/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250425.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 25, 2025, Vol. 29, No. 114 Headlines 1847 HOLDINGS: Faces Delisting Notification From NYSE American 1847 HOLDINGS: Registers 778.5M Shares for Possible Resale 1847 HOLDINGS: Waives Working Capital Adjustment in CMD Acquisition 23ANDME HOLDING: Data Breach Class Suit Seeks Group Claim in Ch.11 34715 LLC: Secured Party Sets Auction for May 20, 2025 374WATER INC: Names Stephen Jones to Board to Fill Vacancy ACCORD LEASE: Court Extends Cash Collateral Access to May 23 AIMBRIDGE HOSPITALITY: Moody's Ups CFR to 'Caa1' on Restructuring ALBERT WHITMAN: Case Summary & 20 Largest Unsecured Creditors ALTISOURCE PORTFOLIO: Benefit Street Holds 29.9% Equity Stake AMERICAN IMPACT: Gets OK to Use Cash Collateral Until May 13 AP CORE: S&P Affirms 'CCC+' Senior Secured Debt Rating APPLICO LLC: Case Summary & 20 Largest Unsecured Creditors ARCH THERAPEUTICS: Seeks Chapter 11 Bankruptcy in Massachusetts ASCEND PERFORMANCE: Files for Bankruptcy, Gets $250M DIP Loan AZTEC FUND: Claims to be Paid From Property Sale Proceeds AZZUR GROUP: Disclosure Statement Approved on Interim Basis BEAUCHAMP ENTERPRISES: Claims to be Paid From Disposable Income BELMONT TRADING: Court Extends Cash Collateral Access to May 23 BENSON HILL: Creditors Challenge Adviser Appointment BENT AVENUE: To Sell New Jersey Properties to Burt Hirchman BIT-TECH LLC: Seeks Subchapter V Bankruptcy in West Virginia BLACKBERRY LIMITED: Board OKs Enhanced Severance Terms for CEO BOXLIGHT CORP: Fails to Meet Nasdaq Listing Requirements BOXLIGHT CORP: Files S-1 for Possible Sale of 1.32M Shares CARING FOR YOU: Seeks Subchapter V Bankruptcy in Maryland CORE NATURAL: Moody's Rates New Tax-Exempt Revenue Bond 'B3' COSMOS GROUP: Appoints Lao Professional as New Auditor CUCL CORPORATION: Voluntary Chapter 11 Case Summary CYPRESSWOOD SPRING: Voluntary Chapter 11 Case Summary DANIEL J. WALLACE: No Patient Complaints, 3rd PCO Report Says DANIEL J. WALLACE: No Patient Complaints, 4th PCO Report Says E.F. MARKETING: Case Summary & 20 Largest Unsecured Creditors EARTH SCIENCE: Acquires 80% of Magnefuse, Alicat for $240.5K EARTH SCIENCE: Acquires Las Villas, Doconsultations.com for $200K EARTH SCIENCE: Hires Stephano Slack as New Auditor EISNER ADVISORY: Moody's Lowers CFR to 'B3', Outlook Stable ENTECCO FILTER: Court Extends Cash Collateral Access to May 30 FELTRIM TUSCANY: Gets Interim OK to Use Cash Collateral FIRST CLASS: Seeks to Sell New Jersey, Orlando Excess Equipment FIRST CLASS: Seeks to Sell Storage Vaults at New Jersey Location FIT FOR THE RED: Gets Final OK to Use Cash Collateral FLORIDA FOOD: Moody's Cuts CFR to Ca to Caa3, Outlook Negative FLORIDA MONSTER: To Sell Restaurant Business to H&H Food for $275K GENERAL ENTERPRISE: Expands Board, Appoints New Directors GPB CAPITAL: Deadline to File Claims Set for May 23, 2025 HANDLOS CUSTOM: Case Summary & Three Unsecured Creditors HANDLOS FARROWING - SOUTH: Voluntary Chapter 11 Case Summary HANDLOS FARROWING LLC: Voluntary Chapter 11 Case Summary HANDLOS FARROWING: Voluntary Chapter 11 Case Summary HANDLOS FEED: Case Summary & One Unsecured Creditor HANDLOS FINISHING: Case Summary & Four Unsecured Creditors HANDLOS MANURE: Case Summary & One Unsecured Creditor HERITAGE GROCERS: S&P Downgrades ICR to 'B-', Outlook Stable HUDSON'S BAY: Union Slams Illegal Pay Cuts in Liquidation iM3NY LLC: Moves to Dismiss Chapter 11 Bankruptcy Case INKED PLAYMATS: Gets Interim OK to Use Cash Collateral Until May 19 IRREGULAR MIKES: Unsecured Creditors to be Paid in Full in Plan J.C. PENNEY: Jackson Walker Sued Over Damages in Bankruptcy Deal JANE STREET: S&P Assigns 'BB' ICR on New Notes Issuance KB DEVELOPMENT: Rental Income & Sale Proceeds to Fund Plan KIN DEE: Case Summary & 10 Unsecured Creditors KULA GRAIN: Case Summary & Nine Unsecured Creditors LABL INC: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative LAZZARA FAMILY BRICK: Seeks Subchapter V Bankruptcy in Florida LEISURE INVESTMENTS: April 29 Deadline for Panel Questionnaires LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral MAINE CRAFT: Gets Final OK to Use Cash Collateral MARK REAL ESTATE: Case Summary & Three Unsecured Creditors MARTINES PALMEIRO: Seeks Chapter 11 Bankruptcy in Colorado MIDWEST MOBILE: PCO Submits First Report MOBIQUITY TECHNOLOGIES: Posts Net Loss of $8.6 Million in 2024 MOLECULAR TEMPLATES: Seeks Chapter 11 Bankruptcy in Delaware MULTI PIG: Case Summary & One Unsecured Creditor NATIONWIDE EXPRESS: Unsecureds to Get $10,800 in Quarterly Payments NEUROONE MEDICAL: Prices $8M Public Offering of Common Shares NUEVA VISTA: Case Summary & Five Unsecured Creditors OAKLAND PHYSICIANS: Quality of Patient Care Maintained, PCO Reports OFF-ROAD AUTOMOTIVE: Seeks Chapter 11 Bankruptcy in Colorado OFFICE PROPERTIES: Files Prospectus Supplement for $99.7M Offering OMEGA THERAPEUTICS: Gets Court Clearance for $14MM Chapter 11 Sale PACIFIC PRAIRIE: Seeks Chapter 11 Bankruptcy in Wisconsin PATRIOT TRANSPORT: Terletsky to Contribute $10K; Files Amended Plan PAVMED INC: Secures $2.88 Million Sales Agreement With Maxim PERMIAN RESOURCES: Moody's Ups CFR to Ba1, Alters Outlook to Stable PREDICTIVE ONCOLOGY: Ends Merger Talks With Renovaro Inc. PROMEDICA HEALTH: Moody's Upgrades Revenue Bond Rating to Ba1 PROSPECT MEDICAL: April 30, 2025 Assets Sale Hearing Set R.A.R.E. CORP: Gets Interim OK to Use Cash Collateral Until May 15 REBELLION POINT: Gets Interim OK to Use Cash Collateral REBORN PHOENIX: Seeks Chapter 11 Bankruptcy in New York REGARD RECOVERY: Secured Party Sets Auction for June 5, 2025 REGIONAL HOUSING: No Decline in Patient Care at Columbus Facility REGIONAL HOUSING: No Decline in Patient Care at Gardens of Rome REGIONAL HOUSING: No Decline in Patient Care at Gardens of Savannah REGIONAL HOUSING: No Decline in Patient Care at Landings of Douglas REGIONAL HOUSING: PCO Reports Gainesville Facility Closure REGIONAL HOUSING: PCO Reports Social Circle Facility Closure RIVER FALL 529: Case Summary & Six Unsecured Creditors ROCKY MOUNTAIN: FMR LLC, Abigail Johnson Disclose Stake RYAN HOHMAN: Voluntary Chapter 11 Case Summary SANUWAVE HEALTH: COO Peter Stegagno Reports Stake as of April 7 SASAS HOSPITALITY: Court Extends Cash Collateral Access to May 15 SCILEX HOLDING: Narrows Loss to $72.81M as Revenue Climbs to $56.6M SEBA ABODE: Section 341(a) Meeting of Creditors on April 28 SEQUENCING HEALTH: Secured Creditor Sets Foreclosure Sale SHOREVIEW APARTMENTS: Voluntary Chapter 11 Case Summary SOBR SAFE: Thomas Corley Holds 13.2% Equity Stake as of April 7 SOUTHWEST FT WORTH: Voluntary Chapter 11 Case Summary STEWARD HEALTH: Susan Goodman Submits Final PCO Report SUNATION ENERGY: Raises $20 Million in Two-Tranche Offering TERRA LAKE: Case Summary & Three Unsecured Creditors TI FLUID: S&P Withdraws 'BB' Issuer Credit Rating TITAN ENVIRONMENTAL: COO Dominic Campo Reports Stake TOLL ROAD INVESTORS: S&P Lowers ICR to 'B+', Outlook Negative TRANSMEDCARE LLC: Court Extends Cash Collateral Access to June 5 TRINITY ENTERPRISES: Section 341(a) Meeting of Creditors on May 21 VOLITIONRX LTD: Lagoda Investment Holds 10.56% Equity Stake WASPY'S - TEMPLETON: Case Summary & 14 Unsecured Creditors WW INTERNATIONAL: Prepares Chapter 11 Filing [] BOOK REVIEW: A History of the New York Stock Market ********* 1847 HOLDINGS: Faces Delisting Notification From NYSE American -------------------------------------------------------------- 1847 Holdings, LLC disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a notification letter from NYSE Regulation notifying the Company that it had determined to delist the Company's common shares from NYSE American as it had determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company's common shares. Under NYSE delisting procedures, the Company has a right to a review of this determination by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange by providing a written request for such a review. Trading of the Company's common shares on NYSE American was suspended on April 3, 2025. Since the Company intended to request a review of the delisting determination, trading of the Company's common shares will remain suspended until the review is completed. If the delisting determination is upheld, NYSE American will file a Form 25 with the U.S. Securities and Exchange Commission to delist the common shares from NYSE American. The deregistration of the common shares under Section 12(b) of the Act will be effective 90 days, or such shorter period as the U.S. Securities and Exchange Commission may determine, after filing of the Form 25. About 1847 Holdings Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com -- is an acquisition holding company focused on acquiring and managing a group of small businesses, which the Company characterizes as those with an enterprise value of less than $50 million, in a variety of different industries headquartered in North America. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $33,647,738 in total assets, $130,113,775 in total liabilities, and a total stockholders' deficit of $96,466,037. 1847 HOLDINGS: Registers 778.5M Shares for Possible Resale ---------------------------------------------------------- 1847 Holdings LLC filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission relating to 778,524,571 common shares that may be sold from time to time by the selling shareholders -- 3i, LP, Alpha Capital Anstalt, Alta Partners, LLC, Altium Growth Fund, LP, Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, Bigger Capital Fund, LP, BJI Financial Group, Brio Capital Master Fund Ltd., CVI Investments, Inc., FirstFire Global Opportunities Fund, LLC, Great Point Capital, LLC, L1 Capital Global Opportunities Master Fund, Rainforest Partners LLC, Robert Forster, and S.H.N. Financial Investments Ltd. -- which include: * 507,733,417 common shares issuable to the selling shareholders upon the exercise of series A warrants; and * 270,791,154 common shares issuable to the selling shareholders upon the exercise of series B warrants. 1847 Holdings said, "We will not receive any proceeds from sales of the common shares held by the selling shareholders or from the exercise of the pre-funded warrants or series A warrants held by the selling shareholders, but we will receive funds from the exercise of the series B warrants held by the selling shareholders. "Our common shares previously traded on NYSE American under the symbol "EFSH." On April 3, 2025, NYSE American notified us that it has determined to commence proceedings to delist our common shares and trading of our common shares on NYSE American was suspended on such date. We are requesting a review of NYSE American's determination to delist our common shares. Accordingly, trading of our common shares will remain suspended pending the outcome of that review." "The selling shareholders may offer and sell the common shares being offered by this prospectus from time to time in public or private transactions, or both. These sales may occur at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market prices, or at negotiated prices. The selling shareholders may sell shares to or through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, concessions or commissions from the selling shareholders, the purchasers of the shares, or both. Any participating broker-dealers and any selling shareholders who are affiliates of broker-dealers may be deemed to be "underwriters" within the meaning of the Securities Act of 1933, as amended, or the Securities Act, and any commissions or discounts given to any such broker-dealer or affiliates of a broker-dealer may be regarded as underwriting commissions or discounts under the Securities Act. The selling shareholders have informed us that they do not have any agreement or understanding, directly or indirectly, with any person to distribute their common shares." A full-text copy of the Registration Statement is available at: https://tinyurl.com/mr2vu8dc About 1847 Holdings Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com -- is an acquisition holding company focused on acquiring and managing a group of small businesses, which the Company characterizes as those with an enterprise value of less than $50 million, in a variety of different industries headquartered in North America. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $33,647,738 in total assets, $130,113,775 in total liabilities, and a total stockholders' deficit of $96,466,037. 1847 HOLDINGS: Waives Working Capital Adjustment in CMD Acquisition ------------------------------------------------------------------- As previously disclosed, on November 4, 2024, 1847 CMD Inc., a wholly owned subsidiary of 1847 Holdings LLC, entered into a stock and membership interest purchase agreement with Christopher M. Day, which was amended and restated on December 5, 2024, and further amended on December 13, 2024, and December 16, 2024. Pursuant to the Purchase Agreement, 1847 CMD agreed to acquire all the issued and outstanding capital stock of CMD Inc., a Nevada corporation, and all the membership interests of CMD Finish Carpentry LLC, a Nevada limited liability company, from The CD Trust, dated October 18, 2021. On December 16, 2024, closing of the transactions contemplated by the Purchase Agreement was completed. Pursuant to the Purchase Agreement, the Company acquired the CMD Companies for an aggregate purchase price of $18,750,000, consisting of $17,750,000 in cash (subject to adjustments) and $1,000,000 of a promissory note in the principal amount of $1,050,000, the remaining $50,000 of which is allocated for Seller's expenses. The Company also paid a deposit of $1,000,000 and the Seller's legal fees of $25,000, which were not applied to the Purchase Price. Pursuant to the Purchase Agreement, the Purchase Price was subject to a post-closing working capital adjustment provision. On April 2, 2025, the parties entered into Amendment No. 3 to the Purchase Agreement, pursuant to which the parties agreed to waive the working capital adjustment provision. The parties also agreed that no Purchase Price adjustment was due at the closing as a result of comparing the Net Working Capital Target to the net working capital reflected in the Preliminary Balance Sheet. In addition, the parties agreed that the Seller will not be in breach of Section 4.5 of the Purchase Agreement (Financial Statements) with respect to line items that are included in the net working capital calculation. About 1847 Holdings Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com -- is an acquisition holding company focused on acquiring and managing a group of small businesses, which the Company characterizes as those with an enterprise value of less than $50 million, in a variety of different industries headquartered in North America. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $33,647,738 in total assets, $130,113,775 in total liabilities, and a total stockholders' deficit of $96,466,037. 23ANDME HOLDING: Data Breach Class Suit Seeks Group Claim in Ch.11 ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that 23andMe users involved in a data breach class action have requested a deadline extension to file claims and permission to submit a collective claim in the company’s bankruptcy case. The plaintiffs, who are pursuing a related case in the U.S. District Court for the Northern District of California, filed a motion Tuesday in the U.S. Bankruptcy Court for the Eastern District of Missouri. They are seeking to file a single claim on behalf of the entire class—comprising 6 million individuals—arguing that many class members may not have enough information to accurately value their individual claims, according to Bloomberg Law. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 34715 LLC: Secured Party Sets Auction for May 20, 2025 ------------------------------------------------------ In accordance with applicable provisions of the Uniform Commercial Code as enacted in New York by virtue of certain events of default under those certain pledge and security agreements, each dated as of Dec. 15, 2023, and that certain amended and restated pledge and security agreement and assignment of lease and rents dated as of June 18, 2024, executed and delivered by 34715 LLC and Jeffrey M. Krauss, in accordance with its rights as holder of the security, NYC TH Share Holder LLC ("secured party") will offer for sale at public auction (x) all of 34715 LLC's rights, title and interest in the to the following: (i) its shares in 7 East 88th St. Corp, allocated to cooperative units 1A, 1B, 2A, 3A, 4A, 4B, 5A, 5B and roof, at the premises known and located at 7 East 88th Street, New York, NY 10128, (ii) the proprietary leases appurtenant thereto; and (y) Jeffrey M. Krauss's 100% membership interest in and to the following (i) 34715 LLC and (ii) certain related rights and property relating thereto. Secured party's understanding is that the principal asset of 34715 Pledged Entity are the units. Secured Party's understanding is that the principal asset of NYC157 pledged Entity is that certain property located at 12 Woodin Road, Kent, CT 06757. Mannion Auctions will conduct a public auction sale on May 20, 2025, at 3:30 p.m. in satisfaction of an indebtedness in the approximate amount of $14,509,956.20 including principal, interest on principal, and reasonable fees and costs, plus default interest through May 20, 2025. Online bidding will be made available via Zoom Meeting: Meeting Link: https://bit.ly/34715UCC Meeting ID: 848 0028 4375 Passcode: 441835 One Tap Mobile: +16469313860,,84800284375#,,,,*441835# US Dial in: +1 646 931 3860 US. Interested parties who intend to bid on the collateral must contact: Greg Corbin at Northgate Real Estate Group, 433 Fifth Avenue, 4th Floor, New York, NY 10016, (212) 419-8101, greg@northgatereg.com, to receive the terms and conditions of the sale and bidding instructions by May 16, 2025, at 3:30 p.m. Attorneys for the Secured Party: Jerod C. Feuerstein, Esq. 360 Lexington Avenue Suite 1200 New York, New York 10017 Tel: (212) 661-2900 374WATER INC: Names Stephen Jones to Board to Fill Vacancy ---------------------------------------------------------- 374Water Inc. has appointed Stephen Jones to its Board of Directors, filling a vacant seat. The appointment, which took effect April 14, 2025, was disclosed in the Company's latest Form 8-K filing with the U.S. Securities and Exchange Commission. From March 2015 through October 2020, Mr. Jones was president, chief executive officer and a director of Covanta Holding Corporation (formerly NYSE: CVA, now owned by private equity), a global provider of sustainable waste and energy solutions. Prior to joining Covanta in January 2015, Mr. Jones was employed from 1992 through September 2014 by Air Products and Chemicals, Inc., a global supplier of industrial gases and equipment. Mr. Jones held a variety of senior-level management positions at Air Products including in the company's tonnage gases, equipment, energy and industrial chemicals businesses, culminating with his role as Air Products' China president based at the company's office in Shanghai. Mr. Jones is a director of Tronox Holdings plc, an industrial and chemical company (NYSE: TROX), and chairman of the board of directors of Badger Infrastructure Solutions Ltd., a Canadian infrastructure solutions company specializing in nondestructive excavation services (TSE: BDGI). Mr. Jones also serves as a special advisor to the supervisory board of Hitachi Zosen Inova AG, a global cleantech company. Prior to joining Air Products in 1992, Mr. Jones practiced corporate law at Dechert LLP in Philadelphia, PA, primarily in the area of mergers and acquisitions. The Board plans to assign Mr. Jones to one or more of its committees, but has not yet decided which ones. The Company will update the Form 8-K once those committee assignments are finalized. The Board has not yet determined the compensation (either form or amount) for non-employee directors for fiscal 2025. Mr. Jones will receive the same compensation that other Board members will receive for his service on the Board. He may receive additional fees for committee service or in the event he holds other roles on the Board. In accordance with the Company's customary practice, the Company expects to enter into an indemnification agreement with Mr. Jones in substantially the same form provided to other similarly situated officers and directors of the Company. Mr. Jones was appointed to the Board without any agreement or understanding with another person. There are no past or proposed transactions involving the Company and Mr. Jones or his immediate family that need to be disclosed under SEC rules. About 374Water 374Water Inc., based in Morrisville, North Carolina, is a global industrial technology company specializing in innovative solutions for organic waste destruction and treatment. Its proprietary AirSCWO system efficiently mineralizes both hazardous and non-hazardous organic wastes, converting them into safe water, mineral effluent, clean vent gas, and recoverable heat energy. The system eliminates recalcitrant organic wastes without generating byproducts, simplifying complex waste processing practices across municipal, federal, and industrial sectors. By transforming waste into valuable resources, 374Water is pioneering sustainable waste management solutions. In its report dated March 27, 2025, the Company's auditor, Cherry Bekaert LLP, issued a "going concern" qualification, citing recurring losses and negative cash flows from operations, which raise substantial doubt about the Company's ability to continue as a going concern. 374Water reported a total comprehensive loss of $12.43 million for the year ending Dec. 31, 2024, compared to a total comprehensive loss of $8.10 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company had total assets of $19.18 million, total liabilities of $3.71 million, and total stockholders' equity of $15.47 million. ACCORD LEASE: Court Extends Cash Collateral Access to May 23 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois issued a seventh interim order extending Accord Lease, Inc.'s authority to use its lenders' cash collateral from April 18 to May 23. The interim order signed by Judge Deborah Thorne authorized the company to use the cash collateral of BMO Bank N.A., and 11 other lenders to pay the operating expenses set forth in the budget, which outlines the company's projected monthly expenses of $79,652.58. As protection for the use of their cash collateral, the lenders were granted replacement liens on the company's post-petition assets. The next hearing is set for May 21. About Accord Lease Inc. Accord Lease Inc. operates an automotive leasing and renting business in Elgin, Ill. Accord Lease filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-16518) on November 1, 2024, listing total assets of $3,773,857 and total liabilities of $5,800,404. Igor Tsapar, president of Accord Lease, signed the petition. Judge David D. Cleary handles the case. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman is the Debtors legal counsel. BMO Bank N.A., as lender, is represented by: James P. Sullivan, Esq. Chapman and Cutler, LLP 320 South Canal Street Chicago, IL 60606 Tel: 312.845.3000 jsullivan@chapman.com AIMBRIDGE HOSPITALITY: Moody's Ups CFR to 'Caa1' on Restructuring ----------------------------------------------------------------- Moody's Ratings upgraded the corporate family rating of Aimbridge Hospitality Holdings, LLC to Caa1 from Ca following its debt restructuring. At the same time, Moody's downgraded the probability of default rating to D-PD from Ca-PD reflecting the equitization of the company's debt. Three days after this rating action, the probability of default rating will be upgraded to Caa1-PD. Concurrently, Moody's assigned new ratings to the debt of Aimbridge Acquisition Co., Inc. (combined herein as Aimbridge), including a backed senior secured first out term loan rating of B2 and a backed senior secured second out term loan rating of Caa1. The outlook is stable for Aimbridge Acquisition Co., Inc. and the outlook was changed to stable from negative for Aimbridge Hospitality Holdings, LLC. Moody's will move the CFR and PDR from Aimbridge Hospitality Holdings, LLC to Aimbridge Acquisition Co., Inc. following this rating action, as Aimbridge Acquisition Co., Inc. issues the financials and is the issuer of the debt. The upgrade to Caa1 reflects Aimbridge's new capital structure following its restructuring which included the conversion of about $1.1 billion of debt into equity – Aimbridge now has $210 million of debt outstanding. The rating also reflects Moody's projections that Aimbridge will have sufficient liquidity to cover cash burn of approximately $50 million in 2025 before turning to about breakeven in 2026. However, the ratings also reflect the risk to the company's recovery in 2026 – revenue improvement is dependent upon the addition of new properties, reduction in the pace of properties lost and improved profitability – given the current macroeconomic headwinds. The lodging industry as a whole has not yet been impacted by declining consumer confidence, but it will face pressured demand if the economic downturn worsens. Aimbridge's revenue and earnings in 2025 will be pressured by elevated churn experienced over the past three years, resulting in modest net revenue and EBITDA of below $350 million and $50 million, respectively. Moody's projects the company's new management team will be able to improve revenue and earnings in 2026 through property growth, better operations, cost cutting initiatives, and higher RevPAR. The debt restructuring is a governance consideration and a key rating driver. RATINGS RATIONALE Aimbridge's ratings reflect its position as the largest third party hotel management company with about double the number of properties under management than the next closest competitor. Aimbridge's ratings also benefit from its good diversification in terms of geography, brands, and hotel owners. Under normal conditions the company will benefit from strong free cash flow due in part to its minimal capital expenditure requirements. The company's ratings are constrained by the company's small scale in terms of net revenue and earnings relative to similarly rated peers which makes the company more vulnerable to macroeconomic downturns than larger, better capitalized companies. The company also faces headwinds as it attempts to grow its property count and improve operations given the current macroeconomic environment that will result in pressured travel demand. The stable outlook reflects Aimbridge's adequate liquidity which will be sufficient to cover cash burn in 2025. Credit metrics will not improve materially until 2026 at the earliest, when debt/EBITDA improves to around 5.0x and free cash flow approaches breakeven. Aimbridge's liquidity is adequate with post-transaction cash of about $140 million which will be sufficient to cover Moody's projections of cash burn of about $50 million in 2025. The company has no access to a committed revolving credit facility. There are no near term maturities, the company's term loans mature in 2030, and no mandatory amortization on either term loan. The second out term loan has a paid-in-kind (PIK) feature until the first quarter of 2026. If at that time cash exceeds $75 million, the PIK interest converts to cash interest. There are no financial maintenance covenants in the credit agreement. Alternate forms of liquidity are modest as the company is a hotel management company and does not own any hotels. Per Moody's Loss Given Default for Speculative-Grade Companies methodology (LGD Methodology), the B2 rating on the senior secured first out term loan, two notches above the CFR, reflects the material amount of debt below it in the debt waterfall including the second out term loan and unsecured claims. There is a one notch downward override to the first out term loan given the amount of unsecured claims that may not provide a benefit to the first out lenders in a default scenario. The Caa1 rating of the second out reflects the aforementioned unsecured claims below it in the waterfall and the first out debt ahead of it. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if liquidity improves and the company is able to generate sustained positive free cash flow. Ratings could also improve if earnings growth is sufficient to support debt/EBITDA sustained below 7x. Ratings could be downgraded if liquidity deteriorates from Moody's current expectations with free cash flow not approaching breakeven in 2026, or the recovery prospects are lower than Moody's currently expects. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Aimbridge Acquisition Co., Inc., through its subsidiaries Aimbridge Hospitality Holdings, LLC and KIHR Holdings, Inc., is the largest third-party hotel operator, with over 1,000 properties across North America, EMEA and LATAM. The company is currently owned by its previous lender base, some of whom are more traditional private equity firms. The company is private and does not file public financials. Net revenue was about $417 million for the 12 months ended September 30, 2024. ALBERT WHITMAN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Albert Whitman & Company 250 S. Northwest Highway, Suite 320 Park Ridge, IL 60068-4237 Business Description: Albert Whitman & Company is an independent children's-book publisher founded in 1919. Headquartered in Park Ridge, Illinois, it produces picture books, middle-grade fiction and nonfiction, and the long-running Boxcar Children mystery series, and has recently expanded into multimedia adaptations of its titles. Chapter 11 Petition Date: April 22, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-06161 Judge: Hon. Jacqueline P Cox Debtor's Counsel: William Factor, Esq. THE LAW OFFICES OF WILLIAM J. FACTOR, LTD 105 W. Madisoon St., Suite 2300 Chicago, IL 60602 E-mail: wfactor@wfactorlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Quattrocchi as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HC5UZYA/Albert_Whitman__Company__ilnbke-25-06161__0001.0.pdf?mcid=tGE4TAMA ALTISOURCE PORTFOLIO: Benefit Street Holds 29.9% Equity Stake ------------------------------------------------------------- Benefit Street Partners L.L.C. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, it beneficially owns 31,409,347 shares of Altisource Portfolio Solutions S.A.'s common stock, representing 29.9% of the outstanding shares of common stock, based on the 87,582,129 shares reported as outstanding as of March 25, 2025, in the Company's Form 10-K/A filed on April 1, 2025. Benefit Street may be reached through: Enrico Gallo, Authorized Signatory 1 Madison Avenue, Suite 1600 New York, NY 10010 Tel: 401-751-1700 A full-text copy of Benefit Street's SEC Report is available at: https://tinyurl.com/2ktwm4p6 About Altisource Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. -- https://www.Altisource.com/ -- is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. As of Dec. 31, 2024, Altisource Portfolio Solutions had $143.6 million in total assets, $300.3 million in total liabilities, and a total stockholders' deficit of $156.7 million. * * * In March 2025. S&P Global Ratings raised its Company credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'. S&P said, "We also assigned our 'B' issue-level rating and '1' recovery rating to the new $12.5 million senior secured debt (super senior facility), 'CCC-' issue-level rating and '6' recovery rating to the new $160 million senior subordinated debt (new first lien loan), and withdrew our ratings on the company's exchanged senior secured term loan, which was rated 'D'. "The stable outlook reflects our expectation that over the next 12 months, while we expect Altisource to generate positive cash flow from operations, we believe its liquidity will remain constrained and the company will remain dependent on favorable financial and economic conditions to meet its financial commitments. AMERICAN IMPACT: Gets OK to Use Cash Collateral Until May 13 ------------------------------------------------------------ American Impact Windows and Doors, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division to use cash collateral through May 13. The company was authorized to use cash collateral to pay ordinary and necessary business expenses as set forth in its budget, with up to 10% flexibility per line item and in aggregate. As protection, secured lenders were granted a post-petition lien with the same validity and priority as their pre-bankruptcy liens. In addition, the company was ordered to maintain insurance coverage pursuant to their loan agreements with lenders as further protection. A final hearing is set for May 13. About American Impact Windows & Doors American Impact Windows & Doors LLC installs and replaces impact-resistant windows and doors for residential and commercial clients. The Company's products are built to withstand severe weather, including hurricanes, making them perfect for the region's tough climate. The Company offers easy installations, a variety of window and door options, and financing plans. It also provides custom solutions like glass rails and storefront doors, along with permit expediting services. American Impact Windows & Doors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12943) on March 19, 2025. In its petition, the Debtor reported estimated asserts up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Carlos E. Sardi, Esq Tel: 305-697-8690 Email: carlos@sardilaw.com AP CORE: S&P Affirms 'CCC+' Senior Secured Debt Rating ------------------------------------------------------ S&P Global Ratings affirmed its 'CCC+' issue-level rating on College Parent L.P.'s financing subsidiary AP Core Holdings II LLC's senior secured revolving credit facility, senior secured term loan B-1, and senior secured term loan B-2 and revised its senior secured recovery rating on the debt to '4' from '3'. The '4' recovery rating reflects its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. The revision of the recovery rating follows AP Core's announcement that it entered into a $360 million accounts receivable securitization facility to better manage its net working capital. S&P said, "Although the company currently has about $150 million outstanding on the facility, we expect it would draw 60% of the facility in a simulated default scenario and that the claims would rank in priority to the company's existing senior secured obligations. This would reduce the collateral available to the secured lenders in our simulated default scenario, thus reducing expected recovery prospects." S&P said, "Our 'CCC+' issuer credit rating and stable outlook on AP Core's parent College Parent L.P. are unchanged because, despite the incremental debt, we still believe College Parent has sufficient liquidity to fund expected free operating cash flow outflows over the next year given its cash balance of $877.5 million as of Dec. 31, 2024, and we do not expect it to face a default over the next 12 months. However, we still expect College Parent to be dependent on favorable business and economic conditions to meet its future financial obligations beyond the next 12 months." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- AP Core Holdings II LLC, an operating subsidiary of College Parent L.P., is the borrower of the company's $360 million accounts receivable securitization facility (not rated), $150 million senior secured revolving credit facility due 2026, $654.1 million (outstanding as of Dec. 31) senior secured term loan B-1 due 2027, and $1.01 billion (outstanding) senior secured term loan B-2 due 2027. -- Additional unrated debt at College Parent that sits outside the borrower and collateral group includes a $100 million AOL revolving credit facility and a $900 million (outstanding) AOL term loan A both due 2028, a $479.1 million (outstanding) delayed-draw term loan due 2026, and a $300 million ($137.6 million outstanding) trade receivable securitization facility. -- For S&P's recovery analysis, it values AP Core as a stand-alone entity. Its emergence EBITDA represents only the EBITDA generated at AP Core and its subsidiaries. -- Substantially all of AP Core Holdings II LLC's current and future direct and indirect subsidiaries guarantee the debt. The debt has a secured pledge of all the assets and stock of the eligible subsidiaries at AP Core. However, the debt is not guaranteed by College Parent's remaining subsidiaries outside of AP Core. -- AP Core includes College Parent's consumer properties and search businesses and excludes its ad technology business, membership services business, and AOL consumer business. -- S&P's emergence EBITDA excludes unrealized synergies from the company's planned cost savings and includes capitalized software development and labor costs because it views these as a reoccurring operating expense. Simulated default assumptions -- S&P's simulated default considers intense competition from better-capitalized peers, pricing pressure, and a sharp decline in advertising and marketing spending. Eventually, AP Core's liquidity and capital resources would become strained to the point that it could not continue to operate absent a default in 2026. -- S&P assumes AP Core's $150 million revolving credit facility will be 85% drawn and the accounts receivable securitization facility will be 60% drawn at default. -- All debt claims include six months of prepetition interest. -- S&P valued AP Core on a going-concern basis using a 6x multiple of its projected emergence EBITDA, which is in line with the multiples it uses for most of the other digital marketing and advertising companies S&P rates. Simplified waterfall -- EBITDA at emergence: $174 million -- EBITDA multiple: 6x -- Gross enterprise value: $1 billion -- Net enterprise value (after 5% administrative costs): $993 million -- Estimated priority debt claims (accounts receivable securitization facility): $220 million -- Value available for senior secured debt claims: $773 million -- Estimated senior secured debt claims: $1.83 billion --Recovery expectations: 30%-50% (rounded estimate: 40%) APPLICO LLC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Applico, LLC c/o Chris Didyoung 6509 Highway 69 S Tuscaloosa, AL 35405-6488 Business Description: Applico, an appliance & lighting company, operates a single-location showroom in Tuscaloosa, Alabama, retailing major household appliances, indoor and outdoor lighting fixtures, fireplaces and related home-improvement products. The family-owned company partners with manufacturers such as GE, LG and Samsung to serve residential customers, builders and remodelers in the Tuscaloosa metro area. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 25-70561 Judge: Hon. Jennifer H Henderson Debtor's Counsel: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC 3198 Parliament Cir Ste 302 Montgomery AL 36116 Tel: (334) 263-7733 E-mail: abush@bushlegalfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Chris Didyoung as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ORAO3IQ/Applico_LLC__alnbke-25-70561__0001.0.pdf?mcid=tGE4TAMA ARCH THERAPEUTICS: Seeks Chapter 11 Bankruptcy in Massachusetts --------------------------------------------------------------- On April 18, 2025, Arch Therapeutics Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Arch Therapeutics Inc. Arch Therapeutics Inc. is a medical technology company operating in the diagnostic laboratory sector (NAICS code 6215). Arch Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass.Case No. 25-40409) on April 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Alan L. Braunstein, Esq. at Riemer & Braunstein, LLC. ASCEND PERFORMANCE: Files for Bankruptcy, Gets $250M DIP Loan ------------------------------------------------------------- Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced on April 21, 2025, that, with the support of its key stakeholders, it has initiated Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 process will enable Ascend to deleverage its balance sheet and continue providing best-in-class materials to nearly 1,650 customers globally. Ascend's subsidiaries that are located outside of the U.S. are not included in the Chapter 11 filings. With the support of its lenders, Ascend will use the Chapter 11 process to pursue a value-maximizing restructuring transaction that will enable the Company to emerge from Chapter 11 as a healthy, well-capitalized business. The Company will operate as usual throughout the Chapter 11 process and will continue to manufacture and produce high-performance materials that improve the quality of life today and inspire a better tomorrow. In connection with this process, the Company has received a commitment for $250 million in debtor-in-possession financing from its lenders, which is expected to provide the Company with sufficient liquidity to support Ascend throughout the Chapter 11 process. Ascend aims to complete the process in approximately six months. "Ascend has made significant strides in transforming our business, with a focus on efficiency and driving cost reductions while ensuring that we are able to operate safer than we ever have before," said Phil McDivitt, President and CEO of Ascend Performance Materials. "Over the last several months, we have been working with our lenders to define the best path forward for Ascend. We expect that the restructuring will substantially reduce Ascend's funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy. We are confident that the Chapter 11 process will put us on a path to becoming an even stronger company with a healthier financial structure and better positioned to continue delivering high-performance materials that improve the lives of our customers." He continued, "As we embark on this process, we look forward to continuing to partner with our lenders, who believe in the underlying value and potential of our business and have provided us with funding to support our business throughout the process. We are also grateful to our customers and partners for their ongoing support and to our employees for their hard work and commitment to working safely and supporting Ascend's other values." Ascend is operating as usual throughout this process and does not expect any impact to product availability or customer contracts. The Company remains focused on creating and delivering high quality performance materials for its customers. Ascend has filed a number of customary "First Day" motions with the Bankruptcy Court seeking approval to support its operations during the Chapter 11 process, including paying employee wages, salaries and benefits without interruption. The Company expects to receive approval of these motions in the coming days. Ascend intends to pay vendors and suppliers in full for goods and services provided on or after the filing date in accordance with the Bankruptcy Code. Additional Information Additional information about Ascend's restructuring is available at www.ascendmaterials.com/strengtheningascend. Bankruptcy Court filings and other information regarding the case can be found at https://dmepiq11.com/Ascend or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). Ascend is advised in this matter by Kirkland & Ellis LLP as legal counsel, FTI Consulting as financial advisor, and PJT Partners as investment banker. The ad hoc group of first lien lenders to the Company is advised by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C. as investment banker. About Ascend Performance Materials Ascend Performance Materials LLC produces nylon resins and fibers. The Company offers basic and intermediate nylon chemicals, including polymers and plastics, carpet fibers, intermediate chemicals, and industrial fiber products. Ascend Performance Materials serves customers worldwide. AZTEC FUND: Claims to be Paid From Property Sale Proceeds --------------------------------------------------------- The Aztec Fund Holding Inc. and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas an Amended Combined Disclosure Statement describing Joint Chapter 11 Plan of Liquidation dated March 24, 2025. TAF Holdco and OME Holdco, i.e., the Holdco Debtors, are each Delaware corporations and are the parents of each other Debtor including, OME Bowie, OME Mark Center, and OME Windward. TAF Holdco also owns 100% of the membership interests in TAF Westway, a non-Debtor ("Westway Equity"). Under this Plan and the recently-filed Sale Motion, the Debtors will: * Sell the commercial office properties held by OME Mark Center, OME Bowie, and OME Windward pursuant to the Sale Motion. In the event there is no Qualified Bid for the office properties, such office properties will either be transferred to Bank of America, National Association ("BANA") pursuant to a credit bid, or BANA or its designee will foreclose on such properties following the lifting of the automatic stay. The proceeds of these sales, after payment of expenses and fees, will be distributed to BANA. * Conduct an auction for, and sell, the Westway Equity. The holder of Westway Equity will, indirectly, own and control the commercial office property owned by TAF Westway. The Stalking Horse Bidder for the Westway Equity is USTAF S.A.P.I. de C.V., a Mexican entity and TAF Holdco's current parent, and its Stalking Horse bid is $20,000.00. * Pay, or provide for payment of, administrative expenses incurred during these bankruptcy cases; * Distribute remaining cash held in the Debtors' accounts to BANA; and * Distribute proceeds of Westway Equity sale to unsecured creditors of TAF Holdco. Because OME Holdco is a creditor of TAF Holdco, unsecured creditors of OME Holdco will also receive a distribution under the Plan. Unsecured creditors of all other Debtors will not receive anything under this Plan. Class 1B consists of General Unsecured Claims against TAF Holdco. Each holder of an Allowed Class 1B Claim shall receive its pro rata share of the Westway Proceeds, which the Plan Administrator shall pay within 30 days after the Effective Date, or as soon as practicable thereafter, in full and final satisfaction of all such Class 1B Claims. Class 1B is Impaired. Class 2B consists of all General Unsecured Claims against TAF DTC. All General Unsecured Claims against TAF DTC in Class 2B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 2B is deemed to reject and not entitled to vote. Class 3B consists of all General Unsecured Claims against TAF Intellicenter. All General Unsecured Claims against TAF Intellicenter in Class 3B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 3B is deemed to reject and not entitled to vote. Class 4B consists of all General Unsecured Claims against TAF Lakeside. All General Unsecured Claims against TAF Lakeside in Class 4B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 4B is deemed to reject and not entitled to vote. Class 6B consists of all General Unsecured Claims against TAF Pinnacle Park. In full and final satisfaction of Class 6B Claims, (i) BANA Loan Collateral will be sold pursuant to the Sale Motion and BANA will receive the proceeds of the sale free and clear of all liens, Claims, and encumbrances; and (ii) any remaining, unsold, BANA Loan Collateral will be surrendered to BANA free and clear of all other liens, Claims, and encumbrances. Class 6B is deemed to reject and not entitled to vote. Class 7B consists of all General Unsecured Claims against TAF Royal Tech. All General Unsecured Claims against TAF Royal Tech in Class 7B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 7B is deemed to reject and not entitled to vote. Class 8B consists of General Unsecured Claims against OME Holdco. Each holder of an Allowed Class 8B Claim shall receive its pro rata share of distributions received from TAF Holdco pursuant to Class 1B, which the Plan Administrator shall pay within 30 days after the Effective Date, or as soon as practicable thereafter, in full and final satisfaction of all such Class 8B Claims. Class 8B is Impaired and entitled to vote. Class 9B consists of all General Unsecured Claims against OME Bowie. All General Unsecured Claims against OME Bowie in Class 9B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 9B is deemed to reject and not entitled to vote. Class 10B consists of all General Unsecured Claims against OME Lake Vista. All General Unsecured Claims against OME Lake Vista in Class 10B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 10B is deemed to reject and not entitled to vote. Class 11B consists of all General Unsecured Claims against OME Mark Center. All General Unsecured Claims against OME Mark Center in Class 11B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 11B is deemed to reject and not entitled to vote. Class 12B consists of all General Unsecured Claims against OME Windward. All General Unsecured Claims against OME Windward in Class 12B are extinguished and disallowed and holders of such claims will not receive any distribution under the Plan. Class 12B is deemed to reject and not entitled to vote. On February 27, 2025, the Debtors filed the Sale Motion, seeking Bankruptcy Court approval of the Sale Procedures, pursuant to which OME Bowie, OME Mark Center, and OME Windward will market and attempt to sell their real property (including all personal property associated with the operation of such real property). The Sale Procedures are incorporated by reference and made part of this Plan, and any sale made pursuant to the Sale Procedures will be deemed a sale made pursuant to this Plan. The proceeds of these sales (including any deposit made pursuant to the Sale Procedures) will be paid over to BANA in satisfaction of its Allowed Claims in Classes 9A, 11A, and 12A. To the extent the sale process does not yield one or more purchasers satisfactory to BANA, then either (i) OME Bowie, OME Mark Center, and OME Windward, as the case may be, shall transfer the property to BANA in accordance with a credit bid made pursuant to the Sale Procedures free and clear of all liens, Claims, and encumbrances, or (ii) the automatic stay shall be lifted with respect to such property (or deemed lifted as of the Effective Date) so that BANA or its designee can foreclose on such property under state law. In the event that the office properties held by OME Bowie, OME Mark Center or OME Windward are transferred to BANA pursuant to a credit bid, such transfer shall to BANA shall satisfy its Class 9A, 11A, and 12A Claims, as applicable. To the extent the automatic stay is lifted with respect to such property, the Class 9A, 11A or 12A Claims, as applicable, shall be deemed to not be discharged pursuant to this Plan solely to the extent necessary to enable BANA or its designee to foreclose (including making a credit bid at such foreclosure) under state law. The Stalking Horse Bid shall consist of the Stalking Horse Bidder's offer to purchase the Westway Equity for the Westway Proceeds in the amount of $20,000.00 in cash. A full-text copy of the Amended Combined Disclosure Statement and Plan dated March 24, 2025 is available at https://urlcurt.com/u?l=WGSt82 from from Stretto, claims agent. Counsel to the Debtors: John D. Cornwell, Esq. Brenda L. Funk, Esq. Julian P. Vasek, Esq. Alexander R. Perez, Esq. MUNSCH HARDT KOPF & HARR, P.C. 700 Milam Street, Suite 800 Houston, Texas 77002 Telephone: (713) 222-1470 Facsimile: (713) 222-1475 Email: jcornwell@munsch.com bfunk@munsch.com jvasek@munsch.com arperez@munsch.com About Aztec Fund Holding The Aztec Fund Holding Inc. invests in office buildings in the United States and thus create real estate portfolios that generate regular cash flows and sustainable value over time. The Aztec Fund Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90436) on Aug. 5, 2024. In the petition filed by Charles Haddad, as president, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the cases. The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as counsel; and Getzler Henrich & Associates LLC as financial advisor. Hilco Real Estate Appraisals, LLC, is the real estate appraiser. Stretto, Inc., is the claims agent. AZZUR GROUP: Disclosure Statement Approved on Interim Basis ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved on an interim basis the adequacy of the combined disclosure statement explaining Chapter 11 plan of Azzur Group Holdings LLC and its debtor-affiliates. The deadline to vote to accept the Debtors' Chapter 11 plan is May 14, 2025, at 4:00 p.m. ET. Objections to the confirmation of the Debtors' Chapter 11 plan and final approval of the adequacy of information in the Disclosure Statement is May 14, 2025, at 4:00 p.m. ET. The combined hearing to consider confirmation of the Plan and final approval of the Disclosure Statement is scheduled on May 19, 2025. at 10:00 a.m. ET. The Debtors said the Combined Disclosure Statement and Plan for the treatment of their remaining business units and assets and Distribution of the proceeds of the Estates’ assets to the Holders of Allowed Claims against the Debtors as set forth herein. Each Debtor is a proponent of the Plan within the meaning of section 1129 of the Bankruptcy Code. This Combined Disclosure Statement and Plan contains, among other things, a discussion of the Debtors' history, businesses, properties, operations, the Chapter 11 Cases, risk factors, summary and analysis of this Plan, and certain other related matters. The Debtors commenced Chapter 11 cases to complete their marketing process and consummate one or more value-maximizing, going concern transactions within the liquidity parameters they faced. The Plan is the best vehicle to conclude the Chapter 11 Cases following the Sale Transaction(s) and provides for the most efficient, orderly, and value-maximizing path to make timely Distributions to creditors. Projected recoveries under the Plan are: Amount Class Claim of Claim Recovery ----- ----- -------- -------- 1 Other $1.3 Mil. 100% Secured 2 Other De Minimis 100% Priority 3 M&T $51.2 Mil. 7 1% Secured 4 General $45.8 Mil. 1% Unsecured 5 Intercompany N/A N/A 6A Azzur Group $108 Mil. 0% Holdings Interests 6B Section None 0% 510(b) A full-text copy of the Disclosure Statement explaining the Chapter 11 plan is available for free at https://tinyurl.com/mszsp58f About Azzur Group Holdings Azzur Group Holdings, a Pennsylvania-based professional services company operates across multiple locations including Boston, Chicago, San Diego, and San Francisco, providing specialized life sciences services including consulting, laboratory testing, cleanrooms-on-demand, and technical training services. Azzur Group Holdings and more than 30 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In their petitions, the Debtors reported estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Karen B. Owens handles the cases. DLA Piper LLP represents the Debtors as general bankruptcy counsel. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as investment banker, and Stretto Inc. acts as claims and noticing agent. BEAUCHAMP ENTERPRISES: Claims to be Paid From Disposable Income --------------------------------------------------------------- Beauchamp Enterprises filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated March 24, 2025. The Debtor, a California corporation registered to do business in Nevada, operates a Chem-Dry(R) carpet cleaning franchise with exclusive rights to the Reno and Lake Tahoe, Nevada, and Truckee, California markets. The Debtor started with rights to only Lake Tahoe and Truckee markets. At the end of 2021, Debtor expanded rapidly in response to Truckee's growth during the COVID 19 pandemic. Debtor anticipated this expansion would increase its revenue to offset the loss and newly incurred debt. While Debtor achieved small growth in the market share, it was not sufficient offset the amount of debt incurred to sustain the business through the 2023 downturn. The Debtor will fund the Plan by contributing his "Disposable Income" for a period of 60-months. The Plan Proponent's financial projections show Debtor will have projected disposable income of $680.00 per month. The final Plan payment is expected to be paid on May 31, 2030. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations of Debtor's businesses. Non-priority unsecured creditors holding allowed claims in Debtor's case will receive distributions, which the proponent of this Plan has valued at approximately seven cents ($0.07) on the dollar ($1.00). This Plan also provides for the payment of administrative and priority claims. Class 8 consists of Non-priority General Unsecured Creditors. Each holder of a Class 8 non-priority unsecured Allowed Claim shall receive their pro rata share of Debtor's Disposable Income, after the payment in full of Administrative Claims, through the end of the Plan Term (the "Class 8 Plan Dividend"). Any portion of a Class 8 nonpriority general unsecured claim in excess of the Class 8 Plan Dividend shall be discharged in accordance with Article 9 of this Plan. This Class is impaired. Class 9 consists of Equity Interest Holders. Equity security holders of Debtor shall retain their interests in the Debtor, but shall receive no disbursement on account of such equity interest during the Plan Term. The Debtor will use its Disposable Income during the Plan Term, cash on hand, and profits from the operation of its business to fund the Plan. Commencing on the Effective Date of this Plan, Debtor's Disposable Income will be disbursed on a monthly basis and first used to fund the Class 8 Plan Dividend payments to Class 8 Non-priority general unsecured creditors on a pro rata basis. During the Plan Term, Debtor's Disposable Income shall be disbursed on a monthly basis to Class 8 Non-Priority General Unsecured Claims for a period of 36-months. A full-text copy of the Plan of Reorganization dated March 24, 2025 is available at https://urlcurt.com/u?l=zB9EzA from PacerMonitor.com at no charge. About Beauchamp Enterprises Beauchamp Enterprises, a California corporation registered to do business in Nevada, operates a Chem-Dry(R) carpet cleaning franchise. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51268) on December 23, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Hilary L. Barnes presides over the case. The Debtor is represented by: Kevin A. Darby, Esq. Darby Law Practice, Ltd Tel: 775-322-1237 Email: kevin@darbylawpractice.com BELMONT TRADING: Court Extends Cash Collateral Access to May 23 --------------------------------------------------------------- Belmont Trading Co., Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order penned by Judge Janet Baer authorized the company to use its lenders' cash collateral until May 23 to pay the expenses set forth in its monthly budget. The budget projects total expenses of $151,900. As protection from any diminution in the value of their collateral, Kassel Financing, LLC and the U.S. Small Business Administration were granted replacement liens on their collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, Belmont was ordered to keep the lenders' collateral insured as further protection. A status hearing is set for May 21. Kassel Financing, as lender, is represented by: Keevan D. Morgan, Esq. Morgan & Bley, Ltd. 900 W. Jackson Blvd., Suite 4 East Chicago, IL 60607 312.802.0003/312.243.0006 kmorgan@morganandbleylimited.com amorgan@morganandbleylimited.com About Belmont Trading Co. Belmont Trading Co., Inc. offers full-service value recovery and recycling services for mobile devices. It processes retired mobile devices and remarket and resell them. Belmont sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-12083) on September 12, 2023, with $2,575,764 in assets and $15,773,104 in liabilities. Belmont President Igor Boguslavsky signed the petition. Judge Janet S. Baer oversees the case. O. Allan Fridman, Esq., at Law Office of Allan Fridman, represents the Debtor as bankruptcy counsel. BENSON HILL: Creditors Challenge Adviser Appointment ---------------------------------------------------- Randi Love of Bloomberg Law reports that junior creditors of Benson Hill Inc. have objected to the company's request to hire Piper Sandler & Co. as its investment banker, arguing that the proposed fee arrangement is excessive. In a Tuesday, April 22, 2025, filing with the U.S. Bankruptcy Court for the District of Delaware, a committee representing unsecured creditors claimed the compensation terms go "well beyond" what is typically approved for comparable transactions in the district, Bloomberg Law reports. Benson Hill filed for bankruptcy in March, with a lead bid from its lenders to acquire its assets, the report relays. About Benson Hill Benson Hill, Inc. is an ag-tech company focused on innovating soy protein through advanced genetics. Using its CropOS technology platform, Benson Hill creates food and feed that are more nutritious, functional, and produced efficiently, offering sustainability benefits to the food and feed sectors. Benson Hill and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Lead Del. Case No. 25-10539) on March 20, 2025. The petitions were signed by Daniel Cosgrove as interim chief executive officer. In their petitions, the Debtors reported total assets of $137,542,000 and total debts of $110,701,000. Judge Thomas M. Horan handles the cases. The Debtors tapped Faegre Drinker Biddle & Reath, LLP as bankruptcy counsel; Piper Sandler as investment banker; Meru, LLC as financial advisor; and Stretto, Inc. as claims and noticing agent. BENT AVENUE: To Sell New Jersey Properties to Burt Hirchman ----------------------------------------------------------- Bent Avenue Real Estate Holdings, LLC, seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Real Property, free and clear of liens, interests, and encumbrances. The Debtor is a corporation which owns three parcels of real property located at 18-20 N 7th Street, Paterson, NJ 07505; 114 Fairview Avenue, Teaneck, New Jersey 07666; and 667 E 24th Street, Paterson, NJ 07504. The Debtor employs Andres Ospina as Realtor to assist with the marketing and sale of the Property, with the selling price of $550,000.00. The Property was listed as a single-family property with three bedrooms and three bathrooms. The Realtor marketed the Property on numerous websites including Zillow.com, realtor.com, trulia.com, and many other websites. The Debtor and Realtor have agreed for Realtor to take a commission of 5% of the closing price. The Debtor enters a contract to sell the Property to Burt Hirchman and Ann Schuman for $605,000.00, with a concession of $10,000.00. The lienholders of the Property include CC1 NJ II, LLC in the amount of $1,050.50; FIG, as Custodian for GIFNJ19, LLC in the amount of $1,266.51; McCormick 101, LLC in the amount of $1,262,509.90; MTAG, as Custodian for ATCF II NJ, LLC in the amount of $7,657.05; and US Bank as Custodian for Pro Cap 8 in the amount of $4,144.70. The pertinent terms of the Purchase Agreement are as follows: a. The Purchase Agreement provides for a purchase price of $600,000.00, with a deposit of $90,000.00, a mortgage of $510,000.00, and the balance of purchase price due at closing of $0.00. b. The Addendum listing the Seller’s Concession increased the sales price to $605,000, but included a seller concession of $10,000. c. The proposed Purchasers of the Property are Burt Hirschman and Ann Schuman. d. The closing is anticipated to occur on or around May 15, 2025, after the sale hearing held before the Bankruptcy Court approving the sale of the Property to Purchasers in accordance with 11 U.S.C. § 363(b) unless otherwise extended by written agreement of the parties and the lienholders. e. The Purchase Agreement and sale is contingent upon approval of the Bankruptcy Court for the District of New Jersey. Debtor shall proceed to seek such approval or dismissal immediately upon completion of attorney review. The Debtor believes the proposed sale provides the highest and best value to the bankruptcy estate. About Bent Avenue Real Estate Holdings, LLC Bent Avenue Real Estate Holdings, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bent Avenue Real Estate Holdings filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-15507) on May 30, 2024, listing up to $1 million in assets and up to $10 million in liabilities. The petition was signed by Ben Taveras, member. David L. Stevens, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota LLP represents the Debtor as counsel. BIT-TECH LLC: Seeks Subchapter V Bankruptcy in West Virginia ------------------------------------------------------------ On April 18, 2025, Bit-Tech LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of West Virginia. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bit-Tech LLC Bit-Tech LLC is a limited liability company. Bit-Tech LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-30108) on April 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Andrew S. Nason, Esq. of Pepper & Nason. BLACKBERRY LIMITED: Board OKs Enhanced Severance Terms for CEO -------------------------------------------------------------- BlackBerry Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors, upon the recommendation of the Company's Compensation, Nomination and Governance Committee following a year-end review of the compensation of the Company's Chief Executive Officer, John Giamatteo, approved amendments to Mr. Giamatteo's employment agreement dated December 8, 2023, as amended. The amendments enhance the severance benefits payable to Mr. Giamatteo in the event of termination by the Company without Just Cause or by Mr. Giamatteo with Good Reason (each, as defined in the Employment Agreement) by: (i) increasing the period of salary continuance from 12 months plus one additional month per completed year of service to 24 months, and (ii) adding a lump sum payment in an amount equal to two times Mr. Giamatteo's then current target annual bonus under the Company's Variable Incentive Plan. The terms of the Employment Agreement remain otherwise unamended. A full-text copy of the Employment amendment with John Giamatteo, dated as of April 1, 2025 is available at https://tinyurl.com/4xdtp2am About BlackBerry Headquartered in Waterloo, Canada, BlackBerry Limited provides intelligent security software solutions. At May 31, 2024, BlackBerry had $1.3 billion in total assets, $581 million in total liabilities, and $742 million in total equity. * * * Egan-Jones Ratings Company on December 18, 2024, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BOXLIGHT CORP: Fails to Meet Nasdaq Listing Requirements -------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that it did not satisfy the continued listing requirements under Nasdaq Listing Rule 5550(b) for the Nasdaq Capital Market. Rule 5550(b) requires that a listed company must satisfy one of the following three standards: (1) stockholders' equity of at least $2.5 million; (2) market value of listed securities of at least $35 million; or (3) net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. In its Annual Report on Form 10-K for the year ended December 31, 2024, the Company reported: (i) stockholders' equity of ($12,896,000) at December 31, 2024, and (ii) net losses of ($28,335,000) and ($39,156,000) for the years ended December 31, 2024, and 2023, respectively. In addition, based on the consolidated closing bid price of the Company's Class A Common Stock on the Nasdaq Capital Market on April 4, 2025 of $1.27, the market value of the Company's listed securities was $2,830,180 as of such date. 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). 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 7, 2025, to evidence compliance. There can be no assurance that the Company's compliance plan will be accepted by Nasdaq, or that the Company will be able to obtain compliance with Rule 5550(b) within the prescribed timeframe. If the Company's Class A Common Stock is delisted from the Nasdaq Capital Market, it could have a material adverse effect on the market price and liquidity of the Class A Common Stock and could materially impair the Company's ability to raise equity capital. About Boxlight Corporation Boxlight Corporation, based in Duluth, Georgia, is a technology company that develops, sells, and services interactive solutions primarily for the global education market, as well as for corporate and government sectors. The Company offers a range of products, including interactive and non-interactive flat-panel displays, LED video walls, media players, classroom audio systems, cameras, and STEM solutions like 3D printing and robotics. These products are integrated into a classroom software suite for learning, assessment, and collaboration. Boxlight also provides professional training services to U.S. educational customers. In its report dated Mar. 28, 2025, the Company's auditor, Forvis Mazars, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, highlighting that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. For the years ended Dec. 31, 2024 and 2023, Boxlight Corporation incurred net losses attributable to common stockholders of $29.6 million and $40.4 million, respectively. As of Dec. 31, 2024, Boxlight Corporation had $115.31 million in total assets, $99.69 million in total liabilities, $28.51 million in total mezzanine equity, and a total stockholders' deficit of $12.90 million. BOXLIGHT CORP: Files S-1 for Possible Sale of 1.32M Shares ---------------------------------------------------------- Boxlight Corporation filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission disclosing that the selling securityholders -- Kazazian Capital Master Fund, L.P., HIC 2, LLC, Roystone Fund LP -- may offer and sell up to 1,323,000 shares in the aggregate of the Class A common stock, par value $0.0001 per share, of the Company, of which: (i) 260,000 shares are presently issued and outstanding and (ii) 1,063,000 shares are issuable upon the exercise of certain prefunded warrants to purchase shares of Class A common stock held by the selling securityholders. Boxlight said, "We are not selling any shares of our Class A common stock under this prospectus and will not receive any proceeds from the sale by the selling securityholders of the Shares. We will, however, receive the net proceeds of any Prefunded Warrants exercised for cash." "Sales of the Shares by the selling securityholders may occur at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The selling securityholders may sell Shares to or through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, concessions or commissions from the selling securityholders, the purchasers of the Shares, or both." "We are paying the cost of registering the shares of Class A common stock covered by this prospectus as well as various related expenses. The selling securityholders are responsible for all broker or similar commissions related to the offer and sale of their Shares." A full-text copy of the Registration Statement is available at: https://tinyurl.com/27jvkzzc About Boxlight Corporation Boxlight Corporation, based in Duluth, Georgia, is a technology company that develops, sells, and services interactive solutions primarily for the global education market, as well as for corporate and government sectors. The Company offers a range of products, including interactive and non-interactive flat-panel displays, LED video walls, media players, classroom audio systems, cameras, and STEM solutions like 3D printing and robotics. These products are integrated into a classroom software suite for learning, assessment, and collaboration. Boxlight also provides professional training services to U.S. educational customers. In its report dated Mar. 28, 2025, the Company's auditor, Forvis Mazars, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, highlighting that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. For the years ended Dec. 31, 2024 and 2023, Boxlight Corporation incurred net losses attributable to common stockholders of $29.6 million and $40.4 million, respectively. As of Dec. 31, 2024, Boxlight Corporation had $115.31 million in total assets, $99.69 million in total liabilities, $28.51 million in total mezzanine equity, and a total stockholders' deficit of $12.90 million. CARING FOR YOU: Seeks Subchapter V Bankruptcy in Maryland --------------------------------------------------------- On April 18, 2025, Caring For You Assisted Living LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Caring For You Assisted Living LLC Caring For You Assisted Living LLC is a healthcare provider operating multiple assisted living facilities in Baltimore, Maryland. Caring For You Assisted Living LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-13464) on April 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Aryeh E. Stein, Esq. at Meridian Law, LLC. CORE NATURAL: Moody's Rates New Tax-Exempt Revenue Bond 'B3' ------------------------------------------------------------ Moody's Ratings assigned a B3 rating to Core Natural Resources, Inc.'s ("Core") new tax-exempt backed senior unsecured solid waste disposal revenue bond. The bond was issued by Pennsylvania Economic Dev. Fin. Auth. ("PEDFA"), and guaranteed by Core. Core's B1 Corporate Family Rating, B1-PD Probability of Default Rating, SGL-2 liquidity rating, and positive ratings outlook have been reviewed in the rating committee and remain unchanged. The existing B2 rating on the backed second lien senior secured solid waste disposal revenue bond issued by PEDFA has been withdrawn, as it has been refinanced. RATINGS RATIONALE Core recently completed a refinancing of its three tax-exempt bonds, which were previously issued by CONSOL Energy Inc. ("CONSOL") and Arch Resources, Inc. ("Arch"), prior to their merger in January 2025. As part of the refinancing, Core was able to harmonize the terms across the three tax-exempt bonds, with all three of them now being unsecured bonds with a 10-year initial term, and lower interest cost. The size of the PEDFA tax-exempt bond was increased slightly to $97.6 million from $75 million before. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. Core's B1 CFR is supported by a high quality portfolio of thermal and metallurgical coal assets, ownership interest in two export terminals on the US east coast which provides access to the seaborne markets for both its thermal and metallurgical coal, solid contracted position for its thermal coal, strong liquidity, and strong credit metrics. The rating is constrained by volatility associated with metallurgical coal, ongoing secular decline in domestic demand for thermal coal, legacy liabilities – related to asset retirement obligations, pension & other post-retirement benefit obligations, black lung & workers' compensation – which are now higher for the combined company, and ESG headwinds facing the US coal sector. Core's SGL-2 reflects good liquidity to support operations over the next 12-18 months. Core had proforma cash and cash equivalents of over $600 million at year-end 2024, and Moody's expects positive FCF generation in 2025 with support from a largely contracted thermal coal portfolio. Core has access to a $600 million revolving credit facility due 2029 (unrated), and expects to combine Arch's and CONSOL's existing AR securitization facilities into a new $250 million facility in the near-term. Core's revolver is subject to covenants including maximum first lien gross leverage ratio, maximum total net leverage ratio, and a minimum interest coverage ratio. Moody's expects the company to remain in compliance with its financial covenants over the next 12-18 months. The positive outlook reflects Moody's expectations for smooth integration following close of the merger, progress on realization of targeted annual synergies of $110 - $140 million over 6-18 months from closing, realization of optimization benefits from the ownership of two export terminals, resumption of longwall operations at Leer South following the recent combustion event around mid-2025 with limited financial impact, and allocation of a portion of free cash flow for shareholder distributions while maintaining strong credit metrics and liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Core's ratings if it successfully integrates the acquisition of Arch, and realizes targeted synergies and portfolio optimization benefits, demonstrates earnings and cash flow stability with a contracted base of thermal coal production, while maintaining strong liquidity and Moody's adjusted Debt/EBITDA below 1.0x. Moody's could downgrade Core's ratings if the integration does not go as planned, Moody's adjusted Debt/EBITDA is sustained above 2.0x, continued negative free cash flow generation results in a substantive deterioration in liquidity, or further intensification of ESG concerns that call into question the company's ability to handle upcoming financing requirements or access capital markets on economic terms. Core Natural Resources, Inc. was formed through a merger between CONSOL Energy Inc. and Arch Resources, Inc. in early 2025. Core has operations across 11 mines, producing both thermal and metallurgical coal. Core also has ownership interests in two export terminals on the US east coast, through which it sells both thermal and metallurgical coal into the seaborne markets. The principal methodology used in these ratings was Mining published in April 2025. COSMOS GROUP: Appoints Lao Professional as New Auditor ------------------------------------------------------ Cosmos Group Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors accepted the resignation of Olayinka Oyebola & Co. as the Company's independent registered public accountant, effective immediately. Except as noted in the paragraph immediately below, the reports of OO on the Company's consolidated financial statements for the years ended December 31, 2023 and 2022, did not contain an adverse opinion or disclaimer of opinion, and such reports were not qualified or modified as to uncertainty, audit scope, or accounting principle. The reports of OO on the Company's consolidated financial statements as of and for the year ended December 31, 2023, contained explanatory paragraphs which noted that there was substantial doubt as to the Company's ability to continue as a going concern as the Company suffered from an accumulated deficit of $205,499,215 and continuous loss of $77,391,995, which raised substantial doubt about its ability to continue as a going concern. During the years ended December 31, 2023 and 2022, the Company has not had any disagreements with OO on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to OO's satisfaction, would have caused them to make reference thereto in their reports on the Company's consolidated financial statements for such periods. During the years ended December 31, 2023 and 2022, there were no reportable events, as defined in Item 304(a)(1)(v) of Regulation S-K. Concurrently therewith, the Company retained the firm of Lao Professional, to audit its consolidated financial statements for its fiscal year ended December 31, 2024. During the fiscal years ended December 31, 2023 and 2022, and through the date of this Form 8-K, neither the Company nor anyone acting on its behalf consulted LP regarding: (1) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and LP did not provide either a written report or oral advice to the Company that was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, (2) any matter that was either the subject of a disagreement with OO on accounting principles or practices, financial statement disclosure or auditing scope or procedures, which, if not resolved to the satisfaction of OO, would have caused OO to make reference to the matter in their report, or a "reportable event" as described in Item 304(a)(1)(v) of Regulation S-K of the SEC's rules and regulations. About Cosmos Group Cosmos Group Holdings Inc. is a Nevada holding company with operations conducted through its subsidiaries based in Singapore and Hong Kong. The Company, through its subsidiaries, is engaged in two business segments: (i) the physical arts and collectibles business, and (ii) the financing/money lending business. Lagos, Nigeria-based Lateef Awojobi – Lao Professionals, the Company's auditor since 2025, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company suffered an accumulated deficit of $(200,755,594). These matters raise substantial doubt about the Company's ability to continue as a going concern. CUCL CORPORATION: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: CUCL Corporation 555 4th Street, #450 San Francisco, CA 94107 Business Description: CUCL Corporation is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: April 22, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13300 Judge: Hon. Julia W. Brand Debtor's Counsel: Mark Horoupian, Esq. GREENSPOON MARDER LLP 1875 Century Park East, Suite 1900 Los Angeles, CA 90067 Tel: (213) 626-2311 E-mail: mark.horoupian@gmlaw.com Total Assets: $2,000,000 Total Liabilities: $235,000 The petition was signed by Laurence Chun as president. The Debtor indicated in the petition there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WDNSUIA/CUCL_Corporation__cacbke-25-13300__0001.0.pdf?mcid=tGE4TAMA CYPRESSWOOD SPRING: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Cypresswood Spring Memory Care, LLC Autumn Leaves of Cypresswood 1900 Enchanted Way, Suite 200 Grapevine, TX 76051 Business Description: Cypresswood Spring Memory Care, LLC, dba Autumn Leaves of Cypresswood, operates a 54-bed, purpose-built community in Spring, Texas that provides specialized residential care for people with Alzheimer's disease and other dementias. The facility is part of family-owned Autumn Leaves Memory Care, which runs similar communities in Texas and Illinois. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-41420 Judge: Hon. Edward L Morris Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main St. Suite 500 Dallas TX 75202 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Tracy Bazzell as agent. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CZE3K4Q/Cypresswood_Spring_Memory_Care__txnbke-25-41420__0001.0.pdf?mcid=tGE4TAMA DANIEL J. WALLACE: No Patient Complaints, 3rd PCO Report Says ------------------------------------------------------------- Tamar Terzian, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her third interim report regarding the quality of patient care provided by Daniel J. Wallace M.D., a Medical Corporation. In the report which covers the period Oct. 7 to Dec. 7, 2024, the PCO conducted a site visit of the healthcare provider's headquarters in Beverly Hills and met with its chief executive officer who is responsible for coordination of patient care services and responsible for all activities relevant to the patient care services furnished, including the development of personnel qualifications and the assignment of personnel. The PCO confirmed that each patient is proposed with a treatment plan that is reviewed by Dr. Wallace. The treatment plan varies depending on the patients' needs and diagnosis. Many of the biologic therapies for autoimmune diseases are administered using intravenous infusions. The staff and medical assistants are properly trained to provide care. During this interim period, the staff was significantly reduced. The healthcare provider currently has two medical assistants, one biller, one physician assistance, and two front desk. In addition, Dr. Wallace and Dr. Lee entered into an agreement to alter the relationships where Dr. Wallace would not provide services at the healthcare provider's location. The patients received notice via regular mail with a letter that specifically states that Dec. 31 would be the last day Dr. Wallace would be providing services at this specific facility. The PCO did not receive a copy of this letter nor did the healthcare provider's counsel inform PCO of this change that Dr. Wallace would no longer be providing services through this entity. Ms. Terzian noted that the healthcare provider has received no complaints from any patients. The PCO has received no complaints from the various patients visited for this interim report. The PCO finds that all care provided to the patients is well within the standard of care. She will continue to monitor and is available to respond to any concerns or questions of the court or interested party. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=X0oLht from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian Hanson Bridgett, LLP 777 S. Figueroa Street Suite 4200 Los Angeles, CA 90017 Tel: (323) 210-77747 Email: tterzian@hansonbridgett.com About Daniel J. Wallace M.D. Daniel J. Wallace M.D., a Medical Corporation specializes in the treatment of rheumatic diseases and the research of autoimmune and inflammatory diseases. It conducts business under the name Wallace and Lee Center in Beverly Hills. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14429) on June 3, 2024, with $301,368 in assets and $3,884,496 in liabilities. Daniel J. Wallace M.D., chief executive officer, signed the petition. Judge Barry Russell presides over the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger represents the Debtor as bankruptcy counsel. Tamar Terzian has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. DANIEL J. WALLACE: No Patient Complaints, 4th PCO Report Says ------------------------------------------------------------- Tamar Terzian, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her fourth interim report regarding the quality of patient care provided by Daniel J. Wallace M.D., a Medical Corporation. In the report which covers the period Dec. 7, 2024 to February 7, 2025, the PCO conducted a site visit of the healthcare provider's headquarters in Beverly Hills and met with its chief executive officer who is responsible for coordination of patient care services and responsible for all activities relevant to the patient care services furnished, including the development of personnel qualifications and the assignment of personnel. As of this interim report, the healthcare provider's plan is that Dr. Lee and staff will monitor all patients care through this entity. On or about February 27, 2025, Dr. Lee purchased all the shares of Dr. Wallace and is now the sole provider at this location. The PCO observed that each patient's medical records and information is well maintained and accessible for staff. The records are all electronic and the PCO reviewed medical records of current patients. The PCO reviewed patient records and patient care is properly documented with attached consent forms. The PCO has no concerns or comments for this reporting period. Ms. Terzian noted that the healthcare provider has received no complaints from any patients. The PCO has received no complaints from the various patients visited for this interim report. The PCO finds that all care provided to the patients is well within the standard of care. She will continue to monitor and will be available to respond to any concerns or questions of the court or interested party. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=mNxMTP from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian Hanson Bridgett, LLP 777 S. Figueroa Street Suite 4200 Los Angeles, CA 90017 Tel: (323) 210-77747 Email: tterzian@hansonbridgett.com About Daniel J. Wallace M.D. Daniel J. Wallace M.D., a Medical Corporation specializes in the treatment of rheumatic diseases and the research of autoimmune and inflammatory diseases. It conducts business under the name Wallace and Lee Center in Beverly Hills. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14429) on June 3, 2024, with $301,368 in assets and $3,884,496 in liabilities. Daniel J. Wallace M.D., chief executive officer, signed the petition. Judge Barry Russell presides over the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger represents the Debtor as bankruptcy counsel. Tamar Terzian has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. E.F. MARKETING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: e.f. marketing group LLC 3503 Crosspoint San Antonio, TX 78217 Business Description: E.F. Marketing Group LLC is a full-service advertising and marketing agency based in San Antonio, Texas that designs and executes data-driven direct-mail and digital campaigns for regional colleges and small to mid-sized businesses. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-50842 Judge: Hon. Craig A. Gargotta Debtor's Counsel: Steven G. Cennamo, Esq. LAW OFFICE OF CENNAMO & WERNER 8546 Broadway Ste 100 San Antonio TX 78217-6345 Tel: (210) 905-0529 E-mail: scennamo@cennamowernerlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Ellis as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L6TMGSI/ef_marketing_group_LLC__txwbke-25-50842__0001.0.pdf?mcid=tGE4TAMA EARTH SCIENCE: Acquires 80% of Magnefuse, Alicat for $240.5K ------------------------------------------------------------ Earth Science Tech, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed the acquisition of 80% of Magnefuse, LLC and Alicat, LLC, both Florida limited liability companies. The acquisition was consummated for an aggregate purchase price of $240,500 in cash. This transaction followed a period of due diligence initiated under the Acquisition Agreement dated January 30, 2025. The Company will also have the option to purchase the remaining 20 percent ownership of the Florida companies for up to two years following the closing. The purchase price will be based on a valuation of two times the Florida companies' revenue at the time of the transaction. About Earth Science Tech Miami, Fla.-based Earth Science Tech, Inc. was incorporated under the laws of the State of Nevada on April 23, 2010, subsequently changed to the State of Florida on June 27, 2022. As of November 8, 2022, the Company is a holding entity set to acquire companies with its current focus in the health and wellness industry. The Company is presently in compounding pharmaceuticals and telemedicine through its wholly owned subsidiaries RxCompoundStore.com, LLC., Peaks Curative, LLC., and Earth Science Foundation, Inc. Boca Raton, Fla.-based R. Bolko, CPA P.A, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered negative cash flows and has a significant accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Earth Science Tech had $5,708,014 in total assets, $2,427,567 in total liabilities, and $3,280,447 in total stockholders' equity. EARTH SCIENCE: Acquires Las Villas, Doconsultations.com for $200K ----------------------------------------------------------------- Earth Science Tech, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed the acquisition of Las Villas Health Care, Inc. and Doconsultations.com, LLC., both Florida limited liability companies. The acquisition was consummated for an aggregate purchase price of $200,000 in cash. This transaction followed a period of due diligence initiated under the Acquisition Agreement dated January 30, 2025, and subsequently amended on March 7, 2025. Las Villas Health Care and Doconsultations.com are now wholly owned subsidiaries of the Company. The acquisition includes the operation of a wellness clinic located in Coral Gables, Florida, and an online asynchronous telemedicine platform. The acquisition is expected to enhance the Company's presence in the healthcare and telemedicine sectors and further diversify its service offerings. About Earth Science Tech Miami, Fla.-based Earth Science Tech, Inc. was incorporated under the laws of the State of Nevada on April 23, 2010, subsequently changed to the State of Florida on June 27, 2022. As of November 8, 2022, the Company is a holding entity set to acquire companies with its current focus in the health and wellness industry. The Company is presently in compounding pharmaceuticals and telemedicine through its wholly owned subsidiaries RxCompoundStore.com, LLC., Peaks Curative, LLC., and Earth Science Foundation, Inc. Boca Raton, Fla.-based R. Bolko, CPA P.A, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered negative cash flows and has a significant accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Earth Science Tech had $5,708,014 in total assets, $2,427,567 in total liabilities, and $3,280,447 in total stockholders' equity. EARTH SCIENCE: Hires Stephano Slack as New Auditor -------------------------------------------------- Earth Science Tech, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in conjunction with its decision to exit the provision of audit services to publicly traded companies, Assurance Dimensions Certified Public Accountants & Associates resigned as the independent registered public accounting firm for the Company. The Auditor's reports on the Company's consolidated financial statements for the fiscal years ended March 31, 2024, and March 31, 2023, did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the fiscal years ended March 31, 2024, and March 31, 2023, and the subsequent interim period through December 31, 2024, (i) there were no disagreements, as defined in Item 304(a)(1)(iv) of Regulation S-K, between the Company and the Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of the Auditor, would have caused the Auditor to make reference to the subject matter of such disagreements in connection with its reports on the Company's financial statements for such years and interim period, and (ii) there were no reportable events, as defined in Item 304(a)(1)(v) of Regulation S-K. Following Assurance Dimensions' exit, on April 4, 2025, the Company engaged Stephano Slack LLC as its new independent registered public accounting firm for the fiscal year ending March 31, 2025. During the Company's fiscal years ended March 31, 2024, and December 31, 2023, and the subsequent interim period through December 31, 2024, neither the Company nor anyone on its behalf consulted with the New Auditor regarding: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and no written report or oral advice was provided by the New Auditor that was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; (ii) any matter that was the subject of a disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K; or (iii) any reportable event, as defined in Item 304(a)(1)(v) of Regulation S-K. About Earth Science Tech Miami, Fla.-based Earth Science Tech, Inc. was incorporated under the laws of the State of Nevada on April 23, 2010, subsequently changed to the State of Florida on June 27, 2022. As of November 8, 2022, the Company is a holding entity set to acquire companies with its current focus in the health and wellness industry. The Company is presently in compounding pharmaceuticals and telemedicine through its wholly owned subsidiaries RxCompoundStore.com, LLC., Peaks Curative, LLC., and Earth Science Foundation, Inc. Boca Raton, Fla.-based R. Bolko, CPA P.A, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered negative cash flows and has a significant accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Earth Science Tech had $5,708,014 in total assets, $2,427,567 in total liabilities, and $3,280,447 in total stockholders' equity. EISNER ADVISORY: Moody's Lowers CFR to 'B3', Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded Eisner Advisory Group LLC's (Eisner) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. The $130 million senior secured revolving credit facility expiring 2029 and $984 million (remaining principal balance, including the new, $75 million incremental term loan) due 2031 were downgraded to B3 from B2. Moody's also assigned a B3 rating to the new $75 million senior secured incremental delayed draw term loan due 2031. The outlook remains stable. Eisner is a US middle-market accounting, tax and advisory services provider. Eisner privately placed the new $75 million incremental term loan and $75 million delayed draw term loan with an investor group. The initial use of the net proceeds from the incremental term loan was to repay revolving credit facility loans and add cash to the balance sheet. Moody's expects Eisner will use the cash to complete acquisitions currently under letter of intent. Likewise, Moody's anticipates the delayed draw term loan will be used to fund acquisitions. The downgrade of the CFR to B3 from B2 reflects Moody's concerns that financial strategies will remain aggressive, debt/EBITDA will remain well above 6.5x over the next 12 to 18 months as Eisner pursues debt-funded purchases, and free cash flow will remain weak due to acquisition, financing and integration costs. ESG considerations were a key driver of the actions, notably governance risk due to the company's decision to pursue aggressive financial strategies. RATINGS RATIONALE Eisner's B3 CFR is constrained by high debt/EBITDA around 10x for the 12 months ended January 31, 2025, pro forma for planned acquisitions and the new term loans. Eisner has a small revenue scale relative to global accounting, audit and tax service companies. Moody's views the industry as highly competitive and mature. Moody's expects debt/EBITDA will fall, approaching 7.0x by the of FY2026 (ends 31 July) through higher earnings, driven by low-single-digit rate organic revenue growth and profitability rate expansion, as well as required debt amortization. The rating is also constrained by an aggressive financial policy under private equity ownership with potential for further debt-funded acquisitions. Having completed about 40 acquisitions since 2021, Moody's expects Eisner will continue pursuing debt-funded acquisitions, limiting the potential for meaningful financial leverage reduction over the next 12 to 18 months. Given the numerous acquisitions, historical financial information does not reflect the company's current operations without substantial pro forma and other adjustments, leading us to consider the quality of earnings as poor. All financial metrics cited reflect Moody's standard adjustments. The rating benefits from Eisner's balanced business profile and strong name recognition, diversified client base with its top 10 clients representing less than 5% of total revenue, and a highly recurring revenue model supported by strong client retention rates. Moody's expects margin expansion will be driven by the company's investments in offshoring and technology support. Moody's also considers Eisner's relatively strong partner retention rates, which is a key factor in its good revenue predictability. When the employment and macro-economic environment in the US is favorable, employee turnover risks persist. However, continued high levels of incentives and retention tools partially mitigate the risk of increased partner turnover. Moody's expects EBITDA margins in a low double-digit percentage range in FY 2026 (ends July). The B3 credit facility ratings, which are the same as the B3 CFR, reflect the preponderance of debt represented by the term loan and revolver. The revolver and term loans have a first priority security interest in substantially all assets of the borrower and guarantors. Moody's considers Eisner's liquidity profile as adequate, reflecting Moody's expectations for at least $25 million of free cash flow in FY2026 and access to its $130 million revolver expiring 2029. Anticipated free cash flow and $45 million cash on hand as of January 31, 2025, pro forma for the new term loan, should cover approximately $10.0 million of mandatory annual debt amortization. However, uncertainty around Moody's free cash flow expectations remains high given the large cost add-backs that the company considers non-recurring. Due to the seasonality of the tax business and the timing of bonus compensation, Eisner's revenue and cash flows are highly seasonal. Moody's expects negative cash flow in Eisner's 2nd and 4th fiscal quarters (ending January 31, and July 31, respectively) and very positive cash flows, with a spike in tax filing-related revenue, in its 3rd fiscal quarter (ends 30 April). Moody's also expects that the revolver may be drawn to fund seasonal cash needs and acquisitions. Access to the revolver requires compliance with a springing maximum first lien net leverage ratio covenant that cannot exceed 7.7x, which is tested when the revolver draw is 35% ($45.5 million) of the total commitment or greater. As of January 31, 2025, first lien net leverage was 5.1x. Moody's expects Eisner to maintain ample cushion under its financial covenant. The stable outlook reflects Moody's expectations for low-single-digit rate organic revenue growth in 2025 and 2026 and modest, but growing, free cash flow generation. Moody's also anticipates aggressive financial strategies featuring debt-funded acquisitions, leading to elevated integration and other expenses that pressure profitability rates and free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Eisner, expands profitability rates and improves its quality of earnings as integration and other non-recurring costs diminish, with EBITDA margins around 15%, demonstrates a commitment to more conservative financial policies, sustains financial leverage below 6.0x and maintains a good liquidity profile, with free cash flow-to-debt around 5%. The ratings could be downgraded if Eisner experiences declining revenues and operating margins or high employee turnover rates. The ratings could also be downgraded if the company exhibits financial policies that include debt-financed dividends or acquisitions increasing financial leverage to be sustained above 7.0x, EBITDA less capital expenditures to interest remaining below 1.0x or a material weakening in liquidity, including from sustaining free cash flow deficits. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Eisner Advisory Group LLC, domiciled in New York City and controlled by affiliates of private equity sponsor TowerBrook, is a US middle-market professional services firm with a national platform and global presence, offering accounting, tax and advisory services to over 45,000 clients. Moody's expects FY2026 (ends July 31,) of about $1.2 billion. ENTECCO FILTER: Court Extends Cash Collateral Access to May 30 -------------------------------------------------------------- Entecco Filter Technology, Inc. received eighth interim approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division to use cash collateral until May 30. The court authorized Entecco to use the cash collateral of PNC Bank, National Association based on the company's four-week budget projection. During this interim period, the company can use up to 110% of any line item in the budget. PNC Bank has a lien on certain assets of the company based on a $125,000 loan extended under a revolving line of credit issued in July last year. As protection for PNC's interest in the cash collateral, the court granted the bank a lien on the company's post-petition assets to the same extent as its pre-bankruptcy lien. In case of any default or unauthorized use of funds, PNC can request immediate relief, including termination of the company's ability to use cash collateral. The next hearing is scheduled for May 29. About Entecco Filter Technology Entecco Filter Technology, Inc., is a Delaware-based environmental technology company, specializing in air purification systems and filter products used in various industries. Entecco filed Chapter 11 petition (Bankr. M.D.N.C. Case No. 24-50707) on September 19, 2024, listing between $1 million and $10 million in both assets and liabilities. James David Edgerton, president and chief executive officer, signed the petition. Judge Lena M. James oversees the case. The Debtor is represented by James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC. Secured creditor PNC Bank, N.A. is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein, LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 briandarer@parkerpoe.com FELTRIM TUSCANY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Feltrim Tuscany Preserve, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The order authorized the company's interim use of cash collateral to pay the amounts expressly authorized by the court, including monthly payments to the Subchapter V trustee; and expenses set forth in its budget, plus an amount not to exceed 10% for each line item. The budget projects total operational expenses of $14,246.95 for April; $14,246.95 for May; $15,362.45 for June; $15,534.95 for July; and $18,989.45 for August. Feltrim was also authorized to use cash collateral to pay any additional amount, subject to approval by its lenders. The lenders include U.S. Bank Trust Co., N.A., Sandhill Crane Financial, and Walley of Lake County, LLC. Feltrim believes these lenders hold first priority liens on its real property and rental income, which constitutes their cash collateral. As protection, the lenders were granted post-petition lien on their cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. As additional protection, Feltrim was ordered to keep property insured in accordance with its obligations under its loan agreements with the Lenders. The next hearing is scheduled for May 8. About Feltrim Tuscany Preserve Feltrim Tuscany Preserve, LLC, a company in Haines City, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01693) on March 20, 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: Amy Denton Mayer, Esq. Stichter Riedel Blain & Postler, P.A. Tel: 813-229-0144 Email: amayer.ecf@srbp.com FIRST CLASS: Seeks to Sell New Jersey, Orlando Excess Equipment --------------------------------------------------------------- First Class Moving Systems, Inc. and its affiliates, Capital Asset Finance Inc., First Class Moving Systems of North Jersey Inc., First Class Moving of South Florida Inc., First Class Commercial Services of Orlando Inc., and FC Equipment Leasing Inc,, seek Court authority to sell and/or abandon excess equipment with inconsequential value. The Debtors have determined that they need to right-size the companies, reduce overhead, and increase profitability to successfully emerge from Chapter 11. The Debtors have decided to close their New Jersey and Orlando locations. The Debtors are filing motions to reject the New Jersey and Orlando real estate leases effective as of April 30, 2025, and to dispose of all assets in these locations, including assets subject to purchase money security interests and equipment leases. Vacating the premises prior to May 1, 2025, will save the estates more than $100,000. The Small Business Administration and Valley National Bank assert liens on virtually all of the Debtors' assets, including equipment. The Debtors propose the following procedures for the sale and/or abandonment of the Excess Equipment: (a) All sales shall be to non-insider unrelated third-party purchasers in arms-length transactions; (b) The Debtors will provide notice of any proposed sale to the SBA and Valley National two days prior to consummating the transaction. Absent an objection by the SBA or Valley National, the Debtors are authorized to consummate the transaction; and (c) Any Excess Equipment that does not sell on or before April 30, 2025, may, in the sole discretion of the Debtors, be relocated to another facility and stored pending a sale or abandoned at the leased facilities or elsewhere by the Debtors. The Debtor has approximately 285,000 pounds of racking systems and anticipates that the racking systems will sell for between $0.08 and $0.10 per pound. The remaining Excess Equipment is of inconsequential value and would cost the Debtors more than its value to relocate and store at another facility. The Debtors believe that the procedures proposed for the sale and/or abandonment of the Excess Equipment is in the best interests of the estates. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. The Company has locations in Tampa, Miami/Fort Lauderdale, Gulfport, MS, Orlando, FL, and Bound Brook, NJ. First Class Moving Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. and Amy Denton Mayer, Esq. at STICHTER RIEDEL BLAIN & POSTLER, P.A. FIRST CLASS: Seeks to Sell Storage Vaults at New Jersey Location ---------------------------------------------------------------- First Class Moving Systems, Inc. and its affiliates, Capital Asset Finance Inc., First Class Moving Systems of North Jersey Inc. (FC NJ), First Class Moving of South Florida Inc., First Class Commercial Services of Orland Inc., and FC Equipment Leasing Inc., seek approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell storage vaults. The Debtors are preparing to file an emergency motion to reject the lease for their New Jersey location. FC NJ has a monthly lease payment of $45,000 with respect to the New Jersey Location and the Debtors will realize significant cost savings by rejecting that lease. FC NJ entered into agreements with customers to store property for customers at the New Jersey Location. The customers' property is stored in 5' x 7' x 7' wooden storage vaults. FC NJ has 180 of these storage vaults at its New Jersey Location. FC NJ has received an offer from Beltmann Group Incorporated d/b/a Beltmann Relocation Group to purchase the Storage Vaults for $200 per storage vault. The contents of the Storage Vaults are the customer’s property and will remain the property of the customers following the sale. The transfer of the Storage Vaults on an expedited basis is important to enable FC NJ to allow the Debtors to vacate the New Jersey Location by the end of the month. The Small Business Administration and Valley National Bank assert liens on virtually all of the Debtors' personal property. The Debtors seek to sell the Storage Vaults for $36,000. The Debtors believe that the terms of the sale are fair and will enable the Debtors to reduce their operating expenses. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. The Company has locations in Tampa, Miami/Fort Lauderdale, Gulfport, MS, Orlando, FL, and Bound Brook, NJ. First Class Moving Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. and Amy Denton Mayer, Esq. at STICHTER RIEDEL BLAIN & POSTLER, P.A. FIT FOR THE RED: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Fit for the Red Carpet, LLC and Fit for the Runway, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Ohio to use cash collateral. The companies were authorized to use cash collateral to pay those expenses set forth in the budget. The budget projects total operational expenses of $253,428.68 for the period from April to July. The companies are not allowed to use cash collateral in excess of 10% of the aggregate amount identified in the budget for the budget period without the prior written consent of the U.S. Small Business Administration and OCG Heritage Center, LLC. As protection for any post-petition diminution in value of their cash collateral, the both secured creditors were granted post-petition liens to the same extent, amount, and priority as their pre-bankruptcy security interests. About Fit for the Red Carpet Fit for the Red Carpet LLC is a company that offers personal services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-50238) on February 18, 2025. In the petition signed by Rhonda Stark, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Alan M. Koschik oversees the case. Marc B. Merklin, Esq., at Roetzel & Andress, LPA, represents the Debtor as legal counsel. FLORIDA FOOD: Moody's Cuts CFR to Ca to Caa3, Outlook Negative -------------------------------------------------------------- Moody's Ratings downgraded Florida Food Products, LLC's ('FFP') Corporate Family Rating to Ca from Caa3 and Probability of Default Rating to Ca-PD from Caa3-PD. Moody's also downgraded the ratings on the company's backed senior secured first lien revolving credit facility and backed senior secured first lien term loan to Caa3 from Caa2. Additionally, Moody's downgraded the company's backed senior secured second lien term loan to C from Ca. The outlook is negative. The downgrade reflects FFP's elevated risk of a distressed exchange or other default considering the company's very high leverage and interest burden, negative free cash flow and weak liquidity. Moody's believes the capital structure is unsustainable without a material improvement in earnings that will be challenging in an environment where the beef market remains weak, tariffs increase costs and consumer confidence and spending could be negatively affected by higher prices. As of September 30, 2024, FFP had $9 million in cash and $14 million of availability on a $50 million revolving credit facility due October 2026. FFP has historically relied on its revolver as free cash flow has been negative over the past few years. Although Moody's are forecasting a slight improvement in EBITDA in the next 12 to 18 months, free cash flow is likely to remain negative. Given the limited availability on the revolver, FFP will need to find other funding sources. An improvement in liquidity would provide more time for the company to execute its growth and margin enhancement strategies, but Moody's believes it will be challenging to generate the magnitude of earnings improvement necessary to reduce leverage to a sustainable level. Liquidity will weaken if the company does not proactively address the revolver expiration. Since FFP was acquired by Ardian in 2021, the company has faced increased interest costs on its term loans due to high rates. Additionally, the earnings from FFP's natural cures business have declined, primarily due to a slowdown in the beef and pork sectors. Although new customer wins and business opportunities in FFP's tea extract, flavors, and coffee segments have helped partially mitigate the earnings decline from the natural cures business, the natural cures segment is a higher operating margin business compared to the other segments. Consequently, FFP's EBITDA is unlikely to improve significantly enough to reduce leverage substantially until the natural cures segment recovers, which Moody's do not expect to happen within the next 12 to 18 months. Given the anticipated negative free cash flow and only slight improvement in EBITDA over the next 12 to 18 months from the growth initiatives and savings from the footprint consolidation, FFP's Moody's adjusted debt to EBITDA ratio of 12x for the last 12 months ending September 30, 2024 is likely to remain above 10x in 2025. RATINGS RATIONALE FFP's Ca CFR broadly reflects its very small scale as measured by revenue, competition in the fragmented clean label ingredients market, unsustainably high leverage and negative free cash flow that creates elevated risk of a distressed exchange or other debt restructuring. Moody's projects FFP's debt-to-EBITDA leverage of 12.0x (incorporating Moody's adjustments) for the LTM period ended September 30, 2024 will remain above 10x over the next year despite some improvement in EBITDA from growth initiatives and cost savings from the footprint consolidation. Inflationary cost pressures, a slowdown in the protein sector, lower food volumes and a slowdown in coffee extract sales are weakening earnings. Moody's expects these factors along with higher interest costs will continue to lead to negative free cash flow for at least the next two years. Additionally, use of higher leverage under private equity ownership weakens the credit profile despite sizable equity contributions to help fund 2022 acquisitions. The credit profile is supported by the company's established market position in the very niche but attractive vegetable and fruit based clean label ingredients market with a market leading position in the clean label cures segment. The rating benefits from FFP's strong margins for the sector, lack of customer concentration, and good longer term growth prospects driven by growing consumer demand for natural ingredients and healthier food. FFP also benefits from its 2021-2022 acquisitions that diversified the company's portfolio to include coffee extract, tea extract, flavors, and nutritional products. Such products provide some diversity from cyclical dips in the protein sector as well as growth opportunities. The October 2026 revolver expiration is a liquidity overhang though the first lien and second lien term loan maturities are in October 2028 and October 2029, respectively. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Moody's expectations that FFP's operating performance will remain weak and that negative free cash flow will make it challenging to reduce the company's unsustainably high debt to EBITDA leverage. The negative outlook also reflects Moody's views that the risk of a distressed exchange or other debt restructuring could increase further if the company's operating performance and free cash flow do not improve. The ratings could be downgraded if the company's operating performance does not improve, free cash flow remains negative, liquidity weakens, the likelihood of a distressed exchange or default increases, or recovery values deteriorate. The ratings could be upgraded if the company significantly improves its operating performance, generates consistent positive free cash flow on an annual basis, materially reduces leverage, and improves liquidity. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. Headquartered in Lake Mary, Florida, Florida Food Products, LLC is a producer of vegetable and fruit based food and beverage ingredients. Florida Food Products, LLC generated revenue of approximately $258 million for the LTM period ended September 30, 2024. The company was acquired by Ardian and MidOcean Partners in October 2021. FLORIDA MONSTER: To Sell Restaurant Business to H&H Food for $275K ------------------------------------------------------------------ Florida Monster Chef LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor owns and operates a fine dining restaurant located on Orlando's famous "Restaurant Row". The Debtor operates with the name "Vines Gille & Wine Bar" from 7533 Sand Lake Road, Orlando, Florida 32819. The Debtor leases the premises for the Restaurant from Core Fountains, LLC and MDC Fountains, LLC under a long term lease. The Debtor has been in operation since 2017. The Debtor is owned and managed by Mr. Jayson Lopez. The Debtor was affected by the rising operational costs, including food, labor, and equipment, while concurrently facing declining revenues. The Debtor receives an offer from H&H Food Service, LLC, a well-known restaurateur who owns and operates the nearby high-end "H" fine dining restaurant. The purchase price for the Property for a lump sum payment is $275,000.00. The Buyer is also in the process of providing, to the undersign counsel's Trust Account the sum of $50,000.00 as a good faith deposit. The Buyer requests to close on or before May 15, 2025. About Florida Monster Chef LLC Florida Monster Chef LLC owns and operates Vines Grille & Wine Bar restaurant in Florida. Florida Monster Chef filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06830) on Dec. 17, 2024, listing between $500,000 and $1 million in both assets and liabilities. Judge Tiffany P. Geyer presides over the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. GENERAL ENTERPRISE: Expands Board, Appoints New Directors --------------------------------------------------------- General Enterprise Ventures, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the majority voting stockholder of the Corporation approved the appointment of Theodore Ralston, Jeffrey Pomerantz, and John Costa as members of the Board of Directors of the Corporation, effective April 1, 2025. Mr. Theodore Ralston: (i) has a family relationship with one Officer of the Corporation, Joshua Ralston, his son who is Vice President of Operations; (ii) is a party to related person transactions with the Corporation as provided in the Corporation's most recent Form 10-K filed March 31, 2025; and (iii) has no arrangements or understandings with any other person pursuant to which he was appointed as a member of the Board of the Corporation. Each of Mr. Pomerantz and Mr. Costs,: (i) has no family relationship with any member of the Board or other Officer of the Corporation or any person nominated or chosen by the Corporation to become a member of the Board or other Officer; (ii) is not a party to any related person transaction with the Corporation; and (iii) has no arrangements or understandings with any other person pursuant to which he was appointed as a member of the Board of the Corporation. Additionally, on March 31, 2025, the Board of the Corporation approved the appointment of the following persons as officers of the Corporation, effective April 1, 2025: 1. Theodore Ralston - President and Chief Executive Officer 2. Nanuk Warman - Secretary and Chief Financial Officer 3. Joshua Ralston - Vice President of Operations 4. Anthony Newton - General Counsel Mr. Josuah Ralston: (i) has a family relationship with one member of the Board and an Officer of the Corporation, Thedore Ralston, his father who is a member of the Board, President and Chief Executive Officer; (ii) is not a party to any related person transaction with the Corporation; and (iii) has no arrangements or understandings with any other person pursuant to which he was appointed as an Officer of the Corporation. Each of Mr. Warman and Mr. Newton: (i) has no family relationship with any member of the Board or other Officer of the Corporation or any person nominated or chosen by the Corporation to become a member of the Board or other Officer; (ii) is not a party to any related person transaction with the Corporation; and (iii) has no arrangements or understandings with any other person pursuant to which he was appointed as an Officer of the Corporation. About General Enterprise Headquartered in Cheyenne, WY, General Enterprise Ventures, Inc. is an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. The Company acquired Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and patents pending for environmentally sustainable flame retardant and flame suppression technology. MFB's products are currently being sold to fire departments in the State of California. San Mateo, California-based WWC, P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that Company has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception and has a net loss of approximately $6.9 million and revenue of $0.8 million for the year ended December 31, 2024. The Company also has a working capital deficiency of approximately $0.5 million as of December 31, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $0.6 million outstanding at December 31, 2024. GPB CAPITAL: Deadline to File Claims Set for May 23, 2025 --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York set May 23, 2025, at 11:59 p.m. EDT as the last date and time for claimants, including investors and creditors to file proofs of claim against GPB Capital Holdings LLC and its debtor-affiliates. Copies of this Notice of Claims Bar Date and the Proof of Claim Form can be obtained from the Claims Agent's website (https://dm.epiq11.com/GPBCapital). A Proof of Claim Form is also available upon request by contacting the Claims Agent by phone at (855) 635-3027 (toll free in the U.S.) or (503) 782-5917 (for international callers) or by e-mail at GPBCapInfo@epiqglobal.com. A properly completed and signed Proof of Claim, together with supporting documentation, must be timely submitted to the Receiver's Claims Agent by: Mail: GPB Capital Receivership Claims Processing Center c/o Epiq Corporate Restructuring, LLC P.O. Box 4419 Beaverton, OR 97076-4419 Courier: GPB Capital Receivership Claims Processing Center c/o Epiq Corporate Restructuring, LLC 10300 SW Allen Blvd. Beaverton, OR 97005 -- or -- Internet: Claims Agent's Web site at https://dm.epiq11.com/GPBCapital. About GPB Capital GPB Capital is a New York-based alternative asset management firm focusing on acquiring income-producing private companies. The firm's portfolio companies made investments in sectors focused on automotive retail, waste management and healthcare. David Gentile founded GPB in 2013 in New York and had collected more than $1.8 billion from over 17,000 investors. The firm has an office in downtown's One Clearwater Tower in Clearwater, Florida, two floors above City Hall. GPB promised 8 percent returns to investors that would be covered by cash flow from the portfolio. CEO David Gentile and associates Jeffery Lash and Jeffry Schneider were arrested on Feb. 4, 2021, and charged with wire fraud, securities fraud and conspiracy, according to the Department of Justice. The SEC claims that the firm defrauded investors of $1.8 billion in a Ponzi-like scheme for at least four years, using new investors to pay earlier participants as the firm lied about its profits. According to The Wall Street Journal, a day after the fraud charges, Mr. Gentile handed over the CEO's role to GPB's finance chief on an interim basis. HANDLOS CUSTOM: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Handlos Custom Farming, LLC 1636 190th Street Audubon, IA 50025 Business Description: Handlos Custom Farming LLC performs contract planting, cultivation and harvesting for the Handlos group's hog-feeding operations in Audubon, Iowa. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00670 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 Email: jgoetz@dickinsonbradshaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Best as authorized representative of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YLKKI3Y/Handlos_Custom_Farming_LLC__iasbke-25-00670__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Elmquist Welding & Trade Debt $1,684 Repair, Inc. 1789 190th Street Audubon, IA 50025 2. Waspy's Truck Stop, LLC Trade Debt $1,435 2079 Highway 71 Audubon, IA 50025 3. Wellmark Trade Debt $6,731 PO Box 14456 Des Moines, IA 50306 HANDLOS FARROWING - SOUTH: Voluntary Chapter 11 Case Summary ------------------------------------------------------------ Debtor: Handlos Farrowing - South, LLC 1636 190th Street Audubon, IA 50025 Business Description: Handlos Farrowing - South, LLC operates a pig farrowing facility in Audubon, Iowa. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00673 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 E-mail: jgoetz@dickinsonbradshaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Best authorized representative of the Debtor. 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/GIDZRII/Handlos_Farrowing_-_South_LLC__iasbke-25-00673__0001.0.pdf?mcid=tGE4TAMA HANDLOS FARROWING LLC: Voluntary Chapter 11 Case Summary -------------------------------------------------------- Debtor: Handlos Farrowing, LLC 1636 190th Street Audubon, IA 50025 Business Description: Handlos Farrowing, LLC is a livestock producer that specializes in pig-farrowing (breeding and raising newborn hogs) for the pork supply chain. The family-run operation serves hog growers across western Iowa. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00674 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 E-mail: jgoetz@dickinsonbradshaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Best as authorized representative of the Debtor. The Debtor indicated in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QOXQTFI/Handlos_Farrowing_LLC__iasbke-25-00674__0001.0.pdf?mcid=tGE4TAMA HANDLOS FARROWING: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Handlos Farrowing - Jacksonville, LLC 1636 190th Street Audubon, IA 50025 Business Description: Handlos Farrowing-Jacksonville LLC runs sow barns near Audubon, Iowa, producing piglets for the Handlos group's pork-production chain. The subsidiary supplies weaned pigs to affiliated finishing sites and relies on the group's feed-crop and manure-handling units. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00672 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 E-mail: jgoetz@dickinsonbradshaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Best as authorized representative of the Debtor. 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/JF7HJWI/Handlos_Farrowing_-_Jacksonville__iasbke-25-00672__0001.0.pdf?mcid=tGE4TAMA HANDLOS FEED: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: Handlos Feed Mill, LLC 1636 190th Street Audubon, IA 50025 Business Description: Handlos Feed Mill LLC manufactures and wholesales livestock feed products from its facility in Audubon, Iowa. The privately held company, in operation for roughly two decades, serves local farmers. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00675 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 E-mail: jgoetz@dickinsonbradshaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Best as authorized representative of the Debtor. The Debtor lists AMVC Nutritional Services, 1797 190th St., Audubon, IA 50025, as its sole unsecured creditor, holding a claim of $117,620. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EKWJY7I/Handlos_Feed_Mill_LLC__iasbke-25-00675__0001.0.pdf?mcid=tGE4TAMA HANDLOS FINISHING: Case Summary & Four Unsecured Creditors ---------------------------------------------------------- Debtor: Handlos Finishing, LLC 1636 190th Street Audubon, IA 50025 Business Description: Handlos Finishing LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00669 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 E-mail: jgoetz@dickinsonbradshaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Beast as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YLJ2PEI/Handlos_Finishing_LLC__iasbke-25-00669__0001.0.pdf?mcid=tGE4TAMA HANDLOS MANURE: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Handlos Manure Hauling, LLC 1636 190th Street Audubon, IA 50025 Business Description: Handlos Manure Hauling LLC provides commercial manure hauling and land-application services for livestock producers in and around Audubon, Iowa. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00676 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 E-mail: jgoetz@dickinsonbradshaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Best as authorized representative of the Debtor. The Debtor lists Elmquist Welding and Repair, Inc., located at 1789 190th Street, Audubon, IA 50025, as its sole unsecured creditor, holding a claim of $329. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SS5VJCI/Handlos_Manure_Hauling_LLC__iasbke-25-00676__0001.0.pdf?mcid=tGE4TAMA HERITAGE GROCERS: S&P Downgrades ICR to 'B-', Outlook Stable ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S-based Heritage Grocers Group LLC (Heritage) to 'B-' from 'B'. S&P said, "At the same time, we lowered our issue-level rating on the company's senior secured debt to 'B-' from 'B'; the '3' recovery rating is unchanged, indicating our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. "The stable outlook reflects our expectation for gradual improvement in the company's operating performance and credit protection metrics over the next 12 months, during which we expect its S&P Global Ratings-adjusted leverage to remain in the low-6x area." The lowered rating reflects Heritage's higher-than-expected leverage due to pressured operating performance in 2024 amid heightened promotional activity and a challenging economic backdrop. Heritage's S&P Global Ratings-adjusted EBITDA margins declined roughly 200 basis points to about 7% in fiscal 2024, compared with roughly 9% in the prior-year period as soft consumer demand, increased insurance-related costs, high promotional activity, and elevated shrink weighed on profit margins. As a result, the company's S&P Global Ratings-adjusted trailing-12-month EBITDA declined 12% in the year, leading to a leverage increase of 0.8x to 6.4x for fiscal year 2024. S&P said, "However, we expect its S&P Global Ratings-adjusted leverage to improve by nearly half a turn to 6x by the end of fiscal 2025 as cost management initiatives take hold. We believe Heritage will prioritize cost optimization targets this year, particularly as it relates to strategic promotion and discounting activity, enhancing production planning, efficient shelf space utilization, and applying market-based price adjustments." S&P said, "We forecast the company's S&P Global Ratings-adjusted EBITDA margins will improve over the next 12 months despite tariff uncertainty. We expect the company's S&P Global Ratings-adjusted EBITDA margins to improve modestly to 7.3% in fiscal 2025, a 30-basis point improvement compared with 7% in fiscal 2024, as it implements its turnaround strategy across all its banners. Additionally, we believe tariffs will have a fairly low impact on Heritage's profitability and credit metrics given that 18%-20% of its total goods are imported from China, Mexico, and Canada, with Mexico comprising most of those imports. We do not believe current tariffs placed on Mexico will materially impact Heritage's imported products from Mexico given the United States-Mexico-Canada Agreement origin rules." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, S&P's baseline forecasts carry a significant amount of uncertainty. As situations evolve, it will gauge the macro and credit materiality of potential and actual policy shifts and reassess its guidance accordingly. S&P said, "We forecast muted free operating cash flow generation (FOCF) in 2025, with improvement in fiscal 2026. As of Dec. 29, 2024, Heritage had ample liquidity with $125 million of balance sheet cash and an undrawn balance on its $125 million revolving credit facility. We project Heritage will generate flat FOCF this year compared with $30 million in fiscal 2024 due to reduced working capital inflows pertaining to its inventory controls in 2025. We expect FOCF will improve to roughly $16 million in fiscal 2026, driven by improved profitability from various initiatives. Furthermore, we project modestly higher annual capital expenditure (capex) of $50 million-$55 million to support store refreshes, new store developments, maintenance costs, and technology upgrades. Heritage has no immediate maturities, with its $125 million revolving credit facility due in August 2027 and its principal $895 million term loan facility due in August 2029, and we anticipate debt balances will be largely unchanged in 2025, apart from mandatory amortization payments. We expect the company to fund organic growth initiatives primarily through its balance sheet cash over the next 12 months. "The stable outlook reflects our expectation for gradual improvement in operating performance and credit protection metrics, including S&P Global Ratings-adjusted leverage in the low-6x area over the next 12 months." S&P could lower its rating on the company if S&P expects it to generate negative FOCF on a sustained basis, constraining its liquidity and causing it to view its capital structure as unsustainable. In such a situation, S&P'd expect: -- Operating performance to be weaker than expected, including weaker sales or margin trends, such that its credit metrics deteriorate, leading to S&P Global Ratings-adjusted interest coverage falling and remaining below 1.5x; or -- A worsening macroeconomic environment, persistent and elevated tariffs, or strategy missteps lead to significant challenges for the business. S&P could raise its rating if: -- The company successfully executes its growth strategy by improving its profitability, including by expanding its S&P Global Ratings-adjusted EBITDA margins beyond our base-case projections--leading to EBITDA interest coverage approaching 2x--and materially increasing its FOCF generation through successful store developments; and -- S&P expects its S&P Global Ratings-adjusted leverage will remain below 6x on a sustained basis. HUDSON'S BAY: Union Slams Illegal Pay Cuts in Liquidation --------------------------------------------------------- Unifor is calling out Hudson's Bay Company (HBC) for unilaterally slashing workers' commission pay during its retail liquidation--a move that violates collective agreements and reduces workers' income as they prepare for mass termination. The union has been informed that commission-based pay will be eliminated as of April 20 for members working in cosmetics departments, as well as for those who earn commission on big-ticket items such as appliances. These workers will be shifted to a base salary only, with HBC citing reduced product inventory and sales as rationale for the decision. Unifor has filed a grievance against this move, claiming that it is in violation of workers' legally binding collective agreement rights. "This is a blatant violation of our members' collective agreements and a cruel blow especially since managers have been rewarded with bonuses," said Unifor National President Lana Payne. "We're talking about workers who've spent years working for this company, and now they're being denied income they've rightfully earned and are entitled to." The union has also raised broader concerns about HBC's lack of transparency and respect for its obligations during the liquidation process. Unifor has called out HBC for awarding $3 million in management bonuses as workers face termination. "This company is treating liquidation like a free-for-all where contracts and basic decency no longer apply," said Unifor Ontario Regional Director Samia Hashi. "Workers are being kept in the dark and their pay is being cut without negotiation. This is exactly why we need stronger legislative protections and enforceable penalties for companies that violate workers' rights. Workers should be priority one during corporate insolvency and bankruptcy." Unifor continues to call on HBC to honour all aspects of its collective agreements, including severance and commissions, ensure full transparency with workers, and immediately reverse its decision to eliminate commissions. At a recent Unifor conference that gathered more than 100 retail workers from across Canada who offered their full support to HBC workers, two impacted workers from the company's e-commerce warehouse shared their heart-felt story about the liquidation news. "We're all heart broken. We feel betrayed. We just want what was promised to us and for HBC to treat us with dignity and respect," says Hazel Harris, a worker at HBC's e-commerce warehouse. "Thankfully our union has our back, and together we'll keep fighting for every penny that we're owed. This fight is far from over." Unifor Locals 40 and 240 represent approximately 595 HBC employees at stores in Windsor, Kitchener, and Toronto's Sherway Gardens, as well as workers at the company's e-commerce warehouse. Unifor is Canada's largest union in the private sector, representing 320,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad, and strives to create progressive change for a better future. About Hudson's Bay Company ULC Hudson's Bay Company -- https://www.hbc.com/ -- is a Canadian holding company of department stores, and the oldest corporation in North America. iM3NY LLC: Moves to Dismiss Chapter 11 Bankruptcy Case ------------------------------------------------------ Ziggy Hill of Fox 40 reports that on April 22, 2025, iM3NY LLC -- also known as Imperium3 New York, Inc. -- filed a motion in the U.S. Bankruptcy Court for the District of Delaware to dismiss its Chapter 11 case. The Endicott-based lithium-ion battery startup, which once aimed to produce high-efficiency, environmentally friendly battery cells in the U.S., initially sought Chapter 11 protection on January 27, 2025, due to financial constraints and operational challenges, according to Fox 40. Following the sale of its assets on April 4, 2025 and the court's approval on April 21 for waste removal by Sun Environmental Corporation, the company moved to dismiss its bankruptcy case. iM3NY stated the dismissal would allow it to complete the waste removal and fulfill the requirements of the sale, the report states. Court records list the company's estimated debts between $100 million and $500 million, with assets valued between $50 million and $100 million, and more than 15 creditors involved. Represented by Chipman, Brown, Cicero & Cole LLP, iM3NY argued that dismissal is the most practical and cost-effective way to conclude its Chapter 11 proceedings. Objections to the motion must be submitted by May 6, with a hearing scheduled for May 13, 2025. About iM3NY LLC IM3NY LLC -- https://im3ny.com/ -- is an independent lithium-ion cell manufacturer that is commercializing cell chemistry developed in the USA. iM3NY LLC and Imperium3 New York, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10131) on January 27, 2025. In the petition, the Debtors reported estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Brendan Linehan Shannon handles the cases. The Debtors tapped William E. Chipman, Jr., Esq., at Chipman Brown Cicero & Cole, LLP as counsel; Novo Advisors as financial advisor; and Hilco Corporate Finance, LLC as investment banker. Stretto, Inc. is the Debtors' noticing claims management and reconciliation consultant. INKED PLAYMATS: Gets Interim OK to Use Cash Collateral Until May 19 ------------------------------------------------------------------- Inked Playmats Corp. got the green light from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The order penned by Judge Erik Kimball authorized the Debtor's interim use of cash collateral through May 19 to pay the expenses set forth in its budget. As protection, secured creditors were granted post-petition security interest in and lien on the Debtor's accounts receivables, to the same extent and with the same priority as their pre-bankruptcy security interest and lien. The secured creditors include Northeast Bank, the U.S. Small Business Administration, Bright Plastics LLC, Credibly – Retail Capital LLC, Parkside Funding LLC, CFG Merchant Solutions, and Zahav Asset Management, LLC. A final hearing is set for May 15. The Debtor, a direct-to-consumer e-commerce business specializing in custom gaming accessories, filed for Chapter 11 bankruptcy on April 14 to reorganize and preserve its operations. Despite generating over $4 million in revenue in 2024 and $6 million in 2023, the Debtor's financial stability was severely disrupted by merchant cash advance lenders. These lenders imposed aggressive repayment terms, including garnishing the Debtor's bank accounts and attempting to force asset sales, nearly driving the business into closure. The Debtor estimates its physical assets and receivables are worth just over $200,000. It believes only two of the seven creditors with UCC filings -- Northeast Bank and SBA -- are likely to be secured, while the rest are likely unsecured. Bright Plastics is represented by: Brian S. Behar, Esq. Behar, Gutt & Glazer, P.A. DCOTA, 1855 Griffin Road, Suite A-350 Ft. Lauderdale, FL 33004 Telephone: (954) 266-3710 bsb@bgglaw.co Parkside Funding Group is represented by: Anthony F. Giuliano, Esq. Giuliano Law, P.C. 445 Broadhollow Road, Ste. 25 Melville, NY 11747 Telephone: (516) 792-9800 afg@glpcny.com About Inked Playmats Corp. Inked Playmats Corp. is a direct-to-consumer e-commerce business specializing in custom gaming accessories. Inked Playmats filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14046) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Thomas Pool, president of Inked Playmats, signed the petition. Judge Mindy A. Mora oversees the case. Philip J. Landau, Esq., at Landau Law, PLLC, represents the Debtor as bankruptcy counsel. IRREGULAR MIKES: Unsecured Creditors to be Paid in Full in Plan --------------------------------------------------------------- Irregular Mikes, LLC, d/b/a Baker Street Irregulars filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Reorganization dated March 24, 2025. The Debtor was formed as a limited liability company on The Debtor was formed on June 30, 2021, for the purpose of entering into a lease and operating the Restaurant. The Debtor operates the Premises as a family friendly neighborhood sports bar where patrons come to enjoy Irish pub inspired food and drink. Debtor entered into a lease from 1152 First Avenue LLC ("Landlord") on June 30, 2021, with the lease term commencing on June 1, 2021, for a period of ten years, with the rent increasing each year (the "Lease"). This is the Debtor's second bankruptcy with the first bankruptcy petition filed on January 24, 2023. Unfortunately, while some of the Debtor's financial issues were dealt with in that first bankruptcy, others were not resulting in the current filing. The Debtor struggled with expenses from its opening mainly due to a delay in opening while waiting for department of building final approvals which were greatly delayed and required rent to be paid without income. The Plan is designed as a mechanism for the reorganization of Debtor. The Debtor owns and operates a restaurant/pub located at 1152 First Avenue, New York, New York, which is leased pursuant to a long-term lease (the "Restaurant"). Class 3 Unsecured Claims consists of all unsecured creditors. The Allowed Class 3 Claims shall be paid in Cash from 2% of gross revenues monthly, beginning with the first month in the year after the Effective Date and continuing until the creditors are paid in full. Payment will be made pare passu with all unsecured claims. General Unsecured Creditors are to be paid in full over time. The allowed unsecured claims total $146,424.51. Class 3 Unsecured Claims are Impaired. Class 4 consists of the Equity Interest of the limited liability owners of Debtor, as set forth in the Petition. On the Effective Date, all class 4 Equity Interests shall be cancelled without any distribution on account of such Equity Interests, and new interests will be issued to the management group which consists of Michael Egan (hereinafter the "Management Group"). On the Effective Date the Debtor will issue new equity interests in the Reorganized Debtor ("New Equity") to the Management Group for their services which are necessary for the success of the Plan. The issuance of New Equity will not require any further approval on the Effective Date and the Debtor's Operating Agreement shall be amended and restated, if necessary, without further action. The Debtor has received a commitment from an investor/lender group (the "Investor") for exit financing. The key terms of the financing are as follows: * $100,000 loan subordinate to Debtor's secured creditors and priority tax creditors. * The $100,000 loan will be remitted to the Debtor on the Effective Date as a condition of the Effective Date. * The loan will bear interest at 12% per annum and will be payable interest only for the first year and then will be repayable, principal and interest in equal payments over a five-year term. * The loan will be guaranteed by Michael Egan. The funding of $100,000 on the Effective Date is a condition of confirmation. A full-text copy of the Disclosure Statement dated March 24, 2025 is available at https://urlcurt.com/u?l=BbUV5K from PacerMonitor.com at no charge. Counsel to the Debtor: H. Bruce Bronson, Esq. Bronson Law Offices, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonlaw.net About Irregular Mikes Irregular Mikes, LLC was established in May 2021 as a domestic limited liability company type registered at 1152 First Avenue, New York. Irregular Mikes filed voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y., Case No. 24-10938) on May 28, 2024, with up to $1 million in both assets and liabilities. Judge Michael E. Wiles oversees the case. H. Bruce Bronson, Esq., at Bronson Law Offices, P.C. serves as the Debtor's counsel. J.C. PENNEY: Jackson Walker Sued Over Damages in Bankruptcy Deal ---------------------------------------------------------------- Jackson Walker LLP and former Bankruptcy Judge David R. Jones are expected to be named as defendants in a lawsuit alleging severe misconduct, according to a recent bankruptcy court filing (Adv. Case No.24-02006, Dkt. 22). Barnett Capital Advisors, a secured creditor holding over $330 million in first and second lien bonds, and Eric Lyndell Moore, who filed the notice on April 15, 2025, are seeking to withdraw the reference of their case involving Jones, Freeman, and Jackson Walker from the U.S. Bankruptcy Court to the U.S. District Court for the Southern District of Texas. This action aligns with Chief U.S. District Judge Alia Moses' determination that cases involving potential misconduct by Judge Jones should not be adjudicated by his former colleagues in the bankruptcy court. The notice alleges that the Jones-Freeman-Jackson Walker triad caused billions in damages to secured bondholders in the J.C. Penney bankruptcy by transferring $5 billion in assets to unsecured creditors Simon Property Group and Brookfield Properties, a subsidiary of Brookfield Asset Management without consideration or benefit to the estate. Judge Moses' April 9, 2025, order withdraws 34 bankruptcy cases -- including J.C. Penney -- from the bankruptcy court due to ethical breaches and compromised impartiality stemming from the undisclosed live-in relationship between Judge Jones and former Jackson Walker attorney Elizabeth Freeman. Moore and Barnett Capital Advisors assert that rulings by Jones' former colleague, Bankruptcy Court Judge Christopher M. Lopez, have not only failed to address critical legal issues, but have also disregarded established Supreme Court precedent, including Czyzewski v. Jevic Holding Corp. and In re AWECO, Inc. They further contend that the non-pro rata distribution of proceeds violated key bankruptcy protections, including 11 U.S.C. -- 506(a), and that the concealment of J.C. Penney's $1.93 billion PropCo real estate valuation undermined the integrity of the proceedings. On July 15, 2024, The Wall Street Journal reported that federal prosecutors were criminally investigating Judge Jones and his undisclosed relationship with attorney Elizabeth Freeman. Key Allegations Against Jackson Walker Include: -- Concealment of Assets: Misrepresenting the debtor's cash position, violating 18 U.S.C. -- 152, and failing to conduct a liquidation analysis under 11 U.S.C. -- 1129(a)(7). -- Unpaid Assets: Transferring $5 billion in assets to Simon and Brookfield, both unsecured creditors, without consideration, violating 11 U.S.C. -- 1123(a)(4). -- Undisclosed Overpayments: Steering over $3 billion to DIP Lenders, including H/2 Capital and Brigade Capital, among others, who were owed only $900 million, without disclosure to the U.S. Trustee, the IRS, or affected creditors. -- Judge Shopping: Selecting Judge Jones to exploit his compromised impartiality, with Judge Lopez's rulings failing to uphold creditor protections. Barnett Capital Advisors claims these actions, enabled by Jackson Walker's breaches and the Jones-Freeman relationship, caused billions in damages to bondholders, shareholders, and the Pension Benefit Guaranty Corporation (PBGC). The U.S. Trustee's Office is pursuing the return of millions in legal fees from Jackson Walker across the 34 affected bankruptcy cases. Moore stated, "We have written confirmation from attorneys at Milbank LLP that some first lien bondholders owed $1,000 received payouts of $5,000 to $6,000, while others in the same class--also owed $1,000--received as little as $80. Jackson Walker concealed this fact." "Jackson Walker breached its fiduciary duty and violated bankruptcy law, " said Andrew Carrillo, President and CEO of Barnett Capital Advisors. "The $5 billion transfer to Simon and Brookfield stole assets on which secured creditors still hold liens, and the concealment of billions demands district court review to ensure justice." Investor Raul Ferrer added, "Simon Property Group's publicly available, audited financials clearly show that neither Simon nor Brookfield paid any outside consideration for the $5 billion in assets they received. It's outrageous." Moore and Barnett Capital Advisors urge the District Court to withdraw the reference, as J.C. Penney is among the cases cited in Judge Moses' order, to guarantee impartial adjudication. The case, part of the J.C. Penney Direct Marketing Services, LLC bankruptcy (Case No. 20-20184), highlights critical issues threatening creditor rights and judicial integrity. About Barnett Capital Advisors Barnett Capital Advisors is a wealth management and retirement planning firm dedicated to empowering retirees worldwide through personalized advice, strategic planning, and intelligent investments. Visit www.barnettcapitaladvisors.com for more information. Contact: Andrew Carrillo President and CEO Barnett Capital Advisors About J.C. Penney Co. Inc. J.C. Penney Company, Inc. -- http://www.jcpenney.com/-- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversaw the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk is the claims agent, maintaining the page http://cases.primeclerk.com/JCPenney The committee of unsecured creditors retained Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel, and BRG Capital Advisors, LLC, served as financial adviser to Simon and Brookfield. JANE STREET: S&P Assigns 'BB' ICR on New Notes Issuance ------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit and secured debt ratings on Jane Street Group LLC (JSG). The outlook on the issuer credit rating remains positive. S&P also assigned its 'BB' issue rating to the at least $1 billion notes issuance. Since S&P revised the outlook to positive last November, JSG has posted impressive earnings. But it is also expanding risks at a faster pace than it is building up equity, thereby weakening its capital position. JSG is expanding at a very fast pace, as demonstrated by a surge in the total size of its balance sheet, margins posted to prime brokers, and value-at-risk (VaR) on trading positions. Jane Street, a leading U.S.-based market-maker, has announced its intention to raise at least $1 billion in new notes, following $5.4 billion in long-term debt raised since January 2024. S&P said, "Although record revenues have added considerable equity since we revised the outlook to positive from stable in November 2024, risk-weighted assets have also increased at a faster pace, eroding the company's overall capital position. "We continue to see positive momentum for credit, owing to JSG's increasing diversification, market share gains, funding and liquidity improvements, and a capital position that is still solid." The most recent debt issuance announcement follows debt raises of $1 billion in February this year. This adds up to a cumulative $5.4 billion since January 2024 (excluding the announcement and excluding recent draws on a holding company committed line of credit). S&P sees the debt issuance plan as illustrative of the firm's comparatively higher risk appetite versus peers with the company aspiring to seize trading opportunities in a high volatility environment. S&P said, "We believe JSG uses its considerable trading capital as a strategic advantage and does not shy away from putting capital at risk opportunistically. JSG has added considerable equity, thanks to record revenue in 2024 and a relatively low payout ratio to Partners last year. Nevertheless, risk-weighted assets have outpaced growth in equity, eroding its capital position. Our risk-adjusted capital (RAC) ratio decreased to about 12.6% at the end of March 2025 and 12.3% pro forma the announced debt issuance from 16% in June 2024. We estimate that some of the RAC ratio erosion in this period is imputable to the inclusion of a higher operational risk charge that incorporates record 2024 revenue in our estimation of the company's 2025 RAC. Still, we believe a majority of the drop is attributable to the vast expansion of trading activities and the subsequent surge in VaR. "Even with this meaningful decline, the company is still operating with a strong capital position per our methodology, both in absolute terms, as well as relative to its peers. JSG operates with the largest equity base among the technology-driven trading firms that we rate and its RAC ratio remains one of the highest in the peer group. "Increasing diversification, market share gains, and continuing improvements in funding and liquidity could continue to generate positive momentum for credit, provided the company manages its risk appetite appropriately, in our view. JSG is now a leading market-maker and liquidity provider in several asset classes (including equities, options, corporate bonds and Treasuries) while consolidating its top spot in exchange-traded funds (ETFs) worldwide. It is also a leading player in the equity wholesale segment, where it buys and executes order flows from retail brokers' clients. Its market share gains over the past two years in various asset classes have been impressive. Beyond this, JSG, like its peer technology-driven trading firms, benefits from the structural tailwinds that are affecting the markets it excels in, such as the secular increase in the electronification of fixed-income markets and the steady rise of ETFs. "The addition of long-term resources (including long-term debt and equity) has contributed to meaningful improvements in funding and liquidity. We estimate our gross stable funding ratio improved to 86% at the end of December 2024 from 66% at the end of 2023. JSG has a good funding profile compared with peer high frequency trading firms. We also view positively the implementation of longer notice periods with prime brokers, in turn ensuring higher funding stability in a stress scenario. "At an estimated 62% in March 2025, the ratio of margin to S&P Global Ratings' net trading capital, which is our preferred metric for measuring liquidity, shows that the company would have good capacity to meet incremental margin calls in a stress scenario, and the gap with higher-rated peers is narrowing." S&P's positive outlook on JSG also incorporates its view of the following risk mitigants: -- JSG systematically deploys macro hedges against severe market conditions (e.g., "out of the money" options on major indices, commodities, and Treasuries), which could provide some downside protection that is not fully reflected in the VaR we use to incorporate trading book market risk in our RAC ratio. These positions would pay off in a market crash scenario, as they did in 2020. -- Loans from members could provide some funding and loss-absorbing capacity, in our view, but because of their short-term nature, we exclude them from our measure of total adjusted capital, RAC ratio, and stable funding. S&P said, "We view the compensation framework as probably less conducive to excessive risk-taking than at some of its peers. This is because individual traders and quantitative analysts are compensated based on a variety of factors, including their contributions to research, their understanding of market dynamics, and their cooperation with other teams. "The positive outlook reflects the possibility that we could raise the ratings in the next 12-18 months if we were to believe the company is poised to appropriately manage its sizable risk appetite while sustaining benefits from its enhanced scale and increased diversification, while also maintaining strong capital and the improvements in its funding profile. "We could raise the ratings in the next 12-18 months if the company consolidates its market share gains, continues to diversify across asset classes and geographies, and strengthens its liquidity--all while maintaining its solid capital position. "We could revise the outlook to stable if the company's funding and liquidity were to weaken or if its capital position were to erode further, resulting in a RAC ratio falling below 11%." KB DEVELOPMENT: Rental Income & Sale Proceeds to Fund Plan ---------------------------------------------------------- KB Development Group, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Illinois a Plan of Reorganization dated March 24, 2025. The Debtor is a real estate holding company which owns six separate parcels of real estate. The Debtor is 100% owned by Michael Thomas. The Debtor filed this chapter 11 proceeding to stop a foreclosure proceeding initiated by First State Bank of Waterloo and resolve deficiencies with other secured lenders. After filing, the Debtor explored various refinancing options without success. The Debtor has determined that a controlled sale of most of its real estate will pay creditors in full and allow the Debtor to retain some performing assets. This Plan provides for three classes of Secured Claims; one Class of Unsecured Claims; and one Class of Allowed Interests. This Plan also provides for the payment of Administrative Expense Claims and Priority Tax Claims. Class 4 shall consist of all Allowed Unsecured Claims held by any Unsecured Creditor against the Debtor. The Holders of Allowed General Unsecured Claims will receive payment in full from real estate sale proceeds after payment of liens and from rental income after payment of Class 2 and 3 Claims. Class 5 consists of all Allowed Interests in the Debtor. Class 5 Allowed Interests will be retained on the Effective Date and therefore are unimpaired under the Plan and are deemed to have accepted the Plan. The Debtor will list various parcels of real estate sale for sale. After payment of liens, any excess sale proceeds shall be used to pay Allowed Class 4 Claims. If Allowed Class 4 Claims remain unpaid after sale of real estate, the Class 4 Claim shall received payment if full no later than three years from the Effective Date from a contribution by the Debtor's sole member. A full-text copy of the Plan of Reorganization dated March 24, 2025 is available at https://urlcurt.com/u?l=K3woET from PacerMonitor.com at no charge. Counsel to the Debtor: Spencer P. Desai, Esq. The Desai Law Firm, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 Email: spd@desailawfirmllc.com About KB Development Group KB Development Group, LLC, is a real estate holding company which owns six separate parcels of real estate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 24-30769-lkg) on Oct. 23, 2024. In the petition signed by Mike Thomas, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Steven M. Wallace, Esq., at Goldenberg Heller & Antognoli, P.C., is the Debtor's legal counsel. KIN DEE: Case Summary & 10 Unsecured Creditors ---------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Kin Dee, LLC (Lead Case) 25-32199 1533 N Shepherd Dr Houston, TX 77008-4182 MaKiin, LLC 25-32201 2651 Kipling St Ste 101 Houston, TX 77098-1243 Business Description: The Debtors manage and operate Thai restaurants at two leased locations: 1533 N. Shepherd Dr., Suite 160, Houston, TX 77008-4182, and 2651 Kipling St., Suite 101, Houston, TX 77098-1243. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Eduardo V Rodriguez Debtors' Counsel: Robert C Lane, Esq. A. Zachary Casas, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 Fax: (713) 595-8201 E-mail: notifications@lanelaw.com Zach.casas@lanelaw.com Kin Dee, LLC's Total Assets: $30,301 Kin Dee, LLC's Total Debts: $1,168,956 MaKiin, LLC's Total Assets: $60,595 MaKiin, LLC's Total Debts: $1,116,744 The petitions were signed by Warattayar Srasrisuwan as CEO and owner. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/GW4I2UQ/Kin_Dee_LLC__txsbke-25-32199__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IB424PI/MaKiin_LLC__txsbke-25-32201__0001.0.pdf?mcid=tGE4TAMA KULA GRAIN: Case Summary & Nine Unsecured Creditors --------------------------------------------------- Debtor: Kula Grain Co., Inc. d/b/a Kula Grain Company 20279 US Hwy 34 Fort Morgan, CO 80701 Business Description: Kula Grain Co. Inc. is a Fort Morgan, Colorado–based grain merchant and interstate freight carrier that hauls dry-bulk farm commodities. Chapter 11 Petition Date: April 22, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-12338 Judge: Hon. Joseph G Rosania Jr. Debtor's Counsel: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street 1900 Denver, CO 80202 Tel: 303-534-4499 E-mail: jweinman@allen-vellone.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Asa Carpenter as president. A copy of the Debtor's list of nine unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4YVH75Q/Kula_Grain_Co_Inc__cobke-25-12338__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/44LA3HY/Kula_Grain_Co_Inc__cobke-25-12338__0001.0.pdf?mcid=tGE4TAMA LABL INC: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative -------------------------------------------------------------- Moody's Ratings affirmed LABL, Inc.'s (doing business as Multi-Color Corporation) corporate family rating of Caa1 and its probability of default rating of Caa1-PD. Moody's also affirmed Multi-Color's senior secured bank credit facilities, including the revolver and the term loan at B3, and its senior secured notes at B3. Moody's further affirmed the company's senior unsecured notes at Caa3. The outlook remains negative. "Multi-Color's Caa1 CFR with a negative outlook reflects the company's unsustainable capital structure with limited prospects for a material turnaround in the company's negative free cash flow and high leverage (11.5x debt/EBITDA as of December 31, 2024 following the most recent debt-funded tuck-in acquisition)," says Motoki Yanase, VP-Senior Credit Officer at Moody's Ratings. "Although Multi-Color's revenue has shown signs of a tepid recovery in the second half of 2024, the degree of recovery remains uncertain if widespread tariffs stick and lead to higher inflation and lower economic growth. With an aggressive financial policy and negative free cash flow, the company is dependent on earnings recovery to improve its credit metrics and refinance the next major maturity of the $690 million senior unsecured notes due July 2027," added Yanase. Governance considerations are a driver of the rating action, reflecting an aggressive financial policy to operate with an unsustainably high debt load relative to its earnings capacity and willingness to expand the business with debt-funded acquisitions. RATINGS RATIONALE Multi-Color's Caa1 CFR is constrained by the company's persistent high leverage and weak interest coverage, measured by EBITDA/interest expense at 1.0x and leverage well above 10x debt/EBITDA in 2024. Moody's expects free cash flow will remain negative in the next 12-18 months from December 2024, which will limit the company's debt repayment capacity. However, even if the company returned to material revenue growth and free cash flow turned positive, excess cash flow will be insufficient to materially reduce debt. The rating is further constrained by the company's acquisition-driven growth strategy which entails execution risks to integrate acquired businesses and achieve synergies. These credit weaknesses are counterbalanced by strengths in Multi-Color's credit profile, including its scale with over $3 billion of revenue, with a leading position in the labels industry in North America. The company predominantly serves customers in food & beverage and home & personal care end markets, with long-term relationships, which provides a stable revenue base. Moody's expects Multi-Color to have weak liquidity for the next 12 months from December 2024, driven by negative free cash flow and increased dependence on its two revolving credit facilities. As of December 31, 2024, the company had $87 million of cash on hand, a $200 million undrawn cash revolver and $93 million of availability under its ABL revolver. Availability under the two revolvers will support Multi-Color's liquidity for the next 12 months with adequate cushion under its covenants of net secured leverage and fixed charge coverage ratios. Multi Color's next significant maturity is the $690 million senior unsecured notes due July 2027. The negative rating outlook reflects Moody's expectations of continued weak financial flexibility with negative free cash flow and increasing dependence on its revolvers over the next 12-18 months. The B3 rating assigned to the senior secured credit facilities and the senior secured notes is one notch above the Caa1 CFR. The B3 rating reflects priority of payment of the secured debt relative to the company's senior unsecured notes but subordination to the company's unrated ABL revolver. The Caa3 rating assigned to the senior unsecured notes reflects their subordination to the senior secured term loans and notes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the ratings if Multi-Color's credit metrics, liquidity or the operating and competitive environment deteriorates further. Specifically, the ratings could be downgraded if EBITDA/interest coverage is below 1.0x, liquidity deteriorates or the likelihood of restructuring increases. Moody's could upgrade the ratings over time if Multi-Color improves its profit and cash flow, and maintains a less aggressive financial policy to support debt paydown. Specifically, the ratings could be upgraded if debt/EBITDA trends below 8x, EBITDA/interest coverage rises above 1.5x and the company demonstrates a track record of consistent free cash flow generation. Headquartered in Rosemont, Illinois, LABL, Inc. is a provider of pressure sensitive labels, flexible film packaging and other packaging solutions for the food and beverage, health and beauty, and consumer products markets. The company operates under the name of Multi-Color. The company is owned by CD&R and generated about $3.1 billion in revenue for the 12 month that ended in December 2024. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. LAZZARA FAMILY BRICK: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------------- On April 17, 2025, Lazzara Family Brick Pavers LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Lazzara Family Brick Pavers LLC Lazzara Family Brick Pavers LLC is a Tampa-based contractor specializing in brick paving installation for residential and commercial properties. Lazzara Family Brick Pavers LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02455) on April 17, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $100,000. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Kevin Comer, Esq. at Comer Law Firm. LEISURE INVESTMENTS: April 29 Deadline for Panel Questionnaires --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Leisure Investments Holdings LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/583rau2p and return by email it to Benjamin A. Hackman, Esq. -- Benjamin.A.Hackman@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Tuesday, April 29, 2025 at 4:00 p.m. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is Riveron Management Services, LLC. The Debtors' claims & noticing agent is Kurtzman Carson Consultants, LLC d/b/a Verita Global. LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Lilydale Progressive Missionary Baptist Church received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The seventh interim order authorized the church to use cash collateral to operate and maintain its property through June 18, in accordance with its budget. The Debtor projects total monthly operational expenses of $44,378.93. As protection, CadleRock III, LLC was granted a replacement lien on all post-petition cash collateral and property of the church to the same extent and with the same priority as its pre-bankruptcy lien. The church will make monthly payments to CadleRock in the amount of $10,000 and will remit to CadleRock all revenues for the 30-day period that exceed $45,000. A status hearing is set for June 18. About Lilydale Progressive Missionary Lilydale Progressive Missionary Baptist Church sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-12502) on August 26, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Janet S. Baer presides over the case. The Debtor tapped the Law Office William E. Jamison & Associates as bankruptcy counsel and Chitwood & Chitwood Financial Services as accountant. CadleRock III, LLC, as secured creditor, is represented by: Cynthia G. Feeley, Esq. Feeley & Associates, P.C. 161 North Clark Street, Suite 1600 Chicago, IL 60601 Tel: 312-541-1200 feeleypc@aol.com MAINE CRAFT: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine granted Maine Craft Distilling, LLC authorization to use cash collateral on a final basis. The final order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 125% variance allowed. Androscoggin Bank, Coastal Enterprises, Inc. and the U.S. Small Business Administration may assert an interest in the cash collateral. As protection, these pre-bankruptcy lienholders were granted liens on all assets of the company except proceeds from avoidance actions, with the same priority as their pre-bankruptcy liens. If Maine Craft wishes to continue using cash collateral after July 6, it must file a continued budget by May 30. Any objections to the continued use must be filed by June 6 and a hearing will be held on June 12, if necessary. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/vXLnQ from PacerMonitor.com. About Maine Craft Distilling Maine Craft Distilling, LLC produces and sells artisanal spirits like Blueshine Blueberry Liquor, Ration Expedition Style Rum, Sprigge Barrel Rested Gin, Black Cap Vodka, Whipple Tree Apple Brandy, and Alchemy Dry Gin. The company offers its products online and at its physical public house location, where it also hosts public events featuring live music. Maine Craft Distilling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20062) on March 21, 2025. In its petition, the Debtor reported total assets of $593,878 and total liabilities of $1,281,429 as of March 17, 2025. The Debtor is represented by: D. Sam Anderson, Esq. Bernstein Shur Sawyer & Nelson Tel: 207-774-1200 Email: sanderson@bernsteinshur.com MARK REAL ESTATE: Case Summary & Three Unsecured Creditors ---------------------------------------------------------- Debtor: The Mark Real Estate Holdings, LLC 100 US Route 1 Cumberland ME 04021 Business Description: The Mark Real Estate Holdings LLC is developing "The Mark," a four-story, 45-unit residential project at 100 U.S. Route 1 in Cumberland, Maine. Slated for first move- ins in spring 2025, the building will feature one- and two-bedroom market-rate apartments and condos, targeting renters and buyers seeking upscale, coastal-accessible living just north of Portland. Chapter 11 Petition Date: April 22, 2025 Court: United States Bankruptcy Court District of Maine Case No.: 25-20100 Debtor's Counsel: Adam Prescott, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 Email: aprescott@bernsteinshur.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Edward Piazza as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7Q76UFY/The_Mark_Real_Estate_Holdings__mebke-25-20100__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Builders Capital Finance, LLC Mortgage $7,111,732 1019 39th Ave SE Suite 220 Puyallup, WA, 98374 Joan M. Egdall, Esq. Phone: 617-337-4444 Email: jegdall@demerlepc.com 2. Titan Funding LLC Mortgage $6,694,650 c/o Edward Piazza 2701 NW Boca Raton Blvd., Suite 105 Boca Raton, FL, 33431 Kellie W. Fisher, Esq. Phone: 207-253-0566 Email: kfisher@dmwlaw.com 3. Broad Cove Ridge, LLC Mortgage $475,000 97 Ledgebrook Crossing Brunswick, ME, 04011 Paul F. Driscoll, Esq. Phone: 207-774-7000 Email: pdriscoll@nhdlaw.com MARTINES PALMEIRO: Seeks Chapter 11 Bankruptcy in Colorado ---------------------------------------------------------- On April 21, 2025, Martines Palmeiro Construction LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Martines Palmeiro Construction LLC Martines Palmeiro Construction LLC is a Denver-based general contractor specializing in high-density residential, senior living, and retail commercial projects across Colorado and Texas. Founded in 2011, the firm offers services including general contracting, construction management, and design-build solutions. Martines Palmeiro Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12313) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. MIDWEST MOBILE: PCO Submits First Report ---------------------------------------- Amanda Wilwert, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Missouri her first report regarding the quality of patient care provided by Midwest Mobile Imaging, LLC. Midwest provides mobile laboratory and imaging services to individuals in Missouri. Mobile laboratory and imaging services are provided in a patient's home, long-term care facilities, assisted living facilities, senior housing communities, home care agencies, hospices, specialty clinics, treatment centers, correctional facilities, and other environments as an alternative to the traditional imaging setting. The PCO noted that Midwest's interactions with patients are brief and sometimes a one-time occurrence. Thus, it can be difficult for patients to differentiate or identify a mobile laboratory and imaging provider from their day to-day providers. Given the nature of Midwest's business, PCO elected not to interview any patients. By the time of her appointment, Midwest had negotiated a sale of its assets to Contract X-Ray Services, Inc. and executed an asset purchase agreement dated Jan. 29. As a result of the motion to sell, it was requested that this PCO verify that Midwest has adequate procedures for the storage and maintenance of the patient records under HIPAA and that the sale provides for the proper treatment of those records. The PCO interviewed Contract X-Ray Services' president and owner, Aaron Baker. Mr. Baker is knowledgeable about the mobile imaging industry and the obligations to maintain medical records and provide patients and providers with access to those records. He views the patient records as an important part of the transfer of Midwest's business as there will be continuing treatment, payment, and health care operations that Contract X-Ray Services will need to maintain once the business is conveyed. The PCO is confident that Midwest has adequate processes in place for the maintenance and storage of records based on this investigation. Patient records will be transferred to Contract X Ray Services as part of the sale and transfer of Midwest's business pursuant to the asset purchase agreement. The PCO will continue to monitor Midwest and its operations and provide reports every 60 days as long as the court deems it necessary. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=eZr8aQ from PacerMonitor.com. The ombudsman may be reached at: Amanda M. Wilwert, Esq. Foulston Siefkin, LLP 7500 College Blvd., Ste. 1400 Overland Park, KS 66210 Phone: (913) 253-2181 Email: awilwert@foulston.com About Midwest Mobile Imaging Midwest Mobile Imaging, LLC is a full-service mobile diagnostic x-ray services provider in Springfield, Mo. Midwest Mobile Imaging sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60002) on January 3, 2025, with up to $500,000 in assets and up to $10 million in liabilities. Dan Taylor, member of Midwest Mobile Imaging, signed the petition. Judge Brian T. Fenimore oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, PA, represents the Debtor as legal counsel. MOBIQUITY TECHNOLOGIES: Posts Net Loss of $8.6 Million in 2024 -------------------------------------------------------------- Mobiquity Technologies, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, disclosing that to date, it has not been profitable and have incurred significant losses and cash flow deficits. For the fiscal years ended December 31, 2024, and 2023, it reported net losses of $8,593,182 and $6,533,117, respectively, and net cash used in operating activities of $2,406,881 and $4,395,868, respectively. Coral Springs, Fla.-based Assurance Dimensions, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Apr. 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that at December 31, 2024, the Company had a working capital deficit of $1,257,393, an accumulated deficit of $225,633,521 and a net loss of $8,593,182 for the year then ended. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The Company has incurred significant losses since its inception in 1998 and has not demonstrated an ability to generate sufficient revenues from the sales of its products and services to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. In making this assessment, the Company performed a comprehensive analysis of its current circumstances including: financial position, cash flows and cash usage forecasts for the year ended December 31, 2024, and current capital structure including equity-based instruments and our obligations and debts. Without sufficient revenues from operations, if the Company does not obtain additional capital, the Company will be required to reduce the scope of its business development activities or cease operations. Management's strategic plans include the following: * Execution of business plan focused on technology development and improvement, * Seek out equity and/or debt financing to obtain the capital required to meet the Company's financial obligations. There is no assurance, however, that lenders and investors will continue to advance capital to the Company or that the new business operations will be profitable. * Continuing to explore and execute prospective partnering, distribution and acquisition opportunities, * Identifying unique market opportunities that represent potential positive short-term cash flow. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4nd5vyj2 About Mobiquity Technologies Headquartered in Shoreham, N.Y., Mobiquity Technologies, Inc., is a next-generation advertising technology, data compliance, and intelligence company that operates through its various proprietary software platforms. The Company's product solutions are comprised of three proprietary software platforms: Advertising Technology Operating System (ATOS Platform); Data Intelligence Platform; and Publisher Platform for Monetization and Compliance. As of Dec. 31, 2024, the Company had $6,518,315 in total assets, $3,233,864 in total liabilities, and a total stockholders' equity of $3,284,451. MOLECULAR TEMPLATES: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------------ On April 20, 2025, Molecular Templates Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports $29,416,746 in debt owed to 100 and 199 creditors. The petition states funds will not be available to unsecured creditors. About Molecular Templates Inc. Molecular Templates Inc. is a clinical-stage biopharmaceutical company established in 2001, focusing on the discovery and development of innovative, targeted biologic therapeutics. In particular, Molecular Templates specializes in developing proprietary "engineered toxin bodies" ("ETBs"), a next-generation biologic platform designed to treat cancer and other diseases. The ETBs that Molecular Templates has developed can target cancer in unique ways with the potential to overcome tumor resistance mechanisms. Molecular Templates Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10739) on April 20, 2025. In its petition, the Debtor reports total assets as of April 18, 2025 of $2,492,278 and total debts as of April 18, 2025 of $29,416,746. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Austin T. Park, Esq., and Jake A. Rauchberg, Esq. at MORRIS, NICHOLS, ARSHT & TUNNELL LLP. KURTZMAN CARSON CONSULTANTS, LLC is the Debtors' Claims & Noticing Agent. MULTI PIG: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: Multi Pig, Inc. 1636 190th Street Audubon, IA 50025 Business Description: Multi Pig, Inc. is a livestock producer based in Audubon, Iowa, specializing in the breeding and raising of hogs for the commercial pork market. Founded in 1974, the Company operates within the U.S. agricultural-livestock sector and employs a small team. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00678 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 Email: jgoetz@dickinsonbradshaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50 million to $100 million The petition was signed by Jacob Best as authorized representative of the Debtor. The Debtor has identified Farm Credit Services of America, located at PO Box 2409, Omaha, NE 68103-2409, as its sole unsecured creditor holding a claim of $329,770. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GOX653Y/Multi_Pig_Inc__iasbke-25-00678__0001.0.pdf?mcid=tGE4TAMA NATIONWIDE EXPRESS: Unsecureds to Get $10,800 in Quarterly Payments ------------------------------------------------------------------- Nationwide Express Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia an Amended Plan of Reorganization dated March 23, 2025. The Debtor is a facilitated deliveries, logistics, and freight services company. The Debtor has downsized since filing the bankruptcy case and is now running five trucks. The Debtor's only shareholder is Longhorn Logistics, LLC. Charlie Stinson is the CEO of the Debtor but stopped working for the Debtor post-petition. The Debtor is being run by Charlie Stinson's brother, Craig Stinson. The Debtor employs Charlie Stinson's brother, Craig Stinson, as its manager. Mr. Stinson will make $68,640.00 annually post confirmation. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 6 shall consist of General Unsecured Claims including any potential deficiency claims. If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, the Debtor shall pay GUCs their pro rata share of the total amount of $10,800.00 to be paid in quarterly installments commencing on the first day of the first full quarter following the Effective Date and continuing on the first day of each quarter through and including the 12th quarter following the Effective Date. General Unsecured Creditors will receive 12 disbursements of $900.00. If the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 6 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. The Claims of the Class 6 Creditors are Impaired by the Plan, and the holders of Class 6 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $397,238.13. Class 7 consists of Longhorn Logistics, LLC as the equity interest holder of the Debtor and Longhorn Logistics, LLC will retain its interest in the Reorganized Debtor. This class is not impaired and is not eligible to vote on the Plan. The source of funds for the payments pursuant to the Plan is Debtor's continued business operations. A full-text copy of the Amended Plan dated March 23, 2025 is available at https://urlcurt.com/u?l=N6fa82 from PacerMonitor.com at no charge. Counsel to the Debtor: Will B. Geer, Esq. Elizabeth A. Childers, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Nationwide Express Inc. Nationwide Express Inc. operates in the general freight trucking industry. The company is based in Ringgold, Ga. Nationwide Express filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 24-40995) on July 2, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Charlie Stinson, chief executive officer of Nationwide Express, signed the petition. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC. NEUROONE MEDICAL: Prices $8M Public Offering of Common Shares ------------------------------------------------------------- NeuroOne Medical Technologies Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an Underwriting Agreement with Ladenburg Thalmann & Co. Inc. as underwriter, relating to the issuance and sale of 16,000,000 shares of the Company's common stock, par value $0.001 per share, at a price to the public of $0.50 per share. In addition, under the terms of the Underwriting Agreement, the Company granted the Underwriter an option, exercisable for 45 days, to purchase up to an additional 2,400,000 shares of common stock on the same terms as the offering. The offering closed on April 7, 2025. Following the closing of the offering, the Company has 49,797,000 shares of common stock outstanding. The Company intends to use the net proceeds from this offering for general working capital purposes. The Underwriting Agreement contains customary representations, warranties, covenants and agreements of the Company, indemnification obligations of the Company and the Underwriter, including liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. In addition, pursuant to the terms of the Underwriting Agreement, the Company and, pursuant to separate lock-up agreements, its executive officers and directors may not, without the prior written approval of the Underwriter, subject to limited exceptions, offer, sell, agree to sell, directly or indirectly, or otherwise dispose of any shares of common stock or any securities convertible into or exchangeable for shares of common stock for a period of 75 days following the closing of the offering. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were only for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties. The Underwriting Agreement is filed as Exhibit 1.1 hereto and the description of the terms of the Underwriting Agreement is qualified in its entirety by reference to such exhibit. The offering was made pursuant to an effective registration statement on Form S-3 (File No. 333-79871), previously filed with the Securities and Exchange Commission, and the related prospectus supplement. About NeuroOne Medical Technologies Headquartered in Eden Prairie, MN, NeuroOne Medical Technologies Corporation -- nmtc1.com -- is a medical technology company focused on (i) diagnostic, ablation and deep brain stimulation technology for brain related conditions such as epilepsy and Parkinson's disease; (ii) ablation and stimulation for pain management throughout the body; and (iii) drug delivery including diagnostic and stimulation capabilities. The Company is developing and commercializing thin film electrode technology for continuous electroencephalogram ("cEEG") and stereoelectrocencephalography ("sEEG"), spinal cord stimulation, brain stimulation, drug delivery and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other pain-related neurological disorders. The Company is also developing the capability to use its sEEG electrode technology to deliver drugs or gene therapy while being able to record brain activity before, during, and after delivery. Additionally, the Company is investigating the potential applications of its technology associated with artificial intelligence. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company had recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These are the reasons that raise substantial doubt about the Company's ability to continue as a going concern. The Company incurred a net loss of $12.32 million for the year ended Sept. 30, 2024, compared to a net loss of $11.86 million for the year ending Sept. 30, 2023. As of Sept. 30, 2024, the Company had an accumulated deficit of $75.0 million primarily as a result of expenses incurred in connection with its operations and from its research and development programs. As of Dec. 31, 2024, NeuroOne Medical Technologies had $6.49 million in total assets, $3.56 million in total liabilities, and $2.94 million in total stockholders' equity. NUEVA VISTA: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: Nueva Vista 2018 LLC 303 Broadway Ste 104-66 Laguna Beach CA 92651 Business Description: Nueva Vista 2018 LLC is a real-estate developer that holds fee-simple title to the property at 1248 S. Santa Fe Avenue in Vista, California, currently valued at $5.6 million. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11051 Judge: Hon. Scott C Clarkson Debtor's Counsel: James Mortensen, Esq. SOCAL LAW GROUP, PC 2855 Michelle Drive 120 Irvine CA 92606 Tel: 213-387-7414 Email: pimmsno1@aol.com Total Assets: $5,600,000 Total Liabilities: $7,854,164 D. Scott Abernethy signed the petition in his capacity as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B3GRRAA/Nueva_Vista_2018_LLC__cacbke-25-11051__0001.0.pdf?mcid=tGE4TAMA OAKLAND PHYSICIANS: Quality of Patient Care Maintained, PCO Reports ------------------------------------------------------------------- Deborah Fish, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan her fourth report regarding the quality of patient care provided by Oakland Physicians Medical Center, LLC, PC. In the report which covers the period Feb. 4 to March 25, the PCO disclosed that she met with the Director of Nursing, management, staff and patients during her visits at the hospital. She also made communications and calls with the State of Michigan Department of Licensing and Oakland's legal counsel and participated in an in-person meeting with the legal counsel and the Subchapter V trustee. During her visits, the PCO observed that the staff handled such matters as food service delivery and medication disbursement with appropriate care and competence. Moreover, the hospital maintains an electronic medical record system and has a medical records department consisting of two people. That department is up to date on all requests and responds no later than 72 hours after the request, which is well within the legal requirements. There are no issues to report at this time, the PCO said in her report. Pursuant to Section 333(b)(3), the quality of care provided to patients at the hospital has been maintained, according to the report. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=Gu6Wel from PacerMonitor.com. The ombudsman may be reached at: Deborah L. Fish Allard & Fish, P.C. 211 West Fort Street Suite 705 Detroit, Michigan 48226 Phone: 313-309-3171 Email: dfish@allardfishpc.com About Oakland Physicians Medical Center Oakland Physicians Medical Center, L.L.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-51134) on November 23, 2024. Judge Maria L. Oxholm presides over the case. The Debtor tapped Robert N. Bassel, Esq. at Robert Bassel, Attorney At Law as bankruptcy counsel and Brandon M. Dalziel, Esq., at Bodman PLC as special counsel. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's case. OFF-ROAD AUTOMOTIVE: Seeks Chapter 11 Bankruptcy in Colorado ------------------------------------------------------------ On April 21, 2025, Off-Road Automotive filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Off-Road Automotive Off-Road Automotive is a used vehicle dealership based in Fort Lupton, Colorado. The Company specializes in off-road-capable trucks, SUVs, and 4x4 vehicles, offering a diverse inventory from brands such as Ford, Jeep, Toyota, and Chevrolet. It also provides financing solutions and trade-in options, catering to both recreational off-roaders and everyday drivers. Off-Road Automotive sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12310) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY PC. OFFICE PROPERTIES: Files Prospectus Supplement for $99.7M Offering ------------------------------------------------------------------ Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it filed with the Securities and Exchange Commission, or SEC, a prospectus supplement to the prospectus contained in its effective shelf registration statement on Form S-3 (Registration No. 333-284926), as amended, relating to the sale of its common shares of beneficial interest, $.01 par value per share, or common shares, having an aggregate sales price of up to $99,655,398 from time to time through or to Clear Street LLC, or the Agent, in transactions that are deemed to be an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended, pursuant to the sales agreement dated March 14, 2025 between the Company and the Agent, as previously disclosed in its Current Report on Form 8-K filed with the SEC on March 14, 2025. In connection with the filing of the prospectus supplement, a copy of the opinion of Venable LLP regarding the validity of the common shares being registered under the prospectus supplement, and a copy of the opinion of Sullivan & Worcester LLP regarding certain tax matters, are filed with the Current Report on Form 8-K as Exhibits 5.1 and 8.1, available at: https://tinyurl.com/2tj5fzvr About Office Properties Office Properties Income Trust is a REIT organized under Maryland law. As of Dec. 31, 2023, its wholly owned properties were comprised of 152 properties, and it had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 468,000 rentable square feet. As of Dec. 31, 2023, the Company's properties are located in 30 states and the District of Columbia and contain approximately 20,541,000 rentable square feet. As of Dec. 31, 2023, its properties were leased to 258 different tenants, with a weighted average remaining lease term (based on annualized rental income) of approximately 6.4 years. The U.S. government is its largest tenant, representing approximately 19.5% of its annualized rental income as of Dec. 31, 2023. As of March 31, 2024, the Company had $4 billion in total assets, $2.7 billion in total liabilities, and $1.3 billion in total stockholders' equity. * * * In May 2024, OPI announced it was actively negotiating with its existing debtholders to exchange four series of its currently outstanding senior unsecured notes (worth $1.7 billion at face value) for up to $610 million of new senior secured notes and related guarantees, with priority given to the 2025 noteholders ($650 million outstanding). The exchange would result in debtholders receiving below the par value of the existing notes. The Troubled Company Reporter on February 11, 2025, reported that S&P Global Ratings lowered its Company credit rating on Newton, Mass.-based REIT Office Properties Income Trust (OPI) to 'CC' from 'CCC' and its issue-level ratings on its senior unsecured notes due 2026, 2027 and 2031, which are part of the proposed exchange, to 'CC' from 'CCC-'. OMEGA THERAPEUTICS: Gets Court Clearance for $14MM Chapter 11 Sale ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Wednesday, April 23, 2025, approved Omega Therapeutics' $14 million sale to its debtor-in-possession lender and a key shareholder as part of the company's Chapter 11 case. The Troubled Company Reporter, citing Vince Sullivan of Law360, previously reported that Omega Therapeutics, an mRNA vaccine developer, filed proposed bidding procedures in a Delaware bankruptcy court, seeking sale approval by mid-April 2025. The company has secured a stalking-horse bid worth approximately $11.5 million. 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 reported 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 special counsel is Latham & Watkins LLP. The Debtor tapped Triple P RTS, LLC as restructuring advisor and Triple P Securities LLC as investment banker. The Debtor's claims agent and administrative advisor is Kroll Restructuring Administration LLC. PACIFIC PRAIRIE: Seeks Chapter 11 Bankruptcy in Wisconsin --------------------------------------------------------- On April 18, 2025, Pacific Prairie Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Wisconsin. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Pacific Prairie Holdings LLC Pacific Prairie Holdings LLC is a single asset real estate company based in Genesee Depot, Wisconsin. Pacific Prairie Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22125) on April 18, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge G Michael Halfenger handles the case. The Debtor is represented by Michael Jurkash, Esq. and Craig E. Stevenson, Esq. at Swanson Sweet LLP. PATRIOT TRANSPORT: Terletsky to Contribute $10K; Files Amended Plan ------------------------------------------------------------------- Patriot Transport, Inc., submitted a Disclosure Statement describing First Amended Plan of Reorganization dated March 24, 2025. The Debtor's First Amended Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. Like in the prior iteration of the Plan, Class 2 Claims including unsecured claims asserted by the Taxing Authorities shall be paid pro rata distributions of deferred cash payments aggregating $150,000 from the General Unsecured Creditor Fund payable in five equal payments of $30,000 with the first installment due 6 months following the Effective Date (or June 30, 2025 whichever sooner) and $30,000 payable annually on June 30, 2026, 2027, 2028 and 2029. Class 3 General Non-Priority Unsecured Claims Held by Related Entities shall not receive a distribution in this case until all Class 1 claims are paid in full. Class 4 General Non-Priority Unsecured Claims Held by Igor Terletsky shall be voluntarily subordinated to the payment of Class 2 and Class 3 Claims and shall not receive a distribution unless all Class 2 and Class 3 claims are paid in full. Class 5 consists of Equity Interests of Igor Terletsky. All equity interests shall be deemed to be terminated and canceled upon the Effective Date. Newly issued equity security interests of the Reorganized Debtor consisting of 1,000 shares of the newly issued common stock shall be transferred to Igor Terletsky upon the Effective Date. Mr. Terletsky shall contribute new value for the equity interests in the Reorganized Debtor in the amount of $10,000, payable over 5 years at $2,000 per year, which shall be used in connection with the Debtor's Plan payments. Class 5 Claims and Equity interests are impaired under the Plan. The principal of the Debtor, Mr. Igor Terletsky, is effectively retaining his equity interests in the Debtor. He is providing new value in order to do so in the form of (1) he has waived payment on his substantial unsecured claim in the amount of $959,745; (2) he is contributing the sum of $10,000 toward Plan payments over a period of 5 years (at $2,000 per year); and (3) he is maintaining and not increasing his low salary of $156,000 per year for the next two years. In light of these new value contributions by Mr. Terletsky, the Debtor maintains that the new value of the shares in the Reorganized Debtor are sufficient and equivalent to the value of those shares. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured Non- Priority Claims will be from the continued operations of the Debtor. Igor Terletsky shall serve as the Disbursing Agent for all payments under the Plan to Class 2 Claimants, and shall otherwise oversee and assist the Reorganized Debtor in payment of all other distributions and payments required by the Plan. Mr. Terletsky shall also be responsible for all post-confirmation U.S. Trustee reporting requirements. Except as otherwise provided herein or as ordered by the Bankruptcy Court, distributions to be made on account of Class 2 Claims that are Allowed Claims as of the Effective Date shall be made on the Distribution Date and on each anniversary thereof for a total of five payments of $30,000 (or $150,000 in the aggregate). Any payment or distribution required to be made under the Plan on a day other than a Business Day shall be made on the next succeeding Business Day. A full-text copy of the Disclosure Statement dated March 24, 2025 is available at https://urlcurt.com/u?l=4wLJC3 from PacerMonitor.com at no charge. Attorney for the Debtor: Miriam Stein Granek Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847) 745-6592 Email: mgranek@gutnicki.com About Patriot Transport Patriot Transport, Inc., a trucking company in Carol Stream, Ill., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-07407) on May 17, 2024, with up to $10 million in assets and up to $50 million in liabilities. Igor Terletsky, president, signed the petition. Judge Timothy A. Barnes presides over the case. John F. Hiltz, Esq., at Leibowitz, Hiltz & Zanzig, LLC, is the Debtor's counsel. PAVMED INC: Secures $2.88 Million Sales Agreement With Maxim ------------------------------------------------------------ PAVmed Inc. filed a Form 8-K with the Securities and Exchange Commission revealing that on April 17, 2025, it entered into a sales agreement with Maxim Group LLC, designating Maxim as the sales agent, pursuant to which the Company may offer and sell its common stock through or to the Agent on a periodic basis. Maxim may sell shares of PAVmed's common stock under the Sales Agreement using legally permitted methods, subject to certain restrictions. As of April 17, 2025, the maximum amount of shares available for sale is $2,880,000, as outlined in the prospectus supplement. The Company will pay the Agent a commission of 3.0% of the aggregate gross sales prices of the Shares. The Company will also reimburse the Agent for fees and disbursements of its legal counsel (i) in an amount not to exceed $50,000 in connection with the execution of the Agreement and (ii) in an amount not to exceed $5,000 per calendar quarter thereafter payable in connection with each representation date with respect to which the Company is obligated to deliver a certificate to the Agent pursuant to the Agreement for which no waiver is applicable and excluding the date of the Agreement. The Agreement contains customary representations and warranties, covenants and indemnification and contribution obligations, including indemnification and contribution for liabilities under the Securities Act. Either the Company or the Agent can terminate the Agreement at any time, with ten business days' written notice, or the Agent can terminate it immediately in certain situations. PAVmed intends to use the net proceeds from the Offering for working capital and general corporate purposes. The Shares are being offered and sold pursuant to the Company's effective shelf registration statement under the Securities Act on Form S-3 (File No. 333-283994), which was declared effective by the SEC on April 15, 2025, and a prospectus supplement relating to the Shares, dated April 17, 2025, which the Company filed with the SEC pursuant to Rule 424(b)(3) under the Securities Act on April 17, 2025. About PAVmed Headquartered in New York, NY, PAVmed Inc. -- http://www.pavmed.com -- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PavMed reported a net income attributable to common stockholders of $31.97 million for the year ending Dec. 31, 2024, compared to a net loss attributable to common stockholders of $66.27 million for the year ending Dec. 31, 2023. PERMIAN RESOURCES: Moody's Ups CFR to Ba1, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Permian Resources Operating, LLC's (Permian Resources) Corporate Family Rating to Ba1 from Ba2, its Probability of Default Rating to Ba1-PD from Ba2-PD, and its backed senior unsecured notes rating to Ba2 from Ba3. The company's Speculative Grade Liquidity Rating (SGL) is maintained at SGL-1 and the rating outlook is changed to stable from positive. "The upgrade to a Ba1 CFR reflects Permian Resources' emerging track record of operating at its current scale after growing rapidly through successive large acquisitions," said Thomas Le Guay, a Moody's Ratings Vice President, "The company's prudent financial policies will enable it to generate free cash flow and reduce debt, even in a lower oil price environment." RATINGS RATIONALE Permian Resources' Ba1 CFR reflects its large production scale from high-quality acreage primarily in the Delaware basin and the company's continued commitment to prudent financial policies and free cash flow generation. The company targets net leverage between 0.5x and 1.0x (0.95x as of December 31, 2024) and changed its variable distribution policy to a lower fixed dividend in November 2024 to retain more cash flow for potential acquisitions or debt repayment. This change should allow Permian Resources to continue improving its leverage metrics, with Retained Cash Flow (RCF) to debt trending towards 60% in 2025 and Debt/Production declining towards $11,000/boe, under Moody's current $55 WTI base case oil price assumption. The Ba1 CFR also incorporates Permian Resources' still relatively limited track record of executing its current strategy of more measured organic growth supplemented with bolt-on acquisitions. The company can continue building its operational track record by demonstrating consistent organic production growth and full organic reserves replacement at lower finding and development (F&D) costs to make its returns competitive and resilient to lower commodity price environments. The stable outlook reflects Moody's expectations that Permian Resources' will maintain financial discipline in the current volatile oil price environment, achieving free cash flow and reducing debt under Moody's current price assumptions and reducing its capital spending if oil prices decline further to avoid negative free cash flow. Permian Resources maintains a very good liquidity position, reflected in its SGL-1 Speculative Grade Liquidity Rating. The liquidity position is supported by its free cash flow generation and a $2.5 billion committed senior secured revolving credit facility ($4.0 billion borrowing base) maturing in February 2028, which was undrawn as of December 31, 2024. The facility has two financial covenants, including a maximum debt/EBITDAX of 3.5x and minimum current ratio of 1.0x. Moody's expects the company to remain well in compliance with its financial covenants through 2026. Permian Resources' next debt maturity is $289 million (outstanding) of notes due January 2026 which Moody's expects the company to repay with cash. It repaid $175 million of notes in the first quarter of 2025 using proceeds from asset disposals. Permian Resources' senior unsecured notes are rated Ba2, one notch below the Ba1 CFR, reflecting the effective subordination of the unsecured notes to the significant size of the $2.5 billion senior secured revolving credit facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Permian Resources' Ba1 CFR could be upgraded if the company continues to build a track record of organic production growth and reserves replacement at more competitive F&D costs and returns on investment, and meaningfully reduces gross debt outstanding. To support an upgrade, the company should increase its leveraged full cycle ratio (LCFR) above 2x and sustain RCF to debt over 50% at mid-cycle oil and gas prices. The ratings may be downgraded if there is a substantial increase in leverage to fund acquisitions or shareholder returns or if the company experiences a meaningful decline in production. A downgrade could occur if RCF to debt falls below 35% or LFCR falls towards 1.0x. Permian Resources Operating, LLC is an independent oil and gas exploration and production company in the Permian basin, operating across West Texas and New Mexico. The company owns around 450,000 net acres with production averaging 344 Mboe/d in 2024 (46% oil). The company had around 6 years of proved developed reserves as of December 31, 2024. Permian Resources' parent company, Permian Resources Corporation is publicly-listed. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. PREDICTIVE ONCOLOGY: Ends Merger Talks With Renovaro Inc. --------------------------------------------------------- Predictive Oncology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it has decided to discontinue discussions with Renovaro Inc. regarding the previously reported proposed merger between the two companies. Contrary to misrepresentations by RENB, including in an April 4, 2025, press release referring to a "binding agreement merger agreement [sic]" with POAI, POAI has not entered into a merger agreement with RENB. As previously disclosed, on January 1, 2025, POAI entered into a letter of intent with RENB concerning the proposed merger transaction, which was subsequently modified on February 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. POAI has no further obligations to RENB under the letter of intent. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Predictive Oncology had $4.97 million in total assets, $5.18 million in total liabilities, and a total stockholders' deficit of $202,610. PROMEDICA HEALTH: Moody's Upgrades Revenue Bond Rating to Ba1 ------------------------------------------------------------- Moody's Ratings has upgraded ProMedica Health System's (OH) revenue bond rating to Ba1 from Ba2. The outlook is positive. The system had $1.9 billion in debt at FYE 2024. The upgrade reflects the successful completion of corporate restructuring initiatives and greater discipline managing core operations, which will help sustain material improvement in financial performance and liquidity. The system has ample cushion to withstand market volatility and potential federal funding cuts. RATINGS RATIONALE The Ba1 reflects ProMedica's strong market position in northwest Ohio, supported by its extensive hospital and physician network, which will drive volume growth in high acuity services in a competitive region. The completion of a major corporate downsizing and greater focus on core operations will help sustain the recent material improvement in cashflow and cash. However, high debt will keep cash-to-debt low at 50%-60% and require higher-than-average cashflow to reduce operating leverage. Also, while improving, the assisted living business dilutes system margins. RATING OUTLOOK The positive outlook reflects operating cashflow margins (OCF) will be sustained at 8%-9% in fiscal 2025, reducing debt-to-cashflow to under 6 times. Days cash on hand will likely remain above 120 days, given less than 15% is invested in equities. The outlook also reflects that cash-to-debt will remain above 50%. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained OCF margin of 8%-9% and under 6 times debt-to-cashflow -- System cash on hand maintained at over 120 days FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Incremental debt or cash-to-debt falls under 50% -- Decline in operating cashflow margin below 5% LEGAL SECURITY Bonds have a joint and several pledge of gross revenues of the obligated group, which is 69% of system revenue. In addition, the bonds are secured by a mortgage and security interest in and assignment of rents from ProMedica Toledo Hospital and ProMedica Flower Hospital. The largest non-obligated group members are the parent ProMedica Corporation, ProMedica Foundation, and ProMedica Physician Group. The Second Amended and Restated MTI allows for a substitution of notes, which could lead to a different security in the future. The parent guarantees lease obligations for the assisted living facilities; the lease does not have a note on parity with the obligated group. PROFILE ProMedica operates 10 hospitals and one affiliated hospital primarily in northwest Ohio, a large physician group, 59 assisted living and memory care facilities in 11 states, and a dental insurance plan. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in October 2024. PROSPECT MEDICAL: April 30, 2025 Assets Sale Hearing Set -------------------------------------------------------- The Hon. Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the Norther District of Texas will hold a hearing on April 30, 2025, at 1:30 p.m. (prevailing Central time) to consider approval of the sale of the assets of Prospect Medical Holdings Inc. and its debtor-affiliates to Astrana Health Inc. and each of their successors and assigns, free and clear of all liens, and encumbrances. Objection to the sale, if any, must be filed no later than 4:00 p.m. (prevailing Central time) on April 28, 2025. About Prospect Medical Holdings Prospect Medical Holdings Inc. owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors also tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Likey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing & solicitation agent. On Jan. 29, 2025, the Office of the United States Trustee for Region 6 appointed an official committee of unsecured creditor in these Chapter 11 cases. The committee tapped Brinkman Law Group, PC as efficiency counsel. R.A.R.E. CORP: Gets Interim OK to Use Cash Collateral Until May 15 ------------------------------------------------------------------ R.A.R.E. Corporation received seventeenth interim approval from a U.S. bankruptcy judge to continue to use the cash collateral of its secured creditors. The interim order penned by Judge David Cleary of the U.S. Bankruptcy Court for the Northern District of Illinois authorized the company to use cash collateral through May 15, in accordance with its projected budget. This latest approval aligns with the terms of the court's Feb. 20 order, which remains in effect. The next hearing is scheduled for May 14, with an objection deadline of May 12. About R.A.R.E. Corporation R.A.R.E. Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02127) on February 15, 2024, with up to $500,000 in assets and up to $1 million in liabilities. R.A.R.E. President Rocky Eastland signed the petition. Judge David D. Cleary oversees the case. William J. Factor, Esq., at FactorLaw, represents the Debtor as legal counsel. REBELLION POINT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Rebellion Point Entertainment, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral. The interim order penned by Judge Pamela McAfee authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its 30-day budget, which shows total expenses of $87,757. As protection, Dogwood State Bank and creditors that may hold potential secured claims will receive a post-petition lien on the Debtor's cash and inventory similar to their pre-bankruptcy collateral. In addition, Dogwood State Bank will receive payment in the amount of $3,300 beginning on May 1. The Debtor's authority to use cash collateral will expire or terminate upon cessation of its business or non-compliance or default with the terms and provisions of the interim order. The next hearing is set for May 14. About Rebellion Point Entertainment Rebellion Point Entertainment, LLC, also known as East Coast Game Rooms, is a family-owned retailer and outfitter based in Kitty Hawk, N.C., with over four decades of experience in both residential and commercial entertainment spaces. It offers a wide selection of game room products including arcade machines, billiards, ping pong, shuffleboard, and custom furniture. It also provides rentals, delivery, installation, and repair services for customers in the Outer Banks and broader East Coast region. Rebellion Point Entertainment filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01352) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. David M. Teague, company owner, signed the petition. Judge Pamela W. Mcafee oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, represents the Debtor as legal counsel. REBORN PHOENIX: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On April 18, 2025, Reborn Phoenix Management Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Reborn Phoenix Management Inc. Reborn Phoenix Management Inc. is a single asset real estate management company. Reborn Phoenix Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41897) on April 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ronald D. Weiss, Esq. at Ronald D. Weiss, P.C. REGARD RECOVERY: Secured Party Sets Auction for June 5, 2025 ------------------------------------------------------------ For default in payment of a debt and performance of obligations owned by Regard Recovery JP Holdings Co LLC and its affiliates to WHATT Lender ("secured party"), pursuant to Section 9-610 of the Uniform Commercial Code, at 10:00 a.m. (prevailing Central Time) on June 5, 2025, at the law offices of Polsinelli PC, 150 N. Riverside Plaza, Suite 3000, Chicago, Illinois 60606, and via Zoom video conference http:s//polsinelli.zoom.us/j/92569417825, Meeting ID Number: 925 6941 7825 Passcode: 796235, Secured Party will sell at public auction to the highest qualified bidder for cash Regard Recovery JP Holding Co LLC's and Regard Recovery JP LLC's interest in (a) all economic rights, including without limitation, all rights to share in the profits and losses of the issuer and all rights to receive distributions of the assets of the issuer; and (b) all governance rights, including without limitation, all rights to vote, consent to action and otherwise participate in the management of the issuer. For further information regarding the sale, contact: Nathan Grzegorek Polsinelli PC 150 N. Riverside Plaza Suite 3000 Chicago, Illinois 60606 Tel: (312) 819-1900 Fax: (312) 277-7820 Email: ngrzegoreck@polsinelli.com REGIONAL HOUSING: No Decline in Patient Care at Columbus Facility ----------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her 18th report regarding the quality of patient care provided at The Landings of Columbus, which is operated by RHCSC Columbus AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Landings of Columbus in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited the facility on Sept. 12, 2024. The ombudsman representative did not receive any complaints for action. Residents reported they are comfortable addressing with staff any concerns. The ombudsman representative observed several staff interacting with residents in a positive and mutually respectful way. All residents appeared well groomed and appropriately dressed. Neither the residents on the dementia unit nor the family member raised any concerns. The ombudsman representative observed that the facility was clean, with no odors as were the occupied resident rooms. The ombudsman representative received no concerns about food supplies. The menu was posted. The ombudsman representative noted that medications were properly secured. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this personal care home since the last visit. A copy of the 18th ombudsman report is available for free at https://urlcurt.com/u?l=5gO6Ri from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. 2 Peachtree Street NW, 33rd Floor Atlanta, GA 30303 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug. 26, 2021. At the time of the filing, Regional Housing & Community Services listed as much as $100,000 in both assets and liabilities. Judge Paul W. Bonapfel oversees the cases. The Debtors tapped Scroggins & Williamson, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; and SLIB II, Inc., doing business as Senior Living Investment Brokerage, as investment banker. Kurtzman Carson Consultants, LLC is the claims, noticing and balloting agent. Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB Bank, N.A. Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Gardens of Rome --------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her 18th report regarding the quality of patient care provided at The Gardens of Rome, which is operated by RHCSC Rome AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Gardens of Rome in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited The Gardens of Rome facility on September 9, 2024. The ombudsman representative received no complaints on this visit. The ombudsman representative observed fourteen residents during an activity. They had cupcakes and were celebrating a resident's birthday. The ombudsman representative observed that residents were groomed and dressed appropriately. Residents reported they are satisfied with the care they are receiving. The facility appeared to have adequate food and supplies. The ombudsman representative Medications were locked in a closet. The ombudsman representative did not note any decline in resident care since the last visit. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this personal care home since the last visit. A copy of the 18th ombudsman report is available for free at https://urlcurt.com/u?l=5gO6Ri from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug. 26, 2021. At the time of the filing, Regional Housing & Community Services listed as much as $100,000 in both assets and liabilities. Judge Paul W. Bonapfel oversees the cases. The Debtors tapped Scroggins & Williamson, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; and SLIB II, Inc., doing business as Senior Living Investment Brokerage, as investment banker. Kurtzman Carson Consultants, LLC is the claims, noticing and balloting agent. Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB Bank, N.A. Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Gardens of Savannah ------------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her 18th report regarding the quality of patient care provided at The Gardens of Savannah, which is operated by RHCSC Savannah AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Gardens of Savannah in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited the Gardens of Savannah on September 18, 2024. Many residents cannot communicate clearly. Residents appeared clean and content. The facility was odor free. The ombudsman representative observed that the Executive Director was responsive. She was helpful and knowledgeable about the residents. Sufficient staff were present. The ombudsman representative received no complaints. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this personal care home since the last visit. A copy of the 18th ombudsman report is available for free at https://urlcurt.com/u?l=d6nGl9 from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. 2 Peachtree Street NW, 33rd Floor Atlanta, GA 30303 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug. 26, 2021. At the time of the filing, Regional Housing & Community Services listed as much as $100,000 in both assets and liabilities. Judge Paul W. Bonapfel oversees the cases. The Debtors tapped Scroggins & Williamson, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; and SLIB II, Inc., doing business as Senior Living Investment Brokerage, as investment banker. Kurtzman Carson Consultants, LLC is the claims, noticing and balloting agent. Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB Bank, N.A. Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Landings of Douglas ------------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her 18th report regarding the quality of patient care provided at The Landings of Douglas, which is operated by RHCSC Douglas AL Holdings, LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Landings of Douglas in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited The Landings of Douglas facility on September 16, 2024. The ombudsman representative visited 13 residents, the person in charge, nurse, direct care, activities, maintenance, housekeeping, and dietary staff. Most residents were satisfied with their care and feel comfortable addressing concerns with management. The ombudsman representative noted that the director and staff were very responsive to the OR. Staff appeared to be adequate. Residents said that food was good and they get good portions. Supplies appeared adequate. The patient care ombudsman reports no decline in resident care since the last visit. A copy of the 18th ombudsman report is available for free at https://urlcurt.com/u?l=sWq0pg from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug. 26, 2021. At the time of the filing, Regional Housing & Community Services listed as much as $100,000 in both assets and liabilities. Judge Paul W. Bonapfel oversees the cases. The Debtors tapped Scroggins & Williamson, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; and SLIB II, Inc., doing business as Senior Living Investment Brokerage, as investment banker. Kurtzman Carson Consultants, LLC is the claims, noticing and balloting agent. Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB Bank, N.A. Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: PCO Reports Gainesville Facility Closure ---------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her 18th report regarding the quality of patient care provided at The Landings of Gainesville, which is operated by RHCSC Gainesville AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Landings of Gainesville in Georgia. The ombudsman representative was notified that the facility closed on February 14, 2024. A copy of the 18th ombudsman report is available for free at https://urlcurt.com/u?l=TjUwyj from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug. 26, 2021. At the time of the filing, Regional Housing & Community Services listed as much as $100,000 in both assets and liabilities. Judge Paul W. Bonapfel oversees the cases. The Debtors tapped Scroggins & Williamson, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; and SLIB II, Inc., doing business as Senior Living Investment Brokerage, as investment banker. Kurtzman Carson Consultants, LLC is the claims, noticing and balloting agent. Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB Bank, N.A. Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: PCO Reports Social Circle Facility Closure ------------------------------------------------------------ Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her 18th report regarding the quality of patient care provided at The Gardens of Social Circle, which is operated by RHCSC Social Circle AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Gardens of Social Circle. The ombudsman representative reported Building I, II, and III are closed. The ombudsman representative received information from state office that Healthcare Facility Regulation Division of the Department of Community Health reported these facilities as closed: Bldg. 1 on January 23, 2024, Bldg. 2 on January 29, 2024, and Bldg 3 on January 24, 2024. The homes remain on Map2Care. The patient care ombudsman believes this facility to be closed. A copy of the 18th ombudsman report is available for free at https://urlcurt.com/u?l=dGr5X5 from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. 2 Peachtree Street NW, 33rd Floor Atlanta, GA 30303 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug. 26, 2021. At the time of the filing, Regional Housing & Community Services listed as much as $100,000 in both assets and liabilities. Judge Paul W. Bonapfel oversees the cases. The Debtors tapped Scroggins & Williamson, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; and SLIB II, Inc., doing business as Senior Living Investment Brokerage, as investment banker. Kurtzman Carson Consultants, LLC is the claims, noticing and balloting agent. Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB Bank, N.A. Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. RIVER FALL 529: Case Summary & Six Unsecured Creditors ------------------------------------------------------ Debtor: River Fall 529 LLC 529 Eastern Street Fall River MA 02723 Business Description: River Fall 529 LLC is a single-purpose real-estate company that owns the 529 Eastern Avenue property in Fall River, Massachusetts. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-10810 Debtor's Counsel: Christopher M. Condon, Esq. BOWDITCH & DEWEY LLP 75 Federal Street, Suite 1000 Boston MA 02110 Tel: (617) 757-6513 E-mail: ccondon@bowditch.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sylvan Quallo as manager. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N4ZJHBA/River_Fall_529_LLC__mabke-25-10810__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NTIG7KA/River_Fall_529_LLC__mabke-25-10810__0001.0.pdf?mcid=tGE4TAMA ROCKY MOUNTAIN: FMR LLC, Abigail Johnson Disclose Stake ------------------------------------------------------- FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G (Amendment No. 16) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, they beneficially owned 669 shares of common stock of Rocky Mountain Chocolate Factory Inc., representing 0.0% of the class based on the number of outstanding shares. FMR LLC has sole voting and dispositive power over 669 shares, while Abigail P. Johnson has sole dispositive power over 669 shares. FMR LLC may be reached through: Stephanie J. Brown, Duly Authorized under Power of Attorney 245 Summer Street Boston, Massachusetts 02210 Tel: 617-570-6339 About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 13, 2024, attached to the Company's Annual Report on Form 10-K for the year ended February 29, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of November 30, 2024, Rocky Mountain Chocolate Factory had $21.6 million in total assets, $11.8 million in total liabilities, and $9.8 million in total shareholders' equity. RYAN HOHMAN: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Ryan Hohman, LLC 151 East 5600 South, Ste 112 Salt Lake City, UT 84107 Business Description: Ryan Hohman LLC owns and operates Sales Recruiting University, a private staffing and training firm that helps companies scale commission-based sales teams in North America. Headquartered in Salt Lake City since 2018, the Company designs lead-generation funnels, vets candidates and can place five to 15 sales representatives per client each month. Chapter 11 Petition Date: April 22, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-22161 Judge: Hon. Kevin R Anderson Debtor's Counsel: Andres Diaz, Esq. DIAZ & LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Tel: (801) 596-1661 Fax: (801) 359-6803 Email: courtmail@adexpresslaw.com Total Assets as of March 31, 2025: $193,066 Total Liabilities as of March 31, 2025: $1,059,433 Ryan Hohman signed the petition in his role as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2BJYXAY/Ryan_Hohman_LLC__utbke-25-22161__0001.0.pdf?mcid=tGE4TAMA SANUWAVE HEALTH: COO Peter Stegagno Reports Stake as of April 7 --------------------------------------------------------------- Peter Stegagno, Chief Operating Officer of SANUWAVE Health, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of April 7, 2025, he beneficially owned six shares of Common Stock directly, as well as stock options to purchase 529 shares of Common Stock at an exercise price of $22.50 and 804 shares at an exercise price of $41.25, all of which were fully vested at the grant date. A full-text copy of Mr. Stegagno's SEC Report is available at: https://tinyurl.com/2hf4hj2n About SANUWAVE Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SASAS HOSPITALITY: Court Extends Cash Collateral Access to May 15 ----------------------------------------------------------------- SASAS Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until May 15, marking the fourth extension since the company's Chapter 11 filing. The fourth 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 $10,300 for April 25 to 30; $10,850 for May 1 to 8; and $10,850 for May 9 to 16. 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 May 14. Objections are due by May 12. 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 SCILEX HOLDING: Narrows Loss to $72.81M as Revenue Climbs to $56.6M ------------------------------------------------------------------- Scilex Holding Company posted a narrower net loss of $72.81 million in 2024, compared to $114.33 million in 2023, as net revenue grew to $56.59 million from $46.74 million, according to the Company's latest Form 10-K filed with the Securities and Exchange Commission. While revenue improved, Scilex warned it expects continued operating losses amid commercialization efforts for its marketed drugs and clinical development of its pain management candidates. Since its inception, the Company has recorded substantial net losses. As of Dec. 31, 2024, and 2023, it reported accumulated deficits of approximately $563.1 million and $490.2 million, respectively. As of Dec. 31, 2024, the Company had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. As of Dec. 31, 2024, it had cash and cash equivalents of approximately $3.3 million. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. The Company warned that its current cash equivalents may not be sufficient to cover operating costs, capital expenditures, and debt obligations over the next 12 months. To address potential liquidity shortfalls, it may pursue additional funding through equity, debt, partnerships, or strategic deals. "Our ability to make payments on and to refinance our indebtedness and to fund our other obligations, planned capital expenditures and other strategic investments will depend on our ability to generate cash in the future," the Company stated. "This, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control. We may not generate sufficient cash flow from operations, and we cannot assure you that future borrowings will be available to us in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs." Scilex also noted that if it is unable to generate sufficient operational cash flow to meet its debt and other obligations, it may need to explore alternative financing options. These could include restructuring or refinancing debt, selling assets, delaying investments, or raising new capital. The company's ability to execute such plans will depend on market conditions and its financial health at the time. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1820190/000095017025047800/sclx-20241231.htm About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. SEBA ABODE: Section 341(a) Meeting of Creditors on April 28 ----------------------------------------------------------- On April 18, 2025, Seba Abode Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on April 28, 2025 at 02:00 PM by phone. Call 1-877-612-9054 and use access code 4831906. About Seba Abode Inc. Seba Abode Inc. operating as BrightStar Care, a home health care services provider in Pittsburgh, Pennsylvania. Seba Abode Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21000) on April 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by David L. Fuchs, Esq. at Fuchs Law Office, LLC. SEQUENCING HEALTH: Secured Creditor Sets Foreclosure Sale --------------------------------------------------------- A foreclosure sale of substantially all of the assets of Sequencing Health Inc. was set to take place on April 23, 2025, at 10:00 a.m. Pacific Time via Microsoft Teams video conference conducted by DLA Piper LLP US, counsel to the Debtor's secured creditor Oxford Finance LLC. The sale may be cancelled or continued from time to time at the direction of Oxford Finance. The Debtor was a business in the genetic sequencing space and engaged in the development of genomic sequencing products. The assets to be sold include intellectual property and commercial tort claims, and may also include inventory, accounts, chattel paper, claims and causes of action, documents, furniture, fixtures & equipment, general intangible and goods. More information about the sale can be obtained by contacting Oxford Finance via email at legaldepartment@oxfordfinance.com. SHOREVIEW APARTMENTS: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Shoreview Apartments LLC 9050 N. Capital of Texas Hwy. Bldg. 3 Suite 320 Austin TX 78759 Chapter 11 Petition Date: April 24, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-10567 Debtor's Counsel: Stephen J. Humeniuk, Esq. TROUTMAN PEPPER LOCKE LLP 300 Colorado Street, Suite 2100 Austin TX 78701 Tel: 512-305-4838 E-mail: stephen.humeniuk@troutman.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Monte Lee-Wen as manager. The Debtor submitted a list of its 20 largest unsecured creditors; however, the list was left blank, accompanied by a note stating "N/A." A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DGEYHNQ/Shoreview_Apartments_LLC__txwbke-25-10567__0001.0.pdf?mcid=tGE4TAMA SOBR SAFE: Thomas Corley Holds 13.2% Equity Stake as of April 7 --------------------------------------------------------------- Thomas Corley, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of April 7, 2025, he beneficially owned 200,000 shares of SOBR Safe, Inc.'s Common Stock, representing 13.2% of the 1,516,145 outstanding shares post-reverse stock split. Thomas Corley may be reached at: 132 Washington Place State College, PA 16801. A full-text copy of Mr. Corley's SEC Report is available at: https://tinyurl.com/3pdevbue About SOBR Safe, Inc. SOBR Safe, Inc. provides non-invasive technology to quickly and humanely identify the presence of alcohol in individuals. These technologies are integrated within the Company's robust and scalable data platform, which produces statistical and measurable user and business data. The Company's mission is to save lives, increase productivity, create significant economic benefits, and positively impact behavior. To this end, SOBR Safe has developed the scalable, patent-pending SOBRsafe software platform for non-invasive alcohol detection and identity verification. Littleton, Colorado-based Haynie and Company, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 29, 2024, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has limited cash liquidity and capital resources to meet future capital requirements. SOUTHWEST FT WORTH: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Southwest Ft Worth Memory Care, LLC 1900 Enchanted Way, Suite 200 Grapevine, TX 76051 Business Description: Southwest Ft Worth Memory Care dba Autumn Leaves of Cityview is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, the Company designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-41419 Judge: Hon. Mark X Mullin Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main St. Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Tracy Bazzell as agent. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EIYQPJA/Southwest_Ft_Worth_Memory_Care__txnbke-25-41419__0001.0.pdf?mcid=tGE4TAMA STEWARD HEALTH: Susan Goodman Submits Final PCO Report ------------------------------------------------------ Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of Texas her fourth and final report regarding the quality of patient care provided by Steward Health Care System, LLC and affiliates. The PCO filed five initial reports, separated by geographical location, on July 22, 2024. Thereafter, the PCO filed a supplemental report regarding the St. Luke's Behavioral Health Hospital location alerting the court to a catastrophic heating, ventilation, and air conditioning (HVAC) system failure. Thereafter, the PCO filed a third supplemental report related to the SLBH location to highlight the importance of continued record access for a largely involuntary acute, inpatient behavioral health patient population inclusive of adults, adolescents, and children. After filing the SLBH third supplemental report, it appeared that the location would likely remain shuttered. Accordingly, the PCO filed a third consolidated report across locations, believing that report, when filed, to be the final report in the case since all locations other than SLBH had completed sale transitions. The PCO engaged with the interim management company and filed a fourth supplemental report updating the court on this operational change after inpatient services resumed at SLBH. She remained engaged with CMC PHX's leadership both remotely and through onsite visits, to monitor College Health's efforts associated with license reinstatement as an initial required step to ultimately apply for a change of ownership from Steward's license to one in College Health's name. On March 20, the PCO received the long-awaited news from CMC PHX's leadership that SLBH had successfully completed its licensure change, receiving its new license on this date. While the journey for this dedicated clinical team is, in some ways, is just beginning, the PCO celebrates them, and, with a full heart, reported that her duties are now complete at the CMC PHX location and in her appointed case role. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=y3QUdV from Kroll, claims agent. The ombudsman may be reached at: Susan N. Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 |Oro Valley, AZ 85737 Ph: 520.744.7061 (message) Email: sgoodman@pivothealthaz.com About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. SUNATION ENERGY: Raises $20 Million in Two-Tranche Offering ----------------------------------------------------------- SUNation Energy, Inc. announced the second and final closing of its previously announced securities purchase agreement with certain institutional investors for the purchase and sale of 4,347,826 shares of the Company's common stock (or common stock equivalents in lieu thereof), Series A warrants to purchase up to an aggregate 17,391,306 shares of the Company's common stock and Series B warrants to purchase up to an aggregate 17,391,306 shares of the Company's common stock at an effective purchase price of $1.15 per share (or common stock equivalents in lieu thereof) and associated warrants in a registered direct offering priced at-the-market under Nasdaq rules, for gross proceeds of $5 million. Together with the approximately $15 million in gross proceeds from the previously announced first tranche closing completed on February 27, 2025, the Company raised approximately $20 million in aggregate gross proceeds from the offering before deducting placement agent fees and other offering expenses payable by the Company. "The completion of this offering marks an important milestone for SUNation and its shareholders," said Scott Maskin, Chief Executive Officer. "We applied a portion of the proceeds from the first tranche of the offering to repay in full $9.4 million in senior and junior secured loans, which materially improved our balance sheet, stabilized our operations, and enhanced our cash flow. The closing of this second tranche provides us with greater financial flexibility to continue to pay down contractual obligations, invest in the future of SUNation and pursue our long-term growth objectives, including strategic acquisitions of regionally strong solar companies across the United States. We continue to meet head-on the challenges that face our industry and remain confident in the opportunities that lie ahead." The Company intends to use the net proceeds from the offering to fund its operations, including for working capital, potential strategic transactions, payment of certain debt obligations, and for other general corporate purposes. Roth Capital Partners acted as the exclusive placement agent for the registered direct offering. The securities in the offering are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-267066) previously filed with the Securities and Exchange Commission and declared effective by the SEC on September 2, 2022 and an additional registration statement on Form S-3MEF filed pursuant to Rule 462(b) with the SEC, which became automatically effective on April 7, 2025. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, relating to the offering that will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.govor by contacting Roth Capital Partners at 888 San Clemente Drive, Newport Beach CA 92660, by email at rothecm@roth.com. About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based UHY LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. TERRA LAKE: Case Summary & Three Unsecured Creditors ---------------------------------------------------- Debtor: Terra Lake Heights, LLC 1779 N. University Drive, Suite 203 Hollywood, FL 33024 Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-14464 Judge: Hon. Scott M. Grossman Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 E-mail: chad@cvhlawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Vinod Kulhari as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FVMXC7Q/Terra_Lake_Heights_LLC__flsbke-25-14464__0001.0.pdf?mcid=tGE4TAMA TI FLUID: S&P Withdraws 'BB' Issuer Credit Rating ------------------------------------------------- S&P Global Ratings withdrew its ratings on TI Fluid Systems PLC, including the 'BB' issuer credit rating, 'BBB-' senior secured debt rating on the $225 million revolver due in 2026, $300 million term loan B due in 2026, and EUR265 million term loan B due in 2026, and 'BB' unsecured debt rating on the EUR600 million notes due in 2029, following its acquisition by Apollo majority owned ABC Technologies Inc. and repayment of outstanding debt. At the time of withdrawal, the ratings were on CreditWatch with negative implications due to the acquisition by a financial sponsor-owned company. TITAN ENVIRONMENTAL: COO Dominic Campo Reports Stake ---------------------------------------------------- Dominic Campo, Chief Operating Officer and 10% Owner of Titan Environmental Solutions Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of April 7, 2025, he beneficially owned 27,600,000 shares of Common Stock underlying 276,000 shares of Series A Preferred Stock directly, and an additional 27,600,000 shares of Common Stock underlying 276,000 shares of Series A Preferred Stock indirectly through his spouse, Sharon Campo. Each share of Series A Preferred Stock is convertible at any time into 100 shares of Common Stock without additional consideration, and has no expiration date. A full-text copy of Mr. Campo's SEC Report is available at: https://tinyurl.com/3av86uab About Titan Environmental Bloomfield Hills, Mich.-based Titan Environmental Solutions, Inc. is a professional service firm that provides consultation on regulatory compliance to departments at corporations, public agencies, and residential communities to ensure that its clients are aware of and take steps to comply with relevant laws and regulations. The firm also offers solutions to remove the risk caused by harmful environmental hazards. Buffalo, New York-based Freed Maxick P.C. (f/k/a Freed Maxick CPAs, P.C.), the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2024, Titan Environmental Solutions had $41,603,902 in total assets, $24,707,879 in total liabilities, $6,899,967 in mezzanine equity, and $9,996,056 in total stockholders' equity. TOLL ROAD INVESTORS: S&P Lowers ICR to 'B+', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its rating on Toll Road Investors Partnership II L.P.'s (TRIP II) debt to 'B+' from 'BB-'. The downgrade reflects ongoing uncertainty regarding the timing and magnitude of toll increases, while traffic levels remain below pre-pandemic levels. Although liquidity is available, S&P anticipates the depletion of the balances will accelerate if management cannot navigate constructive regulatory outcomes. Management has also initiated federal and state litigation in an effort to effectuate toll rates increases. The negative outlook reflects the possibility of further downgrades, as events unfold, due to increasing pressure on the forecasted liquidity balances if S&P revises its toll forecast downward or defer the timing of toll increases. Toll Road Investors Partnership II L.P. (TRIP II) owns and operates a 14-mile limited-access toll road (Dulles Greenway [DG]) under a certificate of authority issued by the Virginia State Corp. Commission (SCC) and a Comprehensive Agreement (CA) with the Virginia Department of Transportation (VDOT). DG connects Washington Dulles International Airport (at the end of the Dulles Toll Road [DTR]) with Leesburg, Va. The road opened for operations in September 1995 and is 100% volume exposed. The certificate of authority expires February 2056, but to the extent the 2005 bonds are not fully retired by 2056, the franchise continues until full repayment. As of 2020, the project's tolling regime (governed under the Virginia Highway Corporation Act (VHCA)) changed from a formulaic framework to a rate-setting process where the Virginia State Corporation Commission (SCC) determines if toll levels are in public interest subject to certain criteria. The process was further tightened following some amendments to the legislation in 2021. Atlas Arteria has 100% economic interest in TRIP II. The downgrade reflects ongoing uncertainty regarding the timing and magnitude of toll increases, alongside modest traffic levels and increasing liquidity pressures. The project's toll increases have been regulated through rate case proceedings by the Virginia SCC. The project has filed two rate cases since 2019. The first was filed in December 2019 seeking toll increases of 5%-6% per year for five years. It was partially approved in April 2021--allowing for (only) off-peak toll increases of 5.3% in 2021 and 5.0% in 2022. The next was filed in July 2023, requesting an average toll increase of about 27.3% in 2024--it was denied in September 2024 in its entirety, with the SCC stating the proposed toll increases failed to meet the statutory criteria. The project has since initiated state and federal litigations asking for several remedies including having the SCC's decision overturned, declaring the VHCA amendments unconstitutional, an injunction against enforcement, damages for constitutional violations, and compensation for alleged property takings. The project expects a hearing on the state litigation (appealing against SCC's decision) in June with an outcome by fall of this year. Whereas the federal litigation is ongoing with no set timeline at this moment. In S&P's experience, litigations are often protracted, and the outcome is highly uncertain. Notably, the longer the project goes without a material toll increase, the more the reliance on liquidity increases for its debt service obligations (including the mandatory early redemption (MER) payments on the 2005B bonds), impairing its credit quality. S&P has made the following revisions to its S&P base case (without any input from the management, except as noted for lifecycle spending): -- The next toll increase of 27.3% now occurs one year later--in July 2026 versus July 2025, previously--and then remains in line with CPI of about 2% thereafter. -- Traffic still recovers to 80% of 2019 levels by 2027--however, taking a different path--and then grows at the same rate(s) as assumed under the previous base case—see assumptions below. The forecast through 2027 has been updated to reflect the recent performance and the revised timing of price elasticity response to the toll increase (which now plays out in 2025 versus 2025 previously). -- Lifecycle spending for 2025-2026 assumed at relatively lower levels, as indicated by management (which has led to immaterial improvement in the debt service coverage ratio (DSCR) for the respective years). S&P said, "Under our revised base case assumptions, the project is now projected to dip into liquidity reserves through 2028, compared to 2026 previously, to the tune of approximately $31 million instead of $21 million. The project had also illustrated alternate toll increases of 11.4% in the 2023 filing, which the SCC did not rule on. If the tolls increase at 11.4% instead of 27.3% in 2026, the situation under our base case significantly worsens, with the project drawing approximately $126 million from liquidity reserves through 2035. "Accordingly, we believe the overall credit quality of the project is aligned with a 'B+' rating rather than 'BB-'. "Our negative outlook reflects the persistent delays and uncertainty surrounding toll rate increases, and the difficulty management has had navigating the post-2020 regulatory framework. In the absence of constructive regulatory relationships and toll increases consistent with our forecast, there will be a growing dependence on liquidity to meet the ascending debt service obligations. "We could lower the rating if future toll rate increases are not consistent with our base case forecast and would result in a quicker or greater depletion of the project's liquidity to cover debt service than we anticipate. "We could revise our outlook to stable if the project is able to achieve a toll rate increase closer to the levels requested previously or if traffic performance improves such that our base case DSCR metrics return to above 1.0x in the near term." TRANSMEDCARE LLC: Court Extends Cash Collateral Access to June 5 ---------------------------------------------------------------- TransMedCare, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral until June 5. The court order signed by Judge Tiffany Geyer authorized the company to use its secured creditors' cash collateral for payroll, Subchapter V trustee payments and other operating expenses per an approved budget, with 10% variance per line item. The secured creditors include U.S. Small Business Administration and holders of inferior position security interests in TransMedCare's cash, accounts and cash equivalents. As protection for the use of their cash collateral, secured creditors were granted a post-petition lien on cash collateral, with the same priority as their pre-bankruptcy liens. In addition, TransMedCare was ordered to keep its property insured as further protection. The next hearing is scheduled for June 5. About TransMedCare LLC TransMedCare, LLC specializes in long-distance non-emergency medical transportation services. It offers state-to-state and coast-to-coast transport, primarily for distances over 300 miles. Their services cater to individuals with medical needs, including the elderly, disabled, and post-surgical patients, ensuring safe and comfortable transfers between hospitals, nursing homes, assisted living facilities, hospice care facilities, or home to be with family. TransMedCare sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01162) on February 28, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Justin M. Luna, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com TRINITY ENTERPRISES: Section 341(a) Meeting of Creditors on May 21 ------------------------------------------------------------------ On April 21, 2025, Trinity Enterprises Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $1,078,470 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on May 21, 2025 at 11:00 AM by TELEPHONE. About Trinity Enterprises Corporation Trinity Enterprises Corporation is a family-owned painting and wall covering company based in Davie, Florida. It offers interior and exterior painting, wallpaper installation, and specialized metallic painting services, primarily serving commercial clients in the Miami area. Trinity Enterprises Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-14339) on April 21, 2025. In its petition, the Debtor reports total assets of $318,252 and total liabilities of $1,078,470. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Thomas L. Abrams, Esq. at THOMAS L ABRAMS PA. VOLITIONRX LTD: Lagoda Investment Holds 10.56% Equity Stake ----------------------------------------------------------- Lagoda Investment Management, L.P. disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, it beneficially owns 10,194,000 shares of Common Stock, $0.001 par value per share of VolitionRX Ltd, representing 10.56% of the 96,543,744 shares outstanding as of March 20, 2025, based on information disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Lagoda Investment Management, L.P. may be reached through: Jason A. Ozone Chief Financial Officer & Chief Compliance Officer 3 Columbus Circle, FLOOR 15 New York, NY 10019 Tel: 212-309-7664 About Volition Henderson, Nev.-based VolitionRx Limited is a multi-national epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2024, VolitionRx had $13.1 million in total assets, $36 million in total liabilities, and $22.9 million in total stockholders' deficit. WASPY'S - TEMPLETON: Case Summary & 14 Unsecured Creditors ---------------------------------------------------------- Debtor: Waspy's - Templeton, LLC 703 South Rye Ave. Templeton, IA 51463 Business Description: Waspy's-Templeton LLC operates a family-owned truck stop and convenience complex in Templeton, Iowa, offering fuel, parking, food service and a car-wash to highway motorists. Chapter 11 Petition Date: April 23, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00679 Debtor's Counsel: Jeffrey D. Goetz, Esq. DICKINSON, BRADSHAW, FOWLER & HAGEN, PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309-8004 Tel: 515-246-5817 Fax: 515-246-5808 E-mail: jgoetz@dickinsonbradshaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Jacob Best as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H3TW2LI/Waspys_-_Templeton_LLC__iasbke-25-00679__0001.0.pdf?mcid=tGE4TAMA WW INTERNATIONAL: Prepares Chapter 11 Filing -------------------------------------------- Reshmi Basu of Bloomberg Law reports thatWW International Inc. is planning to file for bankruptcy within weeks after securing a debt restructuring deal with the majority of its lenders, according to people familiar with the matter. The company, previously known as WeightWatchers, has faced mounting pressure from a $1.5 billion debt load, declining sales, and the growing popularity of weight-loss drugs like Ozempic. Sources, who requested anonymity due to the confidential nature of the talks, said WW aims to file a pre-packaged Chapter 11 case designed to streamline its path out of bankruptcy, the report states. About WW International Headquartered in New York, WW International Inc. is a technology company at the forefront of weight health, grounded in nutritional and behavior change science. The Company is powered by its weight loss and weight management programs, its award-winning app and its commitment to tailoring solutions for its members to improve their weight health, including providing medical weight management treatment via access to clinician-prescribed weight management medications and related support through the WeightWatchers Clinic affiliated practices. WW International reported a net loss of $112.25 million in 2023 following a net loss of $256.87 million in 2022. As of March 30, 2024, WW International had $654.25 million in total assets, $1.76 billion in total liabilities, and a total deficit of $1.11 million. * * * As reported by the TCR on Nov. 20, 2024, S&P Global Ratings lowered the issuer credit rating on WW International Inc. to 'CCC' from 'CCC+'. The outlook is negative. At the same time, S&P lowered the ratings on the company's senior secured debt to 'CCC' from 'B-'. S&P also revised downward its recovery rating on the debt to '4' from '2', indicating its expectation for average recovery (30%-50%; rounded estimate 30%) in the event of a payment default. This reflects the secular decline in the traditional weight loss category as evidenced by continued subscriber losses due to increased competition, as well as an aging demographic with weaker demand from younger consumers and an overall weaker brand name. The negative outlook reflects the potential for a debt restructuring, including potentially a bankruptcy filing, over the subsequent 12 months. [] BOOK REVIEW: A History of the New York Stock Market ------------------------------------------------------ Author: Robert Sobel Publisher: Beard Books Soft cover: 395 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/the_big_board.html First published in 1965, The Big Board was the first history of the New York stock market. It's a story of people: their foibles and strengths, earnestness and avarice, triumphs and crash-and-burns. It's full of entertaining anecdotes, cocktail-party trivia, and tales of love and hate between companies and investors. Early investments in North America consisted almost exclusively of land. The few securities holders lived in cities, where informal markets grew, with most trading carried out in the street and in coffeehouses. Banking, insurance, and manufacturing activity increased only after the Revolution. In 1792, 24 prominent New York businessmen, for whom stock- and bond-trading was only a side business, met under a buttonwood tree on Wall Street and agreed to trade securities on a common commission basis. Five securities were traded: three government bonds and two bank stocks. Trading was carried out at the Tontine Coffee-House in a call market, with the president reading out a list of stocks as brokers traded each in turn. The first half of the 19th century was heady for security trading in New York. In 1817, the Tontine gave way to the New York Stock and Exchange Board, with a more organized and regulated system. Canal mania, which peaked in the late 1820s, attracted European funds to New York and volume soared to 100 shares a day. Soon, the railroads competed with canals for funding. In the frenzy, reckless investors bought shares in "sheer fabrications of imaginative and dishonest men," leading an economist of the day to lament that "every monied corporation is prima facia injurious to the national wealth, and ought to be looked upon by those who have no money with jealousy and suspicion." Colorful figures of Wall Street included Jay Gould and Jim Fisk, who in 1869 precipitated one of the worst panics in American financial history by trying to corner the gold market. Almost lynched, the two were hauled into court, where Fisk whined, "A fellow can't have a little innocent fun without everybody raising a halloo and going wild." Then there was Jay Cooke, who invented the national bond drive and, practically unaided, financed the Union effort in the Civil War. In 1873, however, faulty judgement on railroad investments led to the failure of Cooke & Co. and a panic on Wall Street. The NYSE closed for ten days. A journalist wrote: "An hour before its doors were closed, the Bank of England was not more trusted." Despite J. P. Morgan's virtual single-handed role in stemming the Knickerbocker Trust panic of 1907, on his death in 1913, someone wrote "We verily believe that J. Pierpont Morgan has done more harm in the world than any man who ever lived in it." In the 1950s, Charles Merrill was instrumental in changing this attitude toward Wall Streeters. His firm, Merrill Lynch, derisively known in some quarters as "We, the People" and "The Thundering Herd," brought Wall Street to small investors, traditionally not worth the effort for brokers. The Big Board closes with this story. Asked by a much younger man what he thought stocks would do next, J.P. Morgan "never hesitated for a moment. He transfixed the neophyte with his sharp glance and replied 'They will fluctuate, young man, they will fluctuate.' And so they will." Robert Sobel died in 1999 at the age of 68. A professor at Hofstra University for 43 years, he was a prolific historian of American business, writing or editing more than 50 books. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. ********* 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 ***