash therein, including the Committee Fee Reserve and the Cash therein, and the Retained Causes of Action (the "Liquidating Trust Assets"). As of the Effective Date, all Liquidating Trust Assets and all assets dealt with or treated in the Plan shall be free and clear of all Liens, Claims, and Interests except as otherwise further provided in the Plan or in the Combined Order. A full-text copy of the Disclosure Statement dated November 6, 2025 is available at https://urlcurt.com/u?l=WEZozy from Kroll Restructuring Administration, LLC, claims agent. Counsel to the Debtors: Caroline A. Reckler, Esq. LATHAM & WATKINS LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Tel: (312) 876-7633 Email: caroline.reckler@lw.com - and - Ray C. Schrock, Esq. Adam S. Ravin, Esq. Randall Carl Weber-Levine, Esq. Meghana Vunnamadala, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Phone: (212) 906-1200 Email: ray.schrock@lw.com adam.ravin@lw.com randall.weber-levine@lw.com meghana.vunnamadala@lw.com About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. On July 22, 2025, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Orrick, Herrington & Sutcliffe LLP as counsel. LOOK CINEMAS: Court Extends Cash Collateral Access to Dec. 31 ------------------------------------------------------------- Look Cinemas II, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. At the hearing held on November 12, the court extended the Debtor's authority to use cash collateral until December 31 and set a final hearing for December 18. The approval is conditioned on payment by the Debtor of post-petition rent and taxes. All of Debtor's cash is encumbered by a lien filed by TNTF, LLC, as administrative agent for certain bridge lenders, under a loan and security agreement securing certain promissory notes totaling approximately $2,657,956. The lenders include Blackbox Management Group, LLC, Brian Schultz, HJH Interests, LLC, Lagos Trust and Tom Lutz. About LOOK Cinemas II LOOK Cinemas II, LLC operates in the motion picture and video industries. LOOK Cinemas II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November 14, 2024, with $1 million to $10 million in both assets and liabilities. Brian E. Schultz, chief executive officer of LOOK Cinemas II, signed the petition. Judge Michelle V. Larson handles the case. The Debtor is represented by: Frank Wright, Esq. Law Offices of Frank J. Wright, PLLC 1800 Valley View Lane 250 Farmers Branch TX 75234 Tel: 214-238-4153 Email: frank@fjwright.law M&M CUSTARD: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: M&M Custard, LLC d/b/a Freddy's Frozen Custard & Steakburgers 7111 West 151st Street, Suite 112 Overland Park, KS 66223 Business Description: M&M Custard, LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Company operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. Chapter 11 Petition Date: November 14, 2025 Court: United States Bankruptcy Court District of Kansas Thirty-two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- M&M Custard, LLC (Lead Case) 25-21650 M&M Gardner, LLC 25-21649 M&M Bloomington, LLC 25-21651 M&M Carbondale, LLC 25-21652 M&M Cave Springs, LLC 25-21653 M&M Columbia Restaurant, LLC 25-21654 M&M Columbia South, LLC 25-21655 M&M Columbus, LLC 25-21656 M&M Cottleville, LLC 25-21657 M&M Ellisville, LLC 25-21658 M&M Evansville West, LLC 25-21659 M&M Evansville, LLC 25-21660 M&M Florissant, LLC 25-21661 M&M Franklin, LLC 25-21662 M&M Hopkinsville, LLC 25-21664 M&M Jackson, LLC 25-21665 M&M Jefferson City Restaurant, LLC 25-21666 M&M Lake St. Louis, LLC 25-21667 M&M Lexington, LLC 25-21668 M&M Marion, LLC 25-21669 M&M Martin City, LLC 25-21671 M&M Nicholasville, LLC 25-21672 M&M O'Fallon, LLC 25-21673 M&M Owensboro, LLC 25-21674 M&M Paducah, LLC 25-21675 M&M Richmond, LLC 25-21676 M&M Sedalia Restaurant, LLC 25-21677 M&M Seymour, LLC 25-21678 M&M St. Peters Restaurants, LLC 25-21679 M&M St. Robert, LLC 25-21680 M&M Valley Park, LLC 25-21681 M&M Wentzville, LLC 25-21682 Debtors' General Bankruptcy Counsel: Colin N. Gotham, Esq. EVANS & MULLINIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com Lead Debtor's Estimated Assets: $1 million to $10 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Eric H. Cole as managing member. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NUGGYHQ/MM_Custard_LLC__ksbke-25-21650__0001.0.pdf?mcid=tGE4TAMA List of M&M Custard, LLC's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Equity Bank $8,500,000 7701 East Kellogg Wichita, KS 67207-7000 2. Budderfly LLC Business Debt $869,940 PO Box 25197 New York, NY 10087-5197 3. U.S. Foods Business Debt $524,282 1829 Solution Center Chicago, IL 60677-1008 4. West Side Investment, LLC Insider Loan $400,000 5602 West 147th Terrace Overland Park, KS 66223 5. Eric H. Cole Insider Loan $350,000 9518 West 151st Terrace Overland Park, KS 66221 6. Steven Nordstrom Insider Loan $350,000 5602 W. 147th Terrace Overland Park, KS 66223 7. Eric H. Cole Insider Loan $200,000 9518 West 151st Terrace Overland Park, KS 66221 8. Steven Nordstrom Insider Loan $200,000 5602 W. 147th Terrace Overland Park, KS 66223 9. Flowers Food Business Debt $91,733 PO Box 847871 Dallas, TX 75284 10. Retail Data System Southwest Business Debt $71,522 1939 Westridge Dr Irving, TX 75038 11. Hockenbergs Business Debt $70,879 PO Box 6939 Carol Stream, IL 60197-6939 12. St. Charles County, Missouri Taxes $63,570 Collectors's Office 201 North 2nd Street Suite 134 Saint Charles, MO 63301 13. Payne & Jones Law Offices Business Debt $57,661 P.O. Box 25625 Overland Park, KS 66225-5625 14. Jackson County, Missouri Taxes $50,993 Collectors's Office 415 East 12th Street Suite 100 Kansas City, MO 64106 15. St. Louis County, Missouri Taxes $48,373 Collectors's Office 41 South Central Avenue Clayton, MO 63105 16. Johnson County, Kansas Taxes $46,625 Collectors's Office 111 South Cherry Street Olathe, KS 66061 17. Fayette County, Kentucky Taxes $42,497 Tax Collection PO Box 34148 Lexington, KY 40588-4148 18. Jackson County Taxes $42,332 Treasurer - Illinois Courthouse - 1st Floor PO Box 430 Murphysboro, IL 62966-0430 19. MidMO Commercial Business Debt $39,500 Services LLC 123 Cedar Falls Ct. Columbia, MO 65203 20. Ong & Company Business Debt $38,075 9225 Indian Creek Pkwy, Ste 100 Overland Park, KS 66210 MANTECH INTERNATIONAL: Moody's Assigns 'B2' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings assigned a B2 corporate family rating and a B2-PD probability of default rating to Mantech International Corporation (Mantech). Concurrently, Moody's assigned a B2 rating to the planned senior secured credit facility consisting of a $2.15 billion 7-year term loan, $150 million 7-year delayed draw term loan and $350 million 5-year revolving credit facility. The outlook is stable. Mantech will use the term loan proceeds and cash on hand to refinance its existing debt and fund transaction costs. Moody's expects that the revolving credit facility will be undrawn at transaction close. The commitment for the delayed-draw term loan will expire in November 2027. This facility is expected to be used mainly for acquisitions. The refinancing will significantly lower interest expense, supporting free cash flow generation. "The assignment of the B2 CFR reflects Mantech's strong business profile balanced by its relatively modest profit margin compared to larger peers, high financial leverage and its private equity ownership. " said Moody's Ratings Vice President – Senior Analyst, Safat Hannan. The stable outlook reflects Moody's expectations that Mantech will use the positive free cash flow that Moody's projects to reduce debt/EBITDA towards 6.0x by the end of 2026. RATINGS RATIONALE The B2 CFR reflects Mantech's solid market position as a federal government services contractor with expertise in C5ISR (command, control, computers, communications, cyber, intelligence, surveillance, reconnaissance) and artificial intelligence mission support. Mantech is the prime contractor on about 95% of its contracts and has good contract diversity. The company's committed backlog in excess of three years of annual revenue is strong. The company's bid pipeline is also robust. Maintaining its recent win and recompete rates will support growth in the backlog and in revenue in upcoming years. Moody's projects annual revenue growth in the low single digits through at least 2027. The majority of the company's contracts are reimbursed on a cost-plus basis and contribute to an EBITDA margin of about 11%. Moody's expects Moody's adjusted debt/EBITDA, which will be around 6.5x at transaction close, to improve to 6.0x over the next 18 months, underpinned by incremental earnings growth and voluntary debt reduction. However, acquisitions that are debt-funded would slow the pace of deleveraging Moody's projects. Private equity ownership is a governance concern, mainly because of the propensity to sustain higher financial leverage and the ongoing risk of debt-funded shareholder returns that would sustain, if not increase, financial leverage over time. Moody's expectations for Mantech to maintain very good liquidity also supports the ratings assignment. Cash on hand will be approximately $125 million after the refinancing with minimal reliance on the revolver for working capital needs. Moody's projects annual free cash flow of at least $100 million. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of 100% of the Last Twelve Months (LTM) EBITDA Grower Amount and the equivalent dollar amount as of the closing date, plus unlimited amounts subject to either 6.25x First Lien Net Leverage Ratio or leverage neutral incurrence. There is an inside maturity sublimit up to the greater of 100% of the LTM EBITDA Grower Amount and the equivalent dollar amount as of the closing date. The credit agreement is expected to include "J. Crew", "Serta" and "Chewy" protections. Amounts up to 200% of unused capacity from the builder basket, the management buybacks basket, the permitted initial public offering distributions basket, the excluded contributions basket, the leverage-based basket and the general restricted payments basket may be reallocated to incur debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Mantech sustains very good liquidity while sustaining debt/EBITDA around 5.0x and EBITDA/interest expense over 3.0x. Ratings could be downgraded if liquidity deteriorates. The ratings could also be downgraded if EBITDA/interest expense is sustained below 2.0x or if debt/EBITDA does not decline below 6.5x. Headquartered in Herndon, VA, Mantech provides C5ISR and artificial intelligence support services primarily to the US department of defense and intelligence agencies. The company is owned by private equity firm The Carlyle Group. The principal methodology used in these ratings was Aerospace and Defense published in July 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. MARFA CABINETS: Cabinet Business Sale to New Marfa Holdings OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division has approved Marfa Cabinets LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances . The Debtor is engaged in the business of manufacturing and selling sophisticated, high-end kitchen cabinets and bathroom vanities with a factory showroom located at 2050 S. Mount Prospect Road, Des Plaines, Illinois. The Court has determined that the offer of the Buyer, New Marfa Holdings LLC, including the form and the total consideration to be realized by the Debtor: (i) is the highest and best offer received by the Debtor; (ii) is fair and reasonable; (iii) is in the best interests of the Debtor, its creditors and its estate; (iv) constitutes full and adequate consideration and reasonably equivalent value for the Assets; and (v) constitutes reasonably equivalent value under the Bankruptcy Code and the Uniform Voidable Transactions Act. The Debtor’s determination that the Buyer's offer constitutes the highest and best offer for the Assets constitutes a valid and sound exercise of the Debtor's reasonable business judgment. The Asset Purchase Agreement (APA) and the Order were negotiated, proposed, and entered into by the Debtor and Buyer in good faith, from arm’s-length bargaining positions, and without collusion. The Debtor has full power and authority to sell and deliver the Assets and execute and perform under the APA and any other documents necessary or appropriate to consummate the Sale. In the event the Debtor completes a transaction with an alternative party or otherwise fails to complete the transaction with the Buyer for any reason other than the Buyer's material breach of terms and conditions set forth and agreed to in the APA, the APA contains a Termination Fee in the amount equal to 3% of the Purchase Price, plus reimbursement of Buyer's reasonable expenses in an amount not to exceed $25,000.00. The Buyer would not have executed the APA without the presence of the Termination Fee and the Debtor has articulated good and sufficient business reasons for this Court to approve the Termination Fee. The Court has granted the Debtor's Motion and the transactions contemplated by the APA, including the sale of the Assets to the Buyer, is approved. Any objections to the Sale that have not been withdrawn, waived, or resolved, and all reservation of rights included in such objections, are hereby overruled on the merits, except with respect to the reservation of rights of U.S. Bank N.A. d/b/a/ U.S. Bank Equipment Finance. The Buyer shall further have no liability whatsoever with respect to the Debtor's business or operations or any of the Debtor's obligations based, in whole or part, directly or indirectly, on any theory of successor or vicarious liability of any kind or character, or based upon any theory of antitrust, successor, or transferee liability, de facto merger or substantial continuity, labor and employment or products liability, whether known or unknown as of the closing of the Sale, now existing or hereafter arising, asserted or unasserted, fixed or contingent, liquidated or unliquidated, including liabilities on account of any taxes arising, accruing, or payable under, out of, in connection with, or in any way relating to the Assets prior to the closing of the Sale. As of the Closing, all persons and entities holding claims, liens, encumbrances, and ther interests and their respective successors and assigns, are hereby forever barred, estopped, and permanently enjoined from asserting, prosecuting, or otherwise pursuing such claims, liens, encumbrances, and other interests of any kind and nature against the Buyer, the Assets, or any other assets or properties of the Buyer, or commencing or continuing any action that does not comply or is inconsistent with the Order. The failure of the Debtor or the Buyer to enforce at any time one or more terms or conditions of any Assumed Contract shall not be a waiver of such terms or conditions, or of the Debtor's or Buyer's respective rights to enforce every term and condition of Assumed Contract. About Marfa Cabinets LLC Marfa Cabinets LLC, formerly Marfa Cabinets, Inc., is a Chicago-based manufacturer of high-end kitchen cabinets and bathroom vanities that combines modern and traditional design elements to produce custom residential cabinetry. The Company operates a manufacturing facility in Illinois where an in-house team of designers and craftsmen produce cabinets and vanities using European-sourced materials from Italy and Spain and equipment imported from Europe. Marfa Cabinets operates in the household furniture and kitchen cabinet manufacturing sector, supplying custom, made-in-USA cabinetry for premium residential projects. Marfa Cabinets LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12238) on August 11, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. MARTINS FOOD: Amy Denton Mayer Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for Martins Food Technology, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About Martins Food Technology LLC Martins Food Technology, LLC, doing business as Naples Fresh, is a family-owned agricultural company based in Naples, Florida, specializing in greenhouse-grown hydroponic lettuce and herbs. It operates fully controlled, bio-secure facilities that use advanced technology to produce fresh, flavorful, and non-GMO greens year-round. Martins Food Technology emphasizes sustainable farming practices and innovation to deliver local produce while minimizing environmental impact. Martins Food Technology filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02199) on November 5, 2025, with $898,467 in assets and $3,113,463 in liabilities. Saint Clair Martins, managing member, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. MAWSON INFRASTRUCTURE: Former-CEO Misled Board to Get $2.6MM Bonus ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Mawson Infrastructure Group has filed suit in Delaware's Court of Chancery accusing its former CEO of misleading the board in order to secure a roughly $2.6 million bonus. According to the complaint, he allegedly hid the bitcoin-mining company's worsening financial situation, as well as the collapse of a major prospective contract, so that the board would approve the payout. The company argues that by concealing key negative developments, the former CEO breached his fiduciary duties and deprived the board of the information it needed to make an informed compensation decision. Mawson is now seeking to claw back the bonus and hold him accountable for the alleged misconduct, the report states. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MEDICAL PROPERTIES: Narrows Net Loss to $77.7 Million in Fiscal Q3 ------------------------------------------------------------------ Medical Properties Trust, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $77.7 million for the three months ended September 30, 2025, from a net loss of $800.9 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $294.4 million and $2 billion, respectively. Total revenues for the three months ended September 30, 2025 and 2024, were $237.5 million and $225.8 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $701.7 million and $763.7 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $4.1 billion and cash and cash equivalents of $396.6 million. As of September 30, 2025, the Company had $14.9 billion in total assets, $10.3 billion in total liabilities, and $4.7 billion in total stockholders' equity. MPT says its short-term liquidity requirements typically consist of general and administrative expenses, dividends in order to comply with REIT requirements, interest payments on debt, and planned funding commitments on development and capital improvement projects for the next 12 months. "Our monthly rent and interest receipts and distributions from our joint venture arrangements are typically enough to cover our short-term liquidity requirements," MPT says. "Over the next twelve months, we expect our monthly rent and interest receipts to increase with our contractually required annual escalations, from the ramp up of cash rents from the tenants that last year replaced Steward, and expected rent revenue from the replacement tenant of the Prospect California facilities. We would expect these rent and interest increases to outpace the higher interest cost from the recent refinancings. "At November 4, 2025, we only have the EUR500 million, 0.993% Senior Unsecured Notes due 2026, coming due in the next twelve months, as we have provided notice of our intent to extend the revolving portion of our Credit Facility to 2027. In addition, we have liquidity of $1.1 billion (including cash on hand and availability under the $1.28 billion revolving portion of our Credit Facility). We believe this liquidity along with the expected cash receipts of rent and interest pursuant to our contractual agreements with our tenants/borrowers is sufficient to fund our short-term liquidity requirements." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/486yfvzd About Medical Properties Trust Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at www.medicalpropertiestrust.com As of June 30, 2025, the Company had $15.2 billion in total assets, $10.3 billion in total liabilities, and $4.8 billion in total stockholders' equity. * * * In Feb. 2025 S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Medical Properties Trust Inc. The outlook is negative. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating to the company's new senior secured notes. S&P also affirmed its 'CCC+' issue-level rating on Medical Properties Trust's senior unsecured notes and revised the recovery rating on the notes to '4' from '3'. MERIT STREET: Judge Orders Co. to Cut Costs in Chapter 11 --------------------------------------------------------- Emily Lever of Law360 reports that a Texas bankruptcy judge on Thursday, November 13, 2025, slashed Merit Street Media's request for administrative expense payments, signaling strong concern about how the company is managing its Chapter 11 case. The judge highlighted that Merit Street is appealing its potential conversion to Chapter 7 while simultaneously continuing to operate at a loss. The court's move underscores the risk of allowing the debtor to rack up significant fees while its financial footing remains shaky. By trimming back the spending request, the judge is pushing for greater cost discipline and insisting that Merit Street demonstrate more prudence in its restructuring, the report states. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MIDNIGHT VENTURES: Gets OK to Use Cash Collateral Until Dec. 15 --------------------------------------------------------------- Midnight Ventures, LLC got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use up to $169,902.11 in cash collateral through December 15 to pay the expenses set forth in its budget. As adequate protection, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on all post-petition inventory and income derived from the operation of the Debtor's business. The replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens. As additional protection to secured creditors, the Debtor was ordered to provide monthly operating reports detailing revenues and expenditures; maintain full insurance on the secured creditors' collateral; and keep the collateral in good repair throughout the interim period. A final hearing is scheduled for December 11. Midnight Ventures owns and operates a Sinclair gas station and convenience store in Dove Creek. The Debtor's primary assets include its grocery and fuel inventory and its accounts receivable, and it held $1,006.50 in cash on the petition date. The Debtor has several creditors that may claim a security interest in its cash and related assets including the SBA and Offen Petroleum LLC, owed $157,000 and $1,236,319.86, respectively, as of the petition date. The SBA asserts a security interest in substantially all of the Debtor's assets. Offen Petroleum is represented by: Jacob F. Hollars, Esq. Spencer Fane LLP 1700 Lincoln St., Suite 2000 Denver, CO 80203 Phone: (303) 839-3800 Fax: (303) 839-3838 jhollars@spencerfane.com About Midnight Ventures Midnight Ventures LLC, based in Dove Creek, Colorado, owns and operates the Sinclair at Dove Creek fuel and convenience station at 419 W Highway 491, offering fueling services with DINOCARE additives, mobile payments through DINOPAY, and convenience store amenities for local and traveling customers. Midnight Ventures filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 25-16775) on Oct. 17, 2025, disclosing up to $1 million in assets and up to $10 million in liabilities. Judge Joseph G. Rosania Jr. oversees the case. The Debtor is represented by Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, PC. MILOVAN INC: Gets Final OK to Use Cash Collateral ------------------------------------------------- Milovan, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of California, San Diego Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral through January 4, 2026, subject to the terms and limits set forth in the modified budget. This final order supersedes any interim relief previously granted, providing the Debtor with continued operational funding and stability during its Chapter 11 proceedings. In June 2020, Milovan obtained a loan from the U.S. Small Business Administration in the principal amount of $150,000. The loan was later amended three times to increase the amount loaned. The principal amount increased to $500,000 in September 2021, then to $598,700 in December 2021, and finally to $780,900 in January 2022, which is the approximate balance owed today. The SBA loan is secured by a first priority UCC-1 lien against all of the Debtor's assets. The Debtor owns total assets worth $173,750, which include (i) kitchen equipment ($100,000), (ii) inventory ($85,000), (iii) ABC Type 21 off-sale general license ($80,000), and (iv) the claim for payment from Side Yard. Generally, the kitchen equipment, inventory, and Side Yard claim are fully encumbered by the SBA's lien securing the loan. The ABC licenses are not subject to the SBA's lien. The Debtor's cash and accounts receivable constitute SBA's cash collateral. About Milovan Inc. Milovan Inc., dba The Market At Hidden Meadows, operates as a local market with an integrated cafÃ and deli, offering an assortment of menu items such as sandwiches, salads, pizzas, gourmet deli selections, pastries, soft-serve ice cream, and espresso-based drinks. Milovan Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04127) on October 2, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy JudgeÂ J. Barrett Marum handles the case. The Debtor is represented by Donald Reid, Esq. of Law Office of Donald W. Reid. MOD PIZZA: Faces Recurring Financial Losses, Warns Uncertain Future ------------------------------------------------------------------- Lisa Jennings of Restaurant Business reports that over a year after its acquisition -- initially believed to have averted an imminent bankruptcy -- MOD Pizza remains in financial distress. Franchise documents reveal sustained operating losses, limited access to capital, and a loan default. Management further indicated that these issues cast serious doubt on the chain's ability to continue operating without improvement. Elite Pizza Holdings acquired MOD in July 2024 through an affiliate of Elite Restaurant Group, a company known for acquiring struggling brands. MOD hoped the deal would allow it to restructure debt and stabilize operations after closing 44 underperforming stores. Despite those efforts, the company's financial performance remained volatile, and cost-cutting measures continued, the report relays. The pace of closures has since accelerated. MOD reported 70 restaurant closures in 2024, ending the year with 482 units nationwide. Its most recent announcement shows only 454 locations, confirming additional shutdowns across the country. Media reports from markets including Portland, Milwaukee, and Vienna highlight the ongoing contraction. Industry data shows systemwide sales fell 13% in 2024, following a steep drop in unit count, according to report. In response, MOD says it is implementing targeted efforts to strengthen the brand, improve operations, and rebuild momentum. The company hired marketing executive Charae Carter Jenkins to support brand revitalization. Still, its refranchising initiative has yet to produce sales, and MOD is one of several fast-casual chains facing widespread closures amid shifting consumer habits and post-pandemic market pressures, the report states. About Mod Pizza Mod Pizza is a fast-casual restaurant chain. MOUNTAIN VIEW: Gets Extension to Access Cash Collateral ------------------------------------------------------- Mountain View Midstar, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use the cash collateral of its secured lender, United Texas Bank. The court issued a third interim order authorizing the Debtor to use cash collateral in accordance with its budget until the final hearing on December 3 or until the occurrence of a so-called termination event. The budget projects total operational expenses of $104,688.54 for November. To protect United Texas Bank from any loss in the value of its collateral, the court granted the lender replacement liens on all post-petition rents, profits, and other proceeds generated from the Debtor's property. These replacement liens will have the same priority as the lender's pre-bankruptcy liens. In addition, United Texas Bank will receive a superpriority administrative expense claim under Section 507(b) of the Bankruptcy Code, giving it payment priority over most other claims if the collateral's value diminishes. The order also outlines conditions under which the Debtor's right to use cash collateral will terminate automatically such as if the case is dismissed or converted to Chapter 7, or if a Chapter 11 trustee or examiner with expanded powers is appointed. The lender retains the discretion to waive such termination events. About Joseph Mountain View Midstar LLC Joseph Mountain View Midstar, LLC is a real estate company that leases nonresidential properties, including land and other commercial parcels not classified under traditional building categories. It operates in Hurst, Texas, and is associated with the Mountain View Mall and Shops at Ardmore. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42648) on July 22, 2025, listing between $10 million and $50 million in assets and liabilities. The Debtor is represented by Joseph Acosta, Esq., at Condon Tobin. United Texas Bank, as lender, is represented by: Jason M. Rudd, Esq. Scott D. Lawrence, Esq. Ethan A. Minshull, Esq. Catherine A. Curtis, Esq. Meghan D. Young, Esq. Wick Phillips Gould & Martin, LLP 3131 McKinney Avenue, Suite 500 Dallas, TX 75204 Phone: (214) 692-6200 Fax: (214) 692-6255 jason.rudd@wickphillips.com scott.lawrence@wickphillips.com ethan.minshull@wickphillips.com catherine.curtis@wickphillips.com meghan.young@wickphillips.com NABORS INDUSTRIES: Fitch Hikes LongTerm IDR to 'B', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has upgraded Nabors Industries Ltd. and Nabors Industries Inc.'s Long-Term Issuer Default Rating to 'B' from 'B-'. The Outlook on the IDR is Stable. Fitch has assigned a 'BB-' rating with an 'RR2' Recovery Rating to Nabors Industries Inc.'s proposed senior priority guaranteed notes due 2032. Fitch has also upgraded the revolving credit facility to 'BB'/'RR1' from 'BB-'/'RR1', the existing senior priority guaranteed notes to 'BB-'/'RR2' from 'B+'/'RR2', the senior guaranteed notes to 'B-'/'RR5' from 'CCC'/'RR6', and the senior unsecured notes to 'CCC+'/'RR6' from 'CCC'/'RR6'. The upgrade reflects cash proceeds from the Quail Tools divestment used for material gross debt reduction and assumption of successful completion of the proposed senior priority guaranteed notes offering as well as the expected refinancing of the 2027 notes. Fitch expects medium-term refinancing risk to persist but to be more manageable by the longer maturity runway, lower gross debt, and lower EBITDA leverage, with modest FCF generation. Key Rating Drivers Quail Divestment Supports Debt Reduction: Fitch assesses Nabors' divestment of Quail Tools as credit-positive, as Fitch expects it to use the proceeds to reduce gross debt by around $575 million. Management applied $375 million of initial cash proceeds toward repaying revolver borrowings and redeemed $150 million of SPGN notes due 2027. Fitch expects proceeds from the Superior seller note could be used to repay additional gross debt. Fitch forecasts Nabors' gross debt at around $2.1 billion following the transactions. This, along with the extended maturity profile, supports the upgrade. SPGN Issuance Extends Maturities: Fitch views the company's proposed SPGN issuance favorably as it will facilitate the refinancing of the company's existing SPGN due 2027, which reduces near-term refinance risks. Fitch projects management could also address a material amount of the PGN notes due 2028 with proceeds from the repayment of the seller note related to the initial Quail financing transaction. The transaction provides over three years of runway for Nabors to address the exchangeable notes maturity in 2029, which Fitch views as achievable. Modest FCF Outside Joint Venture: Fitch's base case forecasts neutral FCF for Nabors in 2026 on a consolidated basis and around $100 million to $125 million of FCF outside of its Saudi Aramco joint venture (JV). Fitch projects the JV will generate around $100 million to $150 million of negative FCF for the next two years to fund the new-build rig program. Full-year capital expenditures are projected at around $705 million, with around $300 million expected for the JV. Fitch expects management to allocate excess FCF toward gross debt reduction to help manage the medium-term maturities. Stable International Segment Performance: Nabors' international drilling segment exhibits resilience through the cycle, even though a considerable portion of international EBITDA is generated through the JV, from which Nabors has a limited ability to extract cash in the near term. The international segment's average rig count modestly improved to 89 rigs in 3Q25 from 85 in 3Q24, in contrast with the softening U.S. segment. Historically, international margins have been slightly higher than U.S. margins and the longer contracts provide more certainty of future utilization. Daily rig margins also increased to $17,931 in 3Q25, up from $17,085 in 3Q24. Softer U.S. Activity, Utilization: Nabors' U.S. drilling segment has exhibited softness since 1Q25, primarily driven by weaker oil prices and reduced drilling activity. Nabors' U.S. Lower 48 (L48) quarterly average rig count declined to 59 in 3Q25, down from 68 in 3Q24. The company's daily gross margin also declined to $13,151 in 3Q25 from $15,051 in 3Q24 due to the weaker L48 conditions. Management projects the L48 quarterly average rig count to rebound modestly in 4Q25 and into 2026, predominately from gas-focused drilling. Medium-Term Refinance Risk: Fitch believes medium-term refinancing risks persist after the company's proposed SPGN issuance because of the large note maturities starting in 2030. Fitch expects management will allocate its incremental FCF toward repaying the senior exchangeable notes due in 2029 and then toward the 2030 maturities, which should help lower refinance risks. However, negative trends in the drilling environment and/or a reduction in projected FCF generation, combined with the complicated capital structure, could potentially present difficulties accessing capital markets to refinance the large debt maturities starting in 2030. 2.5x Leverage Metrics: Fitch projects Nabors' EBITDA leverage will remain at or below 2.5x throughout the rating horizon, which Fitch recognizes is moderately higher than oilfield services (OFS) peers. Continued commitment from management to reduce gross debt should help reduce EBITDA leverage over time. Peer Analysis Fitch compared Nabors with Canadian-focused onshore driller Precision Drilling Corporation (BB-/Stable) and offshore drillers Valaris Limited (B+/Stable) and Seadrill Limited (B+/Stable). Nabors' gross margins in the U.S. are higher than Precision's margins and are supported by its offshore and Alaskan rig fleet which operate at higher margins. Nabors' significant international presence typically benefits from longer-term contracts, reducing U.S. market volatility. Nabors' margins are typically less volatile through the cycle than its offshore peers, Valaris and Seadrill, although Precision, Valaris and Seadrill are projected to generate higher FCF in the medium term than Nabors. Precision, Valaris and Seadrill have stronger credit metrics and materially lower maturity risk than Nabors, while their liquidity profiles are broadly similar. Key Assumptions - West Texas Intermediate (WTI) oil price of $65 per barrel (bbl) for the remainder of 2025, $60 per bbl in 2026 and 2027 and $57 per bbl thereafter; - Henry Hub natural gas prices of $3.40 per million cubic feet (mcf) for the remainder of 2025, $3.50 per mcf in 2026, $3.00/mcf in 2027 and $2.75 thereafter; - Proposed SPGN issuance and subsequent debt repayment closes as planned; - Acquisition-related revenue and EBITDA growth in 2025, flat growth in 2026 followed by modest declines in line with price assumptions; - Capex of $715 million in 2025 followed by growth-linked increases; - FCF generation used to reduce gross debt. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes Nabors would be reorganized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim. Going-Concern Approach Nabors' going-concern EBITDA was increased to $525 million from $500 million to account for the incremental EBITDA generation from the remaining Parker businesses. Nabors' going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level on which Fitch bases its enterprise valuation. The going-concern EBITDA assumption for commodity-sensitive issuers at a cyclical peak reflects the industry's move from top-of-the-cycle commodity prices to midcycle conditions and intensifying competitive dynamics. The going-concern EBITDA assumption represents the emergence from a prolonged commodity price decline. Fitch assumes stress case WTI oil price assumptions of $55 per bbl for the remainder of 2025, $32 per bbl in 2026, $42 per bbl in 2027 and $45 per bbl thereafter. The going-concern EBITDA assumption reflects a loss of customers and lower margins, as exploration and production companies cut rigs and pressure oil service firms to reduce operating costs. The EBITDA assumption also incorporates the structural weakness outside of the JV and overall high rig supply but improving demand. The assumption reflects corrective measures taken in the reorganization to offset adverse conditions that triggered default, such as cost cutting and optimal deployment of assets. An enterprise value multiple of 4.0x EBITDA is applied to going-concern EBITDA to calculate a post-reorganization enterprise value. The Choice of this Multiple Considered the Following Factors: - The historical bankruptcy case study exit multiples for peer energy OFS companies have a wide range, with a median of 6.1x. The OFS sub-sector ranges from 2.2x to 42.5x due to the more volatile nature of EBITDA swings in a downturn; - Fitch used a multiple of 4.0x to estimate a value for Nabors because of concerns over a longer-duration downturn with a high mix of international rigs that are not easily mobilized and continued capital investment required to remain competitive with peers and maintain high-quality, technologically advanced rigs for operators. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch assigns a liquidation value to each rig based on management discussions, comparable market transaction values, and upgrades and new build cost estimates. Different values were applied to top-of-the-line super-spec rigs, lower-value super-spec rigs, non-super-spec rigs and higher-value international rigs. The secured credit facility is assumed to be fully drawn upon default and is super senior in the waterfall. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the secured credit facility, a recovery of 'RR2' for the SPGN, which are subordinated to the secured credit facility, a recovery of 'RR5' for the PGN (which are subordinated to the SPGN) and an 'RR6' to the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to reduce gross debt and proactively manage the maturity schedule, leading to heightened refinancing risks; - Inability to access the revolving credit facility or other material reductions in liquidity; - Maintenance of midcycle EBITDA leverage above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Proactive management of the maturity profile that reduces medium-term refinancing risks; - Positive FCF generation with proceeds applied to reduce total gross debt; - Maintenance of midcycle EBITDA leverage below 2.5x. Liquidity and Debt Structure Cash attributable to Nabors at 3Q25 was approximately $211 million, which is net of approximately $217 million held in the Saudi Aramco JV and not available to Nabors. Following proposed SPGN issuance and receipt of the seller note proceeds, Nabors will have full availability under its $350 million secured revolving facility, which includes an accordion feature for an additional $200 million of commitments, subject to lender approval. The next material maturity is the $250 million exchangeable note due June 2029 which provides a moderate runway for Nabors to generate FCF and continue repaying gross debt. Issuer Profile Nabors is one of the largest drilling contractors in the world, with operations in both the U.S. and international markets. Nabors also owns a drilling solutions business that offers specialized drilling technologies along with a rig technologies business offering advanced drilling rig equipment. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Nabors Industries, Ltd. LT IDR B Upgrade B- senior unsecured LT B- Upgrade RR5 CCC Nabors Industries, Inc. LT IDR B Upgrade B- senior unsecured LT BB- New Rating RR2 senior unsecured LT CCC+ Upgrade RR6 CCC senior unsecured LT B- Upgrade RR5 CCC senior unsecured LT BB- Upgrade RR2 B+ senior secured LT BB Upgrade RR1 BB- NEW NORMAL BREWING: Gets Interim OK to Use $153K in Cash Collateral ------------------------------------------------------------------- New Normal Brewing, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use $153,497 in cash collateral from November 1 to December 1 according to its budget. As adequate protection, the Debtor was ordered to pay $2,625 to Heritage Bank of Commerce for October and another $2,625 for November. As additional protection, the court granted Heritage replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as its pre-bankruptcy liens. The next hearing is scheduled for December 1. New Normal Brewing said that without access to cash collateral, it will be forced to cease operations and lay off all employees. It believes the liquidation value of its collateral is under $60,000, which is less than Heritage Bank of Commerce would receive under its plan of reorganization. Heritage Bank of Commerce is represented by: Mia S. Blackler, Esq. Lubin Olson Niewiadomski LLP Transamerica Pyramid 600 Montgomery Street, 14th Floor San Francisco, CA 94111 Telephone: (415) 981-0550 Facsimile: (415) 981-4343 mblackler@lubinolson.com About New Normal Brewing New Normal Brewing LLC, doing business as Temescal Brewing, is an Oakland-based brewery. New Normal Brewing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-41895) on October 9, 2025. In its petition, the Debtor reported estimated assets between $50,001 and $100,000 and estimated liabilities between $500,001 and $1 million. The Debtor is represented by Christopher Hart, Esq., at Nuti Hart, LLP. NEWELL BRANDS: Moody's Cuts CFR to 'B1', Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded Newell Brands, Inc.'s (Newell) ratings including its Corporate Family Rating to B1 from Ba3, Probability of Default Rating to B1-PD from Ba3-PD, senior unsecured note ratings to B2 from B1, and senior unsecured medium term notes program ratings to (P)B2 from (P)B1. Moody's affirmed the NP (not prime) commercial paper rating. The outlook remains negative and the speculative grade liquidity (SGL) rating changed to SGL-3 from SGL-4. The ratings downgrade reflects ongoing pressures on Newell's business as persistently weak consumer demand continues to impact its top line and higher costs and lower volumes are hindering its ability to meaningfully expand its operating profit margin and improve credit metrics. As a result, Moody's anticipates the company's financial leverage will remain elevated with debt/EBITDA at around 6.4x by the end of fiscal 2025, along with a free cash flow deficit for the year, after dividend payments. Newell is actively implementing its strategy to improve revenue trends and the operating profit margin by focusing investments on its top 25 brands and streamlining the operational footprint, processes, and expenses. Moody's anticipates that ongoing and upcoming product innovations, combined with increased marketing efforts and improved competitive pricing, will help stabilize revenue in fiscal 2026. These initiatives, together with continued cost control and measures to offset tariff impacts, are expected to contribute to modest EBITDA margin improvement. Moody's projects that the company's debt/EBITDA leverage will decline but remain high at around 6.0x by the end of fiscal 2026 and free cash flow will continue to be weak. Downside risks also remain high and the magnitude of profitability gains could be muted by weak consumer confidence, challenges to effectively take pricing, and potential high tariff costs. The upgrade to SGL-3 reflects that Newell previously addressed its 2026 debt maturities through a refinancing earlier this year. Newell's adequate liquidity is supported by Moody's expectations for free cash flow to turn positive in 2026 of at least $100 million, no debt maturities over the next 12 months, and roughly $700 million of availability on the $1 billion revolver. Liquidity will weaken if the company does not proactively address its 2027 maturities that consist of the revolver in expiring August 2027 and the $500 million of notes due September 2027. RATINGS RATIONALE Newell's B1 CFR reflects its large scale, well recognized brands, and good product and geographic diversity. The rating is constrained by concerns around the long-term growth prospects of the company's mature product categories such as small appliances and cookware, food storage, and writing that require constant investment and innovation to spur growth and retain market share. The rating also reflects the cyclicality and discretionary nature of some of its products that are negatively impacted during the current soft consumer demand environment. Newell's dividend payments constraint its financial flexibility, especially during economic weakness, because it weakens free cash flow at a time when financial leverage remains high. Debt/EBITDA leverage of 6.9x as of September 30, 2025 is high and currently elevated for the rating. Moody's expects leverage to decline to around 6.0x by the end of 2026 as Newell executes its strategies to improve operating efficiency and margins but there is risk of leverage remaining very high if consumer demand does not improve. Newell's 2.5x net debt-to-EBITDA leverage target (based on the company's calculation) is well below the current 5.3x level as of September 30, 2025 and indicates management's desire to reduce leverage meaningfully. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects risks that leverage could remain elevated over the next 12 to 18 months due to weak consumer demand for discretionary goods, tariffs and the execution risk and time necessary to realize benefits from the company's strategies to improve operating efficiency and margins. These factors could weaken free cash flow and increase revolver usage at a time when the company has sizable debt maturities from 2027-2030. Ratings could be upgraded if good operating execution of Newell's strategic initiatives and improved end market demand leads to sustained organic revenue growth with the EBITDA margin recovering at least to the low-to-mid-teens percent range. The company would also need to maintain debt/EBITDA leverage below 5.0x, generate free cash flow relative to debt of at least 4%, improve liquidity and demonstrate a consistent strategic direction. Ratings could be downgraded if Newell's revenue or EBITDA margin do not improve materially or the company is not able to generate comfortably positive free cash flow. Additionally, the ratings could be downgraded if Newell's debt-to-EBITDA is sustained above 6.0x or liquidity deteriorates. Newell Brands Inc. is a global marketer of consumer and commercial products utilized in the home, office, and commercial segments. Key brands include Rubbermaid, Graco, Oster, Coleman, Sharpie, Mr. Coffee and Yankee Candle. The publicly-traded company generated approximately $7.3 billion of revenue as of last twelve months ending September 30, 2025. The principal methodology used in these ratings was Consumer Durables published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. NOR CAL DESIGN: Christopher Hayes Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for Nor Cal Design & Construction, Inc. Mr. Hayes will be paid an hourly fee of $470 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About Nor Cal Design & Construction Inc. Nor Cal Design & Construction Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-42087) on November 04, 2025, with $500,001 to $1 million in assets and liabilities. Judge Charles Novack presides over the case. Elizabeth C. Sears, Esq. represents the Debtor as legal counsel. OFFICE PROPERTIES: Dec. 3 Final Hearing on DIP Financing -------------------------------------------------------- Judge Christopher Lopez of the United Bankruptcy Court for the Southern District of Texas granted on an interim basis the motion of Office Properties Income Trust and its affiliated debtors for entry of an order: (A) authorizing (I) the Debtors to use certain cash collateral, (II) the DIP Loan Parties to obtain secured postpetition financing and granting liens and superpriority administrative expense claims, and (III) the Debtors to provide adequate protection to the Prepetition Secured Parties under Sections 361, 362 and/or 363 of the Bankruptcy Code, and (B) scheduling interim and final hearings. A hearing to consider entry of the Final Order and final approval of the DIP Facility and use of Cash Collateral is scheduled for December 3, 2025, at 1:00 p.m. (CT) at the United States Bankruptcy Court for the Southern District of Texas. The Debtors sought, among other things, the following relief: (i) the Court's authorization, pursuant to Sections 363 and 364(c) of the Bankruptcy Code, for Office Properties Income Trust, to (A) enter into a secured debtor-in-possession financing facility, and, for each of the DIP Borrower and each of its existing and future, direct and indirect domestic, wholly-owned subsidiaries that are Debtors in the Chapter 11 Cases (but excluding OPI WF Holding LLC, OPI WF Borrower LLC, OPI WF Owner LLC and 440 First Street LLC to enter into guarantees, pursuant to which the DIP Guarantors shall unconditionally, on a joint and several basis, guarantee the DIP Facility, consisting of a multiple draw secured term loan credit facility pursuant to the Secured Debtor-in-Possession Term Loan Credit Agreement administered by Acquiom Agency Services LLC, as administrative and collateral agent (the "DIP Agent"), and provided by the lenders party thereto, which shall be available, subject to the terms and conditions set forth in this Interim Order and the other DIP Documents, in an aggregate principal amount of up to $125,000,000, of which $10,000,000 shall be available following entry of this Interim Order and $115,000,000 shall be available following and subject to entry of the Final Order; (ii) the Court's authorization of the DIP Loan Parties to execute the DIP Credit Agreement and the other DIP Documents to which they are a party and to perform such other and further acts as may be necessary or appropriate; (iii) the Court's authorization for the DIP Borrower to incur the DIP Loans, make intercompany loans to other Debtors and non-Debtor affiliates with the proceeds of the DIP Facility, and for the DIP Loan Parties to use the DIP Loans; (iv) the Court's authorization to grant in favor of the DIP Agent, for the benefit of the DIP Lenders, in respect of the DIP Obligations, the DIP Superpriority Claims and the DIP Liens in all DIP Collateral; (v) the Court's authorization for the Debtors to use "cash collateral" as such term is defined in Section 363 of the Bankruptcy Code; (vi) the Court's authorization to grant, as of the Petition Date, adequate protection for the benefit of the Prepetition Secured Parties, including, the Adequate Protection Claims and Adequate Protection Liens, in each case to the extent of and as compensation for any Diminution in Value, and the payment of fees and expenses to the Consenting Prepetition Secured Parties; (vii) the modification by the Court of the automatic stay imposed by Section 362 of the Bankruptcy Code and any other applicable stay (including Bankruptcy Rule 6004) solely to the extent necessary to implement and effectuate the terms and provisions of the DIP Facility, this Interim Order and the other DIP Documents and to provide for the immediate effectiveness of this Interim Order; and (viii) the scheduling by the Court of a final hearing to consider entry of an order granting the relief requested in the Motion on a final basis. Any objections to the Motion with respect to entry of this Interim Order, to the extent not withdrawn, waived or otherwise resolved, and all reservation of rights included therein, are denied and overruled. A copy of the Court's Order dated November 5, 2025, is available at https://urlcurt.com/u?l=Iw1XUS from PacerMonitor.com. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. 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. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OMNICARE LLC: Wins Final OK on Postpetition Financing ----------------------------------------------------- Judge Stacey G. Jernigan of the United Bankruptcy Court for the Northern District of Texas granted on a final basis the motion of Omnicare, LLC and its affiliated debtors seeking entry of a final order that, among other things: i. authorizes the Debtors, jointly and severally, to obtain a non-amortizing, priming super-priority senior secured postpetition credit facility in an aggregate principal amount of up to $110,000,000 of which, upon entry of the Interim Order and subject to the terms and conditions thereof, (a) up to $25,000,00 (the "Interim Amount") was made available to, and was drawn by, the Debtors and (b) upon entry of this Final Order and subject to the terms and conditions hereof, the remaining $85,000,000 (the "Final Amount"), subject to the maximum aggregate amount of the Commitments, will be available through additional draws, in each case, subject to the terms and conditions set forth in the Senior Secured, SuperPriority Debtor-in-Possession Loan and Security Agreement among the Debtors, as Borrowers, and JMB Capital Partners Lending, LLC, as Lender; ii. approves the terms of the DIP Credit Agreement and the other DIP Documents, and authorizes the Debtors to execute, deliver, and perform under the DIP Documents; iii. authorizes the Debtors, on a final basis, to incur and guarantee the DIP Loans and all other obligations, of any kind, to or for the benefit of the DIP Lender under the DIP Documents (including, without limitation, all loans, notes, advances, extensions of credit, financial accommodations, reimbursement obligations, fees, premiums, the Additional Commitment Fee, the Additional Exit Fee, and any other fees payable pursuant to the DIP Documents), and to perform such other acts as may be required or appropriate; iv. authorizes and directs the Debtors, on a final basis, to use the proceeds of the DIP Facility and the Cash Collateral solely in accordance with the DIP Documents and this Final Order to (a) fund the working capital and other general corporate purposes of the Borrowers, and any other subsidiaries, if applicable, if such subsidiaries are Borrowers under the DIP Documents; (b) pay fees, costs and expenses of the DIP Facility on the terms and conditions described in the DIP Documents; (c) pay interest and other amounts payable under the DIP Facility and the DIP Documents; and (d) pay the allowed administrative costs and expenses of the Chapter 11 Cases, in each case, solely in accordance with the DIP Documents, the Approved Budget, subject to the Permitted Variance, and the DIP Orders; v. authorizes and approves, on a final basis, the Debtors' grant to the DIP Lender of valid, enforceable, non-avoidable, and automatically and fully perfected and priming security interests, liens, and superpriority claims, including, without limitation, (a) allowed superpriority administrative expense claims pursuant to sections 364(c)(1) of the Bankruptcy Code, subject to only the Carve-Out, and (b) liens in the DIP Collateral, including, without limitation, all property constituting "cash collateral," as defined in section 363(a) of the Bankruptcy Code pursuant to sections 364(c)(2) and 364(d)(1) of the Bankruptcy Code, to secure all DIP Obligations, subject to only the Carve-Out; vi. authorizes the DIP Lender to take all commercially reasonable actions to implement and effectuate the terms of this Final Order and the other DIP Documents; vii. authorizes, as applicable, payment of the DIP Fees (as defined below) at the times and in the amounts set forth in the DIP Documents; viii. subject to the terms hereof, waives (a) the Debtors' right to surcharge any collateral pursuant to sections 105(a) and 506(c) of the Bankruptcy Code or otherwise; and (b) the equitable doctrine of "marshaling" and other similar doctrines with respect to any collateral; ix. modifies the automatic stay imposed by section 362(a) of the Bankruptcy Code to the extent set forth herein and as necessary to permit the Debtors and the DIP Lender to implement and effectuate the terms and provisions of the DIP Documents and the DIP Orders, and authorizes the DIP Lender to deliver any notices and exercise rights and remedies, as contemplated in the DIP Orders and the other DIP Documents; and x. waives any applicable stay (including, without limitation, under Bankruptcy Rule 6004) and provides for immediate effectiveness of this Final Order. All objections to the Motion and this Final Order to the extent not withdrawn, waived, settled, or resolved are denied and overruled on the merits. The Court finds the relief requested in the Motion is fair and reasonable and in the best interest of the Debtors and their estates, and essential for the continued operation of the Debtors' business and the preservation of the value of the Debtors' assets. The DIP Lender has committed to provide financing to the Debtor. The extension of credit and financial accommodations (including, without limitation, the use of Cash Collateral) under the DIP Facility, as provided by the DIP Documents, are fair, reasonable, in good faith, negotiated at arm's length, reflect the Debtors' exercise of prudent business judgment consistent with their fiduciary duties, and are supported by reasonably equivalent value and fair consideration. The Debtors are expressly and immediately authorized, empowered, and directed to execute and deliver the DIP Credit Agreement and the other DIP Documents (in each case, to the extent not previously executed and delivered), and to incur and perform the DIP Obligations in accordance with, and subject to, the terms of the DIP Orders, and to execute, deliver, and perform under all instruments, certificates, agreements, and documents which may be required or necessary for their performance under the DIP Documents, and the creation, perfection, and continuation of the DIP Liens described in and provided for by the DIP Orders and the other DIP Documents. Each of the Debtors is authorized to pay any principal, interest, fees, expenses, and other amounts subject to and in accordance with the DIP Orders and the other DIP Documents, as such amounts become due and owing, without further Court approval (except as otherwise provided herein or in the DIP Credit Agreement), including, without limitation, the Additional Commitment Fee and the Additional Exit Fee, as well as any documented fees and expenses of counsel to the DIP Lender. To secure the DIP Obligations, the DIP Lender was granted, effective immediately upon entry of the Interim Order and approved on a final basis by this Final Order, continuing, effective, valid, binding, enforceable, non-avoidable, and automatically and properly perfected security interests in and liens on the DIP Collateral as follows, in each case subject to only the Carve-Out: a. Liens Priming Any Prepetition Liens, b. Liens on Unencumbered Property, and c. Liens Senior to Other Liens. Subject to and subordinate to only the Carve-Out, the DIP Lender was granted, effective immediately upon entry of the Interim Order and approved on a final basis by this Final Order, pursuant to section 364(c)(1) of the Bankruptcy Code, allowed superpriority administrative expense claims against each Debtor and its estate in the Chapter 11 Cases and any Successor Cases (without the need to file any proof of claim) for all DIP Obligations with priority in payment over any and all priority and administrative expenses at any time existing or arising, of any kind or nature whatsoever, including the kinds set forth or ordered pursuant to any provision of the Bankruptcy Code, including, without limitation, sections 105, 326, 327, 328, 330, 331, 361, 362, 363, 364, 365, 503(b), 506(c), 507(a), 507(b), 546, 726, 1113, and 1114 of the Bankruptcy Code or otherwise, including those resulting from the conversion of any Chapter 11 Case pursuant to section 1112 of the Bankruptcy Code, whether or not such expenses or claims may become secured by a judgment lien or other non-consensual lien, levy, or attachment. The Debtors are authorized on a final basis to use Cash Collateral in accordance with the terms and conditions of this Final Order and the other DIP Documents. The automatic stay of section 362 of the Bankruptcy Code is modified to the extent necessary to permit the Debtors and the DIP Lender to accomplish the transactions contemplated by this Final Order and the other DIP Documents. A copy of the Court's Order is available at https://urlcurt.com/u?l=NpJzXs from PacerMonitor.com. About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. JMB Capital Partners, as DIP lender, is represented by: Robert M. Hirsh, Esq. Kristian W. Gluck, Esq. Jamie Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019-6022 E-mail: robert.hirsh@nortonrosefulbright.com kristian.gluck@nortonrosefulbright.com james.copeland@nortonrosefulbright.com ONEX TSG: Moody's Affirms 'B2' CFR & Alters Outlook to Positive --------------------------------------------------------------- Moody's Ratings affirmed the ratings of Onex TSG Intermediate Corp. ("Onex TSG" or "the company") including its B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B2 senior secured bank credit facility ratings. At the same time, Moody's revised Onex TSG outlook to positive from stable. The ratings' affirmation reflects the company's solid operating performance and strong market position in emergency medicine. The revision of the outlook to positive reflects Moody's expectations for a return to revenue growth and profitability, after the 2025 contract portfolio optimization, such that the financial leverage will decline below 4.5x in the next 12 months, while the company will maintain very good liquidity. RATINGS RATIONALE Onex TSG Intermediate Corp.'s ("Onex TSG") B2 rating reflects its moderately high leverage, reimbursement risk for the company's services and exposure to the impact of ongoing payor disputes. The company's heavy reliance on emergency medicine and a material portion of revenues originating from southern states reflects revenue concentration by physician specialty and geography that each reflect risk captured in the company's rating. Moody's expects that the company will operate with adjusted debt/EBITDA of 4.0-4.5 times in the next 12-18 months. Onex TSG's rating benefits from a company's track record of solid operating performance and strong market position in the inherently volatile emergency medicine staffing industry, as well as conservative financial policies, good customer diversity, and favorable healthcare services outsourcing market trends. The company also benefits from its focus on moving in network with commercial payors, track record of favorable outcomes in the disputes resolved through the federal independent dispute resolution (IDR) process, and ability to flex physician compensation to match with the changing industry demand. Moody's expects that Onex TSG will maintain very good liquidity over the next 12 to 18 months. As of September 30, 2025 the company had approximately $197 million in core cash and $210 million available on its revolver. Moody's estimates that the company will generate positive free cash flow in the next 12 months. The positive outlook reflects Moody's views that the company will operate with debt/EBITDA in the 4.0x-4.5x range and it will maintain very good liquidity in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains its revenue growth and profitability, which would be evidenced by its stable market share in a consolidating market. Quantitatively, if the company's debt to EBITDA was sustained below 4.5 times, along with consistent positive free cash flow and good liquidity, the ratings could be upgraded. The ratings could be downgraded if the company experiences a reduction in reimbursement rates or unfavorable payor mix shift such that the company's operating profits deteriorate or if credit metrics weaken for any reason. Quantitatively, ratings could be downgraded if debt to EBITDA is expected to be sustained above 6.0 times and if liquidity deteriorates including sustained negative free cashflow. Headquartered in Atlanta, GA, Onex TSG Intermediate Corp., doing business as SCP Health (formerly Schumacher Clinical Partners), is a national provider of integrated emergency medicine, hospital medicine services and healthcare advisory services. The company is owned by private equity sponsor Onex Partners Manager LP through the parent holding company - Clinical Acquisitions Holdings LP. Revenue for the twelve months ended September 30, 2025 was approximately $2 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. OUT THE GATE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Out The Gate, Inc. Prime Sports Prime Sportsbook 800 Kings Hwy. N. Cherry Hill, NJ 08034 Business Description: Founded on Feb. 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-12023 Judge: Hon. Karen B Owens Debtor's Counsel: Marc S. Casarino, Esq. KENNEDYS CMK LLP 222 Delaware Ave., Suite 710 Wilmington DE 19801 Tel: 302-308-6645 Email: marc.casarino@kennedyslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jonathan Richards as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HJ73L2A/Out_The_Gate_Inc__debke-25-12023__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Spire Academy Accrued Annual $625,000 5201 Spire Circle Guarantee Geneva, OH 44041 United States of America Jonathan Ehrenfeld Email: jehrenfeld@blueocean.com 2. Churchhill Downs Accrued Annual $250,000 Racetrack, LLC Guarantee 700 Central Ave Louisville, KY 40208 United States of America Mike Anderson Email: mike.anderson@kyderby.com cc: andrew.silver@twinspires.com 3. AC Ocean Walk, LLC Reimbursement $241,000 500 Boardwalk Atlantic City, NJ 08401 United States of America Joseph Muskett, Esq. Email: joseph.muskett@theoceanac.com 4. Ramp Business Corporation Business $59,855 28 West 23rd Street, Floor 2 Credit Card New York, NY 10010 United States of America Legal Department Email: legal@ramp.com 5. Sportradar Solutions, LLC Contractual $42,448 150 South Fifth Street, Service Suite 400 Minneapolis, N 55402 United States of America Michael Gandolfo Email: m.gandolfo@sportradar.com cc: n.norton@sportradar.com 6. Rubin Brown LLP Professional $35,000 10801 W. Charleston Blvd. Services Suite 300 Las Vegas, NV 89135 United States of America Legal Department Tel: +1-702-415-2112 Email: info@rubinbrown.com 7. Jumio Compliance $32,625 100 Mathilda Place Suite 100 Service Sunnyvale, CA 94086 United States of America Brian Christensen Email: brian.christensen@jumio.com 8. Sinclair, Inc. Contractual $30,818 10706 Beaver Dam Road Service Hunt Valley, MD 21030 United States of America Legal Department Email: billing@sbgtv.com Phone: 410-568-1500 9. Applift PTE Ltd. Contractual $27,000 15 Alfred Place Service London, WC1E 7EB United Kingdom Finance Department Email: finance@applift.co 10. Integrity Compliance 360 Inc. Compliance $17,850 7957 N. University Dr. Suite 251 Service Parkland, FL 33067 United States of America Eric Frank Email: info@ic360.io 11. LivePerson, Inc. Compliance $16,714 530 7th Ave, Floor M1 Service New York, NY 10018 United States of America Jonathan Dana Email: accountsreceivable@ liveperson.com Monica Greenberg, Esq. Tel: +1-212-609-4200 12. IMG Arena US, LLC Contractual $14,584 251 Little Fall Drive Service Wilmington, Delaware 19808 United States of America IMG Legal Department Email: mediaar@img.com 13. Gambling.Com Group Contractual $13,342 (GDC America, Inc.) Service 3600 South Boulevard, Suite 200 Charlotte, NC 28209 United States of America Steve Kurnentz Email: steve.kurnentz@gdcgroup.com 14. EveryMatrix Americas Corporation Contractual $12,300 Suite 3102 Brickell Bay Tower Service 1001 Brickell Bay Drive, Miami 33131, Florida Serafino Ferdinando Vaccino Email: serafino.vaccino@everymatrix.com cc: erik.nyman@everymatrix.com Phone: +356-9999-0250 15. SportContentCo. Contractual $9,261 1555 Zion Road Suite 202 Service Northfield, NJ 08255 United States of America Sean Schafer Email: sean.schafer@sportscontentco.com cc: timothy.lowry@us.dlapiper.com 16. Xtremepush, LLC Contractual $7,850 550 W. Main Street Service Boonton, New Jersey United States of America Brandon Asgeirsson Email: brandon.asfeirsson@xtremepush.com Tel: +1-516-329-2591 17. LexisNexis Compliance $6,236 521 Fifth Ave, 7th Floor Service New York, NY 10175 United States of America James Arnold Tel: +1-800-223-1940 Email: globalcustomeraccounting@ lexisnexisrisk.com 18. PushCash, Inc. Contractual $2,567 599 8th Avenue Service San Francisco, CA 94118 United States of America Legal Department Email: billing@pushcash.com 19. SIS Content Services, Inc. Contractual $2,170 P.O. Box 5791 Service Louisville, Kentucky 40205 United States of America Company Secretary Email: legal@sis.tv cc: sisuteam@sis.tv 20. AcuityTec Technology Limited Contractual $2,109 759 Square Victoria Suite 200 Service Montreal, Quebec Suite 200 Montreal, Quebec H2Y 2K3 Canada Eric Grounder Email: invoicing@acuitytec.com OWENS & MINOR: Fitch Lowers LongTerm IDR to 'B+', On Watch Negative ------------------------------------------------------------------- Fitch Ratings has downgraded Owens & Minor, Inc.'s (OMI) Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB-' and placed all ratings on Rating Watch Negative (RWN). The Recovery Rating for OMI's 'BB+' senior secured debt has been revised to 'RR1' from 'RR2'. Fitch also downgraded OMI's senior unsecured debt to 'B'/'RR5' from 'BB-'/'RR4'. The downgrades reflect Fitch's view that EBITDA leverage will remain above 4.0x post-divestiture of the Product & Healthcare Services (P&HS) business because of the challenges the Patient Direct business faces, which will also reduce diversification of revenue and EBITDA. The RWN reflects uncertainty about the performance of OMI until the closing of the planned divestiture and the amount of EBITDA leverage OMI will carry going forward. Fitch will resolve the RWN post-closing and assign a Stable or Negative Outlook based on the outlook for the Patient Direct's performance and refinancing risk for March 2027 maturities. Key Rating Drivers Elevated Leverage Following Divestiture: Fitch expects OMI's EBITDA leverage to rise to about 4.9x at the P&HS divestiture close and moderate to about 4.5x through 2026, exceeding the 4.0x negative sensitivity. Fitch expects OMI to use the full $375 million proceeds for debt reduction. However, elevated working capital needs, transaction costs, and the $80 million Rotech break-up fee have driven incremental revolver and Receivables Sale Program borrowings, increasing debt outstanding and implying lower net debt reduction. Fitch understands that any working capital invested exceeding the working capital target in the Equity Purchase Agreement will be offset through a purchase price adjustment.. Strategic Shifts Raise Execution Uncertainty: OMI's board has shown strategic flexibility by terminating the Rotech acquisition due to regulatory hurdles and high costs. This decision, along with plans to divest its core P&HS business, reflects a major strategic pivot, which may unlock value and sharpen focus on the home health business. Fitch has raised its environmental, social and governance (ESG) score for Management Strategy to '4' from '3' because of the significant pace of change, which raises questions about the long-term stability and strength of the credit profile. The weaker-than-anticipated economics from the P&HS divestiture reflect underlying challenges with the company's core distribution assets. Successful completion of the P&HS divestiture is critical to alleviating ongoing cash flow pressures associated with this segment and improving OMI's overall financial flexibility. Mixed Implications of Patient Direct Focus: OMI's shift to a pure-play Patient Direct business improves margins but reduces diversification and heightens reimbursement risk. The company is more vulnerable to contract losses and policy changes, including Medicare's planned DMEPOS Competitive Bidding Program re-launch in 2026, which previously reduced payment rates by approximately 50% for some products. Fitch's forecasts incorporates conservative Patient Direct growth assumptions. Stranded Costs Weigh on Margins: Fitch-defined EBITDA margin for Patient Direct is expected to decline toward 13% in 2025 and gradually improve to 14% in subsequent years. Near-term compression reflects stranded costs previously shared between segments now fully absorbed by Patient Direct. OMI's guidance implies EBITDA margins approximately 100 bps below Fitch's prior expectations. The company's execution on cost structure adjustments to mitigate stranded costs will be important. Lower exit and realignment costs following the divestiture should contribute to margin expansion. Light Cash Conversion: OMI's FCF is thin relative to EBITDA pending the divestiture, impacted by unfavorable working capital changes and expenses to exit the Rotech acquisition. The company relies on external liquidity sources like credit facilities and factoring programs, indicating insufficient cash flow from operations. Fitch expects near-term FCF pressure from transaction costs, working capital investments, and potential reimbursement to the buyer for separation costs up to $65 million, predominantly in 2026. In the long term, the exit of the P&HS segment is expected to significantly lower OMI's working capital investment needs and improve its cash flow conversion. Peer Analysis OMI's much higher leverage and smaller scale compared with other distributors such as Cardinal Health (Cardinal; BBB/Stable) and McKesson Corp. (A-/Stable) lead Fitch to rate the company below those peers. Post-divestiture, OMI will operate as a pure-play home-based care company serving the home healthcare end market. It competes with other large national distributors such as Medline Borrower, LP (BB-/Positive Watch) and Cardinal's At-Home Solutions segment, as well as specialized niche players, customer self-distribution models, and, to a lesser extent, third-party logistics providers. OMI's smaller scale and narrower business focus increase its vulnerability to adverse market conditions and competitive pressures relative to larger, more diversified peers. Fitch equalizes the ratings of OMI and its subsidiaries as the entities are co-borrowers under the facilities to reflect the cross-guarantees between the entities. Key Assumptions - The forecast reflects only the Patient Direct segment as continuing operations. Cash flows related to the P&HS segment are reflected in "Cash Flows from Non-Operating & Extraordinary Items"; - Patient Direct segment revenues are forecast to grow in the low single digits, driven primarily by volume growth, partially offset by ongoing reimbursement pressure; - Operating EBITDA margins expand from 13% in 2025 to above 14% in the outer years, reflecting cost structure normalization; - Capex is assumed at 5-5.5% of revenue annually, net of proceeds from the sale of patient service equipment; - Negative FCF of more than $200 million in 2025, reflecting elevated working capital requirements for the P&HS segment and transaction and termination costs related to the Rotech acquisition; - FCF margins improve to 3%-5% post-2025 as working capital needs decline significantly following the P&HS divestiture; - Effective interest rate ranges from 6% to 7.0% over the forecast period, moving with SOFR; - Net proceeds from the P&HS divestiture are applied to debt reduction, with the revolver and receivables factoring facility expected to be repaid first; - No substantial common dividends or share repurchases are assumed through 2028. Recovery Analysis Fitch conducts a bespoke analysis to assign instrument ratings to issuers with IDRs of 'B+' and below. The recovery analysis assumes that Owens & Minor, Inc. would be considered a going concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. The recovery analysis assumes the revolving credit facility will be fully drawn and the Receivables Sale Program will not be available during bankruptcy and will be replaced by an equivalent super-senior facility. The recovery analysis is based on the consolidated EBITDA before the P&HS divestiture given it has yet to close. Fitch expects to update the assumptions of this analysis upon the closing of the divestiture, including assumptions for debt structure, going-concern EBITDA of the standalone Patient Direct segment, and the impact of the Receivables Sale Program on debt claim rankings Fitch estimates an enterprise value (EV) on a GC basis of $1.6 billion, based on a GC EBITDA of $350 million and a 6.0x EV multiple. This figure is net of a 10% deduction for administrative claims and approximately $311 million for a super-senior facility replacing the Receivables Sale Program. Fitch applies the net proceeds first to the $1.3 billion senior secured debt, including an assumed fully drawn revolving credit facility, then to the $1.0 billion senior unsecured notes. The GC EBITDA assumes OMI enters bankruptcy following liquidity exhaustion driven by revenue decline and margin compression. Fitch projects a 20% revenue decline from 2024 levels due to contract losses and an EBITDA margin contraction to approximately 4%, reflecting reduced operating leverage and limited cost flexibility. The resulting GC EBITDA of $350 million would be insufficient to cover debt servicing cost, capex, and other non-discretionary expenses, leading to a liquidity-driven default. The 6.0x EV multiple reflects OMI's position as a leading second-tier player in the U.S. medical supplies and equipment distribution industry and peer trading multiples observed from previous M&A transactions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant revenue and EBITDA declines from payor contract losses, unfavorable reimbursement changes, or failure to execute cost reduction actions; - Substantial dependence on external liquidity facilities for working capital needs; - Increased level of debt for shareholder returns (dividends or share repurchases) or highly leveraged acquisitions that Fitch expects will raise business and financial risks without sufficient returns; - Gross EBITDA leverage sustained above 5.0x and (CFO-capex)/debt sustained below 3.0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained revenue and EBITDA margin expansion driven by new payor contract wins, patient volume growth, improved product mix toward higher-margin categories, enhanced collection rates, and effective cost structure optimization; - Reduced dependence on short-term borrowing for working capital needs; - Gross EBITDA leverage sustained below 4.0x and (CFO-capex)/debt above 6.0%. Liquidity and Debt Structure OMI's primary liquidity sources include cash from operations, a $450 million revolving credit facility (RCF), and its Receivables Sale Program (not included in Fitch's sources of liquidity. Fitch anticipates borrowings under the program will be substantially reduced following the divestiture). Near-term FCF remains constrained relative to EBITDA due to negative working capital shifts, driven by inventory buildup to start a new kitting facility for the P&HS segment, and ongoing restructuring and transaction related costs. This underscores OMI's reliance on external financing to support operations and capital investments. OMI's working capital investment should decrease materially following the divestiture of the P&HS segment. OMI's debt profile includes a $311 million Term Loan A and a $450 million revolver commitment maturing in March 2027, with remaining debt due in 2029 and 2030. As of Sept. 30, 2025, $270 million was drawn on the revolver, with $180 million in availability. Fitch expects available cash and modest FCF to cover debt service through 2027, assuming secured overnight financing rate (SOFR) remains between 3.0% and 4.3%. Issuer Profile Owens & Minor, Inc. and subsidiaries is a global healthcare solutions company integrating product manufacturing and delivery, home health supply, and perioperative services to support care through the hospital and into the home. Summary of Financial Adjustments Historical and projected EBITDA are adjusted principally for non-recurring expenses, including acquisition-related costs. Fitch has reinstated the balance of accounts receivables that were treated as sold under OMI's master receivables sale agreement on the balance sheet with a related addition to debt; accordingly, cash flow from operating and financing activities have also been adjusted. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Owens & Minor, Inc. has an ESG Relevance Score of '4' for Management Strategy due to recent significant pace of strategic change, inviting questions about the coherence and stability of the company's vision, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Barista Acquisition I, LLC LT IDR B+ Downgrade BB- senior secured LT BB+ Rating Watch On RR1 BB+ O&M Halyard, Inc. LT IDR B+ Downgrade BB- senior secured LT BB+ Rating Watch On RR1 BB+ Owens & Minor, Inc. LT IDR B+ Downgrade BB- senior unsecured LT B Downgrade RR5 BB- senior secured LT BB+ Rating Watch On RR1 BB+ Byram Healthcare Centers, Inc. LT IDR B+ Downgrade BB- senior secured LT BB+ Rating Watch On RR1 BB+ Owens & Minor Medical, Inc. LT IDR B+ Downgrade BB- PACKERS HOLDINGS: Fitch Lowers LongTerm IDR to 'RD' --------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Packers Holdings, LLC (d/b/a Fortrex) to 'RD' from 'CC' and its outstanding term loans and revolver to 'C' with a Recovery Rating of 'RR5' from 'CC'/'RR4'. The downgrade reflects Fortrex's missed interest payment on its senior secured term loan. The company has entered a forbearance period with creditors and announced an exchange offer, subject to debtholder approval, under which its first lien term loan holders may either exchange into a pro rata share of the reorganized entity's take-back term loans and equity or receive $0.225 in cash for each $1 of principal. Fitch views the transaction as a distressed debt exchange (DDE) under its "Corporate Rating Criteria." According to Fitch criteria, the IDR will be re-rated once the transaction is completed to reflect the post-transaction credit profile. Key Rating Drivers Missed Interest Payment: Fortrex has not paid the interest payment scheduled for Oct. 31, 2025 on its senior secured term loan. An uncured payment default on a bond, loan or other material financial obligation, without entry into bankruptcy filings or cessation of operations, is commensurate with an 'RD' IDR, per Fitch's rating definitions. The company has entered into a forbearance agreement with stakeholders that expires on Dec. 31, 2025. Transaction Support Agreement: Fortrex also announced a transaction support agreement whereby holders of the company's $1.5 billion senior secured term loan can be exchanged into a pro rata share of $250 million take back term loans and equity, or cash subject to an aggregate cap of $25 million. The transaction is subject to debtholder acceptance. Fitch would classify the completed transaction as a DDE due to the material reduction in terms incurred by the lenders during a period of deteriorating quality, allowing the issuer to avoid a default that may have occurred in the near term. Improved Capital Structure: The new debt structure would consist of $250 million in take back term loans and up to $70 million of revolving credit facility, or a forecast 2025 EBITDA leverage of around 5.0x. The accounts receivable facility would be extinguished upon completion of the transaction. Combined with the improved liquidity position, Fortrex is afforded more runway to turn its operations around. Prior to the transaction, Fitch's anticipates EBITDA interest coverage would be below 1.0x in 2025 and 2026 while EBITDA leverage is projected to remain well above 10x through the forecast period. Strong Market Position: Fortrex remains the largest contract sanitation company for the food processing industry in North America, and Fitch believes it has been able to retain many key customers. Fortrex's recent investment in compliance helps the company maintain its competitive position. The company won a number of new projects in the second half of 2023 and the beginning of 2024, but project wins slowed in the second half of 2024. Fitch believes Fortrex's competitive advantage is intact, but a turnaround has been slower than expected. Turnaround Challenges: Fortrex's turnaround efforts in 2025 were hampered by additional labor costs in reaction to uncertainties around immigration policy and enforcement. Fortrex incurred higher operating costs to ensure workforce compliance and mitigate exposure to higher-risk workers, leading cash outflows to remain elevated and constraining financial flexibility. Necessity of Service: Fitch believes the company's business model is supported by its clear and strong position and regulatory barriers. Many U.S. protein plants are inspected daily by the USDA prior to opening. Protein plants must pass these inspections or be subject to fines, citations and production delays, with costs running in the tens of thousands of dollars per hour. In addition, non-protein plants are regularly reviewed by the FDA, with end customers such as Walmart, McDonald's and Subway driving higher sanitation standards. Peer Analysis Fortrex's operating profile is similar to industrial service peers including Pinnacle Buyer, LLC (B+/Stable) and Waste Pro USA, Inc. (B+/Stable). Fortrex and its rated industrial service peers benefit from strong market positions in highly fragmented markets. Prior to the Department of Labor investigation, Fortrex has historically benefitted from long-standing customer relations and business stability, as well as cash flow generation. The company's rating is limited due to its leverage and constrained financial flexibility. Key Assumptions - Customer losses continue to weigh on the company in 2025, leading to sales declines and further margin compression; - Revenue and EBITDA margins begin to recover in 2026; - Capital intensity of about 1% to 2% of sales over the forecast period; - Limited litigation risk stemming from the federal investigation; - Fitch assumes Fortrex will exercise the PIK option on the incremental term loans in 2025 and 2026; - No external liquidity support in the near term. Recovery Analysis The recovery analysis assumes that Fortrex would be reorganized rather than liquidated and would be considered on a going concern (GC) basis. Fitch has assumed a 10% administrative claim. Fortrex's GC EBITDA of $75 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level. Fortrex is currently showing signs of distress and Fitch believes EBITDA is approaching trough levels. Fitch believes the EBITDA level will improve alongside the recovery of sales and margins as the company emerges from distress. Fitch expects the enterprise value multiple will be approximately 6.0x. Fitch believes the company's business profile and market position are strong, despite the highly levered capital structure. Fortrex consistently generated positive FCF and stable margins while growing organically. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The IDR would be downgraded to 'D' upon initiation of any formal bankruptcy procedure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch will reassess the company's credit profile if the transaction support agreement is executed. Liquidity and Debt Structure As of June 30, 2025, Fortrex had $38 million in cash and no additional availability on its accounts receivable securitization facility and revolver. The company's liquidity is pressured by the forecast cash burn in 2025 and 2026. The company's revolver matures in March 2026 and its accounts receivable securitization facility matures in 2027. The senior secured term loans mature in 2028. Issuer Profile Fortrex is North America's largest and the only nationwide provider of outsourced cleaning and sanitation services to the growing food processing industry. The company and its subsidiaries serve a broad customer base of protein and non-protein processing plants. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Fortrex has an ESG Relevance Score of '4' for Labor Relations & Practices due to the recent Department of Labor investigation that is leading to customer attrition, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Fortrex has an ESG Relevance Score of '4' for Management Strategy due to concerns regarding inadequate risk governance and controls or possibly misaligned incentives contributing to alleged labor violations, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Fortrex has an ESG Relevance Score of '4' for Governance Structure due to its exposure to board independence risk, because of sponsor ownership and the potential for aggressive shareholder distributions, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Packers Holdings, LLC LT IDR RD Downgrade CC senior secured LT C Downgrade RR5 CC PALMAS ATHLETIC: Unsecureds Owed $100K+ to Get 10% over 60 Months ----------------------------------------------------------------- Palmas Athletic Club Corp. filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement describing Plan of Reorganization dated November 6, 2025. The Debtor is a domestic not for profit corporation organized under the laws of the Commonwealth of Puerto Rico on June 15, 2010. The Debtor is the owner of certain real estate facilities and related amenities located at Palmas del Mar, Humacao, PR, consisting of an eighteen hole championship golf course known as the Flamboyant Course, an approximately 22,200 square feet golf clubhouse and related facilities, an approximately 5,600 square feet Beach Club house and other related facilities, a Racquet Center with fifteen tennis courts and six pickleball courts and associated facilities including a gym, and a second eighteen hole championship golf course known as the Palm Course (collectively, the "Facilities"). Palmas Country Club, Inc. ("PCCI") (Debtor's predecessor) and the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, an instrumentality of the government of the Commonwealth of Puerto Rico ("AFICA"), entered into a Loan Agreement, dated October 26, 2000 (the "AFICA Loan Agreement"). The Plan considers the obtention of exiting financing from PR Municipal Financing LLC, for up to $7,000,000 to enable Debtor to pay off UBS Trust Company of Puerto Rico's secured claim vis a vis the value of the collateral securing the same or in the alternative providing a long-term payment plan in consideration thereof, together with other long term payment plans. Furthermore, the Plan considers an assessment to Debtor's club members. Class 4 consists of Holders of Allowed General Unsecured Claims for $100,000 or less and those General Unsecured Creditors who voluntarily reduce their claims to $100,000. Excepting the unsecured claim of UBS, which will not receive any dividends under this Class, Holders of Allowed General Unsecured Claims for $100,000 or less and those General Unsecured Creditors who voluntarily reduce their claims to $100,000.00 will receive 10% of their claims, in full payment and release thereof, on the Effective Date. The allowed unsecured claims total $240,608.69. This Class is impaired. Class 5 consists of Holders of Allowed General Unsecured Claims in Excess of $100,000. Excepting the unsecured claim of UBS, who will not receive any dividends under this Class, Holders of Allowed General Unsecured Claims in excess of $100,000.00 will receive 10% of their Allowed Claims in sixty deferred equal consecutive monthly installments, without interest, commencing on the Effective Date and continuing on the 30th day of the following 59 months. The allowed unsecured claims total $474,957.87. This Class is impaired. Except as otherwise provided in the Plan, Administrative Expense Claims and Class 4 will be paid in cash on the Effective Date of the Plan. Allowed Priority Unsecured Tax Claims, Classes 1, 2, and 3 and General Unsecured Claims in excess of $100,000.00 (Class 5) will be paid with the available funds generated by Debtor's operations, funds from the DIP financing, the redemption of securities. The Plan provides for the full payment of Chapter 11 Administrative Expense Claims and Priority Tax Claims, including professional fees, US Trustee's quarterly fees and Priority Taxes pursuant to the payments plan proposed. General unsecured creditors (Classes 4 and 5) will receive 10% of their claims. Classes 2 and 3 will receive 100% of their claims pursuant to the terms discussed earlier. Class 1 will receive between $9,000,000 and $14,000,000 depending on the alternative finally negotiated. A full-text copy of the Disclosure Statement dated November 6, 2025 is available at https://urlcurt.com/u?l=Q1e2G0 from PacerMonitor.com at no charge. Counsel to the Debtor: Charles A. Cuprill, Esq. Charles A. Cuprill, PSC, Law Offices 356 Fortaleza Street, Second Floor San Juan, PR 00901 Telephone: (787) 977-0515 Facsimile: (787) 977-0518 Email: ccuprill@cuprill.com About Palmas Athletic Club Corp. Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Palmas Athletic Club Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03489) on Aug. 4, 2025. In its petition, the Debtor reports total assets of $16,793,944 and total liabilities of $36,514,983. The Debtor tapped Charles A. Cuprill Hernandez, at Charles A. Cuprill, PSC, Law Offices, as counsel; and CPA Luis R. Carrasquillo & Co., PSC, as financial consultant. PINE GATE: Court OKs Bid Protocol for Renewable Energy Biz Sale --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has approved Pine Gate Renewables LLC and its affiliates, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor 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. The Debtors' notice of the Motion, the Bidding Procedures Hearing, and the proposed entry of this Order was adequate and sufficient under the circumstances of the Chapter 11 Cases, and such notice complied with all applicable requirements of the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local Rules. The Bidding Procedures are fair, reasonable, and appropriate and represent the best method for maximizing the value of the Debtors' estates. The Sale Notice is appropriate and reasonably calculated to provide all interested parties with timely and proper notice of the sale of the Assets, including the sale of the Assets free and clear of all pledges, liens, security interests, encumbrances, claims, charges, options, and other interests thereon, any Transaction, the Bidding Procedures, the Auction, and the Sale Hearing, and no other or further notice is required. The Assumption Notice is appropriate and reasonably calculated to provide all interested parties with timely and proper notice of the potential assumption and assignment of the Designated Contracts in connection with the sale of the Assets and the related Cure Costs, and no other or further notice is required. Good and sufficient business reasons exist for the Court to authorize the Debtors to designate Brookfield, Carlyle, and Fundamental as Initial Stalking Horse Bidders for the Brookfield Assets, the Carlyle Assets, and the Fundamental Assets, respectively. The Debtors are authorized to take any and all actions reasonably necessary or appropriate to implement the Bidding Procedures in accordance with the following timeline, located at https://urlcurt.com/u?l=97hr5V. The Debtors reserve the right, and are authorized to, modify the above timeline and the Bidding Procedures in accordance with the Bidding Procedures. The Bidding Procedures are approved in their entirety. The Debtors are authorized to take any and all actions reasonably necessary or appropriate to implement the Bidding Procedures in accordance therewith. The failure to specifically include or reference a particular provision of the Bidding Procedures in this Order shall not diminish or impair the effectiveness of such provision. Any and all objections, if any, to the sale of the Debtors Assets must be filed and served on the Objection Recipients by December 1, 2025, at 5:00 p.m. (prevailing Central Time). The process and requirements associated with submitting a Qualified Bid are approved as fair, reasonable, appropriate and designed to maximize recoveries for the benefit of the Debtors' estates, creditors, and other parties in interest. As further described in the Bidding Procedures, the deadline to submit a Bid is December 15, 2025, at 5:00 p.m. (prevailing Central Time). Any disputes or objections, if any, to the selection of Qualified Bid(s), Successful Bid(s), or Backup Bid(s) (each as defined in the Bidding Procedures) shall be resolved by this Court at the Sale Hearing. The Debtors are authorized to conduct an Auction in accordance with the Bidding Procedures. If the Debtors, in their business judgment and after consultation with the Consultation Parties (as defined in the Bidding Procedures), choose to conduct the Auction, the Auction shall take place on December 17, 2025 at 10:00 a.m. (prevailing Eastern Time) / 9:00 a.m. (prevailing Central Time) at the offices of proposed co-counsel for the Debtors, Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, or at such other place and time as the Debtors shall notify all Qualified Bidders, the Consultation Parties (each as defined in the Bidding Procedures), and all other parties entitled to attend the Auction, and the Auction shall conclude by 6:00 p.m. (prevailing Eastern Time) / 5:00 p.m. (prevailing Central Time) on the date that is one day prior to the Sale Hearing. About Pine Gate Renewables LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed estimated assets on a consolidated basis of $1 billion to $10 billion and estimated liabilities on a consolidated basis of $1 billion to $10 billion. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. ("Tad") Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PINEAPPLE PROPERTIES: To Sell Augustine Property to Szolgyemy Hosp. ------------------------------------------------------------------- Pineapple Properties of SA 2 LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 44 Spanish Street, St. Augustine, FL 32084. The Debtor is a Florida limited liability company, wholly owned and managed by Brian Funk. Mr. Funk formed the Debtor on September 1, 2016. Mr. Funk planned for the Debtor to operate a Bed and Breakfast business. The Debtor has operated the business since 2016 at the 44 Spanish St. Property. The Debtor obtained several secured loans, as well as other unsecured debt over the course of the business operations for the past nine years. On November 12, 2025, the Debtor entered into a Purchase and Sale Agreement with Szolgyemy Hospitality LLC LLC, Balazs Szolgyemy, Manager to sell the 44 Spanish St. Property. The terms of the agreement to sell to the Purchaser are that the Purchaser will pay the gross sales price of $1,900,000.00. The property is scheduled to close on December 18, 2025. The Purchaser has indicated that he will pull out of the deal if the property has not closed by that date. Upon information and belief, the current lien balances on the real property total approximately $1,000,000.00 as estimated by the Debtor. The Debtor will incur $38,000 in realtor fees to close the transaction. The Debtor has determined that a sale of the assets of the company assets would result in an efficient and cost-effective manner of disposing of the estate’s interest in the assets, while simultaneously creating a benefit to the bankruptcy estate and customers of the Debtor. The proposed contract sales price is $1,900,000.00. The amount represents the gross sales price prior to payment of liens and settlement charges on the 44 Spanish St. Property. The Debtor had undertaken efforts to solicit offers from third parties prior to the filing of this motion and this is the best and highest offer for the 44 Spanish St. Property. The Debtor representative signed the contract approximately 8 hours after the deadline but has agreed to complete the sale and participate in the closing. The Purchaser is an uninterested third-party and does not have any relationship with the Debtor or any estate professionals. About Pineapple Properties of SA 2, LLC Pineapple Properties of SA 2, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 3:25-bk-00648) on March 5, 2025. Judge Jacob A. Brown presides over the case. The Debtor hires Law Offices of Mickler & Mickler, LLP as counsel. PREMFLOOR INC: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- Premfloor Inc. submitted a voluntary Chapter 11 bankruptcy filing on November 10, 2025, in the Middle District of Florida. According to court documents, the company holds between $1 million to $10 million in liabilities. It also reports a creditor count of approximately 1 to 49. About Premfloor Inc. Premfloor Inc. is a Florida-based flooring supplier and installation contractor serving residential, commercial, and institutional customers. The company provides a wide selection of flooring materials, including hardwood, laminate, vinyl, tile, and carpet, along with comprehensive services covering project planning, surface preparation, product procurement, installation, and post-installation support. Premfloor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08427) on November 10, 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 Caryl E. Delano handles the case. The Debtor is represented by Edward J. Peterson, III, Esq. of Berger Singerman LLP. PRIVATE LENDER: Updates Quy Claim Details; Amends Plan ------------------------------------------------------ Private Lender Network, LLC C ("PLN") submitted a Disclosure Statement describing Chapter 11 Plan dated November 6, 2025. The current name of the Debtor is Private Lender Network LLC. The Debtor is a Texas limited liability company. Based upon the records with Office of the Secretary of State for the State of Texas (the "SOS"), PLN was originally organized in under the name "Streamline Funding Group, LP, a Texas limited partnership. In 2008, Streamline Funding Group, LP converted to a Texas limited liability company and changed its name to Streamline Funding Group, LLC" ("SFG"). In January 2019 SFG and Noble Capital Servicing, LLC ("NCS") merged. Pursuant to the Certificate of Merger, SFG was to be the surviving entity. In December 2019 SFG filed it Restated Certificate of Formation with New Amendments which changed the name of SFG to PLN. Though PLN continued to report its identification as SFG in 2020, from and after 2021 PLN accurately reported its identity on the annual Public Information Reports filed with the SOS. PLN contends that its business model is the servicing of investor funded real-estate loans. PLN contends and David and Beth Quy (the "Quys") dispute that PLN holds record (bare) title to collateral as nominee for administrative convenience, while investors hold the beneficial/equitable interests pursuant to written Loan Servicing Agreements ("LSA") executed between PLN or its predecessor(s) and an investor. PLN contends that its sole member is Noble Capital Ventures, LLC ("NCV"). PLN is part of a broader family of affiliated investment and servicing entities (together, the "Noble/Emerge Affiliates") with overlapping management. Beginning in 2017, House Mosaic Holdings, LLC prosecuted claims against the Debtor's predecessor, Noble Capital Servicing, LLC, in the 133rd Judicial District Court of Harris County, Texas (Cause No. 2017-80445). After a jury trial on September 13, 2024, the state court rendered a Final Judgment in November 2024 in favor of House Mosaic, awarding $2,958,229.77 in actual damages, prejudgment interest at 8.5%, attorneys' fees, costs, and post-judgment interest. On January 30, 2025, the court appointed Travis B. Vargo as a turnover receiver (the "Receiver"). If the Quys prevail in the pending appeal and their judgment for specific performance is affirmed, the Tower Property will be sold to the Quys by the Debtor for an amount equal to the Purchase Price defined in the Tower Contract less all attorneys' fees awarded to the Quys by final court order, and the necessary costs of repairs to deliver the Tower Property in the condition that it existed on the original Closing Date under the Tower Contract. The net proceeds from the sale of the Tower Property will paid consistent with the determination in the Tower Adversary. Class 3 consists of Quy Claims. If a Final, Non-Appealable Order requires specific performance, the parties shall consummate the conveyance of the Tower Property. The Quy Monetary Component and all other necessary costs of repairs to deliver the Tower Property in the condition that it existed on the original Closing Date under the Tower Contract shall be set off against the Purchase Price under the Tower Contract (the "Net Purchase Price"). The Net Purchase Price shall be paid by the Quys, or their assigns, to the Debtor at closing. The Net Purchase Price after deduction for (i) customary closing costs/taxes, and (ii) the Allowed Secured Claim, if any, of House Mosaic, shall be distributed in accordance with the waterfall under the Plan. If specific performance is reversed and remanded, then the lawsuit will be litigated to conclusion and the claims of the Quys handled as provided above upon judgment in favor of the Quys. If judgment for specific performance is reversed and rendered then the surviving claim, if any for money damages (including any attorneys' fees/costs or contingent appellate-fee components that become non-contingent) are sought against the Estate, the resulting Allowed claim (if any) shall be treated as a Class 4 General Unsecured Claim. Each Holder of an Allowed Class 4 Claim shall receive, in full satisfaction of such Claim, its Pro Rata share of Class 4 Distributions funded from: (i) the $100,000 Investor Contribution; (ii) cash deposited into the Plan Fund during the Plan Term of twenty-four months, consisting of a minimum deposit of $1,000 per month by the Reorganized Debtor; and (iii) net proceeds of estate asset monetization and estate litigation recoveries. Class 6 consists of Equity Interests. Upon the payment of adequate new value, the membership interests shall be retained by current equity. The Debtor contends that NCV is the sole Member of the Debtor but the SOS indicates that Noble Capital Group, LLC is the sole Member. Equity will be retained only upon (and expressly conditioned on) the irrevocable payment of the adequate new value based upon the final approved Liquidation Analysis (the "New Value"). The New Value will be paid into the Plan Fund on or before the Effective Date and compliance with this Plan's governance/reporting obligations; if not timely funded, all Class 6 interests are automatically cancelled without further order, and the Reorganized Debtor may issue new interests as necessary to implement the Plan. Class 6 shall receive no distributions unless and until all Allowed Claims (including any subsequently Allowed Disputed Claims) are paid in full as provided herein; thereafter, residual value, if any, may be distributed to Class 6 consistent with applicable law. The Debtor contends and the Quys, Matsons, House Mosaic and the Receiver dispute that the Plan is feasible because (i) the $100,000 investor contribution is funded on the Effective Date, (ii) ongoing operations are expected to generate Net Disposable Income sufficient to pay administrative and priority obligations when due and to make quarterly distributions to unsecured creditors, and (iii) the Plan uses a simple Plan Fund/waterfall with built-in reserves (including a Disputed Claims Reserve and the HM Deficiency Reserve) so litigation can run its course without stalling distributions. The Quys, Matsons, House Mosaic and the Receiver contend that the New Value to be remitted as a condition to retention of equity, in the event that less than 100% of the unsecured claims are paid, is an amount equal to the fair market value of the assets titled in the name of the Debtor. The Debtor contends and the Quys, Matsons, House Mosaic and the Receiver dispute that the Debtor's projections and the Liquidation Analysis support that the Plan is not likely to be followed by liquidation or further reorganization, but forward-looking assumptions may change based on case developments. A full-text copy of the Disclosure Statement dated November 6, 2025 is available at https://urlcurt.com/u?l=chMdFO from PacerMonitor.com at no charge. Counsel to the Debtor: Ron Satija, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7102 E-mail: rsatija@haywardfirm.com About Private Lender Network Private Lender Network, LLC operates in the credit intermediation sector, providing financing solutions for fix-and-flip, new construction, and multifamily projects, along with bridge loan services. Headquartered in Austin, Texas, the company primarily functions as a wholesale lender, partnering with brokers and leveraging investor capital to fund loans. Private Lender Network sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10742) on May 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Ron Satija, Esq., at Hayward, PLLC. PROSPECT MEDICAL: Seeks to Extend Plan Exclusivity to Feb. 9, 2026 ------------------------------------------------------------------ Prospect Medical Holdings, Inc. and its debtor affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 9, 2026 and April 13, 2026, respectively. The Debtors explain that ample cause exists to grant the relief requested in these chapter 11 cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods: * The Debtors' Chapter 11 Cases Are Large and Complex. These cases met the requirements for and were designated as complex cases. As of the HCo Petition Date, the Debtors had approximately $2.3 billion of funded debt, along with unsecured obligations to various vendors, contractual counterparties, and, as of the HCo Petition Date, thousands of employees. In addition, the filing of the PCo and TopCo Debtors added 28 Debtor entities, further increasing the complexity of the case. * The Additional Time Requested Will Provide the Debtors with Sufficient Time to Seek Confirmation and Consummation of the Plan. The Debtors' confirmation hearing is currently set for November 18, 2025. Exclusivity will terminate before the Court will be able to consider confirmation of the Debtors' Plan. Additional time will allow the Debtors the room to confirm the Plan. Accordingly, this factor weights in favor of granting a further extension of the Exclusivity Periods. * The Debtors Have Made Good Faith Progress Toward Exiting Chapter 11. The Debtors have progressed their cases substantially since the HCo Petition Date, and are strenuously endeavoring to confirm the Plan in order to exit chapter 11 in the near term. The Debtors have spent the time in these cases operating in the ordinary course and running multiple complicated sale processes. Accordingly, this factor weighs in favor of granting a further extension of the Exclusivity Periods. * An Extension Will Not Pressure Creditors. The Debtors are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. All parties in interest have had an opportunity to actively participate in substantive discussions with the Debtors throughout these chapter 11 cases. Allowing the Debtors the exclusive right to solicit a chapter 11 plan will help drive consensus and maximize estate resources. Accordingly, this factor weighs in favor of granting a further extension of the Exclusivity Periods. * The Debtors Are Paying Their Bills as They Come Due. Since the HCo Petition Date, the Debtors have generally paid their vendors and counterparties in the ordinary course of business or as otherwise provided by orders of the Court. More importantly, the Debtors maintain their ability to continue to pay their bills throughout these chapter 11 cases. Accordingly, this factor weighs in favor of granting a further extension of the Exclusivity Periods. * The Debtors Have Made Significant Progress in Negotiations with Creditors and an Extension of the Exclusivity Period Will Not Prejudice Creditors' Rights. As shown by the record in these chapter 11 cases, the Debtors have focused on garnering broad creditor and interest holder support for their actions. The Debtors will continue driving consensus among key stakeholders with the goal of presenting a plan uncontested at any confirmation hearing. Counsel to the Debtors: SIDLEY AUSTIN LLP Thomas R. Califano, Esq. Rakhee V. Patel, Esq. Maegan Quejada, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, Texas 75201 Telephone: (214) 981-3300 Facsimile: (214) 981-3400 Email: tom.califano@sidley.com rpatel@sidley.com mquejada@sidley.com SIDLEY AUSTIN LLP William E. Curtin, Esq. Patrick Venter, Esq. Anne G. Wallice, Esq. 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: wcurtin@sidley.com pventer@sidley.com anne.wallice@sidley.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. PSSI HOLDINGS: Moody's Cuts CFR to C, Appends PDR Limited Default ----------------------------------------------------------------- Moody's Ratings downgraded the ratings for PSSI Holdings, LLC ("PSSI", dba Fortrex Solutions "Fortrex"). The Corporate Family Rating was downgraded to C from Ca, the Probability of Default Rating was downgraded to C-PD, and Moody's appended a limited default (LD) designation to its PDR, changing it to C-PD/LD. Moody's also downgraded the rating for the company's senior secured first-lien bank credit facilities (revolver and term loan) issued under Packers Holdings, LLC to C from Ca. The /LD designation is to reflect there was a limited default in Fortrex's capital structure with regards to the missed interest payment on its first-lien term loans. The company also announced an exchange transaction that Moody's views as a distressed exchange (DE) and an event of default as proposed because of the economic losses incurred by the lenders of the term loans. The PDR will remain C-PD/LD until the distressed exchange transaction is completed. The outlook was revised to stable. The company missed its interest payment on the first-lien term loan on November 07 and is undertaking a distressed debt exchange for its first-lien term loan (roughly $1.5 billion outstanding) to significantly reduce debt. The term loan lenders were offered to exchange their existing term loan principal for a pro-rata share of new takeback term loans, along with a pro-rata share of reorganized equity. Moody's expects the new debt amount to be roughly $250 million. The small amount of remaining lenders who are not consenting can take the cash offer of $0.225 per $1 dollar face amount. The downgrade of the CFR as well as the first-lien credit facilities to C reflects the low recovery value in the proposed exchange. RATINGS RATIONALE The CFR reflects the company's low recovery value. The US Department of Labor's investigation and settlement from earlier 2023 significantly affected Fortrex's operations, and as a result of lost contracts and significantly higher wage and other operating expenses, revenue and earnings have experienced large declines. Fortrex's liquidity is expected to remain weak over the next year as Moody's expects continued cash burn prior to the debt exchange. The C rating on the first-lien senior secured facilities ($54 million revolver due March 2026 and roughly $1.5 billion of term loan due 2028) is in-line with the CFR, as this is the only class of funded debt in the capital structure. The stable outlook reflects Moody's expectations for low recovery value in default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company can deliver substantial improvement in operating performance or if there is significant debt reduction through a restructuring. The ratings cannot be downgraded further given the current C rating is the lowest rating category. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The C CFR rating is three notches below the scorecard-indicated outcome. The difference reflects the low expected recovery value in the proposed DE transaction. Fortrex, founded in 1972 and headquartered in Kieler, Wisconsin, is a provider of contract sanitation services to the food processing industry in the US and Canada. The company generated approximately $860 million in revenue in for the last twelve months ending June 30, 2025. PURDUE PHARMA: Claimants Object to Chapter 11 Plan -------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a New York bankruptcy court convened a hearing in which over a dozen opioid victims spoke out against Purdue Pharma's Chapter 11 proposal. These personal injury claimants expressed deep dissatisfaction with Purdue's reorganization scheme, suggesting that the plan falls short of delivering meaningful accountability and relief for those impacted by OxyContin. Despite broad support from other creditor groups, the objecting claimants urged the court to reconsider portions of the plan, highlighting what they see as significant gaps in compensation and structure. Their remarks added emotional and legal weight to the confirmation battle, emphasizing how even widely supported bankruptcies can leave some stakeholders feeling left behind, the report states. 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. QVC GROUP: Issues 'Going Concern' Warning Amid Mounting Debt ------------------------------------------------------------ Jeff Blumenthal of Philadelphia Business Journal reports that the home-shopping giant QVC Group is struggling to adapt as consumers shift away from televised shopping. While the company is investing heavily in digital expansion, falling TV viewership continues to weigh on overall performance and momentum. Financial strains are intensifying as QVC reported an $80 million loss for the quarter and warned that its leverage ratio is nearing 4.2:1. With $5.8 billion in long-term debt, the company faces increasing uncertainty around its refinancing and capital-structure options, the report states. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of June 30, 2025, QVC had $6.69 billion in total assets against $9.58 billion in total liabilities. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." R J EXPRESS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: R J Express Mart LLC 1049 Liberty Pkwy Allen, TX 75013 Business Description: R J Express Mart LLC operates a convenience store and truck-stop facility at Highway 490 in Lena, Louisiana, serving local traffic and long-haul drivers with fuel, retail goods, and related amenities. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-43423 Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Manubhai Malani as officer. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3J2AF3A/R_J_Express_Mart_LLC__txebke-25-43423__0001.0.pdf?mcid=tGE4TAMA RE4 GEORGIA: To Sell Conley Property to Blackcloud Properties ------------------------------------------------------------- RE4 Georgia, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, in a second emergency motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's property is located at 1556 Rock Cut Road, Conley, Georgia 30288. The Debtor owns multiple single-family rental homes, including the Property. The Property is not currently rented and is earning no revenue for the estate. The Property needs significant renovations in order to be ready for a tenant. Weinberg Servicing, LLC holds a first position security deed on the Property. As of the Petition Date, Lender was owed $212,688.45. Three other properties also serve as collateral for amount owed by the Debtor to Lender. The Debtor is not aware of any other liens on the Property other than that of Lender. The Debtor was previously under contract to sell the Property, however, the buyer identified in the First Sale Motion terminated the contract during the due diligence period and the Debtor withdrew the First Sale Motion on November 3, 2025. The Debtor is under contract again to sell the Property. The Purchaser, Blackcloud Properties LLC/Juan C Rosas, made an all cash offer of $130,000.00, more than the purchase price in the First Sale Motion. The Sale is "as is" and the Purchase Agreement does not contain a due diligence period. The Purchaser and Debtor entered into an Amendment to the Purchase Agreement that specifies that the Sale must be approved by the Bankruptcy Court on or before September 9, 2025 or the Purchase Agreement will automatically terminate. The Purchaser intends to close as soon as the Sale is approved. The Debtor has determined that the sale of the Property pursuant to the Purchase Agreement will help maximize the value of the Debtor’s bankruptcy estate for the benefit of creditors. The Property is a drain on the resources of the estate, and the sale proceeds will help pay down the amount owed to the Lender. As such, the Debtor believes that it has demonstrated a sound business justification for the relief requested in the Motion. The Debtor believes that the Lender will consent to the proposed sale. About RE4 Georgia LLC RE4 Georgia LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. RE4 Georgia LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-56171) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Paul W. Bonapfel presides over the case. The Debtors are represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. REMEMBER ME SENIOR: PCO Reports No Change in Resident Care ---------------------------------------------------------- Stacy Lynn Archer, the appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee her fourth report regarding the quality of patient care provided by Remember Me Senior Care, LLC. The PCO reported that staffing levels remain the chief concern of family members and guardians. Since the last report, two family members have raised issues about low caregiver staffing -- one regarding weekend coverage and the other expressing broader concerns about overall staffing. The PCO acknowledges family members' concerns about having only one caregiver on duty and the risks if that caregiver is attending to a single resident. However, it is important for families and guardians to understand that Remember Me neither provides nor is required to provide one-on-one care or supervision, and residents are not expected to be monitored at all times. Since the September 8 PCO report, the PCO has contacted the four providers listed on the resident roster. Two have responded, and neither reported any concerns about the care at Remember Me. Both also assured the PCO they would reach out if any issues arise. As noted in the first three PCO reports, several family members have contacted the PCO. Some believe staffing at the facility is insufficient, while others report being very satisfied with the care their loved one receives. The PCO reported that she has relayed family members' comments and concerns to Ashley Howard and Tracy Sneed, sometimes anonymously at the family's request. She acknowledged recent elder-abuse allegations involving two residents; the employee involved has been terminated, and the incident has been reported to police and Adult Protective Services. Mr. Sneed also indicated that additional staff training is being planned. The PCO does not believe the residents of Remember Me are at risk of harm and finds the quality of care consistent with that provided before the bankruptcy filing. Most importantly, the PCO believes the care meets the standards required by Tennessee regulations. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=qJXvnL from PacerMonitor.com. The ombudsman may be reached at: Stacy Lynn Archer Robinson, Smith & Wells, PLLC 633 Chestnut Street, Suite 700 Chattanooga, TN 37450 Office: (423) 756-5051 Fax: (423) 266-0474 About Remember Me Senior Care LLC Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Jeffrey W. Maddux, Esq., at Chambliss, Bahner & Stophel P.C. Stacy Lynn Archer is the patient care ombudsman appointed in the Debtor's case. Stacy Lynn Archer is the patient care ombudsman appointed in the Debtor's case. RICH LUCK: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On November 12, 2025, Rich Luck Food Group LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. About Rich Luck Food Group LLC Rich Luck Food Group LLC is a limited liability company. Rich Luck Food Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45450) on November 12, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. RJT FOOD: To Sell Suffolk Property to Richard Bivona for $4.2MMM ---------------------------------------------------------------- Salvatore LaMonica, Chapter 11 Trustee for RJT Food & Restaurant, LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Property consists of a 4,100 square foot residence situated on 1.8 acres in Suffolk County, New York. The Debtor scheduled the fair market value of the Property as $4,200,000. Richrad Bivona resides at the Property with his family. Since the Trustee's appointment, Bivona has been paying use and occupancy to the Trustee in the amount of $24,000 per month. The Trustee employs Daniel Gale Sotheby's International Realty as real estate broker to the Trustee to market and sell the Property. On October 13, 2023, the Trustee inspected the Property with his retained Broker. The Trustee's Broker has indicated that the Property is in poor condition and, to realize value above $3,000,000, would require interior, exterior and landscaping improvements. Bivona expressed an interest to purchase the Property. Bivona and the Trustee, through their respective counsel, engaged in discussions regarding the potential sale of the Property. Subject to Court approval, the Trustee agreed to sell the Property to Bivona for the sum of $3,750,000, plus the payment of the transfer taxes, if any, arising from the sale. On November 6, 2023, the Trustee filed a motion seeking authorization and approval to sell the Debtor's Property to Bivona. On November 27, 2023, 2027 Deerfield Ltd. and George Guldi Family Trust of April 19, 2000 through their former counsel, objected to the Sale Motion and asserted, for the first time, that 2027 Deerfield owns the Property. On January 21, 2024, the Guldi Entities, through their former counsel, commenced an adversary proceeding against, among others, the Debtor and Bivona, seeking a determination that the Debtor has no ownership interest in the Property. On November 29, 2024, the Trustee and non-debtor defendants the estate of Robert Voto, Edith K. Spiegel, and Pacific Premier Trust Company f/b/o Edith K. Spiegel, and Danmik Investors LLC, each timely filed motions for summary judgment seeking, inter alia, dismissal of Plaintiffs’ complaint. On October 16, 2025, the United States District Court for the Eastern District of New York entered an Order dismissing the Appeal. Considering the Decision, Order, Judgment, District Court Order and the District Court Judgment, the Trustee now seeks to again sell the Property to Bivona for the sale price of $3,750,000 plus transfer taxes, if any, arising from the sale of the Property. The Trustee submits that the proposed sale of the Property represents a reasonable exercise of the Trustee's business judgment under the circumstances of this case and should be approved. The Trustee believes the Purchase Price, which includes the payment of any transfer taxes and avoids the payment of any brokerage commission, is fair and reasonable considering the present market conditions in the area. Previously, an inspection of the Property was done which demonstrated that substantial improvements would be needed to maximize the value of the Property. In considering the sale of the Property to Bivona, the Trustee considered that to maximize the value of the Property a substantial investment would be required which would include updating the Property and providing substantial improvements to the Property. About RJT Food & Restaurant, LLC RJT Food & Restaurant, LLC, filed its voluntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 23-70447) on Feb. 8, 2023, with $1 million to $10 million in assets and up to $50,000 in liabilities. Richard J. Bivona, president, signed the petition. Judge Robert E. Grossman oversees the case. Ronald D. Weiss, Esq., at Ronald D. Weiss, P.C., is the Debtor's counsel. Salvatore LaMonica, the court-appointed Chapter 11 trustee, tapped LaMonica Herbst & Maniscalco, LLP and Joseph A. Broderick, P.C. as his legal counsel and accountant, respectively. RK WILLIAMS: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- On November 13, 2025, RK Williams Jr LLC submitted a voluntary Chapter 7 bankruptcy petition in the Eastern District of New York. According to the filing, the company has liabilities each estimated between $100,001 and $1,000,000, with a reported creditor count of 1 to 49. About RK Williams Jr LLC RK Williams Jr LLC is a limited liability company. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45460) on November 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Narissa A. Joseph, Esq. SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida issued a fifth modified interim order authorizing Sabal Construction Incorporated to use cash collateral. The fifth modified interim order signed by Judge Catherine Peek McEwen 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 expressly approved in writing by Century Bank of Florida and the U.S. Small Business Administration. This authorization will continue until further order of the court. The budget projects total operational expenses of $19,391.67. The Debtor was also authorized to use cash collateral above the $116,000 mark, with replacement liens and rights that existed as of the date of filing as to SBA, creditors Thiru and Judith Arasu, and New World Holdings, LLC. Meanwhile, the Debtor's budgeted line-item for "officer salaries" was reduced to $13 per hour or $2,100 per month in accordance with the court's order allowing Debtor's application to set officer salary. 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, according to the fifth modified interim order. The next hearing is scheduled for February 5, 2026. About Sabal Construction Inc. Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Florida, established in 2013. The company specializes in luxury custom waterfront homes and light commercial projects. Sabal Construction Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 31, 2025, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Galen Brent Hebert as president. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C Blanchard Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com SHV ARTS: Case Summary & Two Unsecured Creditors ------------------------------------------------ Debtor: Shv Arts Inc 1476 E 35th St. Brooklyn, NY 11234 Business Description: Shv Arts Inc. owns and leases a mixed-use building at 728 Rogers Avenue in Brooklyn, New York, operating in the real estate industry under NAICS 5311. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45429 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York New York, NY 10013 Tel: (212) 620-0938 Email: bjhufnagel@m-t-law.com Total Assets: $1,414,247 Total Liabilities: $1,217,377 The petition was signed by Aron Shvarts as president. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DQXNMSA/Shv_Arts_Inc__nyebke-25-45429__0001.0.pdf?mcid=tGE4TAMA SHV ARTS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- SHV Arts Inc. filed a voluntary Chapter 11 bankruptcy in the Eastern District of New York on November 12, 2025. The filing states that the company holds liabilities estimated between $1 million and $10 million. The debtor also reports having between 1 and 49 creditors. About SHV Arts Inc. SHV Arts Inc., based in New York, focuses on the creation, production, and distribution of art and related services. The company works across multiple sectors of the art and entertainment industry, including visual arts, event production, and creative consulting. Its offerings include project planning, art installations, gallery operations, and assistance with both corporate and private art collections. SHV Arts Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45429) on November 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Brian J. Hufnagel, Esq. of Morrison Tenenbaum PLLC. SIDE YARD PUBLIC: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Side Yard Public House, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of California to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral through January 4, 2026, subject to the terms and spending limits set forth in the modified budget. This final order replaces any interim authorization previously granted, allowing the Debtor to continue operating while maintaining budgetary oversight during its Chapter 11 proceedings. Side Yard operates an outdoor bar and restaurant at 10326 Meadow Glen Way E, Escondido, California. Its business was financially impacted during the COVID-19 pandemic, resulting in repeated closures, declining demand, and mounting debt. To support growth, Side Yard entered into a merchant cash advance agreement with Suncoast Funding Group, "selling" $48,410 in future receivables for $33,000. The MCA involved high-interest weekly payments of $1,732.50, implying an 86% annual interest rate. Side Yard considers the MCA to be a disguised, usurious loan secured by a UCC-1 lien. Before filing for bankruptcy, Side Yard repaid $19,063 of this obligation. On the petition date, Side Yard had approximately $73,300 in assets, mostly in kitchen equipment and inventory, and $466,942 in unsecured debt, largely owed to Milovan, Inc. Its secured debt includes Suncoast's disputed first-priority claim and a second-priority claim by the California Department of Tax and Fee Administration for unpaid sales tax, which is also entitled to priority status under bankruptcy law. 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 bankruptcy counsel. SOUL EASE: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------- 250 53rd LLC filed a voluntary Chapter 7 bankruptcy in the Southern District of New York on November 12, 2025. The company reports estimated liabilities between $100,001 and $1 million and having between 1 and 49 creditors. About 250 53rd LLC 250 53rd LLC is a limited liability company. 250 53rd LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-20804) on November 12, 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 Warren, U.S.B.J. handles the case. The Debtor is represented by Charles E. Andersen, Esq. SOUTHERN AUTO: Court Extends Cash Collateral Access to Dec. 1 ------------------------------------------------------------- Southern Auto Parts, Inc. received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral. The 11th interim order signed by Judge David Warren authorized the Debtor to use cash collateral for the period from November 1 to December 1 to pay the operating expenses set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $212,399.97 for the interim period. The creditors that assert an interest in the Debtor's cash collateral are General Parts Distribution, LLC, Carolina Small Business Development Fund, House-Hasson Hardware Company, First-Citizens Bank & Trust Company, and the U.S. Small Business Administration. As adequate protection, the secured creditors will be granted post-petition lien and security interest in all property of the Debtor with the same priority as their pre-bankruptcy lien and security interest. As additional protection, First-Citizens, the current holder of several loans, will be granted a superpriority administrative expense claim to the extent the use, sale, or lease of its collateral results in a decrease in its interest therein. The order remains in effect until modified or terminated by the court. Validity of liens created under the order will survive dismissal or conversion to Chapter 7. About Southern Auto Parts Southern Auto Parts, Inc., formerly known as Trenton Auto Parts, Inc., owns and operates an auto parts store in Trenton, N.C. Southern Auto Parts filed Chapter 11 petition (Bankr. E.D.N.C. Case No. 25-00294) on January 27, 2025, with $1 million to $10 million in both assets and liabilities. Jared L. Beverage, president of Southern Auto Parts, signed the petition. Judge David M. Warren presides over the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. First-Citizens Bank & Trust Company, as secured creditor, is represented by: Paul A. Fanning, Esq. Ward and Smith, P.A. P.O. Box 8088 Greenville, NC 27835-8088 Telephone: 252.215.4000 Facsimile: 252.215.4077 paf@wardandsmith.com General Parts Distribution, LLC, as secured creditor, is represented by: Kelly C. Hanley, Esq. P.O. Box 1000 Raleigh, NC 27602 Telephone: (919) 981-4000 Facsimile: (919) 981-4300 khanley@williamsmullen.com Carolina Small Business Development Fund, as secured creditor, is represented by: James R. Vann, Esq. Vann Attorneys, PLLC 3110 Edwards Mill Rd., Ste. 210 Raleigh, NC 27612 Telephone: (919) 510-8585 Facsimile: (919) 510-8570 jrvann@vannattorneys.com House-Hasson Hardware Company, as secured creditor, is represented by: Jason L. Rogers, Esq. Hodges, Doughty & Carson, PLLC P.O. Box 869 Knoxville, TN 37901-0869 Telephone: (865) 292-2307 jrogers@hdclaw.com SPEAR SECURITY: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On November 11, 2025, Spear Security Operations LLC initiated a voluntary Chapter 11 case in the U.S. Bankruptcy Court for the Middle District of Florida. According to the filing, the business lists liabilities ranging from $100,001 to $1 million and indicates a creditor count of 1 to 49. About Spear Security Operations LLC Spear Security Operations LLC is a limited liability company. Spear Security Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04144) on November 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. STAR ISLAND: Aaron Cohen Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Star Island Vacation Ownership Association, Inc. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Star Island Vacation Ownership Association Star Island Vacation Ownership Association, Inc. operates as a real estate brokerage and agency in Kissimmee Fla., facilitating the buying, selling, and rental properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07207) on November 6, 2025, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Jeannine Rodriguez, president, signed the petition. Judge Grace E. Robson presides over the case. R. Scott Shuker, Esq., at Shuker & Dorris, P.A. represents the Debtor as legal counsel. STAR NATURAL: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- Star Natural Meats 1 LLC filed for Chapter 11 bankruptcy in the Eastern District of New York on November 10, 2025. The filing was made voluntarily, and the company reported liabilities within the $0–$100,000 range. According to the petition, Star Natural Meats 1 LLC estimates having between 1 and 49 creditors involved in the proceeding. About Star Natural Meats 1 LLC Star Natural Meats 1 LLC is a limited liability company. Star Natural Meats 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45385) on November 10, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. The Debtor is represented by Robert L. Rattet, Esq. of Davidoff Hutcher & Citron LLP. STEWARD HEALTH: Weil Gothal, Akin Gump Defend Fee Requests in Ch.11 ------------------------------------------------------------------- Lauren Berg of Law360 Bankruptcy Authority reports that Weil Gotshal & Manges LLP, acting on behalf of Steward Health Care in its Chapter 11 bankruptcy, and Akin Gump Strauss Hauer & Feld LLP, representing the unsecured creditors' committee, jointly defended their professional fee requests that total more than $304 million. They filed responses countering objections raised by the State of Massachusetts, arguing that their services have been essential to guiding the massive restructuring. According to both firms, their work has helped stabilize the hospital operator's operations and preserve value for creditors during the bankruptcy process. They maintain that their requested fees are reasonable and justified given the complexity of the case, the size of the debtor's estate, and the rigorous work required to negotiate and implement the turnaround, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SUNATION ENERGY: Narrows Net Loss to $392,975 in Fiscal Q3 ---------------------------------------------------------- SUNation Energy Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $392,975 for the three months ended September 30, 2025, from a net loss of and $3.3 million for the same period in 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $13.5 million and $20.6 million, respectively. Sales for the three months ended September 30, 2025 and 2024, were $19 million and $14.7 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had sales of $44.7 million and $41.5 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $56.4 million and cash and cash equivalents of $5.4 million. As of September 30, 2025, the Company had $49.6 million in total assets, $27.9 million in total liabilities, and $21.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3bk79z8d About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based UHY LLP, the Company's former auditor, 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's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $49.6 million in total assets, $27.9 million in total liabilities, and $21.7 million in total stockholders' equity. SYNAPSE FINANCIAL: Court Tosses Chapter 11 After Failed Sale ------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that a California bankruptcy judge has dismissed Synapse Financial Technologies Inc.'s Chapter 11 case after the debtor revealed it did not have the funds to pursue a new sales process. Synapse, a former fintech firm providing banking middleware, had been unable to attract viable bids for its core technology assets, leaving the estate without the resources to continue marketing them, the report states. About Synapse Financial Technologies Headquartered in San Francisco, California, Synapse Financial Technologies, Inc. -- https://synapsefi.com/ -- is a banking-as-a-service platform for embedded finance solutions worldwide. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10646) on April 22, 2024. In the petition signed by Sankaet Pathak, chief executive officer, the Debtor disclosed up to $50 million in assets and liabilities. Judge Martin R. Barash oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the Debtor's legal counsel. TARGET GROUP: Reports $479,392 Net Loss in Fiscal Q3 ---------------------------------------------------- Target Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $479,392 and $528,950 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 $807,375 and $55,454, respectively. Revenues for the three months ended September 30, 2025 and 2024, were $499,650 and $541,113, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $3.1 million and $4.7 million, respectively. The Company had a working capital deficit of $10.6 million and an accumulated deficit of $31.8 million as of September 30, 2025. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. To maintain its current level of operations, the Company will require additional working capital from either cash flow from operations, sale of its equity or issuance of debt. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. As of September 30, 2025, the Company had $6.2 million in total assets, $13.6 million in total liabilities, and $7.4 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5yhvcuk3 About Target Group Headquartered in Ontario, Canada, Target Group Inc. is engaged in the cultivation, processing, and distribution of curated cannabis products for the medical and adult-use recreational cannabis market in Canada and, where legalized by state legislation, in the United States. The Company is positioning itself with a core emphasis on wholesale and co-packaging services to accommodate all consumer-packaged goods intended for the sophisticated cannabis market and consumer in Canada and internationally. This strategy integrates cannabinoid research, analytical testing, product development, and manufacturing. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 27, 2025, citing that the Company has an accumulated deficit and a working capital deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had a working capital deficit of $9,994,548 and an accumulated deficit of $30,946,844. As of June 30, 2025, the Company had $6,590,715 in total assets, $13,621,173 in total liabilities, and $7,030,458 in total stockholders' deficiency. TEADS HOLDING: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. ---------------------------------------------------------------- Moody's Ratings downgraded Teads Holding Co.'s (Teads) Corporate Family Rating to Caa2 from B1, Probability of Default Rating to Caa2-PD from B1-PD, and the backed senior secured notes rating issued by OT Midco Inc., a wholly owned subsidiary of Teads to Caa2 from B1. The Speculative Grade Liquidity Rating (SGL) was downgraded to SGL-4 from SGL-2. The outlook for both issuers was changed to negative from stable. The downgrade and change in outlook reflect Moody's views that Teads' financial performance has been materially weaker than previously anticipated, driven by operational execution and integration challenges following the merger of Outbrain Inc. and Teads S.A. In its Q3 2025 earnings release, the company significantly revised its 2025 full year adjusted EBITDA guidance downward by more than 50%, to a range of $83-$93 million, compared to the $180 million initially projected in Q1 2025. In addition, management now expects free cash flow to be breakeven for the year, a shift from the previously anticipated positive free cash flow. Historically, the combined company has generated approximately 60% of its annual EBITDA in the fourth quarter; however, based on the updated guidance, Q4 EBITDA contribution is expected to decline to roughly 30%. These issues have resulted in an elevated cost structure and organizational inefficiencies. While the company remains on track to achieve approximately $40 million of annualized cost synergies, operating expenses through September 2025 (net of cost synergies and excluding transaction and restructuring costs) rose 16% year over year, while revenue declined 13% and gross profit fell 8.5% over the same period. Integration-related duplication and go-to-market challenges have led to execution shortfalls and slower pipeline conversion, particularly across its key markets including US, U.K., and France, which account for roughly 50% of total revenue. These pressures are further compounded by intensifying competitive challenges, and broader macroeconomic volatility. Moody's now expect Moody's adjusted debt-to-EBITDA to increase to 8.6x in 2025 from 4.1x pro forma 2024. These factors heighten the risk of distressed debt exchanges, especially given Teads' weak liquidity profile, weak equity valuation (market capitalization of $78 million as of November 7, 2025) and low debt trading levels. Governance risks, including missed guidance and execution challenges post-merger, were a key consideration to the ratings. RATINGS RATIONALE The Caa2 CFR reflects very high financial leverage and a weakened liquidity profile driven by significantly lower 2025 earnings primarily resulting from operational challenges following the merger. Moody's expects Teads' 2025 revenue and EBITDA to decline by 14% and over 50% year over year, respectively, due to execution challenges related to the merger and heightened competition. While the company is benefiting from strong growth in connected TV (CTV) advertising supported by advertisers' focus on data-driven insights, audience segmentation, and interactive capabilities to achieve brand reach, this growth remains insufficient to offset weakness in legacy segments, as CTV currently represents less than 10% of total revenue. Consequently, Moody's adjusted leverage is projected to rise sharply to 8.6x in 2025. Although CTV advertising revenue is expanding rapidly, supported by new advertiser wins, there remains significant uncertainty around the company's overall projected financial performance due to limited visibility into its ability to execute a turnaround, as well as the effectiveness of integration efforts and newly implemented cost initiatives. The SGL-4 rating reflects Moody's expectations that Teads' liquidity will remain weak over the next 12 months. Although the company held $138 million in cash and marketable securities as of September 2025, Moody's expects a substantial portion of this liquidity will be required to support its global operations. Teads maintains access to external liquidity provided by an undrawn $100 million revolving credit facility (not rated by us). The revolver is subject to a springing net consolidated senior secured leverage covenant of 3.1x when 40% of the revolver is drawn starting from the fiscal quarter ending September 30, 2025. Moody's expects Teads to manage utilization below the 40% threshold to avoid covenant testing, given limited headroom as of Q3 2025. Due to pressured EBITDA, Moody's expects Teads will generate negative free cash flow over the next 12 months. The company's cash needs consist of roughly $64 million of interest expense, $28 million of capital expenditure (excluding lease adjustments) and modest working capital outflows. While small in size, the company also has an outstanding $17.6 million (EUR15 million) overdraft under a short-term credit facility (not rated by us), which Moody's expects to be repaid over the coming quarter. Teads's ESG Credit Impact Score of CIS-5 reflects heightened exposure to governance risks. Following the merger with Teads S.A. in February 2025, the company has faced significant integration and operational challenges, leading to missed guidance and a materially downward revision of full year expectations. The elevated cost structure has further constrained financial flexibility, leaving Teads with very high leverage and weakened liquidity. The debt instrument rating incorporates Teads's Caa2-PD probability of default and an average expected family recovery rate of 50% at default. The Caa2 rating of the senior secured notes is in line with the Caa2 CFR as it reflects the ranking within the capital structure behind the super senior revolving credit facility and because it represents the preponderance of the debt capital structure. The notes are secured by substantially all assets and has guarantees from the parent company, Outbrain Inc. and several US and non-US material subsidiaries. The negative outlook reflects Moody's views that execution and integration challenges may persist further increasing operating expense and pressuring profitability. Due to significant uncertainty regarding the company's ability to stabilize revenue and profitability, Moody's projects Moody's adjusted leverage to remain elevated over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Teads is able to stabilize its operations through the successful integration of the two companies and realization of revenue and cost synergies, resulting in improved Moody's adjusted debt to EBITDA and positive free cash flow generation. The ratings could be downgraded if revenue declines persist or profitability remains weak due to integration challenges or weak advertising demand such that the liquidity position deteriorates further or Moody's assessments of the probability of default were to increase. Teads Holding Co. (NASDAQ: TEAD) is a technology company that develops and operates a recommendation platform on the open web. The platform is used to recommend articles, slideshows, blog posts, photos, and videos to users. The company generates revenue through a pay-per-click or at times pay-per-impression model where advertisers pay when users click or view on their content, and a portion of the revenue is shared with publishers. Teads became a publicly traded company in July 2021. The company generated pro forma revenue of $1.4 billion as of last twelve months ended September 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TEREX CORP: S&P Affirms 'BB' ICR on Acquisition of REV Group ------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' issuer credit rating on Terex Corp. S&P said, "At the same time, we affirmed our 'BBB-' issue-level rating on the company's $800 million revolving credit facility due 2029 and $1.25 billion term loan B due 2031. Our '1' recovery rating reflects our expectation for very high (90%-100%; rounded estimate 95%) recovery in the event of a default. "We raised the rating on the company's $600 million senior unsecured notes due 2029 and $750 million senior unsecured notes due 2032 to 'BB' from 'BB-'. We revised the recovery rating on these notes to '4' from '5', indicating our expectation for average (30%-50%, rounded estimate: 35%) recovery in the event of default. "The stable outlook reflects our forecast for acquisition contribution to translate to pro forma S&P Global Ratings-adjusted debt to EBITDA in the mid-2x area in 2026, improving to the low-2x area in 2027. We expect Terex will manage leverage conservatively during favorable business conditions, which would provide cushion to keep leverage under 4x." On Oct. 30, 2025, Norwalk, Conn.-based Terex Corp. agreed to acquire Brookfield, Wis.-based REV Group, a manufacturer of specialty vehicles and equipment related to public services. S&P Global Ratings expects the company to fund the $3.2 billion purchase price with $2.8 billion in stock and $425 million with cash on hand and revolver draws. S&P said, "In our view, the acquisition provides exposure to less cyclical end markets. However, Terex remains exposed to cyclical end markets and earnings instability. Therefore, the acquisition has no impact on our view of the company's business risk profile. In addition, Terex has announced its plans to exit its Aerials segment, which will further reduce the company's earnings volatility. The timing of the sale remains unknown. "Pro forma to include a full year of contribution from REV Group, we forecast S&P Global Ratings-adjusted debt to EBITDA in the mid-2x area in 2026 before improving further. The transaction, which is deleveraging, does not impair our forecast to leverage, or change our view of its financial risk, as the acquisition is financed with stock and cash, reducing cash available to be netted to debt." Adjusted leverage will improve in 2026. S&P forecasts S&P Global Ratings-adjusted leverage, pro forma to include a full year of contribution of REV Group in 2026, will be in the mid-2x area, reflecting a meaningful improvement from its forecast for adjusted leverage to be in the mid-3x area in 2025. The improvement stems largely from the full-year contribution of Environmental Solutions (ES) and the acquisition of REV Group, offsetting continued weakness within its Aerials and Materials Processing (MP) segments, before further improving to the low-2x area in 2027. S&P said, "Terex's S&P Global Ratings-adjusted debt to EBITDA is elevated, with rolling-12 months ended Sept 30, 2025, leverage of 4x, currently at our downside threshold, driven by the weaker operating performance within Aerials and MP. Our forecast assumes steady growth in the waste and recycling end market, higher prices, execution of the combined company's $6.3 billion backlog (including $4.5 billion of backlog from REV Group), along with contributions from REV Group in 2026, translating to higher nominal EBITDA. In addition, the company recently closed on the sale of its tower and rough terrain cranes business on Nov 3, 2025, and we believe it will apply the $115 million proceeds to debt. We assume Terex will continue to prioritize debt repayment and to maintaining low leverage in a more muted demand environment. The REV Group acquisition does not impair our forecast to leverage, or change our view of its financial risk, because it is being financed by stock and cash on hand and revolver draws. The transaction reduces cash available that is netted to debt, and although net debt balances go up, adjusted EBITDA also goes up, which is deleveraging. "We believe demand in the company's infrastructure and utilities end markets will remain healthy over the next several years, primarily from megatrends and increased infrastructure spending in the U.S. Furthermore, we expect steady growth in the waste and recycling end market, higher prices, and backlog execution will strengthen revenue prospects in 2025, and we assume further growth in 2026. That said, we expect ongoing weaker demand in the general construction, industrial, and commercial end markets (impacting Aerials and MP) amid the uncertain macroeconomic environment, higher-for-longer interest rates, and incremental tariffs that partially offset revenue growth in 2025. Nevertheless, we expect revenue will increase in the mid-single-digit percent area in 2025 driven by strength in the ES segment, followed by a roughly 46% increase in 2026 pro forma revenue to include the full year contribution of REV Group. "REV Group will expand the company's scale and diversification but doesn't change our view of business risk. The acquisition increases Terex's revenue base to about $7.8 billion 2025 from $5.3 billion as of Dec. 31, 2024." The increased scale positions the company to expand its market share as well as maintain profitability during periods of weakness, compared to smaller rated peers. However, Terex remains somewhat smaller than peers, particularly if they divest the Aerials segment. In addition, REV Group's operations in specialty vehicles expands Terex's product offerings in less cyclical end markets, such as emergency vehicles (31% of pro forma 2025 revenue), waste and recycling (28%), infrastructure (17%), utilities (13%), and industrial, commercial, and leisure (11%), compared to Aerials (roughly 39%), MP (30%), and ES (31%) previously. Municipalities, which have fairly stable budgets, have been growing their fleets of fire and ambulances, which will bode well for fire and emergency apparatus equipment. The company's transformation into a less cyclical business also includes the recently closed the sale of its tower and rough terrain cranes business. S&P said, "And we expect replacement demand in its aftermarket parts and services business will also boost revenue. However, we believe the recreational vehicle segment, which is roughly 28% of REV Group's fiscal year-end 2024 sales, remains cyclical. Therefore, the REV Group acquisition has no effect on our view of the business risk profile." The sale of Aerials could reduce its earnings volatility. The Aerials segment, which is roughly 24% of Terex's revenue pro forma to include REV Group, is predominantly tied to the construction, infrastructure, industrial, and agriculture end markets. This segment has been pressured since the beginning 2024, resulting in significantly lower volumes. Macroeconomic uncertainty and higher-for-longer interest rates have led customers to reduce orders in North America. In addition, lead times for new equipment have come down, resulting in customers realigning their delivery schedules to meet their requirements. S&P said, "We believe customers will remain cautious with their capital spending (capex) in the near-term. We believe the sale of Aerials will further transform Terex into a less cyclical business; however, we will not incorporate the sale in our forecast until it becomes contracted." Adjusted EBITDA margin contracts in 2025 before increasing modestly in 2026. S&P said, "We expect S&P Global Ratings-adjusted EBITDA margin to decrease around 70 basis points (bps) to the 12% area in 2025 (vs. 13.2% in 2024), due to lower operating leverage from lower overall volumes, unfavorable mix within Aerials and MP, incremental operating expenses from the recent ES acquisition, a one-time litigation related charge, higher restructuring and integration costs, broader inflationary pressures, and tariff-related headwinds. However, we expect this to be partially offset by price increases, continued ESG acquisition synergies, and benefits of cost saving and productivity improvement initiatives." S&P said, "We forecast S&P Global Ratings-adjusted EBITDA margin to modestly improve to the 13% area in 2026, pro forma for the REV Group acquisition. This increase will be driven by higher prices, cost synergies, and productivity improvement initiatives undertaken by the company, partially offset by the dilutive impact of the acquisition (which has unadjusted EBITDA margin of 4.4% as of fiscal year end 2024 (ended Oct 31, 2024)), incremental operating expenses from the ESG and REV Group acquisitions, and headwinds from broader inflationary pressures and additional tariffs. Thereafter, we forecast S&P Global Ratings-adjusted EBITDA margin will continue to expand modestly, led by improving operating leverage, overall favorable price/cost dynamics, as well as continued cost synergies and productivity improvements. "We believe there is some integration and execution risks associated with the acquisition of REV Group. We anticipate cost synergies will result from footprint consolidation, resource rationalization, improved sourcing, and logistics. The company expects $75 million of run-rate synergies, of which we believe 50% could be achieved in the first year. However, this acquisition comes on the heels of its ESG acquisition, completed in October 2024, which they are still digesting. If synergies and the integration do not go as planned it could increase S&P Global Ratings-adjusted debt to EBITDA. "We forecast positive free operating cash flow (FOCF) in 2025 and 2026. Higher pro forma revenue in 2026 driven by pricing initiatives and synergies from the combined entity is likely to increase Terex's revenue and EBITDA margin. Its interest expense was materially higher year-over-year in 2025, driven by the new debt issues for the ESG business. We forecast annual capex in the 2.0%-2.5% area, and that the company continues to improve its working capital management but that working capital is a use of cash. This will result in S&P Global Ratings-adjusted FOCF in the $250 million-$300 million range in 2025 and $300 million-$350 million in 2026. "The stable outlook reflects our forecast for acquisition contribution to translate to pro forma S&P Global Ratings-adjusted debt to EBITDA the mid-2x area in 2026, improving to the low-2x area in 2027. We expect Terex will manage leverage conservatively during favorable business conditions, which would provide cushion to keep leverage under 4x." S&P could lower its rating on Terex if: -- Demand meaningfully weakens such that they lose market share over time; -- Operating performance significantly declines; or -- Integration and synergies from the acquisition don't go as planned, such that S&P Global Ratings-adjusted leverage increases above 4x. S&P could raise its rating on Terex if it believes: -- The company has significantly reduced exposure to competitive and cyclical end markets, meaningfully reducing the volatility of earnings and leverage through the cycle; or -- The company adopts a more conservative financial policy allowing it to sustain S&P Global Ratings-adjusted debt to EBITDA below 3x during a cyclical downturn. TIKE LLC: Jeanette McPherson Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Jeanette McPherson, Esq., at Fox Rothschild, LLP, as Subchapter V trustee for Tike LLC. Ms. McPherson will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McPherson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanette McPherson, Esq. Fox Rothschild, LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Phone: (702) 699-5923 Email: TrusteeJMcPherson@FoxRothschild.com About Tike LLC Tike LLC, doing business as Welch Plastics, provides plastic manufacturing and fabrication services, including product prototyping, high-volume injection molding, reverse engineering, 3D printing, laser scanning, CAD file creation, CNC and laser cutting, heat bending, and thermoforming, serving clients from its base in Las Vegas, Nevada. The company, founded in 2000, is veteran- and minority-owned and specializes in producing sheet materials, large plastic tubes, and custom-designed plastic components. Tike sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16736) on November 6, 2025, with $1,851,820 in assets and $2,026,405 in liabilities. Michael DeSort, authorized representative of the Debtor, signed the petition. James T. Leavitt, Esq. at Leavitt Legal Services, P.C. represents the Debtor as bankruptcy counsel. TIMOTHY JEROME BARBER: Loses Bid to Remand Two Adversary Cases -------------------------------------------------------------- Chief Judge Brian F. Kenney of the United States Bankruptcy Court for the Eastern District of Virginia denied Timothy Jerome Barber's motions to remand the following adversary proceedings to the Circuit Court of Fairfax County for lack of subject matter jurisdiction: a. BARBER DME SUPPLY GROUP, LLC, Plaintiff v. TIMOTHY JEROME BARBER, et al., Defendants, Adversary Proceeding No. 25-01036-BFK (Bankr. E.D. Va.); b. BARBER DME SUPPLY GROUP, LLC, Plaintiff v. TIMOTHY JEROME BARBER, et al., Defendants, Adversary Proceeding No. 25-01037-BFK (Bankr. E.D. Va.). In the alternative, the Plaintiff seeks abstention, either mandatory or permissive, under 28 U.S.C. Secs. 1334(c)(1) and (2). The Bankruptcy Court will grant the Motions for Mandatory Abstention. Both actions will be remanded to the Circuit Court, but will remain stayed as to the Debtor until the automatic stay is modified or lifted by the Bankruptcy Court. The Bankruptcy Court will deny the Plaintiff's Motion for Permissive Abstention. On June 20, 2017, Barber DME Supply Group, LLC acquired title to a warehouse property located at 3852 Dulles South Court, Unit 6-B, Chantilly, Virginia 20151, for a purchase price of $850,000. At the time of the acquisition, Mr. Barber owned 100% of the membership interests in Barber DME. On or about June 29, 2021, Mr. Barber sold his membership interest in Barber DME to Fitzgerald Lewis. On January 26, 2022, Mr. Barber purported to transfer the Warehouse from Barber DME to himself by a Deed of Gift. On May 27, 2022, Mr. Barber purported to transfer the Warehouse to SY & JW Investment, LLC, for a purchase price of $1,250,000. On August 31, 2016, Barber DME acquired title to a condominium property located at 4080 Lafayette Center Drive, Suite 250, Chantilly, Virginia 20151, for a purchase price of $520,000. At the time of the acquisition, Mr. Barber owned 100% of the membership interests in Barber DME. On or about June 29, 2021, Mr. Barber sold his membership interest in Barber DME to Fitzgerald Lewis. On June 26, 2022, Mr. Barber purported to transfer title to the Condo from Barber DME to himself by a Deed of Gift. On August 22, 2022, Mr. Barber purported to transfer title to the Condo from himself to Barber Holding, LLC, of which Mr. Barber is the 100% owner. Barber DME filed two Complaints in the Circuit Court of Fairfax County, alleging that the transfers of the Warehouse and the Condo were fraudulent transfers under Va. Code Ann. Sec. 55.1-400-404. The Complaints allege that the transfers of the properties were fraudulent, and that title is and remains in the name of Barber DME Supply Group, LLC. A third lawsuit is pending in the Circuit Court, in which Barber DME seeks reverse-piercing of the corporate veil, alleging that Barber Holding, LLC, and Mr. Barber are alter egos of each other. Case No. 2025-08539 ("the Alter Ego Action"). On July 23, 2025, Mr. Barber removed the two fraudulent transfer cases from the Circuit Court of Fairfax County to the Bankruptcy Court pursuant to 11 U.S.C. Sec. 1452. The two Notices of Removal allege that the actions constitute core proceedings, or alternatively, that they relate to the Debtor's bankruptcy case. The Plaintiff argues that these adversary proceedings were removed from the State court improperly because the Bankruptcy Court lacks subject matter jurisdiction. In this case, the Debtor does not claim that either the Warehouse or the Condo is property of the bankruptcy estate. Nor does that the Debtor claim that either property can be recovered for the benefit of the bankruptcy estate as a fraudulent transfer. The Bankruptcy Court finds that it lacks core jurisdiction over actions to recover alleged fraudulent transfers of properties that cannot be recovered for the benefit of the estate, or to determine the validity and priority of liens on property that is not property of the estate. The Defendants argue in the Warehouse case that if the Plaintiff is successful, SY will have an indemnity claim against the Debtor because SY is at risk of losing title to the property. The possibility of indemnity claims are relevant to the "related to" jurisdictional analysis in Chapter 11 cases. The Bankruptcy Court finds both the possibility of SY asserting a claim for indemnity against this bankruptcy estate, and the potential for a reduction of the Barber DME Judgement against the Debtor as a result of any restoration of title to Barber DME, give rise to related to jurisdiction in this case. According to the Bankruptcy Court, with respect to the Condo property, the result is the same. The Condo action is further related to this bankruptcy case in two ways. Judge Kenney explains, "Mr. Barber maintains that a sale of the Condo will help fund his Chapter 11 Plan. He is, after all, the 100% owner of Barber Holding, according to his Schedules. Second, the Bankruptcy Court cannot ignore the existence of the Alter Ego Action when considering whether the Condo fraudulent conveyance adversary proceeding is related to this bankruptcy estate. The Alter Ego Action and this case seek alternative forms of relief, but they are closely related. The present action seeks a return of title to the Condo in rem to Barber DME. The Alter Ego Action seeks to have the Condo made available directly to Mr. Barber's creditors in this bankruptcy case. Clearly, the resolution of the underlying action, involving title to the Condo, and the Alter Ego Action, will have an effect on the course of this bankruptcy case." In the end, the Bankruptcy Court finds that there is related to, but not core, jurisdiction, over both of these actions. Abstention The Defendants argue against mandatory abstention on the "timely adjudication" ground, arguing that the Bankruptcy Court can bring these adversary proceedings to a close faster than the Circuit Court of Fairfax County. The Defendants have not met their burden to demonstrate that these actions cannot be timely adjudicated in State court. The Bankruptcy Court, therefore, will grant the Plaintiff's Motions for Mandatory Abstention and will remand these actions to the Circuit Court. Although these are State law claims, the Bankruptcy Court routinely adjudicates fraudulent transfer claims, or claims that properties were fraudulently conveyed. This factor favors permissive abstention, but only very slightly. There is no compelling reason for permissive abstention in this case. The Bankruptcy Court, therefore, will deny the Motions for Permissive Abstention. A copy of the Court's Memorandum Opinion and Order is available at https://urlcurt.com/u?l=1vmBjR from PacerMonitor.com. Timothy Jerome Barber filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 25-11391) on July 10, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Christopher Rogan, Esq., at Rogan Miller Zimmerman, PLLC. TOTAL AIR: Case Summary & Eight Unsecured Creditors --------------------------------------------------- Debtor: Total Air Services, LLC Total Air 200 E Sunset Rd. Suite F El Paso TX 79922 Business Description: Total Air provides residential and commercial HVAC services, including installation, repair, preventive maintenance, and indoor air quality solutions for major brands such as Carrier, Trane, York, Rheem, Daikin, Fujitsu, American Standard, and Amana. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-31485 Debtor's Counsel: Carlos Miranda, Esq. MIRANDA & MALDONADO, PC 5915 Silver Springs Bldg. 7 El Paso TX 79912 Tel: (915) 587-5000 Email: cmiranda@eptxlawyers.com Total Assets: $628,380 Total Liabilities: $4,932,213 The petition was signed by Brandon Brooks as managing member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G2NWETI/Total_Air_Services_LLC__txwbke-25-31485__0001.0.pdf?mcid=tGE4TAMA TREEHOUSE FOODS: Moody's Puts 'B1' CFR Under Review for Downgrade ----------------------------------------------------------------- Moody's Ratings placed TreeHouse Foods, Inc.'s ("TreeHouse") B1 Corporate Family Rating and B1-PD Probability of Default Rating under review for downgrade following the announced buyout by F&B Investments III Inc. (Investindustrial). The Ba3 ratings on company's senior secured first lien revolver and term loans, the B3 senior unsecured notes rating, and the SGL-2 speculative grade liquidity rating are unaffected. Previously, the outlook was stable. The review follows TreeHouse's November 10, 2025 announcement that it entered into a definitive agreement with private equity firm Investindustrial to be acquired in an all-cash transaction valued at approximately $2.9 billion, or roughly 8.5x management-adjusted EBITDA for the 12 months ended September 30, 2025. Governance risks are a key driver of the rating action. Moody's placed TreeHouse's CFR and PDR under review for downgrade because Moody's expects a more aggressive financial policy under private equity ownership. While transaction terms and financing details were not disclosed, Moody's anticipates leverage and financial risk will increase compared to the company's current public-company policy, which targets net debt-to-EBITDA leverage of 3.0x–3.5x (based on the company's EBITDA definition). Ratings on the existing debt instruments are unaffected because Moody's expects TreeHouse's existing debt will be repaid as part of the acquisition due to change of control provisions. Moody's expects to withdraw TreeHouse's existing instrument ratings upon the transaction's closing and repayment of the existing outstanding debt. Under the agreement, TreeHouse shareholders will receive $22.50 per share in cash plus one contingent value right (CVR) per share. The CVR provides an opportunity to receive certain net proceeds, if any, from ongoing litigation related to TreeHouse's coffee business. The transaction, approved by TreeHouse's Board of Directors, is expected to close in the first quarter of 2026, subject to shareholder approval, regulatory clearance, and customary conditions. JANA Partners LLC, a 10% shareholder, has voted in favor of the deal. In the review, Moody's will assess TreeHouse's (1) pro forma capital structure, (2) financial policy, (3) liquidity profile and expected use of free cash flow, and (4) future operating strategy. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TreeHouse's existing B1 CFR reflects its significant scale as a leading private label food manufacturer with good product diversification. The company also benefits from good liquidity and consistent positive free cash flow generation. These credit strengths are tempered by the company's relatively high leverage, modest operating profit margin and the risk of low or declining growth in some product lines, which could lead to acquisitions or meaningful portfolio reshaping. Although TreeHouse operates in the highly competitive private label segment, the broader food industry is characterized by low cyclicality, providing some stability. While the company's net debt-to-EBITDA leverage target of 3.0x-3.5x (based on the company's EBITDA definition) creates some discipline around its capital allocation strategy, the EBITDA includes various addbacks that are permitted under the credit agreement. Moody's typically do not include all of these addbacks in Moody's metrics, and the inclusion of Moody's standard adjustments can result in meaningful differences in credit metrics. Debt-to-EBITDA leverage for the 12 month period ended September 30, 2025 was around 5.7x incorporating Moody's adjustments. TreeHouse does not pay a dividend and the preferred mode of distributing cash to shareholders is stock buybacks. Share repurchases weaken the credit profile but are more discretionary than dividends, which allows the company flexibility to redirect free cash flow to debt reduction. An upgrade is unlikely given the review for downgrade and pending buyout by Investindustrial. However, a rating upgrade could occur if TreeHouse is able to generate sustained organic revenue growth with a higher EBITDA margin and consistent, solid free cash flow generation. TreeHouse would also need to sustain debt-to-EBITDA leverage below 5.0x and improve the quality of earnings, reflected by reduced EBITDA addbacks. A rating downgrade could occur due to the Investindustrial buyout. A downgrade could also occur if operating earnings weaken due to factors such as volume or market share losses, pricing pressure or cost increases, financial policy becomes more aggressive, debt-to-EBITDA is sustained above 6.0x or liquidity deteriorates. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE TreeHouse Foods, Inc. is a leading US private label food manufacturer servicing primarily the retail grocery channel. TreeHouse sells products within a wide array of food categories. Sales for the trailing 12 months as of September 30, 2025 were approximately $3.3 billion. TreeHouse is a publicly traded company that is listed on the New York Stock Exchange. TRICIDA INC: Trustee Sues 7 Former Execs Over $70MM Loss -------------------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that the liquidating trustee for bankrupt drug developer Tricida has filed a complaint in Delaware's Court of Chancery accusing seven former executives and directors, along with an investment firm, of systematically stripping more than $740 million from the company. The trustee alleges they carried out insider trading, granted themselves excessive bonuses, and failed to safeguard valuable tax attributes prior to Tricida's 2023 collapse. According to the complaint, this conduct not only enriched insiders but harmed the estate and its creditors. The trustee contends that these individuals betrayed their fiduciary duties and enabled the depletion of corporate value at a critical time, paving the way for the company's downfall and complicating the liquidation process. About Tricida Inc. Tricida Inc. -- https://www.tricida.com/ -- is a pharmaceutical company working to turn the tide on metabolic acidosis and progression of chronic kidney disease. The company is based in South San Francisco, Calif. Tricida filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10024) on Jan. 12, 2023, It disclosed $93,879,000 in total assets against $229,977,000 in total debt as of Sept. 30, 2022. The Debtor tapped Sidley Austin, LLP and Young Conaway Stargatt & Taylor, LLP, as counsels; SierraConstellation Partners, LLC as financial advisor; and Stifel, Nicolaus & Company, Inc., and Miller Buckfire, LLC as investment bankers. Kurtzman Carson Consultants, LLC is the claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Womble Bond Dickinson (US) LLP and Rock Creek Advisors, LLC serve as the committee's legal counsel and financial advisor, respectively. TRICOLOR AUTO: Ch. 7 Trustee Gets Court OK to Tap McDermott ----------------------------------------------------------- Ben Zigterman of Law360 reports that a Texas bankruptcy judge on November 13, 2025, approved the Chapter 7 trustee's request to retain McDermott Will & Schulte and several financial advisers in the Tricolor Holdings liquidation. The trustee argued that the expertise of these firms is necessary to navigate the lender's complex financial affairs. The advisory team is expected to guide the estate on asset recovery efforts, claims analysis, and potential causes of action. Their involvement aims to help the subprime auto lender's estate secure the highest possible return for creditors, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRIGGER IT: Kathleen O'Malley Named Subchapter V Trustee -------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Kathleen O'Malley as Subchapter V trustee for Trigger It, LLC. Ms. O'Malley will be paid an hourly fee of $375 for her services. Ms. O'Malley disclosed in a court filing that she does not have an interest materially adverse to Sai Baba's estate, creditors and equity security holders. About Trigger It LLC Trigger IT, LLC provides IT solutions and consulting services to clients globally, offering application support, software development, staff augmentation, system integration, infrastructure and datacenter maintenance, and managed IT services. It is based in Cary, North Carolina. Trigger It filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04466) on November 8, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Joseph N. Callaway presides over the case. J.M. Cook, Esq., at J.M. Cook, P.A. represents the Debtor as legal counsel. TRIMAS CORP: S&P Places 'BB' ICR on CreditWatch Negative -------------------------------------------------------- S&P Global Ratings placed all of its ratings on U.S.-based engineered products manufacturer TriMas Corp., including the 'BB' issuer credit rating, on CreditWatch with negative implications. S&P expects to resolve the CreditWatch when the sale closes, subject to regulatory approvals and other customary conditions. TriMas Corp. announced the sale of its aerospace segment for approximately $1.45 billion cash to an affiliate of Tinicum L.P. S&P expects the transaction will close in the first quarter of 2026. The company will divest about a third of its revenues with the move and exit from the aerospace business. The CreditWatch placement follows TriMas' sale of its aerospace business. On Nov. 4, 2025, TriMas announced the sale to an affiliate of Tinicum. TriMas reported that the purchase price of $1.45 billion represents an enterprise value multiple of approximately 18x of last-12-months third-quarter 2025 adjusted EBITDA. The aerospace business represented over 30% of the company's reported revenues in 2024 and about 37% growth year to date as of Sept. 30, 2025. Packaging and specialty products segment revenue improved about 2% in the same period. In addition, S&P believes packaging and specialty products revenue will be more cyclical due to greater exposure to volatile end markets (including beauty and home care). TriMas stated it plans to prioritize reinvesting sale proceeds to targeted acquisitions and has established a strategic investment committee for evaluating potential transactions. S&P Global Ratings will reassess ratings once the sale is completed and S&P has more clarity about the company's use of proceeds and plans for capitalization of the remaining business. The CreditWatch placement with negative implications reflects S&P's view that it could lower the issuer credit rating on TriMas when the proposed transaction closes. TURNKEY ROOFING: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- Turnkey Roofing of Florida Inc. filed for Chapter 11 protection in the Middle District of Florida on November 10, 2025. The voluntary petition lists liabilities between $1 million and $10 million. The company reports having between 1 and 49 creditors. About Turnkey Roofing of Florida Inc. Turnkey Roofing of Florida Inc. specializes in end-to-end roofing services for both residential and commercial clients throughout Florida. Its capabilities span installation, repair, replacement, and maintenance for multiple roofing types, including shingle, tile, metal, and flat roofs. Recognized for dependable service and high-quality results, the company offers roofing solutions engineered to comply with Florida codes and resist harsh weather. Turnkey Roofing also supports customers through insurance-related restoration work, storm-damage inspections, and long-term roof performance planning. Turnkey Roofing of Florida Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04128) on November 10, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Thomas C. Adam, Esq. of Adam Law Group, P.A. TYLER 2 CONSTRUCTION: Unsecureds Will Get 11.5% of Claims in Plan ----------------------------------------------------------------- Tyler 2 Construction Inc. filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated November 6, 2025. Formed on March 5, 1986 and headquartered in Charlotte, North Carolina, the Debtor operates as a general contractor for the construction and renovation of office, retail, medical, and industrial projects. Dale A. Fite is the Debtor's president and owns 100% of the shares in the company. On the Petition Date, the Debtor owed secured debts of $1.4 million to its business lender, TowneBank, and PIIC related to claims paid on the Nolen Project. The Debtor owed approximately $4.3 million in unsecured trade debts (consisting largely of unpaid, prepetition subcontractor claims). At the same time, the Debtor held bank deposits of $480,835.25 and roughly $3.3 million in unpaid accounts receivable related to ten ongoing construction projects. While the Debtor and its appointed financial advisor marketed the company's assets for sale to an industry participant or other strategic buyer, the company simultaneously continued performing on its existing contracts, collecting outstanding pre petition accounts receivable and paying those funds over to subcontractors whose work was critical to the completion of the projects. The Debtor also created and collected new post-petition receivables as it continued to operate, realizing the profits from its contracts and creating funds for expected distributions to unsecured creditors over and above those to higher priority, secured creditors. Unable to find a buyer for its assets during the Chapter 11 Case and having essentially completed all outstanding projects at this point, the Debtor intends to surrender the remaining collateral and/or proceeds necessary to satisfy TowneBank, PIIC, and any subcontractors holding validly secured liens following confirmation of the Plan. The Debtor will also sell its remaining fixed assets post-confirmation (consisting of furniture, equipment, and unencumbered vehicles) to raise additional funds for distributions to holders of Allowed Unsecured Claims. The Debtor estimates it will hold approximately $1,198,000.00 in Estate Cash on the First Distribution Date for the satisfaction of Allowed Secured Claims. Following settlements with the developer of the Nolen Project and PIIC, the Debtor anticipates that the remaining Allowed Secured Claims will total $707,395.00. Thus, the Debtor expects to have roughly $490,000.00 in Net Estate Cash on the Second Distribution Date to disburse to the holders of Allowed Unsecured Claims (including both priority and general unsecured Claims). Class 6 consists of all Allowed General Unsecured Claims. The Debtor estimates that the Allowed Class 6 Claims total $3,008,956.00. These Claims shall be treated as unsecured obligations of the Reorganized Debtor. Subject to distributions on Claims of higher priority, if any, holders of Allowed General Unsecured Claims shall be paid Pro Rata Shares of the remaining Net Estate Cash on the Second Distribution Date up to the full amounts of their Allowed General Unsecured Claims as of the Petition Date. This Class will receive a distribution of 11.5% of their allowed claims. Class 7 consists of the Equity Interests in the Debtor, held by Dale A. Fite (100%). After satisfaction of all Allowed Claims of higher priority, the holder of the Allowed Equity Interests shall receive distributions of any remaining Net Estate Cash on the Second Distribution Date commiserate with his ownership percentage and shall retain such Equity Interests in the Reorganized Debtor; provided, however, that the holder of the Allowed Equity Interests will not receive or retain any property pursuant to the Plan unless all Allowed Claims of higher priority are fully satisfied as set forth in the Plan. If all Allowed Claims of higher priority are not so satisfied, the Equity Interests in the Debtor and/or Reorganized Debtor shall be deemed cancelled and the Debtor and/or Reorganized Debtor shall be dissolved under applicable law. While the Plan contemplates liquidation of the Estate, the Debtor also believes there will be sufficient funds on hand following the Confirmation Date to satisfy the distributions required by Section 1129(a)(9) of the Bankruptcy Code and any other obligations due under the Plan. A full-text copy of the Disclosure Statement dated November 6, 2025 is available at https://urlcurt.com/u?l=OFtXxB from PacerMonitor.com at no charge. Counsel for the Debtor: Richard S. Wright Moon Wright & Houston, PLLC 212 N. McDowell Street, Suite 200 Charlotte, NC 28204 Telephone: (704) 944-6560 Facsimile: (704) 944-0380 Email: rwright@mwhattorneys.com About Tyler 2 Construction Inc. Tyler 2 Construction, Inc., is a general contractor based in Charlotte, North Carolina. The Company provides construction management and renovation services across sectors including office, healthcare, retail, and light industrial. Tyler 2 Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30715) on July 9, 2025. In its petition, the Debtor reported total assets of $9,819,766 and total liabilities of $5,762,398. Judge Ashley Austin Edwards handles the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, is the Debtor's legal counsel. UNITED AIRLINES: Moody's Ups CFR to Ba1 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded the ratings of United Airlines Holdings, Inc. and United Airlines, Inc. (together "United"). United Airlines Holdings, Inc.'s ratings were upgraded as follows: corporate family rating to Ba1 from Ba2 and probability of default rating to Ba1-PD from Ba2-PD and senior unsecured shelf rating to (P)Ba2 from (P)Ba3. United Airlines, Inc.'s ratings were upgraded as follows: backed senior secured rating to Baa3 from Ba1, backed senior secured bank credit facility rating to Baa3 from Ba1, backed senior unsecured revenue bond ratings to Ba2 from Ba3. Of the company's 20 tranches of rated Enhanced Equipment Trust Certificates ("EETC"), 18 were upgraded and two were affirmed (see rating list below). United Airlines Holdings, Inc.'s Speculative Grade Liquidity rating remains unchanged at SGL-1. The outlook was changed to stable from positive. The upgrade reflects United's improved operating performance driven by strength in each of its diversified revenue streams, including premium cabin, basic economy, loyalty, and cargo. Moody's forecasts United's revenue will grow to above $63 billion in 2026, which coupled with increasingly efficient operations, will help drive operating profit grow to more than $5.5 billion. Moody's forecasts this earnings improvement, along continued debt reduction, will result in debt/EBITDA declining to below 3.0x with interest coverage (funds from operations + interest expense/interest expense) of above 5.0x. After two years of generating more than $3 billion in free cash flow, higher capex in 2026 will result in reduced free cash flow, but Moody's forecasts that it will still exceed $1.5 billion. The upgrades of the EETC ratings reflect decreases in Moody's estimates of the peak loan-to-value of each tranche. RATINGS RATIONALE The Ba1 CFR reflects United's favorable business profile as a leading global airline and the company's extensive global network – United generated $17.9 billion of international operating revenue in the first nine months of 2025 – more than any of the US airlines. Operating the largest international network, a large loyalty program and emphasis on premium offerings provide foundational strength for United. The rating also reflects the company's very good liquidity. Moody's projects total liquidity at the end of 2025 in excess of $16 billion, including availability under its revolving credit facility, cash and short-term investments, after debt repayment of about $4 billion. The company's strong liquidity will support its financial position in the event earnings and operating cash flow trail Moody's expectations. United's ratings are constrained by the significant amount of secured debt in its debt structure. At September 30, 2025, United's secured debt accounted for more than 60% of its total debt (including operating leases). The ratings of the company's various EETCs reflect Moody's estimates of the respective loan-to-values of each tranche and the importance of the aircraft collateral to the company's operations. The stable outlook reflects United's very good liquidity, strong free cash flow and Moody's forecasts that United will maintain debt/EBITDA around 3.0x over the next 12 to 18 months. The SGL-1 Speculative Grade Liquidity rating reflects very good liquidity. Moody's expects cash and short term investments will exceed $12 billion over the next 12 to 18 months. United has access to a $3.0 billion committed revolving credit facility that expires in 2029. Moody's expects the revolver to remain undrawn and fully available. Moody's projects United will generate more than $3 billion of free cash flow in 2025 and more than $1.5 billion in 2026 due to higher capex (assuming new aircraft deliveries materialize). United maintains sufficient cushion with the $2 billion minimum liquidity covenant in the revolving credit facility. There is also a 1.6x minimum collateral coverage test, performed annually. Coverage for the company's senior notes, secured by its slots, gates and routes, remains substantial. Alternate sources of collateral are material, including unencumbered aircraft. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings will not be upgraded until a material proportion of the capital structure is comprised of unsecured debt. Once that is achieved, the ratings could be upgraded if debt/EBITDA approaches 2.5x and funds from operations plus interest/interest sustained is sustained above 8.0x. The ratings could be downgraded if Moody's expects debt/EBITDA and funds from operations plus interest/interest to be sustained above 3.0x and below 6.0x, respectively. Cash plus revolver availability that is sustained below $10 billion while reported debt remains above $25 billion could also pressure the ratings. Sale of an equity interest in the loyalty program that requires sharing of program cash flow with one or more third parties could also lead to a downgrade. Any combination of future changes in the underlying credit quality or ratings of United, the importance of particular aircraft models to United's network, or in Moody's estimates of aircraft market values that affect estimates of loan-to-value, can result in changes to EETC ratings. Issuer: United Airlines Holdings, Inc. Upgrades: LT Corporate Family Rating, Upgraded to Ba1 from Ba2 Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD Senior Unsecured Shelf, Upgraded to (P)Ba2 from (P)Ba3 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: CLEVELAND (CITY OF) OH Upgrades: Backed Senior Unsecured Revenue Bonds, Upgraded to Ba2 from Ba3 Issuer: DENVER (CITY & COUNTY OF) CO Upgrades: Backed Senior Unsecured Revenue Bonds, Upgraded to Ba2 from Ba3 Issuer: Hawaii Department of Transportation Upgrades: Backed Senior Unsecured Revenue Bonds, Upgraded to Ba2 from Ba3 Issuer: Houston (City of) TX Upgrades: Backed Senior Unsecured Revenue Bonds, Upgraded to Ba2 from Ba3 Issuer: NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY Upgrades: Backed Senior Unsecured Revenue Bonds, Upgraded to Ba2 from Ba3 Issuer: United Airlines, Inc. Upgrades: Backed Senior Secured Bank Credit Facility, Upgraded to Baa3 from Ba1 Enhanced Equipment Trust, Upgraded to Baa2 from Ba1 Enhanced Equipment Trust, Upgraded to Aa3 from A1 Enhanced Equipment Trust, Upgraded to Aa2 from A3 Enhanced Equipment Trust, Upgraded to Aa2 from A1 Enhanced Equipment Trust, Upgraded to A3 from Baa2 Enhanced Equipment Trust, Upgraded to Aa2 from Aa3 Enhanced Equipment Trust, Upgraded to A3 from Baa1 Enhanced Equipment Trust, Upgraded to Baa1 from Ba2 Enhanced Equipment Trust, Upgraded to Baa2 from Ba2 Enhanced Equipment Trust, Upgraded to Baa1 from Ba1 Enhanced Equipment Trust, Upgraded to Baa1 from Baa3 Backed Senior Secured, Upgraded to Baa3 from Ba1 Affirmations: Enhanced Equipment Trust, Affirmed A2 Enhanced Equipment Trust, Affirmed A3 Outlook Actions: Outlook, Changed To Stable From Positive The principal methodology used in rating United Airlines Holdings, Inc. was Passenger Airlines published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. United Airlines Holdings, Inc. (NASDAQ: UAL) is the holding company for United Airlines, Inc. Revenue was $58.4 billion for the 12 months ended September 30, 2025. US SIKH TRANSPORT: Case Summary & Six Unsecured Creditors --------------------------------------------------------- Debtor: US Sikh Transport 2676 E Rockingham Court Fresno, CA 93720 Business Description: US Sikh Transport Inc. provides interstate freight transportation services across the United States. The Company hauls general freight and agricultural products using a fleet of Volvo tractors and Utility dry van trailers. Chapter 11 Petition Date: November 11, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-13801 Judge: Hon. Jennifer E. Niemann Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 Email: Farsadlaw1@gmail.com Total Assets: $70,238 Total Liabilities: $1,440,996 Amandeep Singh signed the petition as authorized agent. 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/3DRU6IY/US_Sikh_Transport__caebke-25-13801__0001.0.pdf?mcid=tGE4TAMA VERITONE INC: Widens Net Loss to $26.9 Million in Fiscal Q3 ----------------------------------------------------------- Veritone, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $26.9 million for the three months ended September 30, 2025, from a net loss of $21.7 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $73.6 million and $69.2 million, respectively. Revenue for the three months ended September 30, 2025 and 2024, were $29.1 million and $22 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $75.6 million and $70.2 million, respectively. As of September 30, 2025, the Company had an accumulated deficit of $540.8 million and cash and cash equivalents of $36.2 million. As of September 30, 2025, the Company had $200.2 million in total assets, $184.2 million in total liabilities, and $16 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y5ww9knm About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. The Company disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Based on the Company's liquidity position as of June 30, 2025 and current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about the Company's ability to continue as a going concern over the 12 months following the filing of this Quarterly Report on Form 10-Q, principally driven by current debt service obligations, historical negative cash flows and recurring losses. As a result, the Company will require additional liquidity to continue its operations over the next 12 months. As of June 30, 2025, the Company had $186.81 million in total assets, $185.59 million in total liabilities, and $1.22 million in total stockholders' equity. VILLAGE HOMES: Court OKs Sandpiper Property Sale to J. & A. Alvis ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has approved Village Homes LP, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's properties are located in various subdivisions in Tarrant and Parker Counties, Texas. The Debtor has in its portfolio approximately 117 single family real property lots. Some of those Lots have completed Single-Family Homes on them, some have homes under construction, but the majority are vacant lots. A substantial portion of the Debtor's business is selling pre-sale, or pre-construction, homes with a much smaller portion of business being selling completed spec homes. The Court has authorized the Debtor to John and Alexandra Alvis the Sandpiper Property locate at 908 Sandpiper Drive, Aledo, Texas 76008, in accordance with the terms of the Village Homes Purchase Agreement for the Sandpiper Property. The purchase price of the Property is $632,200. The Sandpiper Property shall be sold, and is hereby sold, free and clear of liens, claims and interest of Veritex with such liens, claims, and interest to attach to the proceeds of the sale . At the closing of the sale, the closing agent is authorized to distribute the sales proceeds to payment of normal and customary costs of sale, including commission, title fees, and the Debtor's portion of the prorated taxes assessed against the property, and payment to Veritex of the Release Price for the Sandpiper Property. The Buyer of the Sandpiper Property as identified in the Village Homes Purchase Agreement for the Sandpiper Property is not an "insider" of the Debtor. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VOXTUR ANALYTICS: Chapter 15 Case Summary ----------------------------------------- Lead Debtor: Voxtur Analytics Corp. 543 Ridout Street North London, Ontario, N6A 2P8 Canada Business Description: Voxtur Analytics Corp., together with its subsidiaries, is a Canadian proptech company that provides data analytics and technology solutions to streamline the real estate lending lifecycle. The Company's proprietary platforms and data hub enhance valuation accuracy and due diligence for mortgage originations, trading, and servicing activities. Voxtur serves lenders, investors, servicers, and government agencies across the United States and Canada. Chapter 15 Petition Date: November 11, 2025 Court: United States Bankruptcy Court District of Delaware Twenty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Voxtur Analytics Corp. (Lead Case) 25-11996 Appraisers Now Ltd. 25-11997 Appraisers Now US, LLC 25-11998 Blue Water Financial Technologies Holding Company 25-11999 Blue Water Financial Technologies Services, LLC 25-12000 Blue Water Financial Technologies, LLC 25-12001 Clarocity Inc. 25-12002 Commonwealth USA Settlements, LLC 25-12003 iLOOKABOUT (US) Inc. 25-12004 iLOOKABOUT Inc. 25-12005 Legend Title Company, LLC 25-12006 MTAG Paralegal Professional Corporation 25-12007 MTE Paralegal Professional Corporation 25-12008 Municipal Tax Equity Consultants Inc. 25-12009 Orange & Blue Holdings 3.0, LLC 25-12010 Orange & Blue Holdings 4.0, LLC 25-12011 Orange & Blue Holdings 5.0, LLC 25-12012 Valuation Vision Inc. 25-12013 Voxtur Analytics US Corp. 25-12014 Voxtur Settlement Services of Alabama, LLC 25-12015 Voxtur Settlement Services of Arkansas, LLC 25-12016 Voxtur Settlement Services, LLC 25-12017 Voxtur Technologies US, Inc. 25-12018 Voxtur Title Agency, LLC 25-12019 Voxtur Valuation, LLC 25-12020 Judge: Hon. J Kate Stickles Foreign Representative: Voxtur Analytix Corp 543 Ridout Street North London, Ontario, N6A 2P8 Canada Signed by: Gary Yeoman, Chairman Foreign Proceeding: In the Matter of a Plan of Compromise or Arrangement of Voxtur Analytics Corp., et al., Ontario Supreme Court of Justice, Court File No. CL-25- 00753573-0000 Foreign Representative's Counsel: Laurel D. Roglen, Esq. James B. Zack, Esq. BALLARD SPAHR LLP 919 North Market Street, 11th Floor Wilmington, DE 19801-3034 Tel: (914) 525-5695 Email: roglenl@ballardspahr.com zackj@ballardspahr.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of Blue Water Financial Technologies Holding Company's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TAVUEYQ/Voxtur_Analytics_Corp_and_Blue__debke-25-11999__0001.0.pdf?mcid=tGE4TAMA VR ENTERTAINMENT: Unsecureds Will Get 15% Dividend over 60 Months ----------------------------------------------------------------- VR Entertainment Group Corp. d/b/a Escape Virtuality filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Plan of Reorganization dated November 6, 2025. The Debtor is an Amusement center offering virtual reality (VR) experiences, escape rooms, and simulators. In order to reach an agreement with the U.S. Small Business Administration, the Debtor sought relief by filing for Chapter 11 bankruptcy protection. Class I shall consist of a general unsecured claim of creditors, in total amount of $309,953.67. * JPMorgan Chase Bank, N.A. in the claim amount of $2,646.06 shall receive 15% ($396.90) dividend to be paid in 60 monthly installment payments in the amount of $6.7, commencing on the effective date of the plan. * U.S. Small Business Administration in the claim amount of $307,307.61 shall receive 15% ($46,096.14) dividend to be paid in 60 monthly installment payments in the amount of $768.27, commencing on the effective date of the plan. The Plan will be funded from the funds accumulated on the Debtor's DIP account, from the date of the petition, as well as from continuing operating income and reorganized business operations of the Debtor. As of date of this Disclosure Statement and Plan, the balance of the Debtor's DIP account if $19,320.73. The total anticipated plan payments on the effective date of the Plan to the general unsecured creditors are $774.97 monthly. The anticipated administrative expenses on the effective date of the Plan will be approximately $20,900.00. The Debtor has no priority tax claims. Thus, the total plan payments to be made by the Debtor to its creditors under the Plan and Disclosure Statement herein, are $46,493.04. A full-text copy of the Disclosure Statement dated November 6, 2025 is available at https://urlcurt.com/u?l=W5WQhY from PacerMonitor.com at no charge. VR Entertainment Group Corp is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About VR Entertainment Group Corp VR Entertainment Group Corp. is an amusement center offering virtual reality (VR) experiences, escape rooms, and simulators. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-10267) on Jan. 10, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Vincent F Papalia presides over the case. Alla Kachan, Esq., at Law Offices Of Alla Kachan P.C., is the Debtor's counsel. WATERMAN-SMITH I: Updates Secured Lender Claims Pay; Amends Plan ---------------------------------------------------------------- Waterman-Smith I, LLC, submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated November 5, 2025. The Plan contemplates the reorganization of the Debtor, through use of operating revenue and a capital contribution by the Debtor from the sale of property. After the emergence from Chapter 11, the Debtor will be leasing the commercial building. Subject to the specific provisions set forth in the Plan, all of the pre-petition obligations owed by the Debtor, as a general matter, be paid in full. Class 2 consists of Secured Lender Claims. The total estimate of Allowed Secured Lender Claims is approximately $2,800,000 plus $10,000.00 for legal costs. Class 2 is impaired under the Plan, and the holders of Secured Lender Claims are entitled to vote on the Plan. The Class 2 holders allowed secured claim shall receive monthly payments based upon the following: * A principal amount equal to the outstanding indebtedness as of the Petition Date (exclusive of late fees and forced place insurance) plus interest accruing and unpaid through the Effective Date and actual legal fees incurred by Secured Lender through the Effective Date; * An interest rate of six percent; * An amortization of twenty years; and * A balloon payment equal to the outstanding balance due as of the 5th Anniversary of the Effective Date. The Debtor will post $100,000.00 in a segregated escrow account subject to an account control agreement in favor of the Secured Lender. In addition, the Secured Lender shall possess a security interest in all leases entered into between the Debtor and any tenant of the property after the Petition Date. All defaults and events of default existing as of the Petition Date and as of the Effective Date shall be waived and any defaults and events of default resulting from the confirmation of the Plan, the occurrence of the Effective Date and/or the actions and transactions contemplated by the Plan, including the payments to be made under the Plan, shall also be waived. The failure of pre-effective date Debtor to perform or comply with any obligation, covenant or representation or warranty shall not be a breach or constitute an Event of Default under the Secured Lender Loan Documents; provided that nothing above shall release or discharge any guarantor for any obligations or liability under the existing loan documents. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 5 consists of General Unsecured Claims. Class 5 is impaired under the Plan, and the holders of Class 5 Claims are entitled to vote on the Plan. The Debtor shall pay each holder of an Allowed Unsecured Claim against the Debtor on account of and in full satisfaction of such Allowed Unsecured Claim, Cash equal to the amount of the Allowed Unsecured Claim, in four equal quarterly payments beginning on the 3rd month anniversary of the Effective Date. Holders of Allowed Class 5 Claims shall not be entitled to interest with respect to their Allowed Class 6 Claims for any period after the Petition Date. The total estimate of the Allowed Class 6 Claims is approximately $10,682.06. This Class will receive a distribution of 100% of their allowed claims. * Class 6 consists of Interest Holders. Class 6 is impaired under the Plan. The interest holders shall make the Equity Contribution to the Debtor to retain their interest in the Debtor. The capital contribution shall be $300,000 paid to the Debtor on the Effective Date of the Plan. The uses of the Equity Contribution shall be: a) $100,000 additional security for the Secured Lender; b) $200,000.00 for a generator for the building to satisfy the outstanding request from the City of Mobile; and c) $50,000.00 for a working capital. Interest in the Debtor is retained. The payments under the Plan will be paid out of two sources. The first is the operating revenue for the building and the second is a capital contribution by the Debtor. The funds for capital contribution will come from the sale of 12 acres in Hammond, Louisiana that is currently under contract. A full-text copy of the Second Amended Disclosure Statement dated November 5, 2025 is available at https://urlcurt.com/u?l=b0qPdS from PacerMonitor.com at no charge. Counsel for the Debtor: Douglas S. Draper, Esq. Leslie A. Collins, Esq. Greta M. Brouphy, Esq. Michael E. Landis, Esq. Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Telephone: (504) 299-3300 Fax: (504) 299-3399 About Waterman-Smith I LLC Waterman-Smith I, LLC, is a real estate lessor whose principal assets are located at 61 St. Joseph Street in Mobile, Alabama. Waterman-Smith I sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11190) on June 11, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $50,000 and $100,000. Judge Meredith S. Grabill handles the case. The Debtor is represented by Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC. WHITESTONE CROSSING: Seeks to Extend Plan Exclusivity to Dec. 10 ---------------------------------------------------------------- Whitestone Crossing Austin LLC, asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 10, 2025 and February 9, 2026, respectively. The Debtor explains that cause exists to grant the relief requested in this Motion. First, the refinancing efforts of the Debtor have been ongoing and are beginning to bear fruit from which a plan may be constructed. The Debtor just this week received a term sheet for a refinance of the property that could serve as the exit financing for a plan in this case provided the property can meet the underwriting criteria. The Debtor is working diligently on that process now. Second, a major disputed secured claim is the judgment granted to plaintiffs in mold litigation brought against the Debtor (the "Judgment"). The Debtor has retained special litigation counsel to pursue appellate relief of the Judgment and is concurrently with filing this Motion filing a motion to modify the automatic stay to allow the appeal process to proceed. Additionally, the Debtor has been operating within the protection of chapter 11 for slightly under six months and has generated sufficient revenues to satisfy its post-petition obligations as they come due through the authorized use of cash collateral. The Debtor’s ongoing rental revenue and its operating cash on hand is sufficient to permit it to continue to meet its post petition obligations. This Motion represents the Debtor's second request for an extension of the Exclusivity Period, with the extension period requested only being thirty days. This request will not unfairly prejudice or pressure the Debtor's creditors or grant the Debtor any unfair bargaining leverage. The Debtor believes that the requested extension is warranted and appropriate under the circumstances. Whitestone Crossing Austin, LLC is represented by: J. Mark Chevallier Michael T. Pipkin ROCHELLE MCCULLOUGH LLP 901 Main Street, Suite 3200 Dallas, TX 75202 Telephone: (214) 953-0182 Facsimile: (888) 467-5979 Email: mchevallier@romclaw.com mpipkin@romclaw.com About Whitestone Crossing Austin Whitestone Crossing Austin, LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as nine-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Whitestone Crossing Austin sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31768) on May 12, 2025. In its petition, the Debtor listed assets and liabilities between $10 million and $50 million. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Abhijit Modak, Esq., at Abhijit Modak, Attorney at Law. LFT CRE 2021-FL1, Ltd., acting through Lument Real Estate Capital, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 brent.mcilwain@hklaw.com YARETON HOTEL INVESTMENT: Marriot Tacoma Hotel Auction Set for 2026 ------------------------------------------------------------------- Debbie Cockrell of The News Tribune reports that a long-anticipated auction to recover debt from the development of a downtown Tacoma hotel has been reset for January 2026. Court documents filed in Pierce County Superior Court ahead of a planned October 31, 2025 hearing confirmed the new timeline and indicated that the case continues to move toward liquidation steps. The trustee sale is now scheduled for 10 a.m. on January 16, 2026 at the County-City Building's second-floor entry plaza in Tacoma. The revised date replaces earlier filings and public notices that had pointed to a November 2025 auction, according to The News Tribune. The financial distress behind the sale centers on Yareton Hotel Investment Management LLC, developer of the Marriott Tacoma Downtown. According to reports, the company fell into default on a $70 million loan issued in 2021. A complaint filed in July detailed missed payments and noted that the development was under such financial strain that the site manager had personally paid certain expenses, including payroll. Yareton is a subsidiary of Shanghai Mintong Real Estate Co., based in China, the report states. A court-appointed receiver has been overseeing the project since July. Attorneys for a Delphi Financial Group subsidiary, which co-lent funds for the development, stated in their October filing that the receiver expects to submit a final accounting after the trustee sale. The filing also reiterated that the receiver is authorized to collect revenues and manage the project's financial operations. With the October 2025 hearing canceled, the only upcoming court date listed is one scheduled for April 2026, the report cites. About Yareton Hotel Investment Yareton Hotel Investment is the developer of the Marriott Tacoma Downtown. In July 2025, lenders moved to place Yareton Hotel Investment Management LLC under court-appointed receivership after it defaulted on a $70 million loan issued in 2021 and repeatedly missed payments. On July 17, 2025, the court appointed a receiver to oversee the project. The filing also described severe cash-flow pressures at the project, noting that the site manager had to cover expenses such as payroll out of personal funds. ********* 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. 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