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251124.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, November 24, 2025, Vol. 29, No. 327 Headlines 1113 JEFFERSON: Seeks Chapter 7 Bankruptcy in New York 1251 FOURTH: Section 341(a) Meeting of Creditors on December 9 20 S BROADWAY: Updates Unsecured Claims Pay; Files Amended Plan 210 AT VALLEY: Seeks Chapter 11 Bankruptcy in Alabama 393 HOLDINGS: Seeks to Sell Santa Rosa Beach Property at Auction 500 BLOCK INVESTMENT: Rental Income to Fund Plan Payments 805 MAIN STREET: Case Summary & Three Unsecured Creditors 805 MAIN STREET: Seeks Chapter 11 Bankruptcy in Massachusetts 92 RYERSON: Seeks to Use Cash Collateral 9250 BIG HORN: Amends Unsecured Claims Pay Details 98 EAST: Seeks Chapter 11 Bankruptcy in Alabama ABUELO’S INTERNATIONAL: Court OKs Restaurant Bizs Sale at Auction ACADEMY AT PENGUIN: To Sell Wenham Property to C. & R. McKenzie ALACHUA GOVERNMENT: Seeks to Sell Royalty Assets at Auction ALMITAS LATINAS: Unsecureds to Get Share of Income for 36 Months AMALGAMATE PROCESSING: Denied to Sell Recycling Business at Auction AMERICAN AUTO: $300MM Loan Add-on No Impact on Moody's B3 'CFR' AMERICAN BROADBAND: Monroe Marks $500,00 Secured Loan at 74% Off ANGI GROUP: Moody's Affirms 'B2' CFR, Outlook Stable ANTHOLOGY INC: Court OKs Enterprise Asset Sale to Ellucian Company ANTHOLOGY INC: Court OKs Lifecycle Asset Sale to Encoura LE ANTHOLOGY INC: Ellucian Named Successful Bidder in Ch. 11 Sale AQUARIAN INSURANCE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Pos. ARCSERVE CAYMAN: Monroe Capital Marks $551,000 Loan at 40% Off ASC THERAPEUTICS: Seeks Chapter 11 Bankruptcy in Delaware ASP UNIFRAX: Moody's Cuts CFR to 'Caa3', Outlook Stable AUXILIARY OPERATIONS: Plan Exclusivity Period Extended to Nov. 24 AYR WELLNESS: Initiates CCAA to Facilitate Parent Wind-Down BAKELITE US: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative BALAJIO LLC: Court Extends Cash Collateral Access to Dec. 4 BALKAN EXPRESS: Seeks to Extend Plan Exclusivity to Feb. 24, 2026 BAUDAX BIO: Plan Exclusivity Period Extended to December 13 BAYTEX ENERGY: Fitch Puts 'BB-' LongTerm IDR on Watch Negative BEACON LIGHT: Files Emergency Bid to Use Cash Collateral BEELINE HOLDINGS: Redeems All Series E Preferred Stock for $2MM BELLA GREY: Gets Interim OK to Use Cash Collateral BELLEROSE TERRACE: Seeks Chapter 11 Bankruptcy in Massachusetts BIOLASE INC: Court Okays Fee Application of Committee's Lawyers BLACKSTONE MORTGAGE: Moody's Affirms 'B1' CFR, Outlook Stable BLEND COFFEE 1: Gets Extension to Access Cash Collateral BLST OPERATING: Monroe Capital Marks $798,000 Loan at 71% Off BOY SCOUTS: Abuse Claimants' $21MM Fee Appeal Rejected BTR OPCO: Monroe Capital Marks $569,000 Secured Loan at 15% Off BTR OPCO: Monroe Capital Marks $711,000 Secured Loan at 24% Off BUCKINGHAM SENIOR: Deadline for Panel Questionnaires Set for Dec. 1 CALABRIO INC: Monroe Capital Marks $410,00 Secured Loan at 57% Off CANACOL ENERGY: Chapter 15 Case Summary CANACOL ENERGY: Seeks CCAA Creditor Protection to Restructure CAR TOYS: Seeks to Extend Plan Exclusivity to February 24, 2026 CDATA SOFTWARE: Monroe Marks $778,000 Secured Loan at 61% Off CENTER CITY HEALTHCARE: Ruling in Medline Adversary Case Affirmed CENTER FOR EMOTIONAL: Gets 30-Day Extension to Use Cash Collateral CLNG HOMES: Court OKs Huntington Way Property Sale for $535K CONSTANT CARE: Gets Interim OK to Use Cash Collateral Until Dec. 22 COOPER-STANDARD HOLDINGS: S&P Affirms 'CCC+' ICR, Outlook Dev. CRANE ENTERPRISES: Cranes Lose Bid to Dismiss Bankruptcy Case CROWN CARS: Case Summary & Eight Unsecured Creditors CVR ENERGY: S&P Alters Outlook to Stable, Affirms 'B+' ICR D&G PROFESSIONAL: Unsecureds Will Get 70% Dividend in Plan DELUXE CORP: S&P Upgrades ICR to 'B+', Outlook Stable DM ELECTRICAL: Gets Interim OK to Use Cash Collateral Until Dec. 8 DOUBLESHOT HOLDINGS: Unsecureds to Split $10K over 5 Years DOUGLAS HOLDINGS: Monroe Marks $309,000 Secured Loan at 40% Off DOUGLAS HOLDINGS: Monroe Marks $543,000 Secured Loan at 88% Off E F REALTY: Case Summary & Seven Unsecured Creditors E F REALTY: Seeks Chapter 11 Bankruptcy in New York ECOVYST CATALYST: Moody's Affirms 'B1' CFR, Outlook Remains Stable ELETSON HOLDINGS: Judge Boosts Sanctions in Affiliate Ownership Row ELETSON HOLDINGS: Wins Bid for Sanctions in Arbitration Dispute EMORY INDUSTRIAL: Hires Rochelle McCullough as General Counsel EMPIRE TRIMODAL: Voluntary Chapter 11 Case Summary ENCOMPASS HEALTH: Moody's Alters Outlook on 'Ba2' CFR to Positive EXCELL COMMUNICATIONS: Plan Exclusivity Extended to Jan. 22, 2026 FIT & THRIVE: Gets OK to Use Cash Collateral FLIGHT 509: Case Summary & 15 Unsecured Creditors FLOWER APARTMENTS: Court OKs Deal to Terminate Cash Collateral Use FORMAN MILLS: Monroe Capital Marks $1.3MM Secured Loan at 22% Off FRATELLO'S HOLDINGS: Case Summary & Two Unsecured Creditors FRATELLO'S HOLDINGS: Seeks Chapter 11 Bankruptcy in New York FRONTLINE MACHINING: To Sell DMG Mori to Protech for $120K FTAI AVIATION: Moody's Alters Outlook on 'Ba2' CFR to Positive FTAI AVIATION: S&P Upgrades ICR to 'BB', Outlook Stable FTX TRADING: Ex-SDNY Chief Denies Breaking FTX Plea Deal GLENWOOD GFB: Court OKs Interim Use of Cash Collateral GRACE LIMOUSINE: Hires Bernstein Shur Sawyer & Nelson as Counsel GRACE ROYALS: Gets Interim OK to Use Cash Collateral GRMG REAL: Gets Interim OK to Use Cash Collateral HA SUSTAINABLE: Fitch Rates New Jr. Subordinated Debt 'BB(EXP)' HERITAGE GROCERS: Moody's Cuts CFR to Caa1, Outlook Stable HILLIARD HOTELS: Has OK to Assume Hilton Franchise Agreement HOME SAVER911: Seeks to Hire Mathew Schuh as Bankruptcy Counsel HORSEY DENISON: Affiliate to Sell 8809 Oxon Property to RDJ Homes HORSEY DENISON: Affiliate to Sell 8901 Oxon Property to E. Espinoza INDEPENDENCE BUYER: Monroe Marks $5.3MM Secured Loan at 16% Off IRON HILL: Heritage Global to Auction Assets in Chapter 7 JACKSON HOSPITAL: Judge Rebukes Ex-Gordon Lawyer Over AI Citations JASS LLC: Gets Interim OK to Use Cash Collateral Until Dec. 16 JB GROUP: Seeks to Sell Construction Assets in Auction JOHN KNOX VILLAGE: Fitch Affirms 'BB+' IDR, Outlook Stable KADAM LOGISTICS: Unsecureds Will Get 10% of Claims over 60 Months KCAP VILLA: Seeks Chapter 11 Bankruptcy in Texas KCAP VILLA: Voluntary Chapter 11 Case Summary KEYSTONE PASSIONATE: Unsecureds Will Get 35% over 36 Months KL MOON: Monroe Capital Marks $833,000 Secured Loan at 28% Off LEFEVER MATTSON: Hires NAI Capital Commercial as Estate Broker LEGACY DRAYAGE: Court OKs Final DIP Financing From Bay View Funding LEISURE INVESTMENTS: Seeks Homes for Animals LH PROPERTY: Gets Court OK to Use Cash Collateral LIFTED TRUCKS: Monroe Capital Marks $2.2MM Secured Loan at 63% Off LIFTFORWARD SPV: Monroe Marks $338,000 Secured Loan at 27% Off LIGADO NETWORKS: Seeks to Extend Plan Exclusivity to July 6, 2026 LION RIBBON: Plan Exclusivity Period Extended to January 30, 2026 LOMA LINDA: S&P Raises Revenue Bonds Rating to 'BB+', Outlook Pos. LUGANO DIAMONDS: Deadline for Panel Questionnaires Set for Nov. 24 LUGANO DIAMONDS: Gets Okays DIP Loan, Cash Collateral Access LUXURY RIDES: Seeks to Hire Blackwood Financial as Accountant M&H ENTERPRISES: Hearing Today on Bid to Use Cash Collateral MARANATHA FAITH: Seeks Chapter 11 Bankruptcy in New York MEADOWLARK HILLS: Fitch Rates Series 2025 Bonds 'BB+' MEDALLIA INC: Monroe Capital Marks $2.2MM Secured Loan at 16% Off MEI BUYER: Monroe Capital Marks $689,000 Loan at 75% Off MIDWEST SKIING: Case Summary & 20 Largest Unsecured Creditors MILLENKAMP CATTLE: Investment Banker Not Entitled to DIP Loan Fee MODIVCARE INC: Creditors Challenge $3.6MM in Bankruptcy Fees MODIVCARE INC: Paul Hastings Represents Consenting Creditors MOUNTAIN VISTA: Case Summary & Three Unsecured Creditors MOUNTAIN VISTA: Seeks Chapter 11 Bankruptcy in California MOUNTAINEER MERGER: S&P Reinstates ICR at 'CCC', Outlook Negative MURPHY USA: S&P Affirms 'BB+' ICR, Outlook Stable MV RECEIVABLES: Monroe Capital Marks $8.1MM Secured Loan at 55% Off MY JOB MATCHER: Plan Exclusivity Period Extended to Feb. 2, 2026 N-ABLE INTERNATIONAL II: Moody's Rates New Secured Bank Loans 'B1' NAPLES ALF: Court OKs Naples Property Sale to Hacienda Lakes NASITRA LLC: Gets Extension to Access Cash Collateral NEW FORTRESS: Secures Forbearance on 2029 Notes Interest to Dec. 15 NICKLAUS COMPANIES: Case Summary & 20 Top Unsecured Creditors NIKOLA CORP: Chancery Gives Final OK to $33MM Deal NORTH JAX: Unsecured Creditors to Split $18K over 36 Months NORTH WHITEVILLE: Gets Final OK to Use Cash Collateral NORTHEAST CONTRACTING: Monroe Marks $318,000 Loan at 57% Off NORTHERN LIGHTS: Seeks Subchapter V Bankruptcy in Minnesota NUMERICAL CONCEPTS: Seeks to Tap Sackrider & Company as Accountant NYA CAPITAL: Case Summary & 11 Unsecured Creditors NYA CAPITAL: Seeks Chapter 11 Bankruptcy in Florida OB LLC: Seeks Subchapter V Bankruptcy in Maryland OB LLC: To Sell Upper Marlboro Property to Werrlein Properties OB LLC: Voluntary Chapter 11 Case Summary OBSIDIAN ENERGY: S&P New C$175MM Senior Unsecured Notes 'B+' OFFSHORE SAILING: Mad Skills Sailboat Sale to Folkert Jongkind OK'd OG LIVING: Amends Ford Motor Secured Claim Pay ORIGINAL MOWBRAY'S: Affiliate Has Deal on Cash Collateral Access OUT THE GATE: Seeks to Sell Gaming Assets at Auction OWL VENICE: Court Extends Cash Collateral Access to Jan. 11 P&L DEVELOPMENT: Fitch Lowers LongTerm IDR to 'CCC', Outlook Neg. PANDA ACQUISITION: Monroe Capital Marks $4.9MM Loan at 17% Off PAR PACIFIC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable PAR PETROLEUM: S&P Alters Outlook to Positive, Affirms 'B+' ICR PARAGON MOVING: Unsecureds Will Get 10% of Claims over 3 Years PARENT SUPPORT: Seeks to Hire Verdolino & Lowey as Accountant PORT ELIZABETH: Logistics Company Seeks Chapter 11 Bankruptcy PPS PROPERTY: To Sell Plainfield Property to JNS Home Improvement PRIMALEND CAPITAL: Faces Payment Block from Creditors PROSPECT MEDICAL: To Sell Waterbury Hospital to UCHCFC Waterbury PROTOTEK LLC: Monroe Capital Marks $1.9MM Secured Loan at 19% Off PUERTO RICO: Board Calls Tighter Financial Controls to Avert Ch.11 PYRAMID HOUSE: Seeks Chapter 11 Bankruptcy in Louisiana PYRAMID HOUSE: Voluntary Chapter 11 Case Summary RECYCLED PLASTICS: Monroe Capital Marks $8.9MM Loan at 17% Off RENTAL COINS: Chapter 15 Case Summary RIFLE RFB: Court OKs Interim Use of Cash Collateral RITE AID: Insurers, Pension Funds, Landlords Object to Plan ROADRUNNER SCOOTERS: Case Summary & 20 Top Unsecured Creditors RSBRMK LLC: Seeks Chapter 11 Bankruptcy in New York RUNITONETIME LLC: Gets Court Approval for Sale of Fabrication Biz S&G LABS: Gets Interim OK to Use Cash Collateral Until Dec. 18 SABRE CORP: S&P Alters Outlook to Negative, Affirms 'B-' ICR SEAGATE TECHNOLOGY: Fitch Alters Outlook on 'BB+' IDR to Positive SEALED AIR: Moody's Puts 'Ba1' CFR Under Review for Downgrade SECURE WASTE: Fitch Rates New Sr. Unsecured Notes 'BB-' SIX FLAGS: Moody's Lowers CFR to 'B2', Outlook Stable SK MOHAWK: Fitch Lowers LongTerm IDR to 'C' SLOAN VENTURES: Case Summary & Two Unsecured Creditors SOUTH TEXAS: Unsecureds Will Get 21.68% of Claims over 5 Years SOUTHERN CHICKEN-PEACHTREE: Gets OK to Tap Shumacher as Broker SOUTHERN CHICKEN-PEACHTREE: Taps Jones & Walden as Legal Counsel SOUTHERN CHICKEN-WOODSTOCK: Gets OK to Hire Shumacher as Broker SOUTHERN CHICKEN-WOODSTOCK: Seeks to Tap Jones & Walden as Counsel SPHERE 3D: Names Kurt Kalbfleisch as Chief Executive Officer SPORTS OPERATING: Monroe Capital Marks $1MM Secured Loan at 80% Off STARCOMPLIANCE MIDCO: Monroe Capital Marks $323,000 Loan at 56% Off STARSHIP LOGISTICS: Unsecureds Will Get 5% of Claims in Plan STM CONSTRUCTION: Cash Collateral Hearing Set for Dec. 16 STONEBRIAR ABF: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable SUPRA NATIONAL: Gets Interim OK to Use Cash Collateral Until Dec. 2 SUPRA NATIONAL: Taps Levene Neale Bender Yoo as General Counsel SYNAPSE FINANCIAL: CFPB Payments to Victims Face Fund Questions TASEKO MINES: Fitch Alters Outlook on 'B-' LongTerm IDR to Positive THRACIO LLC: Monroe Capital Marks $1.3MM Secured Loan at 16% Off THRASIO LLC: Monroe Capital Marks $882,00 Secured Loan at 27% Off THRILL INTERMEDIATE: Seeks to Use Funds and Revenue TIKE LLC: Seeks to Tap Leavitt Legal Services as Legal Counsel TONIX PHARMACEUTICALS: Reports Net Loss of $32MM in 2025 Q3 TRIANGLE 40: Weatherford Property Sale to New Standard Living OK'd TRIPLETT FUNERAL: To Sell Kahoka Property to Melissa & Marcus Vigen TURQUOISE LLC: Gets OK to Hire CliftonLarsonAllen as Accountant UNIFIED SCIENCE: Claims to be Paid from Property Sale Proceeds UNIQUE REALTY: Case Summary & Three Unsecured Creditors UNIQUE REALTY: Seeks Chapter 11 Bankruptcy in Arkansas UNITED SITE: Platinum to Hand Lenders Control of Troubled Company UNITED STATES: NCLA Asks Court to End Unconstitutional Receivership UNIVERSAL DESIGN: Gets Extension to Access Cash Collateral V10 ENTERTAINMENT: Monroe Marks $458,000 Secured Loan at 84% Off VALLEY OF THE SUN: Seeks Chapter 11 Bankruptcy in California VALUDOR PRODUCTS: Monroe Capital Marks $548,000 Loan at 44% Off VICE ACQUISITION: Monroe Marks $353,000 Secured Loan at 81% Off VICE ACQUISITION: Monroe Marks $671,000 Secured Loan at 81% Off VICTORY BUYER: S&P Raises ICR to 'B-', Outlook Stable VILLAGE ROADSHOW: Noteholders Slam Warner Bros.' Push to Sue VSBROOKS INC: Gets Final OK to Use Cash Collateral W&J SUBSHOPS: Case Summary & 17 Unsecured Creditors WAHEGURU LLC: Gets Interim OK to Use Cash Collateral Until Dec. 16 WBI OPERATING: S&P Affirms 'BB-' ICR, Outlook Stable WCB REALTY: Section 341(a) Meeting of Creditors on December 18 WELL RUN LLC: Gets Final Approval to Use Cash Collateral WELLPATH HOLDINGS: Dismissed as Party in Wilhite Lawsuit WELLPATH HOLDINGS: Wins Bid to Dismiss Jones Lawsuit WESTMINSTER CANTERBURY: Fitch Affirms 'BB+' IDR, Outlook Stable WHISTLER PARENT: Monroe Marks $5.9MM Secured Loan at 43% Off WHISTLER PARENT: Monroe Marks $870,000 Secured Loan at 21% Off WOODLINE PROPERTIES: Seeks Chapter 11 Bankruptcy in West Virginia WORKHORSE GROUP: Reports Net Loss of $7.8MM in 2025 Q3 WULF COMPUTE: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable XINYUAN REAL ESTATE: Has Until Nov. 26 to Answer Involuntary Ch. 11 YES HOLDINGS: Chapter 11 Disclosure Statement Due March 19 ZAYO GROUP: Moody's Affirms 'B3' CFR, Outlook Stable ZION OIL & GAS: Reports $1.7MM Net Loss in 2025 Q3 [] Fed. Board Tosses Ex-DOJ Bankruptcy Director’s Firing Appeal ********* 1113 JEFFERSON: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On November 20, 2025, 1113 Jefferson LLC filed Chapter 7 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1-49 creditors. About 1113 Jefferson LLC 1113 Jefferson LLC is a single asset real estate company. 1113 Jefferson LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45592) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1,000,001-$10,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 1251 FOURTH: Section 341(a) Meeting of Creditors on December 9 -------------------------------------------------------------- On November 18, 2025, 1251 Fourth Street Investors LLC filed for Chapter 11 protection in the Central District of California. The Debtor reports between $10 million and $50 million in liabilities owed to 1–49 creditors, according to its court filings. A meeting of creditors under Section 341(a) to be held on December 9, 2025 at 09:30 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About 1251 Fourth Street Investors LLC Fourth Street Investors LLC is a single asset real estate company. The Debtor commenced its Chapter 11 case (Bankr. C.D. Cal. Case No. 25-20294) on November 18, 2025. Its petition reflects estimated assets and debts in the $10 million–$50 million range. Honorable Bankruptcy Judge Julia W. Brand presides over the case. The Debtor is represented by Gary E. Klausner, Esq., Levene, Neale, Bender, Yoo & Golubchik L.L.P. 20 S BROADWAY: Updates Unsecured Claims Pay; Files Amended Plan --------------------------------------------------------------- Conventus LLC submitted a Second Amended Disclosure Statement describing Plan of Liquidation for 20 S Broadway Owner LLC dated November 17, 2025. Secured Creditor, a secured creditor of the Debtor's Estate and the Plan Proponent herein, is proposing a liquidating plan centered on the sale of the Debtor's primary asset, the real property located at 20 S. Broadway Nyack, New York 10960 (the "Property"). Under the Plan, Alex E. Tsionis, Esq. will be appointed as the plan administrator (the "Plan Administrator") and will be responsible for, among other things, prosecuting all Chapter 5 recoveries, if any, and overseeing the sale of the Property, which will be subject to higher and better offers at a public auction. The Plan shall be funded from the proceeds of the sale of the Debtor's Property. Class 4 consists of Allowed General Unsecured Claims. As of the filing of this Disclosure Statement, General Unsecured Claims total $44,165,491.74. Allowed General Unsecured Claims shall be paid a Pro Rata distribution in accordance with the Carve Out to be provided by Conventus at closing of the sale of the Property, which Carve Out shall be the total sum of $150,000.00, but not more than their Allowed Claims, without interest. Payment to Class 4 Claimants shall be remitted on the Distribution Date. The Class 4 Claimants are impaired and are entitled to vote on the Plan. Class 5 consists of allowed Equity Interest Claims. In the event there are sufficient sale proceeds to pay all prior classes in full with statutory interest, Class 5 Claimants shall retain their existing pre-petition Equity Interests in the Debtor effective as of the Effective Date. In the event that there are insufficient sale proceeds for same, the Class 5 Claimants shall not retain their Equity Interests in the Debtor, their Equity Interests will be extinguished, and they are deemed to reject the Plan. Since it is highly unlikely that there will be any distributions to Allowed Equity Interest Claims, the Class 5 Claimants are impaired, are deemed to reject the Plan, and are not entitled to vote on the Plan. The Plan shall be funded by the proceeds from the sale of the Property. In the event that there are insufficient net sale proceeds, the Plan Proponent shall pay Allowed Administrative Claims, Priority Tax Claims, and United States Trustee's fees and will fund a distribution to General Unsecured Creditors in the amount of $150,000.00 in accordance with the Carve Out. In accordance with section 1128 of the Bankruptcy Code, a hearing to consider the Plan shall be held on January 6, 2026 at 10:00 a.m., to consider confirmation of the Plan (the "Confirmation Hearing") before the Honorable Sean H. Lane. A full-text copy of the Second Amended Disclosure Statement dated November 17, 2025 is available at https://urlcurt.com/u?l=D7ywQp from PacerMonitor.com at no charge. Counsel to Conventus LLC: Silverman Law PLLC Brett S. Silverman, Esq. 4 Terry Terrace Livingston, New Jersey 07039 Phone: 646.281.6008 Email: brett@getconciergelaw.com About 20 S Broadway Owner LLC 20 S Broadway Owner, LLC, is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 20 S Broadway Owner, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-22155) on Feb. 28, 2024. In the petition filed by Isaac Hershko, managing agent, the Debtor reports assets of $1 million to $10 million and liabilities of $1 million to $10 million. Lester Korinman Kamran & Masini, P.C., is the Debtors' financial counsel. 210 AT VALLEY: Seeks Chapter 11 Bankruptcy in Alabama ----------------------------------------------------- On November 18, 2025, 210 at Valley Creek LLC filed Chapter 11 protection in the Northern District of Alabama. Court filings indicate the Debtor owes between $1 million and $10 million to 1–49 creditors. About 210 at Valley Creek LLC 210 at Valley Creek LLC is a limited liability company. 210 at Valley Creek LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03516) on November 18, 2025. The petition lists estimated assets of $1 million–$10 million and liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Tamara O. Mitchell presides over the case. 393 HOLDINGS: Seeks to Sell Santa Rosa Beach Property at Auction ---------------------------------------------------------------- 393 Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company and the developer and owner of the Pinewood 30‑A condominium complex, located at 179 S. County Highway 393, Santa Rosa Beach, Florida 32459 (Property). Pinewood 30‑A comprises approximately 100 condominium units and related amenities, including swimming pool and fitness center. The Debtor's primary secured lender is CPIF MRA, LLC, successor to CPIF Lending, LLC, with a restated loan balance in the Fifth Amended and Restated Note of $39,644,403.57 and a stated maturity of January 6, 2025. Jaw 2 Investments, LLC loaned the Debtor $50,000 on an emergency basis and up to an aggregate principal of $250,000. The Debtor intends to sell the Property and related assets through a plan of liquidation. The Debtor seeks approval of competitive bidding procedures on an expedited basis. The Debtor has or will be seeking approval of Chris McCall of Counts Real Estate Group as broker. The Debtor seeks approval of bidding procedures in connection with an anticipated sale of the Assets. The Debtor believes that the bidding procedures set forth in this Motion will assist in determining the highest and best offer available to the Debtor for the anticipated sale of the Assets. All potential Bidders or their authorized representatives must be present at the Auction and the Sale Hearing. The Court will determine the highest and best offer at the Sale Hearing. Any Bidder desiring to participate in the Auction must submit or agree to all of the following, or such other terms agreed to by the Debtor and approved by the Court, by no later than January 10, 2026 or such other date as may be fixed by the Court in order to be a qualified bidder. Every Bidder's initial Bid must be received no later than the Bid Deadline. All subsequent Bids above the initial Bid must be in incremental increases of at least $100,000. All bids submitted shall be irrevocable through the Auction process. The Debtor shall have the right to accept or reject any and all Bids in its reasonable discretion. In the event the Successful Bidder fails to close the sale through no fault of the Debtor, the Successful Bidder will forfeit its Bid Deposit. In the event that the Successful Bidder fails to close, and subsequently the Backup Bidder fails to close the sale through no fault of the Debtor, the Backup Bidder will also forfeit its Bid Deposit. In the event that the Successful Bidder closes the sale, the Debtor shall return, by check, the Backup Bidder's Deposit within five business days from the closing. An Auction to consider any competing Bids in respect of the Assets will be held at the offices of Berger Singerman LLP, 101 E. Kennedy Boulevard, Suite 1165, Tampa, FL 33602 on January 15, 2025 (or as set by the Bankruptcy Court), or such later date as agreed by the Debtor or as may be scheduled by the Court. Any Sale will be subject to approval of the Bankruptcy Court. The Court will conduct a hearing as soon as practical after the Auction, or such later date as agreed by the Debtor and Successful Bidder and Back Up Bidder as may be scheduled by the Court, to consider approval of the Sale Motion and the Bidder's Agreement and any higher or better offers submitted in accordance with the procedures set forth in the Bid Procedures Order. Any lessor or other party to any contract to be assumed and/or assigned to the Successful Bidder that objects to, and/or asserts any cure claims, defaults or any other claims against the Debtor in connection with the proposed assumption and/or assignment of its contract must file with the Court, by no later than the Sale Objection Deadline, any objection to the assumption and/or assignment of its contract and/or assertion of claim or default. The Debtor respectfully submits that the Overbid Amounts are equitable and in the best interests of the Debtor's estate. About 393 Holdings, LLC 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. 393 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31055-JCO). At the time of filing, the Debtor reported estimated assets of between $10 million and $50 million and estimated liabilities of between $10 million and $50 million. Judge Jerry C. Oldshue Jr. oversees the case. Berger Singerman LLP serves as the Debtor's legal counsel. 500 BLOCK INVESTMENT: Rental Income to Fund Plan Payments --------------------------------------------------------- 500 Block Investment Group LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Plan of Reorganization dated November 17, 2025. The Debtor was formed on October 11, 2019. Debtor's members are Michael Alexander and Sheryl Alexander. Debtor is managed by Michael Alexander. On or about September 22, 2022, Debtor purchased the real property located at 29682 W. Clarendon Avenue, Buckeye, AZ 85396 ("Property") from Laurence Dale Margul in the amount of $450,000. Margul carried the mortgage on the Property and Debtor granted the Margul a first-position Deed of Trust and Assignment of Rents against the Property (Rec. No. 20220709901) as security for a promissory note. Margul notice a trustee's sale on June 4, 2025 with the Maricopa County Recorder's Office on November 21, 2022 (Rec. No. 20250321902). The trustee’s scheduled sale date for the Property was September 4, 2025. The Debtor commenced this case on August 19, 2025. The Property has an estimated fair market value $480,000 as of the date of filing. Debtor scheduled the secured obligation to Margul in the amount of $392,000. There are other secured obligations to the Tartessa for approximately $1,500. The Debtor continues to search for tenants to fund the Debtor and service the Margul mortgage. Debtor is currently seeking licensing/approval from the Veteran's Administration for housing options for veterans paid by the government. Debtor has been paying ongoing mortgage payments to the mortgage loan servicer in the amount of $2,350 in October 2025. APS has an unsecured claim in the amount of $2,500. Class 3 consists of the Nonpriority Unsecured Claims of Creditors. Class 3 Creditors will be paid in full with zero percent interest (0%). Class 4 consists of the Ownership Interests of the Principals of Debtor. Principals shall retain their Ownership Interest in Debtor so long as creditors are paid in full in accordance with the terms of the Plan. The Debtor's income should be increasing as tenants are placed in the Property, including through the potential VA program. The Debtor's Principal Michael Alexander has also found new employment and should be able to increase his monthly rental contribution in the near future. Debtor's anticipates providing for full payment in full to all creditors with interest. The Debtor's plan will be funded by its operations, Excess Cash Flow, and increase of monthly rent as new tenants are placed. The Reorganized Debtors shall act as the Disbursing Agent under the Plan. A full-text copy of the Disclosure Statement dated November 17, 2025 is available at https://urlcurt.com/u?l=rac9PH from PacerMonitor.com at no charge. Counsel for the Debtor: Chris D. Barski, Esq. Barski Law PLC 9332 N. 95th Way, #109 Scottsdale, AZ 85258 Telephone: (602) 441-4700 Email: cbarski@barskilaw.com About 500 Block Investment Group 500 Block Investment Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-07690) on Aug. 18, 2025, listing up to $500,000 in both assets and liabilities. Chris D. Barski, Esq., at Barski Law PLC serves as the Debtor's counsel. 805 MAIN STREET: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: 805 Main Street, LLC One Lewis Wharf Boston, MA 02110 Business Description: 805 Main Street, LLC, a real estate management company, holds full ownership of the property at 781-783 Main Street, Cambridge, Massachusetts, valued at approximately $2.1 million. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-12511 Debtor's Counsel: Peter N. Tamposi, Esq. THE TAMPOSI LAW GROUP, P.C. 159 Main St. Nashua, NH 03060 Tel: 603-204-5513 E-mail: peter@thetamposilawgroup.com Total Assets: $2,100,000 Total Liabilities: $2,140,160 William Senne signed the petition as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7WSOJEY/805_Main_Street_LLC__mabke-25-12511__0001.0.pdf?mcid=tGE4TAMA 805 MAIN STREET: Seeks Chapter 11 Bankruptcy in Massachusetts ------------------------------------------------------------- On November 19, 2025, 805 Main Street LLC commenced Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Massachusetts. According to its petition, the Debtor owes between $1 million and $10 million to roughly 1–49 creditors. About 805 Main Street LLC 805 Main Street LLC is a limited liability company. 805 Main Street LLC filed for Chapter 11 relief on November 19, 2025, under Case No. 25-12511 in the District of Massachusetts. The filing shows estimated assets of $1 million to $10 million and estimated liabilities within the same range. The Debtor is represented by Peter N. Tamposi, Esq. of The Tamposi Law Group. 92 RYERSON: Seeks to Use Cash Collateral ---------------------------------------- 92 Ryerson Street, LLC asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use the cash collateral of its lender HSBC Bank USA. HSBC's cash collateral consists of rents and other income from the Debtor's property at 92 Ryerson Street, Brooklyn, N.Y. The Debtor intends to use this cash collateral to fund operations. Prior to filing, HSBC, as trustee for Fremont Home Loan Trust 2006-E, had commenced foreclosure proceedings on the property. Following negotiations, the Debtor and the lender reached a stipulation allowing the Debtor to use cash collateral while making monthly payments as protection. An interim order authorizing the use of cash collateral and monthly payments was entered on September 3. The Debtor, through counsel Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP, now seeks a final order authorizing continued use of cash collateral and final approval of monthly payments of $6,955 to HSBC. The proposed final order also provides that the lender will receive replacement liens as additional protection. A hearing on the matter is scheduled for January 6, 2026, via the court's Webex platform. About 92 Ryerson Street LLC 92 Ryerson Street, LLC is a real estate debtor with only one asset, as defined in 11 U.S.C. Section 101(51B). 92 Ryerson Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41634) on April 2, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Btzalel Hirschhorn, Esq., at Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP. 9250 BIG HORN: Amends Unsecured Claims Pay Details -------------------------------------------------- Walter R. Dahl, Chapter 11 Trustee, submitted a First Amended Disclosure Statement describing First Amended Chapter 11 Plan for 9250 Big Horn Holdings, Inc. dated November 17, 2025. The Trustee has determined the appropriate resolution for this case is an orderly liquidation of Debtor's assets. Since the commencement of this Chapter 11 case, Trustee has attempted to identify and value all of Debtor's assets. Trustee sold the Big Horn Property pursuant to an order entered following an in-court auction sale, and the sale for $5,450,000.00 closed on May 6, 2025. Trustee continued to market for sale the Marconi Property, after a proposed sale which Debtor negotiated prior to Trustee's appointment was terminated by the proposed buyer. Trustee did file a motion to authorize sale of the Marconi Property for $350,000, and that motion was granted by the Court. Unfortunately, the buyers exercised their right to terminate the agreement during the due diligence period. Trustee now seeks to abandon the Marconi Property from the Estate pursuant to Section 554(a) of the Bankruptcy Code, believing it to be burdensome or of inconsequential value and benefit to the Estate. The First Amended Plan provides for the Trustee to continue to identify and recover assets of the estate. Trustee shall use, sell, lease or otherwise liquidate the assets of the estate, using his best business judgment for the benefit of creditors. Trustee shall seek court approval for the sale of assets. The First Amended Plan is a liquidation plan, and Trustee shall retain control of the assets of the Estate until the case is closed or dismissed. Class 3.1 consists of unsecured claims which have not been subordinated by a stipulation or court order. The allowed unsecured claims total $555,590.00. Each holder of a Class 3.1 Allowed Claim shall be paid in full within ten days following the Effective Date. Class 3.2 consists of Unsecured Claim which has been subordinated to all other unsecured creditors by Order Approving Settlement with Boutin Jones, Inc. entered March 25, 2024. The allowed unsecured claims total $1,831,607.65. Within ten days following the later of: (a) payment in full of all Allowed administrative expense claims; and, (b) payment in full of all Class 3.1 Allowed Claims, Trustee shall estimate and retain sufficient monies in the Estate to fully satisfy: (i) Statutory fees referenced in Paragraph 7.c of this First Amended Plan; (ii) Prospective quarterly fees referenced in Paragraph 7.d of this First Amended Plan; and (iii) fees and costs relating to potential exercise of the avoiding powers to be retained by Trustee as provided by Paragraph 21 of this First Amended Plan (collectively, the "Post-Confirmation Expense Fund"). Promptly thereafter, Trustee shall distribute all monies then on deposit in the Estate, save and except the PostConfirmation Expense Fund, on account of the Class 3.2 claim and the then current amounts of the levies previously issued and served on Trustee. The levy amounts shall be paid first, and thereafter the available balance shall be disbursed to the holder of the Class 3.2 claim. After full satisfaction of the Conditions to Closing set forth in Paragraph 28 of this First Amended Plan and payment in full of all post-confirmation expenses, if monies then remain on deposit in the Estate, Trustee such disburse such monies to the holder of the Class 3.2 claim, up to the remaining unpaid balance of such claim. The First Amended Plan is a liquidating plan in that it provides for the liquidation of all remaining claims and assets, and for the distribution of the proceeds to creditors pursuant to the Code's priority scheme. As the First Amended Plan is a liquidating plan, there should be no issue with feasibility. A full-text copy of the First Amended Disclosure Statement dated November 17, 2025 is available at https://urlcurt.com/u?l=iVEhzp from PacerMonitor.com at no charge. Counsel to the Chapter 11 Trustee: Walter R. Dahl, Esq. DAHL LAW 8757 Auburn Folsom Rd #2820 Granite Bay CA 95746-2820 O: (916) 764-8800 F: (916) 741-3346 E: wdahl@DahlLaw.net About 9250 Big Horn Holdings 9250 Big Horn Holdings, Inc. in Elk Grove, CA, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Cal. Case No. 23-23996) on Nov. 7, 2023, listing as much as $1 million to $10 million in both assets and liabilities. Mahmoud Khattab as president, signed the petition. Judge Fredrick E Clement presides over the case. LAW OFFICES OF GABRIEL LIBERMAN, APC, serves as the Debtor's legal counsel. 98 EAST: Seeks Chapter 11 Bankruptcy in Alabama ----------------------------------------------- On November 18, 2025, 98 East LLC filed Chapter 11 protection in the Northern District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 98 East LLC 98 East LLC is a limited liability company. 98 EAST LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03515) on November 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million–$10 million each. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. ABUELO’S INTERNATIONAL: Court OKs Restaurant Bizs Sale at Auction ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has granted Abuelo's International LP and its affiliates' amended third emergency motion to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors are headquartered in Lubbock, Texas where they conduct their restaurant operations. The Debtors own and operate a chain of full-service, casual dining Mexican restaurants serving made-from-scratch Mexican food. The Debtors' first restaurant opened in 1989, and on the Petition Date, they operated a total of 16 restaurants located in 7 states throughout the nation. The Debtors' operations have been impacted by a significant drop in sales, rising food and labor costs, continued staffing challenges, and changes in consumer preferences. The Debtors have determined it is in their best interests as well as the interests of creditors of the Debtors’ estates to cease operations and close the restaurant located at 1531 W 81st Street, Tulsa, Oklahoma 74132, to sell at public auction the furniture, equipment, inventory and supplies located at the W Tulsa Restaurant, and reject the ground lease associated with the W Tulsa Restaurant. The Court has authorized the Debtors to sell the Assets by way of auction conducted by Local Liquidators, upon the terms and conditions proposed by the Debtors in the Motion. The Assets sold at the auction shall be sold without warranty and on an "as is" "where is" subject to all defects basis. The Assets shall be sold free and clear of all liens, claims, interests and encumbrances and all valid liens, claim, interests andencumbrances shall follow and attach to the proceeds of sale in the order established by applicable law. About Abuelo's International L.P. Abuelo's International, L.P. operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. ACADEMY AT PENGUIN: To Sell Wenham Property to C. & R. McKenzie --------------------------------------------------------------- The Academy at Penguin Hall, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts, to sell Property in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtor's real property is located at 41 Essex Street in Wenham, Massachusetts. The Debtor is a Massachusetts non-profit charitable corporation under Section 501(c)(3) of the Internal Revenue Code, formed on or about November 24, 2015 for the purposes of founding and operating an all-girls' preparatory high school on the Massachusetts North Shore. On February 1, 2016, the Debtor closed on the purchase of a 50-acre parcel of property and buildings located at 36 Essex Street. 36 Essex is the Debtor's principal asset, consisting of a 120,000 square foot building which served as the main campus of the School and included, among other things, classrooms, labs, offices, dorm rooms, and a café/bistro. In 2018, the School acquired the Property located nearby at 41 Essex Street and which is improved by a single-family home. The School had intended to convert the Property into sports fields for the students, but was never able to do so. The Property in encumbered by a first-priority mortgage in favor of John Coughlin to secure an approximate $640,000 debt. Kings Painting, Inc. has filed a mechanic’s lien against the Property in the stated amount of $37,310. The Internal Revenue Service and the Department of Revenue for the Commonwealth of Massachusetts assert to be owed approximately $1,048,000 and $150,000, respectively, on account of asserted payroll tax obligations. The School operated from 2016 through June 2025. It experienced steady growth and success until the COVID-19 pandemic. Among other things, at the onset of the pandemic, the Debtor's proposed bond lender withdrew its commitment and withdrew from the education market entirely. The School never fully recovered from the effects of the pandemic. Both the lack of bond financing and a general decline in philanthropic contributions caused the School's financial condition to decline. In April 2025 and while the School was seeking alternative financing, Origen Wenham LLC, a special purpose entity incorporated one month earlier, acquired the existing mortgage on 36 Essex and took steps to foreclose on that parcel. A foreclosure auction was scheduled for June 11, 2025. The Debtor has taken significant steps to market and sell its real estate and to advance its reorganization since the commencement of this case. The Debtor conducted a thorough search for potential brokers to aggressively market 36 Essex and solicit offers from willing and able buyers. The Debtor employs Kelleher & Sadowsky Associates, Inc. as broker, which was subsequently allowed and the sale process for that parcel is proceeding. Following extensive marketing, the Broker has located a purchaser for the Property. The Debtor seeks authority to sell the Property to Charlene and Robert McKenzie for the amount of $950,000. The Closing date of the sale will be on December 22, 2025. The sale of the Property by the Buyer shall be subject to higher and better offers in an amount not less than $997,500. In the event that a Qualifying Counteroffer is received, the Buyer shall be entitled to object to the approval of the sale to the maker of the Qualifying Counteroffer and/or participate in any auction for the Property at a hearing on the Sale Motion upon terms determined by the Bankruptcy Court. The Debtor has concluded in its business judgment that the proposed sale of the Property to the Buyer is necessary, is in the best interests of the Debtor's estate and its creditors, and will result in the best available value for the Property. The purchase and sale is the result of an arms-length negotiation between the Buyer and the Debtor. The Debtor requests authority to sell the Property free and clear of all liens, claims, encumbrances, and interest. About The Academy at Penguin Hall, Inc. The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ALACHUA GOVERNMENT: Seeks to Sell Royalty Assets at Auction ----------------------------------------------------------- Alachua Government Services seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Royalty Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Royalty Assets include the royalty revenue derived from certain Vero cell lines owned by the Debtor and used in the development of a smallpox vaccine pursuant to a license agreement with Emergent Biosolutions, Inc. Vero cells consist of a continuous cell line derived from kidney epithelial cells extracted from the African green monkey. These cells are a primary cell line approved by the World Health Organization for use in vaccine production. Vero cells cannot express antiviral protein interferon used to fight infection and disease due to their inherent genetic defects, therefore making them ideal for the development of vaccine production. As a result of the economic pressures facing the Debtor, in February 2025, Jefferies LLC and Jefferies International Limited were engaged to, among other things, pursue a potential sale or other strategic transactions involving the Debtor's business and assets, including sales of the Debtor's operating business and real and personal property assets in Alachua, Florida. Despite targeted outreach to no fewer than 75 parties, the Debtor was unable to consummate a going concern sale prior to the Petition Date. As a result of the prepetition marketing process failing to result in any going concern bids, in June 2025, the Debtor, with the assistance of Jefferies, began seeking alternative sale proposals from interested parties for the Debtor's assets, including the Debtor's real and personal property assets in Alachua, Florida and the Royalty Assets. On October 30, 2025, the Debtor closed a sale of its Alachua Site Assets. Once the Debtor determined to proceed with the sale of the Royalty Assets, Jefferies immediately contacted interested parties, including those that submitted IOIs, to determine whether any party remained interested in serving as a Stalking Horse Bidder. The Debtor commenced this case to wind down its operations and sell its assets for the benefit of its stakeholders. Shortly after the Petition Date, the Debtor obtained Court approval to obtain postpetition financing to fund the Chapter 11 Case. In addition, the Debtor, with the assistance of Jefferies, has been extensively marketing the Royalty Assets for almost five months to a wide range of potential strategic and financial investors and buyers, and a substantial amount of information regarding the Debtor's business and the Royalty Assets has been made available to these prospective purchasers during the Sale Process. The Bidding Procedures and the Debtor's proposed timeline for the Sale Process reflect the best option for maximizing the value of the Royalty Assets under the circumstances of this Chapter 11 Case. Finally, the Debtor believes that the Bidding Procedures will provide a uniform process by which interested bidders can participate in a competitive auction for the Royalty Assets. The key terms of the Bidding Procedures can be found at https://urlcurt.com/u?l=BZ4CA6. The Debtor proposes the following key dates and deadlines for the Sale Process, certain of which dates and deadlines may be subject to extension in accordance with the Bidding Procedures. -- December 8, 2025 Deadline for Debtor to file and serve Sale Notice -- December 10, 2025 Stalking Horse Designation Deadline -- December 19, 2025, at 4:00 p.m. (ET) Bid Deadline -- January 5, 2026, at 10:00 a.m. (ET), at the Offices of Richards, Layton & Finger, P.A., Wilmington, Delaware: Auction -- January 8, 2026, subject to the availability of the Court Sale Hearing -- January 15, 2026 Deadline to consummate approved sale transaction The Debtor believes that the Bidding Procedures provide for an orderly and uniform process through which interested parties may submit offers to purchase the Royalty Assets. About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALMITAS LATINAS: Unsecureds to Get Share of Income for 36 Months ---------------------------------------------------------------- Almitas Latinas, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated November 17, 2025. The Debtor operates the Alma Latina Mexican restaurant located at 8322 Jensen Drive, Houston, Texas 77093. Debtor's operations of the restaurant began about 14 years ago. On or about 2020 there was a fire at the restaurant that caused significant damages. A lawsuit related to the repairs was filed against Debtor and other defendants by Claremont Property Co., formerly known as, Texas Claremont Property Company, Co., Inc., Cause 2020-18148; in the 80th Judicial District of Harris County, Texas ("lawsuit"). The Debtor filed this case to address this lawsuit, reorganize, and continue with its operations. Almitas valued its assets on the filing day at approximately $883,000 in the aggregate, which included cash of approximately $22,929; food inventory and supplies of approximately $15,000; funds deposited in the State Court's Registry under cause 2020 18148.-A of approximately $400,000.00 (over which Texas Claremont Property Company purports to have a secured claim); Claims against Texas Claremont Property Company in an estimated amount of $400,000.00, and other assets. There are no UCC liens filed against the Debtor. This Plan of Reorganization proposes to pay Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 2 consists of all other non-priority unsecured claims allowed under Section 502 of the Code. The aggregate amount of Class 2 claims is approximately $54,741.53 (The total non-priority unsecured claims including disputed claims is approximately $946,329.84). The Debtor will pay the projected disposable income in the amount as set forth on the projections for a period of thirty-six months following the Effective Date to creditors in this class with allowed claims in the amount set forth on the projections with this plan. Debtor may pay these amounts in quarterly distributions. This Class is impaired. Class 3 consists of the equity security holders of the Debtor. The equity security holders will retain the interest in the Debtor. The Debtor will pay the administrative expenses and the other classes as set forth on the projections. The Debtor may prepay administrative expenses if the Debtor has sufficient funds to make such payments. A full-text copy of the Plan of Reorganization dated November 17, 2025 is available at https://urlcurt.com/u?l=bVkDrN from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. Nikie Marie Lopez-Pagan, Esq. Baker & Associates 950 Echo Lane Suite 300 Houston, TX 77024 Tel: (713) 979-2251 (713) 869-9100 Fax About Almitas Latinas, LLC Almitas Latinas LLC is a Houston-based company. Almitas Latinas LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-34816) on August 19, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jeffrey P. Norman presides over the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. AMALGAMATE PROCESSING: Denied to Sell Recycling Business at Auction ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has denied Amalgamate Processing, Inc. dba Advanced Foam Recycling, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is doing business as Advanced Foam Recycling, processes and supplies polyurethane foam, making it a major scrap foam provider to the carpet cushion industry in the U.S. The Company also engages in contract filling of fiberfill, natural down, and custom foam blends for applications in furniture, pillows, pet bedding, and other home goods, while offering fulfillment and cut-and-sew services for home textile brands. To preserve and maximize the value of the Debtor's estate, the Debtor is pursuing a sale of some or substantially all of its Assets. Ideally, the Sale will result in a value maximizing going concern sale of the entire company pursuant to section 363 of the Bankruptcy Code. However, the Debtor is offering all of its assets for sale in any number of combinations and quantities. The Debtor seeks to solicit interest in its assets, on a broad scale and through all viable channels, in an effort to generate the highest and best return for creditors and estate constituents. The auction process is for some or substantially all of the Assets including, but not limited to, going concern offers for the Assets, or components thereof, including but not limited to the Debtor’s inventory, assumed leases and executory contracts, other personal property and intellectual property. The Debtor developed the Bidding Procedures in consultation with its counsel, and designed the Bidding Procedures to preserve flexibility in this marketing process, solicit a full spectrum of value-maximizing alternatives, and generate the greatest level of interest and the highest or best value for the Assets. The Court has denied the Debtor to sell its Assets. About Amalgamate Processing, Inc. Amalgamate Processing, Inc., doing business as Advanced Foam Recycling, processes and supplies polyurethane foam, making it a major scrap foam provider to the carpet cushion industry in the U.S. The Company also engages in contract filling of fiberfill, natural down, and custom foam blends for applications in furniture, pillows, pet bedding, and other home goods, while offering fulfillment and cut-and-sew services for home textile brands. It operates distribution and warehouse facilities in Fort Worth and Mineral Wells, Texas, and provides custom foam and fiber products for the furniture, bedding, and pet supply markets. Amalgamate Processing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.: 25-43320. In a petition signed by Duane Renfro as chief executive officer, the Debtor disclosed estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Judge Edward L. Morris presides over the case. M. Jermaine Watson at Cantey Hanger LLP, represents the debtor as legal counsel. AMERICAN AUTO: $300MM Loan Add-on No Impact on Moody's B3 'CFR' --------------------------------------------------------------- Moody's Ratings says the B3 corporate family rating, B3-PD probability of default rating, B3 backed senior secured bank credit facility and stable outlook of American Auto Auction Group, LLC (AAAG) remain unchanged following the company's announcement that it plans to issue an add-on of $300 million to its existing senior secured first lien term loan maturing in 2032 (rated B3). AAAG will use the loan proceeds net of transaction fees to largely fund a dividend to its sponsor, Brightstar Capital Partners. Moody's expects the company to retain a small portion of the proceeds which it will use for general corporate purposes. Moody's considers this transaction credit negative because it increases the company's debt burden and cash interest expense to fund a shareholder distribution. Moody's expects debt/EBITDA will increase to around 9.2x pro forma for the transaction from 7.3x (Moody's adjusted for the last 12 months ended June 30, 2025). The existing ratings are not affected because Moody's forecasts EBITDA growth, reduced leverage and free cash flow. Moody's expects AAAG's liquidity to remain adequate. The company will increase the revolver commitment to $150 million contemporaneously with the arrangement of the incremental term loan. Annual free cash flow will be about $30 million in 2025 and Moody's projects growth in free cash flow in each of the next two years. Headquartered in Carmel, Indiana, American Auto Auction Group, LLC is a leading business-to-business used car auction company that facilitates transactions between buyers and sellers of used vehicles at physical and digital marketplaces. The company is majority-owned by funds managed by Brightstar Capital Partners. Revenue for the twelve months ended June 30, 2025 was $610 million. AMERICAN BROADBAND: Monroe Marks $500,00 Secured Loan at 74% Off ---------------------------------------------------------------- Monroe Capital Corporation has marked its $500,000 loan extended to American Broadband and Telecommunications Company LLC to market at $131,000 or 26% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to American Broadband and Telecommunications Company LLC. The loan accrues interest at a rate of 17.25% Cash/ 2.00% PIK per annum. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About American Broadband and Telecommunications Company LLC American Broadband and Telecommunications Company LLC operates as a communication services. The Company offers business and residential customers telecommunications solutions. American Broadband and Telecommunications serves clients in the United States. ANGI GROUP: Moody's Affirms 'B2' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings affirmed ANGI Group, LLC's ("Angi Group" or the "borrower") B2 corporate family rating and B2 senior unsecured notes rating and downgraded the company's probability of default rating to B2-PD from B1-PD. The outlook is stable. The speculative grade liquidity (SGL) rating was upgraded to SGL-1 from SGL-2. The downgrade of the PDR reflects the impact of the new senior secured revolving credit facility (not rated) that the company put in place, which changes Angi Group's debt structure to include senior secured and unsecured debt. Previously the only outstanding debt was the company's senior unsecured note due 2028. Moody's typically views capital structures that include secured debt with financial covenants as potentially having a higher risk of default than unsecured only capital structures. The upgrade of the SGL rating reflects Angi's very strong liquidity position which now benefits from a new revolver, a robust cash balance of $341 million (inclusive of cash at the parent), and a ratio of free cash flow (FCF) as a percentage of debt of about 11% as of LTM Q3 2025. RATINGS RATIONALE The B2 CFR reflects the profile of its parent, Angi Inc. (Angi), that includes leverage of 4.3x as of LTM Q3 2025 (including Moody's standard adjustments) and a very strong liquidity position. The company has focused on driving traffic to its own proprietary channels for generating leads which has been demonstrating better growth. Internal operating metrics, including customer satisfaction, overall Pro churn, and estimated hire rates have improved and likely to support revenue growth turning modestly positive in 2026. While Moody's expects EBITDA to decline modestly in 2025, improved profitability has meaningfully decreased leverage over the past several years. Further, there are no near term maturities and net debt is only $159 million (on gross debt of about $500 million at Q3 2025). Angi operates in a challenging business segment as the company needs to attract and retain quality service providers in different service lines. There is also the need to deliver high customer satisfaction rates to generate a recurring customer base while the work project itself is completed by third parties. This pressure is evident with revenue declining over the past several years as the company cut back low margin businesses, sold non-core operations and improved existing operations. This trend continued through Q3 YTD with revenue declining -14% as the company reduced activity on third partly network channels. The company had been acquisitive historically and its different brand names were consolidated under the ANGI brand name in 2021, which entailed a significant and costly marketing campaign which was less successful than anticipated. The industry segment is expected to grow at the expense of word of mouth and direct advertising by service professionals over time but will remain highly competitive with several other online service providers including Yelp, Frontdoor, Thumbtack, TaskRabbit, Amazon's Selling Services and Google Local Services, which may elevate volatility in results. The stable outlook reflects Moody's expectations that Angi's revenue will grow in the low to mid single digits in 2026 after several years of declines. Moody's expects leverage to decrease slightly toward the low 4x range in 2026, although leverage could decline further if a portion of the company's large cash balance is used for debt repayment. The SGL-1 rating reflects a very strong liquidity position over the next 12-18 months supported by a cash balance of $341 million as of Q3 2025, access to an undrawn revolver, and Moody's expectations of FCF as a percentage of debt in the mid teens range in 2026. The company is likely to use a portion of FCF for share repurchases ($106 million in stock buybacks LTM Q3 2025). The revolver matures in November 2030, but has a springing maturity 91 days prior to the $500 million 3.875% senior unsecured note due in August 2028. The revolver is subject to a total net leverage of 4x when drawn. Moody's expects the company will maintain a significant cushion of compliance with the covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Angi increases its scale and leverage is sustained below 4x (as calculated by us) with FCF as a percentage of debt well above 10%. Angi would also need to demonstrate organic revenue growth of at least 5% with improved EBITDA margins. Maintenance of a good liquidity position would also be needed in addition to conservative financial policies in line with a higher rating. The ratings could be downgraded if leverage is sustained above 5.5x (as calculated by us) or if organic revenue performance is likely to continue to be negative. A weakened liquidity position could also lead to negative rating pressure. ANGI Group, LLC is a wholly-owned subsidiary of Denver, CO based Angi Inc., a leading online marketplace for home remodeling, repair and maintenance that connects quality home professionals with consumers. Major brands include HomeAdvisor (ANGI Leads), Angi (ANGI Ads), and Handy. Angi was spun off from IAC Inc. ("IAC") in March 2025 and IAC has no remaining ownership position in the company. Revenue was about $1.1 billion as of LTM Q3 2025. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ANTHOLOGY INC: Court OKs Enterprise Asset Sale to Ellucian Company ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Anthology Inc. and its affiliates, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors are a leading provider of education technology, serving academic institutions, businesses, and governments in more than eighty countries. Through a complete suite of innovative "software as a service" products, including products related to admissions and enrollment management, student success and retention, institutional learning and effectiveness, alumni and advancement, and enterprise applications and infrastructure, the Debtors provide their customers with comprehensive and connected education software solutions. The Debtors are headquartered in Boca Raton, Florida and currently employ approximately 1,550 people in the United States in support of their worldwide operations. The Debtors strategically organized their assets into four business verticals: (i) Teaching & Learning; (ii) Enterprise Operations; (iii) Lifecycle Engagement; and (iv) Student Success & Other. As part of the Prepetition Sale Process, the Debtors contacted thirty-four potential purchasers, including strategic acquirers and financial sponsors. The Debtors having determined that the highest or otherwise best offer for the Enterprise Operations Assets was made by Ellucian Company LLC, a Delaware limited liability company, as reflected in that certain Amended and Restated Asset Purchase Agreement, dated as of November 13, 2025, between the Purchaser and Anthology, Inc. The Court held that the Debtors have demonstrated good, sufficient, and sound business purposes and justifications for approval of the Motion and approval of and entry into the Sale, the APA and the Ancillary Agreements. The Debtors determined, in a valid and sound exercise of their reasonable business judgment, in a manner consistent with their fiduciary duties and after a robust and extensive marketing process, including through the Bidding Procedures, that the Purchaser's Stalking Horse Bid, as documented in the APA, was the highest and otherwise best Qualified Bid for the Transferred Assets. The Debtors may sell the Transferred Assets free and clear of all Interests. The Debtors, the Purchaser and their respective counsel and other advisors have negotiated and entered into the APA, the Ancillary Agreements and each of the transactions contemplated thereby in good faith, without collusion and from arm's-length bargaining positions. The terms of the Asset Purchase Agreement and description of the Transferred Assets are attached as Exhibit 1 found at: https://urlcurt.com/u?l=VfLJbV About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ANTHOLOGY INC: Court OKs Lifecycle Asset Sale to Encoura LE ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Anthology Inc. and its affiliates, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors are a leading provider of education technology, serving academic institutions, businesses, and governments in more than eighty countries. Through a complete suite of innovative "software as a service" products, including products related to admissions and enrollment management, student success and retention, institutional learning and effectiveness, alumni and advancement, and enterprise applications and infrastructure, the Debtors provide their customers with comprehensive and connected education software solutions. The Debtors are headquartered in Boca Raton, Florida and currently employ approximately 1,550 people in the United States in support of their worldwide operations. The Debtors strategically organized their assets into four business verticals: (i) Teaching & Learning; (ii) Enterprise Operations; (iii) Lifecycle Engagement; and (iv) Student Success & Other. As part of the Prepetition Sale Process, the Debtors contacted thirty-four potential purchasers, including strategic acquirers and financial sponsors. The Debtors having determined that the highest or otherwise best offer for the Lifecycle Engagement Asset Package and the Student Success & Other Asset Package was made by Encoura LE LLC, a Delaware limited liability company, as reflected in that certain Amended and Restated Asset Purchase Agreement, dated as of November 13, 2025, between the Purchaser and Anthology, Inc. The Court held that the Debtors have demonstrated good, sufficient, and sound business purposes and justifications for approval of the Motion and approval of and entry into the Sale, the APA and the Ancillary Agreements. The Debtors determined, in a valid and sound exercise of their reasonable business judgment, in a manner consistent with their fiduciary duties and after a robust and extensive marketing process, including through the Bidding Procedures, that the Purchaser's Stalking Horse Bid, as documented in the APA, was the highest and otherwise best Qualified Bid for the Transferred Assets. The Debtors may sell the Transferred Assets free and clear of all Interests. The Debtors, the Purchaser and their respective counsel and other advisors have negotiated and entered into the APA, the Ancillary Agreements and each of the transactions contemplated thereby in good faith, without collusion and from arm's-length bargaining positions. The terms of the Asset Purchase Agreement and description of the Transferred Assets are attached as Exhibit 1 found at: https://urlcurt.com/u?l=3QKR6w About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ANTHOLOGY INC: Ellucian Named Successful Bidder in Ch. 11 Sale -------------------------------------------------------------- Ellucian, the leading higher education technology solutions provider, has been named the successful bidder to acquire Anthology's Student Information Systems (SIS) and Enterprise Resource Planning (ERP) business as part of its Chapter 11 bankruptcy process. Demonstrating its deep, longstanding commitment to higher education, Ellucian's investment will ensure customer stability and accelerate industry transformation for institutions worldwide. "With this acquisition, Ellucian will extend our vision -- to unlock learning for all -- to an even broader community of institutions and learners," said Laura Ipsen, President and CEO, Ellucian. "This is an exciting opportunity to amplify our impact--combining decades of expertise, innovation, and shared purpose to help every institution meet the evolving needs of students in today's dynamic world." Anthology customers will benefit from stability, continued innovation, and access to a broader community of resources and expertise following the close of this transaction. Backed by strong investment and a student-first mindset, Ellucian is driving innovation powered by AI and transformation across higher education, to support students across a lifetime of learning. Subject to final approval of the Bankruptcy Court, the transaction is expected to close before the end of 2025. To learn more about Ellucian, visit: www.ellucian.com. ABOUT ELLUCIAN Ellucian powers innovation for higher education, partnering with more than 2,800 customers across 50 countries, serving 20 million students. Ellucian's AI-powered platform, trained on the richest dataset available in higher education, drives efficiency, personalized experiences, and strengthened engagement for students, faculty and staff. Fueled by decades of experience with a singular focus on the unique needs of learning institutions, the Ellucian platform features best-in-class SaaS capabilities and delivers insights needed now and into the future. These solutions and services span the entire student lifecycle, including data-rich tools for student recruitment, enrollment, and retention to workforce analytics, fundraising, and alumni engagement. Ellucian's innovative solutions, vast ecosystem of partners and user community of more than 45,000 provides best practices leading to greater institutional success and achieving better student outcomes. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. AQUARIAN INSURANCE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Pos. ------------------------------------------------------------------ Fitch Ratings has affirmed Aquarian Insurance Holdings LLC's (AIH) Long-Term Issuer Default Rating (IDR) at 'BB+' and maintained the Outlook at Positive. The Positive Outlook reflects Fitch's improved view of Aquarian's core insurance entities' credit profiles and the stronger standalone credit quality of Brighthouse Financial, Inc. (Brighthouse), following the announcement that Aquarian Capital LLC (Aquarian Capital) will acquire Brighthouse in an all-cash transaction valued at approximately $4.1 billion. Fitch has also affirmed the rating of the company's $750 million 7.875% senior unsecured notes at 'BB'. Key Rating Drivers Brighthouse Acquisition: Aquarian Capital announced it will be acquiring Brighthouse for $70 per share, in an all-cash transaction valued at approximately $4.1 billion, subject to closing conditions and regulatory approvals. Aquarian is expected to finance the deal with committed capital from long-term investors and debt financing. Fitch notes that while the broader Aquarian group will be more levered after the acquisition, there will not be any debt assumed by the insurance arm of the organization. Brighthouse reported $158 billion in total assets as of 3Q 2025, excluding separate account assets. Brighthouse will be a direct subsidiary of AIH and will enter into an investment management agreement (IMA) with Aquarian. Fitch expects the incremental $1.5 billion of debt that is expected to be issued to be serviced by asset management fees from existing and new clients, including Brighthouse. The acquisition will significantly increase the scale of AIH, establishing a material presence in the retail annuity market and allowing the organization to leverage its in-house investment management capabilities on a broader scale. Fitch expects Brighthouse's investment risk profile to rise as Aquarian applies its investment strategies across the portfolio. Aquarian intends to retain Brighthouse's current management team, recognizing Brighthouse's exposure to market-sensitive variable annuities—a product that is new to Aquarian's balance sheet and can lead to earnings volatility. Brighthouse has exhibited capital volatility over the years, but Fitch expects Aquarian to maintain Brighthouse's risk-based capital (RBC) ratio at approximately 400%. Aquarian Insurance Enterprise: Along with Investors Heritage Life Insurance Co. (IHLIC), a retail annuity company with total statutory assets of $3.8 billion as of 2Q 2025, Aquarian owns Somerset Reinsurance Ltd. (Somerset), which it acquired in 2023. Somerset focuses on reinsurance, which includes acquiring run-off blocks, as well as flow reinsurance. Somerset's largest transaction to date was the assumption of $12.5 billion of guaranteed universal life reserves from Prudential Financial, Inc. in 2024. Prior to the announcement of the Brighthouse acquisition, Fitch placed AIH on Positive Outlook, reflecting Fitch's improved view of AIH's core insurance entities' credit profiles. Leverage Aligned with Growth Objectives: AIH issued $750 million of senior unsecured notes in October 2024 to support the funding of a material reinsurance transaction and provide support for additional growth opportunities across the enterprise. Fitch calculated AIH's financial leverage ratio at 33% as of year-end 2024. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Cash interest coverage below 3x; - Consolidated financial leverage above 40%; - Deterioration in Fitch's view of the credit quality of AIH's core operating entities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in Fitch's view of the credit quality of AIH's core operating entities and/or Fitch's view of a stronger AIH credit profile at closing of the Brighthouse acquisition, reflecting Brighthouse's stronger standalone credit profile; - GAAP based fixed-charge coverage above 4x; ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in the section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Aquarian Insurance Holdings LLC LT IDR BB+ Affirmed BB+ senior unsecured LT BB Affirmed BB ARCSERVE CAYMAN: Monroe Capital Marks $551,000 Loan at 40% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $551,000 loan extended to Arcserve Cayman Opco LP to market at $331,000 or 60% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Delayed Draw Loan to Arcserve Cayman Opco LP. The loan accrues interest at a rate of 12.39% PIK per annum. The loan matures on January 2, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Arcserve Cayman Opco LP Arcserve Cayman Opco LP is a legal entity, likely structured as a holding company or an investment vehicle, related to the enterprise software company Arcserve. ASC THERAPEUTICS: Seeks Chapter 11 Bankruptcy in Delaware --------------------------------------------------------- Stephen Council of SFGate reports that ASC Therapeutics filed for Chapter 7 bankruptcy on November 19, 2025, ending its work in gene and cell therapy development. The Milpitas-based biotech's liquidation petition was so limited in detail that the bankruptcy court asked for additional information. What was disclosed shows a company overwhelmed by debt, with liabilities of up to $50 million compared with assets of no more than $500,000, underscoring its deteriorating financial condition. The company originated as a division of Applied StemCell before spinning off in 2019 to pursue gene therapy and editing technologies independently. Its public pipeline included early-stage programs and two clinical efforts—one addressing graft-versus-host disease and another targeting hemophilia A. After announcing its first hemophilia A patient dose in January 2024, updates ceased. The departure of senior staff, including the chief medical officer, and job-seeking signals from other employees reflected further organizational strain, the report states. Although ASC Therapeutics has not explained what led to its collapse, its situation reflects the broader challenges facing biotech companies amid a tight capital market. Despite renewed interest in gene and cell therapy at the federal level, startups across the Bay Area continue to face shutdowns, bankruptcies, and layoffs. ASC Therapeutics is the latest example of how financial pressures are reshaping the industry, according to report. About ASC Therapeutics ASC Therapeutics is dedicated to developing curative treatments for patients with rare diseases. ASC Therapeutics sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12076) on November 19, 2025. In its petition, the Debtor reports liabilities of up to $50 million compared with assets of no more than $500,000. The Debtor is represented by Brian Tome, Esq. of Fisher Broyles, LLP. ASP UNIFRAX: Moody's Cuts CFR to 'Caa3', Outlook Stable ------------------------------------------------------- Moody's Ratings downgraded ASP Unifrax Holdings, Inc.'s (ASP Unifrax, dba Alkegen) corporate family rating to Caa3 from Caa2 and its probability of default rating to Caa3-PD from Caa2-PD. At the same time, Moody's affirmed the B2 rating on the backed senior secured first lien first out revolving credit facility, and downgraded the rating on the $1.39 billion backed senior secured first lien PIK toggle term loan, the $175 million backed delayed draw term loan, and the backed first lien senior secured PIK toggle notes to Caa2 from Caa1, and the rating on the backed second lien senior secured PIK toggle notes to Ca from Caa3. The ratings outlook is stable. "The downgrade of ASP Unifrax's ratings reflects the likelihood of a distressed exchange or balance sheet restructuring due to its persistently high leverage, weak interest coverage and inability to generate free cash flow," said Michael Corelli, Moody's Ratings Senior Vice President and lead analyst for ASP Unifrax Holdings, Inc. RATINGS RATIONALE ASP Unifrax's Caa3 corporate family rating is constrained by its reliance on the cyclical automotive, industrial and chemical end markets and its unsustainable capital structure. The company has very high leverage and weak interest coverage and has demonstrated an inability to generate free cash flow. The late 2024 refinancing and note exchange resulted in stronger liquidity, lower near-term cash outflows and extended the nearest debt maturity to September 2028, but also resulted in higher debt levels and higher interest costs, which will rise materially in late 2026 when the partial PIK interest option expires. ASP Unifrax's rating is supported by its good global market position in products that provide high temperature insulation, fire protection, filtration and emission control. The company has a large scale with more than 60 manufacturing facilities, a broad geographic reach and good customer, product and end-market diversity and has demonstrated its technical expertise through the introduction of new products. The credit profile is also supported by the company's long-standing relationships with many blue-chip customers and its adequate liquidity. ASP Unifrax's operating performance will moderately weaken for the third consecutive year in 2025 due to continued weak global industrial demand. As a result, Moody's anticipates Moody's adjusted EBITDA will fall below $200 million for the first time in the past four years. Moody's adjusted EBITDA is well below the company's adjusted EBITDA since Moody's do not include the same level of expense adjustments in Moody's calculations. The company's operating results could strengthen in 2026 since the company recently appointed new Chief Executive and Chief Transformation Officers from Alvarez & Marsal to focus on cost cutting and operational improvement initiatives, but these efforts will probably take some time to bear fruit. In the meantime, Moody's expects the company to continue to burn cash due to its very high cash interest costs of around $200 million. This will rise to about $300 million in late 2026 when the partial PIK interest option expires. The company's debt level remains very high and keeps growing due to its partial PIK interest and the decision to borrow $175 million on its delayed draw term loan in October 2025. Its credit metrics remain very weak, even for its Caa3 corporate family rating, with a leverage ratio (debt/EBITDA) above 15.0x and interest coverage (EBITDA/Interest) well below 1.0x. The company's weak credit metrics and the significant expected rise in its debt level and interest costs after the two year PIK interest option expires in late 2026, indicates that its capital structure is not sustainable and could lead to another distressed exchange or restructuring in the future absent a material increase in earnings and stronger free cash generation. ASP Unifrax's credit impact score of CIS-5 reflects its weak governance in relation to its financial strategy and risk management as well as its board structure and policies given the company's elevated gross debt levels and concentrated ownership. The sponsor's historically aggressive financial policy manifested in the pursuit of aggressive debt funded acquisitive growth, which is the key driver of its very high financial leverage. ASP Unifrax has an adequate liquidity profile. As of October 31, 2025, the company had about $283 million of liquidity including about $220 million of cash and around $63 million of availability on its $200 million revolving credit facility. Liquidity may become weak within the next 18 months barring a significant improvement in earnings or a debt restructuring. The revolver matures in 2028 and has a springing first lien leverage ratio covenant of 8.75x if borrowings exceed 35% of the aggregate revolving commitments. Moody's expects this covenant to be tested and the company will likely remain in compliance with a moderate cushion due to the ample addbacks allowed for the EBITDA calculation. The B2 rating on the senior secured first lien revolving credit facility is four notches above the Caa3 CFR reflecting its priority position in the capital structure and its first out provision in the event of a default. The first lien senior secured PIK toggle term loan and the first lien senior secured PIK toggle notes have each been assigned a rating of Caa2 reflecting their priority position above the second lien and unsecured notes in the capital structure. The revolver, term loan and first lien notes are secured by a first priority lien on substantially all of the company's and guarantors' existing and future assets, subject to certain limited exceptions. The Ca rating on the second lien senior secured PIK toggle notes reflect its effective subordination to the significant amount of secured debt. The stable ratings outlook reflects Moody's expectations for earnings to moderately improve over the next 12-18 months, but for the company's credit metrics to remain very weak. It also reflects the likelihood that the expected loss for lenders would be in line with the assumptions of the current ratings level if a distressed exchange or restructuring is pursued. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ASP Unifrax's ratings could be considered for an upgrade if the company materially grows its earnings, consistently generates free cash flow, pays down its debt and sustains an adjusted leverage ratio below 7.0x and RCF/Net Debt above 2%. An upgrade would also require the execution of more conservative financial policies from the sponsor and management. Moody's could downgrade the ratings if the company does not evidence an improvement in its credit metrics such that its adjusted leverage is sustained above 9.0x. Moody's could also downgrade the ratings if free cash flow remains negative and liquidity materially deteriorates. Headquartered in Irving, Texas, ASP Unifrax Holdings, Inc. (dba Alkegen) produces heat-resistant ceramic fiber and specialty filtration products, advanced material solutions and specialty glass microfiber materials for a variety of industrial applications. The company has been a portfolio company of Clearlake Capital Group, L.P. since late 2018. It generated revenue of approximately $1.5 billion for the twelve months ended June 30, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. Alkegen's Caa3 corporate family rating is two notches below Chemicals methodology scorecard indicated outcome of Caa1. The difference reflects the company's unsustainable capital structure and the increased risk of a restructuring or a distressed exchange in the next 12-18 month. AUXILIARY OPERATIONS: Plan Exclusivity Period Extended to Nov. 24 ----------------------------------------------------------------- Judge James M. Carr of the U.S. Bankruptcy Court for the Southern District of Indiana extended Auxiliary Operations Resource, Inc.'s exclusive period to file a plan of reorganization and disclosure statement to November 24, 2025. As shared by Troubled Company Reporter, the Debtor explains that the interests of all parties are best served by allowing the company an extension of time for the exclusivity period so as to be able to submit a feasible plan of reorganization. The Debtor submits the complex interplay between the liens filed by both entities, and the issue of whether those liens secured penalties creates a more complex analysis than normal that requires more time than a normal plan. Thus the Debtor seeks an extension, albeit only a short one of 60 days. The Debtor claims that the Internal Revenue Service is one of its largest creditors and with the recent government shut down, any discussions with the Internal Revenue Service have not been possible. This motion is not being made for the purpose of delay and is being submitted in good faith. Auxiliary Operations Resource Inc. is represented by: Jeffrey H. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Tel: (317) 608-1129 Fax: (317) 833-3031 Email: jhester@hbkfirm.com About Auxiliary Operations Resource Auxiliary Operations Resource Inc., also known as Aux-Ops, is a warehousing and logistics services provider based in Plainfield, Indiana. It operates in the transportation and warehousing industry, primarily providing general warehousing and storage services as indicated by its NAICS code 493110. The company has multiple facilities in Indiana and works with various staffing agencies to support its operations. Auxiliary Operations Resource sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03727) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge James M. Carr handles the case. The Debtor is represented by Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC. AYR WELLNESS: Initiates CCAA to Facilitate Parent Wind-Down ----------------------------------------------------------- AYR Wellness Inc. announced on November 17, 2025, the initiation of proceedings under the Companies' Creditors Arrangement Act (Canada) in the Supreme Court of British Columbia. The CCAA proceedings are part of the Company's restructuring process pursuant to the previously disclosed Restructuring Support Agreement dated July 30, 2025. Under the RSA, core assets of AYR's subsidiaries will be transitioned to a newly-formed acquisition vehicle owned by certain of AYR's senior noteholders. In connection with the ongoing restructuring process and consistent with the RSA, the Company has authorized the initiation of CCAA proceedings to facilitate an orderly, court-supervised wind-down of the existing AYR corporate parent entity and to support the implementation of transactions contemplated by the RSA. As part of the initial relief to be sought, the Company expects to request the appointment of a licensed insolvency trustee to act as monitor and related customary relief to support the stability of operations during the process. In addition, the board of directors of the Company has appointed Mr. Blake Holzgrafe as Interim Chief Executive Officer of AYR's corporate parent to finalize the orderly wind-down of the parent. Mr. Holzgrafe will serve at the pleasure of the Board, while Mr. Davido will remain an authorized officer of AYR's various operating subsidiaries. Mr. Davido is expected to become the Interim Chief Executive Officer of NewCo. The Company also announces the execution of the previously disclosed Master Purchase Agreement, as contemplated by the RSA, pursuant to which the collateral assets and equity interests of specified subsidiaries in Florida, New Jersey, Nevada, Ohio, Massachusetts, Pennsylvania and Virginia will be transferred to NewCo, subject to the receipt of necessary regulatory approvals and other customary closing conditions. About AYR Wellness Inc. AYR Wellness is a vertically integrated U.S. multi-state cannabis operator with over 90 licensed retail locations across Florida, Pennsylvania, New Jersey, Ohio, Nevada, and Virginia. The Company cultivates, manufactures, and retails a broad portfolio of high-quality cannabis products, supporting both medical patients and adult-use consumers. AYR also offers a growing suite of CPG brands -- including Kynd, Haze, and Later Days--designed to meet a wide range of consumer needs across its markets. BAKELITE US: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative --------------------------------------------------------------- Fitch Ratings has affirmed Bakelite US Holdco, Inc.'s (Bakelite) Long-Term Issuer Default Rating (IDR) at 'BB-' and its senior secured rating at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook is Negative. The ratings reflect Bakelite's continued high leverage following the company's dividend recapitalization in 2024 and recent slowdown in performance. The ratings also consider Bakelite's strong competitive positioning with locational advantages, strong cost through-ability. Bakelite also benefits from stable (pre-dividend) FCF margins of 3%-4% per year, due in part to the company's moderate capex needs and steady EBITDA margins in the 12% range. The Negative Outlook reflects Fitch's expectations for EBITDA leverage to remain above the 4.5x negative rating sensitivity until 2028. Key Rating Drivers Dividend Recapitalizations Durably Increase Leverage: Bakelite's 2024 dividends increased EBITDA leverage in a durable manner through the forecast period. Fitch forecasts EBITDA leverage to decline gradually to around 4.4x by the end of the forecast period. Future debt-funded acquisitions or special dividends may pressure credit metrics further if not balanced with equity contributions or meaningful subsequent debt reduction. Robust Barriers to Entry: Resins sold in this industry are typically developed in close coordination with customers, leading to products specified to customers' processes and systems. Many of Bakelite's customers are blue-chip businesses it has served for 20-plus years. In addition, formaldehyde-based resins have a high-water content and a short shelf life of about four weeks, which creates a maximum economic shipping radius of 200 miles. The incumbent participants have locational advantages, with facilities located close to customers. Strong Pass-Through Ability: Fitch views Bakelite's pass-through ability as favorable to the credit profile. Pricing of its raw materials can be volatile, although its resin-pricing contracts remove much of this volatility. About 85% of volumes are covered by contracts or pricing mechanisms that allow for raw materials price pass-throughs, helping the company maintain stable margins. Key raw materials, such as phenol, methanol and urea, are tied to market-based indices, while resin prices move monthly, based on published market changes. Established Position in Rationalized Market: Bakelite currently holds the number one market share position in phenolic specialty resins in North America and Europe. The formaldehyde-based resins industry is rational and well-structured, with the top three companies accounting for more than 80% of volume in North America and roughly 50% in Europe. Fitch expects any further M&A activity within the forecast horizon to be bolt-on in nature and not transformational. Sustainability Tailwinds: There has been a growing emphasis in the construction market on the increased use of cladding and insulating materials that exhibit favorable fire, smoke, and toxicity (FST) resistance. Fitch views this as an opportunity for Bakelite's product portfolio as its phenolic resins are designed to withstand high heat loads, while maintaining mechanical strength and providing FST resistance. These qualities are sought after in electric vehicle end-markets. This provides further opportunities for producers as the products are used in battery cases and light weighting applications. Cyclical End-Markets: The company is exposed significantly to cyclical end-markets, such as home construction/remodeling (around 50% of gross profit) and autos. It has so far navigated near-term weakness in the residential and commercial construction industries. However, possible sustained softness in these sectors due to higher-for-longer interest rates, combined with substantial exposure to European markets, could weigh on financial performance over the next two to three years. Phenol and Formaldehyde Exposure: Bakelite, as a formaldehyde-based resin producer, is exposed to formaldehyde, which has been classified by the U.S. Environmental Protection Agency as a possible human carcinogen. Phenol is also a hazardous monomer. Phenol and formaldehyde emissions from products using Bakelite resins are below that of background emissions of these substances. Formaldehyde-free options have been developed. However, at this point they are expensive and not widely in demand. Peer Analysis Bakelite is of similar size as Ingevity Corporation (BB/Stable) and Alta Performance Materials. (aka Fortis 333, Inc, B+/Stable) in terms of annual revenue. It generates similar EBITDA margins to peer Koppers Holdings Inc. (BB-/Stable), but lower margins than H.B. Fuller Company (BB/Stable), Alta and Ingevity. Bakelite's EBITDA leverage in the mid-5x range is slightly lower than Alta's, but exceeds other peers, which are in the 3.0x-3.5x range. Although Fitch expects coverage metrics to be adequate throughout the forecast, Bakelite's EBITDA interest coverage is the lowest of its peers, around 3.0x. Key Assumptions - Revenue decline of mid-single digits in 2025, driven largely by a 2H25 slowdown from tariff impacts. Revenue growth in 3%-4% each year thereafter; - Pricing and raw materials costs grow 1%-2% each year; - Capex around 3% of revenue each year. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage durably above 4.5x with no demonstrated commitment to deleveraging; - EBITDA margins trending toward the mid-single digits on a sustained basis, indicating the inability to pass on raw material costs or operating inefficiencies; - Large debt-funded acquisitions or aggressive sponsor-distribution policies. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The Outlook could be revised to Stable upon increased visibility of EBITDA leverage declining below 4.5x; - EBITDA margins approaching the mid-teens, reflecting increased pricing power. Liquidity and Debt Structure Bakelite's liquidity remains adequate, with $40 million in cash and $100 million in undrawn asset-backed loan availability as of June 30, 2025. Liquidity needs are manageable throughout the forecast, with around $8 million in required annual term loan amortization payments and only modest capex requirements. Issuer Profile Bakelite is a global integrated producer of phenolic specialty resins and engineered thermoset molding compounds used in building materials, automotive products, industrial applications and specialty chemical intermediates, with sales across multiple end-markets in Europe and North America. 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 Bakelite US Holdco, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to exposure to formaldehyde, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Bakelite US Holdco, Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ BALAJIO LLC: Court Extends Cash Collateral Access to Dec. 4 ----------------------------------------------------------- Balajio, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through December 4. The fourth interim order signed by Judge Tiffany Geyer authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration. The Debtor's budget projects weekly operational expenses of $15,935.91. As adequate protection for the Debtors' use of their cash collateral, secured creditors will be granted replacement liens on all assets acquired by the Debtor after its Chapter 11 filing that are similar to their pre-bankruptcy collateral. The replacement liens will have the same validity and priority as the secured creditors' pre-bankruptcy liens. As additional protection to secured creditors, the Debtor was ordered to keep its property insured in accordance with their loan and security agreements. The next hearing is scheduled for December 4. As of the petition date, the Debtor had $21,152.58 in its operating account, which, along with future room revenues, is considered cash collateral. The SBA may hold a first-priority security interest in the Debtor's cash and cash equivalents, secured by a $2 million loan evidenced by a UCC-1 financing statement. About Balajio LLC Balajio, LLC operates a hotel in Daytona Beach, Florida. Balajio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing up to $10 million in both assets and liabilities. Sameer M. Patel, managing member of Balajio, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP, represents the Debtor as legal counsel. BALKAN EXPRESS: Seeks to Extend Plan Exclusivity to Feb. 24, 2026 ----------------------------------------------------------------- Balkan Express, LLC and Balkan Logistics, LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 24, 2026 and April 27, 2026, respectively. The Debtors submit that cause exists for extending the Exclusivity Period in these Chapter 11 Cases because of the extended delay in closing the Truck Terminal Sale and the unforeseen filing and prosecution of the recently discovered alleged secured claims in the property. Additional time will enable the Debtors to finalize and implement their strategy for emergence from Chapter 11. This is the Debtors' second request for an extension of the Exclusivity Periods. Because of the complexity of these Chapter 11 Cases, an extension of the Exclusivity Periods will give the Debtors sufficient and much needed time to continue negotiating terms of a Chapter 11 plan of reorganization with their stakeholders and memorialize the terms of both a plan and disclosure statement. Furthermore, the Debtors' purpose in seeking extension of the Exclusivity Periods is a good-faith effort to continue the reorganization efforts they have initiated without the distraction and costs of a competing plan process, which would be a distraction and waste of the Debtors' limited time and resources. The relief requested in the Motion is not intended for the purpose of coercing or strong-arming any creditor, but rather to benefit all of the Estates' stakeholders as a whole. Moreover, a further extension of the Exclusivity Periods will not result in prejudice to any creditor or party in interest, and instead, will enable the Debtors to continue focusing on preserving and enhancing their going-concern value and proposing a viable, fair, and comprehensive plan that is (ideally) supported by all major constituents. Such a result is clearly in the best interest of the Estates. In short, the Debtors have made significant, good faith progress in negotiating with creditors and addressing unresolved contingencies. The Debtors have not yet filed a proposed Chapter 11 plan because the Truck Terminal Sale process just recently concluded and claim objections were necessary to determine the disposition of the proceeds. The Debtors believe that if the Court extends the Exclusivity Period, it will clear a path for the Debtors to seek confirmation of a feasible Chapter 11 plan. Counsel to the Debtors: Joshua N. Eppich, Esq. Eric T. Haitz, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: joshua@bondsellis.com Email: eric.haitz@bondsellis.com -and- Ken Green, Esq. 402 Heights Boulevard Houston, Texas 77007 (713) 335-4990 telephone (713) 335-4991 facsimile Email: ken.green@bondsellis.com About Balkan Express Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BAUDAX BIO: Plan Exclusivity Period Extended to December 13 ----------------------------------------------------------- Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania extended Baudax Bio, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 13, 2025 and February 11, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it would be premature (at best), as well as a waste of time, effort and resources, including judicial resources, to require the Debtor to file a plan by October 14, 2025 to maintain its right to exclusivity. The Debtor claims that it should be afforded a full and fair opportunity to negotiate, propose, and seek acceptances of a confirmable plan of reorganization. The Debtor believes that the extension of the exclusive periods is warranted and appropriate under the circumstances and should be granted. The Debtor submitted that, particularly in light of the anticipated liquidation plan to be proposed by the Debtor, the extension requested will not prejudice the legitimate interests of any creditor and will likely afford parties in interest an opportunity to pursue to fruition the beneficial objectives of a consensual reorganization. Baudax Bio, Inc., is represented by: David B. Smith, Esq. Nicholas M. Engel, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Telephone: (610) 407-7215 Facsimile: (610) 407-7218 Email: dsmith@skhlaw.com About Baudax Bio, Inc. Baudax Bio, Inc. is a biotechnology company focused on developing T cell receptor therapies utilizing human regulatory T cells, as well as a portfolio of clinical stage neuromuscular blocking agents and an associated reversal agent. Baudax Bio, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-10583) on February 22, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Gerri Henwood as chief executive officer. Judge Magdeline D. Coleman presides over the case. David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, is the Debtor's counsel. BAYTEX ENERGY: Fitch Puts 'BB-' LongTerm IDR on Watch Negative -------------------------------------------------------------- Fitch Ratings has placed Baytex Energy Corp.'s (Baytex) 'BB-' Long-Term Issuer Default Rating (IDR) and senior unsecured notes rated 'BB-' with a Recovery Rating of 'RR4' on Rating Watch Negative (RWN). These actions follow Baytex's announcement of a definitive agreement to sell its U.S. Eagle Ford assets for USD2.3 billion (around CAD3.25 billion). The deal significantly reduces Baytex's operational scale, geographical diversification and cash flow generation. It would also decrease the company's netback before interest and increase exposure to light-heavy oil price differentials. Baytex may use the sale proceeds to repay debt and reduce leverage, make shareholder distributions and pursue M&A. Fitch expects to resolve the Rating Watch upon closing of the transaction, which is expected in late 2025 or 1Q26. Future rating action will depend on the use of the divestiture proceeds. The closing of the transaction and resolution of the RWN could take longer than six months. Key Rating Drivers Divestiture Substantially Reduces Scale: Fitch considers Baytex's divestiture of liquids‑rich Eagle Ford assets as weakening its business profile through lower operating scale. Fitch expects the company's production to decline by about 55% to below 70 kboe/d from around 150 kboe/d in 3Q25. Baytex's netbacks before interest may deteriorate slightly, and its EBITDA and free cash flow scale is expected to be materially weaker due to lower production volumes. Baytex will benefit from lower interest payments if it reduces its debt. Higher Costs, Lower Royalties: Fitch expects a modest decrease in Baytex's future netbacks. Its Canadian netbacks would be supported by lower royalties than in the Eagle Ford but would be offset by higher crude differentials and operating costs, as well as increasing average administrative expenses. Fitch assumes that Baytex's midcycle maintenance capex will be materially lower than the CAD550-CAD625 million preliminary capex guidance for 2026. Fitch believes Baytex can reduce capex in a downside scenario. Material Debt Reduction: The USD2.3 billion proceeds from the sale of the assets may be used to repay its outstanding credit facilities (CAD182 million at Sept. 30, 2025) and USD759 million senior notes due 2030. Fitch does not have clarity on what level of debt or leverage the company will target. Fitch expects Baytex's pro forma midcycle EBITDA leverage to be lower than 1.3x previously projected because deleveraging was one of the transaction's goals. Fitch assumes that excess cash after debt repayment will be allocated to dividends, share repurchases and bolt-on acquisitions. Flat Production, Lower Reserve Life: Fitch expects Baytex to maintain production slightly below 70 kboe/d, based on its oil price assumptions. In 3Q25, its Canadian production was 65 thousand barrels of oil equivalent per day (kboe/d). Fitch expects proved reserve life to decrease from seven years at YE 2024. Heavy Oil Focus, Limited Diversification: Baytex's exit from the U.S. would meaningfully limit its assets base diversification in both geography and hydrocarbon type. The company will focus solely on Canada, with heavy oil operations at Peavine, Peace River and Lloydminster, and light oil operations at Pembina Duvernay and Viking. The pro forma oil mix is expected to rise to about 84%, with heavy oil corresponding to 66%. The company is expected to be more exposed to heavy crude oil differentials than before which may add cash flow volatility. Decreased Long Term Hedging Strategy: Baytex hedged more than 30% of its oil exposure before royalties in 2025, helping provide additional cash flow visibility. The company's oil production is currently hedged at around 50% in 1Q26 with a USD60 WTI floor. Fitch believes the pro forma company will be less hedged in the future. Peer Analysis Baytex has higher production scale than its Canadian peer Vermilion Energy Inc. (BB-/Negative; 119 kboe/d; 41% oil) in 3Q25. Vermilion is exposed to European natural gas production, which generates significant margins for the company. Netbacks for Baytex were USD22.5/boe in 3Q25 while Vermilion's were USD13.3/boe as Baytex has a higher share of oil the production mix. Baytex is expected to have lower midcycle leverage than Vermilion. Baytex has lower production than Crescent Energy Company (BB-/Positive; 253 kboe/d; 41% oil) in 3Q25. Baytex's netback was higher than Crescent's (USD16.0/boe) due to its smaller exposure to mature assets and more oil in the product mix. Baytex is forecast to have slightly lower midcycle leverage. It has a more predictable debt reduction policy. Crescent has historically been better hedged than Baytex. Baytex has a higher scale than MEG Energy Corp. (BB-/RWP; 108 kboe/d; 100% oil) and is less exposed to Canadian heavy crude differentials. After the divestment, Baytex's scale will be lower than MEG's and its heavy crude exposure will significantly increase. Baytex produces most of its oil and gas in the Eagle Ford area of the U.S. and is more exposed to light oil, which typically has less-volatile netbacks through the cycle. This leads to less pronounced spikes in leverage than heavy oil production. Fitch expected MEG to have lower leverage than Baytex, below 1x, while Baytex's leverage fluctuated around 1.3x throughout the forecast. After the U.S. sale, Baytex's leverage will be more in line with MEG's standalone projections. Key Assumptions - WTI of USD65/barrel (bbl) in 2025, USD60/bbl in 2026-2027, and USD57/bbl in 2028 and at midcycle; - Henry Hub of USD3.4 per thousand cubic feet (mcf) in 2025, USD3.5/mcf in 2026, USD3.0/mcf in 2027, and USD2.75/mcf in 2028 and at midcycle; - Divestiture of U.S. Eagle Ford assets in 2026; - Production of around 150 kboe/d in 2025, decreasing to less than 70 kboe/d after the divestiture; - Capex of CAD1.2 billion annually in 2025, decreasing from CAD565 million in 2026 to CAD450 million in 2028-2029. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Fitch expects to resolve the RWN upon completion of the contemplated transaction and obtaining further clarity on the capital allocation; - Weakening liquidity, such as sustained low availability under the revolver or failure to timely refinance debt; - Midcycle EBITDA leverage sustained over 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Independent of the Transaction Include: - Production volume materially exceeding 200 kboe/d; - Improvement in average netbacks; - Midcycle EBITDA leverage maintained below 2.0x. Liquidity and Debt Structure Baytex had CAD10 million of cash available and CAD182 million drawn from its CAD1.5 billion credit facilities at 3Q25. After the close of the transaction, its credit facilities and 2030 notes are expected to be fully paid. The company will have no maturities until 2032. Fitch expects the company to have negative net leverage post close and abundant liquidity. The size of the credit facility after the deal is uncertain at this stage. Issuer Profile Baytex is a mid-sized Canadian exploration and production company. It produces light oil and condensate, heavy oil, natural gas liquids and natural gas, with operations in the U.S. within Eagle Ford and in Canada within the Western Canadian Sedimentary Basin. 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 ----------- ------ -------- ----- Baytex Energy Corp. LT IDR BB- Rating Watch On BB- senior unsecured LT BB- Rating Watch On RR4 BB- BEACON LIGHT: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Beacon Light Missionary Baptist Church, Inc asks the U.S. Bankruptcy Court for the Eastern District of Louisiana for authority to use cash collateral. The Debtor intends to use its cash collateral, which consists of revenues and cash on hand, to fund operations consistent with its six-month budget. It requests authority to exceed individual budget line items by up to 15%, provided total monthly spending does not exceed the budget by more than 15%. Three secured creditors -- Liberty Bank & Trust, the U.S. Small Business Administration, and Lexus Financial Services -- allegedly hold security interests in the Debtor's cash through various pre-bankruptcy obligations, including a $2.2 million high-interest Liberty mortgage, SBA loans totaling $500,000, and a Lexus vehicle loan. The Debtor offers to grant the secured creditors protection in the form of replacement liens on post-petition accounts, the preservation of lien priority, and superpriority administrative claims for any diminution in collateral value. A court hearing is scheduled for November 26. A copy of the motion is available at https://urlcurt.com/u?l=4cnxJY from PacerMonitor.com. About Beacon Light Missionary Baptist Church Inc. Beacon Light Missionary Baptist Church Inc. is a Christian church providing worship services and community programs from its location at 1937 Mirabeau Avenue in New Orleans, Louisiana. Beacon Light sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.25-12399) on October 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Edwin M. Shorty, Jr., Esq., at Edwin M. Shorty, Jr. & Associates. BEELINE HOLDINGS: Redeems All Series E Preferred Stock for $2MM --------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 12, 2025, it redeemed all outstanding shares of Series E Convertible Preferred Stock of the Company by paying the holders thereof a total of $2 million pursuant to an agreement with such holders, which eliminates the responsibility of the Company to issue the holders 800,000 shares of the Company's common stock. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., 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 incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BELLA GREY: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Bella Grey Medical Spa, LLC got the green light from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral to fund operations. The court on November 21 granted the Debtor interim approval to use cash collateral in an amount not to exceed 125% of each line item set forth in its budget. The order will remain effective pending entry of a final order. The Debtor intends to use its cash collateral to continue operating its medical spa in Reno, Nevada. The cash collateral is subject to the security interests of creditors, including Abbvie, Byzfunder, United First, G & G Funding, Paraffin, McKesson Specialty Care Distribution, Finpoint Funding LLC, LCF Group, Inc., and Epic Advance. These creditors The Debtor argued that these creditors are adequately protected because the cash will be used to maintain business operations, thereby preserving overall asset value; and that the creditors will receive replacement liens on all post-petition cash generated by the Debtor. As of the petition date, the Debtor had total assets of $112,932, including $45,000 in equipment encumbered by purchase money security interests of creditors; approximately $2,000 in bank accounts; $12,000 landlord deposit; $20,000 in inventory; and $4,800 in office furnishings. It has no accounts receivable and depends on real-time cash flow to meet operating expenses. The final hearing is scheduled for December 16. About Bella Grey Medical Spa LLC Bella Grey Medical Spa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-51002) on October 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Brian Shapiro 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. BELLEROSE TERRACE: Seeks Chapter 11 Bankruptcy in Massachusetts --------------------------------------------------------------- On November 18, 2025, Bellerose Terrace LLC filed for Chapter 11 protection in the District of Massachusetts. According to court records, the Debtor owes between $1 million and $10 million to 1–49 creditors. About Bellerose Terrace LLC Bellerose Terrace LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12499) on November 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Michael Van Dam, Esq., of Van Dam Law LLP. BIOLASE INC: Court Okays Fee Application of Committee's Lawyers --------------------------------------------------------------- Judge Karen B. Owens of the United States Bankruptcy Court for the District of Delaware approved the interim fee applications of Esbrook P.C., as Delaware Counsel to the Official Committee of Unsecured Creditors, and Brinkman Law Group, PC., as Delaware Counsel to the Official Committee of Unsecured Creditors, for allowance of compensation for professional services and reimbursement of actual and necessary expenses incurred from October 14, 2024 to August 31, 2025, in the bankruptcy case of November 26, Inc., formerly Biolase, Inc. The Debtors are authorized and directed to remit payment, less all amounts previously paid on account of such fees and expenses: -- $107,714.29 to Esbrook; and -- $625,984.24 to Brinkman. A copy of the Court's Order dated November 13, 2025, is available at https://urlcurt.com/u?l=TduUqb from PacerMonitor.com. A copy of Exhibit 1 is available at https://urlcurt.com/u?l=W66mZy from PacerMonitor.com. About Biolase, Inc. Biolase, Inc., a company in Foothill Ranch, Calif., and its affiliates manufactured and marketed dental laser systems. The Debtors' proprietary systems allowed dentists, periodontists, endodontists, pediatric dentists, oral surgeons, and other dental specialists to perform a broad range of minimally invasive dental procedures, including cosmetic, restorative, and complex surgical applications. Biolase and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-12245) on Oct. 1, 2024. John Beaver, president and chief executive officer, signed the petitions. The Debtors reported total assets of $30,641,000 and total liabilities of $32,767,000 as of June 30, 2024. Judge Karen B. Owens presided over the cases. The Debtors tapped Potter Anderson & Corroon, LLP and Pillsbury Winthrop Shaw Pittman, LLP as legal counsel; SSG Capital Advisors as investment banker; and B. Riley Financial, Inc., as financial advisor. Epiq Corporate Restructuring, LLC, is the Debtors' administrative advisor and claims and noticing agent. * * * The Debtors obtained confirmation of their Chapter 11 Plan of Liquidation on February 25, 2025. BLACKSTONE MORTGAGE: Moody's Affirms 'B1' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings has affirmed Blackstone Mortgage Trust, Inc.'s (BXMT) B1 corporate family rating and B1 senior secured notes and senior secured bank credit facilities ratings. The outlook is stable. RATINGS RATIONALE The B1 CFR reflects BXMT's long operational history across various industry cycles, geographic diversification, and its affiliation with The Blackstone Group L.P., which bolsters its risk and asset management capabilities. The rating also reflects the improvement in earnings due to a reduction of loans transitioning into the company's "5" risk-rated category, which typically require substantial specific provisions for expected credit losses. BXMT's CFR also considers risks associated with the company's concentration in commercial real estate (CRE) lending, weaker capitalization than peers, and high dependence on confidence-sensitive secured market funding, which constrains financial flexibility in tough market conditions. However, the company has successfully refinanced and extended much of its term debt over the past year. BXMT's net income has significantly improved over the past year as the company has made progress in resolving its problem loans. For the nine months ending September 30, 2025, net income reached $70 million, a notable turnaround from a net loss of $241 million during the same period last year. This improvement was driven by a reduction in provisions for credit losses, which fell to $94 million from $520 million, and increased revenue from REO, which rose to $110 million from $1 million. The higher REO revenue resulted from the migration of 5-rated loans to REO assets, with REO rising to a carrying value of $1.0 billion from $139 million, while 5-rated loans decreased to $1.2 billion from $3.2 billion. At the same time, 4-rated loans remain elevated at $2.7 billion, only slightly lower from $2.8 billion one year earlier. BXMT's capitalization, measured as tangible common equity to tangible managed assets, was 17.8% as of September 30, 2025, unchanged from a year prior. While this lower capitalization compared to peers is credit negative, the increase in earnings from a growing loan portfolio, which had previously been contracting, is positive as these earnings provide a buffer against future credit losses. BXMT's allowance for credit losses as a percentage of gross loans was 3.9% as of September 30, 2025. BXMT had $1.3 billion of available liquidity, including $378 million in cash, as of September 30, 2025. However, the company remains heavily dependent on various secured borrowing facilities, with $9.5 billion outstanding, including $2.3 billion which is due for renewal by the end of 2026. BXMT has actively extended the maturities of much of its corporate debt over the last year, a credit positive. The stable outlook reflects Moody's expectations that BXMT's asset quality will stabilize and earnings will continue to improve. The outlook also reflects Moody's expectations that capitalization and funding will remain stable over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS BXMT's ratings could be upgraded if the company: 1) successfully reduces its REO assets by redeploying them into interest-earning assets; 2) maintains stable profitability and low credit losses; 3) strengthens its capitalization; and 4) reduces its reliance on secured debt. BXMT's ratings could be downgraded if the company: 1) experiences a significant deterioration in asset quality, leading to additional outsized losses; 2) further weakens its capitalization; or 3) reduces the amount of funding available under secured borrowing facilities, its primary liquidity source. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BLEND COFFEE 1: Gets Extension to Access Cash Collateral -------------------------------------------------------- The Blend Coffee 1, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the November 18 hearing, the court extended the Debtors' authority to use cash collateral until January 8, 2026. The Debtors were initially allowed to access cash collateral pursuant to the court's November 7 interim order to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor. The interim order granted protections to secured lenders in the form of post-petition replacement liens, continued insurance coverage, and access to the Debtors' books, records, and premises upon reasonable notice. The lenders that may assert an interest in the cash collateral are Timberland Bank/ARF Financial LLC, First Southern Bank, BayFirst National Bank, Securities Settlement Solutions LLC, Sunshine State Economic Development Corporation, Flagship Bank and Paul Mullen and Jamie Mullen as trustees of the Human Fund Revocable Trust U/D/T. About The Blend Coffee 1 LLC The Blend Coffee group comprises multiple affiliated limited liability companies under common ownership and control that operate coffeehouse and cocktail venues in St. Petersburg, Florida. The group provides espresso-based beverages, coffee flights, and mixed drinks across several locations. It functions as an integrated hospitality business with shared financial, administrative, and operational systems. The Blend Coffee 1, LLC and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-08269) on November 4, 2025. At the time of the filing, Blend Coffee 1 listed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Roberta A. Colton presides over the cases. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtors as legal counsel. BLST OPERATING: Monroe Capital Marks $798,000 Loan at 71% Off ------------------------------------------------------------- Monroe Capital Corporation has marked its $798,000 loan extended to BLST Operating Company, LLC to market at $230,000 or 29% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to BLST Operating Company, LLC. The loan accrues interest at a rate of 1.00% Cash/ 10.89% PIK per annum. The loan matures on January 31, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About BLST Operating Company, LLC BLST Operating Company, LLC is a privately-held, multi-brand online retailer operating its portfolio of brands under the Bluestem Brands name. BOY SCOUTS: Abuse Claimants' $21MM Fee Appeal Rejected ------------------------------------------------------ James Nani of Bloomberg Law reports that a group of personal injury law firms representing Boy Scouts of America sex abuse claimants has lost its appeal seeking $21 million in fees from the bankruptcy estate. The firms argued that their work through the Coalition of Abused Scouts for Justice warranted compensation. However, the Third Circuit ruled that the coalition's efforts did not meet the "substantial contribution" requirement needed for the Boy Scouts' Chapter 11 estate to cover the costs. Although the coalition represented thousands of former scouts, the court noted it was largely directed by the personal injury firms themselves, the report states. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BTR OPCO: Monroe Capital Marks $569,000 Secured Loan at 15% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $569,000 loan extended to BTR Opco LLC to market at $485,000 or 85% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Delayed Draw Loan to BTR Opco LLC. The loan accrues interest at a rate of 12.76% PIK per annum. The loan matures on December 31, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, Illinois 60606 Telephone: (312) 258-8300 About BTR Opco LLC BTR Opco LLC is engaged in trading and distribution of automobiles and automobile parts and accessories. BTR OPCO: Monroe Capital Marks $711,000 Secured Loan at 24% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $711,000 loan extended to BTR Opco LLC to market at $540,000 or 76% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to BTR Opco LLC. The loan accrues interest at a rate of 7.50% PIK per annum. The loan matures on December 31, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About BTR Opco LLC BTR Opco LLC sustainable electric vehicle (EV) charging and data analytics. BUCKINGHAM SENIOR: Deadline for Panel Questionnaires Set for Dec. 1 ------------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Buckingham Senior Living Community, Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4by46wf8 and return by email it to Meredyth A. Kippes -- meredyth.a.kippes@usdoj.gov and Asher Bublick -- asher.bublick@usdoj.gov at the Office of the United States Trustee so that it is received no later than 4:00 p.m. Central Standard Time on Monday, December 1, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Buckingham Senior Living Community The Buckingham Senior Living Community, Inc., a Houston-based continuing care retirement community (CCRC), filed a voluntary petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-32155) on June 25, 2021, disclosing between $100 million and $500 million in both assets and liabilities. Michael Wyse, chair of the board, signed the petition. The case is handled by Judge Marvin Isgur. The Debtor tapped McGuireWoods LLP as its lead bankruptcy counsel, Thompson & Knight, LLP as special counsel, and B. Riley Advisory Services as financial advisor. Stretto is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on July 12, 2021. The committee is represented by Hunton Andrews Kurth, LLP. Daniel S. Bleck, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., represents UMB Bank, N.A., in its capacity as Bond Trustee and DIP lender. 2nd Attempt The Buckingham Senior Living Community, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on November 17, 2025. In its petition, the Debtor reports assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Marcus Alan Helt, Esq. of Mcdermott Will & Schulte LLP. CALABRIO INC: Monroe Capital Marks $410,00 Secured Loan at 57% Off ------------------------------------------------------------------ Monroe Capital Corporation has marked its $410,000 loan extended to Calabrio, Inc. to market at $175,000 or 43% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to Calabrio, Inc. The loan accrues interest at a rate of 9.7% per annum. The loan matures on April 16, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Calabrio, Inc. Calabrio, Inc. operates as a software solutions. The Company offers develops and markets software application for call recording, quality management, speech analytics, workforce management, and performance management solutions, as well as planning, implementation, training, and support services. Calabrio serves customers worldwide. CANACOL ENERGY: Chapter 15 Case Summary --------------------------------------- Lead Debtor: Canacol Energy Ltd. 1000 Livingston Place 250-2nd Street SW Calgary, Alberta T2P0C1 Canada Business Description: Canacol Energy Ltd. is a Canada-based natural gas exploration and production company with operations focused in Colombia, where it holds a leading position in onshore conventional gas acreage in the Lower Magdalena Valley Basin. The Company produces about 17% of Colombia's domestic natural gas supply and maintains a drilling inventory of more than 178 identified prospects and leads containing approximately 20.5 trillion cubic feet of prospective resources. Its operations incorporate commitments to environmental, social, and governance practices, supported by low operating costs and long-term fixed-price, U.S.- dollar-denominated sales contracts. Foreign Proceeding: Court of King's Bench of Alberta (Calgary), Court File No. 250118462 Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Canacol Energy Ltd. (Lead Case) 25-12572 Canacol Energy ULC 25-12573 Cantana Energy Gmbh 25-12574 CNE Oil & Gas S.R.L. 25-12575 Canacol Energy Colombia S.A.S. 25-12576 Shona Holding Gmbh 25-12577 CNE Energy S.A.S. 25-12578 CNE Oil & Gas S.A.S. 25-12579 2498003 Alberta ULC 25-12580 2654044 Alberta Ltd. 25-12581 Chapter 15 Petition Date: November 18, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. David S Jones Foreign Representative: KPMG Inc., in its capacity as Canadian Court-appointed Monitor Bay Adelaide Centre, Suite 4600 333 Bay Street Toronto, Ontario Canada Foreign Representative's Counsel: Steven W. Golden, Esq. Laura Davis Jones, Esq. Mary F. Caloway, Esq. PACHULSKI STANG ZIEHL & JONES LLP 1700 Broadway, 36th Floor New York, New York 10019 Tel: 212-561-7700 212-561-7715 Fax: 212-561-7777 Email: sgolden@pszjlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NEAH2EQ/Canacol_Energy_Ltd_and_KPMG_Inc__nysbke-25-12572__0001.0.pdf?mcid=tGE4TAMA CANACOL ENERGY: Seeks CCAA Creditor Protection to Restructure ------------------------------------------------------------- Canacol Energy Ltd. announced on November 18, 2025, that the Company and its subsidiaries are seeking an order for creditor protection from the Court of King's Bench of Alberta pursuant to the Companies' Creditors Arrangement Act. The CCAA is a federal statute in Canada that allows qualifying insolvent companies to restructure their affairs under court supervision, with the aim of maximizing value for stakeholders and preserving business operations. Under the CCAA, the Company continues operating while it works to restructure its affairs. The CCAA is designed to facilitate a stay of proceedings, giving the company the stability and "breathing room" from creditor actions while it develops a plan of arrangement with creditors or otherwise effect its restructuring. The Monitor is appointed by the court to oversee the process, report to the court, and liaise with stakeholders. The decision to commence CCAA proceedings was made by the Board of Directors of the Company after careful consideration of the Company's financial position and extensive consultation with legal and financial advisors. The Board of Directors has considered all other options and concluded that restructuring under the CCAA with immediate protection from creditors is the best alternative. The Company faces a looming liquidity crisis from upcoming interest and principal payments under its funded debt obligations; an unfavorable arbitration decision in a claim by VP Ingenergia giving rise to a $22 million arbitral against certain of the Company's subsidiaries; reduced natural gas production; and increased trade and other accounts payables. The Company is seeking an Initial Order that includes, among other things: (i) a stay of proceedings in favor of the Company and its Canadian subsidiaries; and (ii) the appointment of KPMG Inc. as monitor of the Company. The Company intends to seek recognition of the Initial Order and its CCAA proceedings in the United States of America pursuant to Chapter 15 of title 15 of the United States Bankruptcy Code, 11 U.S.C. ---- 101-1532 and in Colombia pursuant to Title III of Law 1116 of 2006 of the Republic of Colombia or other applicable Colombian law. The board of directors of the Company will remain in place and management will remain responsible for the day-to-day operations of the Company, under the oversight of the Monitor. It is anticipated that The Toronto Stock Exchange and the other exchanges where the Company is listed will place the Company under delisting review and that there can be no assurance as to the outcome of such review or the continued qualification for listing on the TSX or other exchanges. Additional information regarding the CCAA proceeding can be found on the Monitor's website at https://kpmg.com/ca/canacol. About Canacol Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCQX in the United States of America under the symbol CNNEF, the Bolsa de Valores de Colombia under the symbol CNEC. CAR TOYS: Seeks to Extend Plan Exclusivity to February 24, 2026 --------------------------------------------------------------- Car Toys, Inc., asked the U.S. Bankruptcy Court for the Western District of Washington to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 24, 2025 and April 27, 2026, respectively. The Debtor explain that cause exists to justify an extension of the exclusive periods because: * This is the first extension requested by the Debtor; * It is a complicated case that will need extensive review of creditor claims and financial documentation; * The case has only been pending since August 18, 2025. * The Debtor only recently finished closing the asset deals and began collecting payment from the purchasers of the assets; * The Debtor is acting in good faith; -- The Debtor, Senior Secured Lender, and Official Committee of Unsecured Creditors are actively negotiating the plan framework. * The Debtor is not seeking an extension of exclusivity to pressure creditors; and * The Debtor is not depriving the Creditors' Committee of material or relevant information. Car Toys, Inc. is represented by: CAIRNCROSS & HEMPELMANN, P.S. Steven M. Palmer, Esq. Bruce W. Leaverton, Esq. Maria Y. Hodgins, Esq. Ryan R. Cole, Esq. Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 E-mail: spalmer@cairncross.com E-mail: bleaverton@cairncross.com E-mail: mhodgins@cairncross.com E-mail: rcole@cairncross.com About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., is the Debtor's legal counsel. Daniel Brettler, as senior secured lender and DIP lender, is represented by: Nathan T. Riordan, Esq. Wenokur Riordan PLLC 600 Stewart Street Seattle, WA 98101 Telephone: (206) 903-0401 Facsimile: (206) 209-4141 E-mail: nate@wrlawgroup.com - and - Alan J. Wenokur, Esq. Wenokur Riordan PLLC Telephone: (206) 682-6224 Facsimile: (206) 826-9009 E-mail: alan@wrlawgroup.com CDATA SOFTWARE: Monroe Marks $778,000 Secured Loan at 61% Off ------------------------------------------------------------- Monroe Capital Corporation has marked its $778,000 loan extended to Cdata Software, Inc. to market at $306,000 or 39% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Delayed Draw Loan to Cdata Software, Inc. The loan accrues interest at a rate of 9.75% per annum. The loan matures on July 18, 2030. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Cdata Software, Inc. CData Software, Inc. operates as a provider of data access and connectivity solutions. The Company offers business intelligent and analytics. CENTER CITY HEALTHCARE: Ruling in Medline Adversary Case Affirmed ----------------------------------------------------------------- In the appeal styled CENTER CITY HEALTHCARE, LLC, d/b/a HAHNEMANN UNIVERSITY HOSPITAL, PHILADELPHIA ACADEMIC HEALTH SYSTEM, LLC, ST. CHRISTOPHER'S HEALTHCARE, LLC, and SCHC PEDIATRIC ASSOCIATES, LLC, Adv. No. 21-50920 (MFW) Appellants, v. MEDLINE INDUSTRIES, INC., Civ. No. 24-1019 (CFC) Appellee, Chief Judge Colm F. Connolly of the United States District Court for the District of Delaware affirmed the order issued by the United States Bankruptcy Court for the District of Delaware on August 27, 2024 in the bankruptcy case of Center City Healthcare, LLC. The Clerk of the Court is directed to close Civ. Nos. 24-1019-CFC. As reported by the Troubled Company Reporter, on August 27, 2024, the Bankruptcy Court granted Medline Industries, Inc.'s motion for summary judgment on all counts of a clawback action filed by Center City Healthcare and its affiliates. Prior to the Petition Date, one or more of the Debtors made certain transfers to the Defendant for goods and/or services provided to them, pursuant to invoices or statements submitted by the Defendant. Post-petition, the Debtors filed a complaint seeking to avoid and recover transfers totaling $4,393,024.56 made to the Defendant during the period April 1 through June 30, 2019 pursuant to sections 547, 548 and 550 of the Bankruptcy Code. The Debtors asserted that the transfers in question may be avoided and recovered as constructively fraudulent transfers. They alleged that the transfers in question were on account of prior antecedent debts. The Defendant argued that it is entitled to summary judgment because the transfers were made for reasonably equivalent value. The Court agreed that the Defendant is entitled to summary judgment on the fraudulent transfer claims. According to the Court, a transfer in payment of an antecedent debt is not fraudulent because it is given for reasonably equivalent value, namely satisfaction of a debt owed to the creditor. A copy of the Court's Order dated November 17, 2025, is available at https://urlcurt.com/u?l=xojvNB from PacerMonitor.com. About Center City Healthcare, LLC d/b/a Hahnemann University Hospital Center City Healthcare, LLC is a Delaware limited liability company that operates Hahnemann University Hospital. Its parent company is Philadelphia Academic Health System, LLC, which is also the parent company of St. Christopher's Healthcare, LLC and its affiliated physician groups. Center City Healthcare and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11466) on June 30, 2019. At the time of the filing, the Debtors listed $100 million to $500 million in both assets and liabilities. Judge Kevin Gross oversees the cases. The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel; EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as investment banker; and Omni Management Group, Inc. as claims and noticing agent. CENTER FOR EMOTIONAL: Gets 30-Day Extension to Use Cash Collateral ------------------------------------------------------------------ Center for Emotional Health, PC received a 30-day extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use its cash collateral to fund operations in accordance with its budget, subject to an overall 10% variance. The budget shows the Debtor's projected income and expenses for the period from November 10 to December 10. Secured creditors including Newtek Small Business Funding, LLC and the U.S. Small Business Administration assert interest in the cash collateral, which may include the Debtor's revenues. The Debtor owes Newtek and the SBA $2,195,324 and $1,969,205, respectively. As adequate protection, secured creditors will be granted a lien on the Debtor's revenue and other assets generated or acquired after the petition date, with the same extent and priority as their pre-bankruptcy lien. The interim order is available at https://is.gd/V8j4k9 from PacerMonitor.com. The next hearing is scheduled for December 9. Center for Emotional Health asserts that no alternative exists to using the cash collateral to fund its operating expenses and that its use is necessary to preserve the Debtor's ability to rehabilitate under Chapter 11. The estate's revenue from its operations constitutes cash collateral in which multiple secured creditors including the SBA, Newtek, People's Bank of Commerce/BHG, Fox Funding Group, LLC, Square Advance, Overton Funding, LLC, Bizfund, LLC, Montcfi (Mr. Advance), and Wynwood Capital Group may have a secured interest, with balances ranging from approximately $174,000 to over $2.1 million. 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 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04478) on November 10, 2025, listing between $1 million and $10 million in assets and liabilities. Jonathan Stoudmire, president of Center for Emotional Health, signed the petition. Judge Pamela W. McAfee oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. CLNG HOMES: Court OKs Huntington Way Property Sale for $535K ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division has approved CLNG Homes LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate development company which has operated in the North East Florida area for the past 3 years. The Debtor owns approximately 23 parcels of real estate in the Duval, Clay and Nassau county area. The Debtor has always been owned by Christopher Lam as the 100% shareholder. However, there is currently pending before the Court a motion to dismiss by an alleged 50% shareholder. The Court has authorized the Debtor to sell the Property to Bradford Paul Beers for the sum of $535,000.00. The purchase price of $535,000.00 is in the best interest of the Debtor's estate and constitutes full and adequate consideration and reasonably equivalent value for the Real Property under the Bankruptcy Code, the Uniform Fraudulent Transfer Act, the Uniform Voidable Transactions Act, the Uniform Fraudulent Conveyance Act, and any other applicable law for the Real Property. The Court held that the transfer of the Real Property is a legal, valid and effective transfer of the Real Property free and clear of all liens, claims, encumbrances, and interests, notwithstanding any requirement for approval or consent by any person under the Bankruptcy Code, applicable state law, or otherwise. The Debtor may sell or otherwise transfer the Real Property free and clear of all interests because, in each case, one or more of the standards. The Court held that the Purchaser is not and will not be liable to any agent, broker, person, or firm acting or purporting to act on behalf of either the Debtor or the Purchaser for any commission, broker's fee, or finder's fee respecting the Sale, including, without limitation, payment of the real estate brokerage commission in an amount equal to four Percent (4.0%) of the Purchase Price to Jessica Angel of Keller Williams Jacksonville Realty and Florida Homes Realty and Mortgage, LLC. The Agreement was not entered into for the purpose of hindering, delaying, or defrauding creditors. Neither the Debtor, the Purchaser, nor any of their respective representatives have engaged in any conduct that would cause or permit the Agreement, or the consummation of the Sale, to be avoidable or avoided, or for costs or damages to be imposed. About CLNG Homes CLNG Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03106) on September 5, 2025, listing up to $50,000 in assets and liabilities. The Debtor tapped Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP as counsel and David W. Hicks, CPA, at Hicks & Associates CPAs, PLLC as accountant. CONSTANT CARE: Gets Interim OK to Use Cash Collateral Until Dec. 22 ------------------------------------------------------------------- Constant Care of Colorado Springs, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through December 22 pursuant to its budget, subject to a 10% monthly variance per expense line item. The budget covers the period from November 10 to January 2, 2026. As adequate protection, any creditor with a properly perfected security interest in the cash collateral will be granted a replacement lien on the proceeds of all post-petition accounts of the Debtor. The secured creditors that assert an interest in the Debtor's current cash and future receipts include the U.S. Small Business Administration, BayFirst National Bank, Celtic Bank Corporation and C T Corporation System. The interim order is available at https://is.gd/388YIy from PacerMonitor.com. The final hearing is set for December 22. The deadline for filing objections is on December 15. Constant Care is a provider of four small, residential senior living homes in Colorado Springs. It filed for Chapter 11 Subchapter V bankruptcy on November 7 due to financial distress stemming from the COVID-19 pandemic. The pandemic caused a sharp decline in occupancy as families delayed placing loved ones in communal settings, while operating costs rose significantly due to required infection-control measures, including PPE, enhanced cleaning, staff testing, and higher wages to retain caregivers in a strained labor market. This combination of reduced revenue and elevated expenses forced Constant Care to rely on SBA Economic Injury Disaster Loans, yet the Debtor still accrued rent arrears and lacked sufficient cash flow to remain current on obligations. About Constant Care of Colorado Springs Inc. Constant Care of Colorado Springs Inc. operates in the health care industry. Constant Care of Colorado Springs sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case 25-17336) on November 7, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Jonathan Dickey serves as Subchapter V trustee. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. COOPER-STANDARD HOLDINGS: S&P Affirms 'CCC+' ICR, Outlook Dev. -------------------------------------------------------------- S&P Global Ratings revised its outlook on Cooper-Standard Holdings Inc. to developing from positive and affirmed the 'CCC+' issuer credit rating. S&P said, "At the same time, we affirmed our 'CCC+' issue-level on the senior secured first-lien notes due in 2027; the recovery ratings are unchanged at '4' (30%-50%; rounded estimate: 45%). We affirmed our 'CCC-' issue-level rating on the senior secured third-lien notes due in 2027; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). We also affirmed our 'CCC-' issue-level rating on the company's senior unsecured notes; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). "The developing outlook reflects that we could raise, maintain, or lower our rating on Cooper depending on its ability to successfully refinance the maturities of its debt while also maintaining meaningful positive free cash flow." Cooper-Standard's senior secured first-lien notes are scheduled to become current in March 2026, heightening liquidity risk. The developing outlook reflects increasing liquidity risks as Cooper's debt maturities become current in the first half of 2026. S&P said, "Although the company's operating performance has been steadily improving throughout 2025, its upcoming debt maturities which are set to become current in the first half of 2026 have heightened our view of the company's liquidity risk. Specifically, the company's $612.9 million outstanding carrying amount of senior secured first-lien notes due 2027 and $389.3 million outstanding carrying amount of senior secured third-lien notes due 2027 will become current on March 31, 2026, and May 15, 2026, respectively. While the company currently has an adequate liquidity position, we do not believe it has sufficient liquidity to cover the 2027 maturities. If the first-lien notes due 2027 become current, we believe Cooper's liquidity would become constrained because we would treat the maturity as a use of liquidity over the next 12 months in our liquidity analysis. This would lead to a ratings downgrade due to a near-term default risk." S&P said, "We also think heightened global macroeconomic uncertainty and our forecast for a softer global light vehicle production environment could also pose risks to the company's ability to successfully refinance these obligations. Additionally, we could also lower our ratings on the company if it engages in a transaction that we would consider a distressed exchange (due to lenders receiving less than originally promised). However, if Cooper can successfully refinance its 2027 maturities before they become current while we maintain our expectation for meaningful positive free operating cash flow (FOCF), we could raise our ratings on the company. "We expect supply chain disruptions to weigh on year-end 2025 results, though performance will likely improve in 2026 as disruptions subside and cost savings are realized. We expect recent supply chain disruptions, including the Novelis plant fire and recent cyber-attacks impacting customer operations, will reduce the company's fourth quarter 2025 production volume. We estimate the full year impact of these disruptions will decrease earnings by approximately $25 million, resulting in our forecast 2025 EBITDA margin of 7.8%. We also anticipate a substantial working capital unwind in the fourth quarter of 2025, consistent with historical seasonality. This contributes to our expectation of around breakeven to minimal positive free cash flow for 2025. "Through the first half of 2026 we expect the company could benefit from some original equipment manufacturers (OEMs) catching up on lost production due to the late 2025 supply chain disruptions. We expect the company will continue its restructuring efforts, focused on optimizing its footprint, increasing production in best cost countries, and improving its fixed cost optimization. Furthermore, we expect the company will continue to launch new business at higher margins. Despite our expectation for weaker global light vehicle production growth, we believe these factors will expand EBITDA margins to about 8.7% in 2026. To support this growth, we also expect a slight step up in capital expenditure (capex) to around 2.2% of sales to support efficiency initiatives and growth. Nevertheless, we believe stronger earnings will lead to meaningful positive free cash flow generation of about $20 million-$30 million in 2026. "The developing outlook reflects our expectation that we would downgrade the ratings if the company is unable to refinance its 2027 debt maturities before they go current or if the company is unable to generate positive free cash flow on a sustained basis. "On the other hand, we could also upgrade Cooper's ratings if the company is able to successfully execute a refinancing transaction ahead of its significant debt maturities going current while maintaining expected positive free cash flow generation. "We could also affirm the company's rating if it successfully refinances its debt maturities, but we still forecast a lack of positive FOCF generation." S&P could downgrade its ratings on Cooper if: -- S&P no longer believes the company will be able to refinance its 2027 maturities ahead of its first-lien notes becoming current on March 31, 2026; or -- Operating performance significantly deteriorates, leading to constrained liquidity. S&P could upgrade its ratings on Cooper if: -- The company is able to complete a refinancing transaction such that we no longer see imminent refinancing risk; and -- S&P believes the company will generate positive FOCF on a sustained basis due to improved operating performance. CRANE ENTERPRISES: Cranes Lose Bid to Dismiss Bankruptcy Case ------------------------------------------------------------- The Honorable David S. Jones of the United States Bankruptcy Court for the Southern District of New York denied the motion of Michael E. Crane and Daniel M. Crane to dismiss the bankruptcy case of Crane Enterprises, LLC pursuant to Sec. 707 or Sec. 1112(b) of the Bankruptcy Code. The Debtor is organized as a limited liability company and holds a single asset: 99 shares in a cooperative residential corporation. In connection with the issuance of these shares, the Debtor entered into a proprietary lease that granted Debtor the right to possess the two-bedroom cooperative located at 360 Shore Road, Apt 8L, Long Beach, NY 11561. The property's sole secured lien arises from maintenance arrearages that are accumulating as a priming lien on the property in the most recently reported cumulative amount of approximately $32,896.71 as of February, 2025. Debtor's remaining nonadministrative liabilities consist of sums reportedly owed to two law firms: (1) $13,747.40 owed to Harwood Lloyd LLP for litigating state court eviction proceedings on behalf of the Debtor, and (2) $350,000.00 owed to Wilk Auslander LLP on account of a guarantee Debtor reportedly signed to pay for the legal fees expended in the In Re Treasures and Gems, Ltd. The Cranes resided at the property before the Court issued a decision and order granting the Debtor turnover of the property. The Cranes argue that the case should be dismissed because the Debtor's bankruptcy petition was filed by an individual without the authority to do so and filed in bad faith without a legitimate bankruptcy purpose and with the intention of circumventing ongoing state court proceedings. However, the Debtor argues that its management possessed the requisite authority to file the bankruptcy petition because the authority was granted to management by the Superior Court of New Jersey, Bergen County, Chancery Division, Probate Part. Debtor also maintains that Movants lack standing to bring the Motion and that the facts of the case do not evidence a bad-faith filing, but rather Debtor's good faith attempt to gain control of and monetize its only asset to pay off creditors and other stakeholders. The Cranes base their contention on the view that New York CPLR Sec. 5402 requires domestication of the NJ Judgment to have authority under New York law to act on behalf of the Debtor. David M. Repetto is authorized to retain all necessary agents to market and sell Crane Enterprises, LLC, or the real property owned by Crane Enterprise LLC located at 360 Shore Road, Apartment 8L, Long Beach, New York, 11561. Mr. Repetto is the President of the Debtor, and Stuart Resier, as administrator for the estate of Joyce Crane who owns the remaining 50% of the Debtor, is the Secretary and Treasurer of the Debtor. According to Judge Jones, "Movants' reliance on CPLR Sec. 5402 is misguided. The provision is inapplicable here because the Administrators are not seeking to enforce the judgment in New York but were acting in their capacity on behalf of an LLC to authorize Debtor's bankruptcy filing. The estate's asset is an interest in an LLC, not direct ownership of real property. The NJ Judgment specifically granted Mr. Repetto the authority to act on behalf of the Debtor and to dispose of the property on behalf of the estates -- the deceased shareholders of Crane Enterprises, LLC." He adds, "Further, the terms of the appointment of Mr. Repetto were sufficient to authorize him to act on behalf of the Debtor to file this chapter 11 bankruptcy case. On January 27, 2021, the Probate Court entered an order appointing David Repetto as Administrator C.T.A of the estate of Rhoda Crane. The NJ Judgment affirmed his appointment, and authorized him to, among other things, manage the financial accounts of the Debtor and dispose of the property." The Court finds that the Debtor filed for bankruptcy as a good faith effort to resolve the fact that it is unable to pay the fees associated with its only asset, let alone gain possession and control -- in other words, to navigate a liquidity crisis that was otherwise not solvable on a sufficient timeline without engaging in a bankruptcy process. Thus, the Court concludes that Debtor has not filed this case as an improper attempt to circumvent litigation, and that the Movants have not met their burden of demonstrating bad faith. Applying the legal framework governing dismissal, the Court concludes that the facts of this case do not demonstrate that Debtor's petition was filed in bad faith. The Court further concludes that the record demonstrates that Mr. Repetto and Mr. Reiser possessed the necessary authority to file Debtor's bankruptcy petition. Thus, dismissal of this case is not warranted. A copy of the Court's Decision and Order dated November 17, 2025, is available at https://urlcurt.com/u?l=5VLSIP from PacerMonitor.com. Counsel to the Debtor: Brett Silverman, Esq. SILVERMAN LAW OFFICE, PLLC 4 Terry Terrace Livingston, NJ 07039 E-mail: bsilverman@silvermanpllc.com. Special Litigation Counsel to the Debtor: Eric J. Snyder, Esq. WILK AUSLANDER LLP 825 Eighth Avenue, 29th Floor New York, NY 10019 E-mail: esnyder@wilkauslander.com Counsel for Movants, Michael E. Crane and Daniel M. Crane: Mitchell C. Shapiro, Esq. M.C. SHAPIRO LAW GROUP PC 3 Grace Avenue, Suite 109 Great Neck, NY 11021 E-mail: mcs@mcshapirolaw.com Counsel for Xander Corp.: George J. Mullane, Esq. SCHNEIDER BUCHEL LLP 60 Crossways Park Drive West, Suite 340 Woodbury, NY 11797 Andrea B. Schwartz, Esq. WILLIAM K. HARRINGTON The United States Trustee for Region 2 Alexander Hamilton U.S. Custom House One Bowling Green, Room 534 New York, NY 10004 About Crane Enterprises LLC Crane Enterprises LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10405) on March 4, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge David S Jones handles the case. Brett Silverman, Esq., at Silverman Law PLLC represents the Debtor as counsel. CROWN CARS: Case Summary & Eight Unsecured Creditors ---------------------------------------------------- Debtor: Crown Cars and Limousines, Inc. 115 N. Prospect Itasca, IL 60143 Business Description: Crown Cars & Limousines, Inc. provides chauffeured ground transportation services, offering corporate travel, airport transfers, and event-related black-car service in the Chicago metropolitan area from its base in Itasca, Illinois. Chapter 11 Petition Date: November 20, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-17979 Judge: Hon. Deborah L Thorne Debtor's Counsel: William Factor, Esq. THE LAW OFFICE OF WILLIAM J. FACTOR, LTD 105 W. Madison St., Suite 2300 Chicago, IL 60602 E-mail: wfactor@wfactorlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mary Harell-Paul as president. A copy of the Debtor's list of eight unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IX6DU4A/Crown_Cars_and_Limousines_inc__ilnbke-25-17979__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/II3SSEA/Crown_Cars_and_Limousines_inc__ilnbke-25-17979__0001.0.pdf?mcid=tGE4TAMA CVR ENERGY: S&P Alters Outlook to Stable, Affirms 'B+' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on CVR Energy Inc. to stable from negative. At the same time, S&P affirmed its 'B+' issuer credit rating on CVR, its 'BB' issue-level rating on its secured debt, and its 'B' issue-level rating on its unsecured debt. The stable outlook reflects S&P's expectation that the company will continue to repay debt, with S&P Global Ratings-adjusted debt to EBITDA of about 4.5x in 2025, improving to 3.25x-3.75x in 2026. S&P expects refining conditions will continue to improve into 2026 due to tight mid-Continent product, improved crack spreads, and favorable macroeconomic conditions, resulting in improved credit metrics for CVR Energy Inc. Refining conditions remain supportive for CVR into 2026, driven by steady product demand, limited new global capacity, and tighter mid-Continent product. Following the recent addition of global refining capacity, new builds are expected to slow. In addition, we expect that some upcoming closures, particularly in California, will result in more favorable supply/demand dynamics for CVR. Group 3 2:1:1 crack spreads have improved toward mid-cycle levels, and we expect them to remain around $22-$24 per barrel on average into 2026. These factors--coupled with high utilization at both refineries--benefits CVR's refining margins. The Environmental Protection Agency's (EPA) ruling on the Small Refinery Exemption for the Wynnewood Refining Company, LLC (WRC) helps CVR's credit metrics. The August 2025 decision granted 100% waivers for WRC's 2019 and 2021 compliance periods and 50% waivers for its 2020, 2022, 2023, and 2024 compliance periods. This materially reduced CVR's U.S. Renewable Fuel Standard (RFS) compliance obligations. It decreased the RFS liability by 424 million renewable identification numbers (RINs), representing approximately $488 million as of Sept. 30, 2025, and about $90 million scheduled to clear by March 2026. While the EPA ruled on prior RIN obligations, it hasn't made a determination for 2025 or future compliance periods. S&P said, "As a result, we expect CVR to continue to accrue RINs obligations at 100% unless and until waivers are officially granted and the company can write-down the liability. We don't include the RINs obligation as debt in our leverage calculations. We expect that based on the most recent decision from the EPA, WRC will receive at least 50% compliance waivers for future periods. Our expectation for reduced RFS expenses benefits the company's RIN adjusted crack and capture rate which should improve profitability." S&P said, "We expect adjusted debt to EBITDA of about 4.5x in 2025, improving to 3.5x-4.0x in 2026. In addition to improved refining margins and reduced RINs expenses, over the past few quarters management has prioritized repaying $90 million on the term loan B issued last year. We expect that prior to reinstating its dividend, the company will continue to make prepayments on the loan next year, with a focus on deleveraging. CVR announced its plans to convert the renewable diesel unit at Wynnewood back to hydrocarbon processing due to regulatory changes and the overall unfavorable economics of the renewables business. The conversion should generate additional cash earnings to CVR; the segment was previously cash-flow negative. In addition, following the completion of the Coffeyville turnaround earlier this year, the company doesn't have any major turnarounds until 2027. As a result, we expect CVR to generate at least $125 million in free operating cash flow in 2026. "The stable outlook reflections our expectation that in 2026, the company will use increased cash flows due to higher mid-cycle refining margins to continue to repay debt. We forecast S&P Global Ratings-adjusted debt to EBITDA of 4.5x in 2025, improving to 3.25x-3.75x in 2026. "We could take a negative rating action on CVR if we expect consolidated S&P Global Ratings-adjusted leverage above 5x on a sustained basis. "We could consider a positive rating action if the company meets our performance expectations in the near term and we expect consolidated S&P Global Ratings-adjusted leverage will remain below 2.5x under mid-cycle conditions." D&G PROFESSIONAL: Unsecureds Will Get 70% Dividend in Plan ---------------------------------------------------------- D&G Professional Management, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization under Subchapter V dated November 17, 2025. The Debtor is a Michigan corporation whose sole shareholder and officer is Ryan Matthews. The company operates a restaurant called "The Pig and the Hen" located at 1072 Elms in Flint Township, Michigan. The restaurant leases its premises from 1072, LLC. The case was caused by a few factors. When the Debtor purchased the restaurant it had operated as a coney island style diner. Debtor's principal changed the format of the restaurant to a somewhat higher end "farm to table" menu. The new menu and associated cost structure meant that the customer base also changed and the Debtor had to locate new suppliers. These transition costs resulted in the debtor struggling to meet obligations relating to the purchase of the restaurant, its rent and other operating expenses. D&G's financial projections show that the Debtor will have projected disposable income for D&G to make the required payments. The final Plan payment is expected to be paid on or about March 31, 2031. These projections are based on Debtor's principal's experience with operating the business both prior to and during the pendency of the filing. This Plan proposes to pay Creditors of D&G Professional Management, Inc. from the Debtor's cash flow from operations and future income. The Plan provides for the treatment of Creditors of D&G Professional Management, Inc. as follows with the first payment on each of these claims being due on the 1st of the month no less than sixty days from the date of confirmation. The total plan payment is $3,500.00 per month. As the Debtor is proposing to pay $1,984.39 per month to priority tax claims in Article III this will leave $1,515.61 available for unsecured creditors. Class I is the sole voting class and shall consist of the holders of Allowed Unsecured claims. Those claims shall receive pro-rated disbursements. Debtor's proposed plan will be paid a total of $90,936.60 to these creditors resulting in a dividend of approximately Seventy percent according to Debtor's schedules. This class is impaired. D&G Professional Management, Inc. shall be responsible for satisfying the Allowed Claims in accordance with the terms and provisions of this Plan. The Reorganized Debtor D&G Professional Management, Inc. will retain control of and be responsible for all of Debtor's activities pursuant to this Plan after the Effective Date. Funding for the administration of the bankruptcy estates and of this Plan and for the actions necessary shall come from funds on hand. A full-text copy of the Plan of Reorganization dated November 17, 2025 is available at https://urlcurt.com/u?l=y1K2xh from PacerMonitor.com at no charge. Counsel to the Debtor: Peter T. Mooney, Esq. Simen, Figura & Parker, PLC 5206 Gateway Centre Ste. 200 Flint, MI 48507 Telephone: (810) 235-9000 Email: pmooney@sfplaw.com About D&G Professional Management D&G Professional Management, Inc., operates a restaurant called "The Pig and the Hen" located at 1072 Elms in Flint Township, Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-31763) on Aug. 19, 2025, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Joel D. Applebaum presides over the case. Peter T. Mooney, at Simen, Figura & Parker, is the Debtor's legal counsel. DELUXE CORP: S&P Upgrades ICR to 'B+', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based payments and data provider Deluxe Corp. to 'B+' from 'B'; it also raised the issue-level rating on the company's senior secured debt to 'BB-' from 'B+', and the issue-level rating on its senior unsecured debt to 'B-' from 'CCC+'. Our recovery ratings on Deluxe's debt are unchanged. The stable outlook reflects S&P's view that Deluxe will continue to operate the business within the 4x-5x leverage range over the next 12 months as it offsets declines in its print business with growth in its payments and data solutions businesses. Deluxe Corp. is exhibiting solid operating performance across its payments and data solutions businesses despite a relatively weak macroeconomic environment. S&P said, "We expect S&P Global Ratings-adjusted EBITDA growth of 17% in 2025, supported by lower restructuring costs related to Deluxe's Project North Star (PNS) initiative. "We now expect S&P Global Ratings-adjusted leverage will be below 5x and free operating cash flow (FOCF) to debt will be above 10%, both on a sustained basis by year-end 2025. "The upgrade reflects our expectation that leverage will remain below 5x and FOCF to debt will be above 10%. As of Sept. 30, 2025, Deluxe's leverage was 4.6x and FOCF to debt was 8.6%. In our base case, we expect Deluxe will improve S&P Global Ratings-adjusted leverage to 4.4x in 2025 and 4.0x in 2026, down from 5.4x in 2024. Additionally, we expect the company will improve S&P Global Ratings-adjusted FOCF to debt to 10.5% in 2025 and 13.0% in 2026 from 6.2% in 2024. These metrics are consistent with a 'B+' issuer credit rating." The company's improved credit metrics reflect ongoing debt reduction from its mandatory term loan amortization, alongside robust EBITDA growth. S&P said, "EBITDA growth is supported by a significant decrease in restructuring expenses related to PNS, which we expect will decline to about $22 million in 2025 from $48.6 million in 2024. Additionally, the company is growing its payments and data business segments, such that it can offset the earnings declines in its print segment. We expect EBITDA growth will moderate in 2026 to about 4% from 17% in 2025 as restructuring expenses become a smaller percentage of operating expenses and growth in payments and data businesses moderates from 2025 levels." S&P said, "We expect muted top-line growth over the next few years. As a result of Deluxe's ongoing transformation to a payments and data company, we now expect revenue will be flat in 2025, an improvement from a 3.2% decline in 2024. Our forecast assumes the company will increase revenue from its merchant services segment by 4% annually over the next couple of years, supported by higher penetration among its core financial institutions customer base. We also expect the company will increase revenue from its B2B payments segment by 2% annually over the next couple of years, supported by growth from its recent acquisition of CheckMatch from JP Morgan. "Finally, we expect growth in data solutions will moderate to 7%-8% over the next couple of years, down from an expected 28% growth in 2025, given we expect interest rates to decline in 2026, though investment by financial services companies in digital marketing solutions remains healthy. The growth in these segments will help Deluxe offset the approximate 4% annual declines in its print segment beginning in 2026, such that revenue is flat over the next couple of years. The risks to our base-case forecast for Deluxe include sharper-than-expected declines in its print business as well as weaker-than-expected macroeconomic conditions. "We believe Deluxe will maintain prudent capital allocation going forward. The company continues to work toward achieving its publicly stated net leverage target of 3x or better by the end of 2026. Our calculation of leverage is about 1.3x higher than management's net leverage ratio (3.3x as of Sept. 30, 2025, compared to 4.6x on an S&P Global Ratings-adjusted basis), largely due to its cash balance (which we do not net against its debt) and restructuring costs (which we do not add back to its EBITDA). The company has a track record of using free cash flow generation to repay debt. While we do not assume additional debt repayment beyond its mandatory term loan amortization, we believe Deluxe could use its FOCF to support further debt reduction. "The stable outlook reflects our view that Deluxe will continue to operate the business within the 4x-5x S&P Global Ratings-adjusted leverage range over the next 12 months as it continues to largely offset declines in its print business with growth in its payments and data solutions businesses, supporting sustained modest EBITDA growth. "We could lower our rating on Deluxe over the next 12 months if the company's S&P Global Ratings-adjusted leverage increases to above 5x or FOCF to debt decreases to below 5% on a sustained basis. This could happen if operating performance deteriorates due to weaker-than-expected growth from its data and payments businesses. "We could raise our ratings if the company is able to grow EBITDA and expand free cash flow generation, leading to S&P Global Ratings-adjusted leverage declining below 4x. A positive rating action would also be predicated on a commitment to a financial policy commensurate with maintaining leverage below 4x on a sustained basis. An upgrade is also predicated on the company maintaining less than 50% of its earnings in secular decline." DM ELECTRICAL: Gets Interim OK to Use Cash Collateral Until Dec. 8 ------------------------------------------------------------------ DM Electrical and Construction, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral to fund operations. The court authorized the Debtor to use its revenues and other cash collateral through December 8 in accordance with its 30-day budget, which projects total operational expenses of $323,809.83. As adequate protection, secured creditors including Supplier Success, Mercury Funding Group Inc., The LCF Group Inc., Corporation Service Company, C T Corporation System, and William Bryant Ewing, Jr., will be granted replacement liens on post-petition cash collateral and property, excluding Chapter 5 causes of action. These replacement liens will have the same priority and extent as the secured creditors' pre-bankruptcy liens. Other secured creditors with perfected interests in cash collateral will also receive replacement liens on post-petition receivables, contract rights, and deposit accounts. The interim order provides for a fee carveout but this carveout is not a lien on any of the Debtor's real property or tangible personal property. The Debtor's right to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case, appointment of a trustee, expiration of the authorized period, or material breach of the budget. Defaults may be raised by notice and court hearing. A final hearing is scheduled for December 8. About DM Electrical and Construction LLC DM Electrical and Construction, LLC, formed on June 30, 2014, operates an electrical contracting business primarily focused on commercial projects while also providing residential electrical services. The Company's operations include new construction work under general contractors, maintenance contracts, residential generator and battery system installations, and whole-home electrical services across Texas. Its electricians are licensed by the Texas Department of Licensing and Regulation, and the company emphasizes safety, quality, and customer-focused project completion. DM Electrical and Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36621) on November 3, 2025, listing between $1 million and $10 million in assets and liabilities. Tom Howley, Esq., at Howley Law, PLLC serves as Subchapter V trustee. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC is the Debtor's bankruptcy counsel. DOUBLESHOT HOLDINGS: Unsecureds to Split $10K over 5 Years ---------------------------------------------------------- Doubleshot Holdings, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated November 14, 2025. The Debtor is a limited Liability Company which rents equipment for events in the Sarasota area. This Plan proposes to pay creditors of the Debtor from future earnings. This Plan provides for 2 classes of secured claims and 1 class of general unsecured claims. Unsecured creditors holding allowed claims will receive a pro rata distribution of the Debtor's projected net disposable income payable over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 3 consists of general allowable unsecured claims. This would Claim No. 2-2 by Servis First Bank in the amount of $47,599, as well as the balance of Claim No. 2-1, and Claim 1-1 by Ford Motor Credit Company LLC This class will be paid pro rata through a plan pool in the amount of $10,000 over five years in monthly payments of $167. This Class is impaired. Class 4 consists of Equity Security Holders of the Debtor. The Debtor will retain its equity in the property of the bankruptcy estate postconfirmation. The Debtor shall fund the Plan through its continued business operations. The Debtor expects increased revenue through the implementation of new business procedures and cost-saving initiatives. A full-text copy of the Plan of Reorganization dated November 14, 2025 is available at https://urlcurt.com/u?l=0KsPkp from PacerMonitor.com at no charge. Counsel to the Debtor: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 (813) 221-3759 [Telephone] (813) 221-3198 [Facsimile] Email: sdammer@bbdglaw.com About Doubleshot Holdings Doubleshot Holdings, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04915) on July 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Mark Krajcir, managing member of Doubleshot Holdings, signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace, is the Debtor's legal counsel. Servis First Bank, as lender, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. ' 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 LFernandez@trenam.com DOUGLAS HOLDINGS: Monroe Marks $309,000 Secured Loan at 40% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $309,000 loan extended to Douglas Holdings, Inc. to market at $154,000 or 60% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Delayed Draw Loan to Douglas Holdings, Inc. The loan accrues interest at a rate of 9.75% Cash/ 0.38% PIK per annum. The loan matures on August 27, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Douglas Holdings, Inc. Douglas Holding was a German retail group based in Düsseldorf which included subsidiaries perfumery chain Douglas GmbH, confectionery chain Hussel, bookstore chain Thalia Buchhandel and women's fashion store chain AppelrathCüpper. DOUGLAS HOLDINGS: Monroe Marks $543,000 Secured Loan at 88% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $543,000 loan extended to Douglas Holdings, Inc. to market at $65,000 or 12% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Delayed Draw Loan to Douglas Holdings, Inc. The loan accrues interest at a rate of 9.75% Cash/ 0.38% PIK per annum. The loan matures on August 27, 2030. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Douglas Holdings, Inc. Douglas Holding was a German retail group based in Düsseldorf which included subsidiaries perfumery chain Douglas GmbH, confectionery chain Hussel, bookstore chain Thalia Buchhandel and women's fashion store chain AppelrathCüpper. E F REALTY: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: E F Realty Management LLC 550 Route 111 Hauppauge, NY 11788 Business Description: E F Realty Management LLC, a single-asset real estate company, leases the property located at 550 Route 111 in Hauppauge, NY 11788, which has an estimated value of $1.29 million. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-74468 Judge: Hon. Louis A Scarcella Debtor's Counsel: Mark E. Cohen, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-0382 Email: mcohen@bfslawfirm.com Total Assets: $1,290,005 Total Liabilities: $1,539,932 The petition was signed by Eugene Fernandez as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FKKRQ7A/E_F_Realty_Management_LLC__nyebke-25-74468__0001.0.pdf?mcid=tGE4TAMA E F REALTY: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On November 19, 2025, E F Realty Management LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About E F Realty Management LLC E F Realty Management LLC is a limited liability company. E F REALTY MANAGEMENT LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74468) on November 19, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Mark E. Cohen, Esq. of BFSNG Law Group LLP. ECOVYST CATALYST: Moody's Affirms 'B1' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Ecovyst Catalyst Technologies LLC's ("Ecovyst") B1 Corporate Family Rating and B1-PD Probability of Default Rating. Moody's also affirmed the B1 rating on the senior secured first lien term loan B and the Speculative Grade Liquidity Rating (SGL) is maintained at SGL-2. The outlook remains stable. RATINGS RATIONALE Ecovyst's B1 CFR reflects its leading market positions in sulfuric acid regeneration services and virgin sulfuric acid production in North America, which enjoys good revenue and earnings visibility because of the long-term customers commitment and cost pass-through mechanisms in the majority of its contracts. The relatively stable performance, high EBITDA margins and good free cash flows support the credit profile. While the planned sale of Advanced Materials & Catalyst segment, accounting for about 25% of revenue and company's adjusted EBITDA in 2024, will modestly reduce Ecovyst's business scale and portfolio diversity, Ecovyst will deploy the majority of the cash proceeds to reduce their long-term debt leading to a strengthened financial profile. Moody's expects Ecovyst's long-term leverage target of net debt/adjusted EBITDA of between 2.0-2.5x based on its own calculation will help the company to maintain a capital structure supportive of the ratings. Ecovyst's credit profile is constrained by its small scale, limited business and geographic diversity, and the exposure to some economically sensitive end markets, both directly and indirectly through its customers, including refining, mining, industrials, autos and construction. Ecovyst announced its definitive agreement to sell the AM&C business in September 2025 and further reported its Q3 2025 results in Oct 2025. The divesture of AM&C is expected to close in Q1 2026 and will generate net proceeds of about $530 million, of which Ecovyst will deploy $450 million to $500 million for its term loan repayment. Proforma for the transaction, Moody's estimates that Ecovyst's leverage, as measured by Moody's adjusted debt/EBITDA, will significantly improve, falling to mid 2.0x from low 4.0x before the transaction. While Moody's expects Ecovyst's business performance will remain stable with modestly higher EBITDA driven mainly by the contribution from acquired business and the impact of less customer turnarounds, the ratings incorporate Moody's expectations that Ecovyst's leverage will increase from such low level but will remain solid at low to mid 3.0x in the next 12 to 18 months, as the company focuses its capital allocations on CapEx spending for organic growth initiatives, bolt-on acquisitions, and share repurchases, for which it has about $200 million remaining capacity under the share repurchase program as of end Q3 2025. Ecovyst's SGL-2 Speculative Grade Liquidity rating (SGL) reflects its good liquidity. As of September 30, 2025, Ecovyst had about $99 million of cash on the balance sheet and no borrowing under its $100 million revolving ABL facility. The ABL has a springing financial maintenance covenant - the only financial maintenance covenant - which Moody's don't expect the company to trigger over the next 12 months. The term loan does not contain financial covenants. The B1 rating on the company's senior secured term loan is in line with the CFR, reflecting the preponderance of the debt in its capital structure, despite its effective subordination to the $100 million ABL facility. Moody's rank the revolver ahead of the term loan in Moody's Loss-Given Default framework based on its access to more liquid collateral in a default scenario compared to the Term Loan. The ABL has a first priority lien on current assets and a second priority lien on fixed assets. The Term Loan has a first priority lien on fixed assets and a second priority lien on current assets. The stable outlook reflects Moody's expectations that Ecovyst will maintain stable business performance and its capital allocations for growth CapEx, bolt-on acquisitions, and share buyback will be conducted consistent with its long term leverage target so the company's credit metrics will remain appropriate for its rating over the next 12~18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if Ecovyst continues to enhance its business scale and diversity while adhering to prudent financial policy. Moody's would need to see revenue growth towards $1 billion and increased business diversity before considering an upgrade. Credit metrics indicative of upgrade pressure includes its adjusted financial leverage below 4.0x and its retained cash flow-to-debt above 15%, both on sustained basis. Moody's could downgrade the rating if Ecovyst's business and financial performance deteriorate or it adopts aggressive financial policy including a large debt-financed acquisition or shareholder returns. Credit metrics indicative of downgrade pressure include adjusted financial leverage above 5.0x, negative free cash flow, or retained cash flow-to-debt below 10%, all on sustained basis. ESG CONSIDERATIONS Environmental, social, and governance factors are important factors influencing Ecovyst's credit quality, but not driver of the actions. Ecovyst's (CIS-4) score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. Ecovyst's environmental risks reflects its manufacturing facilities around the Gulf Coast area and the waste and pollution impacts from its chemical productions, mitigated by the company's products and services in improving fuel efficiency and supporting sustainability solutions for its customers. Its governance risks mainly stem from its financial policy historically in favor of shareholder returns than creditors. ISSUER PROFILE Headquartered in Wayne, PA, Ecovyst, is a leading provider of virgin sulfuric acid and sulfuric acid regeneration services, as well as advanced materials and specialty catalysts. The company operates in two segments: Ecoservices and Advanced Materials and Catalyst (AM&C), which includes the Zeolyst Joint Venture. The company has reached agreement to sell its AM&C business which is expected to close in Q1 2026. Proforma for the AM&C's divesture, Ecovyst generated annual revenue of about $700 million. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ELETSON HOLDINGS: Judge Boosts Sanctions in Affiliate Ownership Row ------------------------------------------------------------------- Rick Archer of Law360 reports that a New York bankruptcy court has increased daily sanctions to $5,000 against three Cypriot companies linked to the former owners of Eletson Holdings Inc. The penalties come after the entities failed to comply with previous orders to reverse changes they made to the board of an Eletson affiliate. The court identified Apargo Ltd., Desimusco Trading Ltd., and Fentalon Ltd. as responsible for the continued noncompliance. By raising the fines, the judge signaled that deliberate disregard of court orders in the Chapter 11 case would carry escalating financial consequences. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ELETSON HOLDINGS: Wins Bid for Sanctions in Arbitration Dispute --------------------------------------------------------------- The Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York granted the joint motion of Eletson Holdings Inc. and Levona Holdings Ltd. for sanctions against Apargo Limited, Desimusco Trading Limited, and Fentalon Limited -- three "Cypriot Nominees" -- as well as against Vassilis Kertsikoff and Laskarina Karastamati. In July 2022, Holdings and Eletson Corporation filed an arbitration against Levona to resolve a dispute over the ownership of the preferred shares in Eletson Gas, LLC, and thereby the control over Gas's decision making and assets. In March 2023, while the arbitration was pending, certain creditors filed involuntary Chapter 7 bankruptcy petitions against the Debtors in this Court. On April 17, 2023, the Court entered a stay relief order. The Stay Relief Order explicitly stated that "no Arbitration Party shall transfer, dispose of, transact in, hypothecate, encumber, impair or otherwise use any such Arbitration Award or any asset or property related thereto absent a further order of this Court" In September 2023, the arbitrator issued a Final Award, finding, inter alia, that the preferred shares had been transferred to the Cypriot Nominees by Levona, after Gas in March 2022 had exercised its right to a buyout option by transferring its ownership shares in two ships to Levona. On February 26, 2024, the Cypriot Nominees took certain actions to enforce the arbitration award, despite failing to obtain any further relief or order from the Court: 1) they authorized Gas to record the Cypriot Nominees' purported ownership of the preferred shares, based on the arbitration award, in Gas's share registry; 2) they removed the then-current board members who had been appointed by Levona, and appointed new directors, again based on the same ownership claim; and 3) the newly-constituted board executed a written consent authorizing any action to enforce the arbitration award. On August 1, 2025, the Court found the Cypriot Nominees in contempt of the Stay Relief Order because of the February 26 Corporate Actions. The Court ordered the Cypriot Nominees "within five (5) business days to rescind their changes to the share registry and to the board of directors of Eletson Gas LLC." The Court further ordered that "if the Cypriot Nominees do not comply within five business days of entry of this Order, the Court will impose coercive monetary sanctions in the amount of $1,000 per day per party against the Cypriot Nominees until compliance with this Order has been effectuated." On September 8, 2025, Holdings and Levona filed the Motion, which seeks to increase the sanctions against the Cypriot Nominees to $5,000 per day, to sanction Kertsikoff and Karastamati at $1,000 per day, and to enjoin the Alleged Violating Parties from exercising control over Gas. They argue that the Alleged Violating Parties have failed to comply with the Court's August Contempt Opinion and Order. They contend that Kertsikoff and Karastamati as related parties acting in concert with the Cypriot Nominees are bound by the August Contempt Opinion and Order. The Court agrees with Movants that the Cypriot Nominees have failed to rescind the changes to the share registry and to the board of directors of Gas as effectuated by the February 26 Corporate Actions, and thus that the Cypriot Nominees' compliance with the August Contempt Opinion and Order has not been effectuated. The Court now concludes that compliance has not been effectuated, and, to the extent necessary, that the proof of noncompliance is clear and convincing, and that the Cypriot Nominees have not diligently attempted to comply in a reasonable manner. Accordingly, the Motion is granted as to the Cypriot Nominees. As an initial matter, neither Kertsikoff nor Karastamati have responded to the Motion, and the Court can thus grant the Motion by default. The Court entered an Order as follows: 1. The Cypriot Nominees (Desimusco Trading Co., Apargo Ltd., and Fentalon Ltd.) are found to continue to be in contempt for violating the Stay Relief Order, and they are found to be in contempt, to the extent such a finding is necessary, of the August Contempt Opinion and Order. 2. The Cypriot Nominees are sanctioned at $1,000 per party per day, running from the period of August 8th, 2025, to the date of the entry of this Memorandum Opinion and Order, and $5,000 per party per day commencing on the date of the entry of this Memorandum Opinion and Order. 3. Vassilis Kertsikoff and Laskarina Karastamati are found in contempt for violating the Stay Relief Order and the August Contempt Opinion and Order. 4. Vassilis Kertsikoff and Laskarina Karastamati are sanctioned at $1,000 per party per day, commencing on the date of the entry of this Memorandum Opinion and Order. A copy of the Court's Memorandum Opinion and Order dated November 19, 2025, is available at https://urlcurt.com/u?l=hZ9Q2i from PacerMonitor.com. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. EMORY INDUSTRIAL: Hires Rochelle McCullough as General Counsel -------------------------------------------------------------- Emory Industrial Services 1, Inc. and its affilaites seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Rochelle McCullough, LLP as counsel. The firm's services include: (a) advise the Debtors with respect to their rights, powers and duties in the continued operation and management of their business; (b) advise the Debtors concerning, and assist in the negotiation and documentation of, agreements, debt restructuring, and related transactions; (c) monitor transactions proposed by the parties in interest during the course of this case and advise the Debtors regarding the same; (d) review the nature and validity of liens asserted against the property of the Debtors and advise them concerning the enforceability of such liens; (e) advise the Debtors concerning the actions that might be taken to collect and to recover property for the benefit of their estate; (f) review and monitor the Debtors' ongoing business; (g) prepare on behalf of the Debtors all necessary and appropriate legal documents, and review all financial and other reports to be filed in these Chapter 11 cases; (h) advise the Debtors concerning, and prepare responses to, legal papers that may be filed and served in these Chapter 11 cases; (j) advise the Debtors in connection with any suggested or proposed plan(s) of reorganization; (k) counsel the Debtors in connection with the formulation, negotiation and promulgation of a plan of reorganization; and (l) perform all other legal services for and on behalf of the Debtors that may be necessary or appropriate in the administration of these Chapter 11 cases. The firm will be paid at these hourly rates: Partners $550 - $900 Associates $350 - $450 Paraprofessionals $225 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer $58,690 from the Debtors. Joseph Postnikoff, a partner at Rochelle McCullough, 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 F. Postnikoff Rochelle McCullough, LLP 300 Throckmorton, Suite 520 Fort Worth, TX 76102 Telephone: (817) 347-5260 Facsimile: (817) 347-5269 Email: jpostnikoff@romclaw.com About Emory Industrial Services 1 Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. EMPIRE TRIMODAL: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Empire Trimodal Terminal, LLC 1400 Main Street Follansbee, WV 26037 Business Description: Empire Trimodal Terminal, LLC operates an inland multi-modal port facility in Follansbee, West Virginia, providing barge, rail, and truck logistics services. The Company manages bulk and breakbulk cargo, container storage, liquid transfer and storage, and associated warehousing and laydown yards. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Northern District of West Virginia Case No.: 25-00668 Judge: Hon. David L Bissett Debtor's Counsel: Ryan W. Johnson, Esq. JOHNSON LEGAL SERVICES, PLLC 1049 Market Street Wheeling, WV 26003 Tel: (304) 212-4950x102 Email: ryanjohnson@johnsonlegalservicespllc.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Frank J. Rosso as CEO. 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/3FZVQSA/Empire_Trimodal_Terminal_LLC__wvnbke-25-00668__0001.0.pdf?mcid=tGE4TAMA ENCOMPASS HEALTH: Moody's Alters Outlook on 'Ba2' CFR to Positive ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of Encompass Health Corp. ("Encompass"), including the Ba2 Corporate Family Rating and the Ba2-PD Probability of Default Rating. At the same time, Moody's also affirmed the Ba2 ratings on the senior unsecured debt and the Baa3 rating on the first lien senior secured revolving credit facility. There was no change to the Speculative Grade Liquidity Rating ("SGL") of SGL-1. Moody's also revised the outlook to positive from stable. The change of the outlook to positive reflects Encompass' sustained deleveraging driven by continued strong mid-to-high single-digit revenue growth and solid operating performance. Further, Moody's anticipates that EBITDA margin will improve from an increase in Medicare reimbursement rates for inpatient rehabilitation facilities (IRFs). Moody's expects that the company will continue to operate with moderate leverage as Encompass will continue to invest in growth with new hospitals and capacity expansion at existing facilities. The affirmation of the Encompass' ratings, including the Ba2 CFR, reflects the company's strong organic growth, moderate financial leverage and a financial policy that balances growth objectives with debtholder interests. Moody's expects that the company will maintain debt/EBITDA around 2.0 times. Encompass will maintain solid credit metrics but will also remain highly reliant on Medicare and vulnerable to potential reimbursement changes. RATINGS RATIONALE Encompass' Ba2 CFR is constrained by the company's reliance on Medicare and its vulnerability to potential reimbursement changes. Moody's anticipates margins will improve from an increase in reimbursement rates from Medicare. CMS Medicare reimbursement rates for 2026 will increase 2.6% for inpatient rehabilitation services, which will aid in margin expansion. Encompass' credit profile benefits from the company's considerable scale and good geographic diversification with beds in 39 states and Puerto Rico. Longer term, favorable demographics with the growing aging population will support strong organic growth. Moody's anticipates that earnings growth over the next 12-18 months will come from tuck-in acquisitions and the expansion of existing facilities. Encompass also benefits from solid free cash flow generation and moderate leverage. The Speculative Grade Liquidity rating of SGL-1 reflects Moody's expectations that Encompass will maintain very good liquidity over the next 12-18 months. Encompass had $49 million of cash and $127 million in borrowings and letters of credit under its $1 billion revolving credit facility, with about $873 million available as of September 30, 2025. The company has no near-term maturities before the revolver due in 2027. Moody's forecasts Encompass will generate roughly $1 billion in cash flow from operations in 2025, and roughly $75 million in free cash flow after investments in new facilities and expansions. The $1 billion revolving credit facility has a maximum leverage covenant of 4.5 times and minimum interest coverage covenant of 3.0 times. Moody's expects sufficient headroom under the covenants and do not anticipate that the financial covenants will limit revolver availability. The credit facility is secured by a first priority lien on substantially all of the company's assets, excluding real property, leaving limited ability to bolster liquidity with asset sales. The Baa3 rating on the first lien senior secured credit facility, two notches above the Ba2 CFR, reflects the loss absorption provided by the senior unsecured debt. The Ba2 rating on the senior unsecured notes is equal to that of the CFR as the senior unsecured notes represent the preponderance of debt in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA is sustained around 2.0 times while liquidity remains very good. Greater levels of business diversity or increased visibility into prolonged stability of Medicare reimbursement could also support an upgrade. The ratings could be downgraded if operating performance weakens or if liquidity declines, or if Moody's expects adverse developments in Medicare reimbursement for IRFs. Specifically, a downgrade could occur if Encompass is expected to sustain debt/EBITDA above 3.0 times. Headquartered in Birmingham, Alabama, Encompass Health Corp. is the largest operator of inpatient rehabilitation facilities (IRFs) including 170 hospitals in 39 states and Puerto Rico. Revenues are approximately $5.8 billion as of September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The actual rating assigned is three notches below the scorecard indicated rating given the company's reliance on Medicare and its vulnerability to potential reimbursement changes. EXCELL COMMUNICATIONS: Plan Exclusivity Extended to Jan. 22, 2026 ----------------------------------------------------------------- Judge Louis A. Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York extended Excell Communications, Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 22, 2026 and March 23, 2026, respectively. As shared by Troubled Company Reporter, the Debtors believe that the proposed DIP Facility will facilitate the negotiation and formulation of a feasible plan of reorganization. The milestones set forth in the DIP Loan Documents ensure that the Debtors will proceed in a reasonable and diligent manner. The Debtors explain that the DIP Loan and Security Agreement already has been shared with Creditors Committee counsel. The Debtors expect to file the DIP Loan Motion to be heard on October 23, 2025. Accordingly, given the complexity of the issues presented in this case, the Debtors have demonstrated good faith progress towards reorganization and reasonable prospects for filing a viable Plan. The Debtors remain current with their post-Petition Date obligations as they come due. The Debtors submit that cause exists to grant the proposed further extension of the Exclusivity Period. The Debtors believe that it is essential and therefore beneficial to the estates and their creditors that the Debtors be afforded the time necessary in an environment where the Debtors are not distracted with the concomitant threat of competing plans, unproductive confrontations and the increasing administrative costs associated therewith. Counsel to the Debtors: Michael Amato, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 E-mail: mamato@forchellilaw.com About Excell Communications Excell Communications, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. Judge Louis A Scarcella presides over the case. Michael S Amato, at Ruskin Moscou Faltisckek PC, is the Debtor's counsel. FIT & THRIVE: Gets OK to Use Cash Collateral -------------------------------------------- Fit & Thrive, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Illinois to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral strictly for essential and immediate operating expenses, including major items such as rent ($3,400), payroll ($11,000), payroll taxes ($3,000), utilities ($3,300), insurance ($750), Clean Eatz franchise fee ($4,000), and taxes owed to Edwardsville ($700) and the State of Illinois ($5,500). Additional permitted expenses include payments to key supplier U.S. Foods ($25,000), dry goods ($1,000), wholesale drinks ($600), branded corporate items ($2,000), office supplies ($500), credit card processing fees ($1,800), cafeteria plan expenses ($1,000), health insurance ($826), and the owner's salary ($4,000). These expenditures are deemed necessary to maintain ongoing operations. The order is available at https://is.gd/1R8H1t from PacerMonitor.com. About Fit & Thrive Inc. Fit & Thrive, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30752) on September 30, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Sara Sanderson, president of Fit & Thrive, signed the petition. Judge Mary E. Lopinot oversees the case. J. D. Graham, Esq., at J. D. Graham, PC, represents the Debtor as legal counsel. FLIGHT 509: Case Summary & 15 Unsecured Creditors ------------------------------------------------- Debtor: Flight 509 LLC 10502 E. Montgomery Dr. Spokane, WA 99206-4273 Business Description: Flight 509 LLC, based in Spokane Valley, Washington, operates a family entertainment center featuring mini-bowling, laser tag, ropes and ninja warrior courses, bumper cars, arcade games, and a large soft play structure. The facility provides recreational and event services for families and children and includes ADA-compliant features and sensory-friendly accommodations. Flight 509 LLC serves the Spokane Valley area, offering indoor entertainment and leisure activities. Chapter 11 Petition Date: November 20, 2025 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 25-02024 Judge: Hon. Frederick P Corbit Debtor's Counsel: Amy Wilburn, Esq. LAW OFFICE OF AMY WILBURN, PLLC PO Box 112350 Tacoma WA 98411 Phone: (253) 617-4380 Email: amy@amywilburnlaw.com Total Assets: $779,586 Total Debts: $5,921,347 The petition was signed by Timothy Homer as owner. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R4JPIAA/Flight_509_LLC__waebke-25-02024__0001.0.pdf?mcid=tGE4TAMA FLOWER APARTMENTS: Court OKs Deal to Terminate Cash Collateral Use ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation terminating Flower Apartments, LLC's authority to use the cash collateral of U.S. Bank National Association. U.S. Bank is the secured lender holding a $3.455 million loan originated in 2017. U.S. Bank and the Debtor agreed to terminate the use of cash collateral after the latter defaulted on their initial agreement dated October 1. The Debtor, however, may still use cash collateral on a limited basis to make adequate protection payments of $15,000 per month; pay property insurance and utilities up to $4,950 per month; and hire a certified public accountant to conduct an independent audit. The stipulation requires the Debtor to deliver missing and corrected financial reports and complete the audit and provide the final audit report to U.S. Bank by February 13, 2026. Any failure to complete the audit or deliver reports is treated as another default. U.S. Bank explicitly reserves its rights to object to future cash-collateral requests, demand additional protections, and seek relief from the automatic stay to enforce its state-law remedies if needed. The stipulation is available at https://is.gd/XKbfQu from PacerMonitor.com. Flower Apartments had previously been allowed to use U.S. Bank's cash collateral on an interim basis, but only if it complied with detailed monthly financial reporting requirements including rent rolls, income statements, balance sheets, bank statements, aged payables, invoices, and receipts/disbursement reports. The Debtor failed to provide the complete set of reports for the period of July 7 through September 30, missing in particular the September receipts/disbursement report. U.S. Bank issued a default notice on October 20. Days later, the Debtor's counsel admitted that internal financial reporting problems were discovered, requiring reconciliation and delaying production. The Debtor further confirmed it had stopped using cash collateral on October 24. The Debtor, whose sole asset is a 36-unit apartment building in Los Angeles, filed for bankruptcy on July 7. About Flower Apartments LLC Flower Apartments, LLC is a Los Angeles-based real estate company that appears to own or operate an apartment property located at 1420 S. Flower Street in downtown Los Angeles. Flower Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15724) on July 7, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Judge Julia W. Brand handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law, LLP. U.S. Bank, N.A., as secured lender, is represented by Randye B. Soref, Esq. at Tanya Behnam, Esq. FORMAN MILLS: Monroe Capital Marks $1.3MM Secured Loan at 22% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $1,308,000 loan extended to Forman Mills, Inc. to market at $1,021,000 or 78% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Forman Mills, Inc. The loan accrues interest at a rate of 5.00% PIK per annum. The loan matures on June 20, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Forman Mills, Inc. Forman Mills, Inc. is a retail chain and department store based in Pennsauken, New Jersey, with 44 stores. FRATELLO'S HOLDINGS: Case Summary & Two Unsecured Creditors ----------------------------------------------------------- Debtor: Fratello's Holdings, LLC 41 River Street Troy, NY 12180 Business Description: Fratello's Holdings, LLC is a real estate lessor that owns three commercial properties in Troy, New York, including a parking lot and commercial bakery at 518–520 Congress Street and a defunct commercial bakery at 41 River Street. Chapter 11 Petition Date: November 20, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-11385 Judge: Hon. Patrick G Radel Debtor's Counsel: Michael Boyle, Esq. BOYLE LEGAL LLC 64 2nd Street Troy, NY 12180 Tel: 518-407-3121 Fax: 518-516-5075 Email: mike@boylebankruptcy.com Total Assets: $990,003 Total Liabilities: $2,340,398 The petition was signed by Christopher M. Alberino as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4KFPCEA/Fratellos_Holdings_LLC__nynbke-25-11385__0001.0.pdf?mcid=tGE4TAMA FRATELLO'S HOLDINGS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------ On November 20, 2025, Fratello's Holdings LLC filed Chapter 11 protection in the Northern District of New York. According to court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1-49 creditors. About Fratello's Holdings LLC Fratello's Holdings LLC is a single asset real estate company. Fratello's Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11385) on November 20, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Michael Leo Boyle, Esq. of Boyle Legal, LLC. FRONTLINE MACHINING: To Sell DMG Mori to Protech for $120K ---------------------------------------------------------- Frontline Machining LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to sell DMG Mori Equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor's Equipment is the DMG Mori NLX 4000AY/1500 CNC Turning Center, Serial Number NL403150712 The Debtor receives an offer to purchase the DMG Mori from Protech for $120,000 subject to overbid. The Debtor believes that the sale price of $120,000 represents the fair market value for the DMG Mori. The Debtor's principal, Charles Jones reviewed comparable sales of the equipment. Based on the results of his analysis and offers received for the machine, Mr. Jones determined that $120,000 is fair market value for the Equipment. The Debtor proposes to sell the DMG Mori to Protec and executes a Purchase Agreement. The Buyer acknowledges that it is buying the DMR Mori "as is" and "where is" without warranties of any kind, express or implied, being given by the Debtor, its agents concerning the Properties' condition. The Buyer is aware the Offer is contingent upon Bankruptcy Court Approval. To obtain the highest and best offer for the benefit of the estate's creditors, the debtor proposes that the offer be subject to overbid. Notice is being provided of the opportunity for overbidding to all interested parties. The initial overbid must exceed the original Offer by a minimum of $5000/ Each subsequent bid must then be in increments of at least $2,500. Each bind must be all cash, non-contingent, and on the same terms and conditions, other than price, as those proposed in the Offer. Each bidder must match all terms and conditions of the original bid. Thus, an earnest money deposit of at least $10,000 must be made. Should a bidder fail to qualify for financing or timely close escrow, the $10,000 deposit is non-refundable. The proceeds from the sale of the DMG Mori will be used to pay down the liens of Global Financing and the U.S. Small Business Administration. Protech participated in the negotiation of the Purchase Agreement. Protech is not an insider, in that it is not a general partner of the Debtor and its principals are not related to the Debtor's principal, nor is the Debtor or its principal its partner, director, officer, or person in control of it. There is no relationship between the Debtor and Protech, and Protech is not an insider of the Debtor or its principals. The proposed sale is an arms-length transaction and is in good faith. About Frontline Machining Frontline Machining, LLC is a machine shop located in Riverside, Calif., specializing in difficult materials and complex parts in the space, medical, and defense industries. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-14710) on Oct. 11, 2023, with $111,500 in assets and $2,599,063 in liabilities. Caroline Djang, Esq., at Buchalter Law Firm, is the Subchapter V trustee. Judge Magdalena Reyes Bordeaux oversees the case. Andrew Bisom, Esq., at The Bisom Law Group represents the Debtor as bankruptcy counsel. FTAI AVIATION: Moody's Alters Outlook on 'Ba2' CFR to Positive -------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 corporate family rating of FTAI Aviation Ltd. (FTAI Aviation). Moody's have also affirmed the Ba2 ratings of the existing senior unsecured notes and the B1 (hyb) preferred stock rating of FTAI Aviation's subsidiary, Fortress Transportation and Infrastructure Investors LLC. Moody's have revised the outlook on both entities to positive from stable. RATINGS RATIONALE The positive outlook reflects FTAI Aviation's improved operating performance, its transition to a capital-light business model, and its enhanced liquidity driven by the launch of the Strategic Capital Initiative (SCI) vehicle. The outlook change also incorporates Moody's expectations that the company will continue to benefit from robust demand for CFM56 engines, which power widely utilized Airbus and Boeing narrow-body aircraft globally. Earlier this year, the company established the SCI, a dedicated funding vehicle expected to deploy approximately $6 billion in capital, funded by Deutsche Bank, Apollo, and other investors. The SCI will finance the acquisition of on-lease aircraft, with FTAI Aviation managing these assets on behalf of the vehicle. FTAI will hold a 19.0% equity stake in the vehicle and earn management and incentive fees for overseeing its assets. In addition, FTAI Aviation will provide engine exchange services for the SCI-owned engines. With the creation of this vehicle, FTAI's strategy will further shift toward repairing assets and executing outright sales, rather than focusing solely on leasing. Moody's expects that this strategic shift, accelerated by the establishment of the SCI, will improve the company's free cash flow generation by reducing reliance on opportunistic asset purchases. FTAI Aviation will also earn substantial management and incentive fees from managing the SCI's assets. The company projects free cash flow to be approximately $1 billion in 2026. Liquidity is also supported by full availability of the $400 million revolving credit facility maturing in May 2027. FTAI Aviation's Ba2 CFR reflects the company's highly profitable aerospace products and aircraft leasing businesses, benefiting from the strong operating environment driven by the new aircraft supply shortage and prolonged challenges with the engines powering new aircraft. The company's aerospace products business has substantially expanded and generated approximately $480 million in year-to-date 30 September, 2025 EBITDA (compared to approximately $260 million for the same period last year), representing 52% of consolidated EBITDA. FTAI Aviation's engine lease earnings have also improved, partially attributable to the sale of engines. The company continues to invest in popular CFM56 aircraft engines that power widely used Airbus and Boeing narrow-body aircraft globally and now has approximately 180 V2500 engines. As a result, debt-to-EBITDA leverage as of September 30, 2025 improved to 3.1x from 3.7x one year ago. FTAI Aviation has also expanded its servicing capabilities by acquiring MRO facilities and launching joint ventures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FTAI Aviation's ratings could be upgraded if the company maintains 1) better-than-peer profitability, 2) debt-to-EBITDA leverage below 4.0x, 3) strong liquidity, and 4) demonstrates effective balancing of shareholder and creditor interests in its financial policy decisions as the company shifts its business to a capital-light model. The ratings could be downgraded if 1) the company's operating results deteriorate, 2) debt-to-EBITDA leverage is sustained above 5.0x, 3) its liquidity profile weakens, or 4) the company loses a material customer or suffers a business disruption that weakens its financial prospects. FTAI Aviation Ltd. is primarily an aviation leasing and aerospace products company with total assets of $4.2 billion as of September 30, 2025. FTAI Aviation is internally managed effective May 28, 2024; they were previously externally managed by affiliates of Fortress Investment Group LLC. The principal methodology used in these ratings was Finance Companies published in July 2024. FTAI Aviation Ltd.'s "Assigned Standalone Assessment" adjusted score of ba2 is set two notches above the "Financial Profile" score of B1 to reflect Moody's expectations of sustained improvement in operating performance and better liquidity resulting from the establishment of the SCI. FTAI AVIATION: S&P Upgrades ICR to 'BB', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised the issuer credit rating on FTAI Aviation Ltd. and the issue-level rating on its unsecured debt to 'BB' from 'B+'. The stable outlook reflects S&P's expectation that FTAI's debt to EBITDA will be near 3x while its funds from operations (FFO) to debt is near 25% throughout our forecast as demand for MRE services increases. The upgrade reflects the growth in FTAI's Aerospace Products segment and the resulting improvement in credit ratios. S&P expects the company's revenue will grow to $2.6 billion in 2025 and over $3 billion by 2027 (from less than $1.2 billion in 2023) due to growth in FTAI's MRE business. Despite less emphasis on the higher-margin leasing business, the company is still operating with substantial EBITDA margins. S&P expects it will maintain S&P Global Ratings-adjusted EBITDA margins above 40% throughout our forecast. Debt has increased more slowly, in part due to reduced emphasis on leasing and moderation of capital expenditure (capex). This increased scale and strong profitability result in debt to EBITDA near 3x and funds from operations (FFO) to debt of 22%-26% in 2025 before improving annually thereafter. FTAI is well-positioned to capitalize on strong market conditions. Air travel demand has been strong, and new aircraft supply remains below demand due to continued issues at suppliers, resulting in aging aircraft fleets and a shortage of engines. These factors all make FTAI's MRE business more attractive as aircraft owners seek cost-efficient engine repairs. FTAI is an attractive option for MRE work as it offers engine and module exchanges for aircraft parts using its own stock of refurbished engines and modules, which speeds the process of repairs relative to other providers. Recently, FTAI made some acquisitions to grow the MRE business. The company acquired QuickTurn in December 2023 and Lockheed Martin Commercial Engine Solutions in September 2024, which expanded its capacity for CFM56 engine repairs. The company also acquired a maintenance facility in Rome to expand the company's capacity and geographic footprint. Furthermore, through its joint venture with Chromalloy, FTAI received approval from the Federal Aviation Administration on some Parts Manufacturer Approval (PMA) parts on the hot section of the CFM56 engine and expects to receive approval on more. Using PMA parts can be a more cost-effective solution for customers, so offering them is a key differentiator. FTAI also recently announced a strategic partnership with Palantir to use an AI platform to improve the efficiency of its MRE business by improving scheduling and inventory optimization. FTAI's leasing business remains a source of earnings, despite the decreased emphasis. The company also owns and leases aircraft, which generates leasing income as well as a pipeline for its engine repair business. In December 2024, FTAI announced a strategic capital initiative (SCI) which is being used to acquire on-lease aircraft. The company owns a 19% minority interest in SCI, and the vehicle will allow for deployment of more than $6 billion for the acquisition of aircraft. FTAI already allocated $3.5 billion for 190 aircraft with deals either closed or under a letter of intent. In 2024, aviation leasing represented more than half of FTAI's EBITDA. S&P expects that will decline to about 44% in 2025 and below 30% in 2026. While it's a smaller part of the business now and expected to shrink further going forward, it carries very high margins and is a source of cash. The company's deployment of excess cash will be a key ratings factor. S&P said, "We expect the company to generate significant cash, in excess of what it will likely hold on its balance sheet. The most likely uses of cash would be capex, acquisitions, and shareholder returns. While the company could pursue increased dividends or share repurchases, we think it's unlikely that the company will increase shareholder returns in such a manner as to weaken credit ratios. Opportunistic acquisitions are a possibility, though we already factor some M&A into our forecast on the assumption that FTAI would be interested in diversifying geographically. We view the most likely use of excess cash to be the eventual increase in capex when the company looks to invest in next-generation aircraft starting in 2028 or 2029." The stable outlook reflects S&P's expectation that FTAI will maintain improved credit metrics including debt to EBITDA near 3x and FFO to debt between 22%-26% in 2025 and improve gradually thereafter. S&P could lower the rating on FTAI if debt to EBITDA rises above 4x or FFO to debt declines below 20%. This could occur if: -- The company's earnings underperform our expectations because of the inability to continue to expand its MRE operations; or -- The company significantly increases its debt to finance organic growth, strategic investments or pay additional shareholder returns. S&P could raise its ratings on FTAI if debt to EBITDA improves to well below 3x and FFO to debt rises above 30%, and S&P expects ratios to remain at these levels. This could occur if: -- The Aerospace Products segment grows faster than expected; Margins expand beyond expectations as the company's new structure results in increased profitability; and -- The company avoids large debt-financed acquisitions or shareholder returns. FTX TRADING: Ex-SDNY Chief Denies Breaking FTX Plea Deal -------------------------------------------------------- Pete Bush of Law360 reports that Danielle Sassoon, who previously served as interim U.S. attorney in Manhattan, told a federal judge on November 20 that she never promised crypto lobbyist Michelle Bond a non-prosecution deal tied to plea negotiations with Bond’s husband, former FTX executive Ryan Salame. According to Sassoon, Bond did not receive any assurances of immunity or protection from potential charges. The statements were made as the court reviewed allegations that prosecutors had implicitly misled Bond during Salame's plea process. Government lawyers disputed those claims, insisting no promises were offered. Sassoon’s clarification further underscores the ongoing disputes surrounding the legal fallout from the collapse of FTX, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GLENWOOD GFB: Court OKs Interim Use of Cash Collateral ------------------------------------------------------ Glenwood GFB, LLC got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court granted the Debtor interim approval to use cash collateral through the final hearing in accordance with its budget, subject to a monthly variance of up to 10% per expense line item. To protect Offen Petroleum, LLC and other creditors with interest in the cash collateral, these creditors will be granted a replacement lien on the proceeds of all post-petition accounts and inventory of the Debtor. These replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens. In addition, Offen will receive a monthly payment of $40,000 as further protection, subject to disgorgement if no debt is ultimately found to be owed. The interim order is available at https://is.gd/mJbNl2 from PacerMonitor.com. The final hearing is set for December 16. The deadline for filing objections is on December 9. Glenwood GFB is wholly owned by Valley Fuel, Inc. and managed by Navkarit Singh. Certain creditors, including Offen Petroleum and John E. Jones Oil Co., have asserted pre-bankruptcy liens on the Debtor's assets, which may include cash collateral. Although pre-bankruptcy liens generally do not attach to post-petition property under 11 U.S.C. section 552(a), liens can extend to proceeds or profits of pre-bankruptcy property under section 552(b)(1), making some of the Debtor's future revenue potentially subject to these claims. About Glenwood GFB LLC Glenwood GFB, LLC operates a gas station on leased property at 1304 Grand Avenue, Glenwood Springs, Colorado. Glenwood GFB filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17389) on November 11, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson handles the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. GRACE LIMOUSINE: Hires Bernstein Shur Sawyer & Nelson as Counsel ---------------------------------------------------------------- Grace Limousine, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ the Bernstein, Shur, Sawyer & Nelson, PA as counsel. The firm's services include: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee; (b) advise the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bring such claims as the Debtor, in its business judgment, decides to pursue; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) conduct examinations of witnesses, claimants, or adverse parties, and represent the Debtor in any adversary proceeding; (e) review and analyze various claims of the Debtor's creditors and treatment of such claims and prepare, file, or prosecute any objections thereto or initiate appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) prepare and assist the Debtor with the preparation of reports, applications, pleadings, motions, and orders; (g) assist the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of its assets, as appropriate; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) perform any other services that may be appropriate in the firm's representation of the Debtor as general bankruptcy counsel in the case. The firm will be paid at these hourly rates: Matthew Delude, Shareholder $440 Adam Prescott, Shareholder $495 Kenneth Laughton, Associate $295 Laura Ufricht, Paraprofessional $225 Katherine Flynn, Paraprofessional $175 In addition, the firm will seek reimbursement for expenses incurred. Mr. Delude disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew J. Delude, Esq. Bernstein, Shur, Sawyer & Nelson, PA 670 N. Commercial Street, Suite 108 P.O. Box 1120 Manchester, NH 03105 Telephone: (603) 623-8700 Email: mdelude@bernsteinshur.com About Grace Limousine LLC Grace Limousine LLC is a limited liability company. 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., at Bernstein, Shur, Sawyer & Nelson, PA. GRACE ROYALS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Grace Royals, Inc. got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court granted the Debtor interim approval to use cash collateral through the final hearing in accordance with its budget, subject to fluctuation by no more than 10% for each expense line item per month. To protect Offen Petroleum, LLC and other creditors with interest in the cash collateral, these creditors will be granted a replacement lien on the proceeds of all post-petition accounts and inventory of the Debtor. These replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens. In addition, Offen will receive a monthly payment of $40,000 as further protection, subject to disgorgement if no debt is ultimately found to be owed. The interim order is available at https://is.gd/AlWfgG from PacerMonitor.com. The final hearing is set for December 16. Objections are due by December 9. Grace Royals is managed by Navkarit Singh and owned by Kulwant Kaur (51%) and Kulwinder Kaur (49%). Certain creditors, including Offen Petroleum and John E. Jones Oil Co., have pre-bankruptcy liens on the Debtor's assets, which may include cash collateral. These liens could extend to the Debtor's post-petition revenues, which are considered part of the estate's property. Offen is represented by: David M. Miller, Esq. Spencer Fane LLP 1700 Lincoln St., Suite 2000 Denver, CO 80203 Phone: (303) 839-3800 Fax: (303) 839-3838 dmiller@spencerfane.com About Grace Royals Inc. Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, is a Colorado-based company that operates convenience stores and gas stations at leased properties in Evans and Kersey, Colorado. It holds leasehold interests in these locations and conducts retail fuel and grocery sales to local customers. Grace Royals filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17391) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson presides over the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. GRMG REAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Iowa granted GRMG Real Estate LLP and DMB-GRMG Medical Building Investment, LLC interim authority to use cash collateral in accordance with their budget. Premier Bank, the secured lender, will be provided with adequate protection in the form of continued monthly loan payments; administrative expense claims under Section 507(b) for the lender's legal fees (subject to a review and objection process); and additional and replacement security interests in and liens on the "excess account" created under a prior cash management order. Premier Bank's claims and superpriority claims are subject and subordinate to a carveout for fees required to be paid to the Clerk of the Court and the U.S. Trustee; and all fees and expenses up to $10,000 incurred by a trustee under section 726(b) of the Bankruptcy Code. The interim order authorized the Debtor to establish a reserve for professional fees, funded weekly with $10,000 and not subject to Premier Bank's security interests. A final hearing on cash collateral is set for December 8, with objections due by December 4. The interim order is available at https://is.gd/taAFr9 from PacerMonitor.com. About GRMG Real Estate LLP GRMG Real Estate LLP and DMB-GRMG Medical Building Investment, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Lead Case No. 25-01234) on October 15, 2025. At the time of the filing, the Debtors had estimated assets of between $10 million and $50 million and liabilities of between $10 million and $50 million. Nyemaster Goode, P.C. is the Debtors' legal counsel. HA SUSTAINABLE: Fitch Rates New Jr. Subordinated Debt 'BB(EXP)' --------------------------------------------------------------- Fitch Ratings expects to assign a 'BB(EXP)' rating to HA Sustainable Infrastructure Capital, Inc.'s (HASI) proposed subordinated debt issuance. The amount and coupon will be determined at the time of issuance. Proceeds from the proposed issuance are expected to be used to repay outstanding unsecured borrowings and investing in or refinance new and existing Eligible Green Projects. The proposed subordinated notes rank junior to current and future senior unsecured notes issued by HASI and allow for cumulative deferral of interest payments for a period of up to ten consecutive years. If HASI exercises its right to defer interest payments on these notes, no distributions may be declared or paid on any junior security, including outstanding preferred shares or common stock. The notes have a contractual maturity in 2056 and can be called 5.25 years after the original issue date. HASI has a Long-Term Issuer Default Rating (IDR) of 'BBB-'. The Rating Outlook is Stable. Key Rating Drivers Strong Credit Track Record: HASI's ratings reflect its market position within the renewable financing sector, diversified investment portfolio, strong credit track record, consistent operating performance, strong funding flexibility, appropriate leverage and experienced management team. Modest Scale: Rating constraints include HASI's still-modest scale and niche focus within the broader renewable financing market, amid increased competition and the need for continued capital market access to fund investment commitments and portfolio growth. However, this is somewhat mitigated by the co-investment joint venture vehicle with KKR & Co. Inc. (A/Stable), CarbonCount Holdings 1 LLC (CCH1). Leverage within Target Range: Leverage, as measured by total debt-to-tangible equity, was 1.99x at 3Q25, within the target range of 1.5x-2.0x. Fitch believes HASI's long-term leverage target is appropriate for the portfolio risk and ratings, and expects leverage to remain within that range proforma for the proposed issuance. Fitch affords 50% equity credit to the junior subordinated notes, given the long-dated nature of the notes (30.5-year), the coupon deferral features, lack of a coupon step-up, the cumulative nature of the interest payments, and the absence of material covenants. Strong Funding Profile and Flexibility: HASI has continued to enhance its funding profile, with unsecured debt representing 94.6% of total debt at 3Q25. Fitch expects unsecured debt as a proportion of total debt to remain within Fitch's 'bbb' category quantitative benchmark range of 35%-100% for balance-sheet intensive finance and leasing companies with a SROE score in the 'bbb' category. As of 3Q25, HASI had $301.8 million in unrestricted cash and $1.4 billion of unused capacity on its unsecured revolving credit facility, and $804 million when adjusted for reserve capacity for $577 million of outstanding standalone commercial paper. Stable Outlook: The Stable Outlook reflects Fitch's expectation that HASI will continue to expand profitably, while managing leverage to within its targeted range, Fitch also expects asset quality to remain strong and for HASI to maintain a diverse funding mix, with more than 60% comprising unsecured debt with long-dated maturities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An increase in non-accruals or impairments of equity investments and a sustained rise in leverage above the firm's target range could yield negative rating action. Beyond that, negative rating action could be driven by a large shift in HASI's risk profile, deterioration in operating performance, including a decline in the securitization business, or weaker funding flexibility, including a decline in the proportion of unsecured funding to below 60%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Over the longer term, an upgrade could stem from the maintenance of the firm's market position in a more competitive environment, enhanced scale, profitable growth, continued strong portfolio credit trends, adequate liquidity with extended funding duration, leverage remaining under 1.5x and steady portfolio risk profile. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected rating on the subordinated notes is two notches below HASI's Long-Term IDR in accordance with Fitch's 'Corporate Hybrids Treatment and Notching Criteria'. The rating includes two notches for loss severity, reflecting the notes' subordination and heightened risk of non-performance relative to other obligations, namely existing unsecured debt. The rating also reflects joint and several guarantees on indebtedness by HAT Holdings I LLC and HAT Holdings II LLC, indirect subsidiaries of HASI. Fitch affords a 50% equity credit to the expected subordinated note issuance, given the long-dated nature of the notes, the coupon deferral features, lack of a coupon step-up, the cumulative nature of the interest payments, and the absence of material covenants. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected subordinated debt rating is linked to HASI's Long-Term IDR and would be expected to move in tandem. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. ESG Considerations HASI has an ESG Relevance Score of '4'[+] for Exposure to Social Impacts, as the shift in consumer awareness and preferences toward renewable energy and ESG aspects benefits the company's business model and its earnings and profitability. This has a positive impact on the credit profile and is relevant to the ratings in conjunction with other factors. HASI has an ESG Relevance Score of '4' for Exposure to Environmental Impacts, as the company is exposed to extreme weather events on some of its assets and operations and any hedges or other offsets are usually imperfect in nature. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ HA Sustainable Infrastructure Capital, Inc. junior subordinated LT BB(EXP) Expected Rating HERITAGE GROCERS: Moody's Cuts CFR to Caa1, Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded Heritage Grocers Group, LLC's ("Heritage Grocers") corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD and the ratings on its backed senior secured term loan and backed senior secured revolving credit facility to Caa1 from B3. The rating outlook remains stable. The downgrades reflects Heritage Grocers' continued weak operating performance, which has resulted in high leverage, weak interest coverage and lower than expected free cash flow. Debt to EBITDA was 6.5x and EBITA to interest was 0.6x for the LTM ended June 29, 2025, both of which are weaker than Moody's downgrade factors. Moody's expects Heritage Grocers to continue to face a difficult consumer spending environment, compounded by reduced customer traffic due to changes in immigration policy and high promotional activity that will constrain revenue growth and pressure margins. Moody's expects the company to maintain good liquidity over the next 12 months. RATINGS RATIONALE Heritage Grocers' Caa1 corporate family rating reflects the company's high leverage and weak coverage with debt to EBITDA at 6.5x and EBITA to interest was 0.6x for the LTM ended June 29, 2025. Heritage Grocers' profitability was pressured by changes in immigration policy that has reduced customer traffic, as well as elevated promotional activity, driven by consumers' increasing focus on value as they continue to face high cost essentials. The rating also reflects the company's small scale within the fiercely competitive grocery retail sector and geographic concentration in the Southwest and Chicago area, as well as the risk of aggressive financial policies inherent with ownership by a financial sponsor. While Heritage previously maintained stronger operating margins than many larger peers, a meaningful decline since 2023 has brought operating margins to a level that is below its peers, eliminating its historical margin advantage. The ratings are supported by Heritage Grocers' attractive market niche with a focus on the Hispanic community. The company's high perishable sales mix, which is at about 60% including dairy, makes it less exposed to the sales volatility associated with pantry loading when compared to other traditional grocery stores. With the use of partners, such as Instacart and Uber Eats, Heritage Grocers will continue delivery from all stores and curbside pickup at its stores in Chicago. The stable outlook also reflects Moody's belief that the company will maintain good liquidity and a conservative financial policy. Liquidity is largely supported by good free cash flow, a fully available $125 million revolver expiring August 02, 2027 and $106 million of unrestricted balance sheet cash. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if operating performance improves such that same store sales growth remains consistently positive accompanied with margin expansion and good free cash flow. In addition, an upgrade would require maintaining good liquidity. Quantitatively, ratings could be upgraded should debt/EBITDA (including Moody's adjustments) be sustained below 6.0x and EBITA/interest be sustained above 1.0x. Ratings could be downgraded if profitability, free cash flow and liquidity deteriorate from current levels. Ratings could also be downgraded should the probability of default increase for any reason. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Ontario, California, Heritage Grocers Group, LLC operate 115 grocery stores in six states in the Southwest and Chicago area. The company is owned by Apollo and generates about $3.0 billion in revenue. HILLIARD HOTELS: Has OK to Assume Hilton Franchise Agreement ------------------------------------------------------------ Judge Mina Nami Khorrami of the United States Bankruptcy Court for the Southern District of Ohio denied in part Hilton Franchise Holding LLC's motion for relief from the automatic stay in the bankruptcy case of Hilliard Hotels, LLC. Hilliard's motion for an order authorizing the assumption of the franchise agreement with Hilton Franchise Holding LLC is granted. Hilliard Hotels, LLC entered into a franchise agreement with Hilton Franchise Holding LLC to be able to operate a hotel under the Hampton Inn brand. At the time the Franchise Agreement was executed, the Debtor was also required to complete a property improvement plan (the "PIP") within a specified period. The initial period specified by the PIP was subsequently extended by Hilton. In breach of the Franchise Agreement, the Debtor was unable to complete the necessary improvements by the initial and subsequent deadlines. The Debtor filed for voluntary relief under chapter 11 of the Bankruptcy Code on September 1, 2023 and seeks to assume the Franchise Agreement and cure its prepetition monetary default for unpaid franchise fees and its nonmonetary default of failing to timely complete the PIP under 11 U.S.C. Sec. 365. The Debtor proposes to make a payment to Hilton for the unpaid prepetition franchise fees no later than 30 days after a joint plan of reorganization is confirmed and to complete the requirements of the PIP no later than 24 months. The monetary default in the amount of $133,699.99 represents the pre-petition franchise fees that had not been paid before the bankruptcy and is evidenced by proof of claim number 6-1 filed by Hilton on October 31, 2023. The Debtor is current on its post-petition franchise fees owed to Hilton. Prior to the Motion to Assume being filed, however, Hilton filed a motion for relief from the automatic stay under 11 U.S.C. Sec. 362(d) requesting, among other things, that the automatic stay be modified for cause to permit Hilton to terminate the Franchise Agreement on the bases that: (1) failing to complete the PIP by the required deadline constitutes an incurable default that prohibits the Debtor from assuming the Franchise Agreement; (2) the Franchise Agreement cannot be assumed without Hilton's consent as a matter of law under 11 U.S.C. Sec. 365(c) because applicable nonbankruptcy law prohibits the assignability of it regardless of whether the Debtor intends on assigning the Franchise Agreement; (3) Hilton lacks adequate protection because the Debtor is not protecting the reputation and intellectual property interests of Hilton due to the Debtor's non-compliance with the property improvement plan; and (4) the Debtor defaulted on its post-petition monetary obligations under the Franchise Agreement. The Court concludes that the historical and technically incurable default relating to the deadline by which the Debtor was required to complete the PIP does not prohibit the Debtor from assuming the Franchise Agreement because the default is neither material nor has it caused substantial economic harm to Hilton. The Debtor has also provided adequate assurance that the Debtor will promptly cure the monetary and non-monetary defaults and that it will be able to perform under the Franchise Agreement in the future. It is clear to the Court that the Debtor is positioning itself to complete the PIP as quickly as it can. The Debtor has spent over $1.5 million toward completing the PIP and continues to do so, and after completing the PIP, the Debtor will have at least five years remaining to operate the Hampton Inn under the Franchise Agreement. As a result, the cure period is sufficiently less than the remaining life of the Franchise Agreement. Accordingly, relief from the automatic stay based on the Debtor's inability to assume the Franchise Agreement is not warranted in this case. The Court finds that the Debtor can assume the Franchise Agreement under 11 U.S.C. Sec. 365(b)(1). A copy of the Court's Memorandum Opinion and Order dated November 19, 2025, is available at https://urlcurt.com/u?l=Nd1SCB from PacerMonitor.com. About Welcome Group 2 Welcome Group 2, LLC, Hilliard Hotels, LLC and Dayton Hotels, LLC own hotels and are headquartered at 5955 E. Dublin Granville Road, New Albany, Ohio. Debtor Hilliard Hotels owns the Hampton Inn-Sidney, a Hilton property. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 23-53043) on Sept. 1, 2023. In the petition signed by Abhijit Vasani, as president, InnVite Opco, Inc., sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mina Nami Khorrami oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, is the Debtor's legal counsel. HOME SAVER911: Seeks to Hire Mathew Schuh as Bankruptcy Counsel --------------------------------------------------------------- Home Saver911, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Mathew A. Schuh, PC as counsel. The firm will provide these services: (a) advise the Debtor regarding pros and cons of the Chapter 11 process, as applicable to its circumstances; (b) prepare the Bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affairs, Company Resolution, and similar documents; (c) assist the Debtor in providing documents to the United States Tustee's office for review in advance of the Initial Debtor Interview (IDI); (d) assist the Debtor in preparing for the IDI and participating in the IDI with its representative; (e) assist the Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 and participate in the 341 Meeting with its representative; (f) advise the Debtor of its rights, duties and obligations; (g) review claims filed in the case and assist the Debtor in evaluating such claims for potential objections; (h) conduct or defend examinations pursuant to Rule 200 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; (i) consult with the Debtor and represent it with respect to formulating a Chapter 11 plan, and in the plan confirmation process; (j) perform those legal services incidental and necessary to carrying out the day-to-day operations of the Debtor's business activities; (k) institute and prosecute necessary adversary proceedings and contested matters; and (l) take any and all other actions incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these hourly rates: Mathew Schuh, Attorney $575 Russ Grubenhoff, Paralegal $75 Prior to the petition date, the firm received a retainer in the amount of $25,000 from the Debtor. Mr. Schuh 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: Mathew Schuh, Esq. Mathew A. Schuh, PC Two Midtown Plaza, Suite 1510 1349 West Peachtree Street Atlanta, Ga 30309 Telephone: (404) 277-8421 Email: matt@schuhpc.com About Home Saver911 LLC Home Saver911, LLC operates in the Real Estate and Rental and Leasing sector. Home Saver911 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62394) on Oct. 27, 2025. In its petition, the Debtor disclosed up to $10 million in estimated assets and up to $50,000 in liabilities. Honorable Bankruptcy Judge Jeffery W. Cavender handles the case. The Debtor is represented by Mathew Schuh, Esq., at Mathew A. Schuh, PC. HORSEY DENISON: Affiliate to Sell 8809 Oxon Property to RDJ Homes ----------------------------------------------------------------- Horsey Denison Properties LLC and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to sell Property free and clear of liens, claims, interests, and encumbrances. On May 6, 2025, Horsey Denison Properties, LLC (HD Properties), Denison Farms, LLC (Denison Farms) and Denison Landscaping, Inc. (Denison Landscaping), each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor is a Delaware limited liability company formed in July 2021 with its headquarters located in Fort Washington, Maryland. The Debtor currently owns certain improved real property located in Prince George's County, Maryland known as 8809 Oxon Hill Road, Fort Washington, Maryland 20744 (Property). The Property is subject only to the lien rights of the First National Bank of Pennsylvania (FNB) by virtue of those deeds of trust recorded with the land records office of Prince George’s County in the approximate amount of $413,425.02. A motion to sell the Debtor's other property located at 8901 Oxon Hill Road, Fort Washington, Maryland 20744 is being filed concurrently with the instant Motion. FNB's Lien encumbers both the Property and Debtor's property located at 8901 Oxon Hill Road, Fort Washington, Maryland 20744. The Debtor understands that the FNB has obtained an appraisal of the Property and determined an appraised value of $380,000.00 for the Property and $195,000.00 for 8901 Oxon Hill Road. The Debtor did not schedule a specific value for the Property. The Maryland State Department of Assessments and Taxation reflects an assessed value of $343,400.00 for the Property as of January 1, 2025. Additionally, the Debtor's real estate broker has prepared a Comparative Market Analysis for the Property, and has listed the Oxon Hill Properties on the Multiple Listing Service. The Debtor employs RE/MAX Advantage Realty to facilitate the sale of the Property. RE/MAX researched and prepared a CMA for the Property and found that the Property's comparable market price on average is $207,317.00. On October 29, 2025, the Debtor obtained a contract to purchase the Property, from RDJ Homes, LLC (Buyer) for the amount of $401,000.00. The Contract is a cash purchase with no contingencies and was reached after price escalations as a result of competing offers. The Buyer has no prior relationship with the Debtor and, for the reasons discussed infra, is a good faith purchaser. The proposed sale under the Contract does not include the transfer to the Buyer of any of the Debtor’s other property that is a part of the bankruptcy estate. The Debtor represents that the sale price in the Contract is fair and reasonable,1 and the sale is in the best interests of the estate. The combined proceeds from the sales of the Oxon Hill Properties will exceed the Debtor's obligations to FNB. About Horsey Denison Landscaping Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by David V. Fontana, Esq., at Gebhardt & Smith LLP, in Baltimore, Maryland. HORSEY DENISON: Affiliate to Sell 8901 Oxon Property to E. Espinoza ------------------------------------------------------------------- Horsey Denison Landscaping LLC and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to sell Property free and clear of liens, claims, interests, and encumbrances. On May 6, 2025, Horsey Denison Properties, LLC (HD Properties), Denison Farms, LLC (Denison Farms) and Denison Landscaping, Inc. (Denison Landscaping), each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor is a Delaware limited liability company formed in July 2021 with its headquarters located in Fort Washington, Maryland. The Debtor currently owns certain improved real property located in Prince George's County, Maryland known as 8901 Oxon Hill Road, Fort Washington, Maryland 20744 (Property). The Property is subject only to the lien rights of the First National Bank of Pennsylvania (FNB) by virtue of those deeds of trust recorded with the land records office of Prince George's County in the approximate amount of $413,425.02. A motion to sell the Debtor's other property located at 8809 Oxon Hill Road, Fort Washington, Maryland 20744 is being filed concurrently with the instant Motion. FNB’s Lien encumbers both the Property and Debtor's property located at 8809 Oxon Hill Road, Fort Washington, Maryland 20744. The Debtor understands that the FNB has obtained an appraisal of the Property and determined an appraised value of $195,000.00 for the Property and $380,000.00 for 8809 Oxon Hill Road. The Debtor did not schedule a specific value for the Property. The Maryland State Department of Assessments and Taxation reflects an assessed value of $292,200.00 for the Property as of January 1, 2025. Additionally, the Debtor's real estate broker has prepared a Comparative Market Analysis for the Property, and has listed the Oxon Hill Properties on the Multiple Listing Service. The Debtor employs RE/MAX Advantage Realty to facilitate the sale of the Property. RE/MAX researched and prepared a CMA for the Property and found that the Property's comparable market price on average is $207,317.00. On November 13, 2025, the Debtor obtained a contract to purchase the Property, from Edwin Wilson Espinoza Gonzales (Buyer) for the amount of $230,000.00. The Contract is a cash purchase with no contingencies and was reached after price escalations as a result of competing offers. The Buyer has no prior relationship with the Debtor and, for the reasons discussed infra, is a good faith purchaser. The proposed sale under the Contract does not include the transfer to the Buyer of any of the Debtor's other property that is a part of the bankruptcy estate. The Debtor represents that the sale price in the Contract is fair and reasonable,1 and the sale is in the best interests of the estate. About Horsey Denison Landscaping Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by David V. Fontana, Esq., at Gebhardt & Smith LLP, in Baltimore, Maryland. INDEPENDENCE BUYER: Monroe Marks $5.3MM Secured Loan at 16% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $5,345,000 loan extended to Independence Buyer, Inc. to market at $4,516,000 or 84% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Independence Buyer, Inc. The loan accrues interest at a rate of 10.20% Cash/ 2.00% PIK per annum. The loan matures on January 31, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Independence Buyer, Inc. Independence Buyer, Inc. provides commercial support services. IRON HILL: Heritage Global to Auction Assets in Chapter 7 --------------------------------------------------------- Heritage Global Partners, a subsidiary of Heritage Global Inc. (NASDAQ: HGBL) and a worldwide leader in asset advisory and auction services, has been appointed by the U.S. Bankruptcy Court to conduct an auction of brewing and restaurant equipment from nine former Iron Hill Brewery & Restaurant locations. The sale is being conducted as part of the Chapter 7 bankruptcy proceedings of Iron Hill Brewery LLC (District of New Jersey, Case No. 1:25-bk-20476). While some media reports have cited seven locations, the auction includes assets from nine Iron Hill sites across Pennsylvania, New Jersey, and Georgia. Each location's assets include complete brewing systems, bar and kitchen equipment, and dining furnishings. Real estate is not included in this sale. Bidding opens Tuesday, December 2 at 7:00 a.m. ET and closes Thursday, December 4 at 10:00 a.m. ET. Assets Highlights Include: -- (9) 10 & 15 BBL Brewhouses -- (15+) Specific Fermentation Tanks (406 gal) -- (15+) NSI Fermentation Tanks (453 gal) -- (20+) Horizontal Tanks (310 gal) -- (10+) Southbend Commercial Ranges -- (8+) Pitco Gas Fryers -- (15+) Refrigerators -- True, Hoshizaki, Perlick -- Alta-Sham VMC-F4E Convection Ovens -- Stone Hearth Pizza Oven -- (100+) Keg Shells -- Bar and Liquor Service Equipment -- Complete Serveware, Cookware, Silverware, and Dining Furnishings Assets will be sold individually or in groups, as-is, where-is, with removal scheduled between December 8 and 19. "Calling all operators. This is a full barrel-to-bar equipment sale from nine former brewpubs. Brewing systems, kitchen lines, and bar infrastructure, all in one sale," said David Barkoff, Senior Vice President at Heritage Global Partners. "If you're scaling up or building out, this is a direct path to well-maintained assets. Register now and be ready when the clock starts ticking." Former Locations with Equipment for Sale: New Jersey: -- 13107 Town Center Blvd, Voorhees Township, NJ -- 124 E Kings Hwy, Maple Shade, NJ Pennsylvania: -- 1460 Bethlehem Pike, North Wales, PA -- 950 Lehigh Valley Mall, Whitehall Township, PA -- 3450 Salmon St, Philadelphia, PA -- 8400 Germantown Ave, Suite 2A, Philadelphia, PA -- 260 Eagleview Blvd, Exton, PA -- 30 E State Street, Media, PA Georgia: -- 1224 Hammond Drive, Dunwoody, GA Heritage Global Partners, Inc. HGP is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGP operates under the Industrial Assets business unit and is a full-service auction, liquidation and asset advisory firm which holds a prominent spot in the industrial sectors including Aerospace, Automotive, Aviation, Biotech, Broadcast & Postproduction, Chemical, Electronics Manufacturing, Energy, Food & Beverage, Heavy Construction, Metalworking, Oil & Gas, Pharmaceutical, Plastics, Printing, Real estate, Semiconductor, Solar, Textile & Woodworking, and others. HGP conducts 150-200 auction projects per year, globally. Heritage Global Inc. HG values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. JACKSON HOSPITAL: Judge Rebukes Ex-Gordon Lawyer Over AI Citations ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that Cassie Preston, formerly senior counsel at Gordon Rees Scully Mansukhani, was publicly reprimanded by a bankruptcy judge for submitting filings with AI-generated fake citations in the Jackson Hospital & Clinic bankruptcy case. Judge Christopher L. Hawkins criticized Preston for relying on unsupported authorities, describing her conduct as repeatedly doubling down on flawed arguments and diverting resources from the debtors' rehabilitation. The case followed allegations from Jackson Hospital and its lender that Preston and the firm submitted fabricated citations. Hawkins called the use of generative AI "particularly egregious," noting that repeated warnings had been ignored. The violations fall under Rule 9011, which obligates lawyers to certify the accuracy of all filings submitted to the court, the report states. Preston must distribute the sanctions opinion to all clients, opposing counsel, and judges in active matters, certify compliance, and provide a list of jurisdictions where she is licensed. The clerk will forward the opinion to bar authorities in Alabama, Georgia, and elsewhere. Meanwhile, Gordon Rees reimbursed $55,000 in legal fees and implemented a firm-wide AI and citation-checking policy to prevent future issues, according to Bloomberg Law. Though Preston had limited experience in the case, she accepted the assignment at the request of a personal friend. Her attorney explained in filings that her defensive and partially untruthful responses arose from fear, emphasizing that the conduct was uncharacteristic. All attorneys at Gordon Rees must acknowledge and certify adherence to the new policies within 30 days, the report relays. About Jackson Hospital & Clinic Jackson Hospital & Clinic, Inc., is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on Feb. 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. JASS LLC: Gets Interim OK to Use Cash Collateral Until Dec. 16 -------------------------------------------------------------- Jass, LLC received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through the date of the final hearing and in accordance with its budget, subject to fluctuation by no more than 10% for each expense line item per month. As adequate protection, Offen Petroleum, LLC and other creditors with interest in the cash collateral will be granted a replacement lien on the proceeds of all post-petition accounts and inventory of the Debtor. These replacement liens will hold the same priority as the secured creditors' pre-bankruptcy liens. In addition, Offen will receive $40,000 per month, subject to disgorgement if no debt is ultimately found to be owed. The interim order is available at https://is.gd/zAd4Vz from PacerMonitor.com. The final hearing is set for December 16. The deadline for filing objections is on December 9. Jass, which operates a gas station in Longmont, Colorado, filed for Chapter 11 protection on November 11, with the goal of continuing operations and proposing a plan of reorganization to maximize creditor recovery. The Debtor's ownership structure includes Jaswinder Singh (5%) and Kulwinder Kaur (95%), and it is managed by Navkarit Singh. Several creditors including Offen and Amcon Distributing Company claim pre-bankruptcy liens on the Debtor's assets, including cash collateral. This cash collateral consists of the Debtor's current cash and future receipts. Offen is represented by: David M. Miller, Esq. Spencer Fane LLP 1700 Lincoln St., Suite 2000 Denver, CO 80203 Phone: (303) 839-3800 Fax: (303) 839-3838 dmiller@spencerfane.com About Jass LLC Jass, LLC operates a gas station in Longmont, Colorado. Jass filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.25-17392) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. JB GROUP: Seeks to Sell Construction Assets in Auction ------------------------------------------------------ JB Group of LA, LLC, d/b/a Infrastructure Solutions Group, seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana, in an amended motion to sell Assets in an auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a construction company focusing on construction contracts with the Department of Transportation, where it performed work on projects involving high mass lighting, traffic signaling and monitoring, video monitoring, as well as the electrical and instrumentation market for heavy industrial facilities, such as petrochemical plants. On October 7, 2025, the United States Trustee appoints Jones Contractors, Inc., MMR Constructors, Inc., and First Horizon Bank as official committee of unsecured creditors. The Court granted the Bid Procedures Motion through an Order which approved the Bidding Procedures and instructed the Debtor to "file an amended sale motion that includes the Stalking Horse and terms," the deadline of which has been extended to November 21, 2025. While the Debtor has used this time to continue marketing its Assets through its investment banker, the Debtor has, unfortunately, been unable to find a stalking horse. Nevertheless, prospective purchasers can bid, credit bid, and designate prospective Purchased Contracts in connection with any Sale(s) up to November 28, 2025. The Debtor files the amended Motion to sell its Assets to the Purchaser(s) following the Auction and Sale Hearing, which are set to take place on December 3, 2025. On November 7, 2025, MMR filed a limited objection to the Bid Procedures Motion, noting that if "MMR Trade Secrets" were not used to procure bids or otherwise not sold in any sale, it does not object to any sale of the Debtor’s assets. The Assets that may be sold through this Motion include, but are not limited to, the Debtor’s interests in (a) accounts receivable; (b) various leased properties; (c) construction contracts and master service agreements; and (d) fixed assets, such as leasehold improvements, office furniture and electronics, machinery and equipment, and vehicles. To expose the Assets to the marketplace, the Debtor sought and received approval to retain Pritchard Energy Advisors, LLC (d/b/a Pritchard Griffin Advisors) and Mensura Securities, LLC as its investment banker. The Debtor’s decision to sell Assets to the Purchaser(s) is based on its sound business judgment to liquidate the estate's assets for the benefit of all stakeholders. Moreover, any Sale must navigate the claims asserted by MMR, which, to do so in other contexts may present challenges and difficulties. Such challenges will likely lead to reduced offers for the Debtor’s Assets and thus, decreased value for stakeholders. Nevertheless, prospective purchasers have been advised of the litigation with MMR. Since the Debtor has articulated a valid business reason for the Sale, the business judgment rule acts as a presumption that the Debtor has acted on an informed basis, in good faith, and in the honest belief that the Sale is in the best interests of the Estate. The Debtor also requests authorization to sell the Assets free and clear of any liens, claims, encumbrances, or other interests that may be asserted against the Assets. The Debtor requests that the Court approve the Sale of the Assets free and clear of any liens, claims and interests whether now known, with any such liens, claims and interests attaching instead to the proceeds of the Sale. About JB Group of LA, LLC d/b/a Infrastructure Solutions Group JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Paul Douglas Stewart, Jr., Esq. at Stewart Robbins Brown & Altazan, LLC. JOHN KNOX VILLAGE: Fitch Affirms 'BB+' IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed John Knox Village's (JKV) Issuer Default Rating (IDR) and revenue bond ratings at 'BB+'. Fitch has also affirmed the outstanding parity debt issued on behalf of JKV by The Industrial Development Authority of the City of Lee's Summit, Missouri at BB+. Fitch has also affirmed the tax-exempt revenue bonds Series 2024A, 2024B-1 and 2024B-2 issued by The Industrial Development Authority of the City of Lee's Summit, Missouri on behalf of JKV at BB+. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- John Knox Village (MO) LT IDR BB+ Affirmed BB+ John Knox Village (MO) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation of JKV's ratings reflects continued strong occupancy in JKV's existing independent living units (ILUs) and improved assisted living unit (ALU) occupancy in FY 25, which has contributed to better operating performance, although salaries and benefits remain a pressure point. The affirmation also factors in the opening of the new ILU expansion of the Courtyard E Building (CEB) in September 2025. As of Aug. 31, 2025, the ILUs in the CEB were 100% presold with move-ins expected to be completed by early 2026. Cash-to-adjusted debt and MADS coverage have remained consistent with the 'BB+' rating in the forward-looking analysis, even in the stress scenario. Moreover, JKV has demonstrated a solid track record of executing expansion projects with the completion of earlier phases that were a part of the community's long-term strategic capital plans. The Stable Outlook reflects Fitch's expectation that JKV will produce favorable operating results for the full fiscal year as management continues to focus on cost controls, improving occupancy and execution of its redevelopment plan. SECURITY Debt payments are secured by a pledge of the unrestricted gross revenue of the obligated group, a first-mortgage lien on all the real property constituting JKV's core campus (excluding property south of NW O'Brien Road), and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - bbb Independent Living Occupancy and Market Position are Stable In FY25, JKV averaged an ILU occupancy of 90%, AL occupancy of 96%, and a SNF occupancy of 94%. As of 1Q FY26, ILU and ALU occupancy remains stable. Strong occupancy drove improved FY25 operating results. JKV continues to execute its campus redevelopment plan, a primary goal of which is to increase the number of entrance fee contracts. The increasing number of entrance fee contracts is expected to be accretive to both profitability and liquidity metrics over the longer term. Additionally, management has removed smaller ILUs from inventory and converted them to either larger square-foot units. JKV's most recent project, Phase X, including the demolition of nine older units that were replaced with seven new units, has been completed. One hundred percent of the units are occupied. Phase XI completed construction in September 2025 which included five new ILU units which are 100% occupied. The community remains highly affordable, with an average entrance fee of about $283,000 and average resident net worth of $1.3 million. JKV implemented a 4% increase in ILU entrance fees and a 3.9% increase in ILU/ALU monthly service fees for FY26. As of 1Q26, JKV's revenue mix was comprised of ILU at 50%, ALU at 18%, SNF at 21%, and Home-and-Community-based services at 11%. Operating Risk - bb Core Operations Remain Sufficient JKV is a predominantly type B contract life plan community (LPC). The community's operating performance aligns with a 'weak' assessment but is adequate at the current rating level. JKV's five-year averages for operating ratio, NOM and NOMA are 106.3%, 0.7%, and 18.4% respectively. Fiscal 2025 have been a strong year for JKV, driven by strong occupancy, wages below budget, and the receipt of an $1.8 million employee retention credit (ERC). Four-year averages plus the most recent three months of operating ratio, NOM and NOMA are 102.9%, 3.7%, and 19.8%, respectively. Through Q1 FY26, operating performance has improved, driven by strong occupancy and successful fill-up of The Meadows phase X and XI projects as they become accretive to operations. Like other communities, JKV continues to face cost pressures related largely due to labor and benefits, particularly in overtime and agency costs; however, these overages were offset by open positions leading to regular wages coming in less than budgeted. Over the longer term, operating performance is expected to improve as JKV continues to replace smaller units with larger units, which should help the villages' marketability, and a higher mix of entrance fee contracts versus lease contracts, should reduce attrition and stabilize unit turnover. JKV has funded its recent strategic capital plans have with a combination of operating cash flow and debt. Future phases of redevelopment including converting old ILUs to new villas will be funded through operating cash flow and reimbursed with entrance fees. Five-year average capex-to-depreciation through 1Q26 has been approximately 150%. As of June 2025, average age of plant is somewhat elevated at 15 years, which management is addressing through various initiatives such as the phase X, XI and XII, which focus on replacing older units with new villa formats. Financial Profile - bb Stable Operations and New Project Support Adequate Liquidity JKV's unrestricted cash and investments totaled a modest $60 million as of FYE25, representing cash-to-adjusted debt of 50% and days cash on hand of 293 which is sufficient for the current rating and consistent with historical results. The light liquidity represents JKV's high capital spending on the campus redevelopment project, which has been ongoing for several years. Fitch's standard portfolio stress results in a -9.6-investment loss in year one of the scenario, generating cash-to-adjusted debt of 58% and days cash on hand of 280 days in Fitch's stress case. The forward look assumes that initial entrance fees totaling $13.4 million will pay down temporary debt in 2026. This amount is based on move-ins through 85% occupancy, which has been achieved. Liquidity is expected to recover in the outer years of the scenario with cash-to-adjusted debt improving to 63% in year five. The scenario also incorporates an average of $7 million in routine capital spending including spending on the new villas for the next several phases of the redevelopment project. Asymmetric Additional Risk Considerations No asymmetric risk considerations are relevant to the ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fill-up and construction of the new projects fall short of Fitch's expectations, increasing operating expenses and deferring cash flow generation to satisfy pro forma aggregate debt service; - Deterioration in operating performance decreases operating ratios and capital-related metrics or results in sustained DCOH below 200 days. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved, sustained operating performance that results in a five-year average operating ratio of about 100% and net operating margin-adjusted (NOMA) of 13%-20%; - While Fitch believes this would take several years, reaching 100% cash-to-adjusted debt in the stress case. PROFILE JKV is located in Lee's Summit, MO, with 991 ILUs, 180 ALUs (105 non-memory care with 75 memory care) and 121 available SNF beds. Additional non-obligated group operations include a home health agency, hospice services, a 24-hour ambulance and paramedic service and a foundation. JKV is one of the largest single-site LPCs in the country by both acreage and number of units. JKV offers both rental and type B entrance fee contracts and had total operating revenue of $84.7 million in FY25. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. 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. KADAM LOGISTICS: Unsecureds Will Get 10% of Claims over 60 Months ----------------------------------------------------------------- Kadam Logistics Corp. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Second Amended Plan of Reorganization for Small Business dated November 14, 2025. The Debtor is an Illinois corporation that provides surface freight motor carrier transportation services for shippers and brokers across state lines in the freight transportation industry. The Debtor's Plan proposes to continue its business operations and to maintain, post-confirmation, the Debtor's post-petition factoring relationship with Engaged in order to generate income with which to pay creditors holding allowed secured claims the value of the collateral standing as security for the claims, plus interest, and a dividend to general unsecured creditors in the amount of 10% of the allowed claims. The financial projections show that the Debtor will have projected disposable income in excess of $305,000. The final Plan payment is expected to be paid on the 60th month following the effective dare of the Plan. This Plan proposes to pay creditors of the Debtor from cash on hand, cash flow projections and future income. Class 7 consists of allowed, general unsecured claims. According to the Debtor's schedules and the proofs of claims filed, the Debtor believes that the total amount of unsecured claims in this class is $305,632.82. These claims will be paid pro rata, without interest, a dividend in the amount of ten percent of the allowed claims in monthly payments over a period of sixty months commencing thirty days after the effective date of the Plan. The monthly payment to be shared by this class, pro rata, is $510,00. The Debtor will continue operating is business affairs to generate the disposable income necessary to fund the Plan. The Plan will be implemented and funded by existing cash on hand at the effective date of the Plan and by future income earned by the Debtor. A full-text copy of the Second Amended Plan dated Nov. 14, 2025 is available at https://urlcurt.com/u?l=lN1oIu from PacerMonitor.com at no charge. Counsel to the Debtor: Joel A. Schechter, Esq. LAW OFFICES OF JOEL A. SCHECHTER 53 W. Jackson Blvd., Suite 860 Chicago, Illinois 60604 (312) 332-0267 Email: joel@jasbklaw.com About Kadam Logistics Kadam Logistics Corp. is an Illinois corporation that provides surface freight motor carrier transportation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05237) on April 4, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Janet S. Baer presides over the case. Joel A Schechter, at the Law Offices Of Joel Schechter, is serving as the Debtor's legal counsel. KCAP VILLA: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On November 19, 2025, KCAP Villa Gardens LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to the court filing, the Debtor reports between $10 million and $50 million in debt owed to approximately 1–49 creditors. About KCAP Villa Gardens LLC KCAP Villa Gardens LLC is single asset real estate company. KCAP Villa Gardens LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44520) on November 19, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Jeffery D. Carruth, Esq. of Condon Tobin Sladek Sparks. KCAP VILLA: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: KCAP Villa Gardens LLC 1211 S White Chapel Blvd. Southlake TX 76092-9303 Business Description: KCAP Villa Gardens LLC is a single-asset real estate company that owns a multifamily apartment complex located at 2730 Fyke Road in Dallas, Texas. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-44520 Judge: Hon. Mark X Mullin Debtor's Counsel: Jeff Carruth, Esq. CONDON TOBIN SLADEK SPARKS NERENBERG, PLLC 8080 Park Lane 700 Dallas TX 75231 Tel: 214-265-3834 Email: jcarruth@condontobin.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Tie Lasater as chief executive officer. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4SU7YWA/KCAP_Villa_Gardens_LLC__txnbke-25-44520__0001.0.pdf?mcid=tGE4TAMA KEYSTONE PASSIONATE: Unsecureds Will Get 35% over 36 Months ----------------------------------------------------------- Keystone Passionate Care, LLC, submitted a Third Amended Plan of Reorganization dated November 17, 2025. The Debtor continues to make payments on the home health care business. It is seeking additional customers as well as non Medicare and Medicaid customers. The Debtor has cut back on various operational costs. Nonetheless, because of the cash flow difficulties in the Debtor, the Debtor determined to file Chapter 11. The Debtor is filing this Plan of Reorganization and believes it will be able to reorganize. Class 7 consists of General Unsecured Creditors. Class 7 includes all other Claim holders of the Debtor who are not otherwise classified under the Plan, including all general unsecured creditors, which includes any other creditors not otherwise classified under this Plan. The Bankruptcy Schedules and Claims filed in this case set forth the approximate amount of the unsecured Claims as $208,477.87. Beginning six months after the Effective Date, the general unsecured creditors in Class 7 shall be paid thirty-five percent of each allowed Class 7 Claim which is allowed, payable in thirty-six equal, monthly installments. Based upon the amount of the unsecured Claims, the total amount paid to Class 7 Claim holders will be approximately $2,000.00 per month, for a total of $72,000.00. Class 8 consists of Equity Holders. The equity of the Debtor is held by Deandre Nordt, who holds 100% of the membership interest in the Debtor. The Equity Holder will continue to hold the equity subsequent to the Effective Date of the Plan. As of the Effective Date, the Debtor retains the right to cancel the equity and issue new equity in the same percentages as exists pre-Petition. The Equity Holder and his spouse will be paid as employees of the Debtor, based upon a regular, fixed payroll amount. The Equity Holder and his spouse will be permitted to receive expenses consisting only of normal travel expenses and reimbursement of any expenditures made by the Equity Holder or his spouse directly on behalf of the Debtor. In addition, for a period of six months following Confirmation of the Plan, neither the Equity Holder or his spouse shall receive an increase in their salary over that which is paid on the Confirmation Date of the Plan. The Debtor continues to operate its home health care business. The Debtor has made overhead cuts, including cutting administrative costs. The Debtor is also seeking better and more customers. The Debtor continues to generate and collect the receivables. The pre Petition receivables set forth in the Debtor's Bankruptcy Schedules have been essentially collected in the regular course of business. The Projections set forth the cash flow and disposable income of the Debtor. Under the Plan, the Debtor provides for distributions to creditors of disposable income over the three years after the Effective Date. If necessary, and as may be required in a non consensual Plan, the disposable income will be submitted to the Subchapter V Trustee for distributions under the Plan. A full-text copy of the Third Amended Plan dated November 17, 2025 is available at https://urlcurt.com/u?l=38kxpX from PacerMonitor.com at no charge. Counsel to the Debtor: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, PC 2320 North Second Street P.O. Box 60457 Harrisburg, PA 17106-0457 Telephone: (717) 238-6570 About Keystone Passionate Care Keystone Passionate Care, LLC, was formed as a limited liability company in July, 2017 and provides home health care services. The Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-01004) on April 11, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped Cunningham, Chernicoff & Warshawsky, PC, as counsel. KL MOON: Monroe Capital Marks $833,000 Secured Loan at 28% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $833,000 loan extended to KL Moon Acquisition, LLC to market at $600,000 or 72% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to KL Moon Acquisition, LLC. The loan accrues interest at a rate of 11.3% per annum. The loan matures on February 1, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About KL Moon Acquisition, LLC The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization. LEFEVER MATTSON: Hires NAI Capital Commercial as Estate Broker -------------------------------------------------------------- LeFever Mattson and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California to employ NAI Capital Commercial Inc. as real estate broker. The Debtors need a broker to sell and market their property located at Freeway Plaza in Perris, California. The broker will receive a commission of 4 percent of the gross sales price for the property payable at the close of escrow. David Knowlton, a broker at NAI Capital Commercial, 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: David Knowlton NAI Capital Commercial, Inc. 1920 Main Street, Suite 100 Irvine, CA 92614 About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LEGACY DRAYAGE: Court OKs Final DIP Financing From Bay View Funding ------------------------------------------------------------------- Legacy Drayage, Inc., received final approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division to use cash collateral and obtain debtor-in-possession financing from Working Capital Corp. (doing business as Bay View Funding) to get through bankruptcy. This financing comes in the form of a new factoring agreement under which the Debtor offers to sell, and Bay View agrees to purchase accounts receivable. The final order approved the terms of the factoring agreement. Effective nunc pro tunc to the petition date, the Debtor may sell, and Bay View may purchase, accounts under that agreement, and the Debtor may use cash collateral during the budget period so long as it does not exceed budgeted amounts by more than 20%. As security for the Debtor's obligations under the factoring agreement, Bay View will receive valid, perfected liens and security interests—and administrative priority—on all post-petition property, all of the Debtor’s accounts, and all related proceeds. The authority granted in the final order remains in effect until further order of the court. The final order is available at https://is.gd/91uKZ4 from PacerMonitor.com. The Debtor's key assets as of the petition date included $151,849 in cash, $720,423 in factored receivables with Alterna, $597,071 in unfactored receivables, and $31,568 in equipment. The Debtor also noted that it had various leased vehicles and potentially valuable goodwill. About Legacy Drayage Inc. Legacy Drayage, Inc provides trucking, freight logistics, and transportation services, offering solutions such as drayage, transloading, hazardous materials handling, overweight cargo transport, and over-the-road trucking. The Company serves customers with route planning, warehousing, and logistics management, and emphasizes technology-driven operations to improve service levels and delivery efficiency. It also engages in zero-emissions trucking and logistics initiatives as part of its operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17226) on August 20, 2025. In the petition signed by Walter Umana, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. LEISURE INVESTMENTS: Seeks Homes for Animals -------------------------------------------- James Nani of Bloomberg Law reports that bankrupt marine park operator Dolphin Co. is seeking court approval to donate more than 70 animals -- including dolphins, penguins, flamingos, and a python -- to zoos and research facilities across the country. Most of the transfers would come from the shuttered Miami Seaquarium and be distributed among nine institutions, according to a notice filed in the Delaware bankruptcy court. The company, formally Leisure Investments Holdings LLC, filed for Chapter 11 in March after a series of debt defaults and internal disputes involving its former CEO and key lenders. Its proposed animal donations mark one of its first major steps as it restructures in bankruptcy, the report states. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LH PROPERTY: Gets Court OK to Use Cash Collateral ------------------------------------------------- LH Property Group, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The court authorized the Debtor to use cash collateral to pay expenses based on its agreement with secured creditor, Morgan Stanley Residential Mortgage Loan Trust 2024-NQM4. The Debtor's cash collateral comes from rental income on its Decatur, Georgia property, generating $500 per month. As adequate protection, Morgan Stanley will be granted a replacement lien on post-petition rents, with the same priority and extent as its pre-bankruptcy lien. This replacement lien does not apply to avoidance actions or their proceeds. In addition, Morgan Stanley will receive monthly payments of $500 beginning December 1. A missed payment (beyond a 10-day grace period) or other material breach constitutes a default, after which the creditor may seek expedited relief following notice and a seven-day cure period. The court order remains in effect until the earliest of confirmation of a Chapter 11 plan, dismissal or conversion of the Debtor's bankruptcy case, sale or surrender of the property that generates the rent, or a further order of the court. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LgQU5 from PacerMonitor.com. Morgan Stanley is represented by: Eric Smith, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Phone: (404) 994-7400 Fax: (888) 873-6147 esmith@aldridgepite.com About LH Property Group LLC LH Property Group, LLC is a Georgia-based company likely involved in real estate or property management. LH Property Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58793) on August 4, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and liabilities. Brad Fallon, Esq., at Fallon Law, PC represents the Debtor as bankruptcy counsel. LIFTED TRUCKS: Monroe Capital Marks $2.2MM Secured Loan at 63% Off ------------------------------------------------------------------ Monroe Capital Corporation has marked its $2,222,000 loan extended to Lifted Trucks Holdings, LLC to market at $833,000 or 37% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to Lifted Trucks Holdings, LLC. The loan accrues interest at a rate of 9.63% per annum. The loan matures on November 1, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, L 60606 Telephone: (312) 258-8300 About Lifted Trucks Holdings, LLC Lifted Trucks offers the best lifted trucks, custom trucks, diesel, 4x4 trucks and more at our dealerships in Alabama, Arizona, Tennessee, and Texas. LIFTFORWARD SPV: Monroe Marks $338,000 Secured Loan at 27% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $338,000 loan extended to Liftforward SPV II, LLC to market at $248,000 or 73% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Liftforward SPV II, LLC. The loan accrues interest at a rate of 15.03% PIK per annum. The loan matures on March 31, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Liftforward SPV II, LLC Liftforward Spv II, LLC provides banking, finance, insurance, and real estate services. The Company serves customers in the United States. LIGADO NETWORKS: Seeks to Extend Plan Exclusivity to July 6, 2026 ----------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Ligado Networks LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 6, 2026 and September 8, 2026, respectively. As shared by Troubled Company Reporter, based on the relevant factors, there is more than sufficient cause here to approve the requested extension of the Exclusive Periods, including, but not limited to: * These Chapter 11 Cases Are Large and Complex. The Debtors are 11 separate entities operating a complex satellite network across the United States and Canada, providing mobile satellite services to government and commercial customers. As set forth in the First Day Declaration, the Debtors' prepetition capital structure comprised approximately $8.6 billion in funded debt, five-tranches of preferred equity, and two-tranches of common equity. The Plan will significantly simplify the Debtors' balance sheet, allowing them to emerge with just a single Exit First Lien Facility. * The Debtors Have Made Good Faith Progress and Have Obtained Confirmation of Their Plan. Since entry of the Second Exclusivity Extension Order, the Debtors have made significant progress (i) negotiating with their stakeholders and (ii) toward reorganization. The Debtors obtained confirmation of the Plan on September 29, 2025. The Plan provides the Debtors with the means to emerge from chapter 11 as a viable, competitive business and is supported by nearly all of the Debtors' economic stakeholders. * Unresolved Contingencies Exist, and Additional Time Is Necessary. Although the Debtors have made significant progress toward emergence, they operate in a highly regulated industry and require additional time to obtain the required regulatory approvals in the United States and Canada to implement the AST Transaction and consummate the Plan. The Debtors are working to prepare the applications for such regulatory approvals and will cooperate with the regulatory authorities until the approvals are received. * An Extension Will Not Prejudice Creditors. The Debtors are requesting an extension of the Exclusive Periods to obtain regulatory approvals to implement the Plan. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders, who overwhelmingly support the Plan and have an interest in the Debtors having sufficient time to obtain the regulatory approvals necessary for their emergence from chapter 11. Co-Counsel for the Debtors: Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Emily R. Mathews, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com mathews@rlf.com - and - Dennis F. Dunne, Esq. Matthew L. Brod, Esq. Lauren C. Doyle, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 Email: ddunne@milbank.com mbrod@milbank.com ldoyle@milbank.com Andrew M. Leblanc, Esq. MILBANK LLP 1850 K Street, NW, Suite 1100 Washington DC 20006 Telephone: (202) 835-7500 Facsimile: (202) 263-7586 Email: aleblanc@milbank.com About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LION RIBBON: Plan Exclusivity Period Extended to January 30, 2026 ----------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Lion Ribbon Texas Corp. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to Jan. 30, 2026 and March 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the application of factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the issues attendant to these cases warrants approval of the requested relief. In this regard, the Debtors have over $50 million in funded debt and over 500 parties in interest in the Chapter 11 Cases. Further, the complexities of the Chapter 11 Cases were evidenced by the numerous Transactions and the wide variety of Estate Assets sold and to be sold by the Debtors. Thus, the first factor is clearly satisfied. Second, termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and to progress the Chapter 11 Cases, as the Debtors would potentially face the prospect of a competing plan. Such termination would disincentivize creditors and other stakeholders from negotiating productively with the Debtors and would undermine the Debtors' efforts toward a consensual chapter 11 plan. Third, the progress that the Debtors have made in the Chapter 11 Cases, which, as noted above, has included obtaining postpetition financing through the entry of the DIP Order, selling substantially all of the Estate Assets through the entry of six Sale Orders, consummating each of the six Transactions, and extensively negotiating and progressing the proposed Plan and corresponding Disclosure Statement, evidences satisfaction of the third and fourth factors. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Rather, the Debtors, in consultation with the Committee and the DIP Lender, seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods in the event of further delay in filing the Plan or any unexpected delay in the Plan confirmation process. Counsel to the Debtors: Caroline A. Reckler, Esq. LATHAM & WATKINS LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Tel: (312) 876-7633 Email: caroline.reckler@lw.com - and - Ray C. Schrock, Esq. Adam S. Ravin, Esq. Randall Carl Weber-Levine, Esq. Meghana Vunnamadala, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Phone: (212) 906-1200 Email: ray.schrock@lw.com adam.ravin@lw.com randall.weber-levine@lw.com meghana.vunnamadala@lw.com About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. On July 22, 2025, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Orrick, Herrington & Sutcliffe LLP as counsel. LOMA LINDA: S&P Raises Revenue Bonds Rating to 'BB+', Outlook Pos. ------------------------------------------------------------------ S&P Global Ratings raised its long-term rating to 'BB+' from 'BB' on the California Statewide Communities Development Authority's series 2018, 2016A, 2014A, and 2014B fixed-rate revenue bonds issued for the Loma Linda University Medical Center (LLUMC) obligated group. The upgrade reflects S&P's view of LLUMC's strengthened financial profile, driven by the organization's sustained positive operating performance, stabilizing unrestricted reserves, slowly improving debt metrics, and no net additional debt plans. The outlook is positive, reflecting S&P's expectation that results will remain solidly positive over the two-year horizon. S&P said, "We consider LLUMC's physical risks elevated but comparable with those throughout California given the facilities' location in a region exposed to earthquakes and wildfires. Offsetting that risk, management reports all hospitals are seismically compliant through 2030 under current guidelines. "We view LLUMC's social risks as elevated given the social capital risks tied to the higher governmental payer mix, although we recognize that the significant supplemental funding helps offset some of the financial pressures related to that dynamic. "Furthermore, we consider LLUMC's governance factors neutral in our credit rating analysis. "The positive outlook reflects our view of LLUMC's improving operating performance and growth in unrestricted reserves, which we expect will continue during the two-year outlook period. "We could revise the outlook to stable if LLUMC is unable to sustain its recent operating improvement or if unrestricted reserves weaken. Significant delays in HQAF IX approvals or meaningful differences from expectations could also result in rating pressure. Although not expected, the rating could additionally come under pressure if the system takes on significant new debt, capital spending materially exceeds projections, or the enterprise profile deteriorates. "We could raise the rating if LLUMC sustains consistently positive operating margins to support its elevated debt burden, demonstrates a continued trend of improved maximum annual debt service (MADS) coverage, maintains or strengthens unrestricted reserves, and shows ongoing improvement in its debt-related ratios." LUGANO DIAMONDS: Deadline for Panel Questionnaires Set for Nov. 24 ------------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Lugano Diamonds & Jewelry Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/zvehtmz6 and return by email it to Timothy Fox -- timothy.fox@usdoj.gov –- at the Office of the United States Trustee so that it is received end of business on Monday, November 24, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry Inc. designs jewelry. The Company offers rings, bracelets, earrings, and chain. Lugano Diamonds & Jewelry serves customers in the State of California. Lugano Diamonds & Jewelry Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12055) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. The affiliates that filed for Chapter 11 separately include Lugano Buyer Inc. (Case No. 25-12052), K.L.D. Jewelry LLC (Case No. 25-12053), Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). The Debtor is represented by Timothy R. Powell, Esq. and Edmon L. Morton, Esq. of Young Conaway Stargatt & Taylor, LLP. LUGANO DIAMONDS: Gets Okays DIP Loan, Cash Collateral Access ------------------------------------------------------------ Judge Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware entered an interim order authorizing Lugano Diamonds & Jewelry, Inc., a California corporation, Lugano Buyer, Inc., a Delaware corporation, Lugano Holding, Inc., a Delaware corporation, Lugano Prive, LLC, and K.L.D. Jewelry, LLC, to obtain postpetition financing pursuant to a senior secured, superpriority, priming debtor-in-possession delayed draw term loan facility subject to the terms and conditions set forth in a Superpriority Secured Debtor-in-Possession Credit Agreement dated as of November 18, 2025, by and among the DIP Borrowers and Compass Group Diversified Holdings LLC, a Delaware limited liability company, or an affiliate thereof, consisting of: a. a senior secured DIP Facility up to an aggregate amount of $12,000,000, which shall be available: (1) following entry of this Interim Order, as weekly draws, not to exceed $1.5 million in the aggregate, in accordance with the Approved Budget until entry of the Final Order, excluding the Roll-Up DIP Loan; and (2) following the entry of the Final Order, as subsequent draws in an additional aggregate principal amount not to exceed $12 million less the Interim Draw(s) and satisfaction of the other applicable conditions set forth in the DIP Documents; and b. a "roll-up" of Prepetition Obligations held by Compass Group Diversified Holdings LLC, effective immediately upon entry of this Interim Order, in an aggregate principal amount equal to $1,500,000, in accordance with the terms and conditions set forth in the DIP Credit Agreement, and all other terms and conditions of the DIP Documents. The Debtors also obtained authorization to continue: (a) using Cash Collateral, and (b) providing adequate protection to the Prepetition Lender on account of any Diminution in Value of the Prepetition Collateral, including Cash Collateral, as a consequence of the Debtors' use, sale, or lease of the Prepetition Collateral, including any Cash Collateral, the imposition of the automatic stay pursuant to section 362 of the Bankruptcy Code, the Debtors' incurrence of debt under the DIP Documents, and the priming of certain Prepetition Liens by liens and security interests granted by the DIP Documents, and any other basis consistent with section 361. Any and all objections to this Interim Order, to the extent not withdrawn, waived, settled, or otherwise resolved, and all reservations of rights included therein, are overruled on the merits. As set forth in the Motion and the First Day Declaration, the Debtors have an ongoing and immediate need to continue to use Cash Collateral and to obtain credit pursuant to the DIP Facility (A) for working capital and general corporate purposes, and (B) to fund (1) the administration of the Bankruptcy Cases, (2) the sales of the Debtors' assets, including the consummation of the Sales Plan and the chapter 11 plan process, (3) the Carve-Out and the Fee Escrow Accounts, and (4) the payments due to Agent under the Agency Agreement, all in strict accordance with the Approved Budget or as otherwise approved by the DIP Lender in writing in its sole discretion. The Debtors will not have sufficient sources of working capital to operate their businesses in the ordinary course of business during these Bankruptcy Cases without the use of Cash Collateral and the extension of the DIP Facility. Absent granting the relief set forth in this Interim Order, the Debtors' estates and their businesses will be irreparably harmed. As set forth in the Motion and the First Day Declaration, the Debtors are unable to obtain postpetition financing or other financial accommodations on more favorable terms under the circumstances from sources other than the DIP Lender pursuant to the terms and provisions of the DIP Term Sheet, the DIP Credit Agreement, and the other DIP Documents, and are unable to obtain satisfactory unsecured credit allowable under section 503(b)(1) of the Bankruptcy Code. Based upon the Motion, the First Day Declaration and the record presented to the Court at the Interim Hearing, the terms of the DIP Term Sheet, the DIP Credit Agreement, and the other DIP Documents, and the terms of the adequate protection granted to the Prepetition Lender as provided in this Interim Order, are fair and reasonable under the circumstances, reflect the Debtors' exercise of prudent business judgment consistent with the Debtors' fiduciary duties, and provide the Debtors reasonably equivalent value and fair consideration. The DIP Facility and the use of Prepetition Collateral (including Cash Collateral) to, among other things, fund the administration of the Bankruptcy Cases and for working capital and general corporate purposes, and the incurrence and payment of any Adequate Protection Obligations pursuant to this Interim Order, the DIP Term Sheet, the DIP Credit Agreement, and the other DIP Documents, have been negotiated in good faith and at arm's-length among the Debtors and the DIP Lender. The Court finds consummation of the DIP Facility and the use of Cash Collateral in accordance with this Interim Order, the DIP Term Sheet, the DIP Credit Agreement, and the other DIP Documents is in the best interests of the Debtors' estates and consistent with the Debtors' exercise of their fiduciary duties. The Debtors are authorized to borrow from the DIP Facility on an interim basis, subject to the terms of this Interim Order. The use of Cash Collateral on an interim basis is authorized, subject to the terms of this Interim Order. As adequate protection of the Prepetition Lender's interests in the Prepetition Collateral (including Cash Collateral), for any postpetition diminution in value of such interests (such diminution, exclusive of any diminution arising as a result of the Roll-Up DIP Loan, a "Diminution in Value") resulting from the incurrence of additional debt and the imposition of the Priming Liens on the Prepetition Collateral, the Carve-Out, the imposition of the automatic stay, the sale, lease, or use of the Prepetition Collateral (including Cash Collateral), or any other reason for which adequate protection may be granted under the Bankruptcy Code, the Prepetition Lender is granted the following, and the adequate protection will otherwise include: (a) Adequate Protection Liens, (b) Prepetition Superpriority Claims, (c) Fees and Expenses, and d) Intercompany Liens. The final hearing is scheduled for December 17. A copy of the Court's Order dated November 19, 2025, is available at https://urlcurt.com/u?l=1Om0De from PacerMonitor.com. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry Inc. designs jewelry. The Company offers rings, bracelets, earrings, and chain. Lugano Diamonds & Jewelry serves customers in the State of California. Lugano Diamonds & Jewelry Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12055) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. The affiliates that filed for Chapter 11 separately include Lugano Buyer Inc. (Case No. 25-12052), K.L.D. Jewelry LLC (Case No. 25-12053),Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). The Debtor is represented by Timothy R. Powell, Esq. and Edmon L. Morton, Esq. of Young Conaway Stargatt & Taylor, LLP. Squire Patton Boggs (US) LLP serves as counsel to the DIP Lender and Prepetition Lender. Polsinelli PC, is the Delaware counsel to the DIP Lender and Prepetition Lender, and Ankura Consulting Group, LLC, are the financial advisors. LUXURY RIDES: Seeks to Hire Blackwood Financial as Accountant ------------------------------------------------------------- Luxury Rides, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Blackwood Financial, LLC as accountant. The firm will assist the Debtor with preparation of its monthly operating reports, preparation of a Plan of Reorganization and confirmation hearing, and state and federal tax returns. Jason Pancost, CPA, a managing director at Blackwood Financial, will be paid at a flat fee of $500 per month, plus reimbursement. The firm received payments in the amount of $3,600 from the Debtor in the one year prior to the filing of this case. Mr. Pancost 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: Jason Pancost, CPA Blackwood Financial, LLC 1450 Gardiner Lane, Suite H Louisville, KY 40213 About Luxury Rides LLC Luxury Rides, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12104) on September 19, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $100,001 to $500,000. Judge Meredith S. Grabill oversees the case. The Debtor tapped Derbes Law Firm, LLC as counsel and Blackwood Financial, LLC as accountant. M&H ENTERPRISES: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, is set to hold a hearing today to consider the motion by M&H Enterprises, LLC and The Estate of Manijeh Vedadi to use cash collateral. The motion seeks to use the cash collateral of Trius Lending Partners to maintain and operate the Debtors' nine-unit residential building located in Jessup, Maryland. The property generates approximately $9,500 in monthly rental income, which is the Debtors' primary source of revenue to fund expenses. Trius Lending holds a secured deed of trust and had scheduled a foreclosure sale for November 12. After unsuccessful negotiations to restructure the debt, the Debtors filed for Chapter 11 protection to prevent loss of the property. Adequate protection measures include maintaining insurance, paying taxes, performing necessary maintenance, and subjecting all expenditures to court oversight. A copy of the motion is available at https://urlcurt.com/u?l=PluhF9 from PacerMonitor.com. About M&H Enterprises, LLC M&H Enterprises, LLC is associated with real estate holdings in Maryland and is owned by The Estate of Manijeh Vedadi. The Debtors jointly hold title to a nine-unit residential building located at 8229 Washington Boulevard in Jessup, Maryland. The Estate of Manijeh Vedadi holds additional residential properties in Silver Spring and North Potomac, some of which are used as collateral for the Jessup property while others are classified as inherited property. Combined, the assets are valued at approximately $3 million. M&H Enterprises and The Estate of Manijeh Vedadi sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-20625) on November 12, 2025. At the time of the filing, M&H Enterprises listed between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Rowena N. Nelson, Esq., at the Law Office of Rowena N. Nelson, LLC, represents the Debtor as bankruptcy counsel. MARANATHA FAITH: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On November 20, 2025, Maranatha Faith Ministries Queens Inc. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Maranatha Faith Ministries Queens Inc. Maranatha Faith Ministries Queens Inc. is a single asset real estate company. Maranatha Faith Ministries Queens Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45603) on November 20, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. MEADOWLARK HILLS: Fitch Rates Series 2025 Bonds 'BB+' ----------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to the following health care facilities revenue bonds expected to be issued by the City of Manhattan, Kansas on behalf of Meadowlark Hills: - $41,115,000 Series 2025A; - $7,500,000 tax-exempt Mandatory Paydown Securities (TEMPS), Series 2025B-1; and - $5,250,000 TEMPS, Series 2025B-2. Fitch has also affirmed Meadowlark Hills' 'BB+' Issuer Default Rating (IDR) and the 'BB+' rating on the Series 2021A and 2022A health care facilities revenue bonds issued by the city of Manhattan on behalf of Meadowlark Hills. Proceeds from the bonds will be used to fund construction of a 43-independent living unit (ILU) expansion on Meadowlark Hills' campus (the Aster), 26 months (construction + three months) of capitalized interest, a deposit in Meadowlark Hills' master debt service reserve fund, and the costs of issuance. The bonds are expected to sell via negotiated sale during the week of Nov. 24. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Meadowlark Hills (KS) LT IDR BB+ Affirmed BB+ Meadowlark Hills (KS) /General Revenues/1 LT LT BB+ Affirmed BB+ The 'BB+' rating reflects Meadowlark Hills' steady market position as the leading life plan community (LPC) as well as its predominantly type-B contracts, which provide for good profitability despite a high exposure to skilled nursing facility (SNF) operations. The rating also factors the risks associated with the Aster expansion project. The Aster project will feature a four-story building with a top-floor clubhouse, a fitness center, classroom spaces designed for specialized care programs, 64 underbuilding parking spots, and an enlarged, beautified pond serving as a centerpiece amenity space. The proceeds from the Series 2025 bonds, along with a capital campaign and existing project funds, are expected to be used to fund construction ($51.2 million), interest on the bonds ($4.1 million), the cost of issuance ($1.1 million), and a debt service reserve fund ($2.4 million). Pro forma maximum annual debt service (MADS) is expected to be approximately $5.9 million (excludes Series 2025B-1 and B-2 Bonds, which are expected to be repaid with initial entrance fees). The Stable Outlook reflects Fitch's expectation that the expansion will be accretive and complement LPC's broader continuum of offerings. The Aster project is currently 95.3% presold (41 of 43 units), which bodes well for successful fill to generate sufficient initial entrance fees to repay short-term debt. This will allow for balance sheet improvement to levels consistent with the higher end of the 'BB' category following project stabilization. Construction is expected to commence in December 2025 and is estimated to span approximately two years. SECURITY The 2025 bonds are secured by a gross revenue pledge and first-mortgage lien on the obligated group (OG). A master debt service reserve fund on the 2025A permanent debt provides additional security. The debt service coverage covenant is expected to be 1.2x. A liquidity covenant of 150 days cash on hand (DCOH) is also expected. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Limited Competition; Good Demand The 'bbb' revenue defensibility assessment reflects Meadowlark Hills' market position as a single-site LPC with limited competition, strong occupancy trends, and planned amenity enhancements. Although Meadowlark Hills operates in a PMA characterized by muted population growth and high Medicaid exposure, the LPC's demand indicators are favorable as evidenced by a waitlist of over 400 members. Meadowlark Hills also has a "Passport Program" with more than 700 participants, which provides access to select campus amenities and serves as an early integration pathway that engages prospective residents and helps cultivate demand from future community entrants. Meadowlark Hills faces very little competition, as the nearest comparable LPC is over 50 miles away and the other senior living providers in the immediate PMA are mostly standalone SNF or assisted living (AL) communities. Meadowlark Hill's market draw is relatively narrow, though close proximity to Kansas State University and Fort Riley provides a modest pull. Meadowlark Hills' occupancy has trended favorably in recent years, with the three-year average at 93.3%. The LPC completed its 24-ILU Monarch expansion in FY24, and the planned Aster ILU expansion will provide higher-end offerings with enhanced amenities. A top-floor clubhouse will serve as a common space and a new fitness center will provide a larger space for wellness. Fitch expects strong occupancy to continue as the LPC's unit mix evolves toward more in-demand configurations. Management has consistently raised rates and employs demand-based, dynamic adjustments to entrance fees. Even with the rate increases, Fitch views Meadowlark Hills' rates and affordability as providing moderate price flexibility. The community's weighted average entrance fee of approximately $208,000 in FY25 compares favorably with average home values in Riley County, KS and the net worth of new IL residents. The expected weighted average entrance fee for the Aster ILUs is approximately $347,000. Operating Risk - 'bbb' Sound Core Profitability; High SNF and Medicaid Exposure Fitch's 'bbb' assessment of Meadowlark Hills' operating risk reflects a historical track record of strong cost management for the community's predominantly type-B contract mix and sufficient coverage metrics, balanced against significant Medicaid exposure, which Fitch views unfavorably. The midrange assessment also incorporates the cash flow benefits from the usage of entrance fees for health care service payment, which provides for increased balance sheet stability and mitigates risks associated with Meadowlark Hills' high exposure to SNF operations (58% of net resident service revenue) and Medicaid payor mix exposure, which accounted for 33% of SNF net revenue in FY25. Meadowlark's successful Monarch project along with the anticipated Aster ILU expansion allay asymmetric risks posed by high Medicaid exposure. Meadowlark Hills' occupancy growth, expense controls and fee increases, especially from an approximately 30% increase in the community's Medicaid reimbursement rate following a rebasing of the nursing facility daily Medicaid rate, helped the community to generate a favorable operating ratio, net operating margin (NOM), and NOM-adjusted of 89.7%, 12.2% and 19.3%, respectively, in FY25. Management believes unfavorable effects from HR1 are unlikely, and therefore not expected to affect the LPC's business materially. Management expects to collect approximately $14.9 million in initial entrance fees from the Aster expansion, of which $12.7 million will be applied to pay down temporary debt, with the remainder to be retained on the community's balance sheet. Fitch believes this is a reasonable expectation given the successful fill of the Monarch (Meadowlark Hills' most recent ILU expansion that opened in October 2023) in only 40 days and high level of presales (95.3% presold/41 of 43 units). Many of the presales for the Aster were generated from excess demand for the Monarch, underscoring Fitch's expectation for successful fill. Meadowlark Hills currently has a modest debt burden that Fitch believes will remain stable, incorporating the plan of finance for the Aster project. Current MADS equated to a moderate 10% of revenue and revenue-only MADS coverage was a strong 1.7x in FY25. The community's debt to net available of 7.1x in FY25 also indicates a modest debt burden. Pro forma ratios factoring in the plan of finance for the Aster project show stability in Meadowlark Hills' capital-related metrics following project stabilization and repayment of the temporary debt. Financial Profile - 'bb' Financial Profile Consistent with Rating Through Moderate Stress Given Meadowlark Hills' midrange revenue defensibility and operating risk assessments, Fitch expects the community will maintain a financial profile that is consistent with the 'BB+' rating, even during the economic and financial volatility assumed in Fitch's forward-looking stress scenario, factoring in the additional debt expected for the Aster project. Meadowlark Hills' favorable financial performance has allowed the community to improve its liquidity position to $37.4 million at FYE 2025, equating to 68.8% of the community's adjusted debt. Unrestricted cash and investments equated to 467 days cash on hand (according to Fitch's calculations) at FYE 2025, which is neutral to Fitch's assessment of Meadowlark Hills' financial profile. MADS coverage has averaged 2.3x over the past five years, which is solid for the 'bb' financial profile. Fitch's baseline scenario, which is a reasonable forward look of financial performance over the next five years, given current economic expectations, projects a modest increase in the LPC's operating ratio in fiscal 2027 and fiscal 2028, primarily driven by project-related costs. The base case anticipates the operating ratio will stabilize at historical levels as expansion ILUs are filled and Meadowlark Hills begins to realize the associated financial benefits. Maintenance capex is expected to be below depreciation over this period. Fitch's stress case, which includes a portfolio sensitivity tailored to Meadowlark Hills's asset allocation and operational and entrance fee stresses, applies greater pressure to key metrics. Fitch expects Meadowlark Hills will maintain cash-to-adjusted debt at levels consistent with a 'BB+' throughout the stresscase scenario. DCOH remains above 300 days in both the base and stress cases, which is neutral to the rating. Asymmetric Additional Risk Considerations No asymmetric risk considerations are relevant to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening operations/financial profile or issuance of additional debt such that cash-to-adjusted debt is sustained below 40% and/or MADS coverage is expected to be consistently at or below 1.3x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive action is unlikely before completion and fill of the Aster project. Over time, sustained cash-to-adjusted debt over 50% in Fitch's stress-case scenario could support positive rating momentum. PROFILE Meadowlark Hills is a predominantly type-B LPC located on approximately 55 acres in Manhattan, KS. The campus currently consists of 187 IL units (54 duplexes/cottages and 133 apartments), 38 AL units (all private, with 14 utilized as memory care units) and 133 skilled nursing beds (74 semi-private and 60 private). Meadowlark Hills generated about $34.8 million of total operating revenue in FY25. 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. MEDALLIA INC: Monroe Capital Marks $2.2MM Secured Loan at 16% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $2,297,000 loan extended to Medallia, Inc. to market at $1,935,000 or 84% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Medallia, Inc. The loan accrues interest at a rate of 6.47% Cash/ 4.00% PIK per annum. The loan matures on October 27, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Medallia, Inc. Medallia is an American customer and employee experience management company based in San Francisco, California. MEI BUYER: Monroe Capital Marks $689,000 Loan at 75% Off -------------------------------------------------------- Monroe Capital Corporation has marked its $689,000 loan extended to MEI Buyer LLC to market at $176,000 or 25% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Delayed Draw Loan to MEI Buyer LLC. The loan accrues interest at a rate of 9.25% per annum. The loan matures on June 29, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About MEI Buyer LLC MEI Buyer LLC provides infrastructure construction services. MIDWEST SKIING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Midwest Skiing Company, LLC d/b/a Whitecap Mountains Resort f/d/b/a Glebe Mountain, Inc. 9106 W. County Road E Upson, WI 54565 Business Description: Midwest Skiing Company, LLC operates the Whitecap Mountains Resort in Upson, Wisconsin, where it manages downhill skiing, snowboarding, lodging, and year-round recreational activities. The Company oversees on-site facilities including food and beverage services, guest accommodations, and outdoor amenities across the resort property. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Western District of Wisconsin Case No.: 25-12543 Debtor's Counsel: Evan P. Schmit, Esq. KERK & DUNN 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: 414-277-8200 Email: eschmit@kerkmandunn.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Dziuban as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7XNPR6Q/Midwest_Skiing_Company_LLC__wiwbke-25-12543__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7KDGKDI/Midwest_Skiing_Company_LLC__wiwbke-25-12543__0001.0.pdf?mcid=tGE4TAMA MILLENKAMP CATTLE: Investment Banker Not Entitled to DIP Loan Fee ----------------------------------------------------------------- Chief Judge Noah G. Hillen of the United States Bankruptcy Court for the District of Idaho sustained the objection of Millenkamp Cattle Inc. and its affiliated debtors to Forbes Securities Group LLC d/b/a Forbes Partner's amended fee application. The various debtor entities associated with the Millenkamp dairy, farming, and cattle operations filed petitions under chapter 11 of the Bankruptcy Code on April 2, 2024, and those cases were jointly administered under In re Millenkamp Cattle, Inc., 24-40158-NGH. Prior to the filings, on March 21, 2024, Debtors executed an engagement letter to employ Forbes as their investment banker. Following the bankruptcy filings, on May 6, 2024, Debtors filed an application to employ Forbes under Sec. 327(a), stating Forbes would support Debtors "as an investment banker in marketing the Debtors and assisting them with finding new capital for restructuring." On June 5, 2024, the Court granted the application to employ pursuant to Sec. 327(a). On April 2, 2024, after the Engagement Letter was executed but before the application to employ Forbes was filed, Debtors sought the Court's approval to enter into an agreement with Sandton Capital Solutions Master Fund VI, LP for a debtor-in-possession financing facility of up to $45,000,000. There is no dispute Forbes engaged in its usual and extensive process of gathering information and soliciting lenders. Nevertheless, Forbes seeks approval of fees it claims are due under the Engagement Letter that provides, in part, that Forbes will familiarize itself with Debtors' operations, and use this information to develop a marketing strategy and due diligence materials with the goal of completing a "transaction." Debtors contend that Forbes did not facilitate the formation of any "transaction" entered into by Debtors, and therefore no fee was earned. Forbes disagrees and seeks compensation totaling $1,125,000 based upon Debtors' DIP Facility with Sandton. The Court finds the facts presented in this case establish that Forbes knew Debtors were working with Sandton on DIP financing when they signed the Engagement Letter. The evidence is also clear that Forbes played no part in targeting Sandton for DIP financing or in finalizing the terms of the DIP Facility. Instead, they focused squarely on finding exit financing. According to the Court, Forbes' decision to downshift and assert a right to collect a fee on the DIP Facility after its unsuccessful attempt to obtain exit financing is not supported under the facts of this case. First, it is not entitled to the fee under the terms of the Engagement Letter, and second, awarding such a fee is not reasonable under Sec. 330. While Forbes contends that any transaction Debtors entered into during the period of its engagement is sufficient to require payment of the fee, the Court disagrees. The Court notes two additional reasons why closing the DIP Facility did not entitle Forbes to a transaction fee under the Engagement Letter. First, Forbes never sought a closing fee when the Court approved the DIP Facility and the parties formally entered into that transaction. Second, if the DIP Facility triggered payment of a transaction fee, Forbes' engagement with Debtors should have concluded. Forbes requested only the transaction fee provided in the Engagement Letter. Having concluded that Forbes is not entitled to that fee under the circumstances presented in this case, the Court has no basis upon which to otherwise award fees. Under Sec. 330, Forbes had the burden of providing detailed records of its actual and necessary services that would permit the Court to fulfill its statutory obligation to carefully examine the requested compensation and evaluate all relevant factors. The record is wholly devoid of evidence of billing rates or hours expended by Forbes in working to obtain exit financing on behalf of the Debtor. Because Forbes bears the burden of establishing its entitlement to compensation and the reasonableness thereof, the Court concludes Debtors' objection to Forbes' amended application for compensation must be sustained. A copy of the Court's Memorandum of Decision dated November 18, 2025, is available at https://urlcurt.com/u?l=yRaHpL from PacerMonitor.com. About Millenkamp Cattle Millenkamp Cattle Inc., is part of a family-owned agriculture business that can produce more than 1 million pounds of milk per day. Millenkamp Cattle Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case No. 24-40158) on April 2, 2024. In the petitions filed by William J. Millenkamp, manager, Millenkamp Cattle estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Judge Noah G. Hillen oversees the cases. The Debtors tapped Matthew T. Christensen, Esq., at Johnson May, PLLC, as bankruptcy counsel and Givens Pursley as special counsel. MODIVCARE INC: Creditors Challenge $3.6MM in Bankruptcy Fees ------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the creditors of ModivCare, a bankrupt medical transportation provider, are reviewing a potential challenge to $3.6 million in fees and expenses accumulated by White & Case LLP and AlixPartners LLP during three weeks in September 2025. The advisory firms, serving the unsecured creditors' committee, amassed costs at what lenders called an "extraordinary burn rate," according to a Wednesday filing in the U.S. Bankruptcy Court for the Southern District of Texas by a coalition of first- and second-lien lenders, the report states. The filing noted that recent compensation requests from the firms reinforced the lenders' prior concerns about the speed and scale of the fees, signaling potential overbilling in the ongoing bankruptcy case, according to Bloomberg Law. 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. MODIVCARE INC: Paul Hastings Represents Consenting Creditors ------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Modivcare Inc., and its debtor-affiliates, Paul Hastings LLP -- as counsel to JPMorgan Chase Bank, N.A., as administrative agent and any successor thereto under the Prepetition First Lien Credit Agreement and the Consenting Creditors -- filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019. The Consenting Creditors are either the beneficial holders of, or the investment advisors or managers to, funds and/or accounts that beneficially own or manage approximately $805,000,000 in aggregate principal amount of First Lien Claims and $223,000,000 in aggregate principal amount of Second Lien Claims. According to the Verified Statement: 1. Paul Hastings LLP was retained prior to the Petition Date by the First Lien Agent and acted on its behalf. Thereafter, Counsel assisted the First Lien Agent and the Consenting Creditors in connection with the negotiation and execution of a Restructuring Support Agreement and the carrying out of the actions required thereunder. Counsel does not have an agreement memorializing the terms of its engagement other than through the Credit Agreement and the Restructuring Support Agreement. 2. As of the date of this Statement, Counsel represents the First Lien Agent and the Consenting Creditors. Upon information and belief formed after due inquiry, Counsel does not represent or purport to represent any persons or entities other than the First Lien Agent and the Consenting Creditors in connection with the Chapter 11 Cases. Counsel does not own, nor has it ever owned, any claims against or interests in the Debtors, except for claims for services rendered to the First Lien Agent and the Consenting Creditors. In addition, as of the date of this Statement, the First Lien Agent and the Consenting Creditors do not, either collectively or individually, represent or purport to represent any other persons or entities in connection with the Chapter 11 Cases. 3. Nothing contained in this Statement is intended to or should be construed as (i) a waiver or release of any claims against the Debtors or any other entity held by the First Lien Agent or any of the Consenting Creditors, (ii) an admission with respect to any fact or legal theory, or (iii) a limitation or waiver of any rights of the First Lien Agent or any of the Consenting Creditors, including, without limitation, the right to assert, file and/or amend any claims (including any proofs of claim) in accordance with any applicable law and any orders entered in these Chapter 11 Cases. 4. Counsel reserves the right to amend and/or supplement this Statement at any time. The names, addresses, and nature and amount of each disclosable economic interest in the Debtors held by each of the Consenting Creditors, as of November 19, 2025, are: 1. Certain funds and/or accounts owned or managed by AllianceBernstein, L.P. and/or its affiliates 501 Commerce Street Nashville, TN 37203 Revolver: $0 First Lien Term Loans: $16,883,025.92 Second Lien Notes: $20,922,300.00 Unsecured Notes: $1,085,000.00 Common Equity: $0 2. Certain funds and/or accounts owned or managed by Allspring Global Investments LLC and/or its affiliates 1415 Vantage Park Drive, 3rd Floor Charlotte, NC 28203 Revolver: $0 First Lien Term Loans: $21,807,568.60 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 3. Certain funds and/or accounts owned or managed by Birch Grove Capital LP and/or its affiliates 55 Hudson Yards New York, NY 10001 Revolver: $0 First Lien Term Loans: $27,750,990.31 Second Lien Notes: $20,891,850.00 Unsecured Notes: $0 Common Equity: $0 4. Certain funds and/or accounts owned or managed by BNP Paribas S.A. and/or its affiliates 787 7th Avenue New York, NY 10019 Revolver: $0 First Lien Term Loans: $2,902,797.27 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 5. Certain funds and/or accounts owned or managed by Brigade Capital Management, LP and/or its affiliates 399 Park Avenue, 16th Floor New York, NY 10022 Revolver: $0 First Lien Term Loans: $58,385,760.78 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 6. Certain funds and/or accounts owned or managed by HalseyPoint Asset Management, LLC and/or its affiliates 200 N. Pacific Coast Highway, Suite 675 El Segundo, CA 90245 Revolver: $0 First Lien Term Loans: $14,267,536.12 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 7. HG Vora Capital Management, LLC, on behalf of certain funds and accounts managed or advised by it 330 Madison Avenue, 21st Fl New York, NY 10017 Revolver: $15,075,000.00 First Lien Term Loans: $124,171,611.54 Second Lien Notes: $36,750,000.00 Unsecured Notes: $0 Common Equity: $0 8. Certain funds and/or accounts owned or managed by HSBC Bank PLC and/or its affiliates 8 Canada Square London, E14 5HQ United Kingdom, GB5200 Revolver: $0 First Lien Term Loans: $8,714,711.00 Second Lien Notes: $9,748,200.00 Unsecured Notes: $0 Common Equity: $0 9. Certain funds and/or accounts owned or managed by Jefferies Finance LLC and/or its affiliates 520 Madison Avenue New York, NY 10022 Revolver: $10,154,231.98 First Lien Term Loans: $0 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 10. Certain funds and/or accounts owned or managed by Q Global Advisors, LLC and any of its affiliates (including Texas Exchange Bank) 301 Commerce St, Suite 3200 Fort Worth, TX 76102 Revolver: $159,773,241.51 First Lien Term Loans: $95,572,495.46 Second Lien Notes: $42,181,650.00 Unsecured Notes: $0 Common Equity: $0 11. Certain funds and/or accounts owned or managed by Redwood Capital Management, LLC and/or its affiliates 250 West 55th Street, 26th Floor New York, NY 10019 Revolver: $62,996,537.91 First Lien Term Loans: $53,616,395.67 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 12. Certain funds and/or accounts owned or managed by Silver Rock Financial LP and/or its affiliates 12100 Wilshire Blvd, Suite 1000 Los Angeles, CA 90025 Revolver: $27,767,787.94 First Lien Term Loans: $33,085,996.61 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 13. Certain funds and/or accounts owned or managed by Silver Rock Management LLC and/or its affiliates 575 Madison Ave, 25th Floor, New York, NY 10022 Revolver: $0 First Lien Term Loans: $16,977,608.08 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 14. Certain funds and/or accounts owned or managed by Summit House Capital Management, LLC and/or its affiliates 8235 Douglas Ave, Suite 395 Dallas, TX 75225 Revolver: $22,855,421.33 First Lien Term Loans: $37,173,830.47 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 15. Certain funds and/or accounts owned or managed by TCW Asset Management Company LLC, TCW Investment Management Company LLC, Metropolitan West Asset Management, LLC and/or their affiliates 515 South Flower Street Los Angeles, CA 90071 Revolver: $0 First Lien Term Loans: $73,983,953.82 Second Lien Notes: $92,452,500.00 Unsecured Notes: $0 Common Equity: $0 16. Certain funds and/or accounts owned or managed by Newfleet Asset Management and/or its affiliates 1 Financial Plaza, 20th Floor Hartford, CT 06103 Revolver: $0 First Lien Term Loans: $958,269.09 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 17. CSS, LLC 1 N Wacker Drive, Ste 3075 Chicago, IL 60606 Revolver: $0 First Lien Term Loans: $3,458,070.00 Second Lien Notes: $9,558,150.00 Unsecured Notes: $140,000.00 Common Equity: $0 18. Barclays Bank PLC solely in respect of its U.S. Special Situations Trading Desk 745 Seventh Ave, 2nd Floor New York, NY 10019 Revolver: $30,462,495.92 First Lien Term Loans: $2,482,521.78 Second Lien Notes: $0 Unsecured Notes: $99,000.00 Common Equity: $0 19. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by Fidelity Management & Research Company LLC or a subsidiary or an affiliate thereof 245 Summer Street Boston, MA 02210-1129 Revolver: $0 First Lien Term Loans: $8,356,403.19 Second Lien Notes: $401,100.00 Unsecured Notes: $4,937,000.00 Common Equity: $0 20. JPMorgan Chase Bank, N.A. 500 Stanton Christiana Rd., NCC 2 Floor 2 Newark, DE 19713 Revolver: $0 First Lien Term Loans: $18,326,434.28 Second Lien Notes: $0 Unsecured Notes: $1,572,000.00 Common Equity: $0 21. Certain funds and/or accounts owned or managed by Thrivent Financial for Lutherans and Thrivent Asset Management, LLC and/or its affiliates 901 Marquette Ave, Suite 2500 Minneapolis, MN 55402 Revolver: $0 First Lien Term Loans: $1,017,493.00 Second Lien Notes: $0 Unsecured Notes: $0 Common Equity: $0 The firm may be reached at: Matthew L. Warren, Esq. Lindsey Henrikson, Esq. PAUL HASTINGS LLP 71 South Wacker Drive, Suite 4500 Chicago, IL 60606 Tel: (312) 499-6000 Fax: (312) 499-6100 E-mail: mattwarren@paulhastings.com lindseyhenrikson@paulhastings.com - and - Kristopher M. Hansen, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, NY 10166 Tel: (212) 318-6000 Fax: (212) 319-4090 E-mail: krishansen@paulhastings.com 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. ModivCare Inc. and several affiliated entities 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. Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' bankruptcy counsel. The Debtors engaged FTI Consulting, Inc. as its financial advisor and Chad J. Shandler, Senior Managing Director at FTI, as Chief Transformation Officer; Ernst & Young LLP as as its tax, consulting, accounting and valuation services provider; Cresa, LLC as real estate consultant and advisor; and Mills Halstead Zaloudek, LLC as real estate counsel. ModivCare tapped Quinn Emanuel Urquhart & Sullivan LLP as counsel to the Special Committee of the Debtors. The official committee of unsecured creditors retained White & Case LLP as counsel; AlixPartners, LLP as financial advisor; and Moelis & Company LLC as its investment banker and placement agent. ModivCare obtained a senior secured super-priority DIP credit facility consisting of a term loan credit facility in an aggregate principal amount of up to $100 million from lenders led by Wilmington Trust, N.A., as administrative agent and collateral agent. MOUNTAIN VISTA: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Mountain Vista Holdings LLC 3680 Wilshire Blvd., Suite P04-1702 Los Angeles, CA 90010 Business Description: Mountain Vista Holdings LLC is a single- asset real estate company that owns a vacant land parcel in Vista, California, and holds full fee-simple title to the property, which carries an appraised value of roughly $8.2 million. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20320 Judge: Hon. Neil W Bason Debtor's Counsel: James Mortensen, Esq. SOCAL LAW GROUP, PC 2855 Michelle Drive 120 Irvine CA 92606 Tel: 213-387-7414 Email: pimmsno1@aol.com Total Assets: $8,200,200 Total Liabilities: $4,786,000 The petition was signed by D. Scott Abernethy as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XXHRUKQ/MOUNTAIN_VISTA_HOLDINGS_LLC__cacbke-25-20320__0001.0.pdf?mcid=tGE4TAMA MOUNTAIN VISTA: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On November 19, 2025, Mountain Vista Holdings LLC initiated Chapter 11 bankruptcy proceedings in the Central District of California. Filings indicate the Debtor owes between $1 million and $10 million to a creditor body of 1–49 parties. About Mountain Vista Holdings LLC Mountain Vista Holdings LLC is a single asset real estate company. Mountain Vista Holdings LLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20320) on November 19, 2025. In its petition, the company reported estimated assets of $1 million to $10 million, along with liabilities within the same range. The case is assigned to Judge Neil W. Bason. MOUNTAINEER MERGER: S&P Reinstates ICR at 'CCC', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings reinstated its issuer credit rating on Mountaineer Merger Corp.'s (dba Gabe) at 'CCC'. S&P also assigned its 'CCC-' issue-level rating and '5' recovery rating to its term loan and delayed-draw term loan. The '5' recovery rating indicates its expectation for modest recovery (10%-30%; rounded estimate: 20%) in the event of a payment default. S&P said, "The negative outlook reflects the risk that we could lower the ratings if a default scenario becomes imminent in the subsequent six months due to weakening liquidity. "Our 'CCC' rating reflects the risk of a default in the next 12 months. We envision default scenarios absent significant operational improvement. In August 2025, Gabe's concluded an out-of-court restructuring after missing interest and principal payment on its previous term loan facility due to a liquidity shortfall. The company equitized about $170 million of debt while lenders provided an additional $55 million in new money to be invested in the company's business operations. The current capital structure consists of a $31 million first-lien term loan and $25 million first-lien delayed-draw term loan due in 2030, a reduction in funded debt of about $115 million before restructuring. In addition, Gabe's maintained its pre-restructuring $175 million asset-based lending (ABL) facility due in 2027, of which $81 million was drawn as of Aug. 2, 2025. "The new term loans, which have interest of SOFR + 800 basis points (bps), allow for the option of 700 bps payment-in-kind (PIK) and do not have annual amortization. We expect that the PIK interest feature will allow Gabe's to save about $42 million in cash over the next 12 months. We view the new preferred shares as a debt-like instrument because they could be redeemed ahead of the term loans and lead to deterioration in creditworthiness. While this will alleviate free operating cash flow (FOCF) pressure in the short term, it will create an additional hurdle to the company's credit metrics as it accrues. Therefore, we forecast S&P Global Ratings-adjusted funds from operations (FFO) cash interest coverage improving to 1.6x in 2026 and 1.7x in 2027 due to lower cash interest expenses and margin increasing." As part of its turnaround plan, Gabe's repaid a portion of the outstanding debt under its ABL facility and intends to address overdue payments to suppliers and invest in its operations. In addition, the company will continue to rebrand its legacy Old Time Pottery (OTP) stores as Gabe's stores to improve product offerings and operating efficiency. Liquidity is weak due to FOCF deficits and constrained ABL availability. Reported FOCF deficit on a year-to-date basis improved to $3 million in the second quarter from a $14 million deficit in the prior year partially due to no interest payments and working capital inflow of about $31 million. Inventory reached its lowest level in the last two years. S&P said, "We expect reported FOCF deficit will approach $35 million in 2026 due to inventory investments, overdue payments to vendors, and weak margin. In 2027, we expect the reported FOCF deficit will improve to $13 million as Gabe's continues to execute its cost-cutting initiatives." The company repaid $36 million of its $175 million ABL facility with the new money proceeds, decreasing the outstanding balance to $81 million in the second quarter. However, borrowing base constraints caused by lower inventory and a minimum excess availability covenant limited operating availability to $12 million as of Aug. 2. S&P said, "In our view, potential delays in turnaround initiatives could result in covenant breach given the tight headroom. While supply chain disruptions from tariffs likely will create opportunities that benefit off-price business models, we believe potential liquidity constraints will affect Gabe's ability to buy excess inventory and weaken its competitive position." Low consumer sentiment keeps demand for discretionary products soft. Gabe's revenue decline accelerated to 13% in the second quarter following an 9% drop in the first quarter, behind lower volume of transactions and average transaction value. While consumers have been cautious this year given the risk of a weakening economy, operating challenges and lower inventory have significantly deteriorated Gabe's revenue. S&P forecasts revenue will decline 2.5% in 2026 as Gabe's executes its turnaround initiatives and will be flat in 2027, supported by consumers trading down and a stronger inventory position. Improvement depends on successful turnaround execution. S&P Global Ratings-adjusted EBITDA margin decreased to 7.3% on a last-12-months basis in the second quarter from 8.6% in fiscal 2024, partially due to a decrease in selling margin. Gabe's has benefitted from cost cutting, continued integration, and synergies from OTP. Adjusted EBITDA margin was 14.1% in the quarter, an increase of 710 bps from the prior year. In addition, the company has negotiated some landlord concessions, which will contribute to margin improvements. S&P said, "We forecast an adjusted EBITDA margin of 8.3% in 2026, supported by a stronger inventory position and improved vendor terms. We expect adjusted EBITDA margin will further improve to 9.4% in 2027 as the company implements its cost-saving initiatives and revenue continues to stabilize. While we believe direct imports account for little merchandise, higher tariff rates represent a risk to the company's operating performance." S&P said, "The negative outlook reflects the risk that we could lower the ratings on Gabe's if a default scenario becomes imminent in the next six months due to weakening liquidity. "We could lower our rating on Gabe's if we envision a specific default scenario in the next six months. This includes a payment default, distressed exchange, or balance sheet restructuring. "We could take a positive rating action on Gabe's if we don't expect a specific default scenario in the next 12 months. This could occur if operating performance improves and alleviates short-term liquidity pressure." MURPHY USA: S&P Affirms 'BB+' ICR, Outlook Stable ------------------------------------------------- S&P Global Ratings affirmed all its rating on El Dorado, Ark.-based fuel retailer Murphy USA Inc., including the 'BB+' issuer-credit rating. S&P said, "We also adjusted our leverage downgrade trigger to 3.0x from 3.5x to reflect our view of Murphy's continued high exposure to fuel and tobacco. "The stable ratings outlook reflects our expectation for steady EBITDA, strong positive cash flow generation, and S&P Global Ratings-adjusted leverage in the 2x area over the next 12-18 months. "Murphy USA's results have been modestly below our expectations on lower fuel margins amid subdued volatility in industry gasoline prices. "At the same time, we expect sales and EBITDA to stabilize over the next 12-18 months because of new stores, a modest increase in fuel margins, and a continued low-single-digit percent increase in merchandise sales, allowing the company to sustain leverage in the 2x area. "Our rating incorporates Murphy's engagement of consumers with relatively inelastic demand for its products. The company maintains a good market share as one of the largest fuel retailers and convenience store operators in the U.S., which supports consistent cash flow generation. We also believe Murphy remains an industry leader in terms of competitive pricing in the highly competitive and fragmented convenience store industry, a strategy employed by leveraging scale and focusing on expense management to keep operating costs low. At the same time, Murphy's management has maintained a relatively stable financial policy, incorporating internal growth investments and significant shareholder returns while sustaining its credit quality at a consistent level. "Recent performance trends have been modestly soft relative to our prior expectations, reflecting the low volatility in industry fuel pricing. This, along with a modest decline in gasoline prices, has led to moderately lower sales relative to our prior expectations, including sales that declined about 5.7% for the first nine months of 2025 compared with the year-ago period. "Fuel prices offset the benefits from new store growth and a low-single-digit percent increase in comparable-store merchandise sales. The pricing environment also led Murphy to modestly invest in price to maintain store traffic and fuel gallon volumes, as consumers prioritize convenience over price. These trends lead us to expect lower fuel margins, including realized cents per gallon of about $0.29 in 2025 compared with roughly $0.30 in our previous forecast. Still, Murphy remains diligent in cost management, as evidenced by its recent reduction in corporate overhead. We thus expect S&P Global Ratings-adjusted EBITDA margins to remain in the 5% area this and next year. "We anticipate Murphy will maintain S&P Global Ratings-adjusted leverage in the 2x area, reflecting its disciplined financial policy. The company's target leverage of 2.5x or below, recently about 2.2x by company calculations, demonstrates a commitment to prudent debt management. Moreover, the company has maintained leverage below its leverage target for at least the last five years, also consistent with a conservative financial policy. We expect Murphy to maintain leverage consistent with its policy while also projecting modestly higher leverage than in previous forecasts as it increases its shareholder returns. This includes our projections for S&P Global Ratings-adjusted leverage of about 2.7x this and next year. Moreover, its recent refinancing of credit facilities, including upsizing the revolver and issuing a term loan, supports our view that company will maintain financial discipline balanced with shareholder returns. "New store development and raze-and-rebuild projects will drive sales growth over the next 12-18 months. We project sales will expand nearly 5% in 2026 following a modest 3.7% decline this year. Our 2025 projections for lower sales largely reflect a decrease in average realized fuel prices, which we expect to fall by about 6% this year compared with 2024. That said, Murphy's continued focus on low-price fuel and merchandise will help maintain traffic this and next year, and we project a low- to mid-single-digit percent increase in merchandise sales over the next two years. We also expect its performance to be supported by the opening of 45 new stores in 2025 and 2026, alongside the reconstruction of about 30 existing stores annually, which demonstrates a commitment to expanding its footprint and improving its competitive position. We expect these investments to increase sales volume while also enhancing operational efficiency. "We expect S&P Global Ratings-adjusted EBITDA margins in the mid-5% area for 2025 and 2026, as modestly lower fuel margins are offset by effective cost management. We project a relatively flat S&P Global Ratings-adjusted EBITDA margin of 5.4% in 2025 compared with 2024, improving by 20 basis points to 5.6% in 2026. This reflects anticipated declines in fuel margins because of a lack of price volatility in 2025 compared with prior years, as fuel price volatility supports higher margins. The lower fuel margins also reflect some modest investment in pricing amid low fuel price volatility to support volumes in highly competitive trade areas. At the same time, we expect fuel margins to remain supported by industry inflation and a relatively rational competitive environment. We also expect ongoing expense control efforts to support profitability, as demonstrated by the 8% reduction in Murphy's selling, general, and administrative expenses in the first nine months of 2025. "We project strong reported free operating cash flow (FOCF) above $300 million annually. This includes our projection for FOCF of about $320 million this year, expanding to nearly $370 million in 2026. Our projections consider the company will expand capital expenditure to $500 million or more annually to support store initiatives, including new builds and reconstruction of existing stores. Murphy will primarily allocate FOCF to shareholder remunerations, including $40 million-$50 million in annual dividends, along with share repurchases of nearly $700 million in 2025 and about $500 million in 2026 in our base-case forecast. It will also maintain a balanced approach to capital allocation using FOCF and strategic debt issuance to preserve its financial policy. This includes the recently announced $2 billion share repurchase authorization through 2030. We also believe the company will remain flexible in its capital priorities and could pull back share repurchases. "We believe Murphy's will remain focused on core fuel and tobacco products, and we do not expect a significant expansion or diversification in its merchandising capabilities over the next few years. Fuel sales remain a significant part of total revenue, recently more than 75% of revenue. At the same time, tobacco products will retain significant penetration of the company's merchandise sales. Tobacco and other related products, while helping support customer engagement, were recently about 64% of merchandise sales compared with an industry average of about 35% of merchandising revenue. We also think increased competition in food service, more so at its QuickChek brand, will persist, and we expect more limited expansion opportunities for food service over the next 12-18 months. We accordingly view the company as having modestly lower diversification than we previously expected and when compared with peers. We thus revised our downside outlook trigger to 3.0x from 3.5x. "The stable outlook on Murphy reflects our forecast for consistent EBITDA and FOCF generation despite headwinds in the fuel business, and S&P Global Ratings-adjusted leverage in the 2x area over the next 12-18 months." S&P could lower its rating on Murphy if it sustains S&P Global Ratings-adjusted leverage above 3x. This could occur if: -- Operating performance deteriorates because of sharp and sustained declines in its fuel volumes and per-gallon fuel margins or merchandising performance; or -- Management adopts a more-aggressive financial policy, possibly involving significant debt-financed shareholder renumerations. S&P could raise our rating on Murphy if: -- Management adopts a more-conservative financial policy that supports S&P Global Ratings-adjusted leverage below 2x on a sustained basis throughout the business cycle; or -- S&P's view of the company's competitive position improves, likely coinciding with a material expansion in its operations that diversifies its geographic footprint, merchandising, and gross profit contributions. MV RECEIVABLES: Monroe Capital Marks $8.1MM Secured Loan at 55% Off ------------------------------------------------------------------- Monroe Capital Corporation has marked its $8,100,000 loan extended to MV Receivables II, LLC to market at $2,000,000 or 45% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to MV Receivables II, LLC. The loan accrues interest at a rate of 14.03% PIK per annum. The loan matures on July 29, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About MV Receivables II, LLC MV Receivables II, LLC is a company associated with the controversial MV Realty group, which was involved in 40-year "Homeowner Benefit Agreements" that provided homeowners with upfront cash in exchange for a commission on a future sale of their home. MY JOB MATCHER: Plan Exclusivity Period Extended to Feb. 2, 2026 ---------------------------------------------------------------- Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware extended My Job Matcher, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 2, 2026 and April 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that during this short time, they Debtors have accomplished a great deal, including but not limited to the sale of substantially all of their assets, addressing questions, concerns, and issues raised by employees, vendors, utility companies, and other parties in interest, and negotiating and obtaining final approval for the Debtors' use of cash collateral to address the Debtors' liquidity needs, and the Debtors will continue to work diligently with all stakeholders to negotiate and consummate a plan. The fact that this is the Debtors' first request for an extension supports granting the requested extension. The Debtors claim that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these Chapter 11 Cases forward. Accordingly, the relief requested herein is without prejudice to the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest. The Debtors assert that an objective analysis of the relevant factors demonstrates that they are doing everything that they should be doing as Chapter 11 debtors to facilitate a successful conclusion to these Chapter 11 Cases. Accordingly, sufficient cause exists to extend the Exclusivity Periods as provided herein. Counsel to the Debtors: Jeffrey R. Waxman, Esq. Carl N. Kunz, III, Esq. Christopher M. Donnelly, Esq. Samantha L. Rodriguez, Esq. MORRIS JAMES LLP 500 Delaware Avenue Suite 1500 Wilmington, DE 19801 Tel: (302) 888-6800 Fax: (302) 571-1750 E-mail: jwaxman@morrisjames.com ckunz@morrisjames.com cdonnelly@morrisjames.com srodriguez@morrisjames.com About My Job Matcher Inc. My Job Matcher, Inc., owns the Job.com platform, which has been developed to a cutting-edge, AI-driven recruitment platform. On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280). In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million. The case is pending before the Honorable Karen B. Owens. The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore & Associates, as financial advisor. Stretto is the claims agent. An official committee of unsecured creditors has been appointed in the case and is represented by Greenberg Traurig, LLP as counsel. The DIP Lenders and Prepetition Lenders are represented by Geoffrey T. Raicht, PC and Chipman Brown Cicero & Cole, LLP. Ankura Trust Company, LLC, which serves as the Agent under the DIP loan and the prepetition credit facility, is represented by A&O Shearman and Chipman Brown Cicero & Cole, LLP. Creditors Venture Debt, LLC and SOJA Ventures, LLC are represented by Bayard, P.A. and Varnum LLP. Lily Grace Investments PTY Ltd., another creditor, is represented by K&L Gates LLP. N-ABLE INTERNATIONAL II: Moody's Rates New Secured Bank Loans 'B1' ------------------------------------------------------------------ Moody's Ratings has assigned B1 ratings to N-able International Holdings II, LLC's (N-able) proposed senior secured bank credit facilities, which include a $400 million Term Loan B due 2032 and a $60 million revolving credit facility due 2030. All other ratings remain unchanged. The outlook remains stable. Net proceeds from the term loans will be used to refinance N-able's existing senior secured debt and to fund the deferred consideration payment associated with the Adlumin acquisition. Existing senior secured facilities will be withdrawn upon close. Pro forma for the transaction, Moody's estimates gross leverage at above 5x, expensing stock based compensation. Moody's projects leverage to decline about half of a turn by year end 2026 driven by atleast mid-single digit revenue growth and improved margins. RATINGS RATIONALE N-able's B1 CFR reflects its modest scale, majority ownership by financial sponsors, and competitive operating environment. The rating is supported by the company's strong market position in endpoint management, data protection, and cybersecurity software for small and mid-sized enterprises (SMEs), as well as its solid organic growth profile and high visibility into recurring revenue. The rating also considers N-able's disciplined financial policy, including a medium-term net leverage target below 3.0x and a capital allocation strategy that balances growth investments with shareholder returns N-able's SGL-1 reflects Moody's expectations for very good liquidity over the next 12 to 18 months, supported by a pro forma cash balance of about $105 million as of June 30, 2025, and an undrawn $60 million revolving credit facility due July 2030. Moody's projects over $50 million in free cash flow in 2026. The revolver features a springing first lien net leverage covenant of 7.5x (springing at 40% utilization), with no step downs. Moody's do not expect the covenant to be tested, and N-able should be able to maintain a sufficient cushion at all times. The stable outlook reflects Moody's expectations that N-able will generate organic revenue growth of atleast mid-single digit percentages over the next 12 to 18 months and reduce leverage to mid 4x by year end 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the concentrated ownership of N-able and its modest scale, a ratings upgrade is unlikely in the near term. Ratings could be upgraded over time if N-able continues to grow organically and increases in scale, while sustaining leverage below 4x debt/EBITDA and demonstrating a commitment to conservative financial policies. Ratings could be downgraded if operating performance is weaker than projected such that leverage is sustained above 5x debt/EBITDA or free cash flow to debt is sustained below 10%. Headquartered in Boston, MA, N-able is a publicly traded provider of cloud-based software solutions enabling TSPs to manage and secure IT environments for SMEs and mid-market enterprises. Its core offerings include unified endpoint management, data protection, and security operations. The company is about 60% controlled by funds affiliated with private equity firms Silver Lake and Thoma Bravo. The principal methodology used in these ratings was Software published in June 2022. NAPLES ALF: Court OKs Naples Property Sale to Hacienda Lakes ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida Fort Myers Division has approved Naples Alf Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns a single parcel of real property located at 4599 Tamiami Trail East, Naples, Florida 34112 (Property). The Property is approximately 3 acres in size, trapezoidal, interior (mid-block) site, and is unimproved and vacant. The Property is free of any known covenants or leases that would impair the ability of any purchaser to develop the Property to the full extent permitted by applicable law. The Debtor owns a single parcel of real property located at 4599 Tamiami Trail East, Naples, Florida 34112. The Property is approximately 3 acres in size, trapezoidal, interior (mid-block) site, and is unimproved and vacant. The Property is free of any known covenants or leases that would impair the ability of any purchaser to develop the Property to the full extent permitted by applicable law. The Court has authorized the Debtor to sell the Property Hacienda Lakes of Naples, LLC as the highest and best bidder for the Property at the price of $2,575,000.00. The Debtor also determined that KT Properties, LLC was the second highest and best bidder at the price of $2,550,000.00 and obtained KT Properties' agreement to serve as backup bidder in the event that Hacienda Lakes of Naples, LLC does not consummate the sale. In the event the Buyer fails to consummate the sale within the time period specified in the Contract or otherwise defaults under the Contract, the Court authorizes the Debtor to sell the Property to KT Properties, LLC for the sum of $2,550,000.00 without further Court order. The sale of the Property is on an "AS-IS/WHERE-IS" condition to the Buyer, without warranties or representations of any nature, except that the sale will be free and clear of (i) the first mortgage lien of Artemis of Naples, LLC; (ii) the second mortgage lien of FZA Note Buyers, LLC ; (iii) the third mortgage lien of Corbin Acquisition, LLC certain governmental liens reflected by potential municipal code violations liens because such entities are deemed to have consented to the sale and could otherwise be compelled to accept a money satisfaction or have their interest terminated in non-bankruptcy proceedings. The Debtor is authorized to execute and deliver a Special Warranty Deed, or such other deed as may be required by the Contract to convey the Property to the Buyer (or Backup Buyer, if applicable), and to execute all other documents reasonably necessary to consummate the sale in accordance with the Contract and this Order. The Secured Creditors, Collier County and any other governmental entity that asserts a lien on the Property shall each execute and deliver to the Debtor and the closing agent, at least three business days prior to the scheduled closing date, a partial release of interest in the Property retaining its interest in the proceeds of sale, with the liens and allowed claims of the Secured Creditors attaching to the sale proceeds to the same extent, priority and validity as such liens and claims existed as of the Petition Date. The Debtor is further authorized to pay the commission of Trustee Realty and all other direct expenses of sale as provided for in the Contract. The Debtor shall share the proposed closing statement with counsel for the Secured Creditors at least one day prior to closing. The final closing statement shall be filed with this Court and served upon the Secured Creditors and the United States Trustee within three business days of the closing. The remaining sale proceeds not expressly authorized for distribution under this Order shall be held in a segregated, interest bearing escrow account by the Debtor's counsel pending further order from the Court. The Debtor's counsel shall provide monthly accountings of the escrowed funds to the Secured Creditors and the Court. About Naples Alf Inc. Naples ALF, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00413) on February 19, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Caryl E. Delano oversees the case. Lisa M. Castellano, Esq., at Venable, LLP is the Debtor's legal counsel. NASITRA LLC: Gets Extension to Access Cash Collateral ----------------------------------------------------- Nasitra, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use cash collateral until the final hearing to pay operating expenses in accordance with its budget. The budget projects monthly total operational expenses of $47,246.04. As adequate protection, Funding Metrics LLC (Lendini), Small Business Financial Solutions LLC (Rapid Finance), and the taxing authorities will retain the same liens, encumbrances and security interests in post-petition cash collateral, including all proceeds, products, accounts, and profits thereof, as existed pre-petition. These liens are subordinated to the fee carve-out. The Debtor said it has no other funds apart from cash collateral and, without access to it, will be unable to operate, meet payroll, or purchase inventory, all of which would jeopardize the viability of the business. The final hearing is scheduled for December 1. Based on filed schedules, Nasitra has $193,390 in total assets. The creditors that may assert interests in the assets are Small Business Financial Solutions, Funding Metrics, LLC and local taxing authorities. Small Business Financial Solutions has a first lien on all assets, subject to liens for personal property taxes. Its debt as scheduled by the Debtor is $128,652.04. About Nasitra LLC Nasitra, LLC dba America's Backyards & Outdoor Living operates as a Texas-based trading company specializing in home furnishings and outdoor living products sold through large retailers and online platforms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35828) on October 2, 2025. In the petition signed by John Hunt, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. NEW FORTRESS: Secures Forbearance on 2029 Notes Interest to Dec. 15 ------------------------------------------------------------------- New Fortress Energy Inc. announced on November 18, 2025, that it has signed a forbearance agreement with representatives of the holders of its new senior secured notes due 2029. Under this agreement, the due date for interest payments scheduled for November 17, 2025 has been effectively extended to December 15, 2025. During the forbearance period, NFE expects to continue to work constructively with the company's stakeholders. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur withinthe next 12 months. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NICKLAUS COMPANIES: Case Summary & 20 Top Unsecured Creditors ------------------------------------------------------------- Lead Debtor: GBI Services, LLC 3801 PGA Boulevard Suite 565 Palm Beach Gardens FL 33410 Business Description: Nicklaus Companies LLC, along with its subsidiaries, develops golf courses, manages real estate and golf communities, and markets and licenses lifestyle products worldwide under the Jack Nicklaus, Golden Bear, and Nicklaus brands, offering items such as apparel, golf equipment, headwear, golf balls, drinkware, art, memorabilia, books, and calendars. The Company operates globally through businesses including Nicklaus Design, Nicklaus Real Estate Licensing, Nicklaus Project Management Services, Nicklaus Advisory, Nicklaus Interactive, and Nicklaus International Brand Management. Its operations span golf- course design, community development, and the promotion of branded products and services reflecting the standards established by founder Jack Nicklaus. Chapter 11 Petition Date: November 21, 2025 Court: United States Bankruptcy Court District of Delaware Twelve affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- GBI Services, LLC (Lead Case) 25-12089 Nicklaus Companies, LLC 25-12088 N1JN-V, LLC 25-12090 Nicklaus Real Estate Licensing, LLC 25-12091 Nicklaus Project Management Services, LLC 25-12092 Nicklaus Advisory, LLC 25-12093 Nicklaus Design, LLC 25-12094 Nicklaus Interactive, LLC 25-12095 Nicklaus Brands, LLC 25-12096 Nicklaus International Brand Management, LLC 25-12097 Jack Nicklaus Golf Club, LLC 25-12098 Nicklaus Golf Equipment Company, L.C. 25-12099 Judge: Hon. Craig T Goldblatt Debtors' General Bankruptcy Counsel: Zachary I. Shapiro, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 Email: shapiro@rlf.com AND David J. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 1395 Brickell Ave., Suite 1200 Miami, Florida 33131 Tel: (305) 577-3100 Email: davidj.cohen@weil.com Debtors' Financial & Restructuring Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investtment Banker: CASSEL SALPETER & CO. Debtors' Claims, Noticing Agent & Administrative Advisor: EPIQ CORPORATE RESTRUCTURING, LLC Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $500 million to $1 billion The petitions were signed by Philip D Cotton as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7ZUBQGY/GBI_Services_LLC__debke-25-12089__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Integrato LLC Trade Payable $47,856 1200 N Federal Highway Suite 200 Boca Raton, FL 33432 Contact: Robert Cini, Chief Executive Officer Phone: 954-256-2100 Email: rcini@integratotech.com 2. Flow Dynamics, LLC Trade Payable $36,045 5674 El Camino Real Suite A Carlsbad, CA 92008-7130 Contact: Jeffrey A. Chalfin, Chief Executive Officer Phone: 909-930-5522 Email: jeff@thesmartvalve.com 3. Golf House Spa Trade Payable $35,321 Cap Sociale Reg Trib Milano N. Sede Via Gallarate Milano 221-20151 Italy Contact: Paolo Vittadini, Chief Executive Officer Phone: +39 3756054019 Email: paolov@golf-us.com 4. Meridian Air Charter Trade Payable $32,939 485 Industrial Ave Teterboro, NJ 07608 Contact: Steven A. Walters, President and Director of Operations Phone: 434-975-7478 Email: swalters@meridianairgroup.com 5. Generational Equity Trade Payable $20,000 14241 Dallas Pkwy Ste 700 Dallas, TX 75254 Contact: Ryan Binkley, President and Chief Operating Officer Phone: 877-213-1792 Email: rbinkley@generational.com 6. Jeffrey Kao Trade Payable $16,867 Address Redacted Phone: On File Email: On File 7. Bank Rate LLC Landlord $5,288 c/o Red Ventures, LLC Payable 1101 Red Ventures Drive Fort Mill, SC 29707 Contact: Matt Fellowes, Chief Executive Officer Phone: 855-733-0700 Email: mfellowes@bankrate.com 8. BRI Cobra LLC Trade Payable $3,284 Benefit Resource Inc. Attn: Accounts Receivable 245 Kenneth Drive Rochester, NY 14623 Contact: Dan Laszlo, Chief Executive Officer Phone: 800-258-7878 Email: dan.laszlo@inspirafinancial.com 9. Liu Yan Qin Trade Payable $3,247 Address Redacted Contact: Marsha Liu Phone: On File Email: On File 10. US-Turkmenistan Bus Council Trade Payable $3,000 c/o The Business Councils 900 17th St NW Suite 330 Washington, DC 20006 Contact: Eric Stewart, Chief Executive Officer Phone: 716-471-7009 11. Alfred Jiangshen Fan Trade Payable $2,851 Address Redacted Phone: On File Email: On File 12. Boxto Intl LLC Trade Payable $2,613 26009 Budde Road, Suite C-100 The Woodlands, TX 77380 Contact: Fernando Manuel Blanco Rojas, VP Global Sales and Marketing Email: fernando.manuelblanco@boxtogolf.com 13. Cisco Sytems Capital Corp Trade Payable $2,545 170 W Tasman Dr San Jose, CA 95134-1706 Contact: Daniel Juni, Chief Financial Officer Email: djuni@cisco.com 14. F&F Ventures LLC Trade Payable $1,888 135 Crossways Park Drive Suite 402 Woodbury, NY 11797 Contact: Chief Financial Officer or General Counsel Phone: 212-485-1536 15. Vincent R Nesi Trade Payable $1,888 Address Redacted Phone: On File Email: On File 16. Johnson Controls SEC/TYCO Trade Payable $1,585 5757 N. Green Bay Avenue Milwaukee, WI 53209 Contact: Joakim Weidemanis, Chief Executive Officer Email: joakim.weidemanis@jci.com 17. Wtorma Trade Payable $500 Contact: Chief Financial Officer or General Counsel 18. Zoe Larson Trade Payable $416 Address Redacted 19. Lindsay Weiss Litigation Undetermined c/o Kogan & Disalvo 3615 Boynton Beach Blvd Boynton Beach, FL 33436 Contact: Tiffany M. Fanelli, Attorney Phone: 561-375-9500 Email: tmfanelli@koganinjurylaw.com 20. PET IQ Litigation Undetermined 230 E Riverside Dr Eagle, ID 83616 Contact: Bill Carter, EVP and General Counsel Phone: 208-207-9702 Email: bill.carter@petiq.com NIKOLA CORP: Chancery Gives Final OK to $33MM Deal -------------------------------------------------- Jarek Rutz of Law360 reports that Delaware Chancellor Kathaleen St. J. McCormick has given final approval to two settlements totaling over $33 million, which include more than $1.8 million in fees and expenses. The settlements resolve longstanding disputes stemming from shareholder litigation tied to Nikola Corp.'s SPAC merger. The litigation followed allegations of fraud that cast a shadow over the transaction, and the approved settlements bring closure to years of legal uncertainty. Chancellor McCormick's ruling ensures that shareholders and legal counsel receive compensation while concluding the complex dispute. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NORTH JAX: Unsecured Creditors to Split $18K over 36 Months ----------------------------------------------------------- North Jax Concrete and Construction LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated November 17, 2025. The Debtor is a Florida limited liability company engaged in the concrete and construction industry. The Debtor operates out of its primary residence located at 15223 Landmark Circle S., Jacksonville, FL 32226. This property is owned by the Debtor's Sole Member, John C Holton, III. The Debtor does not have any rental obligations for this property. This Chapter 11 bankruptcy case has been filed for the purpose of restructuring its secured debt obligations as well as providing for payment of general unsecured creditors on a pro-rata basis on the effective date of the plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income for the 3-year period of $18,000.00. The final Plan payment is expected to be paid in January 2029. This Plan provides for one class of priority claims; one class of secured claims, and one class of general unsecured claims. Class three unsecured creditors holding allowed claims will receive distribution under this Plan based on their pro rata share via monthly payments of the Debtor's disposable monthly income for 36 months beginning on the Effective Date of this Plan. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan, as agreed or as allowed under the Bankruptcy Code. Class 3 consists of General Unsecured Creditors. To the extent that unsecured claims are filed and allowed, the Debtor shall pay the total amount of $18,000 to Class 3 unsecured claims at the rate of $500.00/month during months 1 to 36 of the plan. Payments shall be made without interest (0% interest). Each allowed unsecured claim will receive its pro-rata share of this payment for approximately 1% repayment of all unsecured claims. Class 3 is impaired by this Plan. Except as otherwise expressly provided in the Plan or in the order confirming the Plan, (i) The Debtor will retain all property of the estate and confirmation of the Plan vests all property of the estate in the Debtor, and (ii) after confirmation of the Plan, the property dealt with by the Plan shall be free and clear of any and all liens, claims, and interests of any creditors. The Plan contemplates that the Debtor will continue to manage and operate its business with low operating expenses. The Debtor believes the cash flow generated from operations will be sufficient to make all Plan Payments and maintain existing operations, as established by the Projections. A full-text copy of the Subchapter V Plan dated November 17, 2025 is available at https://urlcurt.com/u?l=ggw6Fs from PacerMonitor.com at no charge. The Debtor's Counsel: Thomas Adam, Esq. ADAM LAW GROUP, PA 2258 Riverside Ave Jacksonville, FL 32204 (904) 329-7249 Phone (904) 606-1245 Facsimile E-mail: tadam@adamlawgroup.com About North Jax Concrete and Construction North Jax Concrete and Construction LLC a concrete contractor based in Jacksonville, Florida. It provides concrete construction services in the Jacksonville area, working with various concrete suppliers and equipment rental companies. North Jax Concrete and Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02841) on Aug. 18, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Jacob A. Brown handles the case. The Debtor tapped Thomas C. Adam, at Adam Law Group, PA, as counsel, and Professional Management Systems, Inc., as accountant. NORTH WHITEVILLE: Gets Final OK to Use Cash Collateral ------------------------------------------------------ North Whiteville Urgent Care & Family Practice, PA received final approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in accordance with its 30-day budget, subject to a 10% variance per line item. The budget projects total operational expenses of $165,403. As adequate protection, the liens of secured creditors will extend to post-petition assets, but only to the extent such liens were valid, perfected, and enforceable pre-bankruptcy. The Debtor reserves the right to challenge the validity and priority of such liens. The Debtor must stay current on all post-petition taxes, including sales, payroll, and income taxes. Additionally, the Debtor is prohibited from disposing of assets outside the ordinary course without creditor consent and court approval. The final order remains effective until the earlier of: (a) termination by further court order for cause, including violation of its terms, or (b) entry of another cash collateral order. A copy of the final order is available at https://is.gd/JKNfbt from PacerMonitor.com. Several creditors have secured interests in North Whiteville's assets, including MCA Servicing Company, Broadway Advance, LLC, and Amsterdam Capital Group, Inc. These creditors have liens secured by UCC-1 financing statements covering accounts receivable, inventory, equipment, and general intangibles. About North Whiteville Urgent Care & Family Practice PA North Whiteville Urgent Care & Family Practice, PA is a medical services provider. North Whiteville sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02217) on June 12, 2025, listing under $1 million in both assets and liabilities. Rebecca Redwine Grow serves as Subchapter V trustee. Judge David M. Warren handles the case. The Debtor tapped Christian B. Felden, Esq., at Felden & Felden, PA as legal counsel and Streeter Tax Consultants as accountant. NORTHEAST CONTRACTING: Monroe Marks $318,000 Loan at 57% Off ------------------------------------------------------------ Monroe Capital Corporation has marked its $318,000 loan extended to Northeast Contracting Company, LLC to market at $136,000 or 43% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to Northeast Contracting Company, LLC. The loan accrues interest at a rate of 10.28% per annum. The loan matures on August 16, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Northeast Contracting Company, LLC NECC provides expert roofing solutions, including evaluations, maintenance, repairs, replacements, and custom designs, with a focus on quality and long-term performance. NORTHERN LIGHTS: Seeks Subchapter V Bankruptcy in Minnesota ----------------------------------------------------------- On November 18, 2025, Northern Lights of Duluth LLC filed for Chapter 11 bankruptcy protection in the District of Minnesota Bankruptcy Court. Court filings indicate the Debtor owes between $1 million and $10 million to approximately 1–49 creditors. About Northern Lights of Duluth LLC Northern Lights of Duluth LLC is a limited liability company. Northern Lights of Duluth LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-50825) on November 18, 2025. Its petition lists estimated assets and liabilities of $1 million–$10 million. The Honorable Bankruptcy Judge William J. Fisher presides over the case. The Debtor is represented by Joseph W. Dicker, Esq., of Joseph W. Dicker PA. NUMERICAL CONCEPTS: Seeks to Tap Sackrider & Company as Accountant ------------------------------------------------------------------ Numerical Concepts Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Sackrider & Company as accountant. The firm will render these services: (a) give the Debtor general accounting advice; (b) conduct a tax analysis of the Debtor's obligations to taxing authorities; and (c) perform all other accounting services for the Debtor which may be necessary herein. Jerome Case, CPA, will be paid at an hourly rate of $280 per hour plus out-of-pocket expenses. Mr. Case disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jerome Case, CPA Sackrider & Company 1925 Wabash Ave. Terra Haute, IN 47807 Telephone: (812) 232-9492 About Numerical Concepts Inc. Numerical Concepts Inc. is a woman-owned manufacturer established in 1973, specializing in the design and fabrication of both custom-built machines and individual components for various industries worldwide. Operating from a 78,000-square-foot facility, the Company offers comprehensive services including machining, assembly, inspection, and testing with minimal subcontracting. Leveraging over 450 years of combined management and machinist experience, Numerical Concepts serves as a one-stop provider of complex equipment and parts with a focus on quality and customer satisfaction. Numerical Concepts Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-80405) on August 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor tapped Jason T. Mizzell, Esq., at Kroger, Gardis & Regas, LLP as counsel and Sackrider & Company as accountant. NYA CAPITAL: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: NYA Capital Inc. 6439 John Alden Way Orlando, FL 32818 Business Description: NYA Capital Inc. is a Florida-based real estate developer that plans and builds residential, commercial, mixed-use, and hotel projects across the state. The Company undertakes new construction, project management, and rehabilitation work, including urban renewal and the modernization of existing structures. It also develops multifamily properties, single-family homes, and seasonal rental assets as part of its broader real estate portfolio. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07489 Judge: Hon. Lori V Vaughan Debtor's Counsel: Raymond J Rotella, Esq. KOSTO & ROTELLA, P.A. Post Office Box 113 Orlando, FL 32802 Tel: 407-425-3456 Fax: 407-423-5498 E-mail: rrotella@kostoandrotella.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Brice Culbreth as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IZBQWPI/NYA_CAPITAL_INC__flmbke-25-07489__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 11 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 3 Shacks Capital Partners $850,000 260 S. Lawrence Blvd. #201 Keystone Heights, FL 32656 2. American Express Credit Card $31,473 PO Box 6031 Carol Stream, IL 60197 3. American Express Credit Card $1,948 PO Box 6031 Carol Stream, IL 60197 4. Bryan Decunha $1,500,000 9501 Castleford Pt. Orlando, FL 32836 5. Delane Financial LLC $465,000 555 W Granada Blvd. #E12 Ormond Beach, FL 32174 6. Gary Melvin $10,700,000 1648 Taylor Road #478 Port Orange, FL 32128 7. Grey Melvin $8,000,000 1648 Taylor Road #478 Port Orange, FL 32128 8. Loan Funder LLC $210,000 645 Madison Avenue 19th Floor New York, NY 10022 9. Maria Coroneous $285,000 132 Grey Dapple Way Ormond Beach, FL 32174 10. Mezcla One LLC $10,325,866 Lake Mason Apartment LLC 30 N. Gould St., #21536 Sheridan, WY 82801 11. Private Financing $3,890,992 Alternatives LLC C/O The Solomon Law Group PA 1881 West Kennedy Blvd., #D Tampa, FL 33606 NYA CAPITAL: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On November 19, 2025, NYA Capital Inc. filed Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About NYA Capital Inc. NYA Capital Inc. operates in the real estate industry. NYA Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07489) on November 19, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $10 million–$50 million. The Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Raymond J. Rotella, Esq., of Kosto & Rotella PA. OB LLC: Seeks Subchapter V Bankruptcy in Maryland ------------------------------------------------- On November 19, 2025, OB LLC filed Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Maryland. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to an estimated 1–49 creditors. About OB LLC OB LLC is a limited liability company. OB LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md.) Case No. 25-20897 on November 19, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Maria Ellena Chavez-Ruark handles the case. The Debtor is represented by Maurice Belmont VerStandig, Esq. of The VerStandig Law Firm, LLC. OB LLC: To Sell Upper Marlboro Property to Werrlein Properties -------------------------------------------------------------- OB LLC seeks permission from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is commonly known as 8800 Grandhaven Avenue, Upper Marlboro, Maryland 20772. The Debtor proposes to sell the Property, free and clear of all liens, to a bona fide, good faith third party purchaser, for the sum of $4 million. The Debtor believes the claim of its sole secured creditor, Democracy Capital Corporation, to be approximately $2.7 million. Upon information and belief, it appears DCC believes itself to hold a claim closer to $3.6 million. The only other scheduled liabilities in this case are taxes due to Prince George's County, Maryland, which the Debtor believes to be $0.00 but which have been scheduled in an abundance of caution; and a potential breach of contract claim held by Werrlein Properties Limited Liability Company (WPLLC), stemming from a previous agreement to sell the Property. Insofar as WPLLC is the proposed buyer sub judice, any such claim will be extinguished through the consummation of the instant sale transaction. And that means the relief sought instantly will be of a magnitude sufficient to ensure the Debtor's estate holds funds sufficient to retire the claims of all creditors, in full. The Debtor and WPLLC originally entered into a contract to convey the Property on December 19, 2023. Of even date, WPLLC has agreed to an amendment, aimed at ensuring conformity with a bankruptcy-centric sale and resoling certain temporal issues stemming from the Original Contract. While the Debtor does not hold a recent appraisal upon which any reliance is placed, the Property is tax assessed for $1,947,100.00. The asset is scheduled as being worth $3.5 million. The proposed purchaser is WPLLC. There does not exist any relationship between WPLLC and any party in interest, aside from the potential standing of WPLLC to assert what would be a disputed breach of contract claim, premised upon the Original Contract, which, in turn, has led to WPLLC being scheduled. WPLLC is agreeing to pay $4 million in the lawful currency of the United States. The proposed sale is not to an insider. The Debtor does not propose an auction or a competitive sale for the property, but respects that any person wishing to present a higher and better offer may do so during the time of this motion's pendency. Insofar as the proposed purchase price is sufficient to retire all claims in full, it is not believed a competitive sale process is sensible in the idiosyncratic contours of this case and, equally, there is a very real concern that engaging such a process would lead to the incursion of unnecessary administrative expenses, whether in the form of a broker’s or auctioneer’s commission or otherwise. WPLLC has posted a deposit in the sum of $400,000.00, which is being held by a third party escrow agent. No interim agreements—concerning management or comparable subjects—have been entered into between the Debtor and WPLLC. The Debtor seeks authority—but not a mandate—to use sale proceeds to retire the undisputed portion of the claim of DCC; the residue of proceeds will be placed in a debtor-in possession bank account pending further order of this Honorable Court. About OB LLC OB LLC is a Delaware limited liability company. OB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-20897-MCR) on November 19, 2025. Maurice Belmont VerStandig at The Verstandig Law Firm, LLC represents the Debtor as legal counsel. OB LLC: Voluntary Chapter 11 Case Summary ----------------------------------------- Debtor: OB LLC 1763 Columbia Road, NW Washington, DC 20010 Business Description: OB LLC holds fee simple ownership of the property located at 8800 Grandhaven Avenue in Upper Marlboro, Maryland, which has an estimated value of $3.5 million based on an arm's-length purchase offer. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-20897 Debtor's Counsel: Maurice Verstandig, Esq. THE BELMONT FIRM 1050 Connecticut NW Suite 500 Washington, DC 20036 E-mail: mac@mbvesq.com Total Assets: $3,500,000 Total Liabilities: $2,700,000 The petition was signed by M. Louis Offen as managing member. The Debtor 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/SO6LKJY/OB_LLC__mdbke-25-20897__0001.0.pdf?mcid=tGE4TAMA OBSIDIAN ENERGY: S&P New C$175MM Senior Unsecured Notes 'B+' ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to Obsidian Energy Ltd.'s proposed C$175 million senior unsecured notes. The '2' recovery rating indicates our expectation for substantial (capped at 70%-90%; rounded estimate: 85%) recovery in the event of a default. S&P expects the company will use the proceeds from these notes primarily to refinance existing debt (including its C$81 million senior unsecured notes due 2027), repay its outstanding revolver balance (C$67 million as of the third quarter of 2025), and add approximately C$25 million of cash to its balance sheet (as of Sept. 30, 2025) for general corporate purposes. Our 'B' issuer credit rating and stable outlook on Obsidian are unchanged. S&P said, "We view the proposed refinancing transaction as slightly leveraging because the company will use a portion of the proceeds to add cash to its balance sheet (as of Sept. 30, 2025). However, we anticipate the refinancing will improve Obsidian's liquidity and debt maturity profile by providing it with full availability (C$235 million) under its revolver and extending the maturity of its notes to 2030 from 2027. The transaction is also expected to improve interest expense given the 11.95% coupon on the 2027 notes. "Incorporating our latest price deck assumptions for West Texas Intermediate crude oil of $55 per barrel (/bbl) in 2026 and $60/bbl in 2027, we forecast the company's average funds from operations to debt and debt to EBITDA will be about 65% and in the 1.25x-1.50x range, respectively, over our outlook period. We forecast Obsidian will generate negative free cash flow of C$50 million-C$75 million in 2026, which reflects our assumption for capital spending of C$240 million and a 5%-8% expansion in its production to about 31,000 barrels of oil equivalent per day (64% oil). We do not assume management will complete any share buybacks under our base case. We also estimate maintenance capital expenditure of about C$180 million annually. Therefore, we expect Obsidian will have the flexibility to reduce its activity levels in 2026 to preserve its free cash flow in the event of a lower commodity price environment." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its 'B+' issue-level rating and '2' recovery rating to the proposed unsecured notes. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a default. -- S&P applies cap its recovery expectations for the unsecured debt of companies it rate in the 'B' category and lower at '2' (85%) because S&P assumes, based on empirical analysis, that the size and ranking of their debt and nondebt claims could change before the hypothetical default. -- S&P's simulated default scenario for Obsidian assumes a period of sustained low commodity prices, which is consistent with the conditions of past defaults in this sector. -- S&P's recovery analysis values the company on a going-concern basis, using a reserve multiple approach that applies a range of distressed fixed prices to its proved conventional reserves. -- S&P assumes the C$235 million reserve-based credit facility is fully drawn in the default year. Simulated default assumptions -- Simulated year of default: 2028 Simplified waterfall -- Net enterprise value (after 5% administrative costs): $782 million -- Valuation split (obligors/nonobligors): 100%/0% -- Value available to first-lien debt: $782 million -- Secured first-lien claims: $171 million -- Total value available to unsecured claims: $611 million -- Senior unsecured debt claims: $134 million --Recovery expectations: Capped at 70%--90% (rounded estimate: 85%) Note: All debt amounts include six months of prepetition interest. OFFSHORE SAILING: Mad Skills Sailboat Sale to Folkert Jongkind OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, has granted Offshore Sailing School Ltd. Inc. to sell Mad Skills Sailboat, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor has filed a liquidating plan. The Debtor who's aggregate noncontingent liquidated debts are less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor intends to liquidate the Debtor's assets, which consist in large of sailboats, including a 2017 Colgate 26 Sailboat-Mad Skills - BVI Official Number 752911, together with all sails and other accessories associated with the Sailboat (Mad Skills). The Court has authorized the Debtor to sell the sailboat to Folkert Jongkind, a former employee of the Debtor in the British Virgin Islands for sale and purchase of the Mad Skills for the purchase price of $22,000.00, free and clear of liens, claims, and interests. As provided in the Motion and Agreement, $15,000.00 of the Purchase Price shall be paid by wire transfer to the Debtor's special DIP account at Wells Fargo Bank, and $7,000.00 shall be paid in kind by waiver by Buyer of any administrative expense claim in the bankruptcy case. The net proceeds of the sale shall be deposited and held in the special debtor-in possession account at Wells Fargo Bank that requires the signature Debtor’s counsel. The Debtor is authorized to pay from the proceeds of the sale any governmental charges or taxes associated with the sale. The Court finds that the Buyer is purchasing the Property in good faith. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OG LIVING: Amends Ford Motor Secured Claim Pay ---------------------------------------------- OG Living LLC submitted a Third Amended Disclosure Statement in support of Third Amended Plan of Reorganization dated November 17, 2025. The Debtor has experienced periodic cash flow issues because of industry based delays in its ability to obtain materials from its suppliers, even while work was available. This in turn impacted Debtor's revenues. As a result, Debtor, with the approval of the Court, obtained postpetition financing from its principal, John Wohlford, initially for $100,000 and then a subsequent authorization to fund $50,000, all of which has been advanced to the Debtor. Mr. Wohlford, rather than treating the loans as an administrative expense, upon confirmation and the Plan going effective, has agreed that the $150,000 shall be treated as an equity contribution by Mr. Wohlford, which will be provided as additional consideration for his retention of his equity interest in the Debtor. Because of Debtor's supply chain issues, Debtor has focused on that portion of its business which was less volatile and which Debtor has seen increasing over time which is its repair and maintenance business for outdoor living space products no longer covered by manufacturers' warranties. Aside from being less volatile and showing a steady increase in volume, this aspect of the Debtor's business has experienced a high net profit, which based on projections will result in a significant amount available to distribute to general unsecured creditors. Class 14 consists of the Allowed Secured Claim of Ford Motor Credit. The Allowed Secured Claim of Ford Motor Credit is in connection with the financing of the Debtor's purchase of a 2023 Ford Ranger, VIN 1FTER4EH8PLE27985, that Debtor valued at $32,000.00, which was ascertained by conducting online research into the value of this vehicle based on its VIN, the mileage, and the overall condition of the vehicle. The Debtor, in the Second Amended Disclosure Statement, proposed to pay Ford Motor Credit $32,000.00 over a period of sixty months, with interest at 9.5% per annum, amount to $672.06 per month. Since the filing thereof, the Ford Ranger was stolen from outside the home of a former employee. The loss is insured and Debtor proposes that the payment of insurance claim shall satisfy Ford Motor Credit's Class 14 secured claim, and any deficiency claim of Ford Motor Credit shall be treated as a Class 17 general, unsecured, non-priority claim. Like in the prior iteration of the Plan, The Debtor shall pay every quarter for a total of twelve quarters, the fixed sum of $30,000.00 per quarter to be distributed pro rata among all holders of Allowed Class 17 Claims, with the first payment to be made on the Effective Date and each subsequent quarterly distribution to be made every ninety days thereafter or before the 15th day of the month in which payments are to be made. Based on the estimated total of Allowed General Unsecured Claims, the estimated dividend to be paid to holders of such claims over the life of the Plan is 26% of the amount of each Allowed General Unsecured Claim. OG will fund the Plan from operations based on the projections included with the Plan. Although the earlier months reflect revenues less favorable than the projections this is explainable. The Debtor experienced significant delays in obtaining materials from its suppliers because of supply chain issues (unavailability or substantial delay in obtaining materials). This, in turn, negatively impacted Debtor's revenue even though the Debtor had the work to generate additional revenues had materials been available. As of mid-July, the delays in obtaining materials have subsided, resulting in increased revenues as noted in the more recent operating report. Most significantly, Debtor's focus on its most reliable and profitable component of its business justifies the Debtor's plan projections going forward. Further, the Debtor's sole member and manager, George "John" Wohlford, in addition to the $150,000 provided during the bankruptcy case, is contributing $25,000 to assist in the funding of the Plan, and considering the infusion of funds as set forth herein, the Class 18 holder of equity in OG will retain such equity. In anticipation of confirmation, Mr. Wohlford will escrow in OG's counsel's trust account the sum of $25,000.00. A full-text copy of the Third Amended Disclosure Statement dated November 17, 2025 is available at https://urlcurt.com/u?l=4FMZGT from PacerMonitor.com at no charge. About OG Living LLC OG Living, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22597) on November 29, 2024, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. George John Wohlford, managing member of OG Living, signed the petition. Judge Scott M. Grossman oversees the case. The Debtor is represented by: Chad P Pugatch, Esq. Lorium Law Tel: 954-462-8000 Email: ecf.pugatch@loriumlaw.com -- and -- Jason Slatkin, Esq. Lorium Law Tel: 954-462-8000 Email: jslatkin@loriumlaw.com ORIGINAL MOWBRAY'S: Affiliate Has Deal on Cash Collateral Access ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved a stipulation between Mowbray Waterman Property, LLC and secured creditor Bank of the Sierra, a California corporation regarding Mowbray's continued use of cash collateral. Under the stipulation, Mowbray, an affiliate of The Original Mowbray's Tree Service, Inc., is authorized to use cash collateral through January 16, 2026, in accordance with the revised budget. The terms and conditions of the original stipulation will remain in effect. The stipulation is available at https://urlcurt.com/u?l=jSxuMd from PacerMonitor.com. Bank of the Sierra is represented by: Jessica L. Giannetta, Esq. Giannetta Law Corporation 7522 N. Colonial Ave., Suite 100 Fresno, CA 93711 Phone: (559) 214-0622 Fax: (559) 364-3638 jessica@giannettaenrico.com About The Original Mowbray's Tree Service Original Mowbray's Tree Service Inc., doing business as Mowbray's Tree Service, is a family owned and operated business committed to providing its client-partners with solution to their vegetation management needs. It offers hazard tree mitigation, integrated vegetation management, mechanized tree removal, emergency response, crane services, and green waste & debris management. Original Mowbray's Tree Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12674) on Oct. 18, 2024, with $10 million to $50 million in both assets and liabilities. Brian Weiss, chief restructuring officer, signed the petition. Judge Theodor Albert oversees the case. Robert S. Marticello, Esq., at Raines Feldman Littrell, LLP is the Debtor's legal counsel. OUT THE GATE: Seeks to Sell Gaming Assets at Auction ---------------------------------------------------- Out the Gate, Inc. seeks permission from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. Founded on February 8, 2021, the Debtor is a privately held gaming and entertainment company focused on electronic sports betting. The Debtor operates a Sportsbook in three states, Kentucky, New Jersey, and Ohio. In each state the Debtor operates, the Debtor has obtained an appropriate gaming license from an authorized licensor. The Debtor's primary assets are its customer database, intellectual property, and state law licenses (Assets). Despite successes in acquiring licenses and developing a customer base in each of the markets, the Debtor has faced a variety of factors that have severely limited its growth in the last few years, precipitating the current financial distress and inability to address its capital structure that has led to the commencement of the chapter 11 case. These factors include significant competition from other online sports books, misalignments of gaming license fees to current market prices, and industry headwinds generally. The Company is a closely held Delaware C-Corporation with 96% of its shares currently held by Kape Holdings, Inc. and approximately 4% held by Sport Analytics and Data Corp d/b/a Sport AD and Quickpicks. The Company maintains its corporate headquarters in Cherry Hill, New Jersey and is led by a team with extensive experience in the sports gaming industry. As of the Petition Date, the Company has approximately 18 employees, all based in New Jersey. The Company leases the Cherry Hill, New Jersey office and, as of the Petition Date, does not own any real property. The Company is the owner and licensed operator of three Sportsbooks offered in Kentucky, New Jersey, and Ohio. Operations in Ohio commenced on or about September of 2023, New Jersey commenced on or about March of 2024 and operations in Kentucky on July of 2025. The Company's gaming licenses rely on multi-year agreements with license holders or proprietors in each respective jurisdiction. These Sportsbooks are operated through sports licenses that are provided by the entities who own a sports wagering license in their respective States and permit the Company to exclusively operate an online Sportsbook on their sports wagering license. The Debtor's Sports License agreements in Kentucky, New Jersey, and Ohio, contain a revenue sharing arrangement with a minimum annual guaranteed payment. For Kentucky, this was $250,000, for New Jersey, $1,750,000, and for Ohio, $1,500,000. The MAG Agreements, particularly in New Jersey and Ohio, have been a significant hindrance to the Company’s ability to become profitable. On December 31, 2022, the Company and its then sole shareholder restructured a pre-existing $16 million credit facility resulting in the sole shareholder assigning the outstanding loan balance of $15,142,375 and the related security interest to Neapeg Investment LP. The Company entered into a termination agreement of the loan facility and executed a $25,142,300 debenture agreement with Neapeg and its investors. The consummation of a value-maximizing sale of the Assets is one of the cornerstones of the chapter 11 case. The Debtor has obtained a commitment from Plannatech (USA) Corporation to serve as a stalking horse bidder for the sale of substantially all of the Assets. The Stalking Horse Bid contemplates the purchase of all of the Debtor's Assets except for specified assets and/or contracts. The aggregate purchase consideration to be provided under the Stalking Horse Agreement consists of $2.5 million in the form of a credit against the Debtor’s outstanding secured obligations to Plannatech. The Stalking Horse Agreement does not include any break-up fee, expense reimbursement, or other traditional bid protections for Plannatech. To ensure the Debtor’s estate is receiving maximum value, the Stalking Horse Bid is subject to higher or better offers to be solicited in accordance with the proposed Bidding Procedures. Based upon its prepetition restructuring efforts, the Debtor agreed to a sale transaction with Plannatech as the Buyer pursuant to the Stalking Horse Agreement is attached hereto as Exhibit B: https://urlcurt.com/u?l=ZE4TC1 The material terms of the proposed sale to the Buyer: -- Date, Time and Place of Sale. No later than 75 days after November 21, 2025. -- Purchase Price. $2,500,000 (credit bid) and forgiveness of DIP Loan, plus adjustments (if any). -- Deadlines for Approval or Closing of Sale. No later than 75 days after November 21, 2025. The Debtor retains Auction Advisors, LLC to oversee a marketing and sale process, including bidding and auction procedures for the orderly and value-maximizing marketing and the bidding procedures of the Assets. The Bidding Procedures were designed with the objective of generating the greatest level of interest in, and highest or best value for, the Assets while affording the Debtor maximum flexibility to execute a sale transaction as quickly and efficiently as possible. The Bidding Procedures Hearing December 11, 2025, at 2:00 p.m. (ET). The Sale Hearing will be on January 22, 2026, subject to court availability. The Consummation of proposed Sale Transaction will be on February 4, 2026, subject to extensions. The Debtor requests expedited approval of the Bidding Procedures Order. This order establishes the specific procedures for conducting the Auction, including detailed guidelines on how notice of the Auction and Hearing will be provided to interested parties. About Out The Gate Founded on Feb. 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., of Kennedys CMK LLP. OWL VENICE: Court Extends Cash Collateral Access to Jan. 11 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California granted OWL Venice, LLC's motion to use cash collateral effective as of the petition date. The court authorized the Debtor to continue using cash collateral under the same terms as the earlier interim order, with the added ability to roll over unused funds from one week to another in line with its budget filed on September 9. The authorization remains in effect until the earliest of January 11, 2026; the effective date of a confirmed plan; or dismissal or conversion of the Debtor's Chapter 11 case. The Debtor may file a new cash collateral motion to be heard on January 7, 2026, if further authority is needed. OWL Venice estimates approximately $244,000 in secured debt and $1.23 million in unsecured debt, with the business valued around $40,000. It intends to repay secured debt over three to five years while proposing reasonable payments to unsecured creditors after priority and administrative claims are addressed. The business' cyclical sales pattern, with increases expected during holiday seasons, supports the Debtor's projection of successful reorganization through continued operations. About OWL Venice LLC OWL Venice LLC, doing business as OWL Venice, offers handcrafted broth elixirs, organic skincare products, and multi-day gut health cleanse programs across Los Angeles County. It also provides health coaching as an additional wellness service. OWL Venice sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16451) on July 29, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Giovanni Orantes, Esq., at The Orantes Law Firm, A.P.C. P&L DEVELOPMENT: Fitch Lowers LongTerm IDR to 'CCC', Outlook Neg. ----------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of P&L Development Holdings, LLC and P&L Development, LLC (collectively, PLD) to 'CCC' from 'CCC+'. Fitch has also downgraded the senior secured notes to 'CCC' with a Recovery Rating of 'RR4' from 'CCC+'/'RR4'. The Rating Outlook is Negative. The downgrades reflect Fitch's expectation that leverage will be higher for longer than previously expected and FCF will revert to being a drag due to weak operating performance amid operational delays and macroeconomic pressures. Persistent negative FCF and elevated leverage reduce PLD's financial flexibility and indicate reliance on external sources to fund liquidity gaps. The Negative Outlook further reflects heightened execution risk for management to achieving revenue and margin improvements and preserving liquidity as assumed in Fitch's base case. Key Rating Drivers Limited Financial Flexibility Without Improvement: Fitch forecasts negative FCF of approximately $50 million in 2025 and assumes PLD will draw on its asset-based loan (ABL) to fund more modest liquidity needs over the forecast period. However, the fixed charge coverage ratio (FCCR) covenant may constrain PLD's borrowing capacity if financial results and growth prospects do not improve in line with Fitch's expectations. The Negative Outlook reflects Fitch's view of material execution risk in achieving revenue growth and margin expansion assumed in Fitch's base case. Fitch assumes PLD will continue to exercise the 3.5% payment-in-kind option on the 2029 senior secured notes until November 2026, when the 9% cash interest rate rises to 12%. If operating performance is in line with Fitch's expectations, Fitch-defined EBITDA interest coverage will remain in the 1.0x-1.5x range over the forecast period, consistent with the 'CCC' IDR. Modest Near-Term Volume Growth: While PLD is likely to benefit from consumers opting for store-brand products in an uncertain macroeconomic environment, Fitch assumes sales volumes will not rebound significantly in the near term. Fitch views the U.S. over-the-counter (OTC) consumer healthcare market as mature and highly competitive. Despite its position as the second largest provider of consumer pharmaceuticals to leading retailers, PLD is smaller than many competitors, which may limit its bargaining power and operational flexibility. High substitution risk inherent in generic pharmaceuticals amplifies pricing pressure and low profitability. PLD's limited global footprint reduces diversification benefits, leaving the company more exposed to U.S. demand trends and retailer dynamics than larger, internationally diversified peers. Stressed Capital Structure: Fitch forecasts Fitch-defined EBITDA leverage will remain above 11x at YE 2025 and above 8x at YE 2027 as compared to its previous expectations of mid-to-high single digits. Deleveraging will come solely from EBITDA growth as PLD is not forecasted to have sufficient cashflow to make voluntary debt prepayments. Fitch believes the path to a sustainable capital structure will require continued organic revenue growth and improved operating efficiencies. However, the compressed timeline to achieve these objectives in an uncertain macroeconomic environment leaves limited headroom for execution setbacks. Equalization of IDRs: P&L Development Holdings, LLC (parent financial filer) and P&L Development, LLC (subsidiary) have the same IDR because the parent financial filer has no material assets or liabilities other than the subsidiary, and there are no material impediments to the parent financial filer accessing the assets of the subsidiary. Peer Analysis PLD's 'CCC' IDR reflects its smaller scale and lower profitability relative to peers, persistent negative cash flow generation, elevated leverage and deteriorating liquidity, despite its position as the second largest provider of consumer healthcare pharmaceuticals to U.S. retailers. Its limited global footprint reduces diversification benefits, leaving PLD more exposed to U.S. demand trends and retailer dynamics than larger, internationally diversified peers. PLD competes directly with Perrigo Company plc (BB/Stable). Perrigo's higher rating reflects its much larger scale and substantially stronger financial profile. Mallinckrodt plc (B+/Positive) and Padagis Holding Company LLC (B+/Stable) also have higher profitability and lower leverage than PLD. Fitch also compares PLD with other contract development and manufacturing organizations (CDMOs) in the 'B' rating category. While these CDMOs have negative FCF due to high capex requirements, they have higher profit margins and stronger credit metrics than PLD. Key Assumptions - Revenue of $655 million in 2025 and $700 million to $750 million annually in 2026 and 2027; - Fitch-defined EBITDA margins of 8%-9% in 2025 that will improve to 10%-11% in 2026 and 2027, assuming a full-year benefit from headcount reductions in 3Q25 and price increases in 2026; - Effective interest rates of 8.0%-8.5% in 2025 and 2026 that will rise to 11% thereafter; - Working capital will be a use of cash in 2025 and will have a neutral impact on cash flow generation thereafter; - Capex of $25 million in 2025 and approximately $20 million annually thereafter; - Negative FCF of $45 million to $50 million in 2025 that will improve moderately over the forecast period; - Maturity extension of the ABL in 2027 at current market rates. Recovery Analysis The 'CCC'/'RR4' senior secured instrument rating reflects Fitch's assumption that PLD would be reorganized in bankruptcy as a going concern (GC), rather than being liquidated, to maximize the value distributable to claims. Fitch estimates an enterprise value (EV) on a GC basis of approximately $290 million after deducting 10% for administrative claims assumed to accrue from restructuring. The EV also includes Fitch's estimated value of the Rogue royalty income that secures the 2029 senior secured notes. The EV reflects an estimated GC EBITDA of $55 million, reflecting Fitch's view that GC EBITDA at this level is likely to trigger a default or restructuring amid significant refinancing risk from negative cash flow generation and high leverage. The GC EBITDA is based on a scenario where EBITDA and cashflows fail to improve from current levels. Fitch does not assume any upside in GC EBITDA from corrective measures during restructuring. The EV also reflects Fitch's use of a 6.0x EV to EBITDA multiple. This reflects the following: PLD's position as the second largest provider of consumer healthcare pharmaceuticals to U.S. retailers but small scale compared to peers; its low profit margins and a limited track record of positive FCF generation; generally stable demand for generic pharmaceuticals through economic cycles; and the mature and competitive consumer healthcare products industry in the U.S. The 6.0x multiple is slightly below the median 6.3x multiple observed in Fitch's case studies of previous bankruptcies in the healthcare sector. The GC EBITDA and EV to EBITDA multiple are unchanged from the previous committee. In estimating claims, Fitch assumes that the $30 million receivables factoring program would be replaced by an equivalent super-senior facility in bankruptcy and would have priority over the existing senior secured debt instruments. Fitch also assumes that there would be $7 million of structurally senior debt related to equipment and aircraft financing outstanding and that PLD would draw 80% of the $125 million ABL before bankruptcy. The claims waterfall analysis further reflects senior secured claims of $510 million, resulting in the senior secured notes recovering within the 'RR4' range, which aligns with PLD's 'CCC' IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A default or default-like process, including a distressed debt exchange or non-payment of a material financial obligation; - Slower-than-anticipated improvements in operating performance that raise refinancing risk as PLD approaches its ABL maturity; - EBITDA interest coverage to be sustained below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch would revise the Negative Outlook to Stable if operating performance in the next 12 months exceeds Fitch's expectations, reducing potential for a payment default in 2026. - Improvement in growth prospects, profitability and working capital management that reduce reliance on the ABL to bridge liquidity gaps; - EBITDA interest coverage to be sustained above 1.5x. Liquidity and Debt Structure Liquidity is supported by approximately $7 million of cash on hand and $23 million available under the $125 million ABL on an unrestricted basis excluding the amounts that would be available once the FCCR covenant springs into place but before they breached it, as of Sept. 30, 2025. Fitch projects Fitch-defined cash flow from operations (CFO) of negative $20 million in 2025 due to weaker-than-expected operating performance and cash expenses related to restructuring and strategic initiatives in 2025. While CFO will benefit from extended payment terms with suppliers in the short term, sustained revenue growth and margin expansion, together with effective working capital and capex management, are crucial to reducing PLD's reliance on its ABL to fund liquidity gaps over the forecast period. Despite the senior secured notes maturing in 2029, Fitch views availability of the 2027 ABL and the influence of the FCCR covenant on liquidity and compliance (if enacted) as more near-term considerations. The ABL is the only practical source of liquidity, and PLD's borrowing capacity is constrained by the springing minimum FCCR covenant of 1.0x, which applies when the ABL availability falls below the greater of 17.5% of the commitment amount or $20 million. The Negative Outlook captures a potential liquidity event in 2026 if operating performance falls short of Fitch's expectations. Issuer Profile P&L Development Holdings, LLC develops, manufactures and distributes OTC pharmaceuticals and consumer healthcare products. Its portfolio of product categories includes analgesics, digestive aids, cough and cold, personal sanitization, pediatric electrolytes, allergy relief, gummies and nicotine replacement therapy. Summary of Financial Adjustments Fitch adjusts historical and projected EBITDA to remove non-cash and non-recurring expenses, including write-offs, restructuring costs and gains or losses from disposition of assets. Fitch also includes the outstanding amount of the receivables factoring program to total debt. Fitch treats the Series A preferred units as shareholder loans because these units are held by affiliated investors whose economic and strategic interest are expected to remain aligned with those of common equity holders, and there are no cash payout requirements before the maturity of the 2029 senior secured notes. 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 ----------- ------ -------- ----- P&L Development Holdings, LLC LT IDR CCC Downgrade CCC+ PLD Finance Corp. senior secured LT CCC Downgrade RR4 CCC+ P&L Development, LLC LT IDR CCC Downgrade CCC+ senior secured LT CCC Downgrade RR4 CCC+ PANDA ACQUISITION: Monroe Capital Marks $4.9MM Loan at 17% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $4,961,000 loan extended to Panda Acquisition, LLC to market at $4,130,000 or 83% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Panda Acquisition, LLC. The loan accrues interest at a rate of 12.47% PIK per annum. The loan matures on October 18, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Panda Acquisition, LLC Panda Acquisition, LLC is a general-purpose holding or investment company. PAR PACIFIC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Par Pacific Holdings, Inc. and Par Petroleum, LLC (collectively, Par) at 'B+' with a Stable Outlook. Fitch has also affirmed the ratings of Par's ABL at 'BB+' with a Recovery Rating of 'RR1' and Par's term loan at 'B+'/'RR4'. Par's ratings reflect exposure to niche, lower-competition markets, small refinery exemptions (SRE) relief benefits, and diversification through less cyclical retail and logistics segments. Other contributing factors include Par's limited size and geographic diversification and uncertainty of cash flows inherent to refiners. The Stable Outlook reflects an improving refining environment and expected performance within rating sensitivities. Key Rating Drivers Improving Environment: Par's refining segment has achieved materially improved results through the first nine months of 2025 relative to the same period in 2024. Improved margin capture reflects materially improved market conditions in 2H25, along with capacity reductions in PADD V. Fitch expects wider industry margins to continue to improve as capacity additions will be marginal globally, and supply continues to grow following the end of the OPEC+ curtailments. Par Pacific's leverage spiked in 2024 at 6.5x, given cyclically weak refining conditions. Fitch forecasts leverage to improve significantly in the near term as refining conditions improve and remain within sensitivities during midcycle conditions. SRE Relief: Par expects to realize between $200 million in net benefit following the EPA's decision regarding the extension of SRE exemptions to several PARR refineries related to the 2019-2024 compliance years. Fitch expects proceeds to be monetized over the next 12 months, supporting liquidity. Fitch believes future SRE exemptions are possible given the U.S. administrations refining-friendly stance but does not view them as a certainty. Limited Scale; Niche Market Exposure: Niche markets in the Western U.S. with unique market drivers and favorable supply and demand dynamics counterbalance Par's relative lack of geographic diversification, limited size and below-average system-wide refinery complexity. Par's refineries are in PADDs IV and V. Fitch views Par's 219 thousand barrels per day (mbpd) of throughput capacity as a small- to medium-sized refiner relative to U.S. peers. Although size materially restrains the credit profile, niche market access allows Par to differentiate itself from peers while supporting underlying cash flows. Non-refining Diversification: Par operates material Logistics and Retail segments, both of which have key countercyclical characteristics. As seen in 2024 and the 1H25, the segments' performance is key to cash-flow generation during refining downturns. Par experienced strong growth in retail segment EBITDA generation, which further supports its refining segment. The company's leverage target is 3.0x-4.0x, combining Logistics and Retail segments' EBITDA. Hawaii Renewables JV: The company received a $100 million cash consideration following the closure of a JV with Mitsubishi Corp and ENEOS Corp to generate sustainable aviation and other fuels at the company's Hawaii refinery. Par retains a 63.5% equity stake and will operate the facility. Fitch expects Par to use the proceeds for general corporate purposes and ABL reduction. Spike in Capex: Fitch observed significant capex outlays in 2024 and 2025 as large turnarounds were completed at the Billings refinery. The investments are expected to improve reliability and operational performance at the asset, which Par acquired in 2023. Fitch expects significant but lower capex in 2026 because of the expected turnaround in Hawaii. The company guides to midcycle capex of about $105 million. Peer Analysis Par's refining footprint (219mbpd) is on the lower end of its peer group, including Delek US Holdings (B+/Stable; 302mbpd); CVR Energy, Inc. (B+/Stable; 206.5mbpd); PBF Holding Company, LLC (BB/Negative; 1,023mbpd); and HF Sinclair Corporation (BBB-/Stable; 678mbpd). Par's refineries are unique in the niche markets they serve, which typically take advantage of local market conditions and unique supply-demand dynamics. Par is diversified through its logistics and retail assets, which differentiates the company from pure-play refiners such as PBF. Delek also has logistics assets, while HF Sinclair and CVR are diversified into other non-refining segments. While Par is notably smaller than Delek in terms of refining throughput capacity, Fitch expects Par to operate with lower leverage through the cycle given improved EBITDA margins, a lower gross debt burden, and beneficial countercyclical diversification. Delek's PADD III positioning is positive relative to the PADD IV and V Par positions, but is offset by niche markets and supply-demand imbalance. Key Assumptions - Brent price assumptions of $70/bbl in 2025, $65/bbl in 2026, $65/bbl in 2027, and $60/bbl thereafter; - WTI price assumptions of $65/bbl in 2025, $60/bbl in 2026, $60/bbl in 2027, and $57/bbl thereafter; - Capex in line with management guidance and turnaround schedules; - Interest rate/SOFR assumptions in line with Chatham Financial Fed Median; - Cash inflows from JV and SRE benefits in 2025. Recovery Analysis Fitch examined Par on both a going concern (GC) and liquidation value (LV) basis and expects it would be reorganized as a GC in the event of bankruptcy. Fitch assumed an 80% draw on the $1.4 billion ABL facility. In conjunction with the upsizing of the ABL, the company closed its supply and offtake agreement at its Hawaii refinery and replaced it with crude oil focused inventory intermediation agreement. Fitch deducts outstanding intermediation property in equivalent amounts from both the inventory figure in the LV and the corresponding obligation under the inventory intermediation agreement. Par does not hold title to this inventory, and it is not considered collateral. The company records the Citigroup Energy Inc. (Citi) titled inventory amount as inventory on the balance sheet with a corresponding liability until final sale to a third party. The remaining inventories' titles are held by Par. Fitch has assumed this portion of the inventory recovers at an advance rate of 80%. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects Par's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. Fitch uses a 5.5x EBITDA multiple to arrive at its GC EV, reflecting diversification through retail and logistics segments. Other contributing factors include Par's niche market position and favorable supply-demand dynamics in Hawaii. Fitch's GC EBITDA of $288 million includes assumptions for the likely need of a super senior working capital facility in a bankruptcy scenario, excludes the value of Citi titled inventory and reflects financing expenses related to current intermediation agreements. The figure is based on a recovery year after the nadir year in its stress case scenario. The GC EBITDA also reflects increased long-term midcycle price expectations and material investment into energy transition projects. Par's distribution of value results in the ABL facility recovering at 'RR1', ahead of the first-lien term loan, which recovers at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Decline in refining sector fundamentals or deterioration of Par's market position; - Sustained ABL utilization over 50% of availability or significant increase to term debt; - Midcycle EBITDA leverage maintained at or above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Significant increase in size, scale and diversification, particularly in non-refining segments; - Midcycle EBITDA leverage maintained at or below 3.0x. Liquidity and Debt Structure Par's liquidity is composed of approximately $159 million and $576 million of availability on the ABL of as of 3Q25. Fitch expects material cash inflows from the Hawaii SAF JV transaction and Par's SRE monetization plan both of which will benefit liquidity. Par has minimal near-term refinancing risk with the ABL expected to mature in 2028 and the term loan maturing in 2030. Issuer Profile Par Pacific Holdings, Inc and its subsidiaries are owners and operators of essential energy infrastructure in PADD IV and V markets with 219 mpd in refining capacity, 120+ retail fuel locations in Hawaii and the Pacific Northwest and related logistics assets. 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 ----------- ------ -------- ----- Par Pacific Holdings Inc. LT IDR B+ Affirmed B+ Par Petroleum, LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior secured LT B+ Affirmed RR4 B+ PAR PETROLEUM: S&P Alters Outlook to Positive, Affirms 'B+' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on Par Petroleum LLC and revised its outlook to positive from stable. At the same time, S&P affirmed its 'BB' issue-level rating on the company's senior secured debt. Its '1' recovery rating is unchanged, indicating its expectation for very high (90%-100%; rounded estimate: 90%) recovery in the event of a payment default. The positive outlook on Par reflects S&P's expectation that the company will maintain S&P Global Ratings-adjusted leverage below 3x in 2026. Par has outperformed since its second quarter of 2025. S&P expects the company will continue to generate surplus free cash flow, which will enable it to reduce its outstanding debt balance and improve credit metrics. Par's strong refining margins will support deleveraging. The company has outperformed since the second quarter of 2025. In August 2025, the U.S. Environmental Protection Agency (EPA) granted the company's mainland refineries a combination of full and partial small refinery exemptions (SREs) from the renewable fuel standard (RFS) program for the 2019 through 2024 compliance years. Due to its historical compliance with the RFS program, the company received previously retired renewable identification numbers (RINs) related to the 2019 through 2023 compliance years from the EPA and relieved a portion of its 2024 renewable volume obligation. With an SRE benefit of approximately $200 million in its Montana, Washington, and Wyoming refineries, the company has realized above average refining margins across these refineries in the third quarter of 2025. Given the uncertainty surrounding exemptions for the outer years, our base-case scenario does not factor in SRE benefits for 2026 or subsequent years. Nevertheless, we anticipate the refining market will remain robust in 2026 as product demand remains high. S&P believes Par's refining margins will remain strong in 2026 and expect S&P Global Ratings-adjusted debt to EBITDA will remain below 3x through 2026. The company's robust liquidity position and positive free operating cash flow (FOCF) provide financial flexibility for growth initiatives. As of Sept. 30, 2025, the company had about $160 million cash on the balance sheet and about $575 million availability under its committed asset-based lending (ABL) credit facility. S&P forecasts the company will generate positive FOCF over the next several years. The availability under its ABL credit facility, coupled with the positive FOCF, provides flexibility throughout volatile refining cycles. S&P said, "We view Par's integrated refining model, including its logistics and retail segments, as a positive for its credit quality. We forecast more than 30% of the company's 2026 cash flow will come from its logistics and retail segments, adding stability and partially offset the inherent volatility in its refining segment. Par's extensive multimodal logistics network spanning the U.S. Pacific, Northwest, and Rocky Mountain regions supports its ability to transport and store crude oil and refined products. Par also operates about 120 fuel retail locations in Hawaii and the Pacific Northwest under the brands Hele and nomnom. Integration of the logistics and retail segments provides synergies and strengthens the company's competitive position as these segments generally have less direct exposure to commodity pricing. The positive outlook on Par reflects our expectation that it will maintain S&P Global Ratings-adjusted leverage below 3x in 2026. S&P could revise its outlook on the company to stable if it anticipate it will sustain S&P Global Ratings-adjusted leverage above 3x. This could occur if: -- Refining margins deteriorate; or -- Par pursues a more aggressive financial policy. S&P could upgrade the company if it sustains S&P Global Ratings-adjusted leverage below 3x. PARAGON MOVING: Unsecureds Will Get 10% of Claims over 3 Years -------------------------------------------------------------- Paragon Moving & Storage, Inc., submitted a Second Modified Plan of Reorganization. This Second Modified Plan of Reorganization is filed pursuant to Sections 1181–1195 of the Bankruptcy Code to restructure Paragon's debts, preserve its business, and provide a meaningful return to creditors through continued operations. The Debtor's initial Modified Plan (filed September 17, 2025) proposed to fund a lump-sum 10% dividend to unsecured creditors through debtor-in-possession (DIP) financing. Despite best efforts, Paragon has been unable to secure that financing on acceptable terms. Accordingly, this Second Modified Plan eliminates any reliance on external financing and replaces the one-time unsecured distribution with payments funded solely from projected disposable income over a three-year period. The Debtor's revised projections demonstrate that it can feasibly perform its secured-debt amortizations, maintain operations, and devote all available net income to creditors, consistent with Section 1191(c)(2) of the Bankruptcy Code. This Plan restructures Paragon's obligations in a sustainable manner, preserves its workforce, and provides a fair recovery to creditors through future cash flow rather than liquidation. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $553,103.97 (excluding disputed claims). This class includes all allowed unsecured claims not otherwise classified, including: * SBA Unsecured Portion: The unsecured portion of the U.S. Small Business Administration ("SBA") claim in the amount of $93,103.97, representing the balance of its total allowed claim in excess of the stipulated collateral value of $70,000. The claim is partially secured by a blanket lien on the Debtor's inventory, equipment, accounts, intangibles, and proceeds thereof, junior to Security Bank Minnesota. The balance of the SBA's claim is unsecured and treated under this Class. * KLC Financial, Inc. Unsecured Portion: The claim of KLC Financial, Inc. in the amount of $46,073.45, as reflected in its filed Proof of Claim. Although KLC's claim is based on an equipment lease agreement and is supported by a UCC-1 financing statement, the creditor has expressly indicated on its Proof of Claim that this portion of the debt is not secured. Accordingly, the Debtor treats this portion of KLC's claim as a general unsecured claim in this Plan. The Debtor shall pay to Class 4 creditors a total distribution equal to 10 percent of the allowed unsecured claims, payable in three equal installments of 3.333 percent each, on or before the following dates: November 2026: first payment (3.333 percent of each allowed claim) November 2027: second payment (3.333 percent of each allowed claim) November 2028: third and final payment (3.333 percent of each allowed claim) These payments will be made pro rata to all holders of allowed Class 4 claims. Payments will be funded entirely from operating revenue, and the Debtor's cash-flow projections reflect sufficient liquidity to make each payment. No interest shall accrue on Class 4 claims. The Debtor's obligation to make the Class 4 distributions is not contingent upon final resolution of disputed claims. The Debtor will reserve in a segregated account an amount equal to 10% of the filed amount of each disputed claim. No distribution will be made on any disputed claim unless and until such claim is allowed by Final Order, at which time the reserve for that claim will be paid in full satisfaction of the claim under this Class. If a disputed claim is disallowed, the reserved funds will be released to the Debtor for use in its business operations. Reservation of Rights Regarding SBA Claim: Nothing in this Class 4 treatment shall affect the SBA's rights to receive payment on its allowed secured claim as set forth in Class 3. The Debtor expressly reserves all rights to object to any amendment or modification of the SBA's claim that would seek to increase the secured portion beyond $70,000, or otherwise alter the agreed collateral valuation. Reservation of Rights Regarding KLC Financial, Inc.: Nothing in this Class 4 treatment shall affect the KLC Financial, Inc's rights to receive payment on its allowed secured claim as set forth in Class 2. The Debtor expressly reserves all rights to object to any amendment or modification of the SBA's claim that would seek to increase the secured portion beyond $40,000, or otherwise alter the agreed collateral valuation. Class 5 consists of the allowed unsecured claims of insiders David Pearson in the amount of $55,306 and Brenda Wirth in the amount of $103,239.98. These claims are classified separately from all other unsecured claims pursuant to Sections 1122 and 1123(a)(1). In accordance with the absolute subordination of insider claims and the terms of this Plan, no distribution shall e made on account of the Class 5 claims. Upon the Effective Date, the Class 5 claims shall be deemed discharged and satisfied without payment. The attached Exhibit B (Revised Cash Flow Projections) demonstrates sufficient projected income to fund this Plan. The projections show that the Debtor's business is seasonal, with stronger performance during the summer months, but maintains adequate liquidity throughout the year to sustain operations and make plan payments. Based on current contracts and operating history, Paragon can maintain steady revenue and meet all obligations. No DIP or external financing is required. The Debtor will fund the Plan through revenue from ongoing operations. A full-text copy of the Modified Plan dated November 17, 2025 is available at https://urlcurt.com/u?l=SnAo5e from PacerMonitor.com at no charge. Counsel to the Debtor: BUTWINICK LAW OFFICE Jeffrey H. Butwinick, Esq. 7800 Metro Parkway, Suite 300 Bloomington, MN 55425 p. 651-210-5055 Email: jeff@butwinicklaw.com About Paragon Moving & Storage Inc. Paragon Moving & Storage Inc. offers residential, commercial, and international moving services, along with designer logistics and storage solutions. Founded in 1989, the company operates a 55,000-square-foot, temperature-controlled warehouse in the Twin Cities area, providing secure storage for military and civilian clients. Paragon partners with Wheaton World Wide Moving for interstate and global relocations. Paragon sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41513) on May 12, 2025. In its petition, the Debtor reported total assets of $267,899 and total liabilities of $1,022,870. The Debtor is represented by Jeffrey Butwinick, Esq., at Butwinick Law Office. KLC Financial, Inc., as secured creditor, is represented by: Dennis Dressler, Esq. Dressler & Peters, LLC 101 W. Grand Ave., Ste. 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 ddressler@dresslerpeters.com PARENT SUPPORT: Seeks to Hire Verdolino & Lowey as Accountant ------------------------------------------------------------- Parent Support Network of Rhode Island, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to employ Verdolino & Lowey, PC as accountant. The firm will render these services: (a) establish, maintain, and reconcile the Debtor's accounting records during the case; (b) assist in the preparation of the Debtor's cash flow projections, 13-week cash budgets, and plan-feasibility projections for use in plan negotiations and confirmation; (c) prepare or assist with the Debtor's Monthly Operating Reports and any other financial reporting required by the U.S. Trustee, the Subchapter V Trustee, or the Court; (d) advise on segregation of grant funds, direct and indirect cost tracking, and related compliance for the Debtor's government awards, and coordinate with counsel on bankruptcy specific restrictions and approvals as needed; (e) assist in preparing schedules, statements, and any financial supplements or reconciliations requested by the U.S. Trustee or the Subchapter V Trustee, and support at the Section 341 meeting or similar proceedings as needed; and (f) provide general accounting advisory services to the Debtor as may be necessary and appropriate to carry out its duties under 11 U.S.C. Section 1107(a). The hourly rates of the firm's professionals are as follows: Principals $565 Managers $275 - $450 Staff $225 - $395 Bookkeepers $225 - $300 Clerical $95 In addition, the firm will seek reimbursement for expenses incurred. Matthew R. Flynn, CPA, a managing director at Verdolino & Lowey, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew R. Flynn, CPA Verdolino & Lowey, PC 124 Washington St. Foxborough, MA 02035 Telephone: (508) 543-1720 About Parent Support Network of Rhode Island Parent Support Network of Rhode Island, Inc. is a nonprofit organization that provides free peer-based support, education, and advocacy services for parents and families in Rhode Island. It offers family peer support to those navigating mental health and substance use challenges, child welfare involvement, and the juvenile justice system, with services including parenting education, fatherhood support, family groups, and one-on-one assistance from trained Family Support Partners. The organization has been supporting families statewide for more than 30 years through a helpline, group programs, and community-based services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.R.I. Case No. 25-10775) on September 25, 2025, listing $90,680 in assets and $1,250,945 in liabilities. Lisa A. Conlan, executive director, signed the petition. Judge John A. Dorsey Jr. oversees the case. The Debtor tapped Indeglia & Associates as counsel and Verdolino & Lowey, PC as accountant. PORT ELIZABETH: Logistics Company Seeks Chapter 11 Bankruptcy ------------------------------------------------------------- Twinkle Jha of What Now reports that Port Elizabeth Terminal & Warehouse Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey on November 14, 2025, seeking relief amid significant financial strain. The supply chain management company aims to continue operating while restructuring its liabilities under court supervision. The filing fee of $1,738 was paid at initiation, with Judge John K. Sherwood assigned to oversee the case and Turner Falk of Saul Ewing LLP representing the debtor. According to the petition, the company estimates both assets and liabilities between $50 million and $100 million, with 50 to 99 creditors. First-day motions filed by its counsel included requests to maintain utility services, pay employee wages and benefits, and continue using existing bank accounts. The company also sought joint administration for affiliates P. Judge & Sons, Inc., P. Judge & Sons Trucking, LLC, and Amex Shipping Agent, Inc., according to What Now. Procedural activity moved quickly following the filing. The court granted requests to shorten time, scheduled first-day hearings for November 18 and 19, 2025 and issued a show-cause order for missing schedules, setting a December 9, 2025 hearing. Multiple attorneys and parties—including the U.S. Trustee—filed notices of appearance. Judge Sherwood also approved interim relief on several motions, including employee-related payments and joint administration of affiliated cases, the report states. An interim financing order was issued on November 19, 2025 and notices of the court's orders were circulated to affected parties. As the case advances, Port Elizabeth Terminal & Warehouse Corp.'s ability to secure post-petition funding and meet the March 16, 2026 deadline to file a reorganization plan will be key to its restructuring path, the report states. About Port Elizabeth Terminal & Warehouse Corp. Port Elizabeth Terminal & Warehouse Corp. and affiliates provide transportation, logistics, and warehousing services in the U.S., including rail boxcar and container handling, multi-modal shipping, specialized material handling, cross-docking, packing, specialized handling of beverages -- including alcoholic products -- and product care and protection. Port Elizabeth Terminal & Warehouse Corp. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 25-22123) on November 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Five affiliated entities simultaneously filed voluntary Chapter 11 petitions under the Bankruptcy Code. Debtor Case No. ------ -------- P. Judge & Sons, Inc. 25-22127 Amex Shipping Agent, Inc. 25-22129 The Judge Organization, LLC 25-22130 P. Judge & Sons Trucking, LLC 25-22131 Judge Warehousing, LLC 25-22132 Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Turner Falk, Esq. of Saul Ewing LLP. PPS PROPERTY: To Sell Plainfield Property to JNS Home Improvement ----------------------------------------------------------------- PPS Property 8-10 Sanford Ave LLC seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 8-10 Sanford Avenue, Plainfield, New Jersey. The Property to be sold consists of the land and all the buildings, other improvements and fixtures on the land, all of the Seller's rights relating to the land, and all personal property specifically included in the contract. The Debtor wants to sell the Property to JNS Home Improvement LLC in the purchase price of $450,000. The Buyer agrees to make a good faith effort to obtain a first mortgage loan upon the terms. the Buyer has 45 days from contract signing to obtain a commitment from a lender for the mortgage loan or to agree to buy the property without the loan. A copy of the Contract for Sale of the Property can be found at: https://urlcurt.com/u?l=2Fl5F3 About PPS Property 8-10 Sanford Ave., LLC PPS Property 8-10 Sanford Ave., LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-17193) on July 8, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Vincent F Papalia handles the case. Robert C. Nisenson, Esq. at Robert C. Nisenson, LLC represents the Debtor as counsel. PRIMALEND CAPITAL: Faces Payment Block from Creditors ----------------------------------------------------- Steven Church and Eliza Ronalds-Hannon of Bloomberg News report that a group of creditors for PrimaLend Capital Partners obtained a temporary order stopping monthly loan payments from being sent to a firm led by the bankrupt lender's CEO, Mark Jensen. The pause is intended to give the court time to evaluate competing claims over loan ownership tied to the disputed transfers. Judge Mark Mullin said payments will remain suspended until he decides whether BVY Partners II—Jensen's firm—holds an actual stake in certain PrimaLend loans. BVY says its $34 million investment in participation rights entitles it to a portion of collected borrower payments, but the creditors’ committee is actively challenging that position. About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PROSPECT MEDICAL: To Sell Waterbury Hospital to UCHCFC Waterbury ---------------------------------------------------------------- Prospect Medical Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Waterbury Hospital, free and clear of liens, claims, interests, and encumbrances. On November 6, 2025, the Debtors selected UCHCFC Waterbury Health Corp., Connecticut domestic non-stock corporation, to act as the stalking horse bidder for the Waterbury Assets, and executed an asset purchase agreement, by and among certain of the Debtors and Waterbury Health, for the Waterbury Sale Transaction. The purchase price of the Property is $9,000,000. The Purchase Price shall be reduced at Closing by the amount of all accrued and unpaid taxes, sewer charges, water charges, assessments, utility charges, or other similar charges, including default interest and late charges if applicable, whether or not delinquent, with respect to the Real Property as of the Effective Time; and in each case Buyer shall cause such amounts to be paid directly to the appropriate recipients thereof concurrently with or promptly following the Closing. The Bid Deadline for the Waterbury Sale Transaction occurred on November 14, 2025 at 4:00 p.m. (prevailing Central Time). In accordance with the Bidding Procedures, since no Qualified Bid other than the Stalking Horse Bid was submitted on or before the Bid Deadline, the Debtors, after consultation with the Consultation Parties, have cancelled the Auction for the Waterbury Assets. The Debtors, in their reasonable business judgment, designated Waterbury Health as the Successful Bidder for the Waterbury Sale Transaction. Details of the Sale Transaction and the description of the Property can be found at https://urlcurt.com/u?l=e6NSBO About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical 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, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PROTOTEK LLC: Monroe Capital Marks $1.9MM Secured Loan at 19% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $1,930,000 loan extended to Prototek LLC to market at $1,564,000 or 81% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Prototek LLC. The loan accrues interest at a rate of 7.63% Cash/ 4.50% PIK per annum. The loan matures on December 8, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Prototek LLC Prototek provides digital light processing, material jetting, CNC milling, and other products, as well as focuses on aerospace, defense, automotive, customer products, electronics, semiconductors, energy, industrial, medical and dental industries. PUERTO RICO: Board Calls Tighter Financial Controls to Avert Ch.11 ------------------------------------------------------------------ The San Juan Star Daily reports that Puerto Rico risks slipping back into fiscal distress unless it adopts stronger financial controls, the Financial Oversight and Management Board warned in a detailed report to Congress. Although oversight is beginning to wind down, the board says chronic deficits could return without improved accounting practices and consistent financial reporting. Progress on the governor's directive for responsible budgeting has been uneven, and the government has yet to produce current audited financial statements, with the latest completed for fiscal year 2022. The board emphasizes that timely audits and reliable data are critical for restoring market confidence, as required under PROMESA. Federal auditors have flagged persistent delays as a barrier to investors' ability to evaluate Puerto Rico's financial health. The report notes that despite substantial debt restructuring, durable fiscal stability will require increased transparency, long-term financial planning, consensus revenue estimates and strict limits on borrowing. These reforms, the board warns, are essential for Puerto Rico to regain full fiscal autonomy, the report states. To strengthen governance, the board recommends creating a single executive budget office with authority over forecasting, planning and budget development. It also stresses expanding the government’s debt-management framework to include monitoring tools and early-warning indicators. The report devotes significant attention to the Department of Education, which faces declining enrollment, underspending and inequitable resource distribution. With federal stimulus funds running out, the board urges the adoption of student-based budgeting by 2027 and says long-term improvements will depend on political commitment and effective local leadership, according to report. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. PYRAMID HOUSE: Seeks Chapter 11 Bankruptcy in Louisiana ------------------------------------------------------- On November 19, 2025, Pyramid House LLC voluntarily filed Chapter 11 bankruptcy protection in the Eastern District of Louisiana Bankruptcy Court. Court filings indicate the Debtor owes between $100,001 and $1,000,000 to approximately 1–49 creditors. About Pyramid House LLC Pyramid House LLC is a single asset real estate company. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12813) on November 19, 2025. Its petition lists estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. The Honorable Bankruptcy Judge Meredith S. Grabill presides over the case. The Debtor is represented by Edwin M. Shorty, Jr., Esq. PYRAMID HOUSE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Pyramid House LLC 3330 Canal St New Orleans, LA 70119 Business Description: Pyramid House LLC is a single-asset real estate entity that holds properties located at 3330 Canal Street and 3508 Lake Des Alemands in Harvey, Louisiana, with their combined current value estimated at $1.45 million. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-12813 Judge: Hon. Meredith S. Grabill Debtor's Counsel: Edwin M. Shorty Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES 650 Poydras Ave., Ste 2515 New Orleans, LA 70130 Tel: 504-207-1370 Fax: 504-207-0850 E-mail: EShorty@eshortylawoffice.com Total Assets: $1,447,268 Total Liabilities: $775,000 The petition was signed by Paul Sylvester Jr. as owner. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DSI34EI/Pyramid_House_LLC__laebke-25-12813__0001.0.pdf?mcid=tGE4TAMA RECYCLED PLASTICS: Monroe Capital Marks $8.9MM Loan at 17% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $8,996,000 loan extended to Recycled Plastics Industries, LLC to market at $7,478,000 or 83% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to Recycled Plastics Industries, LLC. The loan accrues interest at a rate of 11.13% per annum. The loan matures on August 4, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Recycled Plastics Industries, LLC Recycled Plastics Industries manufactures recycled, high-density polyethylene plastic lumber used in outdoor and manufacturing applications. RENTAL COINS: Chapter 15 Case Summary ------------------------------------- Chapter 15 Debtor: Rental Coins Technologia Da Informacao Ltda Rua Oscar Borges de Macedo Ribas, 251, Loja 701, 6th Floor, Curitiba, PR, 81200-521, Brazil Business Description: Rental Coins Technologia Da Informacao Ltda, founded in 2019 and based in Curitiba, Brazil, was engaged cryptocurrency rental service and trading operations. The Company operated in the fintech sector and is currently in liquidation. Foreign Proceeding: Bankruptcy Proceeding Pending Before the 2nd Bankruptcy and Judicial Reorganization Court of Curitiba Chapter 15 Petition Date: November 18, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-23659 Foreign Representative: Atila Sauner Posse Sociedade de Advogados Av. Presidente Washington Luiz 372-Jardim Social Curitiba - PR 82520-000 Brazil Foreign Representative's Counsel: Daniel M. Coyle, Esq. SEQUOR LAW, P.A. 1111 Brickell Ave, Suite 1250 Miami, FL 33131 Tel: (305) 372-8282 Email: dcoyle@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A5DPEXI/RENTAL_COINS_TECNOLOGIA_DA_INFORMAO__flsbke-25-23659__0001.0.pdf?mcid=tGE4TAMA RIFLE RFB: Court OKs Interim Use of Cash Collateral --------------------------------------------------- Rifle RFB, LLC got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court granted the Debtor interim approval to use cash collateral through the final hearing in accordance with its budget, subject to a monthly variance of up to 10% per expense line item. As adequate protection, Offen Petroleum, LLC and other creditors with interest in the cash collateral will be granted a replacement lien on the proceeds of all post-petition accounts and inventory of the Debtor. These replacement liens will hold the same priority as the secured creditors' pre-bankruptcy liens. As further protection, Offen will receive a monthly payment of $40,000, subject to disgorgement if no debt is ultimately found to be owed. The interim order is available at https://is.gd/wLiuuk from PacerMonitor.com. The final hearing is set for December 16. Objections are due by December 9. Rifle RFB, 100% owned and managed by Navkarit Singh, filed for bankruptcy protection to continue its operations and propose a reorganization plan designed to maximize creditor recoveries. Creditors, including Offen and John E. Jones Oil Co., claim pre-bankruptcy liens and security interests in the Debtor's assets, which may include cash collateral. Offen is represented by: David M. Miller, Esq. Spencer Fane LLP 1700 Lincoln St., Suite 2000 Denver, CO 80203 Phone: (303) 839-3800 Fax: (303) 839-3838 dmiller@spencerfane.com About Rifle RFB LLC Rifle RFB, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17394) on November 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. RITE AID: Insurers, Pension Funds, Landlords Object to Plan ----------------------------------------------------------- James Nani of Bloomberg Law reports that Rite Aid's proposed liquidation plan has faced pushback from landlords, insurers, and pension funds, who object to its broad liability releases and question its ability to cover bankruptcy-related expenses and other claims. Several objections filed November 19 in the U.S. Bankruptcy Court for the District of New Jersey also noted that the pharmacy chain has not demonstrated that its Chapter 11 plan is feasible, the report related. Critics argue that the plan may leave certain creditors undercompensated or unable to recover owed amounts, according to the report. Rite Aid filed its second Chapter 11 case in less than a year on May 5. Since then, the company has sold off the majority of its assets, including pharmacies at more than 800 locations, the "Thrifty Ice Cream" business, and its extensive real estate holdings. The liquidation plan outlines how these proceeds would be allocated among creditors, the report states. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. ROADRUNNER SCOOTERS: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: RoadRunner Scooters LLC 2330 N. Broadway, Suite 105 Denver, CO 80205 Business Description: RoadRunner Scooters LLC operates in the motor scooters and electric vehicle industry, offering scooter sales, maintenance, and parts services. Chapter 11 Petition Date: November 20, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-17643 Judge: Hon. Joseph G Rosania Jr Debtor's Counsel: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: jmd@kutnerlaw.com Total Assets: $216,516 Total Liabilities: $2,912,451 Larry Dale Ross, Jr. signed the petition as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O5CX3ZA/RoadRunner_Scooters_LLC__cobke-25-17643__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OX3VWAI/RoadRunner_Scooters_LLC__cobke-25-17643__0001.0.pdf?mcid=tGE4TAMA RSBRMK LLC: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On November 20, 2025, RSBRMK LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About RSBRMK LLC RSBRMK LLC is a single asset real estate company. RSBRMK LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45591) on November 20, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Solomon Rosengarten, Esq. RUNITONETIME LLC: Gets Court Approval for Sale of Fabrication Biz ----------------------------------------------------------------- Vince Sullivan of Law360 reports that Maverick Gaming LLC received court approval Wednesday, November 19, 2025, for its Chapter 11 sale of the company’s fabrication business, even though the buyer is connected to the company. A Texas bankruptcy judge concluded the sale represented the best available option for maximizing value for creditors. The $1.4 million insider deal followed a competitive marketing process, and the court found that full disclosure and transparency ensured fairness. Judge Perez stated that insider transactions are acceptable when they are the best outcome for the estate, the report states. About 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. S&G LABS: Gets Interim OK to Use Cash Collateral Until Dec. 18 -------------------------------------------------------------- S&G Labs Hawaii, LLC received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through the date of the final hearing and in accordance with its budget, subject to fluctuation by no more than 15% for each expense line item per month. The final hearing is scheduled for December 18. The budget projects total operational expenses of $699,690.27 for the period from November 17 to January 2, 2026. As adequate protection, Frontier Bank and other creditors with interest in the cash collateral will be granted a replacement lien on the proceeds of all post-petition accounts and inventory of the Debtor. Frontier Bank will also receive monthly loan payments as further protection. S&G is a medical toxicology laboratory operating in Colorado and Hawaii. The Debtor, managed by Dr. Lynn Welch Puana, filed for Chapter 11 on November 7 after a judgment creditor obtained an order appointing a state court receiver. At the time of filing, the Debtor maintained approximately $80,000 in deposit accounts, $400,000 in accounts receivable, and $200,000 in equipment, which may constitute cash collateral. The Debtor's ability to continue operations depends on using this cash to pay essential operating expenses. The interim order is available at https://is.gd/qxz4pN from PacerMonitor.com. About S&G Labs Hawaii LLC S&G Labs Hawaii, LLC is a medical toxicology laboratory operating in Colorado and Hawaii. S&G Labs Hawaii sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-18335) on November 7, 2025. In its petition, the Debtor listed up to $100,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by David Wadsworth, Esq. of Wadsworth Garber Warner Conrardy, P.C. SABRE CORP: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on global distribution system (GDS) provider Sabre Corp., including the 'B-' issuer credit rating issue-level ratings on its existing senior secured debt. S&P revised the outlook to negative. S&P said, "We assigned our 'B-' issuer credit rating to special purpose vehicle Sabre Financial Borrower LLC, the borrower of the proposed $1 billion senior secured notes due 2029. "We assigned our 'B-' issue-level rating and '4' recovery rating to Sabre's proposed up to $500 million senior secured notes due 2030 and up to $375 million term loan B due 2029. We also revised the recovery rating on the company's existing senior secured debt to '4' from '3'. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery for the secured lenders in the event of a payment default. "We also assigned our 'B' issue-level rating and '2' recovery rating to Sabre's proposed $1 billion senior secured notes due 2029. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery for the secured lenders in the event of a payment default." The negative outlook reflects the risk that suppressed company earnings growth will result in cash deficits in 2026 and 2027. Sabre's proposed transaction reduces near-term refinancing risks at the expense of higher debt service costs. Sabre plans to use the proceeds from the proposed senior secured due 2029, senior secured notes due 2030, and term loan B due 2029, to fund a series of debt refinancings. It will use proceeds from the proposed senior secured notes to fund an exchange offer of its 8.625% senior secured notes due June 2027 ($332 million outstanding), 11.250% senior secured notes due December 2027 ($46 million outstanding), and a portion of its 10.750% senior secured notes due November 2029 ($825 million outstanding). Noteholders will receive a higher coupon and cash compensation for exchanging their notes for notes with a longer tenor. The proposed secured notes due 2029 will be pari passu with the existing senior secured debt plus an additional limited guarantee by certain foreign subsidiaries. Concurrently, Sabre plans to amend and extend its 2021 term loan B and 2022 term loan B ($520.6 million and $454 million outstanding, respectively) at par. Although the proposed transaction is leverage neutral and improves the company's debt maturity profile, S&P calculates the company's total cash interest costs will increase because of the higher coupon rates in the proposed debt relative to the refinanced debt. Since 2023, the company has executed several refinancings to improve its high debt load, reduce interest expense, and extend its upcoming maturity walls. Nonetheless, Sabre's higher cost of capital because of the refinancings and somewhat still suppressed profits from weak operating performance has led to weak credit metrics. Although the proposed transaction alleviates some near-term refinancing risk, S&P believes capital market uncertainty, missed execution by the company's growth strategy, and a cutback in business travel could pose challenges for Sabre to refinance its 2029 maturity wall of roughly $2.3 billion pro forma for the proposed transactions. The negative outlook reflects the company's weak credit metrics, which stem from suppressed profitability and high debt service costs. Macroeconomic uncertainty around the U.S. administration's policies, the recent government shutdown, geopolitical conflict, and an unfavorable product mix have caused Sabre to underperform relative to our previous forecast. S&P said, "As such, we now forecast Sabre to generate moderately negative free operating cash flow (FOCF) in 2025 and 2026 before generating slightly positive FOCF in 2027. We also forecast Sabre's EBITDA cash interest coverage to remain in the 1.1x to 1.2x area in 2025, 2026, and 2027. Although this is an improvement from 0.8x in 2024, this remains thin relative to 'B-' rated peers. While we believe some economic headwinds to be transitory, we believe growth in future air distribution bookings will be limited to commercial wins offset by flat industry GDS growth." There are continued risks to business travel and air traffic recovery, including heightened recessionary risk, inflationary pressures, and the negative effects of escalating tariffs. S&P said, "Global air passenger traffic has been relatively resilient in recessions preceding the COVID-19 pandemic, but we believe demand for air travel could modestly decline as companies would likely scale back nonessential business travel in a recessionary environment to cut costs. We incorporate revenue and EBITDA growth in our base-case forecast, but our expectation of a shallow recession in 2025 and 2026 could hinder the company's deleveraging path and cash generation depending on the length and severity of a recession." S&P Global economists raised their estimate of a U.S. recession probability in the next 12 months to 30%, given the rising risk of persistent supply shocks and negative consumer sentiment. Furthermore, persisting risks regarding disintermediation, corporate travel recovery, and environmental considerations will keep the company's performance well below prepandemic levels. S&P said, "In 2025, we forecast the company to report roughly $2.9 billion and $500 million of revenue and S&P Global Ratings-adjusted EBITDA, respectively, which compares with 2018 levels of about $3.9 billion and $800 million of EBITDA, respectively. In 2026 and 2027, we forecast modest revenue growth of 2%-5% and EBITDA growth of 5%-10%, respectively." Sabre is the second-largest global GDS provider in a competitive market with significant barriers to entry. Sabre has good geographic diversity and significant market share within its travel network segment, with about 35% of global air bookings share in 2024. S&P said, "Even though the COVID-19 pandemic had a significant impact, we believe GDS providers have positive long-term growth prospects as airlines and hotels continue to increase capacity and reservations become more complex, with greater customization. We believe this long-term trend will drive demand for GDS services as airlines and hotels do not have the budget for system investments and depend on GDS companies to stay ahead of consumer demands." Although there are only three major players in the global GDS business, the segment is highly competitive. Some of Sabre's customers (e.g., commercial airlines) have exerted pressure on fees and push for alternative distribution platforms such as their own websites. Therefore, the company has limited ability to implement significant price increases. Sabre receives a fixed fee per reservation, and both airlines and hotels generally decrease their prices to stimulate demand during a downturn. Its revenue growth will depend on carriers increasing capacity, cross-selling additional services, or increasing market share to raise revenue because benefits from price increases are not significant. S&P also believes an increasing mix of online travel agents (OTAs) for GDS bookings could result in unfavorable margins to Sabre due to OTAs providing lower-margin business from long-term incentive costs. The negative outlook reflects the risk that suppressed company earnings growth will result in cash deficits in 2026 and 2027. S&P could lower its rating on Sabre within the next 12 months if: -- The company underperforms relative to our base-case forecast resulting in negative cash flow on a sustained basis; or -- Liquidity deteriorates and business travel conditions do not improve to the extent necessary for it to cover its fixed charges; or -- S&P views future transactions to refinance its debt maturities as distressed rather than opportunistic depending on the time to maturity and pace of operational recovery. S&P said, "We could revise our outlook on Sabre to stable over the next 12 months if the company's pace of operational recovery is better than expected such that we believe the company can generate positive cash flow on a sustained basis to offset volatility in travel conditions and its high cost of capital." SEAGATE TECHNOLOGY: Fitch Alters Outlook on 'BB+' IDR to Positive ----------------------------------------------------------------- Fitch Ratings has affirmed Seagate Technology Holdings plc and its subsidiary Seagate HDD Cayman's Long-Term (LT) Issuer Default Ratings (IDRs) at 'BB+' and senior unsecured ratings at 'BB+' with a Recovery Rating of 'RR4'. Fitch has also assigned a LT IDR of 'BB+' and affirmed its subsidiary Seagate Data Storage Technology Pte. Ltd's senior unsecured rating at 'BB+'/'RR4'. Fitch has revised Seagate Technology Holdings plc and Seagate HDD Cayman's Rating Outlook to Positive from Stable. Fitch has also assigned a Positive Outlook to Seagate Data Storage Technology Pte. Ltd. The ratings and Outlook reflect Seagate's more conservative financial policies, including reduction of structural debt levels that will strengthen leverage metrics through the cycle. Meanwhile, robust demand related to AI infrastructure buildouts is resulting in a richer sales mix for Seagate even as revenue concentration to hyperscalers continues to increase. Key Rating Drivers Structural Debt Reduction: Seagate's structural debt reduction strengthens leverage metrics, with EBITDA leverage ranging from 1.0x-3.0x through the cycle but averaging within Fitch's 2.0x positive and 2.5x negative rating sensitivities. Seagate has reduced debt to $4.5 billion with its recently completed exchange transaction and signaled the potential for further debt reduction. This is down from $5.0 billion exiting fiscal 2025 and $6.0 billion exiting fiscal 2024. Along with solid operating momentum, debt reduction should result in EBITDA leverage below 1.5x exiting fiscal 2026 down from a Fitch-estimated 1.7x following the exchange transaction. Resumption of capital returns: Seagate has recommitted to returning 75% of pre-dividend FCF to shareholders via dividends and stock buybacks over time but maintains flexibility for potential incremental debt reduction. This follows nearly three years of minimal share repurchases as the company prioritized structural debt reduction in response to the severe downturn in fiscal 2023. Fitch expects pre-dividend FCF to be in the $1 billion-$2 billion range through the forecast period, with modest annual increases to the company's $600 million-plus dividend. Improving Profitability Profile: Cost reductions and a richer product sales mix from data center (DC) infrastructure investments, including robust investments by hyperscalers to support AI, will strengthen the company's profitability profile. The mix of revenue from mass-capacity drives for DC, which have higher profit margins than lower-capacity legacy products, should continue to increase from 80% for the just ended quarter. Meanwhile, record gross profit margins (approaching 40% on an adjusted basis) and tight industry supply conditions are positioning Seagate to achieve double digit FCF margins, roughly 2x the margins of recent years. Significant Technology Risk: Fitch believes storage technology and product risks remain high, with capacity increases required to offset significant pricing pressure to sustain HDD's total cost of ownership (TCO) advantage over solid-state drives (SSDs) and keep pace with its chief competitor, Western Digital Corp. (BB+/Stable). Energy assist-based drives promise to provide a roughly decade-long roadmap to drives of more than 50 terabytes. This reduces technology risk for Seagate and provide a product advantage of Western Digital over the next couple of years. Secular Demand: Fitch believes robust demand for storage across media types provides a path for modest positive organic long-term revenue growth. AI and 5G-enabled applications across computing environments will be significant drivers of demand. Fitch expects most of the data creation to be cool or cold storage on lower-cost hard disk drive (HDD)-based capacity drives in the public cloud, driving the bulk of Seagate's long-term revenue growth. Surveillance penetration and other edge applications should lead the remainder of top-line growth. Constructive Industry Conditions: Fitch believes Seagate's and its competitor Western Digital's dominant share of capacity supports constructive supply conditions that should enable long-term profitable growth and solid FCF margins. Seagate's intensified capital spending in recent years and repurposing of existing capacity as legacy revenue declines should enable it to manage capital spending at structurally lower levels, within the company's revenue target range of 4%-6%. Peer Analysis Seagate is positioned in line with its HDD competitor, Western Digital Corp. (BB+/Stable). Seagate and Western Digital produce nearly all high-capacity disk drives, resulting in tight supply conditions in a market that benefits from secular growth dynamics. Seagate and Western Digital have similar investment intensities and have structurally reduced debt to strengthen leverage metrics through the cycle. However, Fitch considers Western Digital's financial policies following its spinoff of its flash memory business more fluid. Compared with DRAM providers Micron Technology Inc. (BBB/Stable) and SK hynix Inc. (BBB/Positive), Seagate is less capital intensive and cyclical but with lower growth prospects, profit margins and financial flexibility. Commodity DRAM supplier Nanya Technology Corp. (BB+/Stable) is positioned weakly relative to Seagate due to a lower sales mix and higher capex that have weighed on leverage metrics and FCF. In comparison to flash memory providers Kioxia Holdings Corp. (BB+/Stable) and Sandisk Corp. (BB/Stable), Seagate is less cyclical due to the commoditized nature of flash memory but financial flexibility for the disk drive maker is weaker due to more aggressive capital returns. Key Assumptions - Robust revenue growth in fiscal 2026 driven by robust spending on AI infrastructure and cloud spending more broadly, followed by solid double-digit growth again in fiscal 2027; - High-single digit correction in fiscal 2028, followed by flattish revenue in fiscal 2029; - EBITDA margins in the low-30% due to high utilization rates and a richer sales mix; - Capital spending at the midpoint of 4% to 6% of long-term guidance; - Dividends grow in the low single digits; - Seagate returns 75% of pre-dividend FCF to shareholders through dividends and buybacks. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FCF sustained below $500 million or FCF margins in the low-single digits through the cycle; - EBITDA leverage sustained above 3.0x through the cycle. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased customer, product and end market diversification; - FCF margins consistently in the mid-teens; - Public commitment to sustain EBITDA leverage below 2.5x. Liquidity and Debt Structure Fitch views Seagate Technology Holdings plc's liquidity as adequate. As of Oct. 3, 2025 (1Q26), liquidity consisted of $1.1 billion in cash, cash equivalents and short-term investments ($600 million pro forma for the repurchase of $500 million of exchangeable senior notes), along with an undrawn $1.3 billion senior unsecured RCF due June 30, 2030. Annual FCF of $500 million to $1 billion also supports liquidity. Issuer Profile Seagate Technology Holdings plc. is a leading provider of mass capacity data storage technologies, mainly high-capacity disk drives for cloud service providers and enterprise data centers. 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 ----------- ------ -------- ----- Seagate Data Storage Technology Pte. Ltd. LT IDR BB+ New Rating senior unsecured LT BB+ Affirmed RR4 BB+ Seagate Technology Holdings Public Limited Company LT IDR BB+ Affirmed BB+ Seagate HDD Cayman LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ SEALED AIR: Moody's Puts 'Ba1' CFR Under Review for Downgrade ------------------------------------------------------------- Moody's Ratings placed all ratings of Sealed Air Corporation (Sealed Air) under review for downgrade, including its Ba1 corporate family rating and Ba1-PD probability of default rating. The speculative grade liquidity rating remains unchanged at SGL-1. Concurrently, Moody's placed all instrument ratings of Sealed Air under review for downgrade, including its Baa2 senior secured revolving credit facility rating, Baa2 senior secured term loan ratings, Baa2 senior secured notes, and Ba2 senior unsecured notes ratings. Moody's also placed the Baa2 senior secured bank credit facility rating for Sealed Air Limited under review for downgrade. Previously, the outlook was stable. The rating review follows Sealed Air's announcement on November 17, [1] that it has entered into a definitive agreement to be acquired by funds affiliated with CD&R in an all-cash transaction with an enterprise value of $10.3 billion. The company expects the transaction to close in mid-2026, subject to stockholder and regulatory approvals. Moody's reviews will focus on Sealed Air's future capital structure including its liquidity after the proposed acquisition, which Moody's expects to be a leveraged buyout (LBO) that will materially increase the company's debt leverage. The review will also focus on the company's future financial policy and whether Sealed Air's existing debt will be fully repaid at closing. Moody's ability to maintain ratings on Sealed Air following closing of the transaction will consider whether its debt remains outstanding, and adequacy of financial and operational disclosures available. At the moment, details of the LBO financing have not yet been finalized, including whether or not the existing debt will be fully redeemed. Most of Sealed Air's existing debt -- including its credit facilities, senior secured notes and senior unsecured notes -- has a change of control provision, except for the $450 million senior unsecured note maturing July 2033. Sealed Air's credit agreement for the revolver and the term loan defines that a change of control can trigger a default, which allows the lenders to declare the debt obligation due and payable when the change of control event occurs. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Sealed Air's existing Ba1 CFR reflects the company's focus on value-added products used for perishable foods and product protection, which supports its margins together with steady demand from the food market and growth in the e-commerce end market. Before the announced transaction Moody's expected the company to focus on debt reduction and reduce leverage to below 4.25x debt/EBITDA by year-end 2026 (4.5x debt/EBITDA at September 30, 2025). Moody's also expected the company to generate positive free cash flow and maintain very good liquidity over the 12-18 months from September 2025. The company's credit weaknesses include current soft sales volume for some of the meat packaging and industrial packaging products, event risk associated with certain fresh proteins, and the cyclicality in some of the end markets (industrial and transportation). Sealed Air also operates in the fragmented and competitive packaging industry with strong price competition. Sealed Air's SGL-1 speculative-grade liquidity rating reflects Moody's expectations that the company will maintain very good liquidity, supported by positive free cash flow generation Moody's expects for the next 12-18 months and availability under its $1 billion committed revolving facility expiring March 2027. A ratings upgrade is unlikely at this stage but requires a commitment to an investment grade financial profile including an unencumbered capital structure. Additionally, an upgrade would require a sustainable improvement in credit metrics. Specifically, the ratings could be upgraded if debt/EBITDA is below 3.5x, EBIT margin is above 15%, and retained cash flow (RCF)/debt is above 20%. Moody's could downgrade the ratings if there is deterioration in liquidity. Additionally, a large, debt financed acquisition or shareholder return could lead to a downgrade. Specifically, the ratings could be downgraded if debt/EBITDA is above 4.25x, EBIT margin is below 12.5% or RCF/debt drops below 15%. 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. Headquartered in Charlotte, North Carolina, Sealed Air Corporation (NYSE: SEE) is a global manufacturer of automated packaging equipment, services and sustainable materials for various food, e-commerce and industrial applications. Sealed Air reports in two segments, Food and Protective, and recorded about $5.3 billion of revenue for the 12 months that ended September 2025. SECURE WASTE: Fitch Rates New Sr. Unsecured Notes 'BB-' ------------------------------------------------------- Fitch Ratings has assigned Secure Waste Infrastructure Corp's (Secure) proposed senior unsecured notes a 'BB-' rating with a Recovery Rating of 'RR4'. Secure intends to use the net proceeds to repay existing indebtedness and general corporate purposes. Fitch views the transaction as credit neutral for Secure. Despite near-term pressure from lower crude prices and tariffs, Secure is expected to maintain a robust financial profile for the rating. Its location-advantaged critical infrastructure and diversified platform, including waste management with some non-oil and gas customers, continue to support the rating. Key concerns include exposure to the cyclical oil and gas sector, regional concentration in Western Canada, and a high share of cash flows from short-term, volume-exposed contracts. Fitch has reviewed preliminary terms for the proposed transaction, and the assigned ratings assume no material variations in the final terms. Key Rating Drivers Credit Neutral Transaction: The total debt balance and EBITDA leverage are not expected to be meaningfully impacted by this transaction. The 'BB-'/'RR4' rating for the proposed senior unsecured offering is consistent with the ratings of Secure's existing senior unsecured notes. Robust Financial Profile: Secure is expected to generate healthy cash flow from operations. Its ability to maintain leverage within its target range depends on capital allocation policies related to organic and inorganic growth capital spend, common distributions, and share buybacks. Fitch forecasts leverage slightly differently from management, expecting it to be around 2.0x range in the near term and rise modestly over the medium term while remaining within the company's stated target range of 2.0x to 2.5x. Secure's leverage is considered strong for the rating category. Additionally, strong FCF generation, adequate availability under the credit facility, and a well-spread debt maturity profile provide good financial flexibility. Relatively Higher Business Risk: Secure's business is largely driven by the oil and gas sector, with about 65% from production and 20% from drilling and completions. The oil and gas sector's cyclicality, driven by volatile commodity prices and geopolitical uncertainties, elevates risks. This is amplified by Secure's concentration in the Western Canadian Sedimentary Basin (WCSB) and its limited cash flow from long-term revenue assurance contracts, such as take-or-pay (TOP) or minimum volume commitments (MVC). Waste management represents more than 70% of Secure's revenue. The remaining share comes from energy infrastructure, a typical midstream business that includes some revenue assurance contracts. Waste management exposed to the cyclical oil and gas sector carries higher risks than typical waste management businesses with diversified end-customer sectors or long-term municipal contracts. Short-Term Volume Exposed Contracts: Secure expects to derive most of its cash flow from fixed-fee contracts, primarily short term and volume exposed, with only a modest amount originating from TOP or MVC contracts. This structure poses volumetric and re-contracting risks. However, Secure's strong asset base, outsourcing trends, robust relationship with top customers, and the WCSB's critical role in Canada's oil and gas sector partially mitigate these risks. If outsourcing becomes unviable, exploration and production (E&P) companies internalize more services, or a new entrant emerges, Secure would face increased competition. Strong Asset Base: Non-oil and gas customers drive a modest but not insignificant portion of Secure's revenue. Its assets benefit from structural exclusivity, reducing risks associated with losing volumes to competitors. Industry outsourcing of services Secure provides, and high barriers for new entrants—including capital intensity, strict regulation and complex technical requirements, particularly in waste management infrastructure—help mitigate the risks related to high cyclicity, regional concentration, and volume exposure. Near-Term Industry Headwinds: Lower crude prices have tempered WCSB activity as producers stay disciplined on capex and production. Oversupply and U.S. tariffs on finished Canadian steel have weighed on Secure's metal recycling business, though it is a modest EBITDA contributor. Nevertheless, Secure benefits from a baseline uplift in activity following the start-up of the Trans Mountain expansion, Coastal Gas Link, and LNG Canada. Despite near-term headwinds, Secure is expected to generate sufficient cash flow to execute its capital allocation policies, including maintaining balance sheet strength. Peer Analysis Secure's energy infrastructure segment provides gathering and processing (G&P) services to WCSB E&Ps and is comparable to M6 ETX Holdings II MidCo LLC (B+/Stable), a smaller, regionally concentrated G&P operator. Secure is more diversified, with waste management and some non-oil and gas customers. Although M6 has a larger share of MVC-backed cash flow, Secure's leverage is nearly two turns lower. Greater business diversity and lower leverage support Secure's higher IDR versus M6's more stable cash flow profile. Howard Midstream Energy Partners (BB-/Stable) owns G&P and pipeline assets serving oil, gas, and some utility customers across five U.S. regions, plus modest Mexico exposure, providing broader diversity. Howard derives roughly 40%-45% of cash flow from long-term revenue assurance contracts, but its leverage is more than two turns higher. Secure's materially lower leverage offsets Howard's diversity and contract stability, resulting in the same IDR for both companies. Precision Drilling Corporation (BB-/Stable) is a peer due to its exposure to the Canadian oil and gas sector, though it has minimal direct business line overlap with Secure. Reworld Holding Corporation (B+/Stable) operates a sizeable waste collection business along with electricity generation, but its drivers and segments are distinct from Secure's. Key Assumptions - Fitch's oil and gas price deck; - Oil and gas activity levels in the WCSB consistent with Fitch's base-case price deck; - Base interest rate for the credit facility, and any future debt issuances reflects Fitch's "Global Economic Outlook," the current forward treasury curve, and credit spreads on similarly rated debt instruments; - Successful execution of modest growth projects and growth capital spend somewhat consistent with the recent past; - Modest tuck-in M&A and A&D to continue over the forecast period; - Common distributions consistent with recent levels; - Share buybacks continue over the forecast period, while the company maintains its stated leverage target; - CAD/USD conversion rate of CAD1.35 over the forecast period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage expected to be at or above 2.3x; - A large growth project and or M&A which meaningfully increases the business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A meaningful increase in cash flows derived from long-term TOP or MVC contracts with credit-worthy counterparties; - Diversification either geographically and/or with the end customer sector which meaningfully reduces exposure to high business cycles; - EBITDA leverage expected to be sustained below 1.5x. Liquidity and Debt Structure Secure had adequate liquidity as of Sept. 30, 2025, with liquidity totaling about $304 million, including $230 million available under its $900 million revolving credit facility (net of $107 million in LOCs), $24 million of cash on balance sheet, and a $50 million unsecured LOC facility guaranteed by Export Development Canada. The credit facility matures on May 31, 2028. Pro forma for the new issuance and subsequent revolver paydown, Secure's liquidity position will further improve. As defined in the credit facility, the financial covenants permit a maximum total debt/EBITDA of 4.5x, senior debt/EBITDA of 2.75x, and minimum interest coverage of 2.5x. As of Sept. 30, 2025, Secure was compliant with all the financial covenants and had ratios of 2.1x, 1.5x and 7.7x for total debt/EBITDA, senior debt/EBITDA and interest coverage, respectively. Issuer Profile Secure Waste Infrastructure Corp. is an energy infrastructure and waste management business in Calgary, Alberta. Its assets are located mainly in Western Canada, with some presence in North Dakota. Date of Relevant Committee 30-Jan-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 ----------- ------ -------- SECURE Waste Infrastructure Corp. senior unsecured LT BB- New Rating RR4 SIX FLAGS: Moody's Lowers CFR to 'B2', Outlook Stable ----------------------------------------------------- Moody's Ratings downgraded Six Flags Entertainment Corporation's (Six Flags) credit ratings, including its Corporate Family Rating to B2 from Ba3, the Probability of Default Rating to B2-PD from Ba3-PD, the senior secured bank credit facilities ratings to Ba3 from Ba1, and the senior unsecured notes ratings to Caa1 from B1. Moody's also downgraded the company's indirect subsidiary Six Flags Theme Parks Inc.'s senior secured notes rating to Ba3 from Ba1. The outlooks for Six Flags and Six Flags Theme Parks Inc. remain stable. Six Flags' Speculative Grade Liquidity Rating (SGL) was downgraded to SGL-3 from SGL-2 indicating adequate but weakened liquidity. The two-notch downgrade of the CFR reflects Six Flags' significantly weaker than expected operating results and integration challenges following its merger with Cedar Fair, L.P. (Cedar Fair) in July 2024. It also reflects Moody's views that improving park performance and monetizing part of the portfolio deemed non-core by the company will take time and require precise execution, which could result in an extended period of high leverage and weak cash flow generation in addition to implementation risk. Lower attendance caused by both exogenous factors and some integration missteps as well as an increase in operating costs led to a roughly 30% drop in the current year EBITDA outlook by the company, from the $1.08 - $1.12 billion range in early 2025 to the $780-$805 million range currently. Six Flags' weaker than expected performance prompted management's reassessment of the entire park portfolio, with some underperforming parks being considered for divestiture. Governance considerations, including a substantial guidance miss and execution challenges, are contributing factors to the ratings downgrade. Six Flags' weak operating performance resulted in credit metrics that are substantially worse than what Moody's expected at the time of the merger. Moody's previously expected that Six Flags would reduce its leverage to under 5x on a Moody's adjusted basis by the end of 2025 on a back of growing attendance and cost synergies. However, the revenue decline and a rise in operating costs reversed the anticipated delevering trend. Moody's now project that the company's Moody's adjusted debt/EBITDA will reach 7.5x by the end of 2025 and free cash flow to Moody's adjusted debt will be negative this year. Moody's do not anticipate that credit metrics will improve materially in 2026 absent debt repayment from the proceeds of potential asset sales at elevated multiples. RATINGS RATIONALE The B2 CFR reflects its high leverage, seasonal operations that are exposed to exogenous events, including weather, geopolitics, regional economic downturns and accidents, the need for timely and consistent capital investment and sensitivity to macroeconomic trends impacting discretionary consumer spending. Six Flags competes for discretionary consumer spending with an increasingly wide variety of other leisure and entertainment activities though there is a noticeable trend among younger generations preferring experiences over material goods. The company's credit profile benefits from its scale as the largest regional amusement park operator in North America, diversified portfolio of entertainment properties with high barriers to entry and significant amounts of owned land and properties which provide the opportunity for future expansion or sources of liquidity if needed. Following the merger, the company's combined portfolio showed a significant bifurcation between outperforming (estimated to contribute 70% of total EBITDA) and underperforming parks. Despite increased spending on maintenance and labor to improve ride uptime and guest experience, many underperforming parks did not show immediate attendance or profitability gains while the outperforming parks responded with better attendance and the resultant EBITDA growth. In addition, management acknowledged that some pricing changes—particularly efforts to harmonize Six Flags parks with Cedar Fair's pricing structure—may have been implemented too quickly or aggressively, contributing to disruption in season pass sales, especially during the critical May and June period. This disruption was cited as a headwind for attendance throughout the rest of the year, including third quarter. Given the company's intent to divest non-performing parks that it considers non-core, there is limited visibility into its 2026 EBITDA and cash flow. On an organic basis, Moody's assumes the pace of revenue declines to abate in 2026 to low single digit percent rate from approximately 7%-8% decline in 2025, and cash flow to improve helped in part by an anticipated 20% reduction in capex (or about $100 million) and cost reduction. Six Flags' management anticipates that it is on track to achieve $180 million in merger cost synergies by the end of 2026, with a portion of that already realized, which should support EBITDA recovery in 2026. If completed as planned, asset sales proceeds (land in Northern California, Virginia and Maryland) will support liquidity but the timing is uncertain. Moody's views Six Flags' liquidity as adequate (SGL-3), supported by $62 million of cash on the balance sheet (as of Q3 2025 end) and $692 million of availability on the $850 million senior secured revolving credit facility (net of $112 million outstanding balance and $46 million in letter of credit). The revolver, which matures in 2029, is governed by a maximum first lien net leverage ratio of 5x with step downs to 4.75x by the end of 2026, and 4.5x by the end of 2027. Moody's expects the company to remain in compliance with revolver covenant requirements. The senior secured term loan B is covenant lite. Six Flags' cash needs over the next 18 months are significant. The company's nearest debt maturities are in April 2027 when two $500 million senior unsecured notes come due. Moody's expects that the company will address the total of $1 billion in 2027 debt obligations well before they are due. In addition to funded debt, Six Flags has financial obligations under its partnership park arrangements related to three parks that are not 100% owned and the company is required to make annual distributions to partnership park investors and could call those interests in the future. Six Flags elected to purchase all of the outstanding limited partnership interests in Six Flags Over Georgia and White Water Atlanta (payment is due by in January 2027, estimated at $316 million). The Ba3 rating on the senior secured bank credit facilities and notes reflects the first priority lien on the assets of substantially all wholly owned domestic subsidiaries and the loss absorption cushion provided by the senior unsecured notes. The Caa1 rating on the senior unsecured notes reflects the debt's junior position in the debt structure and Moody's assumptions that in a hypothetical default scenario the revolver will be 75% drawn. The debt of the former issuers is cross guaranteed, making all the debt pari passu within each priority of claim and supported by all the same assets and operations. The stable outlook reflects Moody's expectations that Six Flags will maintain at least adequate liquidity over the next 12-18 month and proactively address 2027 debt maturities, will reduce costs and apply potential asset sale proceeds to repay debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A downgrade could result if liquidity deteriorates, operating performance fails to improve such that Debt/EBITDA is expected to remain above 6.5x on a Moody's adjusted basis or FCF/Debt remains in the low- single digit percent range or below. The ratings could be upgraded if Six Flags returns to organic revenue and EBITDA growth and if Moody's expects Moody's adjusted Debt/EBITDA to be sustained below 5.5x and FCF/Debt to be sustained in the mid- to high- single digit percent rate, with good liquidity. The upgrade will require that Six Flags refinances 2027 senior unsecured notes well in advance of their maturity and addresses funding requirements for the committed partnership buyout liabilities. Six Flags Entertainment Corporation, with its headquarters in Charlotte, NC, owns and operates amusement parks, water parks, and hotels in the US, Canada, and Mexico. Following the merger of Six Flags and Cedar Fair on July 01, 2024, the company operates 42 North American theme and waterparks. The park portfolio features 31 locations, including properties in top demographic metro areas and three consolidated partnership parks - Six Flags over Texas (SFOT), Six Flags over Georgia (SFOG), and White-Water Atlanta. Six Flags currently owns 54.1% of SFOT and 31.5% of SFOG/White Water Atlanta. In addition, the company has international licensing and management agreements in Saudi Arabia. Net revenue on a combined basis, including full consolidation of the partnership parks, was approximately $3.14 billion as of LTM September 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SK MOHAWK: Fitch Lowers LongTerm IDR to 'C' ------------------------------------------- Fitch has downgraded the Long-Term Issuer Default Ratings (IDRs) of SK Mohawk Holdings, SARL and Polar US Borrower, LLC (collectively, SI Group) to 'C' from 'CC'. Fitch has also downgraded the issue rating of the first-lien first-out revolver to 'CCC' with a Recovery Rating of 'RR1' from 'CCC+'/'RR1' and affirmed the first-lien second-out term loan at 'C'/'RR5'. The rating of the senior unsecured notes is affirmed at 'C'/'RR6'. Key Rating Drivers RATING SENSITIVITIES Issuer Profile SI Group (SK Mohawk Holdings, SARL) provides polymers, fuel, lubricant and industrial additives and chemical intermediates for use in various end markets, including plastics, fuels, tires, oilfield chemicals, food packaging and surfactants. 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 ----------- ------ -------- ----- Polar US Borrower, LLC LT IDR C Downgrade CC senior unsecured LT C Affirmed RR6 C senior secured LT CCC Downgrade RR1 CCC+ senior secured LT C Affirmed RR5 C SK Mohawk Holdings, SARL LT IDR C Downgrade CC SLOAN VENTURES: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Sloan Ventures LLC 3536 Rosedale Ave Dallas, TX 75205 Business Description: Sloan Ventures LLC is classified as a single-asset real estate debtor under U.S. bankruptcy law, specifically defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: November 20, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34622 Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Garrett Johnson as owner. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WNLQX4I/Sloan_Ventures_LLC__txnbke-25-34622__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WDXXOSA/Sloan_Ventures_LLC__txnbke-25-34622__0001.0.pdf?mcid=tGE4TAMA SOUTH TEXAS: Unsecureds Will Get 21.68% of Claims over 5 Years -------------------------------------------------------------- South Texas Corral LLC submitted a First Amended Plan of Reorganization dated November 17, 2025. The Debtor's Plan of Reorganization provides for the continued operations of the Debtor to make payments to its creditors as set forth in this Plan. Debtor seeks to confirm a consensual plan of reorganization but is prepared to confirm this plan pursuant to Section 1191(b) of the Bankruptcy Code if necessary. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Impaired Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period with the first monthly payment due 30 days after the Effective Date. Debtor will distribute $414,100.00 to the general allowed unsecured creditor pool over the five-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 21.68% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 5 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $1,910,317.04. Golden Corral Franchising Systems, Inc.'s claim of $6,046.93 will be paid in full in the ordinary course of business over the course of the Plan as part of the Omnibus Letter Agreement which is included and incorporated in the Confirmation Order. Z-Prop, LLC's claim of $68,000 will be paid in full over the course of 30 months. Payments shall begin 30 days after the Effective Date of the Plan. This is a lease cure payment. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the First Amended Plan dated November 17, 2025 is available at https://urlcurt.com/u?l=jlsuHp from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com About South Texas Corral LLC South Texas Corral LLC established in 2014, operates a Golden Corral buffet restaurant franchise in Brownsville, Texas. The Company offers dine-in and takeout services featuring a wide variety of food options including breakfast, lunch, and dinner buffets. South Texas Corral LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-10113) on June 17, 2025. In its petition, the Debtor reports total assets of $149,674 and total liabilities of $1,636,260. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtors are represented by Robert C. Lane, Esq. and Kyle K. Garza, Esq. at THE LANE LAW FIRM, PLLC. SOUTHERN CHICKEN-PEACHTREE: Gets OK to Tap Shumacher as Broker -------------------------------------------------------------- Southern Chicken-Peachtree City, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ The Shumacher Group, Inc. as real estate broker. The Debtor needs a broker to market and sell its property located at 2021 Commerce Dr. N., Peachtree City, Georgia. The firm will receive a commission of 4 percent of selling price if there is no co-broker to the transaction and 7 percent of selling price (to be shared) if there is a co-broker, with a $25,000 minimum, as a percentage of the gross purchase price commission. Peter Kruskamp, a real estate agent at The Shumacher Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Kruskamp The Shumacher Group, Inc. 1061 Village Park Dr. 101 – 104 Greensboro, GA 30642 About Southern Chicken-Peachtree City Southern Chicken-Peachtree City, LLC is identified as a single-asset real estate entity under 11 U.S.C. Section 101(51B), whose primary business is owning and operating a single income-producing property. Southern Chicken-Peachtree City sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-63031) on November 3, 2025. In the petition signed by Robert Sowinski, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Paul W. Bonapfel handles the case. The Debtor tapped Leslie M. Pineyro, Esq., at Jones & Walden LLC as counsel. SOUTHERN CHICKEN-PEACHTREE: Taps Jones & Walden as Legal Counsel ---------------------------------------------------------------- Southern Chicken-Peachtree City, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as counsel. The firm's services include: (a) prepare pleadings and applications; (b) conduct examinations; (c) advise the Debtor of its rights, duties and obligations; (d) consult with the Debtor and represent it with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these hourly rates: Attorneys $225 - $500 Paralegals/Law Clerks $150 - $250 The firm received a $22,712 security retainer from the Debtor. Leslie Pineyro, Esq., an attorney at Jones & Walden, 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: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: lpineyro@joneswalden.com About Southern Chicken-Peachtree City Southern Chicken-Peachtree City, LLC is identified as a single-asset real estate entity under 11 U.S.C. Section 101(51B), whose primary business is owning and operating a single income-producing property. Southern Chicken-Peachtree City sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-63031) on November 3, 2025. In the petition signed by Robert Sowinski, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Paul W. Bonapfel handles the case. The Debtor tapped Leslie M. Pineyro, Esq., at Jones & Walden LLC as counsel. SOUTHERN CHICKEN-WOODSTOCK: Gets OK to Hire Shumacher as Broker --------------------------------------------------------------- Southern Chicken-Woodstock City, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ The Shumacher Group, Inc. as real estate broker. The Debtor needs a broker to market and sell its property located at 2004 Eagle Drive, Woodstock, Georgia. The firm will receive a commission of 4 percent of selling price if there is no co-broker to the transaction and 7 percent of selling price (to be shared) if there is a co-broker, with a $25,000 minimum, as a percentage of the gross purchase price commission. Peter Kruskamp, a real estate agent at The Shumacher Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Kruskamp The Shumacher Group, Inc. 1061 Village Park Dr. 101 – 104 Greensboro, GA 30642 About Southern Chicken-Woodstock City Southern Chicken-Woodstock City, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62780) on November 3, 2025, listing up to $10 million in both assets and liabilities. Judge Paul W. Bonapfel handles the case. The Debtor tapped Leslie M. Pineyro, Esq., at Jones & Walden LLC as counsel. SOUTHERN CHICKEN-WOODSTOCK: Seeks to Tap Jones & Walden as Counsel ------------------------------------------------------------------ Southern Chicken-Woodstock City, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as counsel. The firm's services include: (a) prepare pleadings and applications; (b) conduct examinations; (c) advise the Debtor of its rights, duties and obligations; (d) consult with the Debtor and represent it with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these hourly rates: Attorneys $225 - $500 Paralegals/Law Clerks $150 - $250 The firm received a $22,712 security retainer from the Debtor. Leslie Pineyro, Esq., an attorney at Jones & Walden, 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: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: lpineyro@joneswalden.com About Southern Chicken-Woodstock City Southern Chicken-Woodstock City, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62780) on November 3, 2025, listing up to $10 million in both assets and liabilities. Judge Paul W. Bonapfel handles the case. The Debtor tapped Leslie M. Pineyro, Esq., at Jones & Walden LLC as counsel. SPHERE 3D: Names Kurt Kalbfleisch as Chief Executive Officer ------------------------------------------------------------ Sphere 3D Corp. said its Board of Directors has appointed Kurt Kalbfleisch as Chief Executive Officer, effective immediately. Mr. Kalbfleisch has served as Interim CEO since the end of January, providing steady leadership and operational discipline. During his tenure as Interim CEO, Mr. Kalbfleisch focused on maintaining business continuity, strengthening operations, and ensuring disciplined execution across the organization. These efforts have helped the Company remain on solid footing while preparing for its next phase of growth, as well as strategic alternatives. "Over the past several months, Kurt has demonstrated thoughtful leadership, sound judgment, and a deep understanding of our business," said Duncan McEwan, Chairman of the Board. "The Board's decision to appoint Kurt as CEO reflects our confidence in his ability to lead the Company forward, and evaluate opportunities that align with our long-term vision." "Having been with the Company for several years, including serving as CFO, I've had the opportunity to see the business and the broader industry evolve," said Kurt Kalbfleisch, "While market conditions have shifted over this time, our focus has remained the same; maintain financial and operational discipline, while carefully evaluating opportunities that support long-term growth. Over the past several months, we've concentrated on execution, focusing on the foundation to allow the Company to be well positioned for the next phase of organic development and the pursuit of strategic growth initiatives." Third Amended And Restated Employment Agreement On November 11, 2025, the Company entered into a third amended and restated employment agreement with Mr. Kalbfleisch, which amended and restated the second amended and restated employment agreement between the Company and Mr. Kalbfleisch dated May 8, 2025, in its entirety. Under the November 2025 Employment Agreement, Mr. Kalbfleisch will serve as the Company's Chief Executive Officer and will continue in his role of Chief Financial Officer. The Company will pay Mr. Kalbfleisch an annual base salary of $400,000. At the discretion of the Board, Mr. Kalbfleisch will be eligible to receive an annual discretionary bonus of 110% of his base salary and additional restricted stock units and/or options based upon the achievement of certain performance and financial thresholds to be determined by the Board. Mr. Kalbfleisch is also entitled to family health insurance benefits to be fully paid for by the Company and to participate in any employee benefit plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and other benefit plans that the Company may from time to time have in effect for any of the Company's executive management employees. All compensation and unvested benefits payable under the November 2025 Employment Agreement shall terminate on the date of the termination of Mr. Kalbfleisch's employment, unless Mr. Kalbfleisch's employment is terminated by the Company without cause or by Mr. Kalbfleisch for good reason (each as defined in the November 2025 Employment Agreement), in which case Mr. Kalbfleisch shall be entitled to: (i) continued payment of his base salary at the rate and schedule then in effect for a period of 18 months after the date of termination; (ii) 75% of his target bonus for a period of 18 months; (iii) all unpaid and accrued vacation as of the date of termination; (iv) continued health and life insurance benefits for 18 months after the date of termination, or at Mr. Kalbfleisch's discretion, retaining or obtaining family medical, dental, vision and/or other insurance plans and benefits, the cost of which shall be reimbursed by the Company for a period of 18 months after the date of termination, subject to a maximum average monthly reimbursement of $5,000; (v) the immediate vesting of any outstanding unvested stock options, restricted stock units or other stock awards; and (vi) a pro rata share of his target bonus (based on the bonus being payable in full) at the termination date, along with any declared but unremitted bonus payment from the prior year that had not yet been paid to Mr. Kalbfleisch. About Sphere 3D Sphere 3D Corp. (Nasdaq: ANY) -- https://www.Sphere3D.com/ -- is a cryptocurrency miner, growing its industrial-scale digital asset mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to increasing shareholder value while honoring its commitment to strict environmental, social, and governance standards. In its report dated March 28, 2025, the Company's auditor MaloneBailey, LLP, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and does not expect to have sufficient cash on hand to fund its operations that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $34.42 million in total assets, $1.71 million in total liabilities, and $32.71 million in total stockholders' equity. SPORTS OPERATING: Monroe Capital Marks $1MM Secured Loan at 80% Off ------------------------------------------------------------------- Monroe Capital Corporation has marked its $1,038,000 loan extended to Sports Operating Holdings II, LLC to market at $207,000 or 20% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to Sports Operating Holdings II, LLC. The loan accrues interest at a rate of 10.01% per annum. The loan matures on November 3, 2027. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Sports Operating Holdings II, LLC Sports Operating Holdings II, LLC is a limited liability company that was founded in 2022. STARCOMPLIANCE MIDCO: Monroe Capital Marks $323,000 Loan at 56% Off ------------------------------------------------------------------- Monroe Capital Corporation has marked its $323,000 loan extended to StarCompliance MidCo, LLC to market at $100,000 or 44% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to StarCompliance MidCo, LLC. The loan accrues interest at a rate of 10.1% per annum. The loan matures on January 12, 2017. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About StarCompliance MidCo, LLC StarCompliance MidCo, LLC is a subsidiary of StarCompliance, a technology company that provides global employee compliance software for industries like finance, pharmaceuticals, and technology. STARSHIP LOGISTICS: Unsecureds Will Get 5% of Claims in Plan ------------------------------------------------------------ Starship Logistics LLC, submitted a Third Amended Disclosure Statement describing Plan of Reorganization dated November 17, 2025. The Plan described in this Disclosure Statement provides for the Debtor's emergence from its chapter 11 case, which the Debtor anticipates will occur in approximately March 2026. The Plan provides for a recapitalization as follows: (a) a $75,000 contribution from Clarence Xu, or his assignee in exchange for a 100% membership interest in the Debtor. This contribution will be used to, among other things, fund the Plan and provide the Reorganized Debtor with sufficient working capital. The Debtor is the Plan proponent. Under the Plan, Mr. Xu (or an assignee) intends to purchase the membership interests of the Debtor from RPG Star Holdings, Inc. in exchange for a cash infusion to fund the Debtor's Plan. Class 4 consists of All General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive their pro rata share of at least $100,000 over the life of the Plan. The Debtor will allocate $20,000 annually to Class 4 General Unsecured Claims, which will be paid pro rata to Allowed General Unsecured Claims. The initial payment will be due the fourth quarter following the Effective Date. The Debtor will make five annual payments. Class 4 will receive a distribution of 5% of their Allowed General Unsecured Claim. This calculation is subject to change based on resolution of Disputed Claims. The allowed unsecured claims total $1,937,586.07 (this number is subject to change based upon the resolution of Disputed Claims). This Class is impaired. The Debtor's sole member, RPG Star Holdings Inc., will not retain any equity under the Plan. The Plan will be funded by the contribution of Clarence Xu in the aggregate amount of $75,000, plus the Debtor's estimated Cash on hand of approximately $50,000 as of March 1, 2026, the estimated Effective Date. Additionally, the Debtor has made further attempts to lower its operating costs in recent months to become more efficient in general. The Debtor has also recently acquired multiple new customers and expects to increase its cash position significantly once the U.S. economy evens out. Based on the foregoing, the Debtor is confident that sufficient funds will exist to make all required Effective Date payments and ongoing payments throughout the life of the Plan. The balance of Allowed Claims will be satisfied over time by the Reorganized Debtor. A full-text copy of the Third Amended Disclosure Statement dated November 17, 2025 is available at https://urlcurt.com/u?l=KiOYek from PacerMonitor.com at no charge. Counsel to the Debtor: Susan K. Seflin, Esq. Steven T. Gubner, Esq. Jessica L. Bagdanov, Esq. BG Law LLP 21650 Oxnard Street, Suite 500, Woodland Hills, CA 91367 Tel: (818) 827-9000 Fax: (818) 827-9099 Email: sgubner@bg.law sseflin@bg.law jbagdanov@bg.law About Starship Logistics Starship Logistics, LLC, a company in Long Beach, Calif., offers freight transportation arrangement services. Starship Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18834) on Oct. 28, 2024, with $1 million to $10 million in both assets and liabilities. Clarence Xu, chief executive officer and managing director, signed the petition. Judge Barry Russell oversees the case. The Debtor is represented by Susan K. Seflin, Esq., at BG Law, LLP. STM CONSTRUCTION: Cash Collateral Hearing Set for Dec. 16 --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas is set to hold a hearing on December 16 to consider another extension of STM Construction, LLC's authority to use cash collateral. The Debtor was previously authorized to use cash collateral to pay its operating expenses pursuant to the court's November 6 interim order. The interim order granted adequate protection to alleged secured lenders, LG Funding LLC, SQ Advance LLC and Specialty Capital, LLC, in the form of replacement liens on the Debtor's post-petition cash and accounts receivable. As of the petition date, the Debtor allegedly owed $159,000 to LG Funding, $148,178 to SQ Advance, and $123,000 to Specialty Capital. These lenders assert liens on all of assets of the Debtor based on UCC-1 financing statements recorded with the Texas Secretary of State. About STM Construction LLC STM Construction, LLC, a company in McKinney, Texas, provides general contracting services, including new construction, repairs, restorations, and build-outs, for commercial and residential projects. STM Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-43231) on October 28, 2025, listing between $1 million and $10 million in assets and liabilities. Brandon John Tittle, Esq., at Tittle Law Firm, PLLC represents the Debtor as bankruptcy counsel. STONEBRIAR ABF: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned Stonebriar ABF Issuer LLC (Stonebriar) a 'BB' Long-Term Issuer Default Rating (IDR). The Rating Outlook is Stable. Fitch has assigned Stonebriar's senior unsecured debt an expected rating of 'BB(EXP)' with a Recovery Rating of 'RR4'. Key Rating Drivers Strong Asset Quality: The ratings reflect Stonebriar's niche position as a market leader in the equipment financing sector, strong asset quality, adequate unsecured funding mix, appropriate leverage, solid cash flow generation with consistent operating performance through various cycles, and the quality and experience of its senior management team. Business Model and Concentrations Constrain Rating: Stonebriar's ratings are primarily constrained by the monoline nature and cyclicality of its business model, significant obligor concentration relative to other large equipment finance companies and the potential impact of new financial policies following the January 2025 organizational restructuring and management internalization within the parent company, Eldridge Industries (Eldridge). Niche Franchise: Stonebriar is a leading player in the highly fragmented independent equipment financing sector, with an owned portfolio of approximately $5.7 billion at June 30, 2025 (2Q25). Its franchise strength and support from the parent company, Eldridge, afford Stonebriar efficient operations, a comparatively favorable cost of funding and a strong origination pipeline. Concentrated Obligor Base: Stonebriar has meaningful obligor concentration, with the top 10 obligors comprising 38.6% of the loan and lease portfolio at June 30, 2025. As a result, a single obligor's negative credit event could have a material impact on the firm's overall financial performance. However, asset quality metrics remain solid, with limited net credit losses throughout its operating history. Fitch expects credit risk to remain low over the Outlook horizon despite current economic headwinds, as the company's prudent underwriting methodology and portfolio composition of long-lived, mission-critical assets help mitigate concentration risks. Earnings Headwinds Expected: Stonebriar reported a pre-tax return on average assets (ROAA) of 4.1% for the trailing 12 months (TTM) ended June 30, 2025, below its four-year average of 4.8% from 2021 to 2024. Operating performance was negatively impacted by elevated interest rates and higher personnel costs. Fitch expects ROAA to decrease to the 2%-4% range over the Outlook horizon, reflecting the introduction of AUM based management fees payable to Eldridge as Stonebriar's management team transitions to a fee-paying model under the Eldridge Capital Management. As these fees scale with portfolio growth, these expenses are expected to outpace legacy personnel costs at Stonebriar, weighing on margins. Origination Growth Drives Leverage: Leverage, measured as gross debt to tangible equity, with 50% equity credit applied to preferred shares, was 4.2x at June 30, 2025, remaining in line with historical levels. Stonebriar plans to issue approximately $750 million of unsecured notes in November 2025 to support origination growth and may use the proceeds to redeem a portion of outstanding private placement notes and to redeem preferred equity. Assuming a full redemption of preferred equity, pro forma leverage would increase to 4.7x. Leverage is expected to remain within Fitch's 'bb' category benchmark range of 4.0x-7.0x for balance sheet intensive finance and leasing companies with a sector risk operating environment score in the 'bbb' category. Adequate Unsecured Mix: At June 30, 2025, 28.5% of Stonebriar's debt was unsecured (when adjusting for 50% equity credit on the preferred shares). This is above the four-year average of 22.1% from 2021 to 2024 and within Fitch's 'bb' category benchmark range of 10%-35%. Stonebriar's unsecured mix has increased steadily in recent years, as it has relied more heavily on its unsecured revolving credit facility. Pro forma for the contemplated unsecured debt issuance, unsecured funding is expected to increase to 30%, as proceeds may be used to redeem preferred equity and a portion of outstanding unsecured private placement notes. Fitch expects the unsecured funding mix to migrate into the low-30% range over the next four years. The firm's funding structure is diverse, consisting of senior unsecured notes, unsecured revolving and term loan facilities, asset-backed securitizations, and warehouse facilities. Adequate Liquidity: Fitch considers Stonebriar's liquidity profile to be sound. At 2Q25, the company had $123 million in cash and approximately $1.1 billion of revolver and ABS warehouse capacity, compared to $18 million of term note maturities in November 2026. Stable Outlook: The Stable Outlook reflects Fitch's expectation that Stonebriar's leverage and unsecured funding mix will remain within the 'bb' category benchmark ranges over the Outlook horizon and that the credit quality of the company's borrower base will remain sound. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Leverage at or approaching 6.0x on Fitch's basis; - A material decline in profitability, such that pre-tax ROAA is sustained below 2%; - Rapid asset growth that is not accompanied by a commensurate increase in the risk management infrastructure; - Material deterioration in asset quality metrics; and/or - Weakening of the liquidity profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Enhanced portfolio diversity; - Sustained reduction in leverage, on Fitch's basis, below 4.5x; - Further expansion of the firm's franchise and market position while maintaining strong asset quality and consistent earnings performance; and/or - An increase in unsecured debt exceeding 35% of total debt. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt is equalized with Stonebriar's Long-Term IDR, reflecting the funding mix and average recovery prospects for unsecured debtholders in a stress scenario due to the size of the unencumbered asset base. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is primarily sensitive to changes in Stonebriar's Long-Term IDR and, secondarily, to the funding mix and level of unencumbered balance sheet assets in a stress scenario relative to the outstanding debt. A decline in unencumbered asset coverage, combined with a material increase in secured debt, could result in notching the unsecured debt down from the Long-Term IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; asset performance (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Revenue diversification (negative). Date of Relevant Committee 06 November 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 ----------- ------ -------- Stonebriar ABF Issuer LLC LT IDR BB New Rating senior unsecured LT BB(EXP) Expected Rating RR4 SUPRA NATIONAL: Gets Interim OK to Use Cash Collateral Until Dec. 2 ------------------------------------------------------------------- Supra National Express, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court authorized the Debtor to use cash collateral through December 2 consistent with its amended budget. The only change to the original budget is the inclusion of the agreed-upon payment to Crossroads Equip. Lease & Finance, LLC noted at the hearing. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LVXW3 from PacerMonitor.com. A final hearing is scheduled for December 2. As of the petition date, the Debtor's primary assets were comprised of (a) cash in the approximate amount of $4,500, (b) approximately $587,495 in accounts receivable, (c) and vehicles and other rolling stock owned by the Debtor free and clear of purchase money liens with a value of approximately $280,500, and (d) the Shafer property, which has a fair market value of approximately $3.5 million. The creditors that have purported blanked liens that would extend to the Debtor's accounts receivable and cash collateral are the U.S. Small Business Administration, North Mill Capital, LLC, Corporation Service Company, Channel Partners Capital and Milestone Equipment Company. Tother, the creditors assert $753,237.83 in claims. About Supra National Express Supra National Express provides logistics and transportation services, including drayage, warehousing, and international freight, operating primarily from Long Beach and Carson, California, near the Ports of Los Angeles and Long Beach. The Company maintains a fleet of specialized equipment and is licensed as a Non-Vessel Operating Common Carrier (NVOCC), offering technology solutions for transportation management. Supra National Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19576) on October 28, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Ron Bender, Esq. of LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. SUPRA NATIONAL: Taps Levene Neale Bender Yoo as General Counsel --------------------------------------------------------------- Supra National Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik LLP as counsel. The firm's services include: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interact with and cooperate with any committee appointed in its bankruptcy case. (b) advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless it is represented in such proceeding or hearing by other special counsel; (d) conduct examinations of witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of the firm's expertise or which is beyond its staffing capabilities; (e) prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders; (f) represent the Debtor with regard to obtaining use of financing and/or cash collateral; (g) assist the Debtor in any asset sale process; (h) assist the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preaparation and approval of a disclosure statement in respect of the plan; and (i) perform any other services which may be appropriate in the firm's representation of the Debtor during its bankruptcy case. The firm's attorneys will be paid at these hourly rates: Ron Bender, Attorney $750 Todd Arnold, Attorney $725 Robert Carrasco, Attorney $550 The firm received a retainer of $61,738 from the Debtor prior to its bankruptcy filing, including $1,738 Chapter 11 filing fee. Mr. Arnold disclosed in a court filing that the firm is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd M. Arnold, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 About Supra National Express Supra National Express provides logistics and transportation services, including drayage, warehousing, and international freight, operating primarily from Long Beach and Carson, California, near the Ports of Los Angeles and Long Beach. The Company maintains a fleet of specialized equipment and is licensed as a Non-Vessel Operating Common Carrier (NVOCC), offering technology solutions for transportation management. Supra National Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19576) on October 28, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik LLP. SYNAPSE FINANCIAL: CFPB Payments to Victims Face Fund Questions --------------------------------------------------------------- Evan Weinberger of Bloomberg Law reports that David Schulzinger turned to Yotta Technologies Inc. in 2023, depositing about $53,000 to cover a medical emergency for his wife. The fintech app, which rewards savings with cash prizes, initially seemed like a secure place for his money. His confidence was shaken when Synapse Financial Technologies Inc., the intermediary connecting Yotta to traditional banks, collapsed the next year. As a result, Schulzinger and other account holders lost access to their funds. Although the money still exists, it remains inaccessible because neither Synapse nor its partner institutions, including Evolve Bank & Trust, maintained proper records of the deposits. Customers are left waiting as questions about accountability and fund management linger. About Synapse Financial Technologies Headquartered in San Francisco, California, Synapse Financial Technologies, Inc. -- https://synapsefi.com/ -- is a banking-as-a-service platform for embedded finance solutions worldwide. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10646) on April 22, 2024. In the petition signed by Sankaet Pathak, chief executive officer, the Debtor disclosed up to $50 million in assets and liabilities. Judge Martin R. Barash oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the Debtor's legal counsel. TASEKO MINES: Fitch Alters Outlook on 'B-' LongTerm IDR to Positive ------------------------------------------------------------------- Fitch Ratings has affirmed Taseko Mines Limited's Long-Term Issuer Default Rating at 'B-', senior secured second lien notes at 'B-' with a Recovery Rating of 'RR4', and senior secured revolver at 'BB-'/'RR1'. The Rating Outlook is revised to Positive from Stable. The rating reflects the company's limited scale, concentration in a single operation, and its high-cost position. It also considers Gibraltar's stable production profile, long reserve life, and favorable mining jurisdiction. The Positive Outlook reflects Fitch's view that the Florence Copper project is nearing production and should allow de-leveraging over the next 12-18 months. Key Rating Drivers Limited Scale: Taseko's ratings reflect the company's relatively limited scale and higher concentration in a single operation and metal compared with its rated peers. Gibraltar is a large-scale copper mine located in British Columbia (BC), Canada. It is a favorable mining jurisdiction but also a relatively high-cost operation. The company is developing its 100%-owned Florence Copper project in Arizona, which Fitch estimates will reduce the company's overall costs by around 15% and increase production by approximately two-thirds once it is fully operational. Modest Execution Risk: Taseko has substantially completed construction of the Florence Copper project and commenced wellfield operations in 4Q25. Fitch expects that cash on hand, revolver availability, and free cash flow from Gibraltar will be sufficient to fund remaining development. The project uses in-situ copper recovery rather than conventional mining, which has not yet been used at large scale for copper. The execution risk is modest, and Taseko expects first cathode production in early 2026. Minimal Other Longer-Term Development: Fitch does not expect significant spending on additional projects until after the Florence Copper project has ramped up and the company has reduced its financial leverage. The company is evaluating the Yellowhead copper project in British Columbia and has formally initiated the permitting process. The Aley (niobium) and New Prosperity (gold and copper) projects, both in British Columbia, are at an earlier stage. The subsidiaries that own Yellowhead, Aley and New Prosperity are unrestricted under the notes. Copper Sensitivity: Taseko estimates that a USD0.25 per pound (lb) increase in copper prices raises Gibraltar's annual cash flow by CAD45 million based on life-of-mine averages. Taseko's average realized copper price was USD4.17/lb in 2024, compared to USD3.84/lb in 2023. Spot prices are about USD4.85/lb, which compares with Fitch's assumptions of USD9,500/tonne (USD4.31/lb) in 2025, USD9000/tonne (USD4.08/lb) in 2026, USD8,500/tonne (USD3.86/lb) in 2027, and USD8,000/tonne (USD3.63/lb) thereafter. Taseko enters into copper option contracts to reduce short-term copper price volatility. Manageable Leverage: Fitch expects EBITDA leverage to remain in the 3.5x-4.0x range through 2026. Leverage increased to 4.8x in 2024 on weaker EBITDA due to Gibraltar mill outages and lower ore grades but should return within sensitivities as copper prices remain supportive and Gibraltar operations normalize. Fitch also expects the completion and ramp-up of the Florence Copper project to bring higher earnings and allow debt repayment over the longer term, thereby reducing financial leverage, assuming no changes to capital allocation policies. Peer Analysis Taseko is smaller and less diversified than Capstone Copper Corp. (BB-/Stable), Hudbay Minerals Inc. (BB-/Stable), Ero Copper Corp. (B/Stable), and First Quantum Minerals Ltd. (B/Stable). It is less profitable, with Gibraltar's higher cost position, and has higher leverage than peers with the exception of First Quantum. The ramp-up of the Florence Copper project is expected to increase scale, reduce leverage, and improve profitability. Key Assumptions - Gibraltar's copper production at about 100 million lbs in 2025 increasing to about 118 million lbs per year on average thereafter; - Copper prices incorporate Taseko's hedges and Fitch's assumptions of USD9,500/t in 2025, USD9,000/t in 2026, USD8,500/t in 2027, and USD8,000/t thereafter; - Gibraltar operating expenses decline from USD3.00/lb in 2025 to USD2.30/lb in the longer-term; - Gibraltar capex at roughly CAD120 million in 2025, CAD85 million in 2027, and CAD75 million per year on average thereafter; - Annual Cariboo deferred acquisition consideration payments based on Fitch copper prices assumption and Gibraltar's cash flow; - Florence copper production at about 1 million lbs in 2025 increasing to 30 million lbs in 2026, and 81 million lbs per year on average, thereafter; - Florence capex at roughly CAD180 million in 2025, CAD95 million in 2026, and around CAD74 million per year on average thereafter; - 2.05% royalty on gross copper revenue from Florence mine; - 2.67% of Florence's copper production delivered to Mitsui at 25% of copper price; - Other than the bought deal transaction, no other financing activities. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Taseko would be reorganized as a going-concern in bankruptcy rather than liquidated. Florence Copper entities provide unsecured guarantee to the revolver and notes, but the project is expected to ramp up in 12-18 months and is partially financed on a secured basis. Fitch does not include Florence Copper production in its recovery analysis and assumes that the USD25 million Florence project loan would be satisfied through liquidation of Florence equipment in an event of default. Fitch assumes a 10% administrative claim. Going-Concern (GC) Approach The going concern EBITDA estimated at CAD120 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The GC EBITDA assumption comprises of Taseko's 100% interest in Gibraltar calculated at copper prices of USD3.25/lb and cash operating costs at USD2.68/lb. and deducts CAD15 million to reflect the annual carry for the Cariboo obligations. An enterprise value (EV) multiple of 4.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. This reflects Gibraltar's higher cost position as well as long reserve life and low country risk. The choice of this multiple considered similar public mining companies which trade at EBITDA multiples in the 4x-6x range. The USD110 million revolver is assumed to be fully drawn under its recovery analysis. Gibraltar has secured equipment loans which are deemed senior to the revolver and the notes are junior in priority to the revolver. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' resulting in 'BB-' rating for the first lien revolving credit facility. The senior secured loans recover at an 'RR4', resulting in a 'B-' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - FCF materially below expectations; - Increased costs or material disruption at operations; - Addition of senior secured debt that weakens recovery prospects of the second lien notes; - EBITDA leverage sustained above 4.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Ramp-up of the Florence Copper project in line with expected costs and volumes; - EBITDA leverage sustained below 3.5x. Liquidity and Debt Structure As of Sept. 30, 2025, Taseko had around CAD 91 million cash in hand and approximately USD35 million available under its USD110 million revolving credit facility maturing on Nov. 6, 2027. In October 2025, the company repaid the outstanding balance on its revolver using a portion of the net proceeds from the USD173 million bought deal. The Gibraltar joint venture has an uncommitted CAD 7 million letter of credit (LOC) facility to support supplier trade finance and working capital. As of June 30, 2025, CAD3.75 of LOCs were outstanding under this facility. The company also has a USD4 million letters of credit facility available to key contractors for the development of the Florence Copper project. Both facilities are unsecured, renewable annually, and any LOCs issued under them benefit from an Export Development Canada guarantee. Issuer Profile Taseko is a small mining company headquartered in Vancouver, BC. It operates a large-scale, high-cost copper mine in Canada (Gibraltar) and owns projects including: Florence Copper, Aley (niobium), Yellowhead (copper) and New Prosperity (gold and copper). 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 ----------- ------ -------- ----- Taseko Mines Limited LT IDR B- Affirmed B- Senior Secured 2nd Lien LT B- Affirmed RR4 B- senior secured LT BB- Affirmed RR1 BB- THRACIO LLC: Monroe Capital Marks $1.3MM Secured Loan at 16% Off ---------------------------------------------------------------- Monroe Capital Corporation has marked its $1,386,000 loan extended to Thrasio, LLC to market at $1,166,000 or 84% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Loan to Thrasio, LLC. The loan accrues interest at a rate of 14.58% PIK per annum. The loan matures on June 18, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Thrasio, LLC Thrasio, LLC operates as an acquirer company. The Company specializes in purchasing operating businesses. Thrasio serves customers in the United States. THRASIO LLC: Monroe Capital Marks $882,00 Secured Loan at 27% Off ----------------------------------------------------------------- Monroe Capital Corporation has marked its $882,000 loan extended to Thrasio, LLC to market at $643,000 or 73% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Thrasio, LLC. The loan accrues interest at a rate of 14.58% PIK per annum. The loan matures on June 18, 2029. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Thrasio, LLC Thrasio, LLC operates as an acquirer company. The Company specializes in purchasing operating businesses. Thrasio serves customers in the United States. THRILL INTERMEDIATE: Seeks to Use Funds and Revenue --------------------------------------------------- Thrill Intermediate LLC and affiliates ask the U.S. Bankruptcy Court for the District of Nevada for authority to use prepetition funds and post-petition revenue to operate in the ordinary course of business under a proposed budget. Because the Debtors do not manufacture goods, sell products, or operate real property, their business value is derived entirely from their ongoing production work under MTV's Production Services Agreement. They emphasize that their revenue is earned only when they remain "ready, willing, and able" to produce and deliver episodes of the series Ridiculousness, using the creative work, labor, and talent of their production team, including host Rob Dyrdek. With over a thousand episodes, Ridiculousness constitutes more than half of MTV's total programming, and on September 30 alone aired for 14.5 hours. The Debtors therefore argue that uninterrupted production is essential not only to their financial viability but also to preserving the value of their estates. The Debtors recount the confidential financial arrangements among MTV, Mr. Dyrdek, COO Matthew Cabral, and the production companies. These relationships and the senior lenders' underwriting decisions are based on agreements spanning 16 years, parts of which remain under seal. In 2022, the senior lenders extended credit secured by various assets, but although they negotiated draft control agreements for the Debtors' bank accounts, they never executed them. As a result, under the Uniform Commercial Code, they failed to perfect any security interest in the Debtors' deposit accounts. The Debtors argue that because the senior lenders lack control over these accounts as required by U.C.C. sections 9-104 and 9-314, they have no perfected lien on the Deposit Account Funds, and thus these funds are not "cash collateral." The Debtors filed their Chapter 11 cases after the senior lenders' pre-petition conduct endangered their operations and revenue streams, requiring immediate restructuring to protect employees, contractors, counterparties, and creditors. They secured a $2 million subordinated loan from Estremo LLC days before filing to stabilize operations and fund professional retainers. On the petition date, the Debtors collectively held several million dollars across various bank accounts. The Debtors argue that these funds, along with post-petition revenue, must be used to continue production, pay necessary operating expenses, and pay professionals whose work preserves value during reorganization. The Debtors further contend that their post-petition revenue is not "proceeds" of any pre-petition collateral under 11 U.S.C. Section 552(b), because it is generated exclusively through post-petition creative and production services. As such, post-petition revenue is new property of the estate, not subject to any alleged liens. Even if some funds were deemed cash collateral, the Debtors argue they should still be allowed to use them because (1) the senior lenders have not met their burden to trace identifiable proceeds under cases such as In re Skagit Pacific Corp., and (2) the proposed budget preserves or increases the value of any collateral by ensuring the Debtors continue generating revenue. A court hearing is scheduled for December 3. A copy of the motion is available at https://urlcurt.com/u?l=QIZ3r6 from PacerMonitor.com. About Thrill Intermediate LLC Thrill Intermediate, LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15714) on September 28, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtor tapped Gregory E. Garman, Esq., at Garman Turner Gordon, LLP as counsel and Stretto, Inc. as claims, noticing, and solicitation agent. TIKE LLC: Seeks to Tap Leavitt Legal Services as Legal Counsel -------------------------------------------------------------- Tike LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Leavitt Legal Services, PC as counsel. The firm's services include: (a) aid the Debtor in filing the necessary documents required in a Chapter 1 Bankruptcy proceeding; (b) aid the Debtor in determining what is best for the estate; (c) institute, prosecute or defend any lawsuits arising from this matter in which the Movant, a Debtor may be a party; and (d) perform all other legal services for the Debtor which may be necessary and necessary for it to employ an attorney for these professional services. James Leavitt, Esq., the main attorney in this representation, will be paid at his hourly rate of $500. The firm received a retainer of $25,000, which came from the Debtor's corporate funds, and $1,738 for the filing fee. Mr. Leavitt 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: James T. Leavitt, Esq. Leavitt Legal Services, PC 601 South 6th Street Las Vegas, NV 89101 Telephone: (702) 385-7444 Facsimile: (702) 385-1178 Mail: Jamestleavitt@gmail.com About Tike LLC Tike LLC, doing business as Welch Plastics, provides plastic manufacturing and fabrication services, including product prototyping, high-volume injection molding, reverse engineering, 3D printing, laser scanning, CAD file creation, CNC and laser cutting, heat bending, and thermoforming, serving clients from its base in Las Vegas, Nevada. The company, founded in 2000, is veteran- and minority-owned and specializes in producing sheet materials, large plastic tubes, and custom-designed plastic components. Tike sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16736) on November 6, 2025, with $1,851,820 in assets and $2,026,405 in liabilities. Michael DeSort, authorized representative of the Debtor, signed the petition. James T. Leavitt, Esq., at Leavitt Legal Services, PC represents the Debtor as counsel. TONIX PHARMACEUTICALS: Reports Net Loss of $32MM in 2025 Q3 ----------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $32 million available to common stockholders for the three months ended September 30, 2025, compared to a net loss of $14.2 million available to common stockholders 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 $77.1 million available to common stockholders, compared to a net loss of $107.9 million available to common stockholders. Product revenues for the three months ended September 30, 2025 and 2024, were $3.3 million and $2.8 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had product revenues of $7.7 million and $7.5 million, respectively. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At September 30, 2025, the Company had working capital of approximately $187.0 million. At September 30, 2025, the Company had an accumulated deficit of approximately $807.8 million. The Company held unrestricted cash and cash equivalents of approximately $190.1 million as of September 30, 2025. The Company believes that its cash resources as of September 30, 2025, and the net proceeds of $34.7 million that it received from the sale of equity in the fourth quarter of 2025, will meet its planned operating and capital expenditure requirements into the first quarter of 2027. The Company continues to face significant challenges and uncertainties and must successfully launch Tonmya and obtain additional funding through public and private financing and collaborative arrangements with strategic partners to increase the funds available to fund operations. However, the Company may not be able to raise capital on terms acceptable to the Company, or at all. Without the successful product launch of Tonmya and obtaining additional funds, the Company may be forced to delay, scale back or eliminate some or all of its research and development activities or other operations, and potentially delay product development in an effort to maintain sufficient funds to continue operations. If any of these events occurs, the Company's ability to achieve development and commercialization goals will be adversely affected and the Company may be forced to cease operations. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3t8pysnb About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TRIANGLE 40: Weatherford Property Sale to New Standard Living OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division has granted Triangle 40 Ranch LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 79.926-acre ranch in Parker County, Texas, whose address is 180 Bielss Lane, Weatherford, TX 76087. The Debtor is a Delaware limited liability company, registered to do business in Texas. The originally proposed purchase price was $3,400,000. The Property is encumbered by a first lien deed of trust in favor of Blackburn Ranches, LLC. The property is also encumbered by 2025 ad valorem taxes in the amount of $7,076.65, which are not delinquent. Blackburn filed a limited objection to the Motion not opposing the sale per se, but pointing out that the actual payoff balance is now higher than $3,400,000. According to Blackburn, the pay off balance as of December 1, 2025, is estimated to be $3,497,449.86. To resolve the Blackburn Objection, the Purchaser has indicated that it will pay the full Payoff Amount and the full amount of the 2025 ad valorem taxes at closing. The Court has authorized the Debtor to sell the Property to New Standard Living LLC, a Delaware limited liability company, for the Adjusted Purchase Price. The sale of the Property shall close by no later than December 1, 2025, unless extended by the express agreement of the Debtor, Blackburn, and the Purchaser. At the time of closing and out of the sales proceeds received from the Purchaser, the following amounts shall be paid (a) the Payoff Amount shall be paid by wire transfer to Blackburn; and (b) the 2025 ad valorem taxes assessed against the Property shall be paid to Parker County Appraisal District. The Debtor is authorized to execute a warranty deed to convey title to the Property to the Purchaser upon Purchaser's payment of the Adjusted Purchase Price, and to also execute such other customary documentation as necessary to close the sale and pay any customary closing expenses for the sale. About Triangle 40 Ranch LLC Triangle 40 Ranch LLC is a limited liability company. Triangle 40 Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42047) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Robert A. Simon, Esq. at WHITAKER CHALK SWINDLE AND SCHWARTZ. TRIPLETT FUNERAL: To Sell Kahoka Property to Melissa & Marcus Vigen ------------------------------------------------------------------- Robert E. Eggmann, Chapter 11 Trustee for Triplett Funeral Homes, LLC, seeks permission from the Triplett Funeral Homes LLC to sell Commercial Property, free and clear of liens, claims, interests, and ncumbrances. The Debtor operates Wilson & Triplett Funeral Home, a funeral home located at 975 E Main St., Kahoka, MO 63445 (Business) and owns a commercial property located at 975 E Main St., Kahoka, MO 63445 (Property). On information and belief, the Property may be encumbered by a lien in favor of Edwin and Kathy Wilson in the amount of $20,000, but Trustee contests the validity of this interest. On information and belief, the Assets are encumbered by a lien in favor of Ready Capital Lending in an approximate amount of $734,994.41. The Trustee seeks an order allowing Trustee to sell substantially all of the assets of the Business and the Property free and clear of all liens. Purchasers, Melissa Vigen and Marcus Vigen, have submitted an offer to Trustee to purchase the Assets and Property for the total sale price of $1,000,000.00. Ready Capital Lending has communicated to Trustee that it consents to the Sale. Consequently, Trustee has the authority to consummate the Sale. Edwin and Kathy Wilson have not granted Trustee their authorization to enter into the Sale, but Trustee maintains their interest in the Property is a matter of dispute. Regardless of whether Edwin and Kathy Wilson’s interest in the Property is valid, the proceeds of the sale would be sufficient to pay both Ready Capital Lending and Edwin and Kathy Wilson in full. The Trustee believes that the Sale Price is the best offer available for the sale of the Property and Assets and that the Sale will maximize value for the Debtor’s bankruptcy estate. The proceeds of the Sale shall be used to repay Ready Capital Lending up to the value of its secured claim. The surplus proceeds of the Sale shall be received into the Debtor's bankruptcy estate to be distributed to the unsecured creditors. Trustee has determined that, in his business judgment, the sale of the Property and Assets to Purchaser is in the best interests of Debtor’s estate and its creditors. Trustee submits that the amount of consideration offered by the Purchaser is fair and reasonable and will further Trustee’s efforts to maximize value for the benefit of unsecured creditors. About Triplett Funeral Homes, LLC Triplett Funeral Homes, LLC, a company in Kahoka, Mo., is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kathy A. Surratt-States oversees the case. The Debtor is represented by Fredrich J. Cruse, Esq., at Cruse Chaney-Faughn. Robert E. Eggmann is the Debtor's Chapter 11 trustee. TURQUOISE LLC: Gets OK to Hire CliftonLarsonAllen as Accountant --------------------------------------------------------------- Chief Judge Thad J. Collins of the United States Bankruptcy Court for the Northern District of Iowa granted Turquoise LLC's application to employ CliftonLarsonAllen LLP as accountant. The firm's services include: a. preparing tax returns as necessary as the case progresses; b. advising the Debtor-in-Possession of its tax and accounting obligations, duties, and responsibilities while in bankruptcy; c. accounting for the estate's inventory and assembling books and records; and d. taking all other necessary action incident to the proper preservation and administration of this Chapter 11, Subchapter V bankruptcy. The firm's hourly rates are: Principals and Signing Directors $600 to $750 Managers and Directors $200 to $250 Senior Accountants $125 to $200 The Court finds that CliftonLarsonAllen does not represent an adverse interest to the Debtor-in-Possession or the bankruptcy estate and is a "disinterested person" as defined by 11 U.S.C. Sec. 101(14) as modified in Subchapter V cases by 11 U.S.C. Sec. 1195. A copy of the Court's Order dated November 10, 2025, is available at https://urlcurt.com/u?l=bNygMS from PacerMonitor.com. About Turquoise LLC Turquoise LLC is a limited liability company. Turquoise LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01112) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thad J. Collins handles the case. The Debtor is represented by Austin Peiffer, Esq. of Ag & Business Legal Strategies. UNIFIED SCIENCE: Claims to be Paid from Property Sale Proceeds -------------------------------------------------------------- Unified Science, LLC, filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a Disclosure Statement in support of Chapter 11 Liquidating Plan dated November 18, 2025. Unified provides a variety of consulting and manufacturing services for the pharmaceutical and nutraceutical industries. These consulting and manufacturing services involve product development, process engineering, analytical development, and compliance services. Unified has continued to finance its operations since its bankruptcy petition date using cash collateral primarily derived from additional cash generated from its operations post-petition. Unfortunately, on or around October 2025 it became apparent that cash flow was not improving to the point that putting forth an effective and confirmable true plan of reorganization, primarily focused on servicing the debt of Byline Bank, was an unrealistic option. At that time the decision was made to transition to an orderly liquidation. On November 18, 2025, the Debtor filed a Motion to Sell Property Free and Clear of Liens under Section 363 of the Bankruptcy Code, seeking authority to sell all of its assets ("Sale Motion"). All creditors were served with notice of the Sale Motion. It is anticipated that an order approving the Sale Motion will be entered, allowing Unified to pursue the sale of its personal property assets with certain price floors that must be met for any sale to occur for that particular asset. It is believed, based on an equipment appraisal completed approximately within the last year, that the total value of the personal property assets to be sold will be, not less than, $8,922,740.00. It is also anticipated, upon receipt of a valid real estate offer to purchase, subsequent Section 363 of the Bankruptcy Code sale motion(s) will be filed seeking authority to sell the 811 Pine real estate and the 500 Simmon Drive real estate. As of the date of this Motion, the employment applications of Brookshire Co involving 811 Pine and 500 Simmon Drive have been approved by the Court on October 3, 2025 and November 13, 2025, respectively. The Debtor's secured creditor, Byline Bank is the only secured creditor of Unified's estate. Based on the Debtor's estimation, at the time of the bankruptcy petition, Byline Bank was owed approximately $10,711,518.90. Based on recent conversations with counsel for Byline Bank, it is likely this claim has now grown to more than $11,000,000.00. Unified's proposed liquidating plan provides for the liquidation of all of Unified's assets and the distribution of proceeds to holders of allowed claims in the order of priority required under the bankruptcy code. The Plan proposes to sell two parcels of real estate with all net proceeds of the sale to be applied to Byline Bank's secured claim(s). Unified is also proposing to distribute, after sale of personal property, all net proceeds to Byline Bank until its claim is paid in full, with any remaining amounts distributed to unclassified claims and allowed general unsecured claims thereafter. Class 2 consists of General Unsecured Claims. Class 2 claims are impaired by the Plan. Each holder of an allowed general unsecured claim will receive its pro rata share of any remaining proceeds derived from the liquidation of the Debtor's assets. This pro rata distribution will occur (i) after liquidation of all assets and collection of remaining amounts payable to the estate; (ii) after resolution of all disputed administrative, priority, or secured claims, if any, and (iii) payment of any allowed claims resulting from resolution of such disputes. The pro rata distribution will be paid in a single lump sum within sixty (60) days of the completion of subsections (i), (ii), and (iii). Class 3 consists of Equity Interests. The Plan provides that these membership and equity interests will be cancelled and holders of such interests will neither receive nor retain any property or interest in property an account of such interests. The Plan will be funded from the proceeds derived from the anticipated real estate sale motion(s) involving 811 Pine and 500 Simmon Drive and from the personal property sale motion, any remaining cash in the Debtor in Possession Bank Account and any funds held in the trust account of the Swenson Law Group. A full-text copy of the Disclosure Statement dated November 18, 2025 is available at https://urlcurt.com/u?l=tB0spJ from PacerMonitor.com at no charge. Counsel to the Debtor: Evan M. Swenson, Esq. Swenson Law Group, LLC 118 E. Grand Avenue Eau Claire, WI 54701 Telephone: (715) 835-7779 Facsimile: (715) 835-2573 Email: evan@swensonlawgroup.com About Unified Science LLC Unified Science LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. UNIQUE REALTY: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Unique Realty, LLC 2002 Old Tillar Hwy Mc Gehee, AR 71654 Business Description: Unique Realty, LLC leases real property located in McGehee, Arkansas. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 25-14049 Judge: Hon. Phyllis M Jones Debtor's Counsel: Frank H. Falkner, Esq. DILKS LAW FIRM P.O. Box 34157 Little Rock, AR 72203 Tel: (501) 244-9770 Fax: (888) 689-7626 E-mail: frank@dilkslawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Tony Phillips as incorporator. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2OZW6MY/Unique_Realty_LLC__arebke-25-14049__0001.0.pdf?mcid=tGE4TAMA UNIQUE REALTY: Seeks Chapter 11 Bankruptcy in Arkansas ------------------------------------------------------ On November 19, 2025, Unique Realty LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Unique Realty LLC Unique Realty LLC is a limited liability company. Unique Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14049) on November 19, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by Frank Falkner, Esq. of Dilks Law Firm. UNITED SITE: Platinum to Hand Lenders Control of Troubled Company ----------------------------------------------------------------- Reshmi Basu and Davide Scigliuzzo of Bloomberg News report that United Site Services Inc., a provider of portable toilets, is nearing a deal to hand over control of the company to some of its lenders after its private equity backer Platinum Equity walked away, according to people familiar the situation. Clearlake Capital, Searchlight Capital Partners, Oaktree Capital and Apollo Global Management Inc. are among the creditors that would own the reorganized company, said the people, who asked not to be identified discussing a private matter. About United Site Services Inc. United Site is a provider of porta potties, bathroom trailers, shower trailers, temporary fences & dumpster services. UNITED STATES: NCLA Asks Court to End Unconstitutional Receivership ------------------------------------------------------------------- The New Civil Liberties Alliance filed an amicus curiae brief asking the Supreme Court to hear Barton v. Securities and Exchange Commission, which challenges the practice of courts appointing receivers to control bankrupt companies' assets at SEC's request when the agency prosecutes them in regulatory enforcement cases. The district court in this case appointed a receiver with so much authority and discretion that he became an "officer" of the United States under Supreme Court precedent regarding the Constitution's Appointments Clause, despite Congress never having vested courts with the power to make such appointments. The U.S. Court of Appeals for the Fifth Circuit upheld the appointment. NCLA urges the Justices to consider and overturn this unconstitutional arrangement that the Supreme Court has never approved. Enabled by courts, SEC uses receiverships of this kind to circumvent the bankruptcy procedures established by Congress through decades of legislative trial and error, replacing it with an ad hoc, non-statutory shadow process. These receivers exercise both judicial and executive power, but they are not supervised by anyone at SEC or elsewhere in the Executive Branch. Article I vests Congress--not courts--with the power to pass laws governing bankruptcy, and no Congressional statute grants courts the ability to appoint receivers like the one in this case who effectively act as officers of the United States. With judicial appointments of such receivers becoming increasingly routine, and courts so often overlooking the manifest constitutional problem with them, Barton provides an ideal and long overdue opportunity for the Supreme Court to address this issue and ameliorate it. NCLA released the following statements: "Court-appointed receiverships have long been SEC's go-to end run around the bankruptcy laws enacted by Congress. This case illustrates why they violate the Appointments Clause, but the constitutional defects in this scheme run far deeper--into separation of powers concerns and beyond." -- Russ Ryan, Senior Litigation Counsel, NCLA "Federal courts have no business appointing receivers in SEC enforcement cases. The courts lack statutory authority to do it, these receiverships violate the Appointments Clause, and judges traduce the separation of powers by supervising a receiver's indisputably executive actions within the Judicial Branch." -- Mark Chenoweth, President, NCLA For more information visit the amicus page here. ABOUT NCLA NCLA is a nonpartisan, nonprofit civil rights group founded by prominent legal scholar Philip Hamburger to protect constitutional freedoms from violations by the Administrative State. NCLA's public-interest litigation and other pro bono advocacy strive to tame the unlawful power of state and federal agencies and to foster a new civil liberties movement that will help restore Americans' fundamental rights. UNIVERSAL DESIGN: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Universal Design Solutions, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recent hearing, the court extended the Debtor's authority to use cash collateral until January 15, 2026, the date of the next hearing. The Debtor was previously allowed to access cash collateral pursuant to the court's November 7 fourth interim order to pay the expenses set forth in its budget and the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees. The fourth interim order granted TD Bank, N.A., a secured creditor, a perfected post-petition lien on the cash collateral. About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by: Amanda Klopp, Esq. Akerman LLP 777 South Flagler Drive Suite 1100, West Tower West Palm Beach, FL 33401 Telephone (561) 653-5000 Facsimile (561) 659-6313 amanda.klopp@akerman.com V10 ENTERTAINMENT: Monroe Marks $458,000 Secured Loan at 84% Off ---------------------------------------------------------------- Monroe Capital Corporation has marked its $458,000 loan extended to V10 Entertainment, Inc. to market at $73,000 or 16% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to V10 Entertainment, Inc. The loan accrues interest at a rate of 11.38% per annum. The loan matures on January 12, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About V10 Entertainment, Inc. Founded in 2023, V10 Entertainment is a private equity backed media company focused on investment across a wide range of entertainment properties. VALLEY OF THE SUN: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------ And now, natural skin care, hair care, and beauty products manufacturer Valley of the Sun Cosmetics LLC has entered Chapter 11 bankruptcy in an effort to reorganize and maintain operations. The Gardena, California–based cosmetics and personal care manufacturer filed its petition on November 18, 2025 in the U.S. Bankruptcy Court for the Central District of California. According to Bankruptcy Observer, the company reported up to $100,000 in assets and between $1 million and $10 million in liabilities. Its filing did not disclose the specific reason for seeking bankruptcy protection. Founded in 1994, Valley of the Sun Cosmetics produces "All American Made" beauty brands formulated with natural ingredients at its California labs and distributed globally. Its product portfolio includes Hollywood Style Herbal Formulas, Dr's Formula Beverly Hills, Bee Organic, Spanish Garden, Moochi Smoochi, Fresh & Fruity, Romeo Juliet, and Millionaire Beverly Hills. Founders Patrick and Elizabeth Sura began their careers as chemists for multinational companies in Los Angeles in 1971 before launching their own cosmetics laboratory, Biometrics Int'l, which specialized in private-label and contract manufacturing, the report states. About Valley of the Sun Cosmetics LLC Valley of the Sun Cosmetics LLC is a limited liability company. Valley of the Sun Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20301) on November 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Matthew Abbasi, Esq. of ABBASI LAW CORPORATION. VALUDOR PRODUCTS: Monroe Capital Marks $548,000 Loan at 44% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $548,000 loan extended to Valudor Products LLC to market at $308,000 or 56% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to Valudor Products LLC. The loan accrues interest at a rate of 13.66% per annum. The loan matures on December 31, 2026. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Valudor Products LLC Valudor Products LLC specializes in delivering premium chemicals and ingredients across diverse industries, including agriculture, animal feed, and oil & gas. VICE ACQUISITION: Monroe Marks $353,000 Secured Loan at 81% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $353,000 loan extended to Vice Acquisition Holdco, LLC to market at $66,000 or 19% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Vice Acquisition Holdco, LLC. The loan accrues interest at a rate of 12.57% PIK per annum. The loan matures on January 31, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Vice Acquisition Holdco, LLC Vice Acquisition Holdco, LLC serves customers in the United States. VICE ACQUISITION: Monroe Marks $671,000 Secured Loan at 81% Off --------------------------------------------------------------- Monroe Capital Corporation has marked its $671,000 loan extended to Vice Acquisition Holdco, LLC to market at $125,000 or 19% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Vice Acquisition Holdco, LLC. The loan accrues interest at a rate of 12.57% PIK per annum. The loan matures on January 31, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Vice Acquisition Holdco, LLC Vice Acquisition Holdco, LLC serves customers in the United States. VICTORY BUYER: S&P Raises ICR to 'B-', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised the issuer credit rating on Bronx, N.Y. based nonproprietary elevator parts manufacturer Victory Buyer (d/b/a Vantage Elevation) and the issue-level rating on its first-lien credit facility to 'B-'. The '3' recovery rating is unchanged. The stable outlook reflects S&P's view that debt leverage will remain between 8x and 8.5x in 2025 improving below 8x in 2026 and liquidity will remain adequate. Vantage Elevation is benefiting from increased EBITDA from volume and price improvements. S&P now anticipates debt leverage of 8x-8.5x from near 10x the same period a year ago. S&P said, "We expect debt leverage of 8x-8.5x in 2025, before improving to below 8x in 2026. This an improvement from about 10x the same time a year ago. Our updated forecast incorporates Vantage's performance in the first half of 2025 and S&P Global economists' latest macroeconomic forecast. The company is benefiting from increased revenues and EBITDA, which for the 12-months-ended June 30, 2025, increased in the high-single-digit percentage area and over 25% respectively, year over year. The improvement in revenues is due to higher volumes and prices. The increase in volume stems from growth initiatives, new product releases, cross selling efforts, and a focus on customer service. As a result, we expect revenue to grow in the mid-single digits and EBITDA to grow about 5% for full-year 2025. "We expect liquidity to remain adequate and modest free cash flow generation. Vantage had $16 million of cash and $42 million of availability on its revolving credit facility (RCF) as of June 30, 2025. We anticipate interest expense, working capital requirements to support growth, capital expenditure (capex), and amortization on the term loan will not exceed our forecast of S&P Global Ratings-adjusted EBITDA, resulting in modestly positive free operating cash flow (FOCF) in 2025 of about $5 million to $10 million. We also forecast positive FOCF in 2026 from good working capital management and low capital spending around 2% of sales. The company also has no near-term maturities, with its first-lien credit facility due November 2028. "Our view of Vantage's competitive position reflects its participation in the volatile elevator market and its small scale and diversity. This is not fully offset by its good profitability and customer relationships. Vantage is small compared with most companies we rate in the capital goods industry, with expected annual revenues of under $500 million in 2025. The company faces competition from parts manufacturers and the original equipment manufacturers (OEMs). However, it derives most of its revenues from modernizations and repairs and maintenance, which we believe to be more stable than the new installation business, which has stronger competition from the OEMs. "The modernizations and repair and maintenance segments, both of which are aftermarket businesses, also tend to have higher and more stable margins. This is reflected in EBITDA margins for the trailing-12-months ended June 2025 of low-20%. We view this level of profitability as above average compared with other similarly rated capital goods peers. We attribute the higher profitability to the low cost of Vantage's products relative to the total cost of elevator service. Vantage also benefits from long-standing relationships with its customer base and good customer diversification relative to peers despite limited geographic reach with its top customer accounting for just 2% of total revenues. The company derives more than 90% of revenues from North America. We view this as relatively limited diversification compared with higher rated peers. "The stable outlook reflects our view that debt leverage will remain between 8x and 8.5x in 2025, improving to below 8x in 2026, with liquidity remaining adequate." S&P could lower its ratings on Vantage if: -- Debt leverage increases above 10x or EBITDA interest coverage approaches 1x, leading us to believe Vantage's capital structure has become unsustainable. This could result from meaningful underperformance from our base case or aggressive debt-financed acquisitions; or -- Demand trends slow materially, resulting in sustained negative cash flow generation causing increased revolver usage. Although unlikely over the next 12 months given its elevated leverage, S&P could raise its ratings on Vantage if: -- The company improves its scale and diversification such that it aligns with higher rated peers in the broader capital goods space; and -- It outperforms our base-case forecast and its owners commit to financial policies (including potential acquisitions and shareholder returns) that enable it to sustain debt to EBITDA well below 7x. VILLAGE ROADSHOW: Noteholders Slam Warner Bros.' Push to Sue ------------------------------------------------------------ Hilary Russ of Law360 reports that the noteholders of Village Roadshow Entertainment Group, the bankrupt studio behind major films such as The Matrix, are pushing back hard against Warner Bros.' request for permission to sue them. They argue the proposed litigation would effectively hold the Chapter 11 proceedings hostage and derail the progress the debtor has made toward restructuring. According to the noteholders, Warner Bros.' request is just one element of a broader effort to undermine the company's restructuring strategy. They contend that allowing the suit to proceed would inject unnecessary conflict into the case and jeopardize the stability needed to move the plan forward, the report states. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VSBROOKS INC: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, granted VSBROOKS, Inc. final approval to use cash collateral under the terms negotiated with secured creditor City National Bank of Florida. The court authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by City National Bank. The term of the budget expires on December 3 unless further extended at a hearing to take place on December 3. As adequate protection for the Debtor's use of its cash collateral, City National Bank will have a replacement lien on all property acquired or generated by the Debtor after its Chapter 11 filing, with the same priority and extent as the bank's pre-bankruptcy lien. The replacement lien will be junior to fees and costs awarded to bankruptcy professionals. As additional protection, City National Bank will continue to receive a monthly payment of $15,000. In 2023, the Debtor and City National Bank entered into a loan agreement backed by the U.S. Small Business Administration. The loan is secured by a blanket lien on all of the Debtor's assets as documented in a UCC-1 financing statement. The loan, originally in the principal amount of $2.5 million, has a remaining balance of approximately $2.39 million. City National Bank is represented by: Melbalynn Fisher, Esq. Ghidotti | Berger LLP 10800 Biscayne Blvd., Suite 201 Miami, FL 33161 Tel: (305) 501-2808 Fax: (954) 780-5578 bknotifications@ghidottiberger.com About VSBROOKS Inc. VSBROOKS Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 years of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. VSBROOKS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18690) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Jacqueline Calderin, Esq. Robert P. Charbonneau, Esq. Phone: 305-722-2002 jc@agentislaw.com rpc@agentislaw.com W&J SUBSHOPS: Case Summary & 17 Unsecured Creditors --------------------------------------------------- Debtor: W&J Subshops, LLC 7714 Alston Avenue Hesperia, CA 92345 Business Description: W&J Subshops, LLC, a restaurant company based in Victorville, California, operates multiple sub shop locations including 16251 N D Street, 14712 La Paz Drive, Suite 99, and 15319 C. Palmdale Road. The Company is engaged in the preparation and sale of sandwiches and related food products, serving local customers across its stores. Chapter 11 Petition Date: November 19, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18331 Judge: Hon. Scott H Yun Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Email: michael.berger@bankruptcypower.com Total Assets: $425,591 Total Liabilities: $1,458,962 The petition was signed by Wayne Hennessey as CEO. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/47BHEWY/WJ_Subshops_LLC__cacbke-25-18331__0001.0.pdf?mcid=tGE4TAMA WAHEGURU LLC: Gets Interim OK to Use Cash Collateral Until Dec. 16 ------------------------------------------------------------------ Waheguru, LLC received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through the date of the final hearing and in accordance with its budget, subject to fluctuation by no more than 10% for each expense line item per month. As adequate protection, Offen Petroleum, LLC and other creditors with interest in the cash collateral will be granted a replacement lien on the proceeds of all post-petition accounts and inventory of the Debtor. These replacement liens will hold the same priority as the secured creditors' pre-bankruptcy liens. In addition, Offen will receive a monthly payment of $40,000 as further protection, subject to disgorgement if no debt is ultimately found to be owed. The interim order is available at https://is.gd/0QyRa9 from PacerMonitor.com. The final hearing is set for December 16. Objections are due by December 9. The Debtor, which operates a gas station in Wendover, Utah, filed for bankruptcy protection to continue its operations and propose a reorganization plan aimed at maximizing recovery for creditors. The Debtor is 100% owned and managed by Navkirat Singh. Offen and several other creditors, including entities that hold pre-bankruptcy liens against the Debtor's assets, assert claims to the cash collateral. Offen is represented by: David M. Miller, Esq. Spencer Fane LLP 1700 Lincoln St., Suite 2000 Denver, CO 80203 Phone: (303) 839-3800 Fax: (303) 839-3838 dmiller@spencerfane.com About Waheguru LLC Waheguru LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17395) on November 11, 2025, listing between 100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. WBI OPERATING: S&P Affirms 'BB-' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings revised its financial policy assessment to neutral from FS-5 and affirmed its issuer credit rating on WBI Operating LLC (WBI). The stable outlook reflects S&P's expectation that WBI will maintain S&P Global Ratings-adjusted debt to EBITDA of less than 4.0x through 2026. S&P said, "We no longer view Five Point as a financial sponsor. WBI is about 50% owned by Five Point. We generally expect a financial sponsor to implement aggressive financial policies by using debt and debt-like instruments to maximize returns. We do not expect Five Point will aggressively increase WBI's leverage over the long term and believe Five Point has demonstrated a more conservative approach in the portfolio companies that we rate, including Deep Blue Operating I LLC (BB-/Stable/--) and DBR Land Holdings LLC (BB-/Stable/--). "Further supporting our revised assessment is the use of WBI's IPO proceeds to pay down debt and reduce leverage. In addition, management stated publicly that it intends to keep leverage below 3.0x in the long run. We believe the company's leverage threshold translates to S&P Global Ratings-adjusted leverage of 3.1x-3.3x. Our adjusted debt includes gross financial debt plus leases, while our adjusted EBITDA is net of some nonrecurring expenses. "The stable outlook reflects our view that WBI will complete its growth projects in a timely manner and on budget while maintaining leverage in the 3.5-4.0x range through 2026." S&P could lower the rating if adjusted leverage increases to above 4.0x on a sustained basis. This could occur if: -- A sharp decline in crude oil leads to sustained reduced drilling activity; 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 geographic and customer diversification, while maintaining leveraging under 3.0x. This would likely stem from increased volumes from its growth capex projects. WCB REALTY: Section 341(a) Meeting of Creditors on December 18 -------------------------------------------------------------- On November 18, 2025, WCB Realty Company LLC filed Chapter 11 protection in the Northern District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on December 18, 2025 at 03:00 PM at Creditor Meeting Room Birmingham. About WCB Realty Company LLC WCB Realty Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala., Case No. 25-03529) on November 18, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and liabilities of the same range. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Robert C. Keller, Esq., Russo, White & Keller. WELL RUN LLC: Gets Final Approval to Use Cash Collateral -------------------------------------------------------- Well Run, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral only as set forth in the budget and only for reasonable, necessary business expenses. As adequate protection, United Community Bank, Inc., formerly Progress Bank, and other secured creditors with a lien on the cash collateral, will be granted replacement liens on assets owned by the Debtor, including cash collateral generated after the bankruptcy filing. These replacement liens will have the same validity, priority, nature and extent as the secured creditors pre-bankruptcy liens and are subordinate only to the fee carveout. As part of adequate assurance to utility companies, the Debtor may remit $3,000 to counsel for an IOLTA trust bond. The Debtor must maintain all cash collateral in a properly designated DIP account at Regions Bank and must track all funds, disclosing any non-collateral receipts in monthly operating reports. The Debtor's authority to use cash collateral terminates upon the effective date of a confirmed Chapter 11 plan or upon any failure to perform obligations or comply with the final order, which the Debtor fails to cure after five days' notice. A copy of the final order and the Debtor's budget is available at https://shorturl.at/eUqkJ from PacerMonitor.com. Well Run, an Alabama-based company operating a coffee café since 2018, aims to stabilize its finances post-bankruptcy by meeting operating expenses and developing a feasible reorganization plan. The Debtor said that United Community Bank, Inc., the holder of a pre-bankruptcy secured loan of approximately $443,500, has a first-position lien on all the Debtor's tangible and intangible personal property, including receivables and deposit accounts. Although other creditors may claim subordinate interests, United Community Bank is identified as the primary secured creditor in the cash collateral. About Well Run LLC Well Run, LLC, doing business as Just Love Coffee Cafe, operates a coffee café since 2018. Well Run filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-82131) on October 20, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Linda Gore serves as Subchapter V trustee. Judge Clifton R. Jessup Jr. presides over the case. Kevin D. Heard, Esq., and Angela Stewart Ary, Esq., at Heard, Ary & Dauro, LLC represent the Debtor as legal counsel. WELLPATH HOLDINGS: Dismissed as Party in Wilhite Lawsuit -------------------------------------------------------- The Honorable Linda V. Parker of the United States District Court for the Eastern District of Michigan adopted Magistrate Judge Anthony P. Patti's October 23, 2025 Report and Recommendation that Kennan Bailey White's motion to proceed with the lawsuit captioned as KENNAN BAILEY WILHITE, Plaintiff, v. ERIN PARR-MIRZA, JULIANA MARTINO, ANGELA JOSEPH, WELLPATH SERVICES, and KIM FARRIS, Defendants, Case No. 24-cv-11815 (E.D. Mich.) should be granted in part and denied in part, in that his claims against Martino, Joseph, and Farris should proceed and his claims against Wellpath Inc. be dismissed based on the bankruptcy discharge and confirmation order. On July 1, 2024, Plaintiff, a Michigan Department of Corrections prisoner, initiated this pro se civil rights lawsuit pursuant to 42 U.S.C. Sec. 1983. Plaintiff alleges deliberate indifference to his medical needs in violation of the Eighth Amendment by Defendants. At the time relevant to Plaintiff's claims, Defendant Erin Parr-Mirza was employed by MDOC as a Health Unit Manager at the Macomb Correctional Facility where Plaintiff was incarcerated. The remaining individual Defendants (Juliana Martino, Angela Joseph, and Kim Farris) were employed by Defendant Wellpath to provide healthcare to MRF inmates. The Plaintiff's motion to proceed with lawsuit is granted in part and denied in part. The stay as to Defendants Martino, Joseph, and Farris is lifted. Pursuant to the confirmation order issued by the United States Bankruptcy Court for the Southern District of Texas, Wellpath's motion to dismiss is granted, Plaintiff's claims against Wellpath are dismissed with prejudice, and Wellpath is terminated as a party to this action. A copy of the Court's Opinion and Order dated November 12, 2025, is available at https://urlcurt.com/u?l=K4OfMh About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WELLPATH HOLDINGS: Wins Bid to Dismiss Jones Lawsuit ---------------------------------------------------- Judge David L. Bunning of the United States District Court for the Eastern District of Kentucky adopted the August 18, 2025 Report and Recommendation of United States Magistrate Judge Edward B. Atkins that the case captioned as BRADLEY JONES, PLAINTIFF v. WELLPATH, LLC, et al., DEFENDANTS, (E.D. Ky.) be dismissed. The plaintiff's objections to the R&R are overruled and the amended complaint is dismissed with prejudice. On April 13, 2023, Bradley Jones suffered a stroke while incarcerated at Little Sandy Correctional Complex. Jones alleges that LSCC failed to provide this treatment and, as a result, he suffered a stroke. He contends that LSCC's failure to provide adequate post-stroke medical care exacerbated his injuries. Jones filed the first Complaint in this action on March 13, 2024, naming Warden Shawn McKenzie and Wellpath, LLC as Defendants. Jones then filed an Amended Complaint on April 13, 2024, adding twenty individual Defendants and bringing claims under federal and Kentucky law. In his R&R, Judge Atkins observed that Jones's Amended Complaint brings two claims against the Individual Defendants. Count I alleges that the Individual Defendants violated Jones's Eighth Amendment rights through their deliberate indifference to Jones's medical needs. In Count II, Jones asserts that the Individual Defendants negligently failed to provide him with necessary medical care and that this negligence caused his injuries. Judge Atkins recommended that the Court dismiss Jones's deliberate indifference claim. Judge Atkins also recommended that the Court dismiss Jones's state-law negligence claim. Judge Atkins reached this conclusion for the same reasons that prompted his recommendation that the Court dismiss Jones's deliberate indifference claim. Because the Amended Complaint levied only general allegations against the Individual Defendants as a group, Judge Atkins determined that it failed to provide the requisite specificity and, as a result, must be dismissed. In his Objections, Jones takes no issue with Judge Atkins's recommendation that the Court dismiss all claims pending against the Individual Defendants. Because Jones apparently concedes that Counts I and II of the Amended Complaint fail to state a claim against the Individual Defendants, the Court adopts the R&R's recommendation that Defendants' Motions to Dismiss be granted with respect to the Individual Defendants. Despite this concession, Jones objects that he should be given leave to amend his Amended Complaint. He argues that such leave is appropriate because: (1) he has a specific factual basis to proceed against five of the Individual Defendants (Lodena McMillian, Jessica Harper, Jennifer Mabry, Krystal Ross, and Mandy Webb (the "Proposed Defendants")), and (2) these Proposed Defendants will not be prejudiced by defending against Jones's claims. The Court finds Jones's objections do not provide an adequate basis for rejecting the R&R. Defendants' pending Motions to Dismiss are granted, and all claims in this case against Defendants Judy Barker, Heather Eagle, Christina Garcia, Jennifer Gilliam, Kimberly Hatfield, Jennifer King Mabry, Edna Lewis, Joshua Lindell, Mary Litton, Deanna Mabry, Jessica McDavid, Loriena McMillin, Stacy Napier, Joseph Pierce, Krystal Ross, Leland Sexton, Alicia Staniford, Sarah Stephens, Jessica Harper, and Mandy Webb are dismissed with prejudice. Defendants' other pending dispositive motions are denied as moot. Based on the Parties' Agreed Stipulation and Order, Defendant Wellpath, LLC is discharged and dismissed as a Defendant. A copy of the Court's Memorandum Order dated November 14, 2025, is available at https://urlcurt.com/u?l=Twbmyd About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WESTMINSTER CANTERBURY: Fitch Affirms 'BB+' IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' ratings on approximately $492 million of tax-exempt fixed rate revenue bonds issued by the city of Virginia Beach Development Authority on behalf of Westminster Canterbury on Chesapeake Bay Obligated Group (WCCB). Fitch has also affirmed WCCB's 'BB+' Issuer Default Rating (IDR). The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Westminster-Canterbury on Chesapeake Bay (VA) LT IDR BB+ Affirmed BB+ Westminster-Canterbury on Chesapeake Bay (VA) /General Revenues/1 LT LT BB+ Affirmed BB+ The 'BB+' ratings reflect Fitch's view of WCCB's forward-looking financial and operating risk profile, which considers the scope of management's growth strategy, including additional debt issued in late 2023 to finance construction of WCCB's new 226-unit Bay Tower project. Construction is on time and budget and scheduled for initial occupancy in January 2027. Construction on the Bay Tower is 65% completed and presales, at 89%, are ahead of original projections. WCCB expects first-generation entrance fees to reach $190 million, which will be used to repay $165 million of temporary construction debt. Occupancy at WCCB's existing ILUs remains consistently robust, averaging 95.1% for FY 2025. WCCB's operating metrics are supported by strong cash flows from net entrance fees. As of unaudited FY 2025 (Sept. 30), cash/adjusted debt has improved but remains modest at 31% (including debt service reserves), reflecting elevated leverage that will lower upon repayment of temporary debt with initial Bay Tower entrance fees, an operating ratio of 103.7% and liquidity of 760 DCOH (DCOH is per WCCB's calculation which includes certain internally restricted funds. Fitch's calculation, which excludes those funds, was 710). During the construction period, cash to adjusted debt and the operating ratio will remain materially more constrained and aligned with the below-investment grade rating; however, Fitch believes that the ILU project, once stabilized, will further enhance WCCB's competitive position and be accretive to operations. SECURITY The bonds are secured by a gross revenue pledge of the OG and a first mortgage lien. The bonds funded a debt service reserve fund (DSRF). Series 2018 bondholders share an on-parity security interest in the DSRF. KEY RATING DRIVERS Revenue Defensibility - 'a' Good Occupancy; Favorable Location and Market Position WCCB is well positioned as the leading upscale life plan community (LPC) in its primary market area (PMA), supported by its Virginia Beach beachfront location, a popular destination for seniors. The area is characterized by favorable wealth and income levels relative to surrounding communities and the commonwealth of Virginia. There are two smaller competing LPCs within WCCB's PMA. There are also two LPCs outside of the PMA located in Newport News, VA, and Suffolk, VA, but they do not represent meaningful competition. Given WCCB's favorable location and the strength of the local housing market, WCCB's entrance fees are priced appropriately given the demand for services as evidenced by WCCB's 474-member waitlist. Operating Risk - 'bb' Consistent Cash Flow and Improving Operations; Sizable Capital Plans WCCB's operating metrics are adequate, supported by robust cash flow performance due to strong entrance fee turnover and WCCB's largely non-refundable contract mix. Although growth of operating expenses, particularly dining, housekeeping, and general and administrative expenses, exceeded the growth of resident service revenues in FY 2025 resulting in a negative NOM, expenses came within 1% of management's budget. WCCB's adjusted net operating margin (including entrance fees from turnover units) remained robust at 36%. WCCB's operating ratio modestly improved to 103.7% from 104.3% reflecting stability in operating expenses relative to revenues. NOM is expected to remain constrained until new units from the Bay Tower project are in service. Current maximum annual debt service (MADS) reflects a sufficient 7% of FY 2025 revenues with 6.6x coverage (and 0.4x from revenues only) but will become more constrained beginning in 2029 once debt service commences on the permanent portion of the series 2023 bonds. However, MADS coverage is expected to remain at or above 1.5x even under the forward-looking Fitch stress case scenario. WCCB's operating performance is expected to be pressured over the next few years during project construction, particularly with the 30 villa units taken out of service and demolished two years ago to make room for the Bay Tower. In addition, in April 2025 WCCB took 14 dementia/memory care beds out of service for renovations. Those beds will go back into service this month (November 2025). In fiscal years 2026 through 2028, Fitch's base case scenario reflects a negative NOM with NOMA declining to about 25% before achieving positive NOM and NOMA once the Bay Tower project is completed and begins to fill. Capital-related metrics will also weaken significantly, but both operations and capital-related metrics should rebound once the Bay Tower project is completed and reaches stabilization in fiscal 2029. Financial Profile - 'bb' Debt Issuance Constrained Balance Sheet WCCB historically maintained largely midrange capital-related metrics, with MADS representing an average of 8.5% of revenues and debt to net available averaging 3.6x from 2020 to 2023. With the series 2023 debt, and once post-stabilization debt service requirements commence, WCCB's debt burden (MADS/revenues) increases to 23%, weakening its capital-related metrics. Debt service and coverage requirements on project debt are not applicable until the first full fiscal year after the project reaches stabilized occupancy, expected in fiscal 2029. Upon stabilization, MADS increases from the current level of approximately $5 million to $25 million per year, which conservatively includes debt service associated with WCCB's partial guarantee of non-OG debt for Opus Select. MADS coverage during construction and fill-up is expected to remain at or above 5.0x and is expected to decline to approximately 1.6x when MADS increases post stabilization. While the new tower is expected to achieve a 94% occupancy rate in fiscal 2029, WCCB projects to be able to meet its 1.2x minimum debt service coverage covenant at 62% occupancy should new tower fill-up occur more slowly than expected although the current pace of pre-sales suggests that fill-up should occur on or ahead of schedule. WCCB's capital-related ratios and financial profile are consistent with a 'bb' assessment given the midrange revenue defensibility and weaker operating risk profiles. In a forward-looking stress case, cash-to-adjusted debt recovers to above 30% by year four, although is during the construction phase of the project. Asymmetric Additional Risk Considerations There are no asymmetric additional risk considerations. Debt issued to finance the Bay Tower project increased WCCB's outstanding debt by about 7x the amount of debt outstanding for the obligated group at FYE 2023 (including WCCB's guarantee of $12 million of debt incurred outside of the OG for an affiliate). The partial debt guarantee supported Opus Select's acquisition of a 172-unit age-restricted rental community located near the WCCB campus. Opus Select continues to perform well with 96% occupancy and serves as a feeder to WCCB's lifecare facilities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - New project construction or fill-up issues that constrain operations or the balance sheet beyond what is contemplated under Fitch's stress scenario analysis; - Material weakening of DCOH below 200 days, or cash/adjusted debt failing to rebound to above 30% once the new tower project has reached stabilized occupancy; - Failure to sustain MADS coverage in excess of 1.2x after the issuance of the new debt and upon stabilized occupancy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Pursuant to current financing plans a rating upgrade is unlikely until, at the earliest, the Bay Tower has established stabilized occupancy; - An operating ratio approaching a sustained level at or below 100%. PROFILE WCCB is a type A (lifecare) LPC located on a 12.2-acre site fronting the Chesapeake Bay in Virginia Beach, VA. The LPC opened in 1982 and currently comprises 423 ILUs (30 villas were taken offline and demolished to allow for construction of the new Bay Tower project), 80 assisted living and memory care units (including the 14 that are currently offline but will return to service on Nov. 17), and 108 skilled nursing facility beds. Construction of WCCB's Bay Tower, which is 65% complete, will be substantially finalized by November 2026 and will add 226 ILUs. Presales are at 89%. The WCCB OG had total operating revenues of $70 million and total assets of $746 million (including approximately $279 million of funds held for construction of the Bay Tower) as of fiscal year-end 2025. Fitch bases its financial analysis on the results of the OG, which consists of WCCB (the senior living campus) and the Westminster-Canterbury on Chesapeake Foundation (the foundation). WCCB OG accounted for 94% of total assets and 76% of total revenues of the consolidated entity in FY 2024 (FY 2025 consolidating statements have not yet been released). WCCB also has six non-OG affiliated organizations, Westminster-Canterbury at Home, LLC, Senior Options, LLC, S.O. Realty, LLC, Ballentine Home Corporation, and Senior Options Community which was created to acquire Opus Select, a 172-unit, age 62+ rental apartment community located near the WCCB campus. The non-OG entities were not accretive to consolidated operating performance in FY 2024. The financial results of these affiliates are not included in the metrics outlined in this commentary. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from Lumesis. ESG Considerations 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. WHISTLER PARENT: Monroe Marks $5.9MM Secured Loan at 43% Off ------------------------------------------------------------ Monroe Capital Corporation has marked its $5,957,000 loan extended to Whistler Parent Holdings III, Inc. to market at $3,396,000 or 57% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Junior Secured Loan to Whistler Parent Holdings III, Inc. The loan accrues interest at a rate of 11.01% PIK per annum. The loan matures on June 2, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Whistler Parent Holdings III, Inc. Whistler Parent Holdings III, Inc. operates as a holding company. The Company, through its subsidiaries, specializes in providing investment services. WHISTLER PARENT: Monroe Marks $870,000 Secured Loan at 21% Off -------------------------------------------------------------- Monroe Capital Corporation has marked its $870,000 loan extended to Whistler Parent Holdings III, Inc. to market at $686,000 or 79% of the outstanding amount, according to Monroe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Monroe is a participant in a Senior Secured Revolver Loan to Whistler Parent Holdings III, Inc. The loan accrues interest at a rate of 11.01% PIK per annum. The loan matures on June 2, 2028. Monroe Capital Corporation is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investment in senior secured, junior secured and unitranche secured debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common stock and warrants. Monroe is managed by Monroe Capital BDC Advisors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Monroe is led by Theodore L. Koenig as Chairman, Chief Executive Officer and Director, and Lewis W. Solimene, Jr. as Chief Financial Officer and Chief Investment Officer. The Company can be reach through: Theodore L. Koenig Monroe Capital Corporation 311 South Wacker Drive, Suite 6400 Chicago, IL 60606 Telephone: (312) 258-8300 About Whistler Parent Holdings III, Inc. Whistler Parent Holdings III, Inc. operates as a holding company. The Company, through its subsidiaries, specializes in providing investment services. WOODLINE PROPERTIES: Seeks Chapter 11 Bankruptcy in West Virginia ----------------------------------------------------------------- On November 18, 2025, Woodline Properties LLC filed Chapter 11 protection in the Northern District of West Virginia. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Woodline Properties LLC Woodline Properties LLC is a limited liability company. Woodline Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00666) on November 18, 2025. In its petition, the Debtor reports estimated assets and liabilities each between $1 million and $10 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Martin P. Sheehan, Esq. of Sheehan & Associates, PLLC. WORKHORSE GROUP: Reports Net Loss of $7.8MM in 2025 Q3 ------------------------------------------------------ Workhorse Group Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $7.8 million for the three months ended September 30, 2025, compared to a net loss of $25.1 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 $43.3 million, compared to a net loss of $80.6 million. Sales, net of returns and allowances, for the three months ended September 30, 2025 and 2024, were $2.4 million and $2.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had sales, net of returns and allowances, of $8.7 million and $4.7 million, respectively. As of September 30, 2025, the Company had $12.7 million of cash and cash equivalents and $25.5 million in restricted cash, net accounts receivable of $1.2 million, other receivables of $1.5 million, net inventory of $30.0 million and accounts payable of $11.2 million. As of September 30, 2025, the Company had positive working capital of $12.5 million and an accumulated deficit of $896.6 million. 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. Third Quarter Financial Overview: "Our proposed transaction with Motiv will provide Workhorse with a simplified capital structure and the near-term liquidity to support our operations through the proposed transaction close," said Workhorse CFO Bob Ginnan. "We continue to take additional steps to extend our financial runway and efficiently manage our cash flow by reducing operating costs and improving working capital needs. We are confident in our ability to generate additional purchase orders and revenue from our customers while strengthening our financial position, and we look forward to completing the proposed transaction with Motiv." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdc6sevz 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. WULF COMPUTE: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned a 'BB' Long-Term Issuer Default Rating (IDR) to WULF Compute LLC. Fitch has also assigned the company's $3.2 billion senior secured notes a 'BB' rating with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. RATING RATIONALE The 'BB' rating reflects Fitch's assessment of completion risk for Akela, a 450MW data center project that the issuer WULF Compute LLC is constructing. The issuer also owns La Lupa, a 72.5MW facility, of which 22.5MW is operational, with the remaining capacity expected to commence by YE 2025. While the construction scope is relatively straightforward for the 450MW data center. Self-performed construction, the absence of a fixed-price, date-certain construction contract, and an aggressive schedule offset the benefits of lower complexity. This is mitigated by the lenders technical advisor's (LTA) assessment that contingency levels are adequate, the budget is reasonable, and long-lead procurement is advanced, supporting achievability of the schedule despite the aggressive timeline. Fitch views the sponsors' completion of a data center project on the same campus (La Lupa) and positively. However, the sponsor's track record in the broader data center construction is still developing relative to more established developers. While the outside completion date allows for up to a six-month delay, any delay beyond that could result in lease termination without compensation and the loss of the primary revenue stream from the Fluidstack leases, together with support under the Google Support Agreement. There may also be rent credits for delays exceeding 30 days beyond the target completion date. However, reasonable contingencies are included in the construction budget, and a debt service reserve covering six months of interest and principal, fully funded at financial close along with pre-funded interest during construction, collectively provide liquidity to absorb delay costs and any late delivery credits applied against base rent once the leases commence. During the operating phase, the project benefits from Google's backstop, which is expected to cover Fluidstack's lease obligations or termination payments sufficient to repay outstanding debt in the event of a Fluidstack payment default or bankruptcy, materially reducing risk. Although the operator does not have extensive experience, the current operations of a data center on the same campus (La Lupa) provide a credible foundation. The IDR is equalized with the senior debt facilities' ratings due to absence of other subordinate liabilities. Fitch also assigns a Recovery Rating of 'RR3'. KEY RATING DRIVERS Completion Risk - Weaker The assessment reflects a relatively straightforward data center construction but is offset by the project company's and sponsor's shorter track record relative to more established data center developers, the absence of a fixed-price construction contract, and a tight implementation schedule. In addition, the decision to self-perform construction activities removes the risk-transfer benefits typically available under a traditional contractor model. These risks are mitigated by LTA's positive view of the project's well-developed construction management, recent successful delivery of a data center building (CB-1 for La Lupa), and reasonable budget contingencies that help absorb unexpected costs from schedule slippage or cost overruns. The execution risks are also mitigated by the use of experienced subcontractors and receipt of permits for one of the three data center buildings being constructed. Management expects to receive the remaining permits shortly. Although the current CB-3 schedule shows ready for service (RFS) occurring 41 days late, which is outside the 30-day grace period for rent credits, the LTA indicates that an alternative CB-3 schedule is being considered that prioritizes early tenant access. The construction costs are viewed within market benchmarks by the LTA but are on the lower end compared with similar projects. The outside completion date, set six months beyond scheduled completion, provides an above-average schedule cushion. However, a breach of this date could result in lease termination without compensation. A debt service reserve, available during construction and sized to cover six months interest and principal in case of potential delays, provides mitigation alongside the staggered completion of facilities, which will begin generating revenue as individual data centers come online. Operation Risk - Midrange The midrange operating risk assessment reflects a clear modified gross + electric (MG+E) cost framework, with electricity costs passed through to tenants and the landlord responsible for maintaining core building systems to high uptime and reliability standards calibrated for AI training. The redundancy is lighter without on-site generators, but is offset by dual, independent transmission feeds (providing redundancy in power supply) and UPS-backed critical power with lithium-ion batteries. Operations also rely on LaLupa to fund operating costs, mitigated by meaningful headroom in Akela's projected cash flows to absorb any short falls in La Lupa cash flows. While the operator's track record is relatively short, this is expected to improve as the La Lupa platform scales. Supply Risk - Midrange The project faces electricity supply risk, given the scale and significant power needs across Akela (450MW), La Lupa (72.5MW), and the sponsor's existing bitcoin mining operations (250MW) on the same campus. The campus currently has a 500MW NYISO interconnect available, with a further 250MW expansion pending regulatory approval. There is also a requirement to construct a new substation dedicated to Akela, undertaken by the project itself. The risks relating to regulatory approvals for the incremental 250MW power expected in April 2026 are mitigated by the sponsor's ability and willingness to divert power from the bitcoin mining operations to Akela. Dual 345kV transmission feeds (A&B) in Western New York provide continuous utility redundancy. The reliability at this voltage level is strong and force-majeure-related power interruptions do not constitute service-level agreement (SLA) breaches, which offers reassurance on the project's ability to meet service requirements without presence of on-site generators for the data centers. The A feed is fully available to support near-term operations; the B feed upgrade is targeted for June 2026, with temporary generation budgeted ($169.5 million) to bridge unlikely interruptions before the upgrade. The LTA views the B-feed upgrade as a long-term reliability enhancement rather than a prerequisite for energizing CB-3 to CB-5. Revenue Risk - Composite - Stronger Located at the Lake Mariner campus in Western New York, the project benefits from low-latency connectivity to Toronto, New York City and Boston and dual 345kV transmission infrastructure, thereby supporting a strong competitive position for AI training and inference. However, dark fiber connectivity to New York is currently being implemented and is expected to be in place by project completion. Revenues are fully contracted across Akela's 366MW critical IT load (450MW gross capacity) under 10-year modified gross + electric (MG+E) leases, with two five-year extension options. While the primary lease is with unrated tenant Fluidstack, this is mitigated by Google's recognition agreement and financial support agreement, which together require Google to assume the leases or pay termination fees sized to cover outstanding debt under defined conditions. Mandatory amortization, excess cash flow offers and lockbox controls reinforce cash flow certainty and deleveraging within the initial lease term. Google's investment in the sponsor company (TeraWulf) and strategic engagement reflect the strategic importance of the asset and strengthen revenue security. La Lupa, representing about 13% of revenue and leased to Core42, lacks similar credit enhancement but is a smaller portion of the portfolio, and replacement should be achievable because of the data center's favorable location and fiber connectivity. Infrastructure Dev. & Renewal - Stronger Once constructed, the project will comprise three newly built, Tier-3-equivalent data centers at the Lake Mariner campus with concurrently maintainable systems, N+1 UPS with lithium-ion batteries, and N+2 cooling, supporting high-density workloads and limiting near- to mid-term maintenance needs. La Lupa assets are newly built as well. Landlord obligations include diligent operation and upkeep of core infrastructure, reinforced by a structured preventative maintenance program. Maintenance exposure is moderated by efficient design, dual 345kV utility feeds in lieu of a permanent generator backup, and a lease framework that allocates computing hardware to the tenant while the landlord maintains the building and essential services. Most major mechanical and electrical components have useful lives of longer than 10 years, leaving major replacements to occur after debt repayment and thereby offsetting the absence of a major maintenance reserve. Debt Structure - 1 - Midrange The financing is $3.2 billion in senior secured notes issued by WULF Compute LLC, with a first-priority lien over all assets, contracts, grid connections and cash flows across Akela and La Lupa, supported by Google's recognition agreements and financial support agreement for the Akela data centers. A $265 million debt service reserve account covering six months of debt service is funded in addition to funding of capitalized interest during construction. Lease payments are deposited into agent-controlled lockbox accounts, mitigating exposure to clawback actions in a tenant insolvency or bankruptcy event. While payments from La Lupa prioritize operating expenses, payments from Akela are swept through a structured waterfall that prioritizes interest and principal, then any operating expense shortfall for the overall campus. The issuer is required to offer to purchase notes with up to 50% of available excess cash flow, which can accelerate amortization if holders accept the offer. While there is refinancing risk around at maturity in 2030, it is mitigated by a 10-year Google support agreement sufficient to fully amortize the debt within the support period. The structure features a fixed interest rate and distribution controls. Additional indebtedness is permitted but capped to amounts optionally redeemed or accepted for purchase via the excess cash flow offer, limiting releveraging to debt capacity created under the Google support agreement. Any debt beyond this must be unsecured or junior to the rated notes and is not supported by the Google backstop. There are clauses that allow the issuer to pursue M&A. However, any M&A activity will not result in additional senior debt supported by Google beyond what is permitted under the set limitation on additional debt. Under the recognition agreements, defined conditions obligate Google to assume the lease or pay a termination fee sized to cover outstanding debt. Financial Profile The operating-phase 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 1.7x 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 and the lack of a long operational track record. PEER GROUP Cipher Compute LLC (BB-(EXP)/Stable) is broadly comparable to WULF Compute. Both face completion risk, including the lack of a fixed-price construction contract and an aggressive construction schedule. Cipher's scope includes generator installation, and its rent credits are linked to early access rather than a defined completion date. Both Cipher and WULF benefit from a 10-year initial lease with Fluidstack and a Google backstop during operations, which covers Fluidstack's lease obligations or provides termination payments sufficient to repay debt if Fluidstack defaults or enters bankruptcy. However, Cipher permits incremental debt under certain conditions, whereas WULF does not. WULF is developing a 450MW data center at the Lake Mariner campus in western New York and its rating is constrained by construction and ramp-up risk, heightened by the absence of a fixed-price contract and an aggressive timetable. WULF's MG+E lease with Fluidstack runs for 10 years with two five-year extension options, and the project benefits from Google's backstop during operations, similar to Cipher. Cipher's operating revenues depend on a single site, whereas WULF has three sites with staggered completion, each with its own backstop, and two smaller HPC facilities that could provide liquidity during construction. Cipher also has an allowance for additional debt and a weaker, though still adequate, credit profile with average DSCR of 1.20x over the initial debt term (2026-2035) and PLCR at maturity (year five) of 1.45x under Fitch's rating case, which incorporates stressed operating costs and escalation. By comparison, WULF's averages are stronger, at 1.26x DSCR and 1.70x PLCR. Cipher's operator track record is yet to be established, while WULF has a modest operating record with one smaller HPC data center currently in service. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays that exceed allowable times as indicated in the lease terms, leading to potential tenant termination; - Degradation of the financial performance leading to sustained DSCR below 1.1x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Satisfactory commissioning of data centers CB-3, CB-4 and CB-5 in line with the requirements of their respective lease terms, coupled with sustained operational and financial performance with DSCR above 1.2x. TRANSACTION SUMMARY TeraWulf, through wholly owned WULF Compute LLC, seeks a $3.2 billion secured debt to fund three HPC data centers (Akela CB-3, CB-4, CB-5; 450MW gross/366MW Critical IT load) at Lake Mariner. The debt carries a first-priority lien on all WULF Compute assets, contracts, and cash flows across La Lupa (Wulf Den, CB-1, CB-2) and Akela (CB-3, CB-4, CB-5), a five-year tenor, a debt service reserve six months of interest and principal (fully funded at financial close, in addition to funded interest during construction), and a waterfall prioritizing opex and debt service, and an excess cash flow offer to redeem notes up to 50% of available excess cash flow. All critical IT at Lake Mariner is pre-leased under 10-year modified gross + electric agreements with lease renewal options: 72.5MW at La Lupa to Core42 (a G42 subsidiary) and 366MW at Akela to Fluidstack. Leases include tenant termination rights for late delivery, chronic outages of essential services, and restricted landlord change of control. Alphabet Inc. (Google) supports the project with up to $3.2 billion of backstop for Fluidstack (termination fee or lease assumption under recognition agreements) and a pledge of warrants representing approximately 14% of TeraWulf's equity as construction collateral. Amortization steps down with the Google backstop and combines fixed amortization with an excess cash flow offer, targeting full paydown within the initial 10-year lease term. Lease payments flow to an agent-controlled account and are swept to opex, mandatory amortization, interest, then excess cash. Total campus capitalization is $4.333 million, with $3.200 million secured debt (74%) and $1.133 million in equity financing, $437 million equity for La Lupa (10%), and $696 million parent cash equity (16%). Uses include Akela capex, remaining La Lupa capex, interest during construction , OID/development/financing fees , and a DSRA. WULF Compute LLC will be special-purpose vehicle (SPV) with no business other than the project and ringfenced from its sponsor, TeraWulf. The contribution of any portion of the equity financing not yet contributed will be a condition to the closing of the offering of the notes, thereby insulating the project SPV from TeraWulf's credit quality. The credit is also supported by a parent completion guaranty from TeraWulf to fund and achieve lease commencements, comprehensive collateral over all HPC facilities and contracts, and a waterfall that sweeps Google-backed lease cash flows to debt service using a lockbox account mechanism. The documents restrict sale of material assets such as the building and real estate. While Fitch has received final financing and security documents, it has not received the lockbox agreement that will be provided within 60 days of issuance. This agreement does not impact the construction phase of the project. FINANCIAL ANALYSIS Fitch Base Case The Fitch base case reflects the sponsor's view of revenue generation under normal conditions, applying a 5% stress to operating expenses during the debt term and a 3% annual operating expenses escalation. The case assumes the project will demonstrate strong operating performance post completion. Under these assumptions, the average DSCR is 1.27x over 2026-2031, with a minimum of 1.09x in 2027. PLCR at year five (maturity) is 1.72x. Fitch Rating Case The Fitch rating case applies a 10% stress to operating expenses relative to the sponsor case while maintaining similar revenue projections and operating expenses escalation as the base case. Under this scenario, the average DSCR is 1.26x over 2026-2031, with a minimum of 1.08x. PLCR at year five (maturity) is 1.70x. Fitch considers interest rate in line with the sponsor case at 8%. Despite exposure to refinance risk, Fitch has not applied any stresses to the interest rate during the refinance period because the risk profile of the project is expected to improve post completion. Sensitivity Scenario Fitch also assessed a sensitivity scenario under the base case that considers revenue from Akela only, excluding La Lupa. In this scenario, the average DSCR is 1.05x over 2026-2031, with a minimum of 0.84x in the first projection year and a PLCR of 1.46x at maturity (year five). The dip in 2026 reflects ramp-up conditions and is not a concern, given the fully funded six-month debt service reserve, which is expected to cover additional debt service during this period. Overall, the financial metrics are consistent with a higher rating. However, the rating is constrained by completion risk and relatively modest operating track record for the developer. SECURITY The debt is secured by claims on all assets, revenues, and cash flows from La Lupa and Akela, with Akela's revenue streams benefiting from the Google backstop arrangement that provides credit enhancement to the underlying cash flows. 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 ----------- ------ -------- ----- WULF Compute LLC LT IDR BB New Rating BB(EXP) WULF Compute LLC/Senior Secured Debt/1 LT LT BB New Rating RR3 BB(EXP) XINYUAN REAL ESTATE: Has Until Nov. 26 to Answer Involuntary Ch. 11 ------------------------------------------------------------------- Ben Zigterman of Law360 reports that a New York bankruptcy judge ruled that Xinyuan Real Estate, a Beijing-based property developer, has until November 26 to respond to an involuntary Chapter 11 petition filed by three creditors. The creditors lodged the petition in April, claiming the company has failed to meet its obligations on $170 million in note debt. The court's deadline sets the stage for Xinyuan to formally contest the petition or face potential consequences if it does not act. The creditors argue the company's alleged defaults justify forcing it into bankruptcy, while Xinyuan's forthcoming response will determine how the case proceeds, the report states. About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. YES HOLDINGS: Chapter 11 Disclosure Statement Due March 19 ---------------------------------------------------------- On November 19, 2025, YES Holdings FL LLC filed Chapter 11 protection in the Middle District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. The Company's Chapter 11 disclosure statement is due on March 19, 2026. About YES Holdings FL LLC YES Holdings FL LLC is a single asset real estate company. YES Holdings FL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07522) on November 19, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million–$10 million. The Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. ZAYO GROUP: Moody's Affirms 'B3' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings affirmed the B3 corporate family rating and B3-PD probability of default rating of Zayo Group Holdings, Inc. (Zayo), a leading global provider of bandwidth infrastructure. Moody's assigned B3 ratings to the company's $1033.5 million Senior Secured First Lien Super Priority revolving credit facility, approximately $3.8 billion USD Senior Secured First Lien Super Priority term loan due March 2030, approximately EUR527 million Euro Senior Secured First Lien Super Priority term loan due March 2030, and approximately $1.3 billion Senior Secured First Lien First Out Notes due March 2030. Moody's also assigned a Caa2 rating to Zayo's approximately $879 million Senior Secured First Lien Second Out Notes due March 2030. The ratings assignments follow the completion of Zayo's amend and extend transaction of its outstanding senior secured term loans, Senior Secured Notes due 2027, and Senior Unsecured Notes due 2028. The rating on the company's existing $16.5 million senior secured first lien revolving credit facility expiring March 2026 was downgraded to Caa2 from B3 reflecting its subordination in the revised capital structure. Additionally, Moody's have withdrawn the company's existing B3 ratings on its senior secured first lien bank credit facilities due 2027 and 2029. The outlook remains stable. In connection with the exchange, the company also used a portion of its cash on hand and a partial revolver draw to repay approximately $2 billion of secured debt. As part of the transaction, the credit agreement and notes indenture mandate that 90% of proceeds from future asset backed securitization (ABS) transactions (excluding future Crown Castle Fiber ABS transactions) are required to repay the term loans and First Lien First Out Notes at par on a pro rata basis. In October 2025, Zayo completed its third fiber ABS transaction, $846 million of fiber securitization notes, secured by fiber network assets and associated contracts in the Southcentral region of Zayo's US footprint. Use of proceeds were primarily used to repay portions of the term loans and Senior Secured First Lien First Out Notes, and repay the stub balances in full of the term loans due 2027, Senior Secured Notes due 2027, and Senior Unsecured Notes due 2028. The affirmation of the B3 CFR reflects the credit positive aspects of Zayo extending its debt maturities to 2030 and reducing Zayo credit group debt by over $2 billion by using proceeds from recently executed fiber ABS transactions. The ratings affirmation also reflects the growing long-term demand for Zayo's fiber infrastructure products and fiber-enabled high bandwidth solutions underpinned by the surge of AI-driven demand and data center activity. For 2026, Moody's projects mid-single-digit percentage revenue growth driven by AI demand and data center activity and high-single-digit percentage EBITDA growth driven by increased operating leverage and successful cost-savings initiatives. Zayo is building over 5,000 long-haul fiber route miles, including five new long-haul routes and seven overbuilds of existing routes, over the next five years. The buildouts are capital intensive, but Zayo has been successful in receiving favorable upfront payments from its customers and reducing payback periods on committed capital. Moody's expects Zayo's continued pursuit of growth investments to address fiber demand will contribute to financial leverage remaining high and annual free cash flow remaining negative for at least 2026. Moody's anticipates current cash balances and available capacity under its $1.05 billion revolvers are sufficient to fund cash flow deficits over the same period. RATINGS RATIONALE Zayo's B3 CFR reflects the company's high debt to EBITDA of 8.6x as of LTM June 30, 2025 pro forma for the amend and extend and ABS transactions (which increases to 10x when excluding Moody's standard operating lease adjustments). Excluding debt and earnings on assets contributed to the fiber ABS transactions, Moody's estimates pro forma debt to EBITDA remains around 8.6x as of LTM June 30, 2025. The securitized pool consists of about 40% of Zayo's recurring revenue. The CFR also reflects an aggressive financial strategy and a history of negative free cash flow contributing to Zayo being reliant at times on its revolvers to fund growth capital spending. Moody's expects growth capital spending to remain elevated for at least the next 12 months due to the surging demand for AI and data center activity. AI-related projects typically have longer build and install times which delay revenue recognition and suppress free cash flow. Consequently, Moody's do not expect Zayo to generate positive free cash for at least the next 12 months. The CFR benefits from high demand for Zayo's fiber products and bandwidth solutions as demonstrated by twelve consecutive quarters of positive net installs, its high percentage of contracted recurring revenue, and its valuable long-haul and metro fiber footprint which comprise the majority of revenue and EBITDA. Capturing a greater share of the growth in its addressable end markets remains critical to Zayo achieving greater scale and the potential to drive financial leverage meaningfully lower. Increasing bandwidth needs from data centers, hyperscalers, carriers, and other enterprises primarily driven by AI, accelerating adoption of cloud services, and wireless network densification support the company's business model. Zayo also benefits from better diversified capital access following its fiber ABS transactions, and Moody's expects the company to pursue more similar transactions. The Senior Secured First Lien Super Priority bank credit facilities, which include the company's Senior Secured First Lien Super Priority revolver and USD and Euro Senior Secured First Lien Super Priority term loans, and Senior Secured First Lien First Out Notes are rated B3, in line with the company's B3 CFR given both the level of Senior Secured First Lien Super Priority debt and Senior Secured First Lien First Out debt in the capital structure and the loss absorption from the company's subordinated debt. The Senior Secured First Lien Super Priority bank credit facilities and the Senior Secured First Lien First Out Notes are secured by collateral on an equal priority basis. The Senior Secured First Lien Second Out Notes and the existing senior secured revolver are rated Caa2, two notches below the CFR, reflecting their junior rank within the capital structure. Separately, the securitized debt issued by a special-purpose, bankruptcy remote, indirect wholly owned subsidiary of Zayo is excluded from Moody's LGD waterfall for Zayo. Moody's expects Zayo to maintain good liquidity primarily supported by large cash balances and revolver availability to fund free cash flow deficits over the next 12 months primarily driven by high growth capex spend. As of June 30, 2025, the company had $774 million cash on hand. Pro forma for the amend and extend and third fiber ABS transactions, Moody's estimates cash remained above $700 million. Liquidity is also supported by its $1,033.5 million revolver expiring March 2029 and $16.5 million revolver expiring March 2026, both of which were undrawn as of June 30, 2025. Pro forma for the amend and extend and third fiber ABS transactions, Moody's estimates around $425 million was drawn on the $1,033.5 million revolver. Over the next 12 months, Moody's expects negative free cash flow, primarily driven by growth investments, and annual term loan amortization will reduce Zayo's liquidity. While the term loans are not subject to financial covenants, the Senior Secured First Lien Super Priority revolver contains a springing maximum First Lien Super Priority leverage ratio of 7.75x (with no step downs) that will be tested starting on March 31, 2026 when utilization is greater than 35% ($361.725 million). Moody's expects Zayo to drawn and/or repay revolver balances as needed based on operating cash flows, but Moody's anticipates Zayo will maintain at least a 35% covenant cushion over the next 12 months. The stable outlook reflects Moody's expectations that the surge of fiber product and bandwidth demand will contribute to sustained bookings growth and positive net installs, driving revenue and EBITDA growth over the next 12 months. The stable outlook also reflects Moody's expectations that Zayo will maintain at least adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains good topline growth and debt to EBITDA approaches 6x while maintaining at least good liquidity. The ratings could be downgraded if debt to EBITDA materially increases, execution falters, or liquidity deteriorates beyond Moody's current expectations. The principal methodology used in these ratings was Communications Infrastructure published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Boulder, Colorado, Zayo Group Holdings, Inc. is a leading provider of bandwidth infrastructure, with significant networks in the US and Canada. Zayo's products and offerings enable high-bandwidth applications, such as cloud-based computing, video, mobile, social media, machine-to-machine connectivity, and other bandwidth-intensive applications. ZION OIL & GAS: Reports $1.7MM Net Loss in 2025 Q3 -------------------------------------------------- Zion Oil and Gas, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.7 million for the three months ended September 30, 2025, compared to a net loss of $1.8 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 $5.3 million, compared to a net loss of $5.6 million. As of September 30, 2025, the Company has no revenues from its oil and gas operations. The Company incurs cash outflows from operations, and all exploration activities and overhead expenses to date have been financed by way of equity or debt financing. The recoverability of the costs incurred to date is uncertain and dependent upon achieving significant commercial production of hydrocarbons. The Company's ability to continue as a going concern is dependent upon obtaining the necessary financing to undertake further exploration and development activities and ultimately generating profitable operations from its oil and natural gas interests in the future. The Company's current operations are dependent upon the adequacy of its current assets to meet its current expenditure requirements and the accuracy of management's estimates of those requirements. Should those estimates be materially incorrect, the Company's ability to continue as a going concern may be in doubt. During the nine months ended September 30, 2025, the Company had an accumulated deficit of approximately $299 million. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. To carry out planned operations, the Company must raise additional funds through additional equity and/or debt issuances or through profitable operations. There can be no assurance that this capital or positive operational income will be available to the Company, and if it is not, the Company may be forced to curtail or cease exploration and development activities. As of September 30, 2025, the Company had $44.7 million in total assets, $3 million in total liabilities, and $41.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/39b57v5e About Zion Oil Headquartered in Dallas, Texas, Zion Oil and Gas, Inc. -- http://www.zionoil.com/-- is an oil and gas exploration company dedicated to exploring for oil and gas onshore in Israel under its Megiddo Valleys License 434 which covers approximately 75,000 acres. As of September 30, 2025, the Company had $44.7 million in total assets, $3 million in total liabilities, and $41.7 million in total stockholders' equity. In its report dated March 27, 2025, the Company's auditor, RBSM LLP, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. [] Fed. Board Tosses Ex-DOJ Bankruptcy Director’s Firing Appeal ----------------------------------------------------------------- James Nani of Bloomberg Law reports that the former head of the Justice Department’s bankruptcy watchdog program has had her bid for reinstatement paused after a federal board dismissed her appeal. The action delays her challenge until related cases addressing similar legal issues are resolved. According to a Thursday, November 20, 2025, ruling obtained by Bloomberg Law, a Merit Systems Protection Board administrative judge dismissed Tara Twomey's appeal without prejudice while an underlying constitutional question continues to be litigated. The matter will automatically reactivate around May 20, 2026. The ruling marks a setback for Twomey as her fight against the Justice Department and the Office of Personnel Management moves forward, centered on the constitutionality of her removal and the authority of federal officials involved in her firing, according to report. ********* 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. 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The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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