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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, November 21, 2025, Vol. 29, No. 324

                            Headlines

125 VERTICAL: Seeks to Tap Morrison Tenenbaum as Counsel
1251 FOURTH: Case Summary & One Unsecured Creditor
1847 HOLDINGS: Widens Net Income to $32.2MM in 2025 Q3
23ANDME HOLDINGS: Seeks Court OK for Ch.11 Plan w/ Release Changes
25 MY RENTCO: Unsecureds Will Get 50% of Claims in Plan

34 LOUIS AVENUE: Seeks Chapter 7 Bankruptcy in New York
407 SMILEY: Seeks Chapter 11 Bankruptcy in Massachusetts
48FORTY SOLUTIONS: FS KKR Marks $180.7MM 1L Loan at 54% Off
48FORTY SOLUTIONS: FS KKR Marks $2.1MM 1L Loan at 52% Off
48FORTY SOLUTIONS: FS KKR Marks $8.5MM 1L Loan at 54% Off

6 BELL COURT: Seeks Chapter 11 Bankruptcy in New York
604 ESPLANADE: Includes Convenience & Special Unsecured Claims
9 CROSBY: Case Summary & 20 Largest Unsecured Creditors
ABUELO'S INTERNATIONAL: Seeks to Tap A&G Realty Partners as Advisor
ADVANCED REHABILITATION: Gets Interim OK to Use Cash Collateral

ADVANIA SVERIGE: FS KKR Marks SEK$161.1MM 1L Loan at 89% Off
AEC PARENT: Moody's Lowers CFR to 'Caa2', Outlook Remains Negative
AIRX LLC: Final OK to Access Cash Collateral
ALL MOMS: Seeks Court Approval to Tap Welch and Company as Counsel
ALL STAR TRANSPORTATION: Amends Unsecured Claims Pay Details

AMERICAN PAVING: Case Summary & 20 Largest Unsecured Creditors
APLD COMPUTECO: Fitch Assigns BB-(EXP) LongTerm IDR, Outlook Stable
APPLIED ENERGETICS: Reports $2.4 Million Net Loss in 2025 Q3
AQUA METALS: Reports $3.1 Million Net Loss in 2025 Q3
ARCHDIOCESE OF NEW ORLEANS: Bondholders Denied Cases Consolidation

ARCHER INSTALLATION: Hires Andersen Beede Weisenmiller as Counsel
ARP HOSPITALITY: Hires Bertram Siegel Esq. as Special Counsel
ARROTEX AUSTRALIA: FS KKR Marks AU$10.8MM Loan at 34% Off
ASSEMBLY BIOSCIENCES: Has $9.2M Q3 Loss; Lifts Going Concern Doubt
ATARA BIOTHERAPEUTICS: Narrows Net Loss to $4.3 Million in 2025 Q3

ATX NETWORKS: FS KKR Marks $47.4MM 2L Loan at 76% Off
AXALTA COATING: S&P Upgrades ICR to 'BB+' on Margin Expansion
BARROW SHAVER: Natural Gas Business Sale to TexOil Investment OK'd
BELLEROSE TERRACE: Voluntary Chapter 11 Case Summary
BERLIN PACKAGING: Moody's Affirms 'B3' CFR, Outlook Remains Stable

BEYOND AIR: Reports Net Loss of $8.3MM in 2025 Q2
BHOWMICK LIQUOR: Has Deal on Cash Collateral Access
BIOXCEL THERAPEUTICS: Widens Net Loss to $31 Million in 2025 Q3
BLACK SPOT: Case Summary & 17 Unsecured Creditors
BLACKSTONE CLAIM: Case Summary & Five Unsecured Creditors

BLUE GALLERIA: Seeks Court Approval to Hire Seese as Legal Counsel
BLUE STAR FOODS: Narrows Net Loss to $480,965 in 2025 Q3
BLUEWATER RESIDENTIAL: Case Summary & Four Unsecured Creditors
BODYWORX PHYSICAL: Case Summary & 20 Largest Unsecured Creditors
BRIGHTLIFE ELECTRIC: Gets Final OK to Use Cash Collateral

BROOKE RODD: Seeks Cash Collateral Access
BRUNELLE TECH: Hires Cooney Law Offices LLC as Counsel
BUILT LLC: Seeks to Hire Ford & Semach P.A. as Counsel
CANACOL ENERGY: Seeks Chapter 15 Prior to November Debt Payments
CARDIFF LEXINGTON: Reports $1.1 Million Net Loss in 2025 Q3

CASTILLO GRAND: Hires Gray Robinson P.A. as Special Counsel
CASTILLO GRAND: Seeks to Hire Tripp Scott P.A. as Counsel
CASUAL 21: Unsecureds Will Get 11% of Claims over 36 Months
CEDAR VALLEY: Seeks to Hire Gray Reed as Legal Counsel
CELEBRATION TITLE: Must Defend Against First American Lawsuit

CENTER FOR EMOTIONAL: Seeks Chapter 11 Bankruptcy in North Carolina
CENTER FOR EMOTIONAL: Seeks to Hire Sasser Law Firm as Counsel
CHEER ATHLETICS-PLANO: Hires Mitchell Law Firm L.P. as Counsel
CHICAGO SOUTH LOOP: Court OKs Interim Use of Cash Collateral
CINEPLEX INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR

CITY PARK: Sale Proceeds or Capital Infusion to Fund Plan Payments
CLEVELAND AVENUE: Seeks Chapter 11 Bankruptcy in Ohio
COMMERCIAL METALS: Fitch Rates New Sr. Unsecured Notes 'BB+'
COMMERCIALMORTGAGES.COM: Seeks Chapter 11 Bankruptcy in Florida
CONTEMPORARY MEDICAL: Taps Lamonica Herbst & Maniscalco as Counsel

COOLWOOD LLC: Hires Law Offices of Cecille Doan LLC as Counsel
CREATIVE LIVING: Hires H&H Realty LLC as Real Estate Broker
CREATIVE REALITIES: Completes CDM Acquisition with $30MM Funding
CREATIVE REALITIES: Inks $58MM Credit Facility with First Merchants
CREATIVE REALITIES: Sets 2025 Annual Meeting for December 29

CREATIVE REALITIES: Swings to $7.9MM Net Loss in 2025 Q3
CRYSTAL GROUP: Case Summary & Two Unsecured Creditors
CTL-AEROSPACE: Gets Interim OK for DIP Financing From DKOF VI
DBR LAND: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
DEREK L. MARTIN: Unsecureds Will Get 35% of Claims over 60 Months

DIGITAL ALLY: Cuts Q3 Loss to $1.02MM, Lifts Going Concern Doubt
DIXIE GROUP: Reports $4.1 Million Net Loss in 2025 Q3
EAD CONSTRUCTORS: U.S. Trustee Unable to Appoint Committee
ECLIPSE FARMINGDALE: Unsecureds Will Get 50.84% of Claims in Plan
EMBASSY COFFEE: Seeks Chapter 7 Bankruptcy in Indiana

ENERGY FOCUS: Reports $172,000 Net Loss in 2025 Q3
ENGINEERED MACHINERY: S&P Rates Refinanced 1st-Lien Term Loans 'B-'
EVERSTREAM SOLUTIONS: Gets Court Confirmation for Ch. 11 Plan
EXECUTIVE HOME: Seeks to Hire Ronald Cutler P.A. as Counsel
F-STAR SOCORRO: U.S. Trustee Appoints Creditors' Committee

FANTASTIC REAL ESTATE: Seeks Chapter 11 Bankruptcy in California
FANTASTIC REAL: Voluntary Chapter 11 Case Summary
FERNANDEZ P. ENTERPRISE: U.S. Trustee Unable to Appoint Committee
FIREFLY NEUROSCIENCE: Reports $2.6 Million Net Loss in 2025 Q3
FIRST CHOICE: Widens Net Loss to $1.5MM in 2025 Q3

FOREST GOOD: Gets One-Month Extension to Use Cash Collateral
FORTNOX AB: FS KKR Marks SEK$85.7MM 1L Loan at 90% Off
FOSSIL GROUP: S&P Upgrades ICR to 'CCC+' Following Restructuring
GENERAL ENTERPRISE: Says Current Cash Sufficient Through FY26
GENESIS HEALTHCARE: Claimants Ask 5th Circ. to Lift Stay Order

GRACE LIMOUSINE: Gets Interim OK to Use Cash Collateral
HANDLOS FINISHING: Seeks to Extend Exclusivity to Jan. 19, 2026
HARMONY WELLNESS: Hires Brinker Simpson & Company as Accountant
HERITAGE GRILLE: Court Extends Cash Collateral Access to Nov. 30
HIAWATHA MANOR: Seeks to Sell Resort Business at Auction

HOLLYMONT CAPITAL: Case Summary & Nine Unsecured Creditors
HOT CRETE: Updates Pool Claims Pay Details; Files Amended Plan
HOTEL ONE: Gets Interim OK to Use Cash Collateral
INMOBILIARIA LLC: Hires McNamee Hosea P.A. as Counsel
INOVA PHARMACEUTICALS: FS KKR Marks AU$3.9MM 1L Loan at 26% Off

IRIDIUM COMMUNICATIONS: Fitch Affirms 'BB' LongTerm IDR
J INTERNATIONAL: Unsecureds to Split $63K via Quarterly Payments
JACKSON WALKER: Fed. Judge Asks Houston Court Help in Fee Dispute
JHW PLUMBING: Voluntary Chapter 11 Case Summary
JTA1 REAL: Gets Extension to Access Cash Collateral

JVL COMPANY: Seeks to Hire McDowell Law PC as Counsel
K&D'S SANTA CRUZ: Unsecureds to Get 30 Cents on Dollar in Plan
KELLERMEYER BERGENSONS: FS KKR Marks $3.9MM 1L Loan at 51% Off
KLEOPATRA FINCO: U.S. Trustee Appoints Creditors' Committee
KRAIG BOCRAFT: Widens Net Loss to $1.5 Million in 2025 Q3

LAKE BUENA VISTA: U.S. Trustee Unable to Appoint Committee
LANDERS DEVELOPMENT: Files Emergency Bid to Use Cash Collateral
LMD HOLDINGS: Hires Mr. Baker of Aurora Management as CRO
LONGBONS ENTERPRISES: Seeks to Use Cash Collateral
MARYMOUNT UNIVERSITY: S&P Rates 2015 A/B Revenue Bonds 'BB-'

MCGRAW-HILL EDUCATION: S&P Upgrades ICR to 'B+', Outlook Positive
MERCER INT'L: Moody's Lowers CFR to Caa1 & Alters Outlook to Stable
MERIT STREET: Court Converts Bankruptcy Case to Chapter 7
MICROMOBILITY.COM: Reports $116,000 Net Income in 2025 Q3
MIDWEST ENGINEERED: Unsecureds to Get $60K per Year for 3 Years

MINNEAPOLIS PIZZA: Seeks Chapter 7 Bankruptcy in Illinois
MODIVCARE INC: Delays Q3 10-Q Due to Chapter 11 Filing
MOLINA HEALTHCARE: Moody's Rates New Senior Unsecured Debt 'Ba2'
MONTE MARTIN: Case Summary & 11 Unsecured Creditors
MUHAOZEN CONSTRUCTION: Seeks Chapter 7 Bankruptcy in New York

N & S HOSPITALITY: Case Summary & Two Unsecured Creditors
NBG HOME: FS KKR Marks $32.7MM 1L Loan at 87% Off
NOBLE GOODNESS: Unsecureds to be Paid in Full in Joint Plan
NORDIC CLIMATE: FS KKR Marks SEK$156.9MM 1L Loan at 89% Off
NORDIC CLIMATE: FS KKR Marks SEK$227.1MM 1L Loan at 89% Off

NORTHERN LIGHTS: Case Summary & One Unsecured Creditor
NORTHWEST OHIO: Unsecureds to Get 3.1 Cents on Dollar in Plan
NSM TOP HOLDINGS: S&P Rates First-Lien Sr. Secured Term Loan 'B-'
ODYSSEY MARINE: Swings to $13.1 Million Net Loss in 2025 Q3
OFFICE PROPERTIES: U.S. Trustee Appoints Creditors' Committee

PARADISE OP: Case Summary & Two Unsecured Creditors
PARKERVISION INC: Narrows Net Loss to $2 Million in 2025 Q3
PAVMED INC: Reports $6.3 Million Net Loss in 2025 Q3
PERASO INC: Reports $1.2 Million Net Loss in 2025 Q3
PINE GATE RENEWABLES: Solar Firm Objects to Sunstone Equity Claim

PINEAPPLE PROPERTIES: To Sell Augustine Property to Szolgyemy Hosp.
PLURI INC: Reports $6.13 Million Net Loss for 2026 Q1
PRIME DEVELOPMENT: Gets Court OK to Use Cash Collateral
PRODUCTION RESOURCE: FS KKR Marks $215.1MM 1L Loan at 34% Off
PRODUCTION RESOURCE: FS KKR Marks $300,000 1L Loan at 33% Off

PROFRAC HOLDING: Reports Net Loss of $92.4MM in 2025 Q3
PROSPECT MEDICAL: Seeks Court OK to Sell Waterbury Hospital
PURDUE PHARMA: Court Confirms Chapter 11 Reorganization Plan
RELIANT REHAB: FS KKR Marks $48.6MM 1L Loan at 72% Off
RIVERDALE ASSEMBLY: Gets OK to Tap Fear Waddell as Bankruptcy Atty

RIVULET ENTERTAINMENT: Delays Q3 Filing Over Incomplete Financials
ROYAL ALICE: 5th Cir. Reverses Dismissal of RSB's Bankruptcy Appeal
RUNITONETIME LLC: E.GADS Asset Sale to Maverick Specialty OK'd
RYERSON HOLDING: S&P Affirms 'BB-' ICR on Olympic Steel Acquisition
SCIENTIFIC ENERGY: Needs Additional Time to Finalize Q3 Filing

SD BACKYARD: Class 1 Unsecured Claims to Recover 100% in Plan
SEALED AIR: S&P Places 'BB+' ICR on CreditWatch Negative
SHARPLINK GAMING: Reports $104 Million Net Income in 2025 Q3
SHOW LOW: Case Summary & Two Unsecured Creditors
SILICON VALLEY: FDIC Denied Advisory Jury Bid in $1.9B Trust Fight

SINTX TECHNOLOGIES: Reports $3.5 Million Net Loss in 2025 Q3
SKYX PLATFORMS: Reports $7.6 Million Net Loss in 2025 Q3
SMARTSCIENCE LABORATORIES: Hires Blanchard Law P.A. as Counsel
SOLANA COMPANY: Delays Q3 10-Q Filing Following Baker Tilly Exit
SPLASHY'S LLC: Case Summary & Six Unsecured Creditors

STRANGE BIKINIS: Gets Interim OK to Use Cash Collateral
STYX LOGISTICS: Gets Interim OK to Use Cash Collateral
SWEEPING CORP: FS KKR Marks $8.3MM 1L Loan at 37% Off
TACTICAL TOWING: Hires YCG Accounting LLC as Accountant
TALPHERA INC: Reports $4.4 Million Net Loss in 2025 Q3

TATTI VINO: Seeks Chapter 11 Bankruptcy in Michigan
TECHNICAL ARTS: Case Summary & 20 Largest Unsecured Creditors
TEKFOR HOLDCO: FS KKR Virtually Writes Off EU$43.9MM 1L Loan
TENABLE HOLDINGS: S&P Raises ICR to 'BB' on Sustained Low Leverage
TERRAFORM LABS: Administrative Expense Objection Deadline Extended

THERAPEUTICS MD: Reports $152,000 Net Income in 2025 Q3
THREEPIECEUS LLC: To Sell Haas Machining Center to MachineStation
TIME MANUFACTURING: FS KKR Marks $14.2MM 1L Loan at 20% Off
TIME MANUFACTURING: FS KKR Marks $46MM 1L Loan at 20% Off
TIME MANUFACTURING: FS KKR Marks $9.6MM 1L Loan at 20% Off

TPC GROUP: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
UNIVERSITY OF HEALTH: S&P Affirms 'BB+' Bond Ratings
URBAN ONE: S&P Lowers ICR to 'CC' on Announced Debt Restructuring
VALLEY OF THE SUN: Case Summary & One Unsecured Creditor
VOXTUR ANALYTICS: Court Grants Provisional Chapter 15 Relief

WASTE SERVICES: FS KKR Marks AU$11.2MM 1L Loan at 38% Off
WCB REALTY: Voluntary Chapter 11 Case Summary
WELLMADE FLOOR: Seeks to Extend Plan Exclusivity to March 2, 2026
WEST RIDGE: Hires ArentFox Schiff LLP as Bankruptcy Counsel
WOODLINE PROPERTIES: Case Summary & Five Unsecured Creditors

WORKHORSE GROUP: Adjourns 2025 Annual Meeting to November 25
WORLDWIDE MACHINERY: Unsecureds Will Get 0% to 5% in Plan
WORLDWISE INC: FS KKR Marks $11.2MM 1L Loan at 72% Off
XPLR INFRASTRUCTURE: Fitch Rates Proposed Sr. Unsec. Notes 'BB+'
YELLOW CORP: Court Confirms Fourth Amended Joint Chapter 11 Plan

YES HOLDINGS: Case Summary & Two Unsecured Creditors
[^] BOOK REVIEW: The Luckiest Guy in the World

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125 VERTICAL: Seeks to Tap Morrison Tenenbaum as Counsel
--------------------------------------------------------
125 Vertical Parking Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Morrison Tenenbaum PLC as counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its powers and duties in
the management of its estate;

     (b) assist in any amendments of schedules and other financial
disclosures and in the preparation/review/amendment of a disclosure
statement and plan of reorganization;

     (c) negotiate with the Debtor's creditors and take the
necessary legal steps to confirm and consummate a plan of
reorganization;

     (d) prepare on behalf of the Debtor all necessary legal papers
in this case;

     (e) appear before the Bankruptcy Court to represent and
protect the interests of the Debtor and its estate; and

     (f) perform all other legal services for the Debtor that may
be necessary and proper for an effective reorganization.

The firm will be paid at these hourly rates:

     Partners            $550 - $695
     Senior Counsel             $495
     Associates                 $380
     Paraprofessionals          $250

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the petition date, the firm received a retainer of $11,500
from a third party.

Lawrence Morrison, Esq., an attorney at Morrison Tenenbaum,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Lawrence F. Morrison
     Morrison Tenenbaum PLLC
     87 Walker St.
     New York, NY 10013
     Telephone: (212) 620-0938

                 About 125 Vertical Parking Group LLC

125 Vertical Parking Group LLC holds a single asset consisting of a
developed real estate parcel located at 123 Baxter Street in New
York.

125 Vertical Parking Group LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43916) on
August 13, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by Lawrence Morrison, Esq. at Morrison
Tenenbaum PLLC.


1251 FOURTH: Case Summary & One Unsecured Creditor
--------------------------------------------------
Debtor: 1251 Fourth Street Investors, LLC
        825 S. Barrington Ave.
        Los Angeles, CA 90049

Business Description: 1251 Fourth Street Investors, LLC functions
                      as a real estate lessor and holds a property
                      at 1255 4th Street in Santa Monica, CA
                      90401, which serves as its main income-
                      producing asset.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-20294

Judge: Hon. Julia W Brand

Debtor's Counsel: Gary E. Klausner, Esq.
                  LEVENE, NEALE, BENDER, YOO & GOLUBCHIK
                  L.L.P.
                  2818 La Cienega Ave.
                  Los Angeles, CA 90034
                  Tel: (310) 229-1234
                  Email: GEK@LNBYG.COM

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Logan Beitler as manager.

The Debtor named Nationwide Mutual Insurance Co., 1100 Locust St.,
Dept. 1100, Des Moines, IA 50391, as its only unsecured creditor
connected to an insurance policy.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/NEHKC6Q/1251_Fourth_Street_Investors_LLC__cacbke-25-20294__0001.0.pdf?mcid=tGE4TAMA


1847 HOLDINGS: Widens Net Income to $32.2MM in 2025 Q3
------------------------------------------------------
1847 Holdings LLC filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net income
of $32,243,905 for the three months ended September 30, 2025,
compared to a net income of $2,315,600 for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net income of $54,360,845, compared to a net loss of $12,950,273
for the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $13,563,612 and $3,805,621, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had total
revenues of $36,453,541 and $8,555,880, respectively.

As of September 30, 2025, the Company had $35,911,825 in total
assets, $76,710,730 in total liabilities, and $40,798,905 in total
stockholders' deficit.

As of September 30, 2025, the Company had cash and cash equivalents
of $2,189,759, restricted cash and cash equivalents of $500,929 and
a total working capital deficit of $54,391,151. For the nine months
ended September 30, 2025, the Company incurred operating income of
$5,002,944 and cash flows provided by operating activities from
continuing operations of $3,002,642.

The Company has generated net operating losses since its inception
and has relied on cash on hand, sales of securities, external bank
lines of credit, and issuance of third-party and related party debt
to support cashflows from operations. The Company expects that
within the next 12 months it will not have sufficient cash and
other resources on hand to sustain its current operations or meet
its obligations as they become due unless it obtains additional
financing. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

To address the concern, an assessment was performed to determine
whether there were conditions or events that, considered in the
aggregate, raised substantial doubt about the Company's ability to
continue as a going concern within the next 12 months. Initially,
this assessment did not consider the potential mitigating effect of
management's plans that had not been fully implemented. Based on
the assessment, substantial doubt exists regarding the Company's
ability to continue as a going concern.

Management plans to address these concerns by securing additional
financing through debt and equity offerings.

Management assessed the mitigating effect of its plans to determine
if it is probable that the plans would be effectively implemented
within the next 12 months and when implemented, would mitigate the
relevant conditions or events that raise substantial doubt about
the Company's ability to continue as a going concern.

These plans are subject to market conditions and reliance on third
parties, and there is no assurance that effective implementation of
the Company's plans will result in the necessary funding to
continue current operations and satisfy current debt obligations.

If the Company is unable to obtain adequate capital, it could be
forced to cease operations.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/3kzdc4fx

                         About 1847 Holdings

Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com --
is an acquisition holding Company focused on acquiring and managing
a group of small businesses, which the Company characterizes as
those with an enterprise value of less than $50 million, in a
variety of different industries headquartered in North America.

As of September 30, 2025, the Company had $35,911,825 in total
assets, $76,710,730 in total liabilities, and $40,798,905 in total
stockholders' deficit.

Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated Mar. 31, 2025, attached to the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2024, citing that the
Company has suffered recurring losses and negative cash flows from
operations, and has a working capital deficit, which raises
substantial doubt about its ability to continue as a going concern.


23ANDME HOLDINGS: Seeks Court OK for Ch.11 Plan w/ Release Changes
------------------------------------------------------------------
Clara Geoghegan of Law360 reports that the lawyers representing the
defunct DNA testing firm 23andMe pressed a Missouri bankruptcy
judge on November 19 to confirm its Chapter 11 liquidation plan,
emphasizing that the latest version fully resolves challenges from
state authorities and the U.S. Trustee over claim-release language.
They highlighted that the plan has been refined to meet the
concerns raised by regulators.

The legal team asserted that the updated plan provides a clear
framework for shutting down the business and allocating its
remaining resources. With objections now addressed, they argued the
court should approve the proposal so the case can move toward final
resolution, the report states.

                  About 23andMe Holding Co.

23andMe Holding Co. is a genetics-led consumer healthcare and
biotechnology company in San Francisco, Calif. Through its
direct-to-consumer genetic testing, 23andMe offers personalized
insights into ancestry, genetic traits, and health risks. The
company has developed a large database of genetic information from
over 15 million customers, enabling it to provide health and
carrier status reports and collaborate on genetic research for drug
development. On the Web: http://www.23andme.com/     

On March 23, 2025, 23andMe and 11 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe
disclosed $277,422,000 in total assets against $214,702,000 in
total liabilities as of Dec. 31, 2024.

Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis &
Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to
the Debtors while Alvarez & Marsal North America, LLC serve as the
restructuring advisor. The Debtors tapped Reevemark, LLC and Scale
Strategy Operations, LLC as communications advisors and Kroll
Restructuring Administration Services, LLC as claims agent.

Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve
as special local counsel, investment banker, and legal advisor to
the Special Committee of 23andMe's Board of Directors,
respectively.

Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP
and Stinson, LLP as legal counsel and FTI Consulting, Inc. as
financial advisor.


25 MY RENTCO: Unsecureds Will Get 50% of Claims in Plan
-------------------------------------------------------
25 My RentCo LLC and Tribeca Mews Ltd. filed with the U.S.
Bankruptcy Court for the Southern District of New York a Plan of
Reorganization under Subchapter V dated November 13, 2025.

Tribeca is the initial sponsor of a condominium development located
at 25 Murray Street, New York, NY 10007 (the "Building"). Tribeca
began the initial process of developing the condominium project in
the late 1990s.

My RentCo is a successor in interest to Tribeca. My RentCo
currently owns 6 condominium units in the Building. All 6 of these
condominium units are currently rented and/or occupied. Other than
the 6 condominium units, neither My RentCo nor Tribeca have any
other material assets.

The Debtors commenced these Chapter 11 Cases in order to attempt to
resolve a long pending dispute and the Lawsuit with the Board of
Managers who have asserted various claims against both Debtors as
sponsor(s) related to construction of the Building such as breach
of contract, construction defects and failure to obtain a PCO.

This Plan under Chapter 11 of the Bankruptcy Code proposes to pay
the Debtors' Creditors from: (i) existing Cash on hand on the
Effective Date; (ii) operational cash flow, (iii) the Plan
Contribution, and (iv) the Transferred Units. None of the Debtors'
Creditors are Secured Creditors or maintain a consensual lien
against any of the Debtors’ assets.

Specifically, Distributions to Allowed Class 2 General Unsecured
Claim Holders will be paid 50% of their Allowed Class 2 Claims in
full satisfaction of such Claims on the Effective Date. Holder of
Class 3 Unsecured Litigation Claims, which consist of the Board of
Managers' Claims asserted in the Lawsuit or otherwise, will receive
on the Effective Date the Transferred Units free and clear of all
liens, claims and encumbrances other than the Leases.

If the holder of the Class 3 Claim votes to accept the Plan, its
recourse shall be only to the Transferred Units or the proceeds
from the sale of the Transferred Units and it shall be prohibited
from recovering any other Distribution from the Debtors, the
Estates, or any of the Debtors' Insiders including Thurman. In
addition, the Board of Managers shall have no Claim for specific
performance against the Debtors under the Offering Plan.

If, however, Class 3 votes against the Plan, the Plan treatment
will automatically be altered, and Class 3 will be entitled to the
Reorganized Debtors' projected net disposable income over 3 years
from the Effective Date. The holders of Allowed Class 3 Claim will
be paid a 100% of the Reorganized Debtors' disposable income over a
3-year period, commencing on the first calendar quarter after the
Effective Date in full satisfaction of such Claim. Class 3 is
impaired and entitled to vote for or against the Plan. Annexed
hereto as Exhibit "A" is the Debtors' projected income and expenses
for the 3-year period following the Effective Date which reflects
yearly disposable income of approximately $80,000 per year.

Class 2 consists of all Allowed non-priority, non-insider Unsecured
Claims against the Debtors, other than the Unsecured Litigation
Claims set forth in Class 3. Class 2 Claims shall be Allowed in
their respective filed or Scheduled amounts. In full satisfaction
of its Class 2 Claim, each holder of an Allowed Class 2 Claim
against the Debtors shall be paid 50% of such Allowed Claim in full
satisfaction of such Claim on the Effective Date. Class 2 is
impaired.

As of the filing of this Plan, the Debtors estimate Allowed Class 2
Claims to be approximately $350,000 which includes any special
assessments declared by the Board of Managers and any other unpaid
common charges related to My RentCo's condominium units.

Class 3 consists of the Unsecured Litigation Claims. The Debtor
Scheduled the Board of Managers' Claim in their Schedules as
contingent, disputed and unliquidated in an unknown amount and
intends to object to any proof of claim the Board of Managers files
with the Bankruptcy Court prior to the Bar Date. However, because
the total amount distributed to this Class is not impacted by the
claim objections, confirmation is not dependent on resolution of
the objections. Class 3 is impaired.

The Class 3 Claim shall be Allowed in the amount filed or, if there
is an objection to Claim, in the amount ultimately Allowed. The
holder of the Allowed Class 3 Claim will receive on the Effective
Date the Transferred Units free and clear of all liens, claims and
encumbrances other than the Leases. If the holder of the Class 3
Claim votes to accept the Plan, its recourse shall be only to the
Transferred Units and it shall be prohibited from recovering any
other Distribution from the Debtors, the Estates, or any of the
Debtors' Insiders.

The Plan contemplates the Reorganized Debtors will continue to
operate by collecting rental income and reducing its operating and
legal expenses. The Reorganized Debtors anticipate their post
confirmation operations will generate sufficient revenues to make
the Plan payments as set forth in the financial projections.
Payments required under the Plan will be funded by operational
revenues, the Plan Contribution and/or the Reorganized Debtors'
projected disposable income.

A full-text copy of the Plan of Reorganization dated November 13,
2025 is available at https://urlcurt.com/u?l=gFy5ni from
PacerMonitor.com at no charge.

The Debtors' Counsel:

                  Scott S. Markowitz, Esq.
                  Jacob Gabor, Esq.
                  TARTER KRINSKY & DROGIN LLP
                  1350 Broadway
                  11th Floor
                  New York, NY 10018
                  Tel: (212) 216-8000
                  Email: smarkowitz@tarterkrinsky.com
                         jgabor@tarterkrinsky.com

                         About 25 My RentCo LLC

25 My RentCo LLC is a New York limited liability company that
serves as a holding entity for the remaining sponsor-controlled
condominium units at 25 Murray Street, New York City. The Company
acquired fee ownership of the units from Tribeca Mews Ltd. in July
2011 and became the successor sponsor under the property's
condominium offering plan.

25 My RentCo LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-12280)
on October 16, 2025. In its petition, the Debtor reports total
assets of $11,053,987 and total liabilities of $226,243.

Honorable Bankruptcy Judge Martin Glenn handles the case.

The Debtor is represented by Scott S. Markowitz, Esq. and Jacob
Gabor, Esq., at TARTER KRINSKY & DROGIN LLP.


34 LOUIS AVENUE: Seeks Chapter 7 Bankruptcy in New York
-------------------------------------------------------
On November 17, 2025, 34 Louis Avenue Inc. initiated a voluntary
Chapter 7 bankruptcy case in the Eastern District of New York. The
filing states that the business has assets and liabilities in the
$100,001 to $1 million range and identifies 1 to 49 creditors.

             About 34 Louis Avenue Inc.

34 Louis Avenue Inc. is a single asset real estate company.

34 Louis Avenue Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74408) on November 17,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100,001 and $1 million each.

Honorable Bankruptcy Judge Alan S. Trust handles the case.


407 SMILEY: Seeks Chapter 11 Bankruptcy in Massachusetts
--------------------------------------------------------
On November 17, 2025, 407 Smiley Crossing LLC initiated a Chapter
11 bankruptcy proceeding in the District of Massachusetts through a
voluntary filing. According to the filing, the business holds
liabilities valued in the $10 million to $50 million range and
identifies 1 to 49 creditors.

           About 407 Smiley Crossing LLC

407 Smiley Crossing LLC is a single asset real estate company.

407 Smiley Crossing LLC sought relief under Chapter 11  of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on
November 17, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Janet E. Bostwick handles the case.

The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon
Law Firm LLP.


48FORTY SOLUTIONS: FS KKR Marks $180.7MM 1L Loan at 54% Off
-----------------------------------------------------------
FS KKR Capital Corp. has marked its $180,700,000 loan extended to
48Forty Solutions LLC to market at 82,700,000 or 46% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
48Forty Solutions LLC. The loan accrues interest at a rate of 6.00%
per annum. The loan matures on November 2029.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

         About 48Forty Solutions LLC

48forty is North America's trusted pallet manufacturer, offering
new, recycled, and custom pallets with fast delivery throughout the
nation.


48FORTY SOLUTIONS: FS KKR Marks $2.1MM 1L Loan at 52% Off
---------------------------------------------------------
FS KKR Capital Corp. has marked its $2,100,000 loan extended to
48Forty Solutions LLC to market at $1,000,000 or 48% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
48Forty Solutions LLC. The loan accrues interest at a rate of 6.00%
per annum. The loan matures on November 2029.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

          About 48Forty Solutions LLC

48forty is North America's trusted pallet manufacturer, offering
new, recycled, and custom pallets with fast delivery throughout the
nation.


48FORTY SOLUTIONS: FS KKR Marks $8.5MM 1L Loan at 54% Off
---------------------------------------------------------
FS KKR Capital Corp. has marked its $8,500,000 loan extended to
48Forty Solutions LLC to market at $3,900,000 or 46% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
48Forty Solutions LLC. The loan accrues interest at a rate of 6.00%
per annum. The loan matures on November 2029.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

About 48Forty Solutions LLC

48forty is North America's trusted pallet manufacturer, offering
new, recycled, and custom pallets with fast delivery throughout the
nation.


6 BELL COURT: Seeks Chapter 11 Bankruptcy in New York
-----------------------------------------------------
On November 15, 2025, 6 Bell Court LLC initiated a Chapter 11
bankruptcy proceeding in the Southern District of New York as a
voluntary filing. The bankruptcy documents indicate that the
business holds liabilities valued between $100,001 and $1 million,
with a creditor count of 1 to 49.

                     About 6 Bell Court LLC

6 Bell Court LLC is a limited liability company.

6 Bell Court LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12544) on November 15,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100,001 and $1 million each.

Honorable Bankruptcy Judge Philip Bentley handles the case.

The Debtor is represented by Solomon Rosengarten, Esq.


604 ESPLANADE: Includes Convenience & Special Unsecured Claims
--------------------------------------------------------------
604 Esplanade, LLC submitted a First Modified Subchapter V Plan of
Reorganization dated November 14, 2025.

This Plan proposes to pay unsecured creditors from the proceeds of
the sale of Unit 104, which is greater than the liquidation value.

Class 2 consists of holders of Allowed General Unsecured Claims.
Holders of Allowed General Unsecured Claims shall not receive any
distributions under this Plan, and thus, are deemed to reject the
Plan. Each holder of an Allowed General Unsecured Claim may make
the Convenience Class Election. By making such an election, each
such holder affirmatively and irrevocably agrees to: (i) waive
their right to Class 2 treatment; (ii) receive treatment as a Class
3 Convenience Claim; and (iii) vote to accept the Plan as the
holder of a Class 3 Convenience Claim.

Class 3 consists of Convenience Claims. On the Effective Date, each
holder of an Allowed Convenience Claim shall receive, in full and
final satisfaction, settlement, release and discharge of and in
exchange for its Allowed Convenience Claim, a single Cash payment
in an amount equal to the lesser of: (i) $1,500.00; or (ii) the
Allowed Amount of its Claim. This Class is impaired.

Class 4 contains holders of Allowed Special Unsecured Claims. On
the Effective Date, the amount of each Special Unsecured Claim
shall be fixed at twenty percent of its Allowed amount (the "Fixed
Amount"). Holders of Allowed Special up to 23 monthly interest-only
payments. Monthly interest-only payments shall commence on the
Initial Distribution Date and shall continue thereafter for the
following twenty-two Distributions Dates with a balloon payment
equal to the Fixed Amount due on the twenty-fourth Distribution
Date.

If Northeast Bank accepts the Plan and Unit 104 is sold within the
two-year period following the Effective Date, holders of Special
Unsecured Claims shall be paid from the net sale proceeds after the
payment of Northeast Bank and holders of Allowed Administrative
Expense Claims.

Each holder of an Allowed Special Unsecured Claim that returns an
OptOut Form on or before the Voting Deadline and elects to opt-out
of the Third-Party Releases, then such holder shall be treated in
accordance with Class 2 as a General Unsecured Claim.

The Debtor will implement this Plan through the orderly sale and
transfer of Unit 103 by dation en paiement to Northeast Bank and
the marketing and sale of Unit 104 by a qualified real estate
broker retained within twenty-eight days of the Effective Date. The
Debtor shall utilize proceeds of the sale of Unit 104 to satisfy,
in the order set forth in this Plan, all Allowed Secured Claims,
Administrative Expense Claims, Priority Tax Claims, and General
Unsecured Claims.

The Debtor's manager, Jonathan Weber, shall be responsible for
executing all documents necessary to effectuate the transactions
contemplated herein, including but not limited to acts of sale,
escrow instructions, and disbursement authorizations. Upon
substantial consummation of the Plan, all property of the Estate
shall vest in the Debtor free and clear of all liens, claims, and
encumbrances, except as otherwise provided in the Plan or
Confirmation Order.

A full-text copy of the First Modified Plan dated November 14, 2025
is available at https://urlcurt.com/u?l=oa742b from
PacerMonitor.com at no charge.

Counsel to the Debtor:

    Ryan J. Richmond, Esq.
    Sternberg, Naccari & White, LLC    
    450 Laurel Street, Suite 1450
    Baton Rouge, LA 70801
    Telephone: (225) 412-3667
    Facsimile: (225) 286-3046
    Email: ryan@snw.law

                          About 604 Esplanade

604 Esplanade, LLC, is a real estate company that owns property
located at 604 Esplanade Street in New Orleans, Louisiana.

604 Esplanade sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 25-11439) on July 9,
2025, with $1 million to $10 million in assets and $500,000 to $1
million in liabilities. Jonathan Weber, manager, signed the
petition.

Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC
represents the Debtor as legal counsel.


9 CROSBY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: 9 Crosby LLC
        261 Madison Avenue
        26th Floor
        New York, NY 10016

Business Description: 9 Crosby LLC owns and operates the NoMo SoHo
                      Hotel at 150 Lafayette Street, also known as
                      9 Crosby Street, in New York, NY, featuring
                      264 guest rooms and suites, meeting and
                      event spaces, and a restaurant.

Chapter 11 Petition Date: November 17, 2025

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 25-12559

Judge: Hon. Lisa G Beckerman

Debtor's Counsel: Kevin J. Nash, Esq.
                  GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
                  125 Park Ave
                  New York, NY 10017-5690
                  Email: knash@gwfglaw.com

Total Assets: $126,638,227

Total Liabilities: $102,847,791

The petition was signed by Daniel Sasson as manager.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/Z4VTGYQ/9_Crosby_LLC__nysbke-25-12559__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount

1. Baldor Specialty Foods Inc                              $15,421
PO Box 5411
New York, NY 10087

2. Cendyn Central Dynamics LLC                              $8,229
PO Box 1569
Cedar Park, TX 78630

3. Clean Care Laundry Services                             $41,533
2430 85th Street
East Elmhurst, NY 11370

4. Crescent Hotels and Resorts                             $17,135
10306 Eaton Place
Ste. 430
Fairfax, VA 22030

5. Dairyland USA Corp.                                     $20,330
PO Box 30943
New York, NY 10087

6. Done Right Hood and Fire Safety                         $10,392
371 Liberty Avenue
Brooklyn, NY 11207

7. Haven Staffing Solution Corp                            $19,039
652 Amsterdam Ave.
Ste. 1A
New York, NY 10025

8. Highmark Technical and Chiller Svcs                      $8,346
49 West 45th St, 6th Floor
New York, NY 10036

9. Kassatex                                                $22,827
330 5th Avenue,
11th Fl
New York, NY 10001

10. NYS Dept of Taxation          Sales/Use             $1,000,000

Bankruptcy/Special Procedure         Tax
PO Box 5300
Albany, NY 12205

11. Onyx Centersource                                      $11,978
5420 LBJ Freeway,
Ste. 900
Dallas, TX 75240

12. Oracle America Inc                                     $18,232
PO Box 203448
Dallas, TX 75320

13. Pro-Plus of New York Inc.                               $9,007
245 Newtown Rd,
Ste. 101
Plainview, NY 11803

14. Protravel International LLC                            $10,811
1633 Broadway, 35th Fl.
New York, NY 10019

15. SC 8955 LLC                                        $11,286,250
261 Madison Avenue,
17th Floor
New York, NY 10016

16. Surface Travel Inc.                                     $7,992
594 Broadway, Ste. 1202
New York, NY 10012

17. US Foods, Inc.                                         $19,433
PO Box 641871
Pittsburgh, PA 15264

18. V and D Mechanical Inc.                                $36,998
DBA Vinco Mechanical
993 Grand St.
Brooklyn, NY 11211

19. Vertex Hospitality Solutions LLC                       $28,851
133 Gaither Dr., Ste. G
Mount Laurel, NJ 08054

20. Worldwide Payments                                     $31,644
Systems SAU
Calle Diego Martinez
Barrio, n.10
Edificio Insur
Seville (41003)


ABUELO'S INTERNATIONAL: Seeks to Tap A&G Realty Partners as Advisor
-------------------------------------------------------------------
Abuelo's International, LP and its affiliates seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ A&G Realty Partners, LLC as real estate consultant and
advisor.

The firm will render these services:

     (a) assist the Debtors with real estate strategy;

     (b) consult with the Debtors to discuss their goals,
objectives and financial parameters in relation to their leases;

     (c) provide ongoing advice and guidance related to individual
financial and non-financial lease restructuring opportunities;

     (d) negotiate with the landlords of the leases on behalf of
the Debtors to obtain Lease Modifications;

     (e) if requested by the Debtors, negotiate with landlords on
behalf of the Debtors to obtain Early Termination Rights; and

     (f) provide regular update reports to the Debtors regarding
the status of the services.

The firm will be paid as follows:

     (a) Monetary Lease Modifications -- the firm shall earn and be
paid a fee for each lease so modified, in the amount of 6 percent
of the Occupancy Cost Savings;

     (b) Non-Monetary Lease Modifications -- the firm shall earn
and be paid a fee of $1,500 per lease modified; and

     (c) Early Termination Rights -- the firm shall earn and be
paid a fee of one third of one month's Gross Occupancy Cost per
lease.

In addition, the firm will seek reimbursement for expenses
incurred.

Andrew Graiser, a co-president at A&G Realty Partners, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Andrew Graiser
     A&G Realty Partners, LLC
     445 Broadhollow Road, Suite 410
     Melville, NY 11747

                  About Abuelo's International LP

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 counsel.


ADVANCED REHABILITATION: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------------
Advanced Rehabilitation Clinics, Inc. received interim approval
from the U.S. Bankruptcy Court for the Northern District of
Illinois, Eastern Division, to use the cash collateral of Village
Bank and Trust.

The court authorized the Debtor's interim use of cash collateral
through December 11 in accordance with its budget. The Debtor must
not exceed disbursements by more than 10% per month without prior
consent from secured creditor, Village Bank & Trust.

As adequate protection, Village Bank & Trust will receive a monthly
payment of $2,300, starting on December 1, and a replacement lien
on all property acquired by the Debtor after its Chapter 11 filing
that is similar to its pre-bankruptcy collateral. This replacement
lien will have the same validity, extent, and priority as the
bank's pre-bankruptcy lien.

Events of default under the interim order include failure to make
payments and maintain insurance; use of cash collateral outside the
budget; failure to provide required reporting; and violation of any
provision of the interim order.

The interim order is available at https://is.gd/Ojewfz from
PacerMonitor.com.

A court hearing is scheduled for December 10.

Village Bank and Trust is the Debtor's only secured creditor,
holding a lien on the Debtor's assets for a loan of approximately
$111,000. The Debtor asserts that the value of its assets exceeds
the amount owed and emphasizes that access to cash collateral is
essential to continue business operations and avoid premature
liquidation.

Village Bank and Trust is represented by:

   Adam B. Rome, Esq.
   Greiman, Rome, & Griesmeyer, LLC
   205 W. Randolph St., Ste. 2300
   Chicago, IL 60606
   Phone: 312-428-2750
   arome@grglegal.com

            About Advanced Rehabilitation Clinics Inc.

Advanced Rehabilitation Clinics, Inc. filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 25-16498) on October 27, 2025, with up to $50,000 in
assets and $100,001 to $500,000 in liabilities. Ira Bodenstein
serves as Subchapter V trustee.

Penelope N. Bach, Esq., at Bach Law Offices represents the Debtor
as bankruptcy counsel.


ADVANIA SVERIGE: FS KKR Marks SEK$161.1MM 1L Loan at 89% Off
------------------------------------------------------------
FS KKR Capital Corp. has marked its SEK$161,100,000 loan extended
to Advania Sverige AB to market at SEK$17,100,000 or 11% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Advania Sverige AB. The loan accrues interest at a rate of 5.00%
per annum. The loan matures on June 2031.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

        About Advania Sverige AB

Advania provides end-to-end information technology services and
operating across seven countries.


AEC PARENT: Moody's Lowers CFR to 'Caa2', Outlook Remains Negative
------------------------------------------------------------------
Moody's Ratings downgraded AEC Parent Holdings, Inc.'s ("Advancing
Eyecare") Corporate Family Rating to Caa2 from Caa1 and Probability
of Default Rating to Caa2-PD from Caa1-PD. Moody's also downgraded
the ratings on the senior secured bank credit facilities to Caa2
from Caa1. The outlook remains negative.

The ratings downgrade reflects the company's deteriorating
operating performance that has resulted in weaker credit metrics.
Earnings have been pressured by higher costs, unfavorable product
mix shifts, and delayed equipment purchases by optometrists and
ophthalmologists amid high interest rates and inflationary cost
pressures. Improvement in earnings and leverage will depend on the
successful execution of operational initiatives, including the
integration of recent acquisitions, which introduces execution
risk. Having said that, the trajectory of a rebound in the
ophthalmic and optometric markets is uncertain which may hamper
Advancing Eyecare's ability to meaningfully delever and improve
liquidity.

RATINGS RATIONALE

Advancing Eyecare's Caa2 CFR reflects very high leverage and a
weakened liquidity profile, driven by lower earnings in recent
quarters from higher costs, unfavorable product mix shifts, and
continued delays in equipment purchases by optometrists and
ophthalmologists. The rating also reflects the company's modest
absolute scale and reliance on a handful of suppliers.

The company benefits from a solid market position as a provider of
ophthalmic and optometric products and services. Strong
relationships with major suppliers and customers, along with a
broad product offering, support its high market share. Longer-term
growth prospects remain underpinned by favorable trends in the
ophthalmic sector. The company has also received sponsor support
through a prior equity contribution and incremental financing to
fund acquisitions, although execution risk persists as integration
initiatives progress.

The negative outlook reflects the uncertain trajectory of a rebound
in the ophthalmic and optometric markets which may hamper Advancing
Eyecare's ability to meaningfully improve its earnings and credit
metrics. The negative outlook also takes into account the increased
risk of default given the highly levered capital structure.

Moody's expects Advancing Eyecare to maintain weak liquidity over
the next 12–18 months. Moody's forecasts modest cash flow from
operations and continued capital investment, which will result in
slightly negative free cash flow despite some improvement from
recent levels. The company had approximately $12 million of cash on
hand as of June 30, 2025. Its $40 million revolving credit facility
is fully drawn and expires in June 2027.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could downgrade Advancing Eyecare's ratings if the company
does not improve its operating performance and liquidity. Moody's
could also consider a downgrade of the ratings if the likelihood of
a transaction that Moody's would deem a distressed exchange or
default increased or if the company defaults.

Moody's could upgrade Advancing Eyecare's ratings if there is a
reduction in the likelihood of default and demonstrated improvement
in liquidity and operating performance.

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in November 2025.

Headquartered in Jacksonville, Florida, AEC Parent Holdings, Inc.
("Advancing Eyecare") is a national provider of ophthalmic products
and service solutions in the eyecare marketplace, with presence in
Canada and Mexico. The company generated revenues of approximately
$216 million for the twelve months ended June 30, 2025. Advancing
Eyecare is a portfolio company of private equity firm Cornell
Capital.

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.


AIRX LLC: Final OK to Access Cash Collateral
--------------------------------------------
AirX LLC received final approval from the U.S. Bankruptcy Court for
the Western District of Washington to use cash collateral.

The final order authorized the Debtor to continue to use the cash
collateral of its secured creditors to pay the expenses set forth
in its 10-week budget, subject to a 15% variance.

As adequate protection for the Debtor's use of their cash
collateral, Columbia Bank, Kapitus, LLC and the surety companies
will receive replacement liens, with the same priority as their
pre-bankruptcy liens.

As additional protection, Columbia Bank and Kapitus will receive
monthly payments of $10,917 and $1,000, respectively.

The Debtor's authority to use cash collateral terminates on the
earliest of (i) January 30, 2026; a default under the final order;
dismissal or conversion of the Debtor's Chapter 11 case; or
appointment of a non-Subchapter V trustee.

The final order is available at https://is.gd/7FUa13 from
PacerMonitor.com.

                          About AirX LLC

AirX LLC, is a mechanical contractor specializing in HVAC systems
and building equipment installation based in Vancouver,
Washington.

AirX LLC sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-41640) on July 10,
2025. In its petition, the Debtor reported between $1 million and
$10 million in assets and liabilities.

Judge Mary Jo Heston handles the case.

The Debtor is represented by:

   Stephen A. Raher, Esq.
   Tabor Law Group
   Tel: 971-634-0190
   Email: sraher@pdx-law.com


ALL MOMS: Seeks Court Approval to Tap Welch and Company as Counsel
------------------------------------------------------------------
All Moms Love, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Indiana to employ Welch and Company
LLC as counsel.

The firm will provide these services:

     (a) prepare petition, schedules and statements and any
amendments;

     (b) prepare client for duties while in a Chapter 11
bankruptcy;

     (c) attend at Initial Debtor Interview (IDI) scheduled by the
Office of the United States Trustee and facilitate its requirements
for the IDI meeting, attend any initial status conference as
directed by the court, and attend the Sec. 341 meeting of
creditors;

     (d) draft and prepare first day motions, employment
applications, and other related pleadings;

     (e) attend the 60 day status conference and all other hearing
appurtenant to Subchapter V of Chapter 11;

     (f) manage the receipt, review, and filing of Monthly
Operating Reports and any other documents, reports, or filings that
Debtor is required to submit;

     (g) prepare applications for compensation of Welch and any
other professionals that may be employed by the estate;

     (h) prepare pleadings related to sale applications or
valuation motions, if any;

     (i) attend hearings and meetings not otherwise designated
above;

     (j) negotiate with creditors regarding critical aspects of the
Chapter 11 proceeding and the confirmation process;

     (k) consult the Debtor regarding the Chapter 11 proceeding and
advise the responsible party regarding various aspects of the
matter;

     (l) consult with professionals who the estate may need to
hire;

     (m) prepare the Combined Plan and Disclosure Statement and
ballots and service upon creditors; and

     (n) file and represent during any adversary proceedings that
may arise; and

     (o) all other responsibilities and duties of counsel not
specified here will also be undertaken by Welch.

The firm's professional will be paid at these hourly rates:

     Eric Welch, Attorney            $300
     Felix Rippy, Attorney           $300
     Tracy Vanskyock, Paralegal      $125
     Ethan Dewitt, Clerk             $125
     Lisa Hancock, Legal Assistant    $70

Mr. Welch disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Eric C. Welch, Esq.
     Welch & Company, LLC
     117 E. Charles Street, Suite 201
     Muncie, IN 47305
     Telephone: (765) 282-9501
     Email: secwelch@ewelchlaw.com     

                      About All Moms Love LLC

All Moms Love LLC is a limited liability company.

All Moms Love LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06074) on October 3,
2025. In its petition, the Debtor reports estimated assets between
$100,001 and $1 million and estimated liabilities up to $100,000.

Honorable Bankruptcy Judge Jeffrey J. Graham handles the case.

Eric C. Welch, Esq., at Welch & Company, LLC serves as the Debtor's
counsel.


ALL STAR TRANSPORTATION: Amends Unsecured Claims Pay Details
------------------------------------------------------------
All Star Transportation Group, LLC, submitted a Small Business Plan
of Reorganization dated November 13, 2025.

On October 22, 2025, Debtor participated in a settlement conference
with general unsecured creditor Express Ride regarding the terms of
this Plan.

On November 3, 2025, Debtor filed an application to approve
Debtor's employment of Dickson Commercial Group, Inc. as Debtor's
real estate broker for the purpose of listing and selling Debtor's
real property located at 949 E. 4th St., Reno, NV 89512 (the "E.
4th St. Property"). The E. 4th St. Property has been listed on the
market at an asking price of $649,900.

In order to maximize profitability, Debtor has focused on reducing
operating expense. The Debtor has decided to sell the E. 4th St.
Property and transition management of the company's business
operations to a work at home structure. The sale of the E. 4th St.
Property will eliminate approximately $6,000 per month in expenses,
including the mortgage, taxes, insurance, utilities and
maintenance.

On the Petition Date an individual named Luther Delaney held an
unsecured claim in this case in the scheduled amount of $43,600.
During the pendency of this case, Debtor's Managers, Craig Smedman
and Tim Ledesma, contributed their monthly compensation from the
Debtor to pay Mr. Delaney's claim. Mr. Smedman and Mr. Ledesma, who
were co-debtors on the Delaney claim, are each paid $3,500 per
month by the debtor as compensation for their services. As a result
of the Debtor's Managers using their compensation to pay the
Delaney claim, Mr. Delaney holds no longer holds a Class 11 general
unsecured claim in this case.

The Debtor will fund the Plan by contributing his "Disposable
Income" for a period of 60-months. The Plan Proponent's financial
projections show Debtor will have projected disposable of $3,300
per month. The final Plan payment is expected to be paid on January
31, 2031.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations of Debtor's businesses.

Non-priority unsecured creditors holding allowed claims in Debtor's
case will receive distributions, which the proponent of this Plan
has valued at 19 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.

Class 11 consists of Non-priority Unsecured Creditors. Each holder
of a Class 11 non-priority unsecured Allowed Claim shall receive a
pro rata share of $300,000 (the "Class 11 Plan Dividend"). Each
allowed Class 11 claim shall receive their pro rata share of 50% of
the net sale proceeds from the sale of Debtor's E. 4th Street
Property. In addition, commencing on the first date of the first
month following the Effective Date, Debtor shall make total
combined monthly payments in the initial amount of $3,300 to Class
11 claimholders on a pro rata basis for 60-months.

Upon payment of 50% of the net sale proceeds from the sale of the
E. 4th Street Property, the required monthly payment shall be
recalculated to provide for the payment of the balance of the Class
11 Plan Dividend then owed so that it will be paid in full through
equal monthly payments through the remainder of the 60-month
payment term. Any portion of a Class 11 non-priority general
unsecured claim in excess of the Class 11 Plan Dividend shall be
discharged in accordance with Article 9 of this Plan.

The Debtor shall have a 30-day grace period on all payments to
Class 11 creditors. In the event Debtor fails to make a payment
within 30-days of the date it is due, any general unsecured
creditor may file notice of the default and this case shall be
converted to Chapter 7. Class 11 claimholders shall further have
the right to seek the conversion of this case to Chapter 7 if the
Debtor fails to sell the E. 4th Street Property by June 1, 2026.

The Debtor shall sell the E. 4th Street Property to fund the Plan.
Based on the input and recommendation of Debtor's real estate
broker, Debtor has listed the "E. 4th Street Property for sale for
$649,900. Fifty-percent of the net sale proceeds will be paid in a
lump sum toward the Class 11 Plan Dividend.

The Debtor will use its Disposable Income during the Plan Term,
cash on hand, and profits from the operation of its business to
fund the Plan. Commencing on the Effective Date of this Plan,
Debtor's Disposable Income will be disbursed on a monthly basis and
used to fund Debtor's required Plan payments to allowed Class 11
Non-priority general unsecured creditors.

A full-text copy of the Amended Plan dated November 13, 2025 is
available at https://urlcurt.com/u?l=nSdqPp from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Kevin A. Darby, Esq.
     Tricia M. Darby, Esq.
     Darby Law Practice, Ltd.
     499 W. Plumb Lane, Suite 202
     Reno, NV 89509
     Tel: (775) 322-1237
     Fax: (775) 996-7290
     E-mail: kevin@darbylawpractice.com
             tricia@darbylawpractice.com

                 About All Star Transportation Group

All Star Transportation Group, LLC, sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51229)
on Dec. 10, 2024, with $917,504 in assets and $1,303,069 in
liabilities. Tim Ledesma, manager of All Star, signed the
petition.

Judge Hilary L. Barnes oversees the case.

Kevin A Darby, Esq., at Darby Law Practice, is the Debtor's
bankruptcy counsel.


AMERICAN PAVING: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: American Paving Services, Inc.
        4400 W. 61st Ave.
        Hobart, IN 46342

Business Description: American Paving Services, Inc. provides
                      asphalt paving, resurfacing, sealcoating,
                      maintenance, excavating, crack-filling,
                      sweeping, and related pavement services for
                      commercial, industrial, and private-lane
                      projects.  The Company operates across
                      multiple communities in Indiana, including
                      Porter, Portage, and Valparaiso, and extends
                      its services into Illinois in areas such as
                      Chicago, Bolingbrook, and Franklin Park.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Northern District of Indiana

Case No.: 25-22397

Debtor's Counsel: Ben Schneider, Esq.
                  THE LAW OFFICES OF SCHNEIDER AND STONE
                  8424 Skokie Blvd Suite 200
                  Skokie, IL 60077
                  Tel: (847) 933-0300
                  Email: ben@windycitylawgroup.com

Total Assets: $372,300

Total Liabilities: $1,700,788

The petition was signed by Andrew Spiewak as authorized
representative of the Debtor.

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/2HDELWA/American_Paving_Services_Inc__innbke-25-22397__0001.0.pdf?mcid=tGE4TAMA


APLD COMPUTECO: Fitch Assigns BB-(EXP) LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned APLD ComputeCo LLC (the project) a
'BB-(EXP)' expected Long-Term Issuer Default Rating (IDR). Fitch
has also assigned the company's proposed $2.35 billion senior
secured notes an expected 'BB-(EXP)' rating with a Recovery Rating
of 'RR3'. The Rating Outlook is Stable.

RATING RATIONALE

The 'BB-' rating for the project reflects the data center's
contracted revenue profile, anchored by a 15-year lease agreement
with CoreWeave, Inc. (BB-/Positive). The strong contractual
framework provides predictable cash flows over the initial lease
term, with debt sized to fully amortize within this period, which
eliminates lease renewal risk.

Located in Ellendale, ND, the facility benefits from access to
low-cost power and is suited for generative AI training and certain
inference workloads. However, the region's latency profile is
relatively less optimal for low-latency applications such as cloud
computing. This limits alternative use cases for the project over
the longer term and heightens reliance on the current tenant.
Consequently, the project rating is capped by CoreWeave's credit
quality.

The rating also reflects risks related to the issuer's ability to
raise additional debt for expansion or new data center
developments, which is atypical of project finance structures. The
restrictions for expansion include a loan-to-cost ratio of 66.66%
and lease terms that are substantially consistent with the existing
lease with CoreWeave as determined by the issuer in good faith.
Fitch does not expect the expansion to materially affect debt
service coverage ratios. If the lease terms are not substantially
similar, a rating agency confirmation from any two credit agencies
will be required.

Fitch believes these protections cushion against material
deterioration of coverage ratios if such a project is undertaken,
thereby mitigating the risk. However, these expansion projects
could face elevated completion risk due to currently unknown
budgets and construction schedules. Nevertheless, construction for
the existing projects is well managed, and data center construction
is relatively straightforward. In addition, the financing documents
allow the lease for the new project to be with an unrated
counterparty that has more than $50 billion net worth besides other
hyperscalers, which might introduce incremental counterparty risk.
Fitch will continue to monitor this risk.

The project consists of two data center buildings and is exposed to
completion risk, but Fitch does not believe these risks constrain
credit. This is due to the relatively straightforward scope of
work, involvement of an experienced contractor, and completion of
the first building. Additionally, the majority of costs for the
second building are fully secured, mitigating cost escalation
risks. While the overall schedule for the construction works of
around 567 days is towards the shorter end of benchmarks as per the
lenders technical advisor (LTA), the contractor's proven track
record and completion of first building on time and within budget,
are mitigating factors.

Key strengths of the project also include the pass-through of power
costs and taxes to the tenant, which helps mitigate exposure to
operating cost volatility. The project faces power supply risk
related to the construction of a new substation; however, this is
offset by an executed energy services agreement (ESA) with the
utility provider and the completion and energization of 225MW of
substation capacity. The remaining capacity is scheduled to be
delivered ahead of key lease commencement dates, with a sufficient
buffer in place.

Fitch's rating case, that incorporates reasonable downside
stresses, results in a project life coverage ratio (PLCR) of 1.56x
in 2030 which is the maturity date of the notes. The average debt
service coverage ratio (DSCR) through loan maturity in 2030 is
1.04x. Although the PLCR at maturity is consistent with a higher
rating, the rating remains constrained by CoreWeave's credit
profile, as well as by the project's ability to raise additional
debt and the elevated risks associated with any future expansion.

The IDR is equalized with the debt facilities' ratings, given their
equal senior position and lack of other subordinate liabilities.
Fitch also assigns a Recovery Rating of 'RR3'.

KEY RATING DRIVERS

Completion Risk - Stronger

The completion risk assessment is supported by the relatively
straightforward construction of the 150MW data center building
(ELN-03), and the involvement of an experienced construction
contractor. Construction of the 100MW ELN-02 building commenced in
March 2024, with both phases achieving substantial completion in
August 2025. Construction of ELN-03 is ongoing and expected to
reach substantial completion in June 2026.

While the LTA notes that the planned schedule for ELN-03 is at the
shorter end of industry benchmarks and identifies labor
availability as a potential risk due to the project's location, and
the tenant has termination rights for construction delays exceeding
six months after the rent commencement for Phase 1 (in December
2026), the contractor's experience and track record, its strong
labor sourcing strategy, and demonstrated completion of ELN-02 are
the mitigants.

The developer and contractor group successfully delivered ELN-02 on
schedule and within budget and met project milestones. Over 50% of
the contingency allocated for ELN-02 remained unused. For the
remaining costs associated with ELN-03, the guaranteed maximum
price (GMP) is locked in, and almost all owner-furnished
contractor-installed (OFCI) equipment has been ordered with prices
secured. The GMP and OFCI equipment together represent
approximately 90% of the total budget for ELN-03, with the
remaining items subject to minimal cost fluctuation risk.

With ELN-02 completed and the majority of costs for ELN-03 fully
secured, these factors substantially mitigate the risk of cost
escalation. In addition, adequate contingencies and debt service
reserve in place provide a buffer to absorb potential risks arising
from delays, including rent credits. The town of Ellendale has made
a motion to approve the building permit, and zoning for the project
is expected by December 2025.

There is a United States Fish and Wildlife (USFW) easement on part
of the campus affecting the ELN-03 building. The land was disturbed
during construction, and USFW will release the easement if the
issuer restores nearby wetlands and grants easements to USFW. The
issuer has identified the suitable land, received verbal USFW
approval, and reached agreement with the owner. Resolving the
easement is a rent commencement condition for ELN-03, and Fitch
will continue to monitor the status. The management is confident
that the matter will be resolved promptly and ahead of the first
lease commencement date in June 2026.

Supply Risk - Midrange

The project faces electricity supply risk due to the construction
of a new substation by Montana-Dakota Utilities Co (BBB+/Stable),
which is essential for powering the data center campus.
Montana-Dakota Utilities Co is responsible for both the
construction and installation of the substation. In parallel, the
utility provider is also constructing a one-mile transmission line
upgrade to provide redundant capacity and enhance reliability. The
first phase of the substation, comprising 225MW, was completed and
energized in December 2024, supporting initial operations. The
remaining sections of the substation will be commissioned in
stages, with the latest construction schedule indicating that the
full 350MW permanent capacity will be available by January 2026.

Even though completion of the remaining substation capacity is
required for the ELN-03's operations, the substation construction
timeline provides sufficient headroom relative to the lease target
completion dates for the first phase of the ELN-03 building in June
2026, and a further buffer to the outside commencement date in
December 2026. Power supply risks are further mitigated by an
executed energy services agreement (ESA) with the utility provider
for the full 350MW capacity needed for the project, covering the
next five years, which is expected to be renewed after the initial
term, with pricing subject to review after five years. The power
costs are fully passed on to the tenant thereby mitigating this
risk.

Operation Risk - Midrange

The midrange operating risk assessment reflects an MG+E&T (modified
gross plus electricity and taxes) cost framework, under which
electricity and taxes are passed through to the tenant. This
framework mitigates the majority of cost exposure for the project
by passing the most significant cost, electricity, to the tenant.
The lease structure includes robust performance standards, with
provisions entitling the tenant to outage credits in the form of
rent abatement for certain service interruptions or violations of
service levels. The tenant also has lease termination options for
affected data halls if service deficiencies exceed specified
thresholds for essential services. Operational risks are mitigated
by the design of the data center which includes N+1 redundancy for
most critical mechanical and electrical systems. Additionally, an
experienced data center operator, Salute Mission Critical Holdings,
LLC, has been engaged to manage data center operations, further
mitigating operational risks.

Infrastructure Development & Obsolescence Risk - Neutral

Upon completion, the project will comprise a newly constructed data
center with a total critical IT load of 250 MW dedicated to HPC
operations. Its purpose-built, modern design means that maintenance
requirements are expected to be low in the near and medium term, as
all systems and components will be new.

Most major mechanical and electrical components in a data center
have useful lives exceeding 15 years, with significant replacements
anticipated only after the debt repayment period. This reduces the
need for a major maintenance reserve during the tenor of the debt.
Where earlier replacement is required, such as for batteries, which
are expected to need replacement within 8-10 years, the Fitch
rating case incorporates capital expenditure assumptions to account
for these costs. Technological obsolescence risk is limited, as the
debt will be fully amortized within the initial 15-year lease
term.

Revenue Risk - Composite - Midrange

Revenues are fully contracted under a fifteen-year MG+E&T lease
with CoreWeave, covering the project's 250 MW critical IT load and
including three five-year extension options. The debt is expected
to amortize entirely within the initial lease term, reducing
reliance on lease renewals.

The project's location enables it to take advantage of abundant,
low-cost energy, reliable transmission infrastructure, and a cool
climate that enables significant energy savings for cooling. This
site selection aligns with the industry trend toward establishing
large high-performance compute data centers in emerging locations,
leveraging power availability and affordability to meet the rising
demand. These attributes, along with site's proposed fiber
connectivity, make the site well-suited for generative AI training
and some inference workloads; however, the region's latency profile
is less optimal for low-latency applications such as cloud, which
limits the replaceability of the tenant over the longer term.

The debt is expected to fully amortize within the initial 15-year
lease term, significantly reducing reliance on lease renewal that
could have supported a 'Stronger' revenue risk assessment. However,
certain location characteristics, such as limited barriers to entry
and a latency profile less suited for low latency use cases, temper
the overall strength of the project's revenue risk assessment,
resulting in a 'Midrange' assessment.

Debt Structure - 1 - Weaker

The proposed issuance is $2.35 billion in senior secured notes due
2030, featuring a 7.75% mandatory amortization after year two.
While the project is exposed to refinancing risk in year five, the
mandatory amortization schedule reduces the principal that needs to
be refinanced, with the remaining debt structured to fully amortize
over the residual 10-year lease term without any reliance on lease
renewals.

Debt service liquidity includes a $177 million debt service reserve
account funded on the issue date, sized to approximately six months
of debt service, in addition to funded interest during
construction. The structure anticipates a fixed interest rate or
full hedging, alongside distribution controls, debt incurrence
limits, separateness requirements, and adequate covenants,
including negative covenants preventing the borrower from
commingling funds with the parent or guaranteeing the parent's
obligations. The financing documents require the borrower to
operate as a special purpose entity with no business activity other
than the development and operation of the project, although it is
allowed to undertake other comparable data center projects.

There are clauses permitting the issuer to pursue M&A and invest in
joint ventures, which is atypical and weaker than other project
finance structures; however, any M&A activity or joint venture
investment will not result in additional senior debt beyond what is
redeemed or bought back as a result of an excess cash flow offer to
the investors.

Incremental indebtedness for additional expansion projects is
subject to a loan-to-cost (LTC) ratio of 66.66% and lease terms
that must be at least as favorable as those of the current lease,
or else a rating agency confirmation from any two rating agencies
is required. Given the existing LTC ratio of around 66%, and
assuming comparable rent levels under the new lease, incremental
debt for expansion is not expected to significantly impact coverage
ratios, thereby mitigating this risk to some extent. However, these
structural features have resulted in a weaker assessment of the
debt structure.

Financial Profile

Fitch's base and rating cases assess cash flows over the initial
15-year lease term, consistent with the debt amortization schedule
outlined in the sponsor case. Additional stresses are applied to
operational costs and maintenance capex. In the Fitch rating case,
a 100 basis point stress is applied to the refinancing rate, and it
is assumed that no principal repayments will occur through the
excess cash flow offer mechanism.

Under these assumptions, the Fitch rating case results in a PLCR of
1.56x in 2030 which is the maturity date of the notes. The average
DSCR is 1.04x through the maturity of the notes in 2030; although
the coverage ratio during this term is low, the project benefits
from a $177 million DSRA, and there will be additional liquidity in
form of excess cash flow available before distribution. Average
DSCR is 1.56x during the entire initial lease term. While coverage
ratios are consistent with a higher rating, CoreWeave's rating caps
the overall project rating. The rating is also constrained by the
project's ability to raise additional debt for expansion project.

PEER GROUP

WULF Compute, LLC (WULF; rated 'BB(EXP)'/Stable) is a comparable
publicly rated peer developing a 450MW data center at the Lake
Mariner campus in western New York state. The rating is constrained
by completion risk and a limited operating track record, with
additional risks from the absence of a fixed-price construction
contract and an aggressive schedule.

The project has a modified gross plus electric (MG+E) lease with
Fluidstack for 10 years, with two five-year extension options, and
benefits from Google's backstop during the operating phase, which
is expected to cover Fluidstack's lease obligations or termination
payments sufficient to repay outstanding debt in the event of a
Fluidstack default or bankruptcy. The financial profile is strong,
with an average DSCR of 1.26x over the initial debt term
(2026-2036) and a PLCR at maturity (year five) of 1.75x under
Fitch's rating case, which incorporates stressed operating costs
and escalation.

Cipher Compute LLC (Cipher; rated 'BB-(EXP)'/Stable) is another
comparable publicly rated peer developing a 244MW data center in
Barber Lake, Texas. The BB- rating for Cipher reflects Fitch's view
of elevated completion risk for Barber Lake project. Although the
scope is relatively straightforward, the project remains in the
early construction phase and has not locked in a price with its
contractor, exposing it to cost escalation risk. The rating is also
constrained by the project's ability to raise additional debt for
an expansion or additional project.

The operating phase financial profile is strong, with an average
DSCR of 1.20x over the initial lease term (2026-2035) and a PLCR at
maturity (2030) of 1.45x under Fitch's rating case, which
incorporates stressed operating costs and escalation. Google's
backstop, together with a fully funded six-month debt service
reserve, provides additional credit enhancement. While these
metrics are consistent with a higher rating, the rating remains
constrained by completion risk, lack of an operational track record
in relation to high performance computing data centers and the
project's ability to raise additional debt for an expansion or
additional project.

While APLD Compute has relatively lower completion risk compared to
both Wulf and Cipher, it also has the ability to raise incremental
indebtedness for expansion projects in line with Cipher and
exposure to weaker counterparty given that in Wulf and Cipher
counterparties are supported by a Google backstop.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Significant construction delays - including delays in the
availability of electrical utility infrastructure such as
substations - that result in increased unavoidable financing costs
not covered by either contingencies or debt service reserve could
lead to a downgrade.

- A degradation in the financial profile of the project, resulting
in a decline in the minimum PLCR below 1.25x, could lead to a
downgrade.

- The rating could be downgraded if the expansion or additional
project faces elevated completion risk from delays or cost
overruns, or if the additional project has a tenant with weak
credit quality.

- If Coreweave's credit quality falls below 'BB-', Fitch could take
a corresponding action on the project

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade in Coreweave's credit quality above 'BB-' and greater
comfort that the additional expansion project will not expose the
issuer to incremental completion or counterparty risks, could lead
to an upgrade on the project

TRANSACTION SUMMARY

The $2.35 billion senior secured notes are issued by APLD ComputeCo
LLC (Issuer) to develop 250 MW of critical IT capacity across data
center buildings ELN-02 and ELN-03 at Ellendale, ND. The notes have
a five-year tenor, with mandatory annual amortization of 7.75% and
are non-callable for the first two years. They are secured by first
priority liens on substantially all assets of ELN-02 and ELN-03,
including all accounts, lease agreements, rents, and revenues.
Applied Digital provides a parent completion guaranty to ensure
full funding and timely delivery of both buildings.

Construction at the ELN-02 building has commenced with parent
equity contributions and a bridge financing facility from SMBC.
Applied Digital has contributed approximately $1.2 billion in
equity to the project, representing 34% of total capitalization at
financial close. Use of proceeds from the issuance will fund the
construction and associated expenses of the AI/HPC data centers
ELN-02 and ELN-03 at Ellendale, repay SMBC bridge financing, and
contribute funding for funding for an additional building (ELN-04),
which is outside of the transaction perimeter.

A DSRA of $177 million is funded at closing to cover approximately
six months of post-construction debt service, and $166 million is
capitalized for interest accrued during construction. The structure
also includes semiannual excess cash flow offers to bondholders,
equal to 50% of excess cash flow following lease commencement. All
lease payments from the tenant are deposited into agent-controlled
lockbox accounts, subject to a cash waterfall prioritizing
operating expenses, mandatory amortization, interest, and debt
repayment.

For the purpose of expected ratings, Fitch has relied on the
offering memorandum and description of notes (DON) and has not
reviewed the transaction documents such as the indenture, security
and collateral agreements. The terms of these documents are
presented in the DON and Fitch expects the documents to remain
consistent with these terms. The final ratings are contingent upon
the receipt by Fitch of final documents conforming to information
already received and reviewed as well as the final pricing of the
bonds.

SECURITY

The debt is secured by substantially all asset assets of the issuer
and the subsidiary guarantors, including datacenter land,
buildings, machinery and equipment, the project accounts, and a
pledge of 100% of the Issuer's equity interests.

Date of Relevant Committee

11-Nov-2025

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  

   -----------              ------                      --------  

APLD ComputeCo LLC    LT IDR BB-(EXP)  Expected Rating

   senior secured     LT     BB-(EXP)  Expected Rating    RR3

   USD 2.35 bln
   bond/note          LT     BB-(EXP)  Expected Rating    RR3


APPLIED ENERGETICS: Reports $2.4 Million Net Loss in 2025 Q3
------------------------------------------------------------
Applied Energetics, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $3,971,157 for the three months ended September 30,
2025, compared to a net loss of $2,374,685 for the three months
ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $10,862,572, compared to a net loss of $7,047,014 for
the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $108,984 and $747,720, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had total
revenues of $389,072 and $1,662,598, respectively.

At September 30, 2025, the Company had total current assets of
$1,819,197 and total current liabilities of $923,972, resulting in
working capital of $895,225. At September 30, 2025, the Company had
cash and cash equivalents of $1,332,225.

As of September 30, 2025, the Company had $4,016,026 in total
assets, $4,746,204 in total liabilities, and $730,178 in total
stockholders' deficit.

Based on the Company's current business plan, it believes its cash
balance as of November 12, 2025, together with anticipated revenues
from government contracts, will be sufficient to meet its
anticipated cash requirements for the near term. However, there can
be no assurance that the current business plan will be achievable.
Such conditions raise substantial doubts about the Company's
ability to continue as a going concern within the next 12 months.

The Company's existence depends upon management's ability to
develop profitable operations. Management is devoting substantially
all its efforts to developing its business and raising capital, and
there can be no assurance that management's efforts will result in
profitable operations or enable it to overcome future liquidity
concerns.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/mryzxtbr

                      About Applied Energetics

Headquartered in Tucson, Arizona, Applied Energetics, Inc. --
http://www.appliedenergetics.com-- specializes in the development
and manufacture of advanced high-performance lasers and optical
systems, and integrated guided energy systems, for prospective
defense, national security, industrial, biomedical, and scientific
customers worldwide.

As of June 30, 2025, the Company had $3,531,171 in total assets,
$1,831,658 in total liabilities, and a total stockholders' equity
of $1,699,513.

Las Vegas, Nev.-based RBSM LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
28, 2025, citing that the Company has suffered recurring losses
from operations and will require additional capital to fund its
current operating plan, that raises substantial doubt about the
Company's ability to continue as a going concern.


AQUA METALS: Reports $3.1 Million Net Loss in 2025 Q3
-----------------------------------------------------
Aqua Metals, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $3.1 million for the three months ended September 30, 2025,
compared to a net loss of $5.2 million for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $18.2 million, compared to a net loss of $17.1
million for the same period in 2024.

The Company has not generated revenues from commercial operations
and expects to continue incurring losses for the foreseeable
future.

As of September 30, 2025, the Company had cash and cash equivalents
of approximately $3.6 million, current liabilities of $3.5 million
and an accumulated deficit of $266 million.

As of September 30, 2025, the Company had $10.5 million in total
assets, $4 million in total liabilities, and $6.5 million in total
stockholders' equity.

Management Commentary:

"Q3 was one of the most productive periods in our Company's
history," said Steve Cotton, President and CEO of Aqua Metals.
"With the bolstering of our balance sheet, successful LFP pilot
runs, and multiple strategic partnerships undergoing evaluation
from undersea minerals to domestic nickel refining - we're
executing on our vision for a feedstock-agnostic, low cost,
low-carbon refining platform that supports U.S. supply-chain
independence."

"Our technology continues to demonstrate adaptability across both
terrestrial and marine feedstocks, giving Aqua Metals unique
flexibility as the clean-energy transition enters a renewed phase
of investment and growth," Cotton added. "We are very pleased with
our strengthened resilience while securing the right long-term
partners and capital to scale our operations responsibly and
profitably."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/2xvx844s

                           Aqua Metals

Headquartered in Reno, Nevada, Aqua Metals, Inc. develops recycling
solutions for lead and lithium-ion batteries using a proprietary
water-based technology called AquaRefining.  The Company's
electrochemical process enables low-emissions, closed-loop recovery
of high-purity metals without the use of furnaces or hazardous
chemicals.  It operates modular systems known as "Aqualyzers" to
support sustainable energy storage applications.

In an audit report dated March 31, 2025, Forvis Mazars, LLP issued
a "going concern" qualification citing that the Company has
incurred substantial operating losses and negative cash flows from
operations since inception that raise substantial doubt about its
ability to continue as a going concern.

As of June 30, 2025, the Company had $9.24 million in total assets,
$4.13 million in total liabilities, and $5.12 million in total
stockholders' equity.


ARCHDIOCESE OF NEW ORLEANS: Bondholders Denied Cases Consolidation
------------------------------------------------------------------
Rick Archer of Law360 reports that a Louisiana bankruptcy judge has
barred bondholders from pressing to consolidate the Chapter 11
cases of the Roman Catholic Archdiocese of New Orleans with those
of its individual parishes. The ruling came during the ongoing
confirmation hearing for the archdiocese’s reorganization plan.

Judge Meredith Grabill said the bondholders' consolidation argument
exceeds what the law allows under the current bankruptcy framework.
The decision keeps the diocesan and parish cases separate as the
court evaluates the proposed plan and its treatment of creditors,
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: Hires Andersen Beede Weisenmiller as Counsel
-----------------------------------------------------------------
Archer Installation & Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Andersen
Beede Weisenmiller as counsel.

The firm will render these services:

     a) advise the Debtor with respect to its powers and duties as
a debtor and debtors-in-possession in the continued management and
operation of its business and property;

     b) attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the Chapter 11 case;

     c) take all necessary action to protect and preserve the
bankruptcy estate;

     d) prepare on behalf of Debtor all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;

     e) negotiate and prepare on Debtor's behalf plan(s) of
reorganization, disclosure statement(s), and all related agreements
and/or documents and take any necessary action on behalf of Debtor
to obtain confirmation of such plan(s);

     f) advise Debtor in connection with any sale of assets;

     g) appear before this Court, any appellate courts, and the
U.S. Trustee, and protect the interests of the bankruptcy estate
before such courts and the U.S. Trustee; and

     h) perform all other necessary legal services and provide all
other necessary legal advice to Debtor in connection with its
Chapter 11 case.

The firm will be paid at these rates:

     Ryan A. Andersen, Esq.         $630 per hour
     Mike Beede, Esq.               $580 per hour
     Mark M. Weisenmiller, Esq.     $580 per hour
     Paralegals                     $190 per hour

The firm has been paid an initial retainer of $20,000 by the
Debtor.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Weisenmiller is a "disinterested person" as such term is
defined in Section 101(14), and does not hold or represent any
interest adverse to Debtor or Debtor's bankruptcy estate.

The firm can be reached through:

     Ryan A. Andersen, Esq.
     Andersen Beede Weisenmiller
     3199 E Warm Springs Rd, Ste 400
     Las Vegas, NV 89120
     Telephone: (702) 522-1992
     Facsimile: (702) 825-2824
     Email: ryan@aandblaw.com

              About Archer Installation & Solutions, Inc.

Archer Installation & Solutions Inc. provides specialized services
in transporting, installing, and integrating furniture, fixtures,
and equipment for hotels, retail spaces, and similar commercial
environments.

Archer Installation & Solutions Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16702) on
November 5, 2025. In its petition, the Debtor reports estimated
assets between $100,001 and $1 million and estimated liabilities
between $1 million and $10 million.

Honorable Bankruptcy Judge Natalie M. Cox handles the case.

The Debtor is represented by Ryan A. Andersen, Esq. of ANDERSEN
BEEDE WEISENMILLER.



ARP HOSPITALITY: Hires Bertram Siegel Esq. as Special Counsel
-------------------------------------------------------------
ARP Hospitality Group LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Bertram Siegel, Esq.
as special counsel.

The Debtor needs the firm's legal assistance in connection with a
case (Case No. 22-CA-339760) filed before the National Labor
Relations Board.

The firm will be paid a flat fee of $5,000 payable upon entry of
order.

Mr. Siegel disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Bertram Siegel, Esq.
     300 Rt 4
     Teaneck, NJ 07666
     Tel: (201) 837-2300

              About ARP Hospitality Group LLC

ARP Hospitality Group LLC, doing business as Fairfield by Marriott,
operates a midscale hotel offering lodging, breakfast, and business
services. The property is located in Paramus, New Jersey, and
serves both business and leisure travelers.

ARP Hospitality Group LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17941) on July 29,
2025. In its petition, the Debtor reports total assets of
$9,957,890 and total liabilities of $7,960,943.

Judge John K. Sherwood oversees the case.

The Debtor is represented by Michael S. Kopelman, Esq. at KOPELMAN
& KOPELMAN, LLP.


ARROTEX AUSTRALIA: FS KKR Marks AU$10.8MM Loan at 34% Off
---------------------------------------------------------
FS KKR Capital Corp. has marked its AU$10,800,000 loan extended to
Arrotex Australia Group Pty Ltd to market at AU$7,100,000 or 66% of
the outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Arrotex Australia Group Pty Ltd. The loan accrues interest at a
rate of 6.00% per annum. The loan matures on June 2028.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

          About Arrotex Australia Group Pty Ltd

Arrotex is one of Australia's pharmaceutical providers, offering
branded and generic medicines, and fulfilling 1 in 2 PBS scripts,
with over 350 medicines.


ASSEMBLY BIOSCIENCES: Has $9.2M Q3 Loss; Lifts Going Concern Doubt
------------------------------------------------------------------
Assembly Biosciences, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $9,196,000 for the three months ended September 30,
2025, compared to a net loss of $9,613,000 for the three months
ended September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Company
reported net losses of $28,212,000 and $29,842,000, respectively.

Collaboration revenue from a related party for the three months
ended September 30, 2025 and 2024, were $10,789,000 and $6,845,000,
respectively.  For the nine months ended September 30, 2025 and
2024, the Company collaboration revenue from a related party of
$29,834,000 and $21,163,000, respectively.

The Company had an accumulated deficit of $854,137,000 as of
September 30, 2025.

As of September 30, 2025, the Company had $239,997,000 in total
assets, $57,302,000 in total liabilities, and $182,695,000 in total
stockholders' equity.

Liquidity:

The Company has not derived any revenue from product sales to date
and currently has no approved products. Once a product has been
developed, it will need to be approved for sale by the U.S. Food
and Drug Administration or an applicable foreign regulatory agency.
Since the Company's initial public offering, its operations have
been financed through the sale of equity securities and payments
related to collaboration agreements.

The Company has incurred losses from operations since inception and
expects to continue to incur substantial losses for the next
several years as it continues its product development efforts.

The Company intends to obtain any additional funding it requires
through strategic relationships, public or private equity or debt
financings, grants or other arrangements. The Company cannot assure
such funding will be available on reasonable terms, if at all.

In August 2025, the Company raised aggregate gross proceeds of $175
million from the sale of shares of common stock, pre-funded
warrants and warrants.

As of September 30, 2025, the Company held cash, cash equivalents
and marketable securities of $232.6 million.

Management believes the Company currently has sufficient funds to
meet its operating requirements beyond the next 12 months from the
date of the unaudited condensed consolidated financial statements
are issued.

As a result, the Company concluded the conditions which previously
raised substantial doubt about its ability to continue as a going
concern have been resolved.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/3r8npuw5

                     About Assembly Biosciences

San Francisco, Calif.-based Assembly Biosciences, Inc. (together
with its subsidiaries, Assembly or the Company), incorporated in
Delaware in October 2005, is a biotechnology company developing
innovative therapeutics targeting serious viral diseases with the
potential to improve the lives of patients worldwide.

As of September 30, 2025, the Company had $239,997,000 in total
assets, $57,302,000 in total liabilities, and $182,695,000 in total
stockholders' equity.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of Assembly
Biosciences, Inc. until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


ATARA BIOTHERAPEUTICS: Narrows Net Loss to $4.3 Million in 2025 Q3
------------------------------------------------------------------
Atara Biotherapeutics, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $4.3 million for the three months ended September 30,
2025, compared to a net loss of $21.9 million for the three months
ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net income of $36.1 million, compared to a net loss of $72.7
million for the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $3.5 million and $40.2 million, respectively.  For the
nine months ended September 30, 2025 and 2024, the Company had
total revenues of $119.2 million and $96.2 million, respectively.

As of September 30, 2025, the Company had $30.2 million in total
assets, $66.8 million in total liabilities, and $36.6 million in
total stockholders' deficit.

Atara says except for the first nine months of 2025, it incurred
substantial operating losses since inception, and expects that
existing cash, cash equivalents and short-term investments as of
September 30, 2025, will not be sufficient to fund the Company's
planned operations for at least the next 12 months.

Although the Company anticipates the receipt of certain payments
from the amended and restated Pierre Fabre Commercialization
Agreement, such payments are contingent upon the approval of the
tab-cel BLA, as well as the completion of specific regulatory
activities by the Company, its partner and actions taken by third
parties, and are, therefore, uncertain at this time.

Atara said, "In order to alleviate the conditions that raise
substantial doubt about our ability to continue as a going concern,
we plan to secure additional capital, potentially through a
combination of public or private security offerings; use of our ATM
facility; issuance of debt; and/or execution of strategic
transactions. We may need to raise additional funding as required
based on the status of our development programs and our projected
cash flows.

"Even though we have been successful in raising capital in the
past, and expect to continue to raise capital as required, there is
no assurance that we will be successful in obtaining sufficient
funding on terms acceptable to us to fund continuing operations, if
at all, or identify and enter into any strategic transactions that
will provide the capital that we will require.

"If we are unable to obtain sufficient funding on acceptable terms,
we could be forced to delay, limit, reduce or terminate ongoing
activities for our product candidate, which could have a material
adverse effect on our business, results of operations, and
financial condition.

"Accordingly, we have concluded that substantial doubt exists with
respect to our ability to continue as a going concern for at least
12 months after the issuance of the accompanying condensed
consolidated financial statements."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/yfxevn55

                    About Atara Biotherapeutics

Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology
Company focused on developing off-the-shelf cell therapies that
harness the power of the immune system to treat difficult-to-treat
cancers and autoimmune conditions. With cutting-edge science and
differentiated approach, Atara is the first Company in the world to
receive regulatory approval of an allogeneic T-cell immunotherapy.
The Company's advanced and versatile T-cell platform does not
require T-cell receptor or HLA gene editing and forms the basis of
a diverse portfolio of investigational therapies that target EBV,
the root cause of certain diseases, in addition to next-generation
AlloCAR-Ts designed for best-in-class opportunities across a broad
range of hematological malignancies and B-cell driven autoimmune
diseases. Atara is headquartered in Southern California.

San Francisco, Calif.-based Deloitte & Touche LLP, the Company's
auditor since 2013, issued a "going concern" qualification in its
report dated March 7, 2025, attached to the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2024, citing that the
Company's recurring losses from operations raises substantial doubt
about its ability to continue as a going concern.

As of Dec. 31, 2024, Atara Biotherapeutics had $109.1 million in
total assets, $206.4 million in total liabilities, and a total
stockholders' deficit of $97.28 million.


ATX NETWORKS: FS KKR Marks $47.4MM 2L Loan at 76% Off
-----------------------------------------------------
FS KKR Capital Corp. has marked its $47,400,000 loan extended to
ATX Networks Corp. to market at $11,400,000 or 24% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a Second Lien Senior Secured Loan to ATX
Networks Corp. The loan accrues interest at a rate of 10% per
annum. The loan matures on September 2028.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

         About ATX Networks Corp.

ATX Network Corp. provides cable networks. The Company offers
optical access, access networking, video processing, audio content
management, and media distribution services. ATX Network serves
customers in the United States and Canada.


AXALTA COATING: S&P Upgrades ICR to 'BB+' on Margin Expansion
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating by one notch to
'BB+' on Axalta Coating Systems Ltd. S&P also placed all its
ratings on CreditWatch with positive implications.

The CreditWatch placement reflects S&P's view that the combination
is likely to occur and the combined company's credit quality will
be strong enough that there is at least a 50% likelihood for higher
ratings when the deal closes.

Akzo Nobel N.V. signed a definitive agreement to merge with
automotive and industrial coatings company Axalta Coating Systems
Ltd.

Additionally, despite a slight contraction in revenue this year,
Axalta expanded its margin via operational execution to keep
absolute levels of S&P Global Ratings-adjusted EBITDA relatively
stable.

Axalta has also maintained S&P Global Ratings-adjusted funds from
operations (FFO) to debt of greater than 20% for seven consecutive
quarters, an improvement we consider as sustainable.

The combination would result in a business with strong market
positions and a more diversified portfolio mix. S&P said, "Pro
forma for the all-stock merger of equals, we expect the
Netherlands-domiciled company (with dual headquarters in Amsterdam
and Philadelphia) generated roughly $17 billion in annual sales and
$3.3 billion of EBITDA in 2024 (inclusive of synergies), which
would place it as the second largest global coatings company behind
Sherwin Williams and ahead of PPG and Nippon Paint. When the merger
is executed, we expect that Akzo Nobel and Axalta shareholders will
retain 55% and 45% respectively, of the combined entity."

Akzo would strengthen its market positions, particularly in Europe
and the U.S. In 2024, 43% of combined revenues were from Europe,
the Middle East, and Africa; 24% from Asia-Pacific; 23% from North
America; and 10% from Latin America. By product segment, 27% of
sales were from Decoratives, 18% from Industrials, 18% from
Refinish, 13% from Mobility, 12% from Powder, 10% from Marine &
Protective, and 2% from Aerospace. The Axalta deal is likely to be
accretive to Akzo's profitability over time.

S&P said, "Initially, we expect its S&P Global Ratings-adjusted
EBITDA margin to be muted in 2026 and 2027 relative to its run-rate
level, but it may rise to 19%-20% during the next two years. The
company has line of sight to $600 million in synergies to be
realized through 2029, which would put its profitability in line
with those of the top performers in the space. Management expects
the transaction to close in late 2026 to early 2027, as this
cross-border deal is subject to regulatory, antitrust, and
shareholder approvals.

"We expect Axalta's financial policies to be conservative enough
for the new ratings, regardless of whether the merger is completed.
We note that if the merger goes through, management of the pro
forma company has committed to maintaining an investment-grade
rating with a target net leverage ratio of 2.0x-2.5x. A special
cash dividend of EUR2.5 billion will be paid to Akzo Nobel
shareholders less any regular dividends that will be paid in 2026
before the transaction is finalized.

"However, even if the merger does not go through, we note that
Axalta independently has generated FFO to debt that has exceeded
20% for the past seven consecutive quarters. We believe management
has made structural cost reductions to allow the company to sustain
credit measures at levels commensurate with the new ratings.

"Axalta is suspending its share buyback program given the recent
news of the upcoming merger. We recognize it deploys over 90% of
free cash flow toward share repurchases, and management had
indicated its intent to repurchase $250 million of shares in the
fourth quarter of 2025. This would exceed the $165 million spent in
aggregate during the second and third quarters. Nevertheless, we
believe FFO to debt would have stayed within the midpoint of
20%-30%, supported by ongoing strong cash flow generation."

Axalta's operational execution has remained steady, but volume
contraction in refinish and the portent of weaker class 8 truck
production are headwinds. Axalta indicated refinish sales were down
7% in the third quarter but are outperforming the market. The
company has demonstrated strong operational performance, in part
through new business wins.

New body shop wins were roughly 2,200 through the first nine months
of 2025, near the typical 2,400 it cited as a normal full-year
number. The company is moving more into the mainstream/economy
segment from its historical perch in the performance segment. On
the mobility side, commercial vehicle segment sales were down 7% in
the quarter, but this compares favorably with class 8 volumes
decreasing roughly 30% marketwide.

Operational performance is also supported through pricing actions
and cost discipline. Axalta has already achieved $60 million-$70
million of incremental cost savings against its $75 million guide
on its transformation initiative and expects a flow through of
roughly $20 million into 2026. In addition, margins have stayed at
good levels amid volume and mix weakness. S&P anticipates the
company will continue its growth trajectory, building on its recent
successes and utilizing its technological innovation capabilities.

Following recent volume weakness, there is a chance volumes could
return to growth beyond the second quarter of 2026 as the refinish
business stabilizes. Management indicated insurance and repair
costs are starting to come down. S&P said, "We expect EBITDA
margins to remain above 20% and credit metrics to remain solid
while maintaining net leverage of 2.0x-2.5x, with strong free cash
flow generation. Moreover, we believe Axalta could see additional
growth from new business wins, especially in the Chinese and Latin
American markets."

While volumes declined modestly in 2025 due to lower collision
claims and electric vehicle adoption, Axalta mitigated impacts
through strategic pricing, new body shop wins, and innovation in
sustainable coatings—--positioning the company for stabilization
and renewed growth by mid-2026.

S&P said, "We expect to resolve our CreditWatch placement when
further details, including the composition of the capital
structure, are known and the merger transaction has been completed.
By that point, we will have undergone a thorough review of the
company's business and financial risks."



BARROW SHAVER: Natural Gas Business Sale to TexOil Investment OK'd
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has granted Barrow Shaver Resources Company LLC
to sell substantially all Assets, free and clear of liens, claims,
interests, and encumbrances.

The Debtor was formed in mid-1989 with Scott O. Shaver and Thomas
D. Barrow as the original owners and is an independent oil and
natural gas company focused on the exploration, development,
production, and acquisition of crude oil and natural gas from
properties in the Southeast Texas, East Texas, and West Texas. The
Debtor's headquarters is located in Tyler, Texas.

The Debtor's main operational focus has been on a largely
contiguous block of approximately 150 leaseholds, with
approximately 43,500 gross acres in East Texas. As part of its
operations, since approximately 2017, the Debtor has been the
lessee and operator under certain oil and gas leases pertaining to
oil and gas operations in the Hidden Rock Field in and around Cass
County, Texas. Additionally, the Debtor has operator and
non-operator ownership interests in oil and gas leases in East and
West Texas, other than the Hidden Rock Field.

As the Debtor continued to expand operations in the Hidden Rock
Field, the Debtor faced two significant challenges that heavily
contributed to the financial distress the Debtor experienced
leading up to the Bankruptcy Case.

Under the mounting financial pressure, the Debtor was forced to
consider selling part of its operations or bringing in a strategic
partner to help fund the Debtor's operations while simultaneously
combatting the NETX Parties' attempt to encroach on the Debtor's
leases.

The Cour has authorized the Debtor to sell substantially all of its
natural gas business assets to Investments, LLC for $60,000,010
plus the assumption of material plugging and abandonment
liabilities.

The Court has determined that the Debtor has demonstrated that it
is an exercise of its sound business judgment for the Debtor to
assume and assign the Assigned Contracts and Leases to TexOil
pursuant to the terms of the Sale Order and the TexOil Asset
Purchase Agreements, in each case in connection with the
consummation of the Sale Transaction, and the assumption and
assignment of the Assigned Contracts and Leases is in the best
interests of the Debtor, its bankruptcy estate and creditors, and
other parties in interest.

The assumption and assignment of the Assigned Contracts and Leases
pursuant to the terms of the Sale Order is integral to the TexOil
Asset Purchase Agreements and is in the best interests of the
Debtor, its estate, creditors, stakeholders, and other parties in
interest, and represents the exercise of sound and prudent business
judgment by the Debtor.

The sale and assignment of the Assets and Assumed Liabilities
outside of a plan of reorganization pursuant to the TexOil Asset
Purchase Agreements neither impermissibly restructures the rights
of the Debtor's creditors nor impermissibly dictates the terms of a
plan of reorganization for the Debtor. The Sale Transaction does
not constitute a sub rosa chapter 11 plan.

The Notice of the Auction, the assumption and assignment of the
Assigned Contracts and Leases (including proposed Cure Costs
related thereto), the Sale Transaction, and the Sale Hearing was
fair and equitable under the circumstances and complied in all
respects with the Bidding Procedures Order and Bidding Procedures.


The TexOil Asset Purchase Agreements, including all other ancillary
documents, and all of the terms and conditions thereof, and the
Sale Transaction contemplated thereby, are hereby approved in all
respects and the Debtor and TexOil are hereby authorized and
empowered to fully perform under, consummate, and implement the
terms of each TexOil Asset Purchase Agreement.

On the Closing Date, the sale will be construed to and will
constitute for any and all purposes a full and complete general
assignment, conveyance, and transfer of all of the Assets or a bill
of sale transferring good and marketable title in such Assets to
TexOil.

        About Barrow Shaver Resources Company

Barrow Shaver Resources Company, LLC is a privately held,
independent oil and gas exploration and acquisition company based
in Tyler, Texas. Barrow Shaver is engaged in prospect generation,
producing properties acquisition, lease acquisition, assembly and
marketing of prospects for the exploration and development of oil
and natural gas in the prolific producing trends of the East Texas
and West Texas Basins.

Barrow Shaver Resources Company sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on
Aug. 19, 2024. In the petition signed by James Katchadurian, chief
restructuring officer, the Debtor disclosed up to $100 million in
both assets and liabilities.

Judge Alfredo R. Perez oversees the case.

The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as
financial advisor, and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.


BELLEROSE TERRACE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Bellerose Terrace LLC
        862 East 5th Street
        Boston, MA 02127

Business Description: Bellerose Terrace LLC's main assets are
                      situated at 110–118 Terrace Street in
                      Boston, MA 02120.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 25-12499

Judge: Hon. Christopher J Panos

Debtor's Counsel: Michael Van Dam, Esq.
                  VAN DAM LAW LLP
                  233 Needham Street
                  Suite 540
                  Newton, MA 02464
                  Tel: 617-969-2900
                  Fax: 617-964-4631
                  Email: mvandam@vandamlawllp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Matthew O'Hara as manager.

The petition was filed without the Debtor's list of its 20 largest
unsecured creditors.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/RAVKGTY/Bellerose_Terrace_LLC__mabke-25-12499__0001.0.pdf?mcid=tGE4TAMA


BERLIN PACKAGING: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings affirmed Berlin Packaging LLC's (Berlin) B3
corporate family rating, B3-PD probability of default rating and B2
ratings assigned to the company's senior secured first lien term
loan due June 2031 and senior secured first lien revolving credit
facility due June 2029. The outlook remains stable.

The affirmation of Berlin's B3 CFR with a stable outlook reflects
Moody's expectations of a return to positive free cash flow and
improvements in currently weak credit metrics in 2026, despite the
additional $100 million term loan add-on and a muted outlook for
the packaging industry in the next 12 months. The rating action
also recognizes the company's good liquidity, fairly stable
profitability, and lack of near-term debt maturities.

On November 14, 2025, Berlin announced plans to issue an
incremental $100 million fungible add-on to its existing
approximately $2.1 billion senior secured first lien term loan due
June 2031. The company will use the net proceeds for general
corporate purposes, which may include funding future bolt-on
acquisitions. On a pro forma basis Moody's expects leverage,
including Moody's standard adjustments, to increase to 9.4x
debt/EBITDA before improving to around 9.0x and 8.5x in 2026 and
2027, respectively. Moody's expects interest coverage will remain
weak but acceptable at around 1.5x.

RATINGS RATIONALE

Berlin's B3 CFR is constrained by very weak credit metrics with
high leverage, weak interest coverage, expected negative free cash
flow in 2025, and track record of aggressive growth through
acquisitions. Over the next 12-18 months Moody's expects
debt-to-EBITDA to be around 9.0x and interest coverage to remain
weak around 1.5x, despite roughly 70% of the company's outstanding
debt being hedged through 2028. While Moody's expects Berlin to
generate negative free cash flow in 2025, a modest acceleration in
recovery within its European markets should support further
inventory reduction and positive free cash flow in 2026.

Berlin benefits from demand from stable end markets, including
food, beverage, personal care, and pharmaceutical and
nutraceutical. The company also has geographic diversification with
a global footprint. Around 61% of revenue is generated in North
America, followed by EMEA (37%) and APAC (2%) regions. Berlin is
substrate agnostic and sells a broad range of packaging solutions
that enhance its customer reach. Its product offering is made out
of glass, plastic, metal, and other materials. Berlin actively
pursues accretive bolt-on acquisitions to expand and diversify its
geographic footprint and end market reach, which raises integration
risk, but there is a history and long track record of successful
integration.

Moody's expects Berlin's liquidity to be good over the next 12-15
months. At September 30, 2025, total liquidity of $252 million
consisted of $118 million in revolver availability and a cash
balance of $134 million.

The B2 rating assigned to the first lien senior secured credit
facility, including the term loan and revolving credit facility, at
one notch above the corporate family rating reflects its priority
position in the capital structure.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A downgrade could be considered if the company is unable to
generate positive free cash flow, EBITDA-to-interest expense
remains below 2.0x, there is increased risk of a debt
restructuring, liquidity deteriorates, and if there is limited
visibility in pro forma leverage trending towards 6.5x
debt/EBITDA.

A rating upgrade could be considered if leverage fell below
5.5xdebt/EBITDA, EBITDA-to-interest exceeded 3.0x, free cash
flow-to-debt trended above 4.5%, and if the company implemented a
more conservative financial policy.

Based in Chicago, Illinois, Berlin Packaging LLC is a distributor
of rigid packaging primarily for food, beverage, household,
personal care, and health care end markets. Berlin's largest
shareholders are Oak Hill Capital Partners and affiliates, with a
significant minority interest by the Canada Pension Plan Investment
Board. For the twelve month period ended September 2025, the
company reported $2.8 billion in revenue.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers 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.


BEYOND AIR: Reports Net Loss of $8.3MM in 2025 Q2
-------------------------------------------------
Beyond Air, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $8.3 million for the three months ended September 30, 2025,
compared to a net loss of $14 million for the three months ended
September 30, 2024.

For the six months ended September 30, 2025 and 2024, the Company
reported net losses of $16.3 million and $27.1 million,
respectively.

Revenues for the three months ended September 30, 2025 and 2024,
were $1.8 million and $798,000, respectively.  For the six months
ended September 30, 2025 and 2024, the Company had revenues of $3.6
million and $1.5 million, respectively.

As of September 30, 2025, the Company had $31 million in total
assets, $17.9 million in total liabilities, and $13.1 million in
total stockholders' equity.

The Company used cash in operating activities of $9 million for the
six months ended September 30, 2025, and has an accumulated deficit
attributable to the stockholders of Beyond Air, Inc. of $302
million.

The Company had cash, cash equivalents and marketable securities of
$10.7 million as of September 30, 2025. In addition, $3.8 million
of cash is held on deposit by the Company's contract manufacturer
to be applied against future purchases.

The Company expects to incur net losses and have significant cash
outflows for at least the next year, including making significant
investments in research and development. Management believes these
factors raise substantial doubt about the Company's ability to meet
its obligations with cash on hand and concluded that the Company
will require additional funding within the next 12 months.

Management is confident that the efforts to arrange financing,
while not assured, will enable the Company to meet its
obligations.

The Company's future capital needs and the adequacy of its
available funds will depend on many factors, including, but not
necessarily limited to, the success and costs of commercialization
of the Company's approved product and the actual cost and time
necessary for current and anticipated preclinical studies, clinical
trials and other actions needed to obtain certification or
regulatory approval of the Company's product candidates.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/4rxs77kf

                       About Beyond Air

Headquartered in Garden City, N.Y., Beyond Air, Inc. --
www.beyondair.net -- is a commercial-stage medical device and
biopharmaceutical company developing a platform of nitric oxide
generators and delivery systems (the "LungFit platform") capable of
generating NO from ambient air. The Company's first device,
LungFitPH, received premarket approval from the FDA in June 2022.
The NO generated by the LungFit PH system is indicated to improve
oxygenation and reduce the need for extracorporeal membrane
oxygenation in term and near term (34 weeks gestation) neonates
with hypoxic respiratory failure associated with clinical or
echocardiographic evidence of pulmonary hypertension in conjunction
with ventilatory support and other appropriate agents.

East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated June 20, 2025, attached to the Company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2025, citing that the
Company has suffered recurring losses from operations, has
experienced negative cash flows from operating activities since
inception, and has an accumulated deficit, that raise substantial
doubt about its ability to continue as a going concern.

As of June 30, 2025, the Company had $28.1 million in total assets,
against $17.7 million in total liabilities.


BHOWMICK LIQUOR: Has Deal on Cash Collateral Access
---------------------------------------------------
Bhowmick Liquor, Inc. asks the U.S. Bankruptcy Court for the
District of Colorado for authority to use cash collateral in
accordance with its agreement with Newtek Bank NA.

Newtek holds a properly perfected lien on substantially all of the
Debtor's assets through a 2023 UCC-1 filing and a secured loan with
a petition-date balance of approximately $287,000. Because Newtek's
collateral includes cash collateral under 11 U.S.C. section 363(a),
the Debtor may not use those funds without Newtek's consent or
court authorization.

To keep its business operating, the Debtor negotiated an agreement
with Newtek permitting use of funds in accordance with an approved
budget (with limited variances) through February 6, 2026.

In exchange, the Debtor will provide adequate protection, including
replacement liens on post-petition assets, maintenance of minimum
inventory valued at $300,000, full insurance coverage naming Newtek
as loss payee, continuation of Newtek's pre-bankruptcy lien rights
in proceeds, monthly adequate protection payments beginning
December 1, and curing post-petition payment arrears totaling
$9,370 by December 31, 2025.

The Debtor argues that the agreement avoids costly litigation,
prevents operational shutdown, preserves estate value, and is
essential to its ability to reorganize, as it cannot continue
business without access to cash collateral.

A copy of the motion is available at https://urlcurt.com/u?l=iJYFJW
from PacerMonitor.com.

                        About Bhowmick Liquor

Bhowmick Liquor Inc. operates a liquor store under the name
Norman's Liquor in Lakewood, Colorado.

The Debtor filed a petition for relief under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14811) on
July 31, 2025, with $500,001 to $1 million in assets and
liabilities. Joli Lofstedt, Esq., serves as Subchapter V trustee.

Judge Kimberley H. Tyson presides over the case.

Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's
bankruptcy counsel.



BIOXCEL THERAPEUTICS: Widens Net Loss to $31 Million in 2025 Q3
---------------------------------------------------------------
BioXcel Therapeutics, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q, recognizing
net losses of $30.9 million and $13.7 million for the three months
ended September 30, 2025 and 2024, respectively, and $57.4 million
and $48.7 million for the nine months ended September 30, 2025 and
2024, respectively.

Total revenues for the three months ended September 30, 2025 and
2024, were $98,000 and $214,000, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had total revenues
of $386,000 and $1.9 million, respectively.

As of September 30, 2025, the Company had cash, cash equivalents
and restricted cash of $37.3 million and an accumulated deficit of
$707.5 million.

The Company had net cash used in operating activities of $43.4
million and $57.2 million for the nine months ended September 30,
2025 and 2024, respectively.

The Company has incurred substantial net losses and negative cash
flows from operating activities in nearly every fiscal period since
inception, and expects this trend to continue for the foreseeable
future.

BioXcel said, "We will need to generate significant product
revenues to achieve profitability. Our history of significant
losses, negative cash flows from operations, potential near-term
increased covenant-driven amortization payments or full repayment
obligations under our Credit Agreement, the regulatory event of
default triggers under the Credit Agreement, other funding
requirement covenants under the Credit Agreement, limited liquidity
resources currently on hand, and dependence on our ability to
obtain additional financing to fund our operations after the
current resources are exhausted, about which there can be no
certainty, have resulted in management's assessment that there is
substantial doubt about our ability to continue as a going concern
for a period of at least 12 months from the issuance date of the
financial statements included in this Quarterly Report on Form
10-Q."

As of September 30, 2025, the Company had $44.8 million in total
assets, $133.7 million in total liabilities, and $88.9 million in
total stockholders' deficit.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/ms94nmwp

                        About BioXcel Therapeutics

Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a
biopharmaceutical Company utilizing artificial intelligence to
develop transformative medicines in neuroscience and, through the
Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC,
immuno-oncology. The Company is focused on utilizing cutting-edge
technology and innovative research to develop high-value
therapeutics aimed at transforming patients' lives. The Company
employs various AI platforms to reduce therapeutic development
costs and potentially accelerate development timelines.

Stamford, Conn.-based Ernst & Young LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 28, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations, has used
significant cash in operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.

As of June 30, 2025, the Company had $25.8 million in total assets,
against $133.5 million in total liabilities.


BLACK SPOT: Case Summary & 17 Unsecured Creditors
-------------------------------------------------
Debtor: Black Spot, LLC
          d/b/a Pelorus Studio
        56 Beaver St., Apt. 401
        New York, NY 10004

Business Description: Black Spot, LLC is a New York-based full-
                      service production agency that provides
                      concept-to-completion media production,
                      including writing, shooting, editing,
                      mixing, and finishing projects for on-air,
                      streaming, and digital platforms.  The
                      Company produces trailers, upfronts, live
                      award shows, sizzles, campaigns, and behind-
                      the-scenes content, operating from its own
                      SoHo sound stage and on global locations.  
                      Black Spot also offers delivery services
                      that optimize media for multiple platforms,
                      including captioning, quality control, and
                      distribution of over 500 spots per month.

Chapter 11 Petition Date: November 19, 2025

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 25-12592

Debtor's Counsel: James J. Rufo, Esq.
                  THE LAW OFFICE OF JAMES J. RUFO
                  222 Bloomingdale Road, Suite 202
                  White Plains, NY 10605
                  Tel: (914) 600-7161
                  Email: jrufo@jamesrufolaw.com

Total Assets: $159,401

Total Liabilities: $1,465,517

The petition was signed by John Laskas, sole shareholder of Soapy
Film, Inc., majority owner of the Debtor.

A copy of the Debtor's list of 17 unsecured creditors is available
for free on PacerMonitor at:

https://www.pacermonitor.com/view/ADSQJPA/Black_Spot_LLC__nysbke-25-12592__0002.0.pdf?mcid=tGE4TAMA

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/7KRTPTA/Black_Spot_LLC__nysbke-25-12592__0001.0.pdf?mcid=tGE4TAMA


BLACKSTONE CLAIM: Case Summary & Five Unsecured Creditors
---------------------------------------------------------
Debtor: Blackstone Claim Services, Inc.
           Blackstone Claim Services, LLC
        Kerrvile Tower
        222 Sidney Baker St S # 350-I
        Kerrville, TX 78028-5994

Business Description: Blackstone Claim Services, Inc. is a
                      Kerrville, Texas-based property loss
                      management firm that provides public
                      adjusting, appraisal and umpire services,
                      litigation and mediation support, and
                      building consulting.  The Company, founded
                      in 1999 as Pennington & Associates, serves
                      residential and commercial policyholders
                      seeking assistance with property insurance
                      claims.  It operates under the ownership of
                      Gary Pennington.

Chapter 11 Petition Date: November 19, 2025

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 25-52804

Debtor's Counsel: Ronald Smeberg, Esq.
                  THE SMEBERG LAW FIRM
                  4 Imperial Oaks
                  San Antonio TX 78248-1609
                  Tel: (210) 695-6684
                  Email: ron@smeberg.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Gary Pennington as president.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/XGVVZDI/Blackstone_Claim_Services_Inc__txwbke-25-52804__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Five Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount

1. OnDeck Capital                      MCA Loan            $87,678
4700 W Daybreak Pkwy Ste 200
South Jordan, UT 84009-5133

2. Segura Adjusting Services LLC                           $15,000
6104 Old Fredericksburg Rd #92891
Austin, TX 78709-5117

3. Westerburg & Thornton, PC          Legal Fees           $10,603
8080 N. Central Expressway, Ste 1700
Dallas, TX 75206

4. Guerra-Prats Construction                                $9,000
9708 S Padre Island Dr Ste B201
Corp Christi, TX 78418-5111

5. Chaparral Consulting                                     $2,504
2820 Clearview Dr
Midlothian, TX 76065-5454


BLUE GALLERIA: Seeks Court Approval to Hire Seese as Legal Counsel
------------------------------------------------------------------
Blue Galleria LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Seese, PA as counsel.

The firm's services include:

     (a) advise the Debtor generally regarding matters of
bankruptcy law in connection with this Chapter 11 case;

     (b) advise the Debtor of the requirements of the Bankruptcy
Code, the Federal Rules of Bankruptcy Procedure, applicable
bankruptcy rules;

     (c) prepare legal papers necessary in connection with the
administration of the estate;

     (d) negotiate with creditors, prepare and seek confirmation of
a plan of reorganization and related documents, and assist the
Debtor with implementation of any plan;

     (e) review executory contracts and unexpired leases;

     (f) negotiate and document any debtor-in-possession financing
and exit financing; and

     (g) render such other advice and services as the Debtor may
require in this case.

Michael Seese, Esq., the primary attorney in this representation,
will be billed at his hourly rate of $600 plus reimbursement.

The firm received a trust retainer paid by the Debtor in the amount
of $17,500 on November 5, 2025. The firm is also entitled to an
additional retainer in the amount of $20,000 to be paid by the
Debtor no later than 20 days following the petition date. On
November 10, 2025, Seese received payment for services rendered
pre-petition in the amount of $11,878, which included an advance
payment for the filing fee in the amount of $1,738.

Mr. Seese disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Michael D. Seese, Esq.
     Seese, PA
     101 N.E. 3rd Avenue, Suite 1500
     Ft. Lauderdale, FL 33301
     Telephone: (954) 745-5897
     Email: mseese@seeselaw.com

                     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.


BLUE STAR FOODS: Narrows Net Loss to $480,965 in 2025 Q3
--------------------------------------------------------
Blue Star Foods Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $480,965 for the three months ended September 30, 2025, compared
to a net loss of $3 million for the three months ended September
30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $2.3 million, compared to a net loss of $6.4 million
for the same period in 2024.

Net revenues for the three months ended September 30, 2025 and
2024, were $462,260 and $259,779, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had net
revenues of $2.6 million and $2 million, respectively.

As of September 30, 2025, the Company had an accumulated deficit of
$48.6 million and a working capital deficit of $1.7 million.

As of September 30, 2025, the Company had $1.3 million in total
assets, $3 million in total liabilities, and $1.7 million in total
stockholders' deficit.

According to Blue Star, these factors raise substantial doubt as to
the Company's ability to continue as a going concern. The Company's
ability to continue as a going concern is dependent upon the
Company's ability to increase revenues, execute on its business
plan to acquire complimentary companies, raise capital, and to
continue to sustain adequate working capital to finance its
operations.

The failure to achieve the necessary levels of profitability and
cash flows would be detrimental to the Company.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/msvkpmt3

                   About Blue Star Foods Corp.

Blue Star Foods Corp., headquartered in Miami, Florida, is an
international seafood Company that imports, packages, and sells
refrigerated pasteurized crab meat and other premium seafood
products. The Company's current source of revenue is from importing
blue and red swimming crab meat primarily from Indonesia, the
Philippines, and China, and distributing it in the United States
and Canada under several brand names such as Blue Star, Oceanica,
Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride
Fresh. The Company also distributes steelhead salmon and rainbow
trout fingerlings produced under the brand name Little Cedar Farms
for distribution in Canada. The Company sells primarily to food
service distributors, wholesalers, retail establishments, and
seafood distributors.

As of September 30, 2025, the Company had $1.3 million in total
assets, $3 million in total liabilities, and $1.7 million in total
stockholders' deficit.

Houston, Texas-based MaloneBailey, LLP, the Company's former
auditor, issued a "going concern" qualification in its report dated
June 20, 2025, attached to the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raises substantial doubt about its ability
to continue as a going concern.


BLUEWATER RESIDENTIAL: Case Summary & Four Unsecured Creditors
--------------------------------------------------------------
Debtor: Bluewater Residential Services LLC
        925 East 4th Street
        Duluth, MN 55805

Business Description: Bluewater Residential Services LLC provides
                      adult foster care services for individuals
                      with traumatic brain injuries and mental
                      illness, offering 24-hour support, long-term
                      care, and skill-building programs.  The
                      Company operates from its facility at 925
                      East 4th Street in Duluth, Minnesota, where
                      it delivers community-based residential
                      services under a Home and Community-Based
                      Services license.  Its operations include
                      daily living assistance, medication
                      management, transportation, and therapeutic
                      and recreational activities within the
                      broader residential care industry.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       District of Minnesota

Case No.: 25-50824

Judge: Hon. William J Fisher

Debtor's Counsel: Joseph Dicker, Esq.
                  JOSEPH W DICKER PA
                  1406 West Lake Street Suite 209
                  Minneapolis, MN 55408
                  Tel: (612) 827-5941
                  Email: joe@joedickerlaw.com

Total Assets: $320,080

Total Liabilities: $1,457,459

The petition was signed by David Nelson as chief manager.

A full-text copy of the petition, which includes a list of the
Debtor's four unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/BWG765Y/Bluewater_Residential_Services__mnbke-25-50824__0001.0.pdf?mcid=tGE4TAMA


BODYWORX PHYSICAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Bodyworx Physical Therapy, PLLC
        9201 S. Sooner Road
        Oklahoma City, OK 73165

Business Description: Bodyworx Physical Therapy, PLLC provides
                      outpatient rehabilitation services in
                      Oklahoma City, offering orthopedic physical
                      therapy, manual therapy, dry needling,
                      therapeutic massage, aquatic therapy and
                      related treatments through a staffed clinic
                      equipped with cardio and strength machines,
                      unweighting treadmills and traction systems.
                      The practice serves patients recovering from
                      injuries or managing chronic conditions and
                      operates a transitional gym that supports
                      continued strength and mobility training.
                      It works with a range of insurance plans and
                      delivers care to both individual patients
                      and sports groups within its local service
                      area.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Western District of Oklahoma

Case No.: 25-13588

Debtor's Counsel: Amanda R. Blackwood, Esq.
                  BLACKWOOD LAW FIRM, PLLC
                  512 NW 12th Street
                  Oklahoma City OK 73103
                  Tel: (405) 309-3600
                  Email: amanda@blackwoodlawfirm.com

Total Assets: $454,353

Total Liabilities: $3,223,003

The petition was signed by Corey Smith as owner/member.

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/5MPZAOA/Bodyworx_Physical_Therapy_PLLC__okwbke-25-13588__0001.0.pdf?mcid=tGE4TAMA


BRIGHTLIFE ELECTRIC: Gets Final OK to Use Cash Collateral
---------------------------------------------------------
Brightlife Electric NV, LLC received final approval from the U.S.
Bankruptcy Court for the District of Nevada to use cash collateral
to fund operations.

The Debtor's cash collateral consists of cash and deposit accounts
in which secured creditors including Funding Metrics, Funderz
Group, FundBox, and Pipe Capital, LLC hold security interests.

The Debtor may use cash collateral in accordance with the budget,
provided that spending does not exceed 125% of each line item in
that budget. This authorization permits the Debtor to proceed with
its reorganization efforts while maintaining operational
stability.

The final order does not constitute a determination regarding the
validity, extent, or priority of any asserted liens or security
interests in the cash collateral. The Debtor explicitly retains all
rights and claims to dispute whether any party, including the
entities identified, holds a valid interest in the cash
collateral.

A copy of the final order and the Debtor's budget is available at
https://shorturl.at/UhNk8 from PacerMonitor.com.

Brightlife, a Nevada-based electrical contracting business,
previously obtained merchant cash advance loans from the four
creditors, each of whom filed UCC-1 financing statements in Nevada.
These statements suggest that Funding Metrics has first priority.
As of the petition date, the Debtor owed approximately $35,000 to
Funding Metrics, $57,688 to Funderz Group, $47,178 to FundBox, and
$182,360 to Pipe Capital.

The Debtor's total assets were valued at $210,873, of which
$174,000 consists of vehicles that are not subject to UCC liens.
The remaining assets potentially subject to the creditors' security
interests include $10,685 in accounts receivable and $19,517 in
cash.

                    About BrightLife Electric NV

Brightlife Electric NV, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
25-50836) on September 12, 2025, listing $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.

Judge Hilary L. Barnes presides over the case.

The Debtors are represented by Kevin A. Darby, Esq., at Darby Law
Practice, Ltd.


BROOKE RODD: Seeks Cash Collateral Access
-----------------------------------------
Brooke Rodd Designs, LLC asks the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, for authority
to use cash collateral.

Specifically, the Debtor seeks interim approval to use the cash
collateral of its secured creditor, the U.S. Small Business
Administration, to fund operations in accordance with its proposed
budget and to deviate up to 15% from budgeted line items as
needed.

The Debtor has communicated with SBA counsel regarding a proposed
cash collateral stipulation and will not exceed budget deviations
without SBA consent, except in emergencies with immediate
notification.

To protect SBA's interest, the Debtor proposes granting a
replacement lien on post-petition assets up to the value of cash
collateral used and providing monthly payments of $1,970, starting
within seven days of court approval.

Brooke Rodd Designs operates three retail stores in Santa Monica,
California: a women's clothing store, a gift store, and a
children's store.

The Debtor's assets, totaling $117,981, consist of cash, inventory,
office equipment, business licenses, and gift cards. SBA holds a
secured claim of $492,250 based on a 2020 EIDL loan secured by all
of the Debtor's assets. Other creditors include the California
Department of Tax and Fee Administration and general unsecured
creditors with claims totaling roughly $196,282.

The Debtor's bankruptcy filing was precipitated by post-COVID sales
declines and a commercial lease lawsuit in Texas, combined with
obligations to the SBA loan. The Debtor projects increased revenue
due to local population shifts following the 2025 Los Angeles and
Palisades fires and anticipates higher holiday-season sales.

                   About Brooke Rodd Designs LLC

Brooke Rodd Designs, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-20061) on
November 11, 2025. In the petition signed by Brooke Rodd, chief
executive officer, the Debtor disclosed up to $50,000 in assets and
up to $1 million in liabilities.

Judge Vincent P. Zurzolo oversees the case.

Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger,
represents the Debtor as legal counsel.


BRUNELLE TECH: Hires Cooney Law Offices LLC as Counsel
------------------------------------------------------
Brunelle Tech, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Cooney Law
Offices, LLC as counsel.

The firm will provide these services:

     (a) assist in, among other things, the administration of its
Estate and to represent the Debtor on matters involving legal
issues that are present or are likely to arise in the case;

     (b) prepare any legal documentation on behalf of the Debtor;

     (c) review reports for legal sufficiency;
  
     (d) furnish information regarding legal actions and their
resulting consequences; and

     (e) render all necessary legal services connected with Chapter
11 proceedings.

The firm will be paid at these hourly rates:

     James Cooney, Attorney     $425 per hour
     Ryan Cooney, Attorney      $400 per hour
     Paul Toigo, Attorney       $325 per hour
     Paralegal                  $150 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Cooney disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:
   
     Ryan J. Cooney, Esq.
     Cooney Law Offices LLC
     223 Fourth Avenue, 4th Fl.
     Pittsburgh, PA 15222
     Telephone: (412) 546-1234
     Facsimile: (412) 546-1235
     Email: rcooney@cooneylawyers.com

              About Brunelle Tech, Inc.

Brunelle Tech Inc. is a single asset real estate company.

Brunelle Tech Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70478) on November 11,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Jeffery A. Deller handles the case.

The Debtor is represented by Ryan J. Cooney, Esq. of Cooney Law
Offices LLC.



BUILT LLC: Seeks to Hire Ford & Semach P.A. as Counsel
------------------------------------------------------
Built, LLC seeks approval from the U.S. Bankruptcy Court for the
Middle District of Florida to employ Ford & Semach, P.A. as
counsel.

The firm will render these services:

     (a) analyze the financial situation, and render advice and
assistance to the Debtor in determining whether to file a petition
under Title 11, United States Code;

     (b) advise the Debtor with regard to its powers and duties in
the continued operation of the business and management of the
property of the estate;

     (c) prepare and file the petition, schedules of assets and
liabilities, statement of affairs, and other documents required by
the Court;

     (d) represent the Debtor at the Section 341 Creditors'
meeting;

     (e) provide legal advice to the Debtor with respect to its
powers and duties in the continued operation of its business and
management of its property; if appropriate;

     (f) advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the Court;

     (g) prepare necessary legal papers and appear at hearings
thereon;

     (h) protect the interest of the Debtor in all matters pending
before the Court;

     (i) represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and

     (j) perform all other legal services for the Debtor which may
be necessary herein.

The firm will be paid at these hourly rates:

     Buddy Ford, Attorney       $550 per hour
     Jonathan Semach, Attorney  $500 per hour
     Heather Reekm Attorney     $450 per hour
     Paralegal                  $150 per hour

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the commencement of the bankruptcy case, the Debtor paid
the firm a retainer of $5,000.

Mr. Ford disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Buddy D. Ford, Esq.
     Ford & Semach, PA
     9301 West Hillsborough Avenue
     Tampa, Florida 33615-3008
     Telephone: (813) 877-4669
     Email: All@tampaesq.com

              About Built, LLC

Built, LLC, founded in 2013 and based in Tampa, Florida, provides
custom cabinetry, furniture, and architectural millwork for
residential and commercial clients. The Company collaborates with
interior designers, builders, and homeowners to provide design and
fabrication services, with a focus on craftsmanship and attention
to detail. Built operates as a small team delivering tailored
design and construction solutions across the Tampa region.

Built, LLC in Tampa, FL, sought relief under Chapter 11 of the
Bankruptcy Code filed its voluntary petition for Chapter 11
protection (Bankr. M.D. Fla. Case No. 25-08415) on Nov. 10, 2025,
listing $348,465 in assets and $1,785,505 in liabilities. Andrew
Watson as manager, signed the petition.

Judge Catherine Peek McEwen oversees the case.

FORD & SEMACH, P.A. serve as the Debtor's legal counsel.


CANACOL ENERGY: Seeks Chapter 15 Prior to November Debt Payments
----------------------------------------------------------------
Clara Geoghegan of Law360 reports that Canadian natural gas
explorer Canacol Energy Ltd. has filed for Chapter 15 bankruptcy
protection in New York, pointing to a severe liquidity shortfall
that threatens its ability to make forthcoming payments on over
$900 million in outstanding debt. The company said its cash
position has deteriorated to the point where intervention is
necessary to avoid default.

By seeking Chapter 15 recognition, Canacol aims to align U.S. court
protections with its restructuring efforts underway abroad. The
move is expected to give the firm greater room to maneuver
financially, preserve assets, and engage creditors in a coordinated
cross-border negotiation process.

                About Canacol Energy Ltd.

Canacol Energy Ltd. is a Canadian natural gas explorer.

Canacol Energy Ltd. sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on November 18,
2025.

The Debtor is represented by Steven William Golden, Esq. of
Pachulski Stang Ziehl & Jones LLP.


CARDIFF LEXINGTON: Reports $1.1 Million Net Loss in 2025 Q3
-----------------------------------------------------------
Cardiff Lexington Corporation filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1.1 million for the three months ended September 30,
2025, compared to a net loss of $2 million for the three months
ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $2.8 million, compared to a net loss of $2.4 million
for the same period in 2024.

Revenues for the three months ended September 30, 2025 and 2024,
were $3.1 million and $1.4 million, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had revenues
of $8.8 million and $5.1 million, respectively.

As of September 30, 2025, the Company had $27.6 million in total
assets, $22.6 million in total liabilities, $5.4 million in total
mezzanine equity, and $364,430 in total stockholders' deficit.

The Company had sustained recurring operating losses since its
inception and has an accumulated deficit of $76.5 million as of
September 30, 2025.

Cardiff Lexington says these factors raise a substantial doubt
about the Company's ability to continue as a going concern.

The ability of the Company to continue as a going concern and the
appropriateness of using the going concern basis is dependent upon,
among other things, additional cash infusions.

Management is in continuous discussions with prospective investors
and believes the raising of capital will allow the Company to fund
its cash flow shortfalls and pursue new acquisitions. There can be
no assurance that the Company will be able to obtain sufficient
capital from debt or equity transactions or from operations in the
necessary time frame or on terms acceptable to it. Should the
Company be unable to raise sufficient funds, it may be required to
curtail its operating plans.

In addition, if overall Company expenses increase, the Company may
need to implement cost reductions.

No assurance can be given that the Company will be able to operate
profitably on a consistent basis, or at all, in the future. Should
the Company not be able to raise sufficient funds, it may cause
cessation of operations.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/bp8krekz

                       About Cardiff Lexington

Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation
is an acquisition holding Company focused on locating undervalued
and undercapitalized companies, primarily in the healthcare
industry, and providing them capitalization and leadership to
maximize the value and potential of their private enterprises while
also providing diversification and risk mitigation for its
stockholders. Specifically, the Company has and will continue to
look at a diverse variety of acquisitions in the healthcare sector
in terms of growth stages and capital structures, and it intends to
focus its portfolio of subsidiaries approximately as follows: 80%
will be targeted to established profitable niche small to mid-sized
healthcare companies and 20% will be targeted to second stage
startups in healthcare and related financial services (emerging
businesses with a strong organic growth plan that is materially
cash generative).

As of September 30, 2025, the Company had $27.6 million in total
assets, $22.6 million in total liabilities, $5.4 million in total
mezzanine equity, and $364,430 in total stockholders' deficit.

Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since
2024, issued a "going concern" qualification in its report dated
March 14, 2025, citing that the Company has experienced recurring
losses from operations and negative cash flows from operations that
raise substantial doubt about its ability to continue as a going
concern.


CASTILLO GRAND: Hires Gray Robinson P.A. as Special Counsel
-----------------------------------------------------------
Castillo Grand Hotel Condominium Residences Association, Inc. seeks
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to employ Gray Robinson, P.A. as special counsel.

The Debtor needs the firm's legal assistance in connection with an
appeal, Case No. 4D2025-1718, pending in the Florida Fourth
District Court of Appeal.

The firm will be paid at the rate of $725 per hour.

As of the Petition Date, the firm is holding $8,688 which the firm
will only apply against fees and costs incurred upon approval of
this Court.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Reiter disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Jack R. Reiter, Esq.
     Gray Robinson, P.A.
     333 SE 2nd Avenue, Suite 3200
     Miami, FL 33131
     Tel: (305) 416-6880
     Email: jack.reiter@gray-robinson.com

              About Castillo Grand Hotel Condominium
                   Residences Association, Inc.

Castillo Grand Hotel Condominium Residences Association, Inc. is a
Florida-based not-for-profit corporation that manages property
operations and resident affairs at 1 North Fort Lauderdale Beach
Boulevard in Fort Lauderdale, overseeing the Castillo Grand Hotel
Residences condominium complex.

Castillo Grand Hotel Condominium Residences Association, Inc. in
Fort Lauderdale, FL, sought relief under Chapter 11 of the
Bankruptcy Code filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 25-23247) on Nov. 7, 2025,
listing $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Bruno R. Mazzotta signed the petition as
president, signed the petition.

TRIPP SCOTT, P.A. serve as the Debtor's legal counsel.


CASTILLO GRAND: Seeks to Hire Tripp Scott P.A. as Counsel
---------------------------------------------------------
Castillo Grand Hotel Condominium Residences Association, Inc. seeks
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to employ Tripp Scott, P.A. as counsel.

The firm will provide these services:

   a. advise the Debtor with respect to its responsibilities in
complying with the United States Trustee’s Guidelines and
Reporting Requirements and with the rules of the Court;

   b. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of this case;

   c. protect the interests of the Debtor in all matters pending
before the Court; and

   d. represent the Debtor in negotiations with its creditors and
in the preparation and confirmation of a plan.

David A. Ray, Esq., the attorney handling the bankruptcy case will
be paid at the rate of $600 per hour.

The firm will be paid a retainer in the amount of $45,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Ray disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     David Ray, Esq.
     Tripp Scott, P.A.
     110 SE Sixth Street, Suite 1500
     Fort Lauderdale, FL 33301
     Tel: (954) 760-4904
     Email: dar@trippscott.com

              About Castillo Grand Hotel Condominium
                   Residences Association, Inc.

Castillo Grand Hotel Condominium Residences Association, Inc. is a
Florida-based not-for-profit corporation that manages property
operations and resident affairs at 1 North Fort Lauderdale Beach
Boulevard in Fort Lauderdale, overseeing the Castillo Grand Hotel
Residences condominium complex.

Castillo Grand Hotel Condominium Residences Association, Inc. in
Fort Lauderdale, FL, sought relief under Chapter 11 of the
Bankruptcy Code filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 25-23247) on Nov. 7, 2025,
listing $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Bruno R. Mazzotta signed the petition as
president, signed the petition.

TRIPP SCOTT, P.A. serve as the Debtor's legal counsel.


CASUAL 21: Unsecureds Will Get 11% of Claims over 36 Months
-----------------------------------------------------------
Casual 21 USA Corp. filed with the U.S. Bankruptcy Court for the
Southern District of New York a Small Business Plan of
Reorganization under Subchapter V dated November 13, 2025.

The Debtor is an online retailer of clothing located in Woodridge,
New York. As of the Petition Date, Debtor had eight people full
time employees and one part time employee.

Like many online retailers, Debtor faced a significant drop in
sales due to tariffs and a significant fall in consumer confidence.
Products from China did not ship due to the increased tariffs.
Additionally, both Amazon and Walmart tripled prices on storage,
pickup, shipping and advertising from the prior year. The Debtor
took out loans and entered into multiple merchant finance
agreements (each an "MFA") to cover these additional, unanticipated
expenses.

Unfortunately, despite these cost-cutting measures, Debtor found
itself unable to satisfy the payment obligations to the lenders and
MFAs. Moreover, two creditors, MFAs Cooper Investments LLC and
Parkview Advance LLC, instituted actions in New York State Supreme
Court against Debtor and its CEO for nonpayment, resulting in the
restraint of funds being held by Amazon that are necessary for
operating expenses. Accordingly, Debtor was forced to file an
emergency petition to secure release of the restrained funds to
enable it to restructure its financial obligations and develop a
sustainable path forward.

Pursuant to Section 1191(c) and (d) of the Bankruptcy Code, Debtor
will fund the Plan payments to creditors utilizing disposable
income for a period of 36 months commencing on the Effective Date.
The Plan provides for payment of Allowed Administrative Expenses
and Priority Claims in full. The fees and expenses of the
Subchapter V Trustee and the Debtor's professional will be paid in
full within thirty days after entry of an order of the Court
approving such fees and expenses.

The Plan proposes to pay Debtor's Secured Creditors, Webster Bank,
N.A. and the United States Small Business Administration ("SBA"),
the value of their secured Claims, plus interest at 9.75% and
3.75%, respectively, from the proceeds of Debtor's operations, over
a period of 36 months in equal monthly payments beginning on the
Effective Date.

Holders of Unsecured Claims will receive a distribution totaling
approximately $245,000.00, which is eleven percent, pro rata, from
Debtor's Disposable Income in months twelve, twenty-four, and
thirty-six of the Plan.

Class 2 consists of the Allowed Claims of non-priority unsecured
creditors. Class 2 Claims are estimated at $2,1199,425.20. Holders
of Allowed Class 2 Claims will receive a distribution of
approximately $245,000.00, which is eleven percent, pro rata, from
Debtor's Disposable Income over the life of the Plan. Holders of
Class 2 Claims are impaired and may vote to accept or reject the
Plan.

Class 3 consists of the Interests in Debtor. The holder of the
Interests, Chanie Horowitz ("CEO"), shall retain her Interest in
Debtor and is not impaired under the Plan and may not vote on the
Plan.

The Plan will be funded by Debtor's Disposable Income. On the
Effective Date, all property of Debtor, tangible and intangible,
will revert to Debtor, free and clear of all Claims, except as
provided in the Plan. Upon the Effective Date, the CEO shall
continue to own the Interests in Debtor as Reorganized Debtor and
will continue to serve as principal officer of Debtor. Upon the
Effective Date, Debtor shall make all payments required under the
Plan according to the payment provisions of the Plan to directly to
claimants.

A full-text copy of the Plan of Reorganization dated November 13,
2025 is available at https://urlcurt.com/u?l=6jYcwM from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Adrienne Woods, Esq.
     WEINBERG ZAREH MALKIN PRICE LLP
     45 Rockefeller Plaza, 20th Floor
     New York, NY 10111
     Phone: (212) 899-5470
     Email: awoods@wzmplaw.com

                        About Casual 21 USA Corp.

Casual 21 USA Corp. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35882) with $0 to
$50,000 in assets and $1,000,001 to $10 million in liabilities. The
petition was signed by Asher Horowitz as CFO.

Judge Hon. Kyu Young Paek oversees the case.

Adrienne Woods, Esq., at Weinberg Zareh Malkin Price, LLP is the
Debtor's legal counsel.

Webster Bank, N.A., as secured creditor, is represented by:

   Teresa Sadutto-Carley, Esq.
   Goetz Platzer LLP  
   1 Penn Plaza, Suite 3100
   New York, NY 10119
   (212) 593-3000
   tsadutto@goetzplatzer.com


CEDAR VALLEY: Seeks to Hire Gray Reed as Legal Counsel
------------------------------------------------------
Cedar Valley Cypress TX LLC and affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Gray Reed as counsel.

The firm's services include:

   a) advising the Debtors with respect to their powers and duties
as debtors in possession in the continued management and operation
of their businesses;

   b) advising and consulting on the conduct of these chapter 11
cases, including all of the legal and administrative requirements
of operating in chapter 11;

   c) attending meetings and negotiating with representatives of
creditors and other parties in interest;

   d) taking all necessary actions to protect, preserve, and
maximize the value of the Debtors' estates, including prosecuting
actions on the Debtors' behalf, defending any action commenced
against the Debtors, and representing the Debtors in negotiations
concerning litigation in which the Debtors are involved, including
objections to claims filed against the Debtors' estates;

   e) preparing pleadings in connection with these chapter 11
cases, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtors' estates;

   f) representing the Debtors in connection with obtaining
authority to continue using cash collateral and securing
postpetition financing;

   g) appearing before the Court and any appellate courts to
represent the interests of the Debtors' estates;

   h) taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documents related
thereto; and

   i) performing all other necessary legal services for the Debtors
in connection with the chapter 11 cases that the Debtors determine
necessary and appropriate, including serving out filings and
pleadings to creditors and parties in interest, as appropriate and
pursuant to the Bankruptcy Code and otherwise acting as the
Debtors' claims and noticing agent.

The firm will be paid at these rates:

     Jason S. Brookner, Partner     $990 per hour
     Emily F. Shanks, Associate     $595 per hour
     Blake M. Bryan, Associate      $425 per hour
     Veronica Salazar, Paralegal    $385 per hour

Prior to the Petition Date, Gray Reed received $250,000 as retainer
from the Debtors.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The following is provided in response to the request for additional
information set forth in paragraph D.1 of the Guidelines for
Reviewing Applications for Compensation and Reimbursement of
Expenses Filed Under 11 U.S.C. § 330 by Attorneys in Larger
Chapter 11 Cases:

   Question: Did the Firm agree to any variations from, or
alternatives to, the Firm's standard or customary billing
arrangements for this engagement?

   Answer: No.

   Question: Do any of the Firm professionals included in this
engagement vary their rate based on the geographical location of
the Debtors' chapter 11 cases?

   Answer: No. The hourly rates used by Gray Reed in representing
the Debtors are consistent with the rates that Gray Reed charges
other comparable chapter 11 clients, regardless of the location of
the chapter 11 case.

   Question: If the Firm has represented the Debtors in the 12
months prepetition, disclose the Firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If your billing rates
and material financial terms have changed postpetition, explain the
difference and the reasons for the difference.

   Answer: Gray Reed represented the Debtors prior to the Petition
Date at the same hourly rates as disclosed herein, and such rates
have not changed postpetition.

   Question: Have the Debtors approved the Firm's prospective
budget and staffing plan, and if so, for what budget period?

   Answer: Gray Reed has provided a good faith estimate of its
expected fees and expenses during the course of these chapter 11
cases, along with the staffing plan outlined in the Application.

Mr. Brookner disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Jason S. Brookner, Esq.
     Emily F. Shanks, Esq.
     Gray Reed
     1601 Elm Street, Suite 4600
     Dallas, TX 75201
     Tel: (214) 954-4135
     Fax: (214) 953-1332
     Email: jbrookner@grayreed.com
            eshanks@grayreed.com

              About Cedar Valley Cypress TX LLC

Cedar Valley Cypress TX LLC and affiliates form a network of
for-profit healthcare companies that own and manage skilled nursing
and rehabilitation centers. The group oversees facilities such as
Cedar Valley Nursing & Rehabilitation Center in Cedartown, Georgia,
and operates through related entities providing administrative and
clinical support. The companies share common ownership under the
Cypress structure, which manages nursing home operations in Texas,
New York, and Georgia.

Cedar Valley Cypress TX LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34017) on
October 13, 2025. In its petition, the Debtor reports estimated
assets between $50,000 and $100,000 and estimated liabilities
between $50,000 and $100,000.

Honorable Bankruptcy Judge Stacey G. Jernigan handles the case.

The Debtor is represented by Jason S. Brookner, Esq. of GRAY REED.


CELEBRATION TITLE: Must Defend Against First American Lawsuit
-------------------------------------------------------------
Judge Lori V. Vaughn of the United States Bankruptcy Court for the
Middle District of Florida denied Celebration Title Group, LLC's
motion to dismiss the adversary proceeding captioned as First
American Title Insurance Company, Plaintiff, vs. Celebration Title
Group, LLC, Defendant, Adv. No. 6:25-ap-00089-LVV (Bankr. M.D.
Fla.), pursuant to Rule 7012(b)(1) and (6), and Rule 7019, of the
Federal Rules of Bankruptcy Procedure.

First American filed a proof of claim in the Debtor's bankruptcy
case (Claim No. 9) in the amount of $3,575,778.58 and has been
actively involved in the main case.

On July 7, 2025, First American filed a three-count Complaint
against Defendant seeking revocation of the Order confirming the
Debtor's Plan under 1144 of the Bankruptcy Code in Count I,
declaratory relief that the Debtor is not entitled to a discharge
under section 1192 of the Bankruptcy Code in Count II, and
declaratory relief that the Debtor is not entitled to a discharge
under section 1141(d)(3) of the Bankruptcy Code in Count III.

First American alleges Debtor, through Amanda Douglas, did not
disclose the existence of numerous bank accounts in the bankruptcy
filings in violation of the disclosure requirements of the
Bankruptcy Code. Rather, counsel for First American learned of
these accounts and the evidence of fraudulent escrow activity
directly involving Amanda Douglas only from subpoenaing Regions
Bank and Bank United during the examination.

In its Motion to Dismiss, the Debtor argues Plaintiff's claims are
due to be dismissed because:

   (i) such claims are moot;
  (ii) such claims are barred by the doctrines of res judicata
and/or collateral estoppel;
  (iii) First American has failed to state a claim for fraud and
therefore cannot maintain its revocation action in Count I.

First American argues Section 1144 of the Bankruptcy Code expressly
permits parties in interest to seek revocation not later than 180
days after the confirmation order is entered if it is alleged that
the order was procured by fraud. Moreover, section 1192 of the
Bankruptcy Code (implicated in Count II) and Section 1141(d)(3) of
the Bankruptcy Code (implicated in Count III) are self-executing
and therefore no deadlines apply. First American contends Debtor's
unfounded legal argument would render these provisions
meaningless.

As set forth fully in the Complaint, Debtor, through its officers
and controlling persons, committed fraud and defalcation. In
particular, the Complaint:

     (1) identifies specific fraudulent transactions by Debtor,
misrepresentations made by Amanda Douglas during her deposition,
and fraudulent omissions from Debtor's bankruptcy filings;
     (2) attributes these misrepresentations directly to Debtor,
through its officers and controlling persons, and Amanda Douglas
specifically, while describing the time and place they were made;
     (3) describes the nature of these transactions, the content of
Amanda Douglas' misstatements on behalf of Debtor, and why they
were fraudulent and/or misleading to First American and the Court;
and
     (4) explains the goal of these fraudulent transfers and
misstatements and what Debtor, through its officers and controlling
persons, and Amanda Douglas specifically, gained from them.

First American contends that, contrary to Debtor's assertion, the
Complaint's attribution of certain fraudulent acts to the
"Douglases" -- because they were perpetrated jointly by Amanda
Douglas and her family members -- does not mean the fraud based
allegations fail to meet Rule 9(b)'s requirement to "state with
particularity the circumstances constituting fraud."

According to First American, the Complaint describes with
particularity the funds that were omitted from Debtor's list of
assets and the series of transfers made by Debtor to conceal them
from the Court. It asserts each of the allegations cited contain
the requisite "who, what, when, where, and how" required to satisfy
Rule 9(b)'s heightened pleading standard.

A copy of the Court's Order dated November 12, 2025, is available
at https://urlcurt.com/u?l=YKSrm6 from PacerMonitor.com.

A copy of the Defendant's to Dismiss dated August 29, 2025, is
available at https://urlcurt.com/u?l=nzl6QO from PacerMonitor.com.

A copy of the Plaintiff's Opposition to Defendant's Motion to
Dismiss dated September 12, 2025 is available at
https://urlcurt.com/u?l=p7LscH from PacerMonitor.com.

               About Celebration Title Group

Celebration Title Group, LLC, a company in Kissimmee, Fla., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 24-04600) on August 29, 2024, with $1
million to $10 million in both assets and liabilities. Amanda C.
Douglas, manager, signed the petition.

Judge Lori V. Vaughan presides over the case.

Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP
represents the Debtor as legal counsel.


CENTER FOR EMOTIONAL: Seeks Chapter 11 Bankruptcy in North Carolina
-------------------------------------------------------------------
Twinkle Jha of What Now Charlotte reports that the Center for
Emotional Health, PC, a Salisbury-based healthcare provider, has
filed for Chapter 11 bankruptcy to reorganize its debts and
continue operating its network of outpatient clinics across North
Carolina. The voluntary petition was submitted on November 10,
2025, in the U.S. Bankruptcy Court for the Eastern District of
North Carolina. Attorney Philip Sasser of Sasser Law Firm is
representing the company in the proceedings.

The filing classifies the business under 1 U.S.C. Section 101(27A)
as a healthcare enterprise. According to court documents, the Board
of Directors authorized President Jonathan Stoudmire to file the
bankruptcy, execute legal documents, and retain legal counsel for
the reorganization effort, the report states.

Center for Emotional Health operates 27 locations statewide,
providing outpatient therapy, Transcranial Magnetic Stimulation
(TMS), medication management, and counseling services. The
Salisbury office, the company's principal location, has reported
assets and liabilities each in the $1 million to $10 million range,
with 100–199 unsecured creditors, including Newtek Small Business
Finance, SBA, Fox Funding Group, Square Advance, and Bizfund, LLC,
according to What Now Charlotte.

The court may appoint a Health Care Ombudsman by December 10, 2025
to ensure patient care continuity during the bankruptcy process. An
update on the case’s progress has been requested by November 12,
2025 while the company has also requested to receive court notices
electronically to expedite proceedings. The upcoming months will
determine whether the Chapter 11 filing allows the healthcare
provider to successfully restructure while keeping all locations
operational, the report states.

             About the Center for Emotional Health PC

Center for Emotional Health PC provides outpatient mental health
services, including therapy for children and adults, counseling,
and medication management, operating from Salisbury, North
Carolina. The practice offers treatment for substance-use disorders
and specialized programs for veterans, serving patients through a
combination of individual and group sessions. It is classified
within the healthcare industry, specifically in behavioral and
mental health services.

Center for Emotional Health PC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04478) on
November 10, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million.

Honorable Bankruptcy Judge Pamela W. McAfee handles the case.

The Debtor is represented by Philip M. Sasser, Esq. of SASSER LAW
FIRM.


CENTER FOR EMOTIONAL: Seeks to Hire Sasser Law Firm as Counsel
--------------------------------------------------------------
Center for Emotional Health, PC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Sasser Law Firm as counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its powers and duties
and the continued operation of its business and management of its
owned property;

     (b) prepare and file necessary monthly reports, plan of
reorganization and disclosure statement;

     (c) prepare on behalf of the Debtor necessary legal papers;

     (d) perform all other legal services for the Debtor which may
be necessary herein until and through the case's confirmation,
dismissal, or conversion;

     (e) undertake necessary action, if any, to avoid liens against
the Debtor's property obtained by creditors and to recover
preferential payments within 90 days of the filing of said petition
under Chapter 11;

     (f) perform a search of the public records to locate liens and
assess validity; and

     (g) represent at hearings, confirmation, and any 2004
examination.

The firm's attorney will be paid at an hourly rate of $400, plus
reimbursement for expenses incurred.

The firm received from the Debtor a retainer of $15,000.

Philip Sasser, Esq., an attorney Sasser Law Firm, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Philip Sasser, Esq.
     Sasser Law Firm
     2000 regency Parkway, Suite 230
     Cary, CA 27518
     Telephone: (919) 319-7400
     Email: philip@sasserbankruptcy.com

              About Center for Emotional Health, PC

Center for Emotional Health, PC provides outpatient mental health
services, including therapy for children and adults, counseling,
and medication management, operating from Salisbury, North
Carolina. The practice offers treatment for substance-use disorders
and specialized programs for veterans, serving patients through a
combination of individual and group sessions. It is classified
within the healthcare industry, specifically in behavioral and
mental health services.

Center for Emotional Health, PC in Salisbury, NC, sought relief
under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. E.D.N.C. Case No.
25-04478) on Nov. 10, 2025, listing as much as $1 million to $10
million in both assets and liabilities. Jonathan Stoudmire as
president, signed the petition.

Judge Pamela W. McAfee oversees the case.

SASSER LAW FIRM serve as the Debtor's legal counsel.


CHEER ATHLETICS-PLANO: Hires Mitchell Law Firm L.P. as Counsel
--------------------------------------------------------------
Cheer Athletics-Plano, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ The Mitchell Law
Firm, L.P. as counsel.

The firm will be paid at these rates:

     Gregory Mitchell, Attorney     $585 per hour
     Associates                     $365 per hour
     Paralegal                      $250 per hour
     Paraprofessionals              $165 per hour
     Legal Assistants               $150 per hour

In addition, the firm will seek reimbursement for expenses
incurred.

Mr. Mitchell disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:
   
     Gregory W. Mitchell, Esq.
     The Mitchell Law Firm, LP
     1100 W. Campbell Road, Suite 200
     Richardson, TX  75080
     Telephone: (972) 463-8417
     Facsimile: (972) 432-7540
     Email: greg@mitchellps.com

              About Cheer Athletics-Plano, Inc.

Cheer Athletics-Plano, Inc. operates a competitive cheerleading and
tumbling training facility in Plano, Texas. The Company offers
programs ranging from beginner-level cheer and tumbling instruction
to elite all-star teams, providing youth athletes with training in
stunts, dance, and performance preparation. It functions as part of
the Cheer Athletics franchise network, which runs independently
operated gyms across multiple U.S. states.

Cheer Athletics-Plano, Inc. in Plano, TX, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. E.D. Tex. Case No. 25-43320) on Nov.
2, 2025, listing $0 to $50,000 in assets and $1 million to $10
million in liabilities. Joseph K. Melton as owner, signed the
petition.

Judge Brenda T. Rhoades oversees the case.

THE MITCHELL LAW FIRM, L.P. serve as the Debtor's legal counsel.


CHICAGO SOUTH LOOP: Court OKs Interim Use of Cash Collateral
------------------------------------------------------------
Chicago South Loop Hotel Owner, LLC received interim approval from
the U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, to use cash collateral to fund operations.

The court authorized the Debtor to use cash collateral pending the
final hearing and make monthly adequate protection payments of
$41,514.65 to Hospitality Structured Funding IV, LLC, payable
through its counsel, Scott & Kraus, LLC.

Hospitality may allow additional non-conforming uses of cash
collateral if consent is given in writing by its manager, Michael
Thompson, with notice to the U.S. Trustee.

To protect against any diminution in value of its collateral,
Hospitality will be granted a replacement lien on all assets of the
Debtor on which it had properly perfected liens pre-petition. This
replacement lien does not apply to causes of action.

A final hearing is scheduled for December 10.

Hospitality is represented by:

   Eugene S. Kraus, Esq.
   Scott & Kraus LLC
   150 S. Wacker Drive, Suite 2900
   Telephone: (312)327-1050
   ekraus@skcounsel.com

                 About Chicago South Loop Hotel Owner

Chicago South Loop Hotel Owner, LLC operates public hotels and
motels.

Chicago South Loop Hotel Owner, LLC filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ill. Case No. 23-02595) on Feb. 27, 2023. The petition was signed
by Todd Hansen as manager. At the time of filing, the Debtor
estimated $10 million to $50 million in assets and $1 million to
$10 million in liabilities.

Judge Lashonda A. Hunt presides over the case.

Penelope N. Bach, Esq., at Bach Law Offices, Inc., represents the
Debtor as counsel.


CINEPLEX INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Cineplex Inc. to negative
from stable. S&P also affirmed all its ratings on Cineplex,
including the 'B+' issuer credit rating.

The negative outlook reflects the likelihood of a downgrade if S&P
views Cineplex is unlikely to improve its S&P Global
Ratings-adjusted debt to EBITDA below 5x by year-end 2026 either
due to macro headwinds or a lackluster box office performance.

S&P said, "The negative outlook reflects our expectation that
leverage could remain above 5.0x over our rating horizon. We
believe any improvement in the company's credit metrics in the next
few quarters will hinge on upcoming new movie releases and 2026 box
office performance. Cineplex ended the third quarter of 2025 with
S&P Global Ratings-adjusted LTM leverage of 6.5x, an improvement
from 7.1x as of year-end 2024, though it remains above our 5.0x
downside threshold. Although attendance and concession spending per
patron improved this year, growth was still below expectations and,
combined with stagnant box office revenue per patron, EBITDA fell
short of expectations--leaving leverage above the level appropriate
for a 'B+' rating.

"The improvements were also partly offset by higher film rental and
food cost. Third-quarter earnings were notably weaker than last
year, when results benefited from a stronger film slate that
included Deadpool & Wolverine, which drove robust theater
attendance. As a result, the company ended the third quarter of
2025 with S&P Global Ratings-adjusted annualized leverage of 6.0x,
compared with about 5.1x in the third quarter of 2024. We project
8% revenue growth in the fourth quarter, historically Cineplex's
strongest period, driven by an expected stronger film slate. We
also anticipate fourth-quarter margins will remain at 24%-25%,
consistent with the prior year. Our projections indicate leverage
of about 6.0x at year-end 2025.

"For 2026, we assume attendance grows 6%-7%, which, combined with
modest growth in BPP (box office revenue per patron) and CPP
(concession spending per patron), should reduce leverage to below
5.0x. The negative outlook reflects our expectation that leverage
could remain elevated by 2026 year-end if the upcoming film slate
underperforms or there are delays in scheduled releases." The
outlook also reflects the risk of a downgrade if Cineplex fails to
make meaningful progress toward restoring its financial profile to
a level consistent with a 'B+' rating or we no longer expect such
improvement.

Persistent streaming competition limits attendance recovery and
adds volatility to cinema earnings. Competition from streaming
platforms continues to weigh on cinema operators by reshaping
consumer behavior and reducing theater attendance. The convenience,
affordability, and breadth of content offered by streaming services
have accelerated the shift toward at-home viewing, particularly for
mid-budget films that previously drove incremental box office
revenue. This trend has pressured traditional exhibitors to rely
more heavily on blockbuster releases and premium experiences to
attract patrons, creating greater volatility in earnings tied to
film slate performance.

S&P said, "Cineplex's year-to-date theater attendance has grown
only 0.7%, compared with our prior expectation of 9% growth for the
full year. Looking ahead, we believe attendance will continue to
recover but at a slower pace than previously anticipated. We now
forecast attendance will grow 4% in 2025 and 5%-7% in 2026,
supported by a strong slate of film releases planned for the fourth
quarter of 2025 and full-year 2026. We expect the 2026 film slate
to be more balanced, featuring 120–130 releases versus about 115
in 2025, bolstered by Amazon's commitment to deliver about 12
movies.

"Our rating reflects Cineplex's strong market position Canada,
diversified operations, and strong loyalty program. As the largest
movie exhibitor in Canada, the company operates across the
country's ten provinces and maintains box office market share of
about 75%. Cineplex has also expanded its portfolio into the film
entertainment, media, and amusement and leisure segments, enabling
it to attract consumers with an experience-based value proposition.
As a part of its content diversification strategy, the company
continues to focus on delivering international content, which is
unique for traditional national chain multiplexes. Cineplex derived
about 13% of its third quarter box office revenue from
international content year to date as of September 2025, which
compares with about 5% for the overall North American cinema
industry.

"The company also operates in the high-margin (about 56%) media
business, which includes theatre advertising (Cineplex Media) and
formerly included its digital place-based media business (Cineplex
Digital Media) that it sold in October 2025. We believe Cineplex's
location-based entertainment (LBE) business offsets some of the
seasonal pressure on its film business and reduces its dependence
on film studio content. Moreover, the company also generates
concession revenue from its higher-margin food service product
offerings through proprietary and third-party brands. Due to the
increase in demand for premium experiences and increased customer
spending on food and beverage, we expect Cineplex's per-patron
spending at the box office and concessions will expand 2%-3% next
year, thus continuing to support EBITDA margins.

"The negative outlook reflects the likelihood of a downgrade if we
view Cineplex is unlikely to improve its S&P Global
Ratings-adjusted debt to EBITDA below 5x by year-end 2026. This
could either be due to an underperformance of upcoming films,
delayed schedules, or weaker consumer spending due to macroeconomic
headwinds.

"We could lower our ratings on Cineplex by mid-2026 if we do not
forecast leverage falling below 5.0x or free operating cash flow
(FOCF) to debt rising above 5% by year-end 2026. This could occur
if the recovery in its theatrical exhibition revenue (in fourth
quarter 2025 and second quarter 2026) is slower than we expect such
that it is unable to generate sufficient EBITDA on a sustained
basis. This could also occur due to macroeconomic pressures that
slow the expansion in its cinema attendance, unexpected disruptions
to the theatrical releases, or lower-than-expected profitability
for its theatrical tickets or concessions.

"We could revise our outlook on Cineplex back to stable if its S&P
Global Ratings-adjusted leverage declines below 5x due to a
faster-than-anticipated rise in cinema admission that expands
profitability."



CITY PARK: Sale Proceeds or Capital Infusion to Fund Plan Payments
------------------------------------------------------------------
City Park Storage Ventures, LP, filed with the U.S. Bankruptcy
Court for the Southern District of Texas a Disclosure Statement
describing Chapter 11 Plan dated November 14, 2025.

The Debtor is a limited partnership. The Debtor is the owner of a
4.5-acre tract of partially developed land in the Houston area (the
"Property"). Debtor intends to build a storage facility on the
Property (the "Project").

City Park Storage GP, LLC (the "General Partner") is the general
partner and owns 30% of Debtor. The remaining 70% of Debtor is
owned by various limited partners (the "Limited Partners"). The
General Partner manages the Debtor and is not compensated. Post
Confirmation, the General Partner will continue to manage the
Reorganized Debtor without compensation.

The Debtor has no unsecured Creditors. Debtor only has secured
Creditors, and they will receive at least as much as they would
under a Chapter 7 Liquidation because their recovery is tied to the
value of the collateral. Because the collateral is worth more than
the Secured Claims, the secured Creditors will be paid in full in a
Chapter 7 Liquidation. The Proposed Plan, therefore, calls for the
secured Creditors to be paid in full, and with interest and cost
allowable under applicable law.

The Reorganized Debtor will fund the Proposed Plan either through:
(a) the sale of the Property to a third-party interested in
completing the Project; or (b) an infusion of capital from new
investors. Debtor does not anticipate there being any Unsecured
Claims other than Administrative Expense Claims for Debtor's
counsel and the Subchapter V Trustee. The value of the Property is
at least 73.9%2 higher than the Secured Claims.

Stated differently, there is a 42.5%3 equity cushion in the
Property to protect the secured Creditors' interests. Because of
the large equity cushion, there is a high likelihood that Debtor
will be able to either: (a) sell the Property or (b) raise new
capital at an amount sufficient to pay the Secured Claims in full.
Accordingly, the Proposed Plan satisfies the "feasibility"
requirement under Section 1129(a)(11) of the Bankruptcy Code.

Under the Proposed Plan, the Reorganized Debtor intends to
distribute cash generated from either: (a) the sale of the Property
or (b) an infusion of capital from new investors to holders of
Allowed Claims. To the extent that the Property is sold to a
third-party, the proceeds from the sale remaining after payment of
Allowed Claims will be distributed, pro rata, to the Debtor's
Equity Interest Holders who comprise Class 2 under the Proposed
Plan. The Proposed Plan provides for the treatment of Claims and
interests as follows, and as more fully described herein:

     * Two classes of Secured Claims: Class 1-1 C2R Secured Debt
Fund 1, LP will be paid in full upon: (a) the sale of the Property;
or (b) upon receipt of capital from new investors; Class 1-2 C2R
Secured Debt I, LP will be paid in full upon: (a) the sale of the
Property; or (b) upon receipt of capital from new investors.  

     * Equity Interest: Class 2 The General Partner owns about 30%
of the Debtor's equity interest and the Limited Partners own the
remaining 70% of the Debtor's interest. The members of this class
will maintain their current ownership interest in the Reorganized
Debtor, and to the extent that the Property is sold to a
third-party, the proceeds from the sale remaining after payment of
Allowed Claims will be distributed, pro rata, to the Debtor's
Equity Interest Holders who comprise Class 2 under the Proposed
Plan.

The Reorganized Debtor will continue to operate its business and is
authorized to take any actions it deems necessary to operate same.
The Proposed Plan will be funded from: (a) the sale of the Property
to a third-party interested in completing the project; or (b) an
infusion of capital from new investors.

A full-text copy of the Disclosure Statement dated November 14,
2025 is available at https://urlcurt.com/u?l=euBWJP from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Lloyd A. Lim, Esq.
     Rachel T. Kubanda, Esq.
     KEAN MILLER LLP
     711 Louisiana Street, Suite 1800 South Tower
     Houston, TX 77002
     Telephone: (713) 362-2550
     E-mails: Lloyd.Lim@KeanMiller.com
              Rachel.Kubanda@KeanMiller.com

                        About City Park Storage Ventures

City Park Storage Ventures, LP is the owner of a 4.5-acre tract of
partially developed land in the Houston area (the "Property").

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35121) on August 29,
2025, listing between $1 million and $10 million in assets and
liabilities.

Lloyd A. Lim, at Kean Miller LLP, is the Debtor's legal counsel.


CLEVELAND AVENUE: Seeks Chapter 11 Bankruptcy in Ohio
-----------------------------------------------------
Cleveland Avenue Cafe Inc. entered Chapter 11 bankruptcy protection
on November 13, 2025, through a voluntary filing in the Southern
District of Ohio. The bankruptcy petition shows the company's
liabilities between $1 million and $10 million. It lists between 1
and 49 creditors.

               About Cleveland Avenue Cafe Inc.

Cleveland Avenue Cafe Inc. operates as a food-service business in
Ohio, offering café-style meals and beverage options. Its menu
features coffee, tea, pastries, light fare, and other staples aimed
at serving local customers, commuters, and surrounding businesses.

Cleveland Avenue Cafe Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-55028) on
November 13, 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 Tiffany Strelow Cobb handles the case.

The Debtor is represented by William B. Fecher, Esq. of Statman,
Harris & Eyrich, LLC.


COMMERCIAL METALS: Fitch Rates New Sr. Unsecured Notes 'BB+'
------------------------------------------------------------
Fitch Ratings has rated Commercial Metals Company's (CMC) new
senior unsecured notes 'BB+' with a Recovery Rating of 'RR4'.

Fitch views CMC's acquisition of Foley Products Company as credit
positive longer-term. It diversifies the company's product offering
mix and should improve margins and FCF since the precast business
has higher margins and lower capital intensity than CMC's core
steel operations. The rating reflects Fitch's expectation that
CMC's EBITDA leverage will be sustained below 3.5x and EBITDA
margins sustained above 8% through fiscal 2029.

Key Rating Drivers

Precast Acquisitions Positive Longer-Term: In fiscal 1Q26, CMC
announced it entered into a definitive agreement to acquire Foley
for $1.84 billion. In the same quarter, CMC also announced it will
acquire Concrete Pipe & Precast, LLC (CP&P) for $675 million. Both
companies are leading producers of pipe and precast solutions in
the Southeast U.S. and strengthen CMC's Emerging Businesses Group
(EBG) segment.

The acquisitions diversify CMC's product offering mix and exposure
to rebar prices. Both companies have a high geographical and
commercial overlap with CMC's existing business. According to the
company, the acquisitions will improve EBITDA by a combined roughly
$250 million. The additional debt to acquire Foley is expected to
increase EBITDA leverage in the near term, but additional earnings
and cash flow will provide the ability to quickly de-lever. EBITDA
leverage is 1.5x as of Aug. 31, 2025, and expected to remain below
3.5x post-acquisition, trending closer toward 2.8x through fiscal
2026.

Growing Emerging Businesses Segment: In fiscal 2022, CMC acquired
Tensar, a global provider of engineered solutions for subgrade
reinforcement and soil stabilization used in road, infrastructure
and commercial construction projects. In fiscal 2023, CMC also
acquired BOSTD America, LLC, a geogrid manufacturing facility, and
EDSCO Fasteners, LLC, a leading provider of anchoring solutions for
the electrical transmission market. These businesses are reported
within CMC's EBG segment and tend to have higher margins than CMC's
core steel business margins.

History of Conservative Leverage: Fitch believes EBITDA leverage
will be slightly elevated in the quarters immediately following the
Foley acquisition, but trend closer to 2.8x through fiscal 2026.
CMC has a long track record of conservative leverage, maintaining
EBITDA leverage below 2.0x in the last five years, including during
the pandemic-induced downturn in 2020. Management targets 2.0x net
leverage through the cycle. This supports Fitch's view that the
company will prioritize de-levering before making any sizable
acquisitions in the near term.

New Mill Improves Operational Profile: In December 2022, CMC
announced plans to construct a 500,000-ton micro mill in West
Virginia, which is expected to cost between $550 million-$600
million, net of $75 million of government assistance, and begin
operations calendar year 2026. Under the Inflation Reduction Act,
the construction of the facility also qualifies for an $80 million
net tax credit. Fitch views the new mill positively, as a low-cost
facility that provides margin support and increases CMC's size and
scale.

Europe Segment Improving: CMC's Europe Segment EBITDA generation
declined significantly in fiscal 2023-2024, driven by challenging
European market conditions, including a decline of about 21% in
average selling prices from fiscal 2022 levels, inflation, and
rising interest rates. This negatively affected consumer sentiment
and industrial production, delayed European construction starts,
and led to negative EBITDA margins over the last three quarters of
fiscal 2024. EBITDA margins have since improved to about 7.5% in
fiscal 2025.

Europe Segment Expectations: Fitch expects Europe EBITDA margins to
gradually improve over the next few years in line with a recovery
in Poland's economic environment. CMC primarily operates in U.S.
regions with strong nonresidential construction demand and
secondarily in Central Europe, despite near-term economic
challenges. CMC's Poland operations account for approximately 20%
of total mill capacity, have historically been profitable with
healthy margins, and provide diversification from U.S. construction
exposure.

Peer Analysis

CMC is smaller by annual shipments than EAF steel producers Nucor
Corporation (A-/Stable) and Steel Dynamics, Inc. (BBB+/Stable), and
majority blast furnace producers United States Steel Corporation
(BBB-/Stable) and Cleveland-Cliffs Inc. (BB-/Stable). However, the
flexible operating structure of its EAF production and CMC's
low-cost position leads to lower profits, more margin volatility,
and more consistent leverage metrics than majority blast furnace
producers.

CMC has less product- and end-market diversification than Nucor,
Steel Dynamics, U. S. Steel, and Cleveland-Cliffs due to its
concentration in rebar and construction. However, CMC's European
operations give it geographic diversification. CMC generally has
more stable through-the-cycle margins and favorable leverage
metrics than U. S. Steel and Cleveland-Cliffs, and less-favorable
margins than Nucor and Steel Dynamics because of CMC's
concentration in rebar, a commoditized product.

Key Assumptions

- Rebar prices increase slightly in fiscal 2026, then average
around $850/ton from fiscal 2027-2029;

- Annual North American external shipments increase to around 3.3
million tons when the new West Virginia mill begins operations in
2026;

- Europe segment earnings recover over the forecast period;

- EBITDA margins trend to around 13%;

- Elevated capex of $475 million in fiscal 2026 trending toward
around $350 million annually thereafter;

- Acquisitions of Concrete Pipe & Precast, LLC and Foley Products
Company occur before the end of calendar 2025 partially funded by
$2 billion in new debt;

- Steady dividends and no additional acquisitions.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA leverage sustained above 3.5x;

- Prolonged negative FCF, driven by a material reduction in steel
demand or an influx of rebar imports, depressing rebar prices for a
significant period;

- Depressed metal margins, leading to overall EBITDA margins
sustained below 6%.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Commitment to maintaining a conservative financial policy and
investment-grade credit profile;

- EBITDA leverage sustained below 2.5x;

- EBITDA margins sustained above 8%, representing a sustainably
higher pricing environment for rebar, further cost reduction, or an
expansion of its product portfolio into a higher value-add mix.

Liquidity and Debt Structure

As of Aug. 31, 2025, CMC had cash and cash equivalents of $1.043
billion, and $599 million available under its $600 million secured
RCF due 2029. The company had full availability under its PLN288
million ($78.9 million as of Aug. 31, 2025) Poland accounts
receivable facility. CMC had $161.8 million of availability under
its PLN600 million ($164.5 million) Poland credit facilities. CMC
has no material maturities until its $300 million 4.125% senior
unsecured notes mature in 2030.

Issuer Profile

CMC manufactures, recycles, and markets steel and metal products,
related materials and services through a network of facilities in
the U.S. and Poland. The company manufactures long steel products,
primarily rebar, which is particularly tied to construction
demand.

Date of Relevant Committee

October 21, 2025

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   
   -----------             ------           --------   
Commercial Metals
Company

   senior unsecured     LT BB+  New Rating    RR4


COMMERCIALMORTGAGES.COM: Seeks Chapter 11 Bankruptcy in Florida
---------------------------------------------------------------
CommercialMortgages.com LLC entered Chapter 11 bankruptcy
protection on November 17, 2025, through a voluntary filing in the
Southern District of Florida. The bankruptcy petition shows
liabilities estimated at $100,001 to $1 million, with the company
reporting between 1 and 49 creditors.

               About CommercialMortgages.com LLC

CommercialMortgages.com LLC is a single asset real estate company.

CommercialMortgages.com LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23577) on
November 17, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100,001 and $1 million each.

Honorable Bankruptcy Judge Scott M. Grossman handles the case.


CONTEMPORARY MEDICAL: Taps Lamonica Herbst & Maniscalco as Counsel
------------------------------------------------------------------
Contemporary Medical Services, PC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Lamonica Herbst & Maniscalco, LLP as counsel.

The firm's services include:
   
     (a) provide legal advice with respect to the Debtor's powers
and duties in accordance with the provisions of the Bankruptcy
Code;

     (b) prepare on behalf of the Debtor all necessary legal
documents required by the Bankruptcy Code and Federal Rules of
Bankruptcy Procedure;

     (c) assist the Debtor in the pursuit of claims, if any,
against merchant cash advance entities;

     (d) assist the Debtor in first day motions, stabilize
operations and cash collateral;

     (e) prepare a plan of reorganization to assist the Debtor in
emerging from bankruptcy;

     (f) assist the Debtor in the development and implementation of
a plan of reorganization or liquidation; and

     (g) perform all other legal services for the Debtor that may
be necessary in connection with the Chapter 11 case.

The firm's professionals will be paid at these hourly rates:

     Senior Partners      $725
     Associates           $475
     Paraprofessionals    $225

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received an advance retainer of $48,262, plus the filing
fee of $1,738 as required by the Court for a total of $50,000.

Joseph Maniscalco, Esq., a member at LaMonica Herbst & Maniscalco,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Joseph S. Maniscalco, Esq.
     LaMonica Herbst & Maniscalco LLP
     3305 Jerusalem Avenue, Suite 201
     Wantagh, NY 11793
     Telephone: (516) 826-6500

                About Contemporary Medical Services PC

Contemporary Medical Services, PC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
25-73888) on October 8, 2025, listing between $500,001 and $1
million in assets and between $1 million and $10 million in
liabilities.

Judge Sheryl P. Giugliano presides over the case.

Joseph S. Maniscalco, Esq., at Lamonica Herbst Maniscalco LLP
represents the Debtor as counsel.


COOLWOOD LLC: Hires Law Offices of Cecille Doan LLC as Counsel
--------------------------------------------------------------
Coolwood, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Arkansas to employ Law Offices of Cecille Doan,
LLC as counsel.

The firm will render these services:

     a. give Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession of its organization and management
of the property;

     b. prepare on behalf of Debtor, as Debtor in Possession, a
Petition, Schedules, Statement of Financial Affairs, any necessary
deficient schedules and other documents, applications, answers,
orders, reports, complaints, motions, etc. file such required
documents, and to appear before this Court and any other court in
reference thereto; and

     c. perform all other legal services for Debtor in Possession
that may be necessary to effectuate a reorganization of Debtor's
financial affairs.

The firm will be paid at these rates:

     Attorneys        $310 per hour
     Support Staffs   $85 per hour

The firm will be paid a retainer of $10,000.

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

As disclosed in the court filings, Law Offices of Cecille Doan, LLC
does not represent any of the creditors in this proceeding or any
other adverse party in interest in this proceeding.

The firm can be reached through:

     Cecille Doan, Esq.
     The Law Offices of Cecille Doan, LLC
     The Stephens Building
     111 Center St., Suite 1200
     Little Rock, AR 72201
     Telephone: (501) 400-7395
     Facsimile: (501) 500-6072
     Email: bk@cashanddoan.com
     Email: cecille@cashanddoan.com

              About Coolwood, LLC

Coolwood, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.
Ark. Case No. 4:25-bk-13759) on Oct. 28, 2025. The Debtor hires Law
Offices of Cecille Doan, LLC as counsel.


CREATIVE LIVING: Hires H&H Realty LLC as Real Estate Broker
-----------------------------------------------------------
Creative Living Properties LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ H&H
Realty, LLC as real estate broker.

The firm will market and sell the Debtor's real property located at
4091 US Hwy 411 NE, Rydal, Georgia 30171.

The firm will be paid a commission of 4 percent of the gross sales
price if sold in-house, and 6 percent if sold through a cooperating
broker.

Mr. Harris disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Mark A. Harris
     H&H Realty, LLC
     700 Douthit Ferry Road, Ste 770
     Cartersville, GA 30120
     Tel: (770) 386-1400
     Email: mark@handhrealty.net

              About Creative Living Properties LLC

Creative Living Properties LLC is a single asset real estate
company.

Creative Living Properties LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41573) on
October 9, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

The Debtor is represented by Scott B. Riddle, Esq., of Law Office
of Scott B. Riddle, LLC.


CREATIVE REALITIES: Completes CDM Acquisition with $30MM Funding
----------------------------------------------------------------
Creative Realities, Inc. on October 15, 2025, entered into a
Securities Purchase Agreement with North Run Strategic
Opportunities Fund I, LP and NR-SOF I (Co-Invest I), LP, pursuant
to which the Company agreed to sell to the Buyers in a private
placement, for an aggregate gross purchase price of $30 million, an
aggregate of 30,000 shares of a newly established series of
preferred stock, par value $0.01 per share, to be designated as
Series A Convertible Preferred Stock, which have a stated value of
$1,000 per share.

Each Preferred Share is convertible at the option of the holder
into shares of the Company's common stock, par value $0.01 per
share at a rate calculated by dividing:

     (i) the Stated Value plus an amount per share equal to
dividends accrued and unpaid through the date of determination, by
    (ii) by a conversion price of $3.00, subject to customary
adjustment in the event of stock splits, stock dividends, and
similar events, and subject to the Beneficial Ownership Limitation
and the Exchange Cap limitation.

The closing of the Offering occurred on November 6, 2025. The
Company used net proceeds from the Offering to pay a portion of the
purchase price for the CDM Acquisition.

Voting Agreements:

A holder's ability to convert and vote its Preferred Shares are
subject to certain limitations. Under the Beneficial Ownership
Limitation (as such term is defined in the Certificate of
Designations, Preferences and Rights of Series A Convertible
Preferred Stock), no holder of Preferred Shares may acquire
Conversion Shares if the issuance thereof would result in the
converting holder or its affiliates beneficially owning in excess
of 19.99% of the number of shares of the Company's Common Stock
outstanding immediately after giving effect to the issuance.

Under the Exchange Cap limitation (as such term is defined in the
Certificate of Designations), the total number of Conversion Shares
issuable upon conversion of outstanding Preferred Shares, when
added to all Conversion Shares previously issued upon prior
conversions, may not exceed 2,102,734 shares, which represents
19.99% of the Company's issued and outstanding Common Stock
immediately prior to entering into the Securities Purchase
Agreement.

If the Company obtains shareholder approval to issue shares of
Common Stock in excess of the conversion limitations, as required
by applicable Nasdaq Listing Rules, a holder of Preferred Shares
may elect for the Exchange Cap to cease to apply to the holder's
Preferred Shares, which election will become effective 61 days
after the election. A holder of Preferred Shares, upon written
notice to the Company, may decrease (and thereafter increase) the
Beneficial Ownership Limitation; provided that the Beneficial
Ownership Limitation in no event exceeds 19.99%, or, if such
shareholder approval is obtained, 49.99%.

Under the Securities Purchase Agreement, the Company has agreed to
call and hold, not later than 90 days after the closing of the
Offering, an annual or special meeting of shareholders to approve
the issuance of Conversion Shares in excess of the Exchange Cap
limitation and to increase the maximum Beneficial Ownership
Limitation percentage to 49.99%. In connection with the closing of
the Offering, each director and certain key employees of the
Company (including the Company's executive officers) entered into
voting agreements under which each such person agreed to vote his
or her shares of Common Stock in favor of such approval.

Registration Rights Agreement:

In connection with the closing of the Offering, on November 6,
2025, the Company and the Buyers entered into a registration rights
agreement pursuant to which the Company agreed to file a resale
registration statement with respect to the resale of the Conversion
Shares not later than 45 calendar days following the execution of
the Registration Rights Agreement, and to use its reasonable best
efforts to cause such resale registration statement to be declared
effective by the SEC as soon as practicable, but in any event no
later than 75 calendar days following the execution of the
Registration Rights Agreement (or, in the event of a "full review"
by the SEC, the 90th calendar day following the execution of the
Registration Rights Agreement).

Completion of Acquisition or Disposition of Assets:

As the Company previously disclosed, on October 15, 2025, the
Company entered into a Share Purchase Agreement with its wholly
owned subsidiary, 1001372953 Ontario Inc., an Ontario corporation
and Cineplex Entertainment Limited Partnership, a Manitoba limited
partnership to acquire DDC Group International, Inc., an Ontario
corporation and wholly owned subsidiary of Cineplex. DDC is the
parent Company of its wholly owned subsidiary, Cineplex Digital
Media Inc., an Ontario corporation, and CDM's wholly owned
subsidiary, Cineplex Digital Media US Inc., a Delaware
corporation.

On November 7, 2025, the parties consummated the transactions
contemplated by the Share Purchase Agreement. Upon the terms and
conditions of the Share Purchase Agreement, at the closing of the
CDM Acquisition, the Company (indirectly through 1001372953 Ontario
Inc.) acquired ownership of all of the issued and outstanding
capital shares of DDC for a total purchase price of approximately
CAD$70,000,000, subject to customary purchase price adjustments.

The Company used proceeds of the Offering, the Term Loan, the
Revolver to pay the Purchase Price, repay all obligations owing
under the prior credit agreement, and transaction expenses related
to the foregoing, including placement agent fees incurred in the
Offering.

In connection with the closing of the Offering, the Company filed
the Certificate of Designations with the Minnesota Secretary of
State, which established the designations, preferences, powers and
rights of the Preferred Shares. The Certificate of Designations
became effective upon filing.

Ranking; Liquidation. The Preferred Shares rank senior to the
Common Stock as to distributions and payments upon the liquidation,
dissolution and winding up of the Company. Upon a liquidation,
dissolution or winding up of the Company, the holders of Preferred
Shares will be entitled to receive in cash, before any amount is
paid to the holders of Common Stock (or any other capital stock of
the Company ranking junior to the Series A Preferred Stock in
respect of the preferences as to the distributions and payments on
the liquidation, dissolution and winding up of the Company), an
amount per Preferred Share equal to the greater of:

     (i) the Liquidation Preference, or
    (ii) such amount per share as would have been payable had all
Preferred Shares been converted into Common Stock immediately prior
to such liquidation, dissolution or winding up.

Dividends. The Preferred Shares accrue dividends for a period of
five years from and after the issuance date at a rate of 5.25% per
year on the Stated Value, which will be payable in cash only at the
Company's option beginning upon expiration of the Guaranteed Term.
Such dividends accrue daily and compound on a quarterly basis from
the issuance date.

To the extent that, during the Guaranteed Term:

     (i) the Company undergoes any liquidation, dissolution,
winding up, or "Fundamental Transaction" (as defined in the
Certificate of Designations), or
    (ii) the Company elects to effect a Mandatory Conversion, then,
immediately prior to the effective time of such Make Whole Event,
the amount of dividends accrued on the Preferred Shares will
automatically be increased by an amount equal to any additional
dividends that would have otherwise accrued on the Preferred Shares
between the date of the Make Whole Event and the end of the
Guaranteed Term, and the dividends will thereafter cease to accrue.


In addition, holders of Preferred Shares will participate with the
holders of Common Stock on an as-converted basis (without regard to
any limitations or restrictions on conversion) to the extent any
dividends are declared on the Common Stock.

Conversion:

Optional Conversion. Each Preferred Share is convertible at the
option of the holder from and after the date of issuance into
Conversion Shares at the Conversion Rate calculated by dividing (i)
the Stated Value plus an amount per share equal to dividends
accrued and unpaid through the date of determination (including, if
applicable, any Make Whole Payment), by (ii) by the Conversion
Price of $3.00, subject to the Beneficial Ownership Limitation and
the Exchange Cap limitation.

Mandatory Conversion. After the three year anniversary of the
issuance date, if on any date (x) the Company's EBITDA (as defined
in the Certificate of Designations) for the four consecutive
calendar quarters immediately preceding such date equals or exceeds
$30 million, (y) the Net Debt Leverage Ratio (as defined in the
Certificate of Designations) of the Company as of such date is less
than 1.5X, and (z) the closing price of the Common Stock on its
principal trading market equals or exceeds 300% of the
then-applicable Conversion Price for 45 trading days during any 60
consecutive trading day period, the Company will have the right to
cause the conversion of all of the outstanding Preferred Shares
into Conversion Shares at the Conversion Rate (such conversion
being a "Mandatory Conversion")

Beneficial Ownership Limitation and Exchange Cap Limitation.  A
holder's ability to convert and vote its Preferred Shares is
subject to a Beneficial Ownership Limitation and an Exchange Cap
limitation as described under Item 1.01 above under the caption
"Voting Agreements," which description is incorporated herein by
reference.

Redemption. The Preferred Shares are subject to automatic
redemption for cash upon a "Fundamental Transaction" by the
Company, which includes a merger, sale of all or substantially all
the assets of the Company, recapitalization, or the sale by the
Company of shares resulting in more than 50% ownership by a person
or group. In such event, the redemption price would be equal to the
greater of

     (i) the Liquidation Preference or
    (ii) the consideration per share of Common Stock in the
Fundamental Transaction (or, in the event of a Fundamental
Transaction in which consideration does not consist solely of cash,
the volume-weighted average price of the Common Stock immediately
preceding the closing of the Fundamental Transaction).

Voting. Holders of Preferred Shares generally are entitled to vote
on an as-converted basis with holders of the Common Stock, subject
to the Beneficial Ownership Limitation and the Exchange Cap
limitations, on all matters on which holders of Common Stock are
entitled to vote, voting together with the Common Stock as a single
class, and are otherwise entitled to such voting rights as required
by applicable law. Pursuant to the Nasdaq Listing Rules, however,
North Run and its affiliates are not currently permitted to vote
any Preferred Shares they hold, or any shares of Conversion Shares
they hold as a result of the conversion of Preferred Shares, on any
proposal to remove the Exchange Cap and to permit the increase of
the Beneficial Ownership Limitation to up to 49.99%.

Protective Provisions. For so long as the Lead Investor and its
affiliates beneficially own at least 20% of the Conversion Shares
underlying the Preferred Shares, the Company may not take any of
the following actions without the Lead Investor's consent:

     * create, authorize, or issue any capital stock that rank
senior to or pari passu with the Preferred Shares, or increase the
authorized number of shares of Preferred Shares or any additional
class or series of capital stock that ranks senior to or pari passu
with the Preferred Shares;
     * incur debt that would result in the ratio of debt to EBITDA
of the Company for preceding twelve calendar months exceeding
2.5:1;
     * purchase or redeem, or pay or declare any dividend on shares
of capital stock other than redemptions of or dividends on the
Preferred Shares;
     * complete an acquisition (other than the CDM Acquisition)
with consideration above $5 million;
     * enter into, renew, extend or be a party to certain related
party transactions; or
     * amend, alter or repeal any provision of the Company's
articles of incorporation or bylaws in a manner that adversely
affects the rights, powers and preferences of the Preferred
Shares.

Appointment of Directors:

Effective November 7, 2025, and in connection with the closing of
the Offering and in accordance with requirements under the
Securities Purchase Agreement, the Board of Directors of the
Company approved an increase in the size of the Board from four to
seven directors, and appointed each of Thomas B. Ellis, Michael
Bosco, as designees of the Buyer designated as the Lead Investor
under the Securities Purchase Agreement, to the Board to fill two
of the resulting vacancies. Each of Messrs. Bosco and Ellis is
affiliated with the Buyers.

Pursuant to the Securities Purchase Agreement, the Company agreed
to provide the Lead Investor with continuing director designation
rights based on the Lead Investor and its affiliates' beneficial
ownership of Common Stock on an as-converted basis. The director
designation right will be limited to one Board designee at such
time as the Lead Investor and its affiliates cease to beneficially
own at least 15% of the Company's outstanding shares of Common
Stock on an as-converted basis, and the designation right will
cease to exist if such beneficial ownership threshold falls below
5%.

In addition to the appointment of Messrs. Ellis and Bosco, the
Board also appointed Dan McGrath, Chief Operating Officer of
Cineplex Entertainment LP, to fill the remaining vacancy and serve
as the seventh director of the Company.

See the disclosures set forth in Item 1.01 above under the caption
"Securities Offering" for information required by Item 404(a) of
Regulation S-K, which disclosure is incorporated by reference into
this Item 5.02.

Executive Compensation:

On November 10, 2025, the Compensation Committee of the Board of
Directors approved a transaction bonus in the amount of $270,000
payable to Richard Mills, Chief Executive Officer, for his services
in connection with the Credit Agreement, Offering and CDM
Acquisition.

                      About Creative Realities

Headquartered in Louisville, Ky., Creative Realities --
https://cri.com/ -- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms.  The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues.  In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity.  This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.

As of September 30, 2025, the Company had $61.3 million in total
assets, $39.4 million in total liabilities, $21.9 million in total
stockholders' equity.

The independent registered public accounting firm's report on the
Company's Consolidated Financial Statements for the fiscal year
ended Dec. 31, 2024, included a note stating that there is
significant uncertainty regarding the Company's ability to continue
as a going concern within one year from the date the Consolidated
Financial Statements are issued.  Grant Thornton LLP, the Company's
auditor since 2014 and based in Cincinnati, Ohio, emphasized that
the Company is facing challenges in generating adequate cash flow
to meet its contingent consideration obligations, which raises
considerable doubt about its ability to remain a going concern.


CREATIVE REALITIES: Inks $58MM Credit Facility with First Merchants
-------------------------------------------------------------------
Creative Realities, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on November 6,
2025, the Company and certain of its subsidiaries entered into a
Credit Agreement with the other loan parties signatory thereto, the
financial institutions or other entities from time to time parties
thereto, and First Merchants Bank, an Indiana bank, as Agent for
the Lenders.

The Credit Agreement amends and restates in its entirety the
existing credit agreement with Agent dated as of May 23, 2024, as
amended. The Credit Agreement provides the Borrowers with a $36
million term loan and a $22.5 million revolving credit facility,
subject to the terms and conditions set forth in the Credit
Agreement.

The Borrowers used a portion of the proceeds from the Term Loan to
finance a portion of the purchase price for the CDM Acquisition,
and may use additional proceeds of the Term Loan and Revolver to
refinance certain indebtedness of the Borrowers, for working
capital and for other general corporate purposes.

The advance rate under the Revolver is 85% of the book value of the
Borrowers' eligible accounts, plus 60% of the book value of
Borrower's eligible inventory, less certain accounts payable and
reserves.

The credit facility matures on November 6, 2028, subject to any
earlier default under the Credit Agreement. The Revolver and Term
Loan accrue interest at floating rates equal to the 1-month Term
SOFR, plus 0.11%, plus a floating margin ranging from 2.75% to
3.25% and 3.00% to 3.50%, respectively, that adjusts quarterly,
depending upon the Borrowers' Senior Funded Debt to Adjusted EBITDA
Ratio (as defined in the Credit Agreement). The floating margins
are determined as follows:

1. When Senior Funded Debt to Adjusted EBITDA Ratio is < 2.50x:

     * Floating margin -- revolver: 2.75%
     * Floating margin -- term loan: 3.00%

2. When Senior Funded Debt to Adjusted EBITDA Ratio is ≥ 2.50x:

     * Floating margin -- revolver: 3.25%
     * Floating margin -- term loan: 3.50%

The credit facility is fully guaranteed by the Company's
wholly owned subsidiary, Creative Realities Canada, Inc, an Ontario
corporation, pursuant to a guarantee. The credit facility is
secured by all assets of the Borrowers and the Guarantor pursuant
to amended and restated security agreements executed by the
Borrowers and/or the Guarantor, as applicable.

The Credit Agreement requires the Borrowers to comply with certain
financial covenants on a quarterly basis related to their
collective Fixed Charge Coverage Ratio and Senior Funded Debt to
EBITDA Ratio (each as defined in the Credit Agreement). The Credit
Agreement includes certain restrictive covenants and, among other
things and subject to certain exceptions and qualifications, limits
the Loan Parties' and any of their subsidiaries' ability
to:

     (i) make certain restricted payments,
    (ii) enter into agreements that create liens other than liens
securing the credit facility and related documents, and certain
other permitted liens,
   (iii) incur or guarantee additional indebtedness,
    (iv) engage in liquidations, mergers or amalgamations,
     (v) dispose of certain assets, and
    (vi) engage in certain transactions with affiliates.

The Credit Agreement also contains certain customary
representations and warranties, affirmative covenants and events of
default.

In the ordinary course of its business, Agent has performed and may
continue to perform commercial banking and financial services for
the Borrowers for which they have received and will continue to
receive customary fees and expenses.

                    BORROWERS

a. Allure Global Solutions, Inc., a Georgia corporation
b. Reflect Systems, Inc., a Delaware corporation
c. Creative Realities, Inc., a Minnesota corporation
d. 1001372953 Ontario Inc., an Ontario corporation
e. DDC Group International Inc., an Ontario corporation
f. Cineplex Digital Media Inc., an Ontario corporation
g. Cineplex Digital Media U.S. Inc., a Delaware corporation

By: /s/ Richard Mills
Chief Executive Officer, President, Chief Financial
Officer, Treasurer and Secretary  

Borrower's Address for Notices:

     13100 Magisterial Drive, Suite 102
     Louisville, Ky. 40223
     Attention: Richard Mills
     Email: rick.mills@cri.com

With a copy to (which shall not constitute notice):

     Taft Stettinius & Hollister LLP
     2200 IDS Center
     80 South Eighth Street
     Minneapolis, Minn. 55402
     Attention: Brad Pederson

                   LOAN PARTIES

Creative Realities Canada, Inc., an Ontario corporation

FIRST MERCHANTS BANK as Agent and a Lender

By: /s/ James M. Stehlik, First Vice President

Agent's and Lender's Address for Notices:

     8711 River Crossing Blvd.
     Indianapolis, Ind. 46240
     Attention: James M. Stehlik, First Vice President
     Email: jstehlik@firstmerchants.com

NORTHWEST BANK as Lender

By: /s/ Jeffrey Dears, as Senior Vice President

Lender's Address for Notices:

     100 Liberty Street
     Warren, Penn. 1636
     Attention: Jeffrey Dears, as Senior Vice President
     Email: jeffrey.dears@northwest.com

AXOS BANK as Lender

By: /s/ Anthony DeAngelis, as Managing Director

Lender's Address for Notices:

     4350 La Jolla Village Drive, Suite 140
     San Diego, Calif. 92122
     Attention: Anthony DeAngelis
     Email: anthony.deangelis@axosbank.com

A full-text copy of the Credit Agreement is available at
https://tinyurl.com/4992hkv7

                      About Creative Realities

Headquartered in Louisville, Ky., Creative Realities --
https://cri.com/ -- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms.  The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues.  In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity.  This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.

As of September 30, 2025, the Company had $61.3 million in total
assets, $39.4 million in total liabilities, $21.9 million in total
stockholders' equity.

The independent registered public accounting firm's report on
the Company's Consolidated Financial Statements for the fiscal
year ended Dec. 31, 2024, included a note stating that there is
significant uncertainty regarding the Company's ability to
continue as a going concern within one year from the date the
Consolidated Financial Statements are issued.  Grant Thornton LLP,
the Company's auditor since 2014 and based in Cincinnati,
Ohio, emphasized that the Company is facing challenges in
generating adequate cash flow to meet its contingent consideration
obligations, which raises considerable doubt about its ability to
remain a going concern.


CREATIVE REALITIES: Sets 2025 Annual Meeting for December 29
------------------------------------------------------------
Creative Realities, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
expects to hold its 2025 Annual Meeting of Shareholders on Monday,
December 29, 2025.

Additional details about the Annual Meeting will be set forth in
the Company's definitive proxy statement for the Annual Meeting to
be filed with the U.S. Securities and Exchange Commission and
distributed to the Company's shareholders as of the record date for
the Annual Meeting.

Because the scheduled date of the Annual Meeting is more than 30
days from the anniversary date of the 2024 Annual Meeting of
Shareholders, the Company has set a deadline for the receipt of
shareholder proposals and director nominations by shareholders
submitted in connection with the Annual Meeting.

In order for a shareholder proposal or director nomination by a
shareholder submitted pursuant to applicable SEC rules and the
Company's Amended and Restated Bylaws to be considered timely for
inclusion in the Company's proxy statement and form of proxy for
the Annual Meeting, such proposal or nomination must be received by
the Company at its principal executive office no later than
November 19, 2025, which the Company has determined is a reasonable
time before the Company plans to begin printing and mailing its
proxy materials for the Annual Meeting.

Shareholders must also comply with the procedures and requirements
set forth in applicable SEC rules and the Bylaws, including with
respect to the subject matter of the proposal. The November 19,
2025 deadline will also apply in determining whether notice of a
shareholder proposal is timely for purposes of exercising
discretionary voting authority with respect to proxies under Rule
14a-4(c)(1) of the Exchange Act.

The address of the Company's principal executive office is:

     Richard Mills
     Chief Executive Officer
     Creative Realities
     13100 Magisterial Drive, Suite 102
     Louisville, KY 40223

                      About Creative Realities

Headquartered in Louisville, Ky., Creative Realities --
https://cri.com/ -- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms.  The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues.  In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity.  This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.

As of September 30, 2025, the Company had $61.3 million in total
assets, $39.4 million in total liabilities, $21.9 million in total
stockholders' equity.

The independent registered public accounting firm's report on the
Company's Consolidated Financial Statements for the fiscal year
ended Dec. 31, 2024, included a note stating that there is
significant uncertainty regarding the Company's ability to continue
as a going concern within one year from the date the Consolidated
Financial Statements are issued.  Grant Thornton LLP, the Company's
auditor since 2014 and based in Cincinnati, Ohio, emphasized that
the Company is facing challenges in generating adequate cash flow
to meet its contingent consideration obligations, which raises
considerable doubt about its ability to remain a going concern.


CREATIVE REALITIES: Swings to $7.9MM Net Loss in 2025 Q3
--------------------------------------------------------
Creative Realities filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $7.9 million for the three months ended September 30, 2025,
compared to a net income of $54,000 for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $6.3 million, compared to a net loss of $670,000 for
the same period in 2024.

Total sales for the three months ended September 30, 2025 and 2024,
were $10.5 million and $5.2 million, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had sales of
$14.6 million and $14.4 million, respectively.

As of September 30, 2025, the Company had an accumulated deficit of
$63.2 million and positive working capital of $526,000. For the
three months ended September 30, 2025, the Company generated an
operating loss of $7.3 million. During the nine months ended
September 30, 2025, the Company used $834,000 of net cash in
operating activities.

As of September 30, 2025, the Company had $61.3 million in total
assets, $39.4 million in total liabilities, $21.9 million in total
stockholders' equity.

Management Commentary:

"While the period was negatively impacted by a $2 million order
slipping into the fourth quarter and a $5.7 million non-cash
software impairment charge due to the wind down of CRI's engagement
with Stellantis, we are excited by what the future holds now with
CDM as part of Creative Realities," said Rick Mills, Chief
Executive Officer. "This sizable transaction significantly improves
our growth trajectory – not only due to the acquired blue-chip
customer base but also the real potential to cross-sell our
solutions and benefit from synergies across a wider media network.
The combination should start improving bottom line results almost
immediately, putting us on a solid foundation for greater returns
in fiscal 2026 and beyond. At the same time, we brought three new
members onto our Board of Directors, bring the total to seven. The
addition of these accomplished individuals – Dan McGrath, the
Chief Operating Officer of Cineplex, along with Tom Ellis and Mike
Bosco from North Run Capital LP – strengthens our board and
provides a greater depth of industry experience, just as we start a
new growth phase across North America and abroad. We will update
shareholders on our integration progress – and outlook for the
coming quarters – during the earnings call. We're excited by our
expanded leadership position in the digital media space and look
forward to the future."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/39prc6h7

                      About Creative Realities

Headquartered in Louisville, Ky., Creative Realities --
https://cri.com/ -- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms.  The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues.  In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity.  This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.

As of September 30, 2025, the Company had $61.3 million in total
assets, $39.4 million in total liabilities, $21.9 million in total
stockholders' equity.

The independent registered public accounting firm's report on the
Company's Consolidated Financial Statements for the fiscal year
ended Dec. 31, 2024, included a note stating that there is
significant uncertainty regarding the Company's ability to continue
as a going concern within one year from the date the Consolidated
Financial Statements are issued.  Grant Thornton LLP, the Company's
auditor since 2014 and based in Cincinnati, Ohio, emphasized that
the Company is facing challenges in generating adequate cash flow
to meet its contingent consideration obligations, which raises
considerable doubt about its ability to remain a going concern.


CRYSTAL GROUP: Case Summary & Two Unsecured Creditors
-----------------------------------------------------
Debtor: Crystal Group LLC
        18558 Gale Ave #338
        Industry CA 91748

Chapter 11 Petition Date: November 19, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-20361

Debtor's Counsel: Robert Altagen, Esq.
                  ROBERT S ALTAGEN
                  1111 Corporate Center Drive #201
                  Monterey Park CA 91754
                  Tel: (323) 268-9588
                  Email: robertaltagen@altagenlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Yali Xie as CEO.

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/3DCO57Y/Crystal_Group_LLC__cacbke-25-20361__0001.0.pdf?mcid=tGE4TAMA


CTL-AEROSPACE: Gets Interim OK for DIP Financing From DKOF VI
-------------------------------------------------------------
CTL-Aerospace, Inc. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Ohio, Western
Division, to obtain debtor-in-possession financing to get through
bankruptcy.

The interim order authorized the Debtor to borrow up to $13.5
million in junior secured financing from its pre-bankruptcy secured
lender, DKOF VI Trading Subsidiary LP, with deferred payments, a
15% interest rate, an upfront fee of 5% ($675,000), and a repayment
MOIC of 1.25x the committed amount, subject to budget compliance
and other covenants.

The DIP loan matures on December 31 but may be extended to February
28, 2026, if the Debtor and DKOF elect to consummate the credit bid
through a Chapter 11 plan.

As protection, DKOF will be granted valid, non-avoidable and
automatically perfected liens on, and security interests in, all
assets of CTL-Aerospace and its subsidiary, CTL-Aerospace Nevada,
Inc., which serves as DIP guarantor.

In addition, the lender is entitled to a superpriority claim ahead
of all unsecured and administrative expense claims.

The financing is intended to provide liquidity for ongoing
operations, pay administrative expenses, and fund an asset sale
while preserving the business' going-concern value.

The Debtor's prior secured lender, Wells Fargo Bank, National
Association, sold its loan position to DK before the DIP loan
negotiations, necessitating amendments to prior DIP orders that had
allowed limited cash collateral use and restricted operations.

                      Cash Collateral Access

The interim order also authorized the Debtor to use the cash
collateral of DKOF to fund operations.

As adequate protection, DKOF will receive replacement liens on its
pre-bankruptcy collateral and the DIP collateral, junior to the fee
carveout but senior to the DIP liens.

As additional protection, the lender will be granted superpriority
administrative expense claims against the Debtor in case of any
diminution in value of its collateral.

The interim order is available at https://is.gd/TXPWEy from
PacerMonitor.com.

A final hearing is scheduled for December 3. Objections are due by
November 26.

                     About CTL-Aerospace Inc.

CTL-Aerospace, Inc. is a family-owned composites manufacturer based
in West Chester, Ohio, specializing in advanced fiber-reinforced
polymer structures and component repair and overhaul. Founded in
1946, the Company operates as a full-service NADCAP- and
AS9100D-certified facility supplying the U.S. government and major
aerospace firms. Its products serve aerospace and industrial
markets, leveraging its location in the Cincinnati aerospace
corridor for cost and supply chain advantages.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September
8, 2025. In the petition signed by Scott Crislip, president and
COO, the Debtor disclosed up to $50 million in both assets and
liabilities.

Judge Beth A. Buchanan oversees the case.

Patricia Friesinger, Esq., at Coolidge Wall Co., L.P.A., represents
the Debtor as legal counsel.

DKOF VI Trading Subsidiary LP, as DIP lender, is represented by:

   Cozen O'Connor
   123 N. Wacker Dr., Suite 1800
   Chicago, IL 6060
   Phone: (312) 382-3100 / (877) 992-6036
   Fax: (312) 382-8910


DBR LAND: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned a 'BB-' issuer credit rating to DBR
Land Holdings LLC (LandBridge).

At the same time, S&P assigned its 'BB-' issue-level rating and '3'
recovery rating to the company's senior unsecured notes. The '3'
recovery rating indicates our expectation for average (50%-70%;
rounded estimate: 50%) recovery in a payment default scenario.

The stable outlook reflects S&P's expectation for stable and
growing cash flows resulting in leverage at or below 2.75x from
2026 onward.

On Nov. 19, 2025, LandBridge, an operating subsidiary of LandBridge
Co. LLC, announced its plan to issue $500 million of senior
unsecured notes.

The proceeds of the senior unsecured notes will refinance existing
debt at LandBridge.

S&P's 'BB-' issuer credit rating reflects LandBridge's small scale
and volumetric risk tied to oil and gas production, offset by
strong profitability and the strategic location of its acreage.
LandBridge is a land management company that owns more than 300,000
contiguous surface acres in the Permian's Delaware Basin in Texas
and New Mexico. The company actively manages its land and resources
to support oil and gas development, data centers, solar power
generation, power storage, nonhazardous oilfield reclamation, solid
waste facilities, and more.

Although LandBridge's expected 2026 EBITDA of almost $200 million
is relatively small compared similarly rated peers, the company has
a good contract profile with some downside protection from minimum
revenue and volume commitments. S&P said, "As a land management
company, LandBridge's operations are limited; as a result, its
profitability is much higher than midstream and mineral royalty
companies that we rate. We expect return on capital to be greater
than 15% through our forecast period. LandBridge has limited direct
commodity exposure. However, volumetric risks do exist, similar to
water midstream operators."

  Table 1

  DBR Land Holdings LLC--Revenue Streams

  Stream                 Surface use royalties and revenues

  Description            Fees from customers for surface acreage   
            
                         use needed for their business operations

  Examples          Produced water transportation and
                         handling operations; fees for development

                         and use of drilling sites, roads,
                         pipeline, and electric infrastructure
                         easements

  Contract terms         5-10 years

  Fee-based              Yes

  Percentage of revenue* 68%



  Stream                 Resource sales and royalties

  Description            Fees from the sale of resources from
                         LandBridge's land

  Examples               Resource sales of brackish water and
                         caliche; royalties for extraction of sand

                         and water

  Contract terms         Up to 3 years (water); 5-10 years
                         (caliche)

  Fee-based              Yes

  Percentage of revenue* 26%



  Stream                 Oil and gas royalties

  Description            Royalties from production on net mineral
                         royalty acres

  Examples               Royalties from oil and gas production on
                         LandBridge's land

  Contract terms         1-3 years
  
  Fee-based              No

  Percentage of revenue* 6%


S&P said, "We view LandBridge's location in the Delaware basin as a
strategic advantage --specifically, its contiguous land position on
the state line between Texas and New Mexico. The Permian Basin is
one of the most profitable areas to drill in the U.S., and as a
result, the region accounts for more than half of all U.S. drilling
rigs. Additionally, the amount of produced water in the region
continues to grow, driving the need for reliable water disposal,
which LandBridge provides with its underutilized pore space.
LandBridge is not dependent on drilling activity to generate cash
flows due to the water produced by proved developed producing wells
on or around their acreage."

The company has some customer concentration, especially with WBI
Operating LLC (WaterBridge). For the first half of 2025, 27% of
revenue came from WaterBridge and 56% from LandBridge's top five
customers. The majority of LandBridge's cash flows come from
surface use royalties and surface use agreements, which are
fee-based. A smaller portion of cash flow stems from resource sales
on its land, limiting direct commodity exposure.

S&P said, "We forecast leverage at or below 2.75x over our forecast
period. LandBridge has a publicly stated financial policy of net
leverage between 2.0x and 2.5x. We do not net cash in our
calculation of debt to EBITDA; therefore, our metrics are slightly
higher. We conservatively forecast EBITDA of $195 million for 2026
and $211 million in 2027. LandBridge has very low capital spending
requirements of around $3 million per year. We expect a common
distribution of approximately $37 million in 2026, growing over
time. We also expect $50 million of tax distributions in 2026 to
LandBridge Holdings, the controlling owner.

"We rate LandBridge using our "Principles of Credit Ratings" and
"Corporate Methodology" criteria given its distinctive
characteristics as a land management company. Similar to our
approach in assessing traditional midstream companies, we consider
LandBridge's size, scale, diversity, cash flow resiliency, and
contract profile strength as key determinants of its business risk
profile. We determine LandBridge's operating efficiency by
considering its operating margin and the utilization of its land.
Similar to how we determine competitive position for real estate
companies, we give less weight to operating efficiency to reflect
LandBridge's limited operations. Lastly, to assess profitability,
we look at LandBridge's return on capital relative to water and
mineral royalty peers.

"The stable outlook reflects our view that LandBridge will continue
to generate strong and growing cash flows from operations on its
land, resulting in debt to EBITDA leverage of 2.75x in 2026 and
2.35x in 2027."

S&P could take a negative rating action if it expects adjusted
leverage to sustain above 3.0x. This could occur if:

-- A sharp decline in oil and gas production or produced water in
LandBridge's area lowers cash flows; or

-- The company pursues a more aggressive financial policy.

Although unlikely in the near term, S&P could take a positive
rating action if the company increases scale, as well as business
and customer diversification, while maintaining its current
financial policy with leverage below 3.0x.



DEREK L. MARTIN: Unsecureds Will Get 35% of Claims over 60 Months
-----------------------------------------------------------------
Derek L. Martin, DMD, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of California a First Amended Plan of
Reorganization for Small Business dated November 13, 2025.

Derek L. Martin is a Doctor of Dental Medicine. He is married to
Shelly Martin. In October of 2010, the Martins opened a dental
office. In June of 2011, they incorporated the dental office and
named it, Derek L. Martin, DMD, Inc. (the Dental Practice).

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $235,740. The final Plan
payment is expected to be paid on December 31, 2030.

Class 3 consists of non-priority unsecured creditors. All
non-priority unsecured claims will be paid 35% of their allowed
claim in regular monthly payments over the course of 60 months. The
total unsecured claims are $673,649.21 and $235,740.00 will be paid
over the term of the Plan. This Class is impaired.

Class 4 consists of equity security holders of the Debtor. Derek
and Shelly Martin are the sole security holders and shall retain
their equity interest in the Debtor.

The Debtor will contribute all of its projected disposable income,
net of appropriate operating capital reserve, for three years
following the date the first payment is due under the plan.

A full-text copy of the First Amended Plan dated November 13, 2025
is available at https://urlcurt.com/u?l=9eeFy0 from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Judith A. Descalso, Esq.
     LAW OFFICE OF JUDITH A. DESCALSO
     960 Canterbury Pl., Ste. 340
     Escondido, CA 92025
     Telephone: (760) 745-8380
     E-mail: jad@jdescalso.com
           
                     About Derek L. Martin, DMD, Inc.

Derek L. Martin, DMD Inc. is a dental clinic providing a variety of
treatments, from standard fillings to aesthetic services such as
digitally-designed dental veneers.

Derek L. Martin, DMD Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No.
25-01018) on March 14, 2025. In its petition, the Debtor reported
total assets of $365,636 and total liabilities of $1,530,365.

Honorable Judge J. Barrett Marum oversees the case.

The Debtor is represented by Bernard M. Hansen, Esq., at Law
Offices of Bernard M. Hansen.


DIGITAL ALLY: Cuts Q3 Loss to $1.02MM, Lifts Going Concern Doubt
----------------------------------------------------------------
Digital Ally, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
attributable to common stockholders of $1.02 million for the three
months ended September 30, 2025, compared to a net loss
attributable to common stockholders of $3.5 million for the three
months ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss attributable to common stockholders of $1.3 million,
compared to a net loss attributable to common stockholders of $12.5
million for the same period in 2024.

Total revenue for the three months ended September 30, 2025 and
2024, were $4.5 million and $4.1 million, respectively.  For the
nine months ended September 30, 2025 and 2024, the Company had
total revenue of $14.6 million and $15.2 million, respectively.

The Company incurred substantial operating losses in the years
ended December 31, 2024 and year to date September 30, 2025
primarily due to reduced gross margins caused by a combination of
competitors' introduction of newer products with more advanced
features together with significant price cutting of their products
and the recent acquisitions with much smaller margins than the
video solutions segment, historically.

The Company incurred operating losses of approximately $15.2
million for the year ended December 31, 2024 and $6.2 million
during the nine months ended September 30, 2025, and it had an
accumulated deficit of $138.8 million as of September 30, 2025.

As of September 30, 2025, the Company had $25.1 million in total
assets, $17.6 million in total liabilities, $7.5 million in total
stockholders' equity.

In recent years, the Company has accessed the public and private
capital markets to raise funding through the issuance of debt and
equity. In that regard, the Company raised approximately $15.5
million during the nine months ended September 30, 2025 and $4.9
million in the year ended December 31, 2024 through private
placement transactions and an underwritten public offering.

In February 2025, the Company completed an underwritten public
offering for net proceeds of approximately $14.3 million and issued
an unsecured promissory note, generating an additional $600,000 in
net cash proceeds.

In September 2025, the Company issued senior secured convertible
notes with detachable warrants, resulting in $610,000 of net cash
proceeds.

Digital Ally says these financing activities provided additional
liquidity to execute the Company's business plans and were used to
repay debt obligations, settle accounts payable, and fund
operations. Management expects to continue accessing the capital
markets until the Company achieves consistent positive cash flow
from operations; however, there can be no assurance as to the
timing or availability of such financing.

The Company will have to restore positive operating cash flows and
profitability over the next year and/or raise additional capital to
fund its operational plans, meet its customary payment obligations
and otherwise execute its business plan. There can be no assurance
that it will be successful in restoring positive cash flows and
profitability, or that it can raise additional financing when
needed, and obtain it on terms acceptable or favorable to the
Company.

During the nine months ended September 30, 2025, the Company
implemented a cost-reduction program and enhanced its
short-and-long-term liquidity through:

     (i) the February 2025 public equity offering,
    (ii) the issuance of senior secured convertible notes, and
   (iii) entry into a committed equity facility.

Within the entertainment segment, the Company exited several large
partnerships and sponsorships that did not meet expected returns;
management does not expect discontinuing these arrangements to
materially hinder total revenues in 2025 or thereafter. In the
video segment, the Company reduced headcount and relocated to
smaller, lower-cost facilities following the sale of its
warehouse/office building.

The Company has successfully recorded $8.93 million in deferred
revenue as of September 30, 2025, which results in recurring
revenue during the period of 2025 to 2028.

The Company believes that its quality control and cost-cutting
initiatives, expansion to non-law enforcement sales channels and
new product introduction will eventually restore positive operating
cash flows and profitability, although it can offer no assurances
in this regard.

As a result of the Company's implementation of cost-cutting
measures and liquidity generated by the recent public equity
offerings, the Company has significantly improved its financial
position.

During the nine months ended September 30, 2025, the working
capital deficit improved significantly to $115,393 from $19.4
million as of December 31, 2024, and stockholders' equity increased
to a positive $7.5 million from a $9 million deficit; the Company
nonetheless recorded a net loss attributable to common stockholders
of $1.2 million.

Based on the uncertainties and the corrective actions implemented
by management, the Company believes its business plan including the
implementation of corrective actions mitigates the existence of
substantial doubt about its ability to continue as a going concern
within the next 12 months.

Commenting on the Q3 Results, Stanton E. Ross, Chief Executive
Officer of Digital Ally, said, "Our third quarter financial results
clearly reflect the operating leverage inherent in our business
model that has resulted from substantial decreases in overhead
expenses, reduced headcount, and focus on our subscription-based
sales model for our video solutions segment and the successful
restructuring of our law enforcement products sales organization.
Improved revenues and a lower SG&A expense ratio allowed the
Company to achieve a $6.3 million improvement in operating income
(loss) when compared to the similar period in 2024. Our ability to
achieve these gains was particularly impressive in light of the
continuation of a challenging economic environment, which has
negatively impacted state, county and municipal government budgets
that fund the law enforcement agencies that represent our primary
customer base."

"Additionally, we completed a $14.3 million public equity offering
earlier in 2025 that significantly improved our liquidity and
resulted in stockholders' equity well in excess of the minimum $2.5
million equity threshold required for continued listing on The
Nasdaq Capital Market. On October 17, 2025, Nasdaq notified the
Company that it had regained full compliance with the Minimum Bid
Price Requirement and Stockholders' Equity Requirement. The Company
is committed to maintaining compliance with all applicable
requirements for continued listing on Nasdaq."

"We look towards the future with optimism. We anticipate our
entertainment segment will continue to improve its revenues and
operating profits as we prepare for our June 25-27, 2026, Country
Stampede Music Festival. We continue to search for and qualify new
events and venues for our 2026 and 2027 schedule. While we
recognize that the market for law enforcement products remains
challenging and highly competitive, the steps taken by Digital Ally
to reduce costs, streamline supply chain logistics, and incentivize
sales efforts have transformed the Company into a lean organization
that is capable of responding quickly to changes in our industry.
The impressive earnings turnaround that we achieved during the
third quarter of 2025 is very encouraging, and I would like to
thank all of our employees, vendors, management and directors for
their dedicated efforts and hard work that made such significant
achievements possible during the third quarter. We are highly
focused upon the restoration of sustainable and growing
profitability in order to rebuild shareholder value, and I look
forward to reporting upon our results for the balance of the year,"
concluded Ross.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/2982495e

                        About Digital Ally

Digital Ally, Inc. operates across three segments: Video Solutions,
Revenue Cycle Management, and Entertainment. The Video Solutions
unit provides video recording systems, cloud services, and safety
products for law enforcement and commercial clients. The Revenue
Cycle Management segment offers financial and administrative
support services to healthcare providers, helping manage billing
and back-office operations. Its Entertainment division manages
ticket resale through TicketSmarter and produces live events,
including music festivals.

As of September 30, 2025, the Company had $25.1 million in total
assets, $17.6 million in total liabilities, $7.5 million in total
stockholders' equity.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of Digital
Ally, Inc. until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


DIXIE GROUP: Reports $4.1 Million Net Loss in 2025 Q3
-----------------------------------------------------
The Dixie Group, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $4.1 million for the three months ended September 27, 2025,
compared to a net loss of $3.9 million for the three months ended
September 28, 2024.

For the nine months ended September 27, 2025, the Company reported
a net loss of $4.6 million, compared to a net loss of $5.8 million
for the nine months ended September 28, 2024.

Net sales for the three months ended September 27, 2025 and
September 28, 2024, were $62.4 million and $64.9 million,
respectively.  For the nine months ended September 27, 2025 and
September 28, 2024, the Company had net sales of $193.9 million and
$200.6 million, respectively.

As of September 27, 2025, the Company had $183.9 million in total
assets, $172.2 million in total liabilities, and $11.8 million in
total stockholders' equity.

Dixie says it has sustained net losses for the nine-month periods
ended September 27, 2025 and September 28, 2024. Also, its
revolving credit facility requires a lockbox arrangement, which
provides for all cash receipts to be swept daily to reduce the
balance outstanding.

     -- On October 30, 2020, the Company entered into a $75 million
Senior Secured Revolving Credit Facility with Fifth Third Bank
National Association as lender. The loan was secured by a first
priority security interest on all accounts receivable, cash, and
inventory, and provides for borrowing limited by certain
percentages of the values of the accounts receivable and inventory.
The revolving credit facility was due to mature on October 30,
2025; however, on February 25, 2025, the Company refinanced its
senior revolving credit facility with MidCap Financial IV Trust and
the Company's existing revolving credit facility with Fifth Third
was terminated in accordance with its terms. The Company recognized
a $66 million loss on the extinguishment of the Fifth Third debt
which was included in other expense, net in the Company's
consolidated condensed statements of operations.

     -- On February 25, 2025, the Company entered into a new $75
million revolving credit agreement with MidCap Financial IV Trust,
as agent, and lenders from time-to-time party thereto. The credit
agreement is secured by a security interest on all accounts
receivable, inventory, and other assets other than certain excluded
assets, including a deed to secure debt lien on the Company's
Calhoun and Chatsworth, Georgia facilities. The Company's borrowing
capacity is based on certain percentages of values/sub-limits of
the accounts receivable, inventory, and other assets (including the
real properties serving as collateral for the loan). The agreement
matures on February 25, 2028.

Upon the occurrence of an event of default, the lender may, among
other things, declare all obligations payable in full.

The Company has $53.1 million of outstanding indebtedness under its
senior credit facility that is classified as current as of
September 27, 2025.  Additionally, the Company's existing cash and
cash equivalents would not be sufficient to satisfy this debt in
whole and meet the Company's operating needs for at least the next
12 months.

In the current period, the Company was in compliance with or has
received waivers for all the applicable financial covenants. The
Company's current forecast projects the Company may not be able to
maintain compliance with certain of its financial covenants under
its credit agreements in the next 12 months.

Management's plans to stay in compliance with the defined covenants
include implementing cost reductions and increasing prices to
improve gross margins and the results of operations, pursuing
potentially additional financing for certain assets, and obtaining
waivers from lenders.

While the Company has been able to obtain waivers in the past for
such violations, it cannot be assured that such waivers will be
obtained in the future. These conditions raise substantial doubt
about the ability of the Company to continue as a going concern.

Commenting on the Q3 results, Daniel K. Frierson, Chairman and
Chief Executive Officer, said, "Third quarter sales got off to a
slow start as a result of headwinds in the housing markets tied to
high interest rates and high housing prices. Despite a slow start
to the quarter, we saw a strong rebound in sales for September
giving us momentum as we entered the fourth quarter. The average
weekly order entry rate for the first month of the fourth quarter
was 12% above the average weekly order entry rate in the third
quarter and close to last year's level for the same period."

"Looking ahead to the 2026 fiscal year, we are focused on a profit
improvement plan consisting of year over year cost reductions and
operational efficiencies in excess of $10 million. The vast
majority of these profit improvement initiatives have already been
implemented. This includes price increases announced during the
third quarter to offset the costs of tariffs, freight and other
production-related cost increases we have experienced.

"For the third quarter and for the first nine months of 2025 our
year over year soft surface net sales were down less than 1%,
outperforming the industry which we believe was down closer to 4%
on the quarter and 6% for the first nine months.

"A key growth segment has been our DuraSilk(TM) SD collection,
which has shown strong growth and gained share of the polyester
market. Our high-end carpet segment also had positive growth in the
quarter for both nylon and decorative. Building on this momentum,
in the third quarter we introduced two new DuraSilk(TM) polyester
carpet styles and six new decorative carpet styles.

"In our hard surface segment, our Fabrica wood program is a
highlight, with net sales increasing 7.4% year over year for the
first nine months. While our TRUCOR(R) segment declined for the
quarter, our TRUCOR PRIME WPC collection showed positive signs as
the market is shifting toward WPC."

"While market headwinds persist, especially within residential
housing and consumer confidence, our team remains committed to high
end customer service, design focused product introductions and
operational excellence. Our continued focus on cost reductions and
operational efficiencies will be instrumental in navigating
industry challenges and driving improved profitability in future
periods," Frierson concluded.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/vtrde25k

                        About Dixie Group

The Dixie Group, Inc. manufactures, markets, and sells
floorcovering products to residential customers in North America
and internationally. The Company offers residential carpets, custom
rugs, and engineered wood products under the Fabrica brand for
interior decorators and designers, selected retailers and furniture
stores, luxury home builders, and manufacturers of luxury motor
coaches and yachts; and specialty carpets and rugs for the high-end
residential marketplace, as well as luxury vinyl flooring products
and broadloom carpet products under the Masland Residential brand
name through the interior design community and specialty
floorcovering retailers. It provides residential tufted broadloom
carpets and rugs to selected retailers and home centers under the
DH floors and private label brands, as well as luxury vinyl
flooring products to the marketplace it serves. The Company was
founded in 1920 and is based in Dalton, Georgia.

As of June 28, 2025, the Company had $188.38 million in total
assets, $172.58 million in total liabilities, and $15.81 million in
total stockholders' equity.


EAD CONSTRUCTORS: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 13 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of EAD Constructors, Inc.

                    About EAD Constructors Inc.

EAD Constructors, Inc., based in Omaha, NE, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No.
25-81134) on October 21, 2025. At the time of the filing, the
Debtor had estimated assets of between $100,001 and $500,000 and
liabilities of between $10,000,001 and $50 million.

Judge Brian S. Kruse oversees the case.

McGrath North Mullin & Kratz, PC, LLO serves as the Debtor's legal
counsel.


ECLIPSE FARMINGDALE: Unsecureds Will Get 50.84% of Claims in Plan
-----------------------------------------------------------------
Eclipse Farmingdale, LLC, submitted a Third Amended Disclosure
Statement describing Plan of Liquidation dated November 14, 2025.

The Plan proposes to pay creditors of the Debtor from the proceeds
of a Court-approved sale of substantially all of the Debtor's
assets (the "Sale") to proposed purchaser PureGym Limited for
$750,000.00 (the anticipated "Sale Proceeds").

General unsecured creditors (non-insiders) are classified in Class
4 and will receive a distribution of 50.84% of their allowed
claims, to be distributed using the Sale Proceeds following a
closing on the Sale to PureGym. General unsecured creditors
(insiders) are classified in Class 5 and will receive no
distribution.  

On September 24, 2025, the Debtor received a Letter of Intent from
PureGym offering to purchase substantially all of the Debtor's
assets. The Debtor intends to seek Court approval of the proposed
Sale, to closing on the Sale, and to use the Sale Proceeds to fund
the Plan of liquidation.

Class 4 consists of General Unsecured Non-Insider Claims. The
Debtor proposes to make distributions to general unsecured creditor
following the closing on its Sale of its assets to PureGym using
the Sale Proceeds. The allowed unsecured claims total $278,079.83.
This Class will receive a distribution of $141,368.94 or 50.84% of
their allowed claims. Class 4 is impaired by the Plan.

Class 6 consists of Equity interest holders. The Debtor's managing
members shall retain their interest in the Debtor following
confirmation to effectuate the Sale, to operate the Debtor pursuant
to a transition service agreement with PureGym, if any, and to wind
down the Debtor's remaining assets, if any, following the Sale and
subsequent transition.

The Debtor shall implement the Plan using the Sale Proceeds
realized from its Sale to PureGym.

A full-text copy of the Third Amended Disclosure Statement dated
November 14, 2025 is available at https://urlcurt.com/u?l=E3NXS4
from PacerMonitor.com at no charge.

Counsel to the Debtor:

     Joseph M. Shapiro, Esq.
     Melinda D. Middlebrooks, Esq.
     Middlebrooks Shapiro, P.C.
     P.O. Box 1630
     Belmar, NU 07719-1630
     Tel: (973) 218-6877
     Fax: (973) 218-6878
     Email: middlebrooks@middlebrooksshapiro.com
            jshapiro@middlebrooksshapiro.com

                         About Eclipse Farmingdale

Eclipse Farmingdale LLC -- https://www.locations.blinkfitness.com/
-- doing business as Blink Fitness Farmingdale, is a gym operator.

Eclipse Farmingdale LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73019) on Aug. 1,
2024. In the petition filed by Eric Purther, as managing member,
the Debtor estimated assets between $100,000 and $500,000 and
estimated liabilities between $1 million and $10 million.

The Honorable Bankruptcy Judge Alan S. Trust oversees the case.

The Debtor is represented by Joseph Shapiro, Esq. at Middlebrooks
Shapiro, P.C.


EMBASSY COFFEE: Seeks Chapter 7 Bankruptcy in Indiana
-----------------------------------------------------
Embassy Coffee Inc. filed a Chapter 7 bankruptcy petition in the
Northern District of Indiana on November 18, 2025. According to the
filing, the company reported assets between $0 and $100,000 and
liabilities ranging from $100,001 to $1 million, with an estimated
1–49 creditors involved.

             About Embassy Coffee Inc.

Embassy Coffee Inc., based in Northern Indiana, operates in the
food and beverage industry with a focus on coffee production,
distribution, and retail. The company offers a range of
products—including whole beans, ground coffee, and ready-to-drink
beverages—serving individual customers as well as local cafés,
restaurants, and offices.

Embassy Coffee Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-31822) on November
18, 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 Paul E. Singleton handles the case.

The Debtor is represented by Dennis G. Golden, Esq. of Golden Law.


ENERGY FOCUS: Reports $172,000 Net Loss in 2025 Q3
--------------------------------------------------
Energy Focus, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $172,000 for the three months ended September 30, 2025, compared
to a net loss of $316,000 for the three months ended September 30,
2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $671,000, compared to a net loss of $1.3 million for
the same period in 2024.

Net sales for the three months ended September 30, 2025 and 2024,
were $826,000 and $1.2 million, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had net sales of
$2.6 million and $3.6 million, respectively.

As of September 30, 2025, the Company had $5.2 million in total
assets, $2.1 million in total liabilities, and $3.1 million in
total stockholders' equity.

Due to Energy Focus' financial performance as of September 30, 2025
and December 31, 2024, including net losses of $0.7 million for the
nine months ended September 30, 2025 and $1.6 million for the 12
months ended December 31, 2024, and total cash used in operating
activities of $0.5 million for the nine months ended September 30,
2025 and $1.3 million for the 12 months ended December 31, 2024,
the Company determined that substantial doubt about its ability to
continue as a going concern continues to exist at September 30,
2025.

As a result of restructuring actions and initiatives, the Company
has tailored its operating expenses to be more in line with its
expected sales volumes; however, the Company continues to incur
losses and have a substantial accumulated deficit.

Additionally, global supply chain and logistics constraints and the
ongoing evolution of international trade policies are impacting our
inventory purchasing strategy, as the Company seeks to manage both
shortages of available components and longer lead times in
obtaining components while pursuing cost-effectiveness measures to
enhance profitability. As a result, the Company will continue to
review and pursue selected external funding sources to ensure
adequate financial resources to execute across the timelines
required to achieve these objectives, including, but not limited
to, the following:

     * obtaining financing from traditional or non-traditional
investment capital organizations or individuals;
     * obtaining funding from the sale of common stock or other
equity or debt instruments; and
     * obtaining debt financing with lending terms that more
closely match our business model and capital needs.

There can be no assurance that the Company will obtain funding on
acceptable terms, in a timely fashion, or at all. Obtaining
additional funding contains risks, including:

     * additional equity financing may not be available to the
Company on satisfactory terms, particularly in light of the current
price of its common stock, and any equity the Company is able to
issue could lead to dilution for current stockholders and have
rights, preferences and privileges senior to our common stock;
     * loans or other debt instruments may have terms or
conditions, such as interest rate, restrictive covenants,
conversion features, refinancing demands, and control or revocation
provisions, which are not acceptable to management or the Company's
Board of Directors; and
     * the current environment in the capital markets and volatile
interest rates, combined with our capital constraints, may prevent
us from being able to obtain adequate debt financing.

Considering both quantitative and qualitative information, the
Company continues to believe that the combination of its plans to
ensure adequate external funding, timely re-organizational actions,
current financial position, liquid resources, obligations due or
anticipated within the next year, development and implementation of
an excess inventory reduction plan, plans and initiatives in its
research and development, product development and sales and
marketing, and development of potential channel partnerships, if
adequately executed, could provide the Company with an ability to
finance our operations through the next 12 months and may mitigate
the substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/4p3wzrrm

                         About Energy Focus

Solon, Ohio-based Energy Focus -- http://www.energyfocus.com--
engages primarily in the design, development, manufacturing,
marketing, and sale of energy-efficient lighting systems and
controls. The Company develops, markets, and sells high-quality
light-emitting diode ("LED") lighting and controls products in the
commercial market and military maritime market.

Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 25, 2025, attached in the Company's Annual Report on Form
10-K for the year ended Dec. 25, 2024, citing that the Company has
suffered recurring losses from operations and negative cash flows
from operations that raise substantial doubt about its ability to
continue as a going concern.

As of June 30, 2025, the Company had $4.8 million in total assets,
$2 million in total liabilities, and $2.8 million in total
stockholders' equity.


ENGINEERED MACHINERY: S&P Rates Refinanced 1st-Lien Term Loans 'B-'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Engineered Machinery Holdings Inc.'s (dba
Duravant) proposed $1.589 billion first-lien term loan, EUR655
million first-lien term loan, and $240 million delayed draw term
loan. The company will use the proceeds from this issuance to
refinance its existing first-lien term loan facilities and fund its
purchase of Matthews Warehouse Automation. The transaction will be
leverage neutral, therefore S&P's 'B-' issuer credit rating and
stable outlook on Duravant, as well as its 'CCC+' issue-level
rating and '5' recovery rating on its second-lien term loan, are
unchanged.

S&P said, "We believe the proposed transaction will not have a
material effect on the company's near-term credit metrics. The
proposed transaction will extend its first-lien term loan
maturities to 2032 from 2028 and lower the interest rate on the
facilities. That said, we continue to expect Duravant's S&P Global
Ratings-adjusted leverage will remain above 7.0x in 2025 before
improving to the 6.5x-7.0x range in 2026."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P rates the company's proposed first-lien facilities 'B-'
with a '3' recovery rating, which indicates its expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of a payment default. S&P rates Duravant's second-lien facilities
'CCC+' with a '5' recovery rating, which indicates its expectation
for modest (10%-30%; rounded estimate: 10%) recovery.

-- The company's proposed capital structure comprises first- and
second-lien debt instruments, including a $382 million revolving
credit facility (undrawn at close and not rated), a $1,589 million
first-lien term loan, a $240 million delayed draw term loan, a
EUR655 million first-lien term loan, and a $550 million second-lien
term loan.

-- S&P said, "Our simulated default scenario assumes a default
occurring in 2027 amid a deep global recession that sharply reduces
the capital spending of Duravant's customers and leads to a
significant reduction in its sales. Pricing competition and
substitution risk also lead to a decline in the company's customer
base. We assume that, in such a scenario, its liquidity would be
fully utilized to fund its cash shortfalls to the point it cannot
meet its fixed obligations."

-- S&P believes Duravant's creditors would receive maximum
recovery in a payment default scenario if it reorganized instead of
being liquidated, given its highly engineered machinery, the
customized nature of its products, its attractive margin profile
compared with its peers, and its sizable proportion of recurring
aftermarket revenue.

-- S&P values the company as a going concern using a 5.5x multiple
of its assumed emergence EBITDA, which is in line with the
multiples it uses for its capital goods peers with similar business
profile.

-- S&P updated its assumed EBITDA at emergence to reflect, in
part, additional value from its recently completed acquisitions.

Simulated default assumptions

-- Simulated year of default: 2027
-- Jurisdiction: U.S.
-- EBITDA at emergence: $389 million
-- EBITDA multiple: 5.5x

Revolver is 85% drawn at default.

Collateral value includes pledges of assets from obligors and
guarantors, along with 65% of equity of nonobligors.

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $2.03
billion

-- Valuation split (obligor/nonobligor): 64%/36%

-- Total value available to first-lien debt: $1.95 billion ($1.78
billion collateral/$174 million non-collateral)

-- Secured first-lien debt claims: $2.99 billion

    --Recovery expectations: 50%-70% (rounded estimate: 65%)

-- Total non-collateral value available to second-lien debt and
deficiency claims: $256 million

-- Total value available to second-lien debt: $82 million
(non-collateral)

-- Total second-lien debt and deficiency claims: $1.788 billion

    --Recovery expectations: 10%-20% (rounded estimate: 10%)

Note: Debt amounts include six months of accrued interest that we
assume will be owed at default.



EVERSTREAM SOLUTIONS: Gets Court Confirmation for Ch. 11 Plan
-------------------------------------------------------------
Ben Zigterman of Law360 reports that a Texas bankruptcy judge has
confirmed Everstream Solutions' Chapter 11 reorganization plan,
rejecting a challenge from the U.S. Trustee's Office over the
plan's third-party release provisions. The Trustee argued that the
releases were improper, but the court found them justified based on
the circumstances of the case and the role they played in helping
the parties reach a consensual restructuring.

With confirmation granted, Everstream Solutions can now move
forward with implementing its restructuring strategy. The approval
allows the business internet provider to reorganize its financial
obligations and continue operating as it works toward long-term
stability.

                         About Everstream Networks

Everstream Networks LLC is a business-focused provider of data,
internet, and communications services, operating a fiber network
spanning over 34,000 miles across 13 states in the U.S. Midwest and
Northeast. Headquartered in Cleveland, Ohio, the Company offers
enterprise-grade solutions such as dedicated internet access, dark
fiber, Ethernet, and network security. Founded in 2014 as a
subsidiary of nonprofit OneCommunity, Everstream has expanded
through a mix of organic growth and acquisitions.

Everstream Networks LLC and affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
25-90144) on May 28, 2025. In its petition, the Debtor reports
estimated assets (on a consolidated basis) between $500 million and
$1 billion and estimated liabilities (on a consolidated basis)
between $1 billion and $10 billion.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W.
Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq.,
and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The
Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK
STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL
NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC.
is the Debtors' Claims, Noticing & Solicitation Agent.


EXECUTIVE HOME: Seeks to Hire Ronald Cutler P.A. as Counsel
-----------------------------------------------------------
Executive Home Administration, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Ronald Cutler, P.A. as counsel.

The firm will provide these services:

   a. give the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the continued operation of its
business and management of its property;

   b. prepare and assist necessary applications, answers, orders,
reports, tax returns, accounting schedules, journals and ledgers,
financial schedules, monthly reports, and legal papers; and

   c. perform all other legal services for the Debtor, as
Debtor-in-Possession which may be necessary herein.

Ronald Cutler, Esq., the attorney of the firm handling the case
will be paid $500 per hour.

The firm will be paid a retainer in the amount of $15,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Cutler disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Ronald Cutler, Esq.
     Ronald Cutler P.A.
     1162 Pelican Bay Drive
     Daytona Beach, FL 32119-1381
     Tel: (386) 788-4480
     Email: thelawoffice@ronaldcutlerpa.com
            bankruptcy@ronaldcutlerpa.com

              About Executive Home Administration, LLC

Executive Home Administration, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Fla. Case No. 8:25-bk-08072-CPM on Oct. 31,
2025. The Debtor hires Ronald Cutler, P.A. as counsel.


F-STAR SOCORRO: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of F-Star
Socorro, LP and its affiliates.
  
The committee members are:

   1. XBuilt Roofing LLC
      Derek Richey
      19760 E. Julius Road
      Queen Creek, AZ 85142
      (602) 616-2686
      derek@builtco.com

   2. Purchasing Management International, LP
      Carl Long, President/CEO
      Bill Langmade
      5080 Spectrum Drive, Suite 300E
      Addison, Texas 75001
      (972) 239-5555
      CLong@pmiconnect.com

   3. Theater X LLC
      Jason Turunen, Owner
      14825 N. 82nd Street, Suite #C
      Scottsdale, AZ 85260
      (480) 607-1165
      jason@theaterx.com

   4. Arizona Restaurant Supply, Inc.
      Julia Millet, General Manager
      6077 N. Travel Center Drive
      Tucson, AZ 85741
      (520) 232-2744
      julia@azrestaurantsupply.com

   5. Kortman, Inc.
      Karl Kortman, CFO
      4710 E. Elwood Street, Suite 15
      Phoenix, AZ 85040
      karl@kortmaninc.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                     About F-Star Socorro L.P.

F-Star Socorro, L.P. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90607) on
November 4, 2025, listing up to $50,000 in both assets and
liabilities.

Judge Alfredo R Perez presides over the case.

Nicholas J Hendrix, Esq. at O'Melveny & Myers LLP represented the
Debtor as counsel.


FANTASTIC REAL ESTATE: Seeks Chapter 11 Bankruptcy in California
----------------------------------------------------------------
On November 17, 2025, Fantastic Real Estate Development LLC
voluntarily initiated a Chapter 11 bankruptcy proceeding in the
Central District of California. According to the filing, the
business holds liabilities valued between $1 million and $10
million, with a creditor count of 1 to 49.

           About Fantastic Real Estate Development LLC

Fantastic Real Estate Development LLC is a California-based real
estate company specializing in development and investment. The firm
acquires, develops, and manages residential, commercial, and
mixed-use properties, creating value through careful planning,
construction oversight, and property management. Its core
operations include land acquisition, project design, construction
supervision, leasing, and property sales.

Fantastic Real Estate Development LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
25-20225) on November 17, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.

Honorable Bankruptcy Judge Barry Russell handles the case.

The Debtor is represented by Nathan L. Young, Esq. of The Law
Office of Nathan L Young.


FANTASTIC REAL: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Fantastic Real Estate Development LLC
        20600 E Via Verde Street
        Covina CA 91724

Chapter 11 Petition Date: November 17, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-20225

Judge: Hon. Barry Russell

Debtor's Counsel: Nathan L. Young, Esq.
                  THE LAW OFFICE OF NATHAN L. YOUNG
                  1 World Trade Center #800
                  Long Beach CA 90831
                  Tel: (424) 209-9396
                  Email: trusteessale@yesbankruptcy.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Gladvin Gill as member.

The Debtor has confirmed in the petition that there are no
unsecured creditors.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/HY4VT6I/Fantastic_Real_Estate_Development__cacbke-25-20225__0001.0.pdf?mcid=tGE4TAMA


FERNANDEZ P. ENTERPRISE: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Fernandez P. Enterprise, LLC, according to court
dockets.

                  About Fernandez P. Enterprise

Fernandez P. Enterprise, LLC filed Chapter 11 petition (Bankr. S.D.
Fla. Case No. 25-21879) on October 8, 2025, listing between
$500,001 and $1 million in assets and liabilities.

Judge Peter D. Russin oversees the case.

Mark S. Roher, Esq., at the Law Office of Mark S. Roher, P.A. is
the Debtor's bankruptcy counsel.


FIREFLY NEUROSCIENCE: Reports $2.6 Million Net Loss in 2025 Q3
--------------------------------------------------------------
Firefly Neuroscience, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $2.6 million for the three months ended September 30,
2025, compared to a net loss of $4.3 million for the three months
ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $17.4 million, compared to a net loss of $7.7 million
for the same period in 2024.

Total revenue for the three months ended September 30, 2025 and
2024, were $388,000 and $33,000, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had total revenue of
$730,000 and $55,000, respectively.

As of September 30, 2025, the Company had $12.4 million in total
assets, $2.8 million in total liabilities, and $9.7 million in
total stockholders' equity.

Firefly says that for the next 12 months, it expects to continue to
incur negative cash flows from operations as it integrates the
Evoke and BNA products and continue to invest in the expansion of
our sales organization.

On April 30, 2025, the Company acquired all outstanding stock of
Evoke for approximately $6,000, consisting of $3,000 in cash and
857,142 shares of its common stock.

Firefly said, "Beyond the next 12 months, our ability to achieve
profitability will depend on the successful commercialization of
our combined Evoke and BNA product portfolio. We expect to incur
significant costs associated with continued product development,
commercialization, and distribution activities. As a result, we
will require substantial additional capital to fund ongoing
operations and to implement our business strategy prior to
achieving positive cash flows from operating activities."

"Until we generate sufficient revenues from product sales to cover
operating expenses, working-capital requirements, and capital
expenditures, we expect to finance our operations through the
issuance of equity, debt financing, or other sources of capital.
There can be no assurance that such financing will be available to
us on commercially reasonable terms, or at all. If we are unable to
obtain additional financing as needed, we may be required to delay,
reduce, or discontinue portions of our business plan, which could
adversely affect our ability to continue operations.

"There is substantial doubt about our ability to continue as a
going concern, as evidenced by our accumulated deficit of $108,896
and negative cash flows from operating activities of $6,389 as of
September 30, 2025. The report of our independent registered public
accounting firm for the year ended December 31, 2024, also
expressed substantial doubt about our ability to continue as a
going concern."

Management's plan to address the conditions giving rise to
substantial doubt includes:

     (i) disciplined operating expense management and integration
synergies from the Evoke acquisition; and
    (ii) targeted commercial expansion to drive recurring revenue.

These plans involve assumptions about capital markets and customer
demand that may occur as expected.

"Our expectations regarding the sufficiency of our capital
resources in the near term and our ability to obtain additional
capital in the long term are based on estimates and assumptions
that may prove to be inaccurate. As a result, we could exhaust our
available capital resources sooner than anticipated and may not be
able to obtain additional funding on favorable terms, or at all."

"We have no material off-balance sheet arrangements that have, or
are reasonably likely to have, a current or future effect on our
financial condition, changes in financial condition, revenues or
expenses, results of operations, liquidity, capital expenditures,
or capital resources that would be material to investors."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/5a355end

                           About Firefly

Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer,
Inc.) is an Artificial Intelligence company developing innovative
solutions that improve rain health outcomes for patients with
neurological and mental disorders. The FDA-510(k)-cleared Brain
Network Analytics (BNA) software platform is designed to advance
diagnostic and treatment approaches for individuals with mental
illnesses and cognitive disorders, such as depression, dementia,
anxiety, concussions, and attention-deficit/hyperactivity disorder
(ADHD).

Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's
auditor since 2012, issued a "going concern" qualification in its
report dated April 2, 2025, attached on the Company's Annual Report
on Form 10-K for the year ended Dec. 30, 2024, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

As of June 30, 2025, the Company had $14.93 million in total
assets, $2.84 million in total liabilities, and a total
stockholders' equity of $12.1 million.


FIRST CHOICE: Widens Net Loss to $1.5MM in 2025 Q3
--------------------------------------------------
First Choice Healthcare Solutions, Inc. filed with the U.S.
Securities and Exchange Commission its Quarterly Report on Form
10-Q reporting a net loss attributable to common shareholders of
$1.5 million for the three months ended September 30, 2025,
compared to a net loss of $840,416 for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $3.5 million, compared to a net loss of $4 million
for the same period in 2024.

Gross profit for the three months ended September 30, 2025 and
2024, were $230 and -$29,955, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had gross profit of
$5,686 and -$19,801, respectively.

The Company has a working capital deficit as of September 30, 2025
and has generated recurring net losses since its emergence from
bankruptcy in April 2022.

During the nine months ending September 30, 2025, the Company
experienced operating losses of approximately $3.5 million and
corresponding cash outflows from operations of approximately $0.55
million.

As of September 30, 2025, the Company had $4.1 million in total
assets, $40.1 million in total liabilities, and $36 million in
total stockholders' deficit.

First Choice's performance reflected challenges in operating and
restructuring the Company because of the previous issues that
confronted the Company in the healthcare market, such as growing
referral bases and negotiating favorable contract rates with third
party payors for services rendered, as well as the negative impact
of the CEO indictment in November 2018 and the bankruptcy from June
2020.

As a result of the former CEO's actions, the Company has been
subject to litigation, as well as incurring damage to its
relationships with its employees and referral sources.

The Company's ability to continue as a going concern is dependent
upon the success of its continuing efforts to acquire profitable
companies, grow its revenue base, reduce operating costs,
especially as related to provider services, and access additional
sources of capital, and/or sell assets. The Company believes that
it will be successful in repairing its relationships with employees
and referral sources, generating growth and improved profitability,
resulting in improved cash flows from operations. Additionally,
headcount was reduced in October 2021 and again in January 2023 to
generate reductions in operating costs while the Company focused on
developing and executing its future business strategy.

However, to execute the Company's business development plan, which
there can be no assurance we will achieve, the Company may need to
raise additional funds through public or private equity offerings,
debt financing, corporate collaborations or other means and
potentially reduce operating expenditures. If the Company is unable
to secure additional capital, it may have to curtail its business
development initiatives and take additional measures to reduce
costs to conserve its cash, thus raising substantial doubt about
its ability to continue as a going concern more than one year from
the date of issuance of the 2024 financial statements.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/4wm4pwxh

                  About First Choice Healthcare

Melbourne, Fla.-based First Choice Healthcare Solutions, Inc.
provides rehabilitative services, such as physical therapy.

As of September 30, 2025, the Company had $4.1 million in total
assets, $40.1 million in total liabilities, and $36 million in
total stockholders' deficit.

Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated April 15, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has suffered recurring losses from operations and
has a net capital deficiency that raise substantial doubt about its
ability to continue as a going concern.


FOREST GOOD: Gets One-Month Extension to Use Cash Collateral
------------------------------------------------------------
Forest Good Eats, LLC received sixth interim approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral from November 1 to 30.

The court's order authorized the Debtor's interim use of cash
collateral to fund operations in accordance with its budget, which
shows total operating expenses of $322,672.15 for the interim
period.

Several creditors potentially holding secured interests in the
Debtor's cash or receivables include Gulf Coast Bank & Trust
Company, Optimal Living, LLC, Rewards Network and the U.S. Small
Business Administration.

Each of these creditors will have a continuing post-petition lien
on and security interest in all property of the Debtor and the
proceeds thereof, with the same priority as its pre-bankruptcy
lien.

As additional protection, the court authorized payment of the
$3,000 due to Gulf Coast Bank on October 31.

The sixth interim order will remain effective until it is modified
or terminated by further order; a trustee or examiner is appointed;
the Debtor's Chapter 11 case is dismissed or converted; a notice of
default is filed; or a subsequent order approving use of cash
collateral is entered by the court.

                      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.
   Maynard Nexsen, PC
   4141 Parklake Avenue, Suite 200
   Raleigh, NC 27612
   Telephone: (919) 573-7423
   Facsimile: (919) 573-7454
   LSumner@maynardnexsen.com


FORTNOX AB: FS KKR Marks SEK$85.7MM 1L Loan at 90% Off
------------------------------------------------------
FS KKR Capital Corp. has marked its SEK$85,700,000 loan extended to
Fortnox AB to market at SEK$8,700,000 or 10% of the outstanding
amount, according to FS KKR's Form 10-Q for the quarterly period
ended September 30, 2025, filed with the U.S. Securities and
Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Fortnox AB. The loan accrues interest at a rate of 4.80% per annum.
The loan matures on June 2032.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

    About Fortnox AB

Fortnox AB provides internet-based business software programs for
office applications including accountancy, bookkeeping, payroll,
and invoicing.


FOSSIL GROUP: S&P Upgrades ICR to 'CCC+' Following Restructuring
----------------------------------------------------------------
SS&P Global Ratings raised its issuer credit rating on global
consumer fashion accessories company Fossil Group Inc. to 'CCC+'
from 'SD' (selective default).

S&P said, "We also assigned our 'CCC+' issue-level rating and '3'
recovery rating to the company's new $154 million first-out,
first-lien secured senior notes and our 'CCC+' rating and '4'
recovery rating to its new $30 million second-out, second-lien
secured senior notes.

"The negative outlook reflects our view that the challenging
macroeconomic environment presents a significant risk to Fossil's
turnaround efforts, including its ability to stabilize sales,
generate FOCF, and maintain sufficient liquidity over the next 12
months.

"The debt restructuring improved the company's maturity profile and
liquidity position, but we expect limited headroom over the next 12
months. Fossil improved its maturity profile and liquidity position
by exchanging its $150 million, 7% senior unsecured notes due in
November 2026 for a combination of new 9.5% first-out and 7.5%
second-out senior secured notes due in 2029. The transaction also
includes $32.5 million of new money, pushed Fossil's maturity
profile out by several years to January 2029 at the earliest, and
improved its availability under its $150 million asset-based
lending (ABL) revolving credit facility. However, we continue to
forecast very high S&P Global Ratings-adjusted leverage this year
of nearly 10x and a FOCF deficit of $65 million given ongoing
performance challenges and high restructuring charges associated
with Fossil's turnaround plan. We believe leverage will
meaningfully improve to about 4x and its FOCF deficit will narrow
in fiscal 2026 as one-time costs roll off and the company benefits
from cost-saving initiatives.

"As of Oct. 4, 2025, Fossil's liquidity position consisted of $79
million cash on the balance sheet and $23 million of availability
under its ABL facility. The transaction subsequently removed
certain ABL-required reserves and improved its availability by
roughly $25 million. We expect liquidity will reach a trough in
September 2026 given the seasonality of its working capital needs.
Given minimum cash operating needs of about $58 million and our
forecast for weak FOCF, we believe there is little room to absorb
additional disruptions related to potential operating missteps,
tariff-related pressures, or weaker consumer discretionary
spending.

"Challenging business prospects will constrain revenue and
profitability. Fossil has faced a prolonged period of sales
declines and profitability pressures attributable to weak consumer
demand for its core products, its exit from the smartwatch
category, and store closures. In fiscal 2022, the company generated
about $1.7 billion in revenue and recognized a net loss of roughly
$44 million. By fiscal 2024, revenue had contracted to about $1.1
billion while the net loss widened to more than $100 million. We
continue to forecast a 15% decline in revenue in fiscal 2025,
moderating to a low- to mid-single-digit percent decline in fiscal
2026 as Fossil contends with a weak operating environment and store
closures. Through this year's third quarter (ended Oct. 4), Fossil
continued to report broad sales declines across regions and product
categories.

"To address its operating losses and cash flow deficits, Fossil has
undertaken several restructuring programs. The most recent,
announced in 2024, targets an incremental $100 million of selling,
general, and administrative cost savings in 2025 through headcount
reductions, transition to a less costly distribution model in
smaller markets, and 45 store closures. This followed the
completion of its Transform and Grow plan, which delivered over
$280 million of annualized operating income benefits. We expect S&P
Global Ratings-adjusted EBITDA will improve by about $55 million
and turn positive in fiscal 2025 (but remain about a $25 million
deficit on a reported basis) with incremental improvement in fiscal
2026 from cost reductions, licensing contract renegotiations, a
distribution model in smaller markets, and lower restructuring
charges.

"We see significant execution risk associated with its turnaround
plan. This includes an inability to mitigate tariff costs that
reduced gross margins by approximately 320 basis points in the
third quarter and 143 basis points year to date. In fiscal 2024,
Fossil generated 25% of net sales in the U.S., with most products
assembled or manufactured overseas including material exposure to
China. Notwithstanding the benefit of mitigation strategies, we
still believe tariffs and other unforeseen adverse developments
present significant risk to operating execution.

"The negative outlook on Fossil reflects that we could lower the
ratings over the next 12 months if liquidity deteriorates and we
envision default scenarios over the subsequent 12 months."

S&P could lower of its rating if Fossil cannot:

-- Improve profitability; and

-- Substantially narrow FOCF deficits through its turnaround
plan.

This would increase the likelihood of another restructuring, missed
interest payment, near-term liquidity shortfall, or covenant
violation.

S&P could take a positive rating action if Fossil executes its
turnaround plan, leading to:

-- Top-line stabilization;

-- Improved profitability; and

-- Consistently positive FOCF.


GENERAL ENTERPRISE: Says Current Cash Sufficient Through FY26
-------------------------------------------------------------
General Enterprise Ventures, Inc. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $7.9 million for the three months ended September 30,
2025, compared to a net loss of $655,238 for the three months ended
September 30, 2024.

The Company has incurred losses since inception and incurred a net
loss of $30.7 million during the nine months ended September 30,
2025, compared to a net loss of $5.1 million for the same period in
2024.

Revenue for the three months ended September 30, 2025 and 2024,
were $288,212 and $107,042, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had revenue of $1.9
million and $738,729, respectively.

As of September 30, 2025, the Company had $12.3 million in total
assets, $3.8 million in total liabilities, and $8.5 million in
total stockholders' equity.

In September 2025, the Company completed an equity offering which
generated net proceeds of $5.4 million.

Additionally, in October 2025, the Company completed an equity
offering which generated net proceeds of $2.7 million.

WWC, P.C., the Company's auditor since 2024, previously issued a
"going concern" qualification in its report dated Mar. 31, 2025,
attached to the Company's Annual Report on Form 10-K for the year
ended Dec. 31, 2024, citing that Company has suffered recurring
losses from operations and has a working capital deficit that raise
substantial doubt about its ability to continue as a going concern.


The Company's existing cash resources are expected to provide
sufficient funds to carry out the Company's planned operations
through fiscal year 2026.  

To continue operations beyond such time frame, the Company may be
required to raise additional funds by completing additional equity
or debt offerings or increasing revenue.

There can be no assurance that the Company will be successful in
acquiring additional funding, that the Company's projections of its
future working capital needs will prove accurate, or that any
additional funding would be sufficient to continue operations in
future years.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/48yvn9ad

                      About General Enterprise

Headquartered in Cheyenne, Wyoming, General Enterprise Ventures,
Inc. is an environmentally sustainable flame retardant and flame
suppression company for the residential home industry throughout
the United States and international markets. The Company acquired
Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire
Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and
patents pending for environmentally sustainable flame retardant and
flame suppression technology. MFB's products are currently being
sold to fire departments in the State of California.

As of September 30, 2025, the Company had $12.3 million in total
assets, $3.8 million in total liabilities, and $8.5 million in
total stockholders' equity.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of General
Enterprise Ventures, Inc. until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


GENESIS HEALTHCARE: Claimants Ask 5th Circ. to Lift Stay Order
--------------------------------------------------------------
Emlyn Cameron of Law360 reports that a group of personal injury and
wrongful death claimants has asked the Fifth Circuit to intervene
in Genesis Healthcare's Chapter 11 case, saying the bankruptcy
court's stay orders improperly cut off their access to litigation.
According to the claimants, the court's orders overreach by
offering protections to nondebtor entities that should still face
civil claims.

The claimants want the appellate court to undo the orders, arguing
that the restrictions violate their rights to pursue recovery for
their injuries. They contend that allowing such broad stays risks
expanding bankruptcy protections far beyond their intended limits.

                 About Genesis Healthcare

Genesis Healthcare Institute, LLC, is a provider of short-term
post-acute, rehabilitation, skilled nursing and long-term care
services. As of January 2017, Genesis operates approximately 500
skilled nursing centers and assisted/senior living residences in 34
states across the United States.

Genesis Healthcare sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-00245) on Jan. 9,
2021. In the petition signed by Corazon Cordero, member-manager,
the Debtor disclosed up to $500,000 in both assets and
liabilities.

The Law Office of Konstatine Sparagis serves as the Debtor's
counsel.


GRACE LIMOUSINE: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire granted
Grace Limousine, LLC authorization to use cash collateral on an
interim basis.

The court authorized the Debtor to use cash collateral until the
final hearing on November 25The Debtor's use of cash collateral is
limited to 125% of the aggregate expenditures as set forth in its
budget.  

Pre-bankruptcy lienholders will be granted adequate protection
liens on all assets of the Debtor except avoidance action proceeds,
with the same priority as their pre-bankruptcy liens.
If liens do not fully protect against diminution in value,
lienholders may assert Section 507(b) administrative claims.

The lienholders are The Provident Bank, Mollica, Inc., the U.S.
Small Business Administration; ODK Capital, LLC, and Celtic Bank
Corporation/BlueVine Inc.

A final hearing is scheduled for November 25.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/xxp6r from PacerMonitor.com.

                     About Grace Limousine LLC

Grace Limousine LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.H. Case No. 25-10775) on November 3,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.

Honorable Bankruptcy Judge Kimberly Bacher handles the case.

The Debtor is represented by Matthew J. Delude, Esq. of Bernstein,
Shur, Sawyer & Nelson, PA.


HANDLOS FINISHING: Seeks to Extend Exclusivity to Jan. 19, 2026
---------------------------------------------------------------
Handlos Finishing, LLC, and its affiliates asked the U.S.
Bankruptcy Court for the Southern District of Iowa to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to January 19, 2026 and March 19, 2026,
respectively.

The Debtors claim that the court can extend their exclusive periods
for cause after notice and hearing. Here, the Debtors consist of 11
separate entities. The Debtors are continuing to be engaged in good
faith settlement negotiations with their creditors.

The Debtors explain that pursuant to an Addendum dated November 14,
2025, (the "Addendum") the Contingency Period in the sale of the
two truck stops to Casey's Marketing Company is extended an
additional 60 days. The effect of the Addendum will be to delay
closing for approximately the same amount of time. The Addendum was
entered into because the surveys required for subdividing the
Audubon property took longer than originally anticipated.

Furthermore, the Debtors are currently negotiating the sale and
lease of certain farmland and the sale of certain hog farrowing
sites. The necessary sale and lease agreements have been drafted
and circulated but are not yet finalized.

The Debtors assert that the outcome of these transactions will
significantly impact the structure of the Debtors' Plan of
Reorganization. Accordingly, the Debtors intend to seek
authorization from the Court to enter into these agreements prior
to submitting their Plan.

Counsel to the Debtors:

     Jeffrey D. Goetz, Esq.
     Brennan B. Eddie, Esq.
     Dickinson, Bradshaw, Fowler & Hagen, P.C.
     801 Grand, Suite 3700
     Des Moines, IA 50309-8004
     Tel: (515) 246-5817
     Fax: (515) 246-5808
     Email: jgoetz@dickinsonbradshaw.com

                          About Handlos Finishing

Handlos Finishing, LLC is part of a family-owned pork producer in
Audubon, Iowa, that raises hogs from farrowing through finishing
and provides custom manure-handling services. The vertically
integrated operation also farms grain and feed crops that support
its swine units.

Handlos Finishing and nine affiliates filed Chapter 11 petitions
(Bankr. S.D. Iowa Lead Case No. 25-00669) on April 23, 2025. In its
petition, Handlos Finishing reported assets between $1 million and
$10 million and liabilities between $50 million and $100 million.

Judge Lee M. Jackwig oversees the cases.

The Debtors are represented by Jeffrey D. Goetz, Esq., at
Dickinson, Bradshaw, Fowler & Hagen, P.C.


HARMONY WELLNESS: Hires Brinker Simpson & Company as Accountant
---------------------------------------------------------------
Harmony Wellness, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Brinker Simpson &
Company, LLC as accountant.

The firm will prepare the Debtor's 2023 federal, state, and local
S-corporation income tax returns.

The firm will be paid at these rates:

     a. $350-$485 per hour for Partners
     b. $225-$400 per hour for Directors and Senior Managers
     c. $115-$275 per hour for Managers and Supervisors
     d. $95-$225 per hour for Senior Accountants
     e. $75-$165 per hour for Support Staff

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

Mr. Brenner disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Andrew Brenner, CPA
     Brinker Simpson & Company, LLC
     1400 N. Providence Rd.
     Media, PA 19063
     Tel: (610) 544-5900
     Fax: (610) 544-7455

              About Harmony Wellness, Inc.

Harmony Wellness, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.
25-15682) on September 4, 2025, with $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.

Judge Kimberley H. Tyson presides over the case.

Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C.
represents the Debtor as legal counsel.


HERITAGE GRILLE: Court Extends Cash Collateral Access to Nov. 30
----------------------------------------------------------------
The Heritage Grille, LLC received a one-month extension from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral.

The court issued a sixth interim order authorizing the Debtor to
utilize cash collateral to pay its operating expenses from November
1 to 30. Cash collateral use must conform to the budget, with a 10%
variance allowed on individual items.

The Debtor projects total operational expenses of $322,672.15 for
the interim period.

Several creditors including Gulf Coast Bank & Trust and the U.S.
Small Business Administration hold potential interests in the cash
collateral.

These creditors will have a continuing post-petition lien on and
security interest in all property of the Debtor and the proceeds
thereof, with the same priority as their pre-bankruptcy lien.

As further protection, the court authorized payment of $6,000 due
to Gulf Coast Bank on October 31.

The sixth interim order remains effective until modified, replaced
or terminated by court order; appointment of a bankruptcy trustee;
or dismissal or conversion of the Debtor's Chapter 11 case to one
under Chapter 7.

                  About Heritage Grille & Wine Bar

Heritage Grille & Wine Bar, LLC, doing business as The Heritage
Grille & Wine Barrel, is a fine dining restaurant based in Wake
Forest, North Carolina. It serves French-inspired cuisine and
offers a curated wine selection. The establishment includes a
formal dining room, a speakeasy-style bar, and a bottle shop.

Heritage Grille & Wine Bar sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No.
25-02019) on June 2, 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.

The Debtor is represented by:

   Joseph Zachary Frost, Esq.
   Buckmiller & Frost, PLLC
   Tel: 919-296-5040
   Email: jfrost@bbflawfirm.com


HIAWATHA MANOR: Seeks to Sell Resort Business at Auction
--------------------------------------------------------
Hiawatha Manor Association, Inc., seeks permission from the U.S.
Bankruptcy Court for the Middle District of Tennessee, Nashville
Division, to sell Property, free and clear of liens, claims,
interests, and encumbrances.

The Debtor seeks authority to sell certain 47-unit development
located at 8005 Cherokee Trail, Crossville, Tennessee 37863, which
is commonly known as the "Hiawatha Manor Resort" and a certain
70-unit development located at 8007 Cherokee Trail, Crossville,
Tennessee 37863, which is commonly known as the "Hiawatha Manor
West" and together with Hiawatha East Property, each free and clear
of all liens, claims, interests, and encumbrances.

Because the Debtor owns the Properties as a tenant in common, the
Debtor has filed complaints commencing adversary proceedings in
which the Debtor is seeking authority to sell the Properties,
including the interests held by non-debtors as tenants in common.

The Debtor is a Tennessee not-for-profit corporation that holds and
administers timeshare interests of the Hiawatha East Property.

The Debtor also holds 70 timeshare interests in the Hiawatha West
Property.

The Debtor’s "sister" association, Hiawatha Manor West
Association, Inc., is a Tennessee not-for-profit corporation that
holds and administers timeshare interests in real property known as
"Hiawatha Manor West at Lake Tansi Village," located in or around
8007 Cherokee Trail, Crossville, Tennessee 38572. The property was
initially organized under Tennessee's Horizontal Property Act by a
Declaration of Horizontal Property Regime and Master Deed recorded
on or about August 3, 1982.

The Hiawatha East Property was initially organized under
Tennessee's Horizontal Property Act by a Declaration recorded on or
about July 1, 1979, followed by an additional Declaration for
“Hiawatha Manor I” recorded on or about October 27, 1980.

From 1979 onwards, the Debtor sold thousands of "intervals" or
"weeks" in these units, but owner delinquencies have climbed to
approximately 75%, leading to severe shortfalls in assessment
collections and a resulting lack of funds for maintenance. Many
owners have simply abandoned their interests, leaving the Debtor
unable to sustain normal resort operations and capital
improvements.

Similar to its sister association, Hiawatha West has also suffered
from escalating owner delinquencies. As more owners abandoned their
intervals or ceased paying maintenance fees, the association’s
income declined sharply, undermining its ability to cover regular
operating costs, necessary repairs, and capital improvements.

Additionally, although still in place, the Shared Services
Agreement has become increasingly difficult to administer due to
ongoing delinquencies, unpaid cross-charges, and the operational
shutdown at Hiawatha West.

Like the Debtor, Hiawatha West also faces restrictive voting
requirements under its declaration. Early termination or
significant amendment typically requires a unanimous or
supermajority vote, yet the large volume of abandoned intervals and
the limitations on the association’s voting rights in reacquired
intervals effectively bar any voluntary resolution.

Despite the Debtor's efforts, the owners did not achieve the
necessary unanimous, or supermajority, vote at the Special Meeting.
The high proportion of abandoned intervals, issues with buildings
that no longer physically exist, and the prohibition on the Debtor
voting its own intervals all undermined any practical route to
obtaining the Declarations' rigid termination standard.
Consequently, the Debtor was left without a definitive vote to end
the timeshare plans.

The Debtor has sought through the Adversary Proceedings to sell
both its own interests and the co-owners’ interests in one
comprehensive transaction.

The Debtor seeks authorization and approval of the bidding
procedures in connection with the Sale of each Property to a
purchaser free and clear of all liens, claims, interests, and
encumbrances.

The Bidding Procedures are intended to permit a fair and efficient
competitive sale process; and promptly identify the bid or bids
that constitute the highest and otherwise best offer for the
subject Assets.

The Properties consist of real estate, which has been continuously
marketed in an open and free market.

Any Successful Bidder would be entering into the proposed sale
after an arms' length negotiations.

The Properties are not encumbered by any liens of significant
value. Except for any unpaid ad valorem taxes that may exist, the
only other known parties holding liens on the Properties are the
Debtor.

The Purchase Price must be greater than the aggregate value of all
liens on the Properties. As such, the Properties should be
authorized to be sold free and clear of such encumbrances.

The details of the bidding procedures, along with the key dates and
deadlines, can be found at Exhibit B at:
https://urlcurt.com/u?l=hCQ95Z

          About Hiawatha Manor Association

Hiawatha Manor Association, Inc., oversees the management of the
timeshare condominiums known as Hiawatha Manor and Hiawatha Manor
I.

Hiawatha Manor Association sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01916) on May
6, 2025. In its petition, the Debtor reported between $1 million
and $10 million in both assets and liabilities.

Judge Randal S. Mashburn handles the case.

The Debtor is represented by Blake D. Roth, Esq., at Holland &
Knight, LLP.


HOLLYMONT CAPITAL: Case Summary & Nine Unsecured Creditors
----------------------------------------------------------
Debtor: Hollymont Capital, LLC
        330 Arden Ave. #110
        Glendale, CA 91203

Business Description: Hollymont Capital, LLC is a single-asset
                      real estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: November 19, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-20319

Judge: Hon. Deborah J Saltzman

Debtor's Counsel: Laura J. Portillo, Esq.
                  PORTILLO RONK LEGAL TEAM
                  5716 Corsa Avenue, Suite 207
                  Westlake Village CA 91362
                  Tel: (805) 203-6123
                  Email: Attorneys@portilloronk.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Luis Carmon as manager of Hillhurst Real
Estate Network LLC, the Debtor's 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/627FNLQ/Hollymont_Capital_LLC__cacbke-25-20319__0001.0.pdf?mcid=tGE4TAMA


HOT CRETE: Updates Pool Claims Pay Details; Files Amended Plan
--------------------------------------------------------------
Hot Crete LLC submitted a Second Amended Disclosure Statement
describing Chapter 11 Plan dated November 14, 2025.

The purpose of the Plan is to maximize recovery to the Creditors,
including the numerous homeowners that were unintentionally harmed
by pool cancer/ASR. The Debtor believes that the Plan achieves
maximum recovery to all Creditors while facilitating the
liquidation of the Debtor.

Hot Crete is liquidating its assets to pay its creditors. Due to
the issues caused by faulty shotcrete, Hot Crete reached a
settlement with its insurance company which will benefit those with
Pool Claims. Debtor is proposing a process that will allow the Pool
Builders and other interested parties time to negotiate a
settlement between themselves and for an assignment of any claim.

The Debtor previously stopped operations, has liquidated its
assets, and reached a settlement with its insurance company. Here,
a confirmed plan will allow for an equitable distribution of policy
proceeds to the effected parties such as Home Owners, Pool
Builders, and insurance companies with subrogation rights. The
process proposed by the Debtor will provide a partial recovery for
all allowed Pool Claims as opposed to the proverbial race to the
courthouse which may result in only some claimants recovering
money.

Creditors that do not opt-in to the Plan will not receive any
proceeds from the bankruptcy. The Debtor is no longer operating,
has liquidated its assets, and has reached a settlement with
Federated for the full amount of the insurance policies, which will
fund the recovery for the Allowed Pool Claims.

Class 4 consists of Pool Claims. "Pool Claim" means a claim filed
by or on behalf of a homeowner, Pool Builder, or other contractor
that hired, directly or indirectly, the Debtor to build a pool and
asserts that the Debtor's product or services damaged the project.
"Pool Claims" include, without limitation, claims of homeowners who
assert that there is concrete cancer or AlkaliSilica Reaction
("ASR") present in their pool from work or product provided by the
Debtor.

Treatment:

     * Insurance Proceeds: Debtor's Plan proposes to pay proceeds
from the insurance settlement with Federated Insurance, which will
exhaust the potential recovery of the insurance policies with
Federated Insurance.  

     * Liquidation Trustee: This process will be overseen and
managed by a fiduciary (the "Liquidation Trustee") as more fully
explained in Article IV of the Plan and the Liquidation Trust
Agreement. The objective is to provide a pro-rata recovery to all
affected Pool Claimants for their actual costs and expenses due to
the faulty product provided by Hot Crete. The proceeds will be paid
on a pro-rata basis to Pool Claimants.

     * Channeling Injunction: As explained in more detail in
Article IX of the Plan, Pool Claimants that accept the Channeling
Injunction in the Plan and opt-in to the release provided to
Federated Insurance as part of the voting process will receive a
pro-rata payment on their claims under the Plan. There is no other
anticipated source of recovery as the Debtor has liquidated its
assets, and the Insurance Settlement is not sufficient to pay all
Pool Claims in full.

     * Pool Builder's Negotiation Process: Debtor's Plan includes a
process for Pool Builders to work with their clients, the
homeowners, to resolve disputes between and amongst themselves.
This process, will allow up to 12 months for the applicable Pool
Builders to work with the homeowners to resolve their dispute and
allocate their respective proceeds from the Insurance Settlement.
If the homeowner does not reach a settlement with the Pool Builder,
such homeowner's Allowed Claim will remain and that portion will be
removed from the Pool Builder's Allowed Claim.

In this instance, Hot Crete proposes to pay what it can to its
creditors from the following primary categories of assets: First)
the proceeds generated by liquidating its physical assets; Second)
the proceeds from applicable insurance policies and, specifically,
the Settlement with Federated Insurance to be provided in the Plan
Supplement, and, Third) all other assets of the Debtor, such as,
but not limited to, retained causes of action.

A full-text copy of the Second Amended Disclosure Statement dated
November 14, 2025 is available at https://urlcurt.com/u?l=c1eh8S
from PacerMonitor.com at no charge.

Hot Crete LLC is represented by:

     Todd Headden, Esq.
     Charlie Shelton, Esq.
     HAYWARD PLLC
     7600 Burnet Road, Suite 530
     Austin, TX 78757
     Phone: (737) 881-7100
     Email: theadden@haywardfirm.com
            cshelton@haywardfirm.co

                      About Hot Crete LLC

Hot Crete LLC is a Texas limited liability corporation that
operated as a provider and installer for pool concrete or
shotcrete.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10303) on
March 22, 2024, listing $1,000,001 to $10 million in both assets
and liabilities.  The petition was signed by Edgar Castro as
president.

Todd Brice Headden, at Hayward PLLC, is the Debtor's counsel.


HOTEL ONE: Gets Interim OK to Use Cash Collateral
-------------------------------------------------
Hotel One Partners Miramar Beach, LLC received interim approval
from the U.S. Bankruptcy Court for the Northern District of
Florida, Pensacola Division, to use cash collateral.

The interim order signed by Judge Jerry Oldshue, Jr. authorized the
Debtor to use cash collateral to pay the amounts expressly
authorized by the court, including payments of U.S. trustee
quarterly fees; the expenses set forth in the budget, plus an
amount not to exceed 15% for each line item; and additional amounts
subject to approval by Community Bank of Louisiana.

All post-petition franchise fees owed to Holliday Hospitality
Franchising, LLC (HHF) under the Staybridge Suites license
agreement are not subject to the budget limits and must be paid in
full monthly, according to the court order.

As adequate protection, Community Bank of Louisiana will be granted
a replacement lien on the Debtor's post-petition cash collateral,
including cash, cash equivalents, accounts, and related proceeds.
This replacement lien will have the same priority as the bank's
pre-bankruptcy lien.

The interim order is without prejudice to future requests for
modified protection or to any committee's right to challenge the
bank's liens.

The next hearing is scheduled for December 12.

Community Bank of Louisiana, the Debtor's primary secured lender,
holds liens on the Debtor's assets including its 116-unit
Staybridge Suites hotel in Miramar Beach, Florida. These liens
extend to cash and cash equivalents, including rental income,
deposits, and other proceeds from the property, constituting cash
collateral under 11 U.S.C. section 363(a).

Community Bank of Louisiana is represented by:

   Robert J. Powell, Esq.
   Moorhead Law Group, PLLC
   127 Palafox Place, Suite 200
   Pensacola, FL 32502
   Phone: (850) 466-4093
   Fax: (850) 477-0982
   rpowell@moorheadlaw.com
   heidi@moorheadlaw.com
   bbangle@moorheadlaw.com

            About Hotel One Partners Miramar Beach LLC

Hotel One Partners Miramar Beach, LLC is a Kentucky limited
liability company and the owner of the 116-unit Staybridge Suites
hotel in Miramar Beach, Florida.

Hotel One Partners sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31131) on
November 7, 2025. In its petition, the Debtor reported between $10
million and $50 million in assets and liabilities.

Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case.

The Debtor is represented by Edward J. Peterson, III, Esq., at
Berger Singerman, LLP.


INMOBILIARIA LLC: Hires McNamee Hosea P.A. as Counsel
-----------------------------------------------------
Inmobiliaria LLC seeks approval from the U.S. Bankruptcy Court for
the District of Columbia to employ McNamee Hosea, P.A. as counsel.

The firm will provide these services:

     (a) advise the Debtor with respect to its powers and duties
and in the operation and management of the business;

     (b) prepare any necessary legal papers, and appear on the
Debtor's behalf in proceedings instituted by or against it;

     (c) assist the Debtor the confirmation of a plan;

     (d) assist the Debtor with other legal matters related to the
Debtor's reorganization; and

     (e) perform all of the legal services for the Debtor that may
be necessary or desirable herein.

On November 10, 2025, the firm was paid a retainer of $21,738 by
Thomas Jefferson Real Estate, LLC, an entity owned by the
principals of the Debtor.

The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Justin Fasano, Esq., an attorney at McNamee Hosea, disclosed in a
court filing that the firm is a "disinterested person" as the term
ction 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Justin P. Fasano, Esq.
     McNamee Hosea, PA
     6404 Ivy Lane, Suite 820
     Greenbelt, MD 20770
     Telephone: (301) 441-2420
     Email: jfasano@mhlawyers.com

              About Inmobiliaria LLC

Inmobiliaria LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.
Colo. Case No. 25-00519-ELG) on Nov. 11, 2025. The Debtor hires
McNamee Hosea, P.A. as counsel.


INOVA PHARMACEUTICALS: FS KKR Marks AU$3.9MM 1L Loan at 26% Off
---------------------------------------------------------------
FS KKR Capital Corp. has marked its AU$3,900,000 loan extended to
iNova Pharmaceuticals (Australia) Pty Limited to market at
AU$2,900,000 or 74% of the outstanding amount, according to FS
KKR's Form 10-Q for the quarterly period ended September 30, 2025,
filed with the U.S. Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
iNova Pharmaceuticals (Australia) Pty Limited. The loan accrues
interest at a rate of 4.80% per annum. The loan matures on November
2031.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

        About iNova Pharmaceuticals (Australia) Pty Limited

iNova Pharmaceuticals (Australia) Pty Limited is a pharmaceutical
company that develops, markets, and sells non-prescription
medicines and prescription medicines.


IRIDIUM COMMUNICATIONS: Fitch Affirms 'BB' LongTerm IDR
-------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Iridium Communications Inc. (Iridium) and Iridium
Satellite LLC at 'BB'. The Rating Outlook is Stable. Fitch has also
affirmed the ratings of the senior secured term loan and revolver,
issued by Iridium Satellite LLC, at 'BBB-' with a Recovery Rating
of 'RR1'.

Iridium's ratings reflect Fitch's expectation that leverage will
remain below 4.0x and any share buybacks or other uses of cash will
be managed to keep gross leverage under said threshold. The ratings
are also supported by high barriers to entry, recurring revenue
stream and lower capital intensity, following the completion of
second-generation satellite constellation. Concerns include
Iridium's competitive operating environment, with new low earth
orbit (LEO) systems being deployed that may compete with Iridium in
certain markets.

Key Rating Drivers

Leverage Expected Below 4x: Fitch expects Iridium's gross EBITDA
leverage to be about 3.7x at year-end 2025. Iridium announced with
its 3Q25 results that it intends to pause its share repurchase
program in the near term to build liquidity for potential M&A
opportunities aimed at offsetting future competitive threats.
Management expects their calculation of net leverage to be below
3.5x by YE 2025.

Iridium's long-term net leverage target is below 2x by the end of
2030 to enable financial flexibility for the next satellite build
cycle. Fitch expects the company will focus on building cash for
potential M&A opportunities over the next 12-18 months. Management
has said it will consider both bolt-on transactions and potentially
transformative deals. Fitch expects Iridium to operate with
leverage below 4.0x and will evaluate any transactions for their
impact on leverage, management leverage plans and opportunities
resulting from the deal.

Rising Competition: Historically, Iridium has faced competition
from a range of geosynchronous (GEO) satellite constellations
(Viasat and Thuraya Telecommunications Co.) and LEO constellations
(Globalstar and ORBCOMM). Iridium is also facing competition from
new LEO systems such as Starlink, Project Kuiper and OneWeb.
Starlink has grown a material broadband business globally and is
making inroads into direct to device. Iridium management stated on
their 3Q25 call that SpaceX's recently announced acquisition of
spectrum from EchoStar could result in increased competition as
that spectrum is put to use in the next three to five years.

Iridium's LEO constellation and L-band spectrum benefits will be a
mitigant and include its lower susceptibility to rain fade versus
spectrum in the Ka and Ku bands, and suitability for mobility
applications where small form factor antennas are desirable such as
satellite phones, personal devices and for low- to mid-bandwidth
IoT applications. The benefits of L-band spectrum make it ideal for
safety applications.

Capex in a Downcycle: The company completed the replacement of its
first generation of satellites with the Iridium Next platform in
2019, and capex needs are expected to be relatively low until 2030,
driving elevated FCF. Fitch expects capex near $90 million in 2025
and for it to average about $80 million to $85 million annually
over the remainder of the decade, a fraction of peak annual levels
of about $400 million between 2016 and 2018.

Revenue Concentration: The U.S. government is Iridium's largest
customer and generated $255 million, or 29%, of revenue LTM through
3Q25. The Enhanced Mobile Satellite Services (EMSS) contract, a
multi-year, fixed-price contract with the Department of Defense and
other federal government entities, has a total value of $738.5
million over seven years through September 2026 ($107 million
revenue, 17% of service revenue LTM 3Q25). Iridium may also provide
additional services under separate arrangements for additional
fees. No other commercial customers accounted for over 10% of the
company's revenue.

Asset Risk: Satellites are subject to periodic failure of their
various components, although mostly have built-in redundant
systems. Iridium's constellation consists of 66 operational
satellites plus 14 in-orbit spares. The in-orbit spares ameliorate
the risk from potential failed satellites, although there could be
a temporary disruption in service while the replacement satellite
maneuvers into position.

Peer Analysis

Iridium differs slightly from Intelsat Jackson Holdings (WD, now
part of SES (BBB/Negative)), Viasat (B/Stable) and Telesat (not
rated [NR]) as these companies have fixed satellite services
offerings (Telesat is implementing a LEO satellite constellation).
Space Exploration Technologies (NR) has a LEO constellation
offering broadband services but operates in the Ka and Ku bands.
All satellite peers have a cyclically capital-intensive business
model in that they experience investment periods of elevated capex
and capex holidays, similar to what Iridium expects to experience
through 2030.

The company is smaller than Viasat and Space Exploration
Technologies, and similar in size to Telesat. Margins are strong
across the industry with Iridium and Intelsat having higher
margins. Viasat has relatively lower margins due to its vertically
integrated nature and focus on providing services directly to
consumers. Historically, Telesat's were the strongest of the peer
group but have declined toward the lower end of the peer group due
to an increase in costs with the development of its LEO
constellation build.

Iridium separates itself from peers in terms of cash flow
generation with (CFO-capex)/debt near the mid-teens, compared with
Viasat and Telesat which are cash flow negative in their most
recently reported FYE. Iridium's expected EBITDA leverage of 3.7x
compares favorably with Viasat and Telesat, which have higher
leverage.

Key Assumptions

- Organic revenue growth of approximately 5% in 2025 and then low
single digits through the remainder of the forecast;

- Fitch-calculated EBITDA margins in the mid- to upper 50% range;

- Capex at about $90 million in 2025, declining to $80 million to
$85 million annually in 2026-2028;

- Cash taxes less than $10 million per year through the four-year
forecast;

- Share repurchases of $200 million in 2025, no share repurchases
in 2026 and then $250 million per year 2027-2028.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage sustained above 4.0x due to aggressive financial
policy, a significant transaction or a capex-heavy business
initiative;

- Competitive pressures on key fundamentals such as revenue,
customer losses or EBITDA margin erosion;

- (CFO-capex)/debt sustained below 7.5%.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Increased scale (with more than $750 million of EBITDA) combined
with increased diversification of products and customers;

- EBITDA leverage sustained below 3.0x while prudently managing
long-term capex spend.

Liquidity and Debt Structure

Fitch believes Iridium has sufficient liquidity supported by $88.5
million of cash balances and $50 million availability under its
$100 million revolving facility as of Sept. 30, 2025. Earlier this
year, the company borrowed $50 million under its revolver to fund
share repurchases. Liquidity is further augmented by consistent FCF
generation supported by low capex until 2030, after completion of
the second-generation satellite constellation in 2019. Fitch
expects FCF averaging above $200 million annually over its
four-year forecast period.

Iridium's debt structure is comprised of a $1.825 billion senior
secured term loan ($1.775 billion outstanding as of Sept. 30, 2025)
and $100 million of secured revolving facility ($50 million
outstanding as of Sept. 30, 2025). The company issued a $125
million add-on in March 2024 and another $200 million add-on in
July 2024 to the original $1.5 billion term loan. The revolver
matures in September 2028, while the term loan matures in September
2030. The revolver has a springing net leverage covenant of 6.25x
if utilization is over 35%.

Issuer Profile

Iridium is a global mobile satellite services (MSS) provider of
communications services that uses an L-band spectrum LEO satellite
network. The network consists of 66 satellites with 14 in-orbit
spares and related ground infrastructure.

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
   -----------                ------           --------   -----
Iridium
Communications Inc.     LT IDR BB   Affirmed              BB

Iridium Satellite LLC   LT IDR BB   Affirmed              BB

   senior secured       LT     BBB- Affirmed     RR1      BBB-


J INTERNATIONAL: Unsecureds to Split $63K via Quarterly Payments
----------------------------------------------------------------
J International Management, LLC, d/b/a Gabi filed with the U.S.
Bankruptcy Court for the District of Nevada an Amended Subchapter V
Plan of Reorganization dated November 14, 2025.

The Debtor owns and operates a café and bakery serving coffee and
tea products, sandwiches, salads, soups, cakes and other bakery
items.

The Debtor operates out of a leased space located at 5808 Spring
Mountain Rd., #104, Las Vegas, Nevada 89146. The Debtor has about
30 employees and is owned by Jang Hyun Kim.

The Debtor filed for bankruptcy principally to address various
Economic Injury Disaster Loans (the "EIDLs") it borrowed from the
U.S. Small Business Administration (the "SBA") during the COVID-19
pandemic, back taxes owed to both the Internal Revenue Service (the
“IRS”) and the Nevada Department of Taxation ("NDOT"), and
several merchant cash advance loans (the "MCAs").

The Debtor's financial projections show that it will have projected
disposable income of $1,590,308 over the next five years, which is
calculated prior to any payments to creditors under this Plan. The
final Plan payment is expected to be paid by October 2030 (assuming
the Plan is confirmed and goes effective in November 2025).

This Plan of Reorganization under chapter 11 of the Code proposes
to pay creditors of the Debtor from cash flow from future
operations as needed.

Non-priority unsecured creditors holding Allowed claims will
receive distributions, which the Debtor has valued at about $0.02
on the dollar, based on $63,225 in total distributions to Class 9,
divided by an estimated $2.5 million in potential claims in this
Class. This Plan also provides for the payment in full of Allowed
administrative and priority claims.

Class 9 consists of NonPriority General Unsecured Claims. Each
holder of an Allowed general unsecured, non-priority claim in Class
9 shall receive its pro rata share of the aggregate sum of $63,225,
or such greater amount as the Court may require at the confirmation
hearing on the Plan and as consistent with Sections 1190 and 1191
of the Code, which shall be paid at the rate of $3,513 per quarter,
and commencing by the 15th day of the 9th month following the
Effective Date, and continuing each and every calendar quarter
thereafter until both of the foregoing sums are paid in full. Class
9 is impaired.

Except to the extent that the Holders of Class 10 Equity Interests
agree to less favorable treatment, they shall retain their Equity
Interests, subject to the terms and conditions of this Plan. Class
10 is unimpaired and thus is deemed to accept the Plan, and is not
entitled to vote on it.

This Plan will be funded through cash on hand as of the Plan's
Effective Date, and cash flow generated from the future operations
of the Debtor's business.

A full-text copy of the Amended Plan dated November 14, 2025 is
available at https://urlcurt.com/u?l=IkQUk6 from PacerMonitor.com
at no charge.

The Debtor's Counsel:

                  Matthew C. Zirzow, Esq.
                  Zachariah Larson, Esq.
                  LARSON & ZIRZOW, LLC
                  850 E. Bonneville Ave.
                  Las Vegas, NV 89101
                  Tel: 702-382-1170
                  Fax: 702-382-1169
                  E-mail: mzirzow@lzlawnv.com

                  About J International Management LLC

J International Management LLC, operating as Gabi Coffee, is a
hospitality business based in Las Vegas, Nevada, that runs a
specialty cafe and bakery at 5808 Spring Mountain Rd., Suite 104.
The Company offers a blend of traditional oriental and modern
Western-inspired beverages and baked goods, serving hot and iced
drinks alongside freshly baked bread and various sweet and savory
food items. It operates daily, providing local customers and
visitors a unique cafe experience combining cultural aesthetics and
fresh bakery products.

J International Management LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.
25-14602) on August 8, 2025. In its petition, the Debtor reports
total assets of $128,543 and total liabilities of $4,243,957.

Honorable Bankruptcy Judge August B. Landis handles the case.

The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON &
ZIRZOW, LLC.


JACKSON WALKER: Fed. Judge Asks Houston Court Help in Fee Dispute
-----------------------------------------------------------------
Andrew Scurria of The Wall Street Journal reports that a federal
judge has brought the Houston bankruptcy court back into a civil
case against Jackson Walker stemming from former partner Elizabeth
Freeman's romantic involvement with ex-bankruptcy judge David R.
Jones. The case focuses on allegations that the firm failed to
disclose the relationship in multiple Chapter 11 cases in Houston.

Judge Alia Moses directed Chief Bankruptcy Judge Eduardo Rodriguez
to provide recommendations on a $23 million fee dispute with
Jackson Walker, which she will review. She emphasized that the
bankruptcy court's knowledge would aid in navigating the complex
issues, according to report.

Jones, previously a leading bankruptcy judge, oversaw dozens of
major Houston proceedings while involved with Freeman, without
disclosure. The Justice Department's U.S. Trustee office alleges
Jackson Walker was aware of the relationship in 34 cases and is
seeking to disgorge fees earned in those matters, The Wall Street
Journal reports.

Moses also put on hold several settlements between Jackson Walker
and former clients, describing them as attempts to bypass both her
authority and the bankruptcy court's oversight. A firm spokesperson
declined to comment, and federal prosecutors continue probing
potential criminal violations arising from the nondisclosure of the
relationship, the report cites.

                 About Jackson Walker LLP

Jackson Walker LLP is a law firm. The Firm's practice areas include
aviation, antitrust, bankruptcy, energy, environmental,
entertainment, health care, immigration, insurance, intellectual
property, international, labor and employment, real estate, and tax
law.


JHW PLUMBING: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: JHW Plumbing LLC
          DeGeorge Plumbing & HVAC
        20634 N. 28th Street, Unit 185
        Phoenix, AZ 85050

Business Description: JHW Plumbing LLC, also known as DeGeorge
                      Plumbing & HVAC, provides plumbing, heating,
                      air-conditioning, water-treatment, and sewer
                      and drain services to residential and
                      commercial customers across Phoenix and
                      surrounding communities including
                      Scottsdale, Tempe, Mesa, Chandler, Gilbert,
                      Glendale, Paradise Valley, Fountain Hills,
                      Arcadia, Anthem, New River, and Cave Creek.
                      The Company operates within the HVAC and
                      plumbing services industry, offering repair,
                      installation, and maintenance work
                      throughout its service area, providing 24/7
                      service coverage.

Chapter 11 Petition Date: November 17, 2025

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 25-11019

Debtor's Counsel: Ronald J. Ellett, Esq.
                  ELLETT LAW OFFICES, P.C.
                  2999 North 44th Street
                  Suite 330
                  Phoenix, AZ 85008
                  Tel: 602-235-9510
                  E-mail: rjellett@ellettlaw.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by James H. Whitley as 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/EA4DGJA/JHW_PLUMBING_LLC__azbke-25-11019__0001.0.pdf?mcid=tGE4TAMA


JTA1 REAL: Gets Extension to Access Cash Collateral
---------------------------------------------------
JTA1 Real Properties, LLC received another extension from the U.S.
Bankruptcy Court for the Middle District of Florida to use cash
collateral.

At the recent hearing, the court authorized the Debtor's interim
use of cash collateral through November 25.

The Debtor was initially authorized to use cash collateral under
the court's November 6 interim order to pay U.S. Trustee fees,
budgeted expenses (plus up to 10% per line item), and additional
amounts subject to approval by secured creditor Stormfield Capital
Funding I, LLC.

The November 6 order granted Stormfield and junior lienholders --
Worth Capital Holdings 124 LLC, JBT Properties LLC, and the City
and County of Denver -- post-petition replacement liens, with the
same validity and priority as their pre-bankruptcy liens.

Stormfield is represented by:

   Henry H. Bolz, IV, Esq.
   Polsinelli PC
   315 S. Biscayne Blvd., Suite 400
   Miami, FL 33131
   Telephone: (305) 921-1811
   Facsimile: (305) 921-1801
   hbolz@polsinelli.com
   FLdocketing@polsinelli.com  
   cmoreno@polsinelli.com

                About JTA1 Real Properties LLC

JTA1 Real Properties, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03531) on
September 30, 2025, listing up to $50,000 in assets and
liabilities.

Judge Jason A. Burgess oversees the case.

The Debtor is represented by:

  Jeffrey Ainsworth, Esq.
  Bransonlaw PLLC
  Tel: 407-894-6834
  Email: jeff@bransonlaw.com


JVL COMPANY: Seeks to Hire McDowell Law PC as Counsel
-----------------------------------------------------
JVL Company Corp. seeks approval from the U.S. Bankruptcy Court for
the District of New Jersey to employ McDowell Law, PC as counsel to
handle its Chapter 11 case.

The firm's counsel will be paid at these rates:

     Ellen McDowell, Attorney        $475 per hour
     Associates                      $275 to $325 per hour
     Paralegals                      $150 per hour

The Debtor has agreed to pay the firm a retainer in the amount of
$10,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Ms. McDowell disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Ellen M. McDowell, Esq.
     McDowell Law PC
     46 West Main Street
     Maple Shade, NJ 08052
     Tel: (856) 482-5544
     Email: emcdowell@mcdowelllegal.com

              About JVL Company Corp.

JVL Company Corp., filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 25-22024) on Nov. 12, 2025. The firm hires McDowell
Law, PC as counsel.


K&D'S SANTA CRUZ: Unsecureds to Get 30 Cents on Dollar in Plan
--------------------------------------------------------------
K&D's Santa Cruz Tire and Auto, Inc. filed with the U.S. Bankruptcy
Court for the Northern District of California a Plan of
Reorganization for Small Business dated November 14, 2025.

The Debtor is a corporation. Since May 2022 the Debtor has been in
the business of providing full service auto care including repairs,
alignment and tire sales.

Being the subject of a banking scam and with a slowdown in
business, Debtor took out merchant cash advance loans. The onerous
repayment terms, however, only further squeezed cash-flow
precipitating the herein filing. With the assistance of a business
consultant, Debtor has been able to turn its business around from a
loss of $ $30,200 in Sept 2025 to a gain of $86,519 in October 2025
with November appearing to be a good month.

The Debtor's financial projections show that the Debtor will have
projected disposable income of $1,545,480 The final Plan payment is
expected to be paid on March 2029 which is anticipated to be 36
months after the effective date.

This Plan of Reorganization proposes to pay creditors of the Debtor
from operations.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 30 cents on the dollar, consistent with the
liquidation analysis and projected disposable income. This Plan
also provides for the payment of administrative and priority
claims.

Class 3 consists of Non-priority unsecured creditors. General
unsecured creditors shall receive a pro-rata share of a pot of
$144,586 disbursed in monthly payments of $4,016.28 over 36 months
distributed prorata commencing on the first day of the month after
the Effective Date of the Plan and continuing on the first day of
the month each and every month thereafter for 35 additional months.
This Class is impaired.

Class 4 consists of equity security holders of the Debtor. Equity
holders shall retain their equity position unaltered.

Mr. Ryan and Mrs. Ryan will continue to serve as directors and
officers of Debtor and continue with day to day management and
operations. Debtor may employ a business consultant to assist with
streamlining operations and for business promotions. Debtor has
more than sufficient cash to pay administrative claims and priority
claims on the Effective Date and to provide for a buffer for any
slow months.

A full-text copy of the Plan of Reorganization dated November 14,
2025 is available at https://urlcurt.com/u?l=GlPpNh from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Lars T. Fuller, Esq.
     THE FULLER LAW FIRM, PC
     60 No. Keeble Ave.
     San Jose, CA 95126
     Telephone: (408) 295-5595
     Facsimile: (408) 295-9852
     Email: admin@fullerlawfirm.net

                      About K&D's Santa Cruz Tire and Auto

K&D's Santa Cruz Tire and Auto, Inc., doing business as Santa Cruz
Tire and Auto Care, provides automotive repair and maintenance
services including brakes, engine and suspension repair, wheel
alignments, smog checks, and air conditioning service.  The company
also sells and installs tires from brands such as Pirelli and
Firestone and offers related services such as towing, financing,
and a vehicle shuttle program. It operates from its location in
Santa Cruz, California, serving customers in the surrounding area.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51258) on August
15, 2025, with $1,754,537 in assets and $2,350,343 in liabilities.
Karl Ryan, CEO, signed the petition.

Judge M. Elaine Hammond presides over the case.

Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor
as bankruptcy counsel.


KELLERMEYER BERGENSONS: FS KKR Marks $3.9MM 1L Loan at 51% Off
--------------------------------------------------------------
FS KKR Capital Corp. has marked its $98,600,000 loan extended to
Kellermeyer Bergensons Services LLC to market at $48,800,000 or 49%
of the outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Kellermeyer Bergensons Services LLC. The loan accrues interest at a
rate of 8.20% per annum. The loan matures on November 2028.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

            About Kellermeyer Bergensons Services LLC

Kellermeyer Bergensons provides janitorial services, including
maintenance, contract cleaning, floor care, and integrated facility
support in the US and Canada.


KLEOPATRA FINCO: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Kleopatra
Finco, S.a.r.l.

The committee members are:

   1. Formosa Plastics Corporation, U.S.A.
      9 Peach Tree Hill Road
      Livingston, NJ  07039
      Ghada Zaky
      (973) 422-7755
      gzaky@fpcusa.com

   2. JB Hunt Transport, Inc.
      615 JB Hunt Corp Drive
      Lowell, AR 72745
      Erica Hayes
      (479) 419-3500
      Erica.Hayes@JBHunt.com

   3. PreZero Gestión De Residuos, S.A.
      Calle Dédalo 2, 28037, Madrid, Spain
      Carlos Álvarez Iglesias
      +34 609637690
      carlos.alvarez@prezero.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                About Kleopatra Finco and Klockner

Klockner is a global manufacturer of packaging for companies all
around the world. Klockner's trays and films are used to preserve
meats, cheese, fish, and other perishable products in grocery
stores. Its clear plastic shell packaging is used to protect
individually packaged pills. Klockner's durable films are used in
the manufacturing of credit cards, and Klockner's labels are on
everything from laundry detergent containers to craft beer cans to
spice containers.

Kleopatra Finco S.a r.l., is a private limited company incorporated
under the laws of Luxembourg.  Finco is the financing arm of
Klockner.

Kleopatra Finco S.a r.l. and 24 affiliates sought Chapter 11
bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on
Nov. 4, 2025, before the Hon. Christopher M. Lopez.  The Debtors
listed $1 billion to $10 billion in estimated assets and
liabilities.  The debtors sought Chapter 11 protection after
entering into a Restructuring Support Agreement with an ad hoc
group of lenders.  A Chapter 11 plan was filed together with the
petition.

Kirkland & Ellis LLP serves as counsel to the Debtors. Porter
Hedges LLP serves as local counsel. PJT Partners is the investment
banker and Alvarez & Marsal is the restructuring advisor.  Stretto,
Inc. is the claims and noticing agent and Ernst & Young LLP is the
tax advisor.

Coface Finanz Gmbh is represented by:

   Jennifer Joyce Kellner, Esq.
   Mayer Brown LLP
   1221 Avenue of the Americas
   New York, NY 10020
   Tel: (212)506-2500
   jkellner@mayerbrown.com

FactoFrance is represented by:

   Robert E. Richards
   Dentons US LLP
   233 S. Wacker Drive, Suite 5900
   Chicago. Illinois 60606-6404
   Telephone: (312) 876-8000
   robert.richards@dentons.com


KRAIG BOCRAFT: Widens Net Loss to $1.5 Million in 2025 Q3
---------------------------------------------------------
Kraig Biocraft Laboratories, Inc. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $1,509,566 for the three months ended September 30,
2025, compared to a net loss of $433,200 for the three months ended
September 30, 2024.

The Company incurred a net loss of $2,835,732 during the nine
months ended September 30, 2025, compared to a net loss of
$2,547,264 for the same period in 2024. Losses are expected to
continue in the near term.

For the three and nine months ended September 30, 2025, and 2024,
the Company recognized no revenue.

The accumulated deficit is $55,921,451 at September 30, 2025.  The
Company has a working capital deficiency of $8,544,784 and
stockholders' deficiency of $7,956,077 and used $1,339,483 of cash
in operations for the nine months ended September 30, 2025.

As of September 30, 2025, the Company had $2,356,596 in total
assets, $10,312,673 in total liabilities, and $7,956,077 in total
stockholders' deficit.

Kraig Biocraft said, "We have been funding our operations through
private loans and the sale of common stock in private placement
transactions. Our cash resources are insufficient to meet our
planned business objectives without additional financing. These and
other factors raise substantial doubt about our ability to continue
as a going concern."

"Management anticipates that significant additional expenditures
will be necessary to develop and expand our business before
significant positive operating cash flows can be achieved. Our
ability to continue as a going concern is dependent upon our
ability to raise additional capital and to ultimately achieve
sustainable revenues and profitable operations. At September 30,
2025, we had $1,565,692 of cash on hand. These funds are
insufficient to complete our business plan and as a consequence, we
will need to seek additional funds, primarily through the issuance
of debt or equity securities for cash to operate our business. No
assurance can be given that any future financing will be available
or, if available, that it will be on terms that are satisfactory to
us. Even if we are able to obtain additional financing, it may
contain undue restrictions on our operations, in the case of debt
financing or cause substantial dilution for our stockholders, in
the case of equity financing."

Management has undertaken steps as part of a plan to improve
operations, with the goal of sustaining the Company's operations
for the next 12 months and beyond. These steps include:

     (a) raising additional capital and/or obtaining financing;
     (b) controlling overhead and expenses; and
     (c) executing material sales or research contracts.

There can be no assurance that the Company can successfully
accomplish these steps, and it is uncertain that the Company will
achieve a profitable level of operations and obtain additional
financing.

Furthermore, there can be no assurance that any additional
financing will be available to the Company on satisfactory terms
and conditions, if at all.

As of November 12, 2025, the Company has not entered into any
formal agreements regarding the plans.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/bd9h56zb

                        About Kraig Biocraft

Ann Arbor, Mich.-based Kraig Biocraft Laboratories, Inc., a Wyoming
corporation, is organized to develop high-strength fibers using
recombinant DNA technology for commercial applications in technical
textiles.

As of September 30, 2025, the Company had $2,356,596 in total
assets, $10,312,673 in total liabilities, and $7,956,077 in total
stockholders' deficit.

The Woodlands, Texas-based M&K CPAs, PLLC, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated Mar. 28, 2025, citing that the Company has suffered net
losses from operations and has a net capital deficiency, which
raises substantial doubt about its ability to continue as a going
concern.


LAKE BUENA VISTA: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Lake Buena Vista Investments, LLC, according to court
dockets.

               About Lake Buena Vista Investments LLC

Lake Buena Vista Investments, LLC is a Florida-based limited
liability company engaged in activities related to real estate
under NAICS 5313.  The company's principal assets are located at
12341-12353 Winter Garden Vineland Road in Orlando, Florida, a site
encompassing hospitality and commercial properties.

Lake Buena Vista Investments, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 25-06768)
with $10,000,001 to $50 million in both assets and liabilities. The
petition was signed by Jack Flechner as manager.

Judge Hon. Grace E Robson oversees the case.

The Debtor is represented by:

   Aaron A Wernick
   Wernick Law, PLLC
   Tel: 561-961-0922
   Email: awernick@wernicklaw.com


LANDERS DEVELOPMENT: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------------
Landers Development, LLC asks the U.S. Bankruptcy Court for the
Eastern District of Arkansas for authority to use cash collateral.


The Debtor intends to use cash collateral to fund critical
operations, including paying subcontractors, purchasing materials,
maintaining insurance and utilities, and ensuring site security.

The Debtor identifies two secured creditors: Stone Bank, which
holds two promissory notes purportedly secured by real property,
and Merchants & Farmers Bank, which may claim an interest in cash
collateral though no executed security agreements or UCC filings
have been found. The Debtor does not concede the validity, extent,
or priority of any liens and reserves all rights and defenses.

To ensure proper use of cash collateral, the Debtor proposes a
12-week budget with defined variance limits and weekly reporting to
the secured creditors, the Subchapter V trustee, and the U.S.
trustee.

The Debtor proposes to protect Stone Bank through replacement liens
on post-petition proceeds, ongoing financial and job-status
reporting, insurance and maintenance covenants, and potential
§507(b) superpriority claims if the agreed adequate protection is
later deemed insufficient.

For Merchants & Farmers Bank, adequate protection is reserved until
a valid lien is established, after which a comparable protection
package would apply.

Stone Bank is represented by:

   Ryan J. Caststeel, Esq.
   Hopkins Caststeel PLC
   Attorneys at Law
   1000 West Second
   Little Rock, AR 72201
   Telephone: (501) 375-1517
   Facsimile: (501) 375-0231
   rcaststeel@hopkinslawfirm.com

Merchants & Farmers Bank is represented by:

   Brooks A. Gill, Esq.
   Gill Law Firm, PLC
   Attorneys at Law
   P.O. Box 70
   Dumas, AR 71639
   Telephone: (870) 382-4988  
   Facsimile: (870) 382-4992  
   brooks.gilllawfirm@gmail.com

                   About Landers Development LLC

Landers Development, LLC, a company in Benton, Arkansas, provides
residential and commercial construction services, including home
building and housing development, primarily within the state.

Landers Development sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13827) on October 31,
2025. In the petition signed by Nick Landers, member, the Debtor
disclosed up to $10 million in both assets and liabilities.

Judge Phyllis M. Jones oversees the case.

Jennifer Lancaster, Esq., at Lancaster & Lancaster Law Firm,
represents the Debtor as bankruptcy counsel.


LMD HOLDINGS: Hires Mr. Baker of Aurora Management as CRO
---------------------------------------------------------
LMD Holdings, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Michigan to employ David Baker of Aurora
Management Partners Inc. as chief restructuring officer.

The firm will provide these services:

   a. assist the Debtor and counsel in the preparation of pleadings
and schedules necessary for the Chapter 11 case;

   b. assess and evaluate weekly cash flow projections and related
assumptions to determine liquidity availability;

   c. identify cost-saving and working capital opportunities that
can be immediately implemented to improve liquidity;

   d. work with the management team to understand cash receipts and
disbursement over a 13-week period to potentially adjust business
decisions to free up liquidity;

   e. work with the management team to request accommodation and
support from Company's major Customers;

   f. evaluate and analyze all aged accounts payable, taxes, rent,
etc.;

   g. engage in a DIP financing transaction;

   h. develop a business restructuring/liquidation model (the
"Plan"). that provides scenario analysis to evaluate all strategic
alternatives, if appropriate;

   i. manage a sales process for the Companies' assets and work
with the member to complete the transaction;

   j. work with management to decide on and execute the appropriate
Plan;

   k. manage cash flow to protect non-affiliated creditors;

   l. retain and manage special legal counsel, investment bankers
and other professionals as required to execute the Plan;

   m. oversee and manage required bankruptcy reporting;

   n. other normal and customary duties, authority and
responsibility, typically provided to a CRO.

The firm will be paid at these rates:

   Managing Director / Senior               $500 to $820 per hour
       Management Director / Managing Partner
   Associate Director / Director            $375 to $500 per hour
   Consultant / Senior Consultant           $250 to $375 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Baker disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     David Baker
     Aurora Management Partners Inc.
     112 South Tryon St. Ste 1770
     Charlotte, NC 28284
     Tel: (704) 377-6010

              About LMD Holdings, LLC

LMD Holdings LLC operates Luca Mariano Distillery, a beverage
manufacturer located at 128 Letton Drive in Danville, Kentucky.

LMD Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million to $10 million each.

Honorable Bankruptcy Judge Paul R. Hage handles the case.

The Debtor is represented by Robert Bassel, Esq. at ROBERT N.
BASSEL.


LONGBONS ENTERPRISES: Seeks to Use Cash Collateral
--------------------------------------------------
Longbons Enterprises, Ltd. asks the U.S. Bankruptcy Court for the
Central District of Illinois, Springfield Division, for authority
to use cash collateral.

The Debtor intends to use cash collateral potentially subject to
lenders' interests to fund payroll and other operating expenses in
line with its six-month budget.

The lenders include Small Business Financial Solutions, LLC (doing
business as Rapid Finance), a pre-bankruptcy secured lender, and
merchant cash advance lenders including Headway Capital, LLC, Quick
Bridge Funding, LLC, and United First, LLC.

The Debtor proposes to protect these lenders with replacement liens
on post-petition assets under 11 U.S.C. section 361, while
providing a carveout for Subchapter V trustee compensation.

The Debtor is not presently seeking a determination of the lenders'
specific rights or priorities and proposes that issues regarding
liens, adequate protection, and cash-collateral terms be resolved
at a later final hearing.

                  About Longbons Enterprises Ltd.

Longbons Enterprises, Ltd. provides residential and commercial
janitorial services under the Merry Maids trade names in Illinois.


Longbons Enterprises sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-70921) on November
10, 2025, listing up to $100,000 in assets and up to $1 million in
liabilities. Michael R. Longbons, president of Longbons
Enterprises, signed the petition.

Judge Mary P. Gorman oversees the case.

Sumner A. Bourne, Esq., at Rafool & Bourne, P.C., represents the
Debtor as legal counsel.


MARYMOUNT UNIVERSITY: S&P Rates 2015 A/B Revenue Bonds 'BB-'
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' rating on the Virginia
College Building Authority's series 2015A and 2015B revenue bonds,
issued for Marymount University (MU).

The outlook is stable.

S&P said, "We analyzed the university's environmental, social, and
governance credit factors pertaining to its market position,
management and governance, and financial performance. We view all
factors as neutral in our analysis.

"The stable outlook reflects our expectation that during the
one-year outlook period, MU's enrollment will be at least stable,
while the university improves operations on a full-accrual basis
without incurring a covenant violation. We also expect the
university to at least maintain current financial resources with no
expectations of additional debt issuance.

"We could consider a negative rating action if the university sees
a trend of declining enrollment, operating deficits are larger than
expected, or financial resources and liquidity decline. We would
also consider the issuance of additional debt or loss of
accreditation negatively.

"We could consider a positive rating action if the university's
enrollment is stable while it produces consistent
breakeven-to-positive operations and improves financial resources
to levels commensurate with a higher rating."



MCGRAW-HILL EDUCATION: S&P Upgrades ICR to 'B+', Outlook Positive
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on McGraw-Hill
Education Inc. (MHE) to 'B+' from 'B'. S&P also raised its
issue-level ratings on the company's senior secured and senior
unsecured debt to 'BB-' and 'B-', respectively. S&P removed the
ratings from CreditWatch, where it placed them with positive
implications on July 18, 2025.

The positive outlook reflects the likelihood of an upgrade in the
next 12 months if MHE continues to post solid operating performance
and reduces debt further, such that S&P believes leverage will stay
sustainably under 4x.

MHE has used proceeds from its IPO in July and cash on balance
sheet to reduce debt by $542 million so far this year. S&P also
expects the company will post solid operating performance in fiscal
2026, despite a lighter adoption schedule.

S&P said, "We believe MHE's financial policy as a public company
has shifted toward a focus on lower leverage, with a public target
of net leverage of 2x to 2.5x or less despite its majority
ownership and control by a financial sponsor.

"Therefore, we anticipate that the company will maintain S&P Global
Ratings-adjusted leverage below 5x on a sustained basis.

"We expect MHE to continue focusing on reducing debt and
maintaining leverage below 5x. MHE's leveraged buyout by
private-equity firm Platinum Advisors in 2021 added roughly $1
billion of debt to its balance sheet, which raised leverage to over
9x. However, strong EBITDA expansion since the acquisition coupled
with multiple debt prepayments using free cash flow and the $387
million of proceeds from the July 2025 IPO improved adjusted
leverage to less than 4.5x on an S&P Global Ratings-adjusted basis
as of Sept. 30, 2025. While Platinum has an 87% ownership, MHE has
publicly stated a long-term target of reducing net leverage in the
2x to 2.5x range (3x to 3.5x on an S&P Global Ratings-adjusted
basis). As a result, we believe the company will continue to
prioritize debt reduction over the next 12 months and maintain S&P
Global Ratings-adjusted leverage under 5x.

"We believe MHE is well positioned to expand over the next year,
driven by a stronger adoption schedule in fiscal 2026 and continued
market share gains. MHE reported a slight decline in revenue of
0.5% year over year for the first six months of fiscal 2026 ended
Sept. 30, 2025. A lighter adoption schedule in its K-12 market was
partially offset by market share gains in both its K-12 and higher
education segments. Solid student enrollment growth in higher
education in the spring and fall semesters also supported growth in
higher education. We expect fiscal 2027 to benefit from a stronger
adoption schedule in the K-12 market (including math in Texas and
California), and stable enrollment in higher education. We believe
the company's trusted brand, scale and breadth of distribution and
offerings, and proprietary digital solutions such as ALEKS or
McGraw Hill Plus will continue supporting market share and future
growth."

Accelerating digital adoption and cost-saving initiatives have
improved MHE's overall margin profile. The COVID-19 pandemic
accelerated the transformation of the educational materials market
in higher education, as digital delivery is better suited for
adoption in distance-learning environments. Increased digital sales
improved EBITDA generation since digital products carry higher
margins than print products. In addition to a larger secondary
market, print materials carry lower margins because the costs
associated with production and updating the curriculum are greater.
Finally, MHE is benefiting from increased operational leverage due
to market share gains and larger scale. As a result, S&P expects
S&P Global Ratings-adjusted EBITDA margin to remain close to 30% in
fiscal 2026, up from the mid-teens percent area in 2015-2020.

The positive outlook reflects the likelihood of an upgrade in the
next 12 months if MHE continues to post solid operating performance
and reduces debt further such that we believe leverage will stay
sustainably under 4x.

S&P could revise its outlook to stable on MHE over the next 12
months if we believe leverage will sustain above 4x. This would
most like be due to:

-- A deterioration in operating performance and cash flow; or

-- A change in the company's financial policy leading to increased
leverage, likely due to material shareholder distributions, or
large debt-financed acquisitions.

S&P could raise the rating on MHE if:

-- The company continues to grow revenues and margins while
maintaining its leading position as a global provider of
educational solutions;

-- MHE reduces debt leverage below 4x and maintains free operating
cash flow (FOCF) to debt above 10%; and

-- S&P expects the company's financial policy and track record to
be compatible with leverage below 4x.



MERCER INT'L: Moody's Lowers CFR to Caa1 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings downgraded Mercer International Inc.'s (Mercer)
corporate family rating to Caa1 from B2. Moody's have also
downgraded the probability of default rating to Caa1-PD from B2-PD,
senior unsecured debt ratings to Caa2 from B3, and the Speculative
Grade Liquidity Rating (SGL) was downgraded to SGL-4 from SGL-3.
The outlook was changed to stable from negative.

The downgrade reflects Moody's expectations that Mercer's weak
operating performance and elevated financial leverage will continue
through at least 2026 driven by uncertain macro environment and
difficult pulp market conditions with weak pricing, lower demand
and increased fiber costs. Moody's expects Mercer's liquidity will
weaken in 2026, reflecting free cash flow deficits and tighter
covenant headroom on its German credit facility. Moody's expects
liquidity to deteriorate further if pulp market conditions do not
improve materially, especially with the company's two revolving
credit facilities expiring in January and September 2027.

Governance considerations, specifically financial strategy and risk
management, were a key ESG driver of the rating action, reflecting
the company's weak liquidity and elevated financial leverage.

RATINGS RATIONALE

Mercer's rating (Caa1 CFR) is constrained by high financial
leverage, weak liquidity and low interest coverage through 2026;
the inherent price volatility of market pulp and lumber which
periodically results in high leverage during trough market prices;
and high product concentration with approximately 75% of sales and
essentially all of EBITDA tied to pulp.

Mercer's rating benefits from its leading global market position in
northern bleached softwood kraft (NBSK) pulp; modest earning
contributions from relatively stable energy and chemical business
segment; operational flexibility and geographic diversity with
several pulp mills in Germany and Canada, mass timber facilities in
the US and wood product facilities in Germany.

Mercer has weak liquidity (SGL-4). Liquidity sources total about
$305 million as compared to about $160 million in uses through
March 2027. At September 2025, the company has about $98 million in
cash and short-term investments, and about $207 million of
availability under the German revolving credit facility totaling
about $430 million (EUR370 million) expiring in September 2027.
Uses of liquidity include about $130 million of Moody's expected
free cash flow consumption through March 2027 and repayment of $33
million drawn on the company's $115 million (CAD160 million)
Canadian revolving credit facility expiring January 2027.

Mercer will rely on its credit facilities to cover the cash flow
deficit. The increase in borrowings on its German credit facility
and a declining German EBITDA will reduce covenant headroom and
could necessitate covenant relief, especially earlier in 2026.
Moody's do not consider the Canadian credit facility as a source of
liquidity as it will go current in January 2026 if it is not
renewed. The increased reliance on the German credit facility to
repay outstanding borrowings under the Canadian credit facility (if
not renewed), could reduce covenant headroom.

The Caa2 ratings on the company's senior unsecured notes, which is
one notch below the Caa1 CFR, reflects the structural subordination
to the Canadian revolving credit facility and other indebtedness
and liabilities of the operating subsidiaries. The company's senior
unsecured notes do not benefit from operating subsidiary
guarantees.

The stable outlook reflects Moody's expectations that Mercer's
financial leverage will remain high and that the company will have
enough liquidity to cover negative free cash flow in 2026.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Mercer's ratings could be downgraded if the company's operating
performance deteriorates, its liquidity weakens further, the
company is unable to extend its revolvers expiring 2027, or the
company engages in distressed exchange.

Mercer's ratings could be upgraded if the company's liquidity and
operating performance improve such that the company is able to
generate positive free cash flow.

Mercer International Inc. is a leading producer of NBSK pulp,
operates two large lumber mills in Germany, and is a leader in mass
timber in North America. The company is incorporated in the State
of Washington and headquartered in Vancouver, British Columbia.

The principal methodology used in these ratings was Paper and
Forest Products published in November 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.


MERIT STREET: Court Converts Bankruptcy Case to Chapter 7
---------------------------------------------------------
Judge Scott W. Everett of the United States Bankruptcy Court for
the Northern District of Texas entered an order converting Merit
Street Media, Inc.'s bankruptcy case to Chapter 7. The motions to
stay the bankruptcy case conversion are denied.

On July 18, 2025, creditors Trinity Broadcasting of Texas, Inc. and
TCT Ministries, Inc. filed an Emergency Motion for an Order:

   (I) Dismissing Debtor's Chapter 11 Case,
  (II) Converting the Case to Chapter 7, or
(III) Appointing a Chapter 11 Trustee.

In its October 28, 2025 ruling, the Court stated its intent to
convert this case to Chapter 7 pursuant to a separate order.

Both the Debtor and Peteski Productions, Inc. have since filed
motions for stay pending appeals.

In its Stay Brief, Peteski argued or suggested the Court did not
satisfy due process when it found as cause for conversion or
dismissal:

   (a) Gary Broadbent's failure in his duty of candor to the Court;

   (b) Phil McGraw's destruction of relevant evidence and property
of the estate in his capacity as either board member of Merit
Street or de facto officer or agent of Merit Street; and
   (c) Mr. Broadbent's not being a neutral fiduciary but instead
being conflicted in favor of Mr. McGraw.

In addition, after the Ruling, the Darcy Lynn Ribman 1997 Trust
filed its Emergency Motion for Entry of an Order:

   (I) Altering or Amending Judgment, and
  (II) Granting Related Relief on November 7, 2025.

The Ribman Trust requests that the Court remove from its Ruling the
Court's finding that Jamie Ribman, husband to Darcy Ribman, was a
Ribman Trust representative and agent.

Trinity and PBR alleged that Mr. Ribman was acting for the Ribman
Trust or that Mr. McGraw believed Jamie Ribman was acting for the
Ribman Trust and was the correct person to communicate with
regarding the Ribman Trust claim.

In December 2024, through a family trust, the Ribmans invested $5
million in the Debtor via a convertible note.

Mr. McGraw fully and personally guaranteed the $5 million
investment of the Ribmans, whom he has described numerous times as
his close personal friends.

Even if somehow there were insufficient evidence of an agency
relationship between Mr. Ribman and the Ribman Trust, the Court
would still conclude that conversion to Chapter 7 rather than
appointment of a Chapter 11 trustee is in the best interests of the
estate and creditors, for reasons both unrelated to fairness and
directly related to fairness. The Court concludes each of those
reasons favors a Chapter 7.

In the Ruling, the Court identified four causes for conversion or
dismissal. For three of the four causes (lack of a neutral
fiduciary, failure in the duty of candor to the Court, and
destruction of a text), the Court intended to state that each such
cause was also cause to appoint a Chapter 11 trustee.

In addition, even if lack of a neutral fiduciary, lack of candor,
and badfaith conduct were somehow not cause to convert to Chapter 7
but were instead only cause to appoint a Chapter 11 trustee, and if
no other Chapter 7 conversion cause existed, the Court
alternatively would appoint a Chapter 11 trustee rather than
dismiss the case or continue with current management in control. A
Chapter 11 trustee would at the very least cure the lack of a
neutral fiduciary and would avoid the free-for-all of a dismissal.
The Court would simply have to address the Ribman Trust issue in
the continued Chapter 11.

In the further alternative, absent cause under section 1112(b) or
section 1104(a), the Court would find the appointment of a Chapter
11 trustee in the best interest of creditors, equity security
holders, and other interests of the estate, given the skyrocketing
level of distrust and vitriol among the parties.

In this case, Merit Street is already a zombie of a company with
virtually no employees, virtually no operations, and virtually
nothing left to do other than sell a media library under section
363 and pursue litigation. According to the Court, under the unique
facts of this case, dishonesty is cause to remove the CRO, and
Chapter 7 fits the bill much better than a continuing Chapter 11
liquidation.

The Court found that the Debtor had negative monthly cash flows
(expenses exceeded its revenue) of approximately $1 million -- not
that the Debtor had monthly operating expenses of $1 million as
suggested by the movants. There is substantial and continuing loss
and diminution even before considering administrative expenses.

As for the planned payment for those administrative expenses,
Peteski cites hoped-for recoveries from claims against Trinity and
PBR under the proposed plan. But for the many reasons outlined
elsewhere in the Memorandum, it would be nearly impossible for the
Court to make the required finding for confirmation that the plan
was proposed in good faith. The Court rejects Peteski's hyperbole
that -- under the Court's analysis -- every Chapter 11 liquidating
plan
will result in Chapter 7 conversion.

According to the Court, all parties, including the Debtor and
Peteski, will enjoy a double layer of protection when a Chapter 7
trustee proposes to sell the media library or pursue or settle
claims. Judge Everett explains, "The first layer of protection is
the Chapter 7 trustee -- selected from a panel of qualified
trustees by the United States Trustee -- who must exercise sound
business judgment and obtain fair and reasonable results when
selling assets or handling claims. The second layer of protection
is this Court, which won't approve any asset sales or any proposed
settlement of litigation unless all appropriate standards are met.
Rather than irreparable injury, that's indubitable protection."

Debtor and Peteski argue that creditors will be irreparably harmed
if a stay is not granted because they'll lose out on the creditor
recoveries guaranteed to them under the plan negotiated by Mr.
McGraw and Mr. Broadbent. Even if the Debtor and Peteski had
standing to raise this argument for other parties, there is nearly
zero chance the Court would confirm the plan and make the finding
required for confirmation that the plan was proposed in good faith
by the Debtor, given the Court's findings related to two of the
principals behind the negotiated settlement (Mr. McGraw and Mr.
Broadbent), and given the Ribman Trust's role on the Committee and
in supervising postpetition litigation against PBR and Trinity.

The Court gives little or no weight to Coley Brown's liquidation
analysis that purports to show creditors would do better in this
Chapter 11 than they would in a Chapter 7.

Moreover, there is no reason Peteski and Mr. McGraw couldn't reach
a functionally equivalent settlement with a Chapter 7 trustee if
the trustee believes the benefits under the plan settlement are
worth giving a release to Mr. McGraw and Peteski.

Finally, Peteski -- not the Debtor -- argues that Peteski and Mr.
McGraw, as well as the Debtor and Mr. Broadbent, will suffer
irreparable reputational harm if a stay is not granted, relying on
cases involving damages to a brand from shutting down the business
or movants being removed from their professional industry. The Cort
says there is zero chance of damages to the Merit Street brand, as
the company is being liquidated no matter the chapter of this
case.

The Court emphasizes that harm to administrative claimants will
only be exacerbated should the order converting the case be stayed
given the Debtor's continuing losses and the lack of a DIP loan.
The same risk of substantial harm to administrative claimants
extends to general creditors in the case as well. According to
Judge Everett, "An overarching goal of bankruptcy is an equitable,
fair distribution of assets to a debtor's creditors. That
distribution has already been delayed for months, and it will
continue to be delayed even further if the order converting the
case is stayed."

The Court finds granting a stay of its conversion order would
result in substantial harm to other parties.

A copy of the Court's Memorandum Decision dated November 18, 2025,
is available at https://urlcurt.com/u?l=1FGxqb from
PacerMonitor.com.

                  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.


MICROMOBILITY.COM: Reports $116,000 Net Income in 2025 Q3
---------------------------------------------------------
micromobility.com, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net income
of $116,000 for the three months ended September 30, 2025, compared
to a net income of $5 million for the three months ended September
30, 2024.

For the nine months ended September 30, 2025 and 2024, the Company
reported a net loss of $1.8 million and $1.1 million,
respectively.

Revenues for the three months ended September 30, 2025 and 2024,
were $610,000 and $451,000, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had revenues of $1.6
million and $977,000, respectively.

As of September 30, 2025, the Company had $1.4 million in total
assets, $38.9 million in total liabilities, and $37.5 million in
total stockholders' deficit.

The Company has experienced recurring operating losses and negative
cash flows from operating activities since its inception.

To date, these operating losses have been funded primarily from
outside sources of invested capital. The Company had, and expects
to continue to have, an ongoing need to raise additional cash from
outside sources to fund its operations.

Successful transition to attaining profitable operations depends
upon achieving a level of revenues adequate to support the
Company's cost structure.

These conditions raise substantial doubt about the Company's
ability to continue as a going concern within the next 12 months.

The Company plans to continue to fund its operations through debt
and equity financing. Debt or equity financing may not be available
on a timely basis on terms acceptable to the Company, or at all.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/mr2j28y8

                   About micromobility.com Inc.

New York, N.Y.-based micromobility.com, Inc. was an intra-urban
transportation and media Company, offering affordable, accessible,
and sustainable forms of personal transportation, and providing
live and non-live media content. During 2024, the Company decided
to exit the mobility and media operations, both in Italy and the
United States of America, due to the high costs and related cash
burn. During the year ended December 31, 2024, the Company shifted
its core business from micromobility and media services to IT
software services. In detail, during 2024 the Company entered into
a Service agreement with Everli S.p.A., a related party (an entity
controlled by the Company's major shareholder), for providing
software development services, which became its core business.

As of June 30, 2025, the Company had $1.40 million in total assets,
$31.32 million in total liabilities, and $37.92 million in total
stockholders' deficit.  As of September 30, 2025, the Company had
$1.4 million in total assets, $38.9 million in total liabilities,
and $37.5 million in total stockholders' deficit.

New York, N.Y.-based Marcum LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2024, citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


MIDWEST ENGINEERED: Unsecureds to Get $60K per Year for 3 Years
---------------------------------------------------------------
Midwest Engineered Components, Inc., ("MEC") filed with the U.S.
Bankruptcy Court for the District of Minnesota a First Modified
Plan of Reorganization under Subchapter V dated November 14, 2025.

The Debtor is a Minnesota limited liability company operating in
Minnesota and is a premium manufacturer representative company. MEC
specializes in sales of engineered electrical and mechanical
component products to the original equipment manufacturer,
distributor and the large industrial user markets.

This chapter 11 plan of reorganization proposes to pay creditors of
the Debtor with all of the projected disposable income of the
Debtor for a 36-month period. The Plan has two classes, one
unsecured class, and one class for equity interests. As required by
the Bankruptcy Code, this Plan provides for full payment of
Administrative and Priority Claims.

The Debtor's cashflow projections confirm that the Debtor generates
sufficient cash flow to fund the payments due under the Plan and
provides payments to unsecured creditors in the total amount of
$180,000.00 over the next 36-month period.

Class 1 consists of Allowed General Unsecured Claims. As of the
date hereof, the Debtor estimates the total pool of allowed General
Unsecured Claims to be approximately $358,390.61, including insider
claims and disputed claims. In full satisfaction of such claims,
each Holder of a Class 1 non-insider claim shall receive its
pro-rata share of $60,000.00 per year on the anniversary of the
Effective Date, and two more pro-rata payments on the second
($60,000.00) and third ($60,000.00) year anniversaries of the
Effective Date, for a total of three payments equaling $180,000.00.
The percentage payment to each Class 1 creditor is approximately
61.35% to 100% if the disputed claim is successfully resolved in
the Debtor's favor.

The Debtor or its principal shall escrow $5,000 per month into the
Lamey Law Firm attorney's trust account ("trust account") for
thirty-six months. On the anniversary of the Effective Date, the
Debtor will authorize its attorney to disperse each un disputed
general unsecured creditor's pro-rata share. Any general unsecured
creditor's claim that is disputed shall be left in the trust
account until such claim determination is final. This same
procedure will occur for the 2nd and 3rd anniversary of the
Effective Date's distributions. Any general unsecured creditor or
party in interest may request proof of the escrowed funds from
Debtor's counsel at any time. Class 1 is impaired.

Class 2 consists of Equity Interests. Equity interest holders are
parties who hold an ownership interest in the Debtor. The only
member of Class 2 is Patrick Frater. Mr. Frater shall retain his
equity interests in the Debtor on the Effective Date.

On the Effective Date, all of the Debtor's respective rights,
title, and interest in and to all assets shall vest in the
reorganized Debtor, and in accordance with section 1141 of the
Bankruptcy Code.

The Debtor will continue to be managed by Patrick Frater. Mr.
Frater will receive a fixed salary of approximately $3000.00
(gross) per month, plus future cost of living increases of 3% per
year for all employees.

A full-text copy of the First Modified Plan dated November 14, 2025
is available at https://urlcurt.com/u?l=rYM6ZN from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     John D. Lamey III, Esq.
     Lamey Law Firm, P.A.
     980 Inwood Ave N
     Oakdale, MN 55128
     651-209-3550
     Fax 651-789-2179

                    About Midwest Engineered Components

Midwest Engineered Components Inc. is a professional services
company based in Burnsville, Minn.

Midwest Engineered Components sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-31318) on April
30, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $100,000 and $500,000.

The Debtor is represented by John D. Lamey, III, Esq. at Lamey Law
Firm, P.A.


MINNEAPOLIS PIZZA: Seeks Chapter 7 Bankruptcy in Illinois
---------------------------------------------------------
Minneapolis Pizza LLC filed a voluntary Chapter 7 bankruptcy on
November 13, 2025, in the Northern District of Illinois. According
to the petition, the company lists liabilities ranging from $10
million to $50 million. It reports having between 1 and 49
creditors.

                 About Minneapolis Pizza LLC

Minneapolis Pizza LLC operates in the pizza and quick-service
restaurant sector, offering a range of pizza options alongside
appetizers, beverages, and other casual dining items.

Minneapolis Pizza LLCsought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17594) on November
13, 2025. In its petition, the Debtor reports estimated assets up
to $100,000 and estimated liabilities between $10 million and $50
million.

Honorable Bankruptcy Judge Timothy A. Barnes handles the case.

The Debtor is represented by Michael M. Eidelman, Esq. of Vedder
Price.


MODIVCARE INC: Delays Q3 10-Q Due to Chapter 11 Filing
------------------------------------------------------
Modivcare Inc. filed a Notification of Late Filing on Form 12b-25
with the U.S. Securities and Exchange Commission, informing that it
is unable to file its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2025 by the prescribed due date without
unreasonable effort or expense because the Company requires
additional time to complete:

     (i) its ongoing assessment of goodwill for potential
impairment and to report the results of such analysis in its
consolidated interim unaudited financial statements,

    (ii) its evaluation of the results of an investigation that was
conducted by the Company's outside counsel at the direction of the
Audit Committee of the Company's Board of Directors with respect to
compliance hotline allegations, including matters related to the
Company's culture, and

   (iii) the documentation and reviews required to finalize timely
the Form 10-Q as a result of the competing demands on the Company's
management's time associated with the Company's previously
disclosed Chapter 11 bankruptcy.

        About Modivcare Inc.

ModivCare Inc. is a technology-enabled healthcare services company
that provides a suite of integrated supportive care solutions for
public and private payors and their members.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20,
2025. In the petition signed by Chad J. Shandler, chief
transformation officer, the Debtor disclosed up to $10 billion in
both assets and liabilities.

Judge Alfredo R. Perez oversees the case.

Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP,
represents the Debtor as legal counsel.


MOLINA HEALTHCARE: Moody's Rates New Senior Unsecured Debt 'Ba2'
----------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to the new issuance of
senior unsecured debt of Molina Healthcare, Inc. (Molina, NYSE:
MOH). Moody's anticipates the issuance to total $750 million and
mature in 2031. The proceeds will repay term loans maturing in 2027
totaling $740 million along with related fees and expenses. The
rating outlook for Molina is stable.

RATINGS RATIONALE

Moody's have assigned a Ba2 rating to the new issuance, in line
with Molina's current ratings. This is a leverage neutral
transaction and it improves the company's maturity profile. The Ba2
rating reflects Molina's solid financial flexibility, profitability
and EBITDA coverage of interest. While earnings have dropped
significantly in 2025 – EBITDA is down 25% year-to-date through
September 30, 2025 - due to elevated utilization of medical
services, especially in the individual marketplace, Molina still
compares well to higher rated peers and still has the lowest
debt/EBITDA in the group. Furthermore, the company has a
significant level of embedded earnings from recent acquisitions and
Medicaid mandate wins that are not yet reflected in the earnings.

Moody's also noted that the company's growth strategy, initiated in
2019 and encompassing nine acquisitions to date, has enhanced its
geographic diversification as it now operates in 21 states versus
14 states before.

There remain constraints on the rating. Molina remains concentrated
in Medicaid, which comprised 82% of its membership and 75% of
premium revenue year-to-date as of Q3 2025. In addition, Molina,
with 5.6 million members and $34 billion in revenue year-to-date,
is small relative to its higher rated peers. Another constraint is
Molina's low level of risk-based capital, which was 170% on a
company action level basis at year-end 2024. While its RBC ratios
are well above regulatory requirements, it is far below its higher
rated peers.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Factors that could lead to a rating upgrade include: (i) improved
diversification beyond the company's concentration in Medicaid and
(ii) adjusted debt-to-capital sustained below 40% with a well
laddered debt structure, and adjusted debt/EBITDA sustained below
1.5x; (iii) maintaining Moody's adjusted EBITDA margin above 5%
along with consistent margins in all segments; (iv) The RBC ratio
on company action level (CAL) basis sustained above 175%.

Factors that could lead to a rating downgrade include: (i) a
material decline in profitability, with Moody's adjusted EBITDA
margin below 4.0%; (ii) debt-to-capital sustained above 45% and
debt/EBITDA sustained above 2.5x; (iii) persistent membership
declines or the unexpected loss(es) of significant Medicaid
contracts; (iv) The RBC ratio on a CAL basis sustained below 140%.

The principal methodology used in this rating was US Health
Insurers published in February 2024.


MONTE MARTIN: Case Summary & 11 Unsecured Creditors
---------------------------------------------------
Debtor: Monte Martin, Inc.
           f/d/b/a Martin & Martin Design Services, LLC
           f/d/b/a Martin & Martin Design Electrical LLC
           f/d/b/a Martin & Martin Design Fine Art Services, LLC
           f/d/b/a Martin & Martin Design Exhibition Design LLC
        2819 Anode Lane
        Dallas, TX 75220

Business Description: Monte Martin, Inc., formerly doing business
                      as Martin & Martin Design, provides
                      design, fabrication and installation
                      services that include fine-art production,
                      exhibit construction, lighting design, and
                      electrical and control-system work from its
                      base in Dallas, Texas.  The Company supports
                      residential and commercial projects through
                      integrated creative and technical production
                      capabilities.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 25-34580

Debtor's Counsel: David Shuster, Esq.
                  SHUSTER LAW, PLLC
                  118 Lynn Avenue, Suite 204
                  Lewisville, TX 75057
                  Email: david@shusterlawfirm.com

Total Assets: $180,785

Total Liabilities: $2,440,430

The petition was signed by Monte Martin as president, treasurer and
co-owner.

A full-text copy of the petition, which includes a list of the
Debtor's 11 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/L6EYW3Y/Monte_Martin_Inc__txnbke-25-34580__0001.0.pdf?mcid=tGE4TAMA


MUHAOZEN CONSTRUCTION: Seeks Chapter 7 Bankruptcy in New York
-------------------------------------------------------------
On November 17, 2025, Muhaozen Construction Corp. voluntarily
initiated a Chapter 7 bankruptcy proceeding in the Eastern District
of New York. The filing shows the business holds liabilities
between $0 and $100,000 and reports a creditor count of 1 to 49.

           About Muhaozen Construction Corp.

Muhaozen Construction Corp., based in New York, specializes in
construction and contracting services. The company offers
residential and commercial construction, renovations, remodeling,
and general contracting, managing projects from planning and
material procurement to on-site supervision and subcontractor
coordination.

Muhaozen Construction Corp. sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74412) on
November 17, 2025. In its petition, the Debtor reports estimated
assets and liabilities up to $100,000 each.

Honorable Bankruptcy Judge Louis A. Scarcella handles the case.


N & S HOSPITALITY: Case Summary & Two Unsecured Creditors
---------------------------------------------------------
Debtor: N & S Hospitality Group, Inc
          Econo Lodge San Antonio Sea World Medical Center
        5336 Wurzbach Road
        San Antonio, TX 78238

Business Description: N & S Hospitality Group, Inc. operates a
                      budget-class hotel at 5336 Wurzbach Road in
                      San Antonio, Texas, managing an Econo Lodge
                      property under a franchise agreement with
                      Choice International.

Chapter 11 Petition Date: November 17, 2025

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 25-52793

Judge: Hon. Michael M Parker

Debtor's Counsel: Paul Steven Hacker,
                  HACKER LAW FIRM, PLLC
                  3355 Cherry Ridge Ste. 214
                  San Antonio TX 78230
                  Tel: (310) 595-2045
                  Email: steve@hackerlawfirm.com

Total Assets: $1,957,122

Total Liabilities: $2,885,598

The petition was signed by Mohammad Islam 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/IZA3KRY/N__S_Hospitality_Group_Inc__txwbke-25-52793__0001.0.pdf?mcid=tGE4TAMA


NBG HOME: FS KKR Marks $32.7MM 1L Loan at 87% Off
-------------------------------------------------
FS KKR Capital Corp. has marked its $32,700,000 loan extended to
NBG Home to market at $4,400,000 or 13% of the outstanding amount,
according to FS KKR's Form 10-Q for the quarterly period ended
September 30, 2025, filed with the U.S. Securities and Exchange
Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to NBG
Home. The loan accrues interest at a rate of 10% per annum. The
loan matures on March 2026.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

          About NBG Home

NBG Home is a global manufacturer of unrivaled home decor products
that are loved by consumers and retailers alike.


NOBLE GOODNESS: Unsecureds to be Paid in Full in Joint Plan
-----------------------------------------------------------
Noble Goodness, LLC, and its affiliates filed with the U.S.
Bankruptcy Court for the District of Arizona a Joint Disclosure
Statement describing Joint Plan of Reorganization dated November
14, 2025.

The Debtors have been in operation within the Phoenix business
community and restaurant industry since 2012. The Debtors operate
multiple businesses that are related and complementary, allowing
for coordinated operations and shared resources.

The Debtors collectively own and operate an upscale bakery and
eatery. The Debtors share common ownership and management, and
their financial and accounting systems are substantially similar
and integrated. Jason Raducha is the sole member and, where
applicable, is the manager of each of the Debtors.

Since the Petition Date, the Debtors have devoted substantial
resources towards a comprehensive review of their business
processes and organization. That review has led to numerous changes
being implemented to improve operating efficiencies. Additionally,
the Debtors have identified further operational improvements that
will be implemented in the near future, and further organizational
changes in people and structure.

The Debtors continue to operate their bakery and deli business in
the Phoenix area. Currently, the Debtors maintain ongoing
operations while implementing cost control measures and other
operational efficiencies to stabilize cash flow and optimize
profitability. The Debtors interconnected financial and accounting
systems have substantially improved, which facilitates centralized
management of revenues, expenses and cash flows.

Generally speaking, the Plan calls for the payment, in full, of all
claims against the Debtors' bankruptcy estates, to the extent they
are ultimately allowed by the Court. Although some classes of
creditors will be paid sooner and some later, the Plan will provide
for the payment of all Allowed General Unsecured Claims by the
seventh anniversary of the Plan's Effective Date. The Plan will be
funded through the Debtors' continued operations.

Class 3-A consists of the Allowed Unsecured Claims held by the SBA
as a result of the valuation of its collateral in connection with
Classes 2-C and 2-D. Allowed Claims in this Class will be paid in
full, with interest accruing from the Effective Date on the unpaid
balance at the pre-petition contract rate of 3.75%, on or before
July 2, 2050, which is the maturity date established by the
pre-petition loan documents for Loan 8002. On account of the
Allowed Claims in this Class, the SBA will receive equal quarterly
payments of principal and interest beginning the thirtieth day
following the Effective Date. Any amount remaining owing to the SBA
on account of the Allowed Claims in this Class shall be paid on, or
before, July 2, 2050.

Class 3-B consists of all Allowed General Unsecured Claims not
included in any other Class, and specifically includes the Allowed
Claims, if any, held by Credibly, Reliance, and BML. Holders of
Allowed Unsecured Claims in this Class will be paid in full, with
interest accruing from the Effective Date on the unpaid balance of
their respective claims at the Plan Rate, on or before the seventh
anniversary of the Effective Date. Holders of Allowed Claims in
this Class will share, pro rata, in quarterly distributions from
the Reorganized Debtors in the aggregate amount of $17,600.

Any amount that remains owing to general Unsecured Creditors on
account of their Allowed Claims shall be paid on the seventh
anniversary of the Effective Date. The Debtors may pay all, or any
portion, of the balance of any Allowed Claim in this Class, at any
time without penalty. Any Insider that holds a Claim included in
this Class shall not be paid anything on account of such Claim
until all other Claims against the Debtors are paid in full.

Class 4 consists of the Allowed Interests in the Debtors. The pre
petition holders of Allowed Interests will retain their equity
interests in the Reorganized Debtors, with the same extent,
priority and other benefits that existed on the Petition Date. This
Class is not impaired.

The Plan will be funded through the Debtors' continued operations,
as demonstrated in the Projections.

A full-text copy of the Joint Disclosure Statement dated November
14, 2025 is available at https://urlcurt.com/u?l=R7zjsF from
PacerMonitor.com at no charge.

Counsel to the Debtors:

     Wesley D. Ray, Esq.
     Philip R. Rudd, Esq.
     Sacks Tierney P.A.
     4250 N. Drinkwater Blvd., 4th Floor
     Scottsdale, AZ 85251-3693
     Telephone: (480) 425-2600
     Facsimile: (480) 970-4610
     Email: Wesley.Ray@SacksTierney.com
            Philip.Rudd@SacksTierney.com

                        About Noble Goodness, LLC

Noble Goodness, LLC operates a bakery and eatery in Phoenix, Ariz.

Noble Goodness sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04874) on May 29,
2025, listing up to $10 million in both assets and liabilities.
Jason Raducha, a member of Noble Goodness, signed the petition.

Wesley D. Ray, Esq., at Sacks Tierney, PA, represents the Debtor as
legal counsel.


NORDIC CLIMATE: FS KKR Marks SEK$156.9MM 1L Loan at 89% Off
-----------------------------------------------------------
FS KKR Capital Corp. has marked its SEK$156,900,000 loan extended
to Nordic Climate Group Holding AB to market at SEK$16,700,000 or
11% of the outstanding amount, according to FS KKR's Form 10-Q for
the quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Nordic Climate Group Holding AB. The loan accrues interest at a
rate of 5.70% per annum. The loan matures on June 2031.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

        About Nordic Climate Group Holding AB

Nordic Climate Group Holding AB is a player in energy-efficient
cooling and heating installations.



NORDIC CLIMATE: FS KKR Marks SEK$227.1MM 1L Loan at 89% Off
-----------------------------------------------------------
FS KKR Capital Corp. has marked its SEK$227,100,000 loan extended
to Nordic Climate Group Holding AB to market at SEK$24,200,000 or
11% of the outstanding amount, according to FS KKR's Form 10-Q for
the quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Nordic Climate Group Holding AB. The loan accrues interest at a
rate of 5.70% per annum. The loan matures on June 2031.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

        About Nordic Climate Group Holding AB

Nordic Climate Group Holding AB is a player in energy-efficient
cooling and heating installations.


NORTHERN LIGHTS: Case Summary & One Unsecured Creditor
------------------------------------------------------
Debtor: Northern Lights of Duluth LLC
        925 East 4th Street
        Duluth, MN 55805

Business Description: Northern Lights of Duluth LLC is a real
                      estate holding company with full or
                      fractional interests in residential and
                      mixed-use parcels across several Duluth,
                      Minnesota subdivisions.  Its Duluth
                      properties have a combined stated value of
                      about $1.75 million.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       District of Minnesota

Case No.: 25-50825

Debtor's Counsel: Joseph Dicker, Esq.
                  JOSEPH W. DICKER PA
                  1406 West Lake Street Suite 209
                  Minneapolis, MN 55408
                  Tel: (612) 827-5941
                  E-mail: joe@joedickerlaw.com

Total Assets: $1,750,100

Total Liabilities: $1,920,139

The petition was signed by David Nelson as chief manager.

The Debtor identified Dale Zubke, residing at 1501 East Superior
Street 55182, as its only unsecured creditor with a listed claim of
$173,239.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/5FZR43A/Northern_Lights_of_Duluth_LLC__mnbke-25-50825__0001.0.pdf?mcid=tGE4TAMA


NORTHWEST OHIO: Unsecureds to Get 3.1 Cents on Dollar in Plan
-------------------------------------------------------------
Northwest Ohio Speech, Language and Rehabilitation Services, Ltd.,
filed with the U.S. Bankruptcy Court for the Northern District of
Ohio a Subchapter V Plan dated November 13, 2025.

The Debtor is an Ohio Limited Liability Company formed in December
of 1994. The Debtor's business operations, since its inception,
consists exclusively of providing speech and occupational therapy
to its clients.

The Debtor presently has two members: (1) Matthew Carter, who
maintains a 50% interest in the Debtor; and (2) Regina Carter, wife
of Mr. Carter, who also maintains a 50% interest in the Debtor.
Only Mr. Carter is involved in the day-to-day operations of the
Debtor, with Mr. Carter being the managing member of the Debtor.

The Debtor's financial difficulties stem primarily from the loss of
a major client. In this regard, this client began in 2023 to reduce
its use of the Debtor for speech and occupation therapy. In 2024,
this client ceased doing business with the Debtor altogether. After
the loss of this customer, the Debtor engaged in efforts to
increase income and reduce expenses. This effort mainly involved
seeking out new customers, which the Debtor continues to do, and
seeking to reduce expenses which included a renegotiation of the
terms its lease for its business property, resulting in a decrease
in the Debtor's monthly rent.

However, such measures did not result in a sufficient net cash flow
for the Debtor to service all of its obligations. Therefore, the
decision was made to seek relief under Chapter 11, Subchapter V, of
the Bankruptcy Code. To reorganize, the Debtor, as set forth in
this Plan, will seek to cramdown the interest of Huntington Bank in
its personal property pursuant to Section 506 of the Bankruptcy
Code. The Debtor will further seek to avoid those security
interests in the Debtor's property which are junior to the interest
of Huntington Bank.

The Plan Proponent's financial projections show that the Debtor
will have total projected disposable income for the three-year term
of this Plan of $$28,805.00.

The final Plan payment is expected to be paid on the Third
Anniversary from the Effective Date of this Plan.

This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of the Debtor's from its Disposable
Income.

Non-priority unsecured creditors holding allowed claims will
receive an estimated distribution over the length of this Plan of
3.1 cents on the dollar on the allowed amount of their claims. This
Plan provides for full payment of administrative expenses and
priority claims.

Class 8 consists of General Unsecured Claims. Allowed unsecured
claims will be paid pro-rata from the Debtor's Disposable Income
after and subject to the payment of those administrative expenses
and costs provides for in Article 3 of this Plan. In no event,
however, shall allowed claims in this Class, as a group, receive
less than the Liquidation Value of the Debtor's assets as provided
in attached Exhibit A. No interest shall accrue on any Claims in
this Class.

The Debtor's Disposable Income shall be based upon the net income
received by the Debtor based upon those cash flow projections.
Based upon these projections, the Debtor's total disposable income
over the length of this Plan is $28,805.00 The Debtor shall make
equal quarterly payments of its Disposable Income in the amount
$2,401.00 Such payments shall be disbursed, pro-rata, to claimants
holding allowed claims.

Class 9 consists of the outstanding membership interests of Matthew
and Regina Carter. Confirmation of this Plan shall cause all
prepetition membership interests issued by the Debtor to be
revested in and retained by those entities holding an interest in
the outstanding membership interest of the Debtor as of the
Petition Date and shall be subject to and based upon the terms and
conditions as they existed on the Petition Date including under any
Operating Agreements and other duly executed business documents.

The Plan will be implemented and funded through the future business
operations of the Debtor. The Debtor may also seek to obtain
post-confirmation financing, but this is not expected in the short
term. As a part of its reorganization, the Debtor does not
contemplate the sale of any assets except that assets may be sold
to the extent that it is later determined they are no longer of a
value to the Debtor's business operation or their useful life for
the Debtor has expired.

A full-text copy of the Subchapter V Plan dated November 13, 2025
is available at https://urlcurt.com/u?l=qSu4Al from
PacerMonitor.com at no charge.

The firm can be reached through:

     Eric R. Neuman, Esq.
     Diller and Rice, LLC
     124 E. Main Street
     Van Wert, OH 45891
     Telephone: (419) 238-5025
     Facsimile: (419) 238-4705

              About Northwest Ohio Speech, Language and
                    Rehabilitation Services Ltd.

Northwest Ohio Speech, Language and Rehabilitation Services, Ltd.
operates from Toledo, Ohio and provides speech, language, and
occupational therapies to schools, nursing homes, and
rehabilitation facilities.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-32078) on Sept. 30,
2025. In the petition signed by Matthew Carter, managing member,
the Debtor disclosed up to $100,000 in assets and up to $1 million
in liabilities.

Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the
Debtor as counsel.


NSM TOP HOLDINGS: S&P Rates First-Lien Sr. Secured Term Loan 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to NSM Top Holdings Corp.'s repriced $549 million
first-lien senior secured term loan. The company also upsized the
loan to $574 million. The '3' recovery rating indicates its
expectation for meaningful recovery (50%-70%; rounded estimate:
55%) in the event of a payment default.

S&P said, "We view the transaction as leverage neutral. NSM
increased its term loan to refinance it, repay revolver borrowings,
and for general corporate purposes. We anticipate this will reduce
annual interest expense approximately $3 million, reflecting an
expected reduced interest rate margin to SOFR + 4%-4.25% from the
current SOFR + 4.75%.

"Our 'B-' issuer credit rating and stable outlook on NSM are
unchanged. The stable outlook reflects our expectation for
continued gradual improvement in operating performance that keeps
free operating cash flow below 3% of debt. We forecast S&P Global
Ratings-adjusted leverage in the 5x-5.5x range over the next 12
months."

Issue Ratings--Recovery Analysis

Key analytical factors

-- NSM's proposed capital structure comprises a $90 million
revolving credit facility (assumed 85% drawn at default) and
proposed $580 million term loan ($574 million outstanding).

-- S&P values the company on a going-concern basis using a 5.5x
multiple of its projected emergence EBITDA, consistent with
multiples it uses for similar companies.

-- S&P's simulated default scenario considers a default in 2027
due to intensified pricing pressure and competition or a change in
the reimbursement mechanism for complex rehabilitation technology
products.

-- S&P's recovery analysis assumes that in a hypothetical
bankruptcy scenario NSM would reorganize because of continued
demand for its products.

Simulated default assumptions

-- Simulated year of default: 2027
-- EBITDA at emergence: $71 million
-- EBITDA multiple: 5.5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $373
million

-- Valuation split (obligors/nonobligors): 97.5%/2.5%

-- Total collateral value available to secured debt: $369 million

-- First-lien debt claims: $667 million

    --First-lien recovery expectations: 50%-70% (rounded estimate:
55%)

All debt amounts include six months of prepetition interest.



ODYSSEY MARINE: Swings to $13.1 Million Net Loss in 2025 Q3
-----------------------------------------------------------
Odyssey Marine Exploration, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $13.1 million for the three months ended September 30,
2025, compared to a net income of $18.7 million for the three
months ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $25.7 million, compared to a net income of $20.7
million for the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $60,975 and $213,901, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had total revenues
of $330,975 and $632,530, respectively.

As of September 30, 2025, the Company had $17.7 million in total
assets, $101 million in total liabilities, and $83.3 million in
total stockholders' deficit.

The Company experienced several years of net losses and may
continue to do so. The Company's ability to generate net income or
positive cash flows for the next 12 months is dependent upon
financings, its success in developing and monetizing interests in
mineral exploration entities, and generating income from
exploration charters.

Odyssey Marine said, "Our 2025 business plan requires us to
generate new cash inflows to effectively allow us to perform our
planned projects. We continually plan to generate new cash inflows
through the monetization of our equity stakes in seabed mineral
companies, financings, syndications or other partnership
opportunities. If cash inflow ever becomes insufficient to meet our
projected business plan requirements, we would be required to
follow a contingency business plan based on curtailed expenses and
fewer cash requirements.

In December 2024, we amended the March 2023 Notes and the December
2023 Notes to, among other items, extend the maturity date of our
obligations, and add a conversion feature, thereby deferring a
material cash need. The holders of the March 2023 Notes and the
December 2023 Notes have exercised their right to convert the notes
in full, which alleviated our need for cash to repay the notes on
their December 31, 2025 and April 1, 2026 maturity dates.

In addition, on December 23, 2024, we entered into a Securities
Purchase Agreement pursuant to which the Company issued and sold an
aggregate of 7,377,912 shares of Common Stock to certain accredited
investors at a purchase price of $0.55 per share. The aggregate
purchase price for the shares, before deduction of the Company's
expenses associated with the transaction, was approximately $4.1
million."

The proceeds of that sale of Common Stock, together with other
anticipated cash inflows, provided sufficient operating funds into
the second quarter of 2025. The SPA further provided the investors
with the right, but not the obligation, to purchase an additional
7,220,141 shares of Common Stock at a purchase price of $1.10 per
share at a subsequent closing to be held on July 31, 2025, or such
later date as may be agreed by the Company and the purchasers who
purchased at least a majority of the initial shares under the SPA.

During the nine months ended September 30, 2025, purchasers
exercised their options to purchase 6,975,488 additional shares of
Common Stock under the SPA at $1.10 per share, for an aggregate
purchase price of $7.7 million. During the nine months ended
September 30, 2025, holders of the Company's warrants to purchase
Common Stock exercised their warrants to purchase 460,000 shares of
Common Stock at $1.10 per share, for an aggregate purchase price of
$0.5 million.

Subsequent to September 30, 2025 and through the date of this
report, holders of the Company's warrants to purchase Common Stock
exercised their warrants to purchase 740,744 shares of Common Stock
at $1.10 per share and 117,648 shares of Common Stock at $1.23 per
share, for an aggregate purchase price of $1 million. Sales of
Common Stock pursuant to stock options and warrants are expected to
provide sufficient operating funds through the first quarter of
2026.

The Company's consolidated non-restricted cash balance at September
30, 2025 was $5.8 million.  The Company has a working capital
deficit at September 30, 2025 of $10.2 million.

The total consolidated book value of the Company's assets was
approximately $17.7 million at September 30, 2025, which includes
cash of $5.8 million. The fair market value of these assets may
differ from their net carrying book value.

These factors continue to raise substantial doubt about the
Company's ability to continue as a going concern.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/4vtb9fnm

                       About Odyssey Marine

Odyssey Marine Exploration, Inc. and its subsidiaries are engaged
in deep-ocean exploration. Their innovative techniques are
currently applied to mineral exploration and other marine survey
and contracted services. The corporate headquarters are in Tampa,
Florida.

Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
incurred a loss from operations of $12 million during the year
ended December 31, 2024, and as of that date, the Company's current
liabilities exceeded its current assets by $16 million and its
total liabilities exceeded its total assets by $79 million. These
conditions, along with other matters, raise substantial doubt about
the Company's ability to continue as a going concern.

As of June 30, 2025, the Company had $16.6 million in total assets,
$106.8 million in total liabilities, and a total stockholders'
deficit of $90.3 million. As of September 30, 2025, the Company had
$17.7 million in total assets, $101 million in total liabilities,
and $83.3 million in total stockholders' deficit.


OFFICE PROPERTIES: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Office
Properties Income Trust and its affiliates.

The committee members are:

   1. CSC Delaware Truste Company
      Greg Daniels, Vice President
      gregory.daniels@cscglobal.com  

      Counsel:
      Jonathan Levine
      Winston & Strawn LLP
      jonlevine@winston.com  

   2. ValueWorks, LLC
      Attn: Charles Lemonides
      charles@valueworksllc.com

      Counsel:
      Robert J. Gayda
      Seward & Kissel LLP
      gayda@sewkis.com

   3. Diamond Family Investments, LLC
      Attn: Irvin Schlussel
      irv.schlussel@diamondfo.com

   4. Computershare Trust Company, N.A.
      As Trustee for 8.00% $14M Senior Unsecured Notes Due 2030
      Attn: Rachel Atkin
      rachel.atkin@computershare.com

      Counsel:
      Thomas A. Pitta
      Emmet Marvin & Martin, LLP
      tpitta@emmetmarvin.com

   5. SavATree, LLC
      Attn: John R. Braunstein
      jbraunstein@savatree.com

CSC Delaware Truste Company serves as trustee for (i) 6.375% $162M
Senior Public Relations Manager Unsecured Notes Due 2050; (ii)
2.650% $300M Senior Public Relations Manager Unsecured Notes Due
2026; (iii) 3.450% $400M Senior Public Relations Manager Unsecured
Notes Due 2031; and (iv) 2.400% $350M Senior Public Relations
Manager Unsecured Notes Due 2027.
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

             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.


PARADISE OP: Case Summary & Two Unsecured Creditors
---------------------------------------------------
Debtor: Paradise OP, LLC
           d/b/a 4424 Gainesville, LLC
        4424 NW 13th Street
        Unit C-7
        Gainesville, FL 32609

Business Description: Paradise OP, LLC, doing business as 4424
                      Gainesville, LLC, owns a commercial complex
                      located at 4424 NW 13th Street in
                      Gainesville, Florida.

Chapter 11 Petition Date: November 17, 2025

Court: United States Bankruptcy Court
       Northern District of Florida

Case No.: 25-10303

Debtor's Counsel: Jake C. Blanchard, Esq.
                  BLANCHARD LAW, P.A.
                  8221 49th Street N.
                  Pinellas Park, FL 33781
                  Tel: 727-531-7068
                  Fax: 727-535-2068
                  Email: jake@jakeblanchardlaw.com

Total Assets: $2,026,000

Total Liabilities: $2,351,959

The petition was signed by Jo Lee Beaty as manager.

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/DKJOUNY/Paradise_OP_LLC__flnbke-25-10303__0001.0.pdf?mcid=tGE4TAMA


PARKERVISION INC: Narrows Net Loss to $2 Million in 2025 Q3
-----------------------------------------------------------
ParkerVision, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2 million for the three months ended September 30, 2025,
compared to a net loss of $10.8 million for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $7.4 million, compared to a net loss of $11.8 million
for the same period in 2024.

No revenue was recognized during the nine months ended September
30, 2025 and 2024.  

As of September 30, 2025, the Company had $1.9 million in total
assets, $51.7 million in total liabilities, and $49.8 million in
total shareholders' deficit.

The Company used cash for operations of approximately $4.1 million
and $2.1 for the nine months ended September 30, 2025 and 2024,
respectively.  The increase in cash used for operations from 2024
to 2025 is primarily due to accrued bonuses paid and increases in
legal, accounting and other third-party professional fees for
services during the nine months ended September 30, 2025.

At September 30, 2025, the Company had cash and cash equivalents of
approximately $0.9 million, an accumulated deficit of $455.6
million, and a working capital deficit of $1.8 million.

At September 30, 2025, it had $2.9 million in current liabilities,
including approximately $1.6 million in convertible debt that
matures over the next 12 months.  

In addition, a significant amount of future proceeds that the
Company may receive from its patent enforcement and licensing
programs will first be utilized to repay borrowings and legal fees
and expenses under our contingent funding arrangements.  These
circumstances raise substantial doubt about the Company's ability
to continue to operate as a going concern within the next 12
months.

ParkerVision said, "Our convertible notes have conversion prices
that are below the market price of our common stock as of September
30, 2025.  We anticipate that all of our outstanding convertible
notes will either (i) be converted by the holders prior to their
scheduled maturity dates, or (ii) have their maturity dates
automatically extended as provided under the terms of certain
agreements; however, conversion and/or extension is at the option
of the holders and there can be no assurance with respect to the
holders' behavior.  Even with the anticipated conversions or
extensions of our convertible debt, our current capital resources
are not sufficient to meet our liquidity needs for the next 12
months, and we may be required to seek additional capital."

The Company's ability to meet liquidity needs for the next 12
months is dependent upon:

     (i) the ability to successfully negotiate licensing agreements
and/or settlements relating to the use of Company's technologies by
others in excess of its contingent payment obligations,
    (ii) the ability to control operating costs,
   (iii) the behavior of the Company's convertible note holders,
and/or
     iv) the ability to obtain additional debt or equity financing.


"We expect that proceeds received by us from patent enforcement
actions and technology licenses over the next 12 months may not
alone be sufficient to cover our working capital requirements."

In May 2025, the Company filed a shelf registration statement on
Form S-3 that allows us to offer and sell, from time-to-time, up to
$25 million of common stock, warrants, or any combination thereof.
The Shelf is intended to provide us flexibility to registered sales
of securities, subject to market conditions and market
capitalization limitations, in order to fund our future capital
needs. The terms of any future offering under the Shelf will be
established at the time of such offering and will be described in a
prospectus supplement filed with the SEC.  Any sale of securities
under the Shelf will not exceed one-third of the Company's public
float in any 12-month period so long as our public float remains
below $75 million. To date, the Company have not offered any
securities under this Shelf.

"We expect to continue to invest in the support of our patent
licensing and enforcement program.  The long-term continuation of
our business plan is dependent upon the generation of sufficient
cash flows from our technologies and/or products to offset expenses
and debt obligations.  In the event that we do not generate
sufficient cash flows, we will be required to obtain additional
funding through public or private debt or equity financing or
contingent fee arrangements and/or reduce operating costs.  Failure
to generate sufficient cash flows, raise additional capital through
debt or equity financings or contingent fee arrangements, and/or
reduce operating costs will have a material adverse effect on our
ability to meet our long-term liquidity needs and achieve our
intended long-term business objectives."

Financial Condition:

ParkerVision says its working capital decreased approximately $4.4
million from December 31, 2024 to September 30, 2025.  

This decrease in working capital is primarily the result of cash
used in operations during the nine months ended September 30, 2025
as well as $1.1 million of additional convertible notes due to
mature in the next 12 months.

According to the Company, "We anticipate that our $1.6 million in
convertible notes included in current liabilities as of September
30, 2025 will either:

     (i) be converted by the holders prior to their scheduled
maturity dates, or
    (ii) have their maturity dates automatically extended as
provided under the terms of certain agreements, and therefore will
not negatively impact our working capital; however, conversion
and/or extension is at the option of the holders and there can be
no assurance with respect to the holders' behavior.

"Our long-term liabilities decreased $1.1 million from December 31,
2024 to September 30, 2025, primarily due to the reclassification
from long-term to current liabilities of $1.1 million of
convertible notes that mature within the next 12 months and the
conversion by the holders of $0.4 million of debt into shares of
our common stock.  These decreases are offset by an overall
increase in the estimated fair value our contingent payment
obligations of $0.5 million."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/yawc8k38

                         About ParkerVision

Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned
German subsidiary, ParkerVision GmbH is in the business of
innovating fundamental wireless hardware technologies and products.
The Company has designed and developed proprietary RF technologies
and integrated circuits based on those technologies, and the
Company licenses its technologies to others for use in wireless
communication products.

Atlanta, Ga.-based Frazier & Deeter, LLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated March 24, 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 resources are not sufficient to meet their
liquidity needs for the next 12 months, the Company has losses from
operations, negative operating cash flows and an accumulated
deficit. These factors raise substantial doubt about the Company's
ability to continue as a going concern.

As of June 30, 2025, the Company had $3.1 million in total assets,
$51.4 in total liabilities, and $48.3 million in total
shareholders' deficit.


PAVMED INC: Reports $6.3 Million Net Loss in 2025 Q3
----------------------------------------------------
PAVmed Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss attributable
to PAVmed Inc. common stockholders of $6.3 million for the three
months ended September 30, 2025, compared to a net income
attributable to PAVmed Inc. common stockholders of $64.3 million
for the three months ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss attributable to PAVmed Inc. common stockholders of $1.9
million, compared to a net income attributable to PAVmed Inc.
common stockholders of $30.6 million for the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $5,000 and $996,000, respectively.  For the nine months
ended September 30, 2025 and 2024, the Company had total revenues
of $19,000 and $3 million, respectively.

As of September 30, 2025, the Company had $38.1 million in total
assets, $12.3 million in total liabilities, and $22.5 million in
total stockholders' equity.

The Company has financed its operations principally through public
and private issuances of its common stock, preferred stock, common
stock purchase warrants, and debt.

The Company is subject to all the risks and uncertainties typically
faced by medical device and diagnostic companies that devote
substantially all of their efforts to the commercialization of
their initial product and services and ongoing research and
development activities and conducting clinical trials.

The Company generated less than $0.1 million of revenue for the
three and nine months ended September 30, 2025, and the Company
expects to continue to experience recurring losses and to generate
negative cash flows from operating activities in the near future.

The Company had net cash flows used in operating activities of
approximately $3.7 million for the nine months ended September 30,
2025.

As of September 30, 2025, the Company had a working capital
deficiency of approximately $6.3 million, with such working capital
inclusive of the Senior Secured Convertible Notes classified as a
current liability of an aggregate of approximately $6.9 million and
approximately $3.1 million of cash.

The Company's ability to continue operations 12 months beyond the
issuance of the financial statements, will depend upon its ability
to control its operating costs within the limits of the amounts
collected from its management service contracts with its
non-consolidated subsidiaries, to substantially increase its
revenues from the Veris Cancer Care platform, and to raise
additional capital through various potential sources including
equity or debt financings or refinancing or restructuring existing
debt obligations.

These factors continue to raise substantial doubt about the
Company's ability to continue as a going concern within the next 12
months.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/3tbnrr4j

                           About PAVmed

Headquartered in New York, N.Y., PAVmed Inc. --
http://www.pavmed.com-- is a commercial-stage medical technology
company operating across the medical device, diagnostics, and
digital health sectors. Its subsidiaries include Lucid Diagnostics
Inc., which offers tools for early detection of esophageal
precancer, and Veris Health Inc., which focuses on remote cancer
care monitoring using implantable sensors and connected health
devices.

In its report dated March 24, 2025, Marcum LLP, the Company's
auditor since 2019, issued a "going concern" qualification, citing
that the Company has a significant working capital deficiency, has
incurred significant operating losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

As of June 30, 2025, the Company had $43.89 million in total
assets, $12.47 million in total liabilities, and total
stockholders' equity of $28.16 million.


PERASO INC: Reports $1.2 Million Net Loss in 2025 Q3
----------------------------------------------------
Peraso Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $1.2
million for the three months ended September 30, 2025, compared to
a net loss of $2.7 million for the three months ended September 30,
2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $3.5 million, compared to a net loss of $9.2 million
for the same period in 2024. The Company had an accumulated deficit
of approximately $180.6 million as of September 30, 2025.

Total net revenue for the three months ended September 30, 2025 and
2024, were $3.2 million and $3.8 million, respectively.  For the
nine months ended September 30, 2025 and 2024, the Company had
total net revenue of $9.3 million and $10.9 million, respectively.

As of September 30, 2025, the Company had $6.2 million in total
assets, $2.6 million in total liabilities, and $3.6 million in
total stockholders' equity.

The Company's current and prior year losses have resulted in
significant negative cash flows and have required the Company to
raise substantial amounts of additional capital. To date, the
Company has primarily financed its operations through multiple
offerings of its common stock and warrants and the issuance of
convertible notes and loans to investors and affiliates.

The Company expects to continue to incur operating losses for the
foreseeable future as it secures additional customers and continues
to invest in the commercialization of its products.

The Company will need to increase revenues substantially beyond
levels that it has attained in the past in order to generate
sustainable operating profit and sufficient cash flows to continue
doing business without raising additional capital from time to
time.

As a result of the Company's expected operating losses and cash
burn for the foreseeable future, as well as recurring losses from
operations, if the Company is unable to raise sufficient capital
through additional debt or equity arrangements, there will be
uncertainty regarding the Company's ability to maintain liquidity
sufficient to operate its business effectively, which raises
substantial doubt as to the Company's ability to continue as a
going concern within the next 12 months.

There can be no assurance that such additional capital, whether in
the form of debt or equity financing, will be sufficient or
available and, if available, that such capital will be offered on
terms and conditions acceptable to the Company.

The Company is currently seeking additional financing in order to
meet its cash requirements for the foreseeable future.

Peraso have completed warrant inducement offerings in September
2025 and November 2024 for net proceeds of approximately $0.9
million and $2.6 million, respectively.

Additionally, on August 30, 2024, we entered into the Sales
Agreement with Ladenburg, pursuant to which the Company may offer
and sell, from time to time at its sole discretion, shares of its
common stock through Ladenburg as agent and/or principal (subject
to the limitations of General Instruction I.B.6 of Form S-3)
through an at-the-market program.

Peraso said, "During the three and nine months ended September 30,
2025, we sold 733,049 and 2,003,207 shares of common stock for
proceeds of approximately $751,200 and $2,270,200 (net of
commissions of approximately $23,000 and $70,000 paid to
Ladenburg), respectively, pursuant to the Sales Agreement. On
October 10, 2025, we increased the maximum aggregate offering
amount of common stock issuable pursuant to the Sales Agreement to
$1,750,000. Further, during 2023 and 2024, we implemented
reductions in our workforce and eliminated 19 full-time equivalent
positions. These cost reduction actions were intended to preserve
cash, as we kept capital expenditures to minimum levels in order to
reduce operating costs and our short-term cash needs."

"If we were to raise additional capital through sales of our equity
securities, our stockholders would suffer dilution of their equity
ownership. If we engage in debt financing, we may be required to
accept terms that restrict our ability to incur additional
indebtedness, prohibit us from paying dividends, repurchasing our
stock or making investments, and force us to maintain specified
liquidity or other ratios, any of which could harm our business,
operating results and financial condition. If we need additional
capital and cannot raise it on acceptable terms, we may not be able
to, among other things:

     * develop or enhance our products;
     * continue to expand our product development and sales and
marketing organizations;
     * acquire complementary technologies, products or businesses;
     * expand operations, in the United States or internationally;
     * hire, train and retain employees; or
     * respond to competitive pressures or unanticipated working
capital requirements.

"Our failure to do any of these things could seriously harm our
ability to execute our business strategy and may force us to
curtail our existing operations."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/bdfw4bbz

                         About Peraso Inc.

Headquartered in San Jose, California, Peraso Inc. --
https://www.perasoinc.com -- is a pioneer in high-performance 60
GHz unlicensed and 5G mmWave wireless technology, offering
chipsets, antenna modules, software and IP.  Peraso supports a
variety of applications, including fixed wireless access, immersive
video and factory automation.  In addition, Peraso's solutions for
data and telecom networks focus on Accelerating Data Intelligence
and Multi-Access Edge Computing, providing end-to-end solutions
from the edge to the centralized core and into the cloud.

In its report dated March 28, 2025, the Company's auditor, Weinberg
& Company, 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 during the year ended Dec. 31, 2024, the Company
incurred a net loss and utilized cash in operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

As of June 30, 2025, the Company had $5.53 million in total assets
against $3.74 million in total liabilities.


PINE GATE RENEWABLES: Solar Firm Objects to Sunstone Equity Claim
-----------------------------------------------------------------
Hilary Russ of Law360 reports that a Montana-based developer has
objected to Pine Gate Renewables' effort to sell the Sunstone Solar
project in bankruptcy, maintaining that the debtor's estate holds
no equity in the large-scale renewable energy facility. The
developer argues the sale proposal rests on an inaccurate
assumption of ownership.

The filing asks the court to prevent any transaction that includes
transferring the alleged equity stake, warning that such a move
would be improper and potentially disruptive. The dispute injects
new uncertainty into the high-profile sale process, the report
states.

                About Pine Gate Renewables

Pine Gate Renewables is a developer and owner-operator of renewable
energy projects across the United States. Dedicated to delivering
sustainability at scale, Pine Gate has over 30 GW of projects in
its development pipeline, has closed approximately $10 billion in
project financing and capital investment, and operates a fleet of
over 2 GW of solar and storage assets. The Company also provides
services to over 7 GW of third party solar and storage assets
through wholly owned subsidiary ACT Power Services. Pine Gate is
proud to invest in the communities where we live, develop, and
operate projects through corporate partnerships and charitable
initiatives supported by the Pine Gate Community Impact Fund.

Pine Gate Renewables sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 billion and $10 billion each.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented byT imothy Alvin Davidson, II, Esq. of
Andrews Kurth LLP and Philip M. Guffy, Esq. of Hunton Andrews Kurth
LLP.


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, in an expedited motion 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.

The Debtor has operated the business since 2016 at the 44 Spanish
St. Property.

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 for $1,900,000.

The Purchaser is an uninterested third-party and does not have any
relationship with the Debtor or any estate professionals.
Therefore, the Debtor requests that the Purchaser be afforded the
protections.

The Debtor has also included the mailing matrix as required located
at: https://urlcurt.com/u?l=ZXl3cz

         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.


PLURI INC: Reports $6.13 Million Net Loss for 2026 Q1
-----------------------------------------------------
Pluri Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $6.13
million for the three months ended September 30, 2025, compared to
a net loss of $6.03 million for the three months ended September
30, 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $316,000 and $326,000, respectively.

As of September 30, 2025, the Company had $33.67 million in total
assets, $32.16 million in total current liabilities, $7.16 million
in total long-term liabilities, and $5.65 million in total
deficit.

The Company has incurred an accumulated deficit of approximately
$448.91 million and incurred recurring operating losses and
negative cash flows from operating activities since inception. As
of September 30, 2025, the Company's total shareholders' equity
deficit amounted to $11.36 million. During the three-month period
ended September 30, 2025, the Company incurred a negative cash flow
from operating activities of $5.43 million. The Company will be
required to identify additional liquidity resources in the near
term to support the commercialization of its products and maintain
its research and development activities.

As of September 30, 2025, the Company's cash balances (cash and
cash equivalents, short-term bank deposits, restricted cash and
restricted bank deposits) totaled $16,39 million.

The Company is addressing its liquidity issues by implementing
initiatives to allow the continuation of its activities. The
Company's current operating plan includes various assumptions
concerning the level and timing of cash outflows for operating
activities and capital expenditures. The Company's ability to
successfully carry out its business plan is primarily dependent
upon its ability to:

     (1) obtain sufficient additional capital
     (2) enter licensing or other commercial, partnerships and
collaboration agreements
     (3) provide CDMO services to clients,
     (4) enter into agreement with EIB regarding a loan
restructuring, and
     (5) receive other sources of funding, including non-dilutive
sources such as grants.

There is no assurance, however, that the Company will be successful
in obtaining an adequate level of financing needed for the
long-term development and commercialization of its products, or any
financing at all. In the case that the Company is unable to obtain
the required level of financing, operations may need to be scaled
down or discontinued.

According to management estimates, the Company does not have
sufficient resources to meet its operating obligations for at least
the next 12 months.

These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/ywashdcd

                          About Pluri Inc.

Haifa, Israel-based Pluri Inc. is a biotechnology company,
leveraging proprietary cell expansion platform to develop scalable,
cell-based solutions across the healthcare, food, and agriculture
sectors.

As of June 30, 2025, the Company had $38.68 million in total
assets, $39.33 million in total liabilities, and $865 thousand in
total deficit.

Haifa, Israel-based Kesselman & Kesselman, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated September 17, 2025, attached to the Company's Annual Report
on Form 10-K for the year ended June 30, 2025, citing that the
Company has incurred recurring losses and negative cash flows from
operating activities and has an accumulated deficit as of June 30,
2025 and the loan received from European Investment Bank is due on
June 1, 2026. These circumstances raise substantial doubt about its
ability to continue as a going concern.


PRIME DEVELOPMENT: Gets Court OK to Use Cash Collateral
-------------------------------------------------------
Prime Development Inc. got the green light from the U.S. Bankruptcy
Court for the Eastern District of New York to use cash collateral.


The court authorized the Debtor to use cash collateral to fund
operations and make a monthly payment of $500 to the U.S. Small
Business Administration, a secured creditor, as adequate
protection.

As additional protection, the Debtor will assign and pay to the
secured creditor all net amounts received from the operation as per
the budget submitted.

SBA asserts a secured claim of $550,630.34 against the Debtor based
on a pre-bankruptcy loan.

On May 15, 2020, the Debtor executed an Amended Loan Authorization
and Agreement in the principal amount of $500,000, which was
modified by a 1St Modification of Note dated July 12,
2021 in the amount of $350,800 and 2nd Modification Note dated May
4, 2022 in the amount $500,000.

                     About Prime Development

Prime Development Inc. filed Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 24-41566) on April 11, 2024, with as much as $1 million in
both assets and liabilities. Akmal Muhamatkulov, president of Prime
Development, signed the petition.  

Judge Jil Mazer-Marino oversees the case.

The Debtor is represented by the Law Offices of Alla Kachan, P.C.


PRODUCTION RESOURCE: FS KKR Marks $215.1MM 1L Loan at 34% Off
-------------------------------------------------------------
FS KKR Capital Corp. has marked its $215,100,000 loan extended to
Production Resource Group LLC to market at $141,700,000 or 66% of
the outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Production Resource Group LLC. The loan accrues interest at a rate
of 13% per annum. The loan matures on August 2029.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

     About Production Resource Group LLC

Production Resource Group LLC is a global provider of services and
technology for the entertainment and live event industries,
including concerts, corporate events, theatre, and television.


PRODUCTION RESOURCE: FS KKR Marks $300,000 1L Loan at 33% Off
-------------------------------------------------------------
FS KKR Capital Corp. has marked its $300,000 loan extended to
Production Resource Group LLC to market at $200,000 or 67% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Production Resource Group LLC. The loan accrues interest at a rate
of 5.70% per annum. The loan matures on August 2029.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150
  
         About Production Resource Group LLC

Production Resource Group LLC is a global provider of services and
technology for the entertainment and live event industries,
including concerts, corporate events, theatre, and television.


PROFRAC HOLDING: Reports Net Loss of $92.4MM in 2025 Q3
-------------------------------------------------------
ProFrac Holding Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $92.4 million for the three months ended September 30, 2025,
compared to a net loss of $43.5 million for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Company
reported a net loss of $215 million, compared to a net loss of
$106.1 million.

Revenues for the three months ended September 30, 2025 and 2024,
were $403.1 million and $575.3 million, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had revenues
of $1.5 billion and $1.7 billion, respectively.

As of September 30, 2025, the Company had $2.7 billion in total
assets, $1.7 billion in total liabilities, $91.9 million in
noncontrolling interests. and $953.9 million in total stockholders'
equity.

ProFrac Holding disclosed that historically, its primary sources of
liquidity are cash flows from operations and availability under our
revolving credit facility.

     -- The Company's Alpine 2023 Term Loan requires us to
segregate collateral associated with Alpine and limits the
Company's ability to use Alpine's cash or assets to satisfy its
obligations or the obligations of its other subsidiaries. The
Company also have limited ability to provide Alpine with liquidity
to satisfy its obligations.  

     -- At September 30, 2025, the Company had $53.4 million of
cash and cash equivalents, excluding Flotek, and $41.1 million
available for borrowings under our revolving credit facility, which
resulted in a total liquidity position of $94.5 million.

     -- In June 2025, the Company entered into a purchase agreement
whereby, subject to satisfying customary closing conditions, it
agreed to issue and sell an additional $40.0 million aggregate
principal amount of 2029 Senior Notes to the 2029 Senior Notes
Purchasers on December 15, 2025. If the Company issues 2029 Senior
Notes in December 2025, it plan to use the net proceeds therefrom
to fund capital expenditures with any remaining proceeds used for
general corporate purposes. At the Company's option, it may cancel
this issuance, and there can be no assurance that it will issue the
additional 2029 Senior Notes.

     -- Beginning in April 2025, many of the Company's customers
began reducing their activity levels as a result of a depressed
commodity price environment, and its results of operations and
operating cash flows correspondingly began to decline. The third
quarter results reflected continued challenging market conditions,
with improvement mid-period giving way to an unexpected decline in
conditions toward quarter-end. To ensure that the Company have
sufficient near-term liquidity during a prolonged depressed
commodity environment, it executed the following initiatives to
optimize the cost structure of the business with a focus on
operational efficiency:

      * increased liquidity by issuance of common stock in August
2025, which generated net proceeds of $79.0 million;
      * increased liquidity by selling an intercompany note
receivable from Flotek in November 2025 to PC Energy Credit I LLC,
an affiliate of the Wilks Parties and a related party to the
Company, generating net proceeds of approximately $40.0 million,
which amounted to the entire principal amount of the note, plus
accrued and unpaid interest;
      * obtained lender commitments to purchase an additional $40.0
million of 2029 Senior Notes, at the Company's option, in December
2025 as discussed above;
      * pursuing capital in the form of incremental debt targeting
up to $40.0 million;
      * reduced the Company's direct and indirect labor costs;
      * reduced the Company's selling, general and administrative
expenses by reducing headcount and eliminating certain non-labor
related costs; and
      * identified areas to enhance operating efficiencies to
reduce operating expenses and to reduce capital expenditures.

Additionally, the Company also is actively pursuing other sources
of capital in the form of non-collateralized asset sales.

If these actions are successful, the Company believes its cost
structure and liquidity will be better positioned for the long term
and the Company believes that its sources of liquidity and cash
provided by operations will be sufficient to fund its capital
expenditures, satisfy obligations, and remain in compliance with
existing debt covenants for at least the next 12 months.

However, there is no assurance that the Company can complete all of
these actions or that these actions, if completed, will result in
the cost savings or liquidity enhancements that it expects.

If that is the case, then the Company will need to identify
additional liquidity enhancements, which may include selling assets
or seeking additional sources of capital. There can be no assurance
that any such additional liquidity enhancements will be available,
or if available, that they will be on terms acceptable to us or our
stakeholders.

In addition, Alpine is closely monitoring its forthcoming debt
covenant compliance obligation that commences in the fiscal quarter
ending March 31, 2027. While there can be no assurance, Alpine
believes that it will be able to meet, modify, or further defer
this debt covenant.

Executive Chair Comments:

"Our third quarter results reflected continued challenging market
conditions, with improvement mid-period giving way to an unexpected
decline in conditions toward quarter-end. Thus far in the fourth
quarter, activity levels have improved from the end of the third
quarter. We believe the U.S. onshore completions market is
well-positioned for recovery when commodity prices strengthen, as
production remains at or below maintenance levels, and as the
pressure pumping market continues to tighten via natural equipment
attrition," said Matt Wilks, ProFrac's Executive Chairman.

"We remain focused on financial and operational discipline by
reemphasizing dedicated, consistent programs, right sizing our
organization and optimizing our asset base. We believe these
actions will collectively result in $85 to $115 million of
annualized cash savings by the end of second quarter of 2026,"
concluded Mr. Wilks.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/yc6ap3ba

                      About ProFrac Holding

ProFrac Holding Corp. is a technology-focused, vertically
integrated, innovation-driven energy services holding company
providing hydraulic fracturing, proppant production, other
completion services and other complementary products and services
including distributed power generation to leading upstream oil and
natural gas companies engaged in the exploration and production of
North American unconventional oil and natural gas resources
throughout the United States. Founded in 2016, ProFrac was built to
be the go-to service provider for E&P companies' most demanding
hydraulic fracturing needs. ProFrac Corp. operates in three
business segments: Stimulation Services, Proppant Production and
Manufacturing.

As of June 30, 2025, the Company had $2.8 billion in total assets,
$1.8 billion in total liabilities, and a total stockholders' equity
of $952.2 million.

                           *     *     *

In May 2025, S&P Global Ratings lowered its issuer credit rating on
Texas based hydraulic fracturing equipment and services provider
ProFrac Holding Corp. to 'CCC+' from 'B'. The outlook is negative.


PROSPECT MEDICAL: Seeks Court OK to Sell Waterbury Hospital
-----------------------------------------------------------
Aaron Keller of Law360 Real Estate Authority reports that Prospect
Medical Holdings Inc., which is undergoing a Chapter 11
reorganization, filed a motion on Monday, November 17, 2025, in
Delaware seeking court approval to sell Waterbury Hospital to UConn
Health units for $35 million. The proposed sale is backed by a
stalking-horse bid and is structured to support care continuity in
the region while helping Prospect satisfy its restructuring
obligations.

In its filing, the company asked the court to authorize the
transfer of hospital operations, liabilities, and certain
regulatory duties to the buyers. Prospect said proceeds from the
sale will be used to stabilize its liquidity and support its
restructuring plan, the report relays.

                     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.


PURDUE PHARMA: Court Confirms Chapter 11 Reorganization Plan
------------------------------------------------------------
On November 18, 2025, the U.S. Bankruptcy Court for the Southern
District of New York confirmed a plan of reorganization for Purdue
Pharma and its affiliated debtors, a historic achievement that will
facilitate the delivery of billions of dollars to those affected by
the opioid crisis and pave the way for the long-awaited completion
of Purdue's chapter 11 bankruptcy cases.

The confirmed plan of reorganization, which implements a $6.5
billion settlement with the Sackler family and provides at least
$7.4 billion in total recovery to Purdue's public and private
creditors, incorporates multiple settlements which were achieved
through mediation conducted by Hon. Shelley C. Chapman (Ret.),
senior counsel in Willkie's Restructuring Department and Chair of
the Alternative Dispute Resolution Practice, with assistance from
counsel Jamie Eisen.

Purdue Pharma filed for bankruptcy protection in the United States
Bankruptcy Court for the Southern District of New York in September
2019. In 2022, Purdue proposed a plan of reorganization pursuant to
which Sackler family members, who had already left the company's
board of directors, would give up ownership of the company and
contribute $5.5 billion to fund a plan of reorganization to pay
creditors, including opioid victims and states, in exchange for
civil immunity from past, present, and future lawsuits. This
settlement, mediated by Judge Chapman, had nearly universal support
from the parties in the chapter 11 case. Although the bankruptcy
court confirmed Purdue's proposed plan of reorganization in 2022,
confirmation of the plan was appealed by the United States Trustee,
an arm of the Department of Justice, who objected to the Sackler
family members receiving non-consensual third-party releases in the
chapter 11 cases. After over two years of appeals, on June 27,
2024, the United States Supreme Court overturned the settlement and
remanded the matter to the bankruptcy court.

In July 2024, the bankruptcy court re-appointed Judge Chapman to
serve as mediator, together with Professor Eric Green. On January
20, 2025, after six months of intense negotiations, the Mediators
filed a report with the bankruptcy court announcing a monumental
breakthrough – all groups of Sackler family members had agreed to
a settlement which included payment of $6.5 billion – $1 billion
more than under the previous settlement – in exchange for
receiving releases which complied with the Supreme Court's 2024
decision. This settlement in principle was agreed upon between and
among the Purdue Debtors and key constituents in the Debtors'
cases.

After the settlement was announced, with the guidance of Judge
Chapman as Mediator, the Debtors and their creditor constituencies
participated in months of additional, extensive negotiations
regarding definitive documentation of the complex settlement terms,
which include, among other things, (i) distributions of
consideration to nine trusts for the benefit of Purdue's public and
private creditors and (ii) the transfer of Purdue's businesses to
Knoa Pharma, a newly created private company owned by a charitable
foundation to address the opioid crisis. After approval of the
Debtors' disclosure statement, the plan was solicited and received
overwhelming support from creditors – with not one state, tribe,
municipality, or represented individual victim pressing an
objection to confirmation of the plan.

The confirmed plan of reorganization resolves thousands of opioid
cases against Purdue Pharma and the Sackler family, while
compensating victims and funding opioid addiction treatment
programs nationwide.

                            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.


RELIANT REHAB: FS KKR Marks $48.6MM 1L Loan at 72% Off
------------------------------------------------------
FS KKR Capital Corp. has marked its $48,600,000 loan extended to
Reliant Rehab Hospital Cincinnati LLC to market at $13,500,000 or
28% of the outstanding amount, according to FS KKR's Form 10-Q for
the quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Reliant Rehab Hospital Cincinnati LLC. The loan accrues interest at
a rate of 6.30% per annum. The loan matures on February 2028.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

         About Reliant Rehab Hospital Cincinnati LLC

Reliant Rehab Hospital Cincinnati LLC provides mental health care
services. The Company offers rehabilitation, therapy programs,
census development, therapist recruitment, retention, and other
related services. Reliant Rehab Hospital Cincinnati serves clients
in the United States.


RIVERDALE ASSEMBLY: Gets OK to Tap Fear Waddell as Bankruptcy Atty
------------------------------------------------------------------
Judge Rene Lastreto II of the United States Bankruptcy Court for
the Eastern District of California granted Riverdale Assembly of
God Inc.'s application to employ Fear Waddell, P.C. as bankruptcy
counsel pursuant to 11 U.S.C. Sec. 327.

A copy of the Court's Order dated November 14, 2025, is available
at https://urlcurt.com/u?l=kf9Kbi from PacerMonitor.com.

               About Riverdale Assembly of God Inc.

Riverdale Assembly of God Inc. is a Pentecostal church in
Riverdale, California, providing religious services, community
events, and operating Riverdale Christian Academy at 2813 W Mt
Whitney Ave.

Riverdale Assembly of God Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No.
25-13513) on October 17, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10
million.

Honorable Bankruptcy Judge Rene Lastreto II handles the case.

The Debtor is represented by Peter Fear, Esq. of FEAR WADDELL, P.C.


RIVULET ENTERTAINMENT: Delays Q3 Filing Over Incomplete Financials
------------------------------------------------------------------
Rivulet Entertainment, Inc. filed a Notification of Late Filing on
Form 12b-25 with the U.S. Securities and Exchange Commission,
informing that it would be unable to file its Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2025, on a
timely basis because of a delay in completing the financial
statements for review by the Company's Auditor.

                    About Rivulet Entertainment

Rivulet Entertainment, Inc. is an independent studio engaged in the
production, distribution and marketing of star driven commercial
feature-length films, television series and mini-series, and
television movies, from initial creative development through
principal photography, postproduction, distribution and ancillary
sales. The Company also provides music production.

As of June 30, 2025, the Company had total assets of $19.81
million, $26.31 million in total liabilities, and $6.50 million in
total shareholders' deficit.

Tampa, Fla.-based Victor Astra Audit & Advisory, LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated October 15, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended June 30, 2025, citing that
the Company has incurred net losses and negative cash flow from
operations. These factors raise substantial doubt about the
Company's ability to continue as a going concern.


ROYAL ALICE: 5th Cir. Reverses Dismissal of RSB's Bankruptcy Appeal
-------------------------------------------------------------------
In the appeal styled Royal Street Bistro, L.L.C., Appellant, versus
Arrowhead Capital Finance, Limited, Appellee, No. 24-30732 (5th
Cir.), Judges Jacques L. Wiener, Jr., Dana M. Douglas and Irma
Carrillo Ramirez reversed the dismissal of Royal Street Bistro,
LLC's appeal of a bankruptcy court judgment by the United States
District Court for the Eastern District of Louisiana.

Arrowhead Capital Finance, Ltd. obtained judgments against Debtor's
affiliates. It then filed an adversary proceeding against Debtor,
alleging that it was liable for its affiliates' unsatisfied
obligations. While the Arrowhead adversary proceeding was pending,
the Trustee filed this adversary proceeding against Picture Pro to
recover, in part, unpaid rent for its occupancy of Debtor's
properties. In exchange for assignment of Debtor's claims against
Picture Pro and RSB for unpaid rent and other relief relating to
their occupancy of Debtor's properties, Arrowhead agreed to release
its claims in its adversary proceeding.

The Trustee moved for approval of the settlement. Over Picture
Pro's objections, the bankruptcy court granted the Trustee's motion
and approved the settlement. Its order provided, in relevant part,
that:

   (1) the bankruptcy court would retain jurisdiction over any
claims assigned to Arrowhead under the settlement agreement, and
   (2) Arrowhead could enforce those claims by intervention in this
adversary proceeding.

Arrowhead filed its complaint in intervention against Picture Pro
and RSB on October 24, 2022.

On August 29, 2024, the bankruptcy court entered a final judgment
for $233,548.51 against Picture Pro and RSB. On September 5,
Picture Pro and RSB filed a notice of appeal. The next day, the
clerk of bankruptcy court marked the notice of appeal as deficient
because it did not include a copy of the judgment being appealed.

Arrowhead moved to dismiss the appeal, arguing the district court
lacked jurisdiction because Picture Pro and RSB had failed to
timely comply with Bankruptcy Rules 8002 and 8003. The district
court granted Arrowhead's motion and dismissed the appeal for lack
of jurisdiction. It held that dismissal of the appeal was
alternatively warranted as a matter of discretion based on Picture
Pro's and RSB's failure to comply with the bankruptcy rules or the
clerk's deficiency notice. RSB timely appealed.

RSB raises three claims on appeal:

   (1) the failure to attach the bankruptcy court's judgment to the
notice of appeal is not a jurisdictional defect;
   (2) the district court abused its discretion when it dismissed
the appeal based on the failure to timely attach the bankruptcy
court's judgment; and
   (3) the bankruptcy court lacked jurisdiction over the adversary
proceeding filed by the Trustee.

The Fifth Circuit finds RSB and Picture Pro filed their notice of
appeal within the time limit provided in Rule 8002, so the district
court had jurisdiction over the appeal.

Because failure to attach the judgment was not a jurisdictional
defect mandating dismissal, and the district court abused its
discretion, the Circuit Judges reverse and remand.

The panel holds, "Although the bankruptcy clerk's deficiency notice
advised RSB and Picture Pro that their notice of appeal could be
stricken if the missing judgment was not corrected within two
business days, it did not expressly warn of dismissal as a
sanction. And while the corrected notice of dismissal was filed
seven days after Rule 8002's 14-day deadline to appeal a bankruptcy
case, Arrowhead does not assert that it suffered any injury from
the delayed filing other than the enforcement of the bankruptcy
court's judgment. This court has rejected a claim of prejudice
based solely on the delayed interest in enforcing a
judgment. Under these circumstances, we cannot say that the failure
to timely attach a copy of the bankruptcy court's judgment to the
notice of appeal, which clearly identified the judgment being
appealed, was so egregious as to merit the district court's
dismissal of the appeal."

A copy of the Court's Opinion dated November 17, 2025, is available
at https://urlcurt.com/u?l=8WQlAv

                  About Royal Alice Properties

Royal Alice Properties, LLC, owns, manages and rents the building
and real estate located on the 900 block of Royal Street in the
French Quarter, New Orleans, Louisiana.  The condominium units are
located at 906, 910-12 Royal St. New Orleans, LA 70116.

Royal Alice Properties sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 19-12337) on Aug.
29, 2019. In the petition signed by Susan Hoffman, member/manager,
the Debtor was estimated $1 million to $10 million in both assets
and liabilities.

The case is assigned to Judge Meredith S. Grabill.

Leo D. Congeni, Esq., at Congeni Law Firm, LLC, represents the
Debtor.

Dwayne M. Murray has been appointed as Chapter 11 Trustee.  He
retained Louis M. Phillips, Esq., at Kelly Hart & Pitre as counsel.


RUNITONETIME LLC: E.GADS Asset Sale to Maverick Specialty OK'd
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has granted RunItOneTime LLC and its affiliates
to sell E.GADS, LLC Casino Assets, free and clear of liens, claims,
interests, and encumbrances.

The Debtors are a privately held gaming and entertainment company
focused on acquiring undervalued gaming assets and implementing
operational changes to improve profitability. The Debtors own and
operate a portfolio of casinos, card rooms, hotels, and other
gaming- and hospitality-related assets across Washington State,
Nevada, and Colorado, including 17 card rooms in Washington State
and several casinos and hotels in Nevada and Colorado, reflecting a
total of approximately 2,500 slot machines, 320 table games, 1,200
hotel rooms, and 30 restaurants. The Debtors' operating businesses
also include the EGads! 'fabrication and installation business, a
gaming and hospitality industry leader in the design, fabrication,
assembly and installation of casino interiors, custom signage,
lighting, and architectural treatments, and the Utah Trailways
charter company, which facilitates customer gaming excursions from
Salt Lake City, Utah, to the Debtors' operating properties in
Wendover, Nevada.

The Court ordered that the sale transaction, on the terms and
conditions of the Asset Purchase Agreement (APA) by the Debtors and
Maverick Specialty Fabrication & Design LLC, a Nevada limited
liability company and as a successful bidder for the acquired
assets following a bidding deadline of October 3, 2025, is
approved.

The Debtors are authorized and directed to enter into the APA and
the other Sale Documents to be executed in connection with the APA
as may be necessary to consummate the Sale Transaction and to
perform their obligations.

The consideration to be provided by Buyer pursuant to the APA is
fair and reasonable, is the highest or otherwise best offer for the
Acquired Assets and (c) constitutes reasonably equivalent value and
fair consideration under the Bankruptcy Code and under the laws of
the United States, any state, territory, possession or the District
of Columbia.

The Buyer is not an alter-ego of, or a successor to, or a mere
continuation of or substantial continuation of any Debtor or its
estate, and there is no continuity of enterprise between Buyer and
the Debtors as a result of the consummation of the Sale
Transaction.

The Debtors' determination that the Sale Transaction with Buyer
provides the highest or otherwise best offer for the Acquired
Assets, and to pursue consummation of the Sale Transaction and in
the APA, each constitutes a reasonable exercise of business
judgment.

At least five business days before the closing of the Sale
Transaction, the Debtors will deliver to (i) Ropes &Gray LLP as
counsel to an ad hoc group of lenders and (ii) counsel to the
Committee or a designee of the Committee a statement identifying
the proposed amount of Sale Proceeds to be retained by the Debtors
for funding (a) the Carve-Out (including any Sale Transaction Fee
or Restructuring Fee owed to GLC
Advisors & Co., LLC and GLC Securities, LLC) and Engagement
Agreement (as defined in the GLC Retention Order), (b) consummation
of the remaining Sale Transactions, and (c) the Debtors' employees,
vendors, suppliers, and other trade creditors during the pendency
of the chapter 11 cases, in each case consistent with the Approved
Budget after taking into consideration of cash on hand and without
duplication of the amounts already withheld from other sales or
otherwise escrowed.

         bout RunItOneTime LLC

RunItOneTime LLC, formerly known as Maverick Gaming LLC,
headquartered in Kirkland, Washington, is a regional casino and
cardroom operator across Washington State, Nevada, and Colorado.
The company operates a portfolio of 31 properties, with 1,800 slot
machines, 350 table games, 1,020 hotel rooms, and 30 restaurants.
Maverick was founded in 2017 by Eric Persson and Justin Beltram,
who hold over 70% ownership in the company.

RunItOneTime LLC and 67 affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on
July 14, 2025.  In its petition, RunItOneTime estimated assets and
liabilities between $100 million and $500 million each.

Judge Alfredo R. Perez oversees the cases.

The Debtors tapped Latham & Watkins LLP as counsel; and Hunton
Andrews Kurth LLP, as bankruptcy co-counsel.  The Debtors also
engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as
investment banker, and Triple P TRS, LLC as financial advisor.  The
Debtors' tax advisor is KPMG LLP.


RYERSON HOLDING: S&P Affirms 'BB-' ICR on Olympic Steel Acquisition
-------------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on Ryerson
Holding Corp. at 'BB-'. The outlook remains negative.

The negative outlook reflects S&P's expectation that, while it
expects the combined entity could have leverage of 3x-4x, the
underlying business at Ryerson still shows some signs of lagging
recovery as evidenced by a second year of elevated leverage.

Ryerson has signed a definitive agreement to acquire Olympic Steel
via an all-stock transaction. The service center industry is highly
fragmented, so on a combined basis we assume the combined company
will have a market share in the U.S. of around 6% to 7%, second
largest after peer Reliance Inc. with approximately 15%. S&P said,
"We anticipate the deal will close in the first quarter of 2026,
subject to customary closing conditions, and we expect Olympic to
become a wholly-owned subsidiary of Ryerson at that time. The
combined company will have around 164 locations, greater end market
diversity and could generate revenues upward of $6.5 billion."

S&P said, "We believe the acquisition offers Ryerson expanded
scale, product offerings and market presence with opportunities for
margin expansion. The company anticipates the merger will add
roughly $120 million in annual synergies within two years, with
estimated one-time implementation costs of around $40 million.
However, at this stage, our base case assumes approximately $90
million of synergies realized over three years. We project the
combined entity could generate $300 million-$400 million of EBITDA
in its first years of operation because we expect Olympic could add
approximately $55 million-$65 million of EBITDA annually and we
expect Ryerson's earnings to recover from 2025 levels. We expect
Ryerson would assume the $625 million asset-backed lending (ABL)
facility from OIympic (which was about $240 million drawn as of end
of the third quarter) and that leverage for the company could be
less than 4x over the next 12 to 24 months based on our assumption
of approximately $1.0-$1.2 billion of combined debt, which includes
S&P adjustments for operating lease liabilities at Ryerson."

This transaction comes at a time when Ryerson's earnings have
declined from an extended de-stocking cycle and weak manufacturing
demand. Weak earnings and startup costs to ramp up new facilities
are contributing to elevated leverage. Weak market conditions
continued to affect Ryerson into the third quarter of 2025, with
fewer original equipment manufacturer (OEM) contract shipments and
carbon steel margin compression. The follows a soft year in 2024 as
the company saw seasonal slowdowns in customer buying patterns,
softer pricing and weaker demand in sectors such as transportation,
consumer, and industrial manufacturing. In the near term, to help
offset some of this market weakness, we expect Ryerson to benefit
from cost efficiencies from the ramp up of recently completed
network infrastructure expansions and upgrades. Year-to-date as of
Sept. 30, 2025, Ryerson's S&P Global Ratings-adjusted EBITDA was
about $109 million. As a result, S&P expects Ryerson's EBITDA will
decline year over year to approximately $140 million-$150 million
in 2025 from about $167 million in 2024.

Also, the company's ABL facility drawings have increased to $500
million as of Sept. 30, 2025, from $470 million at year-end 2024.
In 2022, Ryerson redeemed all its outstanding high-yield debt and
now operates with this sizeable $1.3 billion ABL to fund the needs
of its business. The capital structure is intended to provide
flexibility from Ryerson's counter cyclical cash flows. As capex
declines, S&P anticipates more cash flow will be available for ABL
repayment.

Earnings recovery has been slower than previously expected due to
macroeconomic factors such as interest rate uncertainty and
slower-than-expected infrastructure spending. As a result, S&P
expects Ryerson's stand-alone leverage could stay elevated above 6x
at year-end 2025, before ultimately returning to more normalized
levels of around 4x in 2026 as the company sees earnings recovery
and benefits from the Olympic Steel acquisition.

S&P said, "We expect the combined company will benefit from
investments made by both Ryerson and Olympic. Benefits and cost
savings from Ryerson's start-up of new facilities, technology
upgrades, and footprint rationalization started to ramp up in 2025,
and we expect to see more benefit in 2026. Ryerson spent more than
$100 million per year since 2022 to upgrade existing facilities and
to build two new facilities to replace older locations, which we
believe will support future profitability growth. Ryerson is
ramping up two new service centers--in University Park, Ill. and
Centralia, Wash.--and has also completed investments at several of
its sites, as well as an ongoing expansion at its Shelbyville, Ky.
location. Upon completion, the company estimates a through-cycle
run-rate EBITDA of $350 million-$400 million (on a standalone
basis). We project capex will taper to about $50 million in 2025,
after peaking at around $100 million in 2024 as the projects wrap
up."

Similarly, Olympic has been investing approximately $20 million-$35
million annually in projects such as a new cut-to-length lines,
automation projections, and a high-speed stainless slitter at
Berlin Metals. The company projects combined maintenance capex of
approximately $ 40 million-$50 million annually going forward,
although we assume the company will continue to spend on growth
capex, albeit at lower levels than the past few years.

The negative outlook reflects our expectation that leverage will be
sustained for a second year at elevated levels. More specifically,
we expect S&P Global Ratings-adjusted debt to EBITDA could exceed
6x this year before decreasing to around 4x in 2026 as the company
completes and integrates its proposed acquisition of Olympic Steel
amid its ongoing investments and some fundamental market
improvement.

S&P said, "We could lower the rating if we expect debt to EBITDA to
be sustained above 4x beyond 2026, signaling prolonged trough
earnings and increasing ABL drawings amid potentially weak demand
and macroeconomic conditions. This could also occur if the company
encounters meaningful operational hiccups as they ramp up their new
investments or as they integrate the Olympic acquisition.

"We could revise the outlook on Ryerson back to stable if debt to
EBITDA returns below 4x. This could occur following the successful
integration of Olympic Steel, realization of synergy opportunities
or efficiency improvements from its investment spending. We also
believe an improvement in macroeconomic and industry conditions
could support deleveraging over the next 12 months."



SCIENTIFIC ENERGY: Needs Additional Time to Finalize Q3 Filing
--------------------------------------------------------------
Scientific Energy, Inc. filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission, informing
that it is unable to file, without unreasonable effort or expense,
its Quarterly Report on Form 10-Q for the quarter ended September
30, 2025, within the prescribed time period because additional time
is required to finalize its financial statements and related
disclosures required to be included in the 10-Q.

The Company expects to file the 10-Q within five calendar days
following the prescribed due date.

                     About Scientific Energy

Scientific Energy, Inc. is a mobile platform of ordering and
delivery services for restaurants or other merchants in Macau. The
Company's businesses are built on its platform, Aomi App. The
Platform connects restaurants/merchants with consumers and Delivery
riders. The Platform is created to serve the needs of these three
key areas and to become more intelligent and efficient with every
customer order.

Hong Kong-based Centurion AOGB CPA Limited, the Company's auditor
since 2025, issued a "going concern" qualification in its report
dated May 23, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and had a
working capital deficit that raise substantial doubt about its
ability to continue as a going concern.

As of June 30, 2025, the Company has $58,058,139 in total assets,
26,624,848 in total liabilities, and $34,026,803 in total
stockholders' equity.


SD BACKYARD: Class 1 Unsecured Claims to Recover 100% in Plan
-------------------------------------------------------------
SD Backyard, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of California a Plan of Reorganization for Small
Business.

The Debtor is a limited liability company. Since 2016, the Debtor
has been in the business of operating restaurants and currently
operates five restaurant locations in San Diego.

The Debtor was named as a defendant in three prepetition lawsuits,
two of which involve wage and hour/employment claims and the third
is for breach of contract case with a vendor. In light of
increasing legal expenses associated with the defense of the
lawsuits, the Debtor filed a voluntary chapter 11 petition in order
to reorganize its affairs and repay its creditors.

The Debtor's financial projections show that after payment of
ordinary course operating expenses and priority tax claims, the
Debtor will have projected disposable income of $560,902.04, all of
which will be distributed on account of Unsecured, Allowed Claims.
The final Plan payment is expected to be paid on December 1, 2030,
which is expected to be 60 months after the Effective Date.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.

Non-priority Unsecured Claims holding Allowed Claims will receive
distributions, which the proponent of this Plan has valued at
approximately 100 cents on the dollar. This Plan also provides for
the payment of administrative and priority Claims.

Class 1 consists of all non-insider, unsecured Claims. Class 1
Claimants will be paid 100% of their Allowed Claims. Distributions
on account of Class 1 Disputed Claims will be made into a Disputed
Claims Reserve (Ex. 3) unless and until such Claim(s) is/are
Allowed by a final non-appealable order from the Bankruptcy Court.
Debtor expressly reserves the right to object to any Class 1
Claims, under Section 502 of the Code and Fed. R. Bankr. Proc. Rule
3007. The Debtor may prepay the Class 1 Claims, in full, with
credit for all amounts paid, without penalty, at any time. This
Class is impaired.

Class 2 consists of all Unsecured Claims of Insiders. Class 2
Claimants will be paid 68% of their Allowed Claims. This Class is
impaired.

Class 3 consists of Equity Security holders of the Debtor. Equity
security holder's interests will be unaffected by the Plan, and the
holder of the Class 3 Claim shall retain his full equity interest
in the Debtor.  

The Plan will be funded with Debtor's projected disposable income
over the five-year plan term. Shih Hsiao Chou aka Frankin Chou will
continue to serve as Debtor's / Reorganized Debtor's sole owner,
manager, and president throughout the duration of the Plan. In
accordance with Section 1129(a)(5)(B) of the Bankruptcy Code, Mr.
Chou shall receive $8,666.76 per month in the form of bi-weekly
payments of $4,000, consistent with his approved insider
compensation as set forth in the Bankruptcy Court's Order Granting
First Day Motion Authorizing Insider Compensation.

A full-text copy of the Plan of Reorganization dated November 13,
2025 is available at https://urlcurt.com/u?l=Jm1e7s from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Mary R. Robberson, Esq.
     Maggie E. Schroedter, Esq.
     Lane C. Hilton, Esq.
     ROBBERSON SCHROEDTER LLP
     501 West Broadway, Suite 1260
     San Diego, CA 92101
     Tel: (619) 353-5691
     Email: mary@theRSfirm.com
            maggie@theRSfirm.com
            lane@theRSfirm.com

                        About SD Backyard LLC

SD Backyard, LLC, is a San Diego-based restaurant group that
operates multiple Asian cuisine restaurants including Steamy Piggy,
Formoosa, Yun, Viet Nom, and Oi Shiba.

SD Backyard sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Cal. Case No. 25-02776) on July 1, 2025. In its
petition, the Debtor estimated assets between $50,000 and $100,000
and estimated liabilities between $500,000 and $1 million.

The Debtor is represented by Gary B. Rudolph, Esq., at Fennemore,
LLP.


SEALED AIR: S&P Places 'BB+' ICR on CreditWatch Negative
--------------------------------------------------------
S&P Global Ratings placed all ratings, including its 'BB+' issuer
credit rating, 'BBB-' issue-level rating on Sealed Air Corp.'s
secured notes, and 'BB+' issue-level ratings on the company's
unsecured notes, on CreditWatch with negative implications.

On Nov. 17, 2025, Sealed Air Corp. announced it agreed to be
acquired by funds affiliated with Clayton, Dubilier & Rice (CD&R)
in an all-cash transaction at an enterprise value of $10.3
billion.

The CreditWatch placement reflects a high likelihood we could lower
our ratings on Sealed Air given our expectation for higher leverage
under new financial-sponsor ownership.

The CreditWatch placement follows Sealed Air's announcement that it
entered into an agreement to be acquired by funds affiliated with
CD&R. S&P said, "It also reflects our view that this agreement will
likely result in Sealed Air adopting a more aggressive financial
policy. CD&R's ownership could result in S&P Global
Ratings-adjusted leverage sustained above 5x, compared with our
prior forecast that Sealed Air's S&P Global Ratings-adjusted
leverage would improve to below 4x by the end of 2025 and our
belief that its financial policy would support continued
deleveraging."

Funds affiliated with CD&R have agreed to purchase Sealed Air in an
all-cash transaction at an enterprise value of $10.3 billion. The
transaction is expected to close in mid-2026, subject to the
approval of Sealed Air's shareholders, regulatory approval, and
other closing conditions. Sealed Air has a 30-day "go-shop" period
from Nov. 16, 2025, to explore other potential transactions and 15
days subsequently to negotiate a definitive agreement.

S&P plans to resolve the CreditWatch placement once the capital
structure and financial policy under the new ownership becomes
clear and is finalized.



SHARPLINK GAMING: Reports $104 Million Net Income in 2025 Q3
------------------------------------------------------------
SharpLink Gaming, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net income
of $104,270,205 for the three months ended September 30, 2025,
compared to a net loss of $885,131 for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $127,423, compared to a net income of $11,002,266 for
the same period in 2024.

As of September 30, 2025, the Company had working capital of
$35,431,545. For the three and nine months ended September 30,
2025, the Company had net income from continuing operations of
$104,247,275 and $(39,992) compared to a net loss from continuing
operations of $787,992 and $3,465,467 reported for the same three-
and nine-month periods in 2024.

Revenues and gains from operations for the three months ended
September 30, 2025 and 2024, were $10,843,567 and $881,690,
respectively.  For the nine months ended September 30, 2025 and
2024, the Company had revenues and gains from operations of
$12,282,589 and $2,838,908, respectively.

As of September 30, 2025, the Company had $3,072,974,028 in total
assets, $4,572,266 in total liabilities, and $3,068,401,762 in
total stockholders' equity.

SharpLink's principal sources of liquidity are its cash and cash
equivalents balances, USDC stablecoins, cash flow from operations,
and proceeds from equity financing transactions, including pursuant
to its at-the-market offering facility under the Amended and
Restated ATM Sales Agreement with A.G.P.

The Company said, "Under our Treasury Reserve Policy, we use the
vast majority of our cash, including cash generated from capital
raising transactions, to acquire ETH, some of which are classified
as indefinite-lived intangible assets. As of September 30, 2025 and
December 31, 2024, we held approximately 580,841 and 0 ETH in
crypto assets at fair value, respectively, all of which are
unencumbered. As of September 30, 2025 and December 31, 2024, we
held approximately 236,906 and 0 LsETH in crypto assets at cost,
respectively. As of November 9, 2025, we held approximately 861,251
in total ETH holdings, comprised of 637,752 in native ETH and
223,499 in ETH as if redeemed from LsETH, all of which are
unencumbered. Although we do not anticipate needing to use our ETH
to meet our obligations in the next 12 months, we believe our
substantial ETH holdings can serve as a source of liquidity, if
necessary."

Notably, the going-concern qualification previously issued by
auditor Cherry Bekaert LLP in its March 14, 2025 report on the 2024
financial statements--citing recurring losses and negative
operating cash flows--has been removed in the current period.

"The third quarter of 2025 marked our first full quarter executing
on SharpLink's ETH treasury strategy, and the results clearly
validate our execution. To date, we've deployed nearly all of our
ETH holdings into productive, yield-generating staking, while
maintaining disciplined risk management. Moreover, we recently
announced that we intend to allocate $200 million in ETH for
deployment on Consensys' Linea platform via ether.fi and EigenCloud
to responsibly generate enhanced Ethereum DeFi yields. Importantly,
we've doubled our ETH per share concentration from 2.0 to 4.0 since
inception of the treasury and continue to focus on long-term value
accretion for our stockholders," stated Joseph Chalom, Co-CEO of
SharpLink.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/433amvzw

                     About SharpLink Gaming

SharpLink Gaming, Inc., operates as a marketing partner to
sportsbooks and online casino gaming operators globally. SharpLink
Gaming operates as a marketing partner to sportsbooks and online
casino gaming operators globally. Based in Minneapolis, Minnesota,
the Company operates PAS.net, an affiliate marketing network that
facilitates player acquisition and engagement for regulated iGaming
operators. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences.

As of September 30, 2025, the Company had $3,072,974,028 in total
assets, $4,572,266 in total liabilities, and $3,068,401,762 in
total stockholders' equity.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of
SharpLink Gaming, Inc. until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


SHOW LOW: Case Summary & Two Unsecured Creditors
------------------------------------------------
Debtor: Show Low Development Partners, LLC
        1749 SE 59th St.
        Ocala, FL 34480

Business Description: Show Low Development Partners, LLC owns and
                      manages real estate in Navajo County,
                      Arizona, including a property of
                      approximately 124 acres, focusing on land
                      development and investment activities.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 25-04254

Debtor's Counsel: Daniel A. Velasquez, Esq.
                  LATHAM LUNA EDEN & BEAUDINE LLP
                  201 S. Orange Avenue
                  Suite 1400
                  Orlando, FL 32801
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  Email: dvelasquez@lathamluna.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steve Holgate as vice 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/MODTFAQ/Show_Low_Development_Partners__flmbke-25-04254__0001.0.pdf?mcid=tGE4TAMA


SILICON VALLEY: FDIC Denied Advisory Jury Bid in $1.9B Trust Fight
------------------------------------------------------------------
Hailey Konnath of Law360 reports that a California federal judge on
Wednesday, November 19, 2025, rejected the Federal Deposit
Insurance Corp.'s request to convene an advisory jury in a lawsuit
aimed at compelling the agency to return roughly $1.9 billion in
frozen deposits to the former operator of Silicon Valley Bank. The
judge concluded that the FDIC had not demonstrated any convincing
justification for involving an advisory jury in the case.

In her ruling, the judge emphasized that the circumstances did not
warrant deviating from the standard judicial process, noting there
were "no compelling reasons" to support the FDIC's position. As a
result, the dispute over the frozen funds will proceed without
input from an advisory jury.

                   About Silicon Valley Bank

Silicon Valley Bank was the nation's 16th largest bank and the
biggest to fail since the 2008 financial meltdown.  

During the week of March 6, 2023, Silicon Valley Bank, Santa Clara,
CA, experienced a severe "run-on-the-bank." On the morning of March
10, 2023, the California Department of Financial Protection and
Innovation seized SVB and placed it under the receivership of the
Federal Deposit Insurance Corporation (FDIC).  

The FDIC on March 13, 2023, disclosed that it transferred all
deposits -- both insured and uninsured -- and substantially all
assets of the former Silicon Valley Bank of Santa Clara,
California, to a newly created, full-service FDIC-operated "bridge
bank" in an action designed to protect all depositors of Silicon
Valley Bank.

SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.  

On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin
Glenn is the bankruptcy judge. The Debtor had assets of
$19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31,
2022. Centerview Partners LLC is proposed financial advisor,
Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal
proposed restructuring advisor to SVB Financial Group as
debtor-in-possession. Kroll is the claims agent.

On June 13, 2023, a collective of depositors of the Silicon Valley
Bank (Cayman Islands Branch) filed a petition with the Court
seeking an order that SVB Cayman be wound up and liquidators be
appointed under the provisions of the Companies Act (2023 Revision)
on the grounds that the Company is insolvent.

On June 29, 2023, the Grand Court of the Cayman Islands appointed
Andrew Childe and Michael Pearson of FFP limited in the Cayman
Islands and Niall Ledwidge from Stout in New York, United States as
Joint Official Liquidators of SVB Cayman.

Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter
15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan.
18, 2024. The Liquidators' counsel in the U.S. case is Warren E.
Gluck, Esq. at Holland & Knight LLP.


SINTX TECHNOLOGIES: Reports $3.5 Million Net Loss in 2025 Q3
------------------------------------------------------------
SINTX Technologies, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $3.5 million for the three months ended September 30,
2025, compared to a net loss of $6.2 million for the three months
ended September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $8.1 million, compared to a net loss of $9.3 million
for the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $208,000 and $799,000, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had total
revenues of $728,000 and $2.3 million, respectively.

As of September 30, 2025, the Company had $11.4 million in total
assets, $7.3 million in total liabilities, and $4.1 million in
total stockholders' equity.

To date, the Company's operations have been principally financed
from proceeds from the issuance of preferred and common stock and,
to a lesser extent, cash generated from product sales. It is
anticipated that the Company will continue to generate operating
losses and use cash in operations. The Company's continuation as a
going concern is dependent upon its ability to increase sales,
decrease expenses and raise additional funding.

SINTX said, "We continue to seek opportunities to raise additional
funding through equity and/or debt financing. However, such funding
is not guaranteed and may not be available to the Company on
favorable terms and may involve restrictive covenants. If the
Company is not able to obtain additional debt or equity financing,
the impact on the Company will be material and adverse.

The board of directors, together with management, remains focused
on advancing the Company's business strategy and focus. We are
concentrating our resources on high-growth areas within the
healthcare sector where our proprietary materials and
technologies--such as silicon nitride--provide a distinct
competitive advantage due to their unique strength, durability, and
biocompatibility. Through this transformation, as demonstrated by
the recent FDA 510(k) clearance of our SiNAPTIC(R) Foot & Ankle
Osteotomy Wedge System, our aim is to deliver meaningful
innovations to the medical community. By focusing on partnerships
and collaborations with healthcare institutions and industry
leaders, SINTX is positioned to expand its footprint in the medical
device sector and drive shareholder value through sustainable,
high-impact innovations."

     -- On August 8, 2024, the board of directors approved a plan
to implement a Company-wide reduction in the workforce. This
decision was part of the Company's ongoing strategic review of its
operations aimed at improving operational efficiency and reducing
costs.

     -- On August 12, 2024, the board of directors approved a plan
to cease efforts to make the armor plant operational. This decision
was made to streamline operations and focus on core business areas
that align with the Company's long-term strategic goals. The armor
plant had not been fully operational since the acquisition of the
armor equipment in July 2021 and had been completely shut down
since October 2023.

     -- On February 19, 2025, the Company sold to Tethon all the
issued and outstanding shares of TA&T in exchange for the
assumption by Tethon of the outstanding liabilities of TA&T.

     -- In October 2025, the Company received FDA 510(k) clearance
for a new foot and ankle osteotomy wedge system, enabling SINTX's
commercial entry into reconstructive foot and ankle surgery in the
United States. Revenue is expected to begin during the first half
of 2026.

     -- Additionally, the Company entered into the 2025 ATM
Agreement to sell shares of its common stock from time to time,
through an "at the market offering" program, having an aggregate
offering price of $6,413,876 was filed with the SEC.

     -- Furthermore, the Company entered into a sublease agreement
to lease the SINTX armor facility, that is expected to save the
Company approximately $950,000 over the sublease term.

The Company believes that based on its existing capital resources
and funds generated by operations, there is no significant
uncertainty of the Company's ability to continue as a going concern
through at least November 12, 2026.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/rre4s2uc

                   About SINTX Technologies, Inc.

SINTX Technologies, based in Salt Lake City, Utah, develops and
manufactures advanced ceramic materials and components for medical
and agribiotech applications.  The Company specializes in silicon
nitride, which has been used in human implants since 2008.  SINTX
has expanded into new markets through acquisitions and strategic
partnerships.

As of September 30, 2025, the Company had $11.4 million in total
assets, $7.3 million in total liabilities, and $4.1 million in
total stockholders' equity.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of SINTX
Technologies, Inc. until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


SKYX PLATFORMS: Reports $7.6 Million Net Loss in 2025 Q3
--------------------------------------------------------
SKYX Platforms Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $7.6 million for the three months ended September 30, 2025,
compared to a net loss of $8.6 million for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $25.5 million, compared to a net loss of $25.8
million for the same period in 2024.

Total revenue for the three months ended September 30, 2025 and
2024, were $23.9 million and $22.7 million, respectively.  For the
nine months ended September 30, 2025 and 2024, the Company had
total revenue of $67.1 million and $62.6 million, respectively.

As of September 30, 2025, the Company had $58.4 million in total
assets, $57.3 million in total liabilities, and $3.8 million in
total stockholders' deficit.

Management Commentary:

The Company's Management, Board members, and Senior Advisors
include former CEO's and executives from Fortune 100 companies
including Nielsen, Microsoft, Disney, GE, Home Depot, Office Depot,
Chrysler, among others, said:

"The Company is trending positively generating record Third quarter
2025 revenues of $24 million as compared to $23 million for the
Second quarter of 2025, a gross profit for the Third quarter ending
September 30, 2025, increasing sequentially by 8% to $8 million,
compared to the Second quarter ending June 30, 2025 and a gross
margin for the Third quarter ending September 30, 2025, increasing
sequentially by 4% to 32%, compared to 30% in the Second Quarter
ending June 30, 2025. We believe our positive trends will
accelerate going into 2026."

"We are encouraged by the recently announced initiatives where we
could supply hundreds of thousands of units in the Middle East
including Saudi Arabia and Egypt, the $3 billion mixed-use smart
city development in the Little River District in the heart of
Miami, and a 278-apartment project in the Austin Manor area in
Texas led by prominent developers Landmark Companies. We continue
to address the builder/commercial segments, large online and
brick-and-mortar retail partners as well as our future potential to
realize incremental licensing, subscription, and AI/data
aggregation revenues.

"Furthermore, our e-commerce website platform with 60 websites
enhances the acceleration of marketing and distribution channels,
collaborations, licensing, and sales to both professional and
retail segments. Our websites include banners, videos, and
educational materials regarding the simplicity, cost savings,
timesaving, and lifesaving aspects of the Company's patented
technologies.

"We believe we have accelerated our pace of sales with a robust
gross margin profile, notably reducing the adjusted EBITDA loss of
SKYX. Our e-commerce platform with over 60 websites is expected to
continue providing additional cash flow to the Company."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/uzs4w94r

                    About SKYX Platforms Corp.

Headquartered in Pompano Beach, Florida, SKYX Platforms Corp.
develops advanced platform technologies focused on enhancing
safety, quality, and ease of use in homes and buildings. With
nearly 100 patents and pending applications, the Company's products
are designed to improve safety and lifestyle in residential and
commercial spaces. In 2023, Sky expanded by acquiring an online
retailer specializing in home lighting, ceiling fans, and
furnishings. The Company's technologies enable quick and safe
installation of light fixtures and ceiling fans without the need to
handle hazardous wires.

In its report dated March 24, 2025, the Company's auditor, M&K
CPAS, PLLC, issued a "going concern" qualification attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing the Company's accumulated deficit, negative cash flows
from operations, and recurring net losses, which raise substantial
doubt about its ability to continue as a going concern.

As of June 30, 2025, the Company had $64.3 million in total assets,
$58.7 million in total liabilities, and $689,939 in total
stockholders' equity.


SMARTSCIENCE LABORATORIES: Hires Blanchard Law P.A. as Counsel
--------------------------------------------------------------
Smartscience Laboratories, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Blanchard Law, P.A. as counsel.

The firm will render these services:

     (a) give the Debtors legal advice with respect to their powers
and duties in the continued operation of their business and
management of their property;

     (b) prepare, on the behalf of the Debtors, necessary legal
papers and appear at hearings thereon; and

     (c) perform all other legal services for the Debtors.

The firm will be paid at these rates:

     Attorney     $400 per hour
     Associates   $350 per hour
     Paralegal    $100 per hour

In addition, both firms will seek reimbursement for expenses
incurred.

The firm received from the Debtors a retainer of 15,000, and filing
fee of $1,738.

Mr. Blanchard disclosed in court filings that their firms are
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The firms can be reached through:

     Jake C. Blanchard, Esq.
     Blanchard Law, P.A.
     8221 49th Street North
     Pinellas Park, FL 33781
     Tel: (727) 531-7068
     Fax: (727) 535-2086
     Email: Jake@jakeblanchardlaw.com

              About Smartscience Laboratories, Inc.

SmartScience Laboratories, Inc. develops and manufactures
over-the-counter drugs, medical devices, and private-label health
products from its FDA-registered, cGMP-compliant facility in Tampa,
Florida. It provides contract formulation, packaging, and
production services for healthcare and personal care clients.
Founded in 1998, SmartScience Laboratories focuses on delivering
customized product solutions under branded and private-label
programs.

SmartScience Laboratories sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08072) on
October 29, 2025, listing up to $50,000 in assets and between $1
million and $10 million in liabilities.

Judge Catherine Peek Mcewen presides over the case.

Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the
Debtor as bankruptcy counsel.


SOLANA COMPANY: Delays Q3 10-Q Filing Following Baker Tilly Exit
----------------------------------------------------------------
Solana Company filed a Notification of Late Filing on Form 12b-25
with the U.S. Securities and Exchange Commission, informing that it
has determined that it is not able to file its quarterly report on
Form 10-Q for the quarter ended September 30, 2025 within the
prescribed time period without unreasonable efforts or expense.

As disclosed in the Company's Current Report on Form 8-K filed with
the SEC on October 16, 2025, the Audit Committee of the Board of
Directors of the Company received the resignation of Baker Tilly
US, LLP as the Company's independent registered public accounting
firm, effective October 15, 2025.

On October 15, 2025, the Committee approved the appointment of CBIZ
CPAs P.C. as the Company's independent registered public accounting
firm for the fiscal year ending December 31, 2025, effective
immediately.

The Company, while making efforts to expedite the process, requires
additional time to finalize the review of the financial statements
to be included in the Form 10-Q.

While there can be no assurance, the Company anticipates that the
Form 10-Q will be filed as soon as practicable and in any event on
or prior to the fifth calendar day following the prescribed due
date.

                       About Solana Company

Solana Company (Nasdaq: HSDT) formerly known as Helius Medical
Technologies, Inc. is a listed digital asset treasury dedicated to
acquiring Solana (SOL), created in partnership with Pantera and
Summer Capital. Focused on maximizing SOL per share by leveraging
capital markets opportunities and onchain activity, Solana Company
offers public market investors optimal exposure to Solana's secular
growth.

In its report dated March 25, 2025, the Company's auditor since
2022, Baker Tilly US, LLP, issued a "going concern" qualification,
attached to the Company's Annual Report on Form 10-K for the year
ended Dec. 31, 2024, citing that the Company has recurring losses
from operations and an accumulated deficit, expects to incur losses
for the foreseeable future, and requires additional working
capital. These factors raise substantial doubt about their ability
to continue as a going concern.

As of March 31, 2025, Helius Medical Technologies had $3.5 million
in total assets, $2.2 million in total liabilities, and total
stockholders' equity of $1.3 million.


SPLASHY'S LLC: Case Summary & Six Unsecured Creditors
-----------------------------------------------------
Debtor: Splashy's LLC
        1423 Warrior Drive
        Murfreesboro, TN 37128

Business Description: Splashy's LLC owns and operates Splashy's
                      Car Wash, a full-service car wash facility
                      located at 1423 Warrior Drive, Murfreesboro,
                      Tennessee, providing automatic and
                      membership wash options along with
                      additional amenities such as vacuums and
                      microfiber towels.

Chapter 11 Petition Date: November 17, 2025

Court: United States Bankruptcy Court
       Middle District of Tennessee

Case No.: 25-04841

Judge: Hon. Charles M Walker

Debtor's Counsel: Keith D. Slocum, Esq.
                  SLOCUM LAW
                  370 Mallory Station Road Suite 504
                  Franklin, TN 37067
                  Tel: (615) 656-3344
                  Email: keith@keithslocum.com

Total Assets: $2,313,700

Total Liabilities: $2,641,422

The petition was signed by Kelly Helton as member.

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/JXMBKCQ/Splashys_LLC__tnmbke-25-04841__0001.0.pdf?mcid=tGE4TAMA


STRANGE BIKINIS: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada granted
Strange Bikinis, LLC interim approval to use the cash collateral of
the U.S. Small Business Administration.

The interim order authorized the Debtor to use cash collateral in
accordance with its budget until the date of entry of a final
order. The Debtor may use up to 125% of each line item in the
budget.

The interim order preserves the Debtor's right to challenge whether
any party including the SBA holds a valid interest in the cash
collateral.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/Q0uO4 from PacerMonitor.com.

A final hearing is scheduled for December 9.

Strange Bikinis, a Nevada-based women's swimwear company wholly
owned and managed by Alison Conway, filed for Chapter 11 bankruptcy
under Subchapter V on October 13. As part of its operations, the
Debtor received an Economic Injury Disaster Loan from the SBA
during the COVID-19 pandemic, which may be secured by a lien on its
cash assets. While the Debtor reserves the right to contest the
SBA's claim or the validity of any security interest, it
acknowledges that the SBA may hold a perfected security interest in
its cash or deposit accounts.

                     About Strange Bikinis LLC

Strange Bikinis, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D. Nevada Case No. 25-50960) on
October 13, 2025, with $50,001 to $100,000 in assets and $100,001
to $500,000 in liabilities. Edward Burr of Mac Restructuring
Advisors, LLC serves as Subchapter V trustee.

Judge Hilary L. Barnes presides over the case.

Kevin A. Darby, Esq., at Darby Law Practice, Ltd. represents the
Debtor as bankruptcy counsel.


STYX LOGISTICS: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada granted Styx
Logistics LLC interim approval to use cash collateral to fund
operations.

The court authorized the Debtor to use cash collateral on an
interim basis in amounts not to exceed 125% of each line item. The
interim order remains effective until the date of entry of a final
order.

The Debtor reserves all rights and claims with respect to any
issues relating to whether any party holds a valid interest in cash
collateral.   

Amerifi Capital and BCA Capital may have a perfected security
interest in the Debtor's cash, including deposit accounts. The
Debtor reserves all rights to object to the claims of both
creditors, including the validity of any purported security
interest in assets of the bankruptcy estate.  

The Debtor believes that Amerifi and BCA are adequately protected
by virtue of the following: (1) the cash collateral will be used to
maintain and operate the Debtor's business; (2) the value of the
collateral is not decreasing; and (3) Amerifi and BCA will have a
replacement lien on any post-petition cash received by Debtor.  

A final hearing is scheduled for December 9.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/uDe5L from PacerMonitor.com.

                About STYX Logistics LLC

STYX Logistics, LLC provides delivery services as an independent
Delivery Service Partner for Amazon, supporting the fulfillment of
Amazon Prime deliveries.

STYX Logistics LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
25-50941) on October 9, 2025, listing $50,000 to $100,000 in assets
and $1 million to $10 million in liabilities. The petition was
signed by Nikola Tersiev as manager.

Judge Hilary L Barnes presides over the case.

Kevin A. Darby, Esq. at DARBY LAW PRACTICE represents the Debtor as
counsel.              


SWEEPING CORP: FS KKR Marks $8.3MM 1L Loan at 37% Off
-----------------------------------------------------
FS KKR Capital Corp. has marked its $8,300,000 loan extended to
Sweeping Corp of America Inc. to market at $5,200,000 or 63% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Sweeping Corp of America Inc. The loan accrues interest at a rate
of zero per annum. The loan matures on March 2034.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

         About Sweeping Corp of America Inc.

Sweeping Corporation of America, Inc. provides facility maintenance
services.


TACTICAL TOWING: Hires YCG Accounting LLC as Accountant
-------------------------------------------------------
Tactical Towing & Recovery, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Illinois to employ
YCG Accounting, LLC as YCG Accounting, LLC as accountant.

The firm will review the Debtor's year tax returns, prepare
financial documents, and provide continuing bookkeeping and monthly
operating reports.

The firm will be paid at the rate of $140 to $250 per hour.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Ms. Todd disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Diane Todd
     YCG Accounting, LLC
     219 2nd Ave Ste B
     Edwardsville, IL 62025
     Tel: (618) 307-9667

              About Tactical Towing & Recovery, Inc.

Tactical Towing & Recovery, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Ill. Case No.
25-30751) on September 30, 2025, with $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.

Judge Mary E. Lopinot presides over the case.

Jerry D. Graham, Jr., Esq., at Jd Graham, PC represents the Debtor
as legal counsel.


TALPHERA INC: Reports $4.4 Million Net Loss in 2025 Q3
------------------------------------------------------
Talphera, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $4.4 million for the three months ended September 30, 2025,
compared to a net loss of $3.3 million for the three months ended
September 30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net loss of $10.5 million, compared to a net loss of $11.1
million for the same period in 2024.

Revenue for the three and nine months ended September 30, 2025 were
$1,000 and $28,000, respectively.  

As of September 30, 2025, the Company had $30.7 million in total
assets, $11.6 million in total liabilities, and $19.2 million in
total stockholders' deficit.

Talphera says it has incurred recurring operating losses and
negative cash flows from operating activities since inception, and
expects to continue to incur operating losses and negative cash
flows in the future. These conditions raise substantial doubt about
the Company's ability to continue as a going concern.

Considering the Company's current cash resources and its current
and expected levels of operating expenses for the next 12 months,
management expects to need additional capital to fund its planned
operations prior to the 12-month anniversary of the date this
Quarterly Report on Form 10-Q is filed with the United States
Securities and Exchange Commission.

Management may seek to raise such additional capital through public
or private equity offerings, debt securities, a new debt facility,
monetizing or securitizing certain assets, entering into product
development, license or distribution agreements with third parties,
or divesting any of the Company's remaining product candidates.

While management believes its plans to raise additional funds will
alleviate the conditions that raise substantial doubt about the
Company's ability to continue as a going concern, these plans are
not entirely within the Company's control and cannot be assessed as
being probable of occurring.

Additional funds may not be available when the Company needs them
on terms that are acceptable to the Company, or at all. If adequate
funds are not available, the Company may be required to further
reduce its workforce, delay the ongoing clinical trial for Niyad,
or delay the development of its regulatory filing plans for its
product candidates in advance of the date on which the Company's
cash resources are exhausted to ensure that the Company has
sufficient capital to meet its obligations and continue on a path
designed to preserve stockholder value.

In addition, if additional funds are raised through collaborations,
strategic alliances or licensing arrangements with third parties,
the Company may have to relinquish rights to its technologies,
future revenue streams or product candidates, or to grant licenses
on terms that may not be favorable to the Company.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/46pz5zd4

                           About Talphera

Headquartered in San Mateo, California, Talphera, Inc. --
www.talphera.com -- is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. Talphera's lead product
candidate, Niyad, is a lyophilized formulation of nafamostat and is
currently being studied under an investigational device exemption
(IDE) as an anticoagulant for the extracorporeal circuit, and has
received Breakthrough Device Designation status from the U.S. Food
and Drug Administration (FDA).

Walnut Creek, Calif.-based BPM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended Dec. 31, 2024, citing that the Company has
suffered recurring operating losses and negative cash flows from
operating activities since inception and expects to continue to
incur operating losses and negative cash flows in the future. These
matters raise substantial doubt about its ability to continue as a
going concern.

As of June 30, 2025, Talphera had $16.52 million in total assets,
$9.89 million in total liabilities, and $6.63 million in total
stockholders' equity.


TATTI VINO: Seeks Chapter 11 Bankruptcy in Michigan
---------------------------------------------------
Tatti Vino Inc. filed a voluntary Chapter 11 bankruptcy on November
14, 2025, in the Eastern District of Michigan. According to the
petition, the company reports Liabilities between $100,001 and $1
million. It lists between 1 and 49 creditors.

                   About Tatti Vino Inc.

Tatti Vino Inc. is a Michigan company specializing in the
distribution and sale of wines and other beverage products. Its
customer base includes wholesalers, retailers, and hospitality
venues, reflecting the company’s flexible sales model.

Tatti Vino Inc. sought relief under Chapter 11  of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-32478) on November
14, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $100,001 and $1 million each.

Honorable Bankruptcy Judge Joel D. Applebaum handles the case.

The Debtor is represented by Zachary R. Tucker, Esq.


TECHNICAL ARTS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Technical Arts Group LLC
        240 Anderson Avenue
        Moonachie, NJ 07074

Business Description: Technical Arts Group LLC, a Delaware limited
                      liability company headquartered in
                      Moonachie, New Jersey, provides event
                      production and premium equipment rental
                      services, specializing in lighting, audio,
                      video, staging, special effects, and event
                      management for large-scale music festivals,
                      corporate gatherings, weddings, and
                      international events.  The Company operates
                      a 34,488-square-foot facility and employs 63
                      staff members, engaging additional freelance
                      personnel as needed.

Chapter 11 Petition Date: November18, 2025

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 25-22241

Judge: Hon. Vincent F Papalia

Debtor's Counsel: Richard D. Trenk, Esq.
                  Robert S. Roglieri, Esq.
                  TRENK ISABEL SIDDIQI & SHAHDANIAN P.C.
                  290 W. Mt. Pleasant Ave., Suite 2370
                  Livingston, New Jersey 07039
                  Tel: (973) 533-1000
                  Fax: (973) 533-1111
                  Email: rtrenk@trenkisabel.law
                  Email: rroglieri@trenkisabel.law

Total Assets: $10,944,828

Total Liabilities: $8,654,532

Kevin Mignone signed the petition as co-president and chief revenue
officer.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/NSWHEYY/Technical_Arts_Group_LLC__njbke-25-22241__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                            Nature of Claim  Claim Amount

1. ABF Freight Systems                 Civil Action        $41,446
an Archbest Corp
c/o Law Offices of
Joseph A. Molinaro
648 Wyckoff Avenue
Wyckoff, NJ 07481
Joseph A. Molinaro, Esq.
Tel: 201.857.3075
Email: jam@molinarolaw.com

2. AG Production Services Inc.          Trade Debt         $83,214
4660 Berg Street
Suite 130
North Las Vegas, NV
89081-3705
Tel: (631) 471-3700

3. Any Venue Video                      Trade Debt         $21,000
3920 W. Sunset Road
Suite C
Las Vegas, NV
89118-3883

4. Armstrong Transport Group            Trade Debt         $43,908
1120 S. Tryon Street
Suite 500
Charlotte, NC
Phone: 28203-6819
Email: atg@armstrongtransport.com
Phone: 877-240-1181

5. Bridgecap Financial LLC            Business Loan       $128,750
19790 W Dixie Hwy
Miami, FL 33180
Email: info@bridgecapfinancial.com
Phone: (855) 648-5914

6. Carlos M. Carvajal, Esq.            Professional        $45,675
14 Penn Plaza                            Services
Suite 2020                               Rendered
New York, NY
10122-2020
Email: carlos@cmcesq.com
Phone: (212) 381-9210

7. Chubb Commercial Insurance            Insurance         $83,545
550 Madison Avenue                       Premiums
Suite 3435
New York, NY
10022-3211


8. Fuse Technical Group                 Trade Debt         $28,860
9817 Foster Avenue
Schiller Park, IL
60176-1048
Email: SalesChi@fuse-tg.com
Phone: 773-729-2314

9. Gateway Productions Inc.             Trade Debt         $83,335
10 Mulliken Way
Newburyport, MA
01950-4020
Email: info@gateway-productions.com
Phone: 877.354.2839

10. Harman International                Trade Debt        $345,058
400 Atlantic Street,
15th Floor
Stamford, CT 06901
Phone: 203.328.3501

11. Kane Kessler, PC                   Professional       $262,467
Attn: Arthur M.                          Services
Rosenberg, Esq.                          Rendered
600 Third Avenue,
35th Floor
New York, NY 10016
Email: arosenberg@kanekessler.com
Phone: 212.519.5147

12. Lowenstein Sandler                 Professional       $625,916
One Lowenstein Dr                        Services
Roseland, NJ 07068                       Rendered
Michael A. Kaplan, Esq.
Email: mkaplan@lowenstein.com
Phone: 973.597.2302

13. Mojo Rental North America          Trade Debt          $57,575
181 E. Stiegel Street
Suite 202
Manheim, PA
17545-1738
Email: us@mojorental.com
Phone: (717) 664 0158

14. New Jersey Division                Sales Tax           Unknown
of Taxation
Bankruptcy Section
P.O. Box 245
Trenton, NJ
08695-0245

15. Rentex                            Trade Debt           $25,292
110 Shawmut Rd.
Canton, MA 02021
Tel: (800) 574-1702

16. Ryder Truck Rental Inc            Trade Debt           $54,840
11690 NW 105th Street
Miami, FL 33178
Tel: (305) 633-7400

17. Special Event Services            Trade Debt           $21,466
216 Angell Knoll Ave
Mocksville, NC 27028

18. Staton Logsitics                  Trade Debt           $27,257
6215 Fulton
Industrial Blvd,
Suite E
Atlanta, GA 30336
Tel: (877) 513-9112

19. Steven Global Logistics           Trade Debt           $33,543
PO Box 729
Lawndale, CA
90260-0729
Email: SGLsupport@stevensglobal.com
Phone: (800) 392-1860

20. Trustpoint One                    Trade Debt           $30,266
3200 Cobb Galleria
Pkwy #200
Atlanta, GA 30339
Christopher M. Gallagher, Esq.


TEKFOR HOLDCO: FS KKR Virtually Writes Off EU$43.9MM 1L Loan
------------------------------------------------------------
FS KKR Capital Corp. has marked its EU$43,900,000 loan extended to
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd) to market
at $2,500,000 or 6% of the outstanding amount, according to FS
KKR's Form 10-Q for the quarterly period ended September 30, 2025,
filed with the U.S. Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd). The loan
accrues interest at a rate of zero per annum. The loan matures on
July 2026.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

             About Tekfor HoldCo (formerly Amtek Global Technology
Pte Ltd)

Tekfor Holding GmbH, a German-based holding company that operates
internationally in the automotive supply industry.


TENABLE HOLDINGS: S&P Raises ICR to 'BB' on Sustained Low Leverage
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Tenable
Holdings Inc. to 'BB' from 'BB-' and its issue-level rating on
Tenable's first-lien term loan to 'BB' from 'BB-'. The '3' recovery
rating is unchanged.

The positive outlook is based on S&P's expectation that continued
earnings growth will enable the firm to generate healthy free
operating cash flow (FOCF) and sustain leverage below 2x over the
next 12 months, even with a modest amount of tuck-in acquisitions
and shareholder returns.

Tenable continues to reduce leverage through operating margin
expansions.

S&P said, "We believe the company has sufficient cushion in its
metrics such that it will maintain low leverage while continuing to
invest in its product capabilities and executing opportunistic
tuck-in acquisitions with modest shareholder returns.

"We believe Tenable's consistent revenue growth and platform
momentum will continue to improve financial performance. For the
last two years, Tenable has demonstrated revenue growth and
operating margin expansion, consistently outperforming guided
metrics. Year-to-date ended September 2025, the company reported
revenue of about $739 million, representing about an 11%
year-over-year increase. We believe Tenable will close out the year
with about $990 million in revenue, representing slightly above 10%
growth." This positive trend is directly attributable to the
successful adoption of Tenable One, the company's exposure
management platform, which now accounts for 40% of all new
business, a meaningful increase compared to the previous year. The
transition away from stand-alone products and toward this
integrated platform has enabled Tenable to secure larger, more
strategic deals, consolidating multiple security categories and
providing clients with broader insights into their attack surface.
With over 18,000 existing enterprise customers, only less than 20%
are using its platform offering, which highlights the future
potential for Tenable to upsell and cross-sell its nonplatform
customers and migrate them to Tenable One.

More importantly, this top-line expansion has also been accompanied
by continued improvements in profitability. Tenable started
pivoting its strategy to "balancing growth with profitability
expansion" since 2023. S&P Global Ratings-adjusted EBITDA margins
have steadily improved since, rising from about 11% in 2022, to
about 15% and 21% in 2023 and 2024, respectively. This represents a
remarkable 1,000 basis point (bps) margin expansion over the course
of two years. The company's focus on channel partners, operating
100% through this distribution model, has proven effective in
gaining leverage and traction, with partners now actively promoting
the broader Exposure Management solutions, leading to platform
adoption and overall revenue growth.

S&P said, "We forecast S&P Global Ratings-adjusted EBITDA margin
for 2025 will be about 23%, representing an expansion of another
200 bps from 2024. The company has been able to improve operating
efficiency and go-to-market leverage due to its broader product
suite and continued growth in scale. We believe Tenable, even with
some moderation in revenue growth and continued investment in its
product portfolio, will further expand EBITDA margin and grow FOCF
in 2026 and beyond.

"We believe Tenable is well positioned to benefit from growing
momentum in OT and AI Security. OT Security (i.e. operational
technology security) is the practice of protecting industrial
systems and infrastructure from cyber threats. Growing convergence
of the OT and IT environments and Tenable's ability to consolidate
product stacks within the two enable the company to win new
business. AI datacenter buildouts also represent significant growth
opportunities for the company as datacenter operators would need
operational technology to monitor and secure different asset types
within the infrastructure. We believe Tenable will continue to
invest in these growth areas of OT and AI related security
capabilities, including through higher research and development
spending and tuck-in acquisitions."

Tenable acquired Vulcan Cyber in February to expand capabilities to
incorporate third-party data from its customers' existing product
stacks across vulnerability assessment, endpoint security, cloud
security, application security and threat intelligence, and provide
AI-powered analytics with actionable insights. The company also
acquired Apex Security, which enhances Tenable's capability to
manage and control risks introduced by generative AI. This shift
toward higher-growth areas demonstrates Tenable's ability to adapt
to evolving market demands and capitalize on emerging
opportunities. S&P believes continued expansion of product
capabilities and the pricing upside potential with higher product
penetration and platform consolidation (through cross-sell/upsell
opportunities on Tenable One) will allow Tenable to remain
competitiveness and accelerate revenue growth longer term.

S&P said, "Growing profitability and cash generation further
support our positive outlook. We believe our expectation of
Tenable's continued revenue growth and improving profitability
provides an ample cushion to our leverage forecast on the company.
Its rising FOCF generation will also provide the company with
flexibility to pursue its tuck-in acquisition strategy and expand
its product capabilities. Year-to-date September 2025 unlevered
free cash flow reached about $190 million, up from about $150
million for the same period in last year, putting the company on
track to achieve its annual unlevered free cash flow guidance of
$265 million-$275 million.

"We expect Tenable will continue to grow its FOCF toward the $300
million area over the next 12-24 months. Along with cash and
short-term investments of about $380 million as of Sept. 30, 2025,
we expect the company will have sufficient cushion to execute its
tuck-in acquisition strategy within the rating. Absent any
substantial acquisitions or shareholder returns, we expect
Tenable's leverage will be about 1.7x by the end of 2026.

"The positive outlook reflects our expectation that Tenable will
continue revenue growth, EBITDA margin expansion, and solid FOCF
generation. We expect the company will reduce leverage further over
the next 12 months, largely due to continued EBITDA growth."

S&P could revise its outlook to stable if Tenable sustains S&P
Global Ratings-adjusted leverage above 2.0x. This could happen if:

-- The company undertakes larger acquisitions that require
additional debt or take longer to transition to a positive EBITDA
position; or

-- The company adopts an aggressive financial policy, including
significant debt-funded shareholder returns, such that it sustains
S&P Global Ratings-adjusted leverage of more than 2.0x.

S&P said, "We could raise our ratings over the next 12 months if
the company continues to demonstrate its ability to grow revenue
and expand EBITDA margin such that we believe its S&P Global
Ratings-adjusted leverage will remain below 2.0x even after
acquisitions or shareholder returns."


TERRAFORM LABS: Administrative Expense Objection Deadline Extended
------------------------------------------------------------------
Judge Brendan L. Shannon of the United States Bankruptcy Court for
the District of Delaware granted motion of the the Plan
Administrator of the jointly administered estates of Terraform Labs
Pte. Ltd., et al. for the entry of an order extending the
administrative expense claims objection deadline through and
including December 26, 2025.

The Court finds that the relief requested in the motion is in the
best interests of the Post-Effective Date Debtors' estates, their
creditors, and other parties in interest.

The administrative expense claims objection deadline is extended
without prejudice to the Plan Administrator's right to seek further
extensions thereof.

A copy of the Court's Order dated November 13, 2025, is available
at https://urlcurt.com/u?l=8pAPt2 from PacerMonitor.com.

                   About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.


THERAPEUTICS MD: Reports $152,000 Net Income in 2025 Q3
-------------------------------------------------------
TherapeuticsMD, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net income
of $152,000 for the three months ended September 30, 2025, compared
to a net loss of $609,000 for the three months ended September 30,
2024.

For the nine months ended September 30, 2025, the Company reported
a net income of $50,000, compared to a net loss of $2.4 million for
the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $784,000 and $547,000, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had total
revenues of $2.1 million and $1.1 million, respectively.

As of September 30, 2025, the Company had $38.7 million in total
assets, $11.2 million in total liabilities, and $27.4 million in
total stockholders' equity.

TherapeuticsMD said, "Following the transaction with Mayne Pharma,
our primary source of revenue is from royalties on products
licensed to pharmaceutical organizations that possess commercial
capabilities in the relevant territories. We may need to raise
additional capital to provide additional liquidity to fund our
operations until we become cash flow positive. To address our
capital needs, we may pursue various equity and debt financing and
other alternatives. The equity financing alternatives may include
the private placement of equity, equity-linked, or other similar
instruments or obligations with one or more investors, lenders, or
other institutional counterparties or an underwritten public equity
or equity-linked securities offering. Our ability to sell equity
securities may be limited by market conditions, including the
market price of our common stock, and our available authorized
shares."

"To the extent that we raise additional capital through the sale of
such securities, the ownership interests of our existing
stockholders will be diluted, and the terms of these new securities
may include liquidation or other preferences that adversely affect
the rights of our existing stockholders. If we are not successful
in obtaining additional financing, we could be forced to
discontinue or curtail our business operations, sell assets at
unfavorable prices, or merge, consolidate, or combine with a
Company with greater financial resources in a transaction that
might be unfavorable to us.

     -- On May 1, 2023, we entered into a Subscription Agreement
with Rubric Capital Management LP, pursuant to which we agreed to
sell to Rubric, or one or more of its affiliates, up to an
aggregate of 5,000,000 shares of our common stock, par value $0.001
per share, from time to time during the term of the Subscription
Agreement in separate drawdowns at our election. On June 29, 2023,
we issued and sold 312,525 shares of Common Stock at a price per
share equal to $3.6797 pursuant to the Subscription Agreement. We
received gross proceeds of $1.15 million from the drawdown, before
expenses. On November 15, 2023, Rubric drew down an additional
877,192 shares of Common Stock at a price per share equal to
$2.2761. We received gross proceeds of $2 million from the
drawdown, before expenses. There were no drawdowns in the first
nine months of 2025 and 2024.

     -- In February 2024, we received Mayne Pharma's calculation of
the net working capital allowances for payer rebates and wholesale
distributor fees pursuant to the Transaction Agreement, which
differed significantly from our estimate of the allowances. We
continue to believe our estimated allowances for payer rebates and
wholesale distributor fees are reasonable. In August 2024 and in
February 2025, we also received information from Mayne Pharma
pertaining to the net working capital allowance for returns that
differs significantly from our estimate of the allowance.

     -- On April 8, 2025, we filed a lawsuit against Mayne Pharma
in the United States District Court for the District of Delaware
(the "Mayne Lawsuit") seeking damages for breach of contract,
breach of the implied covenant of good faith and fair dealing,
fraudulent inducement, and unjust enrichment related to Mayne
Pharma's actions in relation to the License Agreement and the
Transaction Agreement, primarily relating to the net working
capital allowances and certain actions or inactions by Mayne Pharma
relating thereto. On June 20, 2025, we filed an amended complaint
against Mayne Pharma and on July 22, 2025, Mayne Pharma filed a
motion to dismiss the Mayne Lawsuit

     -- On May 30, 2025, Mayne Pharma filed a lawsuit against us in
the United States District Court for the District of Delaware
seeking damages for breach of contract and fraudulent inducement
related to the Transaction Agreement. On July 28, 2025, we filed a
motion to dismiss the Mayne Countersuit. As of September 30, 2025,
we believed no additional accrual was required for such claims, as
we could not reasonably estimate a range of loss."

"The outcome of this matter is uncertain at this point. As a
result, the Company cannot reasonably estimate a range of loss, and
accordingly, the Company has not accrued any additional liability
associated with Mayne Pharma's allowance calculation for payer
rebates and wholesale distributor fees, particularly as it believes
the outcome of this matter to be intertwined with the resolution of
the net working capital allowance for returns."

The Company continued, "As of September 30, 2025, we also believed
no additional accrual was required for amounts that may be owed for
the allowance for returns under the Transaction Agreement. We have
not recorded any contingent gains or receivables for any such
allowances. Management continues to monitor the unresolved and
pending net working capital items as changes to estimated amounts
owed or amounts due from Mayne Pharma may be material."

"Mayne Pharma has also made certain indemnification demands under
the Transaction Agreement, which we dispute. As of September 30,
2025, we believed no additional accrual was required for such
claims, as we could not reasonably estimate a range of loss.

"If Mayne Pharma's sales of Licensed Products grow more slowly than
expected or decline, including as a result of Mayne Pharma Group's
potential sale to Cosette Pharmaceuticals, Inc., if the net working
capital settlement with Mayne Pharma under the Transaction
Agreement is greater than our current estimates, if the outcome of
the Mayne Lawsuits is worse than we anticipate, if we are
unsuccessful with future financings or the supply chains related to
the third-party contract manufacturers are worse than we
anticipate, our existing cash reserves may be insufficient to
satisfy our liquidity requirements.

"The potential impact of these factors in conjunction with the
uncertainty of the capital markets raises substantial doubt about
our ability to continue as a going concern for the next 12
months."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/45a58rve

                     About TherapeuticsMD Inc.

TherapeuticsMD Inc. was previously a women's healthcare Company
with a mission of creating and commercializing innovative products
to support the lifespan of women from pregnancy prevention through
menopause. In December 2022, the Company changed its business to
become a pharmaceutical royalty Company, primarily collecting
royalties from its licensees. The Company is no longer engaging in
research and development or commercial operations.

West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors +
CPAs, the Company's auditor since 2023, issued a "going concern"
qualification in its report dated Mar. 27, 2025, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing that the Company's recent change in operations and
negative cash flow position along with other conditions, raise
substantial doubt about the Company's ability to continue as a
going concern.

As of June 30, 2025, the Company had $38.5 million in total assets,
against $12.2 million in total liabilities. As of September 30,
2025, the Company had $38.7 million in total assets, $11.2 million
in total liabilities, and $27.4 million in total stockholders'
equity.



THREEPIECEUS LLC: To Sell Haas Machining Center to MachineStation
-----------------------------------------------------------------
Threepieceus LLC seeks permission from the U.S. Bankruptcy Court
for the Middle District of Florida, Tampa Division, to sell
Property, free and clear of liens, claims, interests, and
encumbrances.

The Debtor intends to sell a 2020 Haas VF-3YT Vertical Machining
Center, S/N 1175452 (Haas), free and clear of liens, through
consignment agreement with MachineStation USA LLC.

The Debtor reached out to MachineStation to discuss selling the
Haas. The Debtor had previously worked
with MachineStation to liquidate other manufacturing equipment.
MachineStation estimated that the Haas would sell for no greater
than $39,000.

On or about October 16, 2025, MachineStation and the Debtor entered
into a consignment agreement through which MachineStation will sell
the Haas on behalf of the Debtor for no less than $37,000.

In return, MachineStation will receive a 10% consignment fee from
the sale of the Haas.

the following creditors may hold claims secured by the Haas:

-- US Bank, N.A. $139,993.52 06/27/2019 79744620002

-- U.S. Small Business Administration  $756,984.31 05/27/2020
89259600002

-- U.S. Bank Equipment Finance (Purchase Money) $3,466.90
09/03/2020 U20001620423

-- U.S. Bank, N.A. $137,000.80 11/23/2021 U210105091522

-- U.S. Bank Equipment Finance, A Division of U.S. Bank National
Association Unknown.

After closing costs and the consignment fee, the Debtor shall use
the proceeds from the sale to pay off U.S. Bank Equipment Finance
for the purchase money loan secured by the Haas, then net proceeds
from the sale shall be paid over to U.S. Bank, N.A., whose 2019
loan is also secured by the Haas and is next in
priority after the purchase money security interest.

The proposed sale is on fair and equitable terms and is in the best
interests of the bankruptcy estate and its creditors.

       About Threepieceus LLC

Threepieceus, LLC is a Florida-based company that designs and sells
custom wheels and automotive accessories, operating an online store
at its Largo headquarters. The Company offers a range of products
including rims, wheel and tire packages, and accessories from
brands such as Work, CCW, SSR, and Fuel Forged.

Threepieceus, LLC sought relief under Chapter 11 of the Bankruptcy
Code filed its voluntary petition for Chapter 11 protection (Bankr.
M.D. Fla. Case No. 25-07261) on Oct. 1, 2025, listing $270,753 in
assets and $1,395,402 in liabilities. Jake Owens, manager, signed
the petition.

Judge Roberta A. Colton oversees the case.

Ford & Semach, P.A. serves as the Debtor's legal counsel.


TIME MANUFACTURING: FS KKR Marks $14.2MM 1L Loan at 20% Off
-----------------------------------------------------------
FS KKR Capital Corp. has marked its $14,200,000 loan extended to
Time Manufacturing Co. to market at $11,300,000 or 80% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to Time
Manufacturing Co. The loan accrues interest at a rate of 6.50% per
annum. The loan matures on December 2027.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

          About Time Manufacturing Co.

Time Manufacturing is a leading global manufacturer of
vehicle-mounted aerial lifts, digger derricks, bucket trucks, and
bridge inspection equipment.


TIME MANUFACTURING: FS KKR Marks $46MM 1L Loan at 20% Off
---------------------------------------------------------
FS KKR Capital Corp. has marked its $46,000,000 loan extended to
Time Manufacturing Co. to market at $36,700,000 or 80% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to Time
Manufacturing Co. The loan accrues interest at a rate of 6.50% per
annum. The loan matures on December 2027.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

           About Time Manufacturing Co.

Time Manufacturing is a leading global manufacturer of
vehicle-mounted aerial lifts, digger derricks, bucket trucks, and
bridge inspection equipment.


TIME MANUFACTURING: FS KKR Marks $9.6MM 1L Loan at 20% Off
----------------------------------------------------------
FS KKR Capital Corp. has marked its $9,600,000 loan extended to
Time Manufacturing Co. to market at $7,700,000 or 80% of the
outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to Time
Manufacturing Co. The loan accrues interest at a rate of 6.50% per
annum. The loan matures on December 2027.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

          About Time Manufacturing Co.

Time Manufacturing is a leading global manufacturer of
vehicle-mounted aerial lifts, digger derricks, bucket trucks, and
bridge inspection equipment.


TPC GROUP: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed all its ratings on TPC Group Inc.,
including its 'B' issuer credit rating and 'BB-' issue-level rating
on its senior secured debt. The '1' recovery rating on the senior
secured debt is unchanged.

The stable outlook reflects S&P's view that TPC's credit metrics
will remain appropriate at the current rating, albeit with a lower
cushion.

Credit measures remain in line with 'B' rating, albeit with less
cushion. The company's earnings have deteriorated in the first nine
months of 2025 due to an adverse operating environment. Lower
operating rates at U.S. ethylene crackers due to persistent
downcycle conditions that began in 2022 have resulted in lower
supply of crude C4, which TPC uses as feedstock to produce products
such as butadiene, butene-1 and raffinates. The significant
capacity expansions in China and widespread oversupply across all
petrochemical segments have exerted downward pressure on both
export volumes and domestic pricing in the United States, resulting
in broad-based pricing compression across product categories. TPC's
crude C4 supply for its Performance Materials business unit has
also been affected by a combination of unplanned outages, extended
maintenance turnarounds, and tariff-related disruptions.
Additionally, the average butadiene contract price has reduced by
about 25% since the start of 2025. S&P anticipates the operating
environment will remain challenged in the next 12 months. TPC's
strategy of renegotiating its processing contracts with crude C4
suppliers to carry higher fixed fee has led to lower commodity
exposure and earnings volatility.

S&P said, "Despite, these pressures, we expect weighted-average
funds from operations (FFO) to debt will be in the 12%-20% range
while weighted-average S&P Global Ratings-adjusted debt to EBITDA
will be toward the higher end of 3x-4x. Credit metrics have
weakened and eroded the cushion that was earlier available, but
will remain in line with the current 'B' issuer credit rating.

"We expect the company will maintain adequate liquidity, with
sources of funds of funds equal to or greater than 1.2x.TPC has
moderate level of cash and has access to an undrawn asset based
lending (ABL) facility. Additionally, we anticipate capital
expenditure (capex) will decrease to more normalized level from the
elevated level in 2025. Our base case doesn't incorporate any share
buy backs or dividend outflow in the forecast years. We also assume
the company will incur a moderate cash outflow in resolution of the
investigation into the Port Neches, Texas (PNO) facility incident
by the Department of Justice (DOJ) in coming years, which we
believe the company has adequate liquidity to cover at this time.

"We view TPC's business risk as relatively weaker compared to
certain peers in the commodity chemicals sector. TPC credit profile
reflects heightened geographic concentration risk. Since the 2019
explosion at PNO facility, a significant portion of TPC's revenue
has been concentrated within its Houston-area operations, alongside
business dependent on the operational performance of a third-party
tolling site. While current C4 processing capacity exceeds
pre-explosion levels, we view the company's track record of
reliable operations as limited. This assessment considers the
effects of the 2019 PNO explosion, recurring boiler outages in
2021, and unanticipated downtime at the third-party tolling site
last year, which collectively contributed to reduced crude C4
processing volumes.

"The geographic concentration risk is further exacerbated by the
region's vulnerability to extreme weather events and natural
disasters, potentially leading to operational disruptions. Our
assessment of TPC's business risk profile places it toward the
riskier end of the weak range relative to peers like LSB Industries
Inc. We believe these factors constrain TPC's financial flexibility
and contribute to our overall credit opinion.

"The stable outlook reflects our expectation that despite the
protracted downturn in the petrochemical industry, which has
negatively affected the company's earnings, we anticipate TPC will
maintain weighted-average FFO to debt in the 12%-20% range and debt
to EBITDA below 5x.

"The prolonged downturn in the petrochemical industry has led to
supply overhang and has thus resulted in price decline across all
product lines of the company. We expect the challenging conditions
to persist at least for the next 12 months. We anticipate the
company's credit metrics should remain appropriate at the current
rating if market conditions don't materially deteriorate further.
"Any meaningful decline in operational performance from our base
case could result in credit metrics worsening to a point where they
no longer remain appropriate for the rating. We expect the company
to maintain adequate liquidity despite our expectation of negative
free cashflow generation.

"Our base case also assumes moderate cash payments with respect to
a resolution of the investigation into the PNO incident."

S&P could take a negative rating action on TPC over the next 12
months if:

-- The company's operating performance were to further decline and
become weaker than our forecast due to further margin compression,
demand weakness, or disruption in operations, such that its
weighted-average FFO to Debt approaches 12% and debt to EBITDA
approaches 5.0x without any prospects of improvement.
Liquidity became pressured and there is an increased likelihood of
a cash dominion event on the company's proposed ABL facility being
triggered;

-- There were unexpected contingent liabilities or claims against
the company (well in excess of what S&P has factored in its base
case) that in our opinion meaningfully weaken credit quality; or

-- Financial policies under current or any new shareholders remain
more aggressive than we anticipate, especially with respect to the
use of debt and shareholder rewards, leading to greater credit
risk.

S&P could raise the ratings within the next year if:

-- The company established an extended history of reliable
operations with no material unanticipated outages or disruptions;

-- The company favorably addressed the factors limiting its
business risk profile, including site concentration, customer and
supplier diversity, and concentrated end market exposure; and

-- Operating performance were materially higher than S&P's
expectations due to stronger-than-expected volume growth or margin
expansion such that the company's weighted average FFO to debt was
well into the 30%-45% range.


UNIVERSITY OF HEALTH: S&P Affirms 'BB+' Bond Ratings
----------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB+' rating on various outstanding Missouri Health
and Educational Facilities Authority bonds issued for the
University of Health Sciences & Pharmacy in St. Louis (UHSP).

S&P said, "The negative outlook reflects our view of the
university's continued above-policy endowment draws (15.1% as of
fiscal 2025) anticipated through fiscal 2028, which is a longer
draw period than our prior expectation, though draws are expected
to decline beginning in fiscal 2026. The draws have funded key
strategic initiatives that have led to enrollment stabilization and
academic program growth. Though financial resources remain
sufficient, the draws have weakened the university's financial
flexibility.

"We believe UHSP is affected by demographic pressure, which we view
as a social risk, with fewer graduating high school students in the
surrounding region anticipated for the next several years that
could accelerate a historical trend of declining enrollment. We
evaluated the university's environmental and governance factors and
view them to be neutral within our credit analysis.

"The negative outlook reflects our expectation that enrollment will
continue to stabilize, but material endowment draws will continue
to pressure the university's total financial resource base, such
that there is less flexibility than in prior years. The outlook
also reflects our view of pressured operating performance, while we
expect operating margins to continue to be near breakeven, they
have been supported in part by extraordinary draws, and would be
much weaker absent these draws.

"We could consider a negative rating action if higher-than-policy
endowment draws occur beyond fiscal 2028, resulting in
deterioration of financial resource ratios to a level no longer
comparable to similarly-rated medians and peers. We could also
lower the rating should the university experience another material
decline in total FTE enrollment. Furthermore, any unanticipated
management turnover, noncompliance with covenants, or incurrence of
additional debt without a commensurate growth in financial
resources could trigger a negative rating action.

"We could revise the outlook to stable if the university's
operating performance improves, and it becomes less reliant on
extraordinary endowment draws. We would also expect the university
to continue to stabilize and improve enrollment while improving
other demand-related metrics."



URBAN ONE: S&P Lowers ICR to 'CC' on Announced Debt Restructuring
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Urban One
Inc. to 'CC' from 'CCC+' and its issue-level rating on its senior
secured notes to 'CC' from 'CCC+'.

The negative outlook reflects that, upon the completion of the
transaction, S&P expects to lower its issuer credit rating on the
company to 'SD' (selective default) and its issue-level rating on
its senior secured notes to 'D'.

S&P said, "We view the proposed restructuring as distressed and
tantamount to a default. In our view, the proposed debt
restructuring is distressed because Urban One's lenders will
receive less than they were originally promised due to the maturity
extension and the repayment of their debt at a material discount
(60%) to par. The current senior secured noteholders will also rank
lower in order of priority relative to the proposed super-priority
senior secured notes due 2030. In addition, absent the proposed
transaction, we view a conventional default as a realistic
possibility, given the company's elevated leverage (7x on a
rolling-12-month basis as of Sept. 30, 2025). Urban One has a
limited ability to deleverage and improve its credit metrics ahead
of its 2028 debt maturity due to ongoing secular and cyclical
pressures in its broadcast radio and cable-TV businesses, as well
as reduced advertising spending on diversity, equity, and inclusion
initiatives, which is one of its key advertising categories."

Under the proposed debt restructuring, the company plans to:

-- Purchase up to $185 million of its 7.375% senior notes due 2028
($487.8 million outstanding) for up to $111 million in cash at 60%
of par;

-- Exchange its existing 7.375% senior notes for newly issued
7.625% senior notes due 2031 and $3.75 in cash per $1,000 in debt
principal; and

-- Issue new $60.6 million of 10.5% super-priority senior secured
notes due 2030

S&P said, "We expect Urban One will use the proceeds from the new
super-priority senior secured notes, along with cash from its
balance sheet ($79 million as of Sept. 30, 2025), to fund the
tender offer and cash exchange and pay other fees and related
expenses.

"We do not believe the slight increase in interest rate, in
addition to the cash consideration, will provide adequate
compensation for its existing lenders, given that they will receive
less than they were originally promised and be subordinated to the
new 2030 senior noteholders in order of priority."

The transaction will require the participation of 98% of the
company's existing noteholders. As of Nov. 14, 2025, Urban One had
secured the participation of 73% of its lenders who signaled their
support via a transaction support agreement.

S&P said, "If Urban One completes the transaction as described, we
would treat it as a selective default and lower our issuer credit
rating to 'SD' and our issue-level rating on its debt to 'D'.
Following the completion of the transaction, we would also review
the company's new capital structure, cash flow metrics, and
liquidity position and reassess our ratings.

"The negative outlook reflects that, upon the completion of the
transaction, we expect to lower our issuer credit rating on the
company to 'SD' and our issue-level rating on its senior secured
notes to 'D'.

"We will lower our issuer credit rating on Urban One to 'SD' and
our issue-level rating on the affected debt to 'D' if it completes
the transaction as proposed.

"We could raise our rating on Urban One if it does not consummate
the transaction, likely to the 'CCC' category. Under this scenario,
our rating would reflect the potential for other restructuring
initiatives and the company's ability to refinance its upcoming
debt maturities while generating positive free operating cash
flow."


VALLEY OF THE SUN: Case Summary & One Unsecured Creditor
--------------------------------------------------------
Debtor: Valley of the Sun Cosmetics, LLC
        535 Patrice Pl.
        Gardena, CA 90248

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-20301

Judge: Hon. Barry Russell

Debtor's Counsel: Matthew Abbasi, Esq.
                  ABBASI LAW CORPORATION
                  6320 Canoga Ave.
                  Suite 950
                  Woodland Hills, CA 91367
                  Tel: (310) 358-9341
                  Email: matthew@malawgroup.com

Total Assets: $0

Total Liabilities: $1,500,000

The petition was signed by Ajmal Shehzad as member.

The Debtor listed Aries Global Logistics, Inc., located at
357 Van Ness Way, Suite 10, Torrance, CA 90501, as its only
unsecured creditor, with a $1.5 million claim.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/VJUPMOY/Valley_of_the_Sun_Cosmetics_LLC__cacbke-25-20301__0001.0.pdf?mcid=tGE4TAMA


VOXTUR ANALYTICS: Court Grants Provisional Chapter 15 Relief
------------------------------------------------------------
Judge J. Kate Stickles of the United States Bankruptcy Court for
the District of Delaware granted the motion for provisional relief
including authority to obtain post-petition financing and use cash
collateral filed by Voxtur Analytics Corp., in its capacity as the
authorized foreign representative appointed in the Canadian
insolvency proceeding of itself and its direct and indirect
subsidiaries.

Unless immediate injunctive relief is issued with respect to the
Debtors, and to the same extent provided in the Canadian Order,
there is a material risk that the Debtors' creditors or other
parties in interest in the United States could use the Canadian
Proceedings and these Chapter 15 Cases as a pretext to exercise
certain remedies with respect to the Debtors. Such acts could (a)
interfere with the jurisdictional mandate of this Court under
Chapter 15 of the Bankruptcy Code, (b) interfere with and cause
harm to the administration of the Canadian Proceeding, (c)
interfere with the Debtors' operations, and (d) undermine the
Debtors' efforts to achieve an equitable result for the benefit of
all of their creditors. Accordingly, there is a material risk that
the Debtors may suffer immediate and irreparable injury, and it is
therefore necessary that the Court enter this Order.

The Court finds the Foreign Representative has demonstrated, on a
provisional basis, that the terms of the DIP Facility, as approved
by the Canadian Order, are fair and reasonable and were entered
into in good faith among the Debtors and the DIP Lender, and that
the DIP Lender would not have extended financing without the
protections provided by 11 U.S.C. Sec. 364, made applicable by 11
U.S.C. Sec. 1519(a)(3).

The Canadian Order (as entered in the Canadian Proceeding), is
given full force and effect on a provisional basis with respect to
the Debtors and their property located in the territorial
jurisdiction of the United States, including, without limitation,
the sections of the Canadian Order (a) staying the commencement or
continuation of any actions against the Debtors and their assets
and (b) granting the Administrative Liens, D&O Liens, and DIP
Liens.

A copy of the Court's Order dated November 13, 2025, is available
at https://urlcurt.com/u?l=CGF8LG from PacerMonitor.com.

              About Voxtur

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.

Voxtur Analytics Corp. and affiliates sought relief under Chapter
15 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
25-11996) on November 11, 2025.

The Honorable Bankruptcy Judge J. Kate Stickles handles the case.

The Foreign Proceeding is 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.

The Foreign Representative's Counsel are Laurel D. Roglen, Esq.,
and James B. Zack, Esq., at BALLARD SPAHR LLP.


WASTE SERVICES: FS KKR Marks AU$11.2MM 1L Loan at 38% Off
---------------------------------------------------------
FS KKR Capital Corp. has marked its AU$11,200,000 loan extended to
Waste Services Group Pty Ltd to market at AU$6,900,000 or 62% of
the outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Waste Services Group Pty Ltd. The loan accrues interest at a rate
of 5.00% per annum. The loan matures on March 2032.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

          About Waste Services Group Pty Ltd

Waste Services Group is a waste management company in the waste
treatment industry, offering collection, managed services, liquid
waste, and consulting.


WCB REALTY: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: WCB Realty Company, LLC
        9000 Parkway East, Suite 101
        Birmingham, AL 35206

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Northern District of Alabama

Case No.: 25-03529

Debtor's Counsel: Robert C. Keller, Esq.
                  RUSSO, WHITE & KELLER, P.C.
                  315 Gadsden Highway
                  Suite D
                  Birmingham, AL 35235
                  Tel: (205) 833-2589
                  E-mail: rkeller@rwkattorneys.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Willie C. Batch as managing
member/owner.

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/D3UWPTA/WCB_Realty_Company_LLC__alnbke-25-03529__0001.0.pdf?mcid=tGE4TAMA


WELLMADE FLOOR: Seeks to Extend Plan Exclusivity to March 2, 2026
-----------------------------------------------------------------
Wellmade Floor Coverings International, Inc., and Wellmade
Industries MFR NA LLC asked the U.S. Bankruptcy Court for the
Northern District of Georgia to extend their exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to
March 2, 2026 and May 1, 2026, respectively.

The Debtors explain that the Chapter 11 Cases are sufficiently
complex to warrant the requested extension of the Exclusive
Periods. The Debtors have had just over three months to progress
the Chapter 11 Cases, which is insufficient time to resolve cases
involving contentious and unresolved litigation, especially a class
action suit. Thus, the Debtors submit that the complexity of the
Chapter 11 Cases and the limited length of time the Cases have been
pending weigh in favor of granting the requested extension of the
Exclusive Periods.

Since the Petition Date, the Debtors and their professionals have
focused much of their time, energy, and resources on administering
the Chapter 11 Cases in the ordinary course of business, finalizing
a private sale of substantially all the Debtors' assets, and
negotiating with vendors and other creditors, including the
Committee and other creditors. Extension of the Exclusive Periods
will ensure that the Debtors have a full and fair opportunity to
propose the Disclosure Statement and Plan as necessary without the
distraction, cost, and delay of a competing plan process.

The Debtors claim that granting the requested extensions of the
Exclusive Periods will not pressure their creditor constituencies
or grant the Debtors any unfair bargaining leverage. The Debtors
have no ulterior motive in seeking an extension of the Exclusive
Periods. To the contrary, the Debtors have been in regular
communications with the Committee, the Prepetition Lender, the DIP
Lender, and other creditors, on numerous issues facing their
estates.

Moreover, the Debtors are not seeking an extension to pressure
their creditors to take any action, but only to ensure that the
Debtors can pursue the resolution of the Chapter 11 Cases,
including by proposing, confirming, and consummating a Disclosure
Statement and Plan, free from distraction or competing plan
proposals. Therefore, this factor also weighs in favor of extending
the Exclusive Periods.

The Debtors assert that they currently face several Prepetition
Actions, including a civil class action suit alleging labor
violations filed by the Labor Plaintiffs. The existence of such
unresolved contingencies weighs in favor of granting the requested
extension of the Exclusive Periods. Further, the Debtors will use
any extension of the exclusivity period to continue to negotiate
with all interested parties to develop, file and solicit a final
plan in order to reach resolution of these Chapter 11 Cases.

The Debtors further assert that termination of the Exclusive
Periods, particularly at this stage of the Chapter 11 Cases, would
adversely impact the Debtors' efforts to preserve and maximize the
value of their estates and would further complicate the progression
of the Chapter 11 Cases. Such termination may disincentivize
creditors from negotiating with the Debtors. Moreover, the proposal
and solicitation of any competing plan would greatly complicate and
increase the cost of administering the Chapter 11 Cases, further
justifying the requested extension of the Exclusive Periods.

Counsel to the Debtors:

     John D. Elrod, Esq.
     Allison J. McGregor,
     Greenberg Traurig, LLP
     3333 Piedmont Road NE, Suite 2500
     Atlanta, GA 30305
     Telephone: 678-553-2259
     Facsimile: 678-553-2269
     Email: elrodj@gtlaw.com

                       About Wellmade Floor Coverings

Wellmade Floor Coverings International Inc. is a manufacturer and
distributor of hard-surface flooring products, including bamboo,
hardwood, and vinyl. The privately owned company is based in the
United States, with a manufacturing facility in Cartersville,
Georgia, and sales offices and a warehouse in Portland, Oregon. A
non-debtor affiliate operates in China.

The company and its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764)
on August 4, 2025. In the petition, it reports estimated assets
between $500 million and $100 million and $50 million.

Honorable Bankruptcy Judge Sage M. Sigler handles the cases.

The Debtors are represented by Greenberg Traurig, LLP. Kurtzman
Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims,
noticing, solicitation and administrative agent.


WEST RIDGE: Hires ArentFox Schiff LLP as Bankruptcy Counsel
-----------------------------------------------------------
West Ridge, Inc. and affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of West Virginia to
employ ArentFox Schiff LLP as bankruptcy counsel.

The firm will provide these services:

   (a) advise the Debtors on the requirements of the Bankruptcy
Code, the Bankruptcy Rules, the Local Bankruptcy Rules, and the
requirements of the United States Trustee pertaining to the
Debtors' rights, duties, and powers in these Chapter 11 cases;

   (b) prepare motions, applications, answers, orders, memoranda,
reports, papers, etc., in connection with the administration of the
Estates;

   (c) provide legal services with respect to soliciting and
obtaining financing and/or exit financing;

   (d) provide legal services with respect to formulating and
negotiating a plan for reorganization with creditors and other
legal services for the Debtors as may be required during the course
of the Chapter 11 Cases;

   (e) appear, as appropriate, before this Court and other courts
in which matters may be heard, and protect the interests of the
Debtors and the Debtors' Estates before said courts and the Office
of the United States Trustee;

   (f) protect and preserve the Estates by prosecuting and
defending actions commenced by or against the Debtors and analyzing
and preparing necessary objections to proofs of claim filed against
the Estates;

   (g) investigate and prosecute preference, fraudulent transfer,
and other actions arising under the Debtors' avoidance powers; and

   (h) render such other advice and services as the Debtors may
require in connection with the case and any related proceedings.

The firm will be paid at these rates:

     Partners            $905 to $1,660 per hour
     Of Counsel          $765 to $1,465 per hour
     Associates          $640 to $895 per hour
     Paraprofessionals   $255 to $560 per hour

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

Mr. Lepene disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Scott B. Lepene, Esq.
     Patrick Feeney, Esq.
     Carolyn Indelicato, Esq.
     ArentFox Schiff LLP
     1301 Avenue of the Americas, 42nd Floor
     New York, NY 10019
     Tel: (212) 484-3900
     Fax: (212) 484-3990
     Email: scott.lepene@afslaw.com
            patrick.feeney@afslaw.com
            carolyn.indelicato@afslaw.com

              About West Ridge, Inc.

West Ridge, Inc. engaged in real estate development and management
in Morgantown, West Virginia, operating under a unified management
structure.

West Ridge and affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. W. Va. Lead Case No. 25-00451) on
August 18, 2025. In its petition, West Ridge reported estimated
assets between $10 million and $50 million and estimated
liabilities between $50 million and $100 million.

Honorable Bankruptcy Judge David L. Bissett handles the cases.

The Debtors tapped David B. Salzman, Esq., at Campbell & Levine,
LLC as bankruptcy counsel and Supple Law Office, PLLC as local
counsel.


WOODLINE PROPERTIES: Case Summary & Five Unsecured Creditors
------------------------------------------------------------
Debtor: Woodline Properties, LLC
        55 Woodline Drive
        Fairmont, WV 26554

Business Description: Woodline Properties, LLC operates as a real
                      estate lessor in Morgantown, West Virginia,
                      owning multifamily residential and
                      commercial properties at 1445, 1447, and
                      1448 Van Voorhis Road, comprising
                      approximately 50 rental units and several
                      commercial spaces, with a combined appraised
                      value of $2.8 million.

Chapter 11 Petition Date: November 18, 2025

Court: United States Bankruptcy Court
       Northern District of West Virginia

Case No.: 25-00666

Debtor's Counsel: Martin Sheehan, Esq.
                  SHEEHAN & NUGENT
                  1140 Main Street, Ste 333
                  Wheeling, WV 26003
                  Tel: (304) 232-1064
                  Email: paralegal@MSheehanLaw.net

Total Assets: $2,857,700

Total Liabilities: $2,230,440

The petition was signed by Robert Hadox as member.

A full-text copy of the petition, which includes a list of the
Debtor's five unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/OGTSXWQ/Woodline_Properties_LLC__wvnbke-25-00666__0001.0.pdf?mcid=tGE4TAMA


WORKHORSE GROUP: Adjourns 2025 Annual Meeting to November 25
------------------------------------------------------------
Workhorse Group, Inc. has adjourned its 2025 Annual General Meeting
of Shareholders until November 25, 2025, at 10:00 a.m. Eastern
Time, to be held virtually at
www.virtualshareholdermeeting.com/WKHS2025.

The Company issued the following statement:

In order to give Workhorse shareholders ample time to vote on the
2025 Annual Meeting proposals, we are adjourning the Meeting until
November 25, 2025. Although votes received thus far are strongly in
favor of each of the nine proposals, a quorum has not been
reached.

It is crucial that shareholders submit their votes, no matter how
many shares they own. By voting FOR the Workhorse – Motiv
transaction, as well as the other eight proposals up for a vote,
Workhorse shareholders will have the opportunity to participate in
the potential upside of a leader in the medium-duty EV commercial
vehicle market, with a significant ownership stake in the combined
company.

By not voting, shareholders are putting their investment at risk.
If shareholders do not vote for all proposals, the transaction with
Motiv will not close, and Workhorse will have to continue as an
independent Company. Help us capture long-term growth opportunities
for the combined Company and deliver shareholder value creation by
voting FOR all of the proposals.

As previously announced, leading independent proxy advisory firms
Institutional Shareholder Services and Glass Lewis & Co. have both
recognized the compelling value of our transaction with Motiv and
have each recommended that shareholders vote FOR the merger. We
urge shareholders to submit their votes as soon as possible in
order to realize the benefits of the transaction and protect their
long-term investment.

Shareholders of record as of the close of business on September 18,
2025, will be entitled to vote at the meeting. If you have
previously voted, there is nothing further you need to do.

Vote today by proxy card, online or by phone. For more information
and additional materials, visit www.votewkhs.com.

                         About Workhorse Group

Workhorse Group Inc. -- http://www.workhorse.com-- is an American
technology Company with a vision to pioneer the transition to
zero-emission commercial vehicles. The Company designs, develops,
manufactures and sells fully electric ground and air-based electric
vehicles.

As of September 30, 2025, the Company had $116.7 million in total
assets, $84.7 million in total liabilities, and $32.1 million in
total stockholders' equity.

New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, the
Company's auditor since 2024, issued a "going concern"
qualification in its report dated March 31, 2025, attached to the
Company's Annual Report on Form 10-K for the year ended December
31, 2024, citing that the Company has incurred a net loss of $101.8
million and used $47.6 million of cash in operating activities
during the year ended December 31, 2024, and as of December 31,
2024 the Company had total working capital of $8.2 million,
including $4.1 million of cash and cash equivalents, and an
accumulated deficit of $853.4 million. These conditions, along with
the other matters, raise substantial doubt about the Company's
ability to continue as a going concern.


WORLDWIDE MACHINERY: Unsecureds Will Get 0% to 5% in Plan
---------------------------------------------------------
Worldwide Machinery Group, Inc. and its affiliated debtors filed
with the U.S. Bankruptcy Court for the Southern District of Texas a
Combined Disclosure Statement and Joint Chapter 11 Plan dated
November 14, 2025.

Prior to the Going-Concern Transaction, the Debtors were a
prominent provider of heavy equipment for the construction and
mining industries. With a robust fleet of heavy equipment, the
Debtors offered a diverse range of products, including earthmoving
machinery, material handling equipment, and attachments, catering
to various customer needs.

The Debtors filed the Chapter 11 Cases on an emergency basis to
preserve their ability to operate while pursuing the Going-Concern
Transaction, subject to higher or better bids, despite the ABL
Lenders' challenges. On September 26, 2025, the Debtors filed the
Debtors' Motion for Entry of an Order (I) Authorizing and Approving
the Sale of Substantially All of the Debtors' Assets Free and Clear
of All Liens, Claims, Encumbrances, and Interests; (II) Authorizing
the Assumption and Assignment of Certain Executory Contracts and
Unexpired Leases; (III) Authorizing the Disposal of Any Burdensome
Assets; and (IV) Granting Related Relief (the "Sale Motion").

Through the Sale Motion, the Debtors sought approval of the Going
Concern Transaction under which the Debtors' tangible assets would
be purchased by Macquarie, an entity unaffiliated with the Debtors,
and Diversified (or its designee), an entity controlled by the
Debtors' majority shareholders, for an aggregate purchase price of
no less than $65.6 million, comprised of $52.5 million in cash and
the assumption of certain trade and lease liabilities valued at
approximately $13.1 million.

As part of the settlement, the Going-Concern Purchasers agreed to
increase the cash portion of the purchase price from $52.5 million
to $56 million and reduced the assumed liability from $13.1 million
to $9.6 million. The Debtors agreed to pay the ABL Lenders $54
million in cash from the proceeds of the Going-Concern Transaction.
The ABL Lenders agreed to consent to the Going Concern Transaction
and waive all of their deficiency claims. The Committee agreed to
dismiss the ABL Lenders from the Complaint with prejudice. The
Debtors agreed to give the ABL Lenders general releases. Lastly,
the parties agreed that the Going-Concern Transaction should be
subject to an overbid.

The Bankruptcy Court approved the Going-Concern Transaction at the
hearing. On October 27, the Bankruptcy Court entered the Sale Order
approving the Going-Concern Transaction containing the terms of the
settlement amongst the parties. It found the Going-Concern
Transaction pursuant to the Going-Concern Agreements is in the best
interests of the Debtors, their creditors, their Estates, and all
other parties in interest. The Going-Concern Purchasers are good
faith purchasers and participated in the sale without collusion, in
good faith, and from arm's-length bargaining positions. The sale
closed on October 28, 2025.

The Plan is a liquidation plan. Under the Plan, the ABL
Administrative Agent and the ABL Lenders will retain the $54
million from the closing of the Going-Concern Transaction that they
have already received in full satisfaction of their claims against
the Debtors and shall receive a release from the Debtors. The
remaining Cash from the Going-Concern Sale and from the Debtors'
operations prior to the Going Concern Sale shall be used to pay
priority claims, Administrative Claims (including Professional
Fees) and to fund the activities of the Plan Administrator. The
Plan Administrator shall pursue various Retained Estate Claims and
Causes of Action, including a Claim against Gordon Brothers for
violating a nondisclosure agreement and certain avoidance actions.

The proceeds from the Causes of Action (net of costs) will be
available to pay certain Administrative Claims for Professional
Fees and to make distributions to unsecured creditors, including
General Unsecured Creditors and the deficiency claims of the
Caspian Lenders. Although the Debtors believe that some of their
Causes of Action have merit, litigation is by its nature risky and
there is no guaranty that the Debtors will receive any proceeds
therefrom. Recoveries to unsecured creditors occur only if the Plan
Administrator is successful in recovering proceeds from Causes of
Action. The Plan further provides for the termination of all
Interests in the Debtors, the dissolution and wind-up of the
affairs of the Debtors and their Affiliates, and the vesting of any
remaining assets in the Wind-Down Debtors on the Effective Date.

The Wind-Down Debtor Assets, including the net proceeds, if any,
from the prosecution of Retained Estate Claims and Causes of
Action, will be distributed to creditors as set forth in the Plan
and Disclosure Statement and the Plan Administrator Agreement. As
of the Effective Date of the Plan, except as otherwise provided in
the Plan and Disclosure Statement, the Wind-Down Debtors will be
responsible for all payments and Distributions to be made under the
Plan to the Holders of Allowed Claims.

Class 4 consists of any General Unsecured Claims against any
Debtor. Each Holder of an Allowed General Unsecured Claim shall
receive its Pro Rata share of Distributable Cash (which shall be
distributed to all Holders of Allowed Class 3 and Class 4 Claims on
a Pro Rata basis); provided that any distributions on account of
the Wind-Down Debtor Assets shall only be made following payment in
full of, or reserve for, Allowed Administrative Claims, Allowed
Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed
Professional Fee Deficiency Claims.

Class 4 is Impaired under the Plan. Holders of Allowed General
Unsecured Claims are entitled to vote to accept or reject the Plan.
The allowed unsecured claims total $5,655,449.00. This Class will
receive a distribution of 0% to 5% of their allowed claims.

Class 6 consists of any Intercompany Interests. On the Effective
Date, all Intercompany Interests shall be reinstated. Class 6 is
Unimpaired and is conclusively deemed to have accepted the Plan
under section 1126(f) of the Bankruptcy Code. Holders of Allowed
Intercompany Interests are not entitled to vote to accept or reject
the Plan.

Distributions under the Plan shall be funded by (i) the proceeds of
the Going-Concern Transaction, and (ii) the Wind-Down Debtors from
the Wind-Down Debtor Assets; provided, however, that Allowed
Professional Fee Claims (other than Allowed Professional Fee
Deficiency Claims) shall be paid from the Professional Fee Escrow
Account. The Wind-Down Debtor Assets shall be used to pay the
Wind-Down Debtor Expenses (including the compensation of the Plan
Administrator and any professionals retained by the Wind-Down
Debtors), the Allowed Professional Fee Deficiency Clams, and to
satisfy payment of Allowed Claims and Interests as set forth in the
Plan.

A full-text copy of the Combined Disclosure Statement and Plan
dated November 14, 2025 is available at
https://urlcurt.com/u?l=7tgp68 from PacerMonitor.com at no charge.

The Debtors' Counsel:

                  Charles R. Koster, Esq.
                  WHITE & CASE LLP
                  609 Main Street, Suite 2900
                  Houston Texas 77002-4403
                  Tel: (713) 496-9700
                  Email: charles.koster@whitecase.com

                     AND

                  Roberto Kampfner, Esq.
                  Patrick Wu, Esq.
                  WHITE & CASE LLP
                  555 South Flower Street, Suite 2700
                  Los Angeles, California 90071
                  Tel: (213) 620-7700
                  Email: rkampfner@whitecase.com
                         patrick.wu@whitecase.com

                     AND

                  David M. Turetsky, Esq.
                  Samuel P. Hershey, Esq.
                  WHITE & CASE LLP
                  1221 Avenue of the Americas
                  New York, New York 10020
                  Tel: (212) 819-8200
                  Email: david.turetsky@whitecase.com
                         sam.hershey@whitecase.com

                     AND
                  
                  Fan B. He, Esq.
                  Kristin Schultz, Esq.
                  WHITE & CASE LLP
                  200 South Biscayne Boulevard, Suite 4900
                  Miami, Florida 33131
                  Tel: (305) 371-2700
                  Email: fhe@whitecase.com
                         kristin.schultz@whitecase.com

                   About Worldwide Machinery Group Inc.

Worldwide Machinery Group Inc. is a construction equipment sales
and rental company. Worldwide Machinery and affiliates sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Tex. Case No. 25-90379) on Sept. 11, 2025.  In its petition, the
Debtor reports estimated assets and liabilities between $100
million and $500 million each.

Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey,
Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq.,
Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White
Case LLP.


WORLDWISE INC: FS KKR Marks $11.2MM 1L Loan at 72% Off
------------------------------------------------------
FS KKR Capital Corp. has marked its $11,200,000 loan extended to
Worldwise Inc. to market at $5,500,000 or 28% of the outstanding
amount, according to FS KKR's Form 10-Q for the quarterly period
ended September 30, 2025, filed with the U.S. Securities and
Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Worldwise Inc. The loan accrues interest at a rate of 5.00% per
annum. The loan matures on March 2028.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

Michael C. Forman
FS KKR Capital Corp.
201 Rouse Boulevard
Philadelphia, PA 19112
Tel. No.: (215) 495-1150

          About Worldwise Inc.

Worldwise Inc., now known as PetWise, is a company that designs and
supplies pet products for cats and dogs, such as toys, beds, and
litter accessories.


XPLR INFRASTRUCTURE: Fitch Rates Proposed Sr. Unsec. Notes 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned XPLR Infrastructure Operating Partners,
LP's (XPLR Opco, formerly NextEra Energy Operating Partners, LP)
proposed senior unsecured notes a 'BB+' rating with a Recovery
Rating of 'RR4'. The proposed notes will rank pari passu with XPLR
Opco's existing senior unsecured debt. Net proceeds will be used to
repay and refinance existing obligations and general business
purposes.

XPLR Opco and parent, XPLR Infrastructure, LP (XPLR, formerly
NextEra Energy Partners, LP) current Long-Term Issuer Default
Ratings (IDRs) are 'BB+' with Stable Rating Outlooks. Both IDRs are
equal due to strong legal ties.

Key Rating Drivers

Dividend Cut Provides Financial Flexibility: XPLR's historical use
of Convertible Equity Portfolio Financings (CEPF) added financial
complexity and heightened reliance on capital-market stability and
a strong unit price to execute timely and cost-effective buyouts.
Cutting unit distribution resolves CEPFs buyouts, consistent with
Fitch's 100% equity treatment of CEPFs. Fitch's equity credit
assumes XPLR will fund the remaining CEPF buyouts after 2025 with
free cash flow (FCF) and asset-level non-recourse debt, without
issuing Holdco-level debt.

The indefinite distribution cut announced on Jan. 28, 2025, will
provide sufficient cash flow to support a buyout of $3.7 billion
outstanding under three CEPFs after 2025. This announcement
concludes the strategic review initiated in 2024.

Low Leverage Headroom: Fitch expects the Holdco Debt to Parent Only
FFO ratio to remain high in 2025 due to the proposed debt issuance
to prefund 2026 maturities, and then around 4.9x over the forecast
period, in line with the ratings, but higher than in previous
years. Fitch assumes capex will be financed by Holdco and
non-recourse project debt, resulting in limited leverage headroom.
Fitch projects modest growth through repowering of about 1.6 GW of
existing, older, and lower-performing assets in the next couple of
years.

To reflect a strategy change to a low-growth model, Fitch's
adjusted its sensitivity calculation to Holdco Debt to Parent-Only
FFO as of year-end, rather than the previous year-end run-rate FFO.
Any material growth beyond the current plan would require equity
funding to preserve current ratings. Management aims to maintain
the Holdco Debt to Parent Only FFO ratio within the 4.0x-5.0x
range.

Refinancing at Higher Rates: Fitch expects XPLR's cash flows to
come under pressure due to a substantial near-term refinancing of
the capital structure at materially higher interest rates compared
to average fixed interest rates on the current long-term debt. XPLR
has $2 billion of holding company debt due through 2027, with $418
million maturing Nov. 15, 2025, and about $3 billion of treasury
rate locks to hedge against the upcoming refinancing and new
issuances.

Asset Sales Resolve Near-term CEPF Financing: Natural gas pipeline
sales eliminated the need for equity issuances to complete CEPF
buyouts planned through 2025, a credit positive. Net proceeds of
$1.4 billion from 2023 sales funded buyouts of $750 million in
CEPFs for 2023 and 2024. In 2025, the remaining proceeds and
reduced dividends have funded the $945 million buyout under the
2019 XPLR Renewables II CEPF. The remaining buyout of $235 million
has been completed in September 2025 through the sale of Meade
pipeline for a cash consideration of $1.1 billion.

Long-Term Contracted Cash Flows: Fitch views XPLR's portfolio of
wind, solar, and natural gas pipeline assets favorably due to
long-term offtake arrangements with creditworthy counterparties and
minimal exposure to volumetric or commodity risks. The average
counterparty credit rating is 'BBB', per Fitch and others. As of
Sept. 30, 2025, these projects had a 12-year average remaining
contract term. XPLR's distributions from project subsidiaries are
well diversified by fuel type and geography.

Cash Flow Stability: The predominance of wind in XPLR's portfolio
poses a modest concern due to wind resource intermittency. However,
the broad geographic spread of its wind assets helps mitigate this
risk. Renewable project debt is typically structured to achieve a
debt service coverage ratio (DSCR) above 1.2x and earn a low
'BBB-'/'BBB' rating, maturing before long-term contract expiration.
Recent DSCRs from XPLR show most projects exceed thresholds,
enabling cash flow distributions to the Holdco.

Sponsor Not Expected to Financially Support XPLR: XPLR benefits
from its affiliation with NextEra, the largest U.S. renewable
developer. After the name change, Fitch expects operational support
from NextEra to continue but not equity support for CEPF buyouts or
a buy-in, which would significantly increase NextEra's debt. Fitch
deconsolidates XPLR from NextEra's balance sheet, considering only
upstream dividends in credit analysis. Fitch assumes NextEra would
disengage if XPLR faces financial issues.

Peer Analysis

Fitch believes XPLR's ratings are positively positioned compared to
Atlantica Sustainable Infrastructure Ltd. (BB-/Negative) due to
favorable geographic exposure, long-term contractual cash flows
with minimal regulatory risk, and strong sponsor association.

Like peer, Terraform Power Operating, LLC (TERPO; BB-/Stable), XPLR
has parental support. Although NextEra supported XPLR through asset
dropdowns and 2023 IDR suspension, it is not expected to assist
with funding needs or CEPF buyouts. TERPO benefits from its
sponsorship by Brookfield Corporation (A-/Stable).

Atlantica was taken private by Energy Capital Partners (ECP). Its
portfolio mainly comprises less-variable solar assets. XPLR has
more wind, mitigated by its diverse U.S. footprint. TERPO's
portfolio is 49% solar and 51% wind. XPLR's U.S. exposure (100%) is
favorable compared to TERPO's (86%) and Atlantica's North American
exposure (40%). XPLR's contracted fleet life is 12 years, longer
than Atlantica's 12 and TERPO's 10 years.

XPLR's forecasted credit metrics are stronger than TERPO's and
Atlantica's. Fitch forecasts XPLR's Holdco Only FFO leverage will
remain around 4.9x over the forecast period, around mid-5.0x for
TERP and above 6.0x for Atlantica due to recent acquisitions and
weakness in non-U.S. distributions, driving Atlantica's Negative
Outlook.

Fitch rates XPLR, Atlantica and TERPO based on a deconsolidated
approach since their portfolio comprises assets financed using
non-recourse project debt or with tax equity. XPLR's financing
model is more complex as it also involves CEPF. Fitch defines
Parent-Only FFO as project distributions less Holdco general and
administrative (G&A) expenses, fee for management service
agreement, credit fees and Holdco debt service costs.

Key Assumptions

- None of the project debt treated on-credit, which includes
Fitch's assumption of future project debt issuances;

- All maturing convertible debt repaid;

- Capex of approximately $1.8 billion in 2025-2026 financed with
nonrecourse and Holdco debt;

- 2020 and 2022 CEPF buyouts funded with FCF;

- 2021 Apollo CEPF sold at no gain in 2027;

- 100% unit distribution cut and not distributions over the
forecast period;

- No CEPF or equity issuance over the forecast period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Reliance on Holdco debt to fund the buyout of investors in
CEPFs;

- Holdco FFO leverage exceeding 5.0x on a sustained basis;

- Material underperformance in underlying assets lending
variability or shortfall to expected cash flow for debt service;

- Growth strategy underpinned by aggressive acquisitions, addition
of assets in the portfolio that bear material volumetric, commodity
or interest rate risks.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The structural subordination of the Holdco debt to the
nonrecourse project debt, tax equity and CEPFs, and management's
4.0x-5.0x target Holdco leverage caps the rating at 'BB+'.

Liquidity and Debt Structure

XPLR has a $2,450 million revolving credit facility (RCF) that
matures in February 2029. The credit facility provides for up to
$400 million of LOC borrowing capacity. XPLR has an accordion in
its RCF for up to a total commitment size of $3,200 million. The
facility provides flexibility for XPLR to finance acquisitions
partly through revolver borrowings. XPLR had no outstanding debt
under its RCF as of Sept. 30, 2025.

The Holdco debt at XPLR is subordinated to project debt, tax equity
and CEPF structures. As of Sept. 30, 2025, there was about $1.5
billion of nonrecourse project finance debt at XPLR's owned
projects post repayment of the Meade pipeline debt.

Issuer Profile

XPLR manages and owns a diversified portfolio of contracted clean
energy projects with stable long-term cash flows.

Date of Relevant Committee

January 27, 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating          Recovery   
   -----------               ------          --------   
XPLR Infrastructure
Operating Partners, LP

   senior unsecured       LT BB+  New Rating   RR4


YELLOW CORP: Court Confirms Fourth Amended Joint Chapter 11 Plan
----------------------------------------------------------------
Judge Craig T. Goldblatt of the United States Bankruptcy Court for
the District of Delaware confirmed the Fourth Amended Joint Chapter
11 Plan of Yellow Corporation and its debtor affiliates pursuant to
Chapter 11 of the Bankruptcy Code proposed by the debtors and the
Official Committee of Unsecured Creditors.

The Plan was solicited in good faith and in compliance with
applicable provisions of the Bankruptcy Code and Bankruptcy Rules.


As set forth in the Plan, Holders of Claims the Voting Class for
each of the Debtors were eligible to vote on the Plan pursuant to
the Solicitation and Voting Procedures. Holders of Claims in
Classes 1, 2, 3, 4A, and 4B are Unimpaired and conclusively
presumed to accept the Plan and, therefore, are not entitled to
vote to accept or reject the Plan. Holders of Claims and Interests
in Classes 6, 7, 8, and 9 are Impaired and conclusively deemed to
reject the Plan and, therefore, are not entitled to vote on the
Plan. In addition, Holders of Claims or Interests that are subject
to a pending objection filed by the Debtors are not entitled to
vote the disputed portion of their Claim or Interest.

The Plan satisfies the requirements of section 1129(a)(3) of the
Bankruptcy Code. The Plan Proponents have proposed the Plan and the
Plan Documents in good faith and not by any means forbidden by law.


The Plan was proposed with the legitimate and honest purpose of
maximizing the value of the Debtors' Estates and to effectuate a
successful chapter 11 proceeding for the Debtors. The Plan was the
product of extensive negotiations conducted at arm's-length among
the Debtors and certain of their key stakeholders including, but
not limited to, the Committee. Further, the Plan's classification,
settlement, exculpation, release, and injunction provisions have
been negotiated in good faith and at arm's-length, are consistent
with sections 105, 1122, 1123(b)(3)(A), 1123(b)(6), 1125(e), 1129,
and 1142 of the Bankruptcy Code, and are each necessary for the
Debtors to consummate a value-maximizing conclusion to these
Chapter 11 Cases. Accordingly, the requirements of section
1129(a)(3) of the Bankruptcy Code are satisfied.

The Plan, including all exhibits, is confirmed under section 1129
of the Bankruptcy Code.

As reported by the Troubled Company Reporter on Sept. 10, 2025,
Yellow Corporation and affiliates and the Official Committee of
Unsecured Creditors submitted a Revised Fourth Amended Disclosure
Statement describing Fourth Amended Joint Plan dated September 2,
2025.

The Amended Plan and the Plan Settlement seek to resolve
significant litigation that would otherwise further delay
confirmation of a chapter 11 plan and distributions to unsecured
creditors and diminish funds available to pay Allowed Claims.

However, as further described in this Disclosure Statement, events
following the Filing of the Amended Plan, including the Court's
Preliminary MEPP Opinion and the Filing of the Motion to Convert,
forced the Debtors, the Committee, and other key stakeholders to
reevaluate the Plan Settlement and reengage in further discussions
to determine whether the proposed settlements embodied in the
Amended Plan were still viable. The Plan Proponents determined they
were not. Accordingly, and in order to achieve an orderly
conclusion to these cases, the Plan Proponents filed the Plan.

Generally, the Plan:

     * provides for the vesting of all of the Debtors' and their
Estates' assets as of the Effective Date in the Liquidating Trust
for the purpose of distributions to Holders of Allowed Claims or
Allowed Interests, as applicable;

     * provides for the transfer of all pending litigation and
disputes to the Liquidating Trust for resolution after the
Effective Date in accordance with the Liquidating Trust Agreement;

     * provides that the Committee, in consultation with the
Debtors, will designate a Liquidating Trustee to wind down the
Debtors' remaining affairs, pay, and reconcile Claims, and
administer the Plan in an efficient manner; and

     * contemplates recoveries to Holders of Administrative Claims,
Other Priority Claims, Employee PTO/Commission Full Pay GUC Claims,
and Convenience Class Claims that will render unimpaired the
Allowed Claims of such Holders.

Class 5 consists of General Unsecured Claims. Except to the extent
that a Holder of an Allowed General Unsecured Claim agrees to less
favorable treatment with the Debtors and the Committee or as
otherwise contemplated by the Liquidating Trust Agreement, in
exchange for such Allowed General Unsecured Claim, each Holder of
an Allowed General Unsecured Claim shall receive (i) its Pro Rata
share of the GUC Liquidating Trust Interests and as a Beneficiary
shall receive, on the applicable Distribution Date, its Pro Rata
share of Distributable Proceeds derived from the Liquidating Trust
Assets available for distribution on each such Distribution Date as
provided under the Plan and Liquidating Trust Agreement, plus (ii)
if and only to the extent Distributable Proceeds are available
after all Allowed General Unsecured Claims are paid in full, in
Cash, a Beneficiary shall be entitled to receive Postpetition
Interest from the Petition Date through and including the date of
satisfaction of such Allowed General Unsecured Claim in full, in
Cash; provided, a portion of Allowed Withdrawal Liability Claims
may be reduced and/or subordinated to all other Allowed General
Unsecured Claims in an amount as determined by a Final Order or as
otherwise agreed to by the applicable claimant, the Debtors and the
Committee or as otherwise contemplated by the Liquidating Trust
Agreement.

For the avoidance of doubt, the Holders of Allowed General
Unsecured Claims shall receive the Postpetition Interest set forth
in Article III.B.6 of the Plan on a pari pasu basis with Allowed
Subordinated Withdrawal Liability Claims, if any.

The Debtors or Liquidating Trustee, as applicable, shall fund the
distributions and obligations under the Plan with Cash on hand held
by the Debtors or the Liquidating Trust, as applicable, on and
after the Effective Date, net Cash proceeds generated by the sale,
lease, liquidation, or other disposition of Estate property,
including pursuant to the Debtors' and the Estates' Causes of
Action, including, but not limited to any Avoidance Actions,
Third-Party Sale Transactions, and Cash generated by the use, sale,
lease, liquidation or other disposition of the Liquidating Trust
Assets. Distributable Proceeds are estimated to be between $600-700
million, assuming an Effective Date on or about November 30, 2025.

The Plan Proponents' estimate of aggregate Allowed General
Unsecured Claims ranges from approximately $1,250.0 million to
$1,700.0 million.

Although the Plan Proponents' estimate of Allowed General Unsecured
Claims is generally the result of the Plan Proponents' and their
advisors' analysis of reasonably available information, the
projected amount of Allowed General Unsecured Claims set forth
herein is subject to material change (either higher or lower),
which difference could materially affect recoveries to the Holders
of Allowed Claims in Class 5. The Debtors have Filed thirty-two
omnibus objections to Claims, which have sought to reduce the
claims pool by more than $4.67 billion. The Debtors and, after the
Effective Date, the Liquidating Trust, are expected to continue
objecting to certain Proofs of Claim, and any such objections could
cause the total amount of Allowed General Unsecured Claims to
change further. These changes could affect recoveries to Holders of
General Unsecured Claims and such changes could be material.

A full-text copy of the Fourth Amended Disclosure Statement dated
September 2, 2025, is available at https://urlcurt.com/u?l=2qH2xA
from Epiq Bankruptcy Solutions, claims agent.

A copy of the Court's Findings of Fact, Conclusions of Law, and
Order dated November 19, 2025, is available at
https://urlcurt.com/u?l=xfGq6C from PacerMonitor.com.

                    About Yellow Corporation

Yellow Corporation -- http://www.myyellow.com/-- operates
logistics and less-than-truckload (LTL) networks in North America,
providing customers with regional, national, and international
shipping services throughout. Yellow's principal office is in
Nashville, Tenn., and is the holding company for a portfolio of LTL
brands including Holland, New Penn, Reddaway, and YRC Freight, as
well as the logistics company Yellow Logistics.

Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow
Corporation had $2,152,200,000 in total assets against
$2,588,800,000 in total liabilities. The petitions were signed by
Matthew A. Doheny as chief restructuring officer.

The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel;
Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel;
Kasowitz, Benson and Torres, LLP as special litigation counsel;
Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as
investment banker; and Alvarez and Marsal as financial advisor.
Epiq Bankruptcy Solutions is the claims and noticing agent.

Milbank LLP serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve
as counsels to Beal Bank USA and the U.S. Department of the
Treasury, respectively.

On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Chapter 11 cases.
The committee tapped Akin Gump Strauss Hauer & Feld, LLP and
Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller
Buckfire as investment banker; and Huron Consulting Services, LLC,
as financial advisor.


YES HOLDINGS: Case Summary & Two Unsecured Creditors
----------------------------------------------------
Debtor: Yes Holdings FL, LLC
        239 East Copeland Drive
        Orlando, FL 32806-2103

Business Description: Yes Holdings FL, LLC is a real estate
                      company based in Orlando, Florida, that owns
                      property in the Copeland Park area.

Chapter 11 Petition Date: November 19, 2025

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 25-07522

Debtor's Counsel: Jeffrey S. Ainsworth, Esq.
                  BRANSONLAW, PLLC
                  1501 E. Concord Street
                  Orlando, FL 32803
                  Tel: 407-894-6834
                  Email: jeff@bransonlaw.com

Total Assets: $2,000,000

Total Liabilities: $1,069,846

The petition was signed by Kimberly Y. Santoro as manager.

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/66LVOGI/Yes_Holdings_FL_LLC__flmbke-25-07522__0001.0.pdf?mcid=tGE4TAMA


[^] BOOK REVIEW: The Luckiest Guy in the World
----------------------------------------------
Author:  Boone Pickens
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at:
http://www.beardbooks.com/beardbooks/the_luckiest_guy_in_the_world.html


"This is the story of a man who turned a $2,500 investment into
America's largest independent oil company in thirty years and along
the way discovered that something is terribly wrong with corporate
America.  Mesa Petroleum is the company, and I'm the man."  Thus
begins the autobiography of Boone Pickens, who prefers to be
referred to without his first initial, "T."

Mr. Pickens' autobiography was originally published in 1987, at the
end of the rollercoaster years when he was one of the most famous
(or infamous, depending on your point of view) and most-feared
corporate raiders during a decade known for corporate raiding.  For
the 2000 Beard Books edition, Pickens wrote an additional five
chapters about the subsequent, equally tumultuous, 13 years, during
which time he suffered corporate raiders of his own, recapitalized,
and retired, only to see his beloved company merge with Pioneer.
One of his few laments is being remembered mainly for the
high-profile years, rather than for the company he built from
virtually nothing.

Of the takeover attempts, he says:

"I saw undervalued assets in the public marketplace.  My game plan
with Gul, Phillips, and Unocal wasn't to take on Big Oil. Hell,
that wasn't my role. My role was to make money for the stockholders
of Mesa.  I just saw that Big Oil's management had done a lousy job
for their stockholders."

He would prefer to be known as a champion of the shareholder rights
movement, which prompted big corporations to become more responsive
to the needs and demands of their stockholders.  He founded the
United Shareholders Association, a group that successfully lobbied
for changes in corporate governance.  In a memorable interview in
the May/June 1986 Harvard Business Review, Pickens said, "Chief
executives, who themselves own few shares of their companies, have
no more feeling for the average stockholder than they do for
baboons in Africa."

Boone Pickens was born in 1928 in Holdenville, Oklahoma.  His
grandfather was Methodist missionary to the Indians there; his
father was a lawyer and small player in the oil business. People in
Holdenville worked hard and used such expressions as "Root hog or
die," meaning "Get in and compete or fail."

The family later moved to Amarillo, Texas, where Pickens went to
Texas A&M for one year, but graduated from Oklahoma State
University in 1951 with a degree in geology.  He worked at Phillips
Petroleum for three years, and then, despite growing family
obligations, struck out on his own.  His wife's uncle told him,
"Boone, you don't have a chance.  You don't know anything."

This book is a wonderful read.  Pickens pulls no punches, and is as
hard on himself as anyone else.  He talks about proxy fights,
Texas-Oklahoma football games, his three marriages, poker, takeover
strategies, and unfair duck hunting practices, all in the same easy
tone.  You feel like he's sitting right there in the room with
you.

Pickens ends the introduction to this story with this:

"How I got from a little town in Eastern Oklahoma to the towers of
Wall Street is an exciting, unlikely, sometimes painful story. And,
if you're young and restless, I'm hoping you'll make a journey
similar to mine."

Root hog or die!

Thomas Boone Pickens Jr. -- https://boonepickens.com/ -- was an
American business magnate and financier. Among his lengthy
accolades, Time magazine has identified him one of it 100 most
influential people, Financial World named him CEO of the Decade in
1989 and Oil and Gas Investor identified him as one of the "100
Most Influential People of the Petroleum Century."  He was born in
May 1928.  He died September 11, 2019.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The single-user TCR subscription rate is $1,400 for six months
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e-mail subscriptions for members of the same firm for the term
of the initial subscription or balance thereof are $25 each per
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Peter A. Chapman at 215-945-7000.

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