/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250411.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, April 11, 2025, Vol. 29, No. 100 Headlines 10186 OLIVIA: M. Douglas Flahaut Named Subchapter V Trustee 1140 REALTY: Taps David Goldwasser of FIA Capital as CRO 1221 BOYLE : Court OKs Pittsburgh Property Sale to Jackson Premier 17 EAST 47TH: Secured Party Sets May 15, 2025 Auction 316-318 GUILFORD: Seeks Chapter 11 Bankruptcy in Maryland 527 EDILIDO: U.S. Trustee Unable to Appoint Committee AFFINITY INTEGRATED: Court Extends Cash Collateral Access to June 1 AFH AIR PROS: Seeks to Hire Ordinary Course Professional ALC ENGINEERED: Robbin Messerli Named Subchapter V Trustee ALLIANCE ENERGY: Case Summary & 20 Largest Unsecured Creditors APG EXPRESS: Case Summary & Two Unsecured Creditors ATLANTIC NATURAL: Case Summary & 20 Largest Unsecured Creditors AVILLA MOTOR: Seeks Chapter 11 Bankruptcy in Indiana B&B OUTDOOR: Seeks to Hire Branslow PLLC as Counsel BGI SEWELL: Nicole Nigrelli Named Subchapter V Trustee BIG LOTS: Reopens Stores Under Variety Wholesalers Post-Bankruptcy BIZNESS AS USUAL: Hires Erica Booth Tax as Accountant BNG GROUP: Hires Angela Shortall as Chief Restructuring Officer BNG GROUP: Hires Hirschler Fleischer as Bankruptcy Counsel BYJU'S ALPHA: April 29 Claims Filing Deadline Set C & C ELECTRIC: Seeks Subchapter V Bankruptcy in Tennessee C & C FREIGHT: Seeks Subchapter V Bankruptcy in Georgia CALIFORNIA PREMIER: Ronald Stadtmueller Named Chapter 11 Trustee CCP MEZZANINE: Redwood To Hold Public Auction on April 24 COCRYSTAL PHARMA: Faces $17.50 Million Net Loss in 2024 COMMUNITY AWARENESS: Seeks to Use Cash Collateral CONCORDE METRO: Hires Vilarino & Associates LLC as Attorney CONCORDE METRO: Taps Luis R. Carrasquillo as Financial Consultant CORINTH AUTUMN: Trustee Seeks Cash Collateral Access CPIF LA ARTS: Seeks Chapter 11 Bankruptcy in California DEL MONTE INVEST: Seeks Chapter 11 Bankruptcy in California DEPANO BROS: Holly Miller Named Subchapter V Trustee DFRF ENTERPRISES: Order to Show Cause on SEC Plan of Distribution DIAMOND COMIC: Court Hearing on Asset Sale Set For Finalization DMD CUSTOM: Court Extends Cash Collateral Access to April 30 ENTEGRIS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable EQUIPSOURCE LLC: Seeks Cash Collateral Access F21 OPCO: Hires SSG Advisors LLC as Investment Banker F21 OPCO: Seeks to Hire Verita Global as Administrative Advisor F21 OPCO: Seeks to Hire Young Conaway Stargatt as Counsel F21 OPCO: Seeks to Tap Retail Consulting as Real Estate Advisor F21 OPCO: Taps Paul Weiss Rifkind Wharton as Special Counsel F21 OPCO: Taps Stephen Coulombe & Michael Brown of Berkeley as CRO FAITH ELECTRIC: Gets Interim OK to Use Cash Collateral FASHIONABLE INC: Case Summary & 20 Largest Unsecured Creditors FLYING STAR: Seeks to Hire Snell & Wilmer as Bankruptcy Counsel GO LAB: Taps Omni Agent Solutions as Claims and Noticing Agent GO LAB: U.S. Trustee Unable to Appoint Committee GREATBATCH LTD: Moody's Upgrades Sr. Secured Facilities to Ba1 HAWAII STAGE: Seeks to Hire Hee & Ching CPAs LLC as Accountant HEXCEL CORP: S&P Alters Outlook to Stable, Affirms 'BB+' ICR HILTS LOGGING: Hires Orville & McDonald Law P.C as Counsel HOSPITALITY AT YORK: Seeks Chapter 11 Bankruptcy in Pennsylvania HOUSE SPIRITS: Seeks Chapter 11 Bankruptcy in Delaware INET TAXI: Seeks to Hire Alla Kachan P.C. as Attorney INET TAXI: Seeks to Tap Estelle Miller as Accountant ISOR TAXI: Seeks to Hire Alla Kachan P.C. as Attorney ISOR TAXI: Seeks to Tap Estelle Miller as Accountant JAG PUBLIC: Gets Interim OK to Use Cash Collateral JILL'S OFFICE: Hires Workman Nydegger as Legal Counsel KERRY GROUP: Seeks Shareholder Approval of Capital Reduction LITTLE MINT: Court OKs Restaurant Asset Sale at Auction LQR HOUSE: Posts $22.75M Loss in 2024, Bigger Than Previous Year LQR HOUSE: Signs Exclusive Distribution Deal With Of The Earth MACY'S RETAIL: S&P Affirms 'BB+' Rating on Existing Unsec. Notes MAINE BOULEVARD: Voluntary Chapter 11 Case Summary MARCOS'S PIZZA: Eric Huebscher Named Subchapter V Trustee MBMK PROPERTY: Creditor Seeks to Prohibit Cash Collateral Access MIRA PHARMACEUTICALS: Narrows Net Loss to $7.85 Million in 2024 MIRA PHARMACEUTICALS: To Acquire SKNY, SKNY to Provide $5M Infusion MLN US: S&P Assigns 'B-' Rating on $69MM New Money DIP Term Loan MOM CA: 4G Wireless Seeks Chapter 11 Trustee Appointment MOM CA: Seeks to Hire Buchalter APC as Special Counsel MOM CA: Seeks to Hire Potter Anderson & Corroon as Counsel MOUNTAINEER MERGER: Moody's Lowers CFR to Caa1, Outlook Negative MRS. BETTY'S: Hires Emmett L. Goodman Jr. LLC as Legal Counsel OMEGA THERAPEUTICS: Comm. Taps Dundon Advisers as Financial Advisor PARAMOUNT DRUG: Douglas Stanger Named Subchapter V Trustee PATHWAY VET: S&P Raises ICR to 'CCC+' Following Debt Restructuring PERFORMANCE MOBILE: Jonathan Dickey Named Subchapter V Trustee PIVOTAL ANALYTICS: Seeks Subchapter V Bankruptcy in Florida PLASTIC SUPPLIERS: Hires Crowe LLP as Tax Advisor and Preparer PLASTIC SUPPLIERS: Hires Rea & Associates as Financial Auditor PMHB LLC: Three Unsecured Creditors Appointed to Committee PREDICTIVE ONCOLOGY: Terminates Renovaro LOI for Planned Merger PREMIER PEDIATRICS: Hires Red Rock Legal as Bankruptcy Counsel PREMIER TILLAGE: Seeks to Hire Pinion LLC as Accountant PROJECT PIZZA: Gets Interim OK to Use Cash Collateral PUBLISHERS CLEARING: Seeks Chapter 11 Bankruptcy in New York PUERTO RICO: PREPA Allegedly Fails to Reserve $2.9B Debt Payment QXC COMMUNICATIONS: Taps Raines Legal as Transactional Counsel REDDIRT ROAD: Seeks to Hire Bruner Wright as Bankruptcy Counsel RONBON LLC: Seeks Chapter 11 Bankruptcy in New York ROYAL INTERCO: Case Summary & 30 Largest Unsecured Creditors SABAL CONSTRUCTION: Creditors Seek to Terminate Cash Collateral Use SABAL CONSTRUCTION: Michael Markham Named Subchapter V Trustee SASAS HOSPITALITY: Court Extends Cash Collateral Access to April 17 SHRIJEE LLC: Seeks to Hire Krekeler Law as Bankruptcy Counsel SORGE TAXI: Seeks to Hire Alla Kachan P.C. as Attorney SORGE TAXI: Seeks to Tap Estelle Miller as Accountant SORRENTO THERAPEUTICS: Judge Isgur Appointed as Chapter 11 Mediator SPATIAL TAXI: Seeks to Hire Alla Kachan P.C. as Attorney SPATIAL TAXI: Seeks to Tap Estelle Miller as Accountant SPIRIT AIRLINES: Moody's Assigns Caa1 CFR on Bankruptcy Emergence SSS MILWAUKEE: Court Extends Cash Collateral Access to April 17 SULLIVAN MECHANICAL: Seeks Court Permission to Sell Equipment TEETLE INC: Angela Shortall Named Subchapter V Trustee TEKNATOOL USA: U.S. Trustee Unable to Appoint Committee TEMPORAL TAXI: Seeks to Hire Alla Kachan P.C. as Attorney TEMPORAL TAXI: Seeks to Tap Estelle Miller as Accountant TENON MEDICAL: Slashes Net Loss to $13.67 Million in 2024 TEZCAT LLC: Gets Interim Approval to Use Cash Collateral THARIMMUNE INC: Names Don Kim CFO After Thomas Hess Resigns THARIMMUNE INC: Receives Nasdaq Notice of Equity Non-Compliance THARIMMUNE INC: Records $12.2M Net Loss for 2024, Up From Last Year TINY FROG: Seeks to Hire Narron Wenzel as Bankruptcy Counsel TRAINSET'S EFFECT: Hires R. Keith Johnson P.A. as Attorney TRIPLETT FUNERAL: Hires Cruse Chaney-Faughn PC as Attorney TTM TECHNOLOGIES: Fitch Alters Outlook on 'BB' IDR to Positive TZADIK SIOUX: Case Summary & 19 Unsecured Creditors U-TELCO UTILITIES: Hires Kristopher Anderson CPA as Accountant UPLAND SOFTWARE: S&P Alters Outlook to Positive, Affirms 'B-' ICR UPSCALE DEVELOPMENT: Hires J. Maurice Bookkeeping as Bookkeeper VISTA PARTNERS: Taps Buchalter APC as General Bankruptcy Counsel W.D. TOWNLEY: Gets Interim OK to Access Cash Collateral W.O HOLDINGS: Seeks to Hire McClellan Siegmund as Counsel WATCHTOWER FIREARMS: Hires Condon Tobin Sladek as Attorney WATCHTOWER FIREARMS: Taps Steven Bellah of KCP Advisory as CRO WHITEHORSE 401: Taps David Goldwasser of FIA Capital as CRO WINDWARD DESIGN: U.S. Trustee Unable to Appoint Committee WYNN TEC: Gets Interim OK to Use Cash Collateral Until April 25 YANKE CONSTRUCTION: Gets Interim OK to Use Cash Collateral [^] BOOK REVIEW: The Heroic Enterprise ********* 10186 OLIVIA: M. Douglas Flahaut Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 16 appointed M. Douglas Flahaut as Subchapter V trustee for 10186 Olivia Terrace, LLC. Mr. Flahaut will be paid an hourly fee of $680 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Flahaut declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Douglas Flahaut ArentFox Schiff LLP | Attorneys at Law Gas Company Tower 555 West Fifth Street, 48th Floor Los Angeles, California 90013 Telephone: (213) 443-7559 Facsimile: (213) 629-7401 Email: douglas.flahaut@afslaw.com About 10186 Olivia Terrace 10186 Olivia Terrace, LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 10186 Olivia Terrace sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11972) on March 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Neil W. Bason handles the case. The Debtor is represented by: Yoon O. Ham, Esq. Law Office of Yoon O. Ham 1425 W. Foothill Blvd., Suite 235 Upland, CA 91786 Tel: 909-256-2920 hamyesq@gmail.com 1140 REALTY: Taps David Goldwasser of FIA Capital as CRO -------------------------------------------------------- 1140 Realty Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ FIA Capital Partners LLC and designate David Goldwasser as chief restructuring officer. FIA will provide these services: a) oversee the Debtor's operations, including property management and maintenance, tenant negotiations, and lease compliance; manage bank accounts, and disburse funds consistent with any cash management order approved by the Bankruptcy Court; b) manage cash flow and ensure the payment of operating expenses, property taxes, and insurance. c) work with bankruptcy counsel to develop a plan of reorganization or liquidation, and discuss the plan with counsel, secured creditors, other creditors, and/or governmental authorities, including the Office of the U.S. Trustee (OUST); d) develop and implement a strategy for the stabilizing or selling of the property pursuant to Sec. 363 of the Bankruptcy Code or as part of a reorganization plan; e) conduct analyses of property performance, debt obligations, and restructuring alternatives, including loan modifications or discounted payoffs; f) perform due diligence on the Client, including a review of its liabilities, properties, and financial statements, and if necessary, conduct an on-site inspection of the properties and the local market; g) assist in preparing materials for the bankruptcy petition and schedules, review books and records, analyze loan documents, review litigation matters, and conduct a creditors' claims analysis; h) prepare and file Monthly Operating Reports required under the Bankruptcy Code and guidelines for the Eastern District of New York, ensuring compliance with OUST requirements; i) attend court proceedings, the initial debtor interview, Sec. 341(a) meetings, and additional meetings with creditors and stakeholders as required, and provide testimony as necessary; j) act as a liaison between the Client's management, its advisors, creditors, their advisors, and the OUST. Provide regular updates to stakeholders and official committees, subject to reasonable confidentiality restrictions; and k) perform other services as requested by the Client or Member(s) that are reasonably related to the above-described services and agreed to by the CRO; The firm will be paid at these rates: David Goldwasser $750 per hour CFO/CPA $450 per hour Managing Director $400 per hour Paralegal $280 per hour FIA shall receive a non-refundable up-front fee $15,000. As disclosed in court filings, FIA is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. FIA can be reached at: David Goldwasser FIA Capital Partners, LLC 115 Broadway, Suite 302 New York, NY 10006 Telephone: (561) 417-3725 Facsimile: (866) 353-6360 About 1140 Realty Group LLC 1140 Realty Group LLC is a Brooklyn-based real estate company, operates as a single asset real estate entity with its principal property located at 1140 Bushwick Avenue in Brooklyn. 1140 Realty Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40318) on January 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Joel M. Shafferman, Esq. at Shafferman & Feldman LLP represents the Debtor as counsel. 1221 BOYLE : Court OKs Pittsburgh Property Sale to Jackson Premier ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Pennsylvania, has granted 1221 Boyles St. PA. LLC to sell Property, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell its Property located at 1221 Boyle Street, Pittsburgh, Allegheny County, Pennsylvania 15212 to Jackson Premier Properties, LLC for $$512,500. The Court determined that the sale hearing was the highest/best offer by the Purchaser and no objection to the sale was made which would result in cancellation of said sale. The Court also ordered to pay claims at closing including: (1) HMC Assets, LLC.; in the approximate amount $299,154.69 plus interest, costs, and fees through the date of closing. (2) Delinquent real estate taxes, if any; (3) Current real estate taxes, pro-rated to the date of closing; (4) The costs of local newspaper advertising in the amount of: Pre-paid (5) The costs of legal journal advertising in the amount of: Pre-paid (6) The Court approved realtor commission in the amount of: None (7) The Court approved attorney fees in the amount of $1,905.00 plus $11.80 in costs for a total of $1,916 (8) The balance of funds realized from the within sale shall be held by the Attorney for the Debtor until further Order of Court, after notice and hearing; and, The Closing will have to occur within 30 days of the Order. About 1221 Boyles St. PA. LLC 1221 Boyle St. PA, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-22826) on Nov. 18, 2024, listing under $1 million in both assets and liabilities. Judge John C. Melaragno presides over the case. Rodney D. Shepherd, Esq., represents the Debtor as counsel. 17 EAST 47TH: Secured Party Sets May 15, 2025 Auction ----------------------------------------------------- Emerald Creek Capital 3 LLC ("secured party") in its capacity as administrative agent, offers for sale at public auction on May 15, 2025, at 2:00 p.m. (prevailing Eastern Time) at the offices of Herrick, Feinstein LLP, 2 Park Avenue, New York, New York, pursuant to the New York Uniform Commercial Code: (i) 100% of the membership interests of 17 East 47th Street Devco Mezz LLC and 12 East 52nd Street Devco Mezz LLC ("pledgors") in 17 East 47th Street Devco LLC and 12 East 52nd Street Devco LLC ("Borrowers"); (ii) all other collateral pledged by the pledgors under the pledge and security agreement dated as of Feb. 13, 2023, between pledgors and secured party; and (iii) all other tangible property in respect of which secured party is granted any lien, security interest, claim, liability, charge or encumbrance of any kind or nature under the loan documents, as defined in that certain amended and restated mortgage, spreader, assignment of leases and rents and security agreement dated as of Feb. 13, 2023, between borrowers, as mortgagors, and secured party, as mortgagee ("collateral"). Pledgors collectively own 100% of the legal and beneficial membership interests in the borrowers. Borrowers are the makers of a note in favor of secured party dated as of Feb. 13, 2023, in the principal amount of $15 million. The sale will be conducted by a licensed auctioneer on terms and conditions that will be posted to the data room maintained by the Secured Party's broker, Cushman & Wakefield 1290 Avenue of the Americas, New York, New York 10104 ("Broker"). Any individual or entity desiring to bid at the sale must register with the broker, Attn: Craig Waggner, craig.waggner@cushwake.com at 212-660-774 and must satisfy the requirements for becoming a qualified bidder. Any individual who wishes to attend the sale must contact the secured party's counsel, Stephen B. Selbst, sselbst@herrick.com at 212-592-1405 and Rodger T. Quigley, rquigley@herrick.com at 212-592-1577 at least 72 hours prior to the sale date to obtain access to the offices of the secured party's counsel, Herrick, Feinstein LLP located at 2 Park Avenue, New York, New York. 316-318 GUILFORD: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------------- On April 7, 2025, 316-318 Guilford Ave LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports $2,215,875 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About 316-318 Guilford Ave LLC 316-318 Guilford Ave LLC is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B). The Debtor owns the property located at 316 Guilford Ave, Baltimore, MD 21202-3609, which is currently valued at $2.1 million. 316-318 Guilford Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-12961) on April 7, 2025. In its petition, the Debtor reports total assets: $2,100,000 and total liabilities of $2,215,875. Honorable Bankruptcy Judge David E. Rice handles the case. The Debtor is represented by Gary S Poretsky, Esq. at THE LAW OFFICES OF GARY S PORETSKY, LLC. 527 EDILIDO: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of 527 EDILIDO, LLC, according to court dockets. About 527 Edilido LLC 527 Edilido, LLC is a Miami Beach-based real estate holding company. 527 Edilido sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12527) on March 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Corali Lopez-Castro handles the case. The Debtor is represented by Thomas Zeichman, Esq., at Beighley, Myrick, Udell, Lynne + Zeichman P.A. AFFINITY INTEGRATED: Court Extends Cash Collateral Access to June 1 ------------------------------------------------------------------- Affinity Integrated Healthcare S.C. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order signed by Judge Donald Cassling extended Affinity's authority to use cash collateral from April 11 to June 1 in order to pay the expenses set forth in its budget. Any creditor with an interest in the cash collateral, including the U.S. Small Business Administration was granted security interests in property acquired by Affinity after its Chapter 11 filing, to the same extent and with the same priority as its pre-bankruptcy lien. The next hearing is set for May 27. About Affinity Integrated Healthcare Affinity Integrated Healthcare S.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-09010) on June 19, 2024, listing up to $50,000 in assets and up to $500,000 in liabilities. Judge Donald R. Cassling presides over the case. Blair R. Zanzig, Esq., at Leibowitz Hiltz & Zanzig represents the Debtor as legal counsel. AFH AIR PROS: Seeks to Hire Ordinary Course Professional -------------------------------------------------------- AFH Air Pros, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ ordinary course professional. The firm hires these ordinary course professionals: Professional Services Fees Marcum LLP Accounting/Tax Monthly: $10,000 201 East Las Olas Boulevard 21st Floor Fort Lauderdale, FL 33301 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 Andrew D.J. Hede as chief restructuring officer. Judge Paul Baisier presides over the cases. The Debtors tapped David B. Kurzweil, Esq. and Matthew A. Petrie, Esq., at Greenberg Traurig LLP, as bankruptcy counsel; Accordion Partners, LLC as financial advisor; and Jefferies, LLC as investment banker. Kurtzman Carson Consultants, LLC and DBA Verita Global serve as the Debtors' notice, claims and balloting agent and administrative advisor. ALC ENGINEERED: Robbin Messerli Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Robbin Messerli as Subchapter V trustee for ALC Engineered Solutions, LLC. Mr. Messerli will be paid an hourly fee of $275 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Messerli declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robbin L. Messerli 6917 TOMAHAWK RD P.O. BOX 8686 PRAIRIE VILLAGE, KS 66208-2618 913.662.3524 Email: rob.messerli@gunrockvp.com ALC Engineered Solutions Founded in 1983, ALC Engineered Solutions LLC (doing business as Kluhsman Machine) is a custom machining company based in Lockwood, Mo., specializing in precise manufacturing across a variety of sectors. It offers CNC machining for materials such as aluminum, steel, plastics, and tool steel, along with custom design services using CAD/CAM 3D modeling. Additionally, Kluhsman Machine provides anodizing and plating options, including hard chrome and zinc finishes. Serving industries like aerospace, automotive, energy, and food processing, the company is ISO 9001 certified and HUBZone certified, focusing on delivering high-quality, customized solutions for its clients. ALC Engineered Solutions sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No.25-60147) on March 14, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Brian T. Fenimore handles the case. Ryan A. Blay, Esq., at WM Law represents the Debtor as bankruptcy counsel. ALLIANCE ENERGY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Alliance Energy Partners, LLC 20008 Champions Forest Dr., Suite 1203 Spring, TX 77379 Business Description: Alliance Energy Partners, LLC, located in Spring, TX, specializes in providing directional drilling services, including well planning, rotary steerable equipment, and geosteering. The Company focuses on reducing downtime and enhancing efficiency in the drilling process for oil and gas extraction operations. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-31937 Judge: Hon. Jeffrey P. Norman Debtor's Counsel: Timothy L. Wentworth, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, TX 77002 Tel: (713) 228-4100 Email: twentworth@okinadams.com Total Assets: $1,000,000 Total Liabilities: $2,614,465 The petition was signed by Jerod Furr, managing member of AE Partners Holdings, Inc. 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/H44V5SI/Alliance_Energy_Partners_LLC__txsbke-25-31937__0001.0.pdf?mcid=tGE4TAMA APG EXPRESS: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: APG Express Inc. 1441 Huntington Dr #259 South Pasadena, CA 91030 Chapter 11 Petition Date: April 8, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12900 Judge: Hon. Vincent P. Zurzolo Debtor's Counsel: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, A.P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Tel: (888) 619-8222 Fax: (877) 789-5776 Email: go@gobklaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Susan Martel as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H44V3VI/APG_Express_Inc__cacbke-25-12900__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Appiox Technology Co $233,654 Attn: President or Corp. Officer 251 South Lake Ave. Ste 800 Pasadena, CA 91101 2. Huilong Lai $14,000 7518 Sungold Ave. Corona, CA 92880 ATLANTIC NATURAL: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Atlantic Natural Foods, LLC 7938 Harris Avenue New Orleans, LA 70123 Business Description: The Debtor is a producer of plant-based foods, offering a variety of brands such as Loma Linda, TUNO, and Kaffree Roma. Loma Linda's products primarily consist of canned meat alternatives, sold under various names including FriChick, Choplets, Super-Links, Big Franks, Tender Bits, and Chik'n, among others. Currently, most of the Company's production occurs in Asia. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-10676 Judge: Hon. Meredith S Grabill Debtor's Counsel: Tristan Manthey, Esq. FISHMAN HAYGOOD, LLP 201 St. Charles Ave. 46th Fl New Orleans, LA 70170 Tel: (504) 586-5252 Email: tmanthey@fishmanhaygood.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by J. Douglas Hines as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TQ2WTYI/Atlantic_Natural_Foods_LLC__laebke-25-10676__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. General Tuna Corporation $142,971 Millennium Industrial Economic Zone Purok Lansong Tambler General Santos City Philippines 2. Global Resources Direct $41,997 626 W Talcott Rd Park Ridge, IL 60068 3. Hidden Villa Ranch $27,560 Nest Fresh PO Box 34001 Fullerton, CA 92834 4. International Food $29,464 Products Corporation MSC 7592 PO Box 415000 Nashville, TN 37241-7592 5. Krause, Kelly A Employee $56,560 35334 North 36th PL Reimbursement Cave Creek, AZ 85331 6. Logistics Xpress LLC $28,968 4262 Blue Diamond Rd Las Vegas, NV 89139 7. Mid Atlantic Warehouse $258,505 PO Box 7233 Rocky Mount, NC 27804 8. Nestle Deutschland AG $345,338 Kerstin Schoenrock/Nicole Lonnen Lyoner StraBe 23 Frankfurt 60523 Germany 9. Old Dominion $24,355 Freight Line, Inc PO Box 198475 Atlanta, GA 30384 10. Oracle NetSuite $39,147 Wells Fargo Equipment Finance, Inc PO Box 858178 Minneapolis, MN 55485-8178 11. Pataya Food $1,280,389 Industries Ltd 1011 Supalai Grand Tower 27th Floor Rama 3 Road, Chongnonsi, Yannawa Bangkok 10120 Thailand 12. Robert Reiser & Co Equipment $119,907 PO Box 735469 Lease Dallas, TX 75373-5469 13. States Logistics $45,649 Services, Inc 5650 Dolly Ave Buena Park, CA 90621 14. Sunteck Transportation Co LLC $55,309 PO Box 536665 Pittsburgh, PA 15253-5908 15. TES Logistics, Inc $181,987 PO Box 873 Wilson, NC 27894 16. Thompson Welding $24,683 and Mechanical Service PO Box 1482 Roanoke Rapids, NC 27870 17. Town of Nashville $60,902 PO Box 987 Nashville, NC 27856 18. Trivium Pkg. $68,447 Ardagh Metal N.A. PO Box 715283 Cincinnati, OH 45271 19. United Healthcare $57,430 PO Box 94017 Palatine, IL 60094-4017 20. Viscofan USA Inc $23,591 50 County Ct Montgomery, AL 36105 AVILLA MOTOR: Seeks Chapter 11 Bankruptcy in Indiana ---------------------------------------------------- On April 7, 2025, Avilla Motor Works Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Indiana. According to court filing, the Debtor reports $2,344,190 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Avilla Motor Works Inc. Avilla Motor Works Inc. is a full-service automotive company specializing in towing, roadside assistance, and auto repairs. The Company provides services for a wide range of vehicles, including cars, trucks, motorcycles, and heavy-duty trucks, across Indiana, Michigan, and Ohio. The Company is known for its emergency services, mechanical diagnostics, and vehicle transport, operating 23 hours a day, seven days a week. Avilla Motor Works Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-10433) on April 7, 2025. In its petition, the Debtor reports total assets of $636,483 and total liabilities of $2,344,190. The Debtor is represented by Scot T. Skekloff, Esq. at HALLERCOLVIN PC. B&B OUTDOOR: Seeks to Hire Branslow PLLC as Counsel --------------------------------------------------- B&B Outdoor LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Branslow PLLC as counsel. The firm will provide these services: a. prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary applications, motions, reports and other legal papers; b. assist in the formulation of a plan of reorganization; c. provide all other services of a legal nature. The firm will be paid at these rates: Attorney $655 per hour Paralegal $200 per hour The firm received from the Debtor a retainer of $12,146.50, and $1,738 as filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey S. Ainsworth, a partner at Branson Law, 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: Jeffrey S. Ainsworth, Esq. Branson Law, PLLC 1501 E. Concord St. Orlando, FL Tel: (407) 894-6834 Fax: (407) 894-8559 About B & B Outdoor LLC B&B Outdoor LLC is a site development and asset maintenance company based in Pierson, Florida. With over 10 years of experience in Central Florida, the Company offers a range of services, including site demolition, preparation, development, subgrade stabilization, base rock installation, road grading, underground utilities, concrete and curb work, stormwater drainage, road maintenance, litter control, washout repairs, emergency storm response, pond excavation, and the sale and distribution of dirt, sand, and stone. B&B Outdoor LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01414) on March 1, 2025. In its petition, the Debtor reports total assets of $93,252 and total liabilities of $1,527,035 Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BRANSONLAW, PLLC. BGI SEWELL: Nicole Nigrelli Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for BGI Sewell, LLC. Ms. Nigrelli will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Nigrelli declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nicole M. Nigrelli, Esq. Ciardi, Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Phone: (215) 557-3550 ext. 115 Email: nnigrelli@ciardilaw.com About BGI Sewell LLC BGI Sewell, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-12235) on March 4, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Edmond M. George, Esq., at Obermayer Rebmann Maxwell & Hippel represents the Debtor as legal counsel. BIG LOTS: Reopens Stores Under Variety Wholesalers Post-Bankruptcy ------------------------------------------------------------------ Variety Wholesalers, a leading discount retailer known for its treasure hunt shopping experience, closeouts, and unbeatable bargains, announced on April 4, 2025, the first wave of openings for newly acquired Big Lots! locations, with nine stores across six states. Variety Wholesalers brings their proven model of value-driven retail to these locations following the company's strategic acquisition of 219 Big Lots! stores out of bankruptcy. Customers will experience remodeled stores, a large selection of closeout deals and new merchandise categories, including apparel for the family and electronics. -- The first of four waves of openings started on April 10; -- Future opening dates will take place in May and June across eastern markets, totaling 219 locations; and -- The strategic acquisition of Big Lots! stores provide customers with an enhanced bargain shopping experience First Wave Locations: -- KENTUCKY: 1342 Indian Mound Dr, Mount Sterling, KY -- LOUISIANA: 755 Veterans Memorial Blvd, Metairie, LA -- MISSISSIPPI: 2605 W Main St, Tupelo, MS; 5778 Hwy 80 E, Pearl, MS -- NORTH CAROLINA: 1432 E Dixie Dr, Asheboro, NC -- TENNESSEE: 1041 S Riverside Dr, Clarksville, TN; 744 Nashville Pike, Gallatin, TN; 220 Dickson Plaza Dr, Dickson, TN -- VIRGINIA: 2911 Hershberger Rd NW, Roanoke, VA 'We're thrilled to bring the Big Lots! brand back to life by offering more deals than ever, lots of famous brands and a new apparel department for the entire family," said Lisa Seigies, president and CEO of Variety Wholesalers. "We're opening stores quickly so we can serve the community. We know the stores won't be perfect to start, but each week we'll add more new products as we build towards the grand opening celebration in the fall. Every time a customer visits Big Lots! we want them to find something new and exciting!" Variety Wholesalers will reopen the remaining acquired locations in subsequent waves, with approximately 55 stores in the second wave opening on Thursday, May 1st. The remaining stores will open through early June and lead up to a grand opening celebration that will take place across all stores this fall. BigLots.com and Big Lots! social media channels will feature more news and updates on store announcements. Variety Wholesalers' acquisition of Big Lots! stores marks a significant expansion for the company, further solidifying its position as a leading discount retailer. The company's portfolio includes well-known brands such as Roses, Roses Express and Maxway. In addition to the initial nine locations, Variety Wholesalers plans to reopen Big Lots! stores in North Carolina, Alabama, Florida, Georgia, Ohio, Michigan, Pennsylvania, South Carolina, and West Virginia, among other states. Variety Wholesalers is committed to providing customers with a wide selection of merchandise, including apparel, famous brands, home décor, health and beauty items, closeouts, seasonal products and more all at unbeatable prices. Customers can expect to find great deals and unique finds at their local Big Lots! store. About Variety Wholesalers, Inc. Variety Wholesalers, Inc. is a leading discount retailer, known for offering a wide range of high-quality, brand-name, and closeout merchandise with unbeatable deals, including apparel, home decor, health and beauty items, toys, and more. Operating more than 400 stores across 18 states, its retail brands include Big Lots!, Roses Discount Stores, Roses Express and Maxway. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIZNESS AS USUAL: Hires Erica Booth Tax as Accountant ----------------------------------------------------- Bizness as Usual, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Erica Booth Tax & Accounting Services, LLC as accountant. The firm will provide these services: a. prepare monthly operating reports; b. perform all other accounting services for the Debtor which may be necessary herein, including advise the Debtor concerning and preparing financial reports and tax documents and other papers which may be filed in the Debtor's Chapter 11 case. c. review the documents generated in the ordinary course of business and provide analysis and prepare reports based on these documents. The firm will be paid at $400 monthly, plus reimbursement of any out-of-pocket expenses. Erica Booth, a partner at Erica Booth Tax & Accounting Services, 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: Erica Booth, CPA Erica Booth Tax & Accounting Services 31 N Lansdowne Ave Lansdowne, PA 19050 Tel: (610) 713-5636 About Bizness as Usual Inc. Bizness as Usual Inc. filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-10551) on February 11, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Patricia M. Mayer handles the case. Jonathan H. Stanwood, Esq., at Law Office - Jonathan H. Stanwood, LLC represents the Debtor as bankruptcy counsel. BNG GROUP: Hires Angela Shortall as Chief Restructuring Officer --------------------------------------------------------------- BNG Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Angela Shortall as chief restructuring officer. The firm will provide these services: a. operate the business of the Debtor; b. oversee the preparation and maintenance of the books and records of the Debtor; c. oversee the Debtor's cash management; d. oversee the Debtor 's budgeting; e. retain and supervise any financial analysists, accountants, bookkeepers, and/or other professionals the CRO deems necessary and appropriate to assist her in fulfilling her duties as Chief Restructuring Officer of the Debtor; f. testify in court as needed and as appropriate; g. assess the Debtor's strategic interests, as they relate to the maximization of value to creditors, and work with counsel to the Debtor's stakeholders to form and execute strategies consistent with those interests; h. negotiate with creditors of the Debtor; and i. manage claims of creditors of the Debtor Ms. Shortall will be paid at $525 per hour. Ms. Shortall received an initial retainer in the amount of $5,000. Ms. Shortall will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Shortall 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: Angela L. Shortall 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Tel: (410) 783-6385 About BNG Group, LLC BNG Group LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). BNG Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-10463) on March 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Lawrence A. Katz, Esq. HIRSCHLER FLEISCHER PC 1676 International Drive Suite 1350 Tysons, VA 22102 Tel: (703) 584-8362 E-mail: lkatz@hirschlerlaw.com BNG GROUP: Hires Hirschler Fleischer as Bankruptcy Counsel ---------------------------------------------------------- BNG Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Hirschler Fleischer, P.C. as bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to local practice and procedure; b. advising the Debtor with respect to its powers and duties as debtor-in-possession in the continued operation of its businesses; c. attending meetings and negotiating with representatives of creditors and other parties-in-interest; d. taking necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, and, where appropriate, objecting to claims filed against the Debtor's estate; e. assisting the Debtor in connection with preparing necessary motions, answers, applications, orders, reports, or other legal papers necessary to the administration of the estate, and appearing in Court on behalf of the Debtor in proceedings related thereto; f. assisting the Debtor in the preparation of a chapter 11 plan and disclosure statement, and in any other matters and proceedings in connection therewith, including attending court hearings; g. representing the Debtor in matters which may arise in connection with its business operations, financial and legal affairs, dealings with creditors and other parties-in-interest, sales, and other transactional matters, litigation matters and in any other matters which may arise during this case; and h. performing all other necessary legal services in connection with the prosecution of the Chapter 11 Case. The firm will be paid at these rates: Lawrence A. Katz $690 per hour Kristen Burgers $585 per hour Allison Klena $400 per hour Senior Partners $775 per hour Junior Associates $335 per hour Prior to the petition date, the firm received from the Debtor a retainer of $10,000. On March 10, 2025, the Petition Date, the firm received a retainer in the amount of $25,000 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lawrence A. Katz, a partner at Hirschler Fleischer, 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: Lawrence A. Katz, Esq. Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, Virginia 22102 Tel: (703) 584-8900 Fax: (703) 584-8901 Email: lkatz@hirschlerlaw.com About BNG Group, LLC BNG Group LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). BNG Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-10463) on March 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Lawrence A. Katz, Esq. HIRSCHLER FLEISCHER PC 1676 International Drive Suite 1350 Tysons, VA 22102 Tel: (703) 584-8362 E-mail: lkatz@hirschlerlaw.com BYJU'S ALPHA: April 29 Claims Filing Deadline Set ------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set April 29, 2025, at 4:00 p.m. (ET) as the last date and time for persons or entities to file proofs of claim against BYJU's Alpha Inc. Each original proof of claim, including supporting documentation, must be filed so as to be actually received by the Debtor's counsel, Young Conaway Stargatt & Taylor LLP on or before the claims bar date by delivering or mailing the original proof of claim by U.S. first class mail, overnight mail, courier service, hand delivery, or in person to: BYJU's Aplha Inc. c/o Young Conaway Stargatt & Taylor LLP 1000 N. King Street Wilmington, DE 19801 If you have any questions regarding the claims process and if you wish to obtain a copy of the bar date order, a proof of claim form, or related documents, you may do so by: (a) calling Young Conaway Stargatt & Taylor LLP at (302) 571-6559 or (b) inquiring via email at jkochenash@ycst.com. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. C & C ELECTRIC: Seeks Subchapter V Bankruptcy in Tennessee ---------------------------------------------------------- On April 8, 2025, C & C Electric LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filing, the Debtor reports $1,670,076 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About C & C Electric LLC C & C Electric LLC is an electrical contracting business located in Smyrna, TN, offering a wide range of electrical services for both residential and commercial clients, including new construction, remodels, rewires, and electrical repairs. The Company also specializes in upgrading electrical systems and retrofitting lights to LED. C & C Electric LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01491) on April 8, 2025. In its petition, the Debtor reports total assets of $81,754 and total liabilities of $1,670,076. The Debtor is represented by Jay R. Lefkovitz, Esq. at LEFKOVITZ & LEFKOVITZ. C & C FREIGHT: Seeks Subchapter V Bankruptcy in Georgia ------------------------------------------------------- On April 7, 2025, C & C Freight Network LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. 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 not be available to unsecured creditors. About C & C Freight Network LLC C & C Freight Network LLC is an interstate freight carrier based in Braselton, GA, specializing in transporting general freight, refrigerated goods, and paper products using dry van and reefer trailers. C & C Freight Network LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20475) on April 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by Paul Reece Marr, Esq. at PAUL REECE MARR, P.C. CALIFORNIA PREMIER: Ronald Stadtmueller Named Chapter 11 Trustee ---------------------------------------------------------------- Tiffany Carroll, the Acting U.S. Trustee for Region 15, appointed Ronald Stadtmueller as Chapter 11 trustee for California Premier Office Solutions, Inc. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Southern District of California on March 13. Mr. Stadtmueller disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About California Premier Office Solutions California Premier Office Solutions, Inc. is a business specializing in providing office solutions, which may include services such as office supplies, equipment leasing, and workspace management. The company aims to deliver comprehensive solutions to meet the diverse needs of its clients, ranging from small businesses to larger enterprises. California Premier Office Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 24-03230) on August 30, 2024, listing $1,503,578 in assets and $2,081,389 in liabilities. John K. Green, president of California Premier Office Solutions, signed the petition. Judge J. Barrett Marum. presides over the case. Shana Y. Stark, Esq., represents the Debtor as bankruptcy counsel. CCP MEZZANINE: Redwood To Hold Public Auction on April 24 --------------------------------------------------------- Redwood Commercial Mortgage Corporation ("secured party") will offer for sale at public auction all right, title, and interest of CCP Mezzanine Nashville I LLC in and to the following collateral: (i) 100% of the membership interests in CCP Property Owner Nashville I LLC, and (ii) all proceeds of the foregoing. The subject collateral is security for the Debtor's obligations under the mezzanine loan agreement dated as of July 20, 2015, among the Debtor and the Secured Party. The auction will take place on April 24, 2025, at 10:00 a.m. EDT via web-based video conferencing and/or telephonic conferencing program selected by the Secured Party, access to which will be made available to the qualified bidders, and in person, at the offices of Mannion Auctions LLC, 299 Broadway, Suite 1601, New York, New York 10007. All inquiries regarding the sale of the Debtor's collateral, contact Brock Cannon, brock.cannon@nmrk.com, 646-315-4785, and Kezia Belfield, kezia.belfield@nmrk.com, 214-647-7610. COCRYSTAL PHARMA: Faces $17.50 Million Net Loss in 2024 ------------------------------------------------------- In its annual report on Form 10-K filed with the Securities and Exchange Commission, Cocrystal Pharma, Inc. reported a net loss of $17.50 million for the year ending Dec. 31, 2024, down from a net loss of $17.98 million for the prior year ending Dec. 31, 2023. Cocrystal has never generated revenue from product sales, and all of its product candidates are currently in the preclinical and early clinical stages. As a result, the Company stated, it may continue to incur significant losses for the foreseeable future and may never generate revenue from product sales. The Company has limited capital and a significant accumulated deficit as of March 31, 2025 (the date of this Report). The Company mentioned that it does not have enough working capital or cash flow to support its operations for the next 12 months, which raises concerns about its ability to continue as a going concern. The Company's continued existence depends on obtaining the necessary capital to cover its expenditures, but it cannot provide any assurance that it will be able to raise sufficient funds to meet its future working capital requirements. "We are still in the process of researching and developing product candidates, and to-date have not completed development of, obtained regulatory approval for or commercialized any products," the Company mentioned in the report. "Because of the need to complete clinical trials, establish safety and efficacy and obtain regulatory approval, which is an expensive and time-consuming process, we do not anticipate generating revenue from product sales for at least four years and will continue to sustain considerable losses. We may develop a partnership that could generate income sooner, but there is no guarantee that will be achievable." For the year ended Dec. 31, 2024, net cash used in operating activities was $16,485,000, compared to net cash used in operating activities of $14,666,000 for the year ended Dec. 31, 2023. This increase was primarily due to period expenses associated with the Company's Influenza A Phase 2a clinical trial, preparations for the anticipated Phase 1 inhaler administration trial for Influenza A, and the completion of its COVID-19 Phase 1 clinical trial. For the year ended Dec. 31, 2024, net cash used in investing activities netted to $8,000, which consisted of capital expenditures for lab equipment, software, and networking for its Lab located in Bothell, Washington. For the year ended Dec. 31, 2023, its net cash used in investing activities consisted of $118,000. For the year ended Dec. 31, 2024, net cash provided by financing activities was $0, compared to net cash used by financing activities of $3,993,000 for the year ended Dec. 31, 2023. Net cash provided by financing activities in 2023 resulted from the raising of $4,000,000 through a private placement sale of common stock. As of Dec. 31, 2024, the Company had $13.46 million in total assets, $3.93 million in total liabilities, and $9.52 million in total stockholders' equity. The Company anticipates that its reported cash balance will be insufficient to meet its working capital requirements for the 12 months following the filing of this report, considering its planned research and development activities in 2025. Therefore, the Company must secure additional financing to ensure it has the necessary working capital. "Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is capital-intensive," the Company said. "As a rule, research and development expenses increase substantially as a company advances a product candidate toward clinical programs. Historically, we have financed our operations with the proceeds from public and private equity and debt offerings, including additional investments by certain existing stockholders, and entered into strategic partnerships and collaborations for the research, development and commercialization of product candidates." In its report dated March 31, 2025, the Company's auditor, Weinberg & Company, P.A, issued a "going concern" qualification citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. The Company has historically not generated positive cash flow, and if it is unable to secure additional funding when needed, it may have to delay, reduce the scope of, or eliminate one or more of its clinical trials or research and development programs. The Company cautioned that, without securing adequate capital, it may be compelled to significantly curtail its drug development activities or potentially cease operations. The Company expects to continue incurring substantial operating losses and negative cash flows from operations over the next several years during its pre-clinical and clinical development phases. The complete text of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1412486/000164117225001496/form10-k.htm About Cocrystal Pharma, Inc. Cocrystal Pharma, Inc. -- http://www.cocrystalpharma.com/-- is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses and hepatitis C viruses. COMMUNITY AWARENESS: Seeks to Use Cash Collateral ------------------------------------------------- Community Awareness Network for a Drugfree Life and Environment Inc. asked the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral. The business faces financial difficulties due to overwhelming debt obligations and cash flow issues. As a result, the Debtor's two leased properties are in default, with an eviction judgment issued by the Town of Clarkstown, although the eviction is currently stayed under the Bankruptcy Code. The Debtor also owes back wages to employees. The Debtor needs to use cash collateral to continue operations, pay employees, and maintain healthcare services, which are essential under New York State Department of Health regulations. Merchant Capital Group, LLC and JCW Management, LLC are the Debtor's secured creditors. Merchant holds a lien on the Debtor’s receivables, while JCW holds a judgment for unpaid rent. The Debtor also sought adequate protection for Merchant, ensuring its pre-petition secured position is maintained during the bankruptcy process. A court hearing is set for April 30. About Community Awareness Network for a Drugfree Life and Environment Inc. Community Awareness Network for a Drugfree Life and Environment Inc. is a nonprofit organization founded in 1982 dedicated to preventing substance abuse and violence among youth. Community Awareness Network for a Drugfree Life and Environment Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22225) on March 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Robert S. Lewis, Esq. at Robert S. Lewis PC. CONCORDE METRO: Hires Vilarino & Associates LLC as Attorney ----------------------------------------------------------- Concorde Metro Seguros LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Vilarino & Associates, LLC as attorney. The firm's services include: a. advising the Debtor with respect to its duties, powers, and responsibilities in this case under the laws of the United States and Puerto Rico in which the Debtor in possession conducts its operations, does business, or is involved in litigation; b. advising the Debtor in connection with a determination whether reorganization is feasible and, if not, helping the Debtor in the orderly liquidation of its assets; c. assisting the Debtor with respect to negotiations with creditors for the purpose of proposing and confirming a viable plan of reorganization; d. preparing, on behalf of the Debtor, the necessary complaints, answers, orders, reports, memoranda of law, and/or any other legal paper or documents; e. appearing before the bankruptcy court, or any court in which Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; f. performing such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with the Debtor's business, including but not limited to notarial services; g. employing other professional services, if necessary. The firm will be paid at these rates: Javier Vilariño, Esq., Senior Attorney $375 per hour Associates $275 per hour Paralegals $150 per hour The firm received a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Javier Vilarino, Esq., a partner at Vilarino & Associates, 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: Javier Vilarino Vilariño & Associates LLC PO Box 9022515 San Juan, PR 00902-2515 Tel: (787) 565-9894 E-mail: jvilarino@vilarinolaw.com About Concorde Metro Seguros LLC Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269 ) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES LLC. CONCORDE METRO: Taps Luis R. Carrasquillo as Financial Consultant ----------------------------------------------------------------- Concorde Metro Seguros LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Luis R. Carrasquillo & Co. as financial consultant. The firm will assist the Debtor in the financial restructuring of its affairs by providing advice in strategic planning and the preparation of Debtor's plan of reorganization, monthly operating reports, disclosure statement and business plan, and participating in negotiations with Debtor's creditors. The firm will be paid at these rates: Luis R. Carrasquillo, Partner $200 per hour Marcelo Gutiérrez, Senior CPA $160 per hour Ramon Villafañe, External Accountant $200 per hour Zoraida Delgado Díaz, Senior Accountant $110 per hour Arnaldo Morales, Senior Accountant $100 per hour Maria Vera, External Accountant $75 per hour David Sanchez Díaz Accountant $95 per hour Enid Olmeda, Junior Accountant $85 per hour Jean Aponte, Senior Accountant $75 per hour Luis R Guzman, Accountant $60 per hour Rosalie Hernandez Administrative and Support $45 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. Luis R. Carrasquillo Ruiz, CPA, a partner at Luis R. Carrasquillo & Co., P.S.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: Luis R. Carrasquillo Ruiz, CPA, Luis R. Carrasquillo & Co., P.S.C. 28th Street, TI-26 Turabo Gardens, Caguas PR 00725 Tel: (787) 746-4555 Fax: (787) 746-4556 E-Mail: luis@cpacarrasquillo.com About Concorde Metro Seguros LLC Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269 ) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES LLC. CORINTH AUTUMN: Trustee Seeks Cash Collateral Access ---------------------------------------------------- Stuart Walker, the Chapter 11 Trustee appointed for Corinth Autumn Oaks, L.P., asked the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, for authority to use the Debtor's cash collateral. The Debtor needs to use cash collateral to fund ongoing operations and other necessary expenses for the period from March 24, 2025 through June 16, 2025. HC Housing, LLC, an affiliate of SHS Guaranteed I, LP, holds a secured claim against the Debtor, Corinth Autumn Oaks, L.P., through a promissory note dated July 2, 2021, in the amount of $7.2 million. This note is secured by the Debtor's property, including the real estate and improvements at 3440 Corinth Parkway, Corinth, Texas. The Trustee is requesting authorization to use cash collateral for expenses such as utilities, vendor payments, administrative costs, and to fund a potential reorganization plan. In exchange, the Lender will be granted replacement liens and a super-priority claim to ensure adequate protection for their interests in the collateral. The Trustee also discusses the dispute over funds held by non-debtor Corinth Assisted Care, which the Trustee believes should belong to the estate. The Trustee intends to demand the return of these funds from CAC, as the redirection of payments violates the automatic stay and estate agreements. The Trustee also seeks approval for a carve-out for specific administrative expenses and a termination clause if certain conditions are met. About Corinth Autumn Oaks L.P. Corinth Autumn Oaks L.P. is a senior care community and a member of the National Association of Activity Professionals. As trained and specialized caregivers, Corinth Autumn Oaks provides personalized assistance in activities of daily living, supportive services, and compassionate care to its assisted living residents. Creditor Corinth AO GP, LLC filed involuntary Chapter 11 petition against Corinth Autumn Oaks (Bankr. N.D. Texas Case No. 24-44464) on December 2, 2024. The creditor is represented by Gregory W. Mitchell, Esq. at Freeman Law, PLLC. Judge Edward L. Morris oversees the case. CPIF LA ARTS: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On April 7, 2025, CPIF LA Arts District LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports $9,706,901 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About CPIF LA Arts District LLC CPIF LA Arts District LLC is the 100% owner of a mixed-use project located at 1129 and 1101 East 5th Street, 445-457 South Colyton Street, and 450-456 South Seaton Street, Los Angeles, CA 90013. The property, valued at $22.6 million, spans approximately 45,722 sq. ft. and is improved with a 91,200 sq. ft. mixed-use building. It includes nine retail units on the ground floor and 13 apartments/lofts on the second floor. CPIF LA Arts District LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12827) on April 7, 2025. In its petition, the Debtor reports total assets of $22,702,276 and total liabilities of $9,706,901. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by David B. Golubchik, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. DEL MONTE INVEST: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- On April 8, 2025, Del Monte Invest LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filing, the Debtor reports $1,020,839 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Del Monte Invest LLC Del Monte Invest LLC owns a commercial property located at 1299 Del Monte Ave., Monterey, CA 93940, valued at $1.55 million based on comparable sales. Del Monte Invest LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50499) on April 8, 2025. In its petition, the Debtor reports total assets of $1,614,260 and total liabilities of $1,020,839 The Debtor is represented by Rhonda Walker, Esq. at RHONDA K. WALKER ATTORNEY AT LAW. DEPANO BROS: Holly Miller Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Depano Bros, Inc. Ms. Miller will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Depano Bros Inc. Depano Bros, Inc. filed Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 25-10986) on March 12, 2025, listing up to $50,000 in both assets and liabilities. Judge Patricia M. Mayer oversees the case. The Debtor tapped McLaughlin & Glazer as legal counsel. DFRF ENTERPRISES: Order to Show Cause on SEC Plan of Distribution ----------------------------------------------------------------- United States District Court for the District of Massachusetts issued an order to show cause ("OTSC") directing those who purchased membership in DFRF Enterprises LLC during the period June 1, 2014, through June 30, 2015, or other interested parties, to show cause by May 5, 2025, if there is any, why the Court should not approve the U.S. Securities and Exchange Commission's proposed plan of distribution. Submission should be made in accordance with Section II of the OTSC. Visit https://www.DFRFDistributionFund.com to view the OTSC and the Plan. On June 30, 2015, the Securities and Exchange Commission ("SEC") filed a Complaint in federal court in Massachusetts against Daniel Fernandes Rojo Filho ("Filho"); Romildo Da Cunha; Wanderley M. Dalman; Gaspar C. Jesus; Eduardo N. Da Silva; DFRF Enterprises LLC ("DFRF Mass"); DFRF Enterprises, LLC ("DFRF Fl," and collectively with DFRF Mass, "DFRF"); Jeffrey A. Feldman; Heriberto C. Perez Valdes (collectively, the "Defendants"). The SEC alleged that, beginning in the summer of 2014, Filho orchestrated, and his co-Defendants promoted, a fraudulent offering of memberships in DFRF, raising more than $15 million from more than 1,400 investors worldwide. The SEC alleged that the Defendants solicited investments with, among other things, stories about lucrative gold mines, remarkable investment returns, charitable work, registered securities, and access to a large credit line from a Swiss private bank; and claimed that investments were fully guaranteed by a worldwide insurance company. The SEC further alleged that virtually all the Defendants' public statements about DFRF were materially false and misleading: there are no gold mines, there is no credit line, there is no charity work, the securities were unregistered, and there is no insurance. Rather, investments were used to pay other investors in a Ponzi-scheme fashion and for Filho's personal benefit. The litigation is complete, and final judgments have been entered against all the Defendants ("Final Judgments"). The monetary relief imposed by the Final Judgments aggregates to approximately $31.5 million in disgorgement, prejudgment interest, and civil penalties. The Final Judgments provide that the SEC may propose a plan to distribute collected funds ("Distribution Fund") subject to the Court's approval. The Distribution Fund currently holds approximately $3 million and resides in an SEC-designated account with the U.S. Department of the Treasury. Accrued interest, additional collections, and amounts directed to the Distribution Fund by Court order or otherwise, will be added to, and become a part of, the Distribution Fund. By Order entered August 2, 2023, the Court appointed Miller Kaplan Arase LLP as the tax administrator for the Distribution Fund and Guidehouse Inc., Baker & Hostetler LLP, and PACE Claims Services LLC ("GBP") as the distribution agent for the Distribution Fund. DIAMOND COMIC: Court Hearing on Asset Sale Set For Finalization --------------------------------------------------------------- Diamond Comic Distributors, on April 03, 2025, is continuing to finalize documentation for the sale of the assets of Diamond Comic Distributors, Alliance Game Distributors, Diamond Book Distributors, Diamond Select Toys & Collectibles, Collectible Grading Authority, and other related assets. The United States Bankruptcy Court for the District of Maryland heard on April 7, to consider Diamond's request for the approval of the sale. All divisions of Diamond will continue to operate in the ordinary course as the process continues. Diamond's U.K. business operations are not included in the proposed sale and continue to operate business as usual as well. "We continue to work diligently with our legal and financial advisors to pursue the best path forward for the company and are pleased with the strong interest in Diamond's assets throughout this process. Our priority as we confirm a buyer remains minimizing disruption to publishers, retailers, our employees, and comic and games fans everywhere. We will continue to provide updates as the process continues," said Diamond Chief Restructuring Officer Robert Gorin. About Diamond Comic Distributors, Inc. Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DMD CUSTOM: Court Extends Cash Collateral Access to April 30 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois extended DMD Custom Critical, Inc.'s authority to use cash collateral from April 2 to April 30. The company was authorized to use the cash collateral of the U.S. Small Business Administration in accordance with its budget, subject to the terms and conditions set forth in the court's previous order issued on Aug. 18 last year. As protection, DMD will continue to make monthly payments to the SBA. The next hearing is scheduled for April 22. About DMD Custom Critical DMD Custom Critical, Inc. is a trucking company in Des Plaines, Ill., which provides expedited transportation services to all 48 states. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-10873) on July 26, 2024, listing $874,500 in assets and $1,885,742 in liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Donald R. Cassling presides over the case. The Debtor is represented by David P Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC. ENTEGRIS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Entegris, Inc.'s (Entegris) Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed Entegris' senior secured ratings at 'BBB-' with a Recovery Rating of 'RR1' and senior unsecured ratings at 'BB'/'RR4'. The Ratings Outlook is Stable. Entegris' ratings and Outlook reflect the importance of its role in the semiconductor market, as well as its relatively strong margin levels and consistent FCF profile. The ratings also consider Entegris' relatively high customer concentration and the cyclicality of the industry. Entegris continues to make discretionary debt reductions following its 2022 acquisition of CMC Materials, Inc. Despite an approximately flat year-over-year EBITDA in 2024, these efforts resulted in a 0.6x decrease in leverage and maintained the company's deleveraging pathway to return to operating within its EBITDA leverage sensitivities. Key Rating Drivers Deleveraging with Debt Repayments: Entegris continues to prioritize repayments of the outstanding balance on its term loan B, which in 2024 was reduced by $624 million to $750 million, down from its original $2.495 billion at the close of the CMC Materials acquisition. Entegris has publicly stated its prioritization of debt reduction over dividend growth and any share buybacks. Its allocation of FCF to gross debt reduction has been consistent with this strategy. Moreover, under Fitch's forecast, Entegris is expected to generate about $1 billion in FCF through FYE 2028, enabling it to continue prepaying impactful amounts of debt. M&A Expected to Continue: Fitch forecasts EBITDA leverage of 4.1x in 2025, and for it to decrease below Fitch's 3.75x downgrade sensitivity in 2026. With stable EBITDA, Entegris has the capacity to reduce debt to Fitch's 3.25x EBITDA leverage upgrade sensitivity by paying off the term loan B balance before its maturity. Due to Entegris' intent to complement organic growth through strategic acquisitions, Fitch believes a leveraging transaction could occur in the forecast period if there is a value accretive opportunity. Fitch expects any large leveraging transaction to be followed by a deleveraging plan, as Entegris has historically done. Strong Margins with Volatility: Entegris' 2024 EBITDA margin of 30.7%, up from 28.5% in 2023, is strong for the 'BB' rating category. The impact of this on Entegris's IDR is tempered by the historic volatility of its markets and results, with demand largely impacted by wafer starts. Since the pandemic, its increased exposure to semiconductor manufacturing volumes, which decreased its relative exposure to the more volatile semiconductor capital equipment spending, should moderate future volatility during cyclical downturns. Key Position in Semiconductor Market: Entegris is well-placed to maintain a necessary role in the semiconductor market with increasing complexity of architectures, and sensitivity to contamination and purity improvements required to enable miniaturization. Its solutions are sticky, with about 75% of revenue being recurring. Its customer relationships and collaboration provide expansion opportunities, as increased artificial intelligence (AI) and machine learning requirements impact semiconductor market growth. Material operating outperformance, which could result from stronger-than-expected semiconductor demand, could meaningfully improve Entegris's financial profile. Dependence on Semiconductor Sector Strength: Like most suppliers to semiconductor capital equipment and foundry markets, which have greatly consolidated, Entegris experiences notable customer concentration, with 48% of sales coming from its top 10 in 2024. Fitch believes the risks of material revenue decline from a customer loss are mitigated by the company's deep partnerships with clients and Entegris's essential role in technology roadmaps. Entegris' US manufacturing footprint, including its Colorado manufacturing facility that is expected to initiate customer qualifications in 2H25, helps position Entegris for increased US semiconductor fabrication and helps limit domestic tariff impacts. Secular Tailwinds: Entegris benefits from strong secular tailwinds as development in the semiconductor industry faces increasingly complex new design architectures, requiring advanced materials with higher-quality structural and electrical properties for applications such as AI. Larger suppliers to foundries and capital equipment manufacturers, such as Entegris, are extending their competitive advantage, as scale becomes increasingly critical to fund research and development and refine production standards and capabilities to fulfill client technology roadmaps. Peer Analysis Entegris has higher EBITDA margins compared to 'BB' rated peers Coherent Corp. (Coherent; BB/Stable) and TTM Technologies, Inc. (TTM; BB/Stable). In 2024, at 30.7%, compares well with Coherent and TTM's 20.8% and 13.1%, respectively. Entegris's 2024 EBITDA leverage of 4.1x is in line with Coherent's at 4.2x and above TTM's at 3.2x. Similar to Entegris, Coherent's leverage is above its downgrade sensitivities due to M&A. Compared to MKS Instruments, Inc. (BB/Stable), whose EBITDA margins are comparable to Entegris, and higher rated Amkor Technology, Inc. (BB+/Positive), these companies demonstrate relatively stronger market positions and overall better diversity than Entegris. Amkor's EBITDA leverage at 1.2x in 2024, is a differentiating factor between its, and Entegris' credit profile. Key Assumptions - Revenues in 2025 near flat reflecting limited wafer start improvements during the year. In 2026 and over the remainder of the forecast period, revenue trend improves supported by rising semiconductor production with combined Material Solutions and Advanced Purity Solutions contributing to mid- to high-single digit annual growth; - EBITDA margins stable between 29%-30% over the forecast with improvements in operating leverage balanced by input cost pressures; - Capex of $325 million in 2025 and 9%-10% of revenue through the remainer of the forecast supporting the Colorado and Taiwan facility investments requirements; - Discretionary term loan B debt repayments continue to be prioritized with FCF over the forecast period; - Common dividends rise at 3% annually; share buyback program remains on hold during forecast to prioritize strategic acquisitions; - Strategic bolt on acquisition closing towards the end of 2027 financed with debt and cash; - Annual interest rates applicable to the company's unhedged outstanding variable rate debt obligations decline from 4.25% in 2025 to between 3.6% to 3.75% over the remained of the forecast period reflecting the current SOFR forward curve. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage averaging above 3.75x through a cycle; - Material trend of increased customer concentration; - CFO-capex/total debt sustained below 8%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.25x; - Demonstration of reduced volatility during semi-conductor industry cycle; - Cash flow from operations (CFO)-capex/total debt sustained above 12%. Liquidity and Debt Structure As of YE 2024, Entegris had $329 million of readily available cash and an undrawn $575 million senior secured revolving credit facility due 2027. Fitch's expectation for about $200 million to $350 million of annual FCF over the rating horizon also supports liquidity, which may be bolstered by sales of non-strategic assets. Entegris has a favorable maturity schedule over the mid-term, which outside of its revolver, has no debt instruments maturing before 2028. In 2029, currently has $2.75 billion maturing, $750 of which is term loan debt that Fitch expects to be repaid prior to maturity. Issuer Profile Entegris is a leading supplier of advanced materials and process control solutions for the semiconductor manufacturing and other hi-tech industries. 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 ----------- ------ -------- ----- Entegris, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- EQUIPSOURCE LLC: Seeks Cash Collateral Access --------------------------------------------- EquipSource, LLC asked the U.S. Bankruptcy Court for the Western District of Arkansas, Fort Smith Division, for authority to use cash collateral. The Debtor will only use the cash collateral to cover expenses associated with ordinary operations including payroll, taxes, and shipping charges for sales of its inventory. The Debtor asserted that continuing to sell its inventory at a profit ultimately benefits Cadence Bank more than restricting the use of cash collateral. The Debtor believes that successfully continuing the business selling its inventory at a profit provides sufficient adequate protection for the creditor. About EquipSource LLC EquipSource LLC, operating as Lifan Power USA, is a distributor specializing in small engines, generators, pressure washers, and related machinery and equipment. The Company focuses on wholesale trade for both residential and commercial use. EquipSource LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70367) on March 6, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by M. Sean Brister, Esq. at Brister Law Firm. Cadence Bank, as lender, is represented by Christopher A. McNulty, Esq. at ROSE LAW FIRM, A Professional Association. F21 OPCO: Hires SSG Advisors LLC as Investment Banker ----------------------------------------------------- F21 OpCo, LLC and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire SSG Advisors, LLC as investment banker. The firm will render these services: (a) prepare an information memorandum describing the Debtors and their management and financial status for use in discussions with prospective purchasers and assist in the due diligence process for a potential Sale Transaction; (b) assist the Debtors in developing a list of suitable potential buyers who will be contacted on a discreet and confidential basis after written approval by the Debtors; (c) coordinate the execution of confidentiality agreements for such potential buyers wishing to review the information memorandum and/or data room; (d) assist the Debtors in coordinating management calls and site visits for interested buyers and work with the management team to develop appropriate presentations for such calls and visits; (e) solicit competitive offers from such potential buyers; (f) provide testimony in support of the Sale Transaction, as necessary; (g) advise and assist the Debtors in structuring the Sale Transaction, negotiating the Sale Transaction Agreements with potential buyers and evaluating the proposals from potential buyers, including, without limitation, advising and negotiating with respect to Sale Transaction structures; and (h) otherwise assist the Debtors and their other professionals, as necessary or reasonably requested by the Debtors, through closing on a best efforts basis. The firm will receive these compensation rates: (a) Monthly Fees. Monthly fees of $50,000 (the "Monthly Fee") per month, payable on the fifteenth (15th) of each month beginning February 15, 2025. (b) Transaction Fee. Upon the consummation of a Sale Transaction to any party during the Engagement Term, SSG shall be entitled to a fee (the "Transaction Fee"), payable in cash, in federal funds via wire transfer or certified check, at and as a condition of closing of such Sale Transaction and as a direct carveout from proceeds and cash, prior in right to any pre- and post-petition secured debt, equal to the greater of (a) $750,000, or (b) three percent of Total Consideration. Notwithstanding the foregoing, in the event that the Debtors determine to terminate the Going Concern Sale process and move to a liquidation of the inventory and other assets with no sale fee being paid, then SSG shall be entitled to an alternative sale fee (the "Alternative Sale Fee") of $175,000. In addition, the firm will seek reimbursement for expenses incurred. Teresa Kohl, a managing director at SSG Advisors, 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: Teresa C. Kohl SSG Advisors LLC 300 Barr Harbor Drive, Suite 420 West Conshohocken, PA 19428 Telephone: (610) 940-9521 Email: tkohl@ssgca.com About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Company's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the company was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. F21 OPCO: Seeks to Hire Verita Global as Administrative Advisor --------------------------------------------------------------- F21 OpCo, LLC and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kurtzman Carson Consultants, LLC dba Verita Global as administrative advisor. The firm's services include: (a) assisting with, among other things, the preparation of the Debtors' schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; (b) generating, providing, and assisting with claims objections, exhibits, claims reconciliation, and related matters; (c) assisting with, if necessary, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any chapter 11 plan in these Chapter 11 Cases; (d) generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results for any chapter 11 plan(s) in these Chapter 11 Cases; and (e) providing such other claims processing, noticing, solicitation, balloting and administrative services described in the Services Agreement, but not included in the Section 156(c) Application,3 as may be requested by the Debtors from time to time. The firm will be paid at its standard hourly rates and will be reimbursed for expenses incurred. Verita received a retainer in the amount of $75,000. Evan Gershbein, executive vice president at Kurtzman Carson Consultants LLC dba Verita Global, 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: Evan Gershbein Kurtzman Carson Consultants LLC dba Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Company's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the company was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. F21 OPCO: Seeks to Hire Young Conaway Stargatt as Counsel --------------------------------------------------------- F21 OpCo, LLC and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Young Conaway Stargatt & Taylor, LLP as counsel. The firm's services include: a. providing legal advice and services with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business, management of their property, the Local Rules, practices, and procedures, and providing substantive and strategic advice on how to accomplish the Debtors' goals in connection with prosecution of these Chapter 11 Cases; b. preparing, on behalf of the Debtors, necessary applications, motions, answers, orders, reports, and other legal papers; c. appearing in Court, at any meeting with the United States Trustee for the District of Delaware (the "U.S. Trustee"), and any meeting of creditors at any given time on behalf of the Debtors; d. advising the Debtors on corporate, bankruptcy, litigation, and other matters, including, without limitation, advising the Board, attending Board meetings, conducting the Investigation, and prosecuting litigation related to any of the foregoing; e. performing all other legal services for the Debtors that may be necessary and proper in these Chapter 11 Cases as counsel to the Debtors; and f. performing services on behalf of the Board in connection with the Investigation. The firm will be paid at these rates: Andrew L. Magaziner $1,060 per hour Robert F. Poppiti, Jr. $1,065 per hour Ashley E. Jacobs $980 per hour S. Alexander Faris $720 per hour Kristin L. McElroy $580 per hour Andrew M. Lee $545 per hour Sarah E. Gawrysiak $500 per hour Chad Corazza (paralegal) $385 per hour Young Conaway received an initial retainer of $400,000 on Jan. 24, 2025. The following information is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: -- Young Conaway has not agreed to a variation of its standard or customary billing arrangements for this engagement; -- none of the Firm's professionals included in this engagement have varied their rate based on the geographic location of these Chapter 11 Cases; -- Young Conaway was retained by the Debtors pursuant to an Engagement Letter dated Jan. 13, 2025. Young Conaway was separately retained by the Board to provide advice in connection with the Investigation on or about January 21, 2025. The billing rates and material terms of the pre-petition engagement are the same as the rates and terms described in the Application; and -- the Debtors have approved or will be approving a prospective budget and staffing plan for Young Conaway's engagement for the post-petition period as appropriate. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Andrew Magaziner, Esq., a partner at Young Conaway Stargatt & Taylor, 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: Andrew L. Magaziner, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: amagaziner@ycst.com About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Company's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the company was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25 percent of Forever 21's operating and intellectual property businesses. F21 OPCO: Seeks to Tap Retail Consulting as Real Estate Advisor --------------------------------------------------------------- F21 OpCo, LLC and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Retail Consulting Services, Inc. dba RCS Real Estate Advisors as the its exclusive real estate consultant and advisor. The firm's services include: (a) creating a marketing program and budget which may include newspaper, magazine or journal advertising, letter and/or flyer solicitation, placement of signs, direct telemarketing, email, fax blasts, and such other marketing methods as may be necessary; (b) marketing the Disposition Properties; (c) preparing and disseminating marketing materials; (d) communicating with parties who express an interest in a Disposition Property; (e) locating additional parties who may have an interest in the purchase of a Disposition Property; (f) providing the Debtors with an updated and current list of all parties that expressed interest in a Disposition Property, which list shall include the name and address of each such party as well as the date of initial contact with each such party; (g) responding to and providing the information necessary to negotiate with and solicit offers from prospective purchasers and/or settlements from landlords; (h) making recommendations to the Debtors as to the advisability of accepting particular offers or settlements; and (i) offering for disposition, on terms and conditions established by the Debtors, all properties designated in writing by the Debtors for sale or other disposition on an "exclusive right to sell" basis. The firm shall receive compensation as follows: (a) Non-Refundable Retainer. Prior to the Petition Date, the Debtors provided RCS a non-refundable retainer in the amount of one hundred thousand dollars ($100,000) (the "Retainer" or the "Non-Refundable Retainer"). Notwithstanding that the Retainer is non-refundable, RCS has agreed that it shall be applied to first earnings, as described in the Services Agreement, but shall otherwise be non-refundable. (b) Lease Sales. For each Lease Sale obtained by RCS on behalf of the Debtors, RCS shall earn and be paid a fee of 4 percent of the Gross Proceeds, with the payment to RCS of fees on account of Lease Sales to be due and payable upon the closing of the applicable sale. (c) Landlord Consents. If requested by the Debtors, for each landlord consent obtained by RCS to extend the Debtors' time to assume or reject a Lease or pay rent on a per diem basis as a part of these Chapter 11 Cases, RCS shall earn and be paid a fee in the amount of five hundred dollars ($500) per Lease, and the Debtors shall pay all such fees to RCS within ten (10) days of the Debtors' receipt of an invoice. For the avoidance of doubt, to the extent the Debtors secure a statutory extension under the Bankruptcy Code that does not require landlord consent, RCS shall not be paid for such extension obtained (i.e., any extension not requiring landlord consent secured through and including 210 days following the commencement of a bankruptcy proceeding). The firm will also be reimbursed for out-of-pocket expenses incurred. Ivan Friedman, a partner at Retail Consulting Services, 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: Ivan L. Friedman Retail Consulting Services, Inc. d/b/a RCS Real Estate Advisors 470 Seventh Avenue New York, NW 10018 Tel: (212) 239-1100 Fax: (212) 268-5848 Email: ifriedman@rcsrealestate.com About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Company's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the company was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. F21 OPCO: Taps Paul Weiss Rifkind Wharton as Special Counsel ------------------------------------------------------------ F21 OpCo, LLC and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Paul, Weiss, Rifkind, Wharton & Garrison LLP as special corporate and finance counsel. Paul Weiss will render necessary services relating to: (a) potential sale transactions, whether as a going concern or with respect to certain assets; (b) the Debtors' use of cash collateral or any other financing alternatives; (c) other general corporate matters, including tax matters and board advice, as necessary and appropriate; and (d) the negotiation and documentation of a chapter 11 plan and disclosure statement (in conjunction with Young Conaway) with respect to issues addressed in the foregoing (a) through (c), including negotiating and drafting other appropriate documentation with respect thereto. The firm's current standard hourly rates are: Partner $2,245 to $2,595 Counsel $1,995 Associate $975 to $1,695 Staff Attorney $705 to $735 Paraprofessionals $175 to $560 Paul Weiss received advance payment retainers totaling $2,750,000. The following is provided in response to the request for additional information set forth in paragraph D.1 of the U.S. Trustee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: The Firm has not agreed to any variations from, or alternatives to, its standard billing arrangements for this engagement. 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 or discounts offered during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Paul, Weiss's most recent rates for timekeepers for its prepetition engagement on this matter were $2,245 to $2,595 for partners, $1,995 for counsel, $975 to $1,695 for associates, $705 to $735 for staff attorneys, and $175 to $560 for paraprofessionals. Paul, Weiss typically adjusts its rates on an annual basis and most recently implemented a rate increase effective October 1, 2024. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Yes, from the Petition Date through June 30, 2025. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Joseph Graham, Esq., a partner at Paul, Weiss, Rifkind, Wharton & Garrison 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 through: Joseph M. Graham, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 Tel: (212) 373-3000 Email: jgraham@paulweiss.com About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Company's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the company was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. F21 OPCO: Taps Stephen Coulombe & Michael Brown of Berkeley as CRO ------------------------------------------------------------------ F21 OpCo, LLC and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Berkeley Research Group, LLC to provide co-chief restructuring officers and additional personnel and designate Stephen Coulombe and Michael Brown as co-CROs. The firm will provide these services: (a) serve as Co-CROs (Stephen Coulombe and Michael Brown); (b) on consultation with management of the Debtor and subject to the approval of the Board of Managers of the Debtor, develop and implement a chosen course of action to preserve asset value and maximize recoveries to stakeholders; (c) oversee the activities of the Debtor in consultation with the Debtor's other advisors and the management team to effectuate the selected course of action; (d) manage the development of cash flow projections and related methodologies and assist with planning for alternatives and managing liquidity in consultation with management; (e) oversee and approve all disbursements throughout the duration of the engagement; (f) assist the Debtor in negotiations with secured lenders and communicate directly with the agent and the lenders and be authorized to furnish the agent and lenders with such information as they may request; (g) oversee the activities related to preparing for and operating in a Chapter 11 bankruptcy proceeding, including negotiations with stakeholders, and the formulation of a Chapter 11 strategy and Chapter 11 plan directed to preserve and maximize value; (h) assist the Debtor and its investment banker in conducting a sale process by facilitating data requests, providing ad hoc financial and operational analyses, engaging with potential purchasers, and supporting other activities necessary to execute a successful transaction; (i) provide information deemed by the Co-CROs to be reasonable and relevant to stakeholders and consult with key constituents as necessary; (j) to the extent reasonably requested by the Debtor, offer testimony before the Court with respect to the services provided by the Co-CROs and the additional personnel, and participate in depositions, including by providing testimony, related thereto; and (k) provide such other services as mutually agreed upon by the Co-CROs, BRG and the Debtor. The firm's current standard hourly rates are: Managing Directors $1,140 to $1,395 Associate Directors & Directors $900 to $1,100 Professional Staff $445 to $885 Support Staff $185 to $395 The Co-CROs' fees for the provision of the services will be $250,000 per month. In the 90 days prior to the Petition Date, BRG received cash on account and payments totaling $3,027,900.26. Stephen Coulombe, a managing director of Berkeley Research Group, LLC, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen Coulombe BERKELEY RESEARCH GROUP, LLC 2200 Powell St., Suite 1200 Emeryville, CA 94608 Telephone: (510) 285-3300 - and - Michael Brown BERKELEY RESEARCH GROUP, LLC 99 High Street, 27th Floor Boston, MA 02110 Telephone: (617) 925-4018 Facsimile: (857) 233-4434 About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Debtor's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the Debtor was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. FAITH ELECTRIC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Faith Electric, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral until May 1. The Debtor filed for bankruptcy due to significant debt from merchant cash advances, which it can no longer afford to repay. The Debtor claims an urgent need for immediate access to cash collateral, as it lacks sufficient unencumbered funds to operate and pay for its daily expenses. The Debtor owes substantial amounts to various creditors, most notably merchant cash advance creditors (MCAs), as well as other secured creditors. The significant creditors include: 1. Wells Fargo Commercial Distribution Finance 2. AlphaEquityFund 3. Apollo Funding 4. Cambridge Finance 5. DLP Funding, LLC 6. Finwise Bank 7. Global Merchant Cash 8. Lionhart Funding 9. Slate Advance 10. SQ Advance 11. Vex Capital These creditors claim to have perfected and enforceable liens on various assets of the Debtor, particularly the accounts receivable and inventory. The debts owed to the MCA Creditors are merchant cash advances, which are secured by the Debtor's accounts receivable. However, the Debtor disputes the validity of these claims and positions. Specifically, the Debtor asserts that the MCA creditors' liens, if valid, are junior to those of Wells Fargo Commercial Distribution Finance, which holds a senior interest in the Debtor's collateral. As protection, Wells Fargo Commercial Distribution Finance was granted a validly perfected first priority lien on and security interests in all assets of the Debtor, subject to existing valid, perfected and superior liens on the assets held by other creditors. In case of any diminution in the value of its collateral, Wells Fargo will be granted a superpriority claim. A final hearing is set for May 1. About Faith Electric Inc. Faith Electric, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-10921) on March 31, 2025. In the petition signed by Austin Partida, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bankruptcy counsel. FASHIONABLE INC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Fashionable, Inc. d/b/a ABLE d/b/a ABLE Clothing 5022 Centennial Blvd. Nashville, TN 37209 Business Description: Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear -- all designed to empower and instill confidence in women. Chapter 11 Petition Date: April 8, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-01501 Judge: Hon. Randal S Mashburn 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: $1,707,977 Total Liabilities: $8,736,549 The petition was signed by Misti Blasko 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/Y22TWDY/Fashionable_Inc__tnmbke-25-01501__0001.0.pdf?mcid=tGE4TAMA FLYING STAR: Seeks to Hire Snell & Wilmer as Bankruptcy Counsel --------------------------------------------------------------- Flying Star LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to hire Snell & Wilmer L.L.P. as its legal counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties as debtor and debtor-in-possession in the continued management and operation of its business and property; (b) perform certain necessary services as the Debtor's bankruptcy counsel, including, preparing, or assisting in the preparation of, a plan of reorganization and disclosure statement on behalf of the Debtor; (c) take all necessary actions to protect and preserve the Debtor's estate during the pendency of this Bankruptcy Case, including prosecution of actions by the Debtor, the defense of any action commenced against the Debtor and negotiations concerning litigation in which the Debtor is involved; (d) provide legal advice regarding any disclosure statement and plan filed in this Bankruptcy Case and with respect to the process for approving a disclosure statement and confirming confirmation of a plan; (e) perform such other legal services that are desirable and necessary for the efficient and economic administration of this Bankruptcy Case. The firm will be paid at these hourly rates: Michael B. Reynolds $1,100 Andrew B. Still $750 Allison C. Murray $570 The firm received a retainer in the amount of $225,000. Snell & Wilmer is "disinterested" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Michael B. Reynolds, Esq. SNELL & WILMER L.L.P. 600 Anton Blvd # 1400 Costa Mesa, CA 92626 Tel: (714) 427-7027 Email: mreynolds@swlaw.com 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. Michael S. Reynolds, Esq. at SNELL & WILMER L.L.P. represents the Debtor as counsel. GO LAB: Taps Omni Agent Solutions as Claims and Noticing Agent -------------------------------------------------------------- GO Lab Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Omni Agent Solutions, Inc. as claims and noticing agent. Omni Agent will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Chapter 11 case of Dorchester Resources. The firm will also provide bankruptcy administrative services. Omni will be billed at its current standard hourly rates. The Debtor agrees to reimburse the firm's out-of-pocket expenses. The firm will serve monthly invoices to the Debtor. Paul Deutch, the executive vice president of Omni, disclosed in court filings that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agent Solutions 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 Email: paul.web@OmniAgnt.com About GO LAB GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer based in Madison, Maine, specializing in high-performing, dry-process wood fiber construction insulation. Founded in 2017, the Company produces three commercial products: TimberBatt, TimberFill, and TimberBoard, all made from clean softwood residuals sourced from sawmills and small-diameter trees. GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10557) on March 25, 2025. In the petition, the Debtors reported total assets of $500,000 to $1 million and total debts of $10 million to $50 million. The petitions were signed by Matthew O'Malia as president and CEO. The Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtors tapped Cozen O'Connor to serve as their general bankruptcy counsel. Pierce Atwood LLP is the Debtors' special counsel for corporate matters. Nixon Peabody LLP is the Debtors' special counsel for tax and bond matters. Jefferies LLC acts as investment banker to the Debtors, and Berry Dunn McNeil & Parker LLC acts as accountants to the Debtors. The Debtors' claims and noticing agent is Omni Agent Solutions. GO LAB: U.S. Trustee Unable to Appoint Committee ------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of GO Lab Inc. About GO LAB GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer based in Madison, Maine, specializing in high-performing, dry-process wood fiber construction insulation. Founded in 2017, the Company produces three commercial products: TimberBatt, TimberFill, and TimberBoard, all made from clean softwood residuals sourced from sawmills and small-diameter trees. GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10557) on March 25, 2025. In the petition, the Debtors reported total assets of $500,000 to $1 million and total debts of $10 million to $50 million. The petitions were signed by Matthew O'Malia as president and CEO. The Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtors tapped Cozen O'Connor to serve as their general bankruptcy counsel. Pierce Atwood LLP is the Debtors' special counsel for corporate matters. Nixon Peabody LLP is the Debtors' special counsel for tax and bond matters. Jefferies LLC acts as investment banker to the Debtors, and Berry Dunn McNeil & Parker LLC acts as accountants to the Debtors. The Debtors' claims and noticing agent is Omni Agent Solutions. GREATBATCH LTD: Moody's Upgrades Sr. Secured Facilities to Ba1 -------------------------------------------------------------- Moody's Ratings affirmed Greatbatch Ltd.'s ("Greatbatch", a wholly-owned subsidiary of Integer Holdings Corporation) corporate family fating at Ba3 and probability of default rating at Ba3-PD. Moody's also upgraded the ratings on the senior secured first lien debt facilities (revolving credit facility and term loan A) to Ba1 from Ba2. The company's speculative grade liquidity rating ("SGL") is unchanged at SGL-1. The outlook is stable. The ratings actions follow Greatbatch's issuance of $1 billion of new 1.875% senior unsecured convertible notes due in 2030 (unrated). Proceeds were used in part to refinance most of the existing unsecured convertible notes due 2028 through an exchange offer, fully repay the revolver, pay down the term loan A, pay for capped calls related to the new notes and cover transaction expenses. The upgrade of the ratings on the senior secured first lien revolving credit facility and senior secured first lien term loan A, reflect the relatively large proportion of unsecured debt now in the capital structure following the convertible note issuance and senior secured debt paydown, which increases the loss absorption provided to the secured debt. Moody's affirmations of the CFR reflects the company's solid market position in the highly fragmented medical device outsourcing sector and the stickiness of its business relationships due to very high switching costs. Moody's estimates that debt/EBITDA increased to approximately 4x at year-end 2024, pro forma for the new debt issuance. Moody's expects leverage to decline to the 3 to 3.5x range over the next 12-18 months from continued earnings growth. While the convertible note issuance increased leverage slightly, the transaction reduces the percentage of floating rate debt in the company's capital structure thereby reducing interest expense. RATINGS RATIONALE Greatbatch's Ba3 CFR reflects its solid market position in the highly fragmented medical device outsourcing sector and the stickiness of its business relationships due to very high switching costs. Debt/EBITDA is moderately high at 4x, pro forma for the convertible debt issuance and term loan A and revolver paydowns at December 31, 2024, falling to 3-3.5x over the next 12 – 18 months driven by EBITDA growth. The rating is constrained by the company's moderate scale and high dependence on a small group of very large customers. This concentration risk is somewhat mitigated by the company's long-standing customer relationships and large number of programs with the company's largest customers. The rating is also constrained by Greatbatch's customers cost reduction efforts, which trickles down as price cuts for contract manufacturers. The stable outlook reflects Moody's expectations that the company will reduce financial leverage as recent acquisitions are fully integrated, through top line growth and margin improvement. Specifically, Moody's expects debt/EBITDA to improve to 3.0-3.5x over the next 12-18 months. Moody's expects Greatbatch to have very good liquidity (SGL-1) over the next 12 months. The company had about $47 million of cash at December 31, 2024 and Moody's expects the company to generate $100 million of free cash flow over the next year. Pro forma for the new debt issuance, the company has full access to its $800 million revolver which expires in 2028. The term loan A and revolver have a maximum net leverage covenant at 5x and Moody's do not expect the company to test the covenant over the next 12-18 months. The company's assets are pledged as collateral for the secured credit facility, thereby limiting the sale of assets as an alternative source of liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company increases its scale and diversity and enhances the technological sophistication of its product portfolio. In addition, the company would need to sustain debt/EBITDA below 3.0x and manage customer concentration risk effectively. The ratings could be downgraded if the company's earnings or liquidity deteriorate or its financial policies become more aggressive. A loss of key customer/contract(s) can also lead to a rating downgrade. Quantitatively, ratings could be downgraded if debt/EBITDA is sustained above 4.0x. Headquartered in Plano, Texas, Integer Holdings Corporation (the parent of Greatbatch Ltd.) performs medical device outsourcing and contract manufacturing services, primarily for companies within the medical device industry. The company provides technologies and manufacturing contract services to medical device original equipment manufacturers in cardiac, neuromodulation, and vascular markets. The principal methodology used in these ratings was Medical Products and Devices published in October 2023. HAWAII STAGE: Seeks to Hire Hee & Ching CPAs LLC as Accountant -------------------------------------------------------------- Hawaii Stage and Lighting Rentals, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Hee & Ching CPAs LLC as accountants. The firm will prepare financial statements in accordance with the tax basis of accounting. The firm will be paid at these rates: Partner $220 to $300 per hour Manager $180 to $200 per hour Senior Accountant $135 to $150 per hour Administrative $75 to $105 per hour Travis Kono, CPA, an accountant 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: Travis Kono, CPA HEE & CHING CPAS LLC City Financial Tower 201 Merchant Street, Suite 1830 Honolulu, HI 96813 Tel: (808) 739-7325 Email: travis@heechingcpas.com About Hawaii Stage and Lighting Rentals Hawaii Stage and Lighting Rentals Inc., doing business as Hawaii Stage and Hawaii Stage Event Production Company, is a full service event production company serving the Hawaiian Islands since 1976. Hawaii Stage and Lighting Rentals Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Haw. Case No. 24-01132) on December 14, 2024. In the petition filed by Joseph Kuhio Lewis, president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Robert J. Faris handles the case. Allison A. Ito, Esq., at Choi & Ito serves as the Debtor's counsel. HEXCEL CORP: S&P Alters Outlook to Stable, Affirms 'BB+' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook to stable from positive and affirmed the 'BB+' issuer credit rating on Hexcel Corp. S&P also affirmed the 'BB+' issue-level rating on the company's senior unsecured debt. S&P said, "The stable outlook reflects our expectation that credit metrics will remain appropriate for the rating despite market pressures such as supply chain bottlenecks. We expect modest top-line growth driven by improving commercial aerospace build rates that will, however, remain well below normalized production rates. "We expect favorable demand across critical platforms, but headwinds exist. Hexcel's performance in 2024 was resilient, despite aerospace industry realizing supply chain bottlenecks and lower than expected production rates realized by commercial aerospace original equipment manufacturers (OEMs). The company delivered growth and credit metrics remained strong. The commercial aerospace market continued to show strong demand for both narrowbody and widebody aircraft, but production levels remain well below normalized rates realized in 2019. Previously we anticipated that the company could reach pre-pandemic EBITDA scale, which we viewed as important to a higher rating, in the 2025-2026 timeframe. Slower than expected recovery in aircraft production rates, including due to Boeing's quality and labor challenges, resulted in a more gradual increase in Hexcel's earnings. Looking ahead, we expect the company to experience modest growth, with revenue increasing between 7.5% and 12.5% in 2025 and 2026. Key near-term growth factors include improving build rates across key commercial aerospace platforms such as Boeing & Airbus narrowbody aircraft. The defense segment is also expected to benefit from heightened global defense spending. We expect key platforms such as the F-35 to contribute to Hexcel's top-line growth over the next couple of years. In addition, business and regional aircraft platforms have increasingly become more composite-materials rich, growing in importance to Hexcel. The company is divesting some of its non-core operations within the industrials segment, which has historically been a drag on financial performance. Near-term improvements in build rates for commercial aerospace platforms are crucial for Hexcel's return to its previous scale. We expect the aerospace industry supply chain bottlenecks to continue in 2025, resulting in limited improvement to such build rates for at least the next 24 months. In addition, uncertainly surrounding tariffs and their impact could be an additional headwind. Long term, the continued adoption of composite materials in various aircraft types will drive strong growth as lighter, more fuel-efficient aircraft continue to be in high demand. "We expect EBITDA margins to remain stable in 2025, with gradual expansion in 2026. Hexcel's margin expansion is expected to be limited in 2025 due to lingering supply chain constraints and inflation pressures. Despite this, we anticipate that the company's credit metrics will remain stable, with little deviation from current levels. Though improving, we expect EBITDA levels and margins to remain below 2019 levels over the next two years. Demand for both narrowbody and widebody aircraft remains robust, supported by OEMs' record backlogs, currently representing over $9 billion of future Hexcel revenue. However, production rate ramp ups have been slower than anticipated due to supply chain constraints, labor strikes, and production quality issues. But we expect volume leverage and supply chain pressures easing in 2026, leading to stronger margin expansion. Hexcel has limited capital expenditure needs, largely due to facilities operating under capacity, therefore immediate related cash needs are minimal. At this time, we expect funds from operations (FFO) to debt to measure between 30% and 40% in 2025 and 2026 while management continues to hold debt to EBITDA below 2.25x. Free operating cash flow (FOCF) to debt is expected to measure between 20% and 30% in 2025 and 2026. "We expect Hexcel's financial policy will become more aggressive. We expect Hexcel to become more aggressive in its financial policy over the next 12-24 months, with continued shareholder returns such as dividends and share repurchases, while becoming more active in inorganic growth opportunities. The company has maintained prudent leverage levels below 2.25x, ensuring a stable financial foundation. Looking ahead, we expect management to become more active in mergers and acquisitions, aiming at expanding on core capabilities around composite materials. However, debt-funded acquisitions could have a negative impact on metrics; we expect management will remain disciplined in its approach and remain focused on a strong balance sheet. The company has recently been engaged in divesting non-core operations, most notably within its industrial segment. We expect the divestment to have a positive impact on metrics in the long term. "The stable outlook reflects our expectation that Hexcel's credit metrics will remain appropriate for the rating over the next 12 months. The company is well positioned to benefit from improving aircraft build rates, most notably for the widebody platforms featuring significant Hexcel content. However, we expect supply chain bottlenecks to persist, limiting build rate improvement in the near term. As a result, we expect EBITDA to remain below 2019 levels in for at least the next 24 months." S&P could lower its ratings on Hexcel if FFO to debt fell below 20% and we expected it to remain at such level. This could occur if: -- Commercial aircraft build rates slowed meaningfully due to supply chain headwinds; -- Higher cost environment causes margins to diminish meaningfully due to inflationary and / or tariff related pressures, and -- Management pursued a more aggressive financial policy, inclusive of debt-funded acquisitions or shareholder returns. S&P could raise its rating if Hexcel's EBITDA approached pre-pandemic levels while it maintained EBITDA margins. A higher rating would also require FFO to debt above 30%. This would likely occur if: -- Less volatile ramp up in aircraft build rates, -- Margins improved closer to pre-pandemic levels as operational headwinds subsided, and -- The company maintained a moderate financial policy. HILTS LOGGING: Hires Orville & McDonald Law P.C as Counsel ---------------------------------------------------------- Hilts Logging & Excavating, LLC, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Orville & McDonald Law, P.C as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to their powers and duties as Debtor-in Possession in the continued operation of its business and in the management of their property; b. take necessary action to avoid liens against the Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances or liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; c. take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor's in which property Debtor has substantial equity; d. represent the Debtor, as Debtor- in-Possession, in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; e. prepare on behalf of your Applicants, as Debtor-in-Possession, necessary petitions, answers, orders, reports and other legal papers; and f. perform all other legal services for Debtor as Debtor- in- Possession or to employ attorneys for such services. The firm will be paid at these rates: Peter A. Orville $350 per hour Zachary McDonald $300 per hour Non-lawyer staff $125 per hour The firm will be paid a retainer in the amount of $10,762. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Peter A. Orville, Esq., a partner at Orville & McDonald Law, 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: Peter A. Orville, Esq. Orville & McDonald Law, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: (607) 770-1007 Fax: (607) 770-1110 About Hilts Logging & Excavating, LLC Hilts Logging & Excavating LLC specializes in logging services, including timber harvesting and land clearing, utilizing a range of heavy machinery for forestry operations. Hilts Logging & Excavating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60199) on March 16, 2025. In its petition, the Debtor reports total assets of $612,385 and total liabilities of $1,404,316. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Peter A. Orville, Esq., at ORVILLE & MCDONALD LAW, P.C.. HOSPITALITY AT YORK: Seeks Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------------- On April 7, 2025, Hospitality at York LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Pennsylvania. According to court filing, the Debtor reports $6,744,840 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Hospitality at York LLC Hospitality at York LLC, operating as Holiday Inn Express, is a hotel located at 18 Cinema Drive, York, PA 17402. The hotel offers amenities such as an indoor swimming pool, fitness center, free Wi-Fi, and complimentary breakfast. Hospitality at York LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00938) on April 7, 2025. In its petition, the Debtor reports total assets of $7,569,000 and total liabilities of $6,744,840. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Lawrence V. Young, Esq. at CGA LAW FIRM. HOUSE SPIRITS: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------ On April 6, 2025, House Spirits Distillery LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About House Spirits Distillery LLC House Spirits Distillery LLC, operating under the name Westward Whiskey, is a Portland, Oregon-based distillery that produces, markets, sells, and distributes high-quality American single malt whiskeys. Westward has become one of the most well-known and respected craft distilleries in the U.S., leading the way in the emerging Premium American Whiskey category. Unlike traditional single malts made only from malted barley, Westward employs a distinctive process that blends elements from American craft ale, Scottish single malt, and bourbon traditions. The distillery benefits from the unique climate of the Pacific Northwest, where hot, dry summers and cool, wet winters contribute to the development of exceptional, world-class whiskeys. House Spirits Distillery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10660) on April 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. at PASHMAN STEIN WALDER HAYDEN, P.C. The Debtor's claims agent is EPIQ CORPORATE RESTRUCTURING, LLC. INET TAXI: Seeks to Hire Alla Kachan P.C. as Attorney ----------------------------------------------------- Inet Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 deems 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: Attorney $475 Clerks/Paraprfessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $10,000. 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 Telephone: (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. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. INET TAXI: Seeks to Tap Estelle Miller as Accountant ---------------------------------------------------- Inet Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 Telephone: (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. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. ISOR TAXI: Seeks to Hire Alla Kachan P.C. as Attorney ----------------------------------------------------- Isor Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 deems 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: Attorney $475 Clerks/Paraprfessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $10,000. 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 Telephone: (718) 513-3145 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. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. ISOR TAXI: Seeks to Tap Estelle Miller as Accountant ---------------------------------------------------- Isor Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 Telephone: (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. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. JAG PUBLIC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- JAG Public Safety, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The Debtor depends on the use of cash collateral for payroll, insurance, and general operating expenses. Revenue is generated solely through the Debtor's business as a barricade and traffic control company. A search in the Texas Secretary of State shows that the following cash collateral lienholders: 1. JPMorgan Chase Bank (UCC Filing No. 19-0033910733) (9/5/2019)); 2. U.S. Small Business Administration (UCC Filing No. 20-0037552064 (7/23/2020)); 3. Milestone Bank (UCC Filing No. 20-0047730538) (9/10/2020)); 4. Unknown Creditor (C T Corporation (UCC Filing No. 22-0048579047) (10/03/2022)); 5. Unknown Creditor (C T Corporation (UCC Filing No. 23-0044190598) (10/13/2023)); 6. 1st Alliance Group LLC (UCC Filing No. 24-0022407718) (3/14/2024)); 7. Prosperum Capital Finance (UCC Filing No. 24-0022696940)(3/15/2024)) As protection, secured creditors were granted replacement liens on all post-petition cash collateral and property of the Debtor to the same extent and with the same validity and priority as their pre-bankruptcy liens. A final hearing is set for April 30. About JAG Public Safety LLC JAG Public Safety LLC is a comprehensive service provider specializing in traffic control solutions. The Company offers a variety of services, including the sale, rental, and repair of traffic control devices such as barricades, attenuators, and other essential equipment. It also provides certified traffic control plans, lane closure management, and utility services, focusing on ensuring safety and efficiency in work zones. In the petition signed by Lucio Gonzalez, president, the Debtor disclosed $1,156,383 in assets and $2,287,649 in liabilities. Judge Michael M Parker oversees the case. Robert C Lane, Esq. at THE LANE LAW FIRM represents the Debtor as legal counsel. JILL'S OFFICE: Hires Workman Nydegger as Legal Counsel ------------------------------------------------------ Jill's Office, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Workman Nydegger to handle its Chapter 11 case. The firm will be paid at the rate of $435 per hour. The Debtor paid the firm the amount of $6,003.50 prepetition, for fees and costs incurred analyzing this case and preparing for filing. The firm had a remaining retainer of $18,996.50 on hand at the time the petition was filed. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. T. Edward Cundick, Esq., a partner at Workman Nydegger, 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: T. Edward Cundick, Esq. Workman Nydegger 60 East South Temple, Suite 1000 Salt Lake City, UT 84111 Tel: (801) 533-9800 Fax: (801) 328-1707 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. Jill's Office LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21625) on March 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by T. Edward Cundick, Esq. at WORKMAN NYDEGGER. KERRY GROUP: Seeks Shareholder Approval of Capital Reduction ------------------------------------------------------------ An originating notice of motion issued out of the High Court of Ireland seeking the Court's confirmation of a special resolution passed at an extraordinary general meeting of Kerry Group PLC held on Dec. 19, 2024, by way of resolution of the members of the Company entitled to receive notice of, attend and vote at general meetings of the Company, approving the reduction of the Company capital of the Company by cancellation of the amount of GBP1,480,493,631 standing to the credit of the Company's share premium account as at midnight on Feb. 28, 2025 (the total balance of the Company's share premium account on such date being GBP1,879,205,980), in accordance with Article 49 of the Company's Articles of Association of such lesser amount as the High Court of Ireland may determine, was directed to be heard in the Commercial List of High Court, sitting at the Four Charts, Inns Quay, Dublin 7, Ireland on April 8, 2025. Further information regarding the proposed reduction of capital of Kerry Group PLC, contact: Arthur Cox LLP Solicitor for the Company Ten Earlsfort Terrace Dublin 2 D02 T380 Ireland Email: Conall.OShaughnessy@arthurcox.com LITTLE MINT: Court OKs Restaurant Asset Sale at Auction ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, has granted The Little Mint Inc., to sell personal property, free and clear of liens, claims, and encumbrances. The Debtor is a North Carolina corporation that operates a fast casual restaurant chain known as "Hwy 55 Burger Shakes & Fries." The Debtor has 71 locations, consisting of 14 corporate-owned stores and 57 franchised stores. The stores are located throughout the Southeast, with operations in North Carolina, South Carolina, Georgia, Florida, Tennessee, and Texas. The Debtor's Property is consists of office furniture, miscellaneous restaurant equipment, and related items. The Court has authorized the Debtor to sell the Property at public auction free and clear of the liens and encumbrances: A. Any and all personal property taxes due and owing to any City, County, or municipal corporation. B. Any liens asserted against the personal property in connection with secured financing or equipment leases provided to the Debtor. C. Any and all remaining interests, liens encumbrances, rights and claims asserted against the Property, which relate to or arise as a result of a sale of the Property, or which may be asserted against the buyer of the Property, including, but not limited to, those liens, encumbrances, interests, rights and claims, whether fixed and liquidated or contingent and unliquidated, that have or may be asserted against the Property or the buyer of the Property by the North Carolina Department of Revenue, the Internal Revenue Service, and any and all other taxing government authorities. The Court ordered that the proceeds of sale of any unencumbered or under-encumbered property shall be subject to payment of all reasonable administrative costs of the proceeding. The Court further held that the proceeds of sale of any over-encumbered property shall be subject to the payment of the reasonable, necessary costs and expenses of preserving, or disposing of, such property to the extent of any benefit to the holder of an allowed secured claim. About The Little Mint Inc. The Little Mint, Inc. owns multiple Hwy 55 Burgers, Shakes & Fries restaurants. It conducts business under the name Hwy 55 Burgers Shakes & Fries and is based in Mount Olive, N.C. Little Mint sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on Dec. 31, 2024. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Joseph N. Callaway presides over the case. The Debtor tapped Rebecca F. Redwine, Esq., at Hendren, Redwine & Malone, PLLC as counsel and Nunn, Brashear & Uzzell, PA as accountant. LQR HOUSE: Posts $22.75M Loss in 2024, Bigger Than Previous Year ---------------------------------------------------------------- LQR House, Inc., reported a net loss of $22.75 million on total revenues of $2.50 million for the year ending Dec. 31, 2024, according to its recently filed Annual Report on Form 10-K with the Securities and Exchange Commission. This marks a significant increase in losses compared to the previous year, when the Company posted a net loss of $15.75 million on revenues of $1.12 million. The Company, which has yet to achieve profitability since its inception, acknowledged in the report that it requires additional capital to continue operations and expects its losses to persist in the near future. As of Dec. 31, 2024, the Company had $6.93 million in total assets, $7.45 million in total liabilities, and a total stockholders' deficit of $517,961. As of Dec. 31, 2024 and 2023, the Company had cash and cash equivalents of $5,386,789 and $7,064,348, respectively. The Company had cash used in operations of $6,618,417 during the year ended Dec. 31, 2024. To date, the Company has financed its operations primarily through issuances of common stock and sales of its products and services. In its report dated March 31, 2025, the Company's auditor dbbmckennon, issued a "going concern" qualification citing that the Company has sustained net losses and negative cash flow from operations and requires additional capital to operate, which raises substantial doubt about its ability to continue as a going concern. According to LQR House, its ability to continue as a going concern until reaching profitability depends on its ability to generate cash from operating activities and secure additional capital to fund its operations. Management is exploring various strategies, including customer acquisition and strategic partnerships, to increase volume and achieve improved gross margins and profitability. Additionally, the Company is actively pursuing investment and acquisition opportunities to support the execution of these strategies. "The Company's ability to continue as a going concern for the next twelve months is dependent upon its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, or to obtain additional capital to fund operations through debt and/or equity financings," the Company stated in the report. "Our failure to raise additional capital could have a negative impact on not only our financial condition but also our ability to execute our business plan. No assurance can be given that the Company will be successful in these efforts." The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1843165/000121390025026396/ea0234892-10k_lqrhouse.htm About LQR House Inc. LQR House is a company focused on the e-commerce and marketing sectors of the alcohol industry. Its flagship platform, CWSpirits.com, offers a wide range of premium and luxury spirits, wines, and champagnes from established retail partners such as Country Wine & Spirits. The platform leverages technology, data analytics, and artificial intelligence to enhance the consumer experience, providing a curated selection of alcohol products delivered to homes across the United States. In addition to its e-commerce operations, LQR House functions as a specialized marketing agency with a focus on the alcohol sector. The Company measures the success of its marketing campaigns by directly linking them to sales on CWSpirits.com, demonstrating a measurable return on investment. Through a network of influential figures in the alcohol industry, LQR House drives traffic to CWSpirits.com, increasing brand visibility and market presence. The Company aims to modernize and transform the alcohol industry's landscape through innovative online shopping experiences and targeted marketing solutions. LQR HOUSE: Signs Exclusive Distribution Deal With Of The Earth -------------------------------------------------------------- LQR House Inc. announced that on April 1, 2025, it entered into an exclusive agreement with Of The Earth Distribution (OTE) to introduce its premium SWOL Tequila brand to the Greek and Thai markets. The Company is confident that this collaboration will help drive demand and fuel growth in these expanding regions by leveraging OTE's established sales and distribution networks. OTE brings deep-rooted relationships with key buyers, importers, and distributors in both Thailand and Greece. According to OTE, the initial introductions of SWOL Tequila have sparked strong interest within its network, indicating a significant demand for high-quality tequila in these emerging markets. Jason Pucci, CEO of Of The Earth Distribution, commented "Our partners in Thailand and Greece are genuinely enthusiastic about the potential of SWOL Tequila. These markets are less saturated compared to North America, offering a unique opportunity for a premium brand like SWOL to carve out a distinct presence. The timing is optimal for introducing a tequila of this caliber, and we are confident in the market's receptivity." Sean Dollinger, CEO of LQR House, added "Expanding SWOL's wholesale footprint internationally marks an exciting new chapter for the brand. What began as an exclusive, direct-to-consumer offering on our website has grown into a product with potential global appeal. We believe that seeing momentum build in countries like Thailand and Greece will be incredibly rewarding and will validate our vision for SWOL as a globally recognized tequila." This expansion reflects LQR House's broader strategy of developing strategic distribution partnerships to scale the reach of its premium portfolio and meet increasing global demand for distinctive spirits. David Lazar Resigns from Board LQR House also announced the resignation of board member David Lazar on April 2, 2025. The Company expressed its sincere appreciation to Mr. Lazar for his significant contributions during a crucial period of the Company's restructuring. His leadership was essential in driving cost-saving measures and enhancing operational efficiencies, as recognized by the Company, which have positioned LQR House for sustainable long-term success. The Company acknowledged Mr. Lazar's instrumental role in bringing on new board members whose expertise and involvement have had a significant impact as the Company enters this next phase of development. The Company extends its gratitude to David for his dedicated service and wishes him continued success in his future endeavors. About LQR House Inc. LQR House is a company focused on the e-commerce and marketing sectors of the alcohol industry. Its flagship platform, CWSpirits.com, offers a wide range of premium and luxury spirits, wines, and champagnes from established retail partners such as Country Wine & Spirits. The platform leverages technology, data analytics, and artificial intelligence to enhance the consumer experience, providing a curated selection of alcohol products delivered to homes across the United States. In addition to its e-commerce operations, LQR House functions as a specialized marketing agency with a focus on the alcohol sector. The Company measures the success of its marketing campaigns by directly linking them to sales on CWSpirits.com, demonstrating a measurable return on investment. Through a network of influential figures in the alcohol industry, LQR House drives traffic to CWSpirits.com, increasing brand visibility and market presence. The Company aims to modernize and transform the alcohol industry's landscape through innovative online shopping experiences and targeted marketing solutions. In its report dated March 31, 2025, the Company's auditor dbbmckennon, issued a "going concern" qualification citing that the Company has sustained net losses and negative cash flow from operations and requires additional capital to operate, which raises substantial doubt about its ability to continue as a going concern. LQR House reported a net loss of $22.75 million for the year ending Dec. 31, 2024, compared to a net loss of $15.75 million in 2023. As of Dec. 31, 2024, the Company had $6.93 million in total assets, $7.45 million in total liabilities, and a total stockholders' deficit of $517,961. MACY'S RETAIL: S&P Affirms 'BB+' Rating on Existing Unsec. Notes ---------------------------------------------------------------- S&P Global Ratings affirmed the 'BB+' issue-level rating on the existing unsecured notes of the company and raised the recovery ratings to '3' from '4'. The '3' recovery rating indicates its expectation for meaningful recovery (50%-70%, 60% rounded estimate) in the event of a payment default. The unsecured notes have less debt ahead of in the capital structure after Macy's downsized its asset-based revolving credit facility (ABL) to match its liquidity needs. The new unrated ABL will be $2.1 billion, down from its prior $3 billion facility, and mature in 2030. S&P said, "Our 'BB+' issuer credit ratings and stable outlooks on Macy's Inc. and Macy's Retail Holdings are unchanged. The stable outlook reflects our expectation for leverage to be in the 2x-3x range over the next 12 months as the company maintains a more balanced approach to capital allocation, including resuming buying back shares with excess free operating cash flow. We expect incoming Chief Operating Officer and Chief Financial Officer, Thomas Edwards, from Capri Holdings Ltd. will be tasked with strengthening the business during challenging macroeconomic conditions. "We believe the company has room at the current rating for incremental pressure stemming from its exposure to the recent tariffs imposed on imports however tariff discussions remain fluid. We believe the company will likely raise prices to offset the incremental costs, which could lower sales for its discretionary product offerings. If tariff pressures persist and erode operating performance, we would expect the company to limit its shareholder returns to sustain credit metrics, including leverage in the 2x-3x range. "The stable outlooks also incorporate our view that its recent accounting issues are not material to operating performance or the enterprise risk profile of the company. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default assumes a recessionary environment and shifting consumer preferences, exacerbated by merchandise missteps and increased competition, which leads to the continued loss of market share. -- S&P assumes Macy's will emerge as a going concern given its name recognition. It applies a 5.5x EBITDA multiple (in line with the multiples S&P uses for other department stores) to its projected emergence-level EBITDA figure. -- S&P believes that as Macy's approaches default, it would further rationalize its store footprint and sell assets. -- Macy's capital structure after the transaction consists of a $2.1 billion ABL facility (not rated) and about $2.8 billion of unsecured notes. -- S&P assumes the ABL facility is 60% drawn at default and believe this claim would rank ahead of secured debt and the unsecured notes' claim in bankruptcy. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $600 million -- Implied enterprise value (EV) multiple: 5.5x -- Estimated gross EV at emergence: $3.3 billion Simplified waterfall -- Net EV (after 5% administrative costs and estimated unfunded pension claims): $3.1 billion -- Valuation split (obligors/nonobligors): 100%/0% -- ABL secured claims (not rated): $1.3 billion* -- Unsecured debt and non-debt claims: $2.8 billion* --Recovery expectations: 50%-70% (rounded estimate: 60%) *All debt claims include six months of prepetition interest. MAINE BOULEVARD: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Maine Boulevard II, LLC 5237 Isleworth County Club Drive Windermere, FL 34786 Business Description: Maine Boulevard II, LLC is a single-asset real estate company that holds a special warranty deed for the property located at 600 E Geneva St. The value of the Debtor's interest in the property is $32.75 million, based on comparable sales. Chapter 11 Petition Date: April 7, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02002 Judge: Hon. Grace E Robson 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: $25,391,669 The petition was signed by David Townsend as manager. The Debtor stated in the petition that there are no creditors with unsecured claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5IIMCFA/Maine_Boulevard_II_LLC__flmbke-25-02002__0001.0.pdf?mcid=tGE4TAMA MARCOS'S PIZZA: Eric Huebscher Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Eric Huebscher of Huebscher & Co. as Subchapter V trustee for Marcos's Pizza of N.Y., Corp. Mr. Huebscher will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Huebscher declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Huebscher Huebscher & Co. 301 E 87th St. - 20E New York, NY 10128 Phone: 917-763-3891 Email: ehuebscher@huebscherconsulting.com About Marcos's Pizza of N.Y. Marcos's Pizza of N.Y., Corp., doing business as La Bellezza, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10468) on March 13, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge John P. Mastando, III presides over the case. Joel Shafferman, Esq., at Shafferman & Feldman, LLP represents the Debtor as legal counsel. MBMK PROPERTY: Creditor Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------------- Wilmington Trust, National Association, acting as trustee for CoreVest American Finance 2018-2 Trust, asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to prohibit MBMK Property Holdings, LLC from using its cash collateral. Wilmington Trust is a secured creditor of the Debtor, having extended a loan secured by mortgages on multiple properties. In June 2023, a stipulated cash collateral budget was agreed upon, allowing the Debtor to pay certain expenses related to the mortgaged properties. However, the Debtor continued to collect and use Wilmington Trust's cash collateral, including proceeds from a settlement with Nationwide Insurance regarding property damage. Wilmington Trust opposed the continued use of its cash collateral, stating that it has not consented to such use and requested that the Debtor place the settlement proceeds in escrow to prevent unauthorized withdrawals. Wilmington also asked the Court to require the Debtor to account for all cash collateral used since the petition date. A court hearing is scheduled for April 22. About MBMK Property Holdings MBMK Property Holdings LLC is a limited liability company in Pennsylvania. MBMK Property Holdings LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-13121) on Nov. 21, 2022. In the petition filed by Mohsin Khawaja, as secretary and member, the Debtor reported assets and liabilities between $1 million and $10 million each. MBMK Property Holdings, LLC previously filed for bankruptcy (Bankr. E.D. Pa. Case No. 21-10332) on Feb. 10, 2021. At the behest of the United States Trustee, the case was dismissed by the Hon. Magdeline D. Coleman on Jan. 25, 2022. Judge Coleman presides over the 2022 case. In the 2022 case, the Debtor is represented by Robert B. Eyre, Esq. at the Law Offices of Foehl & Eyre, PC. Wilmington Trust, N.A., as Trustee for the Benefit of the Holders of CoreVest American Finance 2018-2 Trust Mortgage Pass-Through Certificates, as secured creditor, is represented by: Ari M. Charlip, Esq. Luke D. Wolf , Esq. GORDON REES SCULLY MANSUKHANI, LLP 37000 Woodward Avenue, Suite 225 Bloomfield Hills, MI 48304 Fax: (313) 756-6404 | (313) 406-7373 Email: acharlip@grsm.com lwolf@grsm.com -and- John MacGowan, Esq. Three Logan Square 1717 Arch Street, Suite 1610 Philadelphia, PA 19103 Phone: (973) 549-2506 Email: jmacgowan@grsm.com MIRA PHARMACEUTICALS: Narrows Net Loss to $7.85 Million in 2024 --------------------------------------------------------------- Mira Pharmaceuticals, Inc., reported a net loss attributable to common stockholders of $7.85 million for the year ending Dec. 31, 2024, with no revenues, according to its Annual Report on Form 10-K filed with the Securities and Exchange Commission. This marks an improvement over the previous year, when the Company posted a net loss attributable to common stockholders of $11.98 million last year, also with zero revenues. As of Dec. 31, 2024, the Company had $2.92 million in total assets, $723,349 in total liabilities, and $2.20 million in total stockholders' equity. Since its inception, the Company has incurred significant losses and negative cash flows from operations, including a negative cash flow from operations of approximately $5.6 million for the year ended Dec. 31, 2024, and an accumulated deficit of $29.1 million. As of Dec. 31, 2024, the Company had cash and cash equivalents of about $2.8 million. The Company expects its cash reserves to be enough to cover operations, development plans, and capital spending through at least the third quarter of 2025. However, as of the date of filing this Annual Report, the Company does not have enough cash to support its operations for the next 12 months. In its report dated March 28, 2025, the Company's auditor Salberg & Company, P.A., issued a "going concern" qualification citing that the Company has no revenues, raised approximately $3.6 million, used approximately $5.6 million of cash in operations and had a net loss of $7.9 million during the year ended Dec. 31, 2024. These matters raise substantial doubt about the Company's ability to continue as a going concern. To alleviate the conditions that raise substantial doubt about the Company's ability to continue as a going concern, the Company plans to secure additional capital, potentially through a combination of public or private equity offerings and strategic transactions, including potential alliances and drug product collaborations; however, none of these alternatives are committed at this time. The Company stated that it cannot guarantee success in securing adequate funding on favorable terms, entering into strategic transactions to provide the necessary capital, or implementing other strategies to address these concerns. The Company said its inability to secure sufficient capital on acceptable terms when needed may force it to delay, limit, or abandon business opportunities, impacting its ability to achieve objectives, competitiveness, and ultimately harming its business, financial condition, and operations. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1904286/000164117225001183/form10-k.htm About MIRA Miami, Florida-based MIRA Pharmaceuticals, Inc. (www.mirapharmaceuticals.com.) is a clinical-stage pharmaceutical development company advancing two neuroscience programs targeting neurologic and neuropsychiatric disorders. The company holds exclusive rights in the U.S., Canada, and Mexico for Ketamir-2 and MIRA-55, two novel drug candidates designed to address unmet medical needs in pain management, depression, PTSD and cognitive function. MIRA PHARMACEUTICALS: To Acquire SKNY, SKNY to Provide $5M Infusion ------------------------------------------------------------------- MIRA Pharmaceuticals, Inc., filed a Form 8-K with the Securities and Exchange Commossion, revealing that on March 19, 2025, it entered into a binding letter of intent (the "LOI") with SKNY Pharmaceuticals, Inc., a privately held Delaware corporation, to acquire SKNY through a stock exchange transaction, a move that will integrate SKNY-1, a novel oral drug candidate designed to target weight loss and smoking cessation into MIRA's development pipeline. As part of the agreement, SKNY will provide a $5 million capital infusion in cash or cash equivalents, further strengthening MIRA's financial position and supporting future growth initiatives. Under the terms of the LOI, SKNY (which holds exclusive rights to its compounds in the United States, Canada, and Mexico) will merge with the Company through a stock exchange, where each outstanding share of SKNY's common stock will be exchanged for shares of MIRA's common stock. The exact exchange ratio will be determined by an independent third-party valuation firm based on the relative values of both companies. The completion of the Acquisition is contingent upon the Independent Valuator determining that SKNY's valuation is at least equal to or greater than that of the Company. The Acquisition will be subject to shareholder approval of both companies. Both parties have agreed to a 90-day mutual due diligence period, during which they will work in good faith to negotiate and execute a definitive stock purchase agreement and any related transaction documents. Upon completion of the Acquisition, all of SKNY's assets, including its drug candidates, will become wholly owned by MIRA, further expanding the Company's development pipeline. About MIRA Miami, Florida-based MIRA Pharmaceuticals, Inc. (www.mirapharmaceuticals.com.) is a clinical-stage pharmaceutical development company advancing two neuroscience programs targeting neurologic and neuropsychiatric disorders. The company holds exclusive rights in the U.S., Canada, and Mexico for Ketamir-2 and MIRA-55, two novel drug candidates designed to address unmet medical needs in pain management, depression, PTSD and cognitive function. In its report dated March 28, 2025, the Company's auditor Salberg & Company, P.A., issued a "going concern" qualification citing that the Company has no revenues, raised approximately $3.6 million, used approximately $5.6 million of cash in operations and had a net loss of $7.9 million during the year ended Dec. 31, 2024. These matters raise substantial doubt about the Company's ability to continue as a going concern. Mira reported a net loss attributable to common stockholders of $7.85 million for the year ending Dec. 31, 2024, compared to a net loss attributable to common stockholders of $11.98 million in 2023. As of Dec. 31, 2024, the Company had $2.92 million in total assets, $723,349 in total liabilities, and $2.20 million in total stockholders' equity. MLN US: S&P Assigns 'B-' Rating on $69MM New Money DIP Term Loan ---------------------------------------------------------------- S&P Global Ratings assigned its 'B-' point-in-time rating to MLN US HoldCo LLC's (Mitel) $69 million debtor-in-possession (DIP) new money term loan and its 'CCC+' point-in-time rating to its $62 million DIP roll-up term loan. Mitel is the borrower and a subsidiary of Mitel Networks (International) Ltd., a business communication service provider operating under Chapter 11 bankruptcy protection since March 9, 2025. S&P's rating primarily reflects its view of the credit risk borne by DIP term lenders and is not indicative of any ratings it may assign to exit facilities or the reorganized firm after the bankruptcy. Mitel entered Chapter 11 with a prepackaged plan of reorganization under a restructuring support agreement that had majority consent from prepetition lenders, backstopped commitments for the DIP and exit facilities. The final DIP order was approved on April 1, 2025. A disclosure statement was filed, and the debtor anticipates exiting from bankruptcy in the second quarter of 2025 and is working with its lenders and other key stakeholders to effect the transactions set forth in the plan of reorganization and obtain customary regulatory approvals required to operate in certain jurisdictions. The DIP term loan includes a $69 million new money term loan (including applicable fees and premiums payable-in-kind) and $62 million roll-up term loan. The existing asset-based lending (ABL) facility remains available on a post-petition basis and will be part of the exit financing structure. The DIP issue ratings are effective only for the date of this report. S&P will not review, modify, or provide ongoing surveillance. S&P's 'B-' issue rating on Mitel's new money DIP term loan and 'CCC+' rating on the roll-up DIP term loan reflect its view of the credit risk borne by DIP lenders. This includes S&P's debtor credit profile (DCP) assessment, prospects for full repayment through reorganization and emergence from Chapter 11 via its capacity for repayment at emergence (CRE) assessment, and potential for full repayment in a liquidation scenario via its additional protection in a liquidation scenario (APLS) assessment: S&P said, "Our DCP of 'B-' reflects the combination of our vulnerable business risk profile and highly leveraged financial risk profile assessments of Mitel during its prepackaged bankruptcy. "Our CRE assessment of 136% coverage of the DIP debt in an emergence scenario does not provide for additional notching to the DCP because coverage is less than the 150% needed for a one-notch uplift. We anticipate that the DIP facilities will be part of the exit financing structure for the new money DIP and full conversion into new common equity for the roll-up DIP. "Our APLS assessment indicates negligible coverage of the DIP term loan in a liquidation scenario and does not provide for additional notching to the DCP because coverage is less than 100%. "We apply a one-notch negative DIP issue adjustment to the roll-up DIP term loan to reflect the equity risk these lenders take. The facility will be fully converted to new common equity at emergence. We did not make any DIP issue adjustments to the new money DIP term loan rating." Mitel's bankruptcy filing and S&P's business risk assessment reflect various ongoing business challenges, including: --Eroded profitability from execution issues in transition to cloud via its RingCentral partnership, migration delays, payment disputes, and lingering effects of the COVID-19 pandemic. --Limited scale, product differentiation, and pricing power operating in the highly fragmented and competitive business communication industry. --Significant debt burden and free operating cash flow (FOCF) burn. --Resulting significant liquidity needs that further strained an unsustainable prepetition capital structure. S&P said, "Our assessment of a vulnerable business risk profile reflects Mitel's position in the rapidly evolving business communication market. This comes from its limited scale in the cloud communication market and operational challenges eroding efficiency. While peers such as Zoom and Microsoft dominate the unified communications as a service (UCaaS) industry in cloud-native platforms with massive user bases, Mitel relies heavily on legacy on-premises systems and hybrid deployments. The RingCentral partnership faltered because migrations were slower than expected and later strained by disputes over integration payments and operational misalignments. We note that the company has a leading position in installed base of UC seats and has entered into a new partnership with Zoom in September 2024 to better align with market trends including the enterprise end market and hybrid offerings. However, we believe there is still execution risk given Mitel's limited capacity to scale and support smooth enterprise-wide cloud transitions." Financial strain and structural disadvantages have compounded Mitel's vulnerability. The company carried roughly $1.2 billion in debt by 2022 and was forced into a recapitalization transition in October 2022 to avoid liquidity shortfalls. Related disputes--including legal challenges from junior lenders--further diverted management focus and resources. In contrast, competitors have expanded aggressively and internationally through platform investments and large enterprise adoption. Mitel's narrow scope on unified communication (UC), particularly after the RingCentral carve-out of its UCaaS platform, limits its competitive edge, leaving it to play catchup through acquisitions such as Unify Inc. However, without scale, deeper product integration, and a strong brand, Mitel risks becoming increasingly marginalized in a rapidly consolidating market. S&P said, "Our assessment of a highly leveraged financial risk profile reflects our expectation for minimal EBITDA in bankruptcy. Despite a substantially reduced debt burden (by about $1.15 billion) and less funded DIP debt ($131 million), we expect Mitel's FOCF will remain negative throughout bankruptcy. We expect continued earnings pressure from weak demand for its legacy UC products and services will be exacerbated. It has taken actions since 2021 to address underperformance, including several cost-out initiatives with focus on cloud ramp-down following the RingCentral transaction, reducing its sales force, and optimizing research and development. It has more in the pipeline. Despite full implementation of two waves of its planned cost-outs and contributions from the Unify acquisition, Mitel generated only $45.1 million of S&P Global Ratings-adjusted EBITDA in the first nine month of 2024 compared to $71.9 million last year. Its last-12-months EBITDA margins sharply declined to 4.2% in September 2024 from 9.2% in September 2023. We expect minimal EBITDA and a FOCF deficit in 2025 due to lower demand, restructuring expenses, and other bankruptcy-related professional fees. "We assess Mitel's liquidity as adequate. Our view reflects our assumption that the new money term loan and exit facilities provide adequate sources to fund its operations and the ongoing restructuring and bankruptcy costs. It will ultimately support Mitel's plan to emerge from bankruptcy. It also reflects our assumption that the new money DIP term loan will roll into the exit facility. We do not believe the company will encounter a short-term liquidity shortfall under our base-case forecast, in which it emerges from its prepackaged bankruptcy by June. "We attribute Mitel's bankruptcy to liquidity pressure from high debt service, delayed adaptation to market shifts, and operational missteps." Mitel's operating performance deteriorated in recent years due to of industry headwinds including lower demand for cloud, product component shortages due to supply chain issues, and inflationary pressures. The shift to remote work following the COVID-19 pandemic accelerated the proliferation of team chat, and video collaboration platforms reduced the need for certain communication products and services primarily developed for an in-office environment. At that time, Mitel lagged in developing advanced video and chat-based collaboration tools that became essential with remote communication platforms. Consequently, it fell behind global competitors such as Zoom, Microsoft, and Cisco with more comprehensive and integrated product suites and strong brands. In 2021, Mitel intended a partnership with RingCentral to enhance competitiveness by moving its on-premises customers to UCaaS. However, lower than anticipated demand for cloud services and transition challenges led to the termination of the partnership in June 2024. Lastly, the 2023 acquisition of Unify that doubled its legacy UC customer base was intended to address the increasing demand for hybrid communication. However, disputes with the previous owners of Unify and unmaterialized benefits failed to reverse Mitel's declining market position. The new partnership with Zoom is intended to close the gap with its competitors and capitalize on market needs, especially hybrid offerings. MOM CA: 4G Wireless Seeks Chapter 11 Trustee Appointment -------------------------------------------------------- 4G Wireless, Inc. asked the U.S. Bankruptcy Court for the District of Delaware to appoint a trustee to take over the Chapter 11 cases of MOM CA Investco, LLC and affiliates. 4G, a California corporation, holds 50% of the membership interests in each of the companies. It is wholly owned and controlled by Mohammad Honarkar who served as the companies' administrative manager. Christopher Ward, Esq., attorney for 4G, said an independent fiduciary is needed to administer the companies' estates, citing 4G's lack of faith in the companies' leadership. "A Chapter 11 trustee should and must be appointed in these Chapter 11 cases due to the appalling fraud, self-dealing, and gross mismanagement of the [companies]," Mr. Ward said in a motion filed in court. The attorney accused of fraud and mismanagement the companies' majority members, managers and asset management consultants who, a few years ago, entered into a joint business venture agreement with 4G. Citing results of the investigation conducted by an arbitrator, Mr. Ward said these majority members, managers and asset management consultants of the companies fraudulently induced 4G and Mr. Honarkar into the joint venture, never provided the initial capital contribution critical to the terms of the deal, and repeatedly breached their obligations in their management of the joint venture. This mismanagement includes encumbering assets of the companies through unauthorized loans; allowing the companies to default on their mortgage obligations; and selling interests in real property and then funneling the sale proceeds to the companies' majority members, managers and asset management consultants rather than the joint venture. "The appointment of a trustee is in the best interests of the parties because any hope of a successful reorganization or liquidation in these Chapter 11 cases rests on a truly impartial party's investigation of the [companies], their assets, all prepetition transactions involving the [companies], and any other claims that the [companies] may have," Mr. Ward said. 4G is represented by: Christopher A. Ward, Esq. Shanti M. Katona, Esq. Stephen A. Smith, Esq. Polsinelli PC 222 Delaware Avenue, Suite 1101 Wilmington, Delaware 19801 Telephone: (302) 252-0920 Facsimile: (302) 252-0921 cward@polsinelli.com skatona@polsinelli.com sasmith@polsinelli.com -- and -- Elisa Hyder, Esq. Polsinelli PC Three Logan Square 1717 Arch Street, Suite 2800 Philadelphia, PA 19103 Telephone: (215) 267-3001 Facsimile: (215) 267-3002 ehyder@polsinelli.com About MOM CA Investco MOM CA Investco, LLC and affiliates constitute a real estate joint venture comprised of a portfolio of commercial properties they own. 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. MOM CA Investco and affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10321) on February 28, 2025. At the time of the filing, MOM CA Investco reported between $100 million and $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. MOM CA: Seeks to Hire Buchalter APC as Special Counsel ------------------------------------------------------ MOM CA Investco, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Buchalter, A Professional Corporation as special counsel. The firm will render these services: a. advise the Debtors with respect to matters related to the Real Properties and real property leases, including addressing potential asset sales, property management issues, unlawful detainer issues, and lease assumption issues; b. advise the Debtors with respect to matters related to ownership and management of estate assets, including the Real Properties and SPEs; c. advise the Debtors with respect to matters related to California law pertaining to the Debtors' and non-debtor SPEs' business operations and Real Properties, including mechanics' liens; d. advise and represent the Debtors in matters related to California lawsuits involving the Debtors or the non-debtor SPEs, including, but not limited to, unlawful detainer actions, provided that such lawsuits are unrelated to the Arbitration and related state court litigation; e. assist Potter Anderson on matters related to cash collateral usage and debtor in possession financing; f. assist Potter Anderson on matters related to the formulation and confirmation of a plan of reorganization for the Debtors as such plan pertains to the Real Properties and the underlying secured loans. The firm will be paid at these rates: Jeffrey K. Garfinkle, Shareholder $950 per hour J. Leland Murphree, Special Counsel $695 per hour Khaled Tarazi, Senior Counsel $650 per hour Rebecca Wicks, Associate $600 per hour John Baxter, Associate $550 per hour In addition, the firm will receive reimbursement for its out-of-pocket expenses. Jeffrey Garfinkle, Esq., a partner at Buchalter, A Professional Corporation, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey K. Garfinkle, Esq. Caroline R. Djang, Esq. Buchalter, A Professional Corporation 18400 Von Karman Avenue, Suite 800 Irvine, CA 92612-0514 Tel: (949) 760-1121 Email: jgarfinkle@buchalter.com cdjang@buchalter.com 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. MOM CA: Seeks to Hire Potter Anderson & Corroon as Counsel ---------------------------------------------------------- MOM CA Investco, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Potter Anderson & Corroon LLP as counsel. Potter Anderson & Corroon LLP as legal counsel. The firm will provide these services: (a) advise the Debtors of their rights, powers, and duties; (b) take action to protect and preserve the Debtors' estates; (c) appear in court and at any meeting required by the Office of the United States Trustee for the District of Delaware and any meeting of creditors at any given time on behalf of the Debtors as their counsel; (d) assist with any disposition of the Debtors' assets by sale or otherwise; (e) prepare, on behalf of the Debtors, legal papers in connection with the administration of their estates; (f) prepare any plan of reorganization; (g) prepare the disclosure statement and any related documents and pleadings necessary to solicit votes on any plan of reorganization; (h) prosecute on behalf of the Debtors any proposed plan and seek approval of all transactions contemplated therein and, in any amendments, thereto; and (i) perform all other services assigned by the Debtors to Potter Anderson. To the extent Potter Anderson determines that such services fall outside of the scope of services historically or generally performed by the firm in a bankruptcy proceeding, Potter Anderson will file a supplemental declaration pursuant to Bankruptcy Rule 2014. The firm will be paid at these hourly rates: Partner $750 to $1,650 Counsel $775 Associates $475 to $735 Paraprofessionals $330 to $460 In addition, the firm will seek reimbursement for expenses incurred. Christopher M. Samis, a partner at Potter Anderson & Corroon, 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: Christopher M. Samis, Esq. Potter Anderson & Corroon LLP 1313 N Market St., Ste. 6 Wilmington, DE 19801 Telephone: (302) 984-6000 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. MOUNTAINEER MERGER: Moody's Lowers CFR to Caa1, Outlook Negative ---------------------------------------------------------------- Moody's Ratings downgraded Mountaineer Merger Corporation's (parent of Gabriel Brothers, Inc., dba "Gabe's") corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD. Additionally, Moody's downgraded the rating of the company's senior secured first lien term loan to Caa2 from Caa1. The outlook remains negative. "The downgrade reflects that Gabe's credit metrics remain much weaker than expected following the Old Time Pottery acquisition with weak free cash flow generation and modest revolver availability", Moody's Ratings Vice President Mickey Chadha stated. "The difficult consumer spending environment and uncertain macroeconomic environment present additional downside risks", Chadha further stated. RATINGS RATIONALE Gabe's Caa1 corporate family rating reflects its high funded debt and weak interest coverage. Moody's expects EBIT/interest will remain less than 1.0x for the next 12 months with minimal reduction in the company's debt burden. Although Moody's expects improvement in EBITDA in FY 2025 as the company continues to convert Old Time Pottery (OTP) stores into fresher and updated Gabe's stores while optimizing inventory offerings and cutting costs, liquidity will still remain strained. The company's liquidity is adequate at this time but is characterized by weak free cash flow generation and modest revolver availability that leaves no cushion to absorb any further underperformance. The rating also considers the company's small scale in a highly competitive business environment with very large and well capitalized competitors. Therefore, even small declines in EBITDA can impact credits metrics significantly. Other rating considerations include the somewhat discretionary nature of the company's products and macroeconomic headwinds that could cause constrained consumers to pull back purchases of discretionary items. The 2023 acquisition of Old Time Pottery, a value home decor retailer, has been accretive to earnings and has increased the company's scale but also increases its exposure to home categories. However, approximately 90% of Gabe's inventory purchases are opportunistic and its inventory purchasing cycle is shorter than its competitors which allows the company to quickly change assortments depending on consumer preferences. The company's off-price retail business model, a segment which has historically grown faster than other retail sub-sectors and has performed relatively well during economic downturns, further supports its rating. Gabe's is owned by private equity firm Warburg Pincus and risk of future aggressive financial strategies is also reflected in the rating. The negative outlook reflects the company's strained liquidity, weak interest coverage and the uncertainty surrounding the company's ability to improve profitability and liquidity in a challenging consumer and high interest rate environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although unlikely in the near term, a ratings upgrade could be triggered by sustained improvement in earnings and free cash flow generation while maintaining overall adequate liquidity and financial policies which would support an improvement in credit metrics. Specifically, the ratings could be upgraded if EBIT/interest expense is sustained above 1.25 times. Ratings could be downgraded if profitability, sales growth, free cash flow generation and liquidity do not improve from current levels. Ratings could also be downgraded should the probability of default increase for any reason. Mountaineer Merger Corporation is the parent of off-price retailer Gabriel Brothers, Inc., dba "Gabe's"with 166 stores across 20 states. The company is owned by Warburg Pincus International, LLC and generated about $970 million in revenue for the LTM period ended November 2, 2024. The principal methodology used in these ratings was Retail and Apparel published in November 2023. MRS. BETTY'S: Hires Emmett L. Goodman Jr. LLC as Legal Counsel -------------------------------------------------------------- Mrs. Betty's Fried Chicken Restaurant, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Law Offices of Emmett L. Goodman, Jr., LLC as attorneys. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. prepare on behalf of the Debtor, as Debtor-in-Possession, necessary applications, answers, reports, and other legal papers; c. prepare motions, pleadings and applications, and to conduct examinations incidental to the administration of the Debtor's estate. d. take any and all necessary action instant to the proper preservation and administration of the estate; e. assist the Debtor-in-Possession with the preparation and filing of supplemental Schedules and Lists as may be appropriate; f. take whatever action is necessary with reference to the use by the Debtor of its property pledged as collateral, including cash collateral, to preserve the same for the benefit of Debtor; g. assert, as directed by Debtor, all claims Debtor has against others; and h. perform all other legal services for the Debtor as Debtor-in-Possession which may be necessary; and it is necessary for Debtor-in-Possession to employ attorneys for such professional services. The firm will be paid at the rate of $350 per hour, and will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm was paid by the Debtor a retainer in the amount of $7,500. Daniel L. Wilder, Esq., a partner at Law Offices of Emmett L. Goodman, Ir., 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: Daniel L. Wilder, Esq. LAW OFFICES OF EMMETT L. GOODMAN, IR., LLC 544 Mulberry Street, Suite 800 Macon, GA 31201-2776 Tel: (478) 745-5415 Fax: (478) 746-8655 Email: dwilder@goodmanlaw.org About Mrs. Betty's Fried Chicken Restaurant, LLC Mrs. Betty's Fried Chicken Restaurant, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-40197) on March 21, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Daniel Lewis Wilder, Esq. at Law Offices Of Emmett L. Goodman, Jr. represents the Debtor as counsel. OMEGA THERAPEUTICS: Comm. Taps Dundon Advisers as Financial Advisor ------------------------------------------------------------------- The official committee of unsecured creditors of Omega Therapeutics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon advisers LLC as its financial advisor. The firm's services include: a. assist in the analysis, review, and monitoring of the restructuring process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; b. assist in the sales process for the assets of the Debtor; c. develop a complete understanding of the Debtor's businesses and their valuations; d. determine whether there are viable alternative paths for the disposition of the Debtor's assets from those currently or in the future proposed by any Debtor; e. assist the Committee in identifying, valuing, and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions, control person liability, and lender liability; f. advise the Committee in negotiations with the Debtor and certain of the Debtor's lenders; g. assist the Committee in reviewing the Debtor's financial reports; h. review and provide analysis of the present and any subsequently proposed debtor-in-possession financing or use of cash collateral; i. assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; j. assist the Committee in investigating whether any unencumbered assets at Omega exist; k. attend meetings and assist in discussions with the Committee, the Debtor, the secured lender, the U.S. Trustee and other parties in interest and professionals; l. present at meetings of the Committee, as well as meetings with other key stakeholders and parties; m. perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope. The current rates of Dundon staff are as follows: Principal $960 per hour Managing Director $850 per hour Senior Advisor $850 per hour Senior Director $760 per hour Director $700 per hour Associate Director $590 per hour Senior Associate $485 per hour Associate $350 per hour In addition, the firm will seek reimbursement for expenses incurred. Johsua Nahas, managing director of Dundon Advisers LLC, assured the court that his firm is disinterested within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Johsua Nahas, CIRA Dundon Advisers LLC 10 Bank Street White Plains, NY 10606 Phone: (914) 341-1188 Email: jn@dundon.com About Omega Therapeutics Omega Therapeutics Inc. is a biotechnology company in its development stages, leading innovation in a novel approach to leverage mRNA therapeutics as programmable epigenetic treatments through its OMEGA Epigenomic Programming platform. The OMEGA platform harnesses the power of epigenetics, the mechanism that controls gene expression and every aspect of an organism's life from cell genesis, growth, and differentiation to cell death. The OMEGA platform enables control of fundamental epigenetic processes to correct the root cause of disease by returning aberrant gene expression to a normal range without altering native nucleic acid sequences. Omega Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10211) on February 10, 2025. In its petition, the Debtor reports total assets as of Jan. 28, 2025 amounting to $137,529,941 and total debts as of Jan. 28, 2025 of $140,421,354. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Derek C. Abbott, Esq., Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Daniel B. Butz, Esq., Jonathan M. Weyand, Esq., and Luke Brzozowski, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware. The Debtor's restructuring advisor is Triple P RTS, LLC The Debtor's investment banker is Triple P Securities, LLC. The Debtor's special counsel is Latham & Watkins LLP. The Debtor's claims agent & administrative advisor is Kroll Restructuring Administration LLC. PARAMOUNT DRUG: Douglas Stanger Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Douglas Stanger, Esq., at Flaster, Greenberg, PC as Subchapter V trustee for Paramount Drug, LLC. Mr. Stanger will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Stanger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas S. Stanger, Esq. Flaster, Greenberg, PC 646 Ocean Heights Avenue Linwood, NJ 08221 Phone: (609) 645-1881 Email: Doug.stanger@flastergreenberg.com About Paramount Drug LLC Paramount Drug, LLC offers a range of pharmacy services, including prescription fills and refills, immunizations, and the provision of durable medical equipment. As a member of Good Neighbor Pharmacy, it is committed to providing personalized care and customer satisfaction. Paramount Drug sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-12381) on March 7, 2025, listing $269,300 in assets and $1,534,570 in liabilities. Sharon Maher, principal of Paramount Drug, signed the petition. Judge Andrew B. Altenburg, Jr. oversees the case. Carol L. Knowlton, Esq., at Gorski & Knowlton, P.C., represents the Debtor as legal counsel. PATHWAY VET: S&P Raises ICR to 'CCC+' Following Debt Restructuring ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on U.S.-based veterinary practice management company Pathway Vet Alliance LLC (d/b/a Thrive Pet Healthcare) to 'CCC+' from 'SD' (selective default). At the same time, S&P assigned its 'B' issue-level rating and '1' recovery rating to the company's new money first-out term loan and exchanged first-out, first-lien term loan and its 'CCC-' issue-level rating and '6' recovery rating to its exchanged second-out, first-lien term loan. The '1' recovery rating indicates its expectation for substantial (90%-100%; rounded estimate: 95%) recovery, while the '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery. The negative outlook reflects S&P's expectation that operational challenges will lead Thrive to generate cash flow deficits that erode its liquidity. Therefore, S&P could consider lowering its rating on the company in the next 12 months. Thrive recently completed a debt exchange that S&P Global Ratings viewed as tantamount to a default because the company's lenders did not receive their promised compensation. The upgrade follows Thrive's completion of a distressed debt restructuring, which has improved its liquidity and debt maturity profile. Through the transaction, the company pushed out all its maturities to June 2028. Moreover, the restructuring increased Thrive's liquidity because it will use the majority of the new money proceeds to add cash to its balance sheet. S&P said, "Furthermore, while we expect the company's cash interest burden will marginally increase due to the transaction, its new capital structure will not require any amortization, which more than offsets the rise in its interest burden. We believe Thrive's improved liquidity position and extended maturity profile will provide it with additional time to undertake its turnaround strategy." S&P said, "Although we expect the company will improve its revenue and EBITDA margins, we believe it is unlikely that it will generate a sustainable level of cash flow absent unforeseen favorable developments. After rapidly acquiring general and specialty veterinary practices at high multiples for several years, Thrive struggled to staff its hospitals and fill its schedules. Additionally, depressed vet visit volumes and softer demand for specialty vet services, combined with labor cost inflation, negatively affected the company's performance over the last two years. These factors have reduced Thrive's EBITDA margin by more than 200 basis points (bps) since 2023 and caused it to generate a $77 million free operating cash flow (FOCF) deficit year to date as of the third quarter of 2024. "Thrive has outlined various initiatives targeting its underperforming locations, doctor hiring and retention, and cost management to help spur growth and improve its cash flow generation. While we believe these initiatives will likely benefit the company revenue and margins over the next 12-18 months, we anticipate it will continue to generate negative FOCF. That said, we expect Thrive's investments in its doctor hiring and retention will likely act as tailwinds for its top-line revenue, albeit with some lag as it ramps up its new hires. We forecast these initiatives and investments, combined with the closure of some of its underperforming offices, will lead to a low single-digit percent expansion in its revenue in 2025, with vet industry tailwinds and hiring activity supporting a mid-single digit percent improvement in 2026. Generally, we expect market dynamics in the vet space will begin to improve in 2026, supported by the ageing population of pets adopted throughout the COVID-19 pandemic. Furthermore, we expect Thrive's initiatives related to its doctor productivity and cost management, as well as the closures of its underperforming offices, will lead to a 200 bps-250 bps rise in its EBITDA margin in 2025 and a further 50 bps-100 bps improvement in 2026 (when we expect the costs related to these initiatives will decline). "While we believe the company has sufficient near-term liquidity to implement its turnaround initiatives, we expect it will continue to generate FOCF deficits for at least the next two years, albeit with an improving trend. However, we believe Thrive's debt burden remains high and anticipate the uncertainty around the longevity of the challenges facing the vet industry could lead to another default absent a material improvement in its FOCF generation. "The negative outlook reflects the risk that macroeconomic or business conditions will not improve or worsen further, leading Thrive to generate larger-than-expected FOCF deficits. This could cause us to expect the company to default or complete a debt restructuring that we would consider tantamount to a default in the next 12 months. "We could lower our rating on Thrive if we envision a default over the next 12 months. This could occur if the company's internal initiatives to improve its profitability progress slower than we currently expect or worsening macroeconomic conditions continue to dampen its profitability, leading to larger FOCF deficits that further weaken its liquidity position. This could also occur if we anticipate Thrive will undertake a debt restructuring that we would view as tantamount to a default. "We could revise our outlook on Thrive to stable if its profitability initiatives expand its S&P Global Ratings-adjusted EBITDA margins and support positive FOCF generation prospects. We believe this could occur if the company is successful at implementing programs to address the operational inefficiencies currently burdening its profitability. "Alternatively, we could consider revising our outlook on Thrive to positive or raising our rating if it significantly exceeds our expectations, which would lead us to believe it can generate consistently positive FOCF and position itself to successfully refinance its capital structure in 2028." PERFORMANCE MOBILE: Jonathan Dickey Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Performance Mobile Care, LLC. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Performance Mobile Care Performance Mobile Care, LLC is a vehicle detailing company specializing in providing mobile detailing services for trucks. Performance Mobile Care sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11281) on March 13, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Kimberley H. Tyson handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor, P.C. PIVOTAL ANALYTICS: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On April 7, 2025, Pivotal Analytics Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $5,105,176 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Pivotal Analytics Inc. 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. Pivotal Analytics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00608) on April 7, 2025. In its petition, the Debtor reports total assets of $760,589 and total liabilities of $5,105,176. Honorable Bankruptcy Judge Caryl E. Delano handles the case. The Debtor is represented by Michael Dal Lago, Esq. at DAL LAGO LAW. PLASTIC SUPPLIERS: Hires Crowe LLP as Tax Advisor and Preparer -------------------------------------------------------------- Plastic Suppliers Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Crowe LLP as tax advisor and preparer. The firm will be providing tax advice and preparing income tax returns and general tax advice for the Debtors for the fiscal year(s) 2024 and 2025. The firm will bill the following rates: Partner/Principal/Director $660 / hr. Senior Manager $460 / hr. Manager $370 / hr. Senior Associate $290 / hr. Associate $220 / hr. Jeremy Zink, CPA, a partner at Crowe, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Polsinelli can be reached at: Jeremy Zink, CPA Crowe LLP 55 W. Nationwide Blvd., Suite 500 Columbus, OH 43215-2570 Phone: (614) 365-221 About Plastic Suppliers Inc. Plastic Suppliers Inc., doing business as PSI, Earthfirst Films, and Earthfirst Films by PSI is a global manufacturer of innovative, environmentally friendly thin-gauged, bio-based material using distinctive biopolymers such as Polylactic Acid ("PLA") and Polyhydroxyalkanoates ("PHA"). They also produce petrochemical-based films. They develop highly engineered application-specific solutions for a wide range of companies in the "Consumer Packaged Goods" and industrial markets. The Debtors provide their sustainable film solutions to customers in the Americas, EMEA region, and Asia. The Debtors' primary markets include food and beverage packaging, architecture products, medical equipment, personal care, office, industrial and laminated films for SME digital printers. The Debtors' products are compostable and recyclable and are utilized for, among other things, single-purpose bags, mailers, shrink sleeves, window packaging, envelopes, flow wraps, filters, transparent sealants, barrier sealants, print webs, adhesive labels, thermoforming films and laminates. Plastic Suppliers and its affiliates, Specialty Films, Inc. and Sidaplax, Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-22549) on December 22, 2024. Michael DuFrayne, president and chief executive officer of Plastic Suppliers, signed the petitions. At the time of the filing, Plastic Suppliers reported $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg Jr. handles the cases. The Debtors are represented by Stephen M. Packman, Esq., and Douglas G. Leney, Esq., at Archer & Greiner, P.C. PLASTIC SUPPLIERS: Hires Rea & Associates as Financial Auditor -------------------------------------------------------------- Plastic Suppliers Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Rea & Associates, Inc as financial auditor. The firm will be Conducting financial statement audits in accordance with auditing standards generally accepted in the United States of America of the Debtor sponsored ESOP and PSP/401K for the 2024 and 2025 plan years and issuing reports of the audits' finding and results. The firm will bill its customary and standard rates. As disclosed in the court filings, Rea & Associates, Inc is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: John Kurtin, CPA Rea & Associates, Inc 419 West High Avenue P.O. Box 1020 New Philadelphia, OH 44663 Phone: (330) 339-6651 Fax: (330) 308-9506 About Plastic Suppliers Inc. Plastic Suppliers Inc., doing business as PSI, Earthfirst Films, and Earthfirst Films by PSI is a global manufacturer of innovative, environmentally friendly thin-gauged, bio-based material using distinctive biopolymers such as Polylactic Acid ("PLA") and Polyhydroxyalkanoates ("PHA"). They also produce petrochemical-based films. They develop highly engineered application-specific solutions for a wide range of companies in the "Consumer Packaged Goods" and industrial markets. The Debtors provide their sustainable film solutions to customers in the Americas, EMEA region, and Asia. The Debtors' primary markets include food and beverage packaging, architecture products, medical equipment, personal care, office, industrial and laminated films for SME digital printers. The Debtors' products are compostable and recyclable and are utilized for, among other things, single-purpose bags, mailers, shrink sleeves, window packaging, envelopes, flow wraps, filters, transparent sealants, barrier sealants, print webs, adhesive labels, thermoforming films and laminates. Plastic Suppliers and its affiliates, Specialty Films, Inc. and Sidaplax, Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-22549) on December 22, 2024. Michael DuFrayne, president and chief executive officer of Plastic Suppliers, signed the petitions. At the time of the filing, Plastic Suppliers reported $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg Jr. handles the cases. The Debtors are represented by Stephen M. Packman, Esq., and Douglas G. Leney, Esq., at Archer & Greiner, P.C. PMHB LLC: Three Unsecured Creditors Appointed to Committee ---------------------------------------------------------- The U.S. Bankruptcy Administrator for the Western District of North Carolina ordered the appointment of three creditors to the official committee of unsecured creditors in the Chapter 11 case of PMHB, LLC. tyfghb 2. Govindbhai Patel 2440 Northside Pkwy Atlanta, GA 30327 3. Atul Patel 2440 Northside Pkwy Atlanta, GA 30327 About PMHB LLC PMHB LLC is a hotel development company based in Asheville, N.C. PMHB sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-10038) on March 2, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge George R. Hodges handles the case. The Debtor is represented by: Dennis O'Dea, Esq. SFS Law Group PO Box 78588 Charlotte, NC 28277 Tel: (704) 780-1544 Fax: (704) 973-0043 Email: dennis.odea@sfslawgroup.com PREDICTIVE ONCOLOGY: Terminates Renovaro LOI for Planned Merger --------------------------------------------------------------- Predictive Oncology Inc. filed a Form 8-K with the Securities and Exchange Commission to announce that it has decided to end discussions with Renovaro Inc. regarding the previously mentioned proposed merger between the two companies. Predictive Oncology stated that, contrary to Renovaro's claims, including those in a press release on April 4, 2025, which referred to a "binding agreement merger agreement [sic]" with the Company, it has not entered into any merger agreement with Renovaro. As previously disclosed, on Jan. 1, 2025, Predictive Oncology entered into a letter of intent with Renovaro concerning the proposed merger transaction, which was subsequently modified on Feb. 28, 2025 pursuant to an extension agreement. The extension agreement, among other items, extended the term of the letter of intent through March 31, 2025. The letter of intent terminated on March 31, 2025, pursuant to its terms. Predictive Oncology has no further obligations to Renovaro under the letter of intent. The Company said it remains committed to its core business and is excited to work even more diligently towards making further advancements in AI-driven drug discovery and drug development. About Predictive Oncology Headquartered in Pittsburgh, Pennsylvania, Predictive Oncology Inc. is a knowledge and science-driven company that applies artificial intelligence to support the discovery and development of optimal cancer therapies, which can ultimately lead to more effective treatments and improved patient outcomes. The Company uses AI and a proprietary biobank of 150,000+ tumor samples, categorized by tumor type, to provide actionable insights about drug compounds to improve the drug discovery process and increase the probability of drug compound success. The Company offers a suite of solutions for oncology drug development from early discovery to clinical trials. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. The Company reported a net loss of $12.66 million for the year ending Dec. 31, 2024, compared to a net loss of $13.98 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company had $4.97 million in total assets, $5.18 million in total liabilities, and a total stockholders' deficit of $202,610. PREMIER PEDIATRICS: Hires Red Rock Legal as Bankruptcy Counsel -------------------------------------------------------------- Premier Pediatrics, LC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Red Rock Legal Services, P.L.L.C. as general bankruptcy counsel. The firm's services include: a. preparing on behalf of the Debtor any necessary motions, applications, answers, orders, reports and papers as required by applicable bankruptcy or non-bankruptcy law, dictated by the demands of the case, or required by the Court, and to represent the Debtor in proceedings or hearings related thereto; b. assisting the Debtor in analyzing and pursuing possible reorganization possibilities; c. assisting the Debtor in analyzing and pursuing any proposed dispositions of assets of the Debtor's estate; d. reviewing, analyzing and advising the Debtor regarding claims or causes of action to be pursued on behalf of its estate; e. assisting the Debtor in providing information to creditors and parties-in-interest; f. reviewing, analyzing and advising the Debtor regarding any fee applications or other issues involving professional compensation in the Debtor's case; g. preparing and advising the Debtor regarding any Chapter 11 plan filed by the Debtor; h. assisting the Debtor in negotiations with various creditor constituencies regarding treatment, resolution and payment of the creditors' claims in this case, and negotiations and discussions with the small business trustee; i. reviewing and analyzing the validity of claims filed in this case and advising the Debtor as to the filing of objections to claims, if necessary; and j. performing all other necessary legal services as may be required by the needs of the Debtor in the above-captioned case. The firm will be paid at these rates: Senior Attorneys $250 to $450 per hour Junior Attorneys $180 to $225 per hour Paralegals $90 to $130 per hour The firm received an initial prepetition retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Geoffrey L. Chesnut, Esq., a partner at Red Rock Legal Services, P.L.L.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: Geoffrey L. Chesnut, Esq. Red Rock Legal Services, P.L.L.C. PO Box 1948 Cedar City, UT84721 Tel: (435) 634-1000 Fax: (435) 634-1001 Email: courtmailrr@expresslaw.com About Premier Pediatrics Premier Pediatrics, LC, filed a Chapter 11 bankruptcy petition (Bankr. D. Utah Case No. 25-21548) on March 26, 2025. The Debtor hires Red Rock Legal Services, P.L.L.C. PREMIER TILLAGE: Seeks to Hire Pinion LLC as Accountant ------------------------------------------------------- Premier Tillage Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Pinion LLC as accountant. The firm will provide these services: a. preparing all tax returns and necessary tax filings; and b. assisting Debtor in preparation of any documents necessary for the Bankruptcy. The firm will be paid at these rates: Lisa Baalman, Principal $469 per hour Alyssa Becker, Manager $400 per hour Joe Andrews, Sr., Associate $250 to $350 per hour Administrative Support Staff $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lisa Baalman, an accountant partner at Pinion 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: Lisa Baalman Pinion LLC 3030 Cortland Circle, Salinas, KS 67401 Tel: (785) 825-1561 About Premier Tillage Inc. Premier Tillage, Inc. is a family-owned company based in Kansas, specializing in products and services for both no-till and conventional tillage farming. The Company's flagship product, the Minimizer blade plow, enhances efficiency by reducing weeds and boosting profits. In addition, the Company offers replacement parts and other farming equipment, such as stubble treaders and sweep plows. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20314) on March 18, 2025. In the petition signed by Daniel W. Chupp, president, the Debtor disclosed $5,285,139 in total assets and $9,284,642 in total liabilities. Neil Sader, Esq., at Sader Law Firm, LLC represents the Debtor as bankruptcy counsel. Equity Bank is represented by: Nicholas J. Zluticky, Esq. Stinson LLP 1201 Walnut, Suite 2900 Kansas City, MO 64106 Telephone: (816) 842-8600 Facsimile: (816) 691-3495 Email: nicholas.zluticky@stinson.com PROJECT PIZZA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Project Pizza Sunset LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to use cash collateral. The Debtor, which operates a restaurant, is facing financial struggles stemming from COVID-19 delays, low sales, and high-interest debts. Its current liabilities total approximately $221,023, while long-term liabilities are estimated at $954,580. The Debtor's assets are significantly overencumbered by secured creditors' liens. The Debtor's secured creditors include Flora Financial West LLC, Retail Capital LLC, Small Business Financing Solutions LLC, WebBank dba Toast Capital, and JPMorgan Chase Bank, who assert interests in the cash collateral. The funds will be used to continue the Debtor's business operations and preserve its going-concern value. The requested amounts for April, May, and June 2025 are $364,177, $402,042, and $361,521, respectively. As protection, secured creditors will have replacement liens on all property of the Debtor acquired or to be acquired post-petition, with the same priority, validity, and extent as their pre-bankruptcy liens. A final hearing is scheduled for May 1. About Project Pizza Sunset LLC Project Pizza Sunset LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30258) on April 1, 2025. In the petition signed by Boris Nemchenok, CEO of manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Robert G. Harris, Esq., at Binder Malter Harris Rome-Banks LLP, represents the Debtor as legal counsel. PUBLISHERS CLEARING: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------ Jonathan Randles and Steven Church of Bloomberg News reports that Publishers Clearing House LLC, best known for delivering oversized checks to delighted winners, has filed for bankruptcy. According to Bloomberg News, the 72-year-old company owes up to $100 million to more than 100,000 creditors, according to its Chapter 11 filing in Manhattan. Its bankruptcy petition lists assets ranging from $1 million to $10 million. PCH became widely recognized through its sweepstakes advertisements, which were a prominent feature of daytime television during the late 1980s and 1990s, the report states. About Publishers Clearing House LLC Publishers Clearing House LLC is the famous direct marketing company known for its sweepstakes, prize promotions, and magazine subscription services. Publishers Clearing House LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Stephanie R Sweeney, Esq. Lauren Catherine Kiss, Esq., and Tracy L. Klestadt, Esq. at Klestadt Winters Jureller Southard & Stevens, LLP. PUERTO RICO: PREPA Allegedly Fails to Reserve $2.9B Debt Payment ---------------------------------------------------------------- Michelle Kaske of Bloomberg News reports that investors in Puerto Rico Electric Power Authority (PREPA) bonds assert that the bankrupt utility failed to transfer $2.9 billion over several years into reserve accounts designated for debt repayment. According to Bloomberg News, an independent firm hired by bondholders and insurance companies reviewed monthly reports and found that PREPA had $3.7 billion in net revenue—remaining funds after expenses—between fiscal 2018 and fiscal 2023, according to a court filing from Tuesday, April 8, 2025. Of this total, PREPA was required to allocate $2.9 billion to a sinking fund for bond repayment. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's PROMESA petition is available at http://bankrupt.com/misc/17-01578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies -- Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) -- commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Website https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. QXC COMMUNICATIONS: Taps Raines Legal as Transactional Counsel -------------------------------------------------------------- QXC Communications, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Alan L. Raines P.A., d/b/a Raines Legal as special transactional counsel. The firm's service includes drafting bulk service agreements, dealing with easements, and negotiating/drafting other relevant transactional documents. The firm has agreed to perform said services at the following hourly rates: Alan L. Raines, Esq. $650 per hour Elizabeth Jimenez, Esq. $345 per hour Madison Heckman Esq. $245 per hour Law Clerks $140 per hour As disclosed in the court filings, Raines Legal does not represent or hold any interest adverse to the Debtor or the estate with respect to the transactional work. The firm can be reached through: Alan L. Raines, Esq. Alan L. Raines P.A. d/b/a Raines Legal 2500 N. Military Trail, Suite 303 Boca Raton, FL 33431 Direct Dial: (561) 693-1975 Email: alan@raineslegal.com 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. REDDIRT ROAD: Seeks to Hire Bruner Wright as Bankruptcy Counsel --------------------------------------------------------------- Reddirt Road Partners LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, P.A. to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Robert Bruner, Attorney $400 Byron Wright III, Attorney $400 Samantha Kelley, Attorney $375 Paralegal $175 The firm received a retainer of $16,738 from the Debtor. Mr. Wright III 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: Bryon Wright III, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: twright@brunerwright.com About Reddirt Road Partners LLC Reddirt Road Partners LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50049) on March 12, 2025, listing $500,001 to $1 million in both assets and liabilities. Byron Wright, III, Esq. at Bruner Wright, P.A. represents the Debtor as counsel. RONBON LLC: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On April 8, 2025, Ronbon LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $7,122,070 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Ronbon LLC Ronbon LLC, engaged in the restaurant industry, operates The Ainsworth Hoboken, a popular dining and bar venue located at 310 Sinatra Drive in Hoboken, NJ. Ronbon LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41700) on April 8, 2025. In its petition, the Debtor reports total assets of $1,227,446 and total liabilities of $7,122,070. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Fred S. Kantrow, Esq. at THE KANTROW LAW GROUP, PLLC. ROYAL INTERCO: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Royal Interco, LLC 711 North 17th Avenue Phoenix AZ 85007 Business Description: The Debtors are a manufacturer of high- quality paper products -- including bath tissue, paper towels, facial tissue, and napkins -- offering a broad range of products and packaging configurations to serve both regional and national customers. As a fully integrated manufacturer, the Debtors maintain complete control over the entire papermaking and converting process, from sourcing pulp and raw materials at their wholly owned paper mill in Gila Bend, Arizona, to converting parent rolls into customer-specific products at their facilities in Phoenix, Arizona, and Duncan, South Carolina. Finished goods are then distributed and shipped to customers in both the At-Home market (e.g., retailers and distributors) and the Away-from-Home market (e.g., hotels, schools, and office buildings). The Debtors' ability to produce customized products and their strong customer relationships are critical differentiators in today's market, where demand for their products is at an all-time high. Chapter 11 Petition Date: April 8, 2025 Court: United States Bankruptcy Court District of Delaware Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Royal Interco, LLC (Lead Case) 25-10674 Sun Paper Company, LLC 25-10675 Royal Paper, LLC 25-10676 Doubletree Paper Mills, L.L.C. 25-10677 Judge: Hon. Thomas M Horan Debtors' General Counsel: Robert J. Dehney, Sr., Esq. Matthew O. Talmo, Esq. Scott D. Jones, Esq. Clint M. Carlisle, Esq. Brianna N. V. Turner, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: rdehney@morrisnichols.com mtalmo@morrisnichols.com sjones@morrisnichols.com ccarlisle@morrisnichols.com bturner@morrisnichols.com Debtors' Investment Banker: LIVINGSTONE PARTNERS LLC Debtors' Provider of Turnaround and Business Transforation Advisory Services: NOVO ADVISORS, LLC Debtors' Claims/ Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million Michael Ragano, in his role as chief restructuring officer, signed the petitions. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KMKAXCY/Royal_Interco_LLC__debke-25-10674__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Tradecycle Capital LLC Vendor Trade $3,204,342 10475 Crosspoint Boulevard Financing Ste 135 Indianapolis, In 46256 Contact: Paul Count Phone: (317) 294-0159 Email: pcount@tradecyclecapital.com 2. Sustana Fiber, LLC Materials $2,827,477 Po Box 74834 Chicago, IL 60694 Contact: Samuel Auclair Email: sauclair@sustanasolutions.com 3. Allen Lund Company LLC Freight $782,544 4529 Angeles Crest Hwy La Canada Flintridge, Ca 91011 Contact: Gerald Ebert Phone: (818) 790-8412 Email: gerald.ebert@allenlund.com 4. El Paso Paper Box, Inc Materials $770,033 24 Zane Grey St. El Paso, Tx 79906 Contact: Paul Maloo Phone: (915) 779-3999 Email: pmalooly@eppbinc.com 5. Northeast Series Of Lockton Insurance $669,871 Companies LLC Po Box 3207 Boston, MA 02241 Contact: PJ Griswold Phone: 646572-7300 Email: pjgriswold@lockton.com 6. Smurfit Kappa North America LLC Materials $655,444 260 N Roosevelt Ave Chandler, AZ 85226 Contact: Vicki Uria Phone: (480) 940-2010 Email: vicki.urias@smurfitkappa.com 7. Circle Logistics, Inc Freight $640,359 Po Box 8067 Fort Wayne, IN 46898 Contact: Chad Bucha Phone: (201) 730-6980 Email: credit@circledelivers.com 8. Biorigin Specialty Products Materials $533,193 44 Milton Avenue Suite 307 Alpharetta, GA 30009 Contact: Chris Lawless Phone: (860) 289-7496 Email: lawlessc@bioriginsp.com 9. APS Utilities $445,555 Po Box 53933 Phoenix, AZ 85072 Contact: Aps Business Customer Care Phone: (602) 371-7171 10. Print Pro, Inc. Materials $402,777 1450 Poplar St. Wrightstown, Wi 54180 Contact: Ken Nelson Phone: (920) 757-7700 Email: kennelson@printpro-inc.com 11. Freeport Logistics Freight $367,336 431 N 47th Ave. Phoenix, Az 85043 Contact: John C Bauermeister Phone: (602) 233-3891 Email: jcb@freeport-logistics.com 12. Megacorp Logistics, LLC Freight $350,522 1011 Ashes Drive Wilmington, NC 28405 Contact: Mike Moran Phone: (910) 332-0820 Email: mmoran@megacorplogistics.com 13. Cellmark Inc. Materials $342,008 80 Washington Street Norwalk, CT 06854 Contact: Silvia Cristo Phone: (203) 299-5050 Email: silvia.cristo@cellmark.com 14. WFX Logistics LLC Freight $337,619 4050 W. I-40 Service Road Oklahoma City, OK 73128 Contact: Matthew Plumlee Phone: 405-495-1985 Email: mplumlee@wfxlogistics.com 15. Armstrong Transport Group Materials $334,222 Po Box 735227 Dallas, TX 75373-5227 Contact: Andy Branin Phone: 877-240-1181 Email: andy.branin@armstrongtransport.com 16. Gambini America Inc. Maintenance $308,082 Olde School Square 2200 Dickinson Rd, Unit 6 De Pere, WI 54115 Contact: Bart Drage Phone: (920) 351-4770 Email: b.drage@gambini.group 17. HYG Financial Services, Inc. Forklifts $296,637 Lee Farm Corporate Park 83 Wooster Heights, 4th Floor Danbury, CT 06810 Contact: Anthony Moccia Email: anthony.moccia@wellsfargo.com 18. Supreme Source & Supply Co. Materials $277,160 P.O. Box 101676 Pasadena, CA 91189-1676 Contact: Greg Bredice Email: gregbredice@aol.Com 19. International Paper Materials $260,502 Po Box 31001-0780 Pasadena, CA 91110 Contact: Marleinsabbah Email: marlein.sabbah@ipaper.com 20. Columbia Packaging Group Materials $247,419 5651 Kimball Court Chino, CA 91710 Contact: Edie Magana Email: emagana@mmprintedbag.com 21. Southwest Gas Corporation Utilities $225,452 P.O. Box 98890 Las Vegas, NV 89193-7255 Contact: Account Payable Phone: 877-860-6020 22. The Koll Company Landlord $179,310 17755 Sky Park East Suite 100 Irvine, CA 92614 Contact: Leslie C. Laroque Phone: (949) 261-2499 Email: laroquel@koll.com 23. Malnove Inc.Of Nebraska Materials $173,153 13434 F Street Omaha, NE 6813 Contact: Chrisana Brumage Phone: (402) 330-1100 Email: chrisana.brumage@malnove.com 24. AFC Transport & Logistics Freight $164,051 1120 E Kennedy Blvd Unit 238 Tampa, Fl 33602 Contact: Frank Miranda Phone: (813) 426-3535 Email: frank.miranda@afclogistics.com 25. Henkel Corporation Materials $162,048 Po Box 281666 Atlanta, GA 30384 Contact: Bill Beaton Email: bill.beaton@henkel.com 26. Westrock CP, LLC Materials $158,250 66702 W Northern Ave Glendale, AZ 85302 Contact: Veronica Loya Phone: (602) 264-4655 Email: veronica.loya@westrock.com 27. Valmet Maintenance $146,569 3060 South Ridge Road Green Bay, WI 54304 Contact: Jack Berndt Phone: (920) 336-5000 Email: jack.berndt@valmet.com 28. Arnold Machinery Company Maintenance & $139,485 10100 W Montebello Ave Forklifts Glendale, AZ 85307 Contact: Patrick Wallace Phone: (623) 323-7550 Email: pwallace@arnoldmachinery.com 29. Phoenix Van Buren Properties Landlord $137,646 5112 N. 40th Street Suite 105 Phoenix, AZ 85018 Contact: Natalie Dalton Phone: (602) 840-4295 Email: ndalton@harrisonprops.com 30. MDC Realty Advisors Landlord $132,585 101 University Blvd. Suite 330 Denver, CO 80206 Contact: Bruce Backstrom Phone: 303-799-8181 Email: bbackstrom@mdcra.com SABAL CONSTRUCTION: Creditors Seek to Terminate Cash Collateral Use ------------------------------------------------------------------- Thiru S. Arasu and Judith A. Arasu asked the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to either terminate Sabal Construction Incorporated's use of cash collateral or, alternatively, modify its use, specifying that the Debtor should only use the funds received from them for their construction project. The Arasus were not notified of certain filings and hearings, and the Debtor has not used the funds for the intended construction project. The Debtor owes over $400,000 to subcontractors despite receiving payments from the Arasus. The Debtor and the Arasus entered into a construction contract in 2021, where the Arasus agreed to pay the Debtor for the construction of a house, including additional fees and costs for delays. The Arasus have paid the full amount, including monthly payments, up to February 2025. The Arasus provided a payment of $124,685 in February 2025, which the Debtor received before filing for bankruptcy. The Debtor's total bank balance as of the petition date includes funds derived from this payment. The Arasus asserted that the Debtor's misuse of funds could be a criminal violation under Florida law, which could lead to the dismissal or conversion of the bankruptcy case. A court hearing is set for April 15. About Sabal Construction Incorporated 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 10, 2025. In the petition signed by Galen Brent Hebert, president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Catherine Peek Mcewen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as bankruptcy counsel. Thiru Arasu and Judith Arasu, as clients, are represented by: Buddy D. Ford, Esq. Email: Buddy@tampaesq.com Jonathan A. Semach, Esq. Email: Jonathan@tampaesq.com FORD & SEMACH, P.A., 9301 West Hillsborough Avenue Tampa, Florida 33615-3008 Telephone #: (813) 877-4669 Facsimile #: (813) 877-5543 Office Email: All@tampaesq.com SABAL CONSTRUCTION: Michael Markham Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Sabal Construction Incorporated. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Email: Mikem@jpfirm.com About Sabal Construction Incorporated Established in 2013, Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Fla. It specializes in luxury custom waterfront homes and light commercial projects. Sabal sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 10, 2025, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. Galen Brent Hebert, president of Sabal, signed the petition. Judge Catherine Peek Mcewen presides over the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. SASAS HOSPITALITY: Court Extends Cash Collateral Access to April 17 ------------------------------------------------------------------- SASAS Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until April 17, marking the third extension since the company's Chapter 11 filing. The court's previous interim order allowed the company to access cash collateral until April 3 only. The third interim order authorized the company to use the cash collateral of its senior secured creditor, Albany Bank & Trust Company, N.A., to pay the expenses set forth in its budget, with a 10% variance allowed. The budget shows total projected expenses of $45,550 for April 1 to 8; $117,116 for April 9 to 16; and $13,050 for April 17 to 23. As protection, Albany was granted a replacement lien on assets of the company in which it held a security interest and lien as of the petition date. The next hearing is scheduled for April 16. Objections are due by April 14. About SASAS Hospitality LLC SASAS Hospitality, LLC is a hospitality company that owns a property at 5105 S Howell Ave, Milwaukee, Wis. SASAS Hospitality filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-03643) on March 10, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany Bank & Trust Company, as secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com SHRIJEE LLC: Seeks to Hire Krekeler Law as Bankruptcy Counsel ------------------------------------------------------------- Shrijee, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Krekeler Law, S.C. as bankruptcy counsel. The firm will render these services: (a) prepare bankruptcy schedules and statements; (b) consult with the Debtor's professionals or representatives concerning the administration case; (c) prepare and review all appropriate pleadings, motions and correspondence regarding the case; (d) represent and appear at and being involved in proceedings before this court; (e) provide legal counsel to the Debtor in its investigation of the acts, conduct, assets, liabilities, and financial condition, the operation of its business, and any other matters relevant to the case; (f) analyze the Debtor's proposed use of cash collateral and financing; (g) advise the Debtor its rights, powers and duties; (h) advise the Debtor concerning, and assist in the negotiation and documentation, as applicable, of financing agreements, debt restructuring, cash collateral arrangements, its financing and related transactions; (i) review the nature and validity of liens asserted against the property of the Debtor and advise it concerning the enforceability of such liens; (j) advise and assist the Debtor concerning the actions that it might take to collect and recover property for the benefit of its estate; (k) prepare on behalf of the Debtor all necessary and appropriate legal documents, and review all financial and other reports to be filed in this case; (l) advise the Debtor concerning and prepare responses to, legal papers that may filed and served in this case; (m) counsel the Debtor in connection with any proposed sales, leases or use of any assets of the Debtor's bankruptcy estates; (n) assist in preparation of the disclosure statement and plan of reorganization and attend negotiations and hearings; (o) attend meetings and negotiate with representatives of creditors and other parties in interest; and (p) perform all other legal services for and behalf of the Debtor that may be necessary or appropriate in the administration of this case and the reorganization of its business. The firm's professionals will be paid at these hourly rates: J. David Krekeler, Shareholder $595 Noe J. Rincon, Associate $300 Associate Attorneys $225 - $595 Paralegals $100 - $135 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $7,000. Mr. Rincon 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: Noe J. Rincon, Esq. Krekeler Law, S.C. 26 Schroeder Ct. Suite 300 Madison, WI 53711 Telephone: (608) 258-8555 Email: nrincon@ks-lawfirm.com About Shrijee LLC Shrijee LLC provides accommodation and food services, operating under the names Econo Lodge and Days Inn by Wyndham Manitowoc, offering lodging and dining experiences to customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-21511) on March 24, 2025. In the petition signed by Ankur Patel, member, the Debtor disclosed up to $10 million in both assets and liabilities. Noe J. Rincon, Esq., at KREKELER LAW, S.C., represents the Debtor as legal counsel. SORGE TAXI: Seeks to Hire Alla Kachan P.C. as Attorney ------------------------------------------------------ Sorge Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 deems 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: Attorney $475 Clerks/Paraprfessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $10,000. 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 Telephone: (718) 513-3145 About Sorge Taxi Corp. Sorge Taxi Corp. is a transportation services provider in New York city. Sorge Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40855) on February 20, 2025. In its petition, the Debtor reports total assets of $1,086,836 and total liabilities of $1,288,699. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. SORGE TAXI: Seeks to Tap Estelle Miller as Accountant ----------------------------------------------------- Sorge Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com About Sorge Taxi Corp. Sorge Taxi Corp. is a transportation services provider in New York city. Sorge Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40855) on February 20, 2025. In its petition, the Debtor reports total assets of $1,086,836 and total liabilities of $1,288,699. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. SORRENTO THERAPEUTICS: Judge Isgur Appointed as Chapter 11 Mediator ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Judge Marvin Isgur has been selected to mediate potential pre-bankruptcy payment claims brought by the liquidating trustee of Sorrento Therapeutics Inc. against B. Riley Commercial Capital LLC. On April 8, 2025, U.S. Bankruptcy Judge Christopher Lopez approved a joint motion appointing Judge Isgur as the pre-suit mediator in Sorrento's Chapter 11 case. The claims—now held by a liquidating trust following confirmation of the company's bankruptcy plan in late 2023—stem from alleged financial transfers between Sorrento and B. Riley in the months leading up to the bankruptcy filing. About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors "TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones originally oversaw the cases. The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel; Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin Y. Meghji, managing partner at M3, serves as the Debtors' chief restructuring officer. Stretto Inc. is the claims, noticing and solicitation agent. Norton Rose Fulbright US, LLP and Milbank, LLP represent the official committee of unsecured creditors appointed in the Debtors' Chapter 11 cases. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig, LLP serve as the equity committee's bankruptcy counsel. SPATIAL TAXI: Seeks to Hire Alla Kachan P.C. as Attorney -------------------------------------------------------- Spatial Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 deems 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: Attorney $475 Clerks/Paraprfessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $10,000. 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 Telephone: (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. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. SPATIAL TAXI: Seeks to Tap Estelle Miller as Accountant ------------------------------------------------------- Spatial Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com 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. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. SPIRIT AIRLINES: Moody's Assigns Caa1 CFR on Bankruptcy Emergence ----------------------------------------------------------------- Moody's Ratings assigned ratings to Spirit Airlines, LLC ("Spirit") including a Caa1 corporate family rating and Caa1-PD probability of default rating. At the same time, Moody's assigned a Caa1 rating to the planned senior secured note issuance of Spirit's subsidiary, Spirit IP Cayman Ltd. ("Spirit IP"). Moody's also assigned a speculative grade liquidity rating of SGL-3. The outlooks for Spirit and Spirit IP are stable. The Caa1 CFR reflects the risks associated with the company's plan to augment its operations by introducing a premium offering, improving the guest experience, implementing network changes to increase utilization and focusing on markets with more balanced supply and demand, and introducing additional products to drive customer loyalty. This comes during a time of intense competition from the basic economy offerings of legacy carriers and other low cost airlines that are making changes to their strategy to capture some of the strong premium demand. Weakening consumer confidence and reduced spending from the lower-income demographic will be headwinds to Spirit achieving its turnaround plan. Spirit also continues to face challenges related to aircraft on the ground due to required inspections of the A320neo family engines. The rating also takes into account that underperformance to Moody's projections would create stress on Spirit's liquidity. Moody's estimates Spirit's liquidity at the time of emergence from bankruptcy, including cash and short-term investments and its undrawn $275 million revolving credit facility, at just over $1 billion. This liquidity, plus the benefits of refinancing the company's prior near-term maturities, will cover Moody's projections of about $400 million of cash burn in 2025 and allow time for Spirit's strategy to gain traction. Spirit's credit metrics will be very weak in 2025, but free cash flow should be near break-even in 2026, assuming the company's plan to raise prices and benefit from its plan takes effect. The emergence from bankruptcy and the equitization of a portion of its debt is a governance consideration and key driver of the rating. The ratings assignments follow Spirit's emergence from bankruptcy on March 12, 2025. In bankruptcy, the company entered into an agreement to exchange almost $800 million of debt with equity and ultimately exited bankruptcy with $1.4 billion of less debt (including repayment of its $309 million debtor-in-possession financing) and its 2025 maturity effectively extended to 2030. RATINGS RATIONALE Spirit's Caa1 CFR reflects the company's adequate liquidity, which along with a relaxed maturity schedule, will provide the company time to put in place its post-bankruptcy strategy. Moody's estimates of about $1 billion in total liquidity will cover what Moody's projects will be an approximate $400 million cash burn in 2025. The rating also reflects the risks associated with implementing this strategy given the challenging operating environment in the US. To this point, several US airlines recently revised their first quarter revenue guidance downward given weakness in domestic leisure travel – the segment that Spirit primarily operates in. The rating also reflects Spirit's position as one of the largest US airlines with one of the youngest fleets with an average fleet age of about 5.5 years. Although Spirit's total costs are materially higher than 2019, the company still maintains one of the lowest total costs per available seat mile in the industry. The stable outlook reflects the company's adequate liquidity and Moody's projections that Spirit's cash from operations will improve to about break even in 2026. Despite emerging from bankruptcy with less debt, Moody's do not foresee debt/EBITDA recovering to a level below 8x until 2026 at the earliest. Spirit's liquidity is adequate, with cash of about $750 million and an undrawn $275 million committed revolving credit facility at the time of its emergence from bankruptcy. The committed revolver expires in March 2028. This liquidity is sufficient to cover Moody's projections of about $400 million of cash burn in 2025, leaving the company with more than $500 million of cash at the end of the year. There are no material near-term maturities, the notes come due in 2030. The company is subject to a minimum liquidity covenant of at least $450 million at all times, including undrawn revolver amounts. Moody's views alternate forms of liquidity to be modest as most assets are encumbered and there is limited value in the unencumbered assets relative to the total debt. The secured notes are rated Caa1, in line with the CFR. The notes are co-issued by Spirit IP Cayman Ltd. And Spirit Loyalty Cayman Ltd. Guarantors are Spirit Airlines, LLC, Spirit Finance Cayman 1 Ltd. and Spirit Finance Cayman 2 Ltd. The company's unrated $275 million revolver is collateralized a first lien on "priority collateral" including Spirit's slots at LaGuardia Airport (subject to certain restrictions, 14 specific spare engines and all eligible spare parts. The secured notes have a first lien on substantially all of the assets of the co-issuers and the guarantors that are not part of the priority collateral and a second lien on the priority collateral. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity weakens in any way, or if Moody's projects cash flow from operations will not turn positive in 2026. Ratings could be upgraded if Moody's projects cash flow from operations will exceed $400 million with debt/EBITDA heading towards 7x. Strengthened liquidity could also result in a ratings upgrade. The principal methodology used in these ratings was Passenger Airlines published in August 2024. Spirit Airlines, LLC, headquartered in Dania Beach, Florida, is a leading low-cost US airline providing service to destinations throughout the US, Latin America and the Caribbean. Revenue was $4.9 billion in 2024. SSS MILWAUKEE: Court Extends Cash Collateral Access to April 17 --------------------------------------------------------------- SSS Milwaukee Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until April 17, marking the second extension since the company's Chapter 11 filing. The court's previous interim order allowed the company to access cash collateral until April 3 only. The second interim order signed by Judge David Cleary authorized SSS to continue using the cash collateral of its secured creditor, Old National Bank, to pay the expenses set forth in its budget. As protection, ONB was granted replacement liens on all existing and future assets of the company, with the same extent, priority and validity as its pre-bankruptcy liens. In addition, ONB will receive monthly payments of $20,000, starting this month. The next court hearing is scheduled for April 16. Old National Bank is represented by: Rachael Blackburn, Esq. Aronberg Goldgehn Davis & Garmisa 225 W. Washington Street, Suite 2800 Chicago, IL 60606 Phone: 312-755-3165 rblackburn@agdglaw.com About SSS Milwaukee Hospitality SSS Milwaukee Hospitality, LLC is a hospitality company that owns a hotel located at 5311 South Howell Avenue in Milwaukee, Wis. SSS Milwaukee Hospitality filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03642) on March 10, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Donald R. Cassling handles 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 SULLIVAN MECHANICAL: Seeks Court Permission to Sell Equipment ------------------------------------------------------------- Sullivan Mechanical Contractors Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia, Harrisonburg Division, to sell various equipment, free and clear of liens, claims, and encumbrances. The Debtor first established in Virginia in 1946 as a storied Shenandoah Valley commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. The Debtor is a family run business and Malcom Sullivan, Jr, the present Chairman of the Board, with the aid of other family members, currently manages the hands-on operation with the additional assistance of dedicated employees. Having begun humbly in a small, unheated garage, Sullivan Mechanical now operates from its state-of-the-art facilities in Shenandoah, Virginia. The Sullivan family transformed the Debtor from its fledgling beginnings to an extremely well-respected and in demand mechanical contractor focusing on sheet metal specialties, air conditioning, plumbing, and heating services. While Debtor has had a storied career with a stellar reputation and lengthy track record in its industry, it found its business plummeting downward due to issues directly related to the UVA Brandon Dorm Project (Gaston House & Ramazani House), in which it provided services under a contract with the construction manager, Barton Malow Builders, LLC. Notwithstanding the perceived careless attitude of the construction manager with respect to the mechanical and electrical subcontractors’ difficulties suffered through no fault of their own on the job, Sullivan Mechanical put forth its best efforts to complete the tasks, given its tradition of excellence on the UVA Grounds and the desire to provide needed housing to the students. Ultimately the additional compounding costs of the job, without timely renumeration for the same, caught up to Sullivan Mechanical, and it was no longer able to continue to pay all of its obligations as they came due. The lienholders of the Assets are Machinery Finance Resources, LLC, First Corporate Solutions, Inc., and Northeast Bank. The Debtor asserts that the Equipment is not necessary in connection with its winddown operations. Furthermore, the Debtor will be burdened with the costs of maintaining the Equipment, which will be a continuing cash drain upon the Debtor's estate. The Debtor plans to sell the Equipment at prices not less than 80% of the Stated Piece of Equipment Value or if the Debtor believes that acceptance of a lesser purchase price is, in the exercise of its business judgment and discretion, in the best interest of the estate. The Sale Proceeds shall be remitted to Northeast Bank and/or MFR, as applicable as it relates to its lien on the Piece of Equipment, until such time as Northeast Bank and/or MFR has been paid in full. About Sullivan Mechanical Contractors Inc. Sullivan Mechanical Contractors Inc. was first established in Virginia in 1946 and a family-owned commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. It is a well-respected and in demand mechanical contractor focusing on sheet metal specialties, air conditioning, plumbing, and heating services. As of late, its services have been concentrated on the construction of medical and educational institutions, with numerous at the collegiate level and including many on the grounds of the University of Virginia. Sullivan sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50126) on March 6, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Rebecca Connelly oversees the case. Paula Steinhilber Beran of Tavenner & Beran, PLC represents the Debtor as legal counsel. Sullivan Group, as DIP lender, is represented by David Cox, Esq., at Cox Law Group, PLLC. TEETLE INC: Angela Shortall Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC, as Subchapter V trustee for Teetle, Inc. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Teetle Inc. Teetle, Inc., doing business as Ameritree, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-12097) on March 11, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Michelle M. Harner presides over the case. Robert M. Stahl, IV, Esq. at Robert M. Stahl, LLC represents the Debtor as legal counsel. TEKNATOOL USA: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Teknatool USA, Inc., according to court dockets. About Teknatool USA Inc. Teknatool USA Inc., a company in Seminole, Fla., offers a wide array of woodturning tools and accessories, including lathes and chucks, catering to both hobbyists and professionals in the woodworking community. Teknatool USA filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01248) on March 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine Peek McEwen handles the case. The Debtor is represented by: Joel Aresty, Esq. Joel M. Aresty, PA 309 1st Ave. S. Tierra Verde, FL 33715 Tel: (305) 904-1903 Email: aresty@icloud.com TEMPORAL TAXI: Seeks to Hire Alla Kachan P.C. as Attorney --------------------------------------------------------- Temporal Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 deems 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: Attorney $475 Clerks/Paraprfessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $10,000. 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 Telephone: (718) 513-3145 About Temporal Taxi Corp. Temporal Taxi Corp. owns taxi medallions 8H83 and 8H84. Temporal Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40857) on February 20, 2025. In its petition, the Debtor reports total assets of $1,091,950 and total liabilities of $1,288,340. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. TEMPORAL TAXI: Seeks to Tap Estelle Miller as Accountant -------------------------------------------------------- Temporal Taxi Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire 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 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com About Temporal Taxi Corp. Temporal Taxi Corp. owns taxi medallions 8H83 and 8H84. Temporal Taxi Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40857) on February 20, 2025. In its petition, the Debtor reports total assets of $1,091,950 and total liabilities of $1,288,340. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. TENON MEDICAL: Slashes Net Loss to $13.67 Million in 2024 --------------------------------------------------------- Tenon Medical, Inc., reported a net loss of $13.67 million on revenue of $3.28 million for the year ending Dec. 31, 2024, an improvement over the previous year's net loss of $15.58 million on revenue of $2.93 million, according to a recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company highlighted ongoing challenges in product manufacturing and distribution, which could impact the quality and timely delivery of its products to customers. The Company said its success will partly depend on how quickly it can adapt to medical changes by developing and introducing new products. Since its inception in 2012, the Company has incurred net losses. As of Dec. 31, 2024, the Company had an accumulated deficit of approximately $68.7 million. To date, it has primarily financed its operations through public equity offerings, private placements of equity securities, debt-related financing arrangements, and product sales. The Company has dedicated the majority of its resources to research and development, regulatory efforts, and the sales and marketing of its product. As of Dec. 31, 2024, the Company had total assets of $9.84 million, total liabilities of $3.87 million, and stockholders' equity of $5.97 million. It held cash and cash equivalents of $6.5 million and had no outstanding debt as of Dec. 31, 2024. The Company stated that as it attempts to raise additional capital to fund its operations, funding may not be available on acceptable terms, or at all. If the company is unable to obtain adequate financing when needed, it may have to delay, reduce the scope of, or suspend one or more of its sales and marketing efforts, research and development activities, or other operations. The Company may seek to raise any necessary additional capital through a combination of public or private equity offerings, debt financings, and collaborations. In its report dated March 26, 2025, the Company's auditor Haskell & White, issued a "going concern" qualification noting that the Company has experienced recurring losses, negative cash flows from operations, and faces limited capital resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company anticipates that its future capital requirements will depend on factors such as expanding its clinician base, training rates, the initiation of clinical studies, and technology development. According to the Company, additional funding may be necessary, but there is no assurance that it will be available on acceptable terms or in a timely manner. The Company may seek funds through borrowings or equity offerings, which could result in dilution or restrictive covenants that limit operations. If sufficient capital cannot be raised, the Company may need to curtail planned activities, potentially harming its ability to execute its business plan and continue operations. The complete copy of the Annual Report is available for free at: https://www.sec.gov/Archives/edgar/data/1560293/000101376225002734/ea0234739-10k_tenon.htm About Tenon Medical, Inc. Headquartered in Los Gatos, CA, Tenon Medical, Inc. (https://www.tenonmed.com), a medical device company formed in 2012, has developed The Catamaran SI Joint Fusion System that offers a novel, less invasive approach to the SI joint using a single, robust titanium implant. The system features the Catamaran Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, stabilizing and transfixing the SI Joint along its longitudinal axis. The angle and trajectory of the Catamaran surgical approach is also designed to provide a pathway away from critical neural and vascular structures and into the strongest cortical bone. Since the national launch of the Catamaran SI Joint Fusion System in October 2022, Tenon is focused on three commercial opportunities with its System in the SI Joint market which includes: 1) Primary SI Joint procedures, 2) Revision procedures of failed SI Joint implants and 3) SI Joint fusion adjunct to a spine fusion construct. TEZCAT LLC: Gets Interim Approval to Use Cash Collateral -------------------------------------------------------- Tezcat, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to use the cash collateral of its secured creditors. The interim order signed by Judge Jason Burgess authorized the company to use the cash collateral of IncredibleBank, Honeycomb Collateral and Webbank to pay its operating expenses and administrative costs effective March 17. The secured creditors hold liens on the company's assets, including $5,008 in cash, accounts receivable and other income from the company's operations, which constitute their cash collateral. These creditors hold $961,540 in claims against the company. As protection for the company's use of their cash collateral, secured creditors were granted replacement liens on post-petition cash collateral, with the same priority and validity as their pre-bankruptcy liens. In addition, Tezcat will keep the secured creditors' collateral insured. The next hearing is set for May 1. IncredibleBank is represented by: Daniel A. Miller, Esq. Daniel A. Miller, P.A. 11987 Southern Blvd., No. 1 Royal Palm Beach, FL 33411 Telephone: (561) 463-5929 daniel@damillerlaw.com service@damillerlaw.com About Tezcat LLC Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned brewery and restaurant in Jacksonville, Fla., offering fresh Mexican cuisine paired with craft lagers brewed on-site. In addition to its dine-in and takeout options, the business provides catering services for events like birthdays, weddings, and corporate functions. It also offers online ordering and party booking services. Tezcat filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00803) on March 17, 2025, listing total assets of $22,708 and total liabilities of $1,001,540. 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 All@tampaesq.com THARIMMUNE INC: Names Don Kim CFO After Thomas Hess Resigns ----------------------------------------------------------- Tharimmune, Inc., reported in a Form 8-K filed with the Securities and Exchange Commission that on Feb. 21, 2025, its Board of Directors had accepted the resignation of Thomas Hess as chief financial officer, effective March 26, 2025. The Company also named Don Kim as the new chief financial officer, with the appointment taking effect on March 27, 2025. Hess' resignation was not due to any disagreements with the Company's operations or practices. In connection with his appointment as CFO, the Company and Mr. Kim signed a Consulting Agreement, effective Feb. 21, 2025. There are no family relationships between Mr. Kim and any other director or officer of the company. There are no transactions involving Mr. Kim that need to be disclosed under Item 404(a) of Regulation S-K. Mr. Kim is a seasoned financial executive with extensive pharmaceutical industry experience. Mr. Kim had previously served as chief financial officer of UroGen Pharma Ltd. from March 2022 to October 2024, and prior to this promotion, Mr. Kim served as VP Finance at Urogen since August 2021. Prior to UroGen, Mr. Kim was employed by Strides Pharma Inc., generic pharmaceutical company, starting as Head of Finance in April 2020. He was subsequently appointed to the Stride Pharma board in March 2021. Prior to joining Strides Pharma, Mr. Kim was Controller at Sun Pharma Inc., a pharmaceutical company, from July 2019 to April 2020. Before that, Mr. Kim joined Zoetis Inc., an animal-health company, in December 2014 as senior manager-corporate audit. He was later promoted to Director-Corporate Audit in December 2015. He thereafter became the US Controller at Zoetis Inc. in January 2018 until his departure from the company in July 2019. Earlier in his career, Mr. Kim served as Audit/Assurance Manager at Deloitte, NY. He is a licensed Certified Public Accountant in California. Mr. Kim holds a Master of Business Administration from the University of North Carolina, Chapel Hill, and bachelor's degree from Yonsei University in Korea. About Tharimmune, Inc. Headquartered in Bridgewater, NJ, Tharimmune (www.tharimmune.com) is a clinical-stage biotechnology company focused on developing therapeutic candidates for inflammatory and immunologic conditions with high unmet medical needs. On Nov. 3, 2023, the Company entered into a patent license agreement with Avior, Inc., operating as Avior Bio, LLC. Pursuant to this agreement, the Company received an exclusive sublicensable rights to develop, make, use, sell, import, export, and commercialize TH104 and TH103, as well as to practice the Licensed Technology worldwide. In February 2023, the U.S. Food and Drug Administration approved an investigational new drug application for TH104. In its report dated March 25, 2025, the Company's auditor, Rosenberg Rich Baker Berman P.A., issued a "going concern" qualification highlighting the Company's limited operating history, recurring negative cash flows from operations and the Company's need for substantial additional funding to support future operating activities, thereby raising substantial doubt about its ability to continue as a going concern. Tharimmune reported a net loss of $12.20 million for the year ending Dec. 31, 2024, compared to a $9.32 million net loss reported for the previous year. As of Dec. 31, 2024, the Company had $3.72 million in total assets, $2.41 million in total liabilities, and $1.31 million in total stockholders' equity. THARIMMUNE INC: Receives Nasdaq Notice of Equity Non-Compliance --------------------------------------------------------------- Tharimmune, Inc., filed a Form 8-K with the Securities and Exchange Commission, announcing that on April 1, 2025, it received a notice from Nasdaq's Listing Qualifications staff, indicating that the Company's stockholders' equity, as reported in its 2024 Annual Report on Form 10-K, fell short of the Nasdaq Capital Market's continued listing requirement under Rule 5550(b)(1), which mandates a minimum stockholders' equity of $2.5 million. The Company reported stockholders' equity of $1,307,642 for the year ended Dec. 31, 2024, thus not meeting the necessary threshold. The Notice has no immediate effect on the Company's listing on the Nasdaq Capital Market. In accordance with Nasdaq rules, the Company has 45 calendar days from the date of the notification to submit a plan to regain compliance with Nasdaq Listing Rule 5550(b)(1). The Company intends to submit a compliance plan within 45 days of the date of the notification and will evaluate available options to resolve the deficiency and regain compliance. If the Company's compliance plan is accepted, the Company may be granted up to 180 calendar days from April 1, 2025, to evidence compliance. About Tharimmune, Inc. Headquartered in Bridgewater, NJ, Tharimmune (www.tharimmune.com) is a clinical-stage biotechnology company focused on developing therapeutic candidates for inflammatory and immunologic conditions with high unmet medical needs. On Nov. 3, 2023, the Company entered into a patent license agreement with Avior, Inc., operating as Avior Bio, LLC. Pursuant to this agreement, the Company received an exclusive sublicensable rights to develop, make, use, sell, import, export, and commercialize TH104 and TH103, as well as to practice the Licensed Technology worldwide. In February 2023, the U.S. Food and Drug Administration approved an investigational new drug application for TH104. In its report dated March 25, 2025, the Company's auditor, Rosenberg Rich Baker Berman P.A., issued a "going concern" qualification highlighting the Company's limited operating history, recurring negative cash flows from operations and the Company's need for substantial additional funding to support future operating activities, thereby raising substantial doubt about its ability to continue as a going concern. Tharimmune reported a net loss of $12.20 million for the year ending Dec. 31, 2024, compared to a $9.32 million net loss reported for the previous year. As of Dec. 31, 2024, the Company had $3.72 million in total assets, $2.41 million in total liabilities, and $1.31 million in total stockholders' equity. THARIMMUNE INC: Records $12.2M Net Loss for 2024, Up From Last Year ------------------------------------------------------------------- Tharimmune, Inc., reported a net loss of $12.20 million for the year ending Dec. 31, 2024, an increase from the $9.32 million net loss reported for the previous year, according to its recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Tharimmune, a clinical-stage biopharmaceutical company founded in 2017, has yet to generate any revenue and has no approved products. The Company emphasized that its future success, including securing financing and generating revenue, hinges on the successful development, regulatory approval, and commercialization of its product candidates -- outcomes that are uncertain at this stage. The Company has experienced significant losses since inception and expects to continue incurring losses for the foreseeable future as it advances product development, seeks regulatory approvals, and begins commercialization of approved drugs. Additionally, it may face unforeseen costs, challenges, and delays that could further increase expenses and hinder revenue generation. The Company said the extent of its future net losses will, in part, depend on how effectively it manages these aspects of its business. As of Dec. 31, 2024, the Company had $3.72 million in total assets, $2.41 million in total liabilities, and $1.31 million in total stockholders' equity. During the year ended Dec. 31, 2024, the Company expended approximately $10.9 million in net cash used in operating activities, and had an accumulated deficit of approximately $36.9 million as of Dec. 31, 2024. Through Dec. 31, 2024, the Company has primarily financed its operations through public and private offerings of its equity securities. The Company acknowledges that, due to its limited operating history, ongoing negative cash flows, and available resources, it will need substantial additional funding to support future activities, which may be raised through equity or debt sales, strategic partnerships, grants, or other arrangements, though there is no guarantee of securing it on favorable terms or in a timely manner. Failure to obtain adequate funding could significantly hinder the Company's ability to meet business objectives and product development timelines, potentially causing delays or termination of clinical trials and having a material adverse impact on its operations. In its report dated March 25, 2025, the Company's auditor, Rosenberg Rich Baker Berman P.A., issued a "going concern" qualification highlighting the Company's limited operating history, recurring negative cash flows from operations, and the Company's need for substantial additional funding to support future operating activities, thereby raising substantial doubt about its ability to continue as a going concern. "Our ability to continue as a going concern is dependent upon our ability to obtain additional equity or debt financing, obtain government grants, reduce expenditures and generate significant revenue," the Company stated in the report. "The reaction of investors to the inclusion of a going concern statement in the accompanying financial statement, and our potential inability to continue as a going concern, in future years could materially adversely affect our share price and our ability to raise new capital or enter into strategic alliances." The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1861657/000164117225000654/form10-k.htm About Tharimmune, Inc. Headquartered in Bridgewater, NJ, Tharimmune (www.tharimmune.com) is a clinical-stage biotechnology company focused on developing therapeutic candidates for inflammatory and immunologic conditions with high unmet medical needs. On Nov. 3, 2023, the Company entered into a patent license agreement with Avior, Inc., operating as Avior Bio, LLC. Pursuant to this agreement, the Company received an exclusive sublicensable rights to develop, make, use, sell, import, export, and commercialize TH104 and TH103, as well as to practice the Licensed Technology worldwide. In February 2023, the U.S. Food and Drug Administration approved an investigational new drug application for TH104. TINY FROG: Seeks to Hire Narron Wenzel as Bankruptcy Counsel ------------------------------------------------------------ Tiny Frog, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Narron Wenzel, P.A. as its legal counsel. The Debtor requires legal counsel to: (a) give advice with respect to the powers and duties of the Debtor in the continued operation of the business and management of the property owned; (b) prepare legal papers, including a Chapter 11 plan; (c) perform all other legal services for the Debtor that may be necessary in the administration of the estate; (d) take necessary action, if any, to avoid liens against the Debtor's property obtained by creditors and to recover preferential payments made within 90 days of the filing of its Chapter 11 case; (e) make a detailed search of the records of Wake, Harnett, Johnston, Moore, and Lee Counties to determine the existence, priority, and validity of all liens filed against the property of the Debtor; and (f) represent the interests of the Debtor with respect to its Chapter 11 proceeding. The firm will be paid at the rate of $420 per hour for attorneys and $150 per hour for staffs. In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. David Mills, Esq., a partner at Narron Wenzel, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David F. Mills, Esq. Narron Wenzel, P.A. P.O. Box 1567 102 S. Third Street Smithfield, NC 27577 Tel: (919) 934-0049 Fax: (919) 938-1058 Email: dmills@narronwenzel.com About Tiny Frog Inc. Tiny Frog, Inc. operates multiple franchise locations of Hwy 55 Burger Shakes & Fries, a fast-casual dining chain specializing in burgers, shakes, and fries, under franchise agreements with The Little Mint, Inc. Tiny Frog filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01081) on March 25, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Alexis Ramos, president of Tiny Frog, signed the petition. Judge Joseph N. Callaway oversees the case. David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor as legal counsel. TRAINSET'S EFFECT: Hires R. Keith Johnson P.A. as Attorney ---------------------------------------------------------- Trainset's Effect, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ R. Keith Johnson, P.A. as attorney. The firm will provide these services: a. render legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. represent Debtor in lawsuits now pending against Debtor; and c. perform all other legal services for Debtor-in-Possession which may be necessary herein. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. R. Keith Johnson, a partner at R. Keith Johnson, 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: R. Keith Johnson R. Keith Johnson, P.A. 1275 S. NC 16 Bus. Hwy., Stanley, NC 28164 Tel: (704) 827-4200 About Trainset's Effect Trainset's Effects, LLC filed Chapter 11 petition (Bankr. W.D. N.C. Case No. 25-40009) on January 23, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Steven Lane Curtis, manager of Trainset's Effects, signed the petition. Judge George R. Hodges oversees the case. R. Keith Johnson, Esq., at the Law Offices of R. Keith Johnson, P.A., represents the Debtor as bankruptcy counsel. TRIPLETT FUNERAL: Hires Cruse Chaney-Faughn PC as Attorney ---------------------------------------------------------- Triplett Funeral Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Cruse Chaney-Faughn, PC as attorney. The firm will provide these services: a. investigate whether or not any creditors have perfected security interests which are enforceable against the estate of the Debtor-in-possession, and based upon said investigation, to take all necessary steps to invalidate such security interests which have not been properly perfected; b. take all necessary action to protect and preserve the estate of the Debtor-in-possession including the prosecution of actions commenced against them, negotiations concerning all litigation in which they are involved, and objecting to claims filed in these proceedings; c. prepare on behalf of the Debtor, as Debtor-in-possession, all necessary applications, answers, orders, reports and papers in connection with the administration of the estate herein; and d. perform all other necessary legal service in connection with their proceedings. The firm will be paid at these rates: Fredrich J. Cruse, Attorney $300 per hour Bobbi J. Daughtery, Paralegal $80 per hour The firm received an advanced a retainer in the amount of $18,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Fredrich J. Cruse, Esq., a principal at Cruse Chaney-Faughn, 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: Fredrich J. Cruse Cruse Chaney-Faughn, PC 718 Broadway P. O. Box 914 Hannibal, MO 63401 Tel: (573) 221-1333 Fax: (573) 221-1448 Email: fcruse@cruselaw.com About Triplett Funeral Homes, LLC Triplett Funeral Homes LLC, located in Kahoka, MO, is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Fredrich J Cruse, Esq. at CRUSE CHANEY-FAUGHN. TTM TECHNOLOGIES: Fitch Alters Outlook on 'BB' IDR to Positive -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of TTM Technologies, Inc. and TTM Technologies China Limited at 'BB'. Fitch also affirmed TTM Technologies, Inc's ABL facility at 'BBB-' with a Recovery Rating of 'RR1', first lien term loan at 'BB+'/'RR2', and senior unsecured debt at 'BB'/'RR4'. Fitch downgraded the Senior Secured rating for the ABL at TTM Technologies China Limited to 'BB'/'RR4' to align with Fitch's Country-Specific Treatment of Recovery Ratings Criteria, which caps the recovery rating for China at zero notches above the IDR, correcting the previous error of rating it two notches above at 'BBB-'/'RR1'. The Outlook has been revised to Positive from Stable. The Positive Outlook reflects Fitch's expectation that leverage should stay below the 3.0x positive rating sensitivity over the next few years, despite tariff headwinds, with improved profitability and FCF as the Penang and Syracuse facilities ramp up and capital spending declines. Key Rating Drivers Improved Market Position: TTM has successfully executed its strategy to boost sales in end-markets with growing demand, long product and program lifetimes, and opportunities for differentiation beyond PCBs. The company has increasingly focused on the A&D end-market, which accounted for 47% of fiscal 2024 revenue. TTM has shifted toward higher-value activities by supplying more complex components and design capabilities, with less than half of A&D's revenues coming from PCBs. The company also serves the data center market, the medical device industry, and other quality-focused sectors that often require qualifications. The A&D market is expanding, spurred by global conflicts, replenishment of depleted military inventories, and the transition towards more digitized defense systems. Concurrently, data centers are experiencing a surge in demand to facilitate AI growth. Fitch expects these tailwinds to drive revenue growth, even as some markets lag, with the Penang, Malaysia and Rochester, NY plants ramping soon. Moderate Financial Policy and Leverage: TTM management has generally adhered to its long-term net leverage target of 1.5x to 2.0x. Gross EBITDA leverage, as calculated by Fitch, was around 3x from fiscal 2020 to fiscal 2024, settling at 2.8x at fiscal YE 2024. Fitch forecasts leverage in the mid-to-high 2x range over the rating horizon. Although Fitch expects TTM to pursue acquisitions, potentially temporarily increasing leverage above the company's stated net target, the company has a strong track record of rapidly deleveraging following acquisitions. Potential Tariff Impact: TTM may be impacted by the evolving tariff environment. While the company faces limited direct tariffs on Chinese-made products, approximately 38% of total revenue comes from sales to manufacturers in China who export their goods and may see lower demand. Although Fitch has assumed TTM will experience moderate tariff headwinds, the actual impact could be greater than anticipated. Tariff risks are partly offset by North American-made products (42% of sales), which are primarily defense related, robust demand for data center and communications products fueled by AI growth, and the option to use available U.S. manufacturing capacity if economically viable. Customer Concentration: TTM's original equipment manufacturer clients operate in concentrated markets, such as A&D, wireless infrastructure, and autos. TTM's largest single customer represented 11% of fiscal 2024 sales, and the five largest customers collectively accounted for 42% of sales. Customer concentration has been increasing over the last few years. Nevertheless, TTM has a relatively broad program portfolio within its A&D subsector, which includes over 200 distinct programs, with no single program contributing more than 6% of overall revenue. Parent-Subsidiary Relationship: TTM is the stronger parent of its subsidiary, TTM Technologies China Limited (weaker subsidiary). Fitch views the strategic and operational incentives for TTM to support the subsidiary are high, and the legal incentive is medium. Therefore, notching between the two entities is equalized. TTM Technologies China Limited and co-borrower TTM Technologies Trading (Asia) Company Limited are the borrowers on the Asia ABL. Peer Analysis TTM is well-positioned in the PCB industry, ranking among the top 10, with global manufacturing capabilities and diverse end markets. The company focuses on advanced-technology PCBs, higher-value offerings, and strong customer engineering engagement, and benefits from its status as a U.S.-based manufacturer able to serve sensitive sectors in A&D and other tech markets. TTM's closest Fitch-rated peers include Coherent Corp. (BB/Stable), Amkor Technology, Inc. (BB+/Positive), MKS Instruments, Inc. (BB/Stable), and Viavi Solutions Inc. (BB-/RW Negative). These peers are component manufacturers, service providers, and electronic equipment suppliers with similar ratings. Indirect competitors include electronic manufacturing service providers like Flex Ltd. (BBB-/Stable) and Jabil Inc. (BBB-/Stable). Coherent is larger than TTM, with a higher EBITDA margin as well as higher leverage, which is expected to stay at or above 3.5x in 2025. TTM's leverage has been around 3x, with Fitch expecting it to remain at or below this level absent a large acquisition. MKS Instruments has better profitability but higher leverage, with Fitch expecting it to improve to below 4.0x by 2026. Viavi is significantly larger with better margins, but has more opportunistic financial policies and higher leverage, projected at 4.7x for fiscal 2026 post-Spirent acquisition. Amkor, rated higher with a Positive Outlook, has meaningfully higher revenue, lower leverage, and better profitability than TTM. Jabil and Flex are investment-grade peers that are more diversified, with lower profit volatility and stronger financial profiles. Key Assumptions - Revenue growth of 4.1% in fiscal 2025, driven primarily by organic growth in A&D. Fitch assumes data center computing growth remains positive but is constrained at 6.9% due to recently implemented tariffs. Growth accelerating to 9.7% in fiscal 2026, primarily because of an assumed acquisition at the beginning of the year, along with continued growth in A&D and data center computing growth as the Syracuse and Penang plants ramp-up; - EBITDA margin improves from 13.8% in fiscal 2024 to 14.6% in fiscal 2025 and 15.2% in fiscal 2026, driven primarily by productivity improvements as Penang ramps up (Penang represents ~170 bps of drag currently) and a mix shift to higher margin work from the Syracuse facility expansion; - Interest rates: floating SOFR rates applicable to the ABLs and unhedged portion of the first lien term loan of 4.10% in fiscal 2025, 3.60% in fiscal 2026, and 3.75% in fiscal 2027 and beyond; - Capex assumed to be 9.5% of revenue in fiscal 2025, dropping to between 4% and 6% thereafter as spending on new facilities diminishes; - M&A of $500 million in fiscal 2026, with 50% funded by debt; - Share repurchases of $50 million annually. Recovery Analysis The recovery analysis is based on the Generic approach. Utilizing this approach, TTM Technologies Inc.'s ABL is notched +2 from the company's IDR. TTM's first lien term loan ranks junior to the ABL facilities. Therefore, its Recovery Rating is limited to RR2 (Category 2 first lien), corresponding with a one-notch uplift from the IDR. The unsecured notes are rated RR4, corresponding to no uplift from the IDR. TTM Technologies China Limited's ABL is subject to the Country-Specific Treatment of Recovery Ratings Criteria, which caps the Recovery Rating for China (Country Group D) at 'RR4'. Although the loan parties are Hong-Kong-based entities, Fitch applies the China cap because the assets securing the ABL and the business's economic value are tied to the manufacturing plants located in China. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Stabilization of the outlook could result from EBITDA leverage above 3.0x or (CFO-capex)/debt below 15%; - Expectation for EBITDA leverage to be sustained above 4.0x due to a change in financial policies and/or deterioration of growth and margin expansion opportunities; - Expectation for (CFO-capex)/debt to be sustained below 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Expectation for EBITDA leverage to be sustained below 3.0x; - Expectation for (CFO-capex)/debt to be sustained above 15%; - Improved diversification and increased exposure to more stable end markets results in reduced cyclicality and improved visibility. Liquidity and Debt Structure As of Dec. 31, 2024, TTM had $504 million in cash and cash equivalents and about $196 million of aggregate availability on its ABLs. Debt amortization is modest at approximately $3.5 million annually, with no meaningful maturities until the Asia ABL matures in 2028 ($80 million outstanding). Fitch expects TTM to generate positive FCF throughout the forecast. TTM's large cash balance, limited near-term debt maturities, and expected FCF provide it with ample financial flexibility. Issuer Profile TTM Technologies, Inc. (TTM) is a global manufacturer of PCBs, engineered technology systems, RF components, and RF microwave/microelectronic assemblies. The company is one of the largest PCB manufacturers in the world in terms of revenue. 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 ----------- ------ -------- ----- TTM Technologies, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BB+ Affirmed RR2 BB+ TTM Technologies China Limited LT IDR BB Affirmed BB senior secured LT BB Downgrade RR4 BBB- TZADIK SIOUX: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Tzadik Sioux Falls Portfolio I, LLC 2450 Hollywood Blvd Ste 503 Hollywood, FL 33020 Business Description: The Debtor possesses several multi-family properties in Sioux Falls, SD. Chapter 11 Petition Date: April 9, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-13865 Judge: Hon. Peter D Russin Debtor's Counsel: Morgan Edelboim, Esq. EDELBOIM LIEBERMAN PLLC 2875 NE 191st Street, Penthouse One Suite 905 Miami, FL 33180 Tel: 305-768-9909 Email: morgan@elrolaw.com Total Assets: $65,000,000 Total Liabilities: $46,775,000 The petition was signed by Adam Hendry as authorized representative. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/J2JEEBQ/Tzadik_Sioux_Falls_Portfolio_I__flsbke-25-13865__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 19 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Aire Master of the Plains Trade Debt $14,081 615 S. Lyons Sioux Falls, SD 57106 2. ANC Cleaning LLC Trade Debt $7,103 801 S. Beta Pl Sioux Falls, SD 57106 3. Apartments, LLC Trade Debt $6,417 2563 Collection Center Drive Chicago, IL 60693 4. Automatic Security Co., Inc. Trade Debt $6,767 3011 S Phillips Ave Sioux Falls, SD 57105 5. Breit & Boomsma, P.C. Trade Debt $128,506 606 E. Tan Tara Circle Sioux Falls, SD 57108 6. Conservice LLC Trade Debt $50,214 P.O. Box 1500 Hemet, CA 92546 7. Cressman Sanitation - UM Trade Debt $17,566 101 W Mickleson Rd Hartford, SD 57033 8. D & D Electric Inc. Trade Debt $13,510 330 N. Main Street Sioux Falls, SD 57104 9. Express Services, Inc. Trade Debt $9,709 434 S. Kiwanis Ave. Suite 2 Sioux Falls, SD 57104 10. HD Supply Trade Debt $45,603 PO Box 509058 San Diego, CA 92150 11. Home Depot U.S.A., Inc. Trade Debt $52,298 d/b/a The Home De 2455 Paces Ferry Road Atlanta, GA 30339 12. MidAmerican Energy Trade Debt $61,671 Company - UM PO Box 8020 Davenport, IA 52808 13. Norberg Paints Inc. Trade Debt $9,323 326 E 14th Street Sioux Falls, SD 57104 14. Pesto X Trade Debt $33,345 27113 Independence Avenue Sioux Falls, SD 57108 15. Plunkett's Pest Trade Debt $12,729 Control, Inc. 40 52nd Way Northeast Minneapolis, MN 55421 16. Sioux Falls Utilities - UM Business $82,350 224 West 9th Street Operations Sioux Falls, SD 57117 17. Waste Solution Services Trade Debt $25,322 26 Columbia Ave. Cedarhurst, NY 11516 18. Xcel Energy - UM Trade Debt $33,449 PO Box 9477 Minneapolis, MN 55484 19. Xtreme Cleaning Services Trade Debt $8,099 Salem, SD 57058 U-TELCO UTILITIES: Hires Kristopher Anderson CPA as Accountant -------------------------------------------------------------- U-Telco Utilities, Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Kristopher Anderson, CPA as accountant. The firm will provide these services: a. provide accounting services; b. prepare tax returns and payroll information; and c. prepared financial statements. The firm will be paid at $200 per hour, plus reimbursement of any out-of-pocket expenses. David Anderson, a partner at Kristopher Anderson, CPA, 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 Anderson, CPA Kristopher Anderson, CPA 6091 State Route 31 Cicero, NY 13039 Tel: (315) 668-2999 About U-Telco Utilities, Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. The Company provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reported total assets of $544,250 and total liabilities of $1,184,527. Judge Wendy A. Kinsella handles the case. The Debtor is represented by: Peter A. Orville, Esq. Orville & McDonald Law, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: (607) 770-1007 Fax: (607) 770-1110 UPLAND SOFTWARE: S&P Alters Outlook to Positive, Affirms 'B-' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Austin, TX-based Upland Software Inc. to positive and affirmed all its ratings on the company, including the 'B-' issuer credit rating. S&P said, "The positive outlook reflects our expectation that the company can sustain leverage below 7x while continuing to execute its core organic growth plan and expand EBITDA margins over the next 12 months. "We expect profitability will improve through 2025 due to the growth of higher-margin products and the right-sizing of investment spending. In 2024, Upland reported S&P Global Ratings-adjusted EBITDA margin of around 21% due to the impact of sunset assets (certain noncore assets that are unprofitable or misaligned with its core organic growth plan), higher investment spending, and lower core organic growth rate. Historically, before the company's decision to pivot its growth strategy to focusing on core organic revenue, its EBITDA margins were in the range of 25%-27% during 2020-2022. After two years of incremental growth spending to optimize its product development capability and sales productivity, we expect its S&P Global Ratings-adjusted EBITDA margin will expand to 24%-25% through 2025 as the company reduces its investment spending and achieves higher core organic growth as the result of AI-capability enhancement and a focus on higher-margin products. "We expect core organic growth will gradually improve and turn positive in 2025, despite headwinds. While we think Upland's focus on core organic growth may lead to more sustainable growth with less financial leverage, the company has not yet seen sufficient organic growth to overcome the headwind from sharply declining noncore revenues. It divested two nonstrategic underperforming product lines for net proceeds of about $10 million early in 2025, which, along with cash on hand, allowed the company to prepay $33 million of its first-lien term loan. The divested assets will create a $26 million revenue headwind in 2025 but no material impact on profitability. "We expect total consolidated revenue will decline by about 12% in 2025 due to sunsetting of non-core assets and recent products divestiture. Pro forma for the impact from sunset assets and divestiture, management's 2025 midpoint guidance indicated a positive core organic revenue growth of about 2.5%, which we view as achievable, and represents a modest improvement from about 0% of core organic growth rate in 2024 and decline of 2% in 2023. "Upland has integrated AI capability into 80% of its core content and knowledge management products, creating potential upselling opportunities. We believe recent divestitures of underperforming products and continued product innovations will allow Upland to focus on improving core organic growth rates. Pro forma for divestitures and sunset assets, Upland's net retention rate improved modestly to just under 100% in 2024. Although we see risk that Upland may underperform its 2025 organic growth target of about 2.5% due to macroeconomic uncertainties, we believe a modest positive inflection of growth rate is still achievable. "We expect Upland will continue generating modest positive free operating cash flow (FOCF) in 2025 and see limited refinancing risk on its 2026 debt maturity. We forecast Upland will generate $20 million-$25 million of reported free cash flow (FCF) in 2025. The company made debt repayments of about $189 million in 2024, and then an incremental amount of about $33 million year-to-date in 2025, leading to a remaining first-lien term loan balance of about $261 million. Pro forma for the latest debt repayment, its S&P Global Ratings-adjusted leverage would be about 6.8x (or 4.6x excluding the preferred shares). Management indicated its intention to continue repaying debt before refinancing the term loan balance in the second half of this year. Given recent deleveraging and our expectation for positive FCF generation, we see limited risk for Upland to extend its debt maturity. We expect Upland's leverage will continue to improve to about 6.5x (or 4.2x excluding the preferred shares) by the end of 2025. Though the company's revolving credit facility of $60 million expired in August 2024, we believe it has adequate liquidity of about $30 million cash as of Dec. 31, 2024, pro forma for the recent debt repayment. "The positive outlook on Upland reflects our expectation that the company can sustain its S&P Global Ratings-adjusted leverage below 7x while continuing to execute its core organic growth plan and expand EBITDA margins over the next 12 months. Its S&P Global Ratings-adjusted EBITDA will improve to about 24%-25% in 2025 due to investment rationalization and a focus on products with higher margins. We anticipate Upland will continue to generate modestly positive FOCF and maintain adequate liquidity to support growth initiatives." S&P could revise its outlook to stable if: -- Upland's performance suffers from missteps related to its growth plan initiatives such that its revenue growth and EBITDA margins are weaker than we expect, causing leverage to be sustained above 8x or free operating cash flow (FOCF) to debt below 2.5%; or -- Although less likely in the near term given Upland's reinvigorated focus on organic growth, incremental debt-funded acquisitions fail to perform as expected and compress cash generation. S&P could upgrade the company if Upland sustains its leverage below 8x (given that the preferred equity remains in its capital structure) and its FOCF to debt near 5% through: -- Sustainable organic revenue growth, with increasing scale and EBITDA margin expansion; or -- Repayment of debt. UPSCALE DEVELOPMENT: Hires J. Maurice Bookkeeping as Bookkeeper --------------------------------------------------------------- Upscale Development LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ J. Maurice Bookkeeping LLC as bookkeeper. The firm will provide general bookkeeping services and preparation of monthly operating reports. The firm will be paid at these rates: a. QuickBooks Setup and Financial Records Clean-up projects: $400 b. continued monthly bookkeeping services will be billed at its standard rates. As disclosed in the court filing, J. Maurice Bookkeeping is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian J Carrillo Sr. J. Maurice Bookkeeping LLC 1783 Wheatstone Drive Grayson, GA 30017 Tel: (770) 609-5509 Email: info@JMauriceBookkeeping.com About Upscale Development LLC Upscale Development, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62687) on December 2, 2024, with $1 million to $10 million in both assets and liabilities. Nelson H. Carey, manager, signed the petition. Judge Sage M. Sigler handles the case. The Debtor is represented by Paul Reece Marr, Esq. at Paul Reece Marr, P.C. VISTA PARTNERS: Taps Buchalter APC as General Bankruptcy Counsel ---------------------------------------------------------------- Vista Partners Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Buchalter, A Professional Corporation as general bankruptcy counsel. The firm will render these services: a. advise the Debtor of its rights, duties, responsibilities and powers in this chapter 11 case; b. assist, advise, and represent the Debtor relative to the administration of the chapter 11 case; c. attend 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. assist the Debtor in formulating, preparing, drafting, negotiating, and obtaining approval of a subchapter V plan of reorganization; e. work with the subchapter V trustee with respect to developing a consensual subchapter V plan; f. assist the Debtor in the review, analysis, negotiation, and approval of any financing or funding agreements; g. take 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. review, analyze, evaluate, and (where appropriate) filing objections to claims filed or asserted against the Debtor in this chapter 11 case; i. assist 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. prepare 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. appear, 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. perform 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 rates: Brock Hatcher, Paralegal $250 per hour Patricia Jolley, Paralegal $350 per hour Dakota Pearce, Associate $395 per hour Dallis Nordstrom Rohde, Of Counsel $475 per hour Joe Sakay, Shareholder $675 per hour Caroline Djang, Shareholder $675 per hour In addition, the firm will receive reimbursement for its out-of-pocket expenses. Buchalter received retainer fees in the total amount of $135,000. Joseph A.G. Sakay, Esq., a shareholder at Buchalter, A Professional Corporation, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph A.G. Sakay, 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 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. The Debtor is represented by Joseph A.G. Sakay, Esq., at Buchalter, A Professional Corp. W.D. TOWNLEY: Gets Interim OK to Access Cash Collateral ------------------------------------------------------- W.D. Townley Lumber Co., Townley Pallet Manufacturing and TLC Transportation received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to, among other things, use cash collateral and incur credit from Commercial Finance Group/Texas, LLC. The interim order authorized the Debtors to continue using their cash collateral and to sell their accounts receivable post-petition to CFGT, under the terms of their existing factoring agreement. They were also authorized to obtain new financing from CFGT, which will be secured by the Debtors' post-petition assets. There are several secured creditors involved, each with different interests in the bankruptcy proceedings. Regions Bank is one of the primary secured creditors. It holds claims that are secured by liens on the real property of Townley Pallet and personal property owned by Townley Lumber, TPM, and TLC Transportation. These liens are perfected through UCC-1 Financing Statements. Some of Regions Bank's loans are guaranteed by the U.S. Small Business Administration Regions Bank's liens are part of a series of transactions that secured funds lent to the Debtors prior to the bankruptcy. Their claims are considered secured by real property and certain personal property of the Debtors. The IRS is another secured creditor due to unpaid Form 940 and 941 taxes. The IRS has asserted tax claims that are secured by tax liens filed with the Secretary of State of Texas and recorded in Rusk County, Texas. The SBA has made a disaster loan to Townley Lumber, which is secured by liens on untitled personal property of Townley Lumber and TLC Transportation, also perfected by UCC-1 Financing Statements. The Debtors plan to use the cash collateral generated from the sale of accounts receivable to fund their operations and ensure that these secured creditors are adequately protected. This includes granting CFGT first-priority liens and security interests over post-petition assets, subordinating other secured creditors' interests to CFGT's claim during the bankruptcy process. A copy of the order is available at: http://bankrupt.com/misc/WDTownley_21_interimorderCC.pdf About W.D. Townley and Son Lumber Company Inc. 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. Commercial Finance Group/Texas, LLC, as lender, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. VARTABEDIAN HESTER & HAYNES LLP 301 Commerce Street, Suite 3635 Fort Worth, TX 76102 Telephone: 817-214-4990 Facsimile: 817-214-4988 Email: jeff.prostok@vhh.law emily.chou@vhh.law W.O HOLDINGS: Seeks to Hire McClellan Siegmund as Counsel --------------------------------------------------------- W.O Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP as bankruptcy counsel. The firm's services include: a. representing the Debtor in a Chapter 11 bankruptcy to include assisting in investigating and examining contracts, leases, financing statements and other related documents to determine the validity of such, to determine the rights and priorities of lienholders, if any; and b. providing advice in preserving the Debtor's properties and assets, and generally assisting the Debtor in administering the estate. The firm will be paid at these rates: Samantha K. Brumbaugh $450 per hour Dirk W. Siegmund $450 per hour Charles M. Ivey, III $550 per hour Darren McDonough $450 per hour Melissa Murrell $125 per hour Tabitha Coltrane $125 per hour Janice Childers $100 per hour The firm received from the Debtor a retainer of $10,000 on March 21, 2025. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Dirk W. Siegmund, Esq., a partner at Ivey, McClellan, Gatton & Siegmund, LLP, disclosed in court filings that her firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dirk W. Siegmund, Esq. Ivey, McClellan, Gatton & Siegmund, LLP 305 Blandwood Avenue Greensboro, NC 27401 Telephone: (336) 274-4658 Facsimile: (336) 274-4540 Email: dws@iveymcclellan.com About W.O Holdings, LLC W.O Holdings, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D.N.C. Case No. 25-10192) on March 27, 2025. The Debtor hires Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP as bankruptcy counsel. WATCHTOWER FIREARMS: Hires Condon Tobin Sladek as Attorney ---------------------------------------------------------- Watchtower Firearms LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Condon Tobin Sladek Thornton Nerenberg PLLC as attorneys. The firm will render these services: (a) assist the Debtor is preparing its Schedule of Assets and Liabilities, Statement of Financial Affairs and Monthly Operating Reports, and otherwise providing the Court and parties in interest with required financial disclosure; (b) attend with the Debtor the initial debtor interview with the United States Trustee and the 341 meeting of creditors; (c) advise the Debtor of its rights, powers and duties as a debtor and debtor in possession continuing to operate and manage its business and properties under chapter 11 of the Bankruptcy Code; (d) prepare on behalf of the Debtor all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules and other documents, and review all financial and other reports to be filed in the Bankruptcy Case; (e) advise the Debtor concerning, and preparing responses to, applications, motions, other pleadings, notices and other papers that may be filed by other parties in the Bankruptcy Case and appear on behalf of the Debtor in any hearing or other proceedings relating to those matters; (f) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections; (g) assist the Debtor with obtaining post-petition financing and its use of cash collateral, as necessary; (h) commence and conduct litigation that is necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; (i) advise the Debtor regarding, and represent the Debtor in, any pre-bankruptcy litigation that may be removed to the Court; (j) represent the Debtor in any adversary proceeding initiated by the Debtor or any other party; (k) assist the Debtor to retain necessary of professionals that will assist in the reorganization efforts in this Bankruptcy Case; (l) respond to inquiries by creditors and other stakeholders of the Debtor regarding the Bankruptcy Case; (m) assist the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; (n) advise and assist the Debtor in negotiations with the Debtor's debt holders and other stakeholders; (o) advise and assist the Debtor in connection with any asset dispositions; (p) advise and assist the Debtor with any compromise and settlement agreements that it enters into post-petition; (q) advise, and represent, the Debtor with respect to employment related issues; (r) advise the Debtor in connection with the formulation, negotiation and promulgation of a plan or plans of reorganization, and related transactional documents; (s) provide non-bankruptcy services for the Debtor to the extent requested by the Debtor, including, among others things, advice related to: real estate, finance, mergers and acquisitions and corporate governance, and potential investments; and (t) perform all other necessary and appropriate legal services in connection with the Bankruptcy Case for or on behalf of the Debtor. The firm will charge $500 to $800 per hour for attorneys and $250 to $350 per hour for paralegals, legal assistants, and other paraprofessionals. The firm received a retainer in the amount of $50,000. The following information is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did Condon Tobin agree to any variations from, or alternatives to, Condon Tobin's standard billing arrangements for this engagement? Response: No. Question: Do any of Condon Tobin's professionals in this engagement vary their rate based on the geographic location of the Debtor's chapter 11 case? Response: No. Question: If Condon Tobin has 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 the reasons for the difference. Response: Not applicable. Condon Tobin's professional rates remain the same prepetition and post-petition. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: No, but the Debtor, Condon Tobin and Chief Restructuring Officer of the Debtor are currently working on a budget and staffing plan during this case. Yes. The Debtor recognizes, however, that in the course of a large chapter 11 case such as this one, it is possible that there may be a number of unforeseen fees and expenses that will need to be addressed by the Debtor and Condon Tobin. As this chapter 11 case continues to develop, the Debtor, Condon Tobin and the Chief Restructuring Officer will work together to revise the budget and staffing plan as needed. H. Joseph Acosta, Esq., a partner at Condon Tobin, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: H. Joseph Acosta, Esq. CONDON TOBIN SLADEK THORNTON NERENBERG PLLC 8080 Park Lane, Suite 700 Dallas, TX 75231 Tel: (214) 265-3852 Fax: (214) 265-3800 Email: jacosta@condontobin.com About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Joseph Acosta, Esq. at CONDON TOBIN represents the Debtor as counsel. WATCHTOWER FIREARMS: Taps Steven Bellah of KCP Advisory as CRO -------------------------------------------------------------- Watchtower Firearms LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire KCP Advisory Group LLC to provide the services of Steven Bellah as chief restructuring officer. The firm's services include: (a) assisting in ongoing operations, such as forecasting, planning, controlling, managing cash, and developing one or more business plans and budgets; (b) reviewing, analyzing and negotiating settlements with secured lender(s), vendors and other creditors, and other work as necessary; (c) filing, compliance, and administration of the Chapter 11 Case; (d) assisting in the confirmation and consummation of a plan of reorganization in the Chapter 11 Case; (e) establishing a deadline for the filing objections to proofs of claims in the Chapter 11 Case and a process for evaluating and resolving such claims; (f) preparing and supporting any legal actions to be undertaken by the Debtor, including but not limited to, the filing of the Chapter 11 Case, the filing of adversary proceedings against third-parties, and testifying on behalf of the Debtor in such proceedings; (g) accomplishing the Debtor's overall goals of promptly and efficiently confirming and consummating its plan of reorganization in the Chapter 11 Case; and (h) assisting the Debtor with evaluator potential new financing. KCP Advisory will be paid at these hourly rates: Steven Bellah $450 KCP Professionals $275-$350 KCP Advisory will also be reimbursed for reasonable out-of-pocket expenses incurred. KCP Advisory received a $50,000 from the Debtors. Steven Bellah, senior managing director of KCP Advisory, 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. KCP Advisory can be reached at: Steven Bellah KCP ADVISORY GROUP 2400 District Avenue, Suite 215 Burlington, MA 01803 Tel: (978) 362-2892 Email: sbellah@kcpadvisory.com About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Joseph Acosta, Esq. at CONDON TOBIN represents the Debtor as counsel. WHITEHORSE 401: Taps David Goldwasser of FIA Capital as CRO ----------------------------------------------------------- Whitehorse 401 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire FIA Capital Partners LLC and designate David Goldwasser as chief restructuring officer. FIA will provide these services: a) oversee the Debtor's operations, including property management and maintenance, tenant negotiations, and lease compliance; manage bank accounts, and disburse funds consistent with any cash management order approved by the Bankruptcy Court; b) manage cash flow and ensure the payment of operating expenses, property taxes, and insurance. c) work with bankruptcy counsel to develop a plan of reorganization or liquidation, and discuss the plan with counsel, secured creditors, other creditors, and/or governmental authorities, including the Office of the U.S. Trustee; d) develop and implement a strategy for the stabilizing or selling of the property pursuant to Sec. 363 of the Bankruptcy Code or as part of a reorganization plan; e) conduct analyses of property performance, debt obligations, and restructuring alternatives, including loan modifications or discounted payoffs; f) perform due diligence on the Client, including a review of its liabilities, properties, and financial statements, and if necessary, conduct an on-site inspection of the properties and the local market; g) assist in preparing materials for the bankruptcy petition and schedules, review books and records, analyze loan documents, review litigation matters, and conduct a creditors' claims analysis; h) prepare and file Monthly Operating Reports required under the Bankruptcy Code and guidelines for the Eastern District of New York, ensuring compliance with OUST requirements; i) attend court proceedings, the initial debtor interview, Sec. 341(a) meetings, and additional meetings with creditors and stakeholders as required, and provide testimony as necessary; j) act as a liaison between the Client's management, its advisors, creditors, their advisors, and the OUST. Provide regular updates to stakeholders and official committees, subject to reasonable confidentiality restrictions; and k) perform other services as requested by the Client or Member(s) that are reasonably related to the above-described services and agreed to by the CRO; The firm will be paid at these rates: David Goldwasser $750 per hour CFO/CPA $450 per hour Managing Director $400 per hour Paralegal $280 per hour As disclosed in court filings, FIA is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. FIA can be reached at: David Goldwasser FIA Capital Partners, LLC 115 Broadway, Suite 302 New York, NY 10006 Telephone: (561) 417-3725 Facsimile: (866) 353-6360 About Whitehorse 401 LLC Whitehorse 401 holds the fee simple ownership of the property situated at 401 White Horse Road, Voorhees, NJ 08043, which is valued at an estimated $5.1 million. Whitehorse 401 LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40925) on February 25, 2025 listing $5,101,722 in assets and $15,371,903 in liabilities. The petition was signed by David Goldwasser as VP of Restructuring. Judge Elizabeth S Stong presides over the case. Scott Markowitz, Esq. at Tarter Krinsky & Drogin LLP represents the Debtor as counsel. WINDWARD DESIGN: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Windward Design Group, Inc., according to court dockets. About Windward Design Group Inc. Windward Design Group, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00780) on February 6, 2025, listing up to $10 million in both assets and liabilities. David G. Peace, president of Windward Design Group, signed the petition. Judge Catherine Peek McEwen oversees the case. Edward J. Peterson, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. WYNN TEC: Gets Interim OK to Use Cash Collateral Until April 25 --------------------------------------------------------------- Wynn Tec, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral until April 25. The Debtor requires cash to continue its operations, including payroll, insurance, and other necessary expenses. The company plans to sell its assets and is seeking potential buyers for its business, real estate, and equipment, which will help pay its creditors. The Debtor has secured debts owed to several creditors, including Jersey Shore State Bank, which holds a first priority lien for approximately $211,824.52; Clinton County, which holds a second priority lien for approximately $540,000.00; Leaf Capital Funding, which holds liens related to two credit facilities, with amounts owed of $75,000 and $68,000; and Bayfirst National Bank, which holds a lien for approximately $145,000. The Debtor's receivables and cash are considered Cash Collateral, and each of these creditors may have a lien on it. As protection, the secured creditors were granted replacement liens on the Debtor's post-petition cash collateral and all assets on which they had pre-petition liens. In the event that the replacement liens are insufficient, the secured creditors will be granted superpriority claims. The final hearing is scheduled for April 25. About Wynn Tec Inc. Wynn Tec Inc. is a small business corporation based in Loganton, Pa. Wynn Tec Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00751) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark J. Conway handles the case. The Debtor is represented by Robert E Chernicoff, Esq. at Cunningham and Chernicoff PC. YANKE CONSTRUCTION: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Yanke Construction, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. The interim order authorized the Debtor to use cash collateral to pay expenses in accordance with its budget until further order of the court. As protection, secured creditors were granted replacement liens on post-petition assets. The Debtor owes approximately $490,081 to the U.S. Small Business Administration under a pre-petition economic injury disaster loan. Several entities, including CT Corporation System, Financial Agent Services, Corporation Service Company, Uptown Fund LLC, SQ Advance, LLC, and Rocket Capital NY LLC, have various priority security interests in the Debtor's assets, including accounts receivable. A final hearing is scheduled for April 21. About Yanke Construction Inc. Yanke Construction, Inc. operates as a landscaping and construction company. It specializes in constructing retaining walls for residential and commercial clients across the Detroit Metro area in Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43176-mar) on March 28, 2025. In the petition signed by Darren Yanke, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Mark A. Randon oversees the case. John J. Stockdale, Jr., at Schafer and Weiner, PLLC, represents the Debtor as legal counsel. [^] BOOK REVIEW: The Heroic Enterprise -------------------------------------- The Heroic Enterprise: Business and the Common Good Author: John Hood Publisher: Beard Books (reprint of book published by The Free Press/Division of Simon and Schuster in 1996). Paperback: 266 pages List Price: $34.95 Order your copy at https://bit.ly/3awLUV3 Hood writes as a counterbalance to ideas that business should be expected to contribute to the common good along the lines of charities, say, or public health. He writes too against the highly partisan, pernicious perspective that business activity is antisocial and disruptive which at times gains some degree of credibility. Critiques of business have been around as long as commerce and business have been around. These come usually from religious or political zealots seeking dictatorial hold over all significant kinds of human activity and enterprise. In this work, Hood aims to counterbalance latter-day versions of such critiques arising in American society. The counterculture, antiestablishment 1960s was a time when such critiques were particularly strong. They have moderated since, yet remain a persistent chorus which influences politics and imagery and public affairs of business. Hood does not aim to stifle or eliminate debate about the effects of business on society or how business should engage in business. What he aims for is dismissing once and for all myopic and almost utopian conceptions about business and related erroneous purposes and values of it. Such conceptions are worrisome to businesspersons not because they believe they have any foundation, but because they waste resources and energy in having to continually correct them so business can function properly. And to the extent such myopic conceptions are believed or entertained by the public, they hamper the public and politicians in working out policies by which the greatest benefits of business can be reaped by society. The author clarifies the place and role of business by contrasting business with other parts of society. A standard, self-evident tenet of sociologists going back to the time of Plato is that society is made up of different parts fulfilling different roles for the varied needs of society and so that a society will function smoothly and survive. Business is distinguished from government and philanthropy. "Businesses exist to make and sell things, whereas by contrast "governments exist to take and protect things [and] charities exist to give things away." The social responsibility for each category of institution is inherent in its purposes and activities. For example, businesses alone cannot solve environmental problems. Whatever problems which can be attached to business are related to government policies and business's operations to satisfy consumer interests. Hence, business alone cannot solve environmental problems, and should not be expected to. Critics requiring that business solve environmental problems without similarly requiring changes in government policies and consumer interests are shortsightedly and unreasonably tarnishing business while not making any relevant or productive arguments for dealing with environmental problems. In elucidating business's proper place in and contributions to society, Hood is not unmindful that some businesses fail to fulfill their role in good faith and beneficially. But instead of criticizing business fundamentally, he proffers questions critics can ask before targeting particular businesses. Two of these are "Are corporations obtaining their profits through force or fraud?" and "Are corporations putting investments at their disposal to the most economically productive use?" Hood's perspective in support of business against unfair and irrelevant criticisms is based on the acknowledgment that business is operating productively, for the common good, and is open to cooperative activities with other parts of society in trying to resolve common problems. "The Heroic Enterprise" is not an argument for business -- for as a fundamental aspect of any society, business does not need an argument to justify it. The book mostly takes the approach of reviewing why business is necessary and therefore must be naturally, easily accepted -- namely, because of the manifold benefits business provides for society and because it along with good government and respectable morals has been a primary engine for the betterment of human life. John Hood has much experience in the media and communication as a syndicated columnist, TV commentator, and radio host. Author of seven nonfiction books on subjects as business, advertising, public policy, and political history, and many articles for national publications such as the Wall Street Journal, Hood is President of the John William Pope Foundation, a Raleigh, N.C.-based grantmaker that supports public policy organizations, educational institutions, arts and cultural programs, and humanitarian relief in North Carolina and beyond. Hood also serves on the board of the John Locke Foundation, the state policy think tank he helped found in 1989 and led as its president for more than two decades. He teaches at Duke University's Sanford School of Public Policy. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***