/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250410.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, April 10, 2025, Vol. 29, No. 99 Headlines 101 CASA MIRELLA: Windermere Property Up for Sale on May 29 23ANDME HOLDING: Calls for Independent Rep to Reassure Stakeholders 23ANDME HOLDING: Gets Court Approval for May 14 Auction 23ANDME HOLDING: U.S. Trustee Appoints Creditors' Committee 31FO LLC: Seeks to Hire Serhant LLC as Real Estate Broker 3220 S FISKE: Seeks Cash Collateral Access 514 THAT WAY: Gets Extension to Access Cash Collateral 551 ALBANY: Secured Party Sets May 9, 2025 Auction ADELAIDA CELLARS: Hires Moss Adams LLP as Tax Accountant ADVANCED URGENT: Gets OK to Use Cash Collateral Until May 31 AFH AIR PROS: Seeks to Hire Greenberg Traurig as Bankruptcy Court AFH AIR PROS: Taps Andrew D.J. Hede of Accordion Partners as CRO AG PARENT: S&P Withdraws 'B-' Long-Term Issuer Credit Rating AIMBRIDGE ACQUISITION: Carlyle Marks $21MM 2L Loan at 88% Off ALAMO BEER: Gets Extension to Access Cash Collateral ALPINE ACQUISITION: Carlyle Marks $21.8 Million 1L Debt at 21% Off AMERICAN IMPACT: Hires Dinnall Fyne & Company as Accountant AMERICAN IMPACT: Hires Sardi Law PLLC as Bankruptcy Counsel AMERICAN STEAM: Case Summary & 20 Largest Unsecured Creditors AMERIGLASS CONTRACTOR: U.S. Trustee Unable to Appoint Committee ANGI INC: S&P Alters Outlook to Stable, Affirms 'B' ICR APHEX HOLDINGS: Unsecureds to be Paid in Full over 3 Months ARACENA AUTO: Hires Abelson Law Offices as Bankruptcy Counsel ARCH PRODUCTION: Seeks Chapter 11 Bankruptcy in New York ASCEND PERFORMANCE: In Talks to Cede Control to Lenders AZTEC FUND: OME Mark/OME Bowie Taps Eastdil Secured as Broker AZTEC FUND: OME Windward Taps Cushman & Wakefield as Broker AZZUR GROUP: April 30, 2025 Claims Filing Deadline Set AZZUR GROUP: Asset Sales Face Creditor Opposition B-WOOD BASEBALL: Seeks Chapter 11 Bankruptcy in Montana BACKBEAT BREWING: Court Extends Cash Collateral Access to April 30 BARRETTS MINERALS: Pfizer Refutes Involvement in Co.'s Bankruptcy BAYTEX ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable BEST CHOICE: Case Summary & 19 Unsecured Creditors BH DOWNTOWN: Seeks to Extend Plan Exclusivity to August 11 BLACK PEARL: Hires Richard P. Cook PLLC as Special Counsel BRIGHT CARE VETERINARY: Case Summary & 20 Top Unsecured Creditors BRIGHT CARE: Case Summary & 20 Largest Unsecured Creditors BUCKEYE PARTNERS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable CC 1400 ALICEANNA: U.S. Trustee Appoints Creditors' Committee CENTRAL FLORIDA: Gets Extension to Access Cash Collateral COMPREHENSIVE INTERVENTIONAL: Taps Mac Restructuring as Advisor COTTON HOUSE: Case Summary & 20 Largest Unsecured Creditors D&B RENTALS: Seeks Subchapter V Bankruptcy in Texas DORMIFY INC: Seeks to Extend Plan Exclusivity to June 19 EARTHSNAP INC: Hires Freeman Law PLLC as Legal Counsel ED'S COUNTRY: Unsecureds Will Get 2% of Claims over 3 Years EDELMAN FINANCIAL: Moody's Affirms 'B3' CFR, Outlook Remains Stable ELITA 7 LLC: Seeks to Hire SLIB II as Real Estate, Business Broker ELNUNU MEDICAL: Seeks to Hire Shiryak Bowman Anderson as Attorney ELNUNU MEDICAL: Seeks to Hire Vestcorp LLC as Accountant ELNUNU MEDICAL: Taps Bochner PLLC as Special Litigation Counsel EURO CONSTRUCTION: Gets Final OK to Use Cash Collateral FIBERCO GENERAL: Gets Interim OK to Use Cash Collateral FIRST WAY: Seeks Subchapter V Bankruptcy in Florida FLY7 INSTALLATIONS: Hires Bedi Legal P.C. as Bankruptcy Counsel FLYING STAR: Seeks to Hire Jones Day as Special Counsel FOOTBALL NATION: Hires Pathway Advisors as Investment Banker FORESIGHT ENERGY: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. FORWARD AIR: Fitch Affirms 'B' LongTerm IDR, Outlook Negative FPG INTERMEDIATE: Carlyle Marks $774,000 1L Debt at 35% Off FRENCH SEAM: Unsecureds to Get Share of Income for 3 Years GLOBAL VALUES: Hires Stone & Baxter LLP as Bankruptcy Counsel GLOBAL WOUND: Plan Exclusivity Period Extended to June 18 GOAL POINT: Case Summary & Seven Unsecured Creditors GOLDSBY ENTERPRISES: Voluntary Chapter 11 Case Summary GREAT EDUCATION: Case Summary & Six Unsecured Creditors HEALTHY SPOT: Seeks to Extend Plan Exclusivity to August 7 HERMS LUMBER: Hires Grobstein Teeple as Financial Advisor HERMS LUMBER: Taps Mirsky Corporate Advisors as Special Counsel ICU MEDICAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative INET TAXI: Hires Law Offices of Alla Kachan P.C. as Counsel INET TAXI: Seeks to Hire Estelle Miller as Accountant INTERNATIONAL IMPULSE: Gets Interim OK to Use Cash Collateral INTRUM AB: Gets Court Okay for Settlement w/ Minority Creditors INVATECH PHARMA: ets Extension to Access Cash Collateral ISOR TAXI: Seeks Approval to Hire Estelle Miller as Accountant JEA2 LLC: Gets OK to Use Cash Collateral Until December JENCAR TRUCKING: Gets Interim OK to Use Cash Collateral JILL'S OFFICE: Gets Interim OK to Use Cash Collateral JJK PROPERTIES: Unsecureds Will Get 8.91% of Claims over 5 Years LA NOTTE VENTURES: Court Extends Cash Collateral Access to May 7 LAKE BENNETT: Voluntary Chapter 11 Case Summary LAVIE CARE: To Sell Nursing Facility to 11565 Harts Road LEASING ONE: Seeks Chapter 11 Bankruptcy in Illinois LIFE CARE: Fitch Alters Affirms 'BB+' IDR, Outlook Stable MAGNATE CORP: Hires Ford & Semach P.A. as Bankruptcy Counsel MATERIAL HOLDINGS: Carlyle Marks $3.3 Million 1L Loan at 74% Off MAXTIN INC: Gets Interim OK to Use Cash Collateral MIDWEST MOBILE: Seeks to Hire Arndt & Company as Accountant MK ARCHITECTURE: Amends TD Bank Secured Claims Pay MMK SUBS: Gets Final OK to Use Cash Collateral MOG PROPERTIES: Seeks to Hire Villa & White as Bankruptcy Counsel MOM CA: Gets Interim OK to Use Cash Collateral Until April 15 MOORE HOLDINGS: Gets OK to Use Cash Collateral Until April 30 MOWBRAY WATERMAN: Hires Lee & Associates as Real Estate Broker NITRO DOWNHOLE: Seeks Chapter 11 Bankruptcy in Texas NORTH JERSEY TIRE: Seeks to Hire Gillman Capone LLC as Attorney ORION SECURITY: Hires Monge Robertin as Restructuring Advisor ORION SECURITY: Seeks to Hire Godreau & Gonzalez Law as Counsel OWENS & MINOR: Moody's Rates New $1BB Senior Secured Notes 'Ba3' PALWAUKEE HOSPITALITY: Gets OK to Hire Bach Law Offices as Counsel PAPA JOHN'S: Moody's Cuts Rating on Sr. Unsecured Notes to B2 PATHWAY VET: Moody's Affirms 'Caa2' CFR, Outlook Negative PEPPERMILL LIMITED: Hires Packard LaPray as Bankruptcy Counsel PERMIAN RESOURCES: S&P Upgrades ICR to 'BB+' on Strong Financials PINEAPPLE PROPERTIES: Gets Interim OK to Use Cash Collateral PIVOTAL ANALYTICS: Case Summary & 20 Largest Unsecured Creditors PLANO SMILE: Seeks to Hire LP 2 Partners LLC as Financial Advisor PLANO SMILE: Seeks to Hire Tittle Law Group as Legal Counsel PLATINUM HEIGHTS: Seeks to Hire Reed Smith LLP as Attorney PLATINUM HEIGHTS: Taps Erik White of HMP Advisory Holdings as CRO PRIMO WATER: S&P Withdraws 'BB-' ICR Following Merger with Triton PROSPECT MEDICAL: Pennsylvania Sale Delayed as Funding Depletes PROTEC RE HOLDING: Taps Law Office of Peter M. Daigle as Attorney QXC COMMUNICATIONS: U.S. Trustee Unable to Appoint Committee R & A ENTERPRISES: Hires Crossroad Ventures Group as Realtor RADIANT ONE: Court Extends Cash Collateral Access to May 21 RJT FOOD: Wins Summary Judgment in 2027 Deerfield, et al. Case SABAL CONSTRUCTION: Gets Interim OK to Use Cash Collateral SERVANT GROUP: Seeks to Hire Keery McCue PLLC as Counsel SHANKARA LLC: Seeks to Hire Mumford Company as Real Estate Broker SOLID FINANCIAL: Case Summary & 20 Largest Unsecured Creditors SOPHIA HOSPITALITY: Court Extends Cash Collateral Access to May 1 SOUTHWEST MATTRESS: Hires Kane Russell Coleman as Counsel SPATIAL TAXI: Hires Law Offices of Alla Kachan as Counsel SPAY INC: Carlyle Marks $29 Million 1L Loan at 14% Off STONY BROOK: Case Summary & 13 Unsecured Creditors STRAWBERRY HILL: Gets OK to Use Cash Collateral Until June 30 T&U INVESTMENTS: Taps Colliers International as Real Estate Broker TALLULAH'S TAQUERIA: Case Summary & 17 Unsecured Creditors TEXAS HEALTH: Seeks Chapter 11 Bankruptcy in Texas TEZCAT LLC: Seeks to Hire Ford & Semach P.A. as Counsel THOMAS ST. JOHN: Seeks to Hire Michael Jay Berger as Counsel THOMPSON ELECTRIC: Case Summary & 20 Largest Unsecured Creditors TOTAL POWER: Carlyle Marks C$8 Million 1L Loan at 32% Off TRACK ON 86: Unsecureds to be Paid in Full over 34 Months TRITON WATER: S&P Withdraws 'BB-' ICR Following Merger with Primo VELAN INC: Advised by Latham & Watkins in Asbestos Divestiture VETCORE TECHNOLOGY: Case Summary & 20 Largest Unsecured Creditors VIEWSTAR LLC: Hires E Glanz Associates as Real Estate Counsel VILLAGE ROAD: Warner Bros. Disputes Loan and Sale Process VIRGINIA BEACH: Seeks Approval to Hire Bedi Legal P.C. as Attorney VISTA PARTNERS: Hires Buchalter as General Bankruptcy Counsel W.D. TOWNLEY: Seeks to Hire Rochelle McCullough as Counsel WELLPATH HOLDING: Court Conditionally Approves Disclosure Statement WELLPATH HOLDINGS: April 22 Ch. 11 Plan Confirmation Hearing Set WEST TECHNOLOGY: Fitch Puts 'CCC-' Rating on Watch Positive WHITE FOREST: Committee Taps Force Ten as Financial Advisor WHITESTONE UPTOWN: To Sell Dallas Property to Bradford Property WILL NOT SELL: Hires Colliers International Florida as Realtor WILL NOT SELL: Hires Colliers International Florida as Realtor WINESHIPPING.COM: Carlyle Marks $15.6 Million 1L Loan at 18% Off WINSTON DEVELOPMENT: Hires Richard S. Feinsilver as Counsel [] David M. Feldman Joins Clifford Chance's Insolvency Practice [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 101 CASA MIRELLA: Windermere Property Up for Sale on May 29 ----------------------------------------------------------- The 100% of the limited liability company interests in 101 Casa Mirella Way LLC ("Pledged Entity"), together with all related rights and property relating thereto as described in the Pledge Agreement ("Collateral"), will be offered for sale at a public auction and sold to the "Selected Participant" on May 29, 2025 at 3:00 p.m. Eastern Prevailing Time. The sale will be conducted in person in front of the New York Supreme Court, New York County Courthouse, located at 60 Centre Street, New York, New York 10007 and virtually via Zoom . The principal asset of Pledged Entity is a multifamily complex located at 101 Casa Mirella Way, Windermere, Florida ("Property"). This sale is held to enforce the rights of Starwood Property Mortgage Sub-2, L.L.C. ("Secured Party"), successor-in-interest to Starwood Property Mortgage Sub-10-A L.L.C. ("Original Lender"), as secured party, under (A) that certain Mezzanine Loan Agreement dated August 1, 2022 (as amended and modified from time to time, the "Mezzanine Loan Agreement") between Original Lender and 101 Casa Mirella Way Mez LLC, a Delaware limited liability company ("Debtor"), and (B) that certain Pledge and Security Agreement dated August 1, 2022 (as amended and modified from time to time, the "Pledge Agreement") between Debtor and Original Lender, both of which (A) and (B) are currently held by Secured Party. The Collateral is offered AS IS, WHERE IS, WITH ALL FAULTS and Secured Party makes no guaranty, representation or warranty (including, without limitation, any representation or warranty of merchantability or fitness), express or implied, as to: the existence or nonexistence of other liens or liabilities; the quantity, quality, condition or description of the Collateral, the Property, or the direct or indirect owners thereof, the value of the Collateral, or Debtor's direct or indirect right in or title to the Collateral or the Property. Secured Party will be permitted to bid at the sale, and notwithstanding any requirement herein that the sale of the Collateral be for cash, Secured Party may credit bid all or any portion of the outstanding balance of the amounts due under the Mezzanine Loan Agreement. Secured Party reserves the right, in its sole and absolute discretion, to (a) reject all bids and terminate the sale or adjourn the sale to such other date and time as Secured Party may deem proper, by announcement at the place and on the date of such sale, and any subsequent adjournment thereof, without further publication, and (b) impose any other commercially reasonable conditions upon the sale of the Collateral as Secured Party may deem proper in its sole and absolute discretion. Interested parties who would like additional information regarding the Collateral and the terms of the public sale should execute the confidentiality agreement which can be reviewed at the website https://www.101CasaMirellaWayUCCSale.com. For questions and inquiries, please contact Brett Rosenberg at Jones Lang LaSalle Americas, Inc., 330 Madison Avenue, Floors 3-5, New York, NY 10017, Telephone No.: (212) 812-5926, Email: brett.rosenberg@jll.com. 23ANDME HOLDING: Calls for Independent Rep to Reassure Stakeholders ------------------------------------------------------------------- James Nani of Bloomberg Law reports that 23andMe, the bankrupt DNA testing company, has filed a motion to appoint an independent representative to review the data security practices of potential buyers interested in its genetic data, which belongs to more than 15 million customers. In a filing made Monday, April 7, 2025, with the U.S. Bankruptcy Court for the Eastern District of Missouri, 23andMe Holding Co. stated that the independent representative would provide reassurance to stakeholders regarding data protection and ensure any sale complies with the company's privacy policies and legal requirements. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 23ANDME HOLDING: Gets Court Approval for May 14 Auction ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri approved the bidding procedures for the sale of substantially all assets of 23andMe Holding Co. and its debtor-affiliates. Objection to the sale, if any, must be filed no later than 4:00 p.m. (prevailing Central Time) on June 10, 2025. The deadline to submit offer for the Debtors' assets is May 7, 2025, at 4:00 p.m. (prevailing Eastern Time). An auction will take place on May 14, 2025, at 9:00 a.m. (prevailing Central Time) at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York 10019 or by remote video, or such other date and time location as selected by the Debtors in consultation with the consultation parties and timely communicated to all entities to attend the auction. The Court will hold a hearing on June 17, 2025, at 9:00 a.m. (prevailing Central Time) to consider approval of the sale of the Debtors' assets. Any party interested in purchasing the Company Assets shall submit a non-binding indication of interest ("Indication of Interest") on or before April 13, 2025, at 4:00 p.m. (prevailing Central Time) (as may be extended without notice or hearing by the Debtors, the "IOI Deadline"). The Indication of Interest should (i) identify whether the party is interested in acquiring all or substantially all of the assets, (ii) set forth a proposed purchase price for the proposed transaction, including by identifying separately any cash and non-cash components of the proposed transaction consideration, which non-cash components shall be limited only to assumption of liabilities and/or credit bids, and (iii) identify any proposed conditions to closing the transaction. All Indications of Interest must be received via email so as to be actually received by the IOI Deadline -- on or before 4:00 p.m. (prevailing Central Time) on April 13, 2025, 2025 by: a) Debtors' Counsel Paul, Weiss, Rifkind, Wharton & Garrison LLP Attn: Paul Basta Christopher Hopkins Jessica I. Choi Grace C. Hotz 1285 Avenue of the Americas New York, New York 10019 Email: pbasta@paulweiss.com chopkins@paulweiss.com jchoi@paulweiss.com ghotz@paulweiss.com b) Debtors' Co-Counsel Carmody MacDonald P.C. Attn: Thomas H. Riske Nathan R. Wallace Jackson J. Gilkey 120 S. Central Avenue Suite 1800 St. Louis, Missouri 63105, Email: thr@carmodymacdonald.com nrw@carmodymacdonald.com jjg@carmodymacdonald.com c) Debtors' Investment Banker Moelis & Company LLC 399 Park Ave., 4th Floor New York, New York 10022 at Email: Project_Chrome_2025_EXT@Moelis.com Copies of the bidding procedures order or other documents related there to are available upon request to Kroll Restructuring Administration LLC by calling (888) 367-7556 (US and Canada) or (646) 891-5055 (International) or visiting the Debtors' restructuring website at https://restructuring.ra.kroll.com/23andMe. All due diligence request must be directed to Moelis & Company LLC and Project_Chrome_2025_EXT@Moelis.com. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 23ANDME HOLDING: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The committee members are: 1. Laboratory Corporation of America Holdings and subsidiaries 531 South Spring Street Burlington, NC 27215 Attn: Matthew Mall, Vice President Phone: (336) 524-4278 Email: mallm@labcorp.com 2. Telus International Services Limited Voxpro House Point Village East Wall Road Dublin, Ireland Attn: Jeff Brown Phone: (303) 827-1547 Email: jeff.brown@telusdigital.com 3. Workday, Inc. 6110 Stoneridge Mall Road Pleasonton, CA 94588 Attn: Joel Smith Phone: (801) 515-7895 Email: j.smith@workday.com 4. Jellyfish US Limited 155 Avenue of the Americas 11th Floor New York, NY 10013 Attn.: Peter Acimovic Phone: (347) 420-3502 Email: peter.acimovic@jellyfish.com 5. Whitney S. Grubb c/o Alexander F. Schlow Labaton Keller Sucharow 140 Broadway New York, NY 10005 Email: aschlow@labaton.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 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 31FO LLC: Seeks to Hire Serhant LLC as Real Estate Broker --------------------------------------------------------- 31FO, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Serhant LLC as real estate broker. The firm will market and sell the Debtor's real property located at 31 Fort Hill Drive, Lloyd Harbor, NY 11743. The firm will be paid a commission of 4 percent of the gross sales price of the property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Bologna Serhant LLC 155 Main Street Northport, NY 11768 Tel: (631) 338-0160 About 31FO, LLC 31FO LLC was organized in 2018 as a New York limited liability company to own and develop real property. The Debtor is the fee simple owner of real property located at 31 Fort hill, Lloyd Neck, NY 10073 having an appraised value of $23 million. 31FO LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73893) on Oct. 10, 2024. In the petition filed by David D. DeRosa, as managing member, the Debtor reports total assets of $23,000,000 and total liabilities of $12,841,948. The Honorable Bankruptcy Judge Robert E. Grossman handles the case. The Debtor is represented by Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. 3220 S FISKE: Seeks Cash Collateral Access ------------------------------------------- 3220 S Fiske Blvd, LLC asked the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, for authority to use cash collateral. The Debtor, operating as Rockledge Extended Stay, is facing a financial crisis due to an inability to make a balloon payment of $3,000,000 due in March 2025. The reorganization plan aims to provide the Debtor with time to make payments and address other creditors, such as Brevard County property tax and the State of Florida Department of Revenue. Initially, the loan had been structured with one-year, interest-only payments, but the lender refused to extend the terms, leaving the Debtor seeking refinancing options due to the property's value, cash flow, and potential for development. This Chapter 11 filing is intended to help the Debtor resolve its financial issues, continue operating, and pay off debts, as the business has positive cash flow of about $27,000 per month. However, the Debtor currently has minimal cash on hand and is seeking authority to use cash collateral generated from hotel operations to cover ongoing expenses, including taxes, utilities, insurance, and replacements for worn-out items. The Debtor owes an unknown amount to the Florida Department of Revenue and has a financing agreement with IROCK Loans, LLC, which has terms for interest-only payments and deferred interest amounts. In order to operate and continue business, the Debtor requested permission to use cash collateral and offered adequate protection to creditors in the form of a replacement lien, which would retain the same priority and validity as their original liens. A copy of the motion is available at https://urlcurt.com/u?l=9WLp2L from PacerMonitor.com. About 3220 S Fiske Blvd 3220 S Fiske Blvd, LLC, doing business as Rockledge Extended Stay, is the owner of the property at 3220 S Fiske Blvd, Rockledge, Fla. The property is valued at approximately $1.71 million. 3220 S Fiske Blvd filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00858) on February 14, 2025, listing total assets of $1,723,080 and total liabilities of $3,179,132. Judge Lori V. Vaughan handles the case. The Debtor is represented by Robert Zipperer, Esq. IROCK Loans, LLC, as lender, is represented by: ReShaundra Suggs, Esq. Miller, George & Suggs, PLLC 210 N. University Drive, Suite 900 Coral Springs, FL 33071 Phone: 786-268-9954 Fax: 954-333-6823 Email: rsuggs@mgs-legal.com 514 THAT WAY: Gets Extension to Access Cash Collateral ------------------------------------------------------ 514 That Way, LLC and its affiliates received second interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use the cash collateral of their secured lender. The companies were authorized to use cash collateral on an interim basis, subject to the terms and conditions set forth in the order, including the grant of mortgages, security interests, liens, and claims for the benefit of Fannie Mae. The companies shall not exceed the aggregate amount of total cash outflows shown on the budget and shall not permit the cumulative total for any individual line item to exceed the projected disbursements for such line item by a variance greater than 10% from the amounts set forth in the budget, according to the order. The budget projects total expenses of $18,000 for the week ending April 13; $63,450 for the week ending April 20; and $26,500 for the week ending April 27. As protection for the use of cash collateral, Fannie Mae was granted valid, perfected liens and enforceable post-petition replacement security interests in all property of the companies, whether acquired before or after the petition date. The companies are not allowed to remit to Fannie Mae a cash payment equal to the amount by which their remaining cash balance at the end of the prior calendar month exceeded $20,000.00. The companies' authority to use cash collateral will terminate upon the dismissal or conversion of their Chapter 11 cases to proceedings under Chapter 7; the appointment of a trustee; or entry of an order modifying or vacating the interim order. A final hearing is scheduled for April 28. About 514 That Way 514 That Way, LLC owns Edgewater Apartments located at 514 That Way, Lake Jackson, Texas. 514 That Way and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90013) on February 24, 2025. At the time of the filing, 514 That Way reported between $10 million and $50 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Melissa A. Haselden, Esq., and Elyse M. Farrow, Esq., at Haselden Farrow, PLLC, represent the Debtors as legal counsel. 551 ALBANY: Secured Party Sets May 9, 2025 Auction -------------------------------------------------- Matthew D. Mannion of Mannion Auctions, on behalf of Fairbridge Strategic Capital LLC ("secured party"), offers for sale at public auction on May 9, 2025, at 2:30 p.m. (Eastern Time) at the offices of Braunstein Turkish LLP, 7600 Jericho Turnpike Suite 402, Woodbury, New York 11797, and simultaneously by remote auction vi Zoom (Meeting link: https://bit.ly/551Albany; meeting ID: 890 4136 7684; Meeting passcode: 488890; Call-in number: +1 646 558 8656), in connection with a Uniform Commercial Code sale of the limited liability company membership interests in 551 Albany Ave, LLC ("borrower"), which entity is the fee owner of real property located at 551 Albany Avenue, Brooklyn, NY 11203. Interests represent 100% of the ownership interest in borrower and is owned by 551 Albany Ave, LLC, a series of TTC ICE LLC. All interested parties will be required to provide a minimum deposit of $100,000 with Secured Party's counsel at least 5 days prior to the auction, and all bids must be in U.S. Dollars, and the successful bidder must be prepared to deliver immediately available good funds by wire or bank check to the Secured Party, within 24 hours after the sale and otherwise comply with the bidding requirements. Interested parties who would like additional information concerning the sale of the interests should contact the Secured Party's counsel: Braunstein Turkish LLP Attn: Vincent L. Georgetti, Esq. 7600 Jericho Turnpike Suite 401 Woodbury, New York 11797 Tel: (516) 802-0700 Email: vg@braunsteinturkish.com ADELAIDA CELLARS: Hires Moss Adams LLP as Tax Accountant -------------------------------------------------------- Adelaida Cellars, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Moss Adams LLP as tax accountants. The firm will prepare the Debtor's federal and California state tax returns for the tax year ending December 31, 2024, and other tax preparation services as requested by the Debtor. The firm will be paid at a flat fee of $20,000. Sara Harper, a partner at Moss Adams LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sara Harper Moss Adams LLP 999 Third Avenue Suite 2800 Seattle, WA 98104 Tel: (206) 302-6500 Email: Sara.Harper@mossadams.com About Adelaida Cellars, Inc Adelaida Cellars, Inc. is a family-owned and operated winery in Paso Robles, Calif. Adelaida Cellars sought Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-11409) on December 13, 2024, with $10 million to $50 million in both assets and liabilities. Nicholas D. Rubin, chief restructuring officer of Adelaida Cellars, signed the petition. Judge Ronald A Clifford, III oversees the case. The Debtor is represented by Hamid R. Rafatjoo, Esq., at Raines Feldman Littrell, LLP. ADVANCED URGENT: Gets OK to Use Cash Collateral Until May 31 ------------------------------------------------------------ Advanced Urgent Care, LLC and The Pegton Building, LLC got the green light from the United States Bankruptcy Court for the District of Colorado to use cash collateral. The companies were authorized to use cash collateral for the period from April 1 to May 31, to pay the expenses set forth in their budget, with a 10% variance. The companies are not allowed to pay any pre-bankruptcy debts or obligations and any cure costs associated with the assumption of executory contracts or unexpired leases without court approval. Independent Bank was granted a first priority replacement lien on all post-petition property of the companies. As additional protection, the bank will receive a monthly payment of $44,573.64 for April and for May. The companies' right to use cash collateral terminates on the earlier of May 31; the appointment of a Chapter 11 trustee or examiner; conversion of the companies' Chapter 11 cases to Chapter 7 cases; failure to comply with the requirements set forth in the order; or a material adverse change in the companies' financial condition or business operations. About Advanced Urgent Care Advanced Urgent Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-14536) on August 7, 2024. In the petition signed by Anthony G. Euser, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. Independent Bank, as lender, is represented by: John F. Young, Esq. Mark us Williams Young & Hunskker LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Phone: 303-830-0800 Fax: 303-830-0809 Email: jyoungffiMarkusWilliaros.com AFH AIR PROS: Seeks to Hire Greenberg Traurig as Bankruptcy Court ----------------------------------------------------------------- AFH Air Pros LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Greenberg Traurig, LLP as counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business and management of their property; b. negotiating, drafting, and pursuing all documentation necessary in these Chapter 11 Cases; c. preparing, on behalf of the Debtors, applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; d. appearing in Court and protecting the interests of the Debtors before the Court; e. assisting with any disposition of the Debtors' assets, by sale or otherwise; f. negotiating and taking all necessary or appropriate actions in connection with a plan or plans of reorganization and all related documents thereunder and transactions contemplated therein; g. attending meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; h. providing legal advice, including, but not limited to, advice regarding bankruptcy law, corporate law, corporate governance, employment, transactional, tax, labor, litigation, and intellectual property law to the Debtors in connection with the Debtors' ongoing business operations; i. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; j. performing other legal services for, and providing other necessary legal advice to, the Debtors, which may be necessary and proper in these Chapter 11 Cases; and k. providing other related services as requested by the Debtors and reasonably acceptable to Greenberg Traurig. Greenberg Traurig's hourly rates are: Shareholders $615 to $2,250 Of Counsel $550 to $1,975 Associates $350 to $1,220 Legal Assistants/Paralegals $140 to $655 Greenberg Traurig received advance payment retainers from the Debtors in the aggregate amount of $3,551,385.53. Pursuant to Part D1 of the Revised UST Guidelines, Greenberg Traurig hereby provides the following responses: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and reasons for the difference Response: The material financial terms for the prepetition engagement remained the same, except that on January 1, 2025, Greenberg Traurig increased certain hourly rates in accordance with its historical practice and procedures. Question: Has your client approved your respective budget and staffing plan, and, if so, for what budget period? Response: The Debtors and Greenberg Traurig expect to develop a prospective budget and staffing plan, recognizing that in the course of these Chapter 11 Cases, there may be unforeseeable fees and expenses that will need to be addressed by the Debtors and Greenberg Traurig. David Kurzweil, Esq., a shareholder of Greenberg Traurig, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David B. Kurzweil, Esq. Greenberg Traurig, LLP Terminus 200, 3333 Piedmont Road NE, Suite 2500, Atlanta, GA 30305 Tel: (678) 553-2100 About AFH Air Pros LLC 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. 25-10356) 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 by Andrew D.J. Hede as chief restructuring officer. Judge Paul Baisier presides over the case. David B. Kurzweil, Esq. and Matthew A. Petrie, Esq., at Greenberg Traurig LLP, represent the Debtor as counsel. ACCORDION PARTNERS, LLC serves as the Debtor's financial advisor. JEFFERIES LLC services as the Debtor's investment banker. KURTZMAN CARSON CONSULTANTS, LLC and DBA VERITA GLOBAL serve as the Debtor's notice, claims & balloting agent and administrative advisor. AFH AIR PROS: Taps Andrew D.J. Hede of Accordion Partners as CRO ---------------------------------------------------------------- AFH Air Pros LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Accordion Partners, LLC as restructuring financial advisor and designate Andrew D.J. Hede as CRO. The firm will render these services: a. assist the Debtors in managing the process of filing petitions for relief under chapter 11 of the Bankruptcy Code; b. assist the Debtors and collaborate with counsel and the Debtors' other professionals in preparing to file petitions for relief under chapter 11 of the Bankruptcy Code and all related papers; c. assist with the Debtors' implementation of Court orders; d. assist with financing issues either prior to or during a bankruptcy filing, including providing analysis required to obtain and comply with the terms of the Debtors' usage of cash collateral, post-petition and/or exit financing; e. participate in meetings and provide support to the Debtors and their other professionals in responding to information requests, communicating with and/or negotiating with lenders, official and unofficial committees of creditors, vendors, customers, the U.S. Trustee, other parties in interest, and professionals hired by the same; f. based on the Debtors' underlying records, as and when produced, prepare such financial disclosures as may be required by the Court, including the Debtors' schedules of assets and liabilities, statements of financial affairs and monthly operating reports; g. assist the Debtors with de minimis asset sales and support a section 363 sale process, including (i) developing materials and documents for potential buyers' review, (ii) assisting the Debtors with the preparation of due diligence materials and responding to buyer diligence requests, (iii) assisting with the evaluation of offers received and (v) working with the Debtors, counsel, and other advisors to prepare and support asset purchase agreements and related motions to obtain Court approval; h. advise regarding the Debtors' accounting and operating procedures to segregate prepetition and post-petition business transactions; i. identify the Debtors' executory contracts and unexpired leases, as and when produced, and perform analyses of the financial impact of the assumption or rejection of each, as necessary; j. participate in the Debtors' claims analysis and reporting, including plan classification modeling and claim estimation; k. assist in implementing the Debtors' chapter 11 plan; l. prepare the Debtors' information and analysis necessary for the confirmation of the Debtors' plan of reorganization, including information contained in the Debtors' disclosure statement such as a liquidation analysis, projections, and range of reorganization value; m. advise the Debtors on the implementation of technical accounting matters resulting from or related to the bankruptcy and restructuring process; n. render testimony, as requested, about the matters regarding which Accordion, and its personnel are providing services; and o. provide such other restructuring or advisory services to the Debtors as are consistent with the role of Chief Restructuring Officer. The firm will be paid at these hourly rates: Turnaround and Restructuring $475 to $1,250 Technical Accounting $350 to $600 Andrew D. J. Hede, senior managing director at Accordion Partners LLC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Andrew D. J. Hede Accordion Partners LLC One Vanderbilt Ave, 24th floor New York, NY 10017 About AFH Air Pros LLC 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 by Andrew D.J. Hede as chief restructuring officer. Judge Paul Baisier presides over the case. David B. Kurzweil, Esq. and Matthew A. Petrie, Esq., at Greenberg Traurig LLP, represent the Debtor as counsel. ACCORDION PARTNERS, LLC serves as the Debtor's financial advisor. JEFFERIES LLC services as the Debtor's investment banker. KURTZMAN CARSON CONSULTANTS, LLC and DBA VERITA GLOBAL serve as the Debtor's notice, claims & balloting agent and administrative advisor. AG PARENT: S&P Withdraws 'B-' Long-Term Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew all of its ratings on AG Parent Holdings LLC, including the 'B-' long-term issuer credit rating, at the issuer's request. At the time of the withdrawal, S&P's outlook on the company was stable. This action follows AG Parent Holdings LLC's repayment of its rated debt following a refinancing. AIMBRIDGE ACQUISITION: Carlyle Marks $21MM 2L Loan at 88% Off ------------------------------------------------------------- Carlyle Credit Solutions, Inc. has marked its $21,047,000 loan extended to Aimbridge Acquisition Co., Inc. to market at $2,542,000 or 12% of the outstanding amount, according to Carlyle's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. Carlyle is a participant in a Second Lien debt to Aimbridge Acquisition Co., Inc. The debt accrues interest at a rate of 11.79% per annum. The debt matures on February 1, 2027. Carlyle indicates that variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate ("SOFR"), or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33%, the 180-day SOFR at 5.16%, the daily SONIA at 5.19%, the 30-day EURIBOR at 3.85%, the 90-day EURIBOR at 3.91% and the 30-day CDOR at 5.45%. Carlyle notes that the loan was on non-accrual status as of December 31, 2024 and includes a credit spread adjustment that typically ranges from 0.10% to 0.43%. Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. Carlyle was elected to be regulated as a business development company under the Investment Company Act of 1940. Carlyle's core investment strategy focuses on lending to U.S. middle market companies, which it define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. It seeks to achieve investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans and second lien senior secured loans, with a minority of its assets invested in higher yielding investments. The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Carlyle invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Carlyle is led by Justin V. Plouffe, president and chief executive officer; Thomas M. Hennigan, chief financial officer; and Nigel D.T. Andrews as director. The company can be reached through: Carlyle Credit Solutions Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Aimbridge Acquisition Co. Aimbridge Acquisition Co. Inc. owns and operates a chain of hotels. The Company offers its services in the United States. ALAMO BEER: Gets Extension to Access Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas authorized Alamo Beer Company, LLC to temporarily use cash collateral pending a final hearing. Alamo Beer Company was ordered to follow its budget in using the cash collateral, including a 10% weekly variance in spending. The company projects total expenses of $8,295 for the week ending April 14; $3,708 for the week ending April 21; $31,706 for the week ending April 28; $20,627 for the week ending May 5; $8,295 for the week ending May 12; $3,708 for the week ending May 19; and $13,142 for the week ending May 26. The company was ordered to pay a $5,000 post-petition retainer to the Law Offices of William B. Kingman, P.C., which will be held until court-approved fee payments. Bexar County, Texas, and PlainsCapital Bank, N.A. may assert security interests in the cash collateral. As protection, both secured creditors were granted a replacement lien on all of the company's post-petition accounts, receivables and proceeds thereof. A continued hearing is scheduled for May 27. About Alamo Beer Company Alamo Beer Company, LLC is a beverage manufacturer in San Antonio, Texas. Alamo Beer Company filed Chapter 11 petition (Bankr. W.D. Texas Case No. 25-50245) on February 3, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William B. Kingman, Esq., at the Law Offices of William B. Kingman. PlainsCapital Bank, LLC, as lender, is represented by: Michael P. Menton, Esq. Danika Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, Texas 75219 Phone: (214) 520-3300 Fax:(214) 526-4145 mmenton@settlepou.com dlopez@settlepou.com ALPINE ACQUISITION: Carlyle Marks $21.8 Million 1L Debt at 21% Off ------------------------------------------------------------------ Carlyle Credit Solutions, Inc. has marked its $21,866,000 loan extended to Alpine Acquisition Corp II to market at $17,167,000 or 79% of the outstanding amount, according to Carlyle's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. Carlyle is a participant in a First Lien debt to Alpine Acquisition Corp II. The debt accrues interest at a rate of 10.55% per annum. The debt matures on November 30, 2029. Carlyle notes the loan includes interest rate floor feature, which ranges from 0.50% to 3.00%. The loan also includes a credit spread adjustment that typically ranges from 0.10% to 0.43%. Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. Carlyle was elected to be regulated as a business development company under the Investment Company Act of 1940. Carlyle's core investment strategy focuses on lending to U.S. middle market companies, which it define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization, supported by financial sponsors. It seeks to achieve investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans and second lien senior secured loans, with a minority of its assets invested in higher yielding investments. The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Carlyle invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Carlyle is led by Justin V. Plouffe, president and chief executive officer; Thomas M. Hennigan, chief financial officer; and Nigel D.T. Andrews as director. Carlyle can be reached through: Carlyle Credit Solutions Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Alpine Acquisition Corp Alpine Acquisition Corporation II is in the Transportation: Cargo industry. AMERICAN IMPACT: Hires Dinnall Fyne & Company as Accountant ----------------------------------------------------------- American Impact Windows & Doors LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Dinnall Fyne & Company Inc. as accountant. The firm assist the Debtor with performing its duties pursuant to the U.S. Trustee's Operating Guidelines and Reporting Requirements and the rules of the Court, including without limitation, assisting the Debtor with the required monthly operating reports. Dinnall Fyne will also assist with the Debtor’s projections for its Chapter 11 Plan of Reorganization, and will provide tax advice to the Debtor as needed. The firm's hourly rate is $300 for Alan Fyne, $200 for senior accounting staff, and $75 for other staff. The firm received a retainer in the amount of $2,500. Alan Fyne, a partner at Dinnall Fyne & Company Inc., assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Alan Fyne DINNALL FYNE & COMPANY, INC. 1515 N University Dr Ste 101 Coral Springs, FL, 33071-6083 Phone: (954) 340-5696 About American Impact Windows & Doors LLC American Impact Windows & Doors LLC installs and replaces impact-resistant windows and doors for residential and commercial clients. The Company's products are built to withstand severe weather, including hurricanes, making them perfect for the region's tough climate. The Company offers easy installations, a variety of window and door options, and financing plans. It also provides custom solutions like glass rails and storefront doors, along with permit expediting services. American Impact Windows & Doors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 25-12943) on March 19, 2025. In its petition, the Debtor reports estimated asserts up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M Isicoff handles the case. The Debtor is represented by Carlos E. Sardi, Esq. at SARDI LAW, PLLC. AMERICAN IMPACT: Hires Sardi Law PLLC as Bankruptcy Counsel ----------------------------------------------------------- American Impact Windows & Doors LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Sardi Law, PLLC as counsel. The firm will render these services: a. give advice to the Debtor with respect to his powers and duties as a Subchapter V debtor-in-possession; b. advise the Debtor with respect to his responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the Case; d. protect the interests of the Debtor in all matters pending before the Court; e. represent the Debtor in negotiation with his creditors in the preparation of a plan; and f. perform all other legal services for the Debtor, which may be necessary. Sardi Law has agreed to perform said services at the following hourly rates: Carlos E. Sardi $500 Attorney $335 to $500 Legal Assistants $120 Sardi Law received a fee retainer in the amount of $32,826.50, inclusive of filing fee. As disclosed in the court filings, Sardi Law represents any interest adverse to the Debtor, its estate, or its creditors, and is disinterested as required by 11 U.S.C. Sec. 327(a). The firm can be reached through: Carlos E. Sardi, Esq. SARDI LAW PLLC 11410 N. Kendall Dr., Suite 208 Miami, FL 33176 Tel: (305) 697-8690 Email: carlos@sardilaw.com About American Impact Windows & Doors LLC American Impact Windows & Doors LLC installs and replaces impact-resistant windows and doors for residential and commercial clients. The Company's products are built to withstand severe weather, including hurricanes, making them perfect for the region's tough climate. The Company offers easy installations, a variety of window and door options, and financing plans. It also provides custom solutions like glass rails and storefront doors, along with permit expediting services. American Impact Windows & Doors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 25-12943) on March 19, 2025. In its petition, the Debtor reports estimated asserts up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M Isicoff handles the case. The Debtor is represented by Carlos E. Sardi, Esq. at SARDI LAW, PLLC. AMERICAN STEAM: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: American Steam, Inc. 49 Steel Road Wylie, TX 75098 Business Description: American Steam, Inc. specializes in providing steam and hydronic equipment solutions, including the sale, reconditioning, and rental of boilers, heat exchangers, and thermal fluid heaters. The Company also offers custom metal fabrication for pressure vessels and storage spheres, along with a range of ancillary equipment. Its services extend to preventive maintenance, intelligent combustion control, and emergency support. Founded in 1969, the Company focuses on solving complex heat transfer problems across various industries, emphasizing reliability and efficiency. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-41255 Judge: Hon. Edward L Morris Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com Total Assets: $1,070,810 Total Liabilities: $7,019,257 John Moses, fulfilling his role as president, signed the petition. 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/DXW7EDA/American_Steam_Inc__txnbke-25-41255__0001.0.pdf?mcid=tGE4TAMA AMERIGLASS CONTRACTOR: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Ameriglass Contractor Corp. About Ameriglass Contractor Corp Ameriglass Contractor Corp. specializes in residential and commercial glass repair and replacement services in the Fort Lauderdale, Florida area. It offers a range of services, including window and sliding door repairs, storefront glass repairs, and high-impact window installations. The company operates 24/7, providing emergency glass repair services. Ameriglass Contractor Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12349) on March 4, 2025. In its petition, the Debtor reported total assets of $423,551 and total liabilities of $1,389,948. Judge Scott M. Grossman handles the case. Susan D. Lasky, Esq., serves as the Debtor's counsel. ANGI INC: S&P Alters Outlook to Stable, Affirms 'B' ICR ------------------------------------------------------- S&P Global Ratings revised its outlook on Angi Inc. to stable from positive. At the same time, S&P affirmed its 'B' issuer credit rating on Angi. S&P said, "We also affirmed our 'B' issue-level rating on subsidiary Angi Group LLC's $500 million senior unsecured notes. The recovery rating remains '3'. "The stable outlook reflects our expectations for leverage to increase to 5.5x in 2025 from 4.8x in 2024. While leverage could potentially decline back below 5x in 2026 from ongoing portfolio optimization efforts, weakening economic conditions could potentially limit the pace of deleveraging." IAC Inc. has completed its spin-off of Angi Inc. to a fully independent company. S&P said, "We view the spin-off of Angi from IAC as relatively credit neutral to the 'B' issuer credit rating. On April 1, 2025, IAC announced it had completed its spin-off of Angi into an independent, publicly traded company, with IAC's former interest in Angi now held directly by IAC's shareholders. The 'B' issuer credit rating was previously underpinned by one notch of uplift from its former higher rated parent IAC (BB-/CW Pos), reflecting our view that IAC would provide a moderate level of credit support to Angi in a stress scenario, which no longer applies. However, we believe Angi's credit profile has strengthened on a stand-alone basis despite the loss of group support from IAC. Angi has undertaken a multiyear restructuring effort to refocus its business on attracting and retaining higher-margin service professionals at the expense of giving up lower-margin revenue, while focusing on tighter expense management. As such, despite revenue declining 13% in 2024, its S&P Global Ratings-adjusted EBITDA improved 27% to $114 million. Its S&P Global Ratings-adjusted gross leverage also improved to 4.8x as of the end of 2024 from 6.3x as of the end of 2023, well below the 6x gross leverage threshold for the 'B-' rating for Angi on a stand-alone basis. "We revised our outlook to stable from positive given our expectations for Angi's leverage to increase to 5.5x in 2025. We expect leverage to increase to 5.5x in 2025 compared with 4.8x in 2024 given our expectations for EBITDA of $98 million in 2025 compared with $114 million in 2024. The decrease is due to $2 million-$4 million of one-time costs, associated with the spin-off from IAC, and another $4 million-$6 million in expenses that we view as a permanent increase in Angi's cost basis, associated with it becoming an independent entity. We also expect EBITDA will decline 14% given our expectations for a 12%-14% revenue decline in 2025. Although much of the revenue decline is by design as Angi continues to optimize its portfolio and carries with it associated marketing spending reductions, we attribute some of the decline to our expectations for slowing consumer demand given macroeconomic uncertainty that will pressure operating results. "According to the company, most of its revenue is tied to nondiscretionary projects, which somewhat limits the impact of adverse economic conditions. However, we still view its performance can be susceptible to economic cyclicality, as we believe consumers may defer spending amid challenged macroeconomic conditions. We believe visibility into 2025 and 2026 performance remains limited. If economic conditions deteriorate or stagnate beyond our current expectations, the company's revenue and EBITDA generation will likely be much weaker than our current forecast. We note if Angi were to underperform our base-case forecast in 2025 by 10%, its leverage would increase to 6x. Despite our expectation that leverage will return below 5x in 2026, if the company were to meet our 2025 expectations but underperform our 2026 base-case forecast by 10%, its leverage would remain above 5x. "The stable outlook reflects our expectations for Angi's leverage to increase to 5.5x in 2025 from 4.8x in 2024. While leverage could potentially decline back below 5x in 2026 from ongoing portfolio optimization efforts, weakening economic conditions could potentially limit the pace of deleveraging." S&P could lower its ratings on Angi if S&P expects the company will sustain leverage above 6x and free operating cash flow (FOCF) to debt below 5%. This could occur if: -- Angi experiences declining consumer demand and service provider adoption due to unfavorable macroeconomic conditions, resulting in lower revenue and higher marketing expenditures; or -- The company makes unprofitable investments or acquisitions in new offerings and services that ultimately generate low margins and pressure EBITDA and cash flow. S&P could raise its rating on Angi if it is able to reduce leverage comfortably below 5x and sustain FOCF to debt coverage of about 10%. This could occur if: -- It continues to see growing retention from its higher-margin service professionals; -- The company increases its customer base through increased organic traffic and less reliance on paid marketing spending; and -- It returns to sustainable revenue growth. APHEX HOLDINGS: Unsecureds to be Paid in Full over 3 Months ----------------------------------------------------------- Aphex Holdings, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Chapter 11 Plan dated March 13, 2025. The Debtor is a for profit corporation organized under the laws of the State of Florida. The Debtor is a real estate holding company and at the time of the filing of this case owned real property located at 2960 SW 23 Terrace #107 & #108, Dania Beach, Florida (the "Dania Beach Property"), 3580 SW 30th Avenue, Hollywood, Florida (the "3580 Property") and 3590 SW 30th Avenue, Hollywood, Florida (the "3590 Property"). The principal of the Debtor owns a business known as 21st Century Chemical, Inc. that operates out of the Hollywood, Florida property. As rent, 21st Century Chemical would pay the mortgage obligations of the Debtor, as well as the property taxes and insurance. Due to some health issues faced by the principal of the Debtor (which have since been resolved), 21st Century Chemical fell behind in the mortgage obligations. This case was filed to allow the Debtor the ability to bring these accounts current. As of the filing of this case there was a third party tenant known as Always Sunny Detailing occupying the Dania Beach property and paying rent. After this case was filed, the Debtor obtained a buyer for the 3590 Property and filed a Motion to Sell same. As set forth in the Order Granting Debtor Aphex Holdings, Inc.'s Motion to Approve Sale Contract with Christopher DeMarco. Pursuant to Section 363 of the Bankruptcy Code, the Debtor sold the 3590 Property for the sum of $4,000,000.00. At the time of the filing of this case, Nichols Family Investments had a claim in the approximate amount of $4,882,581.40. The closing occurred on or about December 26, 2024. At closing, Nichols Family Investments received the sum of $3,233,153.19. By agreement of the parties and as more fully set forth in the Order, the Debtor retained $400,000.00 from the net sales proceeds to pay administrative expenses, fund the first plan payment and use for working capital. These funds are currently held in the Kelley Kaplan & Eller, PLLC Trust Account. Recently, the Debtor obtained a contract from the Dania Beach tenant, Always Sunny Detailing, to sell that property to it for the sum of $1,150,000.00 (the "Dania Beach Sale"). As of the filing of this Plan and Disclosure Statement, the contract was in the process of being executed by both parties. Once executed, the Debtor shall file a Motion with this Court seeking approval of the sale. The sale will pay the claim of DSTZ, LLC in full, the past due property taxes and association dues. Class Twelve consists of General Unsecured Claims. The general unsecured claims prior to the filing of any objections total the amount of $1,470.58, which will be paid over three months at $490.20 per month. These claims are impaired. Class Thirteen consists of Equity Interest Holders. There shall be no distribution to the equity holder of Aphex under the confirmed Plan and no dividends to this class of claimants. The equity member shall retain his currently held equity interest in the Aphex; however, Aphex shall have no future operations of the business. This claim is impaired. To the extent that there remain certain claims to be paid through the Plan, these payments shall be funded by 21st Century Chemical. All administrative claims shall be paid from the Closing, subject to Applications for Compensation filed by the administrative claimants and approved by this Court. Subject to any objections sustained by the Court, amounts due to Secured Creditors shall be paid to those creditors directly upon Closing ("Allowed Secured Claims"). Also at Closing, subject to any objections sustained by the Court, all Priority Unsecured Claims, if any, shall be paid in full as set forth in each Creditor's Proof of Claim, ("Allowed Priority Claims"). Finally, subject to any objections sustained by the Court, all general unsecured creditors ("Allowed General Unsecured Claims") shall receive a pro rata distribution after payment of all Administrative Claims, Allowed Secured Claims and Allowed Priority Claims. A full-text copy of the Disclosure Statement dated March 13, 2025 is available at https://urlcurt.com/u?l=CGU3eK from PacerMonitor.com at no charge. Counsel to the Debtor: Craig I. Kelley, Esq. KELLEY KAPLAN & ELLER, PLLC 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Aphex Holdings Inc. Aphex Holdings is the fee simple owner of the real property located at 2960 SW 23 Terrace #107 & #108, Dania Beach FL 33312 valued at $850,000 and another real property located at 3580 & 3590 SW 30 Avenue, Hollywood, FL 33312 valued at $3 million. Aphex Holdings, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-19588) on September 18, 2024, listing $3,850,173 in assets and $5,360,000 in liabilities. The petition was signed by Bryan Hacht as owner. Judge Peter D. Russin presides over the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, is the Debtor's counsel. ARACENA AUTO: Hires Abelson Law Offices as Bankruptcy Counsel ------------------------------------------------------------- Aracena Auto Center, LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Abelson Law Offices PLLC as bankruptcy counsel. The firm will render all legal services needed to conclude this Chapter 11 case, including notice to creditors request for automatic stay, negotiation with creditors, DIP funding applications. If necessary, render advice to the debtor on Plan & Disclosure Statement and confirmation, and related work. The firm received an initial retainer of $12,000. All services bill at $400 per hour. Steven J. Abelson, Esq. of Abelson Law Offices assured the court that his firm is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Steven J. Abelson, Esq. ABELSON LAW OFFICES 80 West Main Street PO Box 7005 Freehold, NJ 07728 Tel: (732) 462-4773 Email: sjaesq@atrbklaw.com About Aracena Auto Center Aracena Auto Center, LLC is in the business of auto repair. The Debtor filed Chapter 11 petition (Bankr. D.N.J. Case No. 23-19303) on Oct. 19, 2023, with as much as $1 million in both assets and liabilities. Edwin Aracena, authorized representative, signed the petition. Carol L. Knowlton, Esq., at Gorski & Knowlton PC serves as the Debtor's legal counsel. ARCH PRODUCTION: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On April 4, 2025, ARCH Production and Design NYC Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of New York. According to court filing, the Debtor reports $1,107,587 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About ARCH Production and Design NYC Inc. ARCH Production and Design NYC Inc. is a creative studio specializing in custom design and fabrication for immersive experiences across industries such as museum exhibitions, events, retail, and entertainment. With a focus on innovative, high-impact solutions, the Company collaborates with top brands like Disney and Def Jam to transform spaces and communicate powerful brand messages. The Company also emphasizes sustainability and community engagement. ARCH Production and Design NYC Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-10390) on April 4, 2025. In its petition, the Debtor reports total assets of $122,396 and total liabilities of $1,107,587. The Debtor is represented by Mitchell Canter, Esq. at LAW OFFICES OF MITCHELL J. CANTER. ASCEND PERFORMANCE: In Talks to Cede Control to Lenders ------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Ascend Performance Materials is in talks with lenders to exchange part of its debt for equity, a deal that could transfer control of the financially troubled chemicals company to its creditors, according to people familiar with the matter. Existing lenders are also discussing a loan to support the company's operations during a potential Chapter 11 bankruptcy process, the sources said. A filing could come as early as this month, though no final decision has been made, the report states. About Ascend Performance Materials scend Performance Materials LLC produces nylon resins and fibers. The Company offers basic and intermediate nylon chemicals, including polymers and plastics, carpet fibers, intermediate chemicals, and industrial fiber products. Ascend Performance Materials serves customers worldwide. AZTEC FUND: OME Mark/OME Bowie Taps Eastdil Secured as Broker ------------------------------------------------------------- OME Mark Center and OME Bowie, each a subsidiary of The Aztec Fund Holding, Inc., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Eastdil Secured, L.L.C., as real estate broker. The broker will assist in the marketing, auction and sale process for Mark Center and Bowie located at 2001 North Beauregard, Alexandria, VA 22311, and 4321 Collington Rd., Bowie, MD 20716, respectively. Eastdil is to earn a commission equal to 1.5 percent of the gross sale price. David Dorros, a managing director of Eastdil Secured LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Dorros Eastdil Secured LLC 2000 K Street, NW, Suite 300 Washington DC, 20006 About Aztec Fund Holding Inc. The Aztec Fund Holding Inc. invests in office buildings in the United States and thus create real estate portfolios that generate regular cash flows and sustainable value over time. The Aztec Fund Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90436) on August 5, 2024. In the petition filed by Charles Haddad, as president, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the cases. The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as counsel; and Getzler Henrich & Associates LLC as financial advisor. Hilco Real Estate Appraisals, LLC is the real estate appraiser. Stretto, Inc., is the claims agent. AZTEC FUND: OME Windward Taps Cushman & Wakefield as Broker ----------------------------------------------------------- OME Windward Oaks, LLC, a subsidiary of The Aztec Fund Holding, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Cushman & Wakefield of Georgia, LLC as real estate broker. The firm will assist the Debtor in the marketing, auction and sale process of its real properties located at5 895 Windward Parkway, Alpharetta, GA 30005 and 5897 Windward Parkway, Alpharetta, GA 30005. The broker will earn a commission, as follows: a. If the sale price is less than or equal to $10,000,000, the fee shall be 2.50 percent. b. If the sale price is $10,000,001 to $12,500,000, the fee shall be 2.25 percent. c. If the sale price is $12,500,001 to $15,000,000, the fee shall be 2.00 percent. d. If the sale price is over $15,000,000, the fee shall be 1.50 percent. David Meline, a partner at Cushman & Wakefield U.S., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Meline Cushman & Wakefield Georgia 72a, I. Chavchavadze Ave. Vake Plaza BC, Tbilisi 0162 Email: +995 322 47 48 49 About Aztec Fund Holding Inc. The Aztec Fund Holding Inc. invests in office buildings in the United States and thus create real estate portfolios that generate regular cash flows and sustainable value over time. The Aztec Fund Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90436) on August 5, 2024. In the petition filed by Charles Haddad, as president, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the cases. The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as counsel; and Getzler Henrich & Associates LLC as financial advisor. Hilco Real Estate Appraisals, LLC is the real estate appraiser. Stretto, Inc., is the claims agent. AZZUR GROUP: April 30, 2025 Claims Filing Deadline Set ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware set April 30, 2025, at 5:00 p.m. ET as the last date and time for persons or entities to file their proofs of claim against Azzur Group Holdings LLC and its debtor-affiliates. The Court also set Sept. 1, 2025, at 5:00 p.m. ET, as the deadline for governmental units to file their claims against the Debtors. All proofs of claim must be (i) filed electronically at https://cases.stretto.com/Azzur/file-a-claim, or (ii) submitted to Stretto in person, by courier service, hand delivery or mailed to: Azzur Group Holdings LLC, et al. Claims Processing c/o Stretto, Inc. 410 Exchange Suite 100 Irvine, CA 92602 Submissions of a proof of claim form by email and/or facsimile transmission is not permitted. You should consult an attorney if you have any questions, including whether to file a proof of claim. If you have any questions with respect to this notice, you may contact the Debtors' claims and noticing agent, Stretto, Inc., by e-mail at TeamAzzur@stretto.com, or by calling the toll-free information line at (833) 900-1730 (or (949) 202-5650 if calling from outside the United States or Canada). Please note that Stretto is not permitted to provide legal advice. 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 is the Debtors' 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. AZZUR GROUP: Asset Sales Face Creditor Opposition ------------------------------------------------- Randi Love of Bloomberg Law reports that Unsecured creditors of bankrupt Azzur Group Holdings LLC are opposing the proposed sale of two business units, warning the move would leave them with no recovery. In a Monday, April 7, 2025, filing in the U.S. Bankruptcy Court for the District of Delaware, the creditors' committee argued that Azzur's accelerated sale plan unfairly benefits lenders and insiders with broad releases, while general unsecured creditors are left behind with nothing. 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-WOOD BASEBALL: Seeks Chapter 11 Bankruptcy in Montana ------------------------------------------------------- On March 31, 2025, B-Wood Baseball LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Montana. 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 B-Wood Baseball LLC B-Wood Baseball LLC, dba D-BAT is a network of baseball and softball training facilities, providing expert instruction, state-of-the-art equipment, and specialized programs for athletes. Founded in 1998 and franchising since 2008, D-BAT has grown to over 145 locations nationwide, offering private lessons, camps, clinics, and memberships. Through comprehensive franchise training, D-BAT ensures that new franchisees are equipped with the knowledge and support to successfully operate their facilities, maintain brand consistency, and deliver exceptional service to players at all levels. B-Wood Baseball LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-10051) 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 Matt Shimanek, Esq. at SHIMANEK LAW PLLC. BACKBEAT BREWING: Court Extends Cash Collateral Access to April 30 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order extending SGZ Group, Inc.'s authority to use cash collateral until April 30 or until the effective date of its reorganization plan. The company must use cash collateral under the same terms as set forth in the previous order dated January 4, 2024, except as modified by the proceeding memorandum and order. The proceeding memorandum and order does not prevent future requests to extend cash collateral use beyond April 30, if needed. About Backbeat Brewing Co. Backbeat Brewing Co., LLC was formed in March 2018, and does business at 31 Park Street, Beverly, Ma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-12113) on Dec. 18, 2023, with up to $50,000 in both assets and liabilities. Judge Janet E. Bostwick oversees the case. The Debtor is represented by: John F. Sommerstein, Esq. Law Offices Of John F. Sommerstein Tel: 617-523-7474 Email: jfsommer@aol.com BARRETTS MINERALS: Pfizer Refutes Involvement in Co.'s Bankruptcy ----------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Pfizer Inc. denied Barretts Minerals Inc.'s allegations that its failure to meet indemnification obligations caused the talc supplier's Chapter 11 bankruptcy filing. In a statement filed Monday, April 7, 2025, with the U.S. Bankruptcy Court for the Southern District of Texas, Pfizer argued that the bankruptcy proceedings were not "necessary to resolve Pfizer's indemnification obligations" related to talc-related injury claims. 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. BAYTEX ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Baytex Energy Corp.'s Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed senior unsecured notes issued by Baytex at 'BB-' with a Recovery Rating of 'RR4'. The Rating Outlook remains Stable. The rating reflects Baytex's cash flow scale, diversified asset mix, moderate leverage, and declining debt. Fitch expects Baytex to maintain leverage well below its negative sensitivity, supported by its financial policy of using 50% pre-dividend FCF for net debt reduction. The Stable Outlook reflects Fitch's expectation of the company maintaining broadly flat oil and gas production, with positive FCF generation and healthy liquidity. Key Rating Drivers Material Leverage Headroom: Fitch expects Baytex's EBITDA leverage to fluctuate between 1.2x and 1.3x in 2025-2029, based on Fitch's West Texas Intermediate (WTI) oil price assumptions of USD65 per barrel in 2025 falling to USD57 per barrel by 2029. The rating has considerable headroom under Fitch's 2.5x leverage negative rating sensitivity. Baytex's EBITDA leverage was 1.1x at YE 2024. Shareholder Distributions Depend on FCF: The pace of Baytex's deleveraging is linked to its FCF. It plans to allocate 50% of its pre-dividend FCF to shareholder returns, which include dividends and share buybacks, and use the other half for net debt reduction. Fitch expects Baytex to maintain annual dividends at around CAD70 million, based on its price deck and assumptions. Under the company's previously stated financial policy, shareholder distributions may increase to 75% of FCF if its adjusted total debt reaches CAD1.5 billion. Improved Liquidity, Debt Reduction: Baytex substantially reduced the draw on its revolver in 2024, decreasing its debt and increasing the available funds that can support liquidity during an oil price downcycle. The company's outstanding balance under its CAD1.6 billion-equivalent revolver reduced to CAD341 million at YE 2024 from CAD865 million at YE 2023. Fitch projects the revolver balance to potentially be paid off by YE 2027, unless the company redeems other debt or oil prices fall significantly. Fitch estimates that Baytex's gross debt will decline to CAD2.2 billion at YE 2025, down from CAD2.3 billion at YE 2024 under Fitch's base case. Flat Production, Below-Average Reserve Life: Fitch expects Baytex to maintain flat production growth with minor fluctuations throughout the forecast due to the anticipated decline in oil prices and weaker market sentiment. Baytex has downsized its drilling program relative to last year's plan. In 2024, its production was 153 thousand barrels of oil equivalent per day (kboe/d), with 71% oil. As of YE 2024, Baytex had proved reserve life at 7.3 years and proved developed reserve life at 3.5 years, which is below most of its rated peers. Fitch notes that Baytex has operated with a similar proved developed reserve life for multiple years. Diversified Asset Mix: Baytex has a meaningfully diverse asset base by geography and hydrocarbon type. Fitch expects approximately 60% of Baytex's production to come from the Eagle Ford, with the remainder as Canadian production, most of which will be heavy oil. Lower Canadian heavy crude differentials following the Trans Mountain pipeline expansion have been positive for Baytex. Potentially Negative Impact from Tariffs: Fitch expects Baytex to potentially lose a few dollars per barrel if the U.S. tariffs on Canadian energy products are ultimately implemented and the burden is partly shifted to the Canadian producers. Baytex does not sell oil directly to the U.S. but the discounts for Canadian crude may eventually widen and lower Baytex's profitability. Baytex produces most of its oil in the U.S. Somewhat lower oil netbacks generated by Baytex would have a marginally negative but should not affect its rating, depending on the magnitude of the change. Hedged Differentials and Commodity Prices: Baytex hedged about 36% of its oil exposure before royalties in 2025, helping provide additional cash flow visibility. The company also partially hedges Canadian differentials between Western Canadian Select and Mixed Sweet Blend to WTI. Baytex has U.S. dollar to Canadian dollar FX exposure due to its Eagle Ford assets, U.S. dollar-denominated debts, and because the majority of oil and gas prices linked to the U.S. dollar. Peer Analysis Baytex has higher production scale than its Canadian peer Vermilion Energy Inc. (BB-/Negative; 85 kboe/d; 37% oil). Vermillion is exposed to European natural gas production, which currently generates significant margins for the company. Netbacks for Baytex were USD26.0/boe in 2024 while Vermilion's were USD22.5/boe as Baytex has a higher share of oil the production mix. Baytex is expected to have lower midcycle leverage than Vermilion. Baytex had higher production than Crescent Energy Company (BB-/Stable; 201 kboe/d; 41% oil) in 2024. Baytex's netback was higher than Crescent's (USD17.1/boe) due to its smaller exposure to mature assets and more oil in the product mix. Baytex is forecast to have slightly lower midcycle leverage. It has a more predictable debt reduction policy. Crescent has historically been better hedged than Baytex. Baytex has a higher scale than MEG Energy Corp. (BB-/Stable; 102kboe/d; 100% oil) and is less exposed to Canadian heavy crude differentials. Baytex produces most of its oil and gas in the Eagle Ford area of the U.S. and is more exposed to light oil, which typically has less-volatile netbacks through the cycle, which leads to less pronounced spikes in leverage than heavy oil production. MEG is expected to have a lower leverage than Baytex, below 1x, while Baytex's leverage will fluctuate around 1.3x throughout the forecast. Key Assumptions - WTI of USD65/barrel (bbl) in 2025, USD60/bbl in 2026-2027, USD57/bbl at midcycle. - Henry Hub of USD3.25 per thousand cubic feet (mcf) in 2025, USD3/mcf in 2026, USD2.75/mcf in 2027 and at mid-cycle. - Broadly flat production in 2025-2029. - Dividends close to CAD70 million in 2025-2029. - Capex averaging CAD1.15 billion annually in 2025-2029. - Share buybacks based on the current financial policy. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Weakening liquidity, such as sustained low availability under the revolver or failure to timely refinance debt; - Midcycle EBITDA leverage sustained over 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Production volume materially exceeding 200 kboe/d; - Improvement in average netbacks; - Midcycle EBITDA leverage maintained below 2.0x. Liquidity and Debt Structure Baytex had CAD17 million of cash available at YE 2024. In 2024, Baytex extended its CAD1.6 billion-equivalent revolvers from April 2026 to May 2028, which supports its liquidity. At YE 2024, the amount drawn under the facility was CAD341 million. Liquidity is further strengthened by positive FCF projected by Fitch. Fitch expects Baytex to reduce revolver borrowings using FCF throughout the forecast. The company has two bonds maturing in 2030 and 2032. Issuer Profile Baytex is a mid-sized Canadian exploration and production company. It produces light oil and condensate, heavy oil, natural gas liquids and natural gas, with operations in the U.S. within Eagle Ford and in Canada within the Western Canadian Sedimentary Basin. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates 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 ----------- ------ -------- ----- Baytex Energy Corp. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- BEST CHOICE: Case Summary & 19 Unsecured Creditors -------------------------------------------------- Debtor: Best Choice Trucking, LLC 3 Allied Drive Suite 303 Dedham, MA 02026 Business Description: Best Choice Trucking, LLC is a Massachusetts-based freight carrier specializing in full truckload services, including motor vehicle transportation and last-mile delivery. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-10704 Judge: Hon. Christopher J Panos Debtor's Counsel: Peter M. Daigle, Esq. DAIGLE LAW OFFICE 1550 Falmouth Road Suite 10 Centerville, MA 02632 Tel: (508) 771-7444 Fax: (508) 771-8286 E-mail: pmdaigleesq@yahoo.com Total Assets: $1,295,445 Total Liabilities: $3,206,429 The petition was signed by Ulysses R. Fabricio as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DXJ2JSY/Best_Choice_Trucking_LLC__mabke-25-10704__0001.0.pdf?mcid=tGE4TAMA BH DOWNTOWN: Seeks to Extend Plan Exclusivity to August 11 ---------------------------------------------------------- BH Downtown, LLC, and 340 Biscayne Owner, LLC, asked the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 11 and October 11, 2025, respectively. Since the Petition Date the Debtors have been working diligently to achieve a sale or refinancing of the Property, which would pay the Lender and all creditors in full and provide a substantial distribution for equity. The Debtors explain that the Property securing the Lender's claim is valued at over $200 Million, well in excess of the amount asserted by the Lender, and well in excess of the total claims asserted against the estate. Therefore, there is a substantial equity cushion, no creditor is prejudiced by the additional time requested, and the prospects for a successful reorganization are more than reasonable. The Debtors claim that the nature of the Property and size of the debt illustrate the large size and complexity of the case. The Debtors are paying their bills as they become due, including all taxes and insurance, and no payment is in default since the filing of the Petitions. The Debtors assert that they are reviewing the unsecured claims filed against the estates, and negotiating with their creditors to reduce the claims, while working to sell or refinance the Property in connection with the filing a plan and payments of the allowed claims. The case has only been pending for 90 days, and based on the progress so far and the continuing efforts, the Debtors are confident that they will be in a position to file and confirm a plan that will be beneficial to all creditors. The Debtors further assert that they are not seeking the extensions of the Exclusivity Periods to delay administration of this case or to pressure creditors to accept an unsatisfactory plan. Rather, this request is intended to facilitate an orderly, efficient and cost-effective plan process that is in the best interest of all creditors and parties in interest. About BH Downtown BH Downtown, LLC and 340 Biscayne Owner, LLC filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23028) on Dec. 13, 2024. At the time of the filing, both Debtors reported $100 million to $500 million in assets and $50 million to $100 million in liabilities. Cristiane Bomeny, manager, signed the petitions. Judge Laurel M. Isicoff oversees the cases. The Debtors are represented by: Linda W. Jackson, Esq. Pardo Jackson Gainsburg, Pl Tel: 305-358-1001 Email: ljackson@pardojackson.com BLACK PEARL: Hires Richard P. Cook PLLC as Special Counsel ---------------------------------------------------------- Black Pearl Vision, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Richard P. Cook, PLLC as special counsel. The firm will represent the bankruptcy estate in the investigation and prosecution of causes of action under Chapter 5 of the Bankruptcy Code, and all other matters related thereto. The Law Firm shall be entitled to 33.33 percent of the gross proceeds of any recovery by the estate from the prosecution or compromise of any claims under Chapter 5 of the Bankruptcy Code. Richard P. Cook, Esq., a partner at Richard P. Cook, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard P. Cook, Esq. Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28403 Telephone: (910) 399-3458 Email: Richard@CapeFearDebtRelief.com About Black Pearl Vision Black Pearl Vision, LLC is a North Carolina limited liability company authorized to conduct business in the State of Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-30948) on October 31, 2024, with $1,000,001 to $10 million in assets and liabilities. Judge Ashley Austin Edwards presides over the case. Ciara Louise Rogers, Esq. at Waldrep Wall Babcock & Bailey PLLC represents the Debtor as legal counsel. BRIGHT CARE VETERINARY: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Bright Care Veterinary Group, Inc. 26012 Marguerite Pkwy, Suite O Mission Viejo, CA 92692 Business Description: Bright Care Veterinary provides specialized services in animal neurology, imaging, and emergency care, with a focus on cats and dogs. Its 24/7 emergency animal hospital serves the communities of Irvine, Rancho Santa Margarita, Ladera Ranch, Corona, Long Beach, and Oceanside, California. Chapter 11 Petition Date: April 8, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10902 Judge: Hon. Scott C Clarkson Debtor's Counsel: David B. Golubchik, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Alireza Gorgi, serving as the president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NTIGBJQ/Bright_Care_Veteriniary_Group__cacbke-25-10902__0001.0.pdf?mcid=tGE4TAMA BRIGHT CARE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Bright Care Veterinary Hospital, Inc. d/b/a California Animal Specialty and Emergency-Case 1400 N Burton Dr. Anaheim, CA 92806 Business Description: Bright Care Veterinary Hospital, Inc. dba CASE is a veterinary facility in Anaheim, CA, offering 24/7 emergency care and specialized veterinary services. Its services include neurology and neurosurgery, cardiology, internal medicine, oncology, surgery, and advanced imaging. The hospital emphasizes compassionate and comprehensive care, working collaboratively with primary care veterinarians to improve the quality of life for pets. CASE state-of-the-art facility ensures the latest technology and equipment, focusing on pet safety and comfort. Chapter 11 Petition Date: April 8, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10900 Judge: Hon. Scott C Clarkson Debtor's Counsel: David B. Golubchik, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million In his position as president, Alireza Gorgi 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/N4ZZCXI/Bright_Care_Veterinary_Hospital__cacbke-25-10900__0001.0.pdf?mcid=tGE4TAMA BUCKEYE PARTNERS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Buckeye Partners, L.P.'s (Buckeye) Long-Term Issuer Default Rating (IDR) at 'BB' and the senior unsecured notes at 'BB' with a Recovery Rating of 'RR4'. The senior secured term loan and revolving credit facility has been affirmed at 'BBB-'/'RR1'. The Rating Outlook remains Stable. The Stable Rating Outlook reflects expectations for steady demand for the company's services, set within the Fitch price deck for commodity prices. The Stable Outlook also incorporates Fitch's expectations for modest growth capital spending, focused entirely on Buckeye's midstream portfolio, with Buckeye operating as a standalone business separate from Holdings' other subsidiaries. Key Rating Drivers Leverage Improvement: Buckeye's 2024 EBITDA leverage was 5.2x which is lower than Fitch's forecast of around 5.5x. Buckeye benefited from higher distributions received from FLNG Liquefaction 2, LLC (FLIQ2; BBB/Stable) than Fitch's previously forecast. Fitch expects the company will continue to receive regular distributions from FLIQ2 now that full operations have resumed. Fitch expects Buckeye will maintain a modest growth capex budget supporting leverage around 5.5x over the forecast period, comfortably within the 5.0x to 6.0x leverage sensitivity band set for the company. Stable Operating Metrics: Buckeye has benefited from a stable operating environment, leading to modest growth in pipeline volumes and terminal throughput through 2024. Average daily pipeline throughput increased by about 1% yoy through 2024. Terminal throughput volumes were up roughly 1% yoy in 2024. Steady demand for Buckeye's assets in this segment provides a reliable base of cash flows, supporting Buckeye's credit quality. Improving trends in the utilization of Buckeye's storage assets have bolstered results for the company in 2024. Utilization was almost 70% in 2024, up from around 64% in 2023. Modest Midstream Focused Capex: Buckeye's legacy midstream assets form a substantially built-out system. Fitch does not anticipate large capex allocations over the forecast. The company has several modest growth projects to be in service during 2025, which include expanding system connectivity into the northeast, as well increasing pipeline and terminal capacity to serve demand areas. Rating Linkages: There is a parent-subsidiary relationship between Buckeye Energy Holdings LLC (Holdings) and Buckeye. Fitch believes Buckeye has a stronger Standalone Credit Profile (SCP) than Holdings, and views Holdings' SCP on a consolidated basis. Fitch sees Holdings' SCP as in line with a low-'BB' category IDR, and therefore follows the stronger subsidiary path. Legal ring-fencing is assessed as 'Open' due to the ability to move cash freely between the entities. Fitch views access and control as 'Porous' as Fitch expects a mixture of external and intercompany funding. These linkage considerations lead Fitch to limit the difference between Holdings and Buckeye to one notch. Peer Analysis The 'BB' rating reflects Buckeye's diverse asset base, size and scale, and higher relative leverage, in addition to its secured debt structure and private equity ownership. Buckeye has higher leverage than investment-grade peers that operate in the crude oil and refined-product pipelines, terminalling and storage subsectors, such as Plains All American Pipeline L.P. (PAA; BBB/Stable). Fitch expects Buckeye's leverage to decline to remain in the low-to-mid 5.0x range over the forecast. Fitch forecasts leverage at PAA to be approximately 3.2x in 2025, in line with the company's net leverage target range of 3.25x to 3.75x. The significantly lower leverage is the primary driver of the three-notch difference in the respective IDRs. Key Assumptions - Pipeline and terminal throughput volumes grow at low single digits in 2025 and storage utilization remains near levels seen in 2024; - Full operations at FLIQ2 supporting continued dividend payments to Buckeye over the forecast period; - Growth capital to average around $150 million annually over the forecast; - No credit support from Buckeye to its affiliates; - Base interest rates applicable to variable rate exposed debt instruments reflect Fitch's Global Economic Outlook, e.g., 4.25% for 2025, and 3.5% in 2026; - Gross distributions from Buckeye to Holdings range between $250 million to $400 million annually over the forecast period. Fitch assumes the level of dividends paid by Buckeye is driven by the achievement of internally set financial policies related to leverage. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expected EBITDA leverage at or above 6.0x for a sustained period of time; - Increases in capital spending and/or acquisitions which significantly increase Buckeye's overall business risk. Fitch will review large capital projects and acquisitions, including expected financing, on a case by case basis; - Due to the rating linkage with Holdings, should Fitch deem Holdings' SCP weaker than a low-'BB' category IDR; - Should Fitch expect a significant deviation from the sponsor's currently supportive leverage and distributions policies, as well as the sponsor's intention to maintain Buckeye as a distinctly separate entity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage expected to be sustained at or below 5.0x; - Favorable changes in the business mix, including but not limited to a meaningful increase in the percentage of EBITDA coming from revenue assurance-type contracts and/or a significant increase in the remaining weighted-average life of existing revenue assurance-type contracts. Liquidity and Debt Structure Buckeye had adequate liquidity with over $1 billion of available liquidity as of Dec. 31, 2024. There were approximately $150 million of outstanding borrowings and $29.2 million of LOCs on the company's $1.2 billion senior secured revolving credit facility (RCF) as of YE24. $21.1 million of the outstanding LOCs issued in support of Buckeye's sister company Buckeye Alternative Energy Infrastructure Solutions' obligations have subsequently been terminated. Buckeye also had just about $153 million of cash and cash equivalents on the balance sheet as of Dec. 31, 2024. Debt maturities are manageable with the upcoming maturity of a term loan B tranche due in November 2026 which had about $634 million outstanding as of Dec. 31, 2024. A portion of this TLB tranche was repaid as part of the senior unsecured notes issuance in January 2025. Buckeye also has senior unsecured notes maturities of $600 million due in December 2026 and $400 million due in December 2027. Issuer Profile Buckeye is a large liquid petroleum product pipeline and terminals operator with assets located across the East Coast, Midwest, Gulf Coast and Southeast region of the U.S. as well as in the Caribbean. Buckeye is wholly owned by IFM Global Infrastructure Fund. Summary of Financial Adjustments Cash distributions from equity investments such as FLIQ2 are added to EBITDA and equity earnings from such investments are excluded. 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 Buckeye Partners, L.P. has an ESG Relevance Score of '4' for Group Structure due to related-party transactions and credit support to affiliate companies, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Buckeye Partners, L.P. has an ESG Relevance Score of '4' for Financial Transparency due to its affiliate structure without transparency into affiliates, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Buckeye Partners, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- CC 1400 ALICEANNA: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- Matthew Cheney, Acting U.S. Trustee for Region 4, appointed an official committee to represent unsecured creditors in the Chapter 11 case of CC 1400 Aliceanna Street, LLC. The committee members are: 1. Edwin Bradley 600 Wood Glenn Ct. Timonium, MD 21093 2. SFO Ventures, LLC c/o David Schwinger 2519 P Street, N.W. Washington, DC 20007 (202) 365-2404 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 CC 1400 Aliceanna Street CC 1400 Aliceanna Street, LLC is a real estate development company based in Baltimore, Md. CC 1400 Aliceanna Street filed Chapter 11 petition (Bankr. D. Md. Case No. 25-12153) on March 13, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Nancy V. Alquist oversees the case. The Debtor is represented by: Brent C. Strickland, Esq. Whiteford, Taylor & Preston, LLP 8830 Stanford Blvd., Suite 400 Columbia, MD 21045 Tel: (410) 347-9402 Email: bstrickland@whitefordlaw.com CENTRAL FLORIDA: Gets Extension to Access Cash Collateral --------------------------------------------------------- Central Florida Construction Group, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Florida to use cash collateral until April 30, marking the second extension since the company's Chapter 11 filing. The court's previous interim order issued allowed the company to access cash collateral until April 2 only. The second interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, which projects total operational expenses of $88,000 for April. As protection, the U.S. Small Business Administration, The Ohio Casualty Insurance Company, and Nationwide Mutual Insurance Company were granted replacement security interests in, and liens on, all post-petition property of the company that is similar to their pre-bankruptcy collateral. The next hearing is scheduled for April 30. About Central Florida Construction Group Central Florida Construction Group Inc. is a construction company specializing in a wide range of residential and commercial services. Central Florida Construction Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-10051) on March 3, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor is represented by: Justin M. Luna Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 Email: bknotice@lseblaw.com COMPREHENSIVE INTERVENTIONAL: Taps Mac Restructuring as Advisor --------------------------------------------------------------- Comprehensive Interventional Care Centers, PLLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Arizona to employ Mac Restructuring Advisors, LLC as financial advisor. The firm's services include: a) working with the Debtors management and bankruptcy counsel to develop strategic organization options; b) working with Debtors management to improve financial accounting and controls, including cash management; c) assisting the Debtors in preparing financial forecasts and feasibility options; d) assisting the Debtors in the preparation of Monthly Operating Reports; and e) assisting the Debtors in the development of a plan of reorganization and related exhibits and analysis. The firm will be paid at the rate of $450 per hour. The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ted Burr, a partner at Mac Restructuring Advisors, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ted Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Rd. Scottsdale, AZ 85260 Tel: (602) 418-2906 Email: Ted@MacRestructuring.com About Comprehensive Interventional Care Centers, PLLC Comprehensive Interventional Care Centers PLLC is a multi-specialty medical practice with a team of experts in interventional radiology, vein care, podiatry, cardiology, and vascular surgery, offering cutting-edge treatments with minimal risk and recovery time. They focus on treating a wide range of conditions, including neuropathy, vascular diseases, vein issues, ulcers, and heart disease. Comprehensive Interventional Care Centers PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No.25-01225) on February 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Wesley D. Ray, Esq. at SACKS TIERNEY P.A. COTTON HOUSE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Cotton House Craft Brewers LLC d/b/a Triangle Beer Co. 307 S. Academy Street Cary, NC 27511 Business Description: Cotton House Craft Brewers LLC, also known as Triangle Beer Co., is a family-owned brewery in Cary, NC, committed to crafting unique and high-quality beers. With a focus on local ingredients, the Company collaborates with nearby farmers and artisans to deliver fresh, distinctive brews that reflect the community's spirit. In addition to beer, it offers food trucks and host private events. Chapter 11 Petition Date: April 8, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-01294 Judge: Hon. Joseph N. Callaway Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 E-mail: jfrost@bbflawfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Miles Brent Webb as managing member. 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/76KETCA/Cotton_House_Craft_Brewers_LLC__ncebke-25-01294__0001.0.pdf?mcid=tGE4TAMA D&B RENTALS: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------- On April 1, 2025, D&B Rentals Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports between $1 million to $10 million debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About D&B Rentals Inc. D&B Rentals Inc., doing business as Atlanta Tent Rental, is a family owned and operated business serving Georgia and the Southeast for over 25 years, specializing in providing tents, tables, chairs, staging, flooring, linens, and lighting and event services for various occasions, including weddings, corporate events, festivals, sporting events, inventory sales, and nonprofit gatherings. D&B Rentals Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10143) on April 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Robert C Lane, Esq. at THE LANE LAW FIRM. DORMIFY INC: Seeks to Extend Plan Exclusivity to June 19 -------------------------------------------------------- Dormify, Inc., asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 19 and August 18, 2025, respectively. The Debtor explains that it is undertaking other activities which will return funds to the estate, such as investigating preferential and/or fraudulent transfer issues, which are expected to further augment estate funds. For these reasons, the Debtor is currently undertaking activities which will significantly augment the estate and will thus make a chapter 11 plan process both possible and successful. However, proposing a chapter 11 plan before these activities can be completed would be premature and would not allow sufficient time to successfully secure these funds for the estate, which is necessary to determine the amount of recovery to creditors under a chapter 11 plan. In addition, the Debtor is working closely with the Committee, the Secured Noteholders and other parties in interest throughout this process; and has been working to settle any outstanding issues with these parties as they arise. The Debtor has thus made very "significant progress in negotiations with its creditors," satisfying another Adelphia factor. The Debtor thus asserts that there is sufficient "cause" for an extension of the Exclusive Periods. The Debtor claims that the extension of the Exclusive Periods will afford the Debtor time to augment the estate via a sale and via the other activities. For that reason, the extension of the Exclusive Periods will not harm parties in interest, but rather will benefit parties in interest as the Debtor augments the estate so that a feasible chapter 11 plan can be proposed. Accordingly, the Debtor should be afforded a full and fair opportunity to propose, negotiate, and seek acceptances of a chapter 11 plan. The Debtor believes that the requested extension of the Exclusive Periods is warranted and appropriate under the circumstances. The Debtor submits that the requested extension is realistic and necessary, will not prejudice (but rather, will benefit) the legitimate interests of creditors and other parties in interest, and will afford the Debtor a meaningful opportunity to pursue a consensual plan, all as contemplated by chapter 11 of the Bankruptcy Code. Dormify, Inc. is represented by: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com -and- Harley J. Goldstein, Esq. Ainsley G. Moloney, Esq. Joshua M. Grenard, Esq. William H. Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: harleyg@goldmclaw.com ainsleyg@goldmclaw.com joshuag@goldmclaw.com willt@goldmcl About Dormify Inc. Dormify, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-12634) on Nov. 18, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Thomas M. Horan oversees the case. The Debtor tapped Goldstein & McClintock, LLLP, as counsel and B. Riley Advisory Services as financial advisor. Reliable Companies is the Debtor's claims and noticing agent. EARTHSNAP INC: Hires Freeman Law PLLC as Legal Counsel ------------------------------------------------------ Earthsnap, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Freeman Law, PLLC as counsel. The firm will pursue any causes of action that the Debtor may have by way of adversary proceedings that would benefit the bankruptcy estate. Counsel may also be called on to defend Debtor in any adversary proceedings that might be filed with respect to this matter. Finally, it may also be necessary for Counsel to make appearances in state court matters that affect the bankruptcy estate. The firm will be paid at these rates: Gregory W. Mitchell $585 per hour Jason B. Freeman $735 per hour Associates $365 per hour Paralegal $250 per hour Paraprofessionals $165 per hour Legal Assistants $150 per hour The firm received from the Debtor a retainer of $25,000. In addition, the firm will receive reimbursement for work-related expenses incurred. As disclosed in court filings, Freeman Law's attorneys are "disinterested" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gregory W. Mitchell, Esq. Freeman Law, PLLC 1412 Main Street, Suite 500 Dallas TX 75202 Tel: (972) 463-8417 Email: gmitchell@freemanlaw.com About Earthsnap, Inc. EarthSnap Inc. is an Android developer. EarthSnap Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-60363) on June 17, 2024. In the petition signed by Eric Ralls, as CEO, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Kevin S. Wiley, Sr., Esq. at WILEY LAW GROUP, PLLC. ED'S COUNTRY: Unsecureds Will Get 2% of Claims over 3 Years ----------------------------------------------------------- Ed's Country Cooking & Bar-B-Que, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Second Amended Plan of Reorganization for Small Business dated March 12, 2025. The Debtor is an entity that was organized on or around February 15, 2008, in Russell County, Alabama. The Debtor is engaged in the business of operating a family-style restaurant that specializes in barbecue and southern style foods. The Debtor has approximately five individuals employed in differing capacities. The stock of the Debtor is owned solely by Eddie Simmons. Eddie Simmons and his son, Brandon Miles, are employed with the Debtor and are considered insiders. The registered agent for the Debtor is Eddie Simmons with an address of 1017 12th Place, Phenix City, Alabama 36867. The Debtor experienced financial hardship related, at least in part, to the negative economic impact caused by the COVID-19 Pandemic and/or the malingering effects thereof which are believed to have caused and/or resulted in a) a disruption in the chain of supply of various food products, b) an increase in the costs of food and related products, and c) difficulty with the retention of qualified employees. The Debtor also believes that it suffered losses because of employee theft. The imminent causes of filing this bankruptcy case were a) a padlock order by the Alabama Department of Revenue related to delinquent sales tax and b) a collection lawsuit filed in Jefferson County, Alabama. These events precipitated the filing of this bankruptcy case. This Plan proposes to pay certain creditors of the Debtor from cash flow from future earnings derived from the sales of food and related products. The Debtor intends to keep the assets within its bankruptcy schedules, excepting only the assets surrendered, if any, in the Plan. The Debtor does not intend to liquidate or dispose of any property within this Plan; however, if disposition or liquidation of property becomes necessary for a successful reorganization, the Debtor will undertake such necessary disposition or liquidation in accordance with the terms of this Plan. As set forth in this Plan, a secured creditor's claim will be treated as secured to the extent of the value of the creditor's interest in the estate's interest in the subject property and as unsecured to the extent that the value of the creditor's interest is less than the amount of the allowed claim. A secured creditor will retain its lien on the collateral under this Plan, to the extent of the secured value of the claim, unless there is an express provision herein that states otherwise. A secured creditor will receive payment on its secured claim, as set forth in this Plan, out of the Debtor's future earnings on the terms set forth herein this Plan. This Plan provides for payment to creditors holding administrative and priority unsecured claims. This Plan provides for a 2% distribution to creditors holding allowed non priority unsecured claims. Class 3 consists of non-priority unsecured creditors. The claim within Class 3 shall receive a 2% total distribution. The Debtor shall make three equal distributions, with the first distribution on the anniversary of the Effective Date and the two remaining distributions on each subsequent anniversary of the Effective Date thereafter. The allowed unsecured claims total $411,318.86. The claims within Class 3 are impaired. Class 4 consists of Equity Interests of the Debtor. The interests in this Class are the shares of stock held solely by Eddie Simmons who retains said interests within this Plan. Eddie Simmons will remain in a position of management of the reorganized debtor. The Debtor will retain its property (excepting the surrendered collateral identified herein, if any), subject to the encumbrances and liens thereon as provided herein, which will allow the Debtor to operate its business, earn revenue from the sales of food and related products, and pay its creditors holding priority, secured and unsecured claims from future earnings derived from such operations. As applicable and necessary, the Debtor submits all or such required amount of its future earnings or other future income as is necessary to effectuate the execution of this Plan. A full-text copy of the Second Amended Plan dated March 12, 2025 is available at https://urlcurt.com/u?l=5X1g0s from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Tel: (334) 263-7733 Fax: (334) 832-4390 Email: abush@bushlegalfirm.com About Ed's Country Cooking & Bar-B-que Ed's Country Cooking & Bar-Bque, Inc., is engaged in the business of operating a family-style restaurant that specializes in barbecue and southern style foods. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. M.D. Ga. Case No. 24-80995) on Aug. 16, 2024, listing $100,001 to $500,000 in both assets and liabilities. The Debtor tapped The Bush Law Firm LLC as counsel. EDELMAN FINANCIAL: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------------- Moody's Ratings has affirmed The Edelman Financial Engines Center, LLC's (Edelman) B3 corporate family rating and B3-PD probability of default rating. Moody's also affirmed the B2 backed senior secured debt ratings of its first lien term loan due April 2028 and revolving credit facility (RCF) and its Caa2 rating on the backed senior secured second lien term loan due October 2028. The outlook remains stable. RATINGS RATIONALE Edelman's B3 CFR reflects Edelman's substantially improved leverage, the sensitivity of its revenue to broad financial markets and the ongoing risk to leverage if the private equity owners opt for another debt-funded recapitalization. During 2024, Edelman's financial profile has strengthened with Moody's adjusted debt-to-EBITDA improving to 5.6x from 6.4x at the beginning of the year, largely driven by strong equity markets. The debt leverage improvement were also in part due to good cost control and lower marketing spend, reflecting the firm's transition from high cost radio marketing to low cost digital marketing. In addition, Edelman continues to make progress in generating positive Assets Under Management (AUM) net flows into it Employee Planning business. However, across its entire platform, Edelman had net outflows for the second consecutive year, led by sponsor terminations and 401(k) rollovers from the Workplace business. Finally, Moody's do not expect growth in EBITDA in 2025 as the company implements a new compensation plan for planners and invests in new talent and other business initiatives to help drive AUM growth over the long term. The stable outlook reflects Moody's views that Edelman will continue in its consistent underlying performance but the firm's financial policies may expose creditors to event risk. Furthermore, the company's new compensation model should incentive planners to seek referrals and along with the ongoing maturation of the digital market strategy should help improve flows into Wealth Planning. STRUCTURAL CONSIDERATIONS The first lien senior secured term loan and revolving credit facility are rated B2, one notch above the CFR, reflecting the seniority ranking above the Caa2-rated second lien term loan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Edelman's ratings include (1) debt-to-EBITDA sustained below 5.5x; (2) high single-to double-digit revenue growth rate; or (3) pre-tax income margin above 15% on a consistent basis. Factors that could lead to a negative outlook or downgrade of Edelman's ratings include (1) debt-to-EBITDA above 7.5x for a sustained period; (2) declines in customer acquisition rates and retention rates as well as fee rates or (3) sustained weakening of the company's liquidity profile. The principal methodology used in these ratings was Asset Managers published in May 2024. ELITA 7 LLC: Seeks to Hire SLIB II as Real Estate, Business Broker ------------------------------------------------------------------ Elita 7 LLC and Victoria Light LLC seek approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ SLIB II, Inc. d/b/a Senior Living Investment Brokerage as their real estate and business broker. The broker will market and sell the Debtor's property known as Donna Kay Rest Home, 16 Marble St., Worcester, MA 01603. The firm will receive a 4 percent commission based on the gross purchase price of the property. SLIB is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Toby Siefert SLIB II, Inc. d/b/a Senior Living Investment Brokerage 13 W Moody Avenue St. Louis, MO 63119 Phone: (314) 961-0070 Fax: (314) 961-0071 Email: siefert@slibinc.com About Elita 7, LLC Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble Street, Worcester, Mass. Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20, 2024. At the time of the filing, the Debtors reported $1 million to $10 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the cases. The Debtors are represented by John O. Desmond, Esq. ELNUNU MEDICAL: Seeks to Hire Shiryak Bowman Anderson as Attorney ----------------------------------------------------------------- Elnunu Medical P.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Shiryak Bowman Anderson Gill & Kadochnikov, LLP as its attorneys. The firm will render these services: (a) assist the Debtor in administering the Debtor's Chapter 11 case; (b) make such motions and court appearances or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (d) negotiate with the Debtor's creditors in formulating a plan of reorganization in this case; (e) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (f) render such additional services as the Debtor may require in this case. The firm will be paid at these hourly rates: Partner $625 Associate $475 Paralegals/Law Clerks $200 The firm received a pre-petition retainer of $25,000 from the Debtor. ` Btzalel Hirschborn, Esq., an associate at Shiryak Bowman Anderson Gill & Kadochnikov, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Btzalel Hirschborn, Esq. Shiryak Bowman Anderson Gill & Kadochnikov, LLP 80-02 Kew Gardens Rd., Ste. 600 Kew Gardens, NY 11415 Telephone: (718) 263-6800 Facsimile: (718) 520-9401 Email: bhirschhorn@sbagk.com About Elnunu Medical P.C. Elnunu Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-04732) on February 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Elizabeth S Stong presides over the case. The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman Anderson Gill & Kadochnikov, LLP as counsel. ELNUNU MEDICAL: Seeks to Hire Vestcorp LLC as Accountant -------------------------------------------------------- Elnunu Medical P.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Vestcorp, LLC as accountant. The firm will render these services: a. gather and verify all pertinent information required to compile and prepare monthly operating reports; b. prepare monthly operating reports for the debtor in this bankruptcy case; c. prepare any necessary reports pursuant to Rule 2015.3 of the Federal Rules of Bankruptcy Procedure regarding non-debtor businesses; d. prepare budgets, and financial disclosures; e. assist the Debtor in administering this case; f. render such additional services as the Debtor may require in this case. The firm's current hourly billing rates are: Managing Director $400 Principal $350 Accountant $250 Associate $195 As disclosed in a court filing, Vestcorp is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Irv Schwarzbaum, CPA Vestcorp, LLC 623 Eagle Rock Avenue, Suite 364 West Orange, NJ 07052 Tel: (973) 787-0123 Email: ischwarzbaum@vestcorp.net About Elnunu Medical P.C. Elnunu Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-04732) on February 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Elizabeth S Stong presides over the case. The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman Anderson Gill & Kadochnikov, LLP as counsel. ELNUNU MEDICAL: Taps Bochner PLLC as Special Litigation Counsel --------------------------------------------------------------- Elnunu Medical P.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Bochner PLLC as special litigation counsel. Bochner will prepare, file, and pursue an adversary proceeding on behalf of the Debtor and the Estate against Pinchas Halperin. The proposed litigation relates to an agreement that likely is in and of itself illegal, in which Mr. Halperin fraudulently appended the signature page of the Debtor's principal onto the purported agreement. The firm will be paid at these rates: Partner $700 per hour Associate $595 per hour Paralegals/Law Clerks $295 per hour The firm received an advance payment in the amount of $15,000. As disclosed in the court filings, Bochner PLLC is a "disinterested person" as that term is defined in 11 U.S.C. 101(14). The firm can be reached through: Jeremy M. Doberman, Esq. Bochner PLLC 1040 Avenue of the Americas, 15th Floor New York, NY 10018 Phone: (646) 971-0685 Email: Jeremy@bochner.law About Elnunu Medical P.C. Elnunu Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-04732) on February 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Elizabeth S Stong presides over the case. The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman Anderson Gill & Kadochnikov, LLP as counsel. EURO CONSTRUCTION: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Euro Construction, LLC received final approval from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral. The final order authorized the company to continue using collateral to pay their expenses including employee salaries, provided that creditors receive protection through replacement liens. Euro Construction was ordered to make the following scheduled payments to key creditors: Caterpillar Financial Services Corporation ($841.85/month) Summit Funding Group ($4,567.27/month) U.S. Small Business Administration ($360/month) Chrysler Capital ($874.84/month) TD Auto Finance ($597.29/month) Wells Fargo Vendor ($1,083/month) About Euro Construction LLC Euro Construction, LLC -- https://euroconstructionllc.com/ -- specializes in concrete, flagstone, sidewalks, walkways, driveways, patios, decks, landscaping and home improvement jobs. Euro Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.: 25-10440) on January 28, 2025. In its petition, the Debtor reported total assets of $445,397 and total liabilities of $1,193,214. The Debtor is represented by Marjorie Guymon, Esq. at Goldsmith & Guymon, PC. Caterpillar Financial Services, as lender, is represented by Robert R. Kinas, Esq. at Snell & Wilmer, L.L.P. FIBERCO GENERAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division issued an interim order allowing Fiberco General Engineering Contractors, Inc. to use cash collateral. The interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. The order also authorized the company to open a new debtor-in-possession account to hold $3,239.46 in adequate protection payments for secured creditors, subject to further court approval. Secured creditors are deemed adequately protected for the interim period. A final hearing on the motion is scheduled for April 24. About Fiberco General Engineering Contractors Inc. Fiberco General Engineering Contractors Inc. established in 1995, is a general engineering contractor based in Riverside, Calif. The company specializes in utility system construction and heavy and civil engineering projects. Fiberco General Engineering Contractors Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10912) on February 18, 2025. In its petition, the Debtor reported total assets of $2,451,262 and total liabilities of $2,989,654. Judge Scott H. Yun handles the case. The Debtor is represented by: Michael R. Totaro, Esq. Totaro & Shanahan, LLP Tel: 888-425-2889 Email: ocbkatty@aol.com FIRST WAY: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------- On April 4, 2025, First Way Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About First Way Inc. First Way, Inc. is a transportation and logistics company specializing in flatbed, step-deck, reefer conestoga, and dry van services. Founded in 2014, the Company provides reliable freight solutions using skilled drivers and late-model equipment. First Way, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01963) on April 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP. FLY7 INSTALLATIONS: Hires Bedi Legal P.C. as Bankruptcy Counsel --------------------------------------------------------------- Fly7 Installations LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Bedi Legal, P.C. as its attorney. The firm will render these services: a. amend or prepare the petition, lists, schedules and statements required by 11 U.S.C. Sec. 521; the pleadings, motions, notices and orders required for the orderly administration of the estate and to ensure the progress of this case; and to consult with and advise the Debtor in the reorganization of its businesses and the orderly administration of their assets; b. prepare for, prosecute, defend and represent the Debtor's interest in all contested matters, adversary proceedings and other motions and applications arising under, arising in or related to this case; c. advise and consult concerning administration of the estate in this case, concerning the rights and remedies regarding the Debtor's assets; concerning the claims of administrative, secured, priority and unsecured creditors and other parties in interest; d. investigate the existence of other assets of the estate; and, if any exist, to take appropriate action to have the same turned over to the estate, including instituting lawsuits and investigating whether lawsuits exist; e. interact with and file applications for approval by the Court of engagement of other professionals to be employed by the Debtor regarding services incident to the administration of the estate, preparation of the Plan of Reorganization and prosecution of causes of actions; and f. prepare a Plan of Reorganization for the Debtor and negotiate with all creditors and parties in interest who may be affected thereby; to obtain confirmation of a Plan and perform all acts reasonably calculated to permit the Debtor to perform such acts and consummate a plan. The firm received a retainer in the amount of $25,000. As disclosed in the court filings, Bedi Legal, P.C. is a "disinterested person," as defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Carolyn A. Bedi, Esq. John E. Bedi, Esq. Bedi Legal, P.C. 1305 Executive Blvd., Ste. 110 Chesapeake, VA 23320 Phone: (757) 222-5842 Fax: (757) 671-1682 Email: carolyn@bedilegal.com Email: john@bedilegal.com About Fly7 Installations LLC Fly7 Installations LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70482) on March 8, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Carolyn Anne Bedi, Esq. at Bedi Legal, P.C. represents the Debtor as counsel. FLYING STAR: Seeks to Hire Jones Day as Special Counsel ------------------------------------------------------- Flying Star LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Jones Day as special counsel. The Debtor needs the firm's legal assistance in connection with a suit filed in the U.S. District Court for the District of Arizona, captioned as Top Brand LLC et al. v. Cozy Comfort Company, LLC, Case No. 2:21-cv-00597. The firm will be paid at these rates: Partners $1,000 to $2,400 per hour Associates $450 to $1,350 per hour Paralegals $275 to $575 per hour The firm received from the Debtors a retainer in the amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joshua Mester, Esq., a partner at Jones Day, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joshua Mester, Esq. Jones Day 51 Louisiana Avenue N.W. Washington, DC 20001-2113 Tel: (202) 879-3939 About Flying Star LLC Flying Star LLC and affiliates are businesses primarily focused on the design, production, and sale of clothing items, particularly oversized hooded sweatshirts and wearable blankets. Flying Star LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11380) on February 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by: Michael S. Reynolds, Esq. SNELL & WILMER L.L.P. 600 Anton Blvd., Suite 1400 Costa Mesa CA 92626 Tel: (714) 427-7000 Email: mreynolds@swlaw.com FOOTBALL NATION: Hires Pathway Advisors as Investment Banker ------------------------------------------------------------ Football Nation Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Pathway Advisors, LLC as investment banker. The firm's services include: a. assisting the Debtor in marketing its assets for a sixty (60) day period (the "Marketing Period") consistent with a sale under section 363 of the Bankruptcy Code; b. assisting the Debtor in identifying and evaluating prospective purchasers for the Debtor's assets during the Marketing Period; c. notifying and communicating with prospective purchasers respecting the Proposed Sale during the Marketing Period; d. advising the Debtor in connection with negotiations, and aiding in the consummation of the Proposed Sale during the Marketing Period; e. delivery of a report regarding the marketing effort within fifteen (15) days of the end of the Marketing Period; and f. providing testimony, as necessary, with respect to matters on which Pathway has been engaged to advise hereunder in any proceeding before this Court. The firm will be paid at these rates: (a) a flat fee of $15,000, inclusive of expenses, to be earned upon delivery of the report regarding the marketing of the Debtor's assets, whether or not a counter-offer to the Stalking Horse Offer is received, plus (b) in the event of the receipt of a counter offer to the Stalking Horse Offer, five percent (5%) of the amount by which the ultimate sale price exceeds the Stalking Horse Offer (the "Enhancement Fee"); provided that: (i) the sale closes at a price higher than the Stalking Horse Offer, and (ii) to the extent any portion of the ultimate sale price is to be paid in the future, the corresponding percentage of the Enhancement Fee will be paid at the same time. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gerald Sherman, a partner at Pathway Advisors, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gerald Sherman Pathway Advisors, LLC 145 Wood Road Braintree, MA 02184 Tel: (617) 699-2756 Email: Gsherman@pathway-advisors.com About Football Nation Holdings, LLC Football Nation Holdings LLC, doing business as Command Media LLC, provides cutting-edge app and web development specializing in the application of advanced AI, enhanced live streaming, and real-time gamification. Football Nation Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12453) on December 5, 2024. In the petition filed by Laura Peck, as chief operating officer, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Janet E. Bostwick handles the case. FORESIGHT ENERGY: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. ------------------------------------------------------------------- Moody's Ratings downgraded Foresight Energy LLC's corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, and the rating on the company's senior secured term loan to Caa1 from B3. The rating outlook has been revised to negative from stable. RATINGS RATIONALE The downgrade of Foresight's CFR to Caa1 and revision of outlook to negative reflects significantly weaker than expected FY2024 results, and weak liquidity which could come under further pressure over the next 12 months. It also reflects the uncertainty around refinancing of the company's term loan which matures in June 2027, absent a significant improvement in prices over the next 12 months. Foresight generated Moody's adjusted EBITDA of $45 million in FY2024, which largely includes the benefit from insurance recoveries related to a prior claim, while weaker volumes and higher costs led to the underperformance relative to Moody's prior expectations. This is down significantly from $226 million of EBITDA generated in FY2023. Additionally, elevated capital spending drove significant negative free cash flow in 2024. This resulted in a material weakening of the company's liquidity. Foresight had a cash balance of $40 million at year-end 2024, including the benefit of insurance proceeds and a $25 million advance payment received from a customer during 4Q24, down from $88 million at year-end 2023. For 2025, while Moody's expects an improvement in earnings year-over-year with Moody's adjusted EBITDA of around $100 million, Moody's expects free cash flow to be negative, putting further pressure on the company's liquidity. The negative free cash flow results from the need for elevated capital expenditures over the next few years in order to support production levels at its mines in future years. While the company maintains some flexibility with regards to the timing of that spend, any significant deferrals could lead to reduced production capacity in future years. Foresight's Caa1 CFR is constrained by a small and concentrated portfolio of assets, history of recurring operational disruptions at its mines, inconsistent free cash flow generation since emerging from bankruptcy in June 2020, event risk related to the company's ownership structure, and the secular headwinds facing the domestic thermal coal industry. The rating is supported by the relatively low cost structure for its Illinois basin mines compared to other US coal basins, and limited amount of non-debt liabilities. Foresight's liquidity is weak. At December 31, 2024, the company had a cash balance of $40 million. The company does not maintain a traditional revolving credit facility. Moody's expects negative free cash flow in 2025, even with the assumption of higher EBITDA generation, as a result of elevated capital spending needs. The senior secured term loan does not have any financial maintenance covenants. The company's credit agreement includes a provision that would allow it to establish a revolving credit facility in the future. The negative outlook reflects the potential for significantly weak liquidity over the next 12 months as a result of negative free cash flow, even with a potential improvement in EBITDA generation. It also reflects increasing risk associated with the refinancing of its term loan maturity in June 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade is less likely given the negative outlook. However, Moody's could upgrade Foresight's rating, if the company consistently generates positive free cash flow, reduces gross debt, successfully refinances its term loan maturity, and does not experience operational disruptions at any of its mines. Moody's could downgrade the rating with expectations for significant weakening of the company's liquidity as a result of continued negative free cash flow generation, failure to refinance its term loan maturity before it becomes current, or if there are material operational disruptions at its mines. Foresight Energy LLC is a privately-owned coal producer with four longwall mines (three mining complexes) and more than 2 billion tons of coal reserves in the Illinois Basin. The company is owned by pre-petition creditors following emergence from bankruptcy in June 2020. Foresight generated approximately $584 million in coal sales revenue in FY2024. The principal methodology used in these ratings was Mining published in April 2025. FORWARD AIR: Fitch Affirms 'B' LongTerm IDR, Outlook Negative ------------------------------------------------------------- Fitch Ratings has affirmed Forward Air Corporation's and Clue Opco LLC's (collectively, FWRD) Long-Term Issuer Default Ratings (IDRs) at 'B'. The Rating Outlook is revised to Negative from Stable. Fitch has also affirmed Clue Opco's senior secured credit facilities and notes at 'B+' with a Recovery Rating of 'RR3'. The Negative Outlook reflects FWRD's heightened execution risk in stabilizing and improving its expedited freight business and sustaining commercial and operating strength amid higher uncertainty in freight markets in 2025. Persistent operating challenges or a greater-than-expected market weakening could deteriorate FCF and financial flexibility, resulting in a downgrade. Metrics for 2025 are weak for the 'B' level, with EBITDA interest coverage of 1.8x and EBITDA leverage around 6.0x. The ratings incorporate FWRD's focus on de-risking, progress on cost-out actions following the Omni Logistics (Omni) purchase, and path to operating improvements. FWRD specializes in premium transportation and forwarding services. Key Rating Drivers Execution and Freight Market Risks: In Fitch's view, pricing challenges in FWRD's expedited freight business have increased execution risks while it is also integrating and strategically aligning with Omni. This occurs alongside a freight environment facing greater uncertainty from trade policies and overall demand levels, particularly in the near term. Management has made progress on cost and integration actions and maintaining recent operating improvements in other aspects of the business are key to maintaining FWRD's cash flow profile. Fitch will monitor margin and EBITDA improvements as key indications of execution success. Fitch currently forecasts around $290 million of EBITDA (nearly 12%) in 2025, up from $252 million in 2024. This increase primarily reflects recent cost and pricing actions, limited direct exposure to China (a low-single digit proportion of revenue), and broader international freight services (a minority portion of the Omni business). Low but Positive FCF: Fitch forecast mildly positive FCF in 2025, which could strengthen over the medium term assuming continued execution and no significant disruption in the operating environment. Fitch has also included a moderating continuation of one-time costs, given the business transformation initiatives underway. Fitch expects discretionary cash flow to be allocated to deleveraging as FWRD pursues de-risking the business. Fitch views FWRD's near-term liquidity profile as adequate, considering the significant availability under its $300 million RCF, long-dated maturity profile (revolver in 2029, followed by term loan in 2031), and expectations of modestly positive FCF. FWRD's cushion to its leverage covenant would be at risk of diminishing if operating improvements lag, given the covenant steps down to 5.5x at YE 2026, from 6.75x at YE 2024 (5.5x actual at YE 2024). Forecasted 2x Coverage, 5.5x Leverage: Both EBITDA interest coverage and EBITDA leverage are expected to be weak for the 'B' rating level, at least in the near term. Fitch forecasts EBITDA interest coverage of about 1.8x in 2025, before potentially reaching 2.0x in 2026. EBITDA leverage is forecast to trend to nearly 6.0x in 2025 and around 5.5x in 2026. Fitch plans to monitor quarterly EBITDA and credit metric trends and evaluate rating headroom. Strategic Emphasis on De-Risking: Fitch believes management will remain committed to de-risking the business, considering its ties to FWRD's valuation, as it integrates the Omni business, pursues business transformation initiatives, and navigates uncertainty in freight markets. FWRD's board has also undertaken a strategic review of the business that could lead to portfolio transactions; however, Fitch's forecast excludes any transactions given the lack of details. Service Quality Supports Market Position: FWRD has differentiated itself from traditional less-than-truckload(LTL) operators by focusing on expedited or high-value freight, where premium service quality can capture outsized margins. The acquisition of Omni adds direct retail access, providing a significant addressable market in expedited LTL. Strong operational and cultural integration of the Omni business offers potential upside through cross-selling opportunities, but this is not incorporated in Fitch's forecast. Peer Analysis Fitch compares FWRD with other trucking and transportation companies, such as XPO, Inc. (BB+/Stable), TFI International, STG Distribution, LLC (CCC+), and Waste Pro USA, Inc (B+/Stable). FWRD has a niche market position, focusing on premium and expedited freight, which requires a higher degree of network speed and premium service quality, while XPO, TFI, and STG move more traditional freight. XPO and TFI are larger peers within the broader LTL market and benefit from large geographic networks. STG has overlap in its intermodal, drayage, and warehousing services. Fitch expects FWRD's coverage and leverage metrics to be in the high-1.0x and around 6.0x, respectively in 2025. XPO and TFI operate with relatively stronger credit metrics, including healthy interest coverage and EBITDA leverage around the mid-2.0x and mid-1.0x to low-2.0x, respectively. Waste Pro, as a municipal solid waste operator, benefits from a relatively steady and contracted cash flow profile, supporting leverage around the high-4.0x. STG Distribution's credit metrics and liquidity position are relatively weak as cash flow is dependent on a strengthening in the freight market in the next couple of years. Key Assumptions - Revenue of $2.5 billion in 2025, followed by low-single-digit growth thereafter, assuming a tepid freight market environment; - EBITDA of about $290 million in 2025, considering profitability improvement and cost-saving actions; - Capital intensity around 2% through the forecast; - One-time costs of around $50 million in 2025, a rough assumption potentially linked to transformation initiatives, before trending lower; - FWRD remains committed to de-risking and deleveraging, including debt repayment as the primary focus of FCF and any divestitures; - No divestitures or other portfolio actions. Recovery Analysis The recovery analysis assumes that FWRD would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. Fitch estimates FWRD's going concern EBITDA at $225 million. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which Fitch has based the enterprise valuation. This estimate reflects a persistently weak and competitive freight environment and significant customer loss. Fitch assumes FWRD would receive a going concern recovery multiple of 5.5x in this scenario. The multiple is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. Ultimately, FWRD's 5.5x multiple is driven by the company's market strength in expedited LTL, scale of its operating network, devaluation of the Omni business and comparable enterprise valuations among logistics providers. Fitch's recovery scenario assumes FWRD's $300 million revolver is fully drawn. These assumptions generate a 'B+' rating and an 'RR3' Recovery rating for the senior secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Challenges executing on operational initiatives that leads to EBITDA margins sustained below the low-double digits and FCF margin in the low-single digits or below; - EBITDA interest coverage sustained below 2.0x; - The liquidity position weakens as indicated by a material reduction in access to revolver availability; - EBITDA leverage sustained above 5.0x or FWRD faces challenges addressing near-term leverage covenant requirement. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Establishment and progress against long-term operating plans that sustainably improves FCF margin to 5% or higher; - EBITDA interest coverage is sustained above 3.0x; - Gross debt repayment supports EBITDA leverage sustained below 4.0x. Factors that Could, Individually or Collectively, Lead to a Revision of the Rating Outlook to Stable - A demonstrated stabilization in operating performance promoting a sustainable and meaningful improvement in EBITDA and/or cash flow generation; - EBITDA interest coverage and leverage improving towards 2.5x and 4.5x, respectively. Liquidity and Debt Structure Fitch believes FWRD has sufficient liquidity, including $105 million of cash and a $300 million RCF, with significant availability after considering $23 million of outstanding letters of credit. FWRD has a long-dated maturity profile with the revolver maturing first in 2029. In January 2025, amended its credit facility, downsizing the revolver to $300 million from $340 million, in exchange for additional covenant headroom. Equity-Like Preferred Shares Holders of the preferred shares have a material equity interest, which aligns their interest with other common equity. Fitch believes these interests will remain aligned and does not view the preferred shares as materially heightening default risk. Issuer Profile FWRD provides a range of asset-light, LTL-oriented transportation and freight forwarding operations, focused on U.S.-based customers and shipments, while also supporting global freight movements. This includes its global multi-modal solutions, via Omni. 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 ----------- ------ -------- ----- Forward Air Corporation LT IDR B Affirmed B Clue Opco LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ FPG INTERMEDIATE: Carlyle Marks $774,000 1L Debt at 35% Off ----------------------------------------------------------- Carlyle Credit Solutions, Inc. has marked its $774,000 loan extended to FPG Intermediate Holdco, LLC to market at $500,000 or 65% of the outstanding amount, according to Carlyle's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. Carlyle is a participant in a First Lien debt to FPG Intermediate Holdco, LLC. The debt accrues interest at a rate of 11.10% per annum. The debt matures on March 5, 2027. Carlyle indicates that variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate ("SOFR") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. As of December 31, 2024, the reference rates for variable rate loans were the 30-day SOFR at 4.30%, the 90-day SOFR at 4.29%, the 180-day SOFR at 4.25%, the daily SONIA at 4.70%, the 90-day EURIBOR at 2.79%, the 180-day EURIBOR at 2.63%, and the 30-day CORRA at 4.97%. Carlyle notes that loan includes interest rate floor feature, which ranges from 0.50% to 3.00%. The loan also represents a non-income producing security as of December 31, 2023. Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. Carlyle was elected to be regulated as a business development company under the Investment Company Act of 1940. Carlyle's core investment strategy focuses on lending to U.S. middle market companies, which it define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. It seeks to achieve investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans and second lien senior secured loans, with a minority of its assets invested in higher yielding investments. The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Carlyle invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Carlyle is led by Justin V. Plouffe, president and chief executive officer; Thomas M. Hennigan, chief financial officer; and Nigel D.T. Andrews as director. The company can be reached through: Carlyle Credit Solutions Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About FPG Intermediate Holdco, LLC FPG Intermediate Holdco, LLC operates funeral homes, as well as provides funeral services to its customers in the U.S. FRENCH SEAM: Unsecureds to Get Share of Income for 3 Years ---------------------------------------------------------- The French Seam, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Chapter 11 Plan dated March 11, 2025. The Debtor was founded in the spring of 2011 by entrepreneur Linda Compton and her daughter Courtney Young during the last recession with the mission of creating a community-centered resource for sewing and sewing products. This case is being filed to treat primary business debt that arose from loss of revenue as a result of COVID. This reorganization provides a critical opportunity for the Debtor to move forward without the weight of COVID-era debt that has stifled progress and growth. By alleviating these financial burdens, the business will finally have the resources to rebuild its operations, rehire staff, and reopen its classroom, restoring its full capacity to serve as a creative and inspiring hub for the community. As a woman-owned small business, the Debtor is an integral part of the community, providing not only unique sewing products but also a place where creativity and connection flourish. The hope remains that these efforts will allow the store to return to its full capacity, continuing to serve as a valuable resource for the community and beyond. The length of the Plan is three years. All property of the Debtor is treated by this Plan. Property of the Debtor includes all property listed on any schedule or pleading filed by the Debtor in this case. Class 4 consists of General Unsecured Claims. The members of this class shall receive three annual payments to be divided among the class members prorata. Such payments shall be in an amount equal to the Projected Disposable Income of the Debtor. The claims of the general unsecured creditors are impaired and they are entitled to vote on this Plan. Class 5 consists of Equity Interest Holders. All existing Equity Interest is maintained. The claim of the Equity Holders are unimpaired and are not entitled to vote on this Plan. The source of funds used in this Plan for payments to creditors shall be the net annual income of the Debtor for three years resulting from continued, normal business operations of the Debtor's business. After the Confirmation Date, Linda Compton and Courtney Young, insiders, will serve as officers of the Debtor. A full-text copy of the Chapter 11 Plan dated March 12, 2025 is available at https://urlcurt.com/u?l=T2yfaz from PacerMonitor.com at no charge. About The French Seam Inc. The French Seam, Inc., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-00814) on Feb. 24, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Judy Wolf Weiker of Manewitz Weiker Associates, LLC, serves as Subchapter V trustee. Judge Andrea K. Mccord oversees the case. The Debtor is represented By: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Tel: 317-833-3030 Email: jhester@hbkfirm.com GLOBAL VALUES: Hires Stone & Baxter LLP as Bankruptcy Counsel ------------------------------------------------------------- Global Values Barre VT QOZ, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Stone & Baxter, LLP as counsel. The firm will render these services: a. give Debtor legal advice with respect to the powers and duties of a Debtor-in-Possession in the continued operation of the business and management of Debtor's property; b. prepare on behalf of Debtor, as a Debtor-in-Possession, necessary applications, motions, answers, reports, and other legal papers; c. continue existing litigation, if any, to which Debtor-in-Possession may be a party and to conduct examinations incidental to the administration of its estate; d. take any and all action necessary to ensure the proper preservation and administration of Debtor's estate; e. assist Debtor-in-Possession with the preparation and filing of its Statements of Financial Affairs and schedules and lists as are appropriate; f. take whatever action is necessary with reference to the use by Debtor of its property pledged as collateral, including cash collateral, to preserve the same for the benefit of Debtor and secured creditors in accordance with the requirements of the Bankruptcy Code; g. assert, as directed by Debtor, all claims Debtor has against others; h. assist Debtor in connection with claims for taxes made by governmental units; i. assist Debtor in preparation of its Plan of Reorganization and confirmation thereto; and j. perform all other legal services for Debtor as Debtor-in-Possession that may be necessary. Stone & Baxter's standard hourly rates range between $200 and $405 for each attorney, and $135 for paralegals and research assistants, including all travel time. Stone & Baxter received an initial deposit of $11,738 from the Debtor, which includes the filing fee. The firm can be reached through: David L. Bury, Jr., Esq. STONE & BAXTER, LLP 577 Third Street Macon, GA 31201 Tel: (478) 750-9898 Fax: (478) 750-9899 Email: dbury@stoneandbaxter.com About Global Values Barre VT QOZ, LLC Global Values Barre VT QOZ, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-50379) on March 7, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Austin E Carter presides over the case. David L. Bury, Jr., Esq. at Stone & Baxter, LLP represents the Debtor as counsel. GLOBAL WOUND: Plan Exclusivity Period Extended to June 18 --------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Global Wound Care Medical Group's, a Professional Corporation, exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 18 and August 19, 2025, respectively. As shared by Troubled Company Reporter, Debtor claims that its dispute with the United States requires the Debtor to resolve numerous complex regulatory and legal issues related to the Medicare program and the False Claims Act before it can finalize its chapter 11 plan efforts. Representatives of the Debtor and related entities have been meeting regularly virtually with attorneys representing the United States, and had an in person meeting in Washington, D.C. with those same attorneys, with the goal of reaching a global settlement between the Debtor and related entities, and the United States. The Debtor explains that it operates in a heavily regulated industry while continuing to treat over 2,000 wounds daily. To achieve the Debtor's chapter 11 goals and maintain quality services to the Debtor's patients, the Debtor is required to, inter alia, maintain vendor relationships and manage 248 full-time and 36 part-time employees and contracts with 49 medical directors, all while engaging in critical negotiations with the United States and other key stakeholders. These highly complex tasks are essential to the Debtor's successful reorganization. In addition to making progress in the Debtor's negotiations with the United States regarding a resolution of the Payment Suspension through a global settlement, the Debtor has made substantive, good faith progress towards formulating a plan of reorganization and preparing adequate information and disclosures related thereto. The Debtor needs additional time to finalize a settlement with the DOJ, which will allow it to resolve issues related to the terms of a plan of reorganization. The Debtor notes that these chapter 11 protections, and the subsequent DOJ Stipulation with the United States, have afforded the Debtor with breathing room to participate in meaningful, good faith negotiations with the United States, which negotiations are integral to the Debtor's progress towards reorganization. However, despite good faith efforts by both the Debtor and the United States, a global settlement will not be achieved prior to the expiration of the Exclusivity Periods, and the Debtor requests this Court grant it an extension of the Exclusivity Periods so that the Debtor may continue working towards resolution of the issues with the United States. Counsel to the Debtor: Casey W. Doherty, Jr., Esq. Dentons US LLP 1300 Post Oak Blvd. Suite 650 Houston, TX 77056 Phone: (713) 658-4600 Email: casey.doherty@dentons.com - and - Samuel R. Maizel, Esq. Tania M. Moyron, Esq. Dentons US LLP 601 S. Figueroa Street Suite 2500 Los Angeles, CA 90017 Phone: (213) 892-2910 Email: samuel.maizel@dentons.com tania.moyron@dentons.com About Global Wound Care Medical Group Global Wound Care Medical Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34908) on Oct. 21, 2024, with $100 million to $500 million in both assets and liabilities. Owen B. Ellington, M.D., president of Global Wound Care Medical Group, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Casey W. Doherty, Jr., Esq., at Dentons US, LLP serves as the Debtor's legal counsel while Verita Global serves as notice, claims and balloting agent. Suzanne Richards is the patient care ombudsman appointed in the Debtor's case. GOAL POINT: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: Goal Point Bahavior Group LLC 644 Tallulah Trail Warner Robins, GA 31088 Business Description: Goal Point Behavior Group LLC is a provider of Applied Behavior Analysis (ABA) therapy, specializing in services for children with Autism Spectrum Disorder (ASD) and other developmental disabilities. The Company's team of certified professionals, including Behavior Analysts and Speech Language Pathologists, offers personalized therapy in clinic, at home, and through telehealth. With a focus on individualized treatment plans, Goal Point aims to empower families and improve the lives of children through effective, evidence-based interventions. Chapter 11 Petition Date: April 8, 2025 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 25-50578 Debtor's Counsel: Christopher W. Terry, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 E-mail: Chris@boyerterry.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by William Walton as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WFH3EUI/Goal_Point_Bahavior_Group_LLC__gambke-25-50578__0001.0.pdf?mcid=tGE4TAMA GOLDSBY ENTERPRISES: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Goldsby Enterprises, LLC c/o Agents and Corporations, Inc. 1201 Orange St Ste 600 Wilmington DE 19801 Business Description: Goldsby Enterprises, LLC specializes in the rental and leasing of various types of equipment and assets, excluding motor vehicles, motorcycles, and recreational vehicles. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-10664 Judge: Hon. Craig T Goldblatt Debtor's Counsel: Mark Billion, Esq. BILLION LAW 20184 Coastal Hwy., Suite 205 Rehoboth Beach, DE 19971 Tel: 302-428-9400 E-mail: markbillion@billionlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Kina Lane as sole member. The Debtor filed a list of its 20 largest unsecured creditors, but the list was empty. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7Q3Q7BI/Goldsby_Enterprises_LLC__debke-25-10664__0001.0.pdf?mcid=tGE4TAMA GREAT EDUCATION: Case Summary & Six Unsecured Creditors ------------------------------------------------------- Debtor: Great Education Partners, LLC, a Delaware limited liability company 806 N. Peoria Chicago, IL 60642 Business Description: Great Education Partners, LLC is an educational organization in Chicago, Illinois, offering early childhood education services. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-05324 Judge: Hon. Janet S Baer Debtor's Counsel: David K. Welch, Esq. BURKE, WARREN, MACKAY & SERRITELLA, P.C. 330 N. Wabash 21st Floor Chicago, IL 60611 Tel: 312-840-7122 E-mail: dwelch@burkelaw.com Total Assets as of March 31, 2025: $49,876 Total Liabilities as of March 31, 2025: $2,154,718 The petition was signed by Michael Golden sa responsible party. 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/LPZXOIY/Great_Education_Partners_LLC_a__ilnbke-25-05324__0001.0.pdf?mcid=tGE4TAMA HEALTHY SPOT: Seeks to Extend Plan Exclusivity to August 7 ---------------------------------------------------------- Healthy Spot Operating, LLC asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 7 and October 6, 2025, respectively. The Debtor explains that its management has a heavy workload due to the significant number of retail lease locations, ongoing operations, as well as the administrative burdens of this chapter 11 case. In addition, Debtor is in the midst of analyzing potential options for a sale of assets, as well as its strategies for business operations and reorganization options if no sale occurs with satisfactory terms and/or on a timely basis. The Debtor requires an extension of the Current Exclusivity Periods to fairly address these numerous issues. The Debtor claims that it has properly administered its Chapter 11 case in that the Debtor has complied with all of the material requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and the UST. Under these circumstances, an extension of the exclusivity periods for filing and obtaining confirmation of a plan of reorganization can be granted with the confidence that the Debtor is in full compliance with the requirements that are a condition to the Debtor maintaining its exclusive right to file a plan of reorganization and gain acceptance thereof. The Debtor asserts that its request is being made in good faith and not for the purpose of pressuring creditors into acceding to certain plan terms. The Debtor is not aware of any creditor whose claim or interest would be adversely affected or impaired by the granting of the relief requested herein. About Healthy Spot Operating Healthy Spot Operating, LLC is a pet care retail company in Torrance, Calif., which offers dog grooming, dog daycare and community experiences. Healthy Spot Operating filed Chapter 11 petition (Bankr. C.D. Cal. Case No. 24-20065) on December 10, 2024, with assets between $10 million and $50 million and liabilities between $1 million and $10 million. Mark Boonnark, chief executive officer of Healthy Spot Operating, signed the petition. Judge Deborah J. Saltzman oversees the case. The Debtor is represented by: David L. Neale, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: dln@lnbyg.com HERMS LUMBER: Hires Grobstein Teeple as Financial Advisor --------------------------------------------------------- Herms Lumber Sales, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Grobstein Teeple, as financial advisor. The firm's services include: a. monitor the Debtor's financial condition and operating performance; b. assist with preparation of Debtor's monthly operating reports; c. perform due diligence with respect to the assets and liabilities, business, financial conditions, and opportunities for Debtor to enhance its value; d. conduct an evaluation of Debtor's management and business operations; e. evaluate the collectability of insider notes, provide a valuation of Debtor's business; f. evaluate a potential sales price for the company; g. assist with the drafting of a Chapter 11 plan, including providing projections and valuations, as necessary; and h. perform any and all other services incident and necessary for the smooth administration of this bankruptcy case. The firm will be paid at these rates: Partners $425 to $700 per hour Managers/Directors $325 to $485 per hour Professionals $145 to $375 per hour Paraprofessionals $115 to $200 per hour The firm received a retainer of $7,500. Grobstein Teeple LLP will also be reimbursed for reasonable out-of-pocket expenses incurred. Kailey Wright, a principal of Grobstein Teeple LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kailey Wright Grobstein Teeple LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills, CA 91367 Tel: (818) 532-1020 About Herms Lumber Sales Inc. Herms Lumber Sales, Inc. specializes in the wholesale distribution of lumber and related construction materials. The Company offers a variety of products, including dense mixed hardwoods, softwoods, and plywood/OSB, catering to industries such as pallet manufacturing and construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on February 19, 2025. In the petition signed by Mark C. Herms, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Theodor Albert oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP represents the Debtor as legal counsel. HERMS LUMBER: Taps Mirsky Corporate Advisors as Special Counsel --------------------------------------------------------------- Herms Lumber Sales, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Mirsky Corporate Advisors, APC, as special counsel. The firm will assist the Debtor with respect to initiating adversary proceedings regarding its interests with respect to the MCA Loans and any and all legal services related thereto. The firm will be paid at these rates: Partners $650 Associates $275 Attorneys and Contract Attorneys $350 to $495 Paralegals $265 The firm received a $20,000 retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven J. Mirsky, Esq., a partner at Mirsky Corporate Advisors, a Professional Corporation, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven J. Mirsky, Esq. Mirsky Corporate Advisors, a Professional Corporation 901 Dove St., Ste. 120 Newport Beach, CA 92660 Tel: (949) 200-6837 Fax: (949) 521-0506 Email: smirsky@mmirskycorporateadvisors.com About Herms Lumber Sales Inc. Herms Lumber Sales, Inc. specializes in the wholesale distribution of lumber and related construction materials. The Company offers a variety of products, including dense mixed hardwoods, softwoods, and plywood/OSB, catering to industries such as pallet manufacturing and construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on February 19, 2025. In the petition signed by Mark C. Herms, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Theodor Albert oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP represents the Debtor as legal counsel. ICU MEDICAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of ICU Medical, Inc. at 'BB' and the senior secured instrument rating at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook remains Negative. The affirmation reflects Fitch's expectation that leverage will be maintained below 4.0x upon completion of the IV solutions transaction and the potential for meaningful margin expansion and consistent cash flow generation, assuming manageable impacts from tariffs on imported goods from Mexico and raw material costs. However, the Negative Outlook reflects Fitch's expectation that trade war escalation could have a significant effect on ICU Medical's credit profile and its ability to implement mitigation opportunities due to uncertainty. Fitch may revise the Outlook to Stable if ICU Medical exceeds profitability and cash flow projections through a favorable product mix, price increases, supply chain synergies, moderation in quality remediation activities, and manageable tariff implications. Key Rating Drivers Tariffs Elevate Uncertainties: Fitch expects the impact of the 25% tariff on non-USMCA compliant products from Mexico to be manageable. However, trade war escalation could create volatility in ICU Medical's profitability and cash flow profile. Manufacturing sites in Mexico account for nearly $1 billion of annual revenue, and Canada is the second-largest country in terms of revenue. Fitch believes mitigation opportunities will require time, capital, and, most importantly, clarity around trade policies. Over the forecast period, Fitch assumes some, but not all, incremental costs will be passed through to customers. Balance Sheet Deleveraging: Upon completion of the IV solutions transaction and a $200 million term loan repayment, Fitch expects EBITDA leverage to improve to approximately 3.5x in the near term compared with 4.4x for the fiscal year 2024. Fitch assumes ICU Medical will prioritize organic investments, and any excess cash above operational requirements will be directed toward debt repayment, assuming moderation in quality remediation, integration, and restructuring costs. Fitch expects the company will have sufficient headroom under its financial covenants before the maturities of the revolving facility and term loan A in 2027. Margin Improvements: Fitch projects EBITDA margins will expand by 140bps in 2025 from 15.3% in 2024 due to greater contributions from higher-margin consumables and infusion systems, as well as recent price increases and supply chain consolidation synergies. Over the forecast period, Fitch assumes margins will gradually expand to 18%, driven by incremental improvements in manufacturing absorption and price increases, partially offset by labor inflation and increases in research and development (R&D) spending and commercial resources to support growth opportunities. Robust End-Market Demand: Fitch forecasts revenue growth in the mid-single digits for consumables and infusion systems. Consumables revenue growth will be driven by new installations, increased demand for IV therapy and vascular access products, and price increases. Infusion systems revenue growth will be driven by demand for new equipment and Plum Duo sales, as well as opportunities to replace older hardware. However, Fitch believes ICU Medical will face competition from incumbents in the large volume pump market and challenges in stabilizing the vital care product portfolio. Consistent Cash Flow Generation: Fitch forecasts FCF margins of 2.5% in 2025 and 5.0% to 7.0% annually thereafter. This reflects Fitch's expectations of reduced spending on quality remediation and integration activities, normalization of manufacturing levels, and annual capital expenditure (capex) of $90 million to $100 million over the forecast period. Management believes that internal R&D activities will be sufficient to support growth opportunities in the medium term and does not expect bolt-on acquisitions to be a priority. Pure-Play Infusion Therapy: ICU Medical primarily focuses on the infusion therapy market compared to its larger, better-capitalized peers. The majority of its revenue is derived from products that hold top three market positions and from single-use consumables. Although the IV solutions transaction reduces product diversification, Fitch believes a focus on innovative product lines will benefit growth prospects over the long term. However, geographic concentration and a modest level of product differentiation impose some constraints on the IDR. Peer Analysis The 'BB' IDR reflects ICU Medical's strong position in the infusion therapy market, its significant portion of recurring revenue, and the essentiality of its products for patient care. Although the company benefits from international operations and manufacturing sites, it relies on the U.S. market and is less diversified by product offerings than its peers. ICU Medical's public peers have greater geographic and product diversification, larger operations, higher profitability, and lower leverage. Boston Scientific Corporation (A-/Stable) has a superior innovation profile and a track record of leverage maintenance. Becton, Dickinson & Company (BBB/Stable) has global leadership positions, scale, and distribution networks to compete with top-tier medical device, diagnostics, and product companies. Key Assumptions - Preferential treatment for USMCA compliant goods and a 25% tariff on non-USMCA compliant goods from Mexico; - The IV solutions joint venture transaction to close during the second quarter of 2025; - Revenue of $2.2 billion to $2.3 billion in 2025 and 2026, with annual organic revenue growth of 3.0% to 4.0% thereafter; - EBITDA margins of approximately 17% in 2025 and 17% to 18% thereafter; - Including interest rate swaps, effective interest rates of 6.0% to 7.0% over the forecast period; - Working capital will be a use of cash, averaging about 1.0% to 1.5% of revenue; - Annual capex of $90 million to $100 million; - Excluding the receivables (A/R) purchase program, FCF of $60 million in 2025 and more than $100 million annually thereafter; - In addition to term loan amortization, debt repayment of $200 million in 2025, with the revolving facility and term loan A refinancing at maturities; - Share repurchases of $100 million to $125 million annually after 2026, with no allocation of discretionary FCF toward acquisitions. Recovery Analysis The 'RR2' Recovery Rating assigned to the term loan B results from it being considered a Category 2 first-lien instrument, considering that ICU Medical maintains a revolving $150 million uncommitted A/R purchase program, which Fitch considers to be senior to the credit facilities in a bankruptcy scenario. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x, driven by declining growth prospects, margin contraction or material impact from tariffs and retaliatory actions; and - (CFO-capex)/debt maintained below 7.5% due to increased quality remediation and integration expenses. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.0x, driven by meaningful revenue growth, margin expansion or modest impact from tariffs and retaliatory actions; and - (CFO-capex)/debt maintained above 10.0% due to moderation in quality remediation and integration expenses. Liquidity and Debt Structure Liquidity is supported by $309 million of cash on hand and an undrawn revolving facility of $500 million as of Dec. 31, 2024. Fitch forecasts cash flow from operations (CFO) of $150 million in 2025 and more than $200 million annually thereafter. Fitch assumes that ICU Medical will prioritize balance sheet deleveraging over acquisitions and shareholder-friendly actions in the near term. However, cash outflows associated with quality remediation and integration activities can reduce the degree to which leverage will decline. ICU Medical has term loan amortization of $51 million in 2025 and $72 million in 2026. Following the term loan repayment upon completion of the IV solutions transaction, the company will have $464 million of term loan A and $793 million of term loan B maturing in 2027 and 2029, respectively. Over the forecast period, Fitch assumes effective interest rates of 6.0% to 7.0%. Issuer Profile ICU Medical, Inc. develops, manufactures and sells infusion systems, infusion consumables, and critical care products used in hospitals, alternative sites, and home care settings. The company serves customers in more than 100 countries. Summary of Financial Adjustments Fitch adjusts both historical and projected EBITDA to remove non-cash and non-recurring expenses, including stock-based compensation, product quality remediation expenses, loss on write-off of assets, and legal settlement. Fitch also includes the outstanding amount of the A/R purchase program in the total debt calculation. 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 ----------- ------ -------- ----- ICU Medical, Inc. LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ INET TAXI: Hires Law Offices of Alla Kachan P.C. as Counsel ----------------------------------------------------------- Inet Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Alla Kachan P.C. as attorney. The firm will provide these services: (a) assist the Debtor in administering this Chapter 11 case; (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as it deem appropriate; (d) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiate with the Debtor's creditor in formulating a plan of reorganization in this case; (f) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (g) render such additional services as the Debtor may require in this case. The hourly rates of the firm's counsel and staff are as follows: Attorneys $475 Clerks/Paraprofessionals $250 On Feb. 18, 2025, the firm received from the Debtor an initial retainer of $10,000. In addition, the firm will seek reimbursement for expenses incurred. Alla Kachan, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 About Inet Taxi Corp. Inet Taxi Corp. operates a taxi service in Rockaway Park, NY, owning taxi medallions 7L17 and 7L18, which allow it to operate yellow taxis in New York City. Inet Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40853) on February 20, 2025. In its petition, the Debtor reports total assets of $999,627 and total liabilities of $1,288,699. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor 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 Fax: (347) 342-3156 E-mail: alla@kachanlaw.com INET TAXI: Seeks to Hire Estelle Miller as Accountant ----------------------------------------------------- Inet Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a certified public accountant practicing in Bellmore, New York, as its accountant. The accountant will render these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating reports for the Debtor. Ms. Miller will be compensated at a monthly fee of $300. She also received an initial retainer fee of $3,000 from the Debtor. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Tel: (347) 570-7002 Email: estellemillercpa@gmail.com About Inet Taxi Corp. Inet Taxi Corp. operates a taxi service in Rockaway Park, NY, owning taxi medallions 7L17 and 7L18, which allow it to operate yellow taxis in New York City. Inet Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40853) on February 20, 2025. In its petition, the Debtor reports total assets of $999,627 and total liabilities of $1,288,699. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor 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 Fax: (347) 342-3156 E-mail: alla@kachanlaw.com INTERNATIONAL IMPULSE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- International Impulse, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to use cash collateral until April 23. The Debtor needs to use cash collateral to pay its employees and post-petition operating expenses. Its one-month budget shows total expenses of $1,605,405.98 for April. WestStar Bank may assert liens or an interest in the Debtor's cash collateral. As protection for the Debtor's use of its cash collateral, WestStar Bank was granted a post-petition lien on the Debtor's accounts and account receivables, with the same priority as its pre-bankruptcy lien. The Debtor believes that the value of WestStar Bank's collateral exceeds the amount of its respective debt, and that the bank's interests are adequately protected by a substantial equity cushion. The Debtor estimates that the Bank's collateral has a value of $3.876 million to $4.3 million. The promissory note secured by the Debtor's receivables held by WestStar Bank has a balance due of $2.4 million as of March 28,2025. Therefore, a substantial equity cushion exists in the collateral. The final hearing is scheduled for April 23. WestStar Bank is represented by: James W. Brewer, Esq. Kemp Smith, LLP P.O. Box 2800 El Paso, TX 79999-2800 Phone: 915.533.4424 Fax: 915.546.5360 jim.brewer@kempsmith.com About International Impulse Inc. International Impulse Inc. is a warehousing and storage services provider based in El Paso, Texas. International Impulse sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-30368) on March 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Christopher G. Bradley handles the case. The Debtor is represented by Corey Haugland, Esq. at James & Haugland, P.C. INTRUM AB: Gets Court Okay for Settlement w/ Minority Creditors --------------------------------------------------------------- Janine Phakdeetham of Bloomberg News reports that Intrum AB announced that the U.S. Bankruptcy Court has approved its settlement with a minority group of 2025 noteholders. The settlement is contingent on certain conditions precedent, which are expected to be fulfilled in the coming days. Intrum recently closed an investment partnership with Cerberus. A meeting on the company's reorganization plan is scheduled for April 15, 2025. The company secured backing from holdout bondholders by agreeing to pay certain fees. About Intrum AB Intrum AB is a provider of credit management services with a presence in 20 markets in Europe. By helping companies to get paid and supporting people with their late payments, Intrum leads the way to a sound economy and plas a critical role in society at large. Intrum has circa 10,000 dedicated professionals who serve around 80,000 companies across Europe. In 2023, income amounted to SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and publicly listed on the Nasdaq Stockholm exchange. On the Web: www.intrum.com/ On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of Texas LLC each filed a voluntary petition for the relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (Bankr. S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their Prepackaged Reorganization Plan. The cases are pending before the Honorable Christopher M. Lopez. Milbank LLP and Porter Hedges LLP are serving as counsel in the U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll Issuer ervices Limited is the information agent. Kroll Restructuring Administration is the claims agent. Brunswick Group is also serving as advisers to Intrum. Latham & Watkins LLP and Latham & Watkins (London) LLP, and Advokatfirmaet Schjodt AS, are advising a group of bondholders holding widely across Intrum AB's notes issuances (the "Notes Ad Hoc Group"). PJT Partners (UK) Limited is financial advisor to the noteholder ad hoc group. Weil Gotshal & Manges LLP is representing a group of short-dated bondholders holding primarily 2024- and 2025-maturing notes ("Minority Ad Hoc Group"). Ropes & Gray LLP is representing another minority group of bondholders. Clifford Chance US LLP is counsel to the group that collectively holds approximately 76 percent of the total commitments under the RCF (the "RCF Steerco Group"). INVATECH PHARMA: ets Extension to Access Cash Collateral -------------------------------------------------------- InvaTech Pharma Solutions, LLC received third interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The third interim order authorized the company to use cash collateral from Citibank N.A., Provident Bank and the U.S. Small Business Administration as per the budget, except for funds in Citibank IMMA Account ending 8856. As protection, the secured creditors will be granted replacement liens on post-petition assets, including receivables. As additional protection, Provident will receive payment of $13,500 per month. The next hearing is scheduled for April 22. Citibank, N.A. is represented by: Teresa Sadutto-Carley, Esq. Goetz Platzer LLP One Penn Plaza 31st Floor New York, NY 10119 Telephone: 212-593-3000 Facsimile: 212-593-0353 tsadutto@goetzplatzer.com Provident Bank is represented by: Angela Nascondiglio Stein, Esq. Meyner and Landis LLP One Gateway Center, Suite 2500 Newark, NJ 07102 (973) 602-3432 astein@meyner.com About InvaTech Pharma Solutions LLC InvaTech Pharma Solutions LLC, doing business as Inva Tech Pharma Solutions LLC and Inva-Tech Pharma Solutions LLC, is a specialty pharmaceutical company that develops, manufactures, and markets generic prescription products. The Company's cGMP-compliant facility supports ANDA scale manufacturing and packaging of tablets, capsules, and liquid in bottles. With a dedicated team, InvaTech is committed to meeting industry regulations, exceeding deadlines, and delivering exceptional service to its partners. InvaTech Pharma Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-11482) on February 13, 2025. In its petition, the Debtor reported estimated assets between $1 billion and $10 billion and estimated liabilities between $10 million and $50 million. Judge Christine M. Gravelle oversees the case. The Debtor is represented by Daniel M. Stolz, Esq., at Genova Burns, LLC. ISOR TAXI: Seeks Approval to Hire Estelle Miller as Accountant -------------------------------------------------------------- Isor Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a certified public accountant practicing in Bellmore, New York, as its accountant. The accountant will render these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating reports for the Debtor. Ms. Miller will be compensated at a monthly fee of $300. She also received an initial retainer fee of $3,000 from the Debtor. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Tel: (347) 570-7002 Email: estellemillercpa@gmail.com About Isor Taxi Corp. Isor Taxi Corp. is a taxi service provider based in Rockaway Park, NY, offering transportation services to local customers. Isor Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40854) on February 20, 2025. In its petition, the Debtor reports total assets of $1,023,036 and total liabilities of $1,288,340. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor 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 Fax: (347) 342-3156 E-mail: alla@kachanlaw.com JEA2 LLC: Gets OK to Use Cash Collateral Until December ------------------------------------------------------- JEA2, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of California to use cash collateral. The cash collateral consists of rents collected from the company's 154.59-acre undeveloped real property in Stanislaus County, Calif. The order authorized the company to use cash collateral from February to December to pay the expenses set forth in its budget. Creditors with an interest in the cash collateral will receive replacement liens on post-petition proceeds, with the same priority, validity and extent as their pre-bankruptcy liens. About JEA2 LLC JEA2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. Case 24-90615) on October 17, 2024. In the petition signed by Jeffrey Arambel, managing member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Ronald H. Sargis oversees the case. The Debtor is represented by: Anthony Asebedo Reynolds Law, LLP Tel: 916-679-5550 Email: anthony@reynoldslawllp.com JENCAR TRUCKING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Jencar Trucking Corp. received interim approval from the U.S. Bankruptcy Court for the District of New Jersey, Newark Vicinage, to use cash collateral for the period of 30 days from March 28. The Debtor needs to use cash collateral, including cash, receivables and deposit accounts to continue its business operations and pay necessary expenses. M&T Equipment Finance Corporation asserts an interest in the cash collateral. As protection, M&T will be granted a replacement lien on the Debtor's post-petition collateral, with the same priority as its pre-bankruptcy lien. In addition, M&T will receive a monthly payment of $8,479 as further protection. The final hearing is set for April 29. About Jencar Trucking Corp Jencar Trucking Corp. is a transportation company based in Randolph, N.J., operating a fleet of 14 trucks. Jencar Trucking filed Chapter 11 petition (Bankr. D. N.J. Case No. 25-13226) on March 28, 2025, listing $1,271,825 in total assets and $1,817,718 in total liabilities. Carlos Echeverri, president and chief executive officer, signed the petition. Judge Stacey L. Meisel oversees the case. Brian G Hannon, Esq., at Norgaard O'Boyle Hannon, represents the Debtor as legal counsel. M&T Equipment Finance Corp., as secured creditor, is represented by: Michael F.J. Romano, Esq. Romano Garubo & Argentieri 52 Newton Avenue, P.O. Box 456 Woodbury, NJ 08096 (856) 384-1515 mromano@rgalegal.com JILL'S OFFICE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Jill's Office, LLC received interim approval from the U.S. Bankruptcy Court for the District of Utah, Central Division, to use cash collateral. The interim order signed by Judge Peggy Hunt approved the use of cash collateral for the period from March 31 to April 23 to pay the expenses set forth in the Debtor's budget. The budget projects total expenses of $368,648.62 for the interim period. Each creditor with a valid and perfected interest in the Debtor's cash collateral as of the petition date was granted a replacement lien on the cash collateral. A final hearing is set for April 23. The Debtor aims to generate enough post-petition receivables to maintain operations and protect its senior secured creditors, the U.S. Small Business Administration and Stripe Servicing, Inc. SBA is believed to have a perfected security interest in all of the Debtor's assets, including cash collateral. This makes SBA the senior secured creditor. The Debtor owes approximately $645,000 to SBA. Stripe is the Debtor's credit card processor, and as such, it controls a significant portion of the Debtor’s receivables that are generated via credit card payments. Stripe may have a senior claim on certain post-petition receivables due to possession. As of the petition date, the Debtor owed $9,404 to Stripe. Stripe holds a possessory lien over the credit card receipts it processes. Given its control over these receivables, Stripe could have a senior security interest over SBA even though SBA filed a UCC financing statement first. The Debtor's business, providing receptionist services, generates monthly receivables of approximately $480,000, which are processed via credit card. The company has faced financial difficulty due to over-hiring and turned to Merchant Cash Advance lenders and family resources for support. The MCA lenders include Samson MCA LLC, Northeast Bank, Elite Funding, USA, Premium Merchant Funding 26, LLC, CFT Clear Finance Technology Corp., Daytona Funding Solutions, Smart Business, and King's Funding Group. About Jill's Office LLC Jill's Office, LLC provides professional, US-based 24/7 virtual receptionist and scheduling services designed to support businesses across various industries. The Company offers a range of services, including inbound call answering, appointment scheduling, live chat support for websites, and automated lead follow-ups (Lead Zap). Jill's Office specializes in delivering tailored, seamless communication solutions that enhance customer engagement while eliminating the need for businesses to hire in-house staff. The Company serves industries such as home services, real estate, health and wellness, finance, legal, and small businesses. Its mission is to ensure that businesses never miss calls or opportunities, offering reliable customer service around the clock. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21625) on March 27, 2025. In the petition signed by Brant Thurgood, member manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Peggy Hunt oversees the case. T. Edward Cundick, Esq., at WORKMAN NYDEGGER, represents the Debtor's counsel. JJK PROPERTIES: Unsecureds Will Get 8.91% of Claims over 5 Years ---------------------------------------------------------------- JJK Properties LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated March 12, 2025. JJK Properties LLC started operations in June 2018. The business, which operates under the name Sul Bing Su Katy, is a Korean dessert restaurant in an area known as Katy Asian Town in Katy, Texas. The Debtor is currently owned 50.00% by Kyongsun Sean Kim and 50.00% by Miyoung Kim. Mr. Kim will remain managing member and retain his 50.00% ownership interest going forward, and the other owners will similarly retain their ownership at the same percentages as existed prior to filing. In efforts to grow the business, Debtor began attempting to invest funds for future growth. The funds were lost in an apparent fraudulent scam. Debtor reported the scam to law enforcement, but the losses Debtor suffered caused the need for Debtor to file this case and reorganize the debts. Based on the plan projections, the Debtor's total projected disposable income, to be committed to the payment of claims for the period for sixty months is $140,830.37. The Debtor's Plan of Reorganization provides for the continued operations of the Debtors to make payments to its creditors as set forth in this Plan. Debtors proposed to pay allowed unsecured based on the liquidation analysis and cash available. Debtors anticipate having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtors will continue in business. Based upon the projections, the Debtors believes it can service the debt to the creditors. Debtors seek to confirm a consensual plan of reorganization so that all payments to creditors required under the Plan will be made directly by the Debtors to its creditors. If the Debtors must seek confirmation of this Plan pursuant to Section 1191(b) of the Bankruptcy Code, then the Subchapter V Trustee will act as payment administrator under the Plan. Class 4 consists of General Unsecured Claims. The general unsecured Creditor Claims shall receive $16,600.00 which is 8.91% of the total unsecured claims of $186,122.67. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years. These debts shall be paid at the end of each quarter, and that first quarter shall begin not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing for the life of the Plan. The payments shall be made out of the unsecured creditors pool of $186,122.67 distributed to unsecured creditors over the life of the Plan, but the first year of payments shall be reduced only by the amounts paid to the convenience creditors and only these unsecured creditors will receive distributions in years 1 to 5. This Class is impaired. The Debtor will continue operating its business to generate funds to fund plan payments. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive repayments over a period of time beginning on or after the Effective Date. A full-text copy of the Plan of Reorganization dated March 12, 2025 is available at https://urlcurt.com/u?l=9QBaDT from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. A. Zachary Casas, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About JJK Properties JJK Properties, LLC manages and operates a Korean dessert restaurant in an area known as Katy Asian Town in Katy, Texas. The Debtor sought relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-35845) on Dec. 12, 2024, listing under $1 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, PLLC, serves as the Debtor's counsel. LA NOTTE VENTURES: Court Extends Cash Collateral Access to May 7 ---------------------------------------------------------------- La Notte Ventures, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until May 7, marking the sixth extension since the company's Chapter 11 filing. The company will operate within 10% of the budget until its use of cash collateral is approved on a permanent basis. The U.S. Small Business Administration was granted replacement liens on all post-petition property of the company, including all cash collateral, to the same extent, validity, and priority as its pre-bankruptcy liens. As additional protection, SBA will continue to receive a monthly payment of $251. The company's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case to one under Chapter 7 or upon entry of a court order directing the cessation of the use of cash collateral. The next hearing is scheduled for May 6. About La Notte Ventures La Notte Ventures, Inc., doing business as La Notte Ristorante Italiano, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15860) on October 23, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. The Debtor is represented by: David R. Herzog, Esq. Law Office of David R. Herzog, LLC 53 W. Jackson Blvd., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 Email: drh@dherzoglaw.com LAKE BENNETT: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Lake Bennett Village-Ocoee, LLC 5237 Isleworth County Club Drive Windermere, FL 34786 Business Description: Lake Bennett Village-Ocoee, LLC owns five parcels of undeveloped vacant commercial property 955 Chicago Ave (2 parcels with this address), 1177 Chicago Ave, 1101 Chicago Ave and 355 Maine Street, located in Ocoee, FL 34761. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02001 Judge: Hon. Lori V Vaughan Debtor's Counsel: Jonathan M. Sykes, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Tel: 407-966-2680 E-mail: jsykes@nardellalaw.com Total Assets: $32,750,000 Total Liabilities: $27,422,219 The petition was signed by David Townsend as manager. The Debtor stated in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZUZIJ6A/Lake_Bennett_Village-Ocoee_LLC__flmbke-25-02001__0001.0.pdf?mcid=tGE4TAMA LAVIE CARE: To Sell Nursing Facility to 11565 Harts Road -------------------------------------------------------- LaVie Care Centers, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Transferred Assets in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtors operate skilled nursing facility, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. The Debtors proposes to sell in a private sale and transfer of operations and related Transferred Assets of the Debtor's facility located at located at 11565 Harts Road, Jacksonville, Florida 32218, free and clear of any and all liens, claims, encumbrances, or interests of any kind to 11565 Harts Road Opco LLC, a Florida limited liability company. The Debtors seek approval of the bid procedures for a sale of substantially all of their assets, including the operations and related assets of the Facility. The Debtors' Transfer Assets are comprised of: * all of its right, title, and interest in and to the Personal Property, and any other property acquired by the Debtor Operator under the Plan on and as of the Operations Closing Date; * all Assumed Contracts; * relevant employee records of Hired Employees; * (i) all medical records relating to current patients of the Facility; and (ii) medical records requested by New Operator reasonably necessary for regulatory compliance, billing purposes, or future audits; * the telephone and facsimile numbers of the Facility; * all Permits necessary for the operations of the Facility; * all rights and access to Resident Trust Funds; * all rights and interest in Intangible Property; * all right, title, and interest in and to that certain 2007 Ford E-250 EXT Cargo, VIN Number 1FTNS24W57DA78111. The Debtors assert that the contemplated operations transfer will allow the Debtors to reach agreement with New Operator to assume substantial liabilities, avoid significant future administrative rent obligations following the rejection and termination of the Existing Leases as contemplated by the OTA, and potential claims from their residents if the Facility was shut down or entered into state receivership. Other than Cure Costs that New Operator has expressly agreed to pay at Closing, the New Operator shall not assume or be liable for any liabilities, claims, counterclaims, rights, defaults, set offs, or recoupments under the Assumed Contracts arising on or before the Operations Closing Date. The Operations Closing Date will mean the date of the Operations Closing, which the parties intend to occur on May 1, 2025. The Debtors believe that consummating the Transactions to transfer the Debtor Operator's assets and operations to New Operator on a private basis is appropriate under the facts and circumstances. About LaVie Care Centers, LLC LaVie Care Centers, LLC, is the parent company of skilled nursing facility operators and providers, with facilities primarily located in Mississippi, North Carolina, Pennsylvania and Virginia. The company operates 43 licensed facilities, with 4,300 beds, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul Baisier in Atlanta. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Stout Capital, LLC as investment banker; and Ankura Consulting as financial advisor. M. Benjamin Jones, senior managing director at Ankura, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims agent, and maintains the page http://www.kccllc.com/LaVie The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The U.S. Trustee also appointed Joani Latimer as patient care ombudsman for patients at the Debtors' Virginia facilities; Victor Orija for North Carolina facilities; Lisa Smith for the Mississippi facilities; Margaret Barajas for the Pennsylvania facilities; and Terri Cantrell for the Florida facility. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. LEASING ONE: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------- On April 4, 2025, Leasing One Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. 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 Leasing One Inc. Leasing One Inc. is primarily engaged in providing over-the-road trucking services, including household goods, either as a common carrier or under special contracts or agreements. Leasing One Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05211) on April 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Saulius Modestas, Esq. at MODESTAS LAW OFFICES, P.C. LIFE CARE: Fitch Alters Affirms 'BB+' IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' rating on approximately $84 million of series 2021A fixed-rate revenue bonds issued by the St. Johns County, FL Industrial Development Authority on behalf of Life Care Ponte Vedra (d/b/a Vicar's Landing; VL). Fitch has also affirmed VL's Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook has been revised to Stable from Negative. Entity/Debt Rating Prior ----------- ------ ----- Life Care Ponte Vedra, Inc. (FL) LT IDR BB+ Affirmed BB+ Life Care Ponte Vedra, Inc. (FL) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation of the 'BB+' rating reflects VL's attractive location, high-end service offerings, considerable pricing power and historically good cost management despite recent expense pressures. However, it also takes into account a comparatively thinner financial profile due to an additional $66 million in debt for Phase III of the Oak Bridge project. Phase III will add 43 assisted living (AL) and 18 memory care (MC) units, as well as related common areas. Construction is underway and remains on budget. Project completion is anticipated in late 2026. The Outlook revision to Stable from Negative reflects reduced execution risk following the stabilization of Phase II of the Oak Bridge project and the paydown of $30 million in short-term debt associated with that project. Fitch expects VL to benefit from additional Oak Bridge independent living (IL) revenues and robust net entrance fees from turnover units. Through Fitch's forward look, including Phase III debt, VL's unrestricted liquidity stabilizes over 20% and debt service coverage remains above 1.5x in a stress case. SECURITY The series 2021A bonds are secured by a revenue pledge of the obligated group (OG). The OG consists of the existing VL Sawgrass campus, the Oak Bridge expansion campus, and the VL Foundation. KEY RATING DRIVERS Revenue Defensibility - 'a' High-End Life Plan Community (LPC) in a Quality Primary Market Area The strong revenue defensibility reflects VL's historically strong occupancy, limited competition, and preferable market position as a high-end LPC in an advantageous location adjacent to the TPC Sawgrass golf course in Ponte Vedra Beach, FL. IL occupancy has been slightly lower but trending back up since the 109 Oak Bridge IL units began to come online in FY22, averaging 90% and 92% in FY23 and FY24, respectively. At the end of FY24, IL occupancy at Sawgrass, the original campus, was 95.1% and occupancy at Oak Bridge was 97.3%. VL's AL and skilled nursing facilities (SNFs) are filled internally, with average occupancy remaining mostly steady at about 82% for both in FY24. The strong revenue defensibility also reflects the good primary market area (PMA); Ponte Vedra is one of the wealthiest communities in the Jacksonville area, with most of VL's residents coming from the local community. VL's desirable location and considerable local area wealth is one reason that VL is at the high end of the 'BB' category of ratings. VL's weighted average entrance fee of about $371,000 for the Sawgrass campus in FY24 is relatively low compared to the local market. The weighted average entrance fee of $641,000 for the Oak Bridge campus in FY24 is in line with local area housing prices. While competition is present in the broader region, it is limited in the immediate PMA. VL's waitlist has more than 390 prospective residents. Operating Risk - 'bbb' Solid Operations Despite Pressures; Ongoing Capex VL's midrange operating risk assessment reflects robust net entrance fees and a history of strong operating cost flexibility for Type A contracts, balanced by an uptick in agency usage, continued capital spending, and an expectation of elevated capital-related metrics due to increased debt associated with Phase III of the Oak Bridge project. Over the last five years, the operating ratio averaged 92.2% and the net operating margin adjusted (NOMA) averaged approximately 26.2%. 2024 results show a 103.5% operating ratio and a 36.7% NOMA. Higher operating expenses are primarily driven by persistent overages in contract labor for VL's Health Center and Home Health services, increased dining services wages and food costs from expanded meal services at Oak Bridge, and adjustments from the reconciliation of annual physical inventories. Fitch expects VL's operating ratio to revert closer to historical levels in FY25 as a full year of additional revenues from the new IL expansion units is realized. VL's average age of plant measured a very favorably low 5.2 years in FY24, and capex as a percentage of depreciation averaged 374% over the last five years. Capital spending is expected to be modest once Phase III of Oak Bridge is completed. VL's pro forma capital-related metrics are stressed. Smoothed maximum annual debt service (MADS) of $13.2 million includes a 30-year amortization of series 2024 bank financing and a yearly ground lease payment for the expansion project property. This MADS figure is projected to represent over 20% of FY25 revenues. Pro forma debt to net available, with Phase III's planned borrowings, is forecast to remain above 8x in the short to intermediate term. Financial Profile - 'bb' Thin Financial Profile Through a Moderate Stress At YE 2024, VL had unrestricted cash and investments of $32 million equating to cash-to-adjusted debt of about 28.5% and annual debt service coverage of 4.6x (as calculated by Fitch). The cash-to-adjusted debt is light for the rating level. Total adjusted long-term debt of about $126 million includes $42.3 million in capitalized leases and a drawdown of about $5 million of series 2024 debt. Fitch used a MADS figure of $4.5 million to calculate debt service coverage of 4.6x, but VL will be tested on a higher MADS figure that includes ground lease payments started in 2024 and fully included in 2025. Coverage of MADS of $7 million, which includes the ground lease payment, would be 3.2x. Fitch's stress case, which includes a portfolio sensitivity tailored to VL's asset allocation and operational and entrance fee stresses, shows the financial profile remaining consistent with the 'bb' rating criteria. The successful fill up of earlier Oak Bridge project phases and paydown of $30 million in associated short-term debt has significantly reduced execution risk of the project. In Fitch's stress case, VL has the capacity to absorb the $66 million of Phase III debt while unrestricted liquidity stabilizes over 20% and debt service coverage remains above 1.5x. Fitch notes VL has limited additional debt capacity at the current rating. VL continues to transition Sawgrass to mostly nonrefundable contracts. There could be near-term year-to-year volatility in net entrance fee receipts, depending on the number of fully refundable contracts that turn over in a year, as the net proceeds will be lower given a higher refund relative to the entrance fee coming in. However, Fitch believes that VL will be better positioned for the long term once those fully amortizing contracts begin to turn over in about three to seven years. Most Phases I and II Oak Bridge residents and depositors chose the fully amortizing contract. Asymmetric Additional Risk Considerations No asymmetric risks informed the rating assessment outcomes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in unrestricted liquidity such that cash to adjusted debt falls below 20%; - Weaker operating performance such that debt service coverage is consistently under 1.4x; - Unexpected challenges executing Phase III of the Oak Bridge project leading to delays and/or cost overruns. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Growth in unrestricted liquidity such that cash to adjusted debt stabilizes over 40% through Fitch's forward look; - Stronger operating performance such that debt service coverage stabilizes above 2x. PROFILE VL is a Type A LPC consisting of 373 IL units, 36 private AL units, and a 60-bed SNF. The community is located in Ponte Vedra Beach, FL, approximately 25 miles southeast of downtown Jacksonville. Historically, most residents had been on refundable entrance fee contracts, but VL has been transitioning to nonrefundable contracts, and its associated refundable entrance fee liability has declined. VL recorded approximately $53.2 million in total operating revenue in fiscal 2024. The sole corporate member of VL is Life Care Pastoral Services (LCPS). There are no cross-obligations between VL and LCPS. Sources of Information In addition to the sources of data 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. MAGNATE CORP: Hires Ford & Semach P.A. as Bankruptcy Counsel ------------------------------------------------------------ Magnate Corp., LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. as bankruptcy counsel. The firm will render these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property; if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. Ford & Semach's professionals will be paid at these hourly rates: Buddy D. Ford, Attorney $450 Jonathan Semach, Attorney $400 Heather Reel, Attorney $350 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $22,000. Jonathan A. Semach, Esq., an attorney at Ford & Semach, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Jonathan A. Semach, Esq. Ford & Semach, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615 Telephone: (813) 877-4669 Facsimile: (813) 877-5543 Email: Jonathan@tampaesq.com 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. MATERIAL HOLDINGS: Carlyle Marks $3.3 Million 1L Loan at 74% Off ---------------------------------------------------------------- Carlyle Credit Solutions, Inc. has marked its $3,378,000 loan extended to Material Holdings, LLC to market at $877,000 or 26% of the outstanding amount, according to Carlyle's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. Carlyle is a participant in a First Lien debt to Material Holdings, LLC. The debt accrues interest at a rate of 10.29% per annum. The debt matures on August 19, 2027. Carlyle indicates that the debt was on non-accrual status as of December 31, 2024 and the loan includes a credit spread adjustment that typically ranges from 0.10% to 0.43%. Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. Carlyle was elected to be regulated as a business development company under the Investment Company Act of 1940. Carlyle's core investment strategy focuses on lending to U.S. middle market companies, which it define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. It seeks to achieve investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans and second lien senior secured loans, with a minority of its assets invested in higher yielding investments. The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Carlyle invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Carlyle is led by Justin V. Plouffe, president and chief executive officer; Thomas M. Hennigan, chief financial officer; and Nigel D.T. Andrews as director. The company can be reached through: Carlyle Credit Solutions Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Material Holdings, LLC Material Holdings, LLC, formerly known as LRW Group (Lieberman Research Worldwide), is a marketing services and digital transformation consultancy, now known as Material+, focusing on customer experience transformation and insight-driven brand strategy. MAXTIN INC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Maxtin, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral from March 28 to April 15. The cash collateral will be used for ongoing operational expenses. The Debtor intends to maintain operations, generate income, and eventually propose a plan to reorganize. The Debtor provided a budget that outlines income and projected expenses. It anticipates $80,000 in sales income each month, with costs totaling approximately $75,319.89 to $81,569.89, resulting in a slight positive or negative cash flow. Comerica Bank, the Debtor's secured creditor, holds liens on the Debtor's property, including accounts, equipment, inventory, and other assets. As protection, Comerica was granted post-petition replacement liens on the Debtor's assets and proceeds (excluding Chapter 5 claims). These liens are automatically perfected and co-extensive with Comerica's pre-bankruptcy liens. The next hearing is scheduled for April 15. About Maxtin Inc. Maxtin Inc., doing business as Morrison Architectural Sign Company, is a manufacturer of architectural signage based in Dallas, Texas. The company specializes in producing custom signs using various fabrication methods including digital printing, laser cutting, and CNC machining, as evidenced by its financed equipment including Mutoh XpertJet printers, HP Latex printers, and Boss Laser systems. The company works with various materials including plastics and other fabrication supplies from vendors like E&T Plastics and Gyford Productions. Maxtin Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40871) on March 28, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Howard Marc Spector, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Comerica Bank, as secured creditor, is represented by: Michael P. Menton, Esq. Danika Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, Texas 75219 Phone: (214) 520-3300 Fax: (214) 526-4145 mmenton@settlepou.com dlopez@settlepou.com MIDWEST MOBILE: Seeks to Hire Arndt & Company as Accountant ----------------------------------------------------------- Midwest Mobile Imaging, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Arndt & Company, LLC as accountant. The firm will prepare the Debtor's federal and state corporate income tax returns, for preparation and compilation of financial and accounting, bookkeeping, and consulting services as requested. The firm charges an hourly rate $200. As disclosed in the court filings, Arndt & Company and its members are disinterested parties as defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Theresa Arndt, CPA Arndt Company, CPAs 2925 E Battlefield Road, Suite 225-A Springfield, MO 65804 Tel: (417) 882-9000 Fax: (417) 882-9003 Email: arndt@arndtcpas.com About Midwest Mobile Imaging Midwest Mobile Imaging, LLC is a full-service mobile diagnostic x-ray services provider in Springfield, Mo. Midwest Mobile Imaging sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60002) on January 3, 2025, with up to $500,000 in assets and up to $10 million in liabilities. Dan Taylor, member of Midwest Mobile Imaging, signed the petition. Judge Brian T. Fenimore oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, PA, represents the Debtor as legal counsel. MK ARCHITECTURE: Amends TD Bank Secured Claims Pay -------------------------------------------------- MK Architecture PC submitted an Amended Small Business Plan of Reorganization under Subchapter V dated March 12, 2025. The Plan will be funded primarily with all of the Debtor's Disposable Income projected for the next five years. The Debtor has projected its Disposable Income to be approximately $3,000.00 per quarter ($1,000.00 per month). The projections reflect the seasonality of the Debtor's business. The Disposable Income will be placed by the Debtor into the Plan Fund which shall be maintained in a segregated bank account. The Plan Fund and Plan will be funded with at least $36,000.00 in total. It is anticipated that this will yield a distribution of less than 10% to Unsecured Creditors. Distributions under the Plan will be made by the Disbursing Agent on a semi-annual basis (i.e. the Disbursing Agent will remit payment to the holders of Allowed Claims on a quarterly basis following the Effective Date). Class 1 consists of one secured claim held by TD Bank, N.A. in the outstanding sum of $178,078.54 as of May 28, 2024 plus interest, fees, costs and legal fees accrued thereafter as provided for in the Promissory Note dated December 3, 2010 and any and all documents executed in conjunction therewith (collectively, the "TD Bank Loan Documents") executed by the Debtor in favor of TD Bank. The Debtor will pay this amount as follows: Fifty-nine payments of $3,724.34 which is inclusive of principal and interest at a rate of 9.75% per annum and in month sixty, a balloon payment of any outstanding principal and accrued and unpaid interest, fees, costs and legal fees as provided for in the TD Bank Loan Documents. The payments, as provided for hereunder, shall commence on January 3, 2025 or on the 3rd day of the first month after the entry of an order confirming the Debtor's plan of reorganization, whichever is earlier. The payments will be due on the 3rd day of each month. Nothing in this Article and/or the Plan, prohibits, releases, modifies or in any way affects the liability of Peter Rissetto and/or any third party obligated to TD Bank pursuant to the TD Bank Loan Documents and/or the Commercial Guaranty executed on October 6, 2016 by Peter Rissetto in favor of TD Bank (the "Rissetto Guaranty"). Finally, nothing in this Article and/or Plan prohibits, releases, modifies or in any way affects TD Bank from enforcing those claims held by TD Bank against Peter Rissetto and/or any third party obligated to TD Bank pursuant to the Rissetto Guaranty and/or TD Bank Loan Documents. Like in the prior iteration of the Plan, holders of Allowed General Unsecured Claims in Class 4 will receive distribution on a pro rata basis in quarterly installments from the Plan Fund. The Debtor shall take all necessary steps and perform all necessary acts to consummate the terms and conditions of the Plan; and shall comply with all orders of the Court, including funding the Plan. The Confirmation Order shall contain appropriate provisions, consistent with section 1142 of the Bankruptcy Code, directing the Debtor and any other necessary party to execute or deliver or to join in the execution or delivery of any instrument required to effectuate the Plan. Except as set forth elsewhere in the Plan, all payments required to be made under the Plan shall be made by the Disbursing Agent. A full-text copy of the Amended Subchapter V Plan dated March 12, 2025 is available at https://urlcurt.com/u?l=Mfi1kb from PacerMonitor.com at no charge. Counsel for the Debtor: Anne Penachio, Esq. PENACHIO MALARA LLP 245 Main Street-Suite 450 White Plains, NY 10601 Telephone: (914) 946-2889 Email: frank@pmlawllp.com About MK Architecture PC MK Architecture PC is in the business of providing architectural services to businesses and individuals primarily based in New York City and the New York Metropolitan area. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22467) on May 28, 2024, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Sean H. Lane presides over the case. Anne J. Penachio, Esq., at Penachio Malara LLP, is the Debtor's counsel. MMK SUBS: Gets Final OK to Use Cash Collateral ---------------------------------------------- MMK Subs, LLC received final approval from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The final order authorized the company to use cash collateral to pay the expenses set forth in its 13-week budget, with a 125% spending cap. The budget projects total cash disbursements of $267,644 for the period from Feb. 23 to May 24. SouthState Bank, as successor to Atlantic Capital, may assert an interest in the cash collateral. This pre-bankruptcy lienholder will be granted liens on all assets of the company and its estate other than the proceeds of any avoidance actions as protection for the use of its cash collateral. In addition, SouthState Bank will continue to hold liens, rights as assignee and security interests in proceeds, products, offspring, or profits acquired by MMK Subs after the petition date. In case these liens are insufficient to protect SouthState Bank, the lienholder will be granted an allowed administrative claim against MMK Subs. A continued budget must be filed by April 11, 2025, for cash collateral use beyond May 3, 2025. A hearing (if needed) is scheduled for April 17, 2025, at 1:00 PM. About MMK Subs LLC MMK Subs, LLC filed Chapter 11 petition (Bankr. D. Maine Case No. 25-20019) on February 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Michael Koman, president of MMK Subs, signed the petition. Judge Michael A. Fagone oversees the case. Adam Prescott, Esq., Bernstein Shur Sawyer & Nelson, PA, represents the Debtor as legal counsel. SouthState Bank, as pre-petition lienholder, is represented by: Jeremy R. Fischer, Esq. Drummond Woodsum 84 Marginal Way, Suite 600 Portland, Maine 04101 Telephone: (207) 772-1941 Email: jfischer@dwmlaw.com MOG PROPERTIES: Seeks to Hire Villa & White as Bankruptcy Counsel ----------------------------------------------------------------- MOG Properties LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Villa & White LLP as counsel. The firm will render these services: (a) assist and advise the Debtor relative to its operations as a debtor-in-possession, and relative to the overall administration of this Chapter 11 case; (b) represent the Debtor at hearings to be held before this Court and communicate with its creditors regarding the matters heard and the issues raised, as well as the decisions and considerations of this Court; (c) prepare, review, and analyze pleadings, orders, operating reports, schedules, statements of affairs, and other documents filed and to be filed with this Court by the Debtor or other interested parties in this Chapter 11 case; advise the Debtor as to the necessity, propriety and impact of the foregoing upon this Chapter 11 case; and consent or object to pleadings or orders on behalf of the Debtor; (d) assist the Debtor in preparing such applications, motions, memoranda, adversary proceedings, proposed orders and other pleadings as may be required in support of positions taken by the Debtor, as well as preparing witnesses and reviewing documents relevant thereto; (e) coordinate the receipt and dissemination of in formation prepared by and received from the Debtor and the Debtor's accountants, and other retained professionals, as well as such information as may be received from accountants or other professionals engaged by any official committee; (f) confer with the professionals as may be selected and employed by any official committee; (g) assist and counsel the Debtor in its negotiations with creditors, or Court appointed representatives or interested third parties concerning the terms, conditions, and import of a plan of reorganization and disclosure statement to be proposed and filed by the Debtor; (h) assist the Debtor with such services as may contribute or are related to the confirmation of a plan of reorganization in this Chapter 11 case; (i) assist and advise the Debtor in its discussions and negotiations with others regarding the terms, conditions, and security for credit, if any, during this Chapter 11 case; (j) conduct such examination of witnesses as may be necessary in order to analyze and determine, among other things, the Debtor's assets and financial condition, whether the Debtor has made any avoidable transfers of its property, and whether causes of action exist on behalf of the Debtor's estate; and (k) assist the Debtor generally in performing such other services as may be desirable or required pursuant to Sec. 1107 of the Bankruptcy Code. Morris E. "Trey" White III, a partner in the Firm, will be primarily responsible for the supervision of the case and the coordination and delegation of its administration. His current rate is $400 per hour. In addition, the firm will seek reimbursement for expenses incurred. Mr. White disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Morris E. "Trey" White III, Esq. Villa & White LLP 1100 NW Loop 410 Ste 802 San Antonio, TX 78213 Tel: (210) 625-4313 About MOG Properties LLC MOG Properties, LLC operates a outside bar venue in New Braunfels, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50369-mmp) on February 28, 2025, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Michael M. Parker oversees the case. Morris E. White, III, Esq., at Villa & White LLP, represents the Debtor as legal counsel. MOM CA: Gets Interim OK to Use Cash Collateral Until April 15 ------------------------------------------------------------- MOM CA Investco, LLC and affiliates received second interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral through April 15 to pay their expenses. The companies were authorized to use cash collateral to pay ordinary and necessary business expenses as set forth in the budget, with a 25% variance limit per week. As protection for the use of their cash collateral, real property lenders were granted replacement liens on assets of the companies to the same extent and with the same validity, priority and enforceability as their pre-bankruptcy liens. The companies' right to use cash collateral terminates on April 15, unless extended by court order or lender agreement. A final hearing is scheduled for April 15. About MOM CA Investco LLC 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. MOORE HOLDINGS: Gets OK to Use Cash Collateral Until April 30 ------------------------------------------------------------- Moore Holdings, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of California to use cash collateral until April 30. The order signed by Judge Ronald Sargis authorized the company to use cash collateral to pay the expenses set forth in its budget. Moore Holdings may adjust individual line-item expenses by up to 10%, provided total spending does not exceed 5% of the monthly budget. Creditors with an interest in the cash collateral were granted replacement liens on post-petition proceeds to the same extent as their prior secured claims. A continued hearing is set for April 24. About Moore Holdings LLC Moore Holdings, LLC is a single asset real estate company headquartered in Roseville, California. Moore Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-20053) on January 8, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Ronald H. Sargis handles the case. Stephan M. Brown, Esq., at The Bankruptcy Group, P.C. represents the Debtor as legal counsel. MOWBRAY WATERMAN: Hires Lee & Associates as Real Estate Broker -------------------------------------------------------------- Mowbray Waterman Property, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Lee & Associates Walnut Creek Commercial Real Estate Services, Inc., and Lee & Associates Commercial Real Estate Services, Inc. - Riverside as real estate brokers. L&A Riverside will market and sell the Debtor's real property located at 386 S. Allen St., San Bernardino, CA. L&A WC will market and sell the Debtor's real property located at 9546 Elder Creek Rd., Sacramento, California, 95829-9306. The firms will be paid a commission of 6 percent of the gross sales price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Les Copelin Lee & Associates Commercial Real Estate Services, Inc.- Riverside 3240 Mission Inn Avenue Riverside, CA 92507 Tel: (310) 951-276-3629 - and - Michael Walker Lee & Associates Walnut Creek Commercial Real Estate, Inc. 1407 Oakland Blvd, Suite 103, Walnut Creek, CA 94596 Tel: (925) 239-1430 About Mowbray Waterman Property, LLC Mowbray Waterman Property, LLC is a real estate company based in San Bernardino, Calif., specializing leasing of commercial and residential properties. Mowbray Waterman Property sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10930) on February 19, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark D. Houle handles the case. The Debtor is represented by Lauren Gans, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP. NITRO DOWNHOLE: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On April 4, 2025, Nitro Downhole 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 $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Nitro Downhole LLC Nitro Downhole LLC is an oil field services company based in Nordheim, Texas, specializing in construction, repair, and dismantling services for the oil and gas industry. Established in 2010, the Company supports energy extraction operations. Nitro Downhole LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-60027) on April 4, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. NORTH JERSEY TIRE: Seeks to Hire Gillman Capone LLC as Attorney --------------------------------------------------------------- North Jersey Tire, Auto and Truck Repair, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Gillman Capone LLC as attorneys. The firm's services include: a. advising the Debtor with respect to the power, duties and responsibilities in the continued management of the financial affairs as debtors, including the rights and remedies of the debtors-in-possession with respect to its assets and with respect to the claims of creditors. b. advising the Debtor with respect to preparing and obtaining approval of a Plan of Reorganization/Liquidation. c. preparing on behalf of the Debtor, as necessary applications, motions, complaints, answers, orders, reports and other pleadings and documents. d. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtors in federal, state and foreign jurisdictions and administrative proceedings. e. negotiating and preparing documents relating to the use, liquidation, and disposition of assets, as requested by the Debtor. f. negotiating and formulating a Plan. g. advising the Debtor concerning the day-to-day operations of its business and the administration of its estate as debtors-in-possession. h. performing such other legal services for the Debtor. The individuals presently designated to represent the Debtor and their rates are: Justin M. Gillman, Esq. $525 per hour Paralegals $235 per hour Support Staff $125 per hour The firm received a retainer in the amount of $16,740. As disclosed in the court filings, Gillman Capone does not represent an adverse interest to the estate, and is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Justin M. Gillman, Esq. GILLMAN CAPONE LLC 770 Amboy Avenue Edison, NJ 08837 Tel: (732) 661-1664 Fax: (732) 661-1707 Email: ecf@gillmancapone.com About North Jersey Tire, Auto and Truck Repair, LLC North Jersey Tire, Auto and Truck Repair, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-12719) on March 17, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Michael B Kaplan presides over the case. Justin M Gillman, Esq. at Gillman Capone LLC represents the Debtor as counsel. ORION SECURITY: Hires Monge Robertin as Restructuring Advisor ------------------------------------------------------------- Orion Security Service and Investigation Incorporated seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Monge Robertin Advisors, LLC, as its insolvency and restructuring advisor. Monge Robertin will be paid at these hourly rates: Jose M. Monge Robertin, CPA $275 Maria Pena, MST, CIRA $175 Systems Support Staff $65 Accounting Assistants $35 Monge Robertin received from the Debtor a retainer in the amount of $5,000. Mr. Monge Robertin assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. The advisor can be reached at: Jose M Monge Robertin, CPA Monge Robertin Advisors, LLC 60 Calle Georgetti San Juan, 00925, PR Phone: (787) 745-0707 About Orion Security Service and Investigation Orion Security Service and Investigation Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01003) on March 7, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million an $10 million. Rafael A. Gonzalez Valiente, Esq. at GODREAU & GONZALEZ, LLC represents the Debtor as counsel. ORION SECURITY: Seeks to Hire Godreau & Gonzalez Law as Counsel --------------------------------------------------------------- Orion Security Service and Investigation Incorporated seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Godreau & Gonzalez Law, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include the preparation of the Debtor's plan of reorganization, representation of the Debtor in adversary proceedings and other legal services in connection with the case. The firm will charge these fees: Partners $200 per hour Associates $125 per hour Paralegals $110 per hour Rafael Gonzalez Valiente, Esq., at Godreau & Gonzalez, disclosed in court filings that he and other employees of his firm are "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Godreau & Gonzalez can be reached through: Rafael Gonzalez Valiente, Esq. Godreau & Gonzalez Law, LLC P.O. Box 9024176 San Juan, PR 00902-4176 Tel: (787) 726-0077 Email: rgv@g-glawpr.com About Orion Security Service and Investigation Orion Security Service and Investigation Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01003) on March 7, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million an $10 million. Rafael A. Gonzalez Valiente, Esq. at GODREAU & GONZALEZ, LLC represents the Debtor as counsel. OWENS & MINOR: Moody's Rates New $1BB Senior Secured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Owens & Minor, Inc.'s proposed $1 billion senior secured notes. There are no changes to Owens & Minor's existing ratings including the Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba3 senior secured ratings and B2 senior unsecured ratings. The Speculative Grade Liquidity Rating (SGL) is unchanged at SGL-1. The outlook remains unchanged at negative. Proceeds from the new notes will be used along with the recently announced incremental term loan to finance the company's previously announced $1.4 billion acquisition of Rotech Healthcare Holdings, Inc. ("Rotech"), a home medical equipment provider as well as pay related fees and expenses. The acquisition is subject to regulatory reviews and is expected to close by the end of the second quarter of 2025. RATINGS RATIONALE The Ba3 CFR is supported by Owens & Minor's leading position in the medical and surgical supply distribution business supplemented by a manufacturing business. Owens & Minor focuses on single-use consumable products which have low levels of technological obsolescence risk but are essential to the provision of healthcare in a wide range of settings. The company's continued expansion into home health, including the Rotech acquisition, will broaden its product range and support profitability and future earnings growth. Moody's expects leverage pro forma for the Rotech acquisition and debt raise to remain elevated but decline to the 4x-4.5x range, driven by earnings growth and some debt repayment. The rating is constrained by Owens & Minor's scale compared to larger peers, and low distribution margins reflecting a highly competitive industry. Further, Owens & Minor's manufacturing business faces a volatile outlook due to the high fixed cost nature of the business and volatile demand for personal protective equipment post COVID. Moody's note that the company announced in late February that it is exploring the sale of the Products & Healthcare Services segment. If the sale occurs, Owens and Minor will be smaller and less diversified. At this time, however, the details and timing of the potential sale and use of the sales proceeds are not yet finalized. The Speculative Grade Liquidity Rating of SGL-1 reflects the company's very good liquidity. Liquidity is supported by positive free cash flow after required debt amortization and access to external credit & liquidity facilities. As of December 31, 2024, Owens & Minor had cash of $49 million. Liquidity is also supported by a $450 million revolving credit facility (currently undrawn) that expires in March 2027 and a $450 million asset receivable securitization facility ($70 million drawn) that expires in 2028. Moody's expects Owens & Minor to maintain adequate headroom on its covenants. The Ba3 rating on the senior secured debt, including the new senior secured bonds, consider the size and seasonal fluctuation of trade payables. The B2 rating on the senior unsecured debt reflects its junior position relative to a significant amount of secured debt. The outlook is negative. Moody's expects Owens & Minor's financial leverage to remain elevated, and above Moody's downgrade trigger, in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company is able to increase its scale while improving diversification. Additionally, the ratings could also be upgraded if the company maintains good liquidity and balanced financial policies. Along with the aforementioned factors, the ratings could be upgraded if adjusted debt/EBITDA is sustained below 3.0x. The ratings could be downgraded if the company's operating performance deteriorates or if the company fails to reduce leverage through a combination of earnings growth and debt repayment. The ratings could also be downgraded if liquidity deteriorates. Lastly, the company could be downgraded if adjusted debt/EBITDA is sustained above 4.0x Owens & Minor, headquartered in Glen Allen, VA, operates two segments: Products & Healthcare Services that includes a comprehensive portfolio of products and services to healthcare providers and sources medical surgical products, and Patient Direct that distributes critical supplies to the home for patients with chronic conditions. For the LTM period ending December 30, 2024, Owens & Minor had revenues of approximately $11 billion. The principal methodology used in this rating was Distribution and Supply Chain Services published in December 2024. PALWAUKEE HOSPITALITY: Gets OK to Hire Bach Law Offices as Counsel ------------------------------------------------------------------ Palwaukee Hospitality, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Bach Law Offices, Inc. as attorneys. The firm will provide these services: a. represent the Debtor in matters concerning negotiation with creditors; and b. prepare a plan and disclosures statement, examining and resolving claims filed against the estate, preparation and prosecution of adversary matters, and otherwise to represent each Debtor in matters before the bankruptcy court; The firm will be paid at $425 per hour. The firm was paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul M. Bach, Esq., a partner at Bach Law Offices, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Palwaukee Hospitality LLC Palwaukee Hospitality LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on February 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Penelope N. Bach, Esq. at Bach Law Offices represents the Debtor as counsel. PAPA JOHN'S: Moody's Cuts Rating on Sr. Unsecured Notes to B2 ------------------------------------------------------------- Moody's Ratings downgraded Papa John's International, Inc.'s ("Papa John's") senior unsecured notes rating to B2 from B1. At the same time, Moody's affirmed Papa John's Ba3 corporate family rating and Ba3-PD probability of default rating. Papa John's SGL-2 speculative grade liquidity rating (SGL) remains unchanged. The rating outlook remains stable. The downgrade of Papa John's senior unsecured notes reflects the increase in mix of secured debt in its capital structure. The company has extended the expiration of its $600 million revolving credit facility to 2030 and entered into a new $200 million senior secured term loan (unrated), proceeds of which were used to repay a portion of outstanding revolver borrowings. Although the transaction was leverage neutral, extended Papa John's maturity profile and improved liquidity through higher revolver availability, priority secured debt obligations relative to the senior unsecured notes have also materially increased. As of March 26, 2025, the revolver had around $441 million of borrowing capacity with $159 million of borrowings that remained outstanding. RATINGS RATIONALE Papa John's Ba3 CFR reflects its solid brand awareness, scale in terms of units, and solid credit metrics despite recent softer performance. LTM debt/EBITDA as of Dec. 29, 2024 is approximately 4.0x and EBIT/Interest is 2.5x. Its credit profile is constrained by its relatively smaller dollar revenue scale, narrow brand and product offering, and weak cash flow metrics, largely due to its sizeable dividend and capital expenditures. Also, while Papa John's restaurant unit base is predominantly franchised, reported revenue is largely derived from company-owned restaurants and commissaries, which are its primary areas of operating risk. However, its commissary business operates on a cost plus fixed margin basis which mitigates the segment's exposure to rising costs. Liquidity is good, supported by Moody's expectations that cash needs will be supported by cash balances as well as improving free cash flow and excess significant revolver availability over the next 12 months. The stable outlook reflects Moody's expectations that Papa John's will maintain steady metrics as it invests in growth initiatives while reducing debt. Moody's also expects the company to maintain good liquidity, supported by cash balances, improving free cash flow and excess revolver availability over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could result in an upgrade include consistent positive revenue and earnings growth, with positive same store sales driven by both traffic and check. An upgrade would also require increased scale, brand and product diversification, very good liquidity, including solid positive free cash flow, and maintaining a conservative and clearly articulated financial strategy, which prioritizes debt reduction. Specific metrics include debt to EBITDA sustained below 2.5x and EBIT to interest coverage sustained over 4.0x Factors that could lead to downgrade include an inability to improve operating performance, more aggressive financial strategies, including debt financed share repurchases or material asset sales proceeds not being utilized to reduce debt, or if liquidity deteriorates, including continued negative free cash flow. Specific metrics include Moody's debt to EBITDA sustained above 4.25x or EBIT to interest coverage below 2.5x. Papa John's, with headquarters in Louisville, KY, is the world's third largest pizza delivery company with 6,030 restaurants (552 are company owned) in 49 countries and territories as of Dec. 29, 2024. Revenue for the year ended December 29, 2024 was around $2.1 billion; although systemwide sales were around $4.85 billion. The principal methodology used in these ratings was Restaurants published in August 2021. PATHWAY VET: Moody's Affirms 'Caa2' CFR, Outlook Negative --------------------------------------------------------- Moody's Ratings affirmed Pathway Vet Alliance LLC's (dba Thrive Pet Healthcare, "Thrive") corporate family rating at Caa2 and probability of default rating at Caa2-PD. Moody's appended a limited default designation (/LD) to the PDR changing it to Caa2-PD/LD from Caa2-PD, as Moody's considered the transaction a distressed exchange, which is a default under Moody's Ratings' definition. At the same time, Moody's assigned ratings to Thrive's proposed new capital structure, including B2 ratings on the new super priority debt, comprised of the senior secured super priority revolving credit facility, senior secured first out first lien term loans, and a Caa2 rating on the new senior secured second out first lien term loan. The Caa1 ratings on the existing senior secured bank credit facilities were reviewed and remain unchanged. Moody's will remove the "/LD" designation from the company's PDR in approximately three business days. The outlook is negative. On March 31st, Thrive announced it had closed a transaction to exchange its existing debt, including an $80 million revolving credit facility, $1.5 billion senior secured first lien term loan, and $255 million senior secured second lien term loan (unrated) for a $25 million super priority revolving credit facility, $188 million first-out first lien term loan, $1.3 billion second-out first lien term loan, and $255 million second lien term loan (unrated). The Caa1 ratings on the existing revolving credit facility and first lien term loan remain unchanged as Moody's expects full repayment with the transaction proceeds. In conjunction with this transaction, the company raised an additional $215 million of new money first-out first lien term loan debt ($228 million inclusive of backstop premium and closing fee). Proceeds from the incremental debt will be used to fund cash to the balance sheet and transaction fees. The ratings affirmation reflects Thrive's very weak credit metrics and unsustainable capital structure. The proposed transaction extends the debt maturities and improves the company's liquidity, which provides much needed time for the company to execute its strategies to materially improve operating performance. Nevertheless, the incremental debt and high and increasing cash interest costs could impede the company's ability to successfully execute a turnaround. Governance risk considerations, including financial strategy and risk management, were a key driver for this rating action. The exchange transaction and very high pro forma financial leverage are indicative of aggressive financial policies, elevating governance risk. RATINGS RATIONALE Thrive's Caa2 CFR reflects its very high leverage, with debt/EBITDA of over 18x on a Moody's-adjusted basis for the last twelve months ended September 30, 2024. Profitability continues to face negative pressure from lower transaction volumes, attributed to softer demand and ongoing staffing constraints, and increased cost of labor. A track record of negative free cash flow and historical depletion of cash on the balance sheet also constrain the rating. Thrive's rating is supported by certain recurring revenues in the favorable animal health end-market, good diversification by geography and facility type, and meaningful scale. Moody's expects Thrive's liquidity to be adequate over the next 12 to 18 months. Pro forma for the exchange transaction, the company has $189 million of cash on the balance sheet. While the transaction significantly funds cash, Moody's expects Thrive to generate negative free cash flow in 2025 and 2026, causing the cash balance to materially decline by year-end 2026. The new $25 million super priority revolving credit facility expires in June 2028 and is undrawn at close. The B2 ratings on the senior secured first-out bank credit facilities reflect their priority in the capital structure with significant loss absorption from the second-out first lien term loan and second lien debt (not rated). The Caa2 rating on the senior secured second-out first lien term loan reflects its subordination relative to the first-out first lien bank credit facilities and some loss absorption from the second lien debt. The new credit facilities include the following: Incremental pari passu debt capacity up to $20 million. There is no inside maturity sublimit. The credit agreement prohibits the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. The company cannot transfer material assets (including IP rights) to a non-guarantor subsidiaries unless for fair market value and the net proceeds are used to prepay the outstanding term loans. The credit agreement provides some limitations on up-tiering transactions, requiring 100% lender consent for amendments that subordinate or have the effect of subordinating the debt or liens, unless such lenders can ratably participate in such priming debt. Amendments authorizing the incurrence of additional debt for the primary purpose of influencing voting thresholds require 100% lender consent. The company cannot incur debt, grant liens, make investments, restricted payments, or dispositions in connection with certain liability management transactions that contractually, structurally or temporally subordinates the term loans in a transaction that is not for a bona fide business purpose. Certain specified junior capital raises trigger a prepayment of the term loans in an amount of $50 million. The negative outlook reflects Moody's views that Thrive's credit metrics will remain very weak and that the company will continue to burn cash, increasing the probability of default. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade Thrive's ratings if the company does not improve its operating performance and free cash flow generation. Moody's could also consider a downgrade of the ratings if the likelihood of another distressed exchange or default increased or if Moody's have a more negative view of recovery rates. Moody's could upgrade Thrive's ratings if there is a reduction in the likelihood of default and demonstrated improvement in liquidity and operating performance. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Pathway Vet Alliance LLC (dba Thrive Pet Healthcare) is a national veterinary hospital consolidator and operates general, specialty and emergency practice facilities. The company generated revenues of over $1.2 billion for the twelve months ended September 30, 2024. Thrive is majority owned by private equity firm TSG Consumer Partners. PEPPERMILL LIMITED: Hires Packard LaPray as Bankruptcy Counsel -------------------------------------------------------------- Peppermill Limited Partnership 1 seeks approval from the U.S. Bankruptcy Code for the Western District of Louisiana to hire Packard LaPray as counsel to handle its Chapter 11 case. The firm will be paid at the rate of $425 per hour. The firm will also be re imbursed for reasonable out-of-pocket expenses incurred. Wade N. Kelly, Esq., a partner at Packard LaPray, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wade N. Kelly, Esq. Packard LaPray 2201 Oak Park Boulevard Lake Charles, LA 70601 Tel: (337) 431-7170 Email: wade@packardlaw.com About Peppermill Limited Partnership 1 Peppermill Limited Partnership 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-30282) on March 11, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge John W Kolwe presides over the case. Wade N. Kelly, Esq. at Packard Lapray represents the Debtor as counsel. PERMIAN RESOURCES: S&P Upgrades ICR to 'BB+' on Strong Financials ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Midland, Texas-based oil, gas, and natural gas liquids (NGLs) exploration and production (E&P) company Permian Resources Corp. to 'BB+' from 'BB' and the issue-level rating on its unsecured debt to 'BB+' from 'BB'. S&P's '3' recovery rating on the unsecured debt is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery. The stable outlook reflects S&P's expectation that Permian's operating performance will benefit from its liquids-rich production and low-cost structure--as well as additional cash flow from the integration of its acquired assets--while it maintains funds from operations (FFO) to debt well above 60%. The upgrade reflects Permian's increased scale and improved operating efficiency in the Permian basin. Over the past few years, the company has expanded its footprint in the Permian basin through numerous acquisitions, including the Earthstone acquisition in 2023 and its purchase of Barilla Draw assets from Occidental Petroleum in 2024. Incorporating its numerous bolt-on acquisitions, Permian added 50,000 net acres and 20 thousand barrels of oil-equivalent per day (Mboe/d) of production in 2024 for a total consideration of about $1.2 billion. The company's size and scale and are now on par with those of its similarly rated peers, including its 2024 average production of about 344 Mboe/d. Additionally, S&P expects Permian will increase its production to the 360 Mboe/d-380 Mboe/d range in 2025 when it realizes a full year of production from the Barilla Draw assets. The company plans to operate 12 rigs and about three frac crews in 2025 and expects to turn-in-line approximately 285 wells. Permian continues to increase its reserve base, both through the drillbit and acquisitions. The company has about 450,000 net acres in the Permian Basin and about 88,000 net royalty acres, supporting management's statement that it has over 15 years' worth of high-quality inventory. Permian reserves totaled 1,026,957 Mboe as of year-end 2024, which represented an 11% year-over-year expansion. Since year-end 2020, the company has expanded its reserves by 244%. About 71% of Permian's reserves are classified as proved developed producing (PDP), with about 45% oil and 25% NGLs. In S&P's view, the company's production and reserve scale now compare favorably with those of its peers, like Murphy, Chord and Matador. However, Permian Resources is geographically less diverse than its higher-rated peers, given the concentration of its assets in the core of the Permian basin. S&P said, "We expect Permian will continue to focus on reducing costs. In 2024, management reduced the lease operating expense (LOE) and drilling and completion (D&C) costs on its acquired properties by approximately $3/boe and $325/ft, respectively, relative to their previous operators. We expect the company will further reduce its total controllable cash costs (including LOE, gathering, production, and transportation [GP&T], and cash, general and administrative [G&A]) by $0.10/boe relative to 2024 to reach $7.75/boe. Permian expects to increase its lateral lengths to over 10,000 feet, from about 9,300 feet in 2024, which we believe will support its operating efficiency. Additionally, the company operates 85% of its royalty land, which provides it with stronger margins and greater operating efficiencies." Permian Resources maintains strong credit metrics and has a net debt target of 0.5x-1.0x. The company financed its previous acquisitions in a credit-friendly manner by using equity. Permian financed its most-recent acquisition, Barilla Draw, with 54% equity. Additionally, following the close of the transaction the company sold associated midstream assets in the first quarter for approximately $180 million and used the proceeds to pay down its debt. Also, in the first quarter Permian redeemed $175 million of Earthstone 9.875% notes due 2031, which will reduce its interest expense. Under S&P's base-case forecast, it assumes the company's FFO to debt will be above 100% while its debt to EBITDA will be in the 0.5x-1.0x range over the next two years. The company has adequate liquidity, supported by the full availability under its $2.5 billion reserve-based lending (RBL) credit facility and almost $500 million of cash as of the end of the 2024. Permian changed its capital return policy in the third quarter of 2024 by increasing its base dividend to $0.15 per share quarterly while eliminating its formulaic variable return policy. S&P said, "We expect the company will generate significant discretionary cash over the next two years, which we anticipate it will return less than 50% of to its shareholders via dividends and share repurchases, while retaining the remaining amount for general corporate purposes, which could include debt reduction and additional acquisitions. However, we do not assume Permian will undertake any additional acquisitions under our base case due to the uncertainty around their timing and scale." S&P said, "The stable outlook reflects our expectation that Permian Resources will maintain average FFO to debt of greater than 60% and leverage of about 1x over the next two years. "Additionally, we expect the company will modestly expand its organic production and generate significant FOCF, which it will use to fund dividends, potential share repurchases, acquisitions, and debt reduction." S&P could lower its rating on Permian Resources if its FFO to debt approaches 45% on a sustained basis. This could occur if: -- Commodity prices decline and management doesn't reign in its capital spending; or -- The company pursues a more-aggressive shareholder return policy or a leveraging transaction. S&P could raise its rating on Permian Resources if it increases its production profile in-line with those of its higher-rated peers or improves its geographic diversity while maintaining FFO to debt of comfortably above 60% (both on a three-year average basis and under our mid-cycle oil and natural gas price assumptions of $50 per barrel [/bbl] for West Texas Intermediate [WTI] oil and $2.75 per million Btus [/mmBtu] for Henry Hub natural gas). PINEAPPLE PROPERTIES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court, Middle District of Florida, Jacksonville Division, granted Pineapple Properties of SA, LLC interim approval to use cash collateral. The interim order authorized the company to use cash collateral until April 28 to pay the expenses set forth in its budget. As protection, SouthState Bank N.A., the U.S. Small Business Administration, Forward Finance and other creditors with secured interests in the cash collateral were granted replacement liens on post-petition assets. The liens will have the same validity and priority as pre-bankruptcy security interests. Additionally, SouthState Bank will receive $4,415.04 per month, starting on May 1 until further court order or confirmation of its Chapter 11 plan. The next hearing is set for April 28. SouthState Bank is represented by: Christian P. George, Esq. 50 North Laura Street, Suite 3100 Jacksonville, FL 32202 Telephone: (904) 798-3700 Facsimile: (904) 798-3730 Email: christian.george@akerman.com About Pineapple Properties of SA Pineapple Properties of SA, LLC operates the 44 Spanish Street Inn located in St. Augustine, Fla. Originally built in 1920, the Inn offers guests a historic setting with modern amenities. The Inn has eight guest rooms, each featuring private baths, and provides convenient access to local attractions. Pineapple Properties of SA sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-00647) on March 5, 2025, listing $13,172 in assets and $1,184,420 in liabilities. Brian A. Funk as managing member, signed the petition. Judge Jacob A Brown oversees the case. The Debtor is represented by: Bryan K. Mickler, Esq. Mickler & Mickler Tel: 904-725-0822 Email: court@planlaw.com PIVOTAL ANALYTICS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Pivotal Analytics Inc. 3823 Isla Del Sol Way Naples FL 34114 Business Description: Pivotal Analytics Inc. is a data analytics and insights company seeking to redefine how healthcare systems and their partners identify growth opportunities and optimize real estate investment decisions in a value- based care market. The Company offers a range of services, including market evaluation, competitive analysis, and assessments of consumer demand, provider supply, and productivity. These insights help optimize healthcare assets and services. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-00608 Judge: Hon. Caryl E Delano Debtor's Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 Email: mike@dallagolaw.com Total Assets: $760,589 Total Liabilities: $5,105,176 The petition was signed by Carl J. Davis as CEO. 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/ZICR27A/Pivotal_Analytics_Inc__flmbke-25-00608__0001.0.pdf?mcid=tGE4TAMA PLANO SMILE: Seeks to Hire LP 2 Partners LLC as Financial Advisor ----------------------------------------------------------------- Plano Smile Studio, P.A. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire LP 2 Partners, LLC as financial advisor. The firm's services include: (a) assistance in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; (b) assistance with the assessment and monitoring of the Debtor's short term cash flow, liquidity, and operating results; (c) assistance with the review of the Debtor's potential disposition or liquidation of both core and non-core assets, if applicable; (d) assistance with review of any tax issues associated with, but not limited to, claims/stock trading, preservation of net operating losses, refunds due to the Debtor, plans of reorganization, and assets sales; (e) assistance in the review of the claims reconciliation and estimation process; (f) assistance in the review of other financial information prepared by the Debtor, including but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; (g) attendance at meetings and assistance in discussions with the Debtor, banks, other secured lenders, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; (h) assistance in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in this Chapter 11 Case; (i) assistance in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; and (j) provision of other general business consulting or such other assistance as the Debtor or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. The firm will be paid at these rates: Partners $395 per hour The firm received a retainer from the Debtor in the amount of $2,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Chris Lang, a partner at LP 2 Partners, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris Lang LP 2 Partners, LLC 2619 Hibernia St., Office 3 Dallas, TX 75204 Tel: (214) 684-6195 Email: clang@LP2Partners.com About Plano Smile Studio Plano Smile Studio, P.A. is a dental practice located in Plano, Texas, specializing in both general and cosmetic dentistry. Led by Dr. John M. Hucklebridge, the studio offers a wide range of services including dental implants, smile makeovers, Invisalign, teeth whitening, veneers, and sedation dentistry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40633) on March 6, 2025. In the petition signed by John M. Hucklebridge, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda T Rhoades oversees the case. The Debtor is Represented By: Brandon John Tittle, Esq. Tittle Law Group, PLLC Tel: (972) 213-2316 Email: btittle@tittlelawgroup.com PLANO SMILE: Seeks to Hire Tittle Law Group as Legal Counsel ------------------------------------------------------------ Plano Smile Studio, P.A. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Tittle Law Group as counsel. The firm will provide these services: (a) provide legal advice with respect to the Debtor's powers and duties in the continued operation of its business and the management of its property; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor necessary legal papers in connection with the administration of its estate; (d) assist the Debtor in preparing for and filing a plan of reorganization at the earliest possible date; (e) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (f) perform such legal services as the Debtor may request with respect to any matter. The firm will charge for time at its normal billing rates for attorneys and legal assistants and will request reimbursement for its out-of-pocket expenses. The firm received a retainer of $15,000 from the Debtor. Brandon Tittle, Esq., an attorney of the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brandon J. Tittle, Esq. Tittle Law Group 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Telephone: (972) 213-2316 Email: btittle@tittlelawgroup.com About Plano Smile Studio Plano Smile Studio, P.A. is a dental practice located in Plano, Texas, specializing in both general and cosmetic dentistry. Led by Dr. John M. Hucklebridge, the studio offers a wide range of services including dental implants, smile makeovers, Invisalign, teeth whitening, veneers, and sedation dentistry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40633) on March 6, 2025. In the petition signed by John M. Hucklebridge, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda T Rhoades oversees the case. The Debtor is Represented By: Brandon John Tittle, Esq. Tittle Law Group, PLLC Tel: (972) 213-2316 Email: btittle@tittlelawgroup.com PLATINUM HEIGHTS: Seeks to Hire Reed Smith LLP as Attorney ---------------------------------------------------------- Platinum Heights, LP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Reed Smith LLP as attorneys. The firm can be reached through: a. advise the Debtor with respect to their powers and duties as Debtor and Debtor-in-possession in the continued management and operation of their business and property; b. attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the Chapter 11 Case, including all of the legal and administrative requirements of operating in chapter 11; c. take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on their behalf, the defense of any actions commenced against the estate, and negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; d. prepare, on behalf of the Debtor, as Debtor in possession, all necessary motions, applications, answers, orders, reports and other papers in connection with the administration of the Debtor's estate; e. take all appropriate actions in connection with the sale of any or all of the Debtor's assets pursuant to section 363 of the Bankruptcy Code, or otherwise; f. appear in the Bankruptcy Court and any appellate courts and before the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; g. take all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; and h. perform all other necessary legal services. The firm's hourly rates are: Partners $965 to $1,600 Counsel $850 to $1,560 Associates $635 to $1,320 Legal Assistants $190 to $750 Reed Smith received a retainer in the amount of $75,000. Scott M. Esterbrook, a partner of the law firm Reed Smith, disclosed that his firm is a "disinterested person," as defined in section 101(14) of the Bankruptcy Code and as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Scott M. Esterbrook, Esq. Reed Smith LLP 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Tel: (469) 680-4292 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. and Danika L. Lopez, Esq. at SettlePou. PLATINUM HEIGHTS: Taps Erik White of HMP Advisory Holdings as CRO ----------------------------------------------------------------- Platinum Heights, LP received second interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire HMP Advisory Holdings, LLC, dba Harney Partners as its financial advisor and designate Erik White as its chief restructuring officer. The firm will render these services: a. assist the Debtor and its counsel with general matters related to a restructuring and contemplated Chapter 11 proceeding; b. assist Debtor with the preparation and filing of any Voluntary Petition, Schedules of Assets and Liabilities, and Statement of Financial Affairs, as well as first day motions, as needed; c. assist the Debtor and counsel to complete Initial Debtor Interview questionnaire and related information, to prepare for Sec. 341 meeting of creditors, and to fulfill its other obligations as a debtor-in-possession, such as filing the Monthly Operating Reports; d. assist the Debtor and its counsel to determine the liquidity needs of the Debtor and help obtain court approval for debtor-in-possession financing, if needed; e. assist the Debtor to develop and maintain thirteen-week cash forecasts and any budget-to-actual reporting or other reporting as may be required by potential debtor-in-possession financing; f. support the development of the Plan of Reorganization development; and g. provide other services as may be agreed upon between Harney Partners and the Debtor. The firm will be paid at these rates: President/EVP/COO $700 to $800/hr Managing Director $550 to $700/hr Sr. Manager/Director $400 to $550/hr Manager $350 to $450/hr Sr. Consultant $275 to $400/hr Support Staff $180 to $300/hr The advisory services will be provided primarily by managing director Erik White, whose hourly rate is $550 and manager Kyle Schanzer, whose hourly rate is $450 per hour. Harney Partners received a retainer of $35,000 for services to be performed in connection with this case. Mr. White assured the court that Harney Partners does not hold any interest adverse to the Debtor's estate, and is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Erik White Harney Partners 8911 N Capital of Texas Hwy, Suite 2120 Austin, TX 78759 Phone: (512) 892-0803 Email: ewhite@harneypartners.com 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 Telephone: (214) 520-3300 Facsimile: (214) 526-4145 E-mail: mmenton@settlepou.com dlopez@settlepou.com PRIMO WATER: S&P Withdraws 'BB-' ICR Following Merger with Triton ----------------------------------------------------------------- S&P Global Ratings withdrew its issuer credit rating on Primo Water Corp. (BB-/Positive) after it merged with Triton Water Holdings Inc. (BB-/Positive), forming the publicly traded entity Primo Brands Corp. (BB-/Positive), the parent of these two entities. PROSPECT MEDICAL: Pennsylvania Sale Delayed as Funding Depletes --------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that Prospect Medical Holdings, currently in bankruptcy, will not be able to present an asset purchase agreement during Thursday's, April 10, 2025, hearing, as initially scheduled, according to a company attorney. At a Tuesday, April 8, 2025, hearing, attorney William E. Curtin stated that Prospect has not yet finalized a deal with a group of non-profits for the sale of its Pennsylvania hospitals, and the company is facing the risk of shutting down the facilities. The company is seeking approximately $9 million in funding to maintain operations for the next two weeks, amid critical financial challenges. No decision has been made regarding the potential closure of the Pennsylvania hospitals. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors also tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Likey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing & solicitation agent. On Jan. 29, 2025, the Office of the United States Trustee for Region 6 appointed an official committee of unsecured creditor in these Chapter 11 cases. The committee tapped Brinkman Law Group, PC as efficiency counsel. PROTEC RE HOLDING: Taps Law Office of Peter M. Daigle as Attorney ----------------------------------------------------------------- Protec RE Holding, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire The Law Office of Peter M. Daigle as attorneys. The firm's services include: a) assisting and advising the Debtor relative to the administration of this proceeding; b) representing the Debtor before the Bankruptcy Court and advising the Debtor on all pending litigations, hearings, motions, and of the decisions of the Bankruptcy Court; c) reviewing and analyzing all applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding and advising the Debtor thereon; d) attending all meetings conducted pursuant to section 341(a) of the Bankruptcy Code and representing the Debtor at all examinations; e) communicating with creditors and all other parties in interest; f) assisting the Debtor in preparing all necessary applications, motions, orders, supporting positions taken by the Debtor, and preparing witnesses and reviewing documents in this regard; g) conferring with all other professionals, including any accountants and consultants retained by the Debtor and by any other party in interest; h) assisting the Debtor in its negotiations with creditors or third parties concerning the terms of any proposed plan of reorganization; i) preparing, drafting and prosecuting the plan of reorganization and disclosure statement; and j) assisting the Debtor in performing such other services as may be in the interest of the Debtor and the Estate and performing all other legal services required by the Debtor. The firm will be paid at these rates: Senior Attorneys $450 per hour Associate Attorneys $325 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Peter M. Daigle, Esq., a partner at Law Office of Peter M. Daigle, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Peter M. Daigle, Esq. Law Office of Peter M. Daigle 1550 Falmouth Road, Suite 10 Centerville, MA 02632 Tel: (508) 771-7444 Fax: (508) 771-8286 Email: pmdaigleesq@yahoo.com About Protec RE Holding, Inc. Protec RE Holding is a single-asset real estate company. Protec RE Holding, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-10323) on February 20, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Verena Streber as president. Peter M. Daigle, Esq. at DAIGLE LAW OFFICE represents the Debtor as counsel. QXC COMMUNICATIONS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of QXC Communications, Inc. About QXC Communications Inc. QXC Communications, Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. R & A ENTERPRISES: Hires Crossroad Ventures Group as Realtor ------------------------------------------------------------ R & A Enterprises LLC seeks approval from the Eastern District of California to hire Crossroad Ventures Group, Inc. as realtors. The firm will market and sell the 1.13-acre real property located at 1902 Fort Jones Road, Yreka, California. The firm will receive a commission equal to 5 percent of gross sales price. Crossroad Ventures Group is a "disinterested person" as the term is defined in 11 U.S.C. 101(14), according to court filings. The broker can be reached through: Jim Esway Crossroad Ventures Group, Inc. 107 Center Street Roseville, CA 95678 Phone: (916) 788-9731 Fax: (916) 788-9737 About R & A Enterprises LLC R & A Enterprises LLC owns and operates a carwash business. R & A Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-22531) on June 10, 2024. In the petition signed by John J. Richter, as managing member, the Debtor reports total assets of $3,832,784 and total liabilities of $4,173,596. The Honorable Bankruptcy Judge Ronald H. Sargi oversees the case. The Debtor is represented by Stephen Reynolds, Esq. at REYNOLDS LAW CORPORATION. RADIANT ONE: Court Extends Cash Collateral Access to May 21 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina granted Radiant One, LLC interim authorization to use cash collateral to maintain operations while protecting its secured creditor, Live Oak Banking Company. The interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. Radiant One projects total monthly expenses of $27,333.27 for the period from April 4 to May 21. As protection, Live Oak was granted replacement liens on post-petition cash and personal property to the same extent as its pre-bankruptcy lien. In addition, Live Oak will receive a monthly payment of $1,395.27, starting May 1. Live Oak holds a secured interest in Radiant One's cash and assets based on a security agreement and UCC-1 filing. It has consented to the use of cash collateral. All post-petition receipts must be deposited into the DIP Receivables Account, and expenses must be paid from this account unless otherwise approved. The next hearing is scheduled for May 21, 2025. 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. Danny Bradford, Esq., at Paul D. Bradford, PLLC is the Debtor's legal counsel. Live Oak Banking Company, as secured creditor, is represented by: William walt Pettit, Esq. Hutchens Law Firm, LLP 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com RJT FOOD: Wins Summary Judgment in 2027 Deerfield, et al. Case -------------------------------------------------------------- Judge Robert E. Grossman of the United States Bankruptcy Court for the Eastern District of New York will grant the defendants' motion for summary judgment in part in the case captioned as 2027 DEERFIELD LTD AND GEORGE GULDI FAMILY TRUST OF APRIL 19, 2000, Plaintiffs, -against- RJT FOOD & RESTAURANT, LLC, RICHARD BIVONA, DANMIK INVESTORS LLC, ESTATE OF ROBERT VOTO AND PENSCO TRUST COMPANY, F/B/O EDITH K. SPIEGEL, IRA, Adv. Pro. No. 24-08007-REG (E.D.N.Y.). Plaintiffs' cross-motion for summary judgment is denied. Before the Court are motions for summary judgment by certain of the Defendants, and a cross-motion for summary judgment by the Plaintiffs. The first motion is by the chapter 11 trustee on behalf of the debtor, RJT Food & Restaurant LLC who is a Defendant in this adversary proceeding. The second motion is by the Defendants, Estate of Robert Voto, Edith K. Spiegel, and Pacific Premier Trust Company f/b/o Edith K. Spiegel, and Danmik Investors LLC. George Guldi, an individual purporting to act on behalf of the Plaintiffs, 2027 Deerfield Ltd., and George Guldi Family Trust of April 19, 2000, opposes the motions and filed a cross-motion for summary judgment in favor of the Plaintiffs. This adversary proceeding arises out of a dispute over the ownership of 1999 Deerfield Road, Watermill, New York. The Plaintiffs claim that a 2015 deed transferring the Property from 2027 Deerfield to the Debtor was fraudulent, and 2027 Deerfield should be declared the rightful owner of the Property despite legal title having been held by the Debtor since 2015. They also seek to have declared void ab initio approximately $1.4 million in consensual mortgages placed on the Property by the Debtor in 2015. The Mortgagee Defendants argue that the 2015 Deed transferring the Property to the Debtor was part of a scheme designed by the Plaintiffs, the Debtor, Guldi and Bivona to shield the Property from Guldi's creditors including the government who had claims against Guldi as a consequence of Guldi's criminal convictions. The Defendants argue that the Plaintiffs' failure to enforce their rights they claim to have to the Property are now barred under various estoppel theories, res judicata, laches, unclean hands, ratification and adverse possession. In essence, the Mortgagee Defendants argue that this Court should not as a matter of law and equity become an accomplice to the fraudulent conduct of Guldi and the Plaintiffs. In his opposition and cross-motion for summary judgment, Guldi, on behalf of the Plaintiffs, maintains his allegations that the 2015 Deed was fraudulent and should be voided, along with the Mortgagee Defendants' mortgages. Guldi, a disbarred attorney, has no authority to appear on behalf of Plaintiffs. Nonetheless, the Court has read and considered the contents of Guldi's opposition to the motions for summary judgment, as well as his cross-motion. Judicial Estoppel The Defendants argue that the Plaintiffs should be judicially estopped from asserting any interest in the Property in this case because Guldi, in connection with his criminal matters, repeatedly failed to disclose any interest in, direct or indirect, or any claim to, the Property and/or any income generated by the Property. The Court finds that allowing Plaintiffs to assert an ownership interest in the Property now would allow the Plaintiffs an unfair advantage and impose an unfair detriment upon the Defendants. Therefore, the Court will grant the Defendants' motions for summary judgment and dismiss the Plaintiffs' claims seeking to void the 2015 Deed to the Debtor, under the theory of judicial estoppel. Res Judicata The Trustee argues that the Plaintiffs' claims should be dismissed on the basis of res judicata because the Quiet Title Judgment found that, among others, DB Central and every person or entity claiming an interest in the Property by, through or under DB Central, among others are forever barred from all claims to any estate or interest in the Property adverse to or in derogation of the Debtor's fee interest in the Property as of Aug. 5, 2015. To find for the Plaintiffs in this action would require this Court to effectively overrule the Quiet Title Judgment which found that Debtor was the owner of the Property. DB Central, controlled by Guldi, failed to challenge the validity of the Debtor's fee interest in the Quiet Title Action and the Court finds Plaintiffs claims are barred by res judicata. Thus, the Court will grant summary judgment in favor of the Defendants and dismiss the Plaintiffs' claims for declaratory relief, based on the res judicata effect of the Quiet Title Judgment on the claims asserted in this case. Tax Estoppel The Trustee argues that the Plaintiffs' claims should be precluded under a theory of tax estoppel. The Trustee acknowledges that no tax returns were ever filed for the Plaintiffs, but argues that Guldi, whose last tax return was filed in 2018, at no time reported either ownership of the Property or income derived from the Property. Based on this, the Trustee argues the Plaintiffs should be estopped from claiming ownership of the Property. The Court will not make a finding of tax estoppel based on a tax return that is not in evidence. It will also not find that the failure to file a tax return is a basis to preclude the claims in this case on a tax estoppel theory. Thus, summary judgment in favor of the Defendants based on a theory of tax estoppel is denied. Equitable Estoppel The Defendants argue that Plaintiffs' claims should be barred by the doctrine of equitable estoppel. The Trustee claims that the Debtor relied on its ownership of the Property when it expended funds over the years to maintain and improve the Property. The Mortgagee Defendants argue that the Plaintiffs stood by without objection as they issued mortgages and later litigated a foreclosure action against the Debtor. In addition, both the Debtor and the Mortgage Defendants prosecuted the Quiet Title Action to conclusion and removed significant liens from the Property. The Defendants argue that the Plaintiffs should not now be allowed to profit from their efforts when Plaintiffs failed for years to assert any ownership rights in the Property and contributed nothing to the Defendants' efforts which benefited the Property. The Court will not grant summary judgment based on equitable estoppel. The second element of equitable estoppel requires a finding that the party to be estopped intended that their conduct would be acted upon by the other party. Issues of intent are fact-driven and generally not susceptible to resolution on summary judgment. This is compounded by the directive that this Court must view all evidence in a light most favorable to the Plaintiffs and resolve all ambiguities in their favor. For these reasons, summary judgment in favor of the Defendants based on a theory of equitable estoppel is denied. Laches Both the Trustee and the Mortgagee Defendants argue that Plaintiffs' claims should be barred by laches. Guldi claims he was not aware of the 2015 Deed until January of 2023, and the Defendants have not presented any direct evidence to prove otherwise. The corporate resolution that Bivona allegedly relied upon in executing the 2015 Deed on behalf of 2027 Deerfield, and which would prove Guldi's awareness of the transfer, has never been produced. These circumstances create a genuine dispute as to a material fact that would preclude summary judgment based on laches, particularly, again, in light of the fact that this Court must view all the evidence and draw all reasonable inference in favor of the Plaintiffs. For these reasons, summary judgment in favor of the Defendants based on a theory of laches is denied. Unclean Hands The Mortgagee Defendants argue that the doctrine of unclean hands bars the Plaintiffs'claims. In addition to Guldi's failure to list the Property and Bivona's alleged 2009 rental payment and ongoing rental obligations as assets in certain of his criminal disclosures, the Mortgagee Defendants argue that Guldi and Bivona conspired to shield Guldi's assets from seizure, and "laid in wait" to challenge the Mortgagee Defendants' interests until they successfully avoided the Greenpoint mortgages and financed the maintenance and improvement of the Property. This Court has little doubt that after a trial on the merits of this case, the facts would show that Guldi and Bivona did in fact engage in a scheme to shield the Property, and any value to be derived from the Property, from attachment in Guldi's criminal cases. However, this matter is before the Court on motions for summary judgment and the Court can only grant judgment in favor of the Defendants if the facts are undisputed. Both Guldi and Bivona deny any such scheme. Thus, summary judgment in favor of the Defendants based on a theory of unclean hands is denied. The Court finds that genuine disputes of material fact exist which preclude any finding that the Debtor may claim title to the Property under a theory of adverse possession. The Court will grant the Defendants' motions for summary judgment, in part, and dismiss Plaintiffs' claims for declaratory judgment and quiet title with prejudice. The Plaintiffs' cross-motion for summary judgment is denied. A copy of the Court's decision dated April 4, 2025, is available at https://urlcurt.com/u?l=1zTlOd from PacerMonitor.com. About RJT Food & Restaurant RJT Food & Restaurant, LLC, filed its voluntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 23-70447) on Feb. 8, 2023, with $1 million to $10 million in assets and up to $50,000 in liabilities. Richard J. Bivona, president, signed the petition. Judge Robert E. Grossman oversees the case. Ronald D. Weiss, Esq., at Ronald D. Weiss, P.C., is the Debtor's counsel. Salvatore LaMonica, the court-appointed Chapter 11 trustee, tapped LaMonica Herbst & Maniscalco, LLP and Joseph A. Broderick, P.C. as his legal counsel and accountant, respectively. SABAL CONSTRUCTION: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Sabal Construction Inc. interim approval to use cash collateral. The interim order authorized the company to use cash collateral for necessary expenses as outlined in the approved budget. Any expenditure exceeding budgeted amounts by more than 10% or not listed in the budget requires additional approval. The 30-day budget projects total operating expenses of $19,557.92. As protection, secured creditors including Century Bank of Florida and the U.S. Small Business Administration were granted post-petition liens on cash collateral with the same priority and validity as their pre-bankruptcy liens. The court did not approve the company's budgeted line-item for officer salaries totaling $4,800. The next hearing is scheduled for April 29. About Sabal Construction Inc. Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Florida, established in 2013. The company specializes in luxury custom waterfront homes and light commercial projects. Sabal Construction Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 31, 2025, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Galen Brent Hebert as president. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C. Blanchard, Esq. Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com SERVANT GROUP: Seeks to Hire Keery McCue PLLC as Counsel -------------------------------------------------------- The Servant Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Keery McCue, PLLC as counsel. The firm's services include: a. preparing pleadings and applications; b. conducting examinations incidental to administration; c. advising the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code; d. taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 estate; and e. advising the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating thereto. The firm will be paid at $165 to 475 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Patrick Keery, Esq., an attorney at Keery McCue, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Martin J. McCue, Esq. Patrick F. Keery, Esq. Keery McCue, PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Tel: (480) 478-0709 Fax: (480) 478-0787 Email: mjm@keerymccue.com pfk@keerymccue.com About The Servant Group, LLC The Servant Group LLC based in Surprise, Arizona, specializes in providing nursing-supported residential homes for adults and children with developmental disabilities. The Company offers a variety of home and community-based services, including adult day care, adult day health care, home health aide, personal care, respite care, and visiting nurse services. The Servant Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-02541) on March 25, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The Debtor is represented by Patrick Keery, Esq. at KEERY MCCUE, PLLC. SHANKARA LLC: Seeks to Hire Mumford Company as Real Estate Broker ----------------------------------------------------------------- Shankara, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Mumford Company as broker. The broker will market and sell the Debtor's hotel property. The firm will receive a commission equal to 3 percent of sales price. Mumford Company is a "disinterested person" as the term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The broker can be reached through: David Mumford Mumford Company 729 Thimble Shoals Blvd., Suite B Newport News, VA 23606 Phone: (757) 873-0962 Email: dmumford@mumfordcompany.com About Shankara, LLC Shankara, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-20562) on December 12, 2024. In the petition signed by Sanjay Desai, manager/member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge John W. Kolwe oversees the case. Wade N. Kelly, Esq., at Wade N. Kelly LLC, represents the Debtor as legal counsel. SOLID FINANCIAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Solid Financial Technologies, Inc. 380 Portage Ave Palo Alto CA 94306 Business Description: Solid is a FinTech platform that enables banks and companies to build, scale, and launch banking and payment solutions with ease. By offering services like account creation, payments processing, and card issuance, Solid integrates with partner banks to deliver seamless financial experiences. The platform prioritizes security and compliance, helping companies navigate regulatory requirements while driving innovation in the financial ecosystem. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-10669 Judge: Hon. Brendan Linehan Shannon Debtor's General Bankruptcy Counsel: Matthew P. Ward, Esq. WOMBLE BOND DICKINSON (US) LLP 1313 North Market Street, Suite 1200 Wilmington DE 19801 Tel: (302) 252-4320 Email: matthew.ward@wbd-us.com Debtor's Financial Advisor: ROCK CREEK ADVISORS, LLC Total Assets as of February 28, 2025: $10,523,766 Total Liabilities as of February 28, 2025: $4,131,647 The petition was signed by Arjun Thyagarajan as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AS4RROA/Solid_Financial_Technologies_Inc__debke-25-10669__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Amazon Web Services, Inc. Trade Debt $142,524 410 Terry Avenue Seattle, WA 98109 Email: aws-receivables- support@email.amazon.com 2. KL Discovery Ontrack, LLC Trade Debt $132,180 9023 Columbine Rd Eden Prairie, MN 55347 Email: ar@kldiscovery.com 3. Quinn Emanuel Urquhart Professional $111,194 & Sullivan, LLP Services 865 S Figueroa St, 10th Fl Los Angeles, CA 90017 Email: jamesjudah@quinnemanuel.com 4. Young Conaway Stargatt & Professional $85,700 Taylor, LLP Services 1000 N King St Wilmington, DE 19801 Email: lmuthu@ycst.com 5. FS Vector, LLC Professional $75,000 1307 New York Ave NW, Ste 601 Services Washington, DC 20005 Email: accounting@fsvector.com 6. PerformLine, Inc. Trade Debt $59,220 58 South St Morristown, NJ 07960 Email: ar@performline.com 7. Visa USA, Inc. Trade Debt $46,496 1 Market Plz San Francisco, CA 94105 Email: esupport@visa.com 8. Apata Ltd Trade Debt $30,450 Attn: Joanne Canniffe 2 Grand Canal Sq, 6th Fl Dublin Docklands, Dublin D02 A342 Ireland Email: invoicing@apata.io; joanne@apata.io 9. Perkins Coie LLP Professional $28,477 500 N Akard St, Ste 3300 Services Dallas, TX 75201 Email: clientacct@perkinscoie.com 10. Plaid Inc. Trade Debt $18,000 1098 Harrison St San Francisco, CA 94103 Email: accounts-receivable@plaid.com 11. First Mile Group Inc. Trade Debt $8,936 dba Alloy 41 E 11th St, Ste 2 New York, NY 10003 Email: billing@alloy.com 12. BlockScore, Inc. Trade Debt $8,900 459 Hamilton Ave, Ste 304 Palo Alto, CA 94041 Email: billing@cognitohq.com 13. Thomson Reuters Trade Debt $6,493 19 Duncan St Toronto, ON M5H 3H1 Canada Email: tracccountsreceivable@thomsonreuters.com 14. Wazuh Inc. Trade Debt $5,270 1999 S Bascom Ave Campbell, CA 95008 Email: finance@wazuh.com 15. Persona Trade Debt $4,500 981 Mission St San Francisco, CA 94103 Email: billing@withpersona.com 16. Spade Data, Inc. Trade Debt $3,120 Attn: Oban MacTavish 125 W 25th St, 2nd Fl New York, NY 10001 Email: finance@spade.com; oban@spade.com 17. Trulioo Information Services Trade Debt $2,000 1055 Hastings St W, Ste 1200 Vancouver, BC V6E 2E9 Canada Email: accounts@trulioo.com 18. Nevtec Inc. Trade Debt $1,157 1150 S Bascom Ave, Ste 12 San Jose, CA 95128 Email: accounting@nevtec.com 19. Mintlify Trade Debt $900 108 Ferris Pl Ithaca, NY 14850 Email: hi@mintlify.com 20. Vestwell Holdings, Inc. Trade Debt $775 360 Madison Ave, 15th Fl New York, NY 10017 Email: clientservice@vestwell.com SOPHIA HOSPITALITY: Court Extends Cash Collateral Access to May 1 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois extended Sophia Hospitality, LLC's authority to use cash collateral until May 1. The order allowed the company to use cash collateral from Hanmi Bank to cover payroll and essential operating expenses, which shows total operating expenses of $121,135. As protection for the use of its cash collateral, Hanmi Bank, a senior secured creditor, was granted replacement liens on assets in which it held a lien as of the petition date. The next hearing is set for April 30. Objections are due by April 28. About Sophia Hospitality Sophia Hospitality, LLC, a company in Skokie, Ill., filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03361) on March 5, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. The petition was signed by Amin Amdani as member. Judge David D. Cleary oversees the case. The Debtor is represented by: Penelope Bach, Esq. Bach Law Offices P.O. Box 1285 Northbrook, IL 60065 Tel: (847) 564-0808x216 Fax: (847) 564-0985 Email: pnbach@bachoffices.com SOUTHWEST MATTRESS: Hires Kane Russell Coleman as Counsel --------------------------------------------------------- Southwest Mattress Sales, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Kane Russell Coleman Logan PC as counsel. The firm will provide these services: a. serve as counsel of record for the Debtor in all legal aspects of this Bankruptcy Case, including without limitation, the prosecution of actions on behalf of the Debtor; b. prepare pleadings in connection with the Bankruptcy Case; and c. appear before the Court to represent the interests of the Debtor in connection with the Bankruptcy Case. The firm will be paid at these rates: Director $650 Senior Attorney $600 Associate $400 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. J. Casey Roy, Esq., a partner at Kane Russell Coleman Logan PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason Binford, Esq. J. Casey Roy, Esq. Kane Russell Coleman Logan PC 401 Congress Ave. Suite 2100 Austin, TX 78701 Tel: (512) 487-6572 Email: croy@krcl.com jbinford@krcl.com About Southwest Mattress Sales, Inc. Southwest Mattress Sales, Inc. is a retailer of mattresses based in Austin, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10652) on June 7, 2024. In the petition signed by Stephen Frey, president, the Debtor disclosed up to $10 million in both assets and liabilities. Jason Binford, Esq., at ROSS, SMITH & BINFORD, PC, represents the Debtor as legal counsel. SPATIAL TAXI: Hires Law Offices of Alla Kachan as Counsel --------------------------------------------------------- Spatial Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Alla Kachan P.C. as attorney. The firm will provide these services: (a) assist the Debtor in administering this Chapter 11 case; (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as it deem appropriate; (d) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiate with the Debtor's creditor in formulating a plan of reorganization in this case; (f) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (g) render such additional services as the Debtor may require in this case. The hourly rates of the firm's counsel and staff are as follows: Attorneys $475 Clerks/Paraprofessionals $250 On Feb. 18, 2025, the firm received from the Debtor an initial retainer of $10,000. In addition, the firm will seek reimbursement for expenses incurred. Alla Kachan, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 About Spatial Taxi Corp. Spatial Taxi Corp. located in Rockaway Park, NY, operates as a taxi service and is the owner of taxi medallions 2P24 and 2P25. Spatial Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40856) on February 20, 2025. In its petition, the Debtor reports total assets of $1,054,406 and total liabilities of $1,288,348. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor 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 Fax: (347) 342-3156 Email: alla@kachanlaw.com SPAY INC: Carlyle Marks $29 Million 1L Loan at 14% Off ------------------------------------------------------ Carlyle Credit Solutions, Inc. has marked its $29,237,000 loan extended to SPay, Inc. to market at $25,108,000 or 86% of the outstanding amount, according to Carlyle's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. Carlyle is a participant in a First Lien debt to SPay, Inc. The debt accrues interest at a rate of 13.84% per annum. The debt matures on June 15, 2026. Carlyle indicates that Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate ("SOFR"), or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33%, the 180-day SOFR at 5.16%, the daily SONIA at 5.19%, the 30-day EURIBOR at 3.85%, the 90-day EURIBOR at 3.91% and the 30-day CDOR at 5.45%. Carlyle notes the loan includes interest rate floor feature, which ranges from 0.50% to 3.00%, and a credit spread adjustment that typically ranges from 0.10% to 0.43%. Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. Carlyle was elected to be regulated as a business development company under the Investment Company Act of 1940. Carlyle's core investment strategy focuses on lending to U.S. middle market companies, which it define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. It seeks to achieve investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans and second lien senior secured loans, with a minority of its assets invested in higher yielding investments. The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Carlyle invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Carlyle is led by Justin V. Plouffe, president and chief executive officer; Thomas M. Hennigan, chief financial officer; and Nigel D.T. Andrews as director. Carlyle can be reached through: Carlyle Credit Solutions Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About SPay, Inc. SPay, Inc., doing business as Stack Sports, operates as a software company. The Company offers SaaS based software solutions for payment, recruiting, and endurance in clubs, leagues, and governing bodies. Stack Sports serves customers in North America. STONY BROOK: Case Summary & 13 Unsecured Creditors -------------------------------------------------- Debtor: Stony Brook Drywall Corporation 41 Seville Lane Stony Brook, NY 11790 Business Description: Stony Brook Drywall Corporation, located in Stony Brook, NY, specializes in drywall, ceiling installation, and a variety of finishing services, including acoustic treatments, plaster, and tile work. Serving both residential and commercial clients, the Company offers comprehensive solutions for building interiors. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-71366 Judge: Hon. Louis A Scarcella Debtor's Counsel: Gary C. Fischoff, Esq. BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Total Assets: $248,225 Total Liabilities: $1,075,605 The petition was signed by Danielle Zdanowicz as president. 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/ZZA3O2A/Stony_Brook_Drywall_Corporation__nyebke-25-71366__0001.0.pdf?mcid=tGE4TAMA STRAWBERRY HILL: Gets OK to Use Cash Collateral Until June 30 ------------------------------------------------------------- Strawberry Hill Povitica, Inc. got the green light from the U.S. Bankruptcy Court for the District of Kansas to use the cash collateral of Crossfirst Bank until June 30. The Debtor needs to use cash collateral for its continued business operations and the reorganization process. The order signed by Judge Dale Somers granted Crossfirst Bank replacement liens on property acquired by Strawberry after its bankruptcy filing that is similar to its pre-bankruptcy collateral. In case the replacement lien is not adequate to protect its interest, Crossfirst Bank will be granted an administrative expense claim. As additional protection, Crossfirst Bank will receive a monthly payment of $7,000 from April to June. About Strawberry Hill Povitica Strawberry Hill Povitica, Inc. is engaged in the retail sale of bakery products in Merriam, Kansas. Strawberry Hill Povitica filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Kan. Case No. 24-20923) on July 2, 2024, listing $519,520 in assets and $2,847,467 in liabilities. Dennis K. O'Leary, president, signed the petition. Judge Dale L Somers presides over the case. Colin Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor as legal counsel. T&U INVESTMENTS: Taps Colliers International as Real Estate Broker ------------------------------------------------------------------ T&U Investments, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Colliers International as real estate broker. The firm will market and sell the Debtor's real property located at 3312 East 40th Street, Yuma, Arizona. The firm will be paid at the rate of 6 percent of the total sales price of the property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jerry LoCoco Colliers International 2390 E. Camelback Road, Suite 100 Phoenix, AZ 85016 Tel: (602) 222-5000 About T&U Investments, LLC T & U Investments, LLC is a Limited Liability Company registered in 1995 in the State of Arizona. Over the years, Debtor acquired many properties in Yuma, Tacna and Dateland. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06816) on August 16, 2024, with as much as $50,000 in both assets and liabilities. Judge Scott H. Gan oversees the case. Scott M. Baker, Esq., at Scott Macmillan Baker, PC represents the Debtor as legal counsel. TALLULAH'S TAQUERIA: Case Summary & 17 Unsecured Creditors ---------------------------------------------------------- Debtor: Tallulah's Taqueria, LLC mobile tallulah tallulah shack Tallulahs Tacos DBA Ives Store - Tallulah's Taqueria DBA JTN Store - Tallulah's Taqueria DBA Sims Store - Tallulah's Taqueria DBA Tallulahs Commissary 146 Ives Street Providence, RI 02906 Business Description: Tallulah's Taqueria, located in Providence, RI, offers a selection of authentic Mexican dishes, including tacos, burritos, and bowls, with a focus on fresh, high-quality ingredients. With a commitment to community and hospitality, the taqueria operates in multiple locations, including outdoor seating and a seasonal spot in Jamestown. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court District of Rhode Island Case No.: 25-10270 Judge: Hon. Diane Finkle Debtor's Counsel: Thomas P. Quinn, Esq. McLAUGHLINQUINN LLC 148 West River Street, Suite 1E Providence, RI 02904 Tel: 401-421-5115 Fax: 401-421-5141 Email: tquinn@mclaughlinquinn.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kelly Ann Rojas as member. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U7OZV6Q/Tallulahs_Taqueria_LLC__ribke-25-10270__0001.0.pdf?mcid=tGE4TAMA TEXAS HEALTH: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- On April 3, 2025, Texas Health Foundation Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports $3,245,968 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Texas Health Foundation Inc. Texas Health Foundation Inc., operating as Texas Center for Health, provides a wide range of healthcare services with a focus on both women's and men's health. The center specializes in areas such as obstetrics, gynecology, hormone replacement therapy, infertility treatments, weight loss programs, and aesthetic services like injectables and skincare. With a commitment to patient-centered care, the practice strives to offer tailored healthcare in a comfortable and efficient setting, including the convenience of telehealth options. Texas Health Foundation Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10143) on April 3, 2025. In its petition, the Debtor reports total assets of $649,918 and total liabilities of $3,245,968. The Debtor is represented by Robert C Lane, Esq. at THE LANE LAW FIRM. TEZCAT LLC: Seeks to Hire Ford & Semach P.A. as Counsel ------------------------------------------------------- Tezcat, LLC d/b/a Tepeyolot Cervecerias seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, P.A. as counsel. The firm's services include: a. analyzing the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. representing the Debtor at the Section 341 Creditors' meeting; e. giving the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property; if appropriate; f. advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. preparing, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protecting the interest of the Debtor in all matters pending before the court; i. representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. performing all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at these rates: Buddy D. Ford, Esq. $450 per hour Jonathan A. Semach, Esq. $400 per hour Heather M. Reel, Esq. $350 per hour Paralegals $150 per hour Prior to the commencement of the bankruptcy case, the Debtor paid the firm an advance fee of $27,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Buddy D. Ford, Esq., a partner at Ford & Semach, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Ford & Semach, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Tezcat, LLC d/b/a Tepeyolot Cervecerias Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned brewery and restaurant in Jacksonville, Florida, offering fresh Mexican cuisine paired with craft lagers brewed on-site. In addition to its dine-in and takeout options, the business provides catering for events like birthdays, weddings, and corporate functions. Tepeyolot also offers online ordering and party booking services, ensuring a convenient experience for its customers. Guests can enjoy a wide range of beverages, including margaritas, sangria, wine, and mixed drinks. Tezcat LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00803 ) on March 17, 2025. In its petition, the Debtor reports total assets of $22,708 and total liabilities of $1,001,540. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com THOMAS ST. JOHN: Seeks to Hire Michael Jay Berger as Counsel ------------------------------------------------------------ Thomas St. John, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy petition; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United states Trustee; (e) prepare status reports as required by the court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. (g) respond to creditor inquiries; (h) review proofs of claim filed in the Debtor's bankruptcy; (i) object to inappropriate claims; (j) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pendency of its bankruptcy proceedings; and (k) if appropriate, prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these hourly rates: Michael Berger, Partner $645 Sofya Davtyan, Partner $595 Robert Poteete, Associate Attorney $475 Senior Paralegals/Law Clerks $275 Paralegals $200 Law Offices of Michael Jay Berger received a retainer of $25,000 Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About Thomas St. John, Inc. Thomas St. John, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11641) on February 28, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Barry Russell presides over the case. The Debtor is represented by Michael Jay Berger, Esq. and Law Offices of Michael Jay Berger. THOMPSON ELECTRIC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Thompson Electric, Inc. 129 Southside Park Drive Lebanon, TN 37090 Business Description: Thompson Electric, Inc. is an electrical service provider based in Lebanon, TN, specializing in residential and commercial electrical installations, repairs, and large-scale projects. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-01471 Judge: Hon. Nancy B King Debtor's Counsel: R. Alex Payne, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 629 777 6529 Fax: 615 777 3765 E-mail: alex@dhnashville.com Total Assets: $1,252,208 Total Liabilities: $3,404,013 The petition was signed by Jon Thompson as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R27H6PQ/Thompson_Electric_Inc__tnmbke-25-01471__0001.0.pdf?mcid=tGE4TAMA TOTAL POWER: Carlyle Marks C$8 Million 1L Loan at 32% Off --------------------------------------------------------- Carlyle Credit Solutions, Inc. has marked its C$8,022,000 loan extended to Total Power Limited to market at C$5,486,000 Canadian or 68% of the outstanding amount, according to Carlyle's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. Carlyle is a participant in a First Lien debt to Total Power Limited. The debt accrues interest at a rate of 10.16% per annum. The debt matures on July 22, 2030. Carlyle indicates that Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate ("SOFR"), or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33%, the 180-day SOFR at 5.16%, the daily SONIA at 5.19%, the 30-day EURIBOR at 3.85%, the 90-day EURIBOR at 3.91% and the 30-day CDOR at 5.45%. Carlyle notes that loan includes interest rate floor feature, which ranges from 0.50% to 3.00%. Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. Carlyle was elected to be regulated as a business development company under the Investment Company Act of 1940. Carlyle's core investment strategy focuses on lending to U.S. middle market companies, which it define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. It seeks to achieve investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans and second lien senior secured loans, with a minority of its assets invested in higher yielding investments. The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Carlyle invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Carlyle is led by Justin V. Plouffe, president and chief executive officer; Thomas M. Hennigan, chief financial officer; and Nigel D.T. Andrews as director. The company can be reached through: Carlyle Credit Solutions Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Total Power Limited Total Power Limited provides generator solutions. It has grown to become one of Canada's largest and most well established Critical Power Specialists. TRACK ON 86: Unsecureds to be Paid in Full over 34 Months --------------------------------------------------------- Track On 86 LLC submitted a First Amended Disclosure Statement for Plan of Reorganization dated March 13, 2025. The Debtor promulgates this Disclosure Statement and Chapter 11 Plan to repay its remaining creditor, Centra Bavarian Mansion II LLC. Class 1 consists of General Unsecured Claims. The only Class 1 creditor is Bavarian II in the approximate amount of $326,532.26. The Debtor shall pay Bavarian II the amount of its allowed unsecured claim over a term of 34 months with interest thereon at the rate of 12% per annum as outlined in the Stipulation and Agreed Order between the Debtor and Bavarian II dated March 3, 2025: * Upon the entry of the Stipulation as an order of the Court, the Debtor shall pay Bavarian II a lump sum payment of $50,000.00 which shall be applied by Bavarian II as a reduction of the principal sum of $326,532.26 to $276,532.26; * On April 1, 2025, May 1, 2025, and June 1, 2025, the Debtor shall pay Bavarian II monthly installments of $5,000.00 each of which shall first be applied to accrued interest and then as a reduction of principal; * If by June 30, 2025, Farrell's on 145 LLC has entered into a contract of sale to sell its property located at 391 Route 20B, East Durham, New York 12423 (the "Property"), the closing of title shall take place by July 31, 2025, at which time of closing the remaining balance, including interest to date of payment and additional legal fees which have been incurred by Bavarian II since the filing of the instant petition ("Post Petition Legal Fees") shall be paid from the proceeds of sale pursuant to the terms of the Sale Order proposed to be entered in the Farrell's on 145th LLC case; * If by June 30, 2025, Farrell's on 145 LLC has not entered into a contract of sale to sell the Property, the Debtor shall pay Bavarian II a second lump sum payment of $50,000.00 which first be applied to accrued interest and then as a reduction of principal: * On August 1, 2025, and continuing monthly thereafter on the 1st day of each month; the Debtor shall pay Bavarian II monthly installments of $6,000.00 plus any rents collected by the Debtor under the terms of its proposed sublease with non-debtor Green Isle Wine and Liquors LLC, each of which shall first be applied to accrued interest and then as a reduction of principal; * If the Property is not sold or the remaining balance of the Bavarian II Claim is not paid in full by March 31, 2028, the remaining balance, comprised of then remaining principal, accrued interest, and Post Petition Legal Fees, shall be immediately payable to Bavarian II by the Debtor as a lump sum payment. The unsecured claim of Bavarian II is impaired by the Plan. Pursuant to the terms of the Stipulation between the parties, Bavarian II has agreed to vote in favor of the Debtor's First Amended Plan. The payments to cover all payments on the effective date of the Debtor's Plan shall come from the proceeds of sale of the Debtor's Property at 500 South Ohioville Road, New Paltz, New York. A full-text copy of the First Amended Disclosure Statement dated March 13, 2025 is available at https://urlcurt.com/u?l=JRsHt8 from PacerMonitor.com at no charge. Counsel to the Debtor: Richard S. Feinsilver, Esq. Law Firm Of Richard S. Feinsilver One Old Country Road Suite 347 Carle Place, NY 11514 Tel: (516) 873-6330 Fax: (516) 873-6183 Email: feinlawny@yahoo.com About Track On 86 Track on 86, LLC, a company in New Paultz, N.Y., is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns an 80 acre horse farm consisting of dwelling, cottage, two barns, and horse track valued at $2.5 million in the aggregate. Track on 86 filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-35119) on Feb. 8, 2024, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Garrett Doyle, managing member, signed the petition. Judge Cecelia G. Morris oversees the case. Richard S. Feinsilver, Esq., is the Debtor's legal counsel. TRITON WATER: S&P Withdraws 'BB-' ICR Following Merger with Primo ----------------------------------------------------------------- S&P Global Ratings withdrew its issuer credit rating on Triton Water Holdings Inc. (BB-/Positive) after it merged with Primo Water Corp. (BB-/Positive), forming the publicly traded entity Primo Brands Corp. (BB-/Positive), the parent of these two entities. VELAN INC: Advised by Latham & Watkins in Asbestos Divestiture -------------------------------------------------------------- Velan Inc. (TSX: VLN), a world-leading manufacturer of industrial valves, has announced the successful completion of the permanent divestiture of its asbestos-related liabilities to an affiliate of Global Risk Capital at a cost to the company of approximately US$143 million. Originally announced on January 14, 2025, the Asbestos Divestiture Transaction marks a significant step in Velan's strategic financial realignment. Latham & Watkins LLP represents Velan in the transaction with a Restructuring & Special Situations team led by Los Angeles partners Jeff Bjork and Helena Tseregounis and counsel Chris Craige, with Chicago partner Jason Gott and associates Madeleine Parish and TJ Li, and a Corporate team led by Chicago partner Zachary Judd, with associates Dalton Powell, Alice Bradshaw, Gabriella Badmus, and Leah Beukelman. Advice was provided on litigation matters by Los Angeles partner Amy Quartarolo; on finance matters by Los Angeles partner Mark Morris and counsel Jonathan Shih, with associates Julia Steinberg, and Olivia Horbowy; on tax matters by Chicago partner Joseph Kronsnoble, with associate Derek Gumm; on government contracting/regulatory matters by Washington D.C. partners Dean Baxtresser, Damara Chambers, and Andrew Galdes, with associates Eric Green, Genevieve Hoffman, and Monica Calce; on real estate matters by counsel Jeffrey Anderson, with associate Moshe Friedland; on intellectual property matters by New York partner Jeffrey Tochner, with associate Sebastian Moss; on labor and benefits matters by Chicago partners Benjamin Rosemergy and Nineveh Alkhas, with associates Yoojin DeNiro, and Victoria Wolfe; on environmental matters by Washington D.C. partner Julia Hatcher, with associate Casey Kirk; and on insurance matters by San Diego partner Drew Gardiner. VETCORE TECHNOLOGY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Vetcore Technology L.L.C. Vetcore Technology and Electrical Services TexVoip Communications 15407 Elm Sky Ct Cpyress, TX 77429-6582 Business Description: Vetcore Technology L.L.C. is a service- disabled veteran-owned small business based in Cypress, Texas, specializing in electrical contracting, telecommunications infrastructure, and IT project management. Founded in 2017, the Company offers a wide range of services, including structured data network cabling and security system installations, serving clients across various industries, from government agencies to large corporations. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-31943 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Broocks M. Wilson, Esq. WILSON FRIERY PLLC 708 Main Street 10th Floor Houston TX 77002 Tel: 832-942-7999 E-mail: mack@wilsonfriery.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to 10 million The petition was signed by Michael Higgins as CEO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZOMX5NQ/Vetcore_Technology_LLC__txsbke-25-31943__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NXQC3NY/Vetcore_Technology_LLC__txsbke-25-31943__0001.0.pdf?mcid=tGE4TAMA VIEWSTAR LLC: Hires E Glanz Associates as Real Estate Counsel ------------------------------------------------------------- Viewstar LLC filed Chapter 11 protection in the Southern District of New York to hire E Glanz Associates as special real estate counsel. The firm will render these services: a. represent the Debtor as the seller of the property located at 10 Mountainview Road, Upper Saddle River, New Jersey 07458; b. draft and negotiate an Agreement of Sale for the property; c. assist the Debtor in providing necessary due diligence, estoppels, if applicable, and required disclosures pursuant to the Agreement of Sale. d. review title reports and objections raised by the purchaser; e. assist in any other due diligence issues or matters that may arise under the Agreement of Sale; f. draft all closing documents required of the Debtor pursuant to the Agreement of Sale. g. facilitate and complete closing of title, the sale of the Property, and oversee disbursements and proceeds pursuant to the closing statement. The firm will be paid at these rates: Attorneys $400 per hour Paralegal $275 per hour Evan Glanz, Esq., founding attorney of E Glanz Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The firm can be reached through: Evan Glanz, Esq. E Glanz Associates 33 Martinsville Road Basking Ridge, NJ 07920 Tel: (973) 477-3684 Email: evan@eglanz.com About Viewstar LLC Viewstar LLC is the owner of real property located at 10 Mountainview Road, Upper Saddle River, New Jersey 07458. Viewstar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22716) on August 15, 2024. In the petition filed by Lee E. Buchwald, as restructuring officer, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Paul Rubin, Esq. and Hanh V. Huynh, Esq. at RUBIN LLC. VILLAGE ROAD: Warner Bros. Disputes Loan and Sale Process --------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Warner Bros. Entertainment Inc. has requested the imposition of legal safeguards in Village Roadshow's bankruptcy case, emphasizing the need to protect its interests in joint film contracts. According to the report, Warner Bros. contends that Village Roadshow's proposed $12.8 million bankruptcy loan would validate a fraudulent transaction and jeopardize the studio's rights to a valuable film library. The two companies, which have produced 91 films together, are in arbitration over The Matrix Resurrections. Village Roadshow filed for bankruptcy last month, citing the ongoing legal dispute and costly arbitration as factors that could undermine its financial stability. Warner Bros. has accused Village Roadshow of transferring future film contract rights to shell companies for $9, and pledging those rights to noteholders, including the Ontario Teachers Pension Plan and Falcon Investment Advisors. Warner Bros. opposes the loan, arguing that it should be limited to $7 million and exclude any preexisting debt roll-ups that might compromise the film assets. The studio is also challenging Village Roadshow's attempt to market film rights, demanding stronger protections for its intellectual property and production consent rights, according to Bloomberg Law. Village Roadshow, facing a liquidity crisis, attributed its Chapter 11 filing to the conflict with Warner Bros. and broader industry challenges, including the pandemic, labor strikes, and increasing competition from streaming services, the report states. Warner Bros. is represented by O'Melveny & Myers LLP and Morris Nichols Arsht & Tunnell LLP, while Village Roadshow is represented by Sheppard Mullin Richter & Hampton LLP and Young Conaway Stargatt & Taylor LLP. The case is In re Village Roadshow Ent. Grp., Bankr. D. Del., No. 24-10475, with objections filed on April 7, 2025. About Village Roadshow Entertainment Group USA Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Company's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. VIRGINIA BEACH: Seeks Approval to Hire Bedi Legal P.C. as Attorney ------------------------------------------------------------------ Virginia Beach Patios, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Bedi Legal P.C., as counsel. The firm will provide these services: a. amend or prepare the petition, lists, schedules and statements required by 11 U.S.C. §521; the pleadings, motions, notices and orders required for the orderly administration of the estate and to ensure the progress of this case; and to consult with and advise the Debtor in the reorganization of its businesses and the orderly administration of their assets; b. prepare for, prosecute, defend and represent the Debtor's interest in all contested matters, adversary proceedings and other motions and applications arising under, arising in or related to this case; c. advise and consult concerning administration of the estate in this case, concerning the rights and remedies regarding the Debtor's assets; concerning the claims of administrative, secured, priority and unsecured creditors and other parties in interest; d. investigate the existence of other assets of the estate; and, if any exist, to take appropriate action to have the same turned over to the estate, including instituting lawsuits and investigating whether lawsuits exist; e. interact with and file applications for approval by the Court of engagement of other professionals to be employed by the Debtor regarding services incident to the administration of the estate, preparation of the Plan of Reorganization and prosecution of causes of actions; and f. prepare a Disclosure Statement and Plan of Reorganization for the Debtor and negotiate with all creditors and parties in interest who may be affected thereby; to obtain confirmation of a Plan and perform all acts reasonably calculated to permit the Debtor to perform such acts and consummate a plan. The firm will be paid at these rates: John E. Bedi $400 per hour Carolyn A. Bedi $350 per hour Staff Attorney $275 per hour Paralegal $175 per hour Legal Assistant $100 per hour Receptionist $50 per hour The firm was paid a retainer in the amount of $18,000. Bedi Legal will also be reimbursed for reasonable out-of-pocket expenses incurred. Carolyn Bedi, Esq., a partner at Bedi Legal, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John E. Bedi, Esq. Carolyn A. Bedi, Esq. Bedi Legal, P.C. 1305 Executive Blvd., Ste. 110 Chesapeake, VA 23320 Tel: (757) 222-5842 Fax: (757) 671-1682 Email: carolyn@bedilegal.com john@bedilegal.com About Virginia Beach Patios Inc. Virginia Beach Patios, Inc. is a family-owned contractor specializing in designing and building custom outdoor living spaces, including custom pools, outdoor kitchens, fire features, or artistic structures. The Company is committed to delivering high-quality craftsmanship and creating functional, beautiful environments that enhance the homeowner's outdoor experience. With personalized service and innovative designs, the Company transforms ordinary yards into extraordinary outdoor retreats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70478) on March 7, 2025. In the petition signed by Angela Marie Rose, president, the Debtor disclosed $186,926 in assets and $1,233,715 in liabilities. Carolyn Bedi, Esq., at Bedi Legal, P.C., represents the Debtor as bankruptcy counsel. VISTA PARTNERS: Hires Buchalter as General Bankruptcy Counsel ------------------------------------------------------------- Vista Partners Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon to hire Buchalter, A Professional Corporation, as its general bankruptcy counsel. The firm's services include: a. advising the Debtor of its rights, duties, responsibilities and powers in this chapter 11 case; b. assisting, advising, and representing the Debtor relative to the administration of the chapter 11 case; c. attending meetings and conferences and otherwise communicating and negotiating with the subchapter V trustee, representatives of creditors and other parties in interest as to matters arising in or related to the chapter 11 case; d. assisting the Debtor in formulating, preparing, drafting, negotiating, and obtaining approval of a subchapter V plan of reorganization; e. working with the subchapter V trustee with respect to developing a consensual subchapter V plan; f. assisting the Debtor in the review, analysis, negotiation, and approval of any financing or funding agreements; g. taking all necessary actions to protect and preserve the interests of the Debtor, its business operations, and its bankruptcy estate, including, without limitation, the prosecution of actions against third parties; h. reviewing, analyzing, evaluating, and (where appropriate) filing objections to claims filed or asserted against the Debtor in this chapter 11 case; i. assisting the Debtor in the review, analysis, negotiation, and approval of any transactions as an alternative to confirmation of a plan of reorganization or liquidation; j. preparing on behalf of the Debtor all appropriate and necessary motions, applications, responses, replies, answers, orders, reports, and other papers, and pleadings in support and furtherance of the chapter 11 case; k. appearing, as appropriate, before the Court, appellate courts, and other courts or regulatory bodies in which matters may be heard in connection with the chapter 11 case; and l. performing such other legal services as may be required or deemed to be in the interests of the chapter 11 case, the Debtor, and its bankruptcy estate. The firm will be paid at these hourly rates: Caroline Djang, Shareholder $675 Joe Sakay, Shareholder $675 Dallis Nordstrom Rohde, Of Counsel $475 Dakota Pearce, Associate $395 Patricia Jolley, Paralegal $350 Brock Hatcher, Paralegal $250 The firm received an advance retainer in the amount of $135,000. As disclosed in the court filings, Buchalter does not hold or represent any interest adverse to the estate, has not served as an examiner in this chapter 11 case, and is a disinterested person as defined by Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Joe Sakay, Esq. Dakota Pearce, Esq. Caroline R. Djang, Esq. BUCHALTER, A Professional Corporation 805 SW Broadway, Suite 1500 Portland, OR 97205 Telephone: (503) 226-1191 Facsimile: (503) 226-0079 Email: jsakay@buchalter.com dpearce@buchalter.com cdjang@buchalter.com About Vista Partners Inc. Vista Partners Inc., doing business as Petersen - Arne, PA Distribution, Accent Design, Leisure Arts, and Newood MFG, provides a comprehensive multi-service solution for the sewing and crafting industry's distribution, shipping, and fulfillment needs. Founded in 1959, the Company is the only major craft distributor on the West Coast, perfectly positioned to distribute product originating from a global market to a wide variety of retailers. Offering a diverse selection of products, PA Distribution covers everything from essential creative supplies to trending seasonal and holiday items. The Company's services are tailored to meet the unique demands of the crafting and sewing industry, ensuring reliable inventory management and supply chain solutions. Vista Partners Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-60597) on March 5, 2025. In its petition, the Debtor reports total assets of $35,932,947 and total liabilities of $3,651,251. Honorable Bankruptcy Judge Thomas M. Renn handles the case. Joseph A.G. Sakay, Esq. at BUCHALTER, A PROFESSIONAL CORPORATION represents the Debtor as counsel. W.D. TOWNLEY: Seeks to Hire Rochelle McCullough as Counsel ---------------------------------------------------------- W.D. Townley and Son Lumber Company Inc. d/b/a Townley Lumber Co. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Rochelle McCullough, LLP as bankruptcy counsel. The firm's services include: a. advising the Debtors with respect to rights, powers and duties as Debtors continue to operate and manage the business of the Debtors; b. advising the Debtors concerning, and assisting in the negotiation and documentation of, agreements, debt restructuring, and related transactions; c. monitoring transactions proposed by the parties in interest during the course of this case and advising the Debtors regarding the same; d. reviewing the nature and validity of liens asserted against the property of the Debtors and advising the Debtors concerning the enforceability of such liens; e. advising the Debtors concerning the actions that might be taken to collect and to recover property for the benefit of the Debtors' estate; f. reviewing and monitoring the Debtors' ongoing business; g. preparing on behalf of the Debtors all necessary and appropriate applications, motions, pleadings, draft orders, notices and other documents, and reviewing all financial and other reports to be filed in this chapter 11 case; h. advising the Debtors concerning, and preparing responses to, applications, motions, pleadings, notices and other papers that may be filed and served in this chapter 11 case; i. advising the Debtors in connection with any suggested or proposed plan(s) of reorganization; j. counseling the Debtors in connection with the formulation, negotiation and promulgation of a plan of reorganization; and k. performing all other legal services for and on behalf of the Debtors that may be necessary or appropriate in the administration of this chapter 11 case. The firm will be paid at these rates: Partners $650 to 900 per hour Associates $350 to 400 per hour Paraprofessionals $225 per hour The firm received a retainer in the amount of $50,000. Joseph Postnikoff, Esq., a partner at Rochelle McCullough, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph F. Postnikoff, Esq. Rochelle McCullough, LLP 300 Throckmorton, Suite 520 Fort Worth, TX 76102 Tel: (817) 347-5260 Email: jpostnikoff@romclaw.com About W.D. Townley and Son Lumber Company Inc. d/b/a Townley Lumber Co. W.D. Townley and Son Lumber Company Inc. and affiliates operate a lumber milling business. Townley Lumber processes lumber used for pallet construction. TPM owns the property where the milling operations take place. TLC Transportation transports pallets in truckloads to customer locations. W.D. Townley and Son Lumber Company Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-41053) on March 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joseph Fredrick Postnikoff, Esq. at ROCHELLE McCULLOGH, LLP. WELLPATH HOLDING: Court Conditionally Approves Disclosure Statement ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas conditionally approved the adequacy of the disclosure statement explaining the joint Chapter 11 plan of reorganization of Wellpath Holdings Inc. and certain of its debtor-affiliates. Objections to the Debtors' Chapter 11 plan, if any, must be filed no later than 4:00 p.m. (prevailing Central Time) on April 22, 2025. The deadline to vote to accept or reject the Debtors' Chapter 11 Plan is on April 22, 2025, at 4:00 p.m. (prevailing Central Time). The Plan is premised on the administrative consolidation of the Debtors solely for the purposes of voting on the Plan, tabulating the votes to determine which Class or Classes have accepted the Plan, confirming the Plan, and the resulting treatment of all Claims and Interests and Plan Distributions, but shall not constitute a transfer of assets or liabilities between Debtors for any other purpose. Each Debtor will continue to maintain its separate corporate existence for all purposes other than the treatment of Claims and Interests under the Plan. On the Effective Date, and except as otherwise expressly provided in the Plan, solely for voting, tabulation, confirmation, and distribution purposes with respect to each Class of Claims or Interests, (a) all Claims or Interests in each respective Class will be deemed merged or consolidated and treated as Claims or Interests against the Debtors on a consolidated basis, (b) each Claim or Interest in each respective Class shall be deemed a single Claim against, or Interest in, the consolidated Debtors, (c) any Claim in a given Class based on a guaranty by any Debtors of the obligations of any other Debtors shall be deemed eliminated and extinguished, so that any Claim against any Debtor and any guarantee thereof by any other Debtor, and any joint or several liability of any of the Debtors, will be deemed to be one obligation of the consolidated Debtors, and (d) each Holder of any Allowed Claim or Interest in a given Class shall be entitled to a single recovery on account of such Claim or Interest, in accordance with the treatment provided under the Plan for such Class, regardless of whether such Holder filed Proofs of Claims against multiple Debtors or has Claims against multiple Debtors based on the same or similar debt. The Debtors said they believe that the Plan and the transactions contemplated thereby provide Holders of Claims with the best available recovery and are essential to ensure continuity of quality patient care at Wellpath’s healthcare facilities. Accordingly, the Debtors strongly recommend that Holders of Claims entitled to vote on the Plan vote to accept the Plan. The Plan places Claims and Interests into various Classes and specifies the treatment of each Class under the Plan: a) Class 1 (Other Secured Claims): Each Holder of an Allowed Other Secured Claim shall receive, at the option of the applicable Debtor or Post-Restructuring Debtor (and in consultation with the Required Consenting First Lien Lenders): (a) payment in full in Cash; (b) Reinstatement of such Claim; or (c) such other treatment rendering such Claim Unimpaired. b) Class 2 (Other Priority Claims): Each Holder of an Allowed Other Priority Claim shall receive, at the option of the applicable Debtor or Post-Restructuring Debtor, with the consent of the Required Consenting First Lien Lenders, (a) payment in full in Cash; or (b) such other treatment rendering such Claim Unimpaired. c) Class 3 (First Lien Secured Claims): Each Holder of an Allowed First Lien Secured Claim shall receive its Pro Rata share of (a) 3% of the New Common Equity, subject to dilution on account of the MIP Interests and (b) $124,213,836.00 of the Takeback Facility. d) Class 4 (First Lien Deficiency Claims): Each Holder of an Allowed First Lien Deficiency Claim shall receive its Pro Rata share of the beneficial interests in the Liquidating Trust along with the Holders of Allowed Second Lien Deficiency Claims in Class 5 and Holders of Allowed General Unsecured Claims in Class 6. Thereafter, each such Holder shall be paid as set forth in the Liquidating Trust Agreement. e) Class 5 (Second Lien Deficiency Claims): Each Holder of an Allowed Second Lien Deficiency Claim shall receive its Pro Rata share of the beneficial interests in the Liquidating Trust along with the Holders of Allowed First Lien Deficiency Claims in Class 4 and Holders of Allowed General Unsecured Claims in Class 6. Thereafter, each such Holder shall be paid as set forth in the Liquidating Trust Agreement. f) Class 6 (General Unsecured Claims): Each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the beneficial interests in the Liquidating Trust along with the Holders of Allowed First Lien Deficiency Claims in Class 4 and Holders of Allowed Second Lien Deficiency Claims in Class 5. As of the Effective Date, the Debtors’ liability for all General Unsecured Claims shall be (i) assumed by the Liquidating Trust without further act, deed, or Court order and (ii) administered and paid from the Liquidating Trust as set forth in the Liquidating Trust Agreement. g) Class 7 (Intercompany Claims): Subject to the Restructuring Transactions Memorandum, each Allowed Intercompany Claim shall be Reinstated, distributed, contributed, set off, settled, cancelled and released, or otherwise addressed at the option of the Post-Restructuring Debtors or Liquidating Trust, as applicable (with the consent of Required Consenting First Lien Lenders); provided that no distributions shall be made on account of any Intercompany Claims. h) Class 8 (Intercompany Interests): Subject to the Restructuring Transactions Memorandum, each Intercompany Interest shall be Reinstated, distributed, contributed, set off, settled, cancelled and released, or otherwise addressed at the option of the Post-Restructuring Debtors or Liquidating Trust, as applicable (with the consent of Required Consenting First Lien Lenders); provided, that no distributions shall be made on account of any Intercompany Interests. i) Class 9 (Existing Equity Interests): Without the need for any further corporate or limited liability company action or approval of any board of directors, board of managers, members, shareholders or officers of any Debtor or Post-Restructuring Debtor, as applicable, all Existing Parent Interests shall be cancelled, released, and extinguished without any distribution, and will be of no further force or effect, and each Holder of an Existing Parent Interest shall not receive or retain any distribution, property, or other value on account of such Existing Parent Interest. j) Class 10 (Section 510(b) Claims): All Section 510(b) Claims shall be discharged and released, and each Holder of a Section 510(b) Claim shall not receive or retain any distribution, property, or other value on account of its Section 510(b) Claim. The Debtors said that they believe that the compromises contemplated under the plan are fair and equitable, maximize the value of the Debtors' estates, and provide the best available recovery to stakeholders. At this time, the Debtors believe the plan represents the best available option for successfully completing the chapter 11 cases. The Debtors strongly recommend that creditors vote to accept the plan. The Committee of Unsecured Creditors believes the proposed plan is not in the best interests of the holders of general unsecured claims in class 6, as the committee believes that the plan fails to maximize recoveries for class 6, does not provide general unsecured claimholders with recourse to all of the Debtors' unencumbered assets, and limits their rights against third parties, thereby depriving them of meaningful recovery opportunities. A full-text copy of the disclosure statement with exhibits including the Chapter 11 plan is available for free at https://tinyurl.com/2ecsuvew About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Wellpath Holdings, Inc. and its affiliates. Proskauer Rose LLP represents the Committee as its co-counsel. Huron Consulting Services LLC and Dundon Advisers LLC were selected as the Committee's financial advisor. WELLPATH HOLDINGS: April 22 Ch. 11 Plan Confirmation Hearing Set ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas scheduled a hearing on April 30, 2025, at 8:30 a.m. (prevailing Central Time) before the Hon. Alfredo R. Perez located 515 Rusk Street, Courtroom 400, Houston, Texas 77002, to confirm the joint Chapter 11 plan of reorganization of Wellpath Holdings Inc. and certain of its debtor-affiliates. Objections to the confirmation of the Debtors' plan, if any, is April 22, 2025, at 4:00 p.m. (prevailing Central Time). About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Wellpath Holdings, Inc. and its affiliates. Proskauer Rose LLP represents the Committee as its co-counsel. Huron Consulting Services LLC and Dundon Advisers LLC were selected as the Committee's financial advisor. WEST TECHNOLOGY: Fitch Puts 'CCC-' Rating on Watch Positive ----------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) for West Technology Group, LLC (West) at 'CCC'. Fitch has placed West's first lien secured revolver and term loan on Rating Watch Positive (RWP) and affirmed its second lien secured notes at 'CC' with a Recovery Rating of 'RR6'. West's 'CCC' IDR reflects issues related to its elevated refinancing risk, negative FCF in 2024, and Fitch's forecast of continued, but narrowing negative margins. Fitch believes there is execution risk associated with cost-saving initiatives and achieving sustained organic growth. West's leverage remains elevated, despite debt repayments. West recently announced the sale of its Notified business. The Rating Watch Positive on the first lien instruments reflects Fitch's expectation of first lien term loan reduction through sale proceeds. This will result in an uplift of the instruments' recovery rating. Fitch will resolve the Rating Watch following transaction close, expected in 2Q25. Key Rating Drivers Sale of Notified Business: The rating action follows West's announcement to sell its Notified business to Equinity for $534.5 million. The purchase price includes up to $80 million in earn-out, expected to be received in 2026, with transaction close expected in 2Q25. West will use 75% of the net proceeds for partial prepayment of its first lien term loan. Following the completion of the sale, West will operate at about half its current scale, as Notified contributed 51% to total revenue in 2024. Going forward, West's will focus on digital patient relationship management services (Televox) and cloud-based conversational AI for automating customer interactions (Mosaicx). Elevated Leverage, Heightened Refinancing Risk: West faces approximately $1.2 billion in debt maturities in April 2027, which will decrease to about $841 million after the sale of Notified is completed. The RCF matures in August 2026. Despite substantial debt reduction in 2023, West's leverage remains high, exceeding 12.0x. The sale of the Safety Services business reduced total outstanding debt, but also halved EBITDA. Additional debt was paid down using proceeds from the SchoolMessenger business divestment. Despite the projected debt reduction in 2Q25, EBITDA leverage will remain high due to the reduction in absolute EBITDA for the company. Given the elevated leverage profile and high execution risk on the turnaround to organic growth, Fitch believes there is a high refinancing risk when maturities come due in 2027. Organic Growth Headwinds: West's top-line growth trajectory remains uncertain. Revenue growth was subdued in its core segments in 2024, largely due to competitive pressures, especially in the TeleVox segment. Fitch projects this segment will return to growth as West takes steps to retain its customers. The company plans to merge the Mosaicx and Televox segments to enhance product offerings, streamline go-to-market strategies and achieve cost savings. Fitch believes there is execution risk associated with the integration process and the company's ability to continue to grow organically. Cost Controls Stabilize Volatile Profitability: The company's EBITDA margins have been volatile in the past but stabilized in the mid-20s in the past two years. Fitch expects EBITDA margins to expand throughout the forecast horizon, driven by the company's cost-reduction actions. The combination of the TeleVox and Mosaicx segment will drive savings and contribute to operational efficiencies. Without any material disruptions to the top line, Fitch forecasts EBITDA margins to expand as the company realizes benefits from its cost-saving initiatives. Negative FCF Remains a Drag: West's FCF generation is projected to remain negative throughout the rating horizon, driven by lower EBITDA and ongoing investments in the business. Uneven top-line growth, high interest rates and elevated costs related to restructuring have also pressured FCF. Fitch expects the one-time costs to wind down in 2025 and beyond, leading to narrowing negative FCF margins. Aside from these factors, interest expense is expected to be the main use of cash. The company's interest expense has decreased due to substantial debt repayments in 2023, and further repayments projected in 2025. Sufficient but Deteriorating Liquidity Position: West has sufficient near-term liquidity, supported by cash balances and revolver availability. As of Dec. 31, 2024, the company had $158 million in cash and full availability of $152.7 million on its revolver, less $3.5 million for letters of credit. Following the sale of the Notified business, the proceeds will first repay debt in 2025, reducing the revolver availability to $65 million. Remaining proceeds will bolster cash on the balance sheet. Following the sale of Notified, EBITDA interest coverage was 0.7x in 2023; Fitch expects it to remain below 1.0x as West will operate at a smaller scale going forward. Diversified Customer Base Supports Profile: Fitch considers the diversity of West's customer base as a credit positive. In its TeleVox segment, West has over 7,000 health system, practice, and hospital customers. In the Mosaicx segment, the company covers various industries, including finance, healthcare, insurance, retail, telecom, and travel. The combination of the two segments further expands the product suite offered to customers. Peer Analysis West's business profile contains a diverse portfolio of technology solutions and is not directly comparable to its peers, which may provide a different mix of technology services. In the TeleVox segment, West competes with unrated competitors Artera Technologies LLC, CiperHealth, Epic Systems and Luma Health. In its Mosaicx segment, West competes in a fragmented competitive landscape, including large investment-grade operators such as Google (unrated), International Business Machines Corporation (A-/Stable), and other providers that generate less than $50 million in revenue annually. With the narrowing negative FCF expected across the rating horizon, EBITDA leverage over 12x and EBITDA interest coverage lower than 1.0x, West exhibits characteristics of a 'CCC' issuer. It faces significant execution risk associated with achieving sustainable top-line growth throughout the rating horizon, further pressuring credit metrics. Key Assumptions - Fitch expects revenue to be under $300 million in 2025, slightly above $170 million in 2026 and grow in the mid-single-digit range in 2027; - EBITDA margins projected in the mid-20% range in 2025 and forecast to expand, driven by the business optimization initiatives; - Capex of about 8% of total revenue; - FCF generation is forecast to remain negative until 2027, but projected to improve and become less negative each year; - Fitch's case model assumes 75% of net proceeds from the sale of Notified business will go toward debt repayment; Fitch applies a haircut on the earn-out proceeds expected in 2026; - No dividend pay-outs projected in the model. Recovery Analysis The recovery analysis assumes that West would be considered a going concern in a bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim and a 5% concession allocation paid from first lien lenders to second lien lenders to facilitate the restructuring process. The revolving facility is assumed to be fully drawn upon default at the commitment amount of $153 million. Fitch estimates a post-reorganization enterprise valuation based on a 5.0x multiple. The choice of this multiple considered the following factors: - The Apollo transaction valued West at approximately 7.8x EV/EBITDA. West recently announced the sale of its Notified business at 10.5x Adjusted EBITDA (including earnout); - Based on 2024 Fitch case studies for the sector, the median multiple was 5.9x for 77 cases for which there was adequate information to make an estimate. Fitch assumes the recovery multiple is lower than the median level, primarily due to West's weak cash flow generation and uncertain business prospects; - Fitch's going-concern EBITDA estimate is based on a stressed scenario wherein the agency assumes that West experiences revenue declines stemming from increased competition. To regain its market share, Fitch assumes that West increases its investments in product development and sales initiatives, which causes EBITDA margins to contract, ultimately resulting in a restructuring. Going concern EBITDA is assumed to be approximately 29% below the fiscal 2024 EBITDA; - The recovery analysis assigns a Recovery Rating of 'RR5' to the company's senior first lien secured debt and 'RR6' to the second lien notes. This results in a corresponding issue-level rating of 'CCC-' for the first lien debt and 'CC' for the second lien notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Meaningful liquidity deterioration; - Deterioration in operating profile leading to lack of liquidity support from capital markets and sponsor; - Accelerating negative FCFs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in operating profile, including revenue growth exceeding Fitch's expectations; - FCF approaching breakeven; - EBITDA interest coverage sustained above 1.5x. Liquidity and Debt Structure As of Dec. 31, 2024, the company had approximately $307.0 million in effective liquidity, including $158 million of cash and cash equivalents and $149 million of effective availability under its RCF, excluding letters of credit. West's FCF is expected to remain negative, although deficits are likely to reduce over the next couple of years. The revolver availability will decrease to $65 million after the completion of the debt prepayment in 2025. West's debt structure as of Dec. 31, 2024, includes a $153 million revolving facility, $721 million outstanding in first lien term loans maturing in 2027, and $446 million outstanding on 2027 second lien notes. The revolver is due to mature on Aug. 9, 2026. In its base case scenario, Fitch projects the first lien debt to decline, as the company repays a portion of its first lien term loan, using proceeds from the sale of the Notified business segment. Issuer Profile West Technology Group, LLC is a global provider of technology‐enabled communication services. West has sales and operations in the U.S., Canada, Europe, the Middle East, Asia-Pacific and Latin 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 ----------- ------ -------- ----- West Technology Group, LLC LT IDR CCC Affirmed CCC senior secured LT CCC- Rating Watch On RR5 CCC- Senior Secured 2nd Lien LT CC Affirmed RR6 CC WHITE FOREST: Committee Taps Force Ten as Financial Advisor ----------------------------------------------------------- The official committee of unsecured creditors of White Forest Resources, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Force Ten Partners, LLC as financial advisors. The firm will render these services: a. review and prepare information and analysis relating to the contemplated sale of the Raven Crest assets; b. review financial and analytical disclosures and information relating to the bid procedures, the potential sale and corresponding auction; c. advise the Committee with respect to optionality relating to the sale and auction, including, without limitation, feasibility, best options and alternatives; d. monitor the Debtors' short-term cash flow, liquidity, and operating results; e. assist the Committee with respect to proposed debtor-in-possession financing; f. review and analyze the potential disposition or liquidation of any additional core and non-core assets; g. review and analyze he claims reconciliation and estimation process; h. review and analyze other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; i. attend meetings and assistance in discussions with the Debtors, potential buyers, secured lenders, the Committee, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; j. evaluate and analyze avoidance actions, including fraudulent conveyances and preferential transfers and other actions relating to insiders; k. assist in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; l. assist the Committee in connection with any chapter 11 plan, including, but not limited to analysis of the chapter 11 plan, the adequacy of any new value contributed, and feasibility; m. any other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. The firm will charge these hourly fees: Partners $890 Managing Directors $595 - $695 Directors, Analysts $340 - $580 As disclosed in court filings, Force Ten Partners is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. Force 10 Partners can be reached at: Adam Meislik FORCE 10 PARTNERS 5271 California Suite 270 Irvine, CA 92617 Tel: (949) 357-2364 Email: nrubin@force10partners.com About White Forest Resources, Inc. White Forest Resources Inc. and affiliates are privately-held producers of premium metallurgical and thermal coal in the Central Appalachian coal basin. The Debtors operate two mining operations in West Virginia. The main buyers of the Debtors' premium metallurgical coal, which is used in a process to produce coke for steel manufacturing, include steel manufacturers, commodity brokers, and industrial clients. Electric utilities and industrial companies are the principal customers for the Debtors' thermalcoal. White Forest Resources Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10195) on February 7, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Alan M. Root, Esq., William E. Chipman, Jr., Esq., and Alison R. Maser, Esq., at Chipman Brown Cicero & Cole LLP in Wilmington, Delaware. The Debtors' CRO Provider is RK Consultants LLC. The Debtors' special counsel is Jones & Associates. The Debtors' noticing and claims agent is Stretto. WHITESTONE UPTOWN: To Sell Dallas Property to Bradford Property --------------------------------------------------------------- Whitestone Uptown Tower, LLC, a/k/a Pillarstone Capital REIT Operating Partnership, seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property, free and clear of liens, claims and encumbrances. The Debtor seeks to sell its primary asset, a 12-story, 253,000 square-foot office tower located at 4144 North Central Expressway in Dallas, Texas. The Debtor wants to sell the Property to Bradford Property Company, Inc. for $20,500,00. pursuant to the Court Order dated February 27, 2025. The Buyer will pay $100,000.00 earnest money and will become non-refundable to Buyer, and Buyer will deposit within 3 days from execution an additional $50,000.00 which shall become non-refundable 21 days after Court approval. The Debtor has thoroughly marketed the Property for sale by hiring a real estate broker, advertising, placing a sign on the property, and negotiating with prospective buyers. Weitzman Management Corporation will receive a commission of 2% of the gross sales price if the sale closes. About Whitestone Uptown Tower, LLC Whitestone Uptown Tower, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-32832) on December 1, 2023. In the petition signed by Bradford Johnson, authorized representative, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Michelle V Larson oversees the case. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. WILL NOT SELL: Hires Colliers International Florida as Realtor -------------------------------------------------------------- Will Not Sell, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Colliers International Florida, LLC as realtor. The Debtor needs a realtor to market and/or sell its sole real properties located in Miami, Florida. The firm will receive a commission of 4 percent of the gross purchase price. If a cooperating broker is involved, the firm will receive a commission of 5 percent. Alex Evans, a managing director at Colliers International Florida, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alex Evans Colliers International Florida, LLC 200 E. Broward Blvd., Ste. 120 Fort Lauderdale, FL 33301 Telephone: (407) 362-6159 Email: alex.evans@colliers.com About Will Not Sell Will Not Sell LLC is a limited liability company. Will Not Sell LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10198) on January 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert A. Mark oversees the case. Sagre Law Firm, P.A. represents the Debtor as counsel. WILL NOT SELL: Hires Colliers International Florida as Realtor -------------------------------------------------------------- Will Not Sell LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Colliers International Flordia, LLC as real estate broker. The firm will market and sell the Debtor's real property located at 7400/7410 NE Miami Court & 40 NE 75 Street, Folio: 01-3112-069-0010, Miami Florida. The firm will be paid a commission of 4 percent of the gross sales price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Warren Weiser Colliers International Florida LLC 801 Brickell Avenue, Suite 900 Miami, FL 33131 Phone: (305) 779-3150 Email: warren.weiser@colliers.com About Will Not Sell LLC Will Not Sell LLC is a limited liability company. Will Not Sell LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10198) on January 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert A. Mark oversees the case. Sagre Law Firm, P.A. represents the Debtor as counsel. WINESHIPPING.COM: Carlyle Marks $15.6 Million 1L Loan at 18% Off ---------------------------------------------------------------- Carlyle Credit Solutions, Inc. has marked its $15,603,000 loan extended to Wineshipping.com LLC to market at $12,852,000 or 82% of the outstanding amount, according to Carlyle's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. Carlyle is a participant in a First Lien debt to Wineshipping.com LLC. The debt accrues interest at a rate of 10.29% per annum. The debt matures on October 19, 2027. Carlyle indicates that variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate ("SOFR"), or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33%, the 180-day SOFR at 5.16%, the daily SONIA at 5.19%, the 30-day EURIBOR at 3.85%, the 90-day EURIBOR at 3.91% and the 30-day CDOR at 5.45%. Carlyle notes that debt includes interest rate floor feature, which ranges from 0.50% to 3.00% and the Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%. Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. Carlyle was elected to be regulated as a business development company under the Investment Company Act of 1940. Carlyle's core investment strategy focuses on lending to U.S. middle market companies, which it define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. It seeks to achieve investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans and second lien senior secured loans, with a minority of its assets invested in higher yielding investments. The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Carlyle invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Carlyle is led by Justin V. Plouffe, president and chief executive officer; Thomas M. Hennigan, chief financial officer; and Nigel D.T. Andrews as director. Carlyle can be reached through: Carlyle Credit Solutions Inc. One Vanderbilt Avenue, Suite 3400 New York, NY 10017 Telephone: (212) 813-4900 About Wineshipping.com LLC Wineshipping.com LLC operates as a wine supply chain company. The Company offers wine storage solutions including wine club and daily fulfillment of consumer direct shipments. It serves customers in the United States. WINSTON DEVELOPMENT: Hires Richard S. Feinsilver as Counsel ----------------------------------------------------------- Winston Development LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Richard S. Feinsilver, Esq. to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $500 per hour Legal Assistants $100 per hour The firm received from the Debtor a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard S. Feinsilver, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard S. Feinsilver, Esq. One Old Country Road, S 347 Carle Place, NY 11514 Tel: (516) 873-6330 About Winston Development LLC Winston Development, LLC operates in the residential building construction industry. It is the fee simple owner of the real property located at 709 Montauk Highway, Amagansett, N.Y., with an appraised value of $1.1 million. Winston Development sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73882) on October 10, 2024, with total assets of $1,100,001 and total liabilities of $2,151,708. Winston L. Mitchell, managing member, signed the petition. Judge Louis A. Scarcella handles the case. The Debtor is represented by Mark E. Cohen, Esq., at Pryor & Mandelup, LLP. [] David M. Feldman Joins Clifford Chance's Insolvency Practice --------------------------------------------------------------- Global law firm Clifford Chance has hired US partner David M. Feldman to co-lead its Global Restructuring & Insolvency practice alongside Philip Hertz, who has led the practice since 2016, further strengthening the firm's Restructuring & Insolvency team in the US. Mr. Feldman joins the firm from Gibson, Dunn & Crutcher, where he served as co-chair of the restructuring practice for 16 years. He brings more than 30 years of experience in restructuring and insolvency law, with experience representing large and sophisticated credit funds, private equity firms, financial institutions, and companies in complex bankruptcy cases, out-of-court restructurings, and distressed asset and debt transactions. Mr. Feldman's addition bolsters the firm's Restructuring & Insolvency team in New York and enhances its ability to handle cutting-edge, distressed investing and restructuring matters in the US as part of the firm's global offering. Philip Hertz said, "I am delighted to welcome David to the firm and look forward to collaborating with him in leading the Global Restructuring & Insolvency Group. In today's dynamic global economic landscape, strategic financial restructuring presents numerous opportunities. David's appointment will bolster the momentum of our growing US bankruptcy practice and highlights the firm's commitment to enhancing our restructuring capabilities both domestically and globally. This will strengthen our ability to support clients in navigating complex situations." Zarrar Sehgal, Co-Head of the Global Financial Markets group in the Americas, said, "David is a tremendous leader, and his appointment as Co-Head of the Global Restructuring & Insolvency practice underscores our strategic growth and ambitious goals both nationally and internationally. His perspective from our Americas region, combined with Philip's global view, positions our R&I group to provide unparalleled support to our clients with comprehensive, well-rounded experience." Head of the US Restructuring & Insolvency practice Brian Lohan said, "Having known and worked with David for over a decade, I am excited for him to add his experience working with a broad range of clients -- from financial institutions to corporates -- to our US Restructuring team at Clifford Chance. As we continue to grow and deepen our domestic restructuring bench, we are further establishing a leading position in the US and building our range of offerings to meet the globalization of our clients' business needs." Feldman said, "Clifford Chance presents an exciting opportunity to advise a global client base on domestic restructuring issues. The firm offers a truly global platform, enabling me to better serve the international needs of my distressed investing and restructuring clients in the US. I look forward to collaborating with Philip and the talented team to expand and strengthen our Restructuring & Insolvency practice, both domestically and internationally.” About David M. Feldman * Joins Clifford Chance from Gibson, Dunn & Crutcher * Represents banks, hedge funds, private equity firms and companies in a variety of bankruptcy cases, out-of-court restructurings, distressed asset and debt transactions * His representative matters include: * Advised Macquarie Asset Management in connection with the restructuring and sale of its real estate investments related to Steward Healthcare, a national health care company. * Advised Braidwell, LP, a major biotech/healthcare investor, as majority lender to Nanostring, a genetics biotech company, in connection with Nanostring's highly successful sale in bankruptcy. * Advised HPS as majority second lender to Trimark, a leading national restaurant supply company, in connection with Trimark's 2024 restructuring. * Advised an ad hoc bondholders group in connection with the restructuring of Accelerate Diagnostics Inc., an in vitro diagnostics company. * Advised F45 Training Holdings Inc., a fitness franchisor, on its out of court restructuring. * Advised Fortress Investment Group as creditors in the Chapter 11 bankruptcy filing of Vice Group Holding Inc., a digital media and entertainment platform. * Advised an ad hoc group of first lien lenders in the multi-billion dollar debt restructuring of Envision Healthcare, a national medical group and KKR portfolio company. * Represented Wine.com, a national wine eRetailer, in connection with an out-of-court restructuring and rescue loan. * Advised Vistra Corp. and its subsidiary, Luminant Energy Company, in connection with financial and strategic interests at stake in Just Energy's chapter 15 proceeding in the S.D. Texas, as well as representing Luminant as plaintiff-intervenor in related adversary proceeding. * Advised an ad hoc group of secured lenders to Mallinckrodt PLC in a multi-billion dollar prepackaged Chapter 11 restructuring with secured creditors and an opioid trust formed in its previous bankruptcy case. * Recognized in Bankruptcy/Restructuring 2009 - 2024 by Chambers USA * Earned BA in Government from Cornell University (1989), JD from Benjamin N. Cardozo School of Law (1993) About Clifford Chance Clifford Chance is a global law firm with significant depth and range of resources across five continents. Its clients include corporates from all commercial and industrial sectors, governments, regulators, trade bodies and not-for-profit organizations. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Beyond Costumes, Inc. Bankr. S.D.N.Y. 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Case No. 25-40342 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/4S6US5I/Boothe_Investments_LLC__mabke-25-40342__0001.0.pdf?mcid=tGE4TAMA represented by: James P. Ehrhard, Esq. JAMES P. EHRHARD, ESQ. E-mail: ehrhard@ehrhardlaw.com In re Riverdale Fuel Inc. Bankr. S.D.N.Y. Case No. 25-22273 Chapter 11 Petition filed April 3, 2025 See https://www.pacermonitor.com/view/HI2K3FI/Riverdale_Fuel_Inc__nysbke-25-22273__0001.0.pdf?mcid=tGE4TAMA represented by: Richard S. Feinsilver, Esq. RICHARD S. FEINSILVER, ESQ. E-mail: feinlawny@yahoo.com In re Concrete Truth Title, LLC Bankr. W.D. Mo. Case No. 25-40479 Chapter 11 Petition filed April 3, 2025 See https://www.pacermonitor.com/view/MB7B44I/Concrete_Truth_Title_LLC__mowbke-25-40479__0001.0.pdf?mcid=tGE4TAMA represented by: Erlene W. Krigel, Esq. KRIGEL, NUGENT + MOORE, P.C. E-mail: ekrigel@knmlaw.com In re Milestone LLC Bankr. N.D. Ill. Case No. 25-05164 Chapter 11 Petition filed April 3, 2025 See https://www.pacermonitor.com/view/7ABIPUQ/Milestone_LLC__ilnbke-25-05164__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 501 Lincoln Ave, LLC Bankr. D. N.J. Case No. 25-13570 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/O3AUATQ/501_Lincoln_Ave_LLC__njbke-25-13570__0001.0.pdf?mcid=tGE4TAMA represented by: John O'Boyle, Esq. NORGAARD OBOYLE HANNON E-mail: joboyle@norgaardfirm.com In re Jarkis Teryule Fulghem Bankr. W.D. Mo. Case No. 25-40484 Chapter 11 Petition filed April 4, 2025 represented by: Esperanza Cervantes, Esq. In re Billy J Cuevas Ithier Bankr. D. P.R. Case No. 25-01537 Chapter 11 Petition filed April 4, 2025 represented by: Modesto Bigas Mendez, Esq. In re Kashka Siebie Scott Bankr. N.D. Ga. Case No. 25-53737 Chapter 11 Petition filed April 4, 2025 In re Orenthal James McNichols and La'shicka D'nice McNichols Bankr. S.D. Miss. Case No. 25-50484 Chapter 11 Petition filed April 3, 2025 represented by: Craig Geno, Esq. In re Wayne Patrick English Bankr. N.D. Fla. Case No. 25-30295 Chapter 11 Petition filed April 3, 2025 represented by: Byron Wright, Esq. In re William E Harrison Bankr. N.D. Miss. Case No. 25-11071 Chapter 11 Petition filed April 3, 2025 represented by: Robert Gambrell, Esq. In re Balaji Modhagala Bankr. D. N.J. Case No. 25-13512 Chapter 11 Petition filed April 3, 2025 represented by: Scott Goldstein, Esq. In re Mark M Barayev Bankr. E.D.N.Y. Case No. 25-41642 Chapter 11 Petition filed April 3, 2025 In re Marion Realty Group LLC Bankr. M.D. Fla. Case No. 25-02117 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/NJH66KA/Marion_Realty_Group_LLC__flmbke-25-02117__0001.0.pdf?mcid=tGE4TAMA represented by: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE E-mail: sdammer@bbdglaw.com In re Foster and Schell, Inc. Bankr. D. Mont. Case No. 25-10056 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/U5X2UDI/FOSTER_AND_SCHELL_INC__mtbke-25-10056__0001.0.pdf?mcid=tGE4TAMA represented by: Molly Considine, Esq. PATTEN PETERMAN BEKKEDAHL & GREEN E-mail: MCONSIDINE@PPBGLAW.COM In re Michigan Institute of Forensic Science and Medicine, P.C. Bankr. E.D. Mich. Case No. 25-20412 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/UOP744I/Michigan_Institute_of_Forensic__miebke-25-20412__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re RCM Equipment Company, LLC Bankr. D. Minn. Case No. 25-30981 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/V64ZTCI/RCM_EQUIPMENT_COMPANY_LLC__mnbke-25-30981__0001.0.pdf?mcid=tGE4TAMA represented by: Brian A. Gravely, Esq. DUDLEY AND SMITH, P.A. E-mail: bgravely@dudleyandsmith.com In re RCM Manufacturing Incorporated Bankr. D. Minn. Case No. 25-30979 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/ZCUICRY/RCM_MANUFACTURING_INCORPORATED__mnbke-25-30979__0001.0.pdf?mcid=tGE4TAMA represented by: Brian A. Gravely, Esq. E-mail: bgravely@dudleyandsmith.com In re RCM Specialties, Inc. Bankr. D. Minn. Case No. 25-30980 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/ZLCKP5Q/RCM_SPECIALTIES_INC__mnbke-25-30980__0001.0.pdf?mcid=tGE4TAMA represented by: Brian A. Gravely, Esq. DUDLEY AND SMITH, P.A. E-mail: bgravely@dudleyandsmith.com In re Kadam Logistics Corp. Bankr. N.D. Ill. Case No. 25-05237 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/A4SLHBA/Kadam_Logistics_Corp__ilnbke-25-05237__0001.0.pdf?mcid=tGE4TAMA represented by: Joel Schechter, Esq. LAW OFFICES OF JOEL A. SCHECHTER E-mail: joelschechter1953@gmail.com In re Don Kew Inc Bankr. E.D.N.Y. Case No. 25-41678 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/ROASSKY/Don_Kew_Inc__nyebke-25-41678__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Scenic City Boot Camp, LLC Bankr. E.D. Tenn. Case No. 25-10863 Chapter 11 Petition filed April 4, 2025 See https://www.pacermonitor.com/view/QM3Y3LA/Scenic_City_Boot_Camp_LLC__tnebke-25-10863__0001.0.pdf?mcid=tGE4TAMA represented by: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW E-mail: tom@tombiblelaw.com In re Cheema Brothers Logistics, Inc. Bankr. E.D. Calif. Case No. 25-11088 Chapter 11 Petition filed April 2, 2025 See https://www.pacermonitor.com/view/RFYM4WQ/Cheema_Brothers_Logistics_Inc__caebke-25-11088__0001.0.pdf?mcid=tGE4TAMA represented by: Beilal Chatila, Esq. CHATILA LAW, LLP E-mail: chatilalaw@gmail.com In re Northwest Foundation for A Course in Miracles Bankr. W.D. Wash. Case No. 25-10911 Chapter 11 Petition filed April 3, 2025 See https://www.pacermonitor.com/view/SYPEPKI/Northwest_Foundation_for_A_Course__wawbke-25-10911__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kevin Michael Harvey and Kristen Alexis Harvey Bankr. E.D. Tenn. Case No. 25-10862 Chapter 11 Petition filed April 4, 2025 represented by: W. Thomas Bible, Jr., Esq. LAW OFFICE OF W. THOMAS BIBLE, JR. D/B/A TOM BIBLE LAW Email: tom@tombiblelaw.com In re Maria Socorro Figueroa Lugo Bankr. D. P.R. Case No. 25-01546 Chapter 11 Petition filed April 4, 2025 represented by: Juan Carlos Bigas Valedon, Esq. In re Clayborn G Thornton and Carla G Thornton Bankr. W.D.N.C. Case No. 25-30329 Chapter 11 Petition filed April 4, 2025 represented by: Michael Martinez, Esq. In re Fox Management Realty LLC Bankr. S.D.N.Y. Case No. 25-10670 Chapter 11 Petition filed April 7, 2025 See https://www.pacermonitor.com/view/GKBM62Q/Fox_Management_Realty_LLC__nysbke-25-10670__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Best Logistics Inc. Bankr. W.D. Tenn. Case No. 25-21770 Chapter 11 Petition filed April 7, 2025 See https://www.pacermonitor.com/view/FZJG6EA/Best_Logistics_Inc__tnwbke-25-21770__0001.0.pdf?mcid=tGE4TAMA represented by: Bo Luxman, Esq. LUXMAN LAW FIRM E-mail: Bo@luxmanlaw.com In re B & K 149 Corporation Bankr. E.D.N.Y. Case No. 25-41683 Chapter 11 Petition filed April 6, 2025 See https://www.pacermonitor.com/view/4PJUKOY/B__K_149_Corporation__nyebke-25-41683__0001.0.pdf?mcid=tGE4TAMA represented by: Elio Forcina, Esq. E-mail: forcinalaw@gmail.comm In re R & H Motor Group, Inc. Bankr. D.S.C. Case No. 25-01299 Chapter 11 Petition filed April 6, 2025 See https://www.pacermonitor.com/view/URHHGIQ/R__H_Motor_Group_Inc__scbke-25-01299__0001.0.pdf?mcid=tGE4TAMA represented by: Jason M Ward, Esq. JASON WARD LAW, LLC E-mail: Jason@WardLawSC.com In re Loyalty Investment & Management, INC. Bankr. N.D. Ill. Case No. 25-05409 Chapter 11 Petition filed April 8, 2025 See https://www.pacermonitor.com/view/DSZ26CI/Loyalty_Investment__Management__ilnbke-25-05409__0001.0.pdf?mcid=tGE4TAMA represented by: Paul M. Bach, Esq. BACH LAW OFFICES E-mail: paul@bachoffices.com In re Venetian Properties Inc. Bankr. S.D. Miss. Case No. 25-00913 Chapter 11 Petition filed April 8, 2025 See https://www.pacermonitor.com/view/HOMGNFY/Venetian_Properties_Inc__mssbke-25-00913__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re World Best Sporting Goods Inc. Bankr. S.D.N.Y. Case No. 25-10681 Chapter 11 Petition filed April 8, 2025 See https://www.pacermonitor.com/view/JXKQG2Q/World_Best_Sporting_Goods_Inc__nysbke-25-10681__0001.0.pdf?mcid=tGE4TAMA represented by: Jerry Choe, Esq. E-mail: jerrychoeesq@gmail.com In re Vyvve LLC Bankr. S.D. Fla. Case No. 25-13760 Chapter 11 Petition filed April 7, 2025 See https://www.pacermonitor.com/view/L2335LA/Vyvve_LLC__flsbke-25-13760__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Charbonneau, Esq. AGENTIS PLLC E-mail: rpc@agentislaw.com In re Empire NJ Consulting LLC Bankr. E.D.N.Y. Case No. 25-41684 Chapter 11 Petition filed April 7, 2025 See https://www.pacermonitor.com/view/GFPJA2A/Empire_NJ_Consulting_LLC__nyebke-25-41684__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 1560 Voluntown Road, LLC Bankr. D. Conn. Case No. 25-20341 Chapter 11 Petition filed April 8, 2025 See https://www.pacermonitor.com/view/CYQ3T6I/1560_Voluntown_Road_LLC__ctbke-25-20341__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony S. Novak, Esq. NOVAK LAW OFFICE, PC E-mail: anthonysnovak@aol.com In re Kina Lane Enterprises, LLC Bankr. D. Del. Case No. 25-10665 Chapter 11 Petition filed April 7, 2025 See https://www.pacermonitor.com/view/CNHUOFA/KINA_LANE_ENTERPRISES_LLC__debke-25-10665__0001.0.pdf?mcid=tGE4TAMA represented by: Mark Billion, Esq. BILLION LAW E-mail: markbillion@billionlaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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