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

              Friday, April 4, 2025, Vol. 29, No. 93

                            Headlines

1103 FRANKLIN: Seeks Chapter 11 Bankruptcy in New York
346 GRAND LLC: Seeks Chapter 11 Bankruptcy in New York
47-30 REALTY: To Sell New York Property at Auction
80 NY AVE: Seeks Chapter 11 Bankruptcy in New York
ADDMI INC: Unsecured Creditors to Get Share of Income for 3 Years

AFH AIR: U.S. Trustee Appoints Creditors' Committee
AIMBRIDGE ACQUISITION: S&P Ups ICR to 'B-' on Debt Restructuring
ALL AMERICAN HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida
ALPINE HOSPITALITY: Court OKs Ramada Hotel Sale
ALTRA SERVICE: Court Extends Cash Collateral Access to April 28

AMITY COURT: Gets Final OK to Use Cash Collateral
AUTO BUFFY: Unsecureds Will Get 1% of Claims over 36 Months
AVALON SAI: Case Summary & Two Unsecured Creditors
AZZUR GROUP: Claims to be Paid From Asset Sale Proceeds
B.G.P. INC: Gets Extension to Access Cash Collateral

BARRETTS MINERALS: Proposes Trust for Asbestos Lawsuit Settlements
BOSTON HARBOR: Seeks Chapter 11 Bankruptcy in Massachusetts
BREAD FINANCIAL: Moody's Affirms Ba3 Issuer & Sr. Unsecured Ratings
BRIGHTSTAR PROPERTY: Unsecureds Will Get 12% to 14% of Claims
BROCATO'S SANDWICH: Gets Extension to Access Cash Collateral

CALIFORNIA QSR: Claims to be Paid From Pinnacle Foods' Revenue
CANYON CREEK: Seeks Chapter 11 Bankruptcy in Colorado
CAROLINA PROUD: Seeks Cash Collateral Access
CATHOLIC FAITH: Gets Interim OK to Use Cash Collateral
CENTURY BUILDERS: Unsecureds Will Get 4.6% Dividend over 60 Months

CHROMALLOY CORP: S&P Downgrades ICR to 'B-', Outlook Stable
CHURCH HOME OF HARTFORD: Fitch Affirms 'BB' LongTerm IDR
CIVILGEO INC: Case Summary & 20 Largest Unsecured Creditors
CLEVELAND-CLIFFS INC: Fitch Affirms 'BB-' IDR, Outlook Stable
COEUR MINING: Egan-Jones Retains B+ Sr. Unsecured Ratings

COMSTOCK RESOURCES: Fitch Lowers LongTerm IDR to B, Outlook Stable
COVERED BRIDGE: Court Extends Cash Collateral Access to May 2
COVERED BRIDGE: Plan Contemplates Two Scenarios
CTF CHICAGO: Court Extends Cash Collateral Access to April 30
DANIMER SCIENTIFIC: Brown Rudnick to Represent Creditors in Ch. 11

DANIMER SCIENTIFIC: U.S. Trustee Appoints Creditors' Committee
DAVID KIMMEL: Gets Interim OK to Use Cash Collateral
ELECTROCORE INC: Happy Holstein, 2 Others Hold 6.2% Equity Stake
EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral
ENDO INTERNATIONAL: TPG Seeks Dismissal of Trust's Transfer Lawsuit

ENNIS I-45 11 ACRE: Case Summary & Six Unsecured Creditors
ENVERIC BIOSCIENCES: Files Registration Statement for 375K Shares
ENVISION CIVIL: Gets Interim OK to Use Cash Collateral
FAIR ANDREEN: Case Summary & 20 Largest Unsecured Creditors
FAYESON INC: Updates CDOR Secured Claim Pay; Files Amended Plan

FIREPAK INC: Unsecureds' Recovery Hiked to 43% in Plan
FORTUNA AUCTION: Voluntary Chapter 11 Case Summary
GANDY'S TRANSPORT: Court Extends Cash Collateral Access to June 29
GAUCHO GROUP: Court Approves Settlement, Plans Chapter 11 Exit
GENERAL ENTERPRISE: BoltRock Holdings Holds 38.93% Equity Stake

GENERAL ENTERPRISE: T. Ralston Holds 37% Equity Stake
GLASS MANAGEMENT: Court Extends Cash Collateral Access to April 30
GRESHAM WORLDWIDE: Court Extends Cash Collateral Access to June 30
GULFVIEW AVIATION: Case Summary & Two Unsecured Creditors
H & H RENTAL: Gets Final OK to Use Cash Collateral

H-FOOD HOLDINGS: Exits Chapter 11 Bankruptcy Under New Name
HEART 2 HEART: Seeks Cash Collateral Access
HILTON GRAND: S&P Downgrades ICR to 'BB-' on Elevated Leverage
HOOTERS OF AMERICA: Enters Chapter 11 to Shift to Franchise Model
HOOTERS OF AMERICA: Files Chapter 11, Shifts to Franchise Model

HURRICANE CREEK: Amends Plan to Include Radencic Secured Claim Pay
IDEAL PROPERTY: Court Extends Cash Collateral Access to May 31
JASMINE R ELMORE: Bankr. Administrator Unable to Appoint Committee
KAIZEN EDUCATION: S&P Affirms 'BB' Rating on 2016 Revenue Bonds
KAL FREIGHT: Wants Chapter 11 Plan Effectivity Date Extended

KELLEY CORPORATION: Case Summary & 14 Unsecured Creditors
KENSINGTON VILLAGE: Gets Interim OK to Use Cash Collateral
KING ESTATES: Claims to be Paid From Property Sale Proceeds
KKC RESTAURANTS: Unsecureds Will Get 8% Dividend in Plan
KOGNITIV US: Case Summary & Nine Largest Unsecured Creditors

LABL INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR
LAKE SPOFFORD: Gets Interim OK to Use Cash Collateral Until May 31
LPB MHC: Court Extends Cash Collateral Access to April 24
LUXURY TIME: Case Summary & 10 Unsecured Creditors
M & M BROADCASTERS: Gets Interim OK to Use Cash Collateral

M & M BUCKLEY: Court Extends Cash Collateral Access to May 1
M.A. WEST: U.S. Trustee Unable to Appoint Committee
MAGNATE CORP: Gets Court OK to Use Cash Collateral
MID-COLORADO: Voluntary Chapter 11 Case Summary
MOM CA: U.S. Trustee Unable to Appoint Committee

MP OCTOPUS: Affiliate Seeks to Sell Largo Pizza Biz to M. Denunzio
MP OCTOPUS: Unit Seeks to Sell St. Pete Pizza Biz to M. Denunzio
MT. PLEASANT REALTY: Case Summary & Nine Unsecured Creditors
NABORS INDUSTRIES: Brigade Capital, 2 Others Hold 6.6% Equity Stake
NAOUI LLC: Voluntary Chapter 11 Case Summary

NATIONAL DEVELOPMENT: Case Summary & Four Unsecured Creditors
NATUROMULCH LLC: Case Summary & Nine Unsecured Creditors
NEW LONDON: Gets Interim OK to Use Cash Collateral
OMRAADHI LLC: Seeks Chapter 11 Bankruptcy in Texas
OTB HOLDING: Closes Restaurants After Filing Chapter 11 Bankruptcy

PALLET CONSULTANTS: Gets Interim OK to Obtain Credit From CFSG
PAPA JOHN: S&P Lowers Senior Unsecured Notes Rating to 'B+'
PARTY EMPORIUM: Court Oks Fixture Sale at Auction
PINNACLE FOODS: Plan Contemplates Two Scenarios
PLATINUM HEIGHTS: Court Extends Cash Collateral Access to April 16

PROSOURCE MACHINERY: Gets OK to Use Cash Collateral Until June 26
RADIANT ONE: Bankruptcy Administrator Unable to Appoint Committee
RATH RACING: Amends Citizens Bank Secured Claim Pay
RED RIVER: J&J Shares Declines After $10B Talc Settlement Rejected
RED RIVER: Lapinski Comments on Bankruptcy Case Dismissal

REMEMBER ME: U.S. Trustee Appoints Creditors' Committee
ROCKET MORTGAGE: S&P Alters Outlook to Positive, Affirms 'BB' ICR
ROMAN BUILDERS: Files Emergency Bid to Use Cash Collateral
RVFW E LLC: Case Summary & Four Unsecured Creditors
RYERSON HOLDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable

SASH GROUP: Fashion Retailer Seeks Chapter 11 Bankruptcy
SCHAFER FISHERIES: Court Extends Cash Collateral Access to April 30
SCOTTS MIRACLE-GRO: Egan-Jones Retains B+ Sr. Unsecured Ratings
SEASONAL LANDSCAPE: Gets OK to Use Cash Collateral Until April 30
SHAHINAZ SOLIMAN: Case Summary & Six Unsecured Creditors

SMART AXE: Unsecured Creditors to Get 0 Cents on Dollar in Plan
SOLEPLY LLC: Gets Interim OK to Use Cash Collateral
SOUTHERN AUTO: Bankr. Administrator Unable to Appoint Committee
SPENCER & ASSOCIATES: Seeks Subchapter V Bankruptcy in Texas
SYNAPTIVE MEDICAL: Court Approves Sale Process Under CCAA

TALOS ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Positive
TEGNA INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
TEXAS ESENCIA 2019: Seeks Chapter 11 Bankruptcy in Texas
THERMOPRO INC: Seeks Subchapter V Bankruptcy in Georgia
TIMBERS2020 LLC: Voluntary Chapter 11 Case Summary

TOPAZ SOLAR: Moody's Hikes Rating on 2039 Secured Bonds From Ba1
TSFG LLC: Case Summary & Seven Unsecured Creditors
TWENTY EIGHT: Court Extends Cash Collateral Access to April 30
VASTAV INC: Case Summary & 13 Unsecured Creditors
VISION PAINTING: Court Extends Cash Collateral Access to April 30

VITAL PHARMACEUTICALS: 9th Circ. Doubts Founder's Verdict Appeal
WESTPHALIA DEV: Court Approves Plan, Exits CCAA as Private Firm
WILLIAMS SPEECH: Gets Interim OK to Use Cash Collateral
ZAHRCO ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
[] Commercial Chapter 11 Filings Increased 20% in March 2025

[] Steve Yoo to Join Paul Weiss as Investment Funds Partner

                            *********

1103 FRANKLIN: Seeks Chapter 11 Bankruptcy in New York
------------------------------------------------------
On March 28, 2025, 1103 Franklin Avenue Housing Development Fund
Corporation filed Chapter 11 protection in the U.S. Bankruptcy
Court for the Eastern District of New York. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.

       About 1103 Franklin Avenue Housing Development Fund
Corporation

1103 Franklin Avenue Housing Development Fund Corporation is a
single asset real estate debtor, as defined in 11 U.S.C. Section
101(51B).

1103 Franklin Avenue Housing Development Fund Corporation sought
relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D.N.Y. Case No.25-41526) on March 28, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by Julio E. Portilla, Esq. at Law Office
Julio E. Portilla, P.C.


346 GRAND LLC: Seeks Chapter 11 Bankruptcy in New York
------------------------------------------------------
On March 28, 2025, 346 Grand LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Eastern District of New York.
According to court filing, the Debtor reports $24,865,626 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.

           About 346 Grand LLC

346 Grand LLC is the owner of the fee title for the property at 346
Grand Street, Brooklyn, New York 11221, which is presently valued
at $3.23 million.

346 Grand LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 25-41515) on March 28, 2025. In its
petition, the Debtor reports total assets of $3,225,000 and total
liabilities of $24,865,626.

Honorable Bankruptcy Judge Elizabeth S/ Stong handles the case.

The Debtor is represented by Joel M. Shafferman, Esq. at SHAFFERMAN
& FELDMAN LLP.


47-30 REALTY: To Sell New York Property at Auction
--------------------------------------------------
47-30 Realty Associates LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York, to sell its property
at auction, free and clear of liens, interests, and encumbrances.

The Debtor's real property is known as and located at 47 East 30th
Street, New York, New York, 10016

The Debtor’s sole asset is the Property. The Property is a
mixed-use building located in New York, NY. 47 East 30th Street was
built in 1915 and has 4 stories and 6 units. The Debtor seeks to
maximize the value of the Property through the sale.

CR Mortgage 10 Sub 4, LLC is the holder of a first mortgage against
the Property with a prepetition claim.

The Debtor proposes the bidding procedure to approve the form, time
and scope of notice of the sale, and make the highest or best
offer, free and clear of liens, which such liens to attach to the
proceeds of the sale.

The Qualified Bid shall provide for a purchase price of at least
$3,900,000.00 as initial bid, with subsequent minimum bid
increments of $50,000.00 per bid.

At the conclusion of the Auction Sale, the Qualified Bidder making
the highest or best Qualified Bid
and the Bid Procedures.

At the conclusion of the Auction Sale, the Qualified Bidder making
the highest or best Qualified Bid and the Bid Procedures.

Lender shall be deemed a Qualified Bidder and may, but is not
required to, submit a credit bid for the Property, subject only to
paying all other senior liens, claims and encumbrances at closing.

The successful purchaser must close title to the Property on a date
that is no later than 10 calendar days after the entry of an order
approving the sale.

The Deposit must be in the form of a bank check, or wire transfer,
made payable to "Kucker Marino Winiarsky & Bittens, LLP Escrow" and
be delivered to the Auctioneer in accordance with the deadlines set
forth in the Bidding Procedures.

The Debtor is seeking to sell the Property, "As Is" "Where Is"
without any representations or warranties of any kind.

             About 47-30 Realty Associates LLC

47-30 Realty is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)).

47-30 Realty Associates LLC in New York, NY, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11635) on Sept.
24, 2024, listing as much as $1 million to $10 million in both
assets and liabilities. David Monian as member, signed the
petition.

Judge David S. Jones oversees the case.

KUCKER MARINO WINIARSKY & BITTENS, LLP, serves as the Debtor's
legal counsel.


80 NY AVE: Seeks Chapter 11 Bankruptcy in New York
--------------------------------------------------
On March 28, 2025, 80 NY Ave LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Eastern District of New York.
According to court filing, the Debtor reports $24,660,939 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.

           About 80 NY Ave LLC

80 NY Ave LLC is a debtor with a single property asset, as outlined
in 11 U.S.C. Section 101(51B). The Debtor owns the full and
outright title to the property located at 80 New York Avenue,
Brooklyn, New York 11216, which is valued at approximately $2.23
million.

80 NY Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 25-41517) on March 28, 2025. In its
petition, the Debtor reports total assets of $2,225,000 and total
liabilities of $24,660,939.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by Joel M. Shafferman, Esq. at SHAFFERMAN
& FELDMAN LLP.


ADDMI INC: Unsecured Creditors to Get Share of Income for 3 Years
-----------------------------------------------------------------
Addmi, Inc. filed with the U.S. Bankruptcy Court for the District
of New Mexico a First Amended Chapter 11 Plan dated March 7, 2025.

Addmi, Inc. was established in mid-2016 with the initial goal of
creating an app to replace traditional business cards.

However, the Debtor quickly recognized that the trend had shifted,
and users were no longer inclined to download new apps. Despite
this, the Debtor's commitment to facilitating meaningful
connections remained strong. In 2017, the Debtor pivoted to event
ticketing, focusing on helping professionals network and engage at
business events.

With the support of equity funding and a dedicated customer base,
the Debtor maintained a modest team of 4-6 employees. However, in
2019, the COVID-19 pandemic severely impacted the Debtor's
business. Although it was a challenging time, the responsibility
the Debtor's principal felt toward its equity investors drove the
Debtor to persevere. The Debtor shifted its focus to assisting
restaurants by offering QR code ordering with very basic POS
functions.

The Debtor has sought relief under Subchapter V to reorganize its
debt pursuant to the requirements of the Bankruptcy Code, and to
potentially discharge a portion of general unsecured debt, if
applicable. Debtor's revenues have been consistently increasing
since 2020, and Debtor now has the likelihood of generating
additional revenue by selling "forked" copies of its source code.

An agreement has been signed with the first such purchaser for the
lump-sum purchase price of $1,000,000.00, 100% of which is to be
paid into an escrow account on or before April 25, 2025, with the
sale anticipated to close within 30 days following the escrow.
Debtor shall continue to pursue other sales to fund this plan.

Class 3 consists of Allowed General Unsecured Non-Priority Claims.
Class 3 Creditors will be paid pro rata in quarterly payments due
on the 21st day of the first month following the end of the
quarter, with the first such payment due on the later of July 21,
2025 or the 21st day of the first month following the first quarter
ending after the Effective Date, paid from Debtor's disposable
income for the previous quarter. Such payments shall continue for a
period of 3 years (12 quarterly payments) at the rate of 0.00%
interest per annum.

During (and beyond) this three-year period, Debtor shall continue
to actively market copies of its Source Code for sale to generate
additional disposable income to pay creditors. Debtor has multiple
leads for such potential sales worldwide.

If at the end of the three-year payment period, Debtor has not paid
Holders of Allowed Class 3 Claims at least the amount they would
receive under the Best Interest of Creditors Test ($1,731,347.98
total), Debtor will arrange for the auction of its software with
such auction rules to be approved by the Court1 and for the auction
to take place on or before December 31, 2028.

The Debtor will fund this Plan through its ongoing operations and
through the sale of "forked" versions of the source code of
software owned by the Debtor. Debtor has entered into an agreement
for the first such sale for $1,000,000.00 which is expected to
close before the end of May, 2025.

A full-text copy of the First Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=YSg5sX from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Chris M. Gatton, Esq.
     Gatton & Associates, P.C.
     10400 Academy NE, Suite 350
     Albuquerque, NM 87111
     Telephone: (505) 271-4848
     Email: chris@gattonlaw.com

                           About Addmi Inc.

Addmi, Inc. was established in mid-2016 with the initial goal of
creating an app to replace traditional business cards.

The Debtor filed its voluntary petition for Chapter 11 protection
(Bankr. D.N.M. Case No. 24-10776) on July 29, 2024. In the petition
signed by Andy Lim, chief executive officer, the Debtor disclosed
$2,057,012 in total assets and $1,171,244 in total liabilities.

Judge Robert H. Jacobvitz oversees the case.

The Debtor tapped Chris M. Gatton, Esq., at Gatton & Associates, PC
as legal counsel and Julia Martinez, CPA, at JAM Accounting as
accountant.


AFH AIR: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of AFH Air
Pros, LLC and its affiliates.
  
The committee members are:

     1. Chadwich Jay Setchell

        16148 Lakeside Drive
        Loxley, AL 36551
        251-404-5814
        Chadrick2768@gmail.com   

        Thomas Loper, Esq.
        Loper Law, LLC
        452 Government Street, Suite E
        Mobile, AL 36602
        251-288-8308
        tloper@lperlawllc.com  

     2. Despedida Holdings, Inc.  
        Jose F. Ramirez
        19033 S.E. Jupiter River Road
        Jupiter, FL 33426  

        Gus H. Small, Esq.
        Small Herrin, LLP
        100 Galleria Parkway, Ste. 350
        Atlanta, GA 30339
        770-881-8281
        gsmall@smallherrin.com   

        William E. Pruitt, Esq.
        2475 Mercer Ave., Ste. 101
        West Palm Beach, FL 33401
        561-655-8080
        wep@pruittpruittlaw.com  

     3. HVAC Success, Inc.
        Kurt Denninghoft
        1617 S.E. 15th Street, #306
        Fort Lauderdale, FL 33316
        kurt@hvacsuccess.com

     4. Jack Denton  

        Jack Denton
        C/O Brian E. Hefner, Esq., Collin J. Earl, Esq.  
        Earl & Earl, PLLC
        4565 Hilton Parkway
        Suite 228
        Colorado Springs, CO 80907
        719-900-2500
        brian@earlandearl.com  
        collin@earlandearl.com  

     5. Jeffrey D. Tauzin
        238 Hermitage Loop
        Houma, LA 70360
        985-688-7044
        jeffdtauzin@gmail.com    

        Mark A. Mintz, Esq.
        Jones Walker, LLP
        811 Main St., Ste. 2900
        Houston, TX 77002
        713-437-1853
        mmintz@joneswalker.com

     6. LaGrange Air Force Heating & Air, LLC
        Robert Blalock
        2561 Hammett Road
        Hogansville, GA 30230
        678-378-9898
        danblalock@yahoo.com  

        Steve Balasiano, Esq.
        6701 Bay Parkway, 3rd Flr.
        Brooklyn, NY 11204
        steven@balasianolaw.com

        Geoffrey Boylston, Esq.
        1925 Lovering Ave.
        Wilmington, DE 19806
        gboylston@gfmlaw.com  

     7. West Georgia Indoor Comfort, LLC
        William Jones
        100 Corporate Park E Ct.
        LaGrange, GA 30241
        706-668-7415
        Jones.William2208@gmail.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                        About AFH Air Pros

Founded in 2017 in Fort Lauderdale, Florida, Air Pros is a
professional home services provider specializing in HVAC
installation, repair, maintenance, and air quality solutions for
residential and commercial clients.  Air Pros also offer plumbing,
electrical services, and home warranties at certain locations.  Air
Pros, which began with one vehicle and two employees, now operates
over 600 vehicles, employs more than 700 people, and serves
customers in eight states: Florida, Georgia, Alabama, Mississippi,
Louisiana, Texas, Colorado, and Washington.

AFH Air Pros, LLC, and 19 of its affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga.) on March 16, 2025, listing estimated assets of
$100 million to $500 million, and estimated liabilities of $100
million to $500 million. The petitions were signed by Andrew D.J.
Hede as chief
restructuring officer.

Judge Paul Baisier presides over the cases.

The Debtors tapped David B. Kurzweil, Esq. and Matthew A. Petrie,
Esq., at Greenberg Traurig LLP, as bankruptcy counsel; Accordion
Partners, LLC as financial advisor; and Jefferies, LLC as
investment banker. Kurtzman Carson Consultants, LLC and DBA Verita
Global serve as the Debtors' notice, claims and balloting agent and
administrative advisor.


AIMBRIDGE ACQUISITION: S&P Ups ICR to 'B-' on Debt Restructuring
----------------------------------------------------------------
S&P Global Ratings raised its 'issuer credit rating on U.S.-based
hotel manager Aimbridge Acquisition Co. Inc. to 'B-' from 'D',
reflecting anticipated very high S&P Global Ratings-adjusted
leverage in 2025 despite the significant debt reduction in the
restructuring, and an adequate liquidity position over the next
year.

S&P said, "At the same time, we assigned a 'B+' issue-level rating
and '1' recovery rating to the company's first-lien first-out loan
due 2030. The '1' recovery rating reflects our expectation of very
high (90%-100%; rounded estimate: 95%) recovery for lenders in a
hypothetical payment default.

"We also assigned a 'B-' issue-level rating and '4' recovery rating
to the company's first-lien second-out loan due 2030. The '4'
recovery rating reflects our expectation of average (30%-50%;
rounded estimate: 40%) recovery for lenders in a hypothetical
payment default.

"The stable outlook reflects our expectation that Aimbridge will be
able to maintain an adequate liquidity position over the next year.
Under our base case assumptions, we also expect our measure of S&P
Global Ratings-adjusted leverage to improve to the mid-4x area in
2026 from about 10x in 2025 through significant forecasted EBITDA
growth compared to very low anticipated EBITDA generation in 2025
due to its ongoing operational restructuring."

Aimbridge recently converted approximately $1.1 billion of its $1.3
billion in debt to equity in a restructuring that resulted in a
payment default and a distressed exchange that S&P viewed as
tantamount to default. The company's new capital structure consists
of $110 million of first-lien first-out new money debt due 2030 and
$100 million of first-lien second-out takeback debt due 2030.

S&P said, "The 'B-' issuer credit rating reflects very high S&P
Global Ratings-adjusted leverage of around 10x in 2025 and the
stable outlook reflects our forecasted adequate liquidity. Through
restructuring, Aimbridge significantly reduced its debt load to
$210 million from approximately $1.3 billion. The new capital
structure consists of a $110 million first-lien first-out loan due
2030 and a $100 million first-lien second-out loan due 2030. The
restructuring improved the company's maturity profile and bolstered
liquidity by lowering its total interest expense burden and added
about $79 million in cash to the balance sheet. We believe the
company's pro forma cash balances of approximately $140 million
will be adequate to cover the company's liquidity needs over the
next 12 months despite our forecast for negative free operating
cash flow (FOCF) in 2025. Additionally, the remaining debt does not
amortize, and the first-lien second-out term loan contains
provisions whereby a portion of its interest expense is
paid-in-kind (PIK) until at least the first quarter of 2026. If
domestic cash balances on March 31, 2026 exceed $75 million after
paying the first quarter PIK portion in cash then the PIK interest
converts to cash interest. We believe the pay-in kind feature of
the second-out debt and the absence of amortization requirements
will allow time for Aimbridge to improve operations over the next
12 months. Nonetheless, we expect S&P Global Ratings-adjusted
leverage will remain very high in 2025 at around 10x as EBITDA
remains pressured by operational challenges. Our measure of debt
includes approximately $87 million of lease liabilities, and we do
not net cash due to our assessment of Aimbridge's business risk as
weak.

"The stable outlook also reflects our expectation that management
can successfully stabilize operations such that free operating cash
flow and EBITDA growth are positive in 2026. We expect EBITDA to
significantly decrease in 2025 to around $30 million due to
continued churn of hotel management contracts and high severance,
settlement, and bad-debt expenses, which we do not add back to our
measure of EBITDA. The company's managed rooms base has declined
approximately 20% to 153,000 rooms since 2022 due to hotel sales
and performance challenges. We believe that property churn will
remain elevated through 2025 and result in 10%-15% fewer rooms at
year end. However, our forecast for 2026 incorporates net rooms
growth and EBITDA growth as the company is able to successfully
address operational challenges and benefit from cost-savings
initiatives. We expect the company will focus on the quality and
value of its contracts in order to reduce property churn. This
results in leverage improvement to the mid-single-digit area and
for positive operating cash flow, incorporating key money
investments for new management contracts."

Macroeconomic factors pose challenges to stabilizing the business.


S&P said, "We expect U.S. revenue per available room (RevPAR) to
grow 1% to 3% in 2025, driven primarily by group demand and
business transient demand, primarily benefitting higher end chain
scales. While we believe Aimbridge's portfolio of full-service
luxury and upper upscale hotels are well positioned to benefit from
the recent travel trends, it still faces significant macroeconomic
risks. S&P Global economists recently raised their probability of a
recession starting in the next 12 months to 25%. Under a recession
scenario, hotel demand would be negatively affected as consumers
and businesses would maintain tighter travel budgets, which would
further pressure Aimbridge's shrinking fee base. For now, our
base-case forecast assumes Aimbridge grows its RevPAR in the
low-single digit percent area.

"We expect any future interest rate cuts could increase hotel
transactions, although rates will likely be higher for longer than
we believed last year. We now expect the Federal Reserve to cut
interest rates 25 basis points (bps) in the fourth quarter of 2025
and to gradually cut rates in 2026. We expect lower interest rates
could increase the number of hotel sales and construction,
depending upon the health of RevPAR. Aimbridge's rooms base has
been declining partly due to hotel sales, and an elevated level of
future hotel transactions poses an increased risk to losing
additional contracts. However, it also creates an opportunity for
Aimbridge to grow its portfolio by making minority investments in
hotels to compete for management contracts using its cash on hand.
Furthermore, rate cuts could accelerate hotel development, which
has remained muted in recent years amid high financing costs.

"The stable outlook reflects our expectation that Aimbridge will be
able to maintain an adequate liquidity position over the next year.
Under our base case assumptions, we also expect our measure of S&P
Global Ratings-adjusted leverage to improve from around 10x in 2025
to the mid-4x area in 2026 through significant forecasted EBITDA
growth compared to very low anticipated EBITDA generation in 2025
due to its ongoing operational restructuring.

"We could lower our rating on Aimbridge if we believe the company's
liquidity is insufficient to cover the company's fixed charges such
that we view the capital structure as unsustainable. This could
occur if FOCF remains negative on a sustained basis due to
continued operational challenges and elevated expenses.

"An upgrade is unlikely within the next 12 months given our
forecast for leverage of around 10x in 2025. Nevertheless, we could
raise our rating on Aimbridge if we believe our measure of adjusted
debt to EBITDA will remain under 7x and FOCF/debt over 5% on a
sustained basis, incorporating operating volatility over the
lodging cycle."



ALL AMERICAN HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida
-------------------------------------------------------------
On April 1, 2025, All American Holdings LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida. According to court filing, the Debtor reports between
$100,000 and $500,000 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.

           About All American Holdings LLC

All American Holdings LLC is a limited liability company.

All American Holdings LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02066) on April
1, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $100,000 and $500,000.

Honorable Bankruptcy Judge Catherine Peek McEwen handles the
case.

The Debtor is represented by Harry E. Riedel, Esq. at STICHTER,
RIEDEL, BLAIN & POSTLER, P.A.


ALPINE HOSPITALITY: Court OKs Ramada Hotel Sale
-----------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado has granted
Alpine Hospitality Inc. to sell real property, free and clear of
liens, claims and encumbrances.

The Debtor is authorized to sell the property described as Ramada
by Wyndham Denver International Airport located at 6210 N. Tower
Road, Denver, Colorado 80246.

The Debtor owns and operates the Ramada by Wyndham Denver
International Airport located since 2001, with Wanda Bertoia as the
president of the Debtor and sole shareholder.

The liens that encumber the property as of the closing will attach
to the proceeds of the sale in order of the relative priorities of
the secured creditors.

The Debtor is authorized to utilize the proceeds of the sale and
distribute the funds.

         About Alpine Hospitality Inc.

Alpine Hospitality, Inc. is a Colorado corporation and operates the
Ramada by Wyndham Denver International Airport located at 6210 N.
Tower Road, Denver, Colorado 80246.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-14064) on July
19, 2024, listing $1 million to $10 million in both assets and
liabilities.  The petition was signed by Wanda Bertoia as
president.

Judge Joseph G. Rosania Jr. presides over the case.

The Debtor tapped Jeffrey S. Brinen, Esq., at Kutner Brinen Dickey
Riley, PC as counsel and Ryu Inc. as accountant.


ALTRA SERVICE: Court Extends Cash Collateral Access to April 28
---------------------------------------------------------------
Altra Service Professionals, Inc. received another extension from
the U.S. Bankruptcy Court for the Middle District of Florida to use
cash collateral.

The third preliminary order authorized the company to use cash
collateral until April 28 to pay the Subchapter V trustee's monthly
fees and other payments expressly approved by the court; the
expenses set forth in its budget; and additional amounts subject to
approval by Five Star Bank.

The budget projects total operational expenses of $37,469 for April
and $36,369 for May.

As protection, Five Star Bank and other secured creditors were
granted a post-petition lien on cash collateral to the same extent
and with the same validity and priority as their pre-bankruptcy
liens.  

Altra was ordered to keep its property insured as additional
protection to secured creditors.

The next hearing will be held on April 28.

                   About Altra Service Professionals

Altra Service Professionals Inc. is a medical equipment service and
repair company in Ocala, Fla., specializing in home respiratory
medical equipment repairs for portable oxygen concentrators and
CPAP machines. It is an authorized service center for Philips
Respironics and ResMed.

Altra Service Professionals sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-03753) on December 10, 2024, listing total assets of $190,482
and total liabilities of $1,075,332. Robert DeChello, president of
Altra Service Professionals, signed the petition.

Judge Jacob A. Brown handles the case.

Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's
bankruptcy counsel.

Secured creditor Five Star Bank is represented by:

   George L. Zinkler, III, Esq.
   Lorium Law
   101 Northeast Third Avenue, Suite 1800
   Fort Lauderdale, FL 33301
   Telephone: (954) 462-8000
   Facsimile: (954) 462-4300
   gzinkler@loriumlaw.com


AMITY COURT: Gets Final OK to Use Cash Collateral
-------------------------------------------------
Amity Court, LLC received final approval from the U.S. Bankruptcy
Court for the Eastern District of Washington to use the cash
collateral of Axos Bank.

The final order authorized the company to use cash collateral to
pay its expenses in accordance with its budget.

As protection for the use of its cash collateral, Axos Bank was
granted first-priority senior replacement security interests in and
liens on its pre-bankruptcy collateral and certain property
acquired by Amity Court after its Chapter 11 filing.

In addition, Axos Bank will receive a monthly payment of $10,000
beginning on April 10 as further protection.

The authorization to use cash collateral will automatically
terminate on the earlier of July 31 unless extended by agreement of
the company and Axos Bank, or order of the court.

                       About Amity Court LLC

Amity Court, LLC is the owner of the property situated at 14400
Northeast Bellevue-Redmond Road, Bellevue, Wash., which has an
appraised value of $7.78 million.

Amity Court filed Chapter 11 petition (Bankr. E.D. Wash. Case No.
25-00240) on February 11, 2025, listing total assets of $7,988,279
and total liabilities of $5,775,823.

Judge Whitman L. Holt handles the case.

The Debtor is represented by James L. Day, Esq., at Bush Kornfeld,
LLP.

Axos Bank, as lender, is represented by:

     Brian T. Peterson, Esq.
     K&L Gates, LLP
     925 Fourth Avenue, Suite 2900
     Seattle, WA 98104-1158
     Telephone: (206) 623-7580
     Email: brian.peterson@klgates.com


AUTO BUFFY: Unsecureds Will Get 1% of Claims over 36 Months
-----------------------------------------------------------
Auto Buffy Inc., filed with the U.S. Bankruptcy Court for the
District of Maryland a Plan of Reorganization under Subchapter V
dated March 7, 2025.

The Debtor is a Maryland corporation engaged in e-commerce,
specializing in the resale of aftermarket auto parts. The company
was established to address inefficiencies in the traditional supply
chain and provide consumers with high-quality parts through a
technology-driven sourcing platform.

Originally formed in Florida, the Debtor was converted to a
Maryland corporation in August 2024. The Debtor's primary revenue
stream is derived from its website, AutoBuffy.com, which
facilitates payments via Stripe and PayPal. Additionally, the
Debtor resells auto parts on eBay, Amazon, and Walmart, and engages
in some B2B sales.

The Debtor's business has undergone significant transformation in
recent years. Historically, the Debtor generated substantial
revenue through Amazon. However, this business model was disrupted
in 2023, when 1A Auto, Inc., the Debtor's principal supplier,
ceased supplying goods to the Debtor and began selling directly to
Amazon. This decision effectively bypassed the Debtor, impacting
its revenue stream and operational viability.

Class 1 consists of Allowed General Unsecured Claims. In full and
complete satisfaction, discharge and release of the Class 1 Claims,
the Debtor shall pay the Holders of Allowed Class 1 Claims, without
interest, their pro-rata share of all available projected
disposable income of the Debtor during the 36-month term of this
Plan. Class 1 General Unsecured Claims total approximately
$2,364,184.55.

The Debtor shall make distributions to Holders of Allowed Class 1
Claims on a quarterly basis beginning on June 30, 2025 and
continuing until March 31, 2028, for a total of $28,005.33. 4
Holders of Class 1 General Unsecured Claims will receive
distributions equal to approximately one percent of their Allowed
Claims. Class 1 is impaired and therefore the Holders of Class 1
Claims are entitled to vote to accept or reject the Plan.

Class 2 consists of Allowed Interests. Holders of equity interests
in the Debtor shall retain their equity interests in the same
manner as prior to the confirmation of the Plan. Holders of equity
interests in the Debtor are unimpaired and not entitled to vote on
the Plan.

Except as otherwise provided in this Plan or the Confirmation
Order, all property of the Debtor's estate shall, pursuant to
Sections 1141(b) and 1141(c) of the Bankruptcy Code, vest in the
Debtor as of the Effective Date free and clear of any claim of any
Creditor provided for by this Plan.

The Debtor shall continue to be owned and operated by Chetan Chadha
and Rasnain Chadha.

During the term of this Plan, in addition to recovery of any
Chapter 5 avoidance actions, the Debtor shall pay all projected
disposable income necessary for the performance of the Plan.

A full-text copy of the Plan of Reorganization dated March 7, 2025
is available at https://urlcurt.com/u?l=4FWr90 from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Stephen A. Metz, Esq.
     Offit Kurman, PA
     7501 Wisonsin Avenue, Suite 1000W
     Bethesda, MA 20814
     Telephone: (240) 507-1723
     Facsimile: (240) 507-1735
     Email: smetz@offitkurman.com

                           About Auto Buffy

Auto Buffy Inc. f/k/a Air Springs Direct, Inc. is an auto parts
retailer specializing in brake rotors, headlights, quick struts, CV
axles, mirrors, wipers, motor oil, brake pads, wheel hubs, coil
springs, motor mounts, ignition coils, and tail lights.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 25-10208) on January 10,
2025, with $0 to $50,000 in assets and $1 million to $10 million in
liabilities. Chetan Singh Chadha, president, signed the petition.

Judge Michelle M. Harner presides over the case.

Stephen A. Metz, Esq. at Offit Kurman, PA represents the Debtor as
legal counsel.


AVALON SAI: Case Summary & Two Unsecured Creditors
--------------------------------------------------
Debtor: Avalon Sai Hotels LLC
        Comfort Suites
        1055 McNee Rd
        Houston, TX 77054

Business Description: Avalon Sai Hotels LLC, a real estate firm,
                      is the owner of the Comfort Inn in Houston,
                      Texas.

Chapter 11 Petition Date: March 31, 2025

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 25-31798

Debtor's Counsel: Richard L Fuqua, II, Esq.
                  FUQUA & ASSOCIATES, P.C.
                  8558 Katy Fwy Suite 119
                  Houston TX 77024
                  Tel: (713) 960-0277
                  E-mail: fuqua@fuqualegal.com

Total Assets: $6,662,000

Total Debts: $5,563,263

Anil Verma, acting as the managing member, affixed his signature to
the petition.

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/OV6QVCQ/Avalon_Sai_Hotels_LLC__txsbke-25-31798__0001.0.pdf?mcid=tGE4TAMA


AZZUR GROUP: Claims to be Paid From Asset Sale Proceeds
-------------------------------------------------------
Azzur Group Holdings, LLC and its affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a Combined Disclosure
Statement and Joint Chapter 11 Plan dated March 7, 2025.

The Debtors are a partner to marquee clients across the
biotechnology and pharmaceutical industries, serving companies
during the entire lifecycle of drug development and providing a
suite of complementary and supplemental services for clients.

Historically, the Company had three distinct, yet complementary
life science related business units: (1) Azzur Consulting ("Azzur
Consulting" or the "Consulting Business"), (2) Azzur Labs, and (3)
Cleanrooms on DemandTM ("COD" or the "COD Business"). The Company's
three business units offered solutions at every stage of the
post-R&D drug development and commercialization lifecycle, while
leveraging long-standing client relationships to create
cross-selling opportunities among the business units.

On March 3, 2025, the Debtors filed the Bidding Procedures Motion
seeking entry of an order (i) authorizing and approving the
Debtors' proposed Bidding Procedures; (ii) scheduling an auction
(the "Auction") and sale hearing (the "Sale Hearing"); (iii)
approving the form and manner of notice of the Auction and the Sale
Hearing; (iv) authorizing the Debtors to enter into, and perform
under, the Stalking Horse APA; (v) approving the Bid Protections;
and (vi) approving procedures for the assumption and assignment of
certain of the Debtors' executory contracts and unexpired leases
and approving the form and manner of notice thereof.

With respect to the Consulting Business, to induce the Stalking
Horse Bidder to expend the time, energy, and resources necessary to
negotiate and ultimately execute the Stalking Horse APA and to keep
the Stalking Horse Bid open and irrevocable through the sale
process, the Debtors agreed to provide the Stalking Horse Bidder
with certain bid protections (the "Bid Protections"), including:
(i) a break-up fee in the amount equal to $1,680,000, which
represents approximately three percent of cash component of the
Purchase Price (the "Break-Up Fee"), (ii) reimbursement to the
Stalking Horse Bidder for its reasonable and documented expenses in
conjunction with the Stalking Horse Bid up to a maximum amount of
$1,000,000 (the "Expense Reimbursement"), and (iii) if an Auction
is conducted, (a) the initial overbid (in excess of the Purchase
Price) must be a minimum of $2,880,000, which sum is comprised of
the amount of the Expense Reimbursement and Break-Up Fee, plus an
initial incremental overbid amount of $200,000, and (b) any
subsequent incremental overbids must be in a minimum amount of
$200,000, subject to increase upon agreement among the Sellers and
Stalking Horse Bidder.

The Debtors commenced the Chapter 11 Cases to complete their
marketing process and consummate one or more value-maximizing,
going concern transactions within the liquidity parameters they
faced. The Plan is the best vehicle to conclude the Chapter 11
Cases following the Sale Transaction(s). It provides for the most
efficient, orderly, and value-maximizing path to make timely
Distributions to creditors.

Class 4 shall consist of all General Unsecured Claims against the
Debtors. Class 4 Claims are Impaired. Except to the extent that a
Holder of a General Unsecured Claim agrees to a less favorable or
different treatment, on, or as soon as reasonably practicable
after, the later of the Effective Date or the date such General
Unsecured Claim becomes an Allowed General Unsecured Claim, each
Holder of an Allowed General Unsecured Claim shall receive, in full
and final satisfaction, settlement, and release, and in exchange
for, such General Unsecured Claim,

     * its Pro Rata Share of the General Unsecured Claims Recovery
(if any); and

     * if such Holder votes to accept the Plan, such Holder shall
be deemed a Released Party for all purposes hereunder; provided,
however, that notwithstanding the foregoing, such Holder shall
receive a Cash payment (if any) in an amount at least equal to the
amount such Claim would so receive if the applicable Debtor were
liquidated under chapter 7 of the Bankruptcy Code as of the
Effective Date; provided, further, however, that, for the avoidance
of doubt, M&T has not agreed to waive any M&T Deficiency Claim that
it may choose to assert as a General Unsecured Claim in relation to
the M&T Claims.

Class 6A shall consist of all Interests in Debtor Azzur Group
Holdings, LLC. Because Holders of such Class 6A Interests will not
receive any Distribution under the Plan, Holders of Class 6A
Interests are deemed to reject the Plan and, therefore, not
entitled to vote on the Plan. On the Effective Date, Interests in
Debtor Azzur Group Holdings, LLC shall be canceled, released, and
expunged without any Distribution on account of such Interests, and
such Interests will be of no further force or effect.

Upon confirmation of the Plan, and in accordance with the
Confirmation Order, the Debtors or the Wind-Down Debtor, as
applicable, will be authorized to take all necessary or appropriate
steps, and perform all necessary or appropriate acts, to consummate
the terms and conditions of the Plan, including, as applicable,
consummation of the Sale Transaction, the issuance of all
securities, notes, instruments, certificates, and other documents
required to be issued pursuant to the Plan, one or more
intercompany mergers, consolidations, amalgamation, arrangement,
continuance, restructuring, conversion, disposition, dissolution,
transfer, liquidation, spinoff, sale, or other corporate
transactions.

The Wind-Down Debtor will fund distributions under the Plan with
Cash held on the Effective Date by or for the benefit of the
Debtors or the Wind-Down Debtor, including the remaining Net Sale
Proceeds due and payable under the Purchase Agreement(s) and Sale
Order(s) after the Closing Date, the Net Residual Asset Proceeds
assets held by the Wind-Down Debtor, and the assumption of
liabilities by the Purchaser(s) under the Purchase Agreement(s) and
Sale Order(s).

A full-text copy of the Combined Disclosure Statement and Plan
dated March 7, 2025 is available at https://urlcurt.com/u?l=HoDLLc
from Stretto Inc., claims agent.

Proposed Counsel for the Debtors:
  
                          Stuart M. Brown, Esq.     
                          Roxanne M. Eastes, Esq.             
                          DLA PIPER LLP (US)
                          1201 North Market Street, Suite 2100
                          Wilmington, Delaware 19801
                          Tel: (302) 468-5700
                          Fax: (302) 394-2462
                          Email: stuart.brown@us.dlapiper.com

                              - and -

                          W. Benjamin Winger, Esq.
                          Katherine J. Allison, Esq.
                          Stephanie B. Cohen, Esq.
                          444 West Lake Street, Suite 900
                          Chicago, Illinois 60606
                          Tel: (312) 368-4000
                          Fax: (312) 236-7516
                          Email: benjamin.winger@us.dlapiper.com

          About Azzur Group Holdings

Azzur Group Holdings, a Pennsylvania-based professional services
company operates across multiple locations including Boston,
Chicago, San Diego, and San Francisco, providing specialized life
sciences services including consulting, laboratory testing,
cleanrooms-on-demand, and technical training services.

Azzur Group Holdings and more than 30 of its affiliates sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del.
Case No. 25-10342) on March 2, 2025. In their petitions, the
Debtors reported estimated assets and liabilities between $100
million and $500 million.

Honorable Bankruptcy Judge Karen B. Owens handles the cases.

DLA Piper LLP represents the Debtors as general bankruptcy counsel.
Ankura Consulting Group LLC serves as restructuring advisor to the
Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as
investment banker, and Stretto Inc. acts as claims and noticing
agent.


B.G.P. INC: Gets Extension to Access Cash Collateral
----------------------------------------------------
B.G.P., Inc. and its affiliates received second interim approval
from the U.S. Bankruptcy Court for the Middle District of Florida,
Tampa Division, to use cash collateral.

The second interim order signed by Judge Roberta Colton authorized
the companies to use cash collateral to pay the expenses set forth
in their projected budget, plus an amount not to exceed 10% for
each line item.

As protection, DWB Holdings Group, LLC and other creditors with
interest in the cash collateral were granted a replacement lien on
the cash collateral and all other post-petition assets of the
companies, to the same extent and with the same validity and
priority as their pre-bankruptcy lien.

                         About B.G.P. Inc.

B.G.P., Inc. and its affiliates, BGP Warehouse Indiana, LLC and
B.G.P. Stores, LLC, filed Chapter 11 petitions (Bankr. M.D. Fla.
Lead Case No. 25-00412) on January 23, 2025. At the time of the
filing, B.G.P., Inc. reported between $10 million and $50 million
in both assets and liabilities.

Judge Roberta A. Colton oversees the cases.

Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A.
is the Debtors legal counsel.

DWB Holdings Group, LLC, as lender, is represented by:

     Edward J. Peterson, Esq.
     Johnson Pope Bokor Ruppel & Burns, LLP
     400 N. Ashley Drive, Suite 3100
     Tampa, FL 33602
     Telephone: (813) 225-2500
     Email: edwardp@jpfirm.com


BARRETTS MINERALS: Proposes Trust for Asbestos Lawsuit Settlements
------------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that Barretts
Minerals Inc., now known as BMI OldCo Inc., has proposed a
reorganization plan that directs asbestos claims to a dedicated
trust.

In a April 2, 2025, filing with the U.S. Bankruptcy Court for the
Southern District of Texas, the bankrupt talc supplier stated that
a "channeling injunction" is essential to its restructuring. The
plan follows months of mediation.

The bankruptcy code allows channeling injunctions to facilitate
asbestos-related settlements, a mechanism previously used to
resolve billions of dollars in claims by establishing specialized
trusts, Bloomberg Law reports.

                 About Barretts Minerals Inc.

Barretts Minerals Inc.'s current operations are focused on the
mining, beneficiating, processing, and sale of industrial talc. It
historically supplied a relatively minor percentage of its sales
into cosmetic applications. Barretts Minerals' talc is sold to
distributors and third-party manufacturers for use in such parties'
products, which are then incorporated into downstream products
eventually sold to consumers.

Barretts Minerals and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90794) on Oct. 2, 2023. In the petition signed by its chief
restructuring officer, David J. Gordon, Barretts Minerals disclosed
$50 million to $100 million in assets and $10 million to $50
million in liabilities.

The case was initially assigned to Judge David R. Jones before
Judge Marvin Isgur took over.

The Debtors tapped Porter Hedges, LLP and Latham& Watkins, LLP as
legal counsel; M3 Partners, LP as financial advisor; Jefferies, LLC
as investment banker; and DJG Services, LLC as restructuring
advisor. David J. Gordon of DJG Services serves as the Debtors'
chief restructuring officer. Stretto, Inc. is the claims, noticing
and solicitation agent and administrative advisor.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Caplin & Drysdale, Chartered and Province, LLC serve as the
committee's legal counsel and financial advisor, respectively.


BOSTON HARBOR: Seeks Chapter 11 Bankruptcy in Massachusetts
-----------------------------------------------------------
Kirk O'Neil of The Street reports that Boston Harbor Distillery, a
craft spirits maker known for its whiskey, rum, gin, liqueurs, and
distilled beer, has filed for Chapter 11 bankruptcy protection to
reorganize its operations.

The Dorchester, Mass.-based company filed its petition on March 31
in the U.S. Bankruptcy Court for the District of Massachusetts,
reporting assets between $500,000 and $1 million and liabilities
ranging from $1 million to $10 million, according to The Street.

                About Boston Harbor Distillery

Boston Harbor Distillery is a craft spirits maker known for its
whiskey, rum, gin, liqueurs, and distilled beer.

Boston Harbor Distillery sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-10650) on March 31,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.

The Debtor is represented by Jesse I. Redlener, Esq. and Lee
Harrington, Esq. at Ascendant Law Group LLC.


BREAD FINANCIAL: Moody's Affirms Ba3 Issuer & Sr. Unsecured Ratings
-------------------------------------------------------------------
Moody's Ratings has affirmed all of the ratings and assessments of
Bread Financial Holdings, Inc. (Bread Financial), and its bank
subsidiaries Comenity Bank (Comenity) and Comenity Capital Bank
(Comenity Capital). The affirmations include the ba2 baseline
credit assessments (BCAs) and adjusted BCAs for Comenity and
Comenity Capital, along with the Ba3 long-term issuer ratings,
Baa3/Prime-3 long- and short-term deposit ratings, Ba2/Not-Prime
long- and short-term counterparty risk ratings and
Ba1(cr)/Not-Prime(cr) long- and short-term counterparty risk
assessments. Bread Financial's Ba3 long-term issuer, senior
unsecured, and subordinate debt ratings were also affirmed. The
outlooks for Bread Financial's Ba3 long-term issuer and senior
unsecured ratings and Comenity's and Comenity Capital's Baa3
long-term deposit ratings and Ba3 long-term issuer ratings remain
positive.

RATINGS RATIONALE

The affirmation of Bread Financial's ratings and its banks
subsidiaries' assessments and ratings reflect its very profitable,
but highly concentrated business in US credit cards, which makes it
more vulnerable to economic cycles. The ratings also reflect
Moody's views that the company faces elevated execution risk as
management works towards strengthening its capital, funding, and
liquidity planning and operational and financial risk management
following its shift to a more conservative financial strategy, and
risk management framework that is more comparable to the bank
holding company structure of its peers.

The company has meaningfully improved its capitalization as
management continues to execute its more conservative financial
strategy, evidenced by the increase in its reported tangible common
equity (TCE) by roughly $150 million in 2024 to $2.3 billion. Bread
Financial's consolidated Common Equity Tier 1 (CET1) ratio was
12.4% as of December 31, 2024, however, its Moody's Ratings
adjusted TCE as a percentage of risk weighted assets was
meaningfully lower than its CET1 at 9.1% for the same period. The
primary driver of the difference between Bread's CET1 ratio and
Moody's Ratings adjusted TCE ratio is its deferred tax asset (DTA),
since when measuring TCE Moody's cap the inclusion of such assets
at 10% of TCE. Moody's expects the DTA, which is largely
attributable to timing differences between its loan loss provision
and net charge-offs, to decline as credit performance improves,
narrowing the material difference between CET1 and Moody's Ratings
adjusted TCE ratio. Based on management's medium-term and
longer-term CET1 targets of 13%-14% and 12%-13%, respectively, and
seasonality that weighed on capital ratios in 4Q, Moody's expects
Bread Financial's CET1 to continue to increase from the Q424
level.

Comenity and Comenity Capital's long-term issuer ratings are Ba3;
one notch below the banks' BCAs and at the same level as Bread
Financial's long-term issuer rating. The volume of parent company
(holdco) debt in Bread Financial's funding structure is above the
threshold under Moody's Advanced Loss Given Failure framework that
would support the banks' long-term issuer ratings being rated at
the same level as their BCAs at Ba2. However, because regulators
have more limited enforcement powers in a potential bank resolution
with respect to the parent companies of industrial loan companies
(ILCs) than they do with bank holding companies, Moody's do not
presume bank-level debt would be treated as being senior to holdco
debt in a resolution and thus the banks' issuer ratings were
affirmed at Ba3, the same level as the holdco's issuer rating.

The positive outlooks reflect Bread Financial's meaningful progress
toward enhancing its enterprise risk management framework and
expanding its capital, funding and liquidity planning beyond its
bank subsidiaries to the holding company level to be more
consistent with peers.

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

The BCAs of Bread Financial's bank subsidiaries (Comenity and
Comenity Capital) could be upgraded upon the full implementation
and integration of initiatives to strengthen its enterprise risk
management framework including capital, funding and liquidity
planning policies. An upgrade would also be contingent upon the
company maintaining its common equity Tier 1 (CET1) ratio above
12.5%, demonstrating further improvement in asset quality, and
sustaining a return on tangible assets of at least 2%.

Bread Financial's ratings would likely be upgraded if its bank
subsidiaries' BCAs are upgraded barring any meaningful changes to
its funding structure.

The outlooks for Bread Financial's senior unsecured and long-term
issuer ratings together with Comenity's and Comenity Capital's
long-term issuer and deposit ratings could be revised to stable if
management is unsuccessful or incurs meaningful delays in further
updating its enterprise risk management framework, or if its CET1
ratio falls and is sustained below 12.5% for multiple quarters.
Given the positive outlook, a downgrade is less likely in the
near-term. Longer-term, the BCAs of Bread Financial's bank
subsidiaries (Comenity and Comenity Capital) could be downgraded if
there is a sustained decline in CET1 below 11% or a material
decline in asset quality and profitability over a sustained
period.

Bread Financial's ratings would likely be downgraded if its bank
subsidiaries' BCAs are downgraded barring any meaningful changes to
its funding structure.

The principal methodology used in these ratings was Banks published
in November 2024.


BRIGHTSTAR PROPERTY: Unsecureds Will Get 12% to 14% of Claims
-------------------------------------------------------------
Brightstar Property Maintenance Services, Inc., submitted an
Amended Plan of Reorganization for Small Business dated March 7,
2025.

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

The final Plan payment is expected to be paid in approximately May
2028. The value of the Debtor's assets at the time of the
bankruptcy petition was approximately $1,100,683.00.

In order to maximize the distribution to unsecured creditors, any
indebtedness owed to insiders is subordinated until after
completion of all Plan payments. The Debtor will continue to be
operated by the current owner and operator, Leon Nelson at the same
salary and benefits he currently receives.

The Debtor has paid the Broward County Tax Collector in the amount
of $313.89 satisfying its claim in full. At confirmation the Debtor
shall make payment to Maria Yip in the amount of $3,500 and payment
to Gamberg and Abrams in the amount of $7,000. Payments to the
secured lenders will be paid in accordance with their respective
agreements. Quarterly Payments to allowed unsecured creditors will
commence in year 2, month 17 of the Plan and quarterly payments
thereafter as set forth in the Distribution Schedule. Payment of
administrative claimants will commence on the Effective Date.

General Unsecured creditors with allowed claims will be paid
$76,500 over the life of the Plan, approximately 12 to 14% which
will be disbursed pro rata commencing in Month 17 of the Plan, as
set forth in the Distribution Schedule.

Like in the prior iteration of the Plan, payments to allowed
unsecured claims in Class 8 commence month 17 in the amount of
$5,000, month 20 in the amount of $7,000, payment in month 24 in
the amount of $10,000, payment month 27 in the amount of $10,000,
payment in month 30 in the amount of $7,500, payment in month 33 in
the amount of $10,000 and payment in month 36 in the amount of
$10,000 as set forth in the Distribution Schedule.

Class 9 Equity Interest Holders as scheduled shall maintain their
equity ownership of the Debtor which they held pre-petition and
shall receive no distribution under the Plan. Mr. Nelson is the
100% shareholder of the Debtor.

The Debtor shall fund the plan from its revenues received from the
revenues derived from its operations which pursuant to its
projections is sufficient to pay the plan payments on a timely
basis.

A full-text copy of the Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=o8vXKq from PacerMonitor.com
at no charge.

Attorney for the Debtor:

     Thomas L. Abrams, Esq.
     GAMBERG & ABRAMS
     633 S. Andrews Avenue, #500
     Fort Lauderdale, FL 33301
     Tel: (954) 523-0900
     Fax: (954) 915-9016
     Email:tabrams@tabramslaw.com

              About Brightstar Property Maintenance

Brightstar Property Maintenance Services, Inc., offers property
maintenance services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20835) on Dec. 29,
2023.  In the petition signed by Leon Nelson, president, the Debtor
disclosed $1,100,683 in assets and $1,074,719 in liabilities.

Judge Scott M. Grossman oversees the case.

Thomas L. Abrams, Esq., at THOMAS L ABRAMS PA, is the Debtor's
legal counsel.


BROCATO'S SANDWICH: Gets Extension to Access Cash Collateral
------------------------------------------------------------
Brocato's Sandwich Shop Inc. received seventh interim approval from
the U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division to continue to use the cash collateral of its secured
creditors.

The seventh interim order authorized the company to use cash the
collateral of U.S. Foods, Inc., Gordon Food Service, Inc., and the
Florida Department of Revenue to pay the expenses set forth in its
budget, with a 10% allowance for each line item.

As protection, the court granted secured creditors post-petition
liens on the same terms as their pre-bankruptcy liens.

Brocato's' authority to use cash collateral will continue until
further order of the court.

The next hearing is scheduled for May 1.

                   About Brocato's Sandwich Shop

Brocato's Sandwich Shop, Inc. owns and operates a sandwich
restaurant in Tampa, Fla.

Brocato's filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
24-02613) on May 8, 2024, with $14,595 in assets and $1,396,391 in
liabilities. Michael Brocato, president of Brocato's, signed the
petition.

Judge Roberta A. Colton oversees the case.

Buddy D. Ford, Esq., and Jonathan A. Semach, Esq., at Buddy D.
Ford, P.A. are the Debtor's bankruptcy attorneys.

Gordon Food Service, Inc., as secured creditor, is represented by:

     Brad W. Hissing, Esq.
     Wetherington Hamilton, P.A.
     812 W. Dr. MLK Jr. Boulevard, Suite 101
     Tampa, FL 33603
     Telephone: (813) 225-1918 ext. 129
     Facsimile: (813) 225-2321
     Email: bradh@whhlaw.com


CALIFORNIA QSR: Claims to be Paid From Pinnacle Foods' Revenue
--------------------------------------------------------------
California QSR Management, Inc., submitted an Amended Plan of
Reorganization for Small Business dated March 7, 2025.

The final Plan payment is expected to be paid on June 2030
(estimated).

This Plan of Reorganization proposes to pay creditors of the Debtor
from the revenue it collects from the operation of Pinnacle Foods
of California, LLC. It no longer collects revenue from Tyco Group
LLC, because Tyco ceased its business operation and vacated
premises.

The Amended Plan does not alter the proposed treatment for
unsecured creditors and the equity holder:

     * Class 3 consists of Non-priority unsecured creditors. The
total amount of the allowed general unsecured claims is
$1,576,517.77. Based on the liquidation analysis and the income
valuation of the Debtor's assets, the holders of allowed general
unsecured claims will be receiving an estimated 3% pro-rata
distribution through the plan. The distribution to allowed general
unsecured claims will be made monthly, with the first payment of
$788.26 due on the Effective Date, followed by 59 consecutive
payments, each in the amount of $788.26 to be paid pro-rata to each
holder of allowed general unsecured claim. This Class is impaired.

     * The equity security holder of the Debtor is Imran Damani.
Mr. Damani is the President and 100% equity security holder of the
Debtor. He does not hold a pre-petition or a post-petition claim
against the Debtor.

The Debtor's Plan is supported from the revenue it collects from
the operation of Pinnacle Foods of California, LLC.

A full-text copy of the Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=S7lhaq from PacerMonitor.com
at no charge.

Attorney for the Debtor:

     Michael Jay Berger, Esq.
     Law Offices of Michael Jay Berger
     9454 Wilshire Boulevard, 6th Floor,
     Beverly Hills, CA 90212
     Telephone: (310) 271-6223
     Facsimile: (310) 271-9805
     Email: rnichael.bergerbankruptcypower.com

                   About California QSR Management

California QSR Management, Inc., is a California Corporation formed
on February 19, 2019.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-11017) on
April 22, 2024, listing $168,469 in assets and $5,086,596 in
liabilities. The petition was signed by Imran Damani as president.

Judge Rene Lastreto II presides over the case.

Michael Jay Berger, Esq., at LAW OFFICES OF MICHAEL JAY BERGER, is
the Debtor's counsel.


CANYON CREEK: Seeks Chapter 11 Bankruptcy in Colorado
-----------------------------------------------------
On March 28, 2025, Canyon Creek Villas LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Colorado. According to court filing, the Debtor reports between
between $10 million and $50 million in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.

           About Canyon Creek Villas LLC

Canyon Creek Villas LLC is a Colorado-based single asset real
estate company that owns and manages condominium units in Boulder.

Canyon Creek Villas LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 25-11683) on March 28,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Kimberley H. Tyson handles the case.

The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN
VELLONE WOLF HELFRICH & FACTOR, P.C.


CAROLINA PROUD: Seeks Cash Collateral Access
--------------------------------------------
Carolina Proud Investment Group, LLC asked the U.S. Bankruptcy
Court for the Eastern District of North Carolina, Greenville
Division, for authority to use cash collateral.

The Debtor owns and leases several properties, including a
commercial property in Youngstown, OH, and residential properties
in Greenville, NC. The income from these properties is used to
cover expenses like debt service, utilities, taxes, maintenance,
and insurance.

The Debtor requested the use of rental income, which is considered
cash collateral, to continue operations and support its
reorganization under Chapter 11. The properties are secured by
loans with GREM, LLC and United Bank, with each having a lien on
rental income.

The Debtor needs cash to pay operating expenses and maintain
operations to ensure the reorganization process succeeds.

As adequate protection, the Debtor proposed that secured creditors
whose cash is used will have continuing post-petition replacement
liens and security interests in all property and categories of
property of the same extent, validity, and priority as said
creditor held prepetition. The validity, enforceability, and
perfection of the post-petition replacement liens will be
immediately deemed perfected, without the need for any further
action on the part of creditors.

The Debtor also asked for permission to retain 5% of rental income
for a capital improvement fund for property maintenance and allows
for a 6% deviation in its budget without creditor consent.

A copy of the motion is available at https://urlcurt.com/u?l=Dp5sN2
from PacerMonitor.com.

            About Carolina Proud Investment Group, LLC

Carolina Proud Investment Group, LLC owns and manages a portfolio
of residential and commercial properties, including rental units
and vacant land, across multiple locations in North Carolina and
Ohio.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01063) on March 24,
2025. In the petition signed by Anna Hromyak, member-manager, the
Debtor disclosed $1,035,550 in assets and $797,689 in liabilities.

Judge Pamela W McAfee oversees the case.

C. Scott Kirk, Esq., at SCOTT KIRK, represents the Debtor as legal
counsel.




CATHOLIC FAITH: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
Catholic Faith Store, LLC received interim approval from the U.S.
Bankruptcy Court for the District of Kansas to use cash
collateral.

The cash collateral consists of funds generated from pre-bankruptcy
accounts receivable, inventory, and accounts.

Umpqua Bank, a secured creditor, holds a UCC blanket lien on the
Debtor's assets.

To protect its interest, Umpqua Bank will be granted a replacement
lien on post-petition assets of the Debtor and will receive a
monthly payment of $2,000, beginning April 28. The replacement lien
does not apply to any Chapter 5 causes of actions.

As additional protection, the Debtor was ordered to keep its
property insured.   

The interim order will remain in effect until further court order.

A telephonic hearing is scheduled for April 17.

                  About Catholic Faith Store LLC

Catholic Faith Store, LLC is an online retailer specializing in
Catholic religious products, including jewelry, rosaries, Bibles,
and sacramental gifts.  Since 2005, the Company has been dedicated
to providing meaningful religious items for various occasions such
as baptisms, communions, ordinations and weddings.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 25-20342) on March 24,
2025. In the petition signed by Richard King, managing partner, the
Debtor disclosed $1,761,497 in assets and $1,823,178 in
liabilities.

Judge Dale L. Somers oversees the case.

Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the
Debtor as legal counsel.


CENTURY BUILDERS: Unsecureds Will Get 4.6% Dividend over 60 Months
------------------------------------------------------------------
Century Builders Management Inc. filed with the U.S. Bankruptcy
Court for the Eastern District of New York a Chapter 11 Plan dated
March 7, 2025.

A Claim is placed in a particular Class for the purpose of
receiving distributions pursuant to the Plan only to the extent
that such Claim is Allowed in that Class, and the Claim has not
been paid, released or otherwise settled prior to the effective
date.

Class V shall consist of general unsecured claim of Komatsu
Financial Limited Partnership in the amount of $123,201.91. On July
15, 2024, the Court entered an order approving Stipulation among
the Debtor and Komatsu Financial Limited Partnership LLC. According
to this Stipulation the Debtor shall make monthly adequate
protection payments to Kimatsu in the amount of $2,500.00 per
month. This Class is impaired.

Class VI shall consist of the general unsecured claim of Steven Kuo
Architect, PLLC in the amount of $1,000,000.00. On November 13,
2024, the Debtor file a motion to reduce or expunge the claim $ 13
filed by Steven Kuo Architect, PLLC. Since the Debtor disagrees
with the claims mount. Once the Debtor's claim objection is
adjudicated by the Court, Steven Kuo Architect's claim will be
afforded treatment identical to that of all other unsecured,
non-priority claims under the Plan.

Class VII consists of the general unsecured claims, totaling
$273,021.05. This Class is impaired.

     * American Express National Bank with a claim amount of
$50,588.78 shall receive 4.6% ($2,327.08) dividend to be payable by
equal monthly installments in the amount of $38.78 within 60 months
commencing on the effective date.

     * Internal Revenue Service with a claim amount of $1,500.00
shall receive 4.6% ($69.00) dividend to be payable by equal monthly
installments in the amount of $1.15 within 60 months commencing on
the effective date.

     * JPMorgan Chase Bank, N.A. with a claim amount of $52,123.87
shall receive 4.6% ($2,397.69) dividend to be payable by equal
monthly installments in the amount of $39.96 within 60 months
commencing on the effective date.

     * JPMorgan Chase Bank, N.A. with a claim amount of 4.6%
($1,066.78) dividend to be payable by equal monthly installments in
the amount of $17.78 within 60 months commencing on the effective
date.

     * New York State Insurance Fund with a claim amount of
$145,617.37 shall receive 4.6% ($6,698.39) dividend to be payable
by equal monthly installments in the amount of $66.98 within 60
months commencing on the effective date.

Class IIX consists of equity interest holders. Gustavo Reyes, the
equity interest holder, shall retain his interest in the Debtor
following confirmation, in consideration of a new value
contribution, being made by them as the equity holders, toward the
payment of general unsecured creditor claims. Gustavo Reyes will
contribute funds in installments over the life of the plan, on a as
needed basis.

The Plan will be financed from continuing operating income,
reorganized business operations of the Debtor, as well as from
funds accumulated in the Debtor's in Possession accounts.

A full-text copy of the Chapter 11 Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=53HvcK from PacerMonitor.com
at no charge.

Century Builders Management Inc. is represented by:

          Alla Kachan, Esq.
          LAW OFFICES OF ALLA KACHAN, P.C.
          2799 Coney Island Avenue, Suite 202
          Brooklyn, NY 11235
          Tel: (718) 513-3145
     
                 About Century Builders Management

Century Builders Management Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 23-41978) on June 2, 2023, with $810,446 in total assets
and $1,080,393 in liabilities. Gustavo Reyes, president, signed the
petition.

Judge Elizabeth S. Stong oversees the case.

The Debtor tapped the Law Offices of Alla Kachan, PC as legal
counsel and Wisdom Professional Services Inc. as accountant.


CHROMALLOY CORP: S&P Downgrades ICR to 'B-', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Chromalloy
Corp. to 'B-' from 'B'.

S&P said, "At the same time, we lowered our issue-level rating on
Chromalloy's secured debt to 'B-' from 'B'. The '3' recovery rating
is unchanged, indicating our expectation for meaningful 50%-70%
(rounded estimate: 50%) recovery in the event of a default.

"The stable outlook reflects our expectation that the company will
gradually expand its EBITDA over the next 12-24 months, causing its
leverage to remain above 7.0x through our forecast period.

"We expect market headwinds will limit Chromalloy's top-line
expansion despite strong demand.  The demand for air travel remains
strong but the slow delivery rates of new aircraft have led to
increased utilization of older aircraft and engines. This trend has
supported robust demand for the aerospace aftermarket, including
for parts manufacturer authorized (PMA) parts and repair services.
Although the original equipment manufacturers (OEMs) have made
progress in improving their production and delivery rates,
maintenance shops continue to face challenges related to various
parts delivery from manufacturers, which have led to longer
overhaul periods and lower volumes for service and parts providers.
As a result of lower volumes, 2024 revenue was mostly flat compared
to 5% to 10% growth we previously forecasted. Further, we expect a
slower pace of growth over the medium-term than our previous
forecast had indicated, due largely to lower volumes. However, we
expect Chromalloy's recently executed distribution agreement with
AAR Corp. will partially mitigate the effect of slower customer
shop visits by expanding its customer base and providing it with a
broader distribution channel for its PMA parts portfolio. Following
a disappointing 2024 top-line performance, we expect the company
will increase its revenue by between 12.0% and 14.0% in 2025 and
2026.

"We expect the company will gradually improve its EBITDA margin
over the next 12-24 months, which will support positive cash flow.
We believe Chromalloy is well positioned to realize a modest margin
expansion due to several key factors. For example, we expect the
company's improved pricing will yield immediate benefits, while its
recent PMA authorizations for high-utilization aircraft engine
platforms will contribute meaningfully to top line growth and an
improvement in its margin in 2025.In 2024, EBITDA growth and margin
expansion was well below our expectations, largely due to lower
volumes and unfavorable mix. Notably, Chromalloy has secured PMA
approvals for critical components, including a vain for the CFM56
engine, which powers the majority of narrow-body aircraft, and a
blade for the V2500 engine (the most widely used engine on
wide-body aircraft). These high-demand PMA parts typically boast
strong margin profiles, which we believe positions the company to
expand its EBITDA margin, though we anticipate volumes to remain
low, caused by supply chain and inflationary-related pressures
tempering the improvement in its profitability.

"Though easing, we expect Chromalloy will continue to face supply
chain bottlenecks into the second half of the year. At this time,
we expect the company will gradually improve its credit metrics,
though we expect the rate of its improvement will be limited by its
slow EBITDA expansion. We forecast Chromalloy's debt to EBITDA will
remain above 7.0x through the forecast period compared to our
previous expectation of between 6.0x and 6.5x. We also forecast the
company will improve its funds from operations (FFO) to debt to
between 5.0% and 7.5% in 2025 and 2026 from the breakeven to 2.5%
range in 2024. Furthermore, due to its lower capital expenditure
(capex) requirements, we expect the company will generate positive
free operating cash flow (FOCF) in 2025 and beyond, supporting FOCF
to debt of between breakeven and 3% in 2025 and 2026.

"We expect Chromalloy's liquidity will remain adequate over the
forecast period.  As of the end of the third quarter of 2024, the
company maintained a robust liquidity position with approximately
$52 million in cash on hand and about $145 million of availability
under its revolving credit facility. While we anticipate
Chromalloy's working capital will continue to be a use of cash in
the near term, we expect easing supply chain bottlenecks will lead
to enhanced inventory turns. We also expect management's focus on
operational efficiencies, such as improved accounts receivable
collections, will bear fruit. The company faces moderate cash
requirements over the next 12 months, primarily comprising
maintenance capex of $20 million-$30 million and debt amortization
of approximately $9 million. Notably, we do not anticipate
management will allocate cash toward sponsor distributions or
acquisitions over the medium term, enabling it to prioritize its
organic growth initiatives.

"The stable outlook reflects our expectation that Chromalloy will
benefit from strong demand in the maintenance, repair, and overhaul
(MRO) market, which will support improved volumes for its PMA parts
and designated engineering representative (DER) services. However,
we anticipate persistent supply chain headwinds will limit the
expansion of the company's EBITDA in the near term, leading to a
gradual improvement in its credit metrics. At this time we expect
Chromalloy's debt to EBITDA will remain above 7.0x for at least the
next 12-24 months."

S&P could lower its rating on Chromalloy if it generates
persistently negative FOCF such that it pressures its liquidity.
This could occur if:

-- Supply chain pressures persist;

-- Demand for aftermarket parts and services, specifically PMA and
DER, weakens

-- Higher than anticipated capital expenditure spending.

S&P could raise its rating on Chromalloy if it improves its
leverage below 7.0x and S&P expects it will sustain it at that
level while generating positive FOCF.

-- Supply chain pressures diminish faster than anticipated;

-- Demand for PMA parts exceed expectations; or

-- Management allocates free operating cash flow toward debt
paydown.



CHURCH HOME OF HARTFORD: Fitch Affirms 'BB' LongTerm IDR
--------------------------------------------------------
Fitch Ratings has affirmed Church Home of Hartford, CT's (Seabury)
Long-Term Issuer Default Rating at 'BB'. The Rating Outlook is
Stable.

In addition, Fitch has affirmed the 'BB' revenue rating on
approximately $80 million of revenue bonds issued by the state of
Connecticut Health and Educational Facilities Authority and the
Public Finance Authority on behalf of Seabury. The Rating Outlook
on the bonds is Stable.

   Entity/Debt                    Rating          Prior
   -----------                    ------          -----
Church Home of
Hartford Incorporated
d/b/a Seabury (CT)          LT IDR BB  Affirmed   BB

   Church Home of
   Hartford Incorporated
   d/b/a Seabury (CT)
   /General Revenues/1 LT   LT     BB  Affirmed   BB

Seabury plans to begin construction on a 24-unit expansion of its
South wing in early 2025, with move-ins projected in 2026. Presales
are strong with 21 of 24 presold as of late March 2025. Management
has priced the units so that the resulting initial entrance fee
pool will fully cover construction costs. The 'BB' rating and
Stable Outlook incorporate this project.

Seabury's cash to adjusted debt has strengthened over the past
several years (from 32% in 2020 to 50% in 2024). This trend is
likely to continue over the longer term given improved independent
living unit (ILU) occupancy and expectations for stronger revenue
generation after the ILU expansion project fills. Over the outlook
period, however, cash to adjusted debt will likely decline as
management funds construction costs before initial entrance fees
are collected. Furthermore, execution risks associated with the
project constrain the rating at 'BB' until project completion.

SECURITY

The bonds are secured by a pledge of gross revenues of the
obligated group (OG), a mortgage and a debt service reserve fund.

KEY RATING DRIVERS

Revenue Defensibility - 'bbb'

Single Site Life Plan Community (LPC), Stable Demand and Pricing
Characteristics

At Dec. 31, 2024, ILU occupancy was 88%, improved from the low 80%
range since 2021. Occupancy has improved in the other areas of care
with assisted living occupancy increasing to 91% from 81% in FY
2021 and memory care increased to 94% from 66% in 2021.

Seabury is a single site provider in Bloomfield, CT, a moderately
competitive service area. Seabury and its local competitors
continue to operate successfully in relative proximity to each
other. Compared to neighboring LPCs, Seabury is larger and offers a
Type A contract.

Seabury has a history of modest annual fee increases indicating
midrange pricing flexibility. While typical home values in
Bloomfield are below the average entrance fee at Seabury,
management has reported strong demand for its most expensive units
and has a waitlist for select premium units.

Operating Risk - 'bbb'

Adequate Core Operations

Fitch's assessment of Seabury's operating risk is based on its
improving profitability ratios. Seabury has strategically invested
in capital improvements to maintain its competitive position as
indicated in its demand profile and in its relatively low average
age of plant. Fitch sees the planned ILU expansion as accretive for
Seabury's long-term profitability.

Seabury's midrange operating risk assessment reflects the
community's stable metrics balanced against the Type A contract
type. On average over the past three years, Seabury has had an
operating ratio, NOM and NOMA of 99.6%, 11.7% and 22%,
respectively, and the first quarter of FY25 shows some improvement
driven by increased occupancy of 94.2%, 13.7% and 39.6%,
respectively. Fitch expects these ratios to further improve after
the expansion is fully occupied in the longer term.

Seabury's capital expenditures have averaged about 20% of
depreciation over the past five years but are expected to exceed
100% of depreciation as the expansion project begins. Average age
of plant is adequate at 15 years.

Capital related metrics include an average revenue-only MADS
coverage and MADS as a percentage of revenue at .8x and 14.1%,
respectively, for the past three years. Average debt to net
available was elevated at 9.4 for the past three years. Fitch
expects this metric to incrementally improve over the next several
years with regular redemptions of existing debt. Seabury reported
it does not plan to increase its long-term debt.

Financial Profile - 'bb'

Stable Liquidity and Elevated Leverage

Given Seabury's midrange revenue defensibility, midrange operating
risk assessments, and Fitch's forward-looking scenario analysis,
Fitch expects key leverage metrics to remain consistent with the
current financial profile, throughout the current economic and
business cycle. As of YE 2024, Seabury had unrestricted cash and
investments of approximately $38 million. This represents about 50%
of total debt. DCOH was adequate for the rating level at 368 days
at the end of 2024. DSCR was 2.2x for FY 2024.

Fitch's baseline scenario, which is a reasonable forward look of
financial performance over the next five years given current
economic expectations, shows Seabury maintaining operating and
financial metrics that are largely consistent with the current
rating. Capital spending is expected to increase from 2025 through
2027 with initial entrance fees from the project fully reimbursing
all associated construction costs.

Asymmetric Additional Risk Considerations

No asymmetric risk considerations were relevant to the rating
decision.

RATING SENSITIVITIES

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

- An erosion in unrestricted liquidity such that cash to adjusted
fall to below 25% and is not expected to improve;

- If ILU occupancy stabilizes at or below 86%;

- Operating ratios consistently above 100%;

- Failure to meet the DSCR covenant minimum of 1.2x.

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

- Continued growth in unrestricted liquidity such that cash to
adjusted debt is sustained above 50%, even in a stress case.

PROFILE

Seabury is a Type A LPC located in Bloomfield, CT, just northwest
of Hartford that includes 210 ILU apartments, 32 ILU cottages, 58
ALUs, 55 enhanced ALUs, 72 SNF beds and six additional ILU cottages
available for short-term rent. Seabury offers 50% and 80%
refundable plans and a non-refundable plan.

Fitch bases its analysis on the results of the OG. Total OG
operating revenues were about $41 million in fiscal 2024.

Seabury also has two non-OG affiliated organizations: the Seabury
Charitable Foundation and Seabury At Home, which is an LPC without
walls.

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.


CIVILGEO INC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: CivilGEO, Inc.
        8383 Greenway Blvd.
        6th Floor
        Middleton, WI 53562

Business Description: Established in 1977, CivilGEO, Inc.
                      specializes in creating intuitive CAD and
                      GIS-based hydrologic engineering software
                      for a global market.  The Company's
                      product lineup includes three key offerings:
                      GeoHECRAS, GeoHECHMS, and GeoSTORM, with no
                      other software available for purchase.
                      CivilGEO's solutions are widely used by
                      consulting engineers, public utilities,
                      government agencies, and educational
                      institutions across the U.S. for effective
                      water resource management.  CivilGEO's
                      software is particularly focused on
                      hydrologic simulation modeling, which
                      involves designing and running computational
                      models to simulate both surface and
                      groundwater flow.

Chapter 11 Petition Date: April 1, 2025

Court: United States Bankruptcy Court
       Western District of Wisconsin

Case No.: 25-10731

Debtor's Counsel: Justin M. Mertz, Esq.
                  MICHAEL BEST & FRIEDRICH LLP
                  790 N. Water Street
                  Milwaukee WI 53202
                  Tel: 414-225-4972
                  Email: jmmertz@michaelbest.com

Total Assets as of February 28, 2025: $653,051

Total Liabilities as of February 28, 2025: $1,283,472

The petition was signed by Christopher Maeder 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/OWOLSWA/CivilGEO_Inc__wiwbke-25-10731__0006.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/J25N24Y/CivilGEO_Inc__wiwbke-25-10731__0001.0.pdf?mcid=tGE4TAMA


CLEVELAND-CLIFFS INC: Fitch Affirms 'BB-' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) for
Cleveland-Cliffs, Inc. (Cliffs) and its subsidiary,
Cleveland-Cliffs Steel Corporation at 'BB-'. Fitch has also
affirmed Cliffs' first lien secured ABL credit facility at 'BB+'
with a Recovery Rating of 'RR1' and its guaranteed unsecured notes
at 'BB-'/'RR4'. Fitch has affirmed Cliffs' unsecured notes not
benefitting from a guarantee and Cleveland-Cliffs Steel
Corporation's unsecured notes at 'B+'/'RR5'. The Rating Outlook is
Stable.

Cleveland-Cliffs Inc.'s ratings and Outlook reflect Fitch's
expectation that EBITDA margins will average around 9% beginning in
2026 and EBITDA leverage will trend below 3.5x.

Key Rating Drivers

Stelco Acquisition Near-Term Neutral: Fitch believes Cliffs' $2.5
billion acquisition of Stelco Holdings Inc. (Stelco) completed in
3Q24 is neutral to Cliffs' credit profile through 2025 due to the
initial increase in EBITDA leverage. Fitch views the transaction as
increasing Cliffs' scale and diversification as well as yielding
synergies and efficiencies over time. The transaction could
eventually have a positive impact with sustained margin improvement
and deleveraging.

The Stelco assets included its low-cost Lake Erie Works integrated
flat-rolled operations. Fitch expects this to enhance Cliffs'
position as the largest flat-rolled steel producer in North
America, increase its exposure to service centers and spot sales,
and allow margin expansion through optimized production across
Cliffs' operations over time. The transaction also included
Stelco's Hamilton Works downstream finishing and coke making
facility. The Stelco assets also increase Cliffs' annual net
shipments by about 15%.

Declining Profitability: Fitch expects EBITDA margins to average
roughly 9% beginning in 2026 given the acquisition of Stelco and
its steel price and cost expectations. However, profitability could
outperform expectations, particularly if average realized steel
prices are higher than anticipated. EBITDA margins declined
significantly in 2H24 to negative territory, compared with a peak
since becoming a steel manufacturer of around 24% in 2021, in line
with lower steel prices and higher costs.

Over the past four quarters, from 1Q24-4Q24, EBITDA margins
averaged around 2%. Fitch views Cliffs' lower margins as offset by
Fitch's expectation for positive FCF on average through 2028, in
addition to solid liquidity given the company has approximately
$2.5 billion of availability under its $4.75 billion ABL credit
facility due 2028.

Section 232 Tariff Expectations: On March 12, 2025, Section 232
steel tariffs went into effect which imposes a 25% tariff on
imports of steel and aluminum from all countries into the U.S.
Canada is the largest exporter of steel into the U.S. accounting
for roughly 23% of imports in 2024. Given Stelco, located in
Canada, exports a meaningful amount of steel into the U.S., Fitch
expects its shipments to decrease. However, Fitch expects the
earnings impact to Stelco to be largely offset by higher prices
given Canadian steel prices are highly correlated with U.S. steel
prices.

Elevated Leverage: Cleveland-Cliffs' outstanding debt increased by
roughly $3.96 billion in 2024, mostly in connection with the Stelco
acquisition. As of Dec. 31, 2024, EBITDA leverage was 16.5x as
EBITDA declined approximately 75% in 2024 from the prior year.
Fitch expects Cleveland-Cliffs to prioritize debt repayment and for
EBITDA to improve with better margins and a full year of Stelco
earnings. Fitch believes EBITDA leverage will likely remain
challenged in the near-term but will trend below 3.5x over the
forecast period.

High-Value Add Focus: Cliffs is the largest supplier of steel to
the automotive sector and one of a few North American steel
producers capable of producing some of the most sophisticated
grades of advanced high-strength steels and value-added stainless
steel products. The company is also the only producer of
grain-oriented electrical steel in the U.S., which is used in the
production of transformers and can facilitate the modernization of
the electrical grid. Cliffs is one of only two producers of
non-oriented electrical steel in the U.S., a critical component of
motors used in hybrid/electric vehicles.

Solid Operational Profile: Cliffs, the largest flat-rolled steel
and iron ore pellet producer in North America, benefits from its
vertically integrated business model and iron ore self-sufficiency,
enhancing margins. Its 1.9 million tonne hot briquetted iron (HBI)
facility provides a premium, low-carbon scrap alternative. Fitch
believes the Stelco acquisition will improve margins due to
Stelco's low-cost, high-margin Lake Erie Works facility. Cliffs
also benefit from a significant proportion of fixed-price
contracts, expected to be 30%-35% of volumes with the full
inclusion of Stelco operations, leading to reduced price
volatility.

Peer Analysis

Cliffs are comparable in size but less diversified compared with
integrated majority blast furnace steel producer United States
Steel Corporation (BB/Stable), although has weaker credit metrics.
Cliffs are larger compared with electric arc furnace (EAF) long
steel producer Commercial Metals Company (BB+/Positive) in terms of
steel capacity, although Cliffs has less favorable credit metrics.

Cliffs are also larger in terms of annual capacity, although it has
less favorable credit metrics, compared with EAF producer Steel
Dynamics, Inc. (BBB+/Stable) and smaller with weaker credit metrics
compared with EAF steel producer Nucor Corporation (A-/Stable).

Key Assumptions

- Annual steel shipments of around 19 million tons, including
Stelco shipments, on average through 2028;

- Relatively flat average steel prices;

- EBITDA margins average roughly 9% through 2028;

- Capex of $700 million in 2025, increasing slightly thereafter;

- No additional acquisitions;

- Excess cash allocated to debt repayment.

RATING SENSITIVITIES

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

- Failure to prioritize debt repayment and/or further borrowing.

- EBITDA leverage sustained above 3.5x;

- EBITDA margins sustained below 8.5%;

- Materially lower-than-expected or sustained negative FCF;

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

- EBITDA margins sustained above 10%;

- Mid-cycle leverage expected to be sustained below 2.5x.

Liquidity and Debt Structure

As of Dec. 31, 2024, Cliffs had $54 million in cash and cash
equivalents and approximately $2.5 billion available under its
$4.75 billion ABL credit facility due 2028. The ABL credit facility
matures on June 9, 2028, or 91 days prior to the stated maturity
date of any portion of existing debt if the aggregate amount of
existing debt that matures on the 91st day is greater than $100
million. The next meaningful maturity is $556 million unsecured
notes due in 2027.

Issuer Profile

Cleveland-Cliffs is a majority blast furnace producer of steel
which also has some EAF production. The company is the largest
flat-rolled steel producer and largest producer of iron ore pellets
in North America.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
Cleveland-Cliffs Inc.   LT IDR BB- Affirmed             BB-

   senior unsecured     LT     B+  Affirmed    RR5      B+

   senior unsecured     LT     BB- Affirmed    RR4      BB-

   senior secured       LT     BB+ Affirmed    RR1      BB+

Cleveland-Cliffs
Steel Corporation       LT IDR BB- Affirmed             BB-

   senior unsecured     LT     B+  Affirmed    RR5      B+


COEUR MINING: Egan-Jones Retains B+ Sr. Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on March 25, 2025, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Coeur Mining, Inc. EJR also maintained its rating on
commercial paper issued by the Company.

Coeur Mining, Inc. is a precious metals mining company listed on
the New York Stock exchange. It operates five mines located in
North America. Coeur employs 2,200 people and in 2012 it was the
world's 9th largest silver producer.


COMSTOCK RESOURCES: Fitch Lowers LongTerm IDR to B, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded Comstock Resources Inc.'s Long-Term
Issuer Default Rating (IDR) to 'B' from 'B+', secured revolver to
'BB' with a Recovery Rating of 'RR1' from 'BB+'/'RR1', and
unsecured ratings to 'B'/'RR4' from 'B+'/'RR4'. The rating on the
secured revolver has been subsequently withdrawn for commercial
reasons. The Rating Outlook for the IDR is Stable.

Comstock's ratings reflect its position as one of the largest
producers of natural gas in the Haynesville shale basin, solid
operating cost structure, and relatively low differentials due to
its proximity to the Henry Hub. These factors are offset by
Comstock's difficulty generating consistent positive FCF using
Fitch's base case price deck and elevated leverage.

The rating downgrades reflect the uncertainty regarding Comstock's
ability to return within leverage sensitivities and difficulty
generating positive FCF using Fitch's base case price deck.

The rating on the secured revolver is being withdrawn due to
commercial reasons.

Key Rating Drivers

Challenged FCF Generation: Comstock consistently generates negative
FCF using Fitch's base case pricing. Comstock generated negative
FCF in both 2023 and 2024. In Fitch's base case, FCF remains
negative until 2028. Production increased by nearly 5% in 2023 due
to elevated capital spending, while it remained flat in 2024
following a 31% reduction in capital spending. Comstock has guided
towards 22% higher capital spending in 2025, with an expected 8%
reduction in production. It is not unusual for shale production to
experience a 9-12-month lag in returning to production growth after
significant capex cuts. Production is expected to return to growth
in 2026.

At strip pricing, the company returns to positive FCF in 2025 and
should be able to repay revolver borrowings by the end of 2026.
Fitch-rated peers in the 'B+' category are able to generate more
consistent positive FCF at base case pricing.

Elevated Leverage: Comstock's leverage has been above Fitch's
negative leverage sensitivity since 2023 and is expected to remain
above it throughout the forecast. The company improved liquidity
with the $400 million add-on to the senior notes in 2024. However,
the expected negative FCF limits Comstock's ability to repay
revolver borrowings and improve leverage metrics. Using strip
pricing allows leverage to return within the leverage sensitivities
throughout the forecast but leaves the company exposed to large
maturities in 2029 and 2030.

Low-Cost Operator: Comstock's operating cost structure supports the
credit rating. The company has one of the lowest operating cost
structures among its natural gas peers due to its low lease
operating costs and gathering and transportation costs. Fitch
estimates Comstock's 2024 total cash costs per unit of production,
including interest, at $1.17/thousand cubic feet of natural gas
equivalent (mcfe), which is lower than other Haynesville peers.

Haynesville Drilling Costs: High drilling costs in the Haynesville
weigh on Comstock's ratings. The reserves in the Haynesville shale
basin are hotter, deeper, and higher pressure than other competing
natural gas basins. This increases the cost of drilling wells in
the basin and makes it more expensive to maintain production. The
high cost of drilling and the focus on developing its Western
Haynesville acreage has contributed to Comstock's negative FCF. The
Western Haynesville acreage has the potential to be a large
contributor to reserves, production and cash flow, but requires
significant spending over the next few years to delineate and
develop the play.

Haynesville Scale: Comstock is one of the largest producers in the
Haynesville shale basin with strong positions in both eastern and
western parts of the play. The eastern provides strong current
production and the western provides access to a more prospective
part of the play that has shown strong initial results and may
provide substantial production growth in the future. The basin's
proximity to Gulf Coast natural gas liquefaction and export
terminals is beneficial.

Improved Hedging Volumes: Comstock's return to hedging
approximately 50%-60% of its forward 12-month gas production is a
credit positive. Relatively low hedging in 2023 had a negative
impact on performance. The company currently has around 50% of 2025
expected production hedged at $3.48/mcf and around 60% of Fitch
forecasted 2026 production hedged at $3.50/mcf.

Peer Analysis

Fitch estimates Comstock's EBITDA leverage at 3.6x as of Dec. 31,
2024 and is forecast to remain above 2.5x. This leverage is higher
than that of peers rated 'B' and above its negative leverage
sensitivity.

Comstock is larger than other 'B' rated peers with 2024 production
of 1,442 million cubic feet of natural gas equivalent per day
(mmcfe/d) and reserves totaling 3.7 trillion cubic feet of natural
gas equivalent. Comstock's 2024 Fitch-calculated unhedged levered
netback of $0.81/mcfe was lower than its peers. Comstock has
exhibited the lowest FCF margins amongst its peers over the past
several years.

Key Assumptions

- Floating interest rates based on three-month SOFR curve;

- West Texas Intermediate oil prices of $65/bbl in 2025, $60/bbl in
2026 and 2027, $57/bbl thereafter;

- Henry Hub natural gas price of $3.25/mcf in 2025, $3/mcf in 2026
and $2.75/mcf thereafter;

- High single-digit production decline in 2025, followed by
mid-teens production growth in 2026, then modest single digit
growth;

- Capex of between $750 million and $1,200 throughout forecast;

- Midstream capex funding from JV partner of $140 million in 2025
and $110 million in 2026;

- No incremental acquisitions, divestitures or equity issuance.

Recovery Analysis

The recovery analysis assumes that Comstock would be reorganized as
a going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Comstock's going-concern (GC) EBITDA assumptions reflect Fitch's
projections under a stressed case price deck, which assumes Henry
Hub natural gas prices of $2.00 in 2024, and $2.25 thereafter. The
GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation (EV).

The GC EBITDA assumption is $675 million, which reflects the
decline from current pricing levels to stressed levels and then a
partial recovery coming out of a troughed pricing environment. The
model was adjusted for reduced production and varying differentials
given the material decline in the prices from the previous price
deck. The $675 million represents a 4% decrease from the previous
GC EBITDA due to changes in its stress case model.

An EV multiple of 4.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization EV. The choice of the multiple
considered the following factors:

- The historical case study exit multiples for peer companies
ranged from 2.8x-7.0x, with an average of 5.2x and median of 5.4x;

- Comstock's $2.2 billion acquisition of Covey Energy Partners, LP
in 2019 had an approximate EBITDA multiple of 4.0x. Southwestern
acquired Indigo Energy Partners, LLC, a Haynesville operator at an
approximate multiple of 3.8x. Indigo is smaller than Comstock in
terms of reserves and production.

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors. Fitch considers valuations such as
SEC PV-10 and M&A transactions for each basin including multiples
for production per flowing barrel, proved reserves valuation, value
per acre and value per drilling location.

The senior secured revolver is expected to be 90% drawn from the
$1.5 billion commitment. This reflects the expectation that in a
stressed pricing environment, the borrowing base will be reduced.
The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' for the secured revolver and 'RR4'
for the senior unsecured notes.

RATING SENSITIVITIES

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

- Midcycle EBITDA leverage sustained above 3.5x;

- A material reduction in liquidity through excessive borrowings or
a reduction in the borrowing base;

- A change in terms of financial policy that is debtholder
unfriendly.

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

- Consistent positive FCF generation at mid-cycle pricing leading
to gross debt reduction;

- Demonstrated commitment to stated conservative financial policy,
including hedging program;

- Midcycle EBITDA leverage sustained below 2.5x.

Liquidity and Debt Structure

Comstock had $7 million of cash on hand and $1.09 billion of
availability under its $1.5 billion revolver with a $2 billion
borrowing base and $1.5 billion commitment, as of Dec. 31, 2024.
Under Fitch's base case, FCF generation is mostly negative.
Utilizing strip pricing, there is more consistent positive FCF
generation and Fitch forecasts repayment of revolver borrowings by
2026.

Comstock's next maturity is the revolver in 2027 followed by the
$1.62 billion unsecured notes due in 2029 and the $965 million
unsecured notes due in 2030. The revolver has two financial
covenants: a leverage ratio of less than 4.0x, which falls to 3.75x
on June 30, 2025 and 3.5x on September 30, 2025 and a current ratio
of at least 1.0. The leverage covenant was amended in 2024 to avoid
a covenant breach. The company complied with both as of Dec. 31,
2024.

Issuer Profile

Comstock Resources, Inc. is an independent E&P company operating in
the Haynesville Basin. The company has proved reserves of 3.8 Tcfe
and a PV-10 value of $1.6 billion as of Dec. 31, 2024. Production
for 2023 was 1,442 mmcfe/d, of which 99.9% was gas and .1% was
oil.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Comstock has an ESG Relevance Score of '4' for Governance Structure
due to the consolidated ownership of 71% of the outstanding shares
by one shareholder. This shareholder does not sit on the board but
can exert a level of strategic control. This has a negative impact
on the company's credit profile and is relevant to the rating 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
   -----------                 ------          --------   -----
Comstock Resources Inc.   LT IDR B  Downgrade             B+

   senior secured         LT     BB Downgrade    RR1      BB+

   senior secured         LT     WD Withdrawn

   senior unsecured       LT     B  Downgrade    RR4      B+


COVERED BRIDGE: Court Extends Cash Collateral Access to May 2
-------------------------------------------------------------
Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC
received another extension from the U.S. Bankruptcy Court for the
District of Connecticut to use cash collateral.

The order signed by Judge Julie Manning approved the use of cash
collateral to pay operating expenses from March 26 to May 2, in
accordance with the companies' projected budget, with a 10%
variance allowed.

Secured creditors, including UC Covered Bridge MF Holder, LLC and
the U.S. Small Business Administration were granted a replacement
lien on the companies' assets, including real estate and personal
property, to the same extent, validity and priority as their
pre-bankruptcy liens.

As additional protection, UC Covered Bridge MF Holder will receive
payment of $75,000 and will be granted a superpriority claims
senior to all other administrative expense claims.

A hearing is scheduled for April 29.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/4Ijgn from PacerMonitor.com.

UC Covered is represented by:

     Jeffrey A. Miller, Esq.
     Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
     1201 RXR Plaza
     Uniondale, NY 11556
     Telephone No. (516) 622-9200
     Facsimile No. (516) 622-9212
     Email: jmiller@westermanllp.com

                   About Covered Bridge Newtown

Covered Bridge Newtown, LLC is the entity responsible for
construction of the buildings at a rental complex operated by
Covered Bridge Newtown I, LLC. This property is a Class A luxury
rental complex located at 9 Covered Bridge Road, Unit 1 and Unit 3,
Newtown, Conn., with over 150 rented units. It has a 24-hour
fitness center, heated swimming pool, sun deck, and clubhouse.

The first buildings were completed in 2018. After construction on a
parcel is completed, Covered Bridge Newtown deeds the buildings to
Covered Bridge Newtown I by way of quit claim deed, after which the
latter is the landlord to its tenants. Covered Bridge Newtown I has
a full-time, on-site property manager attending to the needs of
tenants and managing the Rental Complex.

Covered Bridge Newtown and Covered Bridge Newtown I filed Chapter
11 petitions (Bankr. D. Conn. Lead Case No. 24-50833) on December
8, 2024. Each Debtor reported between $50 million and $100 million
in assets and liabilities at the time of the filing.

Judge Julie A. Manning handles the cases.

The Debtors are represented by Joanna M. Kornafel, Esq., and
Jeffrey M. Sklar, Esq., at Green & Sklarz, LLC.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.


COVERED BRIDGE: Plan Contemplates Two Scenarios
-----------------------------------------------
Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC filed
with the U.S. Bankruptcy Court for the District of Connecticut a
Disclosure Statement for Joint Plan of Reorganization dated March
7, 2025.

The Debtors are Connecticut limited liabilities companies with a
business address at 2 Old New Milford Road, Suite 3C, Brookfield,
CT 06804. Anthony Lucera is the sole member of each Debtor.

For years, CBN and CBN I have worked in tandem to construct and
manage a Class A luxury rental complex located at 9 Covered Bridge
Road, Unit 1 and Unit 3, Newtown, Connecticut, with over 160 rented
units (the "Rental Complex"). Specifically, CBN is in charge of the
construction side of the business, while CBN I manages the renting
and operating of the completed properties.

The Debtors intend to exit bankruptcy through one of two methods:
either a Restructuring Transaction or a Sale Transaction. A
Restructuring Transaction contemplates Debtors seeking and
obtaining new investors who will make equity investments and/or
loans to Debtors to enable them to recapitalize and exit
bankruptcy. A Sale Transaction contemplates Debtors selling the
Property and substantially all of their other Assets.

The Debtors are already engaged in a marketing process to seek
offers for both a Restructuring Transaction and Sale Transaction.
Debtors will continue that marketing effort until June 30, 2025.
Upon the expiration of the Marketing Period, Debtors will proceed
with either a Restructuring or Sale Transaction, based on whichever
process maximizes return to Creditors and Interest Holders.

With respect to the Restructuring Transaction, marketing efforts
are being undertaken by R.J. Reuter, Debtors financial adviser.
With respect to a Sale Transaction, Debtors are in the process of
retaining a real estate broker to facilitate any Sale Transaction.

Class 17 consists of Unsecured Creditors of CBN. The allowed
unsecured claims total $2,166,388.85 (per schedules).

Class 18 consists of Unsecured Creditors of CBN I. The allowed
unsecured claims total $368,412.95 (per schedules, excluding
Security Deposit Claims).

Allowed Unsecured Claims shall be paid a pro rata share of the CBN
Creditors Fund or CBN 1 Unsecured Creditors Fund, as applicable,
which sum shall be no less than $250,000.00, to be allocated pro
rata between the CBN Creditors Fund or CBN 1 Unsecured Creditors
Fund based on the Unsecured Claims in each Estate. The $250,000
will be paid from Cash Collateral, free and clear of any claims,
other than as set forth in the Plan. Payment shall be the later of
(a) the Effective Date or (b) upon an Unsecured Claim becoming an
Allowed Unsecured Claim. Holders of Class 17 and 18 Unsecured
Claims are impaired and entitled to vote on the Plan.

Classes 19 and 20 consist of the Interests held by Mr. Lucera in
CBN and CBN 1, as their sole Interest Holder. On the Effective
Date, Classes 19 and 20 shall be treated as follows:

     * Restructuring Transaction: In the case of a Restructuring
Transaction, Interests shall be treated as set forth in the
Restructuring Transaction Documents; or

     * Sale Transaction: Alternatively, in the case of a Sale
Transaction, on the Effective Date, Interests in Debtors shall be
cancelled and discharged and shall be of no further force and
effect, whether surrendered for cancellation or otherwise, and
Holders of Interests shall not receive or retain any distributions
or property under the Plan on account of such Interests, except as
set forth in the Sale Transaction Waterfall, if any.

The Plan contemplates pursuing a Restructuring Transaction of
Debtors by seeking and obtaining an Equity Investment, unless
Debtors determines in their business judgment to pursue a Sale
Transaction. Debtors will use the proceeds of either the
Restructuring Transaction or Sale Transaction to fund the Plan and
resolve all Claims of Creditors and Interest Holders.

A Restructuring Transaction contemplates an Equity Investment
sufficient to satisfy payment of all Allowed Administrative Claims,
Allowed Priority Claims, Allowed Secured Claims (as Holders of such
Claims may so agree, or as set forth in the Bankruptcy Code), and
make certain payments (as set forth in the Plan) to Holders of
Allowed Claims.

A full-text copy of the Disclosure Statement dated March 7, 2025 is
available at https://urlcurt.com/u?l=PnpTcu from PacerMonitor.com
at no charge.

Counsel to the Debtors:

     Jeffrey Sklarz, Esq.
     Joanna M. Kornafel, Esq.
     Michelle A. Antao, Esq.
     Green & Sklarz LLC
     One Audubon St. 3rd Floor
     New Haven, CT 06511
     Telephone: (203) 285-8545
     Facsimile: (203) 823-4546
     Email: jsklarz@gs-lawfirm.com

      About Covered Bridge Newtown

Covered Bridge Newtown, LLC is the entity responsible for
construction of the buildings at a rental complex operated by
Covered Bridge Newtown I, LLC. This property is a Class A luxury
rental complex located at 9 Covered Bridge Road, Unit 1 and Unit 3,
Newtown, Conn., with over 150 rented units. It has a 24-hour
fitness center, heated swimming pool, sun deck, and clubhouse.

The first buildings were completed in 2018. After construction on a
parcel is completed, Covered Bridge Newtown deeds the buildings to
Covered Bridge Newtown I by way of quit claim deed, after which the
latter is the landlord to its tenants. Covered Bridge Newtown I has
a full-time, on-site property manager attending to the needs of
tenants and managing the Rental Complex.

Covered Bridge Newtown and Covered Bridge Newtown I filed Chapter
11 petitions (Bankr. D. Conn. Lead Case No. 24-50833) on December
8, 2024. Each Debtor reported between $50 million and $100 million
in assets and liabilities at the time of the filing.

Judge Julie A. Manning handles the cases.

The Debtors are represented by Joanna M. Kornafel, Esq., and
Jeffrey M. Sklar, Esq., at Green & Sklarz, LLC.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.


CTF CHICAGO: Court Extends Cash Collateral Access to April 30
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division extended CTF Chicago, Inc.'s authority to use cash
collateral from March 31 to April 30.

The seventh interim order authorized CTF Chicago to use the cash
collateral of Wintrust Bank, a pre-bankruptcy secured lender, to
pay the expenses set forth in its budget.

The budget shows projected expenses of $128,336 from April 1 to
30.

Wintrust Bank holds a senior lien on the company's assets valued at
$781,571.93, with a subordinate lien by the U.S. Small Business
Administration.

As protection, Wintrust Bank was granted a replacement lien on
substantially all of the company's assets, including cash
collateral equivalents, cash and accounts receivable, to the same
extent and with the same validity as its pre-bankruptcy lien.

In addition, Wintrust Bank was granted an administrative expense
claim under Section 507(b) of the Bankruptcy Code, subordinate only
to the administrative claim of the Subchapter V trustee.

The next hearing is scheduled for April 30.

                         About CTF Chicago

CTF Chicago, Inc. operates within a framework that requires
substantial capital and resources. The company is structured to
provide specific services or products, likely in a competitive
market, given its presence in Chicago.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15580) with up to
$50,000 in assets and up to $10 million in liabilities. Charles
Graff, managing member, signed the petition.

Judge Janet S. Baer oversees the case.

The Debtor is represented by Richard G. Larsen, Esq., at Springer
Larsen, LLC.

Wintrust Bank, as lender, is represented by:

     Andrew H. Eres, Esq.
     Dickinson Wright PLLC
     55 W. Monroe, Suite 1200
     Chicago, IL 60603
     Tel: 312-377-7891
     aeres@dickinson-wright.com


DANIMER SCIENTIFIC: Brown Rudnick to Represent Creditors in Ch. 11
------------------------------------------------------------------
Brown Rudnick said in a press release that the law firm has been
appointed as lead counsel to the Official Committee of Unsecured
Creditors in the Chapter 11 bankruptcy case of Danimer Scientific,
a biotechnology firm specializing in biomaterials.

The company, based in Bainbridge, Georgia, along with its
subsidiaries, filed for bankruptcy protection in Delaware on March
18, 2025.

The Brown Rudnick team is led by partner Robert Stark, with
partners Ben Silverberg and Shari Dwoskin, and associate Alexander
Kasnetz also on the team.

             About Danimer Scientific Inc.

Danimer Scientific, Inc. is a performance polymer company
specializing in bioplastic replacement for traditional
petroleum-based plastics. The company is based in Bainbridge,
Georgia.

Danimer Scientific Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10523) on March 18,
2025. In its petition, the Debtor reports estimated assets between
$500 million and $1 billion and estimated liabilities between $100
million and $500 million.

Honorable Bankruptcy Judge Mary F. Walrath handles the case.

The Debtor is represented by Daniel J. DeFranceschi, Esq. at
Richards, Layton & Finger1.


DANIMER SCIENTIFIC: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Danimer
Scientific, Inc. and its affiliates.
  
The committee members are:

     1. Diamond Family Investments, LLC
        Attn: Irv Schlussel
        16690 Collins Ave. #1103
        Sunny Isles Beach, FL 33160
        Phone: 914-714-0531
        irv.schlussel@diamondfo.com   

     2. Winchester Warehouse Co. LLC
        Attn: Matt Bealert
        1465 West Lexington Ave.
        Winchester, KY 40391
        Phone 859-744-3191
        opman@kywarehouse.com

     3. NatureWorks, LLC
        Attn: Roger Kempa and Dustin Mitchell
        17400 Medina Road, Suite 1800
        Plymouth, MN 55447
        Phone: 952-562-3400
        roger_kempa@natureworksllc.com
        dustin_mitchell@natureworksllc.com

     4. Blough Tech, Inc.
        Attn: Paul Blough
        119 South Broad Street
        Cairo, GA 39828
        Phone: 229-377-8825
        pblough@bloughtech.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                   About Danimer Scientific Inc.

Danimer Scientific, Inc. is a performance polymer company
specializing in bioplastic replacement for traditional
petroleum-based plastics. The company is based in Bainbridge, Ga.

Danimer Scientific and its affiliates filed Chapter 11 petitions
(Bankr. D. Del. Lead Case No. 25-10518) on March 18, 2025. In its
petition, Danimer Scientific reported assets between $500 million
and $1 billion and liabilities between $100 million and $500
million.

Judge Mary F. Walrath handles the cases.

The Debtor tapped Vinson & Elkins, LLP as general bankruptcy
counsel; Richards, Layton & Finger, P.A. as Delaware local counsel;
and AlixPartners, LLP as financial advisor. Stretto, Inc. is the
Debtor's notice, claims and solicitation agent.


DAVID KIMMEL: Gets Interim OK to Use Cash Collateral
----------------------------------------------------
David Kimmel Design, LLC received interim approval from the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division, to use the cash collateral of the U.S. Small Business
Administration.

Due to cash flow issues caused by COVID-19 and a downturn in the
event planning/wedding industry, the Debtor was forced to seek
protection under the Bankruptcy Code.

The Debtor needs to use cash collateral as working capital to fund
the operation of its business.

The Debtor owes the SBA approximately $1.1 million secured by the
company's assets, including cash.

In return for the use of cash collateral, SBA was granted
replacement liens on the Debtor's post-petition cash and accounts
receivable to secure any diminution in the value of its
collateral.

The Debtor's authority to use cash collateral will terminate if its
Chapter 11 case is converted to one under Chapter 7, or if it uses
cash collateral for purposes not authorized under the interim
order.

The final hearing is scheduled for April 17.

                     About David Kimmel Design

Established in December 2012, David Kimmel Design LLC is a luxury
floral design company specializing in creating custom, high-end
floral arrangements for exclusive events, known for its elegance
and innovation. With a global reach, David Kimmel Design has
completed significant projects in countries like France, Italy,
Germany, and Belgium. It excels in delivering personalized,
breathtaking floral designs that reflect the unique visions of its
clients.

David Kimmel Design sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30979)
on March 21, 2025. In its petition, the Debtor reported assts
between $50,000 and $100,000 and liabilities between $1 million and
$10 million.

The Debtor is represented by Brandon Tittle, Esq., at Tittle Law
Group, PLLC.


ELECTROCORE INC: Happy Holstein, 2 Others Hold 6.2% Equity Stake
----------------------------------------------------------------
Charles Theofilos disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of March 21, 2025, he
beneficially owns 444,530 shares of electroCore, Inc.'s common
stock, representing 6.2% of the 7,193,092 shares of Common Stock
outstanding as of March 6, 2025.

Kathryn Theofilos also disclosed that as of March 21, 2025, she
beneficially owns 372,801 shares of the Company's common stock,
representing 5.1% of the 7,193,092 shares of Common Stock
outstanding as of March 6, 2025.

Happy Holstein Management, LLC, also disclosed that as of March 21,
2025, it beneficially owns 277,482 shares of the Company's common
stock, representing 3.8% of the 7,193,092 shares of Common Stock
outstanding as of March 6, 2025.

                         About electroCore, Inc.

electroCore, Inc. -- www.electrocore.com/ -- is a commercial-stage
bioelectronic medicine and wellness company dedicated to improving
health through its non-invasive vagus nerve stimulation technology
("nVNS") platform.  The Company's focus is the commercialization
of
medical devices for the management and treatment of certain
medical
conditions and consumer product offerings utilizing nVNS to
promote
general well-being and human performance in the United States and
select overseas markets.

                              *  *  *

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


EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral
------------------------------------------------------------
Emergency Hospital Systems, LLC received another extension from the
U.S. Bankruptcy Court for the Southern District of Texas, Houston
Division to use the cash collateral of its pre-bankruptcy lenders.

The 10th interim order authorized the company to use cash
collateral for the period from April 1 to 30 in accordance with its
budget.

The budget shows total projected expenses of $2,424,787.04 for the
interim period.

Pre-bankruptcy lenders, including RDFCB Acquisition, LLC, were
granted replacement liens on the company's property, with the same
validity and priority as their pre-bankruptcy liens.

As additional protection, the court approved the payment of
$11,956.79 to RDFCB on April 8, 15 and 22, and ordered Emergency
Hospital Systems to keep its property insured, including the
pre-bankruptcy collateral of RDFCB.

The next hearing is scheduled for April 25.

                    About Emergency Hospital Systems

Emergency Hospital Systems LLC, doing business as Cleveland
Emergency Hospital, is a system of regional hospitals serving the
communities of The Woodlands, Porter, and Deerbrook, Cleveland.
These facilities support each other with respect to the services
they provide and are united under a common objective to provide
quality healthcare professionally and compassionately.

Emergency Hospital Systems sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on
October 3, 2024, with $10 million to $50 million in both assets and
liabilities. Rafael Delaflor, operating officer, signed the
petition.

Judge Eduardo V. Rodriguez oversees the case.

The Debtor is represented by Megan Rapp, Esq., at Kean Miller,
LLP.

RDFCB, as lender, is represented by:

     Kell Mercer, Esq.
     Kell C. Mercer, P.C.
     901 S. Mopac Expy, Suite 300, Bldg. 1
     Austin, Texas 78746
     Telephone: 512-767-3214


ENDO INTERNATIONAL: TPG Seeks Dismissal of Trust's Transfer Lawsuit
-------------------------------------------------------------------
Hilary Russ of Law360 reports that a private equity firm TPG
Capital is seeking to have a lawsuit dismissed that aims to recover
billions of dollars from an allegedly unfair deal with Endo
International PLC prior to the company's bankruptcy.

                About Endo International PLC

Endo International plc (OTC: ENDPQ) is a generics and branded
pharmaceutical company. It develops, manufactures, and sells
branded and generic products to customers in a wide range of
medical fields, including endocrinology, orthopedics, urology,
oncology, neurology, and other specialty areas. On the Web:
http://www.endo.com/         

Endo International and certain of its subsidiaries initiated
voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead
Case No. 22-22549) on Aug. 16, 2022.

On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and
Operand Pharmaceuticals Holdco III Limited each filed a voluntary
Chapter 11 petition also in the U.S. Bankruptcy Court for the
Southern District of New York. On May 31, 2023, Operand
Pharmaceuticals II Limited and Operand Pharmaceutical III Limited
each filed a voluntary Chapter 11 petition also in the Southern
District of New York.

The Company's cases are jointly administered before the Honorable
James L. Garrity, Jr.

Endo initiated the financial restructuring process after reaching
an agreement with a group of its senior debtholders on a
transaction that would substantially reduce outstanding debt,
address remaining opioid and other litigation-related claims, and
best position Endo for the future. This would allow the Company to
advance its ongoing business transformation from a strengthened
financial position to create compelling value for its stakeholders
over the long term.

Endo's India-based entities are not part of the Chapter 11
proceedings. The Company has filed recognition proceedings in
Canada and expects to file similar proceedings in the United
Kingdom and Australia.

The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as
legal counsel; PJT Partners, LP as investment banker; and Alvarez &
Marsal North America, LLC as financial advisor. Kroll Restructuring
Administration, LLC, is the claims agent and administrative
advisor. A Website dedicated to the restructuring is at
http://www.endotomorrow.com/          

Roger Frankel, the legal representative for future claimants in the
Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway
Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners,
LLC, as investment banker.


ENNIS I-45 11 ACRE: Case Summary & Six Unsecured Creditors
----------------------------------------------------------
Debtor: Ennis I-45 11 Acre, LLC
        590 S. I-45
        Ennis TX 75119

Business Description: Ennis I-45 11 Acre, LLC (dba Ennis Luxury RV
                      Resort) is an upscale RV park located just
                      outside of Dallas, Texas, in Ennis.  It
                      offers a high-end RV experience with 100
                      luxury paved sites, featuring amenities such
                      as a clubhouse, swimming pool, dog park,
                      laundry facilities, and Wi-Fi.  The resort
                      also provides additional services like dry
                      cleaning, RV wash, and massage services.
                      The location is convenient, being close to
                      local attractions, festivals, and
                      racetracks.

Chapter 11 Petition Date: April 1, 2025

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 25-31219

Debtor's Counsel: Kyung S. Lee, Esq.
                  SHANNON & LEE LLP
                  2100 Travis St., Ste 1525
                  Houston TX 77002
                  Tel: (713) 301-4571
                  Email: klee@shannonleellp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by John McGaugh as manager.

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

https://www.pacermonitor.com/view/26Y7VCY/Ennis_I-45_11_Acre_LLC__txnbke-25-31219__0001.0.pdf?mcid=tGE4TAMA


ENVERIC BIOSCIENCES: Files Registration Statement for 375K Shares
-----------------------------------------------------------------
Enveric Biosciences, Inc., filed a Registration Statement on Form
S-8 with the U.S. Securities and Exchange Commission for the
purpose of registering additional shares of the Company's common
stock, par value $0.01 per share, under the Company's 2020
Long-Term Incentive Plan, as previously approved by the Company's
stockholders on December 29, 2020, amended at a meeting of
stockholders on July 14, 2022, further amended at a meeting of
stockholders on November 2, 2023.

The Registration Statement registers an aggregate of 375,671
additional shares of Common Stock, comprising of (i) 50,279 shares
of Common Stock issued or issuable pursuant to vesting of
restricted stock unit or restricted stock awards made under the
Incentive Plan, and (ii) 325,392 shares of Common Stock that are
reserved for issuance pursuant to future awards under the Incentive
Plan.

Enveric Biosciences is represented by:

     Bradley J. Wyatt, Esq.
     Rasika A. Kulkarni, Esq.
     Dickinson Wright PLLC
     1850 North Central Avenue, Suite 1400
     Phoenix AZ, 85004

A full-text copy of the Form S-8 is available at
https://tinyurl.com/2j69zmfs

                   About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/--
is
a biotechnology company dedicated to the development of novel
neuroplastogenic small-molecule therapeutics for the treatment of
depression, anxiety, and addiction disorders.  Leveraging its
unique discovery and development platform, The Psybrary, the
Company has created a robust intellectual property portfolio of
new
chemical entities for specific mental health indications.  The
Company's lead program, the EVM201 Series, comprises next
generation synthetic prodrugs of the active metabolite, psilocin.
The Company is developing the first product from the EVM201 Series
- EB-002 - for the treatment of psychiatric disorders.  The
Company
is also advancing its second program, the EVM301 Series - EB 003 -
expected to offer a first-in-class, new approach to the treatment
of difficult-to-address mental health disorders, mediated by the
promotion of neuroplasticity without also inducing hallucinations
in the patient.

East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 25, 2024, citing that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

As of September 30, 2024, Enveric Biosciences had $4,790,316 in
total assets, $839,166 in total liabilities, and $3,951,150 in
total stockholders' equity.


ENVISION CIVIL: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
Envision Civil, LLC got the green light from the U.S. Bankruptcy
Court for the Western District of North Carolina, Shelby Division,
to use cash collateral.

At the hearing held on March 27, the court granted the Debtor's
motion to use cash collateral on an interim basis and set a further
hearing on the motion on April 22.

The Debtor faces emergency financial constraints and needs to
access cash to sustain operations and avoid business shutdown. It
will use cash collateral to pay payroll, insurance, rental costs,
and professional fees.

Secured creditors that have UCC financing statements filed against
the Debtor with the North Carolina Secretary of State and the West
Virginia Secretary of State include Linder Industrial Machinery
Company, Komatsu Financial Limited Partnership, and Conserv
Equipment Leasing, among others. These creditors may have claims
secured by certain assets of the Debtor.

U.S. Bank, the pre-bankruptcy depository bank, does not have
secured claims against the company.

The Debtor argued that using cash collateral will provide adequate
protection to secured creditors by preserving the going-concern
value of the business, which is key to maintaining the value of
pre-petition collateral.

The Debtor also proposed to grant replacement liens to the
creditors on any post-petition assets acquired with the cash
collateral, ensuring that their interests in the collateral remain
protected. These replacement liens would be of the same extent and
priority as the creditors' pre-bankruptcy liens.

                     About Envision Civil LLC

Envision Civil LLC is a contractor specializing in site development
services for a wide range of heavy civil and development projects.
With offices in Charlotte and Raleigh, the Company offers a
comprehensive solution for project owners, managing every aspect
from initial site preparation to heavy site work, including
grading, underground utilities, drainage, and the construction of
roads and parking lots.  Envision also boasts a fleet of
specialized equipment and a team of experienced professionals,
ensuring reliable execution of both commercial and residential
projects.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-40067) on March 24,
2025. In the petition signed by Tiffany N. England, member, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.

Judge Ashley Austin Edwards oversees the case.

John C. Woodman, Esq., at Essex Richards, PA, represents the Debtor
as legal counsel.


FAIR ANDREEN: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Fair Andreen, Incorporated
        W238 N1650 Rockwood Dr
        Waukesha, WI 53188

Case No.: 25-21724

Business Description: Fair Andreen, Incorporated, doing business
                      as CityPress, is a printing and graphic
                      communications company specializing in
                      commercial printing, book printing,
                      prepress, direct mail, digital printing, and
                      art printing services.   With a strong focus
                      on innovation and eco-friendly solutions,
                      the Company serves diverse industries by
                      providing customized printing options.

Chapter 11 Petition Date: April 2, 2025

Court: United States Bankruptcy Court
       Eastern District of Wisconsin

Judge: Hon. G Michael Halfenger

Debtor's Counsel: Jerome R. Kerkman, Esq.
                  KERKMAN & DUNN
                  839 N. Jefferson St., Ste. 400
                  Milwaukee, WI 53202-3744
                  Tel: 414-277-8200
                  Email: jkerkman@kerkmandunn.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

Steven S. Bates, as the president, signed the petition.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free on PacerMonitor at:

https://www.pacermonitor.com/view/WWVWE6Q/Fair_Andreen_Incorporated__wiebke-25-21724__0003.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/WNP5JPQ/Fair_Andreen_Incorporated__wiebke-25-21724__0001.0.pdf?mcid=tGE4TAMA


FAYESON INC: Updates CDOR Secured Claim Pay; Files Amended Plan
---------------------------------------------------------------
Fayeson Inc. d/b/a Richey Inc. submitted an Amended Subchapter V
Plan of Reorganization.

Prior to filing this Plan, the Debtor has worked with several
creditors and parties in interest on the formation of a plan,
including, without limitation, the IRS, the CDOR, Byline, and the
Landlord.

Class 1 consists of Allowed Secured Claim of the CDOR. The CDOR
holds an Allowed Secured Claim in the amount of $74,506.00, the
CDOR shall receive equal monthly payments on the first of each
month beginning the first full month after the Effective Date. The
Allowed Secured Claim of the CDOR shall accrue interest at 12% per
annum, and be amortized over a period equal to the number of
complete months between the Effective Date and September 1, 2029.
The CDOR shall be paid in full within sixty months of the Petition
Date. The CDOR shall retain its statutory lien on the Debtor's
assets and property owned or used by the Debtor in the conduct of
business.

Class 7 consists of Allowed General Unsecured Claims. Holders of
Allowed General Unsecured Claims shall receive, for three years
after the Effective Date or until such Claims are paid in full,
their Pro Rata share of the Debtor's Projected Disposable Income.
Based on the Debtor's projections, which are attached at Exhibit 2,
the holders of Allowed General Unsecured Claims shall receive, at a
minimum, $624,501.78 as follows:

Year 1: $126,672.72
Year 2: $189,854.31
Year 3: $307,974.75

In addition to the Debtor's Projected Disposable Income, holders of
Allowed General Unsecured Claims shall also receive the actual net
savings from the Debtor entering into a new lease for three years
after the Effective Date (the "Lease Savings"). The Lease Savings
is calculated by taking the amounts owed to the Landlord under the
existing lease and subtracting (i) the amounts owed to the new
landlord under the new lease plus (ii) the actual and necessary
costs incurred in moving to the new location. If the Debtor moves
to approve the new lease and reject the existing lease prior to the
Confirmation Date, the Debtor shall amend or supplement this Plan
with updated projections to account for the Lease Savings.

The Debtor shall pay holders of Allowed General Unsecured Claims in
quarterly installments beginning the first complete quarter after
the Effective Date. In connection with such payments, the Debtor
shall include a statement (i) identifying the amounts disbursed to
holders of Allowed General Unsecured Claims, and (ii) setting forth
the Lease Savings made available to such holders. The Debtor may
distribute the entirety of its Projected Disposable Income,
including Lease Savings, to holders of Allowed General Unsecured
Creditors at any time prior to three years after the Effective
Date.

Regardless of whether the Debtor distributes the entirety of its
Projected Disposable Income prior to three years after the
Effective Date, all proceeds recovered by the Reorganized Debtor on
account of any Cause of Action obtained after the Effective Date
shall be distributed to holders of Allowed General Unsecured Claims
on a Pro Rata basis, net of attorneys' fees and costs. Class 7 is
impaired and entitled to vote to accept or reject the Plan.

The Reorganized Debtor shall be empowered to take such action as
may be necessary to perform its obligations under this Plan.

If the Plan is confirmed on a consensual basis under section
1191(a), then the services of the Subchapter V Trustee shall
terminate upon the substantial consummation of the Plan pursuant to
section 1183(c)(1). On the Effective Date, the Reorganized Debtor
shall open a new deposit account with Wells Fargo Bank which shall
be deemed the Creditor Account. The Reorganized Debtor shall make
quarterly deposits of its Projected Disposable Income into the
Creditor Account. The Reorganized Debtor shall make all payments to
holders of Allowed Class 7 Claims from the Creditor Account until
the payment obligations under the Plan are completed.

If the Plan is confirmed on a nonconsensual basis under section
1191(b), the Subchapter V Trustee shall open an account which shall
be deemed the Creditor Account. The Reorganized Debtor shall make
quarterly deposits of its Projected Disposable Income to the
Subchapter V Trustee, and such deposits shall be deposited into the
Creditor Account. The Subchapter V shall make payments to holders
of Allowed General Unsecured Claims from the Creditor Account. For
the avoidance of doubt, the Subchapter V Trustee shall not make
Plan payments to holders of Claims in Classes 1–6; the Debtor
shall make all Plan payments to holders of Claims in such Classes.

The Debtor believes it will have enough cash on hand on the
Effective Date to satisfy all Claims and other expenses entitled to
payment on that date. The Debtor has been cash positive while
continuing to pay post-petition amounts to Byline, Centra, and
ClickLease, and despite catching up on post-petition rent payments
to the Landlord. The Debtor estimates it will have, at least,
$23,527.52 of cash on hand as of an estimated Effective Date of
March 1, 2025.

The Debtor believes the Plan is feasible because it possesses the
ability to perform under the Plan and predicts it will have
sufficient cash over the life of the Plan to make the required Plan
payments and operate the business. The Debtor anticipates that its
income will be positive each year following the Effective Date and
that the Debtor will generate disposable income sufficient to fund
payments due under the Plan.

A full-text copy of the Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=kR7rAm from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Patrick R. Akers, Esq.
     Fennemore Craig, P.C.
     3615 Delgany St, Suite 1100
     Denver, CO 80216
     Telephone: (303) 291-3200  
     Facsimile: (303) 291-3201
     Email: pakers@fennemorelaw.com

                        About Fayeson Inc.

Fayeson Inc., doing business as Richey Inc., is a full-service shop
for trucks and trailers in Commerce City, Colo.

Fayeson filed Chapter 11 petition (Bankr. D. Colo. Case No.
24-15305) on Sept. 9, 2024, with up to $1 million in assets and up
to $10 million in liabilities. Fayeson President Dion M. Swenson
signed the petition.

Judge Kimberley H. Tyson presides over the case.

The Debtor hired Fennemore Craig, P.C., as legal counsel.


FIREPAK INC: Unsecureds' Recovery Hiked to 43% in Plan
------------------------------------------------------
Firepak, Inc., submitted a First Amended Plan of Reorganization
dated March 7, 2025.

This Plan provides for two classes of secured claims, one class of
priority tax claims, one class of administrative convenience
claims, one class of general unsecured claims, and one class of
equity security holder claims.

General unsecured creditors with allowed claims will receive
distributions valued by the Debtor at a range of approximately 43
cents on the dollar. Additionally, this Plan includes provisions
for the payment of administrative and priority claims.

The Debtor estimates that the total amount of allowed general
unsecured claims is $408.471. By this Plan, the Debtor will be
restructuring these obligations, such that the Debtor can remain
viable as a going concern. In summary, however, if the Debtor is
unable to reorganize its debt owed to the Internal Revenue Service,
the debtor cannot survive.

Class 3 is the Priority Claim of the Internal Revenue Service for
outstanding payroll taxes, interest, and penalties. It is impaired
by the Plan. On February 6, 2025, the Debtor filed its Objection to
Claim No. 15 of the Internal Revenue Service. Thereafter, in March,
2025 the Debtor filed an Amended Objection to Claim of the Internal
Revenue Service.

According to the Debtor's Amended Objection, the Internal Revenue
Service has failed to credit the Debtor with employer retention
credits of approximately $258,684.63, which if correctly applied
would lower the amount of the claims by that number. The result is
a total unsecured priority claim of $1,065,702.70. In addition, the
IRS proof of claims has included non-filing amounts for returns
that have in fact been filed and paid.

The unsecured priority claims of the Internal Revenue Service
totaling $1,065,702.70 shall be paid by the Debtor in full, in
installments over 4 years, 8 months at the short term interest rate
on the Effective Date plus three percent. The unsecured nonpriority
claim of the IRS, totaling $315,271.28, shall be paid under Class 5
as a general unsecured claim.

Class 5 consists of all allowed general unsecured claims. Unsecured
creditors will be receiving a distribution of approximately 43% or
more of their allowed claim(s), which is an amount in excess of
what claimants would receive in a hypothetical Chapter 7
proceeding, in which case such claimants would receive 0.00%. This
Class is impaired.

The Debtor has built a working capital reserve of $175,000 to be
funded from disposable income. This working capital reserve will be
distributed to unsecured creditors at the rate of $10,000 in
October 2025; $15,000 in December 2025 then $37,500 per year
beginning at the end of Year 2, with similar payments at the end of
each subsequent Plan year (2 through 5, inclusive). Unsecured
claims, after claims objections, are estimated to total $408,471.
so that distributions to unsecured creditors will pay approximately
43 cents on the dollar. This is an amount greater than total
disposable income.

The means necessary for the implementation of this Plan include the
Debtor's cash flow from operations for a period of five years. The
Debtor's financial projections show that the Debtor will have
sufficient cash over the life of the Plan to make the required Plan
payments and operate its business.

A full-text copy of the First Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=Ny9e7Y from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     Jessica A. Less, Esq.
     Lydcker LLP
     1221 Brickell Avenue, 19th Floor
     Miami, FL 33131
     Telephone: (305) 416-3180
     Facsimile: (3050 416-3190
     Email: cdz@lydecker.com

                         About Firepak Inc.

Firepak Inc. specializes in the design and layout of fire sprinkler
systems, modifications to existing fire sprinkler systems, new
installations, tenant build outs, retrofit of existing buildings,
and inspections and repairs of all types of fire sprinkler
systems.

Firepak Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 24-21725) on November 7, 2024. In
the petition filed by Tatiana Marina, chief financial officer, the
Debtor disclosed total assets of $1,454,421 and total liabilities
of $2,424,737.

Bankruptcy Judge Robert A. Mark handles the case.

Carlos L. de Zayas, Esq., at Lydcker LLP serves as the Debtor's
counsel.


FORTUNA AUCTION: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Fortuna Auction LLC
        608 Fifth Avenue
        Suite 507
        New York, NY 10020

Business Description: Fortuna Auction LLC is a boutique auction
                      house specializing in fine, antique jewelry
                      and luxury watches.  Established in 2011,
                      the Company offers a platform for
                      collectors, wholesalers, retailers, and
                      private clients to buy and sell jewelry and
                      watches internationally.

Chapter 11 Petition Date: April 1, 2025

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 25-10632

Debtor's Counsel: Tracy L. Klestadt, Esq.
                  KLESTADT WINTER JURELLER SOUTHARD & STEVENS, LLP
                  200 West 41st Street
                  17th Floor
                  New York, NY 10036
                  Tel: (212) 972-3000
                  Fax: (212) 972-2245
                  Email: tklestadt@klestadt.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Herbert John Saxon as manager.

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

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

https://www.pacermonitor.com/view/YUD7ALY/Fortuna_Auction_LLC__nysbke-25-10632__0001.0.pdf?mcid=tGE4TAMA


GANDY'S TRANSPORT: Court Extends Cash Collateral Access to June 29
------------------------------------------------------------------
Gandy's Transport, LLC received another extension from the U.S.
Bankruptcy Court for the Northern District of Texas, Fort Worth
Division, to use cash collateral.

The fourth interim order authorized the company to use cash
collateral until June 29 to pay ordinary and necessary business
expenses as set forth in its budget, with a 10% variance allowed.

The interim order includes provisions granting secured creditors
replacement liens on Gandy's Transport's property and requiring the
company to provide adequate insurance coverage on collateral held
by secured creditors.

The company's authority to use cash collateral will terminate upon
the occurrence of certain events, including the entry of an order
dismissing or converting its Chapter 11 case to one under Chapter
7.

A copy of the court's order and the budget is available at
https://shorturl.at/7o3Vx from PacerMonitor.com.

A final hearing is scheduled for June 25.

                      About Gandy's Transport

Gandy's Transport, LLC is a transportation company that specializes
in freight and logistics services. Based in Fort Worth, Texas, the
company operates within the trucking industry, providing reliable
transport solutions for various goods and cargo.

Gandy's Transport sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-43354) on September
19, 2024, listing under $1 million in both assets and liabilities.

Judge Edward L. Morris oversees the case.

M. Jermaine Watson, Esq. -- jwatson@canteyhanger.com -- at Cantey
Hanger LLP, serves as the Debtor's legal counsel.


GAUCHO GROUP: Court Approves Settlement, Plans Chapter 11 Exit
--------------------------------------------------------------
Gaucho Group Holdings, Inc., a company that includes a growing
collection of e-commerce platforms with a concentration on fine
wines, luxury real estate, and leather goods and accessories,
announced that on March 28, 2025, the United States Bankruptcy
Court approved a settlement agreement between the Company and a
major creditor in connection with its pending Chapter 11 case.

The Court's approval of the settlement allows the parties to
satisfy the terms required before closing of the settlement, which
shall be no later than May 22, 2025, unless extended by the consent
of both parties. The Court found the terms of the settlement to be
fair and negotiated in good faith, with no objections raised by
other parties in interest. Under the agreement, Gaucho Holdings and
3i, LP will exchange mutual releases, formally resolving any
outstanding claims between the parties.

Pursuant to the terms of the settlement, Gaucho Holdings is
required to file a motion with the Court to seek dismissal of the
Chapter 11 case by no later than June 2, 2025. The Court has
retained jurisdiction to oversee the implementation of the
agreement and to resolve any potential disputes related to its
execution.

With the Court's approval now in place, Gaucho Holdings is pleased
to move positively forward from this chapter and return its focus
to operating, managing, and growing its portfolio of businesses in
Argentina. The Company views this as an important step toward
stabilizing its foundation and continuing to explore opportunities
that may build value for its stakeholders. At the macro level,
recent economic reforms and pro-market developments in Argentina
have created a more favorable business climate. Gaucho Holdings
remains encouraged by these changes and anticipates participating
in what it believes could be a period of meaningful expansion in
the years ahead.

The full terms of the settlement agreement and related court
documents are available in the Company's Form 8-K filed with the
U.S. Securities and Exchange Commission, accessible at
https://ir.gauchoholdings.com/sec-filings/all-sec-filings.

       About Gaucho Group Holdings, Inc.

Gaucho Group Holdings Inc operates as a holding company. The
Company, through its subsidiaries, provides luxury real estate and
consumer marketplace with collection of wine, hospitality, fashion
brands, and real estate holdings. Gaucho Group Holdings serves
customers in the United States and Argentina.

Gaucho Group Holdings Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fl. Case No. 24-bk-21852) on
November 12, 2024. At the time of filing, the Debtor estimated
$10,000,001 to $50 million in both assets and liabilities.

Judge Laurel M. Isicoff handles the case.

Nathan G Mancuso, Esq. at Mancuso Law, P.A. represents the Debtor
as counsel.


GENERAL ENTERPRISE: BoltRock Holdings Holds 38.93% Equity Stake
---------------------------------------------------------------
BoltRock Holdings LLC disclosed in a Schedule 13D filing with the
U.S. Securities and Exchange Commission that as of March 17, 2025,
it beneficially owns 22,500,000 shares of General Enterprise
Ventures, Inc.'s common stock, representing 38.93% of the
outstanding shares of stock.

                      About General Enterprise

Headquartered in Cheyenne, WY, General Enterprise Ventures, Inc.
is
an environmentally sustainable flame retardant and flame
suppression company for the residential home industry throughout
the United States and international markets. The Company acquired
Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire
Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and
patents pending for environmentally sustainable flame retardant
and
flame suppression technology. MFB's products are currently being
sold to fire departments in the State of California.

San Mateo, California-based WWC, P.C., the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 15, 2024, citing that the Company incurred substantial
losses
during the year ended December 31, 2023. As of December 31, 2023,
the Company had a working capital deficit. Accordingly, these
factors give rise to substantial doubt that the Company will be
able to continue as a going concern. Management closely monitors
the Company's financial position and has prepared a plan that
addresses this substantial doubt.


GENERAL ENTERPRISE: T. Ralston Holds 37% Equity Stake
-----------------------------------------------------
Theodore Ralston disclosed in a Schedule 13D filing with the U.S.
Securities and Exchange Commission that as of March 17, 2025, he
beneficially owns 19,370,973 shares of General Enterprise Ventures,
Inc.'s common stock, representing 37.0% of the Company's
outstanding shares of stock.

                      About General Enterprise

Headquartered in Cheyenne, WY, General Enterprise Ventures, Inc.
is
an environmentally sustainable flame retardant and flame
suppression company for the residential home industry throughout
the United States and international markets. The Company acquired
Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire
Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and
patents pending for environmentally sustainable flame retardant
and
flame suppression technology. MFB's products are currently being
sold to fire departments in the State of California.

San Mateo, California-based WWC, P.C., the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 15, 2024, citing that the Company incurred substantial
losses
during the year ended December 31, 2023. As of December 31, 2023,
the Company had a working capital deficit. Accordingly, these
factors give rise to substantial doubt that the Company will be
able to continue as a going concern. Management closely monitors
the Company's financial position and has prepared a plan that
addresses this substantial doubt.


GLASS MANAGEMENT: Court Extends Cash Collateral Access to April 30
------------------------------------------------------------------
Glass Management Services, Inc. received another extension from the
U.S. Bankruptcy Court for the Northern District of Illinois to use
the cash collateral of Old National Bank.

The company was authorized to use cash collateral until April 30 to
pay the expenses set forth in its budget, plus an amount not to
exceed 10% for each line item.

The company projects total operational expenses of $218,916.88.

Old National Bank's interest in the assets will be protected by
replacement liens on post-petition assets, according to the interim
order penned by Judge Janet Baer.

The bank will also be granted a superpriority administrative
expense claim in case of diminution in value of its collateral and
will receive monthly payments of $30,000 from Glass Management
starting this month, which the bank can automatically debit from
the company's account.

Glass Management Services was ordered to keep the bank's collateral
insured.

The next hearing is scheduled for April 23.

                      About Glass Management

Glass Management Services, Inc. is a construction contractor based
in Illinois, specializing in glazing services. Established with a
focus on high-profile projects, the company has been involved in
significant developments, including the Obama Presidential Library,
Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools
and CTA transit stations.

Glass Management Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with
$3,029,997 in assets and $11,989,444 in liabilities. Ernest B.
Edwards, president of Glass Management Services, signed the
petition.

Judge Janet S. Baer presides the case.

The Debtor is represented by:

   David P Leibowitz, Esq.
   Leibowitz, Hiltz & Zanzig, LLC
   Tel: 312-566-9008
   Email: dleibowitz@lodpl.com


GRESHAM WORLDWIDE: Court Extends Cash Collateral Access to June 30
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona extended
Gresham Worldwide, Inc.'s authority to use cash collateral from
March 31 to June 30.

The court ordered the company to continue its monthly payment of
$60,000 to Arena Investors, LP as provided in the budget.

The replacement liens granted to Arena and Ault Lending, LLC remain
in full force and effect.

                      About Gresham Worldwide

Gresham Worldwide, Inc. designs, manufactures, and distributes
purpose-built electronics equipment, automated test solutions,
power electronics, supply and distribution solutions, as well as
radio, microwave, and millimeter wave communication systems and
components for a variety of applications with a focus on the global
defense industry and the healthcare market.

Gresham Worldwide sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06732) on Aug. 14,
2024. In the petition filed by Lutz P. Henckels, chief financial
officer, the Debtor disclosed $32,859,000 in assets and $39,786,000
in liabilities as of June 30, 2024.

Judge Scott H. Gan oversees the case.

Patrick A. Clisham, Esq., at Engelman Berger, PC serves as the
Debtor's legal counsel.

The U.S. Trustee appointed an official committee of unsecured
creditors in this Chapter 11 case. The committee tapped Stinson,
LLP as legal counsel.


GULFVIEW AVIATION: Case Summary & Two Unsecured Creditors
---------------------------------------------------------
Debtor: Gulfview Aviation, LLC
        7315 Hudson Ave.
        Hudson, FL 34667

Business Description: Gulfview Aviation LLC is an aviation company
                      based in Hudson, FL, specializing in a range
                      of aviation services, including aircraft
                      maintenance, sales, and rental services to
                      meet the diverse needs of its clientele.

Chapter 11 Petition Date: April 1, 2025

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 25-02069

Judge: Hon. Roberta A Colton

Debtor's Counsel: Harley E. Riedel, Esq.
                  STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
                  110 E. Madison St.
                  Suite 200
                  Tampa, FL 33602
                  Tel: (813) 229-0144
                  E-mail: hriedel@srbp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Alfred O. Bonati, serving as the
member.

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

https://www.pacermonitor.com/view/ZHBQ46Y/Gulfview_Aviation_LLC__flmbke-25-02069__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/EPCG64Q/Gulfview_Aviation_LLC__flmbke-25-02069__0001.0.pdf?mcid=tGE4TAMA


H & H RENTAL: Gets Final OK to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, entered a final order allowing H & H
Rental Broker, Inc. to use the cash collateral of its secured
lenders MMG Investments VI, LLC and BB&T.

The final order authorized the company to use the secured lenders'
cash collateral to pay the expenses set forth in its budget, with a
10% variance.

The monthly budget shows total projected expenses of $2,600.

As protection, the lenders were granted a post-petition replacement
lien on their collateral to the same extent and with the same
validity and priority as their pre-bankruptcy liens.

                   About H & H Rental Broker Inc.

H & H Rental Broker, Inc. filed Chapter 11 petition (Bankr. E.D.
N.C. Case No. 25-00105) on January 9, 2025, with up to $1 million
in assets and up to $50,000 in liabilities. Tonya Hanks, president
of H & H Rental Broker, signed the petition.

Judge David M. Warren oversees the case.

J.M. Cook, Esq., at J.M. Cook, P.A. is the Debtor's legal counsel.

MMG Investments VI is represented by:

     Daniel C. Bruton, Esq.
     Bell, Davis & Pitt, P.A.
     P.O. Box 21029
     Winston-Salem, NC 27120-1029
     Phone: 336-722-3700
     Fax: 336-748-5890
     dbruton@belldavispitt.com


H-FOOD HOLDINGS: Exits Chapter 11 Bankruptcy Under New Name
-----------------------------------------------------------
Just Food reports that Hearthside Food Solutions has exited Chapter
11 bankruptcy under the new name Maker's Pride after completing a
financial restructuring. The U.S.-based snack manufacturer has
eliminated approximately $2 billion in funded debt, positioning
itself for long-term growth, the company announced. Hearthside had
filed for voluntary, prearranged Chapter 11 protection in the U.S.
Bankruptcy Court for the Southern District of Texas in November
2024.

According to Just Food, Maker's Pride now has around $600 million
in liquidity, including $200 million raised through an equity
rights offering and approximately $190 million secured via a new
asset-backed loan facility.

According to the company, Maker's Pride is now majority-owned by a
group of its existing lenders, including funds managed by Apollo
and Oaktree Capital Management, L.P.

Previously owned by private equity firms Charlesbank Capital
Partners and Partners Group Holding since 2018, it remains unclear
whether they retain any equity in the company. When asked, company
representatives referred inquiries back to this week's statement.

CEO Darlene Nicosia stated, "With a healthy balance sheet and
additional capital, we are well-equipped to continue serving our
customers with excellence."

Maker's Pride operates 27 facilities, producing baked,
refrigerated, and frozen foods, as well as sweet and salty snacks
and nutrition bars.

In March 2025, the company announced plans to close its Anaheim
plant, affecting 175 jobs. A Worker Adjustment and Retraining
Notification (WARN) filed with the California Employment
Development Department indicates the facility will close by April
27, 2025.

                    About H-Food Holdings

H-Food Holdings, LLC, formerly known as Matterhorn Merger Sub, LLC,
was founded in 2009 in Grand Rapids, Mich. The company and its
affiliated debtors are a contract manufacturer of food products,
producing and supplying, among other things, nutrition bars, frozen
packaged foods, meal kits, snacks, sauces, refrigerated trays,
overwrap, custom packaging solutions, and more to customers. As the
largest food co-manufacturer in North America, the Debtors
manufacture some of the most valued and recognizable brands, and
the Debtors' key customers include many of the leading consumer
packaged goods customers in North America.

The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case
No. 24-90586) on Nov. 22, 2024, listing $1 billion to $10 billion
in both assets and liabilities. Robert M. Caruso,
chiefrestructuring officer, signed the petitions.

Judge Alfredo R. Perez presides over the cases.

The Debtors tapped Ropes & Gray, LLP as general bankruptcy counsel;
Porter Hedges, LLP as co-bankruptcy counsel; Evercore Group, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor.


HEART 2 HEART: Seeks Cash Collateral Access
-------------------------------------------
Heart 2 Heart Volunteers Inc. asked the U.S. Bankruptcy Court for
the Northern District of West Virginia for authority to use cash
collateral.

Initial belief was that only two lenders held secured interests in
cash collateral. Upon further investigation, the Debtor found the
following entities have a lien on its cash collateral:

   1. U.S. Small Business Administration: Lien on all tangible and
intangible property, including cash collateral. SBA is believed to
be undersecured.
   2. Community Capital: Lien on inventory, equipment, and other
personal property, with an outstanding loan of $232,022.
   3. Legend Advance Funding: Disputed lien on future receivables,
with a loan balance of $69,931.
   4. Fundworks LLC: Disputed lien on all tangible and intangible
property with loans totaling $215,950.

On December 21, 2020, the Debtor and the SBA entered into a loan
agreement wherein the SBA agreed to make a loan to the Debtor in
the principal amount of $150,000. The Debtor owes the SBA
approximately $165,519.

Other potential secured parties like Itria Ventures, Avion Funding,
and Candy Capital have disputed liens.

The Debtor asserted that the SBA is considered adequately protected
by the equity cushion in the Debtor's assets, especially given the
significant equity in its property at 667 Stone Shannon Road.

The Debtor also claims that all other revenue from private
insurance and other sources is sufficiently protected, meaning the
creditors' security interests should not be adversely affected by
the use of the cash collateral.

The Debtor believes that the use of the cash collateral is
necessary for continued operations and for protecting the interests
of creditors, particularly in light of the equity cushion and
Medicaid payment exemptions.

A copy of the motion is available at https://urlcurt.com/u?l=GxA3bg
from PacerMonitor.com.

                About Heart 2 Heart Volunteers Inc.

Heart 2 Heart Volunteers Inc., doing business as Serenity Hills
Life Center, operates three addiction recovery centers and
treatment facilities.

Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February
27, 2025. In its petition, the Debtor reported between $1 million
and $10 million in both assets and liabilities.

Judge David L. Bissett oversees the case.

The Debtor is represented by Kirk B. Burkley, Esq. at
Bernstein-Burkley, P.C.


HILTON GRAND: S&P Downgrades ICR to 'BB-' on Elevated Leverage
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Hilton Grand
Vacations Inc. (HGV) to 'BB-' from 'BB', its issue-level rating on
its senior secured debt to 'BB' from 'BB+', and its issue-level on
its senior unsecured debt to 'B' from 'B+', and removed all ratings
from CreditWatch, where S&P placed them with negative implications
on Feb. 28, 2025.

S&P said, "The negative outlook reflects our expectation that the
company will sustain S&P Global Ratings-adjusted leverage of more
than 5.5x through year-end 2025 as it completes the integration of
Bluegreen Vacations. While we expect HGV will ultimately benefit
from the realignment of its sales and marketing operations, we
believe it will continue to prioritize share repurchases ahead of
debt repayment over the near term, which will lead to leverage
above its policy target through 2026.

"The downgrade reflects our expectation that HGV will sustain
leverage of 5.5x-6.0x through 2025 as it continues to integrate
Bluegreen Vacations and prioritizes shareholder returns over the
near term. The company finished 2024 with S&P Global
Ratings-adjusted leverage of 5.7x, excluding acquisition and
integration-related costs, which is significantly higher than we
previously expected when it completed its acquisition of Bluegreen
Vacations. HGV's EBITDA underperformed our base-case forecast
because consumers pulled back on their discretionary spending while
management continued to spend heavily on sales and marketing
investments to support the launch of HGV Max, reorganized its sales
structure to account for the acquisitions it completed over the
past several years, and worked to attract new buyers. At the same
time, the company has not repaid debt to the extent that we had
assumed in our prior base case and instead prioritized share
repurchases over the past 12 months."

Despite its elevated marketing efforts, HGV struggled to attract
buyers and management noted a broad pull back in consumer spending
behavior following years of persistently high inflation and
increased interest rates. Therefore, the company's marketing
expense, as a percentage of its contract sales, increased to
approximately 59% in 2024 from 55% in 2023 and 48% in 2022. S&P
expects HGV's sales and marketing expenses will remain elevated
through at least 2026 as its increases its new buyer tour flow and
rolls out HGV Max to its rebranded sales centers. A portion of the
company's elevated marketing spend is related to acquisitions that
have materially shifted its sales mix over the past several years.
Management noted that it completed roughly 40% of its 2024 sales
outside of its core markets, up from 20% historically, thus it is
allocating more resources and working to revamp the staffing at its
regional sales centers and new buyer lines.

S&P said, "To a lesser extent, we expect HGV's EBITDA generation
will be negatively impacted by increased loan loss provisioning to
account for the Bluegreen loan portfolio and the acquired business'
weaker ancillary segments. The company's provision for financing
receivables in 2024 of 10.2% of contract sales (excluding fee for
service sales) is materially higher than its historical levels in
the low-single digit percent area prior to its acquisitions of
Bluegreen and Diamond. We forecast HGV's provisioning will remain
in the low-double digit percent area throughout our forecast.
Additionally, we anticipate the company's rental margins will be
negatively affected by the integration of Bluegreen's rental
operations, which generate very low or negative margins.

"We believe the company's plan to increase its share repurchases,
despite its elevated leverage, signals a shift to a more-aggressive
financial policy that is not commensurate with the previous rating.
HGV intends to increase its share repurchases using incremental
cash flow from securitizations over the next two years. Management
has signaled to investors that the company will repurchase
approximately $600 million of its shares annually, up from
approximately $400 million per year. HGV has typically securitized
50%-60% of its net financing receivables. As of year-end 2024, the
company had securitized approximately 55% of its net financing
receivables, which is materially lower than levels at its peers
Travel & Leisure (87%) and Marriott Vacations Worldwide (78%).
However, HGV intends to use its financing capacity to increase its
securitization rate to 70%-80% and use the proceeds mostly for
incremental share repurchases.

"Furthermore, HGV has not reduced its net debt, as we assumed in
our previous base case, after taking on incremental debt to fund
its acquisition of Bluegreen Vacations in early 2024. The company
issued approximately $1.8 billion of new corporate debt to fund its
purchase of Bluegreen, and we exclude non-recourse debt from our
adjusted credit measures. We had assumed that HGV would balance net
debt reduction and cash generation with share repurchases over the
next several years as it reduced its net leverage toward its 2x-3x
target range (S&P Global Ratings' adjustments add approximately
1.0x-1.5x turns to the company net leverage measure). In our
updated base case, we do not assume HGV will repay any of its debt
because it will prioritize shareholder returns.

"The negative outlook reflects our expectation HGV will sustain S&P
Global Ratings-adjusted leverage above 5.5x through year-end 2025
as it completes the integration of Bluegreen Vacations. While we
expect the company will benefit from the realignment of its sales
and marketing operations, we believe it will continue to prioritize
share repurchases ahead of debt repayment over the near term, which
will lead to leverage above its policy target through 2026.

"We could lower our ratings on HGV if its volume per guest (VPG),
tour flow, resort occupancy, or EBITDA margin are weaker than we
forecast such that we revise our base-case forecast to reflect
sustained captive-adjusted leverage of more than 5.5x. We could
also lower our ratings if the risk in the company's captive finance
operations rises sufficiently to impair the parent's financial
risk, which could occur if the captive's S&P Global
Ratings-adjusted debt to equity remains above 4x and the loan
losses in its portfolio increase materially.

"It is unlikely that we will raise our ratings on HGV at this time,
given its current leverage and our expectation it will use its
incremental cash flow for share repurchases. Nonetheless, we could
raise our ratings on the company if it sustains S&P Global
Ratings-adjusted debt to EBITDA of less than 4.5x such that we
believe it has a sufficient cushion to weather significant
debt-financed mergers and acquisitions, substantial shareholder
returns, and operating variability over an economic cycle."



HOOTERS OF AMERICA: Enters Chapter 11 to Shift to Franchise Model
-----------------------------------------------------------------
Hooters of America, LLC, sought Chapter 11 protection after
agreeing with its lenders of key terms of a restructuring of its
debt and business.

The Hooters brand was originally founded by Hooter's, Inc. in
Clearwater, Florida in 1983.  Following its early success as a
beachside diner, the Company grew to amass an expansive network of
Company-owned and franchised locations and established Hooters as
the household name that it is today.  Today, the Company directly
owns and operates 151 traditional sit-down Hooters restaurants and
maintains 154 franchised locations.

As of the Petition Date, the Debtors employ approximately 5,957
employees, including 1,945 full-time employees and 4,012 part-time
employees.

As of the Petition Date, the Debtors have funded principal debt
obligations of approximately $376 million.

Hooters said in court filings that it and its affiliates commenced
Chapter 11 cases with a restructuring support agreement supported
by (i) its prepetition lenders that hold claims under the Term Loan
Credit Agreement and the Manager Advance Credit Agreement, (ii) a
substantial majority of certain holders of notes under the A&R Base
Indenture, and (iii) the buyer group that consists of Hooters, Inc.
and Hoot Owl Restaurants, LLC.  The RSA follows months of
diligence, discussions, and negotiations around value-maximizing,
operationally focused restructuring transactions through a
pre-arranged joint chapter 11 plan, which will best position the
Debtors for success.

The RSA contemplates a case timeline that will avoid disruption and
the administrative burden of a lengthy process while providing
sufficient time to effectuate the value-maximizing transactions
contemplated by the RSA.

Underpinning the broad support by the parties to the RSA is these
parties' belief in the Company's business.

Despite its success as a celebrated brand, the Company experienced
a series of challenges in recent years, including inflationary
pressures and industry headwinds, which significantly impacted the
Company's performance.  Moreover, in 2024, approximately
$30,942,066 in debt service payments and $3,039,420 in Legacy
Royalty Obligations became due and payable, which, together with
its burdensome lease obligations, compounded these challenges.

In response, the Company (i) implemented operational improvement
initiatives, (ii) has closed 48 unprofitable stores since the start
of 2024, (iii) engaged professionals, including the retention of
the CRO, with expertise in complex transactions to analyze
strategic alternatives, including third-party financings, asset
sales, and engagement with the Company's existing capital
structure, to assess, among other things, comprehensive solutions,
and (iv) supplemented its governance by appointing an experienced
independent fiduciary to its board.

From June to September 2024, the Company also (i) executed a series
of amendments to the Term Loan Credit Agreement and (ii) entered
into the Manager Advance Credit Agreement to fund Manager Advances
pursuant to the Management Agreement, each for the purpose of
obtaining additional liquidity and extending the Company's
liquidity runway as it sought a holistic solution to address its
business challenges. The Company then initiated a comprehensive
outreach process seeking strategic alternatives with potential
third-party lenders.

Ultimately on March 31, 2025, after months of lengthy, good-faith
negotiations and significant diligence exploring various
alternatives, the Company executed the RSA with the Prepetition
Lenders, the Buyer Group, and the Ad Hoc Group of Noteholders for a
comprehensive restructuring transaction.  The Special Committee and
the boards of managers of the Debtors, with the advice of their
restructuring advisors, determined that it is in the best interest
of the Company and its stakeholders to commence these Chapter 11
Cases to avail the Company of the "breathing spell" afforded by
chapter 11 and to implement the transactions contemplated by the
RSA.

                 Restructuring Support Agreement

In March 2025, after months of good-faith, arm's-length
negotiations, the Company determined in its business judgment that
the transactions contemplated by the RSA are in the best interest
of the Company and its stakeholders.

Importantly, the RSA provides the Company with a viable path
forward and a framework to successfully exit chapter 11 in a timely
fashion with the support of a substantial majority of the Company's
creditor stakeholders. The transactions contemplated by the RSA
enable the Debtors to achieve a three-pronged operational
overhaul.

     I. The RSA provides a non-binding commitment for the sale of
certain Company-Owned Stores to the Buyer Group through a chapter
11 plan of reorganization.

    II. By way of the proposed sale transaction, the RSA
contemplates a transition from a hybrid business model involving
both Company-Owned Stores and franchised stores to a pure franchise
model.  This transition will allow the Company to optimize its
business by significantly reducing overhead costs while maximizing
revenues from franchisees, an approach which has proven to be more
profitable than that of the Company operating stores directly.

   III. The RSA provides for the infusion of up to $35 million of
new money in the form of the DIP Facility, which also includes a
dollar-for-dollar roll-up of $5 million of the obligations under
the Manager Advance Credit Agreement, which, if approved, will
allow the Company to make necessary expenditures to administer
these Chapter 11 Cases.

Upon confirmation of the Approved Plan, existing debt will be
converted into new notes and equity in the go-forward business
that, together with the sale contemplated by the RSA, will
right-size the Company's balance sheet and provide the way for a
profitable go-forward business.

These transactions are made possible by the RSA, which presents the
most cost-effective path to a timely emergence from chapter 11
through settlement and compromise.  The signing of the RSA was
undertaken only after careful consideration by the Company's
management and the Special Committee.  Critically, the Debtors'
obligations under the RSA remain subject to their fiduciary duties
as debtors and debtors in possession to maximize the value of their
estates.  Based on the foregoing, the Company believes it has
exercised reasonable business judgment in its decision to execute
the RSA, and that such execution is in the best interest of all
parties in interest.

                     About Hooters of America

Hooters of America, LLC, owner and operator of a restaurant chain
with hundreds of locations in the United States, and its affiliates
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March
31, 2025.

Founded in 1983, the Debtors own and operate Hooters, a renowned
brand in the casual dining and sports entertainment industries.
Their global portfolio includes 151 company -owned and operated
locations and 154 franchised locations across 17 countries.  Known
for their world-famous chicken wings, beverages, live sports, and
legendary hospitality, the Debtors also partner with a major food
products licensor to offer Hooters-branded frozen meals at 1,250
grocery store locations.

The case is before the Hon. Scott W Everett.

The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq.,
Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY &
LARDNER LLP, in Dallas, Texas.

The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl,
Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson,
Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES &
GRAY LLP, in Chicago, Illinois.  The Debtors' Investment Banker is
SOLIC CAPITAL, LLC.  The Debtors' Financial Advisor is ACCORDION
PARTNERS, LLC.

The Debtors' Notice, Claims, Solicitation & Balloting Agent is
KROLL RESTRUCTURING ADMINISTRATION LLC.


HOOTERS OF AMERICA: Files Chapter 11, Shifts to Franchise Model
---------------------------------------------------------------
Hooters of America, LLC and certain of its affiliates, the original
wing joint and a globally recognized iconic brand, announced on
March 31, 2025, that it has entered into a Restructuring Support
Agreement with near unanimous support from its key stakeholders to
effectuate a sale transaction that will facilitate the continued
operation of the business under new ownership. Specifically, the
Company has reached an agreement in principle with a highly
experienced group of current franchisees to acquire and operate
certain Company-owned Hooters locations. The Buyer Group is
comprised of two existing Hooters franchisees (including Hooters
Inc., the original Hooters founders), who collectively currently
own and operate over 30% of the domestic franchised Hooters
locations, including 14 of the 30 highest volume restaurants.

In conjunction with the proposed sale of the Company-owned
locations, and with the widespread support of key stakeholders in
its capital structure (who will exchange certain of their debt for
equity in the Company), the Company filed voluntary petitions for
chapter 11 cases in the United States Bankruptcy Court for the
Northern District of Texas. The Company expects to move through
this process swiftly, with the goal of emerging from chapter 11 in
approximately 90-120 days.

"Our renowned Hooters restaurants are here to stay. Today's
announcement marks an important milestone in our efforts to
reinforce Hooters' financial foundation and continue delivering the
guest-obsessed hospitality experience and delicious food our
customers and communities have come to expect," said Sal Melilli,
Chief Executive Officer of Hooters of America. "I've seen firsthand
the incredible value and opportunities our brand brings to life,
and I look forward to continuing that momentum well into the
future. I'm incredibly grateful to our valued customers, partners,
and employees for their continued support."

Importantly, Hooters restaurants remain open to serve customers and
will continue to operate in a business-as-usual manner during its
chapter 11 cases. As part of the Company's broader business
transformation and planning, Hooters is evaluating the Company's
operational footprint as part of its financial restructuring
process to position itself to invest its resources in its strongest
assets moving forward. The Company's current franchise operations,
including its locations outside the U.S., are not impacted by the
chapter 11 process and will continue to be operated by the
Company's franchise and license partners.

"With over 30 years of hands-on experience across the Hooters
ecosystem, we have a profound understanding of our customers and
what it takes to not only meet, but consistently exceed their
expectations," said Neil Kiefer, CEO of Hooters Inc., on behalf of
the Buyer Group. "As we look toward the future, we are committed to
restoring the Hooters brand back to its roots and simplifying HOA's
operations by adopting a pure franchise model that will maximize
the potential for sustainable, long-term growth. The foundation
we've laid ensures the continued success of our brand -- one that
is driven by a relentless focus on delivering an exceptional
experience each and every visit for our customers."

Hooters is seeking relief through a number of customary "first day"
motions with the Court to facilitate a smooth transition into
chapter 11 and operate in the ordinary course, including through
honoring commitments to employees, customers, licensee partners,
and vendors. To fund Hooters' operations without disruption during
the chapter 11 cases, the Company is seeking approval of $40
million of debtor-in-possession ("DIP") financing from certain of
its existing lenders, including $35 million of new capital. Upon
Court approval, Hooters anticipates the DIP financing will provide
ample liquidity to support operations during the chapter 11
process.

Upon completion of the chapter 11 process, all Hooters locations
will be franchisee-owned.

Hooters has launched a dedicated website for stakeholders to get
information about the chapter 11 cases at
www.Hooters.com/our-future/.

Additional information regarding the chapter 11 process is
available at https://cases.ra.kroll.com/Hooters/. Stakeholders with
questions can contact the Company's claims agent, Kroll, by calling
(888) 575-4910 (U.S. / Canada) or (646) 844-3894 (International) or
emailing HootersInfo@ra.kroll.com.

Advisors

Ropes & Gray LLP is serving as legal counsel, SOLIC Capital
Advisors is serving as investment banker to the Company, Accordion
Partners is serving as financial and restructuring advisor, and C
Street Advisory Group is serving as strategic communications
advisor. The Buyer Group is represented by North Point Mergers &
Acquisitions and Morrison and Foerster is serving as their legal
counsel. Sidley Austin LLP is serving as legal counsel and Houlihan
Lokey is serving as investment banker to the prepetition term loan
and DIP lenders. White & Case LLP is serving as legal counsel and
M3 Partners, LP is serving as financial advisor to the Ad Hoc Group
of Securitization Noteholders.

About Hooters of America, LLC

Hooters of America, LLC, is the franchisor and operator of Hooters
and Hoots Wings by Hooters. Known for its world-famous Hooters
Style chicken wings, the first Hooters opened its doors in 1983 in
Clearwater, Florida. Expectations were so modest at the time that
the simple fact the doors opened was deemed worthy of a toast.
Since then, millions have been liberated from the ordinary at
Hooters while enjoying great food, fun and one-of-a-kind
hospitality that can only be served up by the Hooters Girls. For
more information about Hooters visit www.hooters.com or follow us
at twitter.com/hooters, facebook.com/hooters, instagram.com/hooters
or on Snapchat at "hooters."


HURRICANE CREEK: Amends Plan to Include Radencic Secured Claim Pay
------------------------------------------------------------------
Hurricane Creek LLC submitted an Amended Plan of Reorganization for
Small Business dated March 7, 2025.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $36,000.00. The final Plan
payment is expected to be paid on December 15, 2027.

The financial projections support that the Debtor will have on
average, the ability to dedicate $1,000 monthly to payment of
general unsecured creditors. Disposable income is projected to be
higher in some months than in others, according to seasonal
fluctuations, and will rely upon income from busier months to
support plan payments in slower months.

This Plan of Reorganization proposes to pay creditors of the Debtor
from revenues earned from the sale of food and beverages.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 17 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Class 1 consists of the Secured claim of the United States Small
Business Administration. The Debtor intends to value the Small
Business Administration's claim and bifurcate, paying the allowed
secured claim with interest of 3.25%, amortized over 36 months.
This Class is impaired.

Class 2 consists of the Secured claim of Radencic Rentals LLC. The
Debtor intends to value Randencic Rentals LLC's claim and
potentially bifurcate (it appears the claim may be wholly secured),
paying the allowed secured claim with no interest over 36 months.
This Class is impaired.

Class 3 consists of Non-priority unsecured creditors. If the Plan
is consensually confirmed, Debtor will pay $1,000.00 monthly for 36
months, divided pro rata among allowed general unsecured claims,
commencing on the effective date. Debtor projects a dividend of
approximately 17 cents on the dollar for general unsecured
creditors under a consensual plan.

If the Plan is confirmed non-consensually, it is projected that
administrative expenses will consume the disposable income of the
Debtor, leaving little to no dividend to the general unsecured
creditors. Class 3 is impaired.

Randy Bennett, the sole equity interest holder, shall retain his
full equity interest as existed on the Petition Date.

The Debtor shall continue to exist as the Reorganized Debtor, doing
business under the name Hurricane Creek LLC.

Reorganized Debtor will continue to operate. Except as set forth in
this Plan, all cash in excess of operating expenses generated from
operation through the Effective Date will be used for Plan Payments
or Plan implementation. Cash on hand as of Confirmation shall be
used first to pay Administrative Expenses.

A full-text copy of the Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=DsKCqE from PacerMonitor.com
at no charge.

      About Hurricane Creek

Hurricane Creek, LLC has operated a country-music themed bar and
restaurant.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02935) on June 12,
2024, with up to $50,000 in assets and up to $1 million in
liabilities.

Judge Tiffany P. Geyer presides over the case.

Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as
legal counsel.


IDEAL PROPERTY: Court Extends Cash Collateral Access to May 31
--------------------------------------------------------------
Ideal Property Investments, LLC received seventh interim approval
from the U.S. Bankruptcy Court for the Eastern District of
Washington to use cash collateral.

The seventh interim order authorized the company to use cash
collateral until May 31 to pay professional fees and business
expenses, subject to the approved budget, with a 10% variance
allowed for each line item.

The budget shows total projected operational expenses of
$967,464.63 for the period from January to February.

As adequate protection, secured lenders will receive payments from
the company and will be granted replacement liens on the company's
post-petition collateral.

A $750,000 holdback from the Camano Island property sale proceeds
pending resolution of NBC Mergeco, Inc.’s claim.

The next hearing is scheduled for May 27.

                 About Ideal Property Investments

Ideal Property Investments, LLC is primarily engaged in renting and
leasing real estate properties. The company is based in Everett,
Wash.

Ideal Property Investments filed Chapter 11 petition (Bankr. E.D.
Wash. Case No. 24-01421) on September 5, 2024, with $50 million to
$100 million in assets and $100 million to $500 million in
liabilities.

Judge Frederick P. Corbit oversees the case.

Laurie Thornton, Esq., at DBS Law is the Debtor's bankruptcy
counsel.


JASMINE R ELMORE: Bankr. Administrator Unable to Appoint Committee
------------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Jasmine R. Elmore DDS, PLLC.

                   About Jasmine R. Elmore, DDS

Jasmine R. Elmore, DDS, PLLC owns and operates Wilson Pediatric
Dentistry, a pediatric dental practice located near Greenville,
N.C. The practice offers a wide range of services focused on
promoting the healthy growth and development of children's teeth.
With an emphasis on preventative care, the Debtor provides
treatments that support optimal dental health for young patients.

Jasmine R. Elmore sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00123) on January 13,
2025. In its petition, the Debtor reported total assets of $68,777
and total liabilities of $1,493,926.

Judge Joseph N. Callaway handles the case.

The Debtor is represented by:

  Danny Bradford, Esq.
  Paul D. Bradford, PLLC
  Tel: 919-758-8879
  Email: dbradford@bradford-law.com


KAIZEN EDUCATION: S&P Affirms 'BB' Rating on 2016 Revenue Bonds
---------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed its 'BB' rating on the Arizona Industrial Development
Authority's series 2016 education revenue bonds, issued for Kaizen
Education Foundation (Kaizen).

"The outlook revision reflects our view of the school's improved
operating and liquidity metrics that, if sustained, could result in
a positive rating action," said S&P Global Ratings credit analyst
Jesse Brady. "It also reflects our expectation that Kaizen will
maintain its solid demand profile and good working relationship
with its authorizer," Mr. Brady added.

Kaizen has approximately $48.2 million in debt outstanding,
including $29.5 million in the series 2016 bonds, $11.1 million
outstanding on a series 2019 privately placed loan with Western
Alliance Business Trust, approximately $52,000 in bus loans, and a
$2.3 million outstanding on an unsecured private loan payable to
the estate of the late founder of its contracted management
company, Leona Arizona Management LLC. Kaizen also has
approximately $5.3 million in lease liabilities outstanding tied to
its four leased facilities for Colegio Petite, Maya High School,
Skyview High School, and Summit High School.

The 2019 loan is secured on a parity basis with the 2016 bonds,
with the same financial covenants, and as such S&P does not
consider this loan as contingent debt. An unrestricted gross
revenue pledge, primarily state per-pupil payments, secures both
the bonds and the 2019 loan. The series 2019 loan is structured
with a bullet maturity of $7.6 million in 2034, which management
intends to refinance as it comes due.

The 2023 private loan was used to fund the addition of a gymnasium
and five additional classrooms at Mission Heights Preparatory High
School. S&P said, "We consider the listed events of default under
the loan to be standard, and although they would result in the
immediate acceleration of all payments due on the loan, we do not
view the loan as posing contingent-liquidity risk as Kaizen has
historically maintained ample unrestricted reserves to cover any
possible acceleration."

S&P said, "The positive outlook reflects our view that there is at
least a one-in-three chance that we could raise the rating within
the outlook period if Kaizen sustains the recent trend of improved
financial performance, lease-adjusted maximum annual debt service
(MADS) coverage, and balance-sheet metrics following the expiry of
Elementary & Secondary School Emergency Relief funding heading into
fiscal 2025. The outlook also reflects our expectation that the
school's overall demand profile, including a trend of improved
academic performance, will be steady in the near term.

"We could return the outlook to stable if the recently improved
operating performance and balance-sheet metrics are not sustained
absent one-time stimulus funding, or if the school's demand profile
materially weakens such that operations weaken to levels no longer
commensurate with those of higher-rated peers.

"We could raise the rating if Kaizen demonstrates a longer trend of
operating margins and MADS coverage commensurate with that of
higher-rated peers, including maintaining or increasing liquidity,
while maintaining demand."



KAL FREIGHT: Wants Chapter 11 Plan Effectivity Date Extended
------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that Kal
Freight Inc., a California trucking company, is requesting an
extension of its Chapter 11 plan's effective date while it returns
trucks and trailers to lenders, its attorneys told a Texas
bankruptcy judge on Wednesday, April 2, 2025.

                      About Kal Freight

Established in 2014, Kal Freight Inc. is a trucking company that
offers a complete range of transportation and logistics services to
diverse industries across the United States. It has strategic
locations across the United States with extended distribution
warehouses and terminals in Fontana, Calif., Texas, New Jersey,
Indiana, Tennessee, Georgia, Arizona and Arkansas.

Kal Freight and its affiliates filed Chapter 11 petitions (Bankr.
S.D. Tex. Case No. 24-90614) on Dec. 5, 2024, with $100 million to
$500 million in both assets and liabilities.

Judge Christopher M. Lopez oversees the case.

The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel; Development Specialists, Inc. as interim management
services provider; and Benesch, Friedlander, Coplan & Aronoff LLP
as special transportation counsel. Stretto, Inc. is the Debtors'
claims and noticing agent.


KELLEY CORPORATION: Case Summary & 14 Unsecured Creditors
---------------------------------------------------------
Debtor: Kelley Corporation
        PO Box 341051
        Austin, TX 78734

Business Description: Kelley Corporation, based in Austin, Texas,
                      specializes in excavation services, material
                      sales, and haul-off site operations.  The
                      Company provides a range of construction
                      materials, including topsoil, loam, and
                      aggregates, catering to both large
                      construction projects and residential
                      improvements.  The also operates a haul-off
                      site in South Austin, accepting clean fill
                      materials such as dirt, rock, and concrete
                      without exposed rebar.

Chapter 11 Petition Date: April 1, 2025

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 25-10474

Judge: Hon. Shad Robinson

Debtor's Counsel: Frank B Lyon, Esq.
                  FRANK B LYON
                  PO Box 50210
                  Austin TX 78763-0210
                  Tel: (512) 345-8964
                  Email: frank@franklyon.com
          
Total Assets as of February 28, 2025: $1,432,361

Total Liabilities as of February 28, 2025: $284,239

The petition was signed by Andrew Kelley as president.

A full-text copy of the petition, which includes a list of the
Debtor's 14 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/KZO6DWY/Kelley_Corporation__txwbke-25-10474__0001.0.pdf?mcid=tGE4TAMA


KENSINGTON VILLAGE: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
Kensington Village Apts, LLC and affiliates received interim
approval from the U.S. Bankruptcy Court for the Northern District
of Georgia, Atlanta Division, to use cash collateral.

The interim order authorized the Debtors to use cash collateral in
accordance with their budget from April 3 to 17. The interim period
may be extended by further order of the court.

As protection for the Debtors' use of its cash collateral, CAF
Bridge Borrower AX, LLC was granted a replacement lien on property,
including rents, acquired by the Debtors after the petition date,
to the same extent, validity and priority as its pre-bankruptcy
lien.

The final hearing is set for April 17.

The Debtors need to use cash collateral to cover operational and
administrative expenses, including wages, repairs, utilities, and
other business costs.

The Debtors own and manage an apartment complex in Decatur,
Georgia, which was funded by a loan from CAF. Kensington Village
had taken out a loan of up to $84.5 million from the Lender, which
provided financing for both the purchase of the property and
subsequent construction. However, the Lender failed to release
construction funds on time, which severely impacted the Debtors'
ability to rent the property to tenants and service the loan. This
resulted in them being unable to meet the debt obligations.

Due to the Lender's failure to provide funds for construction, the
Debtors entered into two forbearance agreements with the Lender. To
resolve the issues, they agreed to bifurcate the property into two
separate entities (Avondale Homes, LLC and Avondale Homes 2, LLC),
both owned by the same individuals. This reorganization aimed to
make the property more marketable and facilitate its sale or
refinancing.

The original loan had a principal balance of $84.5 million, and as
of the Petition Date, the outstanding balance was approximately
$68.37 million.

                   About Kensington Village Apts

Kensington Village Apts, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53099-lrc) on
March 21, 2025. In the petition signed by Samuel Pollak, managing
member, the Debtor disclosed up to $50,000 in assets and up to $100
million in liabilities.

William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.


KING ESTATES: Claims to be Paid From Property Sale Proceeds
-----------------------------------------------------------
King Estates LLC filed with the U.S. Bankruptcy Court for the
District of New Jersey a Plan of Reorganization for Small Business
dated March 7, 2025.

The Debtor purchases, rehabilitates, rents and/or sells properties.
Emmauel King founded King Estates, LLC and was the sole and
managing member. The membership interest was transferred to Drew
Hill for no consideration.

The Debtor owns the property at 10 Fieldcrest Drive, Columbus, New
Jersey which property is the residence of the Drew Hill and his
father, Donald Hill. The Debtor also owns vacant properties at 26
Elmhurst Avenue, and 340 Walnut Street, both in Trenton, New
Jersey.

Properties at 120 Coddington Avenue, Somerset, New Jersey and 225
Zion Road, Egg Harbor Twp., New Jersey were lost at sheriff sales
in early 2024. Sheriff sales were scheduled for Debtor's properties
at 13 Melony Lane, Turnersville, New Jersey on October 23, 2024,
404 Neck Road, Burlington, New Jersey on October 31, 2024, and 323
East Broad Street, Burlington, New Jersey and 44 Main Street,
Southampton, New Jersey on December 11, 2024. The Debtor decided to
file for bankruptcy protection to preserve the equity in these
properties.

The Debtor has evicted tenants, renovated, and rehabilitated 8
properties. Donald and Drew Hill reside in the 9th property at 10
Fieldcrest Drive, Columbus, New Jersey and maintain the current
regular monthly mortgage payments. The 8 properties are in the
process of being rented and/or sold to pay creditors. Once the
properties are rented there will be net positive cash flow in
April, and mortgage payments can recommence. The 8 rental
properties will be actively marketed and sold within a year.

The secured creditors will be paid at closing. The net proceeds of
each sale after paying all ordinary and necessary closing costs
will be used to pay arrears on the remaining properties owned by
the Debtor. First the Debtor will sign listing agreements with
Jeffrey Cofsky of RE/MAX Cherry Hill to sell 26 Elmhurst Avenue,
Trenton, NJ and 13 Melony Lane, Turnersville, NJ. Additional
properties will be sold until all pre-and post-petition arrears on
the remaining properties are brought current.

Class 8 consists of General Unsecured Claims. Only 3 claims filed:
Funding Made Simple ($11,738.00); Capital One ($1,334.58); and
Michael W. Forte, Esq. ($12,300.41). This Class will receive a
distribution of 100% within a year after sale proceeds paid to
admin., secured & priority creditors. This Class is impaired.

Continued rental of properties. Jeffrey Cofsky of RE/MAX Cherry
Hill listing sale of properties at 26 Elmhurst Avenue and 13 Melony
Lane to pay secured creditors and arrears. Additional properties to
be sold within a year to cure all mortgages arrears, administrative
and unsecured claims.

A full-text copy of the Plan of Reorganization dated March 7, 2025
is available at https://urlcurt.com/u?l=LOCN8K from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Carol L. Knowlton, Esq.
     GORSKI & KNOWLTON PC
     311 Whitehorse Ave, Suite A
     Hamilton, NJ 08610
     Tel: (609) 964-4000
     Fax: (609) 528-0721
     E-mail: cknowlton@gorskiknowlton.com

                        About King Estates LLC

King Estates LLC is the owner of six properties located in New
Jersey having a total current value of $1.88 million.

King Estates LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20454) on
October 22, 2024. In the petition filed by Donald Hill, as
authorized representative, the Debtor reports total assets of
$1,880,100 and total liabilities of $1,019,965.

The Debtor is represented by Allen I. Gorski, Esq. at GORSKI &
KNOWLTON PC.


KKC RESTAURANTS: Unsecureds Will Get 8% Dividend in Plan
--------------------------------------------------------
KKC Restaurants, Inc. filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Plan of Reorganization under
Subchapter V dated March 7, 2025.

The Debtor operates Jaxson's, a restaurant in Lake Placid, Florida.
It offers a full lunch and dinner menu, a full bar, entertainment
and musical acts both indoors and outside.

The present owner, Bobby Jo McKellar acquired an interest in 2015
and acquired the balance of the ownership interests in 2020. She
has updated the restaurant in the past few years, allowing patrons
to order food ahead, Jaxon's is active on Facebook with over 10,000
followers, she has put Jaxson's on Internet review sites and has
updated the menu.

The Debtor's financial issues are varied but they include the
impact of Covid 19 on businesses, the difficulties since then
hiring enough employees, cash flow shortages that developed in the
past few years as costs such as insurance and food products
ballooned. Merchant Cash Advance ("MCA") companies found Jaxon's
and contacted its personnel daily with phone calls and attractive
offers promising to solve all of Jaxon’s problems with loans.

The Debtor considered its difficulties and determined that chapter
11 would allow it to reorganize. The Debtor has reduced some
expenses, has upgraded its restrooms and with the MCAs no longer
able to take money from the Debtor, the Debtor's financial health
has improved.

The Plan under chapter 11 of the Bankruptcy Code proposes to pay
creditors of the Debtor from the Debtor's business operations.

Class 4 consists of Nonpriority unsecured creditors. This class
includes the claim filed by East Hudson Capital, LLC as POC #8 1.
East Hudson holds a lien junior to the liens of Byz Funding and
Smart Business. Accordingly, East Hudson's claim is wholly
unsecured and shall receive treatment as a non-priority unsecured
Claim.

Unsecured creditors shall receive a pro rata share of a total
payment of $29,511 paid as follows: six monthly payments of $393
beginning on the first day of the sixth month following the
Effective Date and (month 7) the first day of each month
thereafter; twelve monthly payments of $984 occurring on the first
day of each month thereafter; and twelve monthly payments of $1,279
occurring on the first day of each month thereafter. The Debtor
estimates that Class 3 creditors will receive an 8% dividend.

Class 5 consists of Equity Interest Holder. Bobby Jo McKellar shall
retain her equity interest in the Debtor.

The Debtor estimates revenues will be generated from the ongoing
business operations and that such revenues will be sufficient for
the Debtor to pay those payments set forth in this Plan.

Upon the Effective Date of the Plan, all property and assets of the
Debtor shall re-vest in the Debtor, free and clear of all Claims,
Liens, encumbrances, charges, and other interests, but excluding
the secured Claim of Byz Funder and the partially secured claim of
Smart Business. Such vesting does not constitute a voidable
transfer under the Code or applicable non-bankruptcy law.

A full-text copy of the Plan of Reorganization dated March 7, 2025
is available at https://urlcurt.com/u?l=5fQP1a from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Steven R. Fox, Esq.
     The FoxLaw Corporation, Inc.
     17835 Ventura Boulevard, Suite 306
     Encino, CA 91316
     Tel: (818) 774-3545
     Fax: (818) 774-3707
     Email: Srfox@foxlaw.com

Local Counsel to the Debtor:

     Bradley S. Shraiberg, Esq.
     Samuel W. Hess, Esq.
     Shraiberg Page, PA
     2385 NW Executive Center Dr., Ste. 300
     Boca Raton, FL 33431
     Telephone: (561) 443-0800
     Facsimile: (561) 998-0047
     Email: bss@slp.law
            shess@slp.law

                    About KKC Restaurants Inc.

KKC Restaurants, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22845-MAM) on
December 9, 2024, with up to $50,000 in assets and up to $1 million
in liabilities. Bobby Jo McKellar, president of KKC Restaurants,
signed the petition.

Judge Erik P. Kimball oversees the case.

The Debtor tapped The Fox Law Corporation, Inc. as general
bankruptcy counsel and Shraiberg Page P.A. as local counsel.


KOGNITIV US: Case Summary & Nine Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Kognitiv US LLC
          FDBA Aimia US Inc.
          FDBA Loyalty Solutions LLC
          FDBA Aimia US LLC
       121 Washington Ave. N, 4th Floor
       Minneapolis, MN 55401

Business Description: Kognitiv specializes in AI-powered loyalty
                      and marketing technology, offering solutions
                      for customer engagement, lifecycle
                      optimization, and ad activation.  Founded in
                      2008, its platform drives personalization at
                      scale, improving ROI with real-time data
                      insights.  With integrations across 200+
                      platforms, Kognitiv seamlessly connects with
                      existing tech stacks and serves leading
                      brands, enhancing marketing efficiency.

Chapter 11 Petition Date: April 2, 2025

Court: United States Bankruptcy Court
       District of Delaware

Case No.: 25-10648

Judge: Hon. Brendan Linehan Shannon

Debtor's Counsel: Patrick A. Jackson, Esq.
                  FAEGRE DRINKER BIDDLE & REATH LLP
                  222 Delaware Avenue
                  Suite 1410
                  Wilmington, DE 19801
                  Tel: 302-467-4200
                  Email: patrick.jackson@faegredrinker.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

Tim Sullivan, as authorized signatory, affixed his signature to the
petition.

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

https://www.pacermonitor.com/view/JCL7GDA/Kognitiv_US_LLC__debke-25-10648__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Nine Unsecured Creditors:

    Entity                         Nature of Claim    Claim Amount

1. KPMG LLP                         Professional           $31,236
PO Box 4348                           Services
Station A Toronto, ON
M5W 7A6 Canada
Email: kpmg-ar@kpmg.ca

2. Carry Technologies                 Software             $15,000
dba Hightouch                         Licenses
2261 Market Street
#5225
San Francisco, CA 94114
Email: accounting@hightouch.io
Phone: 1-402-649-0812

3. Thomson Reuters West             Professional           $11,425
610 Opperman Drive                    Services
Eagan, MN          
55123-1396
Email: CSM-WC@thomsonreuters.com

4. Emarketer Inc.                   Professional            $8,100
One Liberty Plaza,                    Services
9th Floor
New York, NY 10006
Email: accounting@emarketer.com

5. Husch Blackwell                  Professional            $8,060
PO Box 802765                         Services
Kansas City, MO 64180
Email: ARInfo@huschblackwell.com

6. Figg, Incorporated               IT Services             $5,452
2561 Territorial Road
Saint Paul, MN 55114
Email: mcdonald@gofigg.com

7. CT Corporation System            Professional            $2,363
PO Box 4349                             Fees
Carol Stream, IL 60197
Email: ctlegalnotice@wolterskluwer.com

8. Privacy Toll Free                Professional              $332
2093 Philadelphia                     Services
Pike #4678
Claymont, DE 19703
Email: contact@ccpatollfree.com

9. Advanced Records                 Professional               $50
Management                            Services
13700 Water Tower Circle
Plymouth, MN 55441


LABL INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on LABL Inc. to negative
from stable and affirmed the 'B-' issuer credit rating.

S&P said, "The negative outlook reflects our expectation for weaker
volumes and a greater cash flow deficit compared to our previous
forecast, which we believe will further pressure liquidity.
Although we anticipate liquidity will remain adequate over the next
12-24 months, we believe sustained weaker credit measures could
heighten refinancing risk if it does not address its 2027
maturities in a timely manner.

"Although volumes returned to growth in the fourth-quarter as
expected, the increase was lower than anticipated, and we now
believe the demand environment could remain challenging in 2025.
Volumes continued to improve sequentially through the fourth
quarter, with pro forma revenue up 3.7% and actual revenues up 3.6%
compared with the same prior-year quarter. However, this was lower
than the high-single-digit percent volume growth we expected,
primarily due to a continued decline in volumes in Europe. LABL
recently reported preliminary results for the first quarter of 2025
reflecting revenue of $775 million-$805 million. At the midpoint,
this represents a 2.5% decrease in pro forma revenue and a 0.7%
increase in actual revenue.

"Since our previous forecast, consumer sentiment and confidence
have steadily declined amid risk of renewed higher inflation and
policy uncertainty related to U.S. tariffs and possible counter
tariffs. As such, we revised our revenue forecast lower to volume
growth between 1% and 3%. In March, the Trump administration
threatened a 200% tariff on European alcoholic beverages following
the European Union's announced plans to impose a 50% tariff on U.S.
whiskey. We believe if these tariffs are enacted, there could be
further downside pressure to our forecast.

"We expect S&P Global Ratings-adjusted EBITDA between $600 million
and $625 million and higher interest expense will result in weaker
cash generation compared to our previous forecast. We forecast S&P
Global Ratings-adjusted EBITDA will improve to $600 million-$625
million in 2025, driven by modest volume growth, operational
improvements, and benefits from manufacturing footprint actions, as
well as a reduction in facility closure and restructuring costs and
contributions from its recent acquisitions. LABL reported
preliminary estimated company-adjusted EBITDA of $115 million-$130
million for the first quarter of 2025. While we continue to expect
the EBITDA improvement will be weighted toward the back half of the
year, first-quarter results reflect an underperformance to our
expectations. We expect lower earnings growth and higher interest
rates will result in a reported free cash flow deficit of $40
million-$45 million in 2025.

"We now predict only one Federal Reserve interest rate cut of 25
basis points in the fourth quarter of 2025, bringing policy rates
to 4%-4.25% and resulting in an average SOFR of 4.3%. This is a
steep change from our previous forecast of a return to the terminal
rate of 3%-3.25% by the end of 2025 and an average SOFR of 3.6%.

"We believe LABL's liquidity remains sufficient to cover the
projected cash flow shortfall and debt service costs over the next
12-24 months, but recognize that sustained weaker credit measures
could heighten refinancing risk as its debt maturities near. LABL
ended 2024 with approximately $381 million of total liquidity,
comprising $87 million unrestricted cash, $94 million available
under its asset-based lending (ABL) facility, and $200 million
available under its revolving credit facility. We continue to
anticipate liquidity will contract in the first half of 2025 to
support seasonal working capital requirements, before improving in
the second half. While we assume LABL will have sufficient
liquidity to cover its uses, consecutive cash flow deficits and
frequent debt-funded mergers and acquisitions (M&A) have pressured
liquidity and increased refinancing risk."

The company's capital structure consists of $690 million of senior
unsecured notes due in July 2027 and a significant debt maturity
wall at the end of 2028, when its first-lien term loan, $500
million senior secured notes, and $300 million senior secured notes
are due. Furthermore, the $950 million senior secured notes due in
2031, ABL facility, and revolving credit facility are subject to
springing maturities if a portion of the 2027, 2028, or 2029 debt
remains outstanding before their respective due dates.

S&P said, "The negative outlook on LABL reflects our expectation
for weaker volumes and a greater cash flow deficit compared to our
previous forecast, which we believe will further pressure
liquidity. Although we anticipate liquidity will remain adequate
over the next 12-24 months, we believe sustained weaker credit
measures could heighten refinancing risk if it does not address its
2027 maturities in a timely manner."

S&P could lower its rating on LABL if:

-- A severe or recurrent cash flow deficit diminishes its
liquidity;

-- Its operating performance deteriorates and significantly
weakens credit metrics, causing S&P to view its capital structure
as unsustainable. This could occur if volumes continue to decline
due to weaker consumer demand, decreasing earnings and cash flow;
or

-- It does not address its 2027 maturities within the next 6-12
months.

S&P could revise its outlook on LABL to stable if:

-- The company returns to earnings growth and generates positive
free cash flow, strengthening its liquidity and credit metrics;
and

-- Addresses its capital structure to alleviate its refinancing
risk.



LAKE SPOFFORD: Gets Interim OK to Use Cash Collateral Until May 31
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire granted
Lake Spofford Cabins, Inc. interim approval to use cash
collateral.

The interim order authorized the company to use cash collateral
from March 3 to May 31 to pay the costs and expenses set forth in
its budget.

Lienholders, including Judith Ginty, the Judith Ginty Living Trust,
Richard Zurmuhlen, and Devey Zurmuhlen, will be granted a
replacement lien on the company's post-petition property, with the
same priority as their pre-bankruptcy lien.

The next hearing is scheduled for May 27.

                   About Lake Spofford Cabins Inc.

Lake Spofford Cabins Inc., located in Spofford, NH, offers
year-round rental cottages on Spofford Lake with amenities such as
fully furnished interiors, Wi-Fi, and access to a private beach,
docks, and watercraft.

Lake Spofford Cabins, Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10128 on March 3,
2025. In its petition, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities between
$100,000 and $500,000.

The Debtor is represented by:

   William J. Amann, Esq.
   Amann Burnett, PLLC
   Tel: 603-696-5404
   Email: wamann@amburlaw.com


LPB MHC: Court Extends Cash Collateral Access to April 24
---------------------------------------------------------
LPB MHC, LLC received interim approval from the U.S. Bankruptcy
Court for the Southern District of Illinois to use cash collateral
until April 24, marking the third extension since the company's
Chapter 11 filing.

The court's previous interim order issued on March 14 allowed the
company to access cash collateral until March 26 only.

A final hearing is scheduled for April 22.

                  About LPB MHC

LPB MHC, LLC, doing business as Sam C. Mitchell and Associates,
filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 24-40450) on
November 5, 2024, with up to $10 million in both assets and
liabilities. Lance P. Brown, managing member, signed the petition.

Judge Mary E. Lopinot oversees the case.

Robert Eggmann, Esq., represents the Debtor as legal counsel.


LUXURY TIME: Case Summary & 10 Unsecured Creditors
--------------------------------------------------
Debtor: Luxury Time Global, LLC
           d/b/a Luxury Time Global
        6 Dickinson Close
        Moosic, PA 18507

Business Description: Luxury Time Global, LLC is a retailer
                      specializing in luxury watches, offering
                      both new and pre-owned timepieces from
                      world-renowned brands like Rolex, Omega, and
                      Patek Philippe.  With established offices in
                      Florida and Pennsylvania, as well as an
                      online store, the Company serves watch
                      enthusiasts, celebrities, and athletes.

Chapter 11 Petition Date: April 2, 2025

Court: United States Bankruptcy Court
       Middle District of Pennsylvania

Case No.: 25-00912

Judge: Hon. Mark J Conway

Debtor's Counsel: C. Stephen Gurdin, Jr., Esq.
                  C. STEPHEN GURDIN, JR., ESQ.
                  67-69 Public Square, Ste. 501
                  Wilkes Barre, PA 18701-2512
                  Tel: 570-826-0481
                  Email: Stephen@gurdinlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Eric Bartels as managing agent.

A full-text copy of the petition, which includes a list of the
Debtor's 10 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/BGJSTWQ/Luxury_Time_Global_LLC__pambke-25-00912__0001.0.pdf?mcid=tGE4TAMA


M & M BROADCASTERS: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
M & M Broadcasters, Ltd. got the green light from the U.S.
Bankruptcy Court for the Western District of Texas, Waco Division,
to use cash collateral.

At the hearing held on March 26, the court granted the Debtor's
motion to use cash collateral on an interim basis and set a further
hearing on the motion on April 15.

The Debtor operates seven radio stations in the Waco area and has
relied on Merchant Cash Advance loans to finance its business.
However, it struggled to make these payments, leading to a UCC
notice from one MCA lender and a lawsuit from another.

The Debtor needs to use cash collateral to fund its operations as
it does not have other immediate sources of capital.

The Debtor generates cash collateral from its ongoing business
activities, particularly through the sale of advertising and
collection of accounts receivable. At the time of the motion, the
Debtor had cash and accounts receivable totaling $36,065, with an
additional $95,000 expected from accounts receivable on April 1,
2025. This brings the total cash collateral to $131,065.

A review of UCC financing statements revealed numerous creditors
with liens against the Debtor's property. The U.S. Small Business
Administration is the only creditor with a claim on the cash
collateral.

                   About M & M Broadcasters Ltd.

M & M Broadcasters, Ltd. operates seven radio stations in the Waco,
Texas area.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-60165-mmp) on March
24, 2025. In the petition signed by Gary Moss, president of general
partner, the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Michael M. Parker oversees the case.

Stephen W Sather, Esq., at Barron & Newburger, P.C., represents the
Debtor as legal counsel.






M & M BUCKLEY: Court Extends Cash Collateral Access to May 1
------------------------------------------------------------
M & M Buckley Management Inc. received another extension from the
U.S. Bankruptcy Court for the Northern District of Illinois to use
cash collateral.

The fourth interim order signed by Judge Janet Baer approved the
use of cash collateral through May 1 to pay the expenses set forth
in the company's budget, with a 10% variance allowed.

The budget projects total operational expenses of $17,683.21 for
April.

Community Loan Servicing, LLC was granted post-petition replacement
liens on the cash collateral and post-petition property of M & M to
the same extent and with the same priority as its pre-bankruptcy
lien.

As additional protection, Community Loan Servicing will receive
payment of $11,000.

M & M was ordered to maintain insurance on its real property,
listing Community Loan Servicing as the lien holder.

The next hearing is scheduled for April 30.

                     About M & M Buckley Management Inc.

M & M Buckley Management, Inc. is a professional property
management company based in Richton Park, IL. It specializes in
managing residential and commercial properties.

M & M sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-19108) on December
23, 2024, with $1 million to $10 million in both assets and
liabilities. Melvin T. Buckely, Jr., president of M & M, signed the
petition.

Judge Janet S. Baer handles the case.

The Debtor is represented by Gregory K. Stern, Esq., at Gregory K.
Stern, P.C.

Secured creditor Community Loan Servicing is represented by:

     Jill Sidorowicz, Esq.
     Noonan & Lieberman, Ltd.
     33 N. LaSalle Street, Suite 1150
     Chicago, IL 60602
     Phone: (312) 605-3500


M.A. WEST: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------
The U.S. Trustee for Region 18 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of M.A. West Rockies Corporation.

                     About M.A. West Rockies

M.A. West Rockies Corporation filed Chapter 11 petition (Bankr.
E.D. Wash. Case No. 25-00484) on March 20, 2025, listing between
$100,001 and $500,000 in assets and between $50,001 and $100,000 in
liabilities.

Judge Frederick P. Corbit oversees the case.


MAGNATE CORP: Gets Court OK to Use Cash Collateral
--------------------------------------------------
Magnate Corp., LLC got the green light from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, to use
cash collateral.

At the hearing held on March 27, the bankruptcy court granted, on a
final basis, the Debtor's motion to use cash collateral to fund its
operating expenses and administrative costs.

The U.S. Small Business Administration asserts an interest in the
cash collateral. The claim of the secured creditor is secured by
the Debtor's assets, which include $139,246 in cash and accounts
receivables which the Debtor expects to collect.

                      About Magnate Corp. LLC

Magnate Corp., LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01709) on March 21,
2025, listing up to $500,000 in assets and up to $1 million in
liabilities. Jason Batten, authorized member, signed the petition.

Judge Catherine Peek McEwen oversees the case.

Buddy D. Ford, Esq., at Buddy D. Ford, P.A., represents the Debtor
as legal counsel.


MID-COLORADO: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Mid-Colorado Investment Company, Inc.
        5105 DTC Parkway, Suite 312
        Greenwood Village, CO 80111

Business Description: Mid-Colorado Investment Company provides
                      bulk water services to a community in El
                      Paso County and operates a small cattle
                      ranch.

Chapter 11 Petition Date: March 31, 2025

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 25-11742

Debtor's Counsel: Daniel Garfield, Esq.
                  FAIRFIELD & WOODS, P.C.
                  1801 California Street
                  Suite 2600
                  Denver, CO 80202
                  Tel: (303) 894-4443
                  E-mail: dgarfield@fwlaw.com

Debtor's
Special
Counsel:          HACKSTAFF SNOW ATKINSON & GRIESS, LLC

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $0 to $50,000

The petition was signed by Charles A. Hagedorn as
president/treasurer.

A list of the Debtor's 20 largest unsecured creditors was not
provided alongside the petition.

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

https://www.pacermonitor.com/view/C2AT65Y/Mid-Colorado_Investment_Company__cobke-25-11742__0001.0.pdf?mcid=tGE4TAMA


MOM CA: U.S. Trustee Unable to Appoint Committee
------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of MOM CA Investco, LLC.
  
                       About MOM CA Investco

MOM CA Investco LLC and affiliates constitute a real estate joint
venture comprised of a portfolio of commercial properties owned by
the Debtors. The properties that make up the portfolio include
hotels, an apartment complex, office buildings, other commercial
real estate, and individual homes used as luxury vacation rentals.

The Debtors have requested joint administration of their Chapter 11
cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA
Investco LLC).

In the petition signed by Mark Shinderman, chief restructuring
officer, the Debor disclosed up to $500 million in both assets and
liabilities.

Judge Brendan Linehan Shannon oversees the case.

The Debtors tapped Buchalter, A Professional Corporation as lead
bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy
co-counsel; and FTI Consulting, Inc. as restructuring advisor.

Enterprise Bank & Trust, as lender, is represented by:

   Eric M. Sutty, Esq.
   Armstrong Teasdale LLP
   1007 North Market Street, Third Floor  
   Wilmington, DE 19801  
   Telephone: (302) 416.9670
   Fax: (302) 397.2527
   esutty@atllp.com

   -- and --

   David L. Going, Esq.
   Armstrong Teasdale LLP
   7700 Forsyth Blvd., Suite 1800
   St. Louis, MO 63105
   Tel: (314) 621.5070
   Fax: (314) 621.2250
   dgoing@atllp.com

Wilshire Quinn Income Fund, LLC, as lender, is represented by:

   Catherine Di Lorenzo, Esq.
   Daire Pyle, Esq.
   Stern & Eisenberg, PC
   200 Biddle Avenue, Suite 107
   Newark, DE 19702
   Phone: (302) 731-7200
   DE_Foreclosure@sterneisenberg.com

Banc of California, as lender, is represented by:

   Richard M. Pachulski, Esq.
   Ira D. Kharasch, Esq.
   James E. O’Neill, Esq.
   Edward A. Corma, Esq.
   Pachulski Stang Ziehl & Jones, LLP
   919 North Market Street, 17th Floor
   Wilmington, Delaware 19801
   Telephone: (302) 652-4100
   Facsimile: (302) 652-4400
   joneill@pszjlaw.com
   ecorma@pszjlaw.com


MP OCTOPUS: Affiliate Seeks to Sell Largo Pizza Biz to M. Denunzio
------------------------------------------------------------------
MP Octopus Pizza LLC and its affiliates, along with Buckeye Pizza
8282, LLC (Applicable Debtor), seek approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa
Division, to sell Property, free and clear of liens, interests, and
encumbrances.

The Applicable Debtor is engaged in the ownership of pizza
franchise located at 11182 66th St. N. Largo, Pinellas County,
Florida 33773.

The Applicable Debtor leases the space and the landlord is MACSUB
VI, Inc.

The Applicable Debtor proposes to sell its equipment and goodwill
located at the leased space, namely furniture and equipment.

The Applicable Debtor and purchasers, Mike Denunzio, Luis Armando
Diaz Franceschi, and Diego Alejandro Diaz Silva, have reached
agreement in which the Debtor intends to sell certain of Buckeye
Pizza 8282 LLC's equipment, personal property, and goodwill.

Included in the sale, with the purchase price of $50,000, are:

a) 3 Point of Sale System
b) 2 Middle B Marshall PS 670 G
c) Makeline 1 Delfield 196114PTBMP
d) Salad/Sub Station 1 Turbo Air MST-48-18
e) Reproofer 1 True T-23 G
f) Stretcher 1 Somerset CDR-500
g) Mixer 1 Hobart MHL662
h. Walk in Fridge 1 Kolpak
i) Freezer 1 Seagate Freezer
j) 3 Compartment Sink 1 Unit
k) Hand Sinks 3 Units
l) Eyebrow Oven Hood, Fan & Curb
m) 1 Channel Custom Dough Tray Rack
n) 18' Cut Table with Condiment rail

The food inventory is also included in the purchase price.

The Applicable Debtor had the equipment appraised by Premier
Restaurant Supplies and the value is $34,563.53

The purchase price offered by the Purchaser is consistent with the
appraised values of the Assets.

The lienholders of the Assets are Navitas Credit Corp. (CT
Corporation), Marco's Franchising LLC, ConnectOne Bank, and Rewards
Network (Corporation Service Company).

The Applicable Debtor anticipates that the sale proceeds will not
exceed the total claims and seeks to sell the Assets "as is" and
"where is", free and clear of any potential liens.

         About MP Octopus Pizza LLC

MP Octopus Pizza LLC, doing business as Marco's Pizza, filed
Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on
November 15, 2024, with $50,001 to $100,000 in assets and $500,001
to $1 million in liabilities. Terry Burkholder, manager of MP
Octopus Pizza, signed the petition.

Judge Catherine Peek McEwen oversees the case.

The Debtor is represented by: Buddy D. Ford, Esq., at BUDDY D.
FORD, P.A.


MP OCTOPUS: Unit Seeks to Sell St. Pete Pizza Biz to M. Denunzio
----------------------------------------------------------------
MP Octopus Pizza LLC and its affiliates, along with Cortez Pizza
House LLC (Applicable Debtor), seek approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa
Division, to sell Property, free and clear of liens, interests, and
encumbrances.

The Applicable Debtor is engaged in the ownership of pizza
franchise located at 1126 62nd Ave. N., Saint Petersburgh, Pinellas
County, Florida 33702.

The Applicable Debtor leases the space and the landlord is 1126
62nd Avenue N., LLC.

The Applicable Debtor proposes to sell its equipment and goodwill
located at the leased space, namely furniture and equipment.

The Applicable Debtor and purchasers, Mike Denunzio, Luis Armando
Diaz Franceschi and Diego Alejandro Diaz Silva, have agreed in
which the Debtor intends to sell certain of Cortez Pizza House,
LLC's equipment, personal property, and goodwill.

Included in the sale, with the purchase price of $50,000, are:

a) 4 Point of Sale System
b) 2 MM 670G ovens
c) Makeline 1 Rendell 84111N
d) Salad/Sub Station 1 Turbo Air MST-48-18
e) Reproofer 1 True T-23 G
f) Stretcher 1 Somerset CDR-501
g) Mixer 1 Hobart H-600T
h. Walk in Fridge 1 Kolpak
i) Freezer 1 Thompson
j) 3 Compartment Sink 1 Unit
k) Hand Sinks 3 Units
l) Eyebrow Oven Hood, Fan & Curb
m) 1 Channel Custom Dough Tray Rack

The food inventory is also included in the purchase price.

The Applicable Debtor had the equipment appraised by Premier
Restaurant Supplies and the value is $31,013.06.

The purchase price offered by the Purchaser is consistent with the
appraised values of the Assets.

The lienholders of the Assets are Marco's Franchising LLC, Navitas
Credit Corp., ConnectOne Bank, and Rewards Network (Corporation
Service Company).

The Applicable Debtor anticipates that the sale proceeds will not
exceed the total claims and seeks to sell the Assets "as is" and
"where is", free and clear of any potential liens.

            About MP Octopus Pizza LLC

MP Octopus Pizza LLC, doing business as Marco's Pizza, filed
Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on
November 15, 2024, with $50,001 to $100,000 in assets and $500,001
to $1 million in liabilities. Terry Burkholder, manager of MP
Octopus Pizza, signed the petition.

Judge Catherine Peek McEwen oversees the case.

The Debtor is represented by: Buddy D. Ford, Esq., at BUDDY D.
FORD, P.A.


MT. PLEASANT REALTY: Case Summary & Nine Unsecured Creditors
------------------------------------------------------------
Debtor: Mt. Pleasant Realty Co., LP
        610 Old York Road, Suite 375
        Jenkintown, PA 19046

Business Description: Mt. Pleasant Realty Co. is a real estate
                      debtor with a single asset, as defined in 11
                      U.S.C. Section 101(51B), with its primary
                      property located at 406 West Mount
                      Pleasant Avenue, Philadelphia, PA 19119.

Chapter 11 Petition Date: March 31, 2025

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania

Case No.: 25-11247

Judge: Hon. Derek J Baker

Debtor's Counsel: Albert A. Ciardi, III, Esq.
                  CIARDI CIARDI & ASTIN
                  1905 Spruce Street
                  Philadelphia, PA 19103
                  Tel: 215-557-3550
             
Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Philip C. Pulley, president of Old Mt.
Pleasant Corp., general partner.

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

https://www.pacermonitor.com/view/RN3MJ7I/Mt_Pleasant_Realty_Co_LP__paebke-25-11247__0003.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/RFYMVUI/Mt_Pleasant_Realty_Co_LP__paebke-25-11247__0001.0.pdf?mcid=tGE4TAMA


NABORS INDUSTRIES: Brigade Capital, 2 Others Hold 6.6% Equity Stake
-------------------------------------------------------------------
Brigade Capital Management, LP, Brigade Capital Management GP, LLC,
and Donald E. Morgan, III, disclosed in a Schedule 13G filing with
the Securities and Exchange Commission that as of March 11, 2025,
they beneficially own 946,013 shares of Nabors Industries Ltd.'s
common stock, representing 6.6% of the outstanding shares of
stock.

                           About Nabors

Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets. Nabors
also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.

Nabors Industries reported a net loss of $11.8 million for the
year
ended December 31, 2023, a net loss of $307.22 million in 2022, a
net loss $543.69 million in 2021, a net loss of $762.85 million in
2020, a net loss of $680.51 million in 2019, a net loss of $612.73
million in 2018, and a net loss of $540.63 million in 2017. As of
March 31, 2024, the Company had $4.64 billion in total assets,
$3.37 billion in total liabilities, and $522.82 million in total
stockholders' equity.

                           *     *     *

In August 2024, Fitch Ratings has assigned a 'CCC'/'RR6′
rating
to Nabors Industries, Inc.'s proposed senior guaranteed notes
(PGN)
due 2031. Nabors plans to utilize the proceeds from these notes to
refinance the 7.25% PGN due 2026 held at Nabors Industries, Ltd.
(Bermuda) and for general corporate purposes. The proposed notes
will rank pari passu with Bermuda's existing PGN due 2026 and PGN
due 2028.

Nabors' existing 'B-' Long-Term Company Default Rating and Stable
Outlook reflect the softening U.S. drilling environment since the
beginning of 2023, alongside a steadily growing international
segment. Fitch's credit profile assessment is supported by the
expectation that free cash flow (FCF) will be directed toward
gross
debt reduction, as well as the company's proactive management of
its maturity profile and its adequate liquidity.

However, these positive factors are partially offset by the
company's large note maturities starting in 2027, which Fitch
anticipates will likely require partial refinancing through
capital
markets. Additionally, potential declines in rig activity and day
rates could negatively impact cash flow and restrict FCF and
near-term gross debt reduction. The company's complex capital
structure, combined with the current high-interest rate
environment, could also limit refinancing options and increase
interest expenses.

In March 2024, S&P Global Ratings revised its outlook to stable
from positive and affirmed its 'B-' Company credit rating on
Nabors
Industries Ltd. At the same time, S&P affirmed its 'B-'
issue-level
rating on the company's senior priority guaranteed notes, with a
recovery rating of '3,' and a 'CCC' issue-level rating on the
company's priority guaranteed notes, with a recovery rating of
'6.'
The stable outlook reflects S&P's expectation for the company's
operating performance, industry fundamentals, near-term debt
maturity profile, and credit metrics to remain appropriate for the
'B-' Company credit rating. The outlook revision reflects S&P's
expectation of reduced free cash flow generation and lower than
anticipated debt reduction.

In July 2024, S&P Global Ratings assigned its 'CCC' issue-level
rating and '6' recovery rating to Nabors Industries Ltd.'s
proposed
$550 million senior guaranteed notes due 2031. The company's
subsidiary, Nabors Industries Inc., will issue the notes. The '6'
recovery rating indicates S&P's expectation of negligible (0%-10%;
rounded estimate: 0%) recovery of principal by creditors in the
event of a payment default.


NAOUI LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Naoui, LLC
        2006 Searles Road
        Dundalk MD 21222

Business Description: Naoui, LLC is engaged in the leasing and
                      management of residential, commercial, and
                      industrial real estate properties.

Chapter 11 Petition Date: April 2, 2025

Court: United States Bankruptcy Court
       District of Maryland

Case No.: 25-12871

Debtor's Counsel: Duane R. Demers, Esq.
                  LAW OFFICES OF ALI K., LLC
                  6328 Baltimore National Pike, Suite 200
                  Catonsville, MD 21228
                  Tel: 443-274-1002
                  Email: Demers@7474law.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mohammed Naoui as managing/sole member.

A list of the Debtor's 20 largest unsecured creditors was not
provided alongside the petition.

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

https://www.pacermonitor.com/view/DPEGDYQ/NAOUI_LLC__mdbke-25-12871__0001.0.pdf?mcid=tGE4TAMA


NATIONAL DEVELOPMENT: Case Summary & Four Unsecured Creditors
-------------------------------------------------------------
Debtor: National Development Fund, LLC
        1009 N. Pacific Avenue
        Suite 4413
        Glendale, CA 91222

Business Description: The National Development Fund is a real
                      estate debtor with a single asset, as
                      defined in 11 U.S.C. Section 101(51B).  It
                      owns the property located at 15835 Boyle
                      Avenue, Fontana, CA 92337, which is
                      appraised at $1.6 million based on
                      comparable sales.

Chapter 11 Petition Date: March 31, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-12672

Judge: Hon. Neil W Bason

Debtor's Counsel: Jeremy W. Faith, Esq.
                  MARGULIES FAITH LLP
                  16030 Ventura Blvd., Suite 470
                  Encino, CA 91436
                  Tel: (818) 705-2777
                  Fax: (818) 705-3777
                  Email: Jeremy@MarguliesFaithLaw.com

Total Assets: $1,600,000

Total Liabilities: $959,377

The petition was signed by Brandon Rosenberg as managing member.

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

https://www.pacermonitor.com/view/NKSVLNQ/National_Development_Fund_LLC__cacbke-25-12672__0001.0.pdf?mcid=tGE4TAMA


NATUROMULCH LLC: Case Summary & Nine Unsecured Creditors
--------------------------------------------------------
Debtor: Naturomulch, LLC
        602 Davis Street
        Grand Prairie, TX 75050

Business Description: Naturomulch, LLC is a woman-owned business
                      based in the Dallas/Fort Worth Metroplex,
                      specializing in playground mulch, landscape
                      mulch, and compost products.  The Company
                      offers comprehensive services, including
                      delivery, installation, and maintenance for
                      commercial and residential projects, with a
                      focus on playgrounds, schools, and outdoor
                      spaces.  In addition to mulch products,
                      Naturomulch provides synthetic turf
                      installation, playground equipment
                      installation and repair, and landscape
                      maintenance services throughout the region.

Chapter 11 Petition Date: March 31, 2025

Court: United States Bankruptcy Court
       Eastern District of Texas

Case No.: 25-40909

Debtor's Counsel: Daniel C. Durand III, Esq.
                  DURAND & ASSOCIATES, PC
                  522 South Edmonds Lane
                  Suite 101
                  Lewisville, TX 75067
                  Tel: 972-221-5655
                  Fax: 972-221-9569
                  Email: diana@durandlaw.com;
                         durand@durandlaw.com

Total Assets: $1,201,102

Total Liabilities: $1,467,585

The petition was signed by Shobha Goyal and Omprakash Goyal in
their roles as president and owner.

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

https://www.pacermonitor.com/view/TXJCK7I/Naturomulch_LLC__txebke-25-40909__0001.0.pdf?mcid=tGE4TAMA


NEW LONDON: Gets Interim OK to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
issued an interim order authorizing New London Pharmacy, Inc. and
Eleni International, Inc. to use cash collateral.

The interim order authorized the companies to use cash collateral
to pay ordinary and necessary costs and expenses set forth in their
budget.

Cardinal Health and the U.S. Small Business Administration were
granted replacement liens on all post-petition property of the
companies, subject to a carve-out of certain amounts, including
fees payable to the Clerk of the Court and court-approved
administrative expense claims of estate professionals.

As additional protection, Cardinal Health and the SBA will receive
monthly payments of $50,175.30 and $731.00, respectively.

The right of the companies to use the cash collateral terminates
immediately upon the occurrence of certain events, including the
entry of an order converting or dismissing their Chapter 11 cases,
or the failure of the companies to perform their obligations under
the interim order.

Cardinal Health is represented by:

   Scott A. Zuber, Esq.  
   Chiesa Shahinian & Giantomasi, PC
   105 Eisenhower Parkway
   Roseland, NJ 07068
   Tel: (973) 530-2046
   Fax: (973) 530-2246
   szuber@csglaw.com

                     About New London Pharmacy

New London Pharmacy, Inc. owns and operates a health care business
in New York. Its affiliate, Eleni International Inc., is a New
York-based healthcare company specializing in retail pharmacy.

New London Pharmacy and Eleni International filed Chapter 11
petitions (Bankr. S.D. N.Y. Lead Case No. 25-10107) on February 23,
2025. At the time of the filing, both Debtors reported between $1
million and $10 million in assets and liabilities.

Judge John O. Mastando, III oversees the cases.

Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the
Debtors as legal counsel.

Cardinal Health 110, LLC, as lender, is represented by:

     Scott A. Zuber, Esq.
     Chiesa Shahinian & Giantomasi, PC
     105 Eisenhower Parkway
     Roseland, NJ 07068
     Tel: (973) 530-2046
     Fax:(973) 530-2246
     Email: szuberfa-icselaw.com


OMRAADHI LLC: Seeks Chapter 11 Bankruptcy in Texas
--------------------------------------------------
On March 31, 2025, Omraadhi LLC filed Chapter 11 protection in the
U.S. Bankruptcy Court for the Western District of Texas. According
to court filing, the Debtor reports between $1 million and $10
million in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.

           About Omraadhi LLC

Omraadhi LLC owns and operates the Econo Lodge Inn & Suites in San
Antonio, TX, offering affordable lodging accommodations and rental
services for travelers visiting the city.

Omraadhi LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Tex. Case No. 25-50704) on March 1, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.

Honorable Bankruptcy Judge Craig A. Gargotta handles the case.

The Debtor is represented by Joyce W. Lindauer, Esq. at JOYCE W.
LINDAUER ATTORNEY, PLLC.


OTB HOLDING: Closes Restaurants After Filing Chapter 11 Bankruptcy
------------------------------------------------------------------
Daniel Kline of The Street reports that On the Border closed over a
third of its locations -- around 40 -- when it filed for Chapter 11
bankruptcy, a move described in court filings as a strategy to
improve the chain's financial standing and maximize value for
shareholders.

This is typical language used in restaurant Chapter 11 filings. On
the Border filed for Chapter 11 in the U.S. Bankruptcy Court for
the Northern District of Georgia.

The company stated it intends to use the bankruptcy process to
implement operational changes and pursue a sale of most of its
assets.

The filing also revealed the company's plans for the future.

"On the Border has secured $10 million in Debtor-in-Possession
financing from OTB Lender, LLC, an affiliate of Pappas Restaurants,
Inc., to support the Chapter 11 process. The company expects to
enter into an asset purchase agreement with an affiliate of OTB
Lender, LLC shortly after the Chapter 11 cases begin," the filing
stated.

                 About OTB Holding LLC

OTB Holding LLC The Debtors are the operators of the well-known
restaurant brand "On The Border Mexican Grill & Cantina," which
focuses on the development, operation, and franchising of casual
dining establishments in the U.S. and South Korea. Founded in 1982
in Dallas, Texas, On The Border is recognized for its sizzling
mesquite-grilled fajitas, award-winning margaritas, house-made
salsa, and endless chips and salsa. Over the past 40 years, the
brand has expanded from a single cantina into one of the most
popular Tex-Mex chains in the country, offering a wide range of
flavorful dishes inspired by Texas and Mexico. With more than 80
locations in the U.S. and internationally, it has become a go-to
spot for fresh Tex-Mex food and lively dining experiences. On The
Border stands out in the casual dining industry by leveraging its
unique and authentic brand. As of the Petition Date, the Debtors
continue to operate 60 restaurant locations across 18 states, all
of which are leased. In addition, the Company has franchise
agreements with third parties who run 20 additional locations in
the U.S. and South Korea.

The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ge. Case No. 25-52415 (SMS) on March 4, 2025. In
the petitions signed by Jonathan Tibus as chief restructuring
officer, the Debtor reports an estimated assets of $10 million to
$50 million and liabilities of $10 million to $50 million.

Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                     Case No.
    ------                                     --------
    OTB Holding LLC (Lead Case)                25-52415
    OTB Acquisition LLC                        25-52416
    OTB Acquisition of New Jersey LLC          25-52417
    OTB Acquisition of Howard County LLC       25-52418
    Mt. Laurel Restaurant Operations LLC       25-52419
    OTB Acquisition of Kansas LLC              25-52420
    OTB Acquisition of Baltimore County, LLC   25-52421

Judge Sage M. Sigler presides over the case.

Jeffrey R. Dutson, Esq., Brooke L. Bean, Esq., and Kyung Won Song,
Esq., at KING & SPALDING LLP, represent the Debtors as legal
counsel.

ALVAREZ & MARSAL NORTH AMERICA, LLC serves as the Debtors' Chief
Restructuring Officer Provider.

KURTZMAN CARSON CONSULTANTS, LLC serves as the Debtors' Claims &
Noticing Agent.

HILCO CORPORATE FINANCE, LLC represents the Debtors as Lead
Investment Banker.


PALLET CONSULTANTS: Gets Interim OK to Obtain Credit From CFSG
--------------------------------------------------------------
Pallet Consultants NA, LLC received interim approval from the U.S.
Bankruptcy Court for the District of New Jersey to obtain credit
pursuant to its new post-petition factoring agreement with Coastal
Financial Services Group, LLC.

The new agreement will allow PCNA to sell its accounts receivable
to CFSG and incur credit to continue operations.

CFSG will advance 80% of the face value of the purchased accounts,
plus a factoring fee. CFSG will also hold a first lien on all
accounts, both purchased and non-purchased, and other assets.

As protection to secure its pre-petition claim, CFSG was granted a
valid, binding, enforceable and perfected first and senior security
interest in and lien on all of the collateral, including cash
collateral, acquired or arising after the petition date.

In addition to securing post-petition obligations, CFSG's lien will
also cross-collateralize pre-petition obligations. This means that
CFSG's lien will cover both pre-petition and post-petition assets,
offering additional security for its claims.

The final hearing is set for April 8.

                    About Pallet Consultants NA

Pallet Consultants NA, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-12075) on
February 28, 2025.

In the petition signed by Frederick Kiefer, III, president, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.

Judge Jerrold N. Poslusny Jr. oversees the case.

Ellen M. McDowell, Esq., at McDowell Law, PC, represents the Debtor
as legal counsel.


PAPA JOHN: S&P Lowers Senior Unsecured Notes Rating to 'B+'
-----------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Papa John's
International Inc.'s senior unsecured notes to 'B+' from 'BB-' and
revised its recovery rating on the notes to '5' from '4' to reflect
the company's increased secured debt in its simulated default
scenario following its recent $200 million incremental secured term
loan. The '5' recovery rating on the senior unsecured notes
indicates its expectation for modest (10%-30%; rounded estimate:
10%) recovery in a hypothetical default scenario.

On March 27, 2025, Papa John's amended the credit agreement
governing its revolving credit facility, to extend the facility's
maturity to March 2030, and issued a $200 million senior secured
term loan B. The Transaction is leverage neutral as Papa John's
will use the proceeds from the term loan to paydown outstanding
borrowings under its revolving credit facility. That said, the
increased level of secured debt in the company's capital structure
leaves less value available for its unsecured lenders in our
hypothetical default scenario where S&P assumes a relatively large
draw (85% of the $600 million available) under its revolver.

S&P said, "Our rating continues to reflect our expectation that the
company will modestly increase its sales while maintaining steady
profitability through 2025 despite the challenging macroeconomic
backdrop. We expect Papa John's will offset the headwinds to its
customer traffic with its menu relevancy, value messaging, and
enhanced convenience through its delivery and digital channels. We
continue to project that the company's S&P Global Ratings-adjusted
leverage will remain in the mid-3x area as it maintains steady S&P
Global Ratings-adjusted EBITDA margins in the mid- to high-12%
range and opportunistically uses a portion of its free operating
cash flow to fund debt-reduction initiatives over the next 12
months."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a steep decline
in Papa John's revenue and EBITDA due to a distressed economic
environment and a contraction in consumer discretionary income.
This occurs along with an increase in the competitive environment,
a decline in the brand perception of the company's restaurants, and
a contraction in its franchise base, which lead to a default in
2029.

-- S&P assumes Papa John's would reorganize as a going concern to
maximize its debtholders' recoveries. Accordingly, it uses an
enterprise valuation approach to assess its lenders' recovery
prospects by applying a 5.5x multiple to its estimate of its
emergence EBITDA. This multiple is lower than those S&P uses for
the company's highly franchised quick-service restaurant (QSR)
peers, which reflects its non-franchised operations and its view
that is an overall riskier business than its rated QSR peers.

-- S&P estimates the unsecured noteholders would receive modest
recovery in a default scenario because it estimates a large draw
(85% of the $600 million availability) under the higher priority
cash flow revolver and $200 million of first-lien term loans in its
simulated bankruptcy.

Simulated default assumptions

-- Simulated year of default: 2029
-- EBITDA at emergence: $150 million
-- Implied enterprise value multiple: 5.5x
-- Gross enterprise value at emergence: $825 million

Simplified waterfall

-- Net enterprise value at emergence (after 5% administrative
costs): $784 million

-- Secured claims: $721 million

-- Notes and other unsecured claims: $408 million

-- Expected value available to unsecured claims: $62 million

    --Recovery expectations: 10%-30% (rounded estimate: 10%)

Note: All debt amounts include six months of prepetition interest.



PARTY EMPORIUM: Court Oks Fixture Sale at Auction
-------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Arkansas,
Fort Smith Division, has permitted Party Emporium LLC to sell
Property, free and clear of liens, interests, and encumbrances.

The Debtor owns certain personal property that was previously used
in the operation of its business, specifically old inventory,
equipment, and fixtures that are not necessary for an effective
reorganization.

The Court has granted the Debtor to sell the property at a live
auction.

The Debtor also agreed that the First National Bank (FNB) is
entitled to the proceeds of the sale, net of costs and has
instructed the Auctioneer to mail the proceeds of the sale to FNB
via its undersigned Attorney.

The Court ordered that the sale is free and clear of all interests,
liens, claims, and encumbrances of any kind.

           About Party Emporium, LLC

Party Emporium, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ark. Case No. 24-72049) on Dec. 7,
2024. In the petition filed by Melody Sanford, managing member, the
Debtor disclosed $390,191 in assets and $1,259,574 in liabilities.

Judge Bianca M. Rucker oversees the case.

Stanley V. Bond, Esq., at Bond Law Office serves as the Debtor's
counsel.


PINNACLE FOODS: Plan Contemplates Two Scenarios
-----------------------------------------------
Pinnacle Foods of California, LLC submitted an Amended Plan of
Reorganization for Small Business dated March 7, 2025.

The Debtor closed down the Popeyes restaurant located at 3110 E.
McKinley Avenue, Fresno, CA. Lease for premises located at 31100 E.
McKinley Avenue, Fresno, CA has been rejected. The landlords are
Andy Mau Ahn and Trang Bich Lu.

The final Plan payment is expected to be paid on June 2030
(estimated).

The Amended Plan does not alter the proposed treatment for
unsecured creditors and the equity holder:

     * Class 3(a) consists of General Unsecured Creditors,
Excluding the Leases the Debtor Wishes to Assume which are
classified in Class 3(b) and the Popeyes Franchise Fees which are
classified in Class 3(c). The total amount of the allowed general
unsecured claims is $2,496,418.82. Based on the liquidation
analysis and the income valuation of the Debtor's assets, the
holders of allowed general unsecured claims will be receiving an
estimated 3% pro-rata distribution through the plan. The
distribution to allowed general unsecured claims will be made
monthly, with the first payment of $1,248.20 due on the Effective
Date, followed by 59 consecutive payments, each in the amount of
$1,248.20 to be paid pro-rata to each holder of allowed general
unsecured claim. This Class is impaired.

     * Class 3(b) consists of Landlord for the lease agreements
that have pre-petition arrears which Debtor intends to assume. The
total amount of the allowed general unsecured claims is
$148,522.99. The Debtor assumes the lease agreements and proposes
to cure the pre-petition arrears over 12 months, with the first
payment of $12,376.90 due on the Effective Date, followed by 11
consecutive payments thereafter, each in the amount of $12,376.90,
until the pre-petition lease arrears are paid in full. This Class
is impaired.

     * Class 3(c) consists of Popeyes Louisiana Kitchen for
pre-petition royalties, advertising and related fees. The total
amount owed to Popeyes is $226,332.15. The Debtor intends to assume
the franchise agreements and cure the pre-petition arrears over 12
months, with the first payment of $18,861.01 due on the Effective
Date, followed by 11 consecutive payments thereafter, each in the
amount of $18,861.01, until the pre-petition arrears are paid in
full.

     * The equity security holder of the Debtor is Imran Damani.
Mr. Damani is the president and 100% equity security holder of the
Debtor. He does not hold a pre-petition or a post-petition claim
against the Debtor.

    Means for Implementation of the Plan

Option #1 Reorganization. The Debtor's proposed 5-year projections
itemize the Debtor's revenue sources and the expenses for the next
5 years. The Debtor intends to fund its plan from the continued
operation of its business. Since the filing of the present
bankruptcy case, the Debtor has reorganized its affairs with focus
on increased profitability through improved operational
efficiencies, elimination and reduction of expenditures and price
adjustments.

Option #2 Liquidation. The ability of the Debtor to reorganize
depends on its assumption of the Popeyes Franchise Agreements,
which are subject of a pending appeal. If the Debtor is not
successful in its appeal and is not permitted to assume the Popeyes
Franchise Agreements, it will then proceed with a liquidating plan
by hiring a broker to market and sell the Popeyes restaurants. The
Debtor believes Popeyes and Flagstar are pushing a "fir sale"
whereas the Debtor wants to maximize the value by bringing in a
valuation expert to appraise the franchise for the highest price
which will generate substantially more income fore the benefit of
all creditors, and certainly the general unsecured creditors.

A full-text copy of the Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=a9RSU0 from PacerMonitor.com
at no charge.     

Attorney for the Plan Proponent:

     Michael Jay Berger, Esq.
     Law Offices of Michael Jay Berger
     9454 Wilshire Boulevard, 6th Floor,
     Beverly Hills, CA 90212
     Telephone: (310) 271-6223
     Facsimile: (310) 271-9805
     Email: rnichael.bergerbankruptcypower.com

             About Pinnacle Foods of California

Pinnacle Foods of California LLC operates six Popeyes franchise
restaurants.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-11015) on
April 22, 2024, listing $2,077,748 in assets and $4,509,986 in
liabilities. The petition was signed by Imran Damani as president.

Judge Rene Lastreto II presides over the case.

The Debtor tapped Michael Jay Berger, Esq. at Law Offices of
Michael Jay Berger as bankruptcy counsel and Craig R. Tractenberg,
Esq., at Fox Rothschild LLP as special franchise counsel.


PLATINUM HEIGHTS: Court Extends Cash Collateral Access to April 16
------------------------------------------------------------------
Platinum Heights, LP received second interim approval from the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division to use cash collateral.

The second interim order signed by Judge Alfredo Perez approved the
use of cash collateral for the period from March 26 to April 16 to
pay the expenses set forth in Platinum Heights' projected budget.

B1 Bank, a secured lender, holds a first-priority security interest
in some of Platinum Heights' assets, including an interest in the
cash collateral. As of the petition date, the secured lender was
owed more than $28.3 million.  

As protection for the use of its cash collateral, B1 Bank was
granted replacement liens on all post-petition property of Platinum
Heights to the same extent and with the same priority as its
pre-bankruptcy liens.

In addition, Platinum Heights was ordered to make a regularly
scheduled payment of $191,134 to the secured lender.

A final hearing is set for April 16. Objections are due by April
9.

                     About Platinum Heights LP

Platinum Heights, LP filed Chapter 11 petition (Bankr. S.D. Texas
Case No. 25-90012) on February 20, 2025, listing between $50
million and $100 million in both assets and liabilities.

Judge Alfredo R. Perez oversees the case.

Omar Jesus Alaniz, Esq., at Reed Smith, LLP is the Debtor's legal
counsel.

B1 Bank, as secured lender, is represented by:

   Michael P. Menton, Esq.
   Danika L. Lopez, Esq.
   SettlePou
   3333 Lee Parkway, Eighth Floor
   Dallas, TX 75219
   (214) 520-3300
   (214) 526-4145 (Facsimile)
   mmenton@settlepou.com
   dlopez@settlepou.com


PROSOURCE MACHINERY: Gets OK to Use Cash Collateral Until June 26
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado entered a
stipulated order authorizing ProSource Machinery, LLC to use cash
collateral through June 26.

The interim order signed by Judge Kimberley Tyson authorized the
company to use cash collateral to pay the expenses set forth in its
budget, with a 15% variance allowance per line item.

The 13-week budget projects total operational expenses of
$1,519,564.

The company's cash collateral consists of current cash and future
receipts including, but not limited to, all the funds identified in
the budget. The budget covers the period from April 1 to June 26.

The Colorado Department of Revenue, SANY Capital USA, Inc., and
Northpoint Commercial Finance, LLC assert secured interests in the
company's assets.

As protection, secured creditors will be granted a replacement lien
on the proceeds of all post-petition accounts in case of any
diminution in the value of their interest in the cash collateral.

If ProSource sells any pre-bankruptcy collateral of SANY, the
company must turn over the amount owed to the secured creditor
within 10 days of the sale.

Meanwhile, if it sells any pre-bankruptcy collateral of Northpoint,
ProSource must deposit the proceeds into a segregated account and
pay the amount owed to the secured creditor within 10 days of the
sale.

SANY is represented by:

   Colin M. Bernardino, Esq.
   Kilpatrick Townsend & Stockton LLP
   1100 Peachtree Street NE
   Suite 2800
   Atlanta, GA 30309-4530
   Telephone: (404) 815-6500
   Facsimile: (404) 815-6555
   cbernardino@ktslaw.com  

Northpoint is represented by:

   Amy K. Hunt, Esq.
   Timmins LLC
   450 East 17th Avenue
   Suite 210
   Denver, CO 80203
   Tel: (303) 592-4500
   Fax: (303) 592-4515
   ah@timminslaw.com

                    About ProSource Machinery

ProSource Machinery, LLC sells and rents off-highway construction
and mining equipment in Montana and Colorado.

ProSource filed Chapter 11 petition (Bankr. D. Colo. Case No.
25-11010) on February 28, 2025, listing up to $10 million in assets
and up to $50 million in liabilities. Derek Dicks, managing member
of ProSource, signed the petition.

Judge Kimberley H. Tyson oversees the case.

David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C.,
represents the Debtor as legal counsel.


RADIANT ONE: Bankruptcy Administrator Unable to Appoint Committee
-----------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Radiant One, LLC.

                       About Radiant One LLC

Radiant One, LLC operates as a beauty salon in Fuquay-Varina, N.C.

Radiant One sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00787) on March 4,
2025, listing up to $500,000 in assets and up to $1 million in
liabilities. Manoj Michael, manager of Radiant One, signed the
petition.

Judge Pamela W. McAffee oversees the case.

The Debtor is represented by:

   Danny Bradford, Esq.
   Paul D. Bradford, PLLC
   Tel: 919-758-8879
   Email: dbradford@bradford-law.com


RATH RACING: Amends Citizens Bank Secured Claim Pay
---------------------------------------------------
Rath Racing, Inc., submitted a Second Modified Plan of
Reorganization under Subchapter V dated March 7, 2025.

This chapter 11 plan of reorganization proposes to pay creditors of
the Debtor with all of the projected disposable income of the
Debtor for a sixty-month period.

The Plan has two secured classes, one unsecured class, and one
class for equity interests. As required by the Bankruptcy Code,
this Plan provides for full payment of Administrative and Priority
Claims.

The Debtor's cashflow projections confirm that the Debtor generates
sufficient cash flow to fund the payments due under the Plan and
provides payments to unsecured creditors in the total amount of
$25,000.00 over the next sixty months.

Class 1 consists of Citizens Bank & Trust Company Claim. Citizens
Bank has elected treatment under Section 1111(b) of the Code and
its total claim of $864,309.97 is entitled to secured treatment.
The Class 1 Claim will be paid as a fully secured claim in cash and
on a monthly basis on the first business day of each calendar
month, starting on the Effective Date, and continuing thereafter
until paid in full, including, if necessary, beyond the sixty-month
plan term from the Effective Date and with a present net value over
the life of the payments of at least $300,000. The Class 1 Claim
shall accrue interest at an annual rate of 6.0% and will be paid in
monthly installments of principal and interest of no less than
$5,000.00.

In addition to the and as a means to implement this Plan, the Real
Estate shall be sold and Mr. and Mrs. Rath's personal creditors
shall be immediately paid out from the proceeds of the sale as
follows: (1) U.S. Small Business Administration (Claim No. 9); (2)
Mortgage dated November 9, 2006 in favor of Citizens Bank (Claim
12); (3) Mortgage dated July 13, 2007 in favor of Citizens Bank
(Claim 12); (4) any tax liens in favor of the IRS and MDOR that
attached to the Real Estate and bear personal liability to Mr. and
Mrs. Rath; and (5)(a) Mrs. Rath's one half of the net proceeds will
be paid towards her restitution lien in favor of the United States
of America; (5)(b) Mr. Rath's one half of the net proceeds will be
paid to Citizens Bank which will reduce its overall Class 1 claim.

All terms and obligations of this Plan (both on Debtor and
creditors) shall be contingent on the Real Estate being sold for no
less than a gross purchase price of $500,000.00 (the "Minimum Sale
Price"), and such a sale shall close no later than June 13, 2025.
In the event Debtor fails to achieve at least the Minimum Sale
Price or a closing no later than June 13, 2025, it shall amount to
an event of default. In such event, Citizens Bank, U.S. Small
Business Administration, IRS, and MDOR retain the right to oppose
such sale and seek all such relief from this Court as necessary to
enforce these terms, as well as all other rights to which they may
be entitled under the Bankruptcy Code or applicable state law.

Like in the prior iteration of the Plan, the Debtor estimates the
total pool of allowed General Unsecured Claims and Wholly Unsecured
Claims in Class 3 to be approximately $704,557.60. In full
satisfaction of such claims and in full satisfaction of any
purported lien(s), each Holder of a Class 3 claim shall receive its
pro-rata share of $5,000.00 per year on the Effective Date, and
four more pro-rata payments on the first ($5,000.00), second
($5,000.00), third ($5,000.00) and fourth ($5,000.00) year
anniversaries of the Effective Date, for a total of five payments
equaling $25,000.00.

Upon the final payment to Class 3 claims, any creditor holding
liens against the Debtor shall release such liens. The percentage
payment to each Class 3 creditor is approximately 3.55%. Class 3 is
impaired and entitled to vote to accept or reject the Plan.

A full-text copy of the Second Modified Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=DECLQ1 from PacerMonitor.com
at no charge.

Attorney for the Debtor:

     John D. Lamey III, Esq.,
     980 Inwood Ave N
     Oakdale, MN 55128
     651-209-3550
     Fax 651-789-2179

                      About Rath Racing Inc.

Rath Racing, Inc., offers all-terrain vehicle (ATV), Side-by-Side
and utility task vehicle (UTV) parts and accessories.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 24-41056) on April 22,
2024. In the petition signed by Dary C. Rath, president, the Debtor
disclosed $146,852 in assets and $1,510,411 in liabilities.

Judge William J. Fisher oversees the case.

John D. Lamey III, Esq., at Lamey Law Firm, PA, is the Debtor's
legal counsel.


RED RIVER: J&J Shares Declines After $10B Talc Settlement Rejected
------------------------------------------------------------------
Reuters reports that Johnson & Johnson saw its stock drop more than
5% on Tuesday, April 1, 2025, after a U.S. bankruptcy judge
rejected its $10 billion proposal to settle lawsuits claiming its
talc-based products cause ovarian cancer.

This is the third time the healthcare giant's bankruptcy strategy
has been overturned in court. The company is facing over 60,000
lawsuits from individuals who allege that its baby powder and other
talc products contained asbestos and contributed to cancer. The
proposed settlement was meant to resolve these claims and prevent
future litigation.

J&J announced it would return to the tort system to contest what it
describes as "meritless" claims and has no intention of appealing
the decision. The company also cautioned that plaintiffs should not
expect a similar settlement outside of bankruptcy proceedings.

Opponents of the deal, including attorneys for cancer victims and a
government bankruptcy watchdog, argued that J&J is not experiencing
financial distress, making its bankruptcy filing unjustified.
"Since this was our final offer, we are reversing $7 billion
previously set aside for the bankruptcy plan," said Joe Wolk, J&J's
Chief Financial Officer.

The company maintains that its talc products are safe, do not
contain asbestos, and do not cause cancer. J&J stopped selling
talc-based baby powder in the U.S. in 2020, switching to a
cornstarch-based alternative.

Following the court's decision, J&J shares fell by 5.4% to $156.82
in early trading. The stock is currently priced at 15.51 times its
projected earnings for the next 12 months, compared to 14.9 times
for Amgen (AMGN.O) and 9.7 times for Merck (MRK.N), according to
LSEG data.

Despite this setback, J&J expressed confidence in its financial
outlook for 2025 and its long-term growth prospects. As of Monday's
close, the company's shares have risen by 14.7% year-to-date,
bringing its market capitalization to around $400 billion.

                      About J&J Talc Units

LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.

LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.

In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.

On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.

The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.

           Re-Filing of Chapter 11 Petition

On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.

On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.

The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.

Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.

In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.

In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.

                    3rd Try

In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion.
Claimants must cast their vote to accept or reject the Plan by 4:00
p.m. (Central Time) on July 26, 2024. A solicitation package may be
requested at www.OfficialTalcClaims.com or by calling
1-888-431-4056. If the Plan is accepted by at least 75% of voters,
a bankruptcy may be filed under the case name In re: Red River Talc
LLC in a bankruptcy court in Texas or in the bankruptcy court of
another jurisdiction. Epiq Corporate Restructuring, LLC is serving
as balloting and solicitation agent for LLT.

On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505).

Porter Hedges LLP and Jones Day serve as counsel in the new Chapter
11 case. Epiq is the claims agent.

Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.


RED RIVER: Lapinski Comments on Bankruptcy Case Dismissal
---------------------------------------------------------
Motley Rice litigator and J&J Talcum Powder MDL PSC Member, Dan
Lapinski commented on the Texas bankruptcy court's decision to
dismiss the Red River bankruptcy.

Mr. Lapinski said, "We strongly believe that the court made the
appropriate decision in dismissing the Red River bankruptcy. From
the outset, we believed there were issues with the voting processes
and broad releases related to this case. Motley Rice attorneys have
previously tried talcum powder cases and we will continue to do so
now that bankruptcy stays have been lifted. Our firm has also
played an active role in attempts to resolve talc litigation and
stand ready to continue those efforts. It is up to J&J to decide
how to address all of these injured individuals moving forward."

As reported by the Troubled Company Reporter on April 2, 2025, a
federal judge denied Johnson & Johnson's third attempt to use
bankruptcy to create a multibillion-dollar trust fund for women
claiming they developed cancer from the company's baby powder and
other allegedly contaminated products. On March 31, U.S. Bankruptcy
Judge Christopher Lopez dismissed the bankruptcy case of Red River
Talc, a J&J subsidiary, after a two-week trial in Houston, ruling
that the voting process among cancer victims was flawed.

                       About J&J Talc Units

LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.

LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.

In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.

On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.

The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.

           Re-Filing of Chapter 11 Petition

On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.

On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.

The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.

Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.

In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.

In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.

                           3rd Try

In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion.
Claimants must cast their vote to accept or reject the Plan by 4:00
p.m. (Central Time) on July 26, 2024. A solicitation package may be
requested at www.OfficialTalcClaims.com or by calling
1-888-431-4056. If the Plan is accepted by at least 75% of voters,
a bankruptcy may be filed under the case name In re: Red River Talc
LLC in a bankruptcy court in Texas or in the bankruptcy court of
another jurisdiction. Epiq Corporate Restructuring, LLC is serving
as balloting and solicitation agent for LLT.

On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505).

Porter Hedges LLP and Jones Day serve as counsel in the new Chapter
11 case. Epiq is the claims agent.

Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.


REMEMBER ME: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
Paul Randolph, Acting United States Trustee for Region 8, appointed
an official committee to represent unsecured creditors in the
Chapter 11 cases of Remember Me Senior Care, LLC and its
affiliates.
  
The committee members are:

     1. Starr Dixon
        through POA holder Valerie Babb
        2561 Bartleson Drive
        Kennesaw, GA 30152-4483
        Phone: (678) 283-2260
        Valerie.babb@starrchex.net

     2. Gregory Swift
        1220 Holly Glen Lane
        Decatur, TN 37322
        Phone: (423) 593-5478
        gswift@swiftcompanies.com  

     3. Don & Maxine Hughes
        114 Bentley Park Dr NW
        Cleveland TN 37312
        Phone: (423) 478-5099

     4. Vanessa Torrence, personally and as
        trustee for The Vanessa Dixon Torrence Trust
        590 N. Ocoee Street
        Cleveland, TN 37311
        Phone: (423) 314-4524
        vanessadtorrence@gmail.com  

     5. Marc Lane Ministries
        P.O. Box 2276
        Cleveland, TN 37320
        Phone: (865) 712-8345
        laneM12706@gmail.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                  About Remember Me Senior Care

Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers
personalized assisted living and memory care services in a homelike
environment. The facility provides a range of services, including
help with daily activities, medication management, and specialized
care for those with Alzheimer's or other dementias.

Remember Me Senior Care sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February
18, 2025. In its petition, the Debtor reported up to $50,000 in
assets and between $10 million and $50 million in liabilities.

Judge Nicholas W. Whittenburg oversees the case.

The Debtor is represented by:

     Jeffrey W. Maddux, Esq.
     Chambliss, Bahner & Stophel P.C.
     Liberty Tower
     605 Chestnut Street, Ste. 1700
     Chattanooga, TN 37450
     Tel: 423-757-0296
     Fax: 423-508-1296
     Email: jmaddux@chamblisslaw.com


ROCKET MORTGAGE: S&P Alters Outlook to Positive, Affirms 'BB' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on its 'BB' long-term rating
on Rocket Mortgage LLC--Rocket's principal operating subsidiary--to
positive from stable. At the same time, S&P affirmed its 'BB'
long-term issuer credit rating and unsecured debt ratings on Rocket
Mortgage.

S&P said, "We could raise our rating on Rocket Mortgage in the next
two years if Rocket successfully integrates Mr. Cooper, reduces
debt to EBITDA to comfortably below 4x on a sustained basis, and
maintains conservative balance sheet metrics.

"We revised our outlook on Rocket Mortgage to positive because we
believe the announced acquisition of Mr. Cooper has the potential
to significantly improve Rocket's diversification, market position,
earnings, and stability." Rocket, the largest retail
(direct-to-consumer) mortgage lender in the country, announced that
it will acquire Mr. Cooper, the largest servicer (based on the
combination of primary and subserviced mortgages), in a $9.4
billion all-stock deal expected to close in the fourth quarter of
this year. Rocket Mortgage would absorb Mr. Cooper at that time.

The acquisition announcement came three weeks after Rocket said it
would acquire Redfin, a digital real estate broker, as it aims to
play a larger role in the end-to-end process of buying and selling
homes. That process--which Rocket wants to streamline and lower the
cost of--involves home search, real estate brokerage, loan
origination and refinancing, title, closing, and servicing.

The Mr. Cooper acquisition would accelerate that strategy,
increasing Rocket's servicing clients to almost 10 million,
accounting for about one out of every six mortgages in the U.S.
Rocket sees servicing as "the golden key to the puzzle" and the way
to build long client relationships. The long-term benefits of the
acquisition will hinge in part on Rocket's ability to win more
originations from those clients and potentially sell them real
estate brokerage, title, and other services.

The company has pointed to its high "recapture rate," originating
new mortgages to 83% of its servicing clients that seek new
financing. Rocket said that compares with Mr. Cooper's 50% rate,
implying that it could win more business from Mr. Cooper's clients.
Related in part to that effort, Rocket, which has been investing
heavily in artificial intelligence, will look to leverage the large
amount of data associated with Mr. Cooper's servicing platform.

The acquisition would also reduce Rocket's dependence on
origination volumes, particularly for refinancings, likely leading
to greater stability in its revenue and EBITDA. Mr. Cooper services
or subservices about $1.6 trillion in residential mortgages, which
drove most of its $3.0 billion of revenue last year. In contrast,
the majority of Rocket's $5.0 billion in revenue stemmed from
originations.

The resulting better-diversified mix of revenue would likely reduce
the volatility of Rocket's performance when interest rates move
meaningfully. The company's revenue and EBITDA sharply rose amid
low rates in 2020 and 2021 and have since fallen steeply as higher
rates have limited consumer demand for mortgage originations. That
drop led Rocket to cut costs and to increase its efforts to improve
the stability of its revenue, most notably by building market share
in the origination of mortgages for home purchases. Purchase
originations tend to be more stable than originations for
refinancing.

S&P said, "We believe the potential benefits of the acquisitions of
Mr. Cooper and Redfin outweigh a likely initial moderate increase
in leverage and the associated integration risks. While Rocket will
finance the purchase in stock, it will also absorb the debt of Mr.
Cooper, which has been somewhat more highly levered than Rocket. In
our base case, we forecast debt to EBITDA of about 4.5x in 2026, up
from about 4x for Rocket on a stand-alone basis in 2024. This
assumes the company achieves about half of its projected $500
million in expense and revenue synergies.

"Rocket's balance sheet leverage, measured by net debt to tangible
equity, will also increase from a low 0.5x to about 1.1x. However,
we view 1.1x as still relatively conservative, and we expect Rocket
to continue to manage its balance sheet prudently. It has operated
with low balance sheet leverage and robust liquidity even as low
origination volumes have limited its EBITDA and earnings."

The combined size of the Mr. Cooper and Redfin acquisitions could
pose integration challenges. For instance, Rocket will have to
shift its servicing activity to Mr. Cooper's larger servicing
platform while absorbing Mr. Cooper's origination activity on its
own platform. Among other steps, it will also have to merge many
teams, technology systems, and separate cultures while cutting
duplicative expenses. Integration could be more costly, time
consuming, and difficult than Rocket expects.

The outlook is positive, reflecting the potential benefits the Mr.
Cooper acquisition could bring to Rocket's diversification, market
position, earnings, and stability.

S&P could revise the outlook back to stable if Rocket:

-- Is unable to complete the acquisition of Mr. Cooper;

-- Faces significant integration challenges;

-- Manages its balance sheet less conservatively, for instance if
balance sheet leverage rises above 1.25x or liquidity deteriorates;
or

-- Reports a meaningful increase in debt to EBITDA, perhaps due to
a weakening in industry conditions or a rise in debt.

S&P could raise our rating on Rocket Mortgage in the next two years
if Rocket:

-- Successfully integrates Mr. Cooper without significant
operational or financial challenges and achieves roughly the $500
million in expense and revenue synergies it has forecast for 2026
and 2027;

-- Reduces its debt to EBITDA (as we calculate it) to comfortably
below 4x on a sustained basis, perhaps due to a combination of
financial benefits from the acquisition and improved industry
conditions; and

-- Maintains conservative balance sheet metrics with robust
liquidity and net debt (excluding funding debt) to tangible equity
of 1.1x or lower.



ROMAN BUILDERS: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
Roman Builders, LLC asked the U.S. Bankruptcy Court for the
Southern District of Florida, Fort Lauderdale Division, for
authority to use cash collateral and provide adequate protection.

The Debtor needs to use cash collateral on an interim basis to
cover critical expenses (like rent) and to preserve its assets. The
motion proposed using the funds according to a budget while
avoiding unnecessary harm to the estate.

PNC Bank froze the Debtor's revenues after the bankruptcy filing
and the bank is in discussions about releasing these funds.

Various entities may assert interests in the Debtor's assets,
including Horner Express, the U.S. Small Business Administration,
Alternative Funding Group, and others.

The SBA, being the first lienholder, is provided a replacement lien
to the extent of its secured interest under the bankruptcy laws.

                     About Roman Builders LLC

Roman Builders, LLC is a South Florida company that specializes in
waterproofing services for both commercial and residential
properties. It offers various solutions, including the installation
of waterproofing membranes, concrete repair, and leak prevention
through advanced methods like resin injection. It also provides
maintenance and protection services for concrete structures, such
as parking garages, balconies, and walkways.

Roman Builders sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12914) on March 19,
2025. In its petition, the Debtor reported total assets of $821,063
and total Liabilities of $1,015,126.

Judge Scott M. Grossman handles the case.

The Debtor is represented by Susan D. Lasky, Esq., at Susan D.
Lasky, PA.


RVFW E LLC: Case Summary & Four Unsecured Creditors
---------------------------------------------------
Debtor: RVFW E LLC
        7100 Cross Timbers Road
        Flower Mound, TX 75022

Business Description: RVFW E LLC is the developer behind Eden
                      Ranch, a sustainable, master-planned
                      community in Flower Mound, Texas, blending
                      luxury living with eco-friendly practices.
                      Spanning over 300 acres, the community
                      offers organic farming, locally grown
                      produce, and a lifestyle centered around
                      health, nature, and connection.  With
                      amenities like walking trails, a vineyard,
                      and an educational center, Eden Ranch
                      fosters a harmonious environment where
                      residents can thrive sustainably.

Chapter 11 Petition Date: March 31, 2025

Court: United States Bankruptcy Court
       Eastern District of Texas

Case No.: 25-40933

Judge: Hon. Brenda T Rhoades

Debtor's Counsel: Buffey E. Klein, Esq.
                  HUSCH BLACKWELL LLP
                  1900 N. Pearl Street, Suite 1800
                  Dallas, TX 75201
                  Tel: 214-999-6152
                  E-mail: buffey.klein@huschblackwell.com

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $10 million to $50 million

In his position as manager, Tyler Radbourne signed the petition.

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

https://www.pacermonitor.com/view/F4NNFNQ/RVFW_E_LLC__txebke-25-40933__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Four Unsecured Creditors:

    Entity                           Nature of Claim  Claim Amount

1. CoServe Denton County Electric       Utilities             $733
Cooperative, Inc.
P O. Box 734803
Dallas, TX
75373-4803
Brent Bishop, CFO
Email: ExecutiveTeam@coserv.com

2. Denton County Tax                 Property Taxes         $5,935
Assessor/Collector
P O Box 90223
Denton, TX 76202

3. ES Management                        Services                $0
2140 E. Southlake
Boulevard, Suite
L-203
Southlake, TX 76092
Tel: 817-200-3400

4. Reginitech LLC                      Trade Debt               $0
P O Box 1526
Whitefish, MT 59937
Tel: 406-862-3227


RYERSON HOLDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Ryerson Holding Corporation's (Ryerson)
and Joseph T. Ryerson & Son, Inc.'s Long-Term Issuer Default
Ratings at 'BB'. Fitch has also affirmed the company's first lien
secured asset-based lending (ABL) credit facility at 'BBB-' with a
Recovery Rating of 'RR1'. The Rating Outlook is Stable.

Ryerson's ratings reflect its large size and scale within the
industry, which provides operating leverage, strong working capital
management, product diversification, the counter-cyclical cash
generating ability of its business model and Fitch Ratings'
expectation that EBITDA leverage will be sustained at or below 2.5x
through 2028.

The Stable Outlook reflects Fitch's expectation EBITDA margins will
average above 5% through 2028.

Key Rating Drivers

Conservative Leverage Profile: Fitch believes EBITDA leverage
peaked at around 4.1x at Dec. 31, 2024 driven by lower prices and a
decline in EBITDA margins. Fitch expects EBITDA leverage to
decrease in 2025 driven by improved EBITDA margins and be sustained
at or below 2.5x through 2028. As of Dec. 31, 2024, the company's
only material debt consisted of $470 million outstanding on its
$1.3 billion asset-based lending (ABL) credit facility due 2027.
Ryerson targets 0.5x-2.0x net leverage through the cycle,
supporting Fitch's view the company will remain committed to
maintaining low leverage.

Near-Term Margin Headwinds: EBITDA margins averaged about 2.5% in
2024 compared with EBITDA margins averaging about 6% in 2023. The
decline in margins was largely driven by an about 10% reduction in
average selling prices. Fitch expects EBITDA margins to remain
slightly challenged in 2025 but to recover to about 5.5%-6.0% on
average thereafter.

Investment Cycle Completed: In 2024, Ryerson completed its
three-year investment cycle, which focused on organic growth
through the expansion and modernization of existing facilities, new
state-of-the-art facilities, and additional processing equipment to
support value-added business. From 2022-2024 capex averaged around
$110 million per year compared to average annual capex of around
$45 million during the three years prior. Fitch expects capex to
average around $50 million-$60 million after 2024, barring any
material new projects. Fitch believes the company's significant
investments will improve EBITDA and support EBITDA margins.

Positive FCF Expectations: Gross margins are relatively stable,
fluctuating between 18% and 21% over the last four years, through a
significant decline in steel prices and aluminum price volatility.
Stable gross margins and minimal capital intensity, despite a
three-year period of elevated capital investment, support
consistently positive FCF. Even though capex was high from
2022-2024, capital intensity was less than 2.5% of sales and FCF
was positive. Fitch expects FCF to average around $100 million
through 2028. This provides deleveraging capacity through ABL
repayment and liquidity to pursue organic and inorganic growth
opportunities.

Countercyclical Cash Generation: Ryerson has solid financial
flexibility, supported by its ability to generate cash in periods
of weakening demand or lower prices by managing working capital and
liquidating inventory. Ryerson has a history of strong working
capital management, which enables it to generate cash during
periods of falling prices and shipments. The company demonstrated
strong working capital management in 2023, when average selling
prices declined over 15%, and in 2020 during the pandemic. Ryerson
generated $213 million and $245 million in 2023 and 2020
respectively, primarily through working capital liquidation.

Significant Size and Scale: Ryerson is the second largest metals
service center company in the U.S., distributing more than 75,000
metal products to about 40,000 customers in a broad range of
industries. Fitch believes Ryerson's size and scale provides
purchasing power and operating leverage, which drives a competitive
advantage relative to peers.

Credit Conscious M&A: The highly fragmented nature of the industry
also provides acquisition growth opportunities, supporting Fitch's
expectation that Ryerson will continue to be a consolidator. The
$163.5 million acquisition of Central Steel and Wire Company in
2018 was Ryerson's largest since 2005, supporting its view that a
near-term sizable transaction is unlikely. Fitch believes Ryerson
will remain selective in M&A and execute acquisitions in a
credit-conscious manner, focusing on companies that enhance its
diversification with an emphasis on higher margin specialty
products and value-added processing capabilities.

Peer Analysis

Ryerson's operational profile compares closest with metals service
center company Reliance, Inc. (BBB+/Stable). Both have leading
market shares within the highly fragmented U.S. metals service
center industry, similar underlying volumetric risk given their
exposure to cyclical end markets, relatively stable margins, and
low annual capex requirements. Ryerson is considerably smaller and
has lower margins and higher EBITDA leverage than Reliance.

Ryerson's operational profile is also comparable with specialty
alloy producer Carpenter Technology Corporation (BB+/Stable) and
aluminum fabricator Kaiser Aluminum Corporation (BB-/Stable).
Ryerson is similar in terms of EBITDA to Kaiser and smaller than
Carpenter. Carpenter has lower forecast EBITDA leverage and higher
margins than Ryerson. Ryerson has comparable margins but lower
leverage metrics than Kaiser.

Key Assumptions

- Total volume growth, including acquired volumes, of about 3% a
year;

- Slightly moderating average selling prices;

- EBITDA margins improve to around 4% in 2025, then average about
5.5%-6.0% over 2026-2028;

- Capex of around $50-$60 million on average;

- Modest opportunistic share repurchases.

RATING SENSITIVITIES

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

- EBITDA leverage sustained above 4.0x;

- EBITDA margins sustained below 5%;

- Sustained negative FCF.

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

- Increase in size and scale;

- EBITDA margins sustainably at or above 7%, driven by increasing
levels of value-added processing;

- EBITDA leverage sustained below 3.0x.

Liquidity and Debt Structure

As of Dec. 31, 2024, Ryerson had cash and cash equivalents of
approximately $28 million and $376 million available under its $1.3
billion ABL credit facility due 2027. The company also had $47
million of availability under its foreign credit lines. Ryerson
must maintain a fixed-charge coverage ratio of 1.0x when
availability under the ABL credit facility is less than the greater
of a) 10% of aggregate commitments and b) $60 million.

Issuer Profile

Ryerson is the second largest metals service center in the U.S.
with 110 facilities across North America and four facilities in
China. The company carries a line of nearly 75,000 products
including stainless steel, aluminum, carbon steel and alloy
steels.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Joseph T. Ryerson
& Son, Inc.          LT IDR BB   Affirmed            BB

   senior secured    LT     BBB- Affirmed   RR1      BBB-

Ryerson Holding
Corporation          LT IDR BB   Affirmed            BB


SASH GROUP: Fashion Retailer Seeks Chapter 11 Bankruptcy
--------------------------------------------------------
Kirk O'Neil of The Street reports that Sash Group Inc., a fashion
retail brand known for The Sash Bag crossbody handbags and
accessories, has filed for Chapter 11 bankruptcy protection to
restructure its business due to substantial tax liabilities and
unsecured creditor debt.

The San Diego-based company reported assets and liabilities ranging
from $1 million to $10 million in its March 25, 2025 petition filed
with the U.S. Bankruptcy Court for the Southern District of
California. Unsecured creditors include Silvia Mah, owed about
$196,250; Shopify, owed approximately $95,600; and PayPal, owed
roughly $92,000.

                  About Sash Group Inc.

Sash Group Inc. is the San Diego-based company behind 'The Sash
Bag' brand of crossbody handbags and accessories.

Sash Group sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Cal. Case No. 25-01150) on March 25, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $1 milliion and $10 million each.

The Debtor is represented by Matthew D. Resnik, Esq. at Rhm Law
LLP.


SCHAFER FISHERIES: Court Extends Cash Collateral Access to April 30
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Western Division, extended Schafer Fisheries, Inc.'s authority to
use cash collateral from March 31 to April 30.

The bankruptcy court did not receive objection to the continued use
of cash collateral and payment to the secured creditor as set forth
in the budget.

A status hearing is scheduled for April 23.

                   About Schafer Fisheries

Schafer Fisheries Inc. is a seafood processor and distributor in
Fulton, Ill.

Schafer Fisheries filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June
20, 2024, listing between $100,001 and $500,000 in assets and
between $1 million and $10 million in liabilities. Jennifer Schank
of Fuhrman & Dodge, S.C. serves as Subchapter V trustee.

Judge Thomas M. Lynch oversees the case.

Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz,
Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as
consultant.

The Debtor is represented by:

   Richard N. Golding, Esq.
   Law Offices Of Richard N. Golding, P.C.
   Tel: 312-832-7885
   Email: rgolding@goldinglaw.net


SCOTTS MIRACLE-GRO: Egan-Jones Retains B+ Sr. Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on March 26, 2025, maintained its 'B+'
local currency senior unsecured ratings on debt issued by The
Scotts Miracle-Gro Company.

The Scotts Miracle-Gro Company is an American multinational
corporation headquartered in Marysville, Ohio, where O.M. Scott
began selling lawn seed in 1868. The company manufactures and sells
consumer lawn, garden and pest control products, as well as
soilless indoor gardening equipment.


SEASONAL LANDSCAPE: Gets OK to Use Cash Collateral Until April 30
-----------------------------------------------------------------
Seasonal Landscape Solutions, Inc. received another extension from
the U.S. Bankruptcy Court for the Northern District of Illinois to
use cash collateral.

The interim order authorized the company to use cash collateral in
accordance with its budget, which projects total operational
expenses of $325,127 from April 1 to 30.

The company is not allowed to make any payments or distributions
other than the itemized projected disbursements set forth in the
budget without the prior written consent of its pre-bankruptcy
secured lender.

BMO Harris Bank holds a senior lien on the company's assets
totaling at least $495,000, with a subordinate lien by the U.S.
Small Business Administration.

As adequate protection, BMO Harris Bank was granted a replacement
lien on substantially all of the company's assets, including cash
collateral equivalents, cash and accounts receivable, to the same
extent and with the same validity as its pre-bankruptcy lien.

In addition, BMO Harris Bank was granted an administrative expense
claim under Section 507(b) of the Bankruptcy Code.

The next hearing is scheduled for April 30.

                    About Seasonal Landscape Solutions

Seasonal Landscape Solutions, Inc. is a company in Algonquin, Ill.,
which specializes in residential design-build landscaping.

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08880) on June 17,
2024, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Ira Bodenstein serves as Subchapter V
trustee.

Judge Janet S. Baer presides over the case.

The Debtor is represented by Richard G. Larsen, Esq., at Springer
Larsen Greene, LLC.


SHAHINAZ SOLIMAN: Case Summary & Six Unsecured Creditors
--------------------------------------------------------
Debtor: Shahinaz Soliman Clinic Corp.
          dba Soliman Care Family Practice Center Inc.
        2780 Skypark Dr. Suite 115
        Torrance, CA 90505

Business Description: Soliman Care is a family practice health
                      center that offers comprehensive healthcare
                      services for individuals of all ages, from
                      pediatrics to geriatrics.  The clinic
                      specializes in both acute and chronic care,
                      focusing on prevention, diagnosis, and
                      holistic treatment.  Led by Dr. Shahinaz
                      Soliman, the center is committed to
                      providing compassionate, culturally
                      competent, and patient-centered care to the
                      community.

Chapter 11 Petition Date: April 2, 2025

Court: United States Bankruptcy Court
       Central District of California

Case No.: 25-12747

Judge: Hon. Barry Russell

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
                  Fax: (310) 271-9805
                  Email: michael.berger@bankruptcypower.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Shahinaz Soliman as chief executive
officer.

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

https://www.pacermonitor.com/view/MBXELUY/Shahinaz_Soliman_Clinic_Corp__cacbke-25-12747__0001.0.pdf?mcid=tGE4TAMA


SMART AXE: Unsecured Creditors to Get 0 Cents on Dollar in Plan
---------------------------------------------------------------
Smart Axe, Inc. filed with the U.S. Bankruptcy Court for the
Eastern District of California a First Amended Plan of
Reorganization for Small Business.

The Debtor is a California Corporation that has elected S status.
Debtor was incorporated in 2018. Debtor has operated a number of
Axe Throwing venues in the Sacramento region.

The Debtor attempted to open a venue in Fairfield but was unable to
open due to misrepresentations by the landlord. A successor to that
landlord has sued Debtor seeking hundreds of thousands of dollars
in back rent. Participation in Axe Throwing activities has declined
and Debtor has closed venues. Currently only the Modesto, Folsom
and Roseville locations remain open.

The Debtor anticipates that it will remain open during the plan
term through use of operating revenues and contributions by the
shareholders. The final Plan payment is expected to be paid on
February 28, 2028, which is anticipated to be 36 months after the
effective date.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.

Class 3 consists of Non-priority unsecured creditors. The allowed
unsecured claims total $1,080,588.94. Non-priority unsecured
creditors will receive a distribution of 0% of their allowed
claims.

The two equity security holders will retain their interest in the
Debtor. They shall remain as the managers of the Debtor.  

The Debtor anticipates that it will remain open during the plan
term through use of operating revenues and contributions by the
shareholders.

A full-text copy of the First Amended Plan dated March 7, 2025 is
available at https://urlcurt.com/u?l=QozPDD from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Stephen Reynolds, Esq.
     Reynolds Law Corporation
     424 Second Street, Suite A
     Davis, CA 95616
     Tel: (530) 297-5030
     Fax: (530) 297-5077
     Email: sreynolds@lr-law.net

          About Smart Axe

Smart Axe, Inc. is a California Corporation that operated a number
of Axe Throwing venues in the Sacramento region.

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-24009) on September
6, 2024, with $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.

Judge Christopher D. Jaime presides over the case.

Stephen Reynolds, Esq., at Reynolds Law Corporation represents the
Debtor as bankruptcy counsel.


SOLEPLY LLC: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
Soleply, LLC received interim approval from the U.S. Bankruptcy
Court for the District of New Jersey to use cash collateral.

The Debtor needs to use cash collateral to pay ongoing business
expenses, including salaries, leases, utilities, and administrative
costs.

The Debtor's goal is to reduce store locations and concentrate
operations on profitable areas. Without access to cash collateral,
the Debtor faces a severe liquidity crisis, risking operational
failure.

The Debtor owes approximately $825,666 in secured debt, with other
secured claims related to vehicles.

As protection for the use of its cash collateral, secured creditor
First Corporate Solutions, Inc. was granted a replacement lien on
the Debtor's post-petition collateral and proceeds thereof.

A final hearing is scheduled for April 17.

                         About Soleply LLC

Soleply, LLC is a retailer specializing in premium sneakers and
streetwear, operates both online (soleply.com) and physical stores
including its main location in Cherry Hill, N.J. The company sells
a variety of branded footwear including Nike Dunks, Air Jordans,
ASICS Gel-Kayano models, and adidas Yeezy products, along with
high-end streetwear from brands like Fear of God Essentials, Denim
Tears, and Bravest Studios.

Soleply sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.N.J. Case No. 25-12919) on March 21, 2025, listing
between $1 million and $10 million in both assets and liabilities.

Judge Andrew B. Altenburg, Jr. oversees the case.

The Debtor is represented by Ronald S. Gellert, Esq., at Gellert
Seitz Busenkell & Brown, LLC.


SOUTHERN AUTO: Bankr. Administrator Unable to Appoint Committee
---------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Southern Auto Parts, Inc.

                     About Southern Auto Parts

Southern Auto Parts, Inc., formerly known as Trenton Auto Parts,
Inc., owns and operates an auto parts store in Trenton, N.C.

Southern Auto Parts filed Chapter 11 petition (Bankr. E.D.N.C. Case
No. 25-00294) on January 27, 2025, with $1 million to $10 million
in both assets and liabilities. Jared L. Beverage, president of
Southern Auto Parts, signed the petition.

Judge David M. Warren presides over the case.

The Debtor is represented by:

   Joseph Zachary Frost, Esq.
   Buckmiller & Frost, PLLC
   Tel: 919-296-5040
   Email: jfrost@bbflawfirm.com


SPENCER & ASSOCIATES: Seeks Subchapter V Bankruptcy in Texas
------------------------------------------------------------
On March 28, 2025, Spencer & Associates Therapeutic Alliance PLLC
filed Chapter 11 protection in the U.S. Bankruptcy Court for
the Southern District of Texas. According to court filing, the
Debtor reports $1,127,503 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

           About Spencer & Associates Therapeutic Alliance
PLLC

Spencer & Associates Therapeutic Alliance PLLC is an outpatient
mental health clinic offering a comprehensive range of therapy
services to address conditions such as PTSD, depression, anxiety,
mood disorders, and issues related to family conflicts and school
problems. The clinic specializes in both traditional and
alternative therapeutic approaches, including strength-based
strategies, reality therapy, art therapy, and neurofeedback. To
better accommodate clients' needs, Spencer & Associates offers
convenient online telehealth appointments as well as early morning
office hours.

Spencer & Associates Therapeutic Alliance PLLC sought relief under
Subchapter V Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Tex. Case No. 25-31668) on March 1, 2025. In its petition, the
Debtor reports total assets of $106,447 and total debts of
$1,127,503.

Honorable Bankruptcy Judge Eduardo V. Rodriguez  handles the
case.

The Debtor is represented by Robert C Lane, Esq. at THE LANE LAW
FIRM.


SYNAPTIVE MEDICAL: Court Approves Sale Process Under CCAA
---------------------------------------------------------
Richter Inc., in its capacity as court-appointed monitor of
Synaptive Medical Inc., pursuant to the Companies' Creditors
Arrangement Act, R.S.C. 1985, c. C-36, as amended, is conducting a
sale and investment solicitation process in respect of the Company.
The SISP is intended to solicit interest in and opportunities for
executable transactions involving the Company's properties, assets
and undertakings, which includes the products of the Company and/or
its business operations including, without limitation, a sale of or
investment in the Business, Property and/or shares of the Company
and/or a reorganization, recapitalization, primary equity issuance
or other similar transaction.

On March 19, 2025, the Ontario Superior Court of Justice
(Commercial List) issued an Initial Order pursuant to the CCAA in
respect of the Company.

Pursuant to an Order effective March 28, 2025, the Court approved
the SISP to be conducted in respect of the Business and Property of
the Company in accordance with the procedures, terms and conditions
set forth therein. The SISP Procedures set out a two-phase process
with key milestones. Interested parties are encouraged to submit
offers based on any form of transaction that they may elect to
advance pursuant to the SISP.

All interested parties who wish to submit a bid must deliver to the
Monitor an executed non-disclosure agreement in accordance with the
SISP. Interested parties who wish to submit a bid must deliver a
non-binding letter of interest in accordance with the SISP to the
Monitor by no later than 5:00 p.m. (Toronto time) on April 30,
2025. All parties who submitted non-binding letters of interest and
who are deemed qualified to continue in the SISP and who wish to
make a binding offer must deliver a binding bid in accordance with
the SISP to the Monitor by no later than 5:00 p.m. (Toronto time)
on May 16, 2025.

Interested parties should refer to the SISP Procedures for
information pertaining to other important deadlines and processes
thereunder. The deadlines set forth in the SISP Procedures may be
changed by the Monitor, in consultation with the Company and with
the prior written consent of Export Development Canada. The Monitor
is under no obligation to accept the highest bid or any bid
submitted in the SISP, nor shall the Monitor, the Company, or the
DIP Lender have any liability or obligation whatsoever to any
person or party for any act or omission related to the process
contemplated by the SISP Procedures.

Copies of the Initial Order, the Amended and Restated Initial
Order, the SISP Approval Order, and related materials may be
obtained from the website of the Monitor at:
https://www.richter.ca/insolvencycase/synaptive-medical-inc/.

About Synaptive Medical Inc.

Synaptive Medical Inc. is a Canadian-grown, Toronto-based privately
held medical device and technology company specializing in
neuroimaging and precision intervention. The Company focuses on
developing cutting-edge neurosurgical and imaging products that
provide a complete neurosurgery solution--from pre-operative
imaging, planning and diagnosis to surgical interventions and
post-operative care. For more information about the Company, visit
https://www.synaptivemedical.com/.


TALOS ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Talos Energy Inc.'s and Talos Production
Inc.'s (together, Talos) Long-Term Issuer Default Ratings (IDRs) at
'B'. Fitch has also affirmed the company's senior secured
reserve-based lending (RBL) credit facility at 'BB' with a Recovery
Rating of 'RR1' and second lien senior secured notes at 'B+'/'RR3'.
The Rating Outlook is Positive.

Talos' ratings and Positive Outlook reflect its increased size and
production approaching 100 thousand barrels of oil equivalent per
day (mboepd), higher margins, a liquids-focused asset profile,
neutral to positive FCF over the forecast period, a conservative
balance sheet, and attractive exploitation and exploration
inventory.

These positives are offset by reduced liquidity, potentially
significant environmental remediation costs relating to higher
plugging and abandonment (P&A) costs, and relatively high operating
costs.

Key Rating Drivers

Reduced Liquidity: Fitch notes that Talos' RBL was reduced at the
last borrowing base redetermination to $925 million from $965
million on Dec. 4, 2024, and is currently capped at $800 million
subject to an additional availability cap of $125 million,
requiring at least two-thirds of lender approval for additional
loan or issuance of letter of credit (LOCs) above $800 million.

While $550 million was drawn at closing of the QuarterNorth Energy
Inc. acquisition in 1Q24, Talos has repaid the RBL with positive
FCF and divestiture proceeds with only $42.4 million LOCs
outstanding. A deterioration in the borrowing base in the near term
could lead to a negative impact on the rating if Talos is unable to
replace proved reserves either through acquisitions or new drilling
activity.

Sizable Gulf of America Position: Following recent acquisitions,
Talos has expand the combined company's size and scale in the Gulf
of America, with total proved developed producing (PDP) reserves of
194.2 mmboe and production of 90 mboepd to 95 mboepd for 2025.
Talos' focus in the offshore Gulf of America results in an asset
profile that is different from the typical shale-driven onshore
exploration and production (E&P) issuer. Differences include
relatively low asset acquisition costs which may be offset by P&A
obligations, lower decline rates and, typically, higher oil-price
realizations.

Challenges associated with the business model include execution
risk associated with new exploration projects, substantial capital
requirements, longer spud to first oil times, materially higher
environmental remediation costs, the need to post significant
financial assurances to third parties to guarantee remediation
work, and tail risks from hurricane activity and potential oil
spills.

Capex Supports FCF Generation: Talos is expected to generate
near-term positive FCF based on Fitch's oil price deck which is
expected to be partly used for share buybacks and potential tuck in
acquisitions. The relatively low decline rate of its wells provides
for enhanced capital efficiency that somewhat offsets the effects
during a period of low oil prices and helps protect cash flow. The
company's normalized unit economics and lower capital-intensive
projects, such as asset management, in-field drilling and
exploitation, result in a cash flow profile that supports
discretionary, exploratory capital which may potentially transform
the longer-term asset base in better commodity price environments.

Substantial Decommissioning Costs: Due to the company's focus on
mature offshore assets and active M&A strategy, Talos'
environmental remediation costs for P&A are elevated compared with
onshore peers. Asset retirement obligations (AROs) as of YE2024
totaled $1.15 billion. As of YE2024, Talos had restricted cash of
$106.3 million and P&A notes receivable of $66.2 million for future
P&A obligations. Fitch expects annual P&A costs of $100 million to
$120 million over the forecast period. Fitch believes there is
potential for reduced outlays to the degree the company can extend
the lives of fields through recompletions and workovers.

Adequate Hedge Book: Fitch believes the hedge book provides
meaningful downside protection and supports positive FCF generation
in 2025. Consistent hedging over the longer term should be positive
for the credit profile, as it supports development funding and
reduces cash flow risk. Talos is required to hedge approximately
50% of proved developed production on a rolling 12-month basis, and
if consolidated debt/EBITDAX is greater than 1.0x, it must be 50%
hedged for the fifth and sixth quarter. Talos currently has about
50% of its oil hedged at around $72.56/barrel (bbl) West Texas
Intermediate (WTI) for 2025, which steps down to about 10% hedged
at $65.98/bbl WTI for 2026.

Sufficient Midcycle Leverage: Fitch's base case forecasts EBITDA
leverage about 1.2x at YE 2025, which rises toward 1.5x at Fitch's
$57/bbl midcycle WTI price assumption. Talos' maturity profile
remains clear until 2027, when the RBL matures (only LOCs
outstanding), with the first notes not maturing until 2029. This
provides the company flexibility and opportunities to either repay
or refinance the maturities during optimal market conditions.

Carbon Capture and Storage: Talos sold its carbon capture and
sequestration business to TotalEnergies E&P USA, Inc. for
approximately $148 million in 1Q24 with funds used to reduce
borrowings under its credit facility and for general corporate
purposes. The subsidiary was deemed unrestricted and nonrecourse to
Talos debt. The venture did not benefit the restricted group's
credit profile directly, but could assuage investor ESG concerns,
provide a new growth prospect and increase diversification.

Peer Analysis

Talos' positioning against the Fitch-rated offshore, independent
E&P sector is mixed. 2024 production was 92.6 mboepd with 80%
liquids. Current production is larger compared to that of onshore
operators rated at the same level, such as HighPeak Energy Inc.
(B/Stable) at 50 mboepd with 88% liquids, Moss Creek Resources LLC
(B/Stable) at 62.3 mboepd with 70% liquids (2Q24), and larger than
offshore peer W&T Offshore, Inc. (B-/Stable) at 33.3 mboepd with
53% liquids.

Talos has historically managed debt levels below 2x on an EBITDA
leverage basis, and Fitch expects this to continue throughout the
forecast. Despite the low leverage levels, Fitch remains concerned
regarding the potential challenging access to capital markets
although there are no near-term refinancings, and their bonds are
currently second lien secured relative to other unsecured for other
E&P issuers.

The company's offshore footprint exposes it to significantly higher
remediation, or P&A costs, than onshore shale-based single 'B'
peers. Operational risks are also higher, given potentially adverse
effects of any oil spills or hurricane activity on a company of
Talos' size.

Key Assumptions

- WTI oil price of $65/bbl in 2025, $60/bbl in 2026 and 2027, and
$57/bbl thereafter;

- Henry Hub natural gas price of $3.25 per thousand cubic feet
(mcf) in 2025, $3.00/mcf in 2026, and $2.75/mcf thereafter;

- Assumed 2025 production is between Talos' guidance midpoint of 90
mboepd and 95 mboepd with flat to low single-digit production
thereafter;

- No M&A or divestitures apart from what has already been
announced;

- FCF allocated toward cash build and shareholder returns.

Recovery Analysis

The recovery analysis assumes that Talos would be reorganized as a
going concern (GC) in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

GC Approach

Fitch has assumed a bankruptcy scenario exit EBITDA of $520
million, which has increased from $460 million. This estimate
considers a prolonged commodity price downturn causing liquidity
constraints and inability to access capital markets to refinance
debt. The GC EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation.

An enterprise value multiple of 3.25x is applied to the GC EBITDA
to calculate a post-reorganization enterprise value. This has
declined from 3.75x previously and is in line with offshore peers
following the divestitures of Talos Low Carbon Solutions Business
and the sell down of its ownership in the Zama field. This is below
the median 5.3x exit multiple for energy in Fitch's "Energy, Power
and Commodities Bankruptcy Enterprise Value and Creditor Recoveries
(Fitch Case Studies - October 2024)" but on par with the multiple
used for oil and gas upstream companies. The lower multiple also
reflects the impact of AROs and surety bonds for offshore
operators.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Fitch used historical transaction data for the Gulf of Mexico
blocks on a $/bbl, $/1P, $/2P, $/acre and PDP PV-10 basis to
attempt to determine a reasonable sale, based on Talos' recent M&A
transactions, other recent offshore M&A transactions, and
valuations from emerging, offshore bankruptcies.

Waterfall Analysis

The GC approach results in a higher post-reorganization enterprise
value of $1,690 million, which is greater than the liquidation
valuation.

Fitch has assumed the $925 million RBL was drawn at 80% to account
for downward borrowing base redeterminations as the company
approaches a bankruptcy scenario. The RBL recovers at an 'RR1'
level while the second lien notes recover at an 'RR3' level.

RATING SENSITIVITIES

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

- Loss of operational momentum, evidenced by production trending
below 65 mboepd;

- Inability to generate FCF and allocate capital that heightens
liquidity, refinancing risk or access to capital markets;

- Unfavorable regulatory changes, such as increased bonding
requirements or accelerated P&A spending;

- Implementation of a more aggressive growth strategy operating
outside positive FCF;

- Midcycle EBITDA leverage above 3.0x on a sustained basis.

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

- Increased size and scale, evidenced by production sustained above
100 mboepd and a consistent track record of reserve replacement;

- Continued positive FCF generation and maintenance of conservative
financial policy;

- Demonstrated ability to manage P&A obligations and reduced AROs
per flowing barrel or proved reserves;

- Midcycle EBITDA leverage maintained below 2.0x.

Liquidity and Debt Structure

Fitch does not see material near-term liquidity needs and believes
the company's refinancing risk is low. At YE 2024, Talos had $108.2
million of cash on hand and approximately $777.6 million of
availability under its RBL facility.

As part of the last borrowing base redetermination, Talos' RBL was
reduced to $925 million from $965 million. It is currently capped
at $800 million subject to an additional availability cap of $125
million requiring at least two-thirds of lender approval for
additional loan or issuance of LOCs above $800 million, with only
$42.4 million LOCs currently outstanding on the RBL.

Fitch expects Talos to generate mostly positive FCF over the
forecast horizon and use proceeds to maintain its conservative
financial policy, with positive FCF partially used for shareholder
returns or M&A activity. Management has stated that capital budgets
would be determined on the ability to generate positive FCF even in
commodity price declines. The company's hedging program provides
some protection, but an enhanced program would provide more
comfort.

Issuer Profile

Talos is a technically driven independent exploration and
production company operating in the U.S. GoM (GoA) and offshore
Mexico. The company's focus in the gulf is the exploration,
acquisition and development of deep and shallow water assets near
existing infrastructure.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Talos has an ESG Relevance Score of '4' for Waste and Hazardous
Materials Management/Ecological Impacts due to the enterprise-wide
solvency risks that an offshore oil spill poses for an E&P
company.

Talos has an ESG Relevance Score of '4' for Energy Management that
reflects the company's cost competitiveness and financial and
operational flexibility due to scale, business mix, and
diversification.

These factors have a negative impact on the credit profile and are
relevant to the ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating        Recovery   Prior
   -----------                ------        --------   -----
Talos Production Inc.   LT IDR B  Affirmed             B

   senior secured       LT     BB Affirmed    RR1      BB

   Senior Secured
2nd Lien                LT     B+ Affirmed    RR3      B+

Talos Energy Inc.       LT IDR B  Affirmed             B


TEGNA INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Ratings affirmed TEGNA Inc.'s Ba3 corporate family rating,
Ba2-PD probability of default rating and Ba3 ratings on the senior
unsecured notes residing at TEGNA and backed senior unsecured notes
of Belo Corp. (a wholly owned subsidiary whose debts were assumed
by TEGNA). The SGL-1 Speculative Grade Liquidity rating is
unchanged. The outlook was revised to stable from negative.

RATINGS RATIONALE

The affirmation of the CFR reflects Moody's expectations that
TEGNA's operating performance, debt protection measures and
liquidity will remain consistent with a Ba3 credit profile over the
rating horizon. This is supported by the company's scale as the
nation's largest independent station group owner of "Big Four"
(NBC, CBS, ABC and FOX) broadcast network affiliates in the
country's top 25 markets, reaching around 39% of US television
households. TEGNA is the largest NBC affiliate group and third
largest CBS affiliate group.

The revision of the outlook to stable embeds Moody's expectations
that TEGNA will focus on maintaining leverage in the 3x-3.5x area
over the rating horizon following last year's return of excess cash
to shareholders via share repurchases and dividends. Given that the
company's core advertising and retransmission revenues continue to
experience pressure, Moody's expects TEGNA to execute a plan to
effectively manage repayment of the $550 million 4.75% senior
unsecured notes maturing March 2026. At year-end 2024, TEGNA's
financial leverage was 3.2x, the lowest among its rated TV
broadcast peers, cash balances totaled around $693 million and free
cash flow (FCF) to debt was 15.7% (leverage metrics are Moody's
adjusted on a two-year average EBITDA and FCF basis).

TEGNA's Ba3 CFR reflects the company's national reach and strength
of its operations coupled with moderate financial leverage and
credit protections measures appropriate for the ratings. TEGNA
benefits from its material scale in local broadcast, diverse
affiliate mix, high quality of its stations and lead rankings for
the designated market areas (DMAs) in which it operates. This
positions the company to capture advertising spend across its
markets, despite secular pressures in linear TV core advertising.
The ratings consider TEGNA's very good liquidity position, with
sizable cash balances coupled with solid FCF that increases
materially from the influx of political ad revenue during election
years. Though the company has been acquisitive in the past,
currently Moody's do not expect material M&A given that TEGNA has
reached the 39% FCC regulatory cap for US television household
coverage.

The Ba3 CFR is constrained by TEGNA's exposure to cyclical
advertising revenue as well as the ongoing structural decline in
linear TV core advertising as non-political TV advertising budgets
continue to erode in favor of digital media, which continues to
gain share. Additionally, TEGNA's retransmission revenue growth
will be challenged over the medium-to-long term, in Moody's
opinions, because Moody's expects the rate of traditional
subscriber losses to outpace annual escalators in non-contract
renewal years, offsetting the material fee increases occurring at
the time of contract renewal. While the industry's total subscriber
attrition is in the mid-to-high single digit percentage range
supported by subscriber growth from virtual multichannel video
programming distributors (vMVPDs), Moody's expects cord-cutting
will continue to accelerate in the low-to-mid teens percentage
region for traditional cable and satellite pay-TV providers. This
means that retransmission revenue increases in non-contract renewal
years will remain low to nil. Though TEGNA's reach and strong DMAs
offer some protection, retransmission revenue growth will be muted
and more dependent on rate increases when distribution contracts
renew.

Over the next 12-18 months, Moody's expects TEGNA will maintain
very good liquidity as indicated by the SGL-1 Speculative Grade
Liquidity rating, supported by solid excess cash generation, robust
cash balances and access to a sizable revolver. In 2025, Moody's
expects that TEGNA will generate FCF of around $200 million to $250
million given that it will be a non-political year. At year-end
2024, cash balances were $693 million following strong FCF in an
election year ($559 million) and $738.2 million was available under
the $750 million revolving credit facility (RCF) due 2029. Moody's
defines FCF as cash flow from operations less capex less dividends,
including Moody's standard adjustments for pensions, operating
leases and intangible assets. The RCF is subject to a 91-day
springing maturity date if any debt in excess of $300 million were
to mature before the RCF's January 2029 maturity date. The RCF is
also subject to a net leverage maintenance covenant set at 4.5x
(computed on a L8QA EBITDA quarter basis as defined in the credit
agreement) compared to the company's net leverage ratio of 2.77x at
December 31, 2024. Moody's expects sufficient headroom relative to
the covenant over the next year.

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

Though unlikely near-term, ratings could be upgraded if TEGNA were
to maintain a publicly-defined financial policy with respect to
financial leverage that is sustained comfortably below 3x (Moody's
adjusted on a two-year average EBTIDA basis) and FCF to debt above
10% (Moody's adjusted on a two-year average FCF basis). TEGNA would
also need to: (i) exhibit organic revenue growth and
stable-to-improving EBITDA margins on a two-year average basis;
(ii) adhere to conservative financial policies; and (iii) maintain
at least good liquidity to be considered for an upgrade.

Ratings could be downgraded if Moody's expects that leverage will
be sustained above 4x (Moody's adjusted on a two-year average
EBITDA basis) as a result of weak operating performance, more
aggressive financial policies or inability to reduce debt levels. A
downgrade could also arise if FCF to debt was sustained below 5%
(Moody's adjusted on a two-year average FCF basis) or TEGNA
experienced deterioration in liquidity or covenant compliance
weakness.

Headquartered in Tysons, Virginia, TEGNA Inc. is a leading US
broadcaster with operations consisting of 64 television stations
and two radio stations in 51 markets reaching roughly 39% of US
television households (including the UHF discount). The company
also owns leading multicast networks True Crime Network and Quest,
which reach 87% and 74%, respectively of US TV households. Revenue
for the fiscal year ended December 31, 2024 totaled around $3.1
billion.

The principal methodology used in these ratings was Media published
in June 2021.


TEXAS ESENCIA 2019: Seeks Chapter 11 Bankruptcy in Texas
--------------------------------------------------------
On March 31, 2025, Texas Esencia 2019 LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Texas. According to court filing, the Debtor reports between
$10 million and $50 million in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.

           About Texas Esencia 2019 LLC

Texas Esencia 2019 LLC is a real estate debtor holding a single
property as defined by 11 U.S.C. Section 101(51B), is the owner of
the La Esencia Apartments in Texas.

Texas Esencia 2019 LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31816) on March 31,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million.

Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case.

The Debtor is represented by James Q. Pope, Esq. at THE POPE LAW
FIRM.


THERMOPRO INC: Seeks Subchapter V Bankruptcy in Georgia
-------------------------------------------------------
On April 1, 2025, ThermoPro Inc. filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Northern District of Georgia.
According to court filing, the Debtor reports $1,634,653 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.

                About ThermoPro Inc.

ThermoPro Inc., d/b/a Prize Wheels R Fun, Games People Play, and
The Golf Target, is a plastics thermoforming manufacturer based in
the metro Atlanta, Georgia area, specializing in heavy gauge vacuum
forming, pressure forming, drape forming, plastic fabrication, and
secondary assembly. ThermoPro serves a wide range of industries,
including office products, medical devices, recreational vehicles,
kiosks, and more. Additionally, the Company offers design and
development services to help clients create high-quality,
engineered plastic parts.

ThermoPro Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53612) on
April 1, 2025. In its petition, the Debtor reports total assets of
$2,127,245 and total liabilities of $1,634,653.

Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case.

The Debtor is represented by Michael Pugh, Esq. at THOMPSON,
O'BRIEN, KAPPLER & NASUTI, P.C.


TIMBERS2020 LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Timbers2020 LLC
        8600 Woodway Drive
        Houston, TX 77063

Business Description: Timbers2020 LLC, a real estate debtor with a
                      single asset as defined by 11 U.S.C. Section
                      101(51B), owns the Timbers of Cranbrook
                      Apartments located in Houston, Texas.

Chapter 11 Petition Date: March 31, 2025

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 25-31818

Judge: Hon. Alfredo R Perez

Debtor's Counsel: James Q. Pope, Esq.
                  THE POPE LAW FIRM
                  6161 Savoy Drive 1125
                  Houston TX 77036
                  Tel: (713) 449-4481
                  E-mail: jamesp@thepopelawfirm.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

Fercan Kalkan, as the managing member, signed the petition.

A list of the Debtor's 20 largest unsecured creditors was not
provided alongside the petition.

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

https://www.pacermonitor.com/view/2K4BLKA/TIMBERS2020_LLC__txsbke-25-31818__0001.0.pdf?mcid=tGE4TAMA


TOPAZ SOLAR: Moody's Hikes Rating on 2039 Secured Bonds From Ba1
----------------------------------------------------------------
Moody's Ratings upgraded Topaz Solar Farms LLC's senior secured
bonds due 2039 to Baa3 from Ba1. The outlook has been revised to
stable from positive.

RATINGS RATIONALE

The upgrade reflects the improved credit profile of Pacific Gas &
Electric Company (PG&E, Baa3 stable) whose ratings were upgraded on
March 27, 2025, with the utility also being assigned a Baa3 issuer
rating concurrent with the upgrade. PG&E's rating action reflects
the company's continued improvement in mitigating wildfire risk,
its financial profile and its relationship with key stakeholders.

While Topaz Solar's underlying financial performance has been
consistently much stronger than the original Moody's case, its
rating is capped by PG&E's credit quality since the project derives
all of its revenue and cash flow under a long-term power purchase
and sales agreement (PPA) with PG&E that expires in October 2039.


Topaz Solar's credit profile also recognizes the project's strong
financial performance since 2015, the benefits from ownership by
Berkshire Hathaway Energy Company (BHE, A3 stable), the project's
low carbon transition risk, and traditional project finance
protections. For the last twelve months ending September 2024,
Moody's estimates Topaz Solar had a debt service coverage ratio
(DSCR) of around 1.96x according to Moody's standard calculations,
which while still quite strong, is moderately below the 3-year
historical average of almost 2.20x from 2020-2022. While Topaz
Solar has demonstrated power generation much stronger than expected
through 2022, power generation during 2024 was significantly below
the original P50 case owing to curtailment and equipment problems
including inverters. Since the project is compensated for economic
curtailment, Moody's also considers Topaz's production adjusted for
curtailment, which was slightly above the P50 level for the same
period. Regarding the project's equipment issues, the project has
taken action to address the underlying problems, including a large
equipment replacement program in 2025. For 2025, Topaz Solar
expects DSCR to decline to 1.40x due to the one time remediation
costs. After 2025, Moody's expects the project's DSCR will revert
back to a range of 1.90x to 2.30x depending on the solar resource,
non-compensated curtailment levels and improved operating
performance.

RATING OUTLOOK

Topaz Solar's stable outlook reflects the stable outlook on PG&E
and Moody's expectations that the project will achieve DSCR in the
1.9x to 2.3x range after 2025.

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

Factors that could lead to an upgrade

Topaz Solar's rating is likely to be upgraded if PG&E is upgraded
while the project also maintains strong operating and financial
performance.

Factors that could lead to a downgrade

Topaz Solar's rating would likely be downgraded should PG&E be
downgraded from its current rating level given the project's
reliance on the off-taker for all of its revenues and cash flow or
if the project experiences major operational or financial problems
resulting in substantially lower DSCRs on a sustained basis.

Profile

Topaz Solar Farms LLC (Topaz Solar), an indirect subsidiary of
Berkshire Hathaway Energy Company (BHE, A3 stable), is a 550 MWac
thin-film photovoltaic solar generating project in San Luis Obispo
County, California. The project was acquired in 2012 from First
Solar, who completed construction in March 2015. Output from the
project is sold to PG&E under a PPA maturing in October 2039.  As
of year end 2024, Topaz Solar had approximately $649 million of
senior secured bonds due September 30, 2039.

The principal methodology used in these ratings was Power
Generation Projects published in June 2023.


TSFG LLC: Case Summary & Seven Unsecured Creditors
--------------------------------------------------
Debtor: TSFG, LLC
          The Skyfall Group
        8865 Huntcliff Trace
        Atlanta GA 30350

Business Description: TSFG, LLC, a/k/a The Skyfall Group, is a
                      family-owned company specializing in
                      exterior home repairs and storm restoration
                      services for both residential and commercial
                      properties.  The Company offers a
                      comprehensive range of services, including
                      roof repair and replacement, gutter
                      installation, siding, and painting.
                      Operating primarily in Georgia, Tennessee,
                      and Kentucky, Skyfall Group prides itself on
                      its expertise in insurance restoration,
                      providing free inspections and offering a 5-
                      year labor warranty on roof replacements.

Chapter 11 Petition Date: April 1, 2025

Court: United States Bankruptcy Court
       Northern District of Georgia

Case No.: 25-53596

Judge: Hon. Jeffery W Cavender

Debtor's Counsel: William Rountree, Esq.
                  ROUNTREE, LEITMAN, KLEIN & GEER, LLC
                  2987 Clairmont Road Suite 350
                  Atlanta GA 30329
                  Tel: 404-584-1238
                  Email: wrountree@rlkglaw.com

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

Estimated Liabilities: $1 million to $10 million

Scott Osmon, in his role as member, signed the petition.

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/T7HVPCA/TSFG_LLC__ganbke-25-53596__0001.0.pdf?mcid=tGE4TAMA


TWENTY EIGHT: Court Extends Cash Collateral Access to April 30
--------------------------------------------------------------
Twenty Eight Hundred Lafayette, Inc. received another extension
from the U.S. Bankruptcy Court for the District of New Hampshire to
use its secured creditors' cash collateral.

The interim order signed by Judge Kimberly Bacher approved the use
of cash collateral for the period from April 1 to 30 to pay the
company's expenses in accordance with its budget.

The budget shows total projected expenses of $203,257.49 for the
interim period.

Secured creditors including Enterprise Bank & Trust, Rockingham
Economic Development Corp. and the U.S. Small Business
Administration were granted replacement liens on property held as
collateral.

Twenty Eight Hundred Lafayette was ordered to make monthly payments
of $3,156.11 to SBA, $3,232.12 to Enterprise Bank & Trust, and
$1,509.26 to Rockingham.

The company was also ordered to provide certificates of property
and casualty insurance to all potential record lienholders, naming
the U.S. Trustee as a certificate holder and the record lienholders
as loss payees.

A continued hearing is scheduled for April 23.

                About Twenty Eight Hundred Lafayette

Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a
seafood restaurant with locations in Epping, Portsmouth, Salem, and
North Hampton (seasonal) in New Hampshire. It conducts business
under the names The Beach Plum 2 Portsmouth and The Beach Plum 3
Epping.

Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr.
D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the
Debtor reported assets between $50,000 and $100,000 and liabilities
between $1 million and $10 million.

Judge Kimberly Bacher handles the case.

Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional
Association is the Debtor's legal counsel.

Enterprise Bank & Trust, as secured creditors, is represented by:

     Patricia J. Ballard, Esq.
     Preti, Flaherty, Beliveau & Pachios, PLLP
     P.O. Box 1318
     Concord, NH 03302-1318
     (603) 410-1500
     pballard@preti.com


VASTAV INC: Case Summary & 13 Unsecured Creditors
-------------------------------------------------
Debtor: Vastav Inc.
          AlphaGraphics #376
        2722 N Josey Ln, Suite 100
        Carrollton, TX 75007

Case No.: 25-41211

Business Description: Vastav Inc., doing business as AlphaGraphics
                      #376, offers custom printing, graphic
                      design, and marketing solutions for
                      businesses in Carrollton, TX.

Chapter 11 Petition Date: April 2, 2025

Court: United States Bankruptcy Court
       Northern District of Texas

Judge: Hon. Mark X Mullin

Debtor's Counsel: Robert T. DeMarco, Esq.
                  DEMARCO MITCHELL, PLLC
                  500 N. Central Expressway, Suite 500
                  Plano TX 75074
                  Tel: (972) 991-5591
                  Email: robert@demarcomitchell.com

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

Estimated Liabilities: $1 million to $10 million

In his position as President, Pratul Kumar signed the petition.

A full-text copy of the petition, which includes a list of the
Debtor's 13 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/YJRWKAY/Vastav_lnc__txnbke-25-41211__0001.0.pdf?mcid=tGE4TAMA


VISION PAINTING: Court Extends Cash Collateral Access to April 30
-----------------------------------------------------------------
Vision Painting & Decorating Services, Inc. received another
extension from the U.S. Bankruptcy Court for the Northern District
of Illinois to use cash collateral.

The fourth interim order signed by Judge Janet Baer authorized the
company to use cash collateral until April 30 to pay the expenses
set forth in its budget, with a 10% variance allowed.

The budget shows total projected expenses of $43,774 for April.

The interim order granted the Internal Revenue Service and the
Illinois Department of Employment Security post-petition
replacement liens on the cash collateral and all post-petition
property of the company, to the same extent and with the same
priority as their pre-bankruptcy liens.

As additional protection, the IRS and the Illinois Department of
Employment Security will receive monthly payments of $900 and $450,
respectively.

The next hearing is scheduled for April 30.

                   About Vision Painting & Decorating Services

Vision Painting & Decorating Services Inc. is a specialty
contractor that serves the Calumet Park, Illionois area and
specializes in specialty ceilings, plaster and gypsum board,
acoustic treatment, flooring, painting and coatings, wall finishes
and tile.

Vision Painting & Decorating Services sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Ill. Case No. 24-17620) on November 22, 2024, with estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million. Edward T. McKinnie, Jr., president of Vision Painting &
Decorating Services, signed the petition.

Judge Janet S. Baer handles the case.

The Debtor is represented by:

   Gregory K. Stern, Esq.
   Gregory K. Stern, P.C.
   Tel: 312-427-1558
   Email: greg@gregstern.com


VITAL PHARMACEUTICALS: 9th Circ. Doubts Founder's Verdict Appeal
----------------------------------------------------------------
Rachel Scharf of Law360 reports that on April 2, 2025, a Ninth
Circuit panel expressed skepticism over an attempt to overturn
Monster Beverage Corp.'s $272 million false advertising trial
victory against the founder of Vital Pharmaceuticals Inc., the
defunct company behind Bang Energy drinks.

                  About Vital Pharmaceuticals

Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing
business as Bang Energy and as VPX Sports, has developed
performance beverages, supplements, and workout products to fuel
high-energy lifestyles. VPX Sports is the maker of Bang energy
drinks, among other consumer products.

Vital Pharmaceuticals, Inc., along with certain of its domestic
subsidiaries and affiliates, filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 22-17842) on Oct. 10, 2022.

VPX estimated $500 million to $1 billion in assets and liabilities
as of the bankruptcy filing.

The Hon. Scott M. Grossman is the case judge.

The Debtors tapped Latham & Watkins, LLP as general bankruptcy
counsel; Berger Singerman, LLP as local counsel; Haynes and Boone,
LLP and Faulkner ADR Law, PLLC as special counsels; Huron
Consulting Group, Inc., as CTO services provider; and Rothschild &
Co US, Inc., as investment banker; and Grant Thornton, LLP, as
financial advisor. Stretto, Inc., is the notice, claims and
solicitation agent.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Nov. 1, 2022. The committee tapped
Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor Law,
P.A., as local counsel; and Lincoln Partners Advisors, LLC, as
financial advisor.


WESTPHALIA DEV: Court Approves Plan, Exits CCAA as Private Firm
---------------------------------------------------------------
Westphalia Dev. Corp. announces that it has implemented the
previously announced plan of compromise and arrangement, under the
Companies' Creditors Arrangement Act, which was sanctioned by the
Alberta Court of King's Bench on March 28, 2025.

The Corporation's creditors approved the Plan at a creditors'
meeting held on March 25, 2025. At the creditors' meeting, 100% of
the creditors deemed to or proactively voted in favour of the
Plan.

All of the issued and outstanding Class B non-voting shares of the
Corporation have been cancelled without consideration and the
Corporation has emerged from CCAA proceedings as a private
Corporation. The Corporation's former board of directors were
deemed by the Plan to have resigned, having been replaced by Bill
Doherty as the sole director of the Corporation. In connection with
the Plan implementation, the two largest claims against the
Corporation, including the claim of its most significant creditor,
interim lender, and manager of the Corporation, Walton Global
Investments Ltd. ("Walton Global"), have been put into abeyance
pending Project monetization. Smaller claims against the
Corporation that comprise the "convenience class" claims will be
paid in full within 10 business days of implementation.

Overall, the Plan has allowed the Corporation to improve its
capital structure by securing forbearances of the Corporation's
significant outstanding debts pending the completion of the
Westphalia Maryland development project (the "Project"), providing
access to additional credit support necessary to complete the
Project, reducing the Corporation's annual administrative expense
as a result of no longer being a reporting issuer, and ensuring
that the Corporation will continue to benefit from its business
relationship with Walton Global, as manager of the Corporation and
the Project, over the long term.

The Corporation intends to promptly submit an application to cease
to be a reporting issuer to the relevant Canadian securities
authorities.

The Corporation does not intend to make any further public
announcements related to its exit from CCAA or status as a
reporting issuer and does not intend to file its annual financial
report for the period ending December 31, 2024, or its interim
financial report for the interim period ended March 31, 2025.

Overview of the Corporation

The Corporation is the shareholder of the largest co-owner of the
Westphalia Town Center in Prince George's County, Maryland. The
Project includes residential, commercial and industrial land uses.

The Property Master Plan is designed as a pedestrian-oriented,
mixed-use community. Westphalia Town Center includes
family-friendly neighborhoods, and in the near future community
shopping, restaurants, and potentially an elementary school, a
veteran's hospital, and a hotel.

About Walton Global

Walton Global is a privately-owned, leading land asset management
and global real estate investment corporation with more than 88,000
acres of land under ownership, management and administration in the
United States and Canada, totaling $4.5 billion. With 46 years of
experience, Walton Global has a proven track record of land
investment projects within the path of growth in the
fastest-growing metropolitan areas. It works closely with top U.S.
home builders, developers and industry partners. For more
information, visit www.walton.com.

Walton Global will continue to develop and manage the Project.
Management is looking forward to working with the district council
members and the community leaders on the next stages of planning
the Westphalia Master Plan. An engineer has been engaged to
undertake additional entitlements on the available parcels to
further enhance the development. There are sales agreements in
place on portions of the property and negotiations are on-going on
the available parcels.


WILLIAMS SPEECH: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
Williams Speech Therapy Services, Inc. got the green light from the
U.S. Bankruptcy Court for the Western District of Texas, San
Antonio Division, to use cash collateral.

At the hearing held on March 31, the court granted the Debtor's
motion to use cash collateral on an interim basis and set a final
hearing on the motion on May 12.

The Debtor needs to use cash collateral for operating expenses,
including payroll, insurance, and other necessary costs to keep its
business running and facilitate its reorganization.

A search of the Texas Secretary of State's records revealed no
UCC-1 filings in Texas, but the California Secretary of State’s
records show that five entities assert security interests in the
Debtor's property, four of which claim a lien on the Debtor's cash
or receivables, and one lien is on employee retention credit
payments.

              About Williams Speech Therapy Service

Williams Speech Therapy Services, Inc.  operates
multi-disciplinary, multi-specialty outpatient therapy clinics.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50504-cag) on March
18, 2025. In the petition signed by Micheal Williams, president,
the Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Craig A. Gargotta oversees the case.

Natalie F. Wilson, Esq., at Langley & Banack, Inc., represents the
Debtor as legal counsel.


ZAHRCO ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Zahrco Enterprises, Inc.
        330 San Lorenzo Avenue
        Suite 2300
        Miami, FL 33146

Case No.: 25-13628

Business Description: Zahrco Enterprises, Inc. operates two
                      restaurants located in Coral Gables,
                      Florida, on leased properties.

Chapter 11 Petition Date: April 2, 2025

Court: United States Bankruptcy Court
       Southern District of Florida

Judge: Hon. Corali Lopez-Castro

Debtor's Counsel: Kris Aungst, Esq.
                  PARAGON LAW, LLC
                  2665 S. Bayshore Drive Suite 220-10
                  Miami, FL 33133
                  Tel: (305) 812-5443
                  Email: ka@paragonlaw.miami

Total Assets: $72,679

Total Liabilities: $2,591,821

Ramzi Zahr, fulfilling the role of vice-president, signed the
petition.

A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/ZLEDEBQ/Zahrco_Enterprises_Inc__flsbke-25-13628__0001.0.pdf?mcid=tGE4TAMA


[] Commercial Chapter 11 Filings Increased 20% in March 2025
------------------------------------------------------------
Epiq reports that in March 2025, Chapter 11 bankruptcy filings for
businesses increased by 20 percent, reaching 733 filings, up from
611 in March 2024, according to data from Epiq AACER, a leading
provider of U.S. bankruptcy filing information. Total commercial
filings also rose by 10 percent, climbing to 2,727 from 2,477 in
the prior year. Small business filings under subchapter V of
Chapter 11 saw a slight decrease of 1 percent, from 198 in March
2024 to 196 in March 2025.

Michael Hunter, Vice President of Epiq AACER, noted, "The 20
percent growth in commercial Chapter 11 filings to 733 in March
2025, compared to 611 last year, indicates ongoing economic strain.
This is reflected in the 10 percent rise in total commercial
filings to 2,727. At the same time, credit card delinquencies have
reached their highest point in nearly a decade, driven by higher
interest rates and rising consumer debt."

Hunter added, "In the FHA mortgage sector, delinquency rates have
increased to 11 percent, surpassing pre-pandemic levels as
borrowers who exited forbearance face renewed financial
difficulties. Moreover, government layoffs are contributing to
instability for federal workers who depend on steady income to
manage debt. Although small business subchapter V filings declined
by 1 percent, the overall 13 percent increase in total bankruptcies
to 50,189 reflects the complex economic landscape, where
data-driven insights are essential to addressing distress across
industries."

Total bankruptcy filings in March 2025 totaled 50,189, a 13 percent
increase from 44,471 in March 2024. Individual bankruptcy filings
also rose by 13 percent, reaching 47,462 compared to 41,994.
Individual Chapter 7 filings surged by 18 percent, totaling 30,671,
up from 26,102 the previous year. Chapter 13 filings increased by 6
percent, reaching 16,713, compared to 15,840 in March 2024.

Amy Quackenboss, Executive Director of ABI, commented, "While the
overall number of bankruptcy filings has increased, subchapter V
elections for small businesses have declined, and the growth in
Chapter 13 filings has slowed. With expanded debt eligibility
limits expiring last year, we look forward to working with Congress
to restore higher debt thresholds, providing struggling small
businesses and families with better access to bankruptcy relief."

For the first quarter of 2025 (January 1–March 31), total
bankruptcy filings increased by 10 percent, totaling 131,998, up
from 120,135 during the same period in 2024. Consumer filings rose
by 10 percent, reaching 124,696, compared to 112,949 in the first
quarter of 2024. Chapter 7 filings saw a 14 percent increase to
76,501, while Chapter 13 filings rose by 4 percent, reaching
47,928.

Commercial bankruptcies in Q1 2025 increased by 2 percent, totaling
7,302 filings, up from 7,186 in Q1 2024. However, commercial
Chapter 11 filings decreased by 7 percent, dropping to 1,760 from
1,902. Subchapter V elections for small businesses also saw a 4
percent decline, with 535 filings in Q1 2025 compared to 559 in the
same period the year before.


[] Steve Yoo to Join Paul Weiss as Investment Funds Partner
-----------------------------------------------------------
Paul, Weiss, Rifkind, Wharton & Garrison LLP on April 2 announced
that Steve Y. Yoo will join the firm as a partner in the Investment
Funds Group in the Corporate Department, resident in Los Angeles.
Mr. Yoo's practice focuses on the structuring, formation and
operation of private equity funds.

"Steve has over 15 years of experience advising fund sponsors on
all areas of fund formation, representing clients ranging from the
largest asset managers to emerging fund sponsors," said Paul, Weiss
Chairman Brad S. Karp. "He will be a fantastic addition to our
best-in-class Investment Funds Group and our expanding Los Angeles
office."

"Steve is a standout investment funds attorney with extensive
expertise in assisting some of the world's leading private equity
firms with complex fund formation," said Eric J. Wedel, global
co-chair of the Paul, Weiss Finance and Capital Markets group and
head of the Los Angeles office. "His arrival is an exciting step in
the continued buildout of our Los Angeles team and our leading
global private equity platform."

"Steve's commercial, strategic approach to client work makes him a
wonderful fit for our team," said Marco V. Masotti, global co-head
of the Paul, Weiss Investment Funds Group. "Our Investment Funds
Group has more than tripled in size and expanded overseas in the
last five years, and we could not be happier to bolster our
platform on the West Coast with Steve's arrival."

Mr. Yoo has advised on the formation and fundraising of more than
80 funds, with total capital commitments exceeding $100 billion. He
also focuses on continuation funds and GP-led secondary
transactions. He has advised numerous private equity firms,
including Aurora Capital Partners, Clearlake Capital Group,
Diversis Capital, HGGC, K1 Investment Management, LightBay Capital
and Lovell Minnick Partners.

"I am excited to join Paul, Weiss and its market-leading funds
group," Mr. Yoo said. "I look forward to leading the buildout of
the firm's West Coast funds practice as we strengthen our
full-service offering for our clients located here."

The Paul, Weiss Private Equity Group advises the world's largest
and most sophisticated alternative asset management firms and their
portfolio companies, as well as up-and-coming investment funds, on
their most complex M&A transactions, minority investments,
financing and capital markets solutions and fund formation matters.
Leveraging vast experience across sectors, geographies and
investment strategies, we provide best-in-class counsel on every
facet of our clients' business, and across the full investment
lifecycle. The Investment Funds Group leverages its extensive
market knowledge and deep, long-term relationships to help clients
reach their most important investment goals.

                     About Paul, Weiss

Paul, Weiss, Rifkind, Wharton & Garrison LLP is a premier firm of
more than 1,000 lawyers with diverse backgrounds, personalities,
ideas and interests who provide innovative and effective solutions
to our clients' most complex legal and business challenges. The
firm represents many of the world's largest and most important
public and private corporations, asset managers and financial
institutions, as well as clients in need of pro bono assistance.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
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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
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available at your local bookstore or through Amazon.com.  Go to
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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
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Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
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Peter A. Chapman, Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9474.

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