/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250428.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, April 28, 2025, Vol. 29, No. 117 Headlines 384 SOUTH: Seeks to Sell Brooklyn Property at Auction A/C DUCTOLOGIST: Files Emergency Bid to Use Cash Collateral ADVANTAGE ACADEMY: Moody's Downgrades Revenue Bond Rating to Ba1 ADVENTURES IN LEARNING: Sam Della Fera Named Subchapter V Trustee AIO US: Plan Exclusivity Period Extended to June 9 ALEXA HOLDINGS: Gets Interim OK to Use Cash Collateral ALK ASPHALT: Seeks Cash Collateral Access Until June 30 AMERICUS FRESH: May 13, 2025 Auction for LLC Interests ANGIE'S TRANSPORTATION: Seeks to Sell 3 Tractors for $90K ANGIE'S TRANSPORTATION: To Sell Tractor to Delta Logistics for $30K APPLICO LLC: Seeks Chapter 11 Bankruptcy in Alabama ARACENA AUTO: Scott Rever Named Subchapter V Trustee ARCH PRODUCTION: Hires Mitchell J. Canter, Esq. as Counsel AVENTURA ECO-OFFICES: Seeks Chapter 11 Bankruptcy in Florida AVON PLACE: Seeks to Hire Backenroth Frankel as Bankruptcy Counsel BEAUX EQUITIES: Hires Avrum J. Rosen PLLC as Legal Counsel BEAUX EQUITIES: Hires Mr. Goldwasser of FIA Capital as CRO BED BATH: Administrator Sues U.S. Customs, States to Recover Fund BERTUCCI'S RESTAURANTS: Seeks Chapter 11 Bankruptcy for 3nd Time BETTER CHOICE: Halo Sells Asia Business to CZC for $8.1 Million BEYOND COSTUMES: Hires Daniel S. Alter as Bankruptcy Attorney BISHOP OF SAN DIEGO: Plan Exclusivity Period Extended to June 12 BOMBARDIER INC: Moody's Alters Outlook on 'B1' CFR to Positive C & C FREIGHT: Hires Paul Reece Marr PC as Counsel CAMPING WORLD: Moody's Cuts CFR to B3, Alters Outlook to Stable CANO HEALTH: Moody's Alters Outlook on 'Caa1' CFR to Negative CELSIUS NETWORK: Investors Call for Harsh Penalty for Alex Mahinsky CENTENNIAL HOUSING: Plan Exclusivity Period Extended to May 27 CHANNELSIDE BREWING: Hires David Jennis P.A. as Attorney CHARLES MONEY: Case Summary & 16 Unsecured Creditors CLIFFWOOD DEVELOPMENT: Hires Levene Neale Bender as Counsel COLIANT SOLUTIONS: Committee Taps Jones & Walden as Legal Counsel COLONIAL MILLS INC: Gets Interim OK to Use Cash Collateral CONCRETE TRUTH: Hires Krigel Nugent + Moore as Legal Counsel CONSOLIDATED BURGER: Gets Interim OK for DIP Loan From Auxilior COSMO HOTELS: Seeks Chapter 11 Bankruptcy in California COST LESS: Gets OK to Hire J.P.S. IV LLC as Appraiser COVERED BRIDGE: Taps Newmark Valuation & Advisory as Appraiser COWTOWN BUS: Seeks to Hire Griffith Jay & Michel LLP as Counsel CRUCIBLE INDUSTRIES: Seeks to Extend Plan Exclusivity to July 3 CUCL CORPORATION: Seeks Chapter 11 Bankruptcy in California CYPRESSWOOD SPRING: Section 341(a) Meeting of Creditors on May 30 DEEP SOUTH: Gets Final OK for $75,000 DIP Loan DHW WELL: Taps Flowers Davis PLLC as Litigation Counsel DOCUDATA SOLUTIONS: Ropes & Gray Represents Ad Hoc Group DOGWOOD THERAPEUTICS: Posts Wider Net Loss of $12.35M for 2024 DON KEW: Seeks to Hire Morrison-Tenenbaum as Legal Counsel DOUBLE K AH!THENTIC: Seeks to Hire Pivot Accounting as Bookkeeper E.F. MARKETING: Seeks Subchapter V Bankruptcy in Texas EARTHSTONE ENERGY: Moody's Ups Rating on Sr. Unsecured Notes to Ba2 ECS BRANDS: Gets Interim OK to Use Cash Collateral EDMONDS WELLNESS: Gets Final OK to Use Cash Collateral ENGINE 22: Hires Lugenbuhl Wheaton as Legal Counsel ES PARTNERS: Gets Interim OK to Use Cash Collateral FAIR ANDREEN: Seeks Final Approval to Use Cash Collateral FAIR ANDREEN: Seeks to Hire Abacus Group LLC as Accountant FAM BAM: Hires CORE Real Estate Group as Real Estate Broker FLEET RENTS: Case Summary & 20 Largest Unsecured Creditors FOSTER AND SCHELL: Taps Patten Peterman Bekkedahl as Attorney FOUR HATS: Gets Interim OK to Use Cash Collateral FRANCISCAN FRIARS: Seeks to Extend Plan Exclusivity to August 22 GCI LLC: Moody's Affirms 'B1' CFR, Outlook Remains Stable GENUINE GENIUS: Hires Larson & Zirzow LLC as Bankruptcy Counsel GIAAH LLC: L. Todd Budgen Named Subchapter V Trustee GLOBAL PREMIER: Hires Winthrop Golubow Hollander as Counsel GREEN TERRACE: Case Summary & 17 Unsecured Creditors GSTK PROPERTIES: Seeks to Hire CORE as Real Estate Broker HANDLOS FINISHING: Seeks Chapter 11 Bankruptcy in Iowa HARLING INC: Gets Interim OK to Use Cash Collateral Until May 21 HARRAH LAND: To Sell Seminole Property to Caleigh Crowley for $232K HAVOC BREWING: Case Summary & Nine Unsecured Creditors HDTSOKANOS LLC: Hires Shiryak Bowman Anderson as Attorney HDTSOKANOS LLC: Seeks to Hire ERG Commercial as Real Estate Broker HERTZ GLOBAL: Plans $500MM Debt Raise Prior Litigation Payout HIGH PLAINS: Claims to be Paid From Asset Sale Proceeds HOOPERS DISTRIBUTING: Hires Country Boys Auction as Appraiser HOOTERS OF AMERICA: White & Case Advises Securitization Noteholders JACKSON HOSPITAL: Seeks to Hire Ordinary Course Professionals JANE STREET: Fitch Assigns 'BB+(EXP)' Rating on $1BB Secured Notes JANE STREET: Moody's Rates New $1BB Senior Secured Notes 'Ba1' JETBLUE AIRWAYS: Fitch Alters Outlook on B LongTerm IDR to Negative JUAN M MARTINEZ: Hires David J. Winterton & Assoc. as Counsel KENSINGTON VILLAGE: U.S. Trustee Unable to Appoint Committee KIN DEE: Seeks Subchapter V Bankruptcy in Texas KINDERCARE LEARNING: Fitch Affirms B+ LongTerm IDR, Outlook Stable KING STATE: Hires Tranzon Driggers as Real Estate Agent KOCHER FOODS: Gets Interim OK to Use Cash Collateral Until May 19 KPSI INNOVATION: Seeks Chapter 11 Bankruptcy in Washington KRONOS WORLDWIDE: S&P Raises ICR to 'B' on Improved Performance KULA GRAIN: Seeks Chapter 11 Bankruptcy in Colorado LAREDO HOUSING: S&P Lowers Bond Rating to 'D' on Missed Payment LAZARUS INDUSTRIES: Gets Interim OK to Use Cash Collateral LEVY VENTURES: Court Asked to Prohibit Cash Collateral Access LITTLE MINT: Seeks to Extend Plan Exclusivity to June 29 LML LOGISTICS: Case Summary & Two Unsecured Creditors MARION REALTY: Hires Bleakley Bavol Denman as Bankruptcy Counsel MARK REAL ESTATE: Seeks Chapter 11 Bankruptcy in Maine MARKUS CORP: Taps Corbin Law Firm, Kokoszka & Janczur as Attorneys MAVENCRUX I: Seeks to Hire Meriwether Wilson as Accountant MAXIMUS COVE: Secured Party Sets Auction for June 12, 2025 MDW SHOREVIEW LLC: Case Summary & 20 Largest Unsecured Creditors MESA LAGUNA: Gets Interim OK to Use $241,374 in Cash Collateral MILLENKAMP CATTLE: Fine-Tunes Plan Documents MMK FAMILY: Court Extends Cash Collateral Access to July 5 MMK SUBS: Court Extends Cash Collateral Access to July 5 MULTI PIG: Seeks Chapter 11 Bankruptcy in Iowa MYSTICAL STARS: Committee Taps Global Realty Services as Consultant NAKED JUICE: Moody's Cuts CFR to 'Ca', Outlook Remains Stable NAVIENT CORP: Moody's Affirms 'Ba3' CFR, Outlook Stable NELNET INC: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable NEW FOCUS: Seeks to Hire Agentis PLLC as Bankruptcy Counsel NEW LONDON: Seeks to Hire Cullen and Dykman LLP as Counsel NICK'S PIZZA: Court Extends Cash Collateral Access NIGEL LAUGHTON: Trustee Taps Golenbock Eiseman as Legal Counsel NORTH AMERICAN CONSTRUCTION: S&P Assigns 'BB-' ICR, Outlook Stable NORTHSTARR BUILDERS: Unsecured Creditors to Split $25K in Plan NORTHVOLT AB: Assets Draw Interest from Several Potential Buyers NUEVA VISTA: Section 341(a) Meeting of Creditors on May 27 O'RYAN OREGON: Voluntary Chapter 11 Case Summary O'RYAN RANCHES: Voluntary Chapter 11 Case Summary OVG BUSINESS: Moody's Assigns 'B2' CFR, Outlook Stable PARAMOUNT DRUG: Seeks to Hire Fleming Advisors as Accountant PARTIDA HOLDINGS: Hires Hammond Law Firm as Legal Counsel PARTIDA HOLDINGS: Seeks Approval to Tap Hammond Law as Counsel PARTIDA HOLDINGS: Seeks to Hire Hammond Law Firm as Counsel PARTIDA HOLDINGS: Seeks to Tap Hammond Law Firm as Counsel PELICAN INTERNATIONAL: Gets CCAA Initial Stay Order; FTI as Monitor PLF SHOREVIEW MEZZ: Voluntary Chapter 11 Case Summary PLF SHOREVIEW: Case Summary & 20 Largest Unsecured Creditors PR BIRMINGHAM: Seeks to Sell Apartment Complexes at Auction PR DIAMOND: Case Summary & 20 Largest Unsecured Creditors PRECISION DRILLING: Fitch Affirms BB- LongTerm IDR, Outlook Stable PRESPERSE CORPORATION: Defends Bid to Tap Covington in Bankruptcy PRIMELAND REAL ESTATE: Agentis Updates List of Deposit Holders PRO-FIT BASKETBALL: Taps Law Office of David Cahn as Counsel PUFFCUFF LLC: Seeks to Hire Mills Business Law as Legal Counsel QXO INC: Moody's Assigns First Time 'Ba3' Corporate Family Rating REAVIS REHAB: Hires Donna K. Ferrell CPA as Accountant REDDIRT ROAD: U.S. Trustee Unable to Appoint Committee REGIONS PROPERTY: Seeks Cash Collateral Access RESTORATION HARDWARE: Moody's Cuts CFR to 'B3', Outlook Stable RIVER FALL 529: Seeks Chapter 11 Bankruptcy in Massachusetts RIVERSIDE MILITARY: Fitch Withdraws D Rating on 2017 Revenue Bonds RMBQ INC: Gets Interim OK to Use Cash Collateral Until May 28 ROCK MEDICAL: Court OKs DIP Financing, Cash Collateral Access ROYAL INTERCO: U.S. Trustee Appoints Creditors' Committee RYAN HOHMAN: Seeks Chapter 11 Bankruptcy in Utah S & O INVESTMENTS: Taps Sandberg Phoenix & von Gontard as Counsel SC HEALTHCARE: Creditors to Get Proceeds From Liquidation SEBASTIAN HABIB: Hires Seven Hills Auctions as Auctioneer SENDLER FAMILY: Seeks to Hire Elevate Law Group as Legal Counsel SERVANT GROUP: James Cross Named Subchapter V Trustee SFP – TAMPA I: Fitch Alters Outlook on 'BB+' Rating to Negative SHAHINAZ SOLIMAN: Court OKs Deal to Use SBA's Cash Collateral SHOREVIEW HOLDING: Case Summary & 20 Largest Unsecured Creditors SILICON VALLEY: Successor Sues IRS Over $41.3MM Tax Dispute SILVER AIRWAYS: Gets Interim OK for DIP Loan From KIA II SILVER CAPITAL: Settles Shareholder Lawsuit for $37.5 MM SIRENS SONG: Gets Interim OK to Use Cash Collateral SK INDUSTRIES: Hires Professional Management as Accountant SOLEPLY LLC: Natasha Songonuga Named Subchapter V Trustee SOUTH REGENCY: Committee Taps Conroy Baran LLC as Legal Counsel SOUTHWEST FT WORTH: Section 341(a) Meeting of Creditors on May 30 SWC INDUSTRIES: OpCo Unsecureds Will Get 20% of Claims in Plan SWEET TRUCKING: Section 341(a) Meeting of Creditors on May 21 TERRA LAKE: Section 341(a) Meeting of Creditors on June 2 TEXAS HEALTH: Seeks to Hire Lane Law Firm PLLC as Legal Counsel THERMOPRO INC: Hires Thompson O'Brien Kappler & Nasuti as Counsel TRS HOLDINGS: Case Summary & Unsecured Creditors TWENTY FOUR HOUR: Unsecureds Owed $2.4M to Recover 0% in Plan UNITED HAULING: Case Summary & Five Unsecured Creditors UNRIVALED BRANDS: Plan Exclusivity Period Extended to June 6 VASTAV INC: Seeks to Hire DeMarco·Mitchell PLLC as Counsel VEREGY INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable VILLAGE ROADSHOW: Taps SOLIC Capital as Investment Banker VIRIDOS INC: April 28 Deadline for Panel Questionnaires WALS TRANSPORT: Timothy Stone Named Subchapter V Trustee WASPY'S - TEMPLETON: Seeks Chapter 11 Bankruptcy in Iowa WATER'S EDGE: Taps Pullman & Comley as Tax Abatement Counsel WATERIQ TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors WAYPOINT ROOFING: Hires Faro & Crowder as Bankruptcy Counsel WEC US HOLDINGS: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable WEST PROPERTIES: Voluntary Chapter 11 Case Summary WHITEHORSE 401: Hires Tarter Krinsky & Drogin as Legal Counsel YIHE FORBES: Seeks to Hire Richard T. Baum, Esq. as Counsel ZAYO ISSUER: Fitch Gives 'BB-(EXP)sf' Rating on Class C Notes ********* 384 SOUTH: Seeks to Sell Brooklyn Property at Auction ----------------------------------------------------- 384 South 5th LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property at Auction, free and clear of liens, interests, and encumbrances. The Debtor's Property and related personalty and fixtures are located at 384 South Fifth Street, Brooklyn, New York 11211. The Sale of the Property will be auctioned by the broker, Northgate Real Estate Group, previously retained by the Debtor as its exclusive broker. Any potential bidder, other than KV Mortgage Partners LLC (Secured Noteholder), who wishes to submit a bid with respect to the Property must demonstrate to the satisfaction of the Broker that such potential bidder is a Qualified Bidder. Is a bid for the Property in its entirety for a cash price equal to or greater than $1,500,000 Minimum Bid) plus payment of the Buyers Premium, and all outstanding real estate taxes. The Buyer's Premium shall be: 2.25% if the Secured Noteholder or its affiliate is the Successful Bidder (or is the Back-up Bidder if the Sale closes with the Secured Noteholder or its affiliate being previously designated as the Back-up Bidder) at the Auction and closes on its purchase; 5% of the Successful Bid (or the Back-up Bid if the Backup Bidder is successful and closes on its purchase) if a party other than the Secured Noteholder or its affiliate is the Successful Bidder (or the Back-Up Bidder if the Sale closes with the Back-Up Bidder) and closes on its purchase. Any Buyer's Premium payable must be paid to the Broker at closing. The Successful Bidder shall close on the purchase of the Property within 21 days after the completion of the applicable Auction. All Qualified Bids must be submitted on or before May 13, 2025. In the event that the Broker and the Debtor receive before the Bid Deadline one or more bids that the Debtor, Secured Noteholder, and the Broker deem in their discretion to constitute Qualified Bids (other than by the Secured Noteholder or its nominee, designee, or assignee) as to a Property, the Broker shall conduct the Auction with respect to the Property. The Auction shall take place on May 15, 2025 at 11:00 a.m. If for any reason the Successful Bidder shall fail to timely close the Sale of the Property, then, the Back-up Bidder shall close on the purchase of the Property and pay the amount of the Back-up Bid. About 384 South 5th LLC 384 South 5th LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-40680) on Feb. 14, 2024. In the petition signed by David Goldwasser, chief restructuring officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. The Debtor tapped Davidoff Hutcher & Citron, LLP as counsel and FIA Capital Partners, LLC to provide a chief restructuring officer (CRO) and certain additional personnel. A/C DUCTOLOGIST: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- The A/C Ductologist, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral in accordance with its budget, with a 10% variance. The Debtor's assets include accounts receivable, overstocked materials, office furniture, fixtures, equipment, software, and vehicles, with approximately $41,660 in bank accounts as of the petition date. The Debtor is indebted to the U.S. Small Business Administration in the approximate amount of $500,000. SBA may assert a security interest in the Debtor's tangible and intangible personal property, including accounts receivable and related proceeds. SBA is the only creditor with a valid UCC-1 financing statement currently on file despite the existence of other secured creditors who may hold judgment liens or liens on specific vehicles. As protection for the SBA's interests, the Debtor proposed granting a first-priority replacement lien on all of its assets to the extent that the SBA holds a lien on the original cash collateral. About The A/C Ductologist LLC The A/C Ductologist, LLC is a Florida-based HVAC contractor, specializing in duct replacement and repair, air conditioning installation and maintenance, and indoor air quality assessments for both residential and commercial clients. Additionally, it offers insulation installation services for homes. The A/C Ductologist sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12944) on March 19, 2025. In its petition, the Debtor reported total assets of $433,330 and total liabilities of $1,891,442. Judge Peter D. Russin handles the case. The Debtor is represented by Zach B. Shelomith, Esq. at LSS Law. ADVANTAGE ACADEMY: Moody's Downgrades Revenue Bond Rating to Ba1 ---------------------------------------------------------------- Moody's Ratings has downgraded Advantage Academy of Hillsborough, Inc., FL's revenue bond rating to Ba1 from Baa3. The outlook is negative. As of fiscal year end 2024, the academy had $30.2 million of outstanding debt. The obligor, Advantage Academy of Hillsborough, Inc., is a three-campus obligated group. The downgrade to Ba1 reflects continued weakening of financial operations, the result of enrollment loss and corresponding decline in revenue. The negative outlook reflects likely further enrollment declines. RATINGS RATIONALE The Ba1 rating reflects a six-year trend of declining enrollment and continued signs of weakening demand. The obligated group has lost enrollment at both its Channelside and Independence campuses. Financial operations have been further strained over the last two years by the decline and expiration of ESSER funding, resulting in the obligated group's second consecutive deficit in fiscal 2025. The obligated group has $4 million invested through annual transfers to a network investment pool not included on its balance sheet or operations. The inclusion of these funds allowed the obligated group to meet its financial covenants in fiscal 2024. The obligated group will continue to need to include these funds to meet covenants in fiscal 2025. The obligated group is highly leveraged, with a cash to debt ratio of a narrow 7%, although the ratio is a more moderate 20% when the additional $4 million is included. Academic performance at the schools have been mixed, with two schools receiving 'B' grades and one school receiving a 'C'. The school will begin to receive revenue from a 1 mill school referendum property tax in 2025, which Moody's estimates will increase revenue by just over $1 million for the obligated group beginning in fiscal 2026. RATING OUTLOOK The negative outlook reflects the risk of further enrollment declines and continued deficit operations. The negative outlook also reflects the school's ongoing reliance on network support to meet covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- A trend of improved demand and subsequent enrollment growth -- Days cash on hand consistently over 125 days without substantial network support -- Debt service coverage consistently over 1.20x without substantial network support FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Further weakening of demand resulting in enrollment declines -- Deficit operations beyond fiscal 2025 -- Further weakening of liquidity or debt service coverage levels PROFILE Advantage Academy of Hillsborough, Inc was incorporated in 2008. The Academy currently consists of eleven schools. The obligated group is a subset of three schools located within Hillsborough County (Aaa stable). The obligated group is comprised of Advantage Academy Hillsborough (Plant City, FL), Channelside Academy (Tampa, FL), and Independence Academy (Dover, FL), each under its own charter. The charters for Advantage Academy, Channelside Academy, and Independence Academy expire in 2028, 2029, and 2032, respectively. As of spring 2025, the obligated group enrollment was 1,538, down from 1,900 prior to the pandemic. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. ADVENTURES IN LEARNING: Sam Della Fera Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Sam Della Fera, Jr., Esq., at Chiesa, Shahinian & Giantomasi, PC as Subchapter V trustee for Adventures In Learning Daycare Bayonne, LLC. Mr. Della Fera will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Della Fera declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Sam Della Fera, Jr., Esq. Chiesa, Shahinian & Giantomasi, PC One Boland Drive West Orange, NJ 07052 Telephone: 973-530-2076 Email: sdellafera@csglaw.com About Adventures In Learning Daycare Adventures In Learning Daycare Bayonne, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12790) on March 18, 2025, listing up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Vincent F. Papalia presides over the case. Steven D. Pertuz, Esq. at the Law Offices of Steven D. Pertuz, LLC represents the Debtor as bankruptcy counsel. AIO US: Plan Exclusivity Period Extended to June 9 -------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended AIO US, Inc. and its debtor affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 9 and August 11, 2025, respectively. As shared by Troubled Company Reporter, the Debtors recognize the Trust Distribution Procedures have not yet been filed with the Court and that those procedures may be viewed as central to the Plan and certain creditors' ability to evaluate properly whether to vote to accept the Plan. The Creditors' Committee has committed to providing the Debtors with draft Trust Distribution Procedures by no later than April 3, 2025, and the Debtors are hopeful that negotiations regarding the proposed Trust Distribution Procedures can thereafter move expeditiously and for the procedures to be filed in a reasonable timeframe thereafter. Accordingly, additional time is required to make progress on the Trust Distribution Procedures and other aspects of the Plan. The Debtors also need time to obtain Court approval of the Disclosure Statement and solicitation procedures, solicit votes on the Plan, seek confirmation of the Plan, and, ultimately, consummate the Plan. The Debtors explain that they have devoted significant time and resources to progressing the chapter 11 process since the approval of the Natura Settlement and Sale. The Debtors are working to obtain approval of the Disclosure Statement and Solicitation Procedures Motion, solicit votes on the Plan, and ultimately reach confirmation, consummate the Plan, and make distributions to creditors. A further extension of the Exclusive Periods is warranted to allow the Debtors to achieve these goals without the interference of a competing chapter 11 plan. Further, an extension of the Exclusive Periods will not prejudice the Debtors' stakeholders. On the contrary, an extension of the Exclusive Periods will enable the Debtors to seek confirmation and consummation of the Plan for the benefit of all stakeholders. Allowing another party to propose a competing plan at this juncture will only hamper the Debtors' chances of confirming the Plan (or an alternative plan) on a consensual basis. Thus, the Debtors believe that a further extension of the Exclusive Periods is in the best interest of the Debtors and their stakeholders. The Debtors' Counsel: Zachary I. Shapiro, Esq. Mark D. Collins, Esq. Michael J. Merchant, Esq. David T. Queroli, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 E-mail: collins@rlf.com merchant@rlf.com shapiro@rlf.com queroli@rlf.com - and - Ronit J. Berkovich, Esq. Matthew P. Goren, Esq. Alejandro Bascoy, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 E-mail: ronit.berkovich@weil.com matthew.goren@weil.com alejandro.bascoy@weil.com About AIO US, Inc. AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. ALEXA HOLDINGS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Alexa Holdings, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The order penned by Judge Joseph Callaway authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget, which projects total expenses of $362,431.50 for the period from April 14 to May 15. As protection, the U.S. Small Business Administration will be granted a post-petition lien on the Debtor's cash and inventory and will receive a monthly payment of $4,846, beginning on May 1. The Debtor believes that SBA may have a secured interest in its cash collateral based on a security agreement and UCC-1 financing statement filed in 2020. As of the bankruptcy filing, the Debtor had $81,132 in cash and about $150,700 in unencumbered personal property. These funds have been transferred into a debtor-in-possession account, from which the Debtor plans to continue paying necessary business expenses. The next hearing is set for May 6. About Alexa Holdings Inc. Alexa Holdings, Inc. owns MoonRunners Saloon, a Prohibition-era themed restaurant and bar based in Garner, North Carolina, known for its Southern-style cuisine and distinctive moonshine-focused drink menu. The establishment rose to prominence after being featured on the reality TV show Bar Rescue, which helped revamp its brand and operations. With locations in Garner and Dunn, the saloon continues to attract patrons with its creative cocktails, hearty dishes, and nostalgic ambiance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01347) on April 14, 2025. In the petition signed by Charles Alexander, president, the Debtor disclosed $231,831 in assets and $2,884,529 in liabilities. Judge Joseph N. Callaway oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. ALK ASPHALT: Seeks Cash Collateral Access Until June 30 ------------------------------------------------------- ALK Asphalt, LLC asked the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral through June 30, 2026, or until plan confirmation, subject to a 10% budget variance. The court had previously authorized use of this cash collateral through April 2025, with protections in place for secured creditors, including replacement liens for any loss in collateral value resulting from post-petition use. The Debtor, a commercial asphalt and excavation contractor, has secured the consent of its first-position secured creditor, Integro Bank, for continued use. An additional adequate protection order was issued for Integro Bank in February 2025, requiring monthly payments starting in May. The Debtor submitted its proposed plan of reorganization in March 2025, which aims to fully satisfy all allowed claims. Several secured creditors, including Integro, Libertas, Fox Funding Group, and others, are identified as having claims against the cash collateral. The Debtor also provided updated financial projections reflecting minor adjustments, such as increased bond premiums, office relocation expenses, and higher professional fees. The Debtor argued that continued use of cash collateral is justified under 11 U.S.C. § 363(c), citing that creditors are adequately protected through replacement liens and continued generation of receivables. A copy of the motion is available at https://urlcurt.com/u?l=b3Dd5V from PacerMonitor.com. About ALK Asphalt ALK Asphalt, LLC, is a company in Sun City, Ariz., engaged in highway, street and bridge construction. ALK Asphalt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09608) on November 8, 2024, with $1 million to $10 million in both assets and liabilities. The petition was signed by Adam Kautman as member. Judge Daniel P. Collins oversees the case. The Debtor tapped Allen, Jones & Giles, PLC, as bankruptcy counsel and Hudspeth Law Firm as special counsel. AMERICUS FRESH: May 13, 2025 Auction for LLC Interests ------------------------------------------------------ Pursuant to Section 9-610 of the Georgia Uniform Commercial Code and that certain pledge agreement dated as of Jan. 26, 2023 provided by Americus Fresh Real Estate Holdings LLC ("grantor") in favor of X-Caliber Rural Lending LLC ("lender"), lender will sell some or all of grantor's following assets that are subject to lender's lien thereon: 100% of the shares of capital stock, partnership interests, ownership or membership interests in Americus Fresh LLC. The assets secured the repayment of the indebtedness of Americus Fresh LLC ("borrower") to lender under that certain promissory noted dated as of Jan. 26, 2023, and that certain loan agreement dated as of Jan. 26, 2023, by and among the borrower and lender. Subject to all the terms of the notice, the assets will be sold pursuant to public auction to the highest bidder at the offices of lender's counsel, Blank Rome LLP, 444 West Lake Street, Suite 1650, Chicago, Illinois 60606 on May 13, 2025, at 9:00 a.m. CST. Persons interested in bidding on the assets at the sale will contact the counsel for the lender, Paige Tinkham, paige.tinkham@blankrome.com or 312-7760-2514, during normal business hours, no later than 2 business days prior to the auction date to obtain the necessary information to participate in the auction. Americus Fresh LLC engages in greenhouse, nursery, and floriculture production. ANGIE'S TRANSPORTATION: Seeks to Sell 3 Tractors for $90K --------------------------------------------------------- Angie's Transportation, LLC and its affiliate, STL Equipment Leasing Co., LLC, seek permission from the U.S. Bankruptcy Court for the District of Missouri, Eastern Division, to sell Property, free and clear of liens, interests, and encumbrances. Among the assets of the Debtors' estates are interests in three tractors: -- 2020 Volvo VNL64T760 Tractor 4V4NC9EH9LN265995 -- 2020 Volvo VNL64T760 Tractor 4V4NC9EH0LN265996 -- 2020 Volvo VNL64T760 Tractor 4V4NC9EH4LN265998 The lienholder of the tractors is PNC Bank. The Debtor wants to sell the Tractors to Delta Logistics Inc. for $90,000.00. Upon receipt of the Purchase Price, Debtors shall: a. Tender payment directly to PNC sufficient to pay in full the existing liens held by PNC. As of May 1, the payoff for the Tractors will be $34,965.64 with per diem interest thereafter of $17.24. b. Debtors shall then remit $15,000.00 to the Internal Revenue Service and $4,500.00 to the M&T Equipment Finance. c. Debtors shall retain the balance of funds for general operations, including specifically payment of insurance premiums. The Debtor asserts that the proposed sale will reduce overhead and costs while bringing funds into the estate, assist Debtors with the goals of reorganization and make progress towards a confirmable plan. About Angie's Transportation, LLC Angie's Transportation, LLC, a trucking company in St. Louis, Mo., and STL Equipment Leasing Co, LLC filed Chapter 11 petitions (Bankr. E.D. Miss. Lead Case No. 24-44594) on December 16, 2024. At the time of the filing, Angie's reported $1 million to $10 million in assets and $500,000 to $1 million in liabilities while STL reported $1 million to $10 million in both assets and liabilities. Judge Brian C. Walsh handles the cases. The Debtors are represented by Andrew R Magdy of Schmidt Basch, LLC. ANGIE'S TRANSPORTATION: To Sell Tractor to Delta Logistics for $30K ------------------------------------------------------------------- Angie's Transportation, LLC and its affiliate, STL Equipment Leasing Co., LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, to sell Tractor, free and clear of liens, interests, and encumbrances. The Debtor's tractor is a 2020 Volvo VNL64T760 Tractor 4V4NC9EH2LN265997. The lienholder of the Tractor is The Huntington National Bank, Internal Revenue Service (IRS), and M&T Equipment Finance Corporation. The Debtor wants to sell the Tractor to Delta Logistics Inc. for $30,000.00. Upon receipt of the Purchase Price, Debtors will: a. Tender payment directly to Huntington sufficient to pay in full the existing liens held by Huntington. As of May 1, the payoff for the Tractor will be $9,181.10. b. Debtors shall then remit $5,000.00 to the IRS and $1,500.00 to the M&T. c. Debtors shall retain the balance of funds for general operations, including specifically payment of insurance premiums. The Debtor believes that proposed sale will reduce overhead and costs while bringing funds into the estate, assist Debtors with the goals of reorganization, and make progress towards a confirmable plan. About Angie's Transportation, LLC Angie's Transportation LLC is a trucking company in St. Louis, Missouri. Angie's Transportation LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 24-44594) on December 16, 2024. In the petition filed by Angelina Twardawa, as manager, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Bonnie L. Clair handles the case. The Debtor is represented by Andrew Magdy, Esq., at SCHMIDT BASCH, LLC. APPLICO LLC: Seeks Chapter 11 Bankruptcy in Alabama --------------------------------------------------- On April 23, 2025, Applico LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. 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 Applico LLC Applico LLC, 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. Applico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-70561) on April 23, 2025. In its petition, the Debtor reports estimated assets of $100,000 and $500,000 and estimated liabilities of $1 million and $10 million. Honorable Bankruptcy Judge Jennifer H. Henderson handles the case. The Debtor is represented by Anthony Brian Bush, Esq. at THE BUSH LAW FIRM, LLC. ARACENA AUTO: Scott Rever Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Scott Rever, Esq., at Genova Burns, LLC as Subchapter V trustee for Aracena Auto Center, LLC. Mr. Rever will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Rever declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott S. Rever, Esq. Genova Burns LLC 110 Allen Rd., Suite 304, Basking Ridge, NJ 07920 Telephone: (973) 387-7801 Email: Rever@genovaburns.com About Aracena Auto Center Aracena Auto Center, LLC, an auto repair company, filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-12613) on March 14, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Christine M. Gravelle oversees the case. The Debtor is represented by: Steven J. Abelson, Esq. Abelson Law Offices 80 West Main Street P.O. Box 7005 Freehold, NJ 07728 Phone: 732-462-4773 atrbk1@gmail.com ARCH PRODUCTION: Hires Mitchell J. Canter, Esq. as Counsel ---------------------------------------------------------- ARCH Production and Design NYC, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Mitchell J. Canter, Esq. to handle its Chapter 11 case. The firm will be paid at the rate of $450 per hour. The firm received from the Debtor a retainer of $17,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Canter disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mitchell J. Canter, Esq. 511 Airport Executive Park Nanuet, NY 10954 Tel: (845) 371-7500 About ARCH Production and Design NYC, Inc. ARCH Production and Design, NYC, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-10390-1) on April 4, 2025. In the petition signed by Evan Collier, president, the Debtor disclosed up to $500,000 in assets and up to $10,000 in liabilities. Mitchell Canter, Esq., at Law Offices of Mitchell J. Canter, represents the Debtor as legal counsel. AVENTURA ECO-OFFICES: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ On April 21, 2025, Aventura Eco-Offices Property Owner LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. 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 Aventura Eco-Offices Property Owner LLC Aventura Eco-Offices Property Owner LLC is involved in the development of a medical office project in Aventura, Florida. Aventura Eco-Offices Property Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14359) on April 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Celi S. Aguilar, Esq. at CSA LAW FIRM. AVON PLACE: Seeks to Hire Backenroth Frankel as Bankruptcy Counsel ------------------------------------------------------------------ Avon Place, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Backenroth Frankel & Krinsky, LLP as counsel. The firm will render these services: (a) provide the Debtor with legal counsel regarding its powers and duties in the continued operation of its business and management of its property during the Chapter 11 case; (b) prepare on behalf of the Debtor all necessary legal documents which may be required with the Chapter 11 case; (c) provide the Debtor with legal services regarding formulating and negotiating a plan of reorganization with creditors; and (d) perform such other legal services for the Debtor as required during the Chapter 11 case. The firm's counsel will be paid at these hourly rates: Abraham Backenroth, Attorney $750 Mark Frankel, Attorney $695 Scott Krinsky, Attorney $650 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. On or about March 21, 2025, the firm received a retainer of $40,000 from the Debtor. Mr. Frankel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Telephone: (212) 593-1100 About Avon Place LLC Avon Place LLC is a real estate company owning multiple properties at 44, 46, 47, 48 Avonwood Road in Avon, Connecticut. Avon Place LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41368) on March 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor tapped Backenroth, Frankel & Krinsky, LLP as counsel and FIA Capital Partners, LLC as restructuring advisor. BEAUX EQUITIES: Hires Avrum J. Rosen PLLC as Legal Counsel ---------------------------------------------------------- Beaux Equities LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Law Offices of Avrum J. Rosen, PLLC as counsel. The firm will render these services: (a) analyze financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under the Bankruptcy Code; (b) prepare and file petition, schedules, statement of financial affairs and other documents required by the court; (c) represent the Debtor at the meeting of creditors; (d) prepare motions, documents and applications in connection with the case; and (e) render legal advice to the Debtor in connection with all matters pending before the court. The firm will be paid at these rates: Partners $690 per hour Associates $590 per hour Paraprofessionals: $200 per hour The Debtor paid the firm an initial retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Avrum Rosen, Esq., a member of the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Avrum J. Rosen, Esq. Law Offices of Avrum J. Rosen, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 Facsimile: (631) 423-4536 Email: arosen@ajrlawny.com About Beaux Equities LLC Beaux Equities, LLC is a lessor of residential buildings and dwellings. Beaux Equities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40119) on January 9, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Jil Mazer-Marino handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen PLLC represents the Debtor as counsel. BEAUX EQUITIES: Hires Mr. Goldwasser of FIA Capital as CRO ---------------------------------------------------------- Beaux Equities LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ David Goldwasser of FIA Capital Partners, LLC as chief restructuring officer. The professional will provide these services: a) oversee the Debtor's operations, including property management and maintenance, tenant negotiations, and lease compliance; rights and powers to open and close bank accounts, and to disburse funds from such accounts consistent with any cash management order approved by the Bankruptcy Court; b) manage cash flow and ensure the payment of operating expenses, property taxes, and insurance; c) evaluate and assist bankruptcy counsel to develop a plan of reorganization to liquidate or dissolution of the Client and discuss same with counsel, secured creditors, other creditors and/or governmental authorities, including the Office of the U.S. Trustee ("OUST"); d) develop and implement a strategy for the stabilization or sale of the property pursuant to Sec. 363 of the Bankruptcy Code or as part of a plan of reorganization. e) Conduct analyses of property performance, debt obligations, and restructuring alternatives, including loan modifications or discounted payoffs; f) perform a comprehensive due diligence review of the Client, its liabilities and the Property, including, without limitation, its Schedules and Statement of Financial Affairs to be filed in the Bankruptcy Case. If necessary, and as directed by Client, perform an on-site inspection of the Properties and physical review of the local markets and the larger general market; g) assist in the preparation of materials for filing the petition and schedules, review books and records, analyze loan documents, review accompanying litigation, and conduct creditors' claims analysis; h) prepare and file Monthly Operating Reports ("MORs") required under the Bankruptcy Code and guidelines for the Eastern District of New York, ensuring compliance with OUST requirements; i) attend Court proceedings, initial debtor interview ("IDI") and Sec. 341(a) meetings, as well as additional meetings with creditors and stakeholders, as may be required, provide testimony as reasonably required in connection with same; j) act as a liaison and coordinate information flow and efforts between management of the Client and its advisors and creditors and their advisors, as well as the OUST; Provide regular updates, including but not limited to updates on reasonable request, to key stakeholders, any official committees appointed in those proceedings, and their respective professionals, subject to reasonable and appropriate confidentiality restrictions; and k) perform such other services as requested or directed by the Member(s) as are reasonably related to the above-described services and agreed to by the CRO. The firm will be paid at these rates: David Goldwasser $750 CFO/CPA $450 Managing Director $400 Paralegal $280 The firm received from the Debtor an initial retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Goldwasser disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Goldwasser FIA Capital Partners, LLC 295 Front Street, 2nd Fl. Brooklyn, NY 11201 Email: dgoldwasser@fiacp.com About Beaux Equities LLC Beaux Equities, LLC is a lessor of residential buildings and dwellings. Beaux Equities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40119) on January 9, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Jil Mazer-Marino handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen PLLC represents the Debtor as counsel. BED BATH: Administrator Sues U.S. Customs, States to Recover Fund ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that the plan administrator for Bed Bath & Beyond Inc.'s bankruptcy estate has filed multiple lawsuits to recover nearly $10 million in pre-bankruptcy payments made to state and federal agencies. The lawsuits, brought in the U.S. Bankruptcy Court for the District of New Jersey, seek to recover funds related to customs duties, tax overpayments, damages, and freight charges, according to Bloomberg Law. The largest of the claims seeks nearly $1.6 million from the Texas Comptroller of Public Accounts, followed by another significant recovery effort targeting U.S. Customs and Border Protection, the report states. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BERTUCCI'S RESTAURANTS: Seeks Chapter 11 Bankruptcy for 3nd Time ---------------------------------------------------------------- James Nani of Bloomberg Law reports that Bertucci's Restaurants LLC, the owner and operator of the Italian casual dining chain that originated in the Boston area, has filed for Chapter 11 bankruptcy for the third time in seven years, aiming to reduce its footprint and focus on expanding its fast-casual model. The filing, made Thursday, April 24, 2025, in the U.S. Bankruptcy Court for the Middle District of Florida, attributes the move to continued weak consumer demand for traditional casual dining and escalating food costs, according to a court document provided by the company's attorney. About Bertucci's Restaurants Bertucci's Restaurants LLC doing business as Bertucci's Brick Oven Pizza & Pasta, is an American chain of restaurants offering pizza and Italian food. On the web: https://www.bertuccis.com/ Then with 59 locations, Bertucci's Holdings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 18-10894) on April 15, 2018.Â Â The Debtor tapped Landis Rath & Cobb LLP as their bankruptcy counsel; and Imperial Capital, LLC as investment banker; and Hilco Real Estate, LLC. The creditors committee retained Bayard, P.A. and Kelley Drye & Warren LLP, as counsel. Bertucci's Holding LLC, a unit of Earl Enterprises, acquired the Debtors' assets in a bankruptcy sale. The entity acquired 56 restaurants under the name Bertucci's Brick Oven Pizza & Pasta from the Debtor, in a transaction that closed on June 11, 2018. 2nd Attempt Down to 47 locations, Bertucci's Restaurants LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-04313) on Dec. 5, 2022. In the petition filed by Jeffrey C. Sirolly, as secretary, the Debtor reported assets between $10 million and $50 million and liabilities between $50 million and $100 million. The Debtor is represented by R Scott Shuker, Esq. at Shuker & Dorris, P.A. 3rd Attempt Bertucci's sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02401) on April 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by R Scott Shuker, Esq. at Shuker & Dorris, P.A. BETTER CHOICE: Halo Sells Asia Business to CZC for $8.1 Million --------------------------------------------------------------- Better Choice Company, Inc., announced that its subsidiary, Halo, Purely for Pets, Inc., has completed the sale of its Asian business to CZC Company LTD for a total of $8.1 million. The transaction includes $6.5 million in cash, or $3.34 per share based on 2,422,005 shares outstanding as of March 25, 2025, along with a five-year royalty agreement. This guarantees a minimum total royalty payment of $1.65 million, based on a 3% royalty on sales over the next five years, with a minimum annual payment of $330,000. Halo, which remains wholly-owned by Better Choice, will retain ownership of its key North American operations and global operations outside of Asia, allowing Halo to focus on its core markets and strategic initiatives. The Company said this transaction allows it to concentrate on its core portfolio of health and wellness products, while creating an additional revenue stream through the royalty arrangement. This sale is a key step in the Company's strategy to maximize shareholder value by optimizing its asset portfolio. "We are pleased to have successfully completed this strategic transaction," said Michael Young, Chairman of Better Choice. "We have strengthened our balance sheet and strategically focused our resources on our core health and wellness offerings while securing a steady revenue stream through the royalty structure. With improved financial flexibility we will look to maximize shareholder value in every possible way, which may include stock repurchase programs, further dividends or allocation of cash reserves into silver, gold and other currencies." About Better Choice Company Inc. Better Choice Company Inc., headquartered in Tampa, Florida, is a growing pet health and wellness company focused on offering alternative, nutrition-based products for dogs and cats. The company's portfolio includes brands like Halo, which provides sustainably sourced kibble, canned food, and raw-diet dog food and treats. Better Choice benefits from trends in pet humanization and growing consumer interest in health and wellness, with a strong digital presence to help pet owners make informed health decisions. In an auditor report dated March 31, 2025, the Company's auditor, Marcum LLP, issued a "going concern" qualification citing that the Company has incurred significant losses and has an accumulated deficit and may need 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. Better Choice reported a net loss available to common stockholders of $168,000 for the year ending Dec. 31, 2024, compared to a net loss available to common stockholders of $22.77 million for the year ending Dec. 31, 2023. BEYOND COSTUMES: Hires Daniel S. Alter as Bankruptcy Attorney ------------------------------------------------------------- Beyond Costumes, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Daniel S. Alter, Esq., a bankruptcy attorney in Port Chester, New York, as its counsel. The counsel will render these services: a. advise the Debtor with respect to its powers and duties as Debtor-in-Possession in the continues management and operation of its property and affairs; b. negotiate with creditors to work out a plan of reorganization and take steps to effectuate the plan; c. prepare the necessary answers, orders, reports and other legal papers; d. appear before the courts to protect the interests of the Debtor; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any transactions outside of the ordinary course of business; g. represent the Debtor in connection with obtaining post-petition financing, if necessary; h. obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services. Mr. Alter's hourly rate is $500. The counsel received a retainer in the amount of $22,000 from the Debtor's president. Mr. Alter assured the court that he is a "disinterested person" within the meaning of 111 U.S.C. Sec. 101(14). Mr. Alter can be reached at: Daniel S. Alter, Esq. 360 Westchester Avenue #316 Port Chester, NY 10573 Tel: (914) 393-2388 About Beyond Costumes, Inc. Beyond Costumes, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22261) on April 1, 2025. Judge Sean H Lane presides over the case. Daniel S. Alter, Esq. represents the Debtor as counsel. BISHOP OF SAN DIEGO: Plan Exclusivity Period Extended to June 12 ---------------------------------------------------------------- Judge Christopher B. Latham of the U.S. Bankruptcy Court for the Southern District of California extended Roman Catholic Bishop of San Diego's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 12 and August 13, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that its bankruptcy is complex and formulating a plan is a complicated process that will require substantial time. To formulate a plan, Debtor, the Committee, CMG and other parties are engaged in a mediation process. The assets and insurance available to pay abuse claims and the validity of those claims are complex and will necessarily require time to be resolved. The Debtor claims that it has made substantial efforts to move its bankruptcy forward. Specifically, Debtor obtained orders on its first day motions, schedules, and statements, reached an agreement with the Committee, its insurer, and other interested parties to engage mediators and continue negotiations toward a consensual plan, and negotiated a motion to set the claims bar date with the Committee and its insurer. Further, Debtor obtained approval of and complied with an extensive claims bar date notice procedure for the February 3, 2025 claims bar date. Debtor is currently in the process of reviewing and reconciling the voluminous claims received. The Debtor expects the substantial progress being made to date to continue as this case moves forward. The Roman Catholic Bishop of San Diego is represented by: GORDON REES SCULLY MANSUKHANI, LLP Jeffrey D. Cawdrey, Esq. Megan M. Adeyemo, Esq. Kathryn M.S. Catherwood, Esq. Kathleen M. Patrick, Esq. Annie Carter Matthews, Esq. 101 W. Broadway, Suite 2000 San Diego, California 92101 Telephone: (619) 696-6700 Facsimile: (619) 696-7124 Email: jcawdrey@grsm.com madeyemo@grsm.com kcatherwood@grsm.com kpatrick@grsm.com amatthews@grsm.com About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., as administrative advisor. BOMBARDIER INC: Moody's Alters Outlook on 'B1' CFR to Positive -------------------------------------------------------------- Moody's Ratings changed the outlook of Bombardier Inc. ("Bombardier") to positive from stable. At the same time Moody's affirmed Bombardier's corporate family rating at B1, its probability of default rating at B1-PD and its senior unsecured notes rating at B1. LearJet Inc.'s backed senior unsecured revenue bonds issued by the Connecticut Development Authority were also affirmed at B1. Moody's also upgraded Bombardier to SGL-1 from SGL-2. "The outlook change to positive reflects Bombardier's rising earnings, growth in its higher-margin aftermarket services, a stable $14.4 billion backlog, and debt repayment plans that will reduce leverage," stated Jamie Koutsoukis, Moody's Ratings analyst. RATINGS RATIONALE Bombardier has made progress on its strategic priorities, resulting in improved margins and earnings while reducing its absolute debt level. The company has generated positive free cash flow since 2021, and its adjusted operating margin increased to over 10% in 2024 compared to 4% in 2021. Revenue visibility remains strong, with a unit book to bill ratio of 1x in 2024. Additionally, the company has reduced debt, repaying over $100 million in 2024 and an additional $300 million year to date in 2025. Bombardier's CFR benefits from: 1) very good liquidity over the next year; 2) significant scale; 3) a strong market position within the business jet market; and 4) a $14.4 billion backlog. Bombardier's rating is constrained by: 1) its participation in the cyclical business jet market which has a number of strong competitors and a niche consumer base; and 2) high fixed charges of about $700 million per year (interest and capital expenditures) that can constrain the company's free cash flow. Bombardier has very good liquidity over the next year (SGL-1), with about $2.3 billion of sources versus about $200 million of uses. Sources are cash of about $1.3 billion at Q4/24 (proforma for its $300 million debt redemption completed January 2025), $429 million available on its secured revolving credit facility ($450 million ABL facility that expires in 2029), and about $600 million in free cash flow through to March 2026. Uses are about $200 million of financial liabilities (excluding term debt but including items such as lease liabilities, derivative financial instruments, liabilities related to various divestitures and government refundable advances). The company has C$166 million of debt due in June 2026 and $150 million in December 2026. Bombardier does have meaningful inter quarter working capital swings that require the company hold ample liquidity. The positive outlook reflects Moody's expectations that Bombardier will continue to generate free cash flow and that margins and financial leverage will improve in 2025 and 2026, with leverage trending below 4x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt to EBITDA is maintained below 4x and the company continues to generate positive free cash flow. The ratings could be downgraded if Bombardier sees a deterioration in its operating performance or there are problems with its ability to deliver aircraft in line with its guidance. Quantitatively, the rating could also be downgraded if debt to EBITDA moves towards 5.5x or EBIT to Interest falls below 1.5x. Bombardier has a dual class share structure by where the founding family has 50.4% of the voting rights through a special class of stock carrying 10 votes a share. The same group also has four of the company's 14 board seats. The principal methodology used in these ratings was Aerospace and Defense published in December 2024. Headquartered in Montreal, Quebec, Canada, Bombardier Inc. is a manufacturer of business jets. C & C FREIGHT: Hires Paul Reece Marr PC as Counsel -------------------------------------------------- C & C Freight Network LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, PC as counsel. The firm will render these services: (a) provide the Debtor with legal advice regarding its powers and duties; (b) prepare on behalf of the Debtor the necessary legal papers pursuant to the Bankruptcy Code; and (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm will be paid at these rates: Paul Reece Marr, Attorney $475 per hour Paralegal $250 per hour In addition, the firm will seek reimbursement to expenses incurred. Mr. Marr disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Reece Marr, Esq. Paul Reece Marr, PC 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Tel: (770) 984-2255 Email: paul.marr@marrlegal.com About C & C Freight Network LLC C & C Freight Network LLC is an interstate freight carrier based in Braselton, GA, specializing in transporting general freight, refrigerated goods, and paper products using dry van and reefer trailers. C & C Freight Network LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20475) on April 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by Paul Reece Marr, Esq. at PAUL REECE MARR, P.C. CAMPING WORLD: Moody's Cuts CFR to B3, Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings downgraded CWGS Enterprises, LLC's ("Camping World") corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD. Moody's also downgraded the ratings on Camping World's $65 million senior secured revolving credit facility due March 2028 and $1.4 billion ($1.3 billion outstanding) senior secured term loan B due June 2028 to B3 from B2. The speculative grade liquidity rating (SGL) of SGL-3 (adequate) remains unchanged. The outlook has been changed to stable from negative. The downgrade reflects Camping World's high lease-adjusted debt/EBITDA of 9.1x as of December 31, 2024 with Q1 2025 estimated at about 8.1x as well as low EBITA/interest of 0.7x as of December 31, 2024 with Q1 2025 estimated at about 0.8x. Over the next 12 to 18 months, Moody's expects the new RV demand environment to be difficult due to persistently depressed consumer confidence, particularly in light of tariff and inflation uncertainty as well as the potential for consumer financing rates to remain higher for longer and the potential for credit availability to tighten. RATINGS RATIONALE Camping World's B3 CFR reflects the highly cyclical nature of RV demand and that Moody's expects business conditions for RV retailing to be challenging given the uncertain economic environment and the increasing risk of a recession. Over the next 12-18 months, Moody's expects lease-adjusted debt/EBITDA will still remain high and in the low-to-mid 7x range with EBITA/interest coverage of about 1x reflecting the difficult consumer spending environment and uncertain tariff environment. While Moody's expects new RV sales to soften as consumers remain cautious and value focused, Moody's believes Camping World's other revenue streams including its large used RV business, RV parts & service, and membership services will be more resilient and that Camping World will carefully manage operating costs. The B3 CFR is supported by Camping World's market position as the largest RV retailer in a highly fragmented segment, its diversified revenue streams between new and used vehicles, membership services, finance & insurance and parts & service as well as the company's focus on lower-priced towables, which is beneficial in a fragile consumer demand environment. Camping World's B3 CFR also reflects Moody's expectations that its financial strategy will remain balanced with a prudent approach to capital allocation, including shareholder returns. The SGL-3 (adequate) is supported by cash on the balance sheet of $208 million as of December 31, 2024 with an additional $80 million accessible in the flooring line aggregate interest reduction ("FLAIR") offset account. Camping World's liquidity profile also benefits from $333.4 million of net cash proceeds from the issuance of Class A Common Equity in November 2024, some of which has since been used to fully paydown revolver debt and to reinvest in the busisness. Moody's expects free cash flow to be positive and cash liquidity to remain largely in line with current levels over the next 12-18 months. Camping World's maturities are also fairly well-laddered. The company's $1.4 billion senior secured term loan B is due in June 2028 ($1.3 billion outstanding). The $2.15 billion floor plan facility inclusive of the undrawn $70 million floor plan revolver (not rated) matures in March 2028 in the event the term loan remains outstanding; otherwise the floor plan facility matures in February 2030. The undrawn $65 million senior secured revolving credit facility matures 91 days ahead of the floor plan facility or in March 2028. The stable outlook reflects Moody's views that Camping World's diverisfied revenue streams will provide a level of revenue support that should help moderate expected decline in new RV demand in light of the difficult consumer spending and uncertain economic environment. The stable outlook also reflects Camping World's adequate liquidity and Moody's expectations that it will prudently manage its liquidity and cost structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity weakens for any reason including if the company demonstrates persistent negative free cash flow or if estimated recoveries decline. Quantitatively, the ratings could be downgraded if EBITA/interest expense is sustained below 1.0x or lease-adjusted debt/EBITDA is maintained above 7.5x. The ratings could be upgraded if operating performance improves such that debt/EBITDA can maintained below 5.75x, EBITA/interest expense can be maintained above 1.5x and free cash flow remains strong, all through an industry cycle and if least adequate liquidity is maintained. Headquartered in Lincolnshire, IL, Camping World is America's largest retailer of recreational vehicles and related products and services with over 200 dealerships, service centers and stores across 43 states. Revenue for 2024 was approximately $6 billion. The company is controlled by CEO Marcus Lemonis and certain funds controlled by Crestview Partners II GP, LP. The principal methodology used in these ratings was Retail and Apparel published in November 2023. CANO HEALTH: Moody's Alters Outlook on 'Caa1' CFR to Negative ------------------------------------------------------------- Moody's Ratings affirmed CANO HEALTH, LLC's ("Cano Health") corporate family rating at Caa1, probability of default rating at Caa1-PD, and instrument-level ratings on its backed senior secured bank credit facility at Caa1. At the same time, Moody's revised the outlook to negative from stable. The negative outlook reflects Moody's views that Cano Health faces significant execution risk related to its turnaround efforts and Moody's expectations that higher underlying medical utilization will continue to curb profitability. Weakening liquidity, including a forward view of negative free cash flow and limited external liquidity, is also a consideration. RATINGS RATIONALE Cano Health's Caa1 CFR reflects its moderate scale, high financial leverage and execution risks in stabilizing the company's business since emergence from bankruptcy. Moody's anticipates that the company's debt/EBITDA will trend toward 10x and that the company will continue to burn cash in 2025 due to limited earnings generation relative to cash needs. An inherent challenge within Cano Health's business model is that it requires the company to manage the cost of patient care and other expenses because it earns revenue on a capitated basis from Medicare Advantage plan providers. The ratings are also constrained by the company's geographic concentration in Florida, where it generates all of its revenue. The company's credit profile benefits from its strong presence in many of the largest Medicare Advantage markets in Florida with favorable industry demographics. Cano Health also will benefit from improved Medicare Advantage reimbursement rates in 2026. Moody's expects that Cano Health will operate with weak liquidity over the next 12-18 months. Moody's projects the company to generate negative free cash flow in 2025 and trend toward breakeven cash flow in 2026. As of December 31, 2024, the company had about $81 million in cash, of which $49 million was unrestricted. While the company does not have a revolving credit facility, there is a $50 million delayed draw term loan (rated Caa1) that remains available and, if drawn, matures June 28, 2028. Moody's anticipates that Cano Health will draw on this facility in 2025 to support operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's operating performance declines, liquidity deteriorates, or if the company is unable to reduce leverage and improve profitability. The ratings could be upgraded if the company executes its turnaround strategy effectively and improves profitability and cash flow. Demonstration of a track record of deleveraging to a sustainable level would also support an upgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. CANO HEALTH, LLC provide primary care health services in Florida across its 80 medical centers and 250+ physician group affiliates. Cano Health generated about $2.5 billion in revenue for the fiscal year ended December 31, 2024. CELSIUS NETWORK: Investors Call for Harsh Penalty for Alex Mahinsky ------------------------------------------------------------------- Chris Dolmetsch of Bloomberg News reports that a large group of aggrieved investors in the collapsed crypto lender Celsius Network is pressing a federal judge to deliver a severe sentence to founder Alex Mashinsky, who will be sentenced next month after admitting to fraud tied to the company's 2022 downfall. Prosecutors on Wednesday, April 23, 2025, filed more than 200 victim statements from individuals across the globe—including a postal worker in Australia, an M&A banker in Copenhagen, and a stuntman in New York—who invested their funds in Celsius. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CENTENNIAL HOUSING: Plan Exclusivity Period Extended to May 27 -------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina extended Centennial Housing & Community Services Corporation's exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 27 and July 26, 2025, respectively. As shared by Troubled Company Reporter, the Debtor requests that the period in which it has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code and the acceptance period under Section 1121(c)(3) of the Bankruptcy Code each be extended for a period of approximately sixty days. The Debtor asserts that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. About Centennial Housing & Community Services Centennial Housing & Community Services Corp. is a 25-bed critical access hospital offering a broad range of healthcare services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03769) on October 29, 2024, with $6,970,517 in assets and $11,730,050 in liabilities. Todd Mobley, chairman of the board of directors, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by: Rebecca F. Redwine Hendren Redwine & Malone, PLLC Tel: 919-420-0941 Email: rredwine@hendrenmalone.com Jason L. Hendren Hendren Redwine & Malone, PLLC Tel: 919-573-1422 Email: jhendren@hendrenmalone.com CHANNELSIDE BREWING: Hires David Jennis P.A. as Attorney -------------------------------------------------------- Channelside Brewing Company LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ David Jennis, P.A. as attorney. The firm will provide these services: a. take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on its behalf, the defense of any actions commenced against the Debtor, negotiations concerning any litigation in which the Debtor may be involved, and objections, when appropriate, to claims filed against the estate; b. prepare, on behalf of the Debtor, any applications, answers, orders, reports, and/or papers in connection with the administration of the estate; c. counsel the Debtor with regard to its rights and obligations as a Debtor-in-possession; d. prepare and file schedules of assets and liabilities; e. prepare and file a Chapter 11 plan and corresponding disclosure statement, if required; and f. perform all other necessary legal services in connection with this Chapter 11 case. The firm will be paid at these rates: Paralegals $125 to 250 per hour Attorneys $350 to $595 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David S. Jennis, a partner at David Jennis, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David S. Jennis, Esq. David Jennis, P.A. d/b/a Jennis Morse 606 East Madison Street, Tampa, FL 33602 Telephone: (813) 229-2800 Email: djennis@jennislaw.com About Channelside Brewing Company LLC Channelside Brewing Company, LLC is a brewery that specializes in crafting a variety of beers. Channelside Brewing Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00445) on January 25, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by: Andrew Wit, Esq. Jennis Morse 606 East Madison Street Tampa FL 33602 Tel: (813) 229-800 Email: awit@jennislaw.com CHARLES MONEY: Case Summary & 16 Unsecured Creditors ---------------------------------------------------- Debtor: Charles Money Logging, Inc. 651 W. Washington St. Abbeville, AL 36310 Business Description: Charles Money Logging offers logging services, including timber cutting, log harvesting, and wood chipping. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Middle District of Alabama Case No.: 25-10442 Debtor's Counsel: J. Kaz Espy, Esq. THE ESPY FIRM 326 N Oates St PO Drawer 6504 Dothan, AL 36302-6504 Tel: 334-793-6288 Fax: 334-712-1617 Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million Charles M. Money signed the petition in his role as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DHYLH2A/Charles_Money_Logging_Inc__almbke-25-10442__0001.0.pdf?mcid=tGE4TAMA CLIFFWOOD DEVELOPMENT: Hires Levene Neale Bender as Counsel ----------------------------------------------------------- Cliffwood Development Partners seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. as its bankruptcy counsel. The firm's services include: a. advising the Debtor concerning the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; b. advising the Debtor concerning certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these rates: Attorneys $550 to $750 per hour Paraprofessionals $300 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. During the one-year period prior to the Petition Date, the Beitler Family Living Trust (the "Trust"), the 100% member of the Debtor, paid the total aggregate sum of $52,000 to LNBYG as a retainer payment to LNBYG for legal services in contemplation of and in connection with the Debtor's chapter 11 case (the "Retainer"). Prior to the Petition date, LNBYG drew down $4,420.00 from the Retainer for certain services rendered pre-petition. Gary Klausner, Esq., a partner at Levene, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gary E. Klausner, Esq. Jeffrey S. Kwong, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: gek@lnbyg.com jsk@lnbyg.com About Cliffwood Development Partners Cliffwood Development Partners LLC is a Los Angeles-based property owner and developer involved in a variety of real estate projects, focusing on development and investment in residential and commercial properties. Cliffwood Development Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11786) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by: Gary E. Klausner, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: GEK@lnbyg.com COLIANT SOLUTIONS: Committee Taps Jones & Walden as Legal Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of CoLiant Solutions Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as its counsel. The firm will render these services: (a) provide the Committee with legal advice concerning its statutory powers and duties in connection with Debtor's Chapter 11 case; (b) assist the Committee in investigation of the acts, conduct, assets, liabilities, and financial condition and affairs of the Debtor and the operation of the Debtor's businesses; (c) participate in the formulation of a plan and analysis of proposals by the Debtor or others in connection with formulation or proposal of a plan; (d) advise and analyze any proposed disposition of assets of the Debtor outside of a plan; and (e) perform such other legal services as may be required and in the interest of the unsecured creditors of the estate. The firm will be paid at these rates: Attorneys $300 to $500 per hour Paralegals $200 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Cameron M. McCord, Esq., a partner at Jones & Walden LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cameron M. McCord, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: cmccord@joneswalden.com About CoLiant Solutions Inc CoLiant Solutions Inc. offers safety and security services to retailers and construction sites nationwide by installing security and fire alarm systems. Wal-Mart is the Debtor's largest client, accounting for 50% of its business. Other customers include construction contractors, food and beverage retailers like Duncan Brands, and department stores like Dillard's. The Debtor has physical office locations in Springfield, Illinois, Bentonville, Arkansas, Modesto, California, and Buford, Georgia. CoLiant filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-51509) on February 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. The Debtor is represented by William Rountree, Esq., at Rountree Leitman Klein & Geer, LLC. COLONIAL MILLS INC: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Rhode Island issued an interim order authorizing Colonial Mills, Inc. to use cash collateral. The interim order authorized the Debtor to use cash collateral generated from cash on hand, accounts receivable and inventory to pay post-petition ordinary expenses including payroll and payroll taxes. BankRI holds a valid first-priority lien on Colonial Mills' cash, equipment, inventory, and accounts receivable under a $750,000 loan agreement (dated March 15, 2017, with amendments). As adequate protection, BankRI was granted a replacement post-petition lien on all post-petition receivables and cash. A continued hearing is scheduled for May 14. About Colonial Mills, Inc. Colonial Mills, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. Case No. 25-10286) with $0 to $50,000 in assets and $100,001 to $500,000 in laibilities. Judge Hon. Diane Finkle oversees the case. The Debtor is represented by: Russell D. Raskin Raskin & Berman Tel: 401-421-1363 Email: mail@raskinberman.com CONCRETE TRUTH: Hires Krigel Nugent + Moore as Legal Counsel ------------------------------------------------------------ Concrete Truth Title, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Krigel Nugent + Moore, P.C. to serve as attorneys. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest; (c) take all necessary action to protect and preserve the estate; (d) prepare on behalf of Debtor all legal papers necessary to the administration of the estate; (e) negotiate and prosecute on the Debtor's behalf all contracts for the sale of assets, plan of reorganization, and all related agreements and/or documents, and take any action that is necessary for it to obtain confirmation of its Plan of Reorganization; (f) appear before this court and the United States Trustee, and protect the interests of the Debtor's estate before the court and the U.S. Trustee; and (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 proceeding. The firm's counsel and staff will be paid at these hourly rates: Sanford Krigel, Attorney $400 SJ Moore, Attorney $400 Ivan Nugent, Attorney $400 Erlene Krigel, Paralegal $300 Karen Rosenberg, Paralegal $300 Dana Wilders, Paralegal $300 Lara Pabst, Paralegal $300 Sean Cooper, Paralegal $300 Jared Marsh, Paralegal $300 Legal Assistants $100 Ms. Krigel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erlene Krigel, Esq. Krigel Nugent + Moore, PC 4520 Main St., Ste. 700 Kansas City, MO 64111 Telephone: (816) 756-5800 Email: ekrigel@knmlaw.com About Concrete Truth Title, LLC Concrete Truth Title, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40479) on April 3, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Cynthia A Norton presides over the case. Erlene W. Krigel, Esq. at Krigel Nugent Moore, P.C. represents the Debtor as counsel. CONSOLIDATED BURGER: Gets Interim OK for DIP Loan From Auxilior --------------------------------------------------------------- Consolidated Burger Holdings, LLC and affiliates got the green light from the U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to obtain post-petition financing. The interim order penned by Judge Karen Specie authorized the Debtors, on an interim basis, to obtain $1.6 million debtor-in-possession (DIP) loan from Auxilior Capital Partners, Inc. The Debtors need to use DIP loan for working capital and other general corporate purposes outlined in an approved budget. The DIP loan carries an interest rate of 15% per annum and will mature at the earliest of July 15; the completion of an asset sale; confirmation of a Chapter 11 plan; or an event of default. Adequate protection will be provided to Auxilior in the form of junior liens and a superpriority claim, subject to a carve-out for certain professional fees and Burger King Company, LLC's deferred cure claims. The Debtors are required to comply with these milestones: a. By April 18, 2025, the Debtors must file a motion asking the court to approve a sale process for most or all of their assets, with terms acceptable to the lenders and Burger King Company, LLC. b. By April 25, 2025, the court must approve that sale process (can be extended by up to seven days with lender/BKC consent). c. By June 5, 2025, hold an auction for the sale of assets, if necessary (can also be extended by seven days with approval). d. By June 9, 2025, get court approval of the sale results and agreements, with terms acceptable to the lenders and BKC. e. By June 30, 2025, complete the sale (closing), with up to a seven-day extension possible. f. Within 30 days of the bankruptcy filing, file a motion to close and reject leases for underperforming stores, after consulting with the DIP lender and BKC. The interim order also authorized the Debtors to use cash collateral from April 14 until July 15; the occurrence of an event of default; or the Debtors' breach of any covenant, including the failure to achieve the milestones, whichever comes first. Aside from the DIP loan and use of cash collateral, the Debtors will also be provided with financial accommodations from BKC. These financial accommodations provide substantial benefits to the Debtors and their estates by deferring post-petition obligations of the Debtors, which will be paid from proceeds of sale. A final hearing is set for April 30. About Consolidated Burger Holdings Consolidated Burger Holdings, LLC, and its subsidiaries operate 57 Burger King restaurants across prime markets in Florida and Southern Georgia. On April 14, 2025, Consolidated Burger Holdings and two subsidiaries sought Chapter 11 protection (Bankr. N.D. Fla. Lead Case No. 25-40162). As of Dec. 31, 2024, the Debtors' balance sheets reflect assets of $77.9 million and liabilities of $77.9 million. The Hon. Karen K. Specie is the case judge. The Debtors tapped Berger Singerman, LLP as general bankruptcy counsel, Development Specialists, Inc. as restructuring advisor, and Peak Franchise Capital, LLC as investment banker. Omni Agent Solutions, Inc. is the claims agent. Auxilior Capital Partners Inc., as DIP lender, is represented by: Theresa A. Driscoll, Esq. Moritt Hock & Hamroff, LLP 400 Garden City Plaza Garden City, NY 11530 (516) 873-2000 tdriscoll@moritthock.com COSMO HOTELS: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On April 21, 2025, Cosmo Hotels Management LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filing, the Debtor reports $31,843,396 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Cosmo Hotels Management LLC Cosmo Hotels Management LLC holds full ownership of the property situated at 4570 West Elkhorn Blvd, Sacramento, CA 95835. Cosmo Hotels Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-21879 ) on April 21, 2025. In its petition, the Debtor reports estimated liabilities amounting to $31,843,396. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Harry Gill, Esq. at HBG LAW, PC. COST LESS: Gets OK to Hire J.P.S. IV LLC as Appraiser ----------------------------------------------------- Cost Less Distributing, Inc. received approval from the United States Bankruptcy Court for the Eastern District of Michigan to hire J.P.S. IV, L.L.C. as its appraiser. J.P.S. has agreed to a fee of $2,500 to appraise the Debtor's real property located at 3302 Associates Drive, Burton, MI. John Snyder, sole member of J.P.S. IV, L.L.C. assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: John Snyder J.P.S. IV, L.L.C. dba John Biff Snyder and Associates 1327 E Main St. Flushing, MI 48433 Phone: (810) 234-8007 Email: jbappraisal@gmail.com About Cost Less Distributing Cost Less Distributing Inc. is a family-owned company in the pet treat and pet food industry. In addition to its pet treat program, the company now offers cell phone charger cable, Cooper Street cookies for humans, and will soon introduce its own small batch, gourmet popcorn. Cost Less Distributing sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31912) on October 7, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Matthew Ovadek, vice president, signed the petition. Judge Joel D. Applebaum oversees the case. The Debtor is represented by Peter T. Mooney, Esq., at Simen, Figura & Parker, PLC. COVERED BRIDGE: Taps Newmark Valuation & Advisory as Appraiser -------------------------------------------------------------- Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Newmark Valuation & Advisory as real estate appraiser. The firm will appraise the Debtor's real property located at 9 Covered Bridge, Newtown, Connecticut. Newmark will be compensated with a flat fee of $8,700 for the appraisal, to be paid as a retainer. Newmark is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: M. Scott Allen, MAI Newmark Valuation & Advisory 2410 North Forest Road Getzville, NY 14068 Phone: (716) 810-1221 Mobile: (716) 523-0668 Email: scott.allen@nmrk.com About Covered Bridge Newtown Covered Bridge Newtown, LLC is the entity responsible for construction of the buildings at a rental complex operated by Covered Bridge Newtown I, LLC. This property is a Class A luxury rental complex located at 9 Covered Bridge Road, Unit 1 and Unit 3, Newtown, Conn., with over 150 rented units. It has a 24-hour fitness center, heated swimming pool, sun deck, and clubhouse. The first buildings were completed in 2018. After construction on a parcel is completed, Covered Bridge Newtown deeds the buildings to Covered Bridge Newtown I by way of quit claim deed, after which the latter is the landlord to its tenants. Covered Bridge Newtown I has a full-time, on-site property manager attending to the needs of tenants and managing the Rental Complex. Covered Bridge Newtown and Covered Bridge Newtown I filed Chapter 11 petitions (Bankr. D. Conn. Lead Case No. 24-50833) on December 8, 2024. Each Debtor reported between $50 million and $100 million in assets and liabilities at the time of the filing. Judge Julie A. Manning handles the cases. The Debtors are represented by Joanna M. Kornafel, Esq., and Jeffrey M. Sklar, Esq., at Green & Sklarz, LLC. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. COWTOWN BUS: Seeks to Hire Griffith Jay & Michel LLP as Counsel --------------------------------------------------------------- Cowtown Bus Charters Inc. and its affiliate, Cowtown Transportation Company LLC, seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Griffith Jay & Michel, LLP as counsel. The firm will provide these services: a. advise the Debtor generally with respect to general corporate and restructuring matters; b. represent and advise the Debtor with respect to matters that generally arise in this matter or an ordinary chapter 11 case; c. assist the Debtor with the protection and preservation of the estate of the Debtor; d. assist the Debtor with preparing necessary motions, applications, answers, orders, reports, and papers in connection with and required for the orderly administration of the estate; and e. perform any and all other general corporate and restructuring legal services for the Debtor in connection with the Chapter 11 case the Debtor determines are necessary and appropriate. The firm will be paid at these rates: Mark J. Petrocchi $450 per hour Attorneys $350 to $550 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Petrocchi, Esq., a partner at Griffith, Jay & Michel, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark J. Petrocchi, Esq. Griffith, Jay & Michel, LLP 2200 Forest Park Blvd. Fort Worth, TX 76110 Tel: (817) 926-2500 Fax: (817) 926-2505 Email: mpetrocchi@lawgjm.com About Cowtown Bus Charters Inc. Cowtown Bus Charters, Inc. is a full-service bus charter company providing local to national transportation. Cowtown Bus Charters, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-10161) on Sept. 6, 2024. In the petition signed by Brenda Cross, president and director, the Debtor disclosed $1,237,132 in assets and $4,370,485 in liabilities as of Aug. 22, 2024. Judge Mark X. Mullin presides over the case. The Debtor tapped Mark J. Petrocchi, Esq., at Griffith, Jay & Michel, LLP as counsel. CRUCIBLE INDUSTRIES: Seeks to Extend Plan Exclusivity to July 3 --------------------------------------------------------------- Crucible Industries LLC asked the U.S. Bankruptcy Court for the Northern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 3 and September 2, 2025, respectively. The Debtor claims that an analysis of the various factors noted demonstrates that sufficient cause exists for extending the Exclusivity Period and Solicitation Period to July 3 and September 2, 2025, respectively. First, the size and complexity of this case warrants an extension of the Exclusivity Period and Solicitation Period. Extraordinary effort has been expended by Crucible in the administration of this Chapter 11 Case to ensure a successful transition into chapter 11 and to implement a competitive sale process. Crucible worked tirelessly to formulate and obtain approval of the Bidding Procedures Order in connection with the sale of substantially of its assets in multiple lots, including identifying, vetting, and negotiating terms of the asset purchase agreements and conducting an auction that led to the 363 Sales. Second, Crucible's significant progress to date in the Chapter 11 Case also justifies the requested extension of the exclusive periods. Crucible has worked with its key constituencies on numerous issues and has made notable progress toward selling substantially all of its assets. In addition, Crucible seeks to continue to work with the Committee, its creditors and other parties in interest to fashion an appropriate resolution of this Chapter 11 Case. Of critical importance first, however, is the finalization of the 363 Sales and the determination of availability of related proceeds. The Debtor submits that ample cause exists under the Bankruptcy Code and the applicable case law for the requested extension of the Exclusivity Period and Solicitation Period based upon the fact that the Chapter 11 Case is only four months old. Crucible Industries LLC is represented by: Charles J. Sullivan, Esq. Grayson T. Walter, Esq. Andrew S. Rivera, Esq. Bond Schoeneck & King, PLLC One Lincoln Center 110 West Fayette St Syracuse, NY 13202-1355 Tel: (315) 218-8336 Fax: (315) 218-8436 Email: csullivan@bsk.com gwalter@bsk.com arivera@bsk.com About Crucible Industries Crucible Industries, LLC, is a New York-based company that manufactures and exports steel products. Crucible Industries filed a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 24-31059) on Dec. 12, 2024. In its petition, the Debtor reported $10 million to $50 million in both assets and Liabilities. Judge Wendy A. Kinsella oversees the case. Charles J. Sullivan, Esq., at of Bond, Schoeneck & King, PLLC, is the Debtor's legal counsel. CUCL CORPORATION: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- On April 23, 2025, CUCL Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports $235,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About CUCL Corporation CUCL Corporation is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). CUCL Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13300) on April 2, 2025. In its petition, the Debtor reports total assets of $2,000,000 and total liabilities of $235,000. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by Mark Horoupian, Esq. at GREENSPOON MARDER LLP. CYPRESSWOOD SPRING: Section 341(a) Meeting of Creditors on May 30 ----------------------------------------------------------------- On April 23, 2025, Cypresswood Spring Memory Care LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on May 30, 2025 at 09:30 AM by TELEPHONE. About Cypresswood Spring Memory Care LLC 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. Cypresswood Spring Memory Care LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41420) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. DEEP SOUTH: Gets Final OK for $75,000 DIP Loan ---------------------------------------------- Deep South Silk, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Alabama to obtain post-petition financing to get through bankruptcy. The final order penned by Judge Henry Callaway authorized the Debtor to obtain up to $75,000 in post-petition financing through a revolving line of credit from Sheila Ostrow, the mother of the Debtor's owner. The DIP loan will be secured by junior liens on all of the Debtor's assets, except for causes of action, and will be treated as an administrative expense under 11 U.S.C. sections 503 and 507, subject to a carve-out for professional fees. The loan will bear interest at 8% per annum on all amounts advanced and will accrue from the date of each advance of the loan. Upon occurrence of an event of default, interest will accrue at 5% per annum on all amounts then outstanding from the date of such default. The Debtor has two existing secured creditors: the U.S. Small Business Administration, which claims approximately $151,680 secured by all personal property, and ODK Capital, LLC, which claims $161,192 secured by inventory and receivables. The Debtor asserts that it is unable to obtain credit on better terms or on an unsecured basis and that this DIP financing is necessary to preserve the value of its business. About Deep South Silk Deep South Silk, LLC is a men's upscale clothing retailer in Orange Beach, Alabama. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-10248) on January 29, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Henry A. Callaway presides over the case. The Debtor is represented by Jason R. Watkins, Esq. at Silver Voit Garrett & Watkins. DHW WELL: Taps Flowers Davis PLLC as Litigation Counsel ------------------------------------------------------- DHW Well Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Flowers Davis, PLLC as special litigation counsel. The firm will continue to represent the Debtor in all respects in a State Court lawsuit styled DI-IW Well Service, Inc. v. Tower Resources, Inc., Cause No. DCCV21-2771-369. The firm's standard current rate is $325 per hour. As disclosed in the court filings, Flowers Davis neither holds nor represents an interest adverse to the estate and is a disinterested person within the meaning of 11 U.S.C. Section 327(a). The firm can be reached through: Rob Knight Flowers Davis, PLLC 1021 E SE Loop 323, Suite 200 Tyler, TX 75701 Phone: (903) 534-8063 About DHW Well Service DHW Well Service, Inc., a company in Carrizo Springs, Texas, operates a vacuum trucking business in the South Texas oil field. DHW Well Service sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-52436) on August 5, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Michael Colvard serves as Subchapter V trustee. Judge Craig A. Gargotta presides over the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents the Debtor as legal counsel. DOCUDATA SOLUTIONS: Ropes & Gray Represents Ad Hoc Group -------------------------------------------------------- The Ad Hoc Group of Holdings of 11.5% First Priority Senior Secured Notes Due 2026 Issued by Exela Intermediate LLC and Exela Finance Inc. formed in the Chapter 11 cases of Docudata Solutions, LC and affiliates, filed an amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Ad Hoc Group is comprised of holders of (i) 11.5% first priority senior secured notes due 2026 (the "April 2026 Notes"), issued by Exela Intermediate LLC and Exela Finance Inc., and (ii) post-petition debtor-in-possession term loans ("DIP Loans") borrowed by debtors Exela Intermediate LLC and Exela Finance Inc. Starting in March 2021, members of the Ad Hoc Group retained attorneys with the firm of Ropes & Gray to represent them in connection with their holdings of the outstanding indebtedness of the Debtors. Counsel does not hold any disclosable economic interests (as that term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. The members of the Ad Hoc Group, collectively, beneficially own or manage (i) approximately $489.63 million in April 2026 Notes under the April 2026 Notes Indenture, and (ii) approximately $35.63 million in DIP Loans under the DIP Facility. Ropes & Gray also represents Ankura Trust Company, LLC in its capacity as administrative agent and collateral agent under the Debtors' DIP Facility. The names and addresses of each of the members of the Ad Hoc Group together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors are as follows: 1. Gates Capital Management, Inc., on behalf of funds managed or advised by it 1177 Avenue of the Americas 46th Floor New York, NY 10036 * April 2026 Notes ($291,915,995) * New Money DIP Loans ($22,822,882) 2. Avenue Europe International Management, L.P. and Avenue Capital Management II, L.P., each solely on behalf of certain funds it advises 11 West 42nd Street 9th Floor New York, NY 10036 * April 2026 Notes ($144,853,126) * New Money DIP Loans ($11,325,059) 3. Anchorage Capital Advisors, L.P. on behalf of its affiliates and certain of its managed funds 610 Broadway 6th Floor New York, NY 10012 * April 2026 Notes ($33,964,868) 4. BofA Securities, Inc., solely in respect of its U.S. Distressed and Special Situations Group and its managed positions and not any other unit, group, division, line of business or affiliate of BofA Securities, Inc. 1 Bryant Park 3rd Floor New York, NY 10069 * April 2026 Notes ($18,895,322) * New Money DIP Loans ($1,477,293) Counsel to the Ad Hoc Group: ROPES & GRAY LLP Matthew M. Roose, Esq. Eric M. Sherman, Esq. 1211 Avenue of the Americas New York, New York 10036-8704 Telephone: (212) 596-9000 Facsimile: (212) 596-9090 Email: matthew.roose@ropesgray.com eric.sherman@ropesgray.com -and- Ryan Preston Dahl, Esq. Eric P. Schriesheim, Esq. 191 North Wacker Drive Chicago, Illinois 60606-4302 Telephone: (312) 845-1200 Facsimile: (312) 845-5500 Email: ryan.dahl@ropesgray.com eric.schriesheim@ropesgray.com About Docudata Solutions Docudata Solutions, LC, together with their Debtors and non-Debtor affiliates (the Company), are a global leader in business process automation. Leveraging their worldwide presence and proprietary technology, the Company offers high-quality payment processing and digital transformation solutions across the Americas and Asia, helping clients enhance efficiency and lower operational costs. The Company has worked with over 60% of the Fortune 100 companies. They provide essential services to top global banks, financial institutions, healthcare payers and providers, and major global brands. These services include finance and accounting solutions, payment technologies, healthcare payer and revenue cycle management, hyper-automation and remote work solutions, enterprise information management, integrated communications and marketing automation, as well as digital solutions for large enterprises. Docudata Solutions and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90023) on March 3, 2025. In the petitions signed by Matt Brown, interim chief financial officer, the Debtors disclosed $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins LLP, Houlihan Lokey, Financial Advisors, Inc. as investment banker, AlixPartners, LLP as financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. DOGWOOD THERAPEUTICS: Posts Wider Net Loss of $12.35M for 2024 -------------------------------------------------------------- Dogwood Therapeutics, Inc., reported a net loss of $12.35 million on no revenue for the year ended Dec. 31, 2024, widening from a net loss of $5.30 million a year earlier, according to its Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company, which has not commercialized any products since its inception and has no revenue from product sales, recorded an accumulated deficit of $73.8 million as of Dec. 31, 2024. Dogwood said most of its financial resources have been directed toward research and development activities, including preclinical and clinical work, and toward maintaining intellectual property. Dogwood has financed operations through public stock offerings, private placements of membership interests, and proceeds from convertible promissory notes, but has consistently incurred losses and negative cash flows since inception. As of Dec. 31, the company's primary source of liquidity was its cash balance of $14.8 million. As of Dec. 31, 2024, the Company had $94.31 million in total assets, $30.03 million in total liabilities, $74.41 million in series A non-voting convertible preferred stock, and a total stockholders' deficit of $10.12 million. The Company anticipates its cash on hand at Dec. 31, 2024 of approximately $14.8 million plus the additional loan proceeds of $3 million received on Feb. 18, 2025 and net offering proceeds of $4.25 million received on March 14, 2025, will fund operations through the first quarter of 2026. "The Company will need to secure additional financing to fund its ongoing clinical trials and operations beyond the first quarter of 2026 to continue to execute its strategy," the Company stated. "We will need to finance our cash needs through public or private equity offerings, debt financings, collaboration and licensing arrangements or other financing alternatives." Dogwood warned that raising funds through public or private offerings, debt financing, or collaboration and licensing arrangements may result in shareholder dilution and that available financing might not be sufficient to meet its needs. In an audit report dated March 31, 2025, Forvis Mazars LLP issued a "going concern" qualification citing that the Company has incurred an accumulated deficit since inception, has not generated revenue from operations and does not expect to experience positive cash flows from operating activities in the near term. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. Dogwood's full Form 10-K filing is available at the U.S. Securities and Exchange Commission website at: https://www.sec.gov/Archives/edgar/data/1818844/000155837025004167/dwtx-20241231x10k.htm About Dogwood Therapeutics Dogwood Therapeutics (Nasdaq: DWTX), based in Alpharetta, GA, is a biopharmaceutical company in the development stage, focused on advancing treatments for pain and fatigue-related disorders. Its research pipeline includes two platforms: a non-opioid analgesic program and an antiviral program. The lead candidate, Halneuron, is a highly specific NaV 1.7 voltage-gated sodium channel modulator aimed at reducing pain transmission. In clinical studies, Halneuron has shown pain reduction in both general cancer pain and chemotherapy-induced neuropathic pain (CINP). Interim data from the ongoing Phase 2 CINP trial are expected in Q4 2025. DON KEW: Seeks to Hire Morrison-Tenenbaum as Legal Counsel ---------------------------------------------------------- Don Kew Inc seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison-Tenenbaum PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the management of its estate; (b) assist in any amendments of schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiate with the Debtor's creditors and take necessary legal steps to confirm and consummate a plan of reorganization; (d) prepare on behalf of the Debtor all necessary legal papers in this case; (e) appear before the Bankruptcy Court to represent and protect the interests of the Debtor and its estate; and (f) perform all other legal services for the Debtor that may be necessary and proper for an effective reorganization. The firm will be paid at these hourly rates: Partners $595 Associates/Of Counsel $495 Paraprofessionals $350 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received an initial retainer of $15,000 from the Debtor. Lawrence Morrison, Esq., an attorney at Morrison-Tenenbaum, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lawrence F. Morrison, Esq. Morrison-Tenenbaum, PLLC 87 Walker Street, Second Floor New York, NY 10013 Telephone: (212) 620-0938 Email: lmorrison@m-t-law.com About Don Kew Inc Don Kew Inc sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41678) on April 4, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Elizabeth S Stong presides over the case. Lawrence Morrison, Esq. at Morrison-Tenenbaum PLLC represents the Debtor as counsel. DOUBLE K AH!THENTIC: Seeks to Hire Pivot Accounting as Bookkeeper ----------------------------------------------------------------- Double K Ah!thentic Pizza, LLC and Triple KWK, Inc. seek approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Pivot Accounting as bookkeeper. Pivot Accounting will provide the required financial documents which must be included with the Debtors' operating reports. The firm will charge these fees: Unit Bookkeeping Services Monthly $500 Onboarding Fee One-Time $1,000 QBO Essentials Software Fee Monthly $45 Complimentary Altir Account Monthly $0 Pivot Accounting represent no interest adverse to Debtors or the estate in the matters upon which it is to be engaged, and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 327, according to court filings. The firm can be reached through: Derek Carter Pivot Accounting 238 Ponte Vedra Park Dr. Ste. 201 Ponte Vedra Beach, FL 32082 About Double K Ah!thentic Pizza LLC Double K Ah!thentic Pizza LLC owns a pizza shop offering authentic Italian quality pizza. Double K Ah!thentic Pizza LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.: 25-10159) on February 3, 2025. In its petition, the Debtor reports total assets of $150,848 and total debts of $1,449,922. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Robert C. Lane, Esq. at THE LANE LAW FIRM. E.F. MARKETING: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On April 23, 2025, E.F. Marketing Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About E.F. Marketing Group LLC 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. E.F. Marketing Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50842) on April 23, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Steven G. Cennamo, Esq. at LAW OFFICE OF CENNAMO & WERNER. EARTHSTONE ENERGY: Moody's Ups Rating on Sr. Unsecured Notes to Ba2 ------------------------------------------------------------------- Moody's Ratings upgraded Earthstone Energy Holdings, LLC's (Earthstone) backed senior unsecured notes rating to Ba2 from Ba3 and changed the outlook to stable from positive. RATINGS RATIONALE The notes issued by Earthstone were legally assumed by Permian Resources Operating, LLC (Permian Resources, Ba1 stable) following Earthstone's acquisition and benefit from the same operating subsidiary and parent guarantees as Permian Resources' senior unsecured notes. As such, Earthstone Ba2 notes rating is aligned with Permian Resources' Ba2 senior unsecured notes rating. The Ba2 rating is one notch below Permian Resources' Ba1 Corporate Family Rating (CFR), reflecting the effective subordination of the unsecured notes to the significant size of Permian Resources' $2.5 billion senior secured revolving credit facility. 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. It also incorporates the company's 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 is aligned with that of Permian Resources and 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. 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. Permian Resources' Ba1 CFR 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. Earthstone Energy Holdings, LLC was acquired by Permian Resources Operating, LLC in November 2023. 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. 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. ECS BRANDS: Gets Interim OK to Use Cash Collateral -------------------------------------------------- ECS Brands, Ltd. got the green light from the U.S. Bankruptcy Court for the District of Colorado to use its secured creditors' cash collateral. The order penned by Judge Thomas McNamara authorized the Debtor's interim use of ash collateral to pay the expenses set forth in its budget. The U.S. Small Business Administration, Fundamental Capital, LLC, the Colorado Department of Revenue, and any other creditor claiming an interest in the cash collateral will be granted a replacement lien on assets and income derived from the operation of the Debtor's business after its Chapter 11 filing. As additional protection, the Debtor was ordered to keep the secured creditors' collateral insured. A final hearing is set for May 9. The Debtor which develops hemp-based and other wellness products, attributes its financial struggles to industry volatility, past litigation, and high settlement and lease modification costs. The Debtor is attempting to continue operations, retain its small workforce, and eventually propose a plan of reorganization that would repay creditors. The Debtor identifies its primary assets as receivables, equipment, and inventory, totaling approximately $4.7 million. The Debtor's secured debts total about $2.08 million, mainly to SBA and Fundamental Capital. SBA holds a lien from a $150,000 loan, which ballooned to $2 million. This lien covers nearly all business assets of the Debtor. Meanwhile, Fundamental Capital provided a merchant advance of over $245,000, with a 24% interest rate and weekly payments of $7,113. Around $79,575 remains. The Debtor is unsure about older UCC-1 filings from Corporation Service Company and Leaf Capital Funding, though it believes those debts have been settled. About ECS Brands Ltd. ECS Brands, Ltd. is a privately held company specializing in hemp-derived products. Founded in 2018, ECS Brands focuses on manufacturing and supplying bulk hemp extracts, white-label products, and innovative formulations such as water-soluble nano emulsions. ECS Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-12101) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Thomas B. Mcnamara handles the case. The Debtor is represented by Jenny M.F. Fujii, Esq., at Kutner Brinen Dickey Riley P.C. EDMONDS WELLNESS: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Edmonds Wellness Clinic, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The final order authorized the Debtor to use cash collateral to cover operational expenses for April and May as outlined in the budget, with a 15% variance. As adequate protection, Bankers Healthcare Group/Today's Bank was granted replacement liens on the Debtor's post-petition cash, accounts receivable, and inventory, and the proceeds thereof, to the same extent and priority as any duly perfected and unavoidable liens on cash collateral held by Bankers Healthcare Group/Today's Bank as of the petition date. Other secured creditors were also granted replacement liens to the same extent, validity and priority as their pre-bankruptcy liens. The Debtor's authority to use cash collateral ends on May 31 unless extended, or earlier upon conversion or dismissal of its bankruptcy case, trustee appointment, or confirmation of a Chapter 11 plan. About Edmonds Wellness Clinic Inc. Edmonds Wellness Clinic Inc. is a comprehensive naturopathic and alternative medicine center located in Edmonds, Washington. Edmonds Wellness Clinic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-10741) on March 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Christopher M. Alston handles the case. The Debtor is represented by: Thomas D Neeleman, Esq. Neeleman Law Group Tel: 425-212-4800 Email: courtmail@neelemanlaw.com ENGINE 22: Hires Lugenbuhl Wheaton as Legal Counsel --------------------------------------------------- Engine 22, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Lugenbuhl Wheaton Peck Rankin & Hubbard as counsel. The firm will render legal advice with respect to the Debtor's business and management of the Debtor's property and to perform all legal services for the debtor-in-possession which may be necessary herein. The firm will be paid at these rates: Christopher T. Caplinger $350 per hour Katherine E. Clark $275 per hour Samuel J. Riccardi $225 per hour Shareholders/partners $325 per hour Associates $225 per hour Paralegals $100 per hour The firm will be paid a retainer in the amount of $10,000. The firm has received $5,000 paid by the Debtor's principal and sole member, John Orgon, who has committed to personally pay the remainder of the agreed retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Caplinger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher T. Caplinger, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard 601 Poydras St., Suite 2775 New Orleans, LA 70130 Tel: (504) 568-1990 Fax: (504) 310-9195 About Engine 22, LLC Engine 22 LLC a Single Asset Real Estate entity operating in New Orleans, LA. Engine 22 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10575) on March 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Shermin Khan at The Khan Law Firm LLC. ES PARTNERS: Gets Interim OK to Use Cash Collateral --------------------------------------------------- ES Partners, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The interim order penned by Judge Erik Kimball authorized the Debtor to use cash collateral until May 20 to pay the expenses set forth in its budget, which projects monthly expenses of $8,211.75. Truist Bank, Fox Funding Group, LLC and ODK Capital will be granted a replacement lien on property acquired by the Debtor after its bankruptcy filing similar to their pre-bankruptcy collateral. These creditors have filed UCC-1 financing statements asserting security interests in the Debtor's assets but Truist Bank holds the first-priority lien covering all assets, including accounts, receivables, equipment, and fixtures. Truist is owed approximately $1.2 million while the estimated value of the secured assets is around $821,000. The Debtor recently lost a significant portion of income due to a contract reduction from a major pharmacy client that opted to use DoorDash instead, straining the company's ability to service its debt. Despite this, the Debtor still generates about $401,000 in monthly gross profit and has monthly expenses of approximately $394,074. A final hearing is set for May 20. About ES Partners, Inc. ES Partners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14211-MAM) on April 17, 2025. In the petition signed by Steven M. Easton, CEO, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, Esq., at Brian K. McMahon, PA, represents the Debtor as legal counsel. Truist Bank, as lender, is represented by: Jay B. Verona, Esq. SHUMAKER, LOOP & KENDRICK, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, Florida 33602 Phone (813) 229-7600 Fax (813) 229-1660 Email: jverona@shumaker.com FAIR ANDREEN: Seeks Final Approval to Use Cash Collateral --------------------------------------------------------- Fair Andreen, Incorporated filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a supplemental motion requesting final approval to use cash collateral. The filing followed Fair Andreen's agreement with Huntington National Bank to remove provisions in the original proposed order related to preliminary use of cash collateral. The updated terms for final use of cash collateral are the same as in the original proposed order with two material changes: 1. Adequate protection payments will increase from $6,000 per month to $8,500 per month, starting May 1. 2. The authorization to use cash collateral ends June 30, unless extended by agreement, Fair Andreen's Chapter 11 case is dismissed, a trustee is appointed, or the court orders otherwise. Huntington Bank holds a lien on all assets of the Debtor, with collateral valued at approximately $725,000. However, Fair Andreen's debts to Huntington Bank, totaling about $2.05 million, are not fully secured by its collateral. Other creditors that may have an interest in the Debtor's assets, including cash collateral are Lau & Fehring, Inc., Itria Ventures, LLC, Samson MCA, LLC, and Revenued, LLC. A copy of the motion is available at https://urlcurt.com/u?l=aCvKPT from PacerMonitor.com. About Fair Andreen Incorporated Fair Andreen, Incorporated, doing business as CityPress, is a printing and graphic communications company specializing in commercial printing, book printing, prepress, direct mail, digital printing, and art printing services. With a strong focus on innovation and eco-friendly solutions, the company serves diverse industries by providing customized printing options. Fair Andreen filed Chapter 11 petition (Bankr. E.D. Wisc. Case No. 25-21724) on April 2, 2025, listing up to $10 million in both assets and liabilities. Steven S. Bates, president of Fair Andreen, signed the petition. Judge G. Michael Halfenger oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. Huntington Bank, as secured creditor, is represented by: Matthew L. Hendricksen, Esq. Plunkett Cooney PC 221 N. LaSalle Street, Suite 3500 Chicago, IL 60601 Tel: 312-970-3495 Email: mhendricksen@plunkettcooney.com FAIR ANDREEN: Seeks to Hire Abacus Group LLC as Accountant ---------------------------------------------------------- Fair Andreen, Incorporated seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Abacus Group, LLC as accountants. The firm will assist in preparing the monthly operating reports, tax returns, and other accounting work the Debtor requires during the bankruptcy proceedings. Abacus Group will charge a flat fee of $ 625 per week. For services outside of the flat fee amount, Abacus will charge hourly rates that range from $125 to $375. Abacus is a "disinterested person" within the meaning of Sec. 101(14) of the Code and does not hold an interest adverse to the Debtor's estate as required by Sec. 327(a) of the Code, according to court filings. The firm can be reached through: William Hutchinson, CPA Abacus Group, LLC 655 3rd Avenue New York, NY 10017 About Fair Andreen, Incorporated Fair Andreen Inc., doing business as City Press, is a commercial printing company with facilities in Wisconsin and Illinois. Fair Andreen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-21724) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jerome R. Kerkman, Esq. at Kerkman & Dunn. FAM BAM: Hires CORE Real Estate Group as Real Estate Broker ----------------------------------------------------------- Fam Bam, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ CORE Real Estate Group as real estate broker. The firm will market and sell the Debtor's residential real property located at 732 St. Katherine Dr., La Canada Flintridge, CA 91011. The firm will be paid 2.5 percent of the total purchase price of the property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John Patrick Dowd CORE Real Estate Group 9663 Santa Monica Blvd., Suite 359 Beverly Hills, CA 90210 Tel: (310) 230-8300 About Fam Bam, LLC Fam Bam LLC is a limited liability company in La Canada, Calif. Fam Bam filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10615) on January 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by Todd M. Arnold, Esq., at Levene, Neale, Bender, Yoo & Golubchik LLP, in Los Angeles, California. FLEET RENTS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Fleet Rents LLC d/b/a Rock Fleet Maintenance Services 1250 Bethlehem Pike Suite S-343 Hatfield, PA 19440 Business Description: Fleet Rents provides full-service maintenance and repair for commercial vehicles and equipment. The Company offers a range of services including project ramp- ups, preventative maintenance, DOT annual inspections, nationwide campaigns, mechanical repairs, and fabrication and welding. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-11605 Judge: Hon. Patricia M Mayer Debtor's Counsel: Ronald S. Gellert, Esq. GELLERT SEITZ BUSENKELL & BROWN LLC 901 Market St. Suite 3020 Philadelphia, PA 19107 Tel: 215-238-0015 E-mail: rgellert@gsbblaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Cherone as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2B2AZ3I/Fleet_Rents_LLC__paebke-25-11605__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2HFAN7A/Fleet_Rents_LLC__paebke-25-11605__0001.0.pdf?mcid=tGE4TAMA FOSTER AND SCHELL: Taps Patten Peterman Bekkedahl as Attorney ------------------------------------------------------------- Foster and Schell, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire Patten, Peterman, Bekkedahl & Green, PLLC as its attorneys. The professional services include general counseling and local representation before the Bankruptcy Court in connection with this case. The hourly rates of the firm's counsel and staff are: James A. Patten, Esq. $450 Molly S. Considine, Esq. $350 Other attorneys $250 - $450 Other Paralegals $90 - $195 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $4,700 from the Debtor. James Patten, Esq., a partner at Patten, Peterman, Bekkedahl & Green, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Patten, Esq. Molly S. Considine, Esq. PATTEN, PETERMAN, BEKKEDAHL & GREEN, PLLC 2817 2nd Avenue North, Ste. 300 P.O. Box 1239 Billings, MT 59103 Telephone: (406) 252-8500 Facsimile: (406) 294-9500 Email: apatten@ppbglaw.com mconsidine@ppbglaw.com About Foster and Schell, Inc. Foster and Schell, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Montana Case No. 25-10056) on April 4, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green PLLC represents the Debtor as counsel. FOUR HATS: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Four Hats Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, to use cash collateral. The interim order authorized the Debtor to use cash collateral during the period from April 15 until entry of a subsequent order modifying its authority to access cash collateral; the close of business on May 2; termination of the Debtor's use of the collateral, whichever comes first. Bank of America, a secured creditor, will be granted a replacement security interest in all assets created or acquired by the Debtor after the petition date similar to its pre-bankruptcy collateral. As additional protection, BofA will receive payment in the amount of $10,000 during the interim period. Bank of America claims $931,500 in secured debt while other claimants -- some represented by entities such as Vstate Filings, First Corporate Solutions, and Corporate Service Company -- are believed to include BF Holdings LLC, Family Funding Group LLC, and Cambridge Advance, with estimated claims ranging from $46,000 to $130,000 each. Additional secured claims include approximately $34,981 by 968 West Veterans Realty LLC, $81,900 by Thoro Corporation, and $500,000 by G and G Funding Group LLC. As of the filing, the Debtor had approximately $9,195.25 in cash and about $793,000 in outstanding accounts receivable. About Four Hats Inc. Four Hats Inc. is a veteran-owned company that specializes in providing traffic control services and equipment. Established in 2015, the Company operates in Georgia and Texas, serving industries such as construction, utilities, film and special events, and emergency response. Four Hats Inc. is committed to ensuring safety and efficiency through certified professionals handling traffic management solutions like flagging, lane shifts, utility crossings, and detours. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10554) on April 15, 2025. In the petition signed by David Garten, sole shareholder and president, the Debtor disclosed up to $10 million in both assets and liabilities. Leslie Pineyro, Esq., at JONES & WALDEN LLC, represents the Debtor as legal counsel. FRANCISCAN FRIARS: Seeks to Extend Plan Exclusivity to August 22 ---------------------------------------------------------------- Franciscan Friars of California, Inc. ("FFCI") asked the U.S. Bankruptcy Court for the Northern District of California to extend its exclusivity periods to file a plan of reorganization and disclosure statement, and obtain acceptance thereof to August 22 and October 22, 2025, respectively. The Debtor claims that this case is complex. Among other factors, there are 94 pending sexual abuse cases and approximately 800 creditors. There are also several insurance companies and nondebtors that may be called upon to contribute to a plan of reorganization. Negotiation with these creditors, insurance companies, and others will require significant time. The Debtor explains that it is making good progress toward a reorganization. The claims bar date has now passed, and there are more than 90 claims on file. The Debtor has also made significant progress in responding to extensive document production requests by the Committee. Most importantly, on March 12, 2025, the Debtor and the Committee filed their Mediation Motion which requests that the Court: (a) refer the Debtor, the Committee, the Debtor's insurers, the Associated Ministries (as defined in the motion), Franciscan Ministries, Inc., and any other party that wishes to participate to mediation; (b) appoint Mark G. Worischeck, Esq. as mediator; and (c) approve a stipulation for relief from the automatic stay to allow four to eight state court actions to proceed to liquidate claims but not enforce them. The Debtor asserts that the Mediation Motion also requests authority to fund a deposit to reserve three mediation sessions. The first mediation session is scheduled for May 14, 2025. The second and third mediation sessions may extend into June and July, 2025. The Debtor will be prepared to propose a plan of reorganization shortly after the mediation concludes. Accordingly, the Debtor requests that the exclusivity periods for filing a plan and obtaining acceptances be extended to August 22, 2025, and October 22, 2025, respectively. The Debtor further asserts that there are reasonable prospects for a viable plan of reorganization in light of the availability of insurance proceeds and potential contributions by third parties. In the meantime, the Debtor is paying its post-petition debts as they come due. There is no indication that the Debtor is seeking an extension to pressure creditors. Franciscan Friars of California, Inc. is represented by: Robert G. Harris, Esq. Julie H. Rome-Banks, Esq. Wendy W. Smith, Esq. Reno Fernandez, Esq. BINDER MALTER HARRIS & ROME-BANKS LLP 2775 Park Avenue Santa Clara, CA 95050 Tel: (408) 295-1700 Fax: (408) 295-1531 Email: rob@bindermalter.com julie@bindermalter.com wendy@bindermalter.com reno@bindermalter.com About Franciscan Friars of California Franciscan Friars of California, Inc. is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on Dec. 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC as its financial advisor. GCI LLC: Moody's Affirms 'B1' CFR, Outlook Remains Stable --------------------------------------------------------- Moody's Ratings affirmed the B1 corporate family rating of GCI, LLC (GCI), a provider of data, mobile, video, voice, and managed services to consumer and commercial customers throughout Alaska. Moody's also affirmed the company's B1-PD probability of default rating and B3 senior unsecured notes rating. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. Moody's maintained the stable outlook. The company refinanced its existing senior secured bank credit facility (not rated) with a new senior secured bank credit facility (not rated) comprised of a $300 million senior secured term loan A due March 2031 and a $450 million revolver expiring March 2030. The term loan and revolver mature in March 2031 and March 2030, respectively, if the company's senior unsecured notes due October 2028 are repaid or refinanced. The term loan and revolver would mature 91 days prior to the senior unsecured notes maturity if the notes are not addressed prior to that. Proceeds from the term loan were used to repay the existing term loan, repay $50 million of the outstanding revolver balance, pay fees and expenses related to the transaction, and add cash to the balance sheet. The affirmation of the B1 CFR reflects Moody's expectations that, over the next 12 months, GCI will maintain financial leverage below 3.5x and at least a good liquidity profile. The company's parent, Liberty Broadband, is expected to spin off GCI by way of a distribution to Liberty Broadband's common stockholders and is expected to close in the second or third quarter of this year. According to the terms of GCI's credit agreement and bond indenture, the proposed spin-off of GCI does not constitute a change of control and does not require a refinancing of GCI's existing capital structure. Post spin-off, Moody's anticipates GCI's financial policy as a standalone public entity will remain relatively unchanged. Also hanging in the balance is the Fifth Circuit's Court of Appeals ruling from July 24, 2024 that found the Universal Service Fund (USF), a program that uses contributions from telecommunications companies to subsidize telecommunications services for underserved areas, as unconstitutional. GCI's exposure and reliance on USF subsidies has grown over the last several years, comprising 42% of 2024 revenue. The Supreme Court heard oral arguments in the case on 26 March 2025, and a decision on the case is expected by the end of June. RATINGS RATIONALE GCI's B1 CFR reflects the company's small scale, limited geographic diversity with an economy highly dependent on volatile oil markets, and governance risk including highly concentrated ownership. Credit constraints also include the company's high, and increasing, concentration of USF subsidies as a percentage of total revenue exacerbated by uncertainty and risk from potential USF reform and the ongoing Supreme Court trial. GCI has a significant revenue mix governed by regulatory oversight which has periodically slowed collections, created working capital and free cash flow deficits, and caused material and unfavorable changes in pricing and revenue. Strong competition in wireless, increased competition from non-geostationary satellites, secular declines in video (which the company plans to exit later this year), and wireline voice weigh on performance. The rating is also supported by GCI's strong market position in Alaska as a leading communications provider and moderate financial leverage of 3x as of year-end 2024. GCl's fiber and wireless networks position the company competitively within its network footprints against competitors for broadband data, voice and wireless services to both residential and commercial customers. Strong broadband demand supports strong and stable EBITDA margins in the low 40% range, and largely offsets weaknesses in other areas of the business. Liquidity is also good. The senior unsecured notes are rated B3, two notches below the B1 CFR, reflecting its subordination to the senior secured bank credit facilities (not rated), consisting of a $450 million revolver expiring March 2030 and a $300 million outstanding term loan A due March 2031 (though subject to a springing maturity). The instrument rating reflects the probability of default of the Company, as reflected in the B1-PD Probability of Default Rating, and an average expected family recovery rate of 50% at default given the mixed capital structure with both senior and junior claim priorities. A $4 million note payable to Wells Fargo is ranked pari passu with the senior unsecured notes. GCI's SGL-2 speculative grade liquidity rating reflects good liquidity supported by its cash balances, ample capacity under its revolving credit facility despite a partial draw, and significant covenant headroom. Alternate sources of liquidity are limited. For year-end 2024, GCI generated $30 million in pre-dividend free cash flow. Internal sources of cash flow include $74 million of unrestricted cash and Moody's expectations of no dividend distributions and positive free cash flow expected over the next 12 months. Pro forma for the refinancing transaction and $50 million paydown of the existing revolver, $292 million was available under its $450 million revolver. The bank credit facility is subject to a 4.0x maximum first lien leverage maintenance covenant and 2 incurrence covenants, specifically 4.5x secured leverage and 6.5x total leverage tests. Moody's believes the company is, and will remain, comfortably in compliance with these covenants over the next 12 months. Moody's believes there is limited alternate liquidity given the mixed capital structure, with nearly half secured. Assets can be easily identified and sold off and have marketable value and ready buyers. The stable outlook is based on Moody's views that the company will grow revenue in the low single-digit percentages, generate positive free cash flow, and sustain good liquidity while maintaining debt to EBITDA below 3.5x over the next 12 months. The stable outlook also assumes GCI will not pay any dividend distributions for the rest of 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt to EBITDA is sustained below 3.25x and free cash flow to debt is sustained above 10%. An upgrade could also be considered if scale and diversity increased, including a reduced concentration of USF subsidies as a percentage of total revenue, and financial policy turned more conservative. The ratings could be downgraded if debt to EBITDA is sustained above 4.25x, or free cash flow to debt is sustained below 5%. A downgrade could also be considered if liquidity deteriorated, the scale or diversity of the business declined, financial policy turned more aggressive, or financial performance declined materially. Any legal or regulatory change resulting in a material reduction of USF funding provided to GCI that contributes to a weaker financial profile would likely result in a negative rating action. The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. GCI, LLC's principal operating asset is a leading integrated, facilities-based communications provider based in Anchorage, Alaska, offering local and long-distance voice, wireless, video, and data services to consumer and commercial customers throughout the state. The Company, wholly owned by Liberty Broadband, generated approximately $1 billion in revenue for the year-end 2024. GENUINE GENIUS: Hires Larson & Zirzow LLC as Bankruptcy Counsel --------------------------------------------------------------- Genuine Genius Technologies LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Larson & Zirzow, LLC as its bankruptcy counsel. The firm will render these services: (a) prepare on behalf of the Debtor, as debtor in possession, all necessary or appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor are involved, and the preparation of objections to claims filed against the Debtor' estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 Case. The firm will be paid at these hourly rates: Zachariah Larson, Esq., Principal $650 Benjamin Chambliss, Esq., Associate Attorney $500 Patricia Huelsman, Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. Larson & Zirzow received a pre-petition retainer in the amount of $50,000. Mr. Zirzow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: (702) 382-1170 Fax: (702) 382-1169 Email: mzirzow@lzlawnv.com About Genuine Genius Technologies LLC Genuine Genius Technologies LLC DBA XVoucher is a global platform that simplifies the management and distribution of learning and credentialing programs. It offers businesses a streamlined solution for voucher management, e-commerce, and payment processing, ensuring tax compliance and operational efficiency. Xvoucher enables organizations to scale their learning programs and improve access to educational resources for resellers, enterprises, and their customers. Genuine Genius Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-11946) on April 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC. GIAAH LLC: L. Todd Budgen Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for GIAAH, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About GIAAH LLC GIAAH, LLC filed voluntary Chapter 7 petition (Bankr. M.D. Fla. Case No. 25-01232) on March 3, 2025. The case was converted to one under Chapter 11 on March 24, 2025. Judge Grace E. Robson presides over the case. The Debtor is represented by: Eric Morgan, Esq. Morgan Law, P.A. 2800 Aurora Road, Ste. J Melbourne, FL 32935 Phone: (321) 253-6223 SpaceCoastLawyer@gmail.com GLOBAL PREMIER: Hires Winthrop Golubow Hollander as Counsel ----------------------------------------------------------- Global Premier Regency Palms Oxnard, LP seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Winthrop Golubow Hollander, LLP as its general insolvency counsel. The firm will render these services: a. advise and assist the Debtor with respect to compliance with the requirements of the Office of the United States Trustee; b. advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and to the claims of its creditors; c. represent the Debtor in any proceedings or hearings in this Court and in any proceedings in any other court where the Debtor's rights under the Bankruptcy Code may be litigated or affected; d. conduct examinations of witnesses, claimants, or adverse parties and to prepare, and to assist the Debtor in the preparation of, reports, accounts, and pleadings related to the Debtor's case; e. advise the Debtor concerning the requirements of the Bankruptcy Court, the Federal Rules of Bankruptcy Procedure and the Local Bankruptcy Rules; f. file any motions, applications or other pleadings appropriate to effectuate the Debtor's reorganization; g. review claims filed in the Debtor's case, and, if appropriate, to prepare and file objections to disputed claims; h. assist the Debtor in the negotiation, formulation, confirmation, and implementation of its Chapter 11 plan; i. take such other action and perform such other services as the Debtor may require of the Firm in connection with its case; and j. address any other bankruptcy-related issues that may arise in the Debtor's case. The firm will be paid at these rates: Marc J. Winthrop $895 per hour Robert E. Opera $895 per hour Sean A. O'Keefe $895 per hour Richard H. Golubow $795 per hour Garrick A. Hollander $795 per hour Peter W. Lianides $795 per hour John D. Giampolo $695 per hour P.J. Marksbury $350 per hour Jeannie Martinez $295 per hour Sylvia Villegas $225 per hour The firm will be paid a retainer of $40,000. The Firm was owed $105,443.24 and wrote off the balance owing. Garrick Hollander, Esq., a partner at Winthrop Golubow Hollander, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Garrick A. Hollander, Esq. Winthrop Golubow Hollander, LLP 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Telephone: (949) 720-4100 Facsimile: (949) 720-4111 Email: ghollander@wghlawyers.com About Global Premier Regency Palms Oxnard, LP Global Premier Regency Palms Oxnard LP owns and operates Regency Palms Oxnard, an assisted living and memory care facility located at 1020 Bismark Lane in Oxnard, California. The facility offers a range of services, including assistance for independent residents and specialized memory care programs developed through extensive research and experience. Global Premier Regency Palms Oxnard LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10614) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Garrick A. Hollander, Esq., at WINTHROP GOLUBOW HOLLANDER, LLP. GREEN TERRACE: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Debtor: Green Terrace Condominium Association, Inc. 2800 Georgia Avenue West Palm Beach, FL 33405 Business Description: Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-14568 Judge: Hon. Mindy A Mora Debtor's Counsel: Michael J. Niles, Esq. BERGER SINGERMAN LLP 201 E. Las Olas Boulevard Suite 1500 Fort Lauderdale, FL 33301 Tel: 850-561-3010 E-mail: mniles@bergersingerman.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Moshe M. Stern as president. A copy of the Debtor's list of 17 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D3MEEEA/Green_Terrace_Condominium_Association__flsbke-25-14568__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DSYB4MI/Green_Terrace_Condominium_Association__flsbke-25-14568__0001.0.pdf?mcid=tGE4TAMA GSTK PROPERTIES: Seeks to Hire CORE as Real Estate Broker --------------------------------------------------------- GSTK Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ CORE Real Estate Group as real estate broker. The firm will market and sell the Debtor's residential real property located at 2020 Oakridge Rd., Stevenson Ranch, CA 91381. The firm will be paid 2.5 percent of the total purchase price of the property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John Patrick Dowd CORE Real Estate Group 9663 Santa Monica Blvd., Suite 359 Beverly Hills, CA 90210 Tel: (310) 230-8300 About GSTK Properties, LLC GSTK Properties LLC is a California-based real estate company, operates from its principal location in Pacoima, California. GSTK Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10144) on January 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Todd M. Arnold, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., in Los Angeles, California. HANDLOS FINISHING: Seeks Chapter 11 Bankruptcy in Iowa ------------------------------------------------------ On April 23, 2025, Handlos Finishing LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Iowa. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Handlos Finishing LLC 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. Handlos Finishing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No.: 25-00669) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million to $10 million and estimated liabilities between $50 million and $100 million. The Debtor is represented by Jeffrey D. Goetz, Esq. at DICKINSON, BRADSHAW, FOWLER & HAGEN, PC. HARLING INC: Gets Interim OK to Use Cash Collateral Until May 21 ---------------------------------------------------------------- Harling, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral retroactive to March 20. The order penned by Judge Jacqueline Cox authorized the Debtor's interim use of cash collateral until May 21 to pay the expenses set forth in its budget. As protection from any diminution in the value of its collateral, Byline Bank was granted first-priority lien on post-petition property of the Debtor, including all proceeds and products thereof, to the same extent and with the same priority as its pre-bankruptcy lien. The next hearing is set for May 20. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1,050,000, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc., located in Broadview, Illinois, specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. The Company offers services such as tuckpointing, concrete restoration, brick replacement, lintel repair, and parapet repair. With a focus on high-quality craftsmanship and customer satisfaction, Harling Inc. successfully completes more than 90 projects each year, prioritizing safety and excellence in all their work. Harling Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. The Debtor is represented by Joel Schechter, Esq., at the Law Offices of Joel A. Schechter. HARRAH LAND: To Sell Seminole Property to Caleigh Crowley for $232K ------------------------------------------------------------------- Harrah Land FC, LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Oklahoma, to sell Real Estate, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at 2809 Landmark Drive, Seminole, Oklahoma. The Debtor receives a new home construction contract from Caleigh Crowley to purchase and sell the house for $232,250. The lienholders of the Property include Tinker Federal Credit Union, Pioneer Supply Company, Rempel Rock N Ready Inc., and Mill Creek Lumber & Supply Co. The Debtor believes that the sale the Property are in the best interest of the estate. About Harrah Land FC Harrah Land FC, LLC, is a limited liability company organized with the Office of the Secretary of State of Oklahoma on Match 15, 2012. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 24-80401) on May 21, 2024, listing $7,862,207 in assets and $7,013,314 in liabilities. Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., serves as Subchapter V trustee. Judge Paul R. Thomas presides over the case. Scott P. Kirtley, Esq., at Riggs, Abney, Neal, Turpen, Orbison & Lewis, is the Debtor's counsel. HAVOC BREWING: Case Summary & Nine Unsecured Creditors ------------------------------------------------------ Debtor: Havoc Brewing Company LLC 39 West St Pittsboro, NC 27312 Business Description: Havoc Brewing Company is a veteran-owned craft brewery based in Pittsboro, North Carolina. Founded in 2023, the Company operates a 6,500-square-foot taproom that features award-winning beers, a coffee bar, and regular community events such as trivia nights, live music, and food trucks. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-01498 Judge: Hon. Pamela W McAfee Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-890-0356 E-mail: jfrost@bbflawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Pipkin as manager. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SREZ77Y/Havoc_Brewing_Company_LLC__ncebke-25-01498__0001.0.pdf?mcid=tGE4TAMA HDTSOKANOS LLC: Hires Shiryak Bowman Anderson as Attorney --------------------------------------------------------- Hdtsokanos LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Shiryak Bowman Anderson Gill & Kadochnikov, LLP as its attorneys. The firm will render these services: (a) assist the Debtor in administering the Debtor's Chapter 11 case; (b) make such motions and court appearances or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (d) negotiate with the Debtor's creditors in formulating a plan of reorganization in this case; (e) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (f) render such additional services as the Debtor may require in this case. The firm will be paid at these hourly rates: Partner $625 Associate $475 Paralegals/Law Clerks $200 The firm received a pre-petition retainer of $15,000 from the Debtor. ` Btzalel Hirschborn, Esq., an associate at Shiryak Bowman Anderson Gill & Kadochnikov, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Btzalel Hirschborn, Esq. Shiryak Bowman Anderson Gill & Kadochnikov, LLP 80-02 Kew Gardens Rd., Ste. 600 Kew Gardens, NY 11415 Telephone: (718) 263-6800 Facsimile: (718) 520-9401 Email: bhirschhorn@sbagk.com About Hdtsokanos LLC Hdtsokanos LLC possesses a building at 24-35 27th Street, Astoria, NY 11102, with an estimated worth of $2.45 million. Hdtsokanos LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40606) on February 6, 2025. In its petition, the Debtor reports total assets of $2,485,638 and total liabilities of $1,634,678. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Btzalel Hirschhorn, Esq., at SHIRYAK, BOWMAN, ANDERSON, GILL & KADOCHNIKOV, LLP, in Kew Gardens, New York. HDTSOKANOS LLC: Seeks to Hire ERG Commercial as Real Estate Broker ------------------------------------------------------------------ Hdtsokanos LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire ERG Commercial Real Estate, LLC as the real estate broker. ERG will seek compensation in the amount of 4 percent of the amount of the total sale price of the Debtor's property located at 24-35 27th Street, Astoria, 11102. As disclosed in the court filings, ERG has no connection with the Debtor, the creditors or any other party in interest, or their respective attorneys. The broker can be reached through: James Guarino ERG Commercial Real Estate, LLC 255 Glen Cove Road Carle Place, NY 11514 Phone: (212) 807-6640 About Hdtsokanos LLC Hdtsokanos LLC possesses a building at 24-35 27th Street, Astoria, NY 11102, with an estimated worth of $2.45 million. Hdtsokanos LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40606) on February 6, 2025. In its petition, the Debtor reports total assets of $2,485,638 and total liabilities of $1,634,678. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Btzalel Hirschhorn, Esq., at SHIRYAK, BOWMAN, ANDERSON, GILL & KADOCHNIKOV, LLP, in Kew Gardens, New York. HERTZ GLOBAL: Plans $500MM Debt Raise Prior Litigation Payout ------------------------------------------------------------- Reshmi Basu and Jill R. Shah of Bloomberg News reports that Hertz Global Holdings Inc. is aiming to secure about $500 million in secured debt to bolster its balance sheet, according to individuals with knowledge of the discussions. The company is also evaluating other financing avenues, such as an at-the-market equity offering, according to additional sources. The talks remain ongoing, and the plans are not yet finalized, they noted. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HIGH PLAINS: Claims to be Paid From Asset Sale Proceeds ------------------------------------------------------- High Plains Radio Network, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated March 24, 2025. On May 24, 2007, HPRN was registered as a Texas limited liability company. The principal of HPRN at all relevant times has been Monte Spearman. HPRN had purchased enough stations to have a total population count whereby HPRN felt that it could begin to attract the national agency buys. HPRN believed that with continued heavy payment towards debt, HPRN could possibly end 2020 with all Company debt paid in full and all growth plans completed, meaning that HPRN would be able to start 2021 with the full completion of the original seven-year growth plan, that was started in 2014. HPRN was on track, dealt with the ups and downs, made the needed purchases, installed the needed operational systems, hired the best available people on a local basis, and were fully set to move into the final steps of the original master plan. As of January, 2020, the Company debt totaled only $880,000, payables owed to be fully current were approximately $300,000, general operations were budgeted to be approximately $3,000,000, and were projecting income between $4,000,000 and $4,400,000. The Company had grown to 46 radio stations spread out over the states of: Arkansas, Colorado, Mississippi, New Mexico, Oklahoma, and Texas. The Plan provides for the distribution of the proceeds of one or more Section 363(f) of the Bankruptcy Code sale of the assets of the Debtor and the liquidation and or reorganization of the Debtor into a smaller company. As of the filing of this plan, the Debtor anticipates filing two or three different sale notices under the existing Sales Procedures Order which will result in at least $2 million to be applied to the waterfall of allowed claims in this case. Class 5 consists of General Unsecured Claims. The allowed general unsecured claims will receive a pro-rata distribution of any funds remaining in the Debtor after the satisfaction of administrative expense claims, priority claims, and all other allowed claims in Classes 1 to 4. Distributions may occur with the Third Distribution. Class 5 is impaired. The proceeds of the radio station asset sales shall provide the cash necessary to satisfy the requirements under the Plan. A full-text copy of the Plan of Reorganization dated March 24, 2025 is available at https://urlcurt.com/u?l=xZaGQw from PacerMonitor.com at no charge. About High Plains Radio Network High Plains Radio Network, LLC is in the radio broadcasting business. High Plains Radio Network filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 24-70089) on March 26, 2024, with $1 million to $10 million in both assets and liabilities. Monte L. Spearman, manager, signed the petition. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by: Jeffery D. Carruth Weycer Kaplan Pulaski & Zuber, P.C. Tel: 713-341-1158 Email: jcarruth@wkpz.com HOOPERS DISTRIBUTING: Hires Country Boys Auction as Appraiser ------------------------------------------------------------- Hoopers Distributing, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Country Boys Auction and Realty, Inc. as appraiser. Country Boys will assist with determining the value of the estate property consisting of the Debtor’s store inventory located in Zebulon, North Carolina. Country Boys agrees to be compensated at a rate of $125 per hour for inspection, valuation, and office time, with an estimated total of $1,000. Country Boys does not currently hold an interest adverse to the estate, and is a disinterested party within the meaning of Section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached through: Mike Gurkins Country Boys Auction and Realty, Inc. 1211 W 5th St Washington, NC 27889 Phone: (252) 946-6007 About Hoopers Distributing Hoopers Distributing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00447) on February 7, 2025, listing between $500,001 and $1 million in both assets and liabilities. J.M. Cook serves as Subchapter V trustee. Judge Joseph N. Callaway presides over the case. Benjamin E.F.B. Waller, Esq., at Hendren, Redwine & Malone, PLLC is the Debtor's legal counsel. Kapitus, LLC, as secured creditor, is represented by Byron L. Saintsing, Esq. at Smith Debnam Narron Drake Saintsing & Myers, LLP. HOOTERS OF AMERICA: White & Case Advises Securitization Noteholders ------------------------------------------------------------------- The law firm of White & Case LLP and Gray Reed filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Hooters of America, LLC and affiliates, the firm represents the Ad Hoc Group of Securitization Noteholders. In February 2025 and March 2025, the Ad Hoc Group of Securitization Noteholders retained White & Case and Gray Reed to represent their interests in connection with these Chapter 11 Cases. Each member of the Ad Hoc Group of Securitization Noteholders has indicated to Counsel that it holds disclosable economic interests, or acts as investment manager or advisor to funds and/or accounts that hold disclosable economic interests, in relation to the Debtors. The names and addresses of each of the members of the Ad Hoc Group of Securitization Noteholders together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors are as follows: 1. BCI 745 Seventh Avenue 2nd Floor New York, New York 10019 * A-2 Notes: $40,423,075.04 * B Notes: $3,500,000.00 2. Botticelli LLC 4001 Kennett Pike Suite 302 Wilmington, DE 19807 * A-2 Notes: $82,687,968.84 * B Notes: $31,800,000.00 3. Guggenheim Partners Investment Management, LLC 330 Madison Avenue 10th Floor New York, NY 10017 * A-2 Notes: $9,693,782.98 4. Marathon Asset Management, LP One Bryant Park 38th Floor New York, NY 10036 * A-2 Notes: $7,755,026.39 5. River Canyon Fund Management LLC 2728 N. Harwood Street 2nd Floor Dallas, TX 75201 * A-2 Notes: $16,479,431.07 6. TCW Asset Management Company LLC 515 South Flower Street Los Angeles, CA 90071 * A-2 Notes: $13,571,296.18 7. Victory Capital Management Inc. 60 State Street Boston, MA 02109 * A-2 Notes: $24,234,457.46 * B Notes: $4,700,000.00 Counsel to the Ad Hoc Group of Securitization Noteholders: GRAY REED Jason S. Brookner, Esq. Lydia R. Webb, Esq. 1601 Elm Street, Suite 4600 Dallas, Texas 75201 Telephone: (214) 954-4135 Facsimile: (214) 953-1332 Email: jbrookner@grayreed.com lwebb@grayreed.com -and- WHITE & CASE LLP Brian Pfeiffer, Esq. Amanda Parra Criste, Esq. 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Telephone: (305) 371-2700 Facsimile: (305) 358-5744 Email: brian.pfeiffer@whitecase.com aparracriste@whitecase.com About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors co-bankruptcy counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at, in Dallas, Texas. The Debtors' general bankruptcy counsel are Ryan Preston Dahl, Esq., at Ropes & Gray LLP, in New York; and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at Ropes & Gray Llp, in Chicago, Ill. The Debtors' tapped Foley & Lardner, LLP as co-counsel with Ropes & Gray; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. JACKSON HOSPITAL: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------------- Jackson Hospital & Clinic, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Taylor Martino 455 St. Louis Street Suite 2100, Mobile, Alabama 36602 --Opioid litigation Sedgwick Insurance (Christopher Grant) Christopher.Grant@sedgwick.com (919) 785-5827 --Handling medical malpractice cases Boles, Holmes, White LLC 1929 3rd Ave. North, Suite 500, --General civil litigation matters Rushton Stakely (Ben Wilson) Post Office Box 270 Montgomery, AL, 36101-0270 --Handling employment disputes/litigation Bradley Arant (Bobby Poundstone) 1819 5th Ave N #200, Birmingham, AL 35203 --Handling medical malpractice cases Ball, Ball, Matthews & Novak, P.A. (E. Ham Wilson) 445 Dexter Ave., Suite 9045 Montgomery, Alabama 36104-3375 --Handling medical malpractice cases Clark, May & Price (T. Kelly May) 3070 Green Valley Road Birmingham, Alabama 35243 --Handling staffing/employment issues Hinton & Associates (Jay Hinton) 60 Commerce Street, Ste. 904 Montgomery, Alabama 36104 --Handling medical malpractice cases Forvis Mazars 800 Shades Creek Pwy., Ste. 500 Birmingham, Alabama 35209 --CPA Services 50 Words, LLC lmcdonough@50words.com (610) 631-5702 --Marketing and communications services Reynolds, Reynolds & Little, LLC (George Wakefield) 402 S. Perry St., # 200 Montgomery, Alabama 36104 --Handling debt collection efforts About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by: Derek F. Meek, Esq. Marc P. Solomon, Esq. James P. Roberts, Esq. Andrew P. Cicero, III, Esq. Catherine T. Via, Esq. Burr & Forman, LLP 420 20th Street North, Suite 3400 Birmingham, AL 35203 Tel: (205) 251-3000 Email: dmeek@burr.com msolomon@burr.com jroberts@burr.com acicero@burr.com cvia@burr.com JANE STREET: Fitch Assigns 'BB+(EXP)' Rating on $1BB Secured Notes ------------------------------------------------------------------ Fitch Ratings has assigned an expected 'BB+(EXP)' rating to co-issuers Jane Street Group, LLC's and JSG Finance, Inc.'s planned issuance of at least $1 billion in senior secured notes. Proceeds from the proposed issuance are expected to be used for general corporate purposes. The final maturity is scheduled for April 2033, and the rate of interest will be determined at the time of issuance. Key Rating Drivers The expected rating on the new senior secured notes is equalized with the ratings assigned to existing senior secured debt as the new notes will rank equally in the capital structure. The secured debt rating is equalized with Jane Street's 'BB+' Long-Term Issuer Default Rating (IDR), reflecting the firm's fully secured funding profile and average recovery prospects for creditors in a stress scenario. Jane Street's IDR reflects its strong, established market position as a technology-driven market maker in the exchange-traded fund (ETF) market across various venues. It also reflects management's good track record of managing market and operational risks, which have been driven by a high level of member ownership that ensures risk and return interests are well aligned. Jane Street's leverage is appropriate relative to its balance sheet risks. Fitch does not expect the planned issuance to meaningfully increase leverage given strong earnings performance and retention throughout 2024 and into 2025. With member withdrawals expected to remain reasonable in the context of earnings given firmwide policies, including distributions limited to once per year, Fitch expects leverage to remain conservatively managed. Jane Street's tangible capital base has significantly increased over the last four years, and the growth has provided a more meaningful buffer against potential operational losses. The Positive Rating Outlook reflects the ongoing improvement of Jane Street's business profile, with revenue and profitability proving to be durable through various market cycles. This has been driven by Jane Street's methodical strategy expansion, by both asset class and geography, which has given it superior size and scale relative to peers. The Positive Outlook further reflects Jane Street's improved funding terms with its diverse and growing group of prime brokers, which reduces liquidity risk from short-term adverse changes in the trading environment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Outlook could be revised to Stable from Positive should Jane Street's capital growth slow in relation to its balance sheet growth, resulting in a sustained increase in net adjusted leverage. The Outlook could also be revised to Stable if the firm's revenue generation erodes over the Outlook horizon, driven by a lack of execution on trading strategies. Beyond that, Jane Street's rating could be downgraded due to: - An acute, idiosyncratic liquidity event that adversely impacts the firm's ability to execute on its core business strategies; - Material operational or risk management failures that adversely impact profitability and/or market confidence; - An inability to maintain net adjusted leverage below 10.0x; - Adverse legal or regulatory actions against Jane Street which result in a material fine, reputational damage or an alteration in its business profile; - An inability to maintain its strong market position in the face of evolving market structures and technologies. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The continuation of consistent operating performance through different trading environments coupled with minimal operational losses resulting in further capital expansion; - Maintaining net adjusted leverage at or below current levels; - Demonstration of continued funding flexibility, including access to third-party funding through market cycles, the introduction of an unsecured funding component and/or a moderate increase in excess trading capital over margin requirements. Improved funding flexibility could also be demonstrated by further improvements to term margin agreement terms. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected secured debt rating is equalized with Jane Street's Long-Term IDR and reflects its fully secured funding profile and average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected secured debt rating is primarily sensitive to changes in Jane Street's Long-Term IDR. It is also sensitive to material changes in the company's capital structure and/or changes in Fitch's assessment of the recovery prospects for the debt instrument. Date of Relevant Committee 30 July 2024 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Jane Street Group, LLC senior secured LT BB+(EXP) Expected Rating JSG Finance, Inc. senior secured LT BB+(EXP) Expected Rating JANE STREET: Moody's Rates New $1BB Senior Secured Notes 'Ba1' -------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Jane Street Group, LLC's (Jane Street) issuance of approximately $1 billion of senior secured notes due 2033. The new issuance does not affect any of Jane Street's existing ratings, the ratings of its subsidiaries or the stable outlook on any Jane Street entities. Jane Street's senior secured first lien term loan B is currently rated Ba1 and the firm's long-term issuer rating is Ba1. Jane Street has a stable outlook. The Baa3 long-term issuer ratings and stable outlooks of Jane Street Capital, LLC, Jane Street Execution Services, LLC, Jane Street Financial Limited and Jane Street Netherlands B.V. were also unaffected. RATINGS RATIONALE Jane Street plans to use the net proceeds of the new issuance for general corporate purposes; and Moody's expects the company to eventually deploy most of the funds as trading capital within its strategies across a broad group of asset classes. The senior secured notes will rank pari-passu with Jane Street's other debt. Jane Street's issuer rating and stable outlook reflects its strong risk management and governance over its electronic trading activities and surrounding its business growth. Jane Street has a deliberative partnership culture that enables it to maintain and strengthen credit positive cultural attributes with a focus on risk awareness. Also, key executives maintain ownership stakes and a high level of involvement in managing the firm. The rating also incorporates Jane Street's resilient balance sheet - characterized by a strong equity capital base, modest balance sheet leverage, rapidly turning positions, tactical use of crash protection and prudent liquidity. These strengths help mitigate the credit, market, liquidity and operational risks inherent to Jane Street's business model. These include navigating rapid shifts in market sentiment - due either to losses at Jane Street or elsewhere - that erode market liquidity and counterparty confidence. Moreover, the intensely competitive nature of technology driven market-making dictates that Jane Street continually stay at the forefront in terms of trading technology, risk controls and retaining intellectual capital, otherwise its franchise may erode and its creditworthiness could deteriorate. OUTLOOK The stable outlook is based on Moody's expectations that Jane Street's credit profile will continue to benefit from the firm's strong profitability, high level of equity capital, modest use of leverage and prudent liquidity. Moody's also expects that Jane Street's leaders will maintain a risk aware culture and effective controls - suitable to high frequency electronic trading and to manage growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Jane Street's ratings could be upgraded should Moody's see continued growth in market share across a broad set of asset classes while diversifying revenue through the development of lower-risk and profitable business activities; substantial reduction of trading capital mix in less-liquid and higher-risk assets; demonstration of the firm's ability to manage its expansion in size and complexity while retaining its deliberative risk management and partnership culture. Jane Street's ratings could be downgraded should it increase its risk appetite or suffer from a significant risk management or operational failure; experience adverse changes in corporate culture or management quality; experience a substantial and sustained decline in profitability caused by changes in the market or regulatory environment; increase its capital distributions in a manner that is not commensurate with its historic trends; or change its funding mix to a significantly heavier weighting towards long-term debt and away from equity resulting in a substantial increase in its balance sheet leverage. The principal methodology used in this rating was Securities Industry Market Makers published in June 2024. JETBLUE AIRWAYS: Fitch Alters Outlook on B LongTerm IDR to Negative ------------------------------------------------------------------- Fitch Ratings has revised the Rating Outlook on JetBlue Airways Corp. (JetBlue) to Negative from Stable and affirmed its Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook revision reflects the anticipated impact of softening domestic leisure travel demand, driven by a weaker macroeconomic environment, which will pressure JetBlue's margins more than anticipated. Fitch views JetBlue's credit profile as weak for the 'B' rating due to strained operating margins and debt incurred since the pandemic. Current pressures will likely delay JetBlue's path to profitability, keeping leverage metrics outside negative sensitivities for an extended period. Fitch may take negative rating actions if JetBlue fails to demonstrate near-term profitability and cash flow improvements that preserve and generate liquidity, and achieve coverage metrics above 1.5x. JetBlue's current rating is supported by its robust liquidity balance, available financing options, and progress in strategic initiatives to improve profitability and cash flow. EETCs Fitch has affirmed the subordinated tranche ratings of the 2019-1 and 2020-1 transactions at 'BB+'. Both class B certificate ratings are notched up from the JetBlue's IDR ('B'/Negative). The subordinated tranche ratings remain supported by a strong affirmation factor and presence of a liquidity facility, which is reflected in the four-notch uplift. Fitch has also affirmed JetBlue's 2019-1 class AA certificates at 'A+' and affirmed its class A certificates at 'BBB'. The class AA certificates remain well overcollateralized, while the rating of the class A reflects limited loan-to-value (LTV) headroom under the 'BBB' stress scenario and the slow rate of amortization in the transaction, making the rating susceptible to marginal value declines. Fitch has also affirmed JetBlue's 2020-1 class A certificates at 'A'. These ratings are supported by sufficient overcollateralization and high collateral quality. Key Rating Drivers Demand Environment May Delay Margin Recovery: Demand softness stemming from consumer weakness is an additional headwind in JetBlue's efforts to return to profitability. Fitch had expected operating margins to remain near break-even or below for 2025 before turning modestly positive in 2026. However, due to market uncertainty, Fitch has revised expectations lower. This revision reflects increased risks to revenue realization, costs, and operational execution, making it more difficult to achieve credit metrics commensurate with a 'B' rating within the next two years. Fitch anticipates low-cost carriers such as JetBlue to be at a disadvantage compared to full-service airlines amid weaker domestic travel demand. Larger airlines are now better equipped to attract price-sensitive travelers through basic economy options and benefit from competitive advantages due to their extensive route networks and appealing loyalty programs. The current demand uncertainty comes at a difficult time for JetBlue, as the airline is amid a turnaround program, and needs to drive improved unit revenues to offset higher operating costs and reverse recent operating losses. Cost Pressures Remain: Fitch expects unit cost pressure to remain a headwind in 2025, partly due to capacity limitations caused by Pratt & Whitney engine availability. The company is projecting flat total capacity in 2025 and a 5%-7% increase in non-fuel costs. Fitch believes JetBlue might reduce capacity plans based on softening demand, pressuring unit costs further. In fiscal 2024, JetBlue's unit costs were 25% higher than pre-pandemic levels while unit revenues were up by 10.7% over the same period, resulting in operating losses every year since 2019. Liquidity and financial flexibility are supportive: Fitch believes JetBlue's cash balance and remaining unencumbered assets provide some flexibility to manage through near-term demand weakness. Capital raised in 2024 allows JetBlue to fund upcoming aircraft deliveries with cash, which would add to its asset base, or finance deliveries to maintain cash. Required debt payments will rise to $705 million in 2026, which Fitch views as manageable given current cash balances. Aside from $325 million in convertible bonds due in 2026, JetBlue has limited major upcoming maturities. JetBlue ended 2024 with cash and short-term investments of $3.6 billion and full revolver availability. Actionable Strategic Initiatives: Fitch considers the main aspects of JetBlue's "JetForward" plan—such as exiting underperforming routes, improving operational execution, concentrating on core leisure markets, boosting ancillary revenues, and increasing focus on premium products—as sensible strategies likely to enhance margins over time. However, competition introduces uncertainty, especially with multiple U.S. leisure carriers adopting similar strategies. Fitch believes JetBlue's plans have a higher likelihood of success compared to some competitors' due to its strong market presence in high-value geographies and its brand strength relative to ultra-low-cost carriers. Projected Negative FCF: Fitch projects JetBlue's FCF will be significantly negative in the near term, at -$1 billion or more in 2025 and at least several hundred million dollars in 2026. FCF could approach break-even or turn slightly positive by 2027, driven by reduced capex and expanding margins. Capital spending is expected to be manageable, particularly beyond 2026, due to JetBlue's 2024 decision to defer future aircraft deliveries. Despite the anticipated negative FCF, risks are mitigated by JetBlue's liquidity and the potential to finance or manage forthcoming aircraft deliveries. Leveraged Balance Sheet: JetBlue's capital raises in 2024 improved liquidity but exacerbated the company's already high leverage. Fitch had previously expected improved profitability to reduce leverage to within negative sensitivities in 2026 or 2027. Fitch believes these targets will be more challenging in the current economic environment. Additionally, substantial planned capital spending and a higher interest burden, is likely to pressure cash flow, limiting the company's ability to reduce debt in the near term. JetBlue's total debt and lease liabilities were up by over 60% in 2024. Engine Grounding-Related Headwinds: Margin headwinds stemming from Pratt & Whitney-related aircraft groundings are anticipated to continue through 2026. The airline estimates that a mid-teens number of aircraft will be grounded this year, peaking in the next one to two years. These groundings challenge JetBlue as the affected aircraft are the most efficient in its fleet, resulting in increased maintenance costs for other planes kept in service longer. JetBlue projects a three-point margin headwind in 2025 due to the groundings. EETCs Senior Tranche Ratings The ratings on the class AA and A certificates are driven by a top-down analysis, incorporating a series of stress tests that simulate the rejection and repossession of the aircraft in a severe aviation downturn. 2019-1 Fitch has affirmed the JetBlue 2019-1 class A certificates at 'BBB' due to limited LTV headroom under the 'BBB' stress scenario. Maximum LTVs stayed flat since its last review in November, maintaining at 95.7%. The collateral in the pool is still seen as highly attractive. However, the low diversification and slow amortization profile, makes the transaction's LTVs susceptible to marginal value declines. Fitch has affirmed JetBlue's 2019-1 class AA certificates at 'A+' due to a large amount of overcollateralization. The class AA certificates saw LTVs stay relatively flat, decreasing to 80.1% from 80.2% under the A level stress scenario. The large buffer in LTVs helps mitigate concerns related to slow amortization and diversification mentioned above. 2020-1 Fitch has affirmed the ratings on JetBlue's 2020-1 transaction at 'A', as the transaction continues to pass the A level stress scenario with sufficient headroom. Fitch calculated the maximum LTVs for the class A certificates transaction to be 85.3%, down from 89.0%. Collateral declines for the pool's 17 A321s and seven A321 NEOs were within its updated depreciation assumptions. Unlike the 2019-1 transaction, Fitch expects collateralization to improve over the next several years as the transaction's pace of amortization increases. Subordinate Tranche Ratings: The rating for the class B certificates is based on the bottom-up approach detailed in Fitch's EETC criteria, which calls for the rating to be notched up from JetBlue's corporate rating of 'B'. Subordinated tranches receive notching uplift based on three factors: 1) the affirmation factor (0-3 notches), 2) the presence of a liquidity facility, (0-1 notch), and 3) recovery prospects (0-1 notch). The class B certificates qualify for a four notch to 'BB+' uplift from JetBlue's IDR of 'B'. The notching consists of +3 notches for the affirmation factor (maximum is +3 for a B category issuer) and +1 notch for the presence of a liquidity facility. Affirmation Factor 2020-1: Fitch continues to view the 2020-1 transaction as having a high affirmation factor supported by the large portion of JetBlue's active fleet contained in the pool, the high-quality collateral, including the next-generation NEO and work-horse CEO aircraft that are important to the company's strategy, and a relatively young collateral pool. Partially offsetting these positive factors is the pool's low diversification as it relates to comparable transactions. 2019-1: Fitch considers the affirmation factor for this pool of aircraft to be high. The 25 aircraft in this transaction make up 25% of JetBlue's sub-fleet of A321s (it operated 100 A321s in total as of December 2024), and about 9% of its total fleet, making it highly unlikely that the aircraft in this pool would be rejected in the case of a bankruptcy. The A321 has taken a key role in JetBlue's fleet since the carrier started operating it in 2013. Peer Analysis JetBlue's 'B' rating is above domestic peer Spirit Airlines, Inc. (CCC+). While both JetBlue and Spirit demonstrate highly leveraged balance sheets, JetBlue has greater financial flexibility. JetBlue also benefits from a stronger market presence than Spirit in key markets such as New York and Boston, along with a more customer-friendly reputation. JetBlue's leverage metrics are notably weaker than network peers such as American Airlines, Inc. (B+/Stable) or United Airlines, Inc. (BB/Positive), due to strained near-term profitability. JetBlue's operating margins remain well below pre-pandemic levels, and Fitch expects them to remain pressured in 2025, whereas larger network carriers have shown improvement in recent years. JetBlue is also more geographically concentrated than large network peers and generates less robust loyalty program revenues. EETCs The certificates rated 'A+' are one notch higher than ratings for several class A certificates issued by other carriers. Stress scenario LTVs for the 2019-1 transaction remain low and continue to support the 'A+' rating. The 2020-1 class A certificates that are rated 'A' compare well with issuances from American, Air Canada and British Airways that are also rated 'A'. Rating similarities are driven by similar levels of overcollateralization and high-quality pools of collateral. The 'BB+' ratings on the class B certificates are derived through a four-notch uplift from JetBlue's IDR. The four-notch uplift reflects a high affirmation factor and benefit of a liquidity facility Key Assumptions - Capacity down by 1% in 2025, followed by modest capacity growth thereafter. - Unit revenues down modestly in 2025, a negative revision from its prior forecast. - Mid-single digit unit revenue improvement in 2026 and 2027 as revenue initiatives mature. - Jet fuel $2.35/gallon in 2025 and $2.50/gallon thereafter. EETCs Key assumptions within the rating case for the issuer include a harsh downside scenario in which JetBlue declares bankruptcy, chooses to reject the collateral aircraft, and where the aircraft are remarketed amid a severe slump in aircraft values. JetBlue's bankruptcy is hypothetical, and is not Fitch's current expectation as reflected in JetBlue's 'B' IDR. Fitch incorporates a 25% haircut to the A321-200 and A320-200, and a 20% haircut to the A321 NEO in its 'A' category stress tests. Recovery Analysis The recovery analysis assumes that JetBlue would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. A 10% administrative claim on the enterprise value is assumed. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The GC EBITDA estimate of $900 million reflects a hypothetical scenario in which margins remain impaired, potentially by a weak operating environment, structurally higher costs, or a combination thereof. An enterprise valuation multiple of 5x is applied to the GC EBITDA to calculate post-reorganization enterprise value. This multiple is reflective of prior airline bankruptcies. Fitch's analysis assumes that loyalty program debt receives priority recovery from the value of the loyalty assets. Fitch takes a conservative view on the loyalty asset value since it largely rests on JetBlue continuing as a going concern. Liquidation of the airline would materially impact the collateral values and weaken recovery. The Recovery Rating analysis results in a 'BB'/'RR1' recovery for the proposed loyalty notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained EBITDAR leverage above 5.5x; - EBITDAR fixed-charge coverage falling below 1.5x on a sustained basis; - Evidence of decreasing financial flexibility potentially illustrated by continued leveraging of assets to maintain liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBIT margins improving to the mid-to-high single digits; - Adjusted debt/EBITDAR below 4.5x; - EBITDAR fixed-charge coverage remaining above 2x. EETCs The class AA and A certificate ratings are primarily based on a top-down analysis based on the value of the collateral. Therefore, a negative rating action could be driven by an unexpected decline in collateral values. Senior tranche ratings could also be affected by a perceived change in the affirmation factor or deterioration in the underlying airline credit. The 2019-1 class A certificates are more susceptible to collateral value fluctuations due to a less aggressive amortization profile relative to the other transactions. Positive rating actions are not expected for these transactions in the near term, driven by current collateral coverage and limited LTV headroom under the 'BBB' stress scenario for the 2019-1 class A's. Subordinated tranche ratings are based off of the underlying airline IDR. If JetBlue's IDR is downgraded to 'B-' from 'B', the class B certificates could be notched downward but have the potential to be affirmed if additional notching was ultimately applied for solid recovery prospects. Positive rating actions could occur if JetBlue's IDR is upgraded. Liquidity and Debt Structure JetBlue ended 2024 with $4.2 billion in total liquidity, consisting of $1.9 billion in cash, $1.7 billion in investment securities and full availability under its $600 million revolver that matures in October 2029. Total liquidity equated to 45% of 2024 revenue. Although JetBlue maintains a healthy liquidity balance, Fitch expects cash burn to remain significant in 2025 and 2026, likely necessitating debt funding against future deliveries to maintain cash. Failure to show progress toward stemming cash burn may drive future negative rating actions. EETCs JBLU 2020-1 Both tranches of debt in this transaction feature a dedicated liquidity facility provided by Natixis (A/F1/Stable). JBLU 2019-1 All three tranches of debt in this transaction feature a dedicated liquidity facility provided by Credit Agricole (A+/F1/Stable). Issuer Profile JetBlue is a low-cost air carrier that serves over 100 destinations throughout the U.S., the Caribbean, Mexico, Europe, and Latin America. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- JetBlue Airways Pass Through Trust Series 2019-1 senior secured LT BBB Affirmed BBB senior secured LT A+ Affirmed A+ senior secured LT BB+ Affirmed BB+ JetBlue Loyalty, LP senior secured LT BB Affirmed RR1 BB JetBlue Airways Corporation LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB senior secured LT BB- Affirmed RR2 BB- JetBlue Airways Pass Through Trust Series 2020-1 senior secured LT A Affirmed A senior secured LT BB+ Affirmed BB+ senior secured LT A Affirmed A senior secured LT BB+ Affirmed BB+ JUAN M MARTINEZ: Hires David J. Winterton & Assoc. as Counsel ------------------------------------------------------------- Juan M Martinez LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ David J. Winterton & Assoc., Ltd. as counsel. The firm's services will include attending hearings, filing required bankruptcy schedules and papers, preparing a disclosure statement and plan of reorganization, counseling the Debtor, and representation in matters necessary to reorganize the Debtor. The firm will be paid at these rates: Attorneys $250 to $400 per hour Paralegals $150 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. David Winterton Esq., a partner at David J. Winterton & Assoc., disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: David J. Winterton Esq. David J. Winterton & Assoc., Ltd. 7881 W. Charleston Blvd., Suite 220 Las Vegas, NV 89117 Tel: (702) 363-0317 Fax: (702) 363-1630 Email: david@davidwinterton.com About Juan M Martinez LLC Juan M. Martinez LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Debtor holds an equitable interest in the property located at 7590 Rancho Destino Rd, valued at $1.31 million. Juan M Martinez LLC in Aurora, IL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 25-11217) on March 5, 2025, listing $1,320,000 in assets and $1,097,385 in liabilities. Richard Costello as manager/member, signed the petition. DAVID WINTERTON & ASSOCIATES, LTD. serve as the Debtor's legal counsel. KENSINGTON VILLAGE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Kensington Village Apts, LLC and its affiliates. About Kensington Village Apts Kensington Village Apts, LLC and its affiliates, Avondale Homes 2, LLC and Avondale Homes, LLC, filed Chapter 11 petitions (Bankr. N.D. Ga. Lead Case No. 25-53099) on March 21, 2025. At the time of the filing, Kensington listed up to $50,000 in assets and between $50 million and $100 million in liabilities. Judge Lisa Ritchey Craig oversees the cases. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's legal counsel. KIN DEE: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------- On April 23, 2025, Kin Dee LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $1,168,956 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Kin Dee LLC Kin Dee LLC and affiliate manage and operate Thai restaurants at two leased locations. Kin Dee LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-32199) on April 23, 2025. In its petition, the Debtor reports estimated assets of $30,301 and estimated liabilities of $1,168,956. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Robert C Lane, Esq. and A. Zachary Casas, Esq. at THE LANE LAW FIRM, PLLC. KINDERCARE LEARNING: Fitch Affirms B+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed KinderCare Learning Companies, Inc.'s and KUEHG Corp.'s (collectively, KinderCare) Long-Term Issuer Default Ratings (IDRs) at 'B+'. Fitch has also affirmed KinderCare's first-lien term loan and Revolver at 'BB+' with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. Fitch has also removed KinderCare Learning Companies, Inc. from Under Criteria Observation (UCO), reflecting the application of Fitch's updated "Corporate Rating Criteria - Appendix 1: Leases." The ratings were placed on UCO following the publication of the updated criteria on Dec. 6, 2024. KinderCare's ratings reflect the company's solid and stable market position in the U.S. childcare market, which is offset by low EBITDAR fixed-charge coverage and intense competition that constrains profit expansion over time. Fitch views access to the public markets for capital raising as a credit positive that could enhance the company's financial flexibility over time. Key Rating Drivers Moderate EBITDAR Leverage, Weak Coverage: Fitch expects KinderCare's EBITDAR leverage to remain in the mid-3.0x range over the next few years. Previously, as a private entity, its Fitch-calculated EBITDAR leverage was in the high-3.0x range. Following its October 2024 IPO, the company utilized equity proceeds to reduce debt. Fitch projects EBITDA leverage will be significantly lower, in the 2.5x to 3.0x range, due to the company's leasing of its facilities. Total lease expenses accounted for approximately 14% of revenue in 2024, and Fitch anticipates that these expenses will continue to comprise a similar portion of revenue over the rating horizon. In its projections, KinderCare's EBITDAR fixed-charge coverage remains at around 1.5x, which is weak for the 'B+' rating. Competitive Landscape: KinderCare is a provider of early childhood education (ECE) in the U.S., operating in a highly fragmented and competitive industry. As of Dec. 28, 2024, KinderCare Learning Companies, Inc. had 1,574 ECE centers across 39 states and Washington, D.C., as well as 1,025 before- and after-school sites in 28 states and Washington, D.C. KinderCare faces intense competition from companies including scaled providers, smaller regional providers, and faith-based or local operators. Bright Horizons, Kiddie Academy, Goddard, Primrose, and the Learning Care Group, Inc. brands (La Petite, Tutor Time, and others) are the closest competitors. In addition to ECE offerings, the company serves school-age children through before- and after-school programs. Competitors in this sector include the YMCA and other regional providers such as Alphabest and Right at School. Solid FCF Generation: Fitch believes that the company's business model will support steady and predictable cash generation. KinderCare greatly improved its cash generation profile, moving from negative FCF in 2020 to generating positive FCF in recent years. Much of the increase resulted from government grants and post-pandemic demand for the company's offerings. FCF was negatively affected in 2024 by one-time IPO-related expenses, but Fitch projects a positive FCF margin in the low single digits annually for 2025 and beyond. Margin Contraction: KinderCare's margins have contracted over the past two years due to the unwinding of government grants related to the pandemic. Fitch expects margins to stabilize in the low teens from 2025 to 2027, down from 16% in 2023 and 23% in 2022. Government assistance during the pandemic supported income and capital projects. Fitch anticipates EBITDA margins to stabilize in 2025 and beyond. Modest Revenue Growth: Fitch expects total revenue to increase in the mid-single digits throughout its forecast period following the pandemic-induced demand volatility for ECE between fiscal years 2019 and 2021. The growth is mainly driven by continued center and site expansion, occupancy rates, and pricing growth. In FY 2024, the company reached an occupancy rate of 69.8%, up from 47% in 2020. Occupancy rates improved due to the organic growth of centers, continued momentum with employer-sponsored programs, and capacity leaving the market as stimulus funds rolled off. Increasing ECE Demand: The U.S. childcare market is growing due to increased demand from parents returning to offices, advancements in learning technologies, and government funding. Many employers are adopting blended work models, balancing remote and office time, which Fitch expects to increase demand for ECE. Subsidies Support Revenue: Federal subsidies for ECE have historically increased, even during economic downturns. These subsidies are primarily funded through the Child Care and Development Fund (CCDF), authorized under the Child Care and Development Block Grant (CCDBG), with funding rising to $14.7 billion in 2024 from $6.0 billion in 2005. Public subsidy funding is expected to continue due to historical bipartisan support, underscoring the need for ECE. Approximately 35% of KinderCare's total revenue in 2024 was derived from this subsidy funding. Fitch believes KinderCare is well-positioned to gain market share in the event of a funding pullback due to its scale and expertise. Ownership Concentration: Fitch views the concentration of ownership by private equity as an inherent credit risk for KinderCare. Partners Group (PG) owns approximately 69% of KinderCare Learning Companies, Inc.'s common stock, granting it significant control over major corporate decisions, such as director elections and business transactions. This concentration makes KinderCare susceptible to potential shifts toward aggressive financial policies. Peer Analysis KinderCare operates ECE and care centers. A direct competitor of KinderCare is Bright Horizons Family Solutions Inc. (BFAM). BFAM offers childcare, early education and other services designed to help employers and families with work and family-life challenges. Both companies operate on a similar scale, with revenue of approximately $2.6 billion. Bright Horizons has more than 1,450 client relationships with employers across a diverse array of industries and early education centers. It has capacity to serve about 115,000 children and their families in the U.S., the United Kingdom, the Netherlands, Australia and India. BFAM operates at a lower leverage ratio with a more sustainable profitability profile. Key Assumptions - Revenue growth assumed to be in mid-single digits over the forecast horizon, driven by the opening of new childcare centers and increases in occupancy rate and pricing growth; - The EBITDA margin is expected to be stable in the low-teens range; - Lease expense will continue to increase in line with top-line growth; - Capex is expected to average about 5% of total revenue, correlated with the number of new centers the company plans to open; - No dividends or share buybacks are assumed after 2024; - Fitch assumes the following secured overnight financing rate (SOFR) base rates: 4.3% for 2025, 4.0% for 2026 and 2027. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that KinderCare would be reorganized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim; - In estimating a distressed enterprise value for KinderCare, Fitch assumes a lower occupancy rate and reduced enrollment, contributing to a lower revenue scale in a distressed scenario. This is expected to result in about a 15% revenue decline and EBITDA margin compression similar to the coronavirus pandemic, leading to a going concern EBITDA that is about 25% lower relative to the 2025 estimated EBITDA; - An enterprise value multiple of 6.0x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. Fitch believes this multiple is validated based on historic public company trading multiples, industry M&A and past reorganization multiples observed across various industries; - The recovery model implies a 'BB+' and 'RR1' Recovery Rating for the company's first lien senior secured facilities, reflecting Fitch's belief that lenders should expect to recover 91%-100% in a restructuring scenario. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR leverage rising above 5.5x over a multi-year period; - (CFO-capex) to debt ratio sustained below 5%; - EBITDAR fixed-charge coverage below 1.5x; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDAR fixed-charge coverage above 2.0x; - (CFO-capex) to debt ratio sustained above 7.5%. - Fitch's expectation that EBITDA margins will expand into the mid-teens range, while maintaining scale and EBITDAR leverage below 4.5x; Liquidity and Debt Structure As of Dec. 28, 2024, KinderCare reported having $62.4 million in cash, cash equivalents, and restricted cash. The company's liquidity is bolstered by positive FCF generation, with FCF margins historically between 4% and 9%. Following its IPO, KinderCare repaid approximately $608 million of its first lien term loan, bringing its long-term debt down to less than $1.0 billion. The term loans now amortize at 1% annually. As of end of December 2024, there were no outstanding borrowings under the first lien revolving credit facility, and the available borrowing capacity was $184.2 million, considering $55.8 million in outstanding letters of credit. In February 2025, the Company amended the Credit Agreement to increase the First Lien Revolving Credit Facility's total commitments by $22.5 million and to reclassify and extend $5.0 million of previously non-extended commitments. This raised the total borrowing capacity to $262.5 million. All other terms of the Credit Agreement remain unchanged. Issuer Profile KinderCare Learning Companies, Inc. offers ECE and care programs to children ranging from six weeks through 12 years of age. Founded in 1969, the company provides infant and toddler care, preschool, kindergarten, and before- and after-school programs. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- KinderCare Learning Companies, Inc. LT IDR B+ Affirmed B+ KUEHG Corp. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ KING STATE: Hires Tranzon Driggers as Real Estate Agent ------------------------------------------------------- King State Coffee, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Tranzon Driggers as real estate agent. The firm will market and auction the real property of the Debtor located at 520 E Floribraska Ave, Tampa FL 33603. The firm will be paid at these rates: a. Marketing fee, $5000 from the sales proceeds; and b. Term of Sale/Commission 10 percent deposit by buyer, and 10 percent buyer's premium paid by winning buyer. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jon K. Barber, CAI Tranzon Driggers 101 E Silver Springs Blvd Suite 206 Ocala, FL 34470 Phone: (877) 374-4437 Email: jbarber@tranzon.com About King State Coffee, LLC King State Coffee, LLC, a company in Tampa, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00576) on February 2, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Timothy F. McTague, manager, signed the petition. Judge Catherine Peek Mcewen oversees the case. David S. Jennis, Esq., at David Jennis, PA, doing business as Jennis Morse, represents the Debtor as legal counsel. KOCHER FOODS: Gets Interim OK to Use Cash Collateral Until May 19 ----------------------------------------------------------------- Kocher Foods International, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of West Virginia, to use cash collateral. The interim order penned by Judge David Bissett approved the use of cash collateral pending the conclusion of a final hearing on May 19. As protection, Unified Bank was granted replacement liens on post-petition property equal to the value of the bank's secured claim as of the petition date. In addition, Unified Bank will receive monthly payments of $669 beginning May 16 as further protection. Kocher continues to operate as a debtor-in-possession and seeks to maintain business operations, pay employees, and purchase inventory using available cash collateral. The Debtor has identified several creditors asserting security interests in its assets, most notably Unified Bank and the U.S. Small Business Administration. Unified Bank has two promissory notes—one from 2018, which is secured by the company's non-purchase money collateral valued at $31,863, and another from 2022 that the Debtor claims is unsecured. SBA also holds a large claim but is not secured by any of the company’s non-purchase money collateral. A fourth unidentified lien was filed in 2024, but the Debtor disputes its validity and priority. About Kocher Foods International Kocher Foods International, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Case No. 25-00199) on April 16, 2025. In the petition signed by Jennifer Kocher, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Ryan W. Johnson, Esq., at Johnson Legal Services, PLLC, represents the Debtor as legal counsel. KPSI INNOVATION: Seeks Chapter 11 Bankruptcy in Washington ---------------------------------------------------------- On April 21, 2025, KPSI Innovation Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filing, the Debtor reports $3,883,376 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About KPSI Innovation Inc. KPSI Innovation Inc. is a company specializing in the manufacture and sale of fire-blocking head-of-wall products. The Company offers a range of fire-rated gasket products designed for use in construction applications, particularly to prevent the spread of fire and smoke through structural gaps. KPSI Innovation Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11068) on April 21, 2025. In its petition, the Debtor reports total assets of $1,455,439 and total liabilities of $3,883,37. The Debtor is represented by Faye C. Rasch, Esq. at WENOKUR RIORDAN PLLC. KRONOS WORLDWIDE: S&P Raises ICR to 'B' on Improved Performance --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Kronos Worldwide Inc. to 'B' from 'B-'. S&P raised the issue-level rating on Kronos' senior secured notes to 'BB-' from 'B+'. The recovery rating remains '1' (rounded estimate: 90%). S&P said, "The stable outlook reflects our view that the company's metrics should be appropriate for the rating even after incorporating potentially weak macroeconomic demand and high volatility in the titanium dioxide sector over the next year. "We believe Kronos Worldwide Inc.'s credit metrics will be appropriate for the rating even under potentially challenging macroeconomic conditions in 2025. EBITDA and margins strengthened in the second half of 2024, primarily due to the effects of higher sales volumes from strengthening demand for TiO2 in most major markets and higher average TiO2 selling prices. In 2025, we expect stable to slightly weakening conditions throughout the rest of the year because we anticipate an increased risk of softer demand across many of the company's end markets stemming from macroeconomic uncertainty. We now anticipate Kronos' credit metrics such as funds from operations (FFO) to debt to be in the 15%-20% range over the next 12 months. If Kronos' performance were weaker than our current expectations, such that its FFO to debt fell to about 12% after accounting for potential volatility, we still anticipate the company's metrics to be appropriate for the rating." 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. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly." S&P said, "While the effects of global tariffs are yet to be fully comprehended, we do anticipate a negative impact on end-market demand as companies push through price increases and consumer discretionary spending tightens. Furthermore, Kronos could see a small impact from the auto tariffs that were recently placed in the U.S., but it is a relatively small part of its overall business and end-market demand. However, TiO2 producers can be exempt from tariffs under the United States-Mexico-Canada Agreement (USMCA) implemented in 2020 if their products meet the agreement's rules of origin requirements. We also note that President Trump's executive order states that products listed in Annex II, which includes TiO2, are not subject to the ad valorem duties under this order." Kronos is one of the top five producers of titanium dioxide. The company benefits from demand in key end markets, such as housing and architectural coatings, which use the company's products in applications like paints and coatings. Still, we consider titanium dioxide a cyclical commodity with potentially volatile earnings over the long run. Furthermore, Kronos is more susceptible to downturns and higher raw materials costs than some of its competitors. The Chemours Co. has two other segments that can help stabilize earnings during periods of volatility and Tronox Ltd.'s vertical integration protects it from increased raw material costs. S&P said, "We consider Kronos' operations within its larger group under parent Valhi Inc. The group's financial results and credit metrics are correlated with those of Kronos because it accounts for over 80% of Valhi's earnings and revenue. The rating on Kronos, which we currently consider stronger than that of its parent, is capped at our 'B' rating on Valhi. "The stable outlook on Kronos reflects our expectation that its group's credit measures will remain appropriate for the rating after incorporating the elevated volatility in the TiO2 sector. Our base case scenario assumes the global economy will be stable to slightly weaker in 2025 relative to 2024. Our rating continues to reflect our expectation for high volatility in Kronos' credit measures. We view FFO to debt of about 12%, after accounting for potential volatility, although numbers could be stronger for brief periods, as appropriate for the rating during downturns. We believe the group's FFO to debt will be in the 15%-20% range over the next couple of years due to the additional EBITDA from its acquisition of LPC. Furthermore, we expect Kronos will maintain adequate liquidity and that management will maintain a prudent approach to funding its expansion and shareholder returns." S&P could lower its rating on Kronos during the next 12 months if: -- S&P expected its weighted-average metrics at the group level would decline, including debt to EBITDA of more than 6.5x or sustained FFO to debt of less than 7% with no near-term remedy, which it considers weak when incorporating the volatile nature of the TiO2 sector. This could occur if the company's sales deteriorated relative our expectations, leading its EBITDA margins to underperform our forecast by at least 200 basis points; or -- Kronos used additional debt to fund its growth plans or shareholder returns or its free cash flow turned negative for an extended period, which would pressure the group's liquidity. S&P could raise its ratings on Kronos over the next year if: -- Its group's performance improved; and -- The company's 2025 earnings outperformed S&P's expectations. S&P said, "Under this scenario, we would expect the group's weighted-average FFO to debt to remain above 20% or debt to EBITDA below 3x on a sustained basis, even after factoring in potential downturns in its pricing and demand. However, we would also expect management to commit to financial policies that would enable it to maintain these improved credit measures." KULA GRAIN: Seeks Chapter 11 Bankruptcy in Colorado --------------------------------------------------- On April 22, 2025, Kula Grain Co. Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. 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 Kula Grain Co. Inc. Kula Grain Co. Inc. is a Fort-Morgan, Colorad-based grain merchant and interstate freight carrier that hauls dry-bulk farm commodities. Kula Grain Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12338) on April 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. LAREDO HOUSING: S&P Lowers Bond Rating to 'D' on Missed Payment --------------------------------------------------------------- S&P Global Ratings lowered its rating on Laredo Housing Finance Corp., Texas' series 1994 single-family mortgage revenue bonds to 'D' from 'CC'. In addition, S&P removed the rating from CreditWatch, where it was placed with negative implications on Feb. 18, 2025. The outlook is not meaningful. The downgrade follows the trustee's inability to execute a scheduled bond call of $20,000 on April 1, 2025, due to lack of sufficient funds. The 'D' rating on the 1994 bonds reflects that a partial bond redemption scheduled for April 1, 2025, did not occur due to lack of sufficient funds. The existing liability on the bonds totals $125,000, and according to the trustee, as of April 4, 2025, total assets available to pay debt service through final maturity on Oct 1, 2027, were less than $12,000. Given the structure of the bonds, which were issued in a stand-alone indenture, S&P does not expect additional money to be deposited. Under S&P's "S&P Global Ratings Definitions," published Dec. 2, 2024, the 'D' rating applies when an obligation is in default or in breach of an imputed promise. S&P will subsequently withdraw its 'D' ratings on the series 1994 bonds. LAZARUS INDUSTRIES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Lazarus Industries, LLC got the green light from the U.S. Bankruptcy Court for the Western District of New York to use cash collateral. The order penned by Judge Carl Bucki authorized the Debtor's interim use of cash collateral until May 19. Tompkins Community Bank and other secured creditors were granted "rollover" replacement liens on post-petition cash, accounts receivable, bank accounts and other assets, with the same validity, extent and priority as their pre-bankruptcy liens. The bank consented to the Debtor's use of its cash collateral under the terms of their stipulation to maintain operations; pay wages, rent and utilities; and purchase supplies necessary for the business. Tompkins Community Bank originally extended a $500,000 line of credit to the Debtor in 2019, which was later converted into a guaranteed promissory note of approximately $495,852, with about $203,000 remaining unpaid. The bank holds a first-priority secured interest in the Debtor's tangible and intangible assets. Other creditors include the U.S. Small Business Administration with a second-priority lien ($500,000 owed), Rapid Finance, Vox Funding, Velocity Capital Group, and the Internal Revenue Service, which collectively hold lower-priority secured interests through various loans and federal tax liens. The next hearing is set for May 19. About Lazarus Industries LLC Lazarus Industries, LLC is a construction, fabrication, and manufacturing company based in Buffalo, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 1-25-10417-CLB) on April 16, 2025. In the petition signed by Frank Lazarus, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Carl L. Bucki oversees the case. Frederick J. Gawronski, Esq., at Colligan Law, LLP, represents the Debtor as legal counsel. LEVY VENTURES: Court Asked to Prohibit Cash Collateral Access ------------------------------------------------------------- Fay Servicing, LLC, acting as the authorized loan servicer for U.S. Bank Trust National Association (as Trustee for COLT 2023-3), asked the U.S. Bankruptcy Court for the Southern District of New York, White Plains Division, to prohibit Levy Ventures, LLC from using cash collateral. Fay Servicing claimed that Levy Ventures has been using rental income -- classified as cash collateral under 11 U.S.C. section 363(a) -- without the required court approval or creditor consent. This use violates bankruptcy law, which strictly prohibits using such funds unless a motion is filed and granted. No motion to use cash collateral has been filed to date, and no disclosures or schedules have been submitted, according to Fay Servicing. Fay Servicing asked the court to compel the Debtor to begin contractual monthly payments on each loan (ranging from $1,576 to $3,090 per property) to protect creditors' interests. These payments include escrow for taxes and insurance, which Fay Servicing stated it continues to cover despite the Debtor's default. Fay Servicing also requested the court to grant post-petition replacement liens on all income, rents, and receivables generated from the properties. The Debtor should also segregate rental income in a separate debtor-in-possession bank account for transparency and proper tracking. A copy of the motion is available at https://urlcurt.com/u?l=2esipz from PacerMonitor.com. About Levy Ventures Levy Ventures, LLC is a New York-based company engaged in real estate -related activities. Levy Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22182) on March 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Fay Servicing, LLC, acting as the authorized loan servicer for U.S. Bank Trust National Association (as Trustee for COLT 2023-3), is represented by: Jenelle Arnold, Esq. Aldridge Pite, LLP 3333 Camino Del Rio South Suite 225 San Diego, CA 92108 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 JArnold@aldridgepite.com LITTLE MINT: Seeks to Extend Plan Exclusivity to June 29 -------------------------------------------------------- The Little Mint, Inc., asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 29 and August 28, 2025, respectively. Pursuant to Section 1121(b) of the Bankruptcy Code, the Debtor has the exclusive right to file a Plan of Reorganization through April 30, 2025, and has through June 29, 2025 to obtain acceptances to its Chapter 11 Plan. The Debtor requests that the period in which it has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code and the acceptance period under Section 1121(c)(3) of the Bankruptcy Code each be extended for a period of approximately sixty days. The Debtor asserts that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. The Little Mint Inc. is represented by: Rebecca Redwine Grow, Esq. Jason L. Hendren, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalone.com About The Little Mint Inc. The Little Mint Inc., doing business as Hwy 55 Burgers Shakes & Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants. The Little Mint Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on December 31, 2024. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Joseph N. Callaway presides over the case. Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC represents the Debtor as counsel. LML LOGISTICS: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: LML logistics LLC d/b/a Littlefield Family Trucking 411 NW 106th Ave Ocala, FL 34482 Business Description: LML Logistics LLC, also known as Littlefield Family Trucking, is a transportation and logistics company based in Ocala, Florida, specializing in freight management, offering warehousing, distribution, and freight forwarding services. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-01314 Judge: Hon. Jacob A Brown Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com Total Assets: $477,655 Total Liabilities: $1,104,342 The petition was signed by Deborah A. Putnam as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LQPMDMY/LML_logistics_LLC__flmbke-25-01314__0001.0.pdf?mcid=tGE4TAMA MARION REALTY: Hires Bleakley Bavol Denman as Bankruptcy Counsel ---------------------------------------------------------------- Marion Realty Group LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Bleakley Bavol Denman & Grace as bankruptcy counsel. The firm will provide these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining legal options under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the Debtor and as Debtor-in-possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; d. represent the Debtor at the Section 341 Meeting of Creditors; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-possession in the continued operation of its business and management of its property, if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear on hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at the rate of $425 per hour. Bleakley Bavol Denman was paid an advance retainer fee in the amount of $9,500, plus $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Samantha Dammer, Esq., a partner at Bleakley Bavol Denman & Grace, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 Fax: (813) 221-3198 Email: sdammer@bbdglaw.com About Marion Realty Group LLC Marion Realty Group LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02117) on April 4, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge Roberta A Colton presides over the case. Samantha L Dammer, Esq. at Bleakley Bavol Denman & Grace represents the Debtor as counsel. MARK REAL ESTATE: Seeks Chapter 11 Bankruptcy in Maine ------------------------------------------------------ On April 22, 2025, The Mark Real Estate Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maine. 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 The Mark Real Estate Holdings LLC 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 irst 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. The Mark Real Estate Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20100) on April 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Adam Prescott, Esq. at BERNSTEIN SHUR SAWYER & NELSON, P.A. MARKUS CORP: Taps Corbin Law Firm, Kokoszka & Janczur as Attorneys ------------------------------------------------------------------ Markus Corp seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Corbin Law Firm, LLC and Kokoszka & Janczur, P.C., as its attorneys. The firms will render these services: a. consult with the Debtor concerning its powers and duties as debtor-in-possession, the continued operation of its business and the Debtor's management of financial and legal affairs of its estate; b. consult with the Debtor and with other professionals concerning the negotiation, formulation, preparation, and prosecution of a subchapter V plan and disclosure statement (if ordered by the Court); c. confer and negotiate with the Debtor's creditors, other parties in interest, and their respective attorneys and other professionals concerning the Debtor's financial affairs and property, Subchapter V plans, claims, liens, and other aspects of this case; d. appear on behalf of the Debtor when required, and will prepare, file and sever such applications, motions, complaints, notices, order, reports, and other documents and pleadings as may be necessary in connection with this case; and e. provide the Debtor with such other services as the Debtor may request and which may be necessary in the circumstances. The firms will be paid at these rates: Frank Kokoszka $450/hr. Arthur Corbin $250/hr. Corbin Law Firm received a pre-petition retainer in the sum of $3,000 for services connected with this Chapter 11 case prior to the filing of the case, and Kokoszka & Janczur has received a pre-petition retainer in the sum of $2,000. As disclosed in the court filings, attorneys at Corbin Law Firm, LLC and Kokoszka & Janczur, P.C. are disinterested persons within the meaning of 11 U.S.C. Sec. 101(14). The firmss can be reached through: Arthur Corbin, Esq. Corbin Law Firm, LLC 636 S. River Road, Ste. 201 Des Plaines, IL 60016 Phone: (773) 570-0054 Email: arthur@corbin-law.com - and - Frank J. Kokoszka Kokoszka & Janczur, P.C 19 S LaSalle St #1201 Chicago, IL 60602 Phone: (312) 429-7861 About Markus Corporation Markus Corp is an owner and operator of three semi-trucks and hauls cargo for its client. Markus filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03310) on March 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Markus President Marek Kusmierczyk signed the petition. Judge Timothy A. Barnes oversees the case. Arthur Corbin, Esq., at Corbin Law Firm, LLC, represents the Debtor as bankruptcy counsel. Secured lender Village Bank & Trust, N.A. is represented by: Jeffrey S. Burns, Esq. Markoff Leinberger, LLC 200 S. Wacker Drive, FL 31 Chicago, IL 60606 Tel: (312) 589-7600 jeff@markleinlaw.com MAVENCRUX I: Seeks to Hire Meriwether Wilson as Accountant ---------------------------------------------------------- Mavencrux I, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Meriwether, Wilson & Company, PLLC, as general reorganization accountants. The firm will render these services: a. assist the Debtor with general bookkeeping and accounting matters, with preparation of all related income and other tax-related matters, with any and all other related financial and accounting reports and required filings; b. assist the Debtor with its Plan of Reorganization; and c. perform all other accounting services for the Debtor as Debtor in Possession which may be necessary in relation thereto, including compliance and monthly operating reports for the Court and the Office of the United States Trustee. Meriwether's services will be charged at a rate of $295 per hour for partner's time, and other firm staff will bill at their standard hourly rate of $125 per hour. As disclosed in the court filings, Meriwether does not have any interest adverse to the Debtor or it's estate as that term is used in Bankruptcy Code Sec. 327(a), and is a disinterested person as that term is defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: Barry Boorn, CPA Meriwether, Wilson & Company, PLLC 4500 Westown Parkway Suite 140 West Des Moines, IA 50266 Phone: (515) 223-0002 Fax: (515) 223-0430 info@meriwether.cpa About Mavencrux I Mavencrux I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00292) on March 3, 2025. In the petition signed by Louis Weltman, CRO and manager, the Debtor disclosed under $1 million in both assets and liabilities. The Debtor tapped Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen PC as counsel. MAXIMUS COVE: Secured Party Sets Auction for June 12, 2025 ---------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code as enacted in the State of New York, by virtue of certain material defaults under that certain second amended and restated limited liability company agreement dated Feb. 12, 2020, by and among Cove PE Strategic Venture LLC ("secured party"), Cove PP Strategic Venture Corp., Maximus Cove Manager LLC, Maximus Cove Holdings LLC and Maximus Cove Investors LLC (collectively, "Debtors"), secured party will offer for sale at public auction all of the Debtors' right, title and interest in and to, among other things, 100% of the Debtors' limited liability company interests in RP Maximus Cove LLC and all claims, powers, privileges, benefits, remedies, voting rights, options to purchase limited liability interests and all other options or rights of any nature whatsoever which the Debtor have or may be issued or granted by the pledged entity under the preferred equity interest The public sale will take place on June 12, 2025, at 1:00 p.m. EST both in person and remotely from the offices of Meister Seelig & Fein PLLC, 125 Park Avenue, 7th Floor, New York, New York 10017. Mannion Auctions under the direction of Matthew D. Mannion, will conduct the sale in respect of the preferred equity balance with an unpaid principal balance in the approximate amount of $104,560,393.08 as of April 9, 2025. Virtual bidding will be made available via zoom meeting link: https://bit.ly/MaximusUCC, meeting ID: 846 2108 0112; Passcode: 360790; Dial-in: +1 (646) 931-3860. For questions and inquiries contact: Chad Coluccio Jones Lang LaSalle Americas Inc. Tel: (949) 307-5491 Email: TheCoveatTiburonUCCSale@jll.com MDW SHOREVIEW LLC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: MDW Shoreview LLC 9050 N. Capital of Texas Hwy. Bldg. 3 Suite 320 Austin, TX 78759 Case No.: 25-10570 Chapter 11 Petition Date: April 24, 2025 Court: United States Bankruptcy Court Western District of Texas Judge: Hon. Shad Robinson Debtor's Counsel: Stephen J. Humeniuk, Esq. TROUTMAN PEPPER LOCKE LLP 600 Congress Ave., Suite 220 Austin TX 78701 Tel: (512) 305-4700 Email: stephen.humeniuk@troutman.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Monte Lee-Wen as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L7KHU7Y/MDW_Shoreview_LLC__txwbke-25-10570__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ally Waste Services Trade Debt $10,320 2509 S. Power Rd. Ste 101 Gilbert, AZ 85296 Tel: (877) 689-2559 2. Casoro Group Trade Debt $6,860 Highway 320 Austin, TX 78759 3. Chadwell Supply, Inc. Trade Debt $2,523 5115 Joanne Kearny Blvd Tampa, FL 33619 Tel: (888) 341-2423 4. Cintas Fire Protection Trade Debt $10,616 PO Box 636525 Cincinnati, OH 45263-6525 5. City of Bradenton Trade Debt $12,001 Water and Sewer Department P.O. Box 1339 Bradenton, FL 34206-1339 6. CoStar Realty Information, Inc. Trade Debt $8,076 2563 Collection Center Dr. Chicago, IL 60693 7. Crown Roofing LLC Trade Debt $4,878 240 Field End St Sarasota, FL 34240 Tel: (855) 276-9655 8. Flanagan Bilton, LLC Trade Debt $28,126 1 N La Salle St, Ste 2100 Chicago, IL 60602 9. Flooring - Sherwin Williams Trade Debt $4,641 101 W. Prospect Avenue Cleveland, OH 44115 10. FPL Energy Services Trade Debt $4,573 PO Box 25426 Miami, FL 33102 Tel: (877) 375-4674 11. Group Fenix LLC Trade Debt $4,390 9024 Hogans Bend Tampa, FL 33647 Tel: (786) 678-2044 12. Investcor Capital, LLC Trade Debt $4,547 3001 RR 620 S, Suite #324 Austin, TX 78738 13. Matrix Turnkey Inc. Trade Debt $5,248 PO Box 4124 Brandon, FL 33509 Tel: (813) 478-3717 14. Michael's Fence Trade Debt $6,550 2523 W Knollwood St Tampa, FL 33614-4373 15. Precision Gate & Security, Inc. Trade Debt $5,123 350 W Venice Ave. #153 Venice, FL 34285 Tel: (813) 404-6278 16. ResProp Management Trade Debt $26,354 Company, LLC 1101 W. 34th St. #323 Austin, TX 78705 17. Right Way Elevator Maintenance Trade Debt $5,552 9790 16th Street North St. Petersburgh, FL 33716 Tel: (727) 348-6966 18. Sapphire Cleaning LLC $9,440 1014 24th St E Palmetto Fl 34221-2733 19. Tower Compactor Rentals, LLC Trade Debt $3,076 6910 E. Chauncey Lane Suite 130 Phoenix, AZ 85054 Tel: (602) 200-3426 20. Valet Living, LLC Trade Debt $11,572 Dept #9791 PO Box 850001 Orlando, FL 32885-9791 Tel: (844) 422-4675 MESA LAGUNA: Gets Interim OK to Use $241,374 in Cash Collateral --------------------------------------------------------------- The Mesa Laguna Ridge, LP received interim approval from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral. The interim order penned by Judge Christopher Klein authorized the Debtor to use $241,374 in cash collateral to pay its expenses for the period from April 14 to May 31. The Debtor's cash collateral consists of rental income, account receivables and other business assets. Construction Loan Services II, LLC, which financed the construction of the Debtor's Mesa Apartments, asserts interest in the cash collateral. As protection, the secured creditor will be granted a replacement lien on the Debtor's assets to the same extent and with the same priority as its pre-bankruptcy lien. Construction Loan Services will also receive a monthly payment of $20,000, starting this month. A final hearing is set for May 28. Objections are due by May 23. The Debtor owns and operates the Mesa Apartments, a 55-unit multi-family property in Elk Grove, Calif., which is currently 90% occupied and generates approximately $120,000 in monthly rental income. The property is entitled to a total of 198 units, with a projected value of $57.3 million if completed. However, completion of the remaining 143 units would require approximately $44 million in additional funding. The Mesa Apartments project was financed in December 2021 by Construction Loan Services, which provided a loan of approximately $36 million to fund both the initial construction and future expansion. A dispute arose in early 2023 when the lender refused to release additional funds, citing unapproved changes to the project plans. The Debtor contends that these changes were required by local authorities and were communicated to the lender. This dispute led to a notice of default, judicial foreclosure action, and eventually a non-judicial foreclosure attempt, which the Debtor temporarily halted through a stipulation agreement with Construction Loan Services. When settlement negotiations failed, the Debtor filed for Chapter 11 protection to stay foreclosure and preserve its assets. About The Mesa Laguna Ridge The Mesa Laguna Ridge, LP filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 25-21744) on April 14, 2025, listing between $10 million and $50 million in both assets and liabilities. Mowe Hy, general manager, signed the petition. Judge Christopher M. Klein oversees the case. Gabriel E. Liberman, Esq., at the Law Offices of Gabriel Liberman, APC, represents the Debtor as bankruptcy counsel. MILLENKAMP CATTLE: Fine-Tunes Plan Documents -------------------------------------------- Millenkamp Cattle, Inc., and its affiliates submitted a Disclosure Statement for Fourth Amended Chapter 11 Plan of Reorganization dated March 25, 2025. The Plan provides for the sale of Canyonlands and McGregor, which will close no later than November 30, 2025. Canyonlands was appraised in June of 2024 at $16,000,000. McGregor was appraised in June of 2024 at $4,500,000. The net sale proceeds after normal and customary closing costs, shall be distributed first to Metlife in the amount of $5 million plus any allocated and Allowed Non-Estate Professionals fees and then the remaining balance of proceeds, less $2 million, will be paid to Sandton. The $2 million shall be allocated to pay the tax consequences of the sale and any amounts leftover, once the final tax amount is determined, shall remain cash of the Reorganized Debtors. If the Reorganized Debtors are able through sale of equity or otherwise, to infuse cash into the Reorganized Debtors without raising the debt burden in order to make the timely required payments to Sandton and MetLife, the Reorganized Debtors shall not be required to sell the Canyonlands and McGregor properties. In the event funds can be raised through the sale or borrowing against equity, Rabo shall release its lien on said equity. On March 6 and 7, 2025, the interested parties (Debtors, MetLife, Rabo, Conterra, Sandton and Unsecured Creditors Committee) met for a judicial settlement conference to discuss and resolve issues related to the different plan proposals. Through those discussions, the Debtors agreed to certain changes to its Second Amended Plan, which resulted in MetLife, Conterra, Sandton and the Unsecured Creditors Committee supporting the Debtors amended plan. Those changes are embodied in the Fourth Amended Plan which accompanies this Disclosure Statement. Like in the prior iteration of the Plan, Class 13 consists of all General Unsecured Claims, in the approximate amount of $28 million (the "GUC Principal Amount"). Each Holder of an Allowed General Unsecured Claim shall, at such Holder's election, be entitled to distributions pursuant to either option (i) or (ii) below. Such election must be made pursuant to the election procedures: * Single Cash Payment (Convenience Class): A single cash payment equal to the lesser of (i) $25,000, or (ii) 70% of such Holder's Allowed General Unsecured Claim. Any Holder of an Allowed General Unsecured Claim that elects to receive a single cash payment pursuant to this Section 3.14(b)(i) must affirmatively make such election either (i) on the Ballot/Election Form or (ii) in writing to the Debtors within seven months of the Effective Date (the "Election Date"). The cash payment made to any Holder of an Allowed General Unsecured Claim that elects treatment under this section after the Effective Date, will be credited to deduct any interest payments such Holder received between the Effective Date and the Election Date on account of its Allowed General Unsecured Claim. * Deferred Principal and Interest Payments: Following the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive (i) at the end of each calendar quarter through April 2028, interest-only cash payments based on such Holder's outstanding balance at 7% per annum, (ii) commencing on May 1, 2028 through December 2029, monthly interest payments based on such Holder's outstanding balance at 7% per annum; (iii) on May 1, 2028, a single principal payment equal to 5/24 of the principal balance owed to such Holder as of the Effective Date; (iv) on June 1, 2028 through December 2029, principal payments equal to 1/24 of the principal balance owed to such Holder as of the Effective Date, paid on a monthly basis; provided that if the Debtors elect to repay General Unsecured Creditors within thirty months of the Effective Date (the "Payoff Date"), the payoff amount owed to each Holder of a General Unsecured Claim shall be reduced on a pro rata basis by (i) the total amount of the Committee's professional fees accrued through the Effective Date of the Plan and paid by the Debtors following approval by the Court and (ii) all interest payments made on General Unsecured Claims from the Effective Date through the Payoff Date (the "Payoff Option"). The Holders of Class 13 Claims shall be paid 100% of their Claims in full and final satisfaction through the foregoing payment schedule. Class 13 is Impaired under the Plan. The Holders of Class 13 Claims are entitled to Vote under the Plan. Except as otherwise provided in the Plan or the Confirmation Order, the Reorganized Debtors shall fund distributions under the Plan with Cash on hand from ongoing business operations, the net sale proceeds from the sale of Canyonlands and McGregor, and the proceeds from the Refinancing Facility. On or before the Effective Date, the Reorganized Debtors shall employ a broker to market and sell Canyonlands and McGregor for fair market value and for no less than the appraised value of each. The sale shall close no later than November 30, 2025. Canyonlands was appraised in June of 2024 at $16,000,000. McGregor was appraised in June of 2024 at $4,500,000. The net sale proceeds after normal and customary closing costs, shall be distributed first to MetLife in full satisfaction of all amounts due and owing under the 9858 Promissory Note and the MetLife Loan Documents including any allocated Non-Estate Professionals fees and then the remaining balance, less $2 million, to the DIP Lender. The $2 million shall be allocated to pay the tax consequences of the sale and any amounts leftover, once the final tax amount is determined, shall remain cash of the Reorganized Debtors. The Reorganized Debtors shall file a report of sale with the Court upon closing of the sale transaction for Canyonlands and McGregor. If the Reorganized Debtors are able through sale of equity, to infuse cash into the Reorganized Debtors without increasing the debt burden or otherwise adversely affecting the Reorganized Debtors' financial condition or performance in order to make the timely required payments to MetLife in full satisfaction of the 9858 Promissory Note and to the DIP Lender in an amount of not less than $13,500,000.00, the Reorganized Debtors shall not be required to sell the Canyonlands and McGregor properties. A full-text copy of the Disclosure Statement dated March 25, 2025 is available at https://urlcurt.com/u?l=mOSJ3v from PacerMonitor.com at no charge. Attorneys for the Debtors: Matthew T. Christensen, Esq. J. Justin May, Esq. JOHNSON MAY 199 N. Capitol Blvd, Ste 200 Boise, Idaho 83702 Phone: (208) 384-8588 Fax: (208) 629-2157 Email: mtc@johnsonmaylaw.com jjm@johnsonmaylaw.com About Millenkamp Cattle Millenkamp Cattle Inc. is part of a family-owned agriculture business that can produce more than 1 million pounds of milk per day. Millenkamp Cattle Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case No. 24-40158) on April 2, 2024. In the petitions filed by William J. Millenkamp, manager, Millenkamp Cattle estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Judge Noah G. Hillen oversees the cases. The Debtors tapped Matthew T. Christensen, Esq., at Johnson May, PLLC as bankruptcy counsel and Givens Pursley as special counsel. MMK FAMILY: Court Extends Cash Collateral Access to July 5 ---------------------------------------------------------- MMK Family Investments, Inc. received final approval from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The final order extended the Debtor's authority to use cash collateral until July 5 to pay expenses in accordance with its budget. The Debtor projects total operational expenses of $216,352. In case the Debtor seeks authority to use cash collateral after July 5, it must file a continued budget no later than May 30. A hearing will be held on June 12, with objections due by June 6. About MMMK Family Investments MMK Family Investments, Inc. operates a sandwich shop as franchisee of Firehouse Subs, an international brand of the Restaurant Brands International Group. MMK Family filed Chapter 11 petition (Bankr. D. Maine Case No. 25-20020) on February 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Michael Koman, president of MMK Family, signed the petition. Judge Michael A. Fagone oversees the case. The Debtor is Represented By: Adam R. Prescott, Esq. Bernstein Shur Sawyer & Nelson, PA Tel: 207-228-7145 Email: aprescott@bernsteinshur.com MMK SUBS: Court Extends Cash Collateral Access to July 5 -------------------------------------------------------- MMK Subs, LLC received final approval from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The final order extended the Debtor's authority to use cash collateral until July 5 to pay expenses in accordance with its budget. The Debtor projects total operational expenses of $256,261. In case the Debtor seeks authority to use cash collateral after July 5, it must file a continued budget no later than May 30. A hearing will be held on June 12, with objections due by June 6. About MMK Subs LLC MMK Subs, LLC filed Chapter 11 petition (Bankr. D. Maine Case No. 25-20019) on February 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Michael Koman, president of MMK Subs, signed the petition. Judge Michael A. Fagone oversees the case. Adam Prescott, Esq., Bernstein Shur Sawyer & Nelson, PA, represents the Debtor as legal counsel. SouthState Bank, as pre-petition lienholder, is represented by: Jeremy R. Fischer, Esq. Drummond Woodsum 84 Marginal Way, Suite 600 Portland, Maine 04101 Telephone: (207) 772-1941 Email: jfischer@dwmlaw.com MULTI PIG: Seeks Chapter 11 Bankruptcy in Iowa ---------------------------------------------- On April 23, 2025, Multi Pig Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Iowa. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Multi Pig Inc. 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. Multi Pig Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00678) on April 23, 2025. In its petition, the Debtor reports estimated assets of $1 million and $10 million and estimated liabilities of $50 million and $100 million. The Debtor is represented by Jeffrey D. Goetz, Esq. at DICKINSON, BRADSHAW, FOWLER & HAGEN, PC. MYSTICAL STARS: Committee Taps Global Realty Services as Consultant ------------------------------------------------------------------- The official committee of unsecured creditors of Mystical Stars, LLC, f/k/a ARYA International Inc., and Rupal Patel, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Global Realty Services as real estate consultant. The professional services to be rendered by the firm are: a. Competitive Analysis: Study comparable properties (comps) to understand price points, occupancy rates, and other valuable metrics; b. Tenant Analysis: Review existing tenants and their rent rolls to assess the financial stability and appeal of the properties; c. Demand Assessment: Identify market trends and demand in the areas where the properties are located; d. Valuation Techniques: Utilize various methods such as the income approach (based on rental income), sales comparison approach, and cost approach to determine fair market value; e. Professional Appraisal: Conduct in-house appraisal team (MAI certified) to generate full appraisals for each property and will use these reports to create online listings for each property; f. Utilize our customer relationship management (CRM) tools to track inquiries, follow-ups, and interactions with potential buyers; and g. Render such assistance as the Committee and its counsel may deem necessary. The proposed compensation are as follows: 1. Raj Whadwa - $100/hour for analysis of real estate, inspections and preparation of declaration/report 2. Raj Whadwa - $150/hour for oral testimony Global Realty Services is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Raj Whadwa Global Realty Services 315 Walt Whitman Road, Suite 305 Melville, NY 11746 Tel: (516) 209-2001 About Mystical Stars Mystical Stars, LLC, f/k/a Arya International, Inc. is a dance academy that teaches Indian dance styles throughout the country. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Anthony Sodono, III, Esq, at Mcmanimon, Scotland & Baumann, LLC represents the Debtor as counsel. NAKED JUICE: Moody's Cuts CFR to 'Ca', Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings downgraded Naked Juice LLC's ("Naked Juice") Corporate Family Rating to Ca from Caa1, Probability of Default Rating to Ca-PD from Caa1-PD, backed senior secured first lien term loan, backed senior secured first lien delayed draw term loan and backed senior secured first lien revolving credit facility (RCF) ratings to Ca from B3, and backed senior secured second lien term loan rating to C from Caa3. The outlook remains stable. On April 9, 2025, Tropicana announced that it completed a private debt exchange with "a substantial majority of its existing lenders" and also secured a $400 million in new-money financing to shore up its liquidity. As per the company, this transaction includes "significant discounts" provided by participating lenders and an option for the company to pay interest in kind (PIK) on a portion of the new credit facility. Additionally, the company reports that it entered into a new $155 million accounts receivable facility for general corporate and working capital purposes, replacing the prior $72.5 million facility and extending its maturity to at least January 2029. The maturity of the prior revolving credit facility has also been extended by nearly two years to December 2028. Moody's will consider the discounted debt exchanges and conversion to any optionally PIK instruments a distressed exchange when the transactions close. The downgrades including the CFR downgrade to Ca reflect the high and imminent likelihood of completing transactions that Moody's will consider a default and the continued headwinds that Moody's expects Naked Juice will continue to face as a result of high costs associated with procuring orange juice from Brazil and the incremental costs from US tariffs. Additionally, Moody's expects continued pressure on volume and challenges fully recouping cost increases as consumer demand is hurt more broadly by higher prices on a range of goods. Naked Juice sources more than 60% of its orange juice from Brazil. Moody's expects that it will be difficult for Naked Juice to fully pass along the higher procurement costs by raising prices while higher prices create risk of further volume declines. Moody's expects Naked Juice's debt-to-EBITDA will remain very high at above 9.0x over the next 12 to 18 months and free cash flow to remain negative. Governance is a key consideration in the rating action. This is reflected in Moody's change of Naked Juice's financial policy and risk management score to 5 from 4, the governance issuer profile score to G-5 from G-4, and the credit impact score to CIS-5 from CIS-4. The revisions are indicative of the company's aggressive financial policies, high leverage and willingness to pursue distressed exchange transactions. RATINGS RATIONALE Naked Juice's Ca CFR reflects the high and imminent risk of completing transactions Moody's will consider a default, very high leverage and negative free cash flow. The ratings also reflect the company's mature product category and increasing input costs related to sourcing of orange juice and tariffs. The company must also navigate through declining consumption of juice and a slow growth environment as consumers continue to be negatively impacted by inflation and may trade down to lower priced private label juices or out of the category. Naked Juice's 9.6x debt-to-EBITDA leverage as of the 12 months ended September 7, 2024 is likely to stay elevated and negative free cash flow makes it challenging to repay debt and invest in growth opportunities. Naked Juice's sizable revenue base supported by well-known brands in key juice categories such as Tropicana, Naked and KeVita, only partially mitigate these risks. Naked Juice also has a leading market position within the fresh juice category with well-known brands and increased focus on product and packaging innovation. The retention by PepsiCo of a 39% stake in Naked Juice is beneficial on multiple fronts, including maintenance of pre-existing contracts and distribution arrangements. Moody's views the bulk of the company's products as mature and low growth that can make it challenging to rapidly de-leverage, and Naked Juice will need to invest in product development, marketing, and distribution to generate consistent organic revenue and earnings growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Naked Juice's outlook is stable because the current rating incorporates Moody's expectations of an imminent distressed exchange as the company strives to improve liquidity and attain a more sustainable capital structure. The outlook also reflects that Moody's current ratings reflect the likely recovery range for lenders. Ratings could be downgraded further should Moody's views of the level of family and instrument recovery decline. Ratings could be upgraded if Naked Juice is able to improve liquidity, reduce leverage and increase free cash flow or if recovery prospects improve. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Soft Beverages published in September 2022. COMPANY PROFILE Naked Juice LLC, headquartered in Chicago, Illinois, sells fresh juices, teas, sparkling water and iced coffees. The company owns the Tropicana, Naked Juice, KeVita and other select juice brands. The company also sells products under licensed brands including Dole, TAZO and Starbucks. The company was spun off from PepsiCo in January 2022, with PAI Partners owning 61% and PepsiCo retaining a 39% stake. Revenue for the 12 months ended September 7, 2024 is approximately $2.8 billion. NAVIENT CORP: Moody's Affirms 'Ba3' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings has affirmed Navient Corporation's (Navient) Ba3 corporate family rating and Ba3 senior unsecured debt ratings. The outlook remains stable. RATINGS RATIONALE The ratings affirmation of Navient's Ba3 long-term ratings reflects the company's predictable but declining cash flows from its Federal Family Education Loan Program (FFELP) portfolio and highly seasoned legacy private student loan portfolio, solid capitalization, and sufficient liquidity. The affirmation also reflects the successful execution thus far of management's plan to reduce fixed corporate overhead costs, which included its decision to outsource the servicing of its student loan assets to Missouri Higher Education Loan Authority (MOHELA) and the sale of the Healthcare Services and Government Services segments that together made up its Business Process Servicing (BPS) segment. While these transactions will modestly reduce Navient's revenue and business diversification, Moody's believes the longer-term profitability benefits and removal of a competitive constraint on its private student loan origination business outweighs the near-term loss of revenue. Exiting student loan servicing should also reduce the company's exposure to regulatory risk, which together with the settlement reached with the Consumer Financial Protection Bureau (CFPB) last year on the decade-long litigation over its student loan servicing practices is credit positive. Navient's earnings have been pressured over the past couple of years as a result of faster prepayments of FFELP loans as borrowers refinanced into the Department of Education's (DoEd) Direct Loan Program (DLP) to take advantage of income-driven payment programs and potential debt forgiveness, a reduction in floor income from higher interest rates, various restructuring charges from its business transformation and legal settlement with CFPB, lower refi loan originations, and more recently weaker credit performance on its private student loans. However, Moody's expects earnings to steadily improve over the outlook horizon as the company realizes lower operating expenses from the corporate restructuring actions it took last year and accelerates growth in its private student loan originations. Moody's considers Navient's greatest credit challenge to be managing the timing of the cash flows from the loan portfolios with its unsecured debt maturities. As the FFELP and legacy private education loan portfolios have declined over the past decade, Navient has meaningfully reduced its senior unsecured debt, which stood at $5.4 billion as of December 31, 2024 compared to $17.4 billion as of December 31, 2014. As its net income to outstanding unsecured debt is modest, the company will repay unsecured debt largely from the return of overcollateralization from securitization trusts, which stood at $4.8 billion as of December 31, 2024. The company has unsecured debt maturities over the next three years of $500-$700 million per year, which Moody's views as manageable in light of current cash liquidity, expected cash flows from the securitization trusts, and contingent liquidity capacity. Navient's asset quality is a credit strength although delinquency trends and charge-off recovery rates in its private student loan portfolio have weakened recently, in part attributable to weaker performance of loans originated in 2022 and 2023. Roughly two-thirds of Navient's $47 billion student loan portfolio as of December 31, 2024 consisted of FFELP loans that are at least 97% insured by the Government of United States (depending on the year of origination). Charge-offs are just basis points, even though FFELP loan delinquency and forbearance rates are historically much higher than for private student loans. Likewise, the company's private education loans are either highly seasoned (legacy) or refinanced loans that it has originated through its Earnest platform. These are high-quality loans, the majority of which are graduate school borrowers with high credit scores and six figure incomes. The credit performance of loans originated on its Earnest platform will become a more important ratings driver over time as the FFELP and legacy private student loans run off. Navient's tangible common equity (TCE) to tangible managed assets (TMA) ratio was a low 4.3% as of December 31, 2024, but is affected by the FFELP portfolio, which requires little capital given the modest credit risk from the Government of United States of America credit guarantee and interest rate floors. If one adjusts for the FFELP portfolio and assumes 50 basis points of capital (adjusted TCE/TMA), Navient's adjusted TCE/TMA was considerably higher at 10% as of December 31, 2024. Management targets maintaining this ratio between 8% and 9%, although longer-term this will largely depend on the relative loan origination growth of refinanced private education loans on which the company holds 5% capital, and in-school private education loans on which it holds 10% capital. Moody's expects the company to maintain its adjusted TCE/TMA near 10% over the next 12-18 months. The stable outlook reflects Moody's expectations that Navient will maintain strong asset quality, stable earnings, and moderate leverage, and that it will generate sufficient cash flow and maintain an adequate liquidity buffer in advance of its unsecured debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company effectively executes its strategic plan to meaningfully improve its efficiency and cost structure, and by demonstrating sustained growth in profitability from loans originated on the Earnest platform while maintaining strong asset quality, moderate leverage, and sufficient liquidity to meet its debt obligations in a stress scenario. The ratings could be downgraded if the runoff of Navient's FFELP portfolio substantially exceeds or falls below current payment assumptions, resulting in a shortfall in liquidity needed to repay upcoming debt maturities. The ratings could also be downgraded if asset quality on its private education loans deteriorates sharply or its adjusted TCE/TMA falls below 8% for a sustained period. The principal methodology used in these ratings was Finance Companies published in July 2024. NELNET INC: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has affirmed Nelnet, Inc.'s (Nelnet) Ba1 corporate family rating and Ba1 long-term issuer rating, and changed the outlook to stable from negative. RATINGS RATIONALE The affirmation of Nelnet's Ba1 long-term ratings is supported by the company's low leverage, solid profitability and cash flow generation through credit cycles, strong asset quality, and adequate liquidity position. However, the ratings are constrained by the company's concentration of revenue driven by federal student loan programs, particularly the importance of its servicing revenue that comes from its contract with the US Department of Education (DoEd), and the high usage of secured funding, which encumbers a large portion of its balance sheet that could result in less funding flexibility during periods of stress. As a student loan servicer, Nelnet also faces high regulatory risk. The change in outlook to stable from negative reflects a stabilization in the company's profitability and earnings visibility compared to a year ago, and further strengthening of its capitalization from already high levels. While the company's business and investment diversification strategy entails taking incremental risks, Moody's believes these higher risks are mitigated to a large extent by the stability of cash flows from its more well-established core businesses, strong capitalization, and more stable deposit funding. Nelnet began originating new private student loans in 2021 through its newly established Utah-chartered industrial bank subsidiary, and Moody's expects private student loans and other unsecured consumer loans originated through the bank to become a larger contributor to the company's earnings over the next few years. The Federal Family Education Loan Program (FFELP) portfolio has declined meaningfully over the past few years and will continue to runoff, but management expects it to produce positive cash flows of over $1 billion over its remaining life. In addition, although Nelnet's newly structured contract with the DoEd that began last year is less profitable than the prior contract and continues to produce the majority of the servicing business' revenue, the company continues to expand its scale in the loan servicing business by winning new servicing mandates, which gives us greater confidence in the durability and further diversification of its servicing revenue. Nelnet continues to face operational and execution risks as it goes through a strategic transformation of its business that historically have been reliant on cash flows from its FFELP assets and loan servicing. This has resulted in an array of investments in unrelated business ventures such as renewable solar energy development and tax credits, a fiber optics company, and a collegiate and high school athletics streaming and analytics platform. While these investments should further diversify its revenue, they are less aligned with the company's historical areas of expertise and scale, and their performance is less predictable. Further, Nelnet is growing its origination and acquisition of private education loans and other unsecured consumer loans where its performance track record is relatively short and credit performance has weakened over the past year. Although Nelnet's business profile is in the midst of a transformation, leading to greater uncertainty with respect to its risk profile, the company has maintained a conservative financial profile, reducing its leverage significantly and almost entirely funding its business with term securitizations, warehouse facilities and cash generated from operations. It also has grown its bank deposits to $1.25 billion as of December 31, 2024, up from $848 million as of the end of 2023, providing a more stable and lower cost of funding to support loan growth in the bank. Tangible common equity as a percentage of tangible assets stood at 22.9% as of December 31, 2024 compared to 18.3% a year ago and up sharply from 9.2% as of December 31, 2019. In addition to the relatively stable cash flows of its core businesses and no unsecured debt maturities, the company has substantial contingent liquidity in the form of a $495 million unsecured line of credit, which was undrawn as of December 31, 2024. Moody's believes that Nelnet maintains negative governance risks from the transition of its business model and the shorter track record of some of its businesses and investments. As a result, Nelnet's governance issuer profile score (IPS) is G-3, implying moderate credit exposure to governance risk. Nelnet's G-3 governance score coupled with a social IPS score of S-5 due to higher risks from demographic and societal trends related to the student lending/servicing business results in a credit impact score (CIS) of CIS-4, implying that ESG factors have a discernable negative impact on its credit ratings. The Ba1 issuer rating is aligned with the company's Ba1 CFR, and incorporates the priority of claim of unsecured creditors in the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Nelnet's rating could be upgraded if the company demonstrates progress in building its private student loan and unsecured consumer loan origination and acquisition business while maintaining strong asset quality and sufficient capital and liquidity levels. In addition, further buildup of the scope and prominence of Nelnet's fee-based businesses, in combination with appropriate business line and customer diversification, would be positive for the ratings. The ratings could be downgraded if Moody's were to assess a material deterioration in the company's financial performance or significant increase in management's risk appetite. For example, if net income to managed assets is sustained for an extended period below 0.50% and/or earnings volatility increases meaningfully from historical levels. In addition, the ratings could be downgraded if leverage materially increases, or if asset quality on newly originated unsecured consumer loans is poor. The principal methodology used in these ratings was Finance Companies published in July 2024. NEW FOCUS: Seeks to Hire Agentis PLLC as Bankruptcy Counsel ----------------------------------------------------------- New Focus Mental Health seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Agentis PLLC as general restructuring and bankruptcy counsel. The firm will render these services: a. advise the Debtor with respect to its powers and duties as debtor-in possession and the continued management of his affairs; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interests of the Debtor and the estate in all matters pending before the Court; and e. represent the Debtor in negotiations with creditors in the preparation of a plan. The hourly rates of the firm's counsel and staff are as follows: Attorneys $315 - $710 Paralegals $85 - $255 Jacqueline Calderin, founding partner at Agentis, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jacqueline Calderin, Esq. Agentis PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 E-mail: jc@agentislaw.com About New Focus Mental Health New Focus Mental Health is headquartered in Miami, Florida, which provides supportive services to individuals with ongoing depression and anxiety by providing a wide array of services to individuals through its network of independent contractors and targeted case managers. Such services include psychosocial rehabilitation (assisting clients in gaining access to financial and insurance benefits, employment, medical, social, education, and functional services), and developing/implementing targeted service plans with the goal of enhancing the client's inclusion in the community. New Focus Mental sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13613-LMI) on April 1, 2025. Judge Laurel M. Isicoff presides over the case. Jacqueline Calderin, Esq., at AGENTIS PLLC represents the Debtor as legal counsel. NEW LONDON: Seeks to Hire Cullen and Dykman LLP as Counsel ---------------------------------------------------------- New London Pharmacy, Inc. and Eleni International, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Cullen and Dykman LLP as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; b. representing the Debtor before the bankruptcy court and any other court of competent jurisdiction on matters pertaining to its affairs; c. assisting the Debtor in the preparation and negotiation of a plan of reorganization with its creditors and other parties in interest; d. advising the Debtor on financing matters; e. advising the Debtor in connection with the sale of its assets; f. advising the Debtor with respect to any leases and agreements and its obligations and rights; g. advising the Debtor on legal issues related to its reorganization; h. preparing legal documents; i. performing all other necessary legal services for the Debtor, and j. taking all necessary actions to protect and preserve the value of the estate of the Debtor and other related matters. The hourly rates charged by the firm for its services are: Ralph Preite, Esq. $700 per hour Michelle McMahon, Esq. $790 per hour Associate $305 to $410 per hour The firm will also receive reimbursement for out-of-pocket expenses. The retainer fee is $10,158.13. Ralph Preite, Esq., a partner at Cullen and Dykman, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ralph Preite, Esq. Cullen and Dykman, LLP 333 Earle Ovington Blvd, 2nd Floor Uniondale, NY 11553 Tel: (516) 357-3700 Email: rpreite@cullenllp.com About New London Pharmacy New London Pharmacy, Inc. owns and operates a health care business in New York. Its affiliate, Eleni International Inc., is a New York-based healthcare company specializing in retail pharmacy. New London Pharmacy and Eleni International filed Chapter 11 petitions (Bankr. S.D. N.Y. Lead Case No. 25-10107) on February 23, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Judge John O. Mastando, III oversees the cases. Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the Debtors as legal counsel. Cardinal Health 110, LLC, as lender, is represented by Scott A. Zuber, Esq. at Chiesa Shahinian & Giantomasi, PC. NICK'S PIZZA: Court Extends Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued a third interim order authorizing Nick's Pizza & Pub, Ltd. to use cash collateral. The Debtor was authorized to continue to use its lenders' cash collateral to pay the expenses set forth in its budget. To the extent funds are available from operations after creating a $75,000 reserve and after paying attorneys' fees pursuant to Section 330 of the Bankruptcy Code, the Debtor was authorized to make monthly partial rent payments for its Crystal Lake and Elgin restaurant in an amount in excess of the reserve amount. The Debtor's right to use the Lenders' cash collateral will expire on June 23 or the date of the final hearing. The next hearing is scheduled for June 18. About Nick's Pizza & Pub, Ltd. Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in Crystal Lake and Elgin, serving thin-crust Chicago pizza. Nick's Pizza & Pub filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-18037) on December 2, 2024, with assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Nicholas Sarillo, president of Nick's, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by: Matthew T. Gensburg, Esq. Gensburg Calandriello & Kanter, P.C. 200 W. Adams St., Ste. 2425 Chicago, IL 60606 Tel: (312) 263-2200 Fax: (312) 263-2242 Email: mgensburg@gcklegal.com NIGEL LAUGHTON: Trustee Taps Golenbock Eiseman as Legal Counsel --------------------------------------------------------------- Jonathan L. Flaxer, Chapter 11 trustee of Nigel Laughton LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Golenbock Eiseman Assor Bell & Peskoe LLP as his counsel. The firm's services include: (i) providing legal advice and all legal services necessary to assist the Trustee in his efforts to maximize the value of the Estate and investigate the Estate's assets and financial affairs; (ii) assisting in the investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and insiders; (iii) evaluating and pursuing potential causes of action belonging to the Estate, including under chapter 5 of the Bankruptcy Code, if any; (iv) preparing or reviewing on behalf of the Trustee, such motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's Estate; (v) at the request of the Trustee, taking such action as may be necessary to protect and preserve the Estate, including the prosecution of actions on the Trustee's or Debtor's behalf, the defense of any actions commenced against the Debtor or the Trustee, and prosecute objections to claims designated by the Trustee as subject to objection; (vi) assisting the Trustee in negotiating, drafting and obtaining confirmation of a chapter 11 plan for the Debtor; (vii) providing tax advice as related to this case; and (viii) performing such additional necessary legal services as may be required by the Trustee in his carrying out of his statutory duties. The firm will be paid at these rates: Michael S. Weinstein, Esq. $625 per hour Attorneys $385 to $1,030 per hour Paralegals $240 to $275 per hour Michael Weinstein, Esq., a partner at Golenbock, assured the court that his firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael S. Weinstein, Esq. Golenbock Eiseman Assor Bell & Peskoe LLP 711 Third Avenue New York, NY 10017 Phone: (212) 907-7347 Email: mweinstein@golenbock.com About Nigel Laughton LLC Nigel Laughton LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40082) on January 8, 2025, listing up to $50,000 in both assets and liabilities. Judge Elizabeth S Stong presides over the case. NORTH AMERICAN CONSTRUCTION: S&P Assigns 'BB-' ICR, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issuer credit rating to mining services provider North American Construction Group (NACG). S&P also assigned its 'BB-' issue-level and '4' (35%) recovery rating to the company's proposed senior unsecured notes. The stable outlook reflects S&P's expectation that NACG will generate low-to-mid single-digit percent EBITDA growth and positive discretionary cash flow generation as it executes its large backlog, contributing to adjusted debt to EBITDA in the mid-to-low 2x area by 2026. NACG has a large fleet of heavy equipment with a large backlog to service the mining operations in Canada and Australia. NACG is a provider of construction services to resource development and industrial businesses (including upstream oil producers and mining companies) in relatively low risk jurisdictions that include Australia (about 50% of 2024 revenue) and Canada (48%) and the U.S. (2%). The company primarily generates revenue from heavy earthmoving surface mining services with modest exposure to civil construction and equipment and component sales. S&P said, "NACG maintains a large fleet used in its operations of more than 1,100 units (of which about 78% is owned and the rest leased), including haul trucks, loading units, and dozers and graders that we expect will be used at a high rate as the company delivers on its contracted backlog of about $3.5 billion as of Dec. 31, 2024. These contracts are typically three to five years, and most are based on time and materials or equipment rental rates, with only about 5% under fixed price agreements. We assume the company will generate mid-single-digit percent revenue growth this year and low-single-digit percent annual growth thereafter, with adjusted EBITDA margins of about 30% and a return on capital in the low-to-mid teens percent area, which we consider above average. In our view, the company has a flexible operating cash cost structure that should enable it to limit EBITDA margin compression during a downturn. However, the business it operates is capital-intensive because the company is required to continuously invest in its fleet to remain competitive. We assume capital expenditure (capex) will be about 15% of revenue going forward and limit free operating cash flow (FOCF) generation." S&P said, "Our ratings reflect our view of NACG's exposure to commodity price volatility and high customer concentration. NACG has historically maintained a strong market position in the oil sands region in Western Canada and expanded its presence in Australia following its acquisition of Mackellar Group in October 2023. This acquisition increased the company's scale and diversified the company's earnings by geographic area, commodity, and customers. That said, NACG remains exposed to cyclical and volatile commodity prices, with most of its services offered to mining companies in the Canadian oil sands, metallurgical and thermal coal in Queensland, Australia, and iron ore in Western Australia. In our view, cyclical downturns could reduce the production volumes of its key customers and contribute to lower demand, revenue, and earnings from the services NACG providers. Furthermore, we note that NACG's four largest customers account for about 70% of its revenue, thereby exposing the company to potentially lower demand from one of these key customers, including from reduced volumes or a decision to not renew its contract with NACG. That said, we consider most of these customers to be large producers, with reserve lives at the mine's NACG services that extend well beyond five years. Contract renewal rates have historically been high at NACG and its subsidiaries due in part to the high costs and possible operating disruptions from changing service providers or deciding to bring those services in-house. "We expect NACG will reduce adjusted debt to EBITDA to the mid-to-low 2x area by 2026, supported by solid earnings and cash flow growth that should facilitate debt reduction. Following NACG's acquisition of Mackellar on Oct. 1, 2023, for about $380 million (including about $200 million of equipment financing assumed), the company's pro forma adjusted debt to EBITDA increased to the 3x area in 2023 and 2024, mostly reflecting higher debt levels. We expect NACG's leverage to substantially decline over the next couple of years to about 2x. This stems from our assumption of low-to-mid single-digit percent revenue growth and flat to modestly higher EBITDA margins, leading to adjusted EBITDA of about C$370 million in 2026 from about C$340 million in 2024 as the company executes its large contract backlog. We also assume the company will generate positive annual FOCF of about C$60 million in 2025 and double that in 2026, most of which will go toward debt reduction. This increase in FOCF generation stems primarily from higher earnings and reduced capex following a period of higher growth capex from the acquisition of Mackellar and recently awarded contracts. Notwithstanding relatively low expected leverage, our financial risk profile on NACG also considers the potential volatility in credit measures stemming from the company's exposure to cyclical and volatile commodity prices, high customer concentration, and the capital intensity of its business. "The stable outlook reflects our expectation that NACG will generate low- to mid-single-digit percent EBITDA growth and positive discretionary cash flow generation as it executes its large backlog, contributing to adjusted debt to EBITDA in the mid-to-low 2x area by 2026. "We could lower our ratings on NACG over the next 12 months if we expected adjusted debt to EBITDA to be sustained above 3x. This could occur if there were a prolonged downturn in commodity markets leading to weaker demand for the company's services, the company experienced a loss of a key customer, or the company pursued a large debt-financed acquisition or distribution. "We could raise our ratings on NACG if we expected the company to sustain adjusted debt to EBITDA of about 2x supported by good organic growth prospects and above-average margins. In this scenario, we would likely also expect the company to have increased its scale and diversified its customer base." NORTHSTARR BUILDERS: Unsecured Creditors to Split $25K in Plan -------------------------------------------------------------- Northstarr Builders, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization dated March 24, 2025. The Debtor is a Michigan Limited Liability Company in good standing. It operates a construction business in Burton, Michigan. The business is operated by its sole shareholder Marty Johnson. Marty Johnson lost control of the business, lost control of the individual jobs and therefore lost control of money coming in and money going out. With this loss of control the Debtor went tout of trust on certain of its jobs and was unable to complete jobs for which it had contracted. Faced with mounting losses with little cash on hand and threats from customers the Debtor as forced to file this case. The Debtor's financial projections show that the Debtor will have projected disposable income in an amount sufficient to meet the requirements of this Plan. Class 7 consists of Unsecured Creditors. The total amount of unsecured debt totals $544,418. Unsecured creditors shall share in sum total of $25,000 over the life of the Plan. These funds shall be paid quarterly with the first of 16 quarterly payments of $1562.50 due 12 months from confirmation with each creditor paid on a prorata basis. This Class is impaired. A full-text copy of the Plan of Reorganization dated March 24, 2025 is available at https://urlcurt.com/u?l=2UPAMs from PacerMonitor.com at no charge. About Northstarr Builders Northstarr Builders, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32419) on December 23, 2024, with up to $100,000 in assets and up to $1 million in liabilities. Marty Johnson, company owner, signed the petition. Judge Joel D. Applebaum represents the Debtor as legal counsel. The Debtor is represented by: George E. Jacobs, Esq. Bankruptcy Law Office 2425 S. Linden Rd., Suite C Flint, MI 48532 Tel: 810-720-4333 Email: george@bklawoffice.com NORTHVOLT AB: Assets Draw Interest from Several Potential Buyers ---------------------------------------------------------------- Jonas Ekblom of Bloomberg News reports that "two to three" international parties are interested in acquiring the assets of bankrupt Swedish battery maker Northvolt, bankruptcy trustee Mikael Kubu said in an interview with Swedish Radio. Kubu stated that the interested buyers are making "considerable efforts" to reach a deal involving major portions of Northvolt's assets and operations. He noted that the parties are currently auditing the assets, and that the process will take time, with no bids submitted yet. He also mentioned that production at Northvolt's Skellefteå facility will continue "at least" through the end of May 2025. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. NUEVA VISTA: Section 341(a) Meeting of Creditors on May 27 ---------------------------------------------------------- On April 23, 2025, Nueva Vista 2018 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports $7,854,164 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 27, 2025 at 01:00 PM at UST-SA1, Telephonic Meeting. Conference Line:1-866-919-0527, Participant Code: 2240227. About Nueva Vista 2018 LLC 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. Nueva Vista 2018 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11051) on April 23, 2025. In its petition, the Debtor reports total assets of $5,600,000 and total liabilities of $7,854,164 Honorable Bankruptcy JudgeScott C. Clarkson handles the case. The Debtor is represented by James Mortensen, Esq. at SOCAL LAW GROUP, PC. O'RYAN OREGON: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: O'Ryan Oregon Ranches, LLC 8180 Lakeview Center, Suite 300 Odessa, TX 79765 Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-90008 Judge: Hon. Mark X Mullin Debtor's Counsel: Thomas D. Berghman, Esq. MUNSCH HARDT KOPF @ HARR, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Tel: 214-855-7500 E-mail: tberghman@munsch.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million Brad Walker, the chief restructuring officer, signed the petition. 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/MOEP7EA/ORyan_Oregon_Ranches_LLC__txnbke-25-90008__0001.0.pdf?mcid=tGE4TAMA O'RYAN RANCHES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: O'Ryan Ranches, LLC 8180 Lakeview Center, Suite 300 Odessa, TX 79765 Business Description: O'Ryan Ranches, LLC is a Texas-based company engaged in ranching operations. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-90009 Judge: Hon. Mark X Mullin Debtor's Counsel: Thomas D. Berghman, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Tel: 214-855-7500 E-mail: tberghman@munsch.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Brad Walker as chief restructuring officer. 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/KYN5IKA/ORyan_Ranches_LLC__txnbke-25-90009__0001.0.pdf?mcid=tGE4TAMA OVG BUSINESS: Moody's Assigns 'B2' CFR, Outlook Stable ------------------------------------------------------ Moody's Ratings assigned B2 corporate family rating and B2-PD probability of default rating and a stable outlook to OVG Business Services Intermediate Holdings, LLC ("OVG" or "the company"), a provider of venue and hospitality management services mainly in the US with a growing international presence. Concurrently, Moody's withdrew the B2 CFR, B2-PD PDR and affirmed the B2 ratings on the senior secured credit facilities (1st lien term loan B and 1st lien revolving credit facility) that are issued at OVG Business Services, LLC. The outlook has been changed to stable from positive reflecting Moody's expectations that the company will continue to use cash to invest in new contracts that will limit free cash flow generation. In addition, deleveraging has been slower than previously expected. The company incurred debt under its revolver to finance a distribution, which delayed debt/EBITDA reduction and indicates more aggressive financial policies, a key ESG governance consideration, than originally anticipated. RATINGS RATIONALE OVG's B2 CFR reflects the company's moderate financial leverage, with debt/EBITDA of 4.4x for the 12 months ended September 30, 2024. Moody's expects financial leverage will remain in this range over the next 12 to 18 months, supported by stable revenue and EBITDA margins of around 14%. The company has a good track record of winning new clients that has helped grow EBITDA. OVG benefits from its position as the one of the largest venue management and food and beverage service providers the US. Low customer concentration across diverse end markets, and recurring a revenue base from multi-year customer contracts also support the credit. The company's revenue is highly concentrated in the segment of the hospitality industry focused on providing food services, catering, concessions, and merchandise management at stadiums, concert venues and convention centers, which accounts for the majority of revenue. The company is exposed to cyclical volatility since revenue is dependent on discretionary spending by consumers, which can decline when economic conditions are not favorable. There could also be margin pressure if the company is unable to pass through inflationary increases in food and beverage costs to customers. Revenue also depends on the ability of promoters to attract in-demand artists and sports teams to the venues that are serviced by OVG. As such, the venues compete with non-OVG venues for content. Revenue is also supported by the company's unique relationship with arenas that are partially owned by Oak View Group. These arenas are not included in the credit group but OVG has long-term contracts in place to provide services to the venues. All financial metrics cited reflect Moody's standard adjustments. OVG's liquidity profile is good. Liquidity is supported by $108 million in cash as of the end of December 31, 2024. Moody's expects that OVG will be able to generate free cash flow of at least $50 million annually. Liquidity is also supported by the $250 million revolver maturing in 2029 that had approximately $100 million drawn as of the end of December 2024. Moody's expects that the company may draw on the revolver to finance acquisitions. There is a springing financial covenant for the revolver that is tested when revolver drawings exceed 40% of the nominal amount. The covenant is a maximum first-lien net leverage ratio set at the greater of 7.75x. Moody's Ratings expects OVG will maintain a comfortable cushion against the covenant, as of December 31, 2024 the company reported a 2.46x covenant level per the Credit Agreement definition. The B2 rating on the senior secured credit facilities is the same the B2 CFR given the single class of first-lien secured debt and reflects an overall loss given default assumption of 50%. The company's capital structure includes a $250 million revolver due June 2029 and a $600 million term loan B due June 2031. The credit facility has a first priority security interest in substantially all assets of the borrower. The stable outlook reflects Moody's expectations of growth in revenue over the next 12 to 18 months, supported by new contract wins. Margins will remain stable assuming the company will be able to pass any increases in costs in food and beverage to customers. The outlook also assumes that spending on live entertainment will not decline materially as a result of weakening economic conditions over the next 12-18 months. Moody's have decided to withdraw the rating(s) for Moody's own business reasons. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if OVG expands its scale and further diversifies revenue sources to increase the proportion of revenue from venue services or partnerships, if Moody's expects debt/EBITDA to remain below 4x and free cash flow to debt is sustained above 8%. Demonstration of balanced financial strategies as it pertains to leverage and allocation of capital including acquisitions and distributions would also support a ratings upgrade. Good liquidity would also have to be maintained for a ratings upgrade. The ratings could be downgraded if company's revenue and earnings decline, EBITDA margins decline and are not expected to improve, if Moody's expects debt to EBITDA to remain above 6x, free cash flow to debt declines below 3% and the company adopts more aggressive financial policies. These include debt-funded acquisitions or dividend payments prior to debt reduction. Deteriorating liquidity could also result in a ratings downgrade. OVG Business Services, LLC ("OVG") provides venue and hospitality management services that include complete venue management solutions and execution of large-scale events for venues including arenas, convention centers, theaters, and stadiums. The company's venues are located mainly in the US. Moody's expects OVG to generate around $1.3 billion in revenue for the fiscal year ending June 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. PARAMOUNT DRUG: Seeks to Hire Fleming Advisors as Accountant ------------------------------------------------------------ Paramount Drug, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Fleming Advisors, LLC as accountant. Fleming Advisors will continue to provide accounting services for the Debtor. The firm's monthly fee is $1,080. Fleming Advisors is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Stephen P. Martin, CPA Fleming Advisors, LLC 8813 N. 145th East Ave. Owasso, OK 74055 About Paramount Drug LLC Paramount Drug, LLC offers a range of pharmacy services, including prescription fills and refills, immunizations, and the provision of durable medical equipment. As a member of Good Neighbor Pharmacy, it is committed to providing personalized care and customer satisfaction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-12381) on March 7, 2025. In the petition signed by Sharon Maher, principal, the Debtor disclosed $269,300 in assets and $1,534,570 in liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. Carol L. Knowlton, Esq., at Gorski & Knowlton, P.C., represents the Debtor as legal counsel. PARTIDA HOLDINGS: Hires Hammond Law Firm as Legal Counsel --------------------------------------------------------- Partida Holdings of Tulsa, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Hammond Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $500 per hour Legal Assistants/Law Clerks $100 per hour In addition, the firm will seek reimbursement for expenses incurred. Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary D. Hammond, Esq. Hammond Law Firm 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 232-6358 Facsimile: (405) 232-6358 Email: gary@okatty.com About Partida Holdings of Tulsa, LLC Partida Holdings of Tulsa, LLC, filed a Chapter 11 bankruptcy petition (Bankr. Okla. Case No. 25-11038) on April 10, 2025. The Debtor hires Hammond Law Firm as counsel. PARTIDA HOLDINGS: Seeks Approval to Tap Hammond Law as Counsel -------------------------------------------------------------- Partida Holdings of Lawton, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Hammond Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $500 per hour Legal Assistants/Law Clerks $100 per hour In addition, the firm will seek reimbursement for expenses incurred. Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary D. Hammond, Esq. Hammond Law Firm 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 232-6358 Facsimile: (405) 232-6358 Email: gary@okatty.com About Partida Holdings of Lawton, LLC Partida Holdings of Lawton, LLC, filed a Chapter 11 bankruptcy petition (Bankr. Okla. Case No. 25-11043) on April 10, 2025. The Debtor hires Hammond Law Firm as counsel. PARTIDA HOLDINGS: Seeks to Hire Hammond Law Firm as Counsel ----------------------------------------------------------- Partida Holdings of Fayetteville, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Hammond Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $500 per hour Legal Assistants/Law Clerks $100 per hour In addition, the firm will seek reimbursement for expenses incurred. Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary D. Hammond, Esq. Hammond Law Firm 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 232-6358 Facsimile: (405) 232-6358 Email: gary@okatty.com About Partida Holdings of Fayetteville, LLC Partida Holdings of Fayetteville, LLC, filed a Chapter 11 bankruptcy petition (Bankr. Okla. Case No. 25-11045) on April 10, 2025. The Debtor hires Hammond Law Firm as counsel. PARTIDA HOLDINGS: Seeks to Tap Hammond Law Firm as Counsel ---------------------------------------------------------- Partida Holdings of Little Rock, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Hammond Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $500 per hour Legal Assistants/Law Clerks $100 per hour In addition, the firm will seek reimbursement for expenses incurred. Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary D. Hammond, Esq. Hammond Law Firm 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 232-6358 Facsimile: (405) 232-6358 Email: gary@okatty.com About Partida Holdings of Little Rock, LLC Partida Holdings of Little Rock, LLC, filed a Chapter 11 bankruptcy petition (Bankr. Okla. Case No. 25-11041) on April 10, 2025. The Debtor hires Hammond Law Firm as counsel. PELICAN INTERNATIONAL: Gets CCAA Initial Stay Order; FTI as Monitor ------------------------------------------------------------------- The Superior Court of Quebec ("Court") issued an initial order under the Companies' Creditors Arrangement Act, ("Initial Order") in respect of Pelican International Inc., Pelican US Topco LLC and Confluence Outdoor Inc., appointing FTI Consulting Canada Inc., a licensed insolvency trustee, as monitor to the business. Pursuant to the Initial Order, the Court ordered a stay of all proceedings with respect to the Debtors, its property and its directors and officers. On Feb. 28, 2025, Pelican International Inc. filed a Notice of Intention to Make a Proposal ("NOI") pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act ("BIA"). For additional information please contact: Oswaldo Vibert: 514-446-5124 Patrick Fillion: 514-446-5124 Email: pelican@fticonsulting.com The Initial Order as well as other materials filed in the context of the aforementioned proceedings, including FTI's pre-filing report, are available on the Monitor's Website at: http://cfcanada.fticonsulting.com/Pelican Pelican International Inc. designs and manufactures boats. The Company offers a wide variety of boats, including kayaks, canoes, pedal, and fishing boats. Pelican International serves customers in Canada. PLF SHOREVIEW MEZZ: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: PLF Shoreview Mezz LLC 9050 N. Capital of Texas Hwy. Bldg. 3 Suite 320 Austin TX 78759 Case No.: 25-10568 Chapter 11 Petition Date: April 24, 2025 Court: United States Bankruptcy Court Western District of Texas Judge: Hon. Shad Robinson Debtor's General 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/6KIVYWQ/PLF_Shoreview_Mezz_LLC__txwbke-25-10568__0001.0.pdf?mcid=tGE4TAMA PLF SHOREVIEW: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: PLF Shoreview 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 Eastern District of Texas Case No.: 25-10571 Debtor's Counsel: Stephen J. Humeniuk, Esq. TROUTMAN PEPPER LOCKE LLP 600 Congress Ave., Suite 2200 Austin TX 78701 Tel: (512) 305-4700 E-mail: stephen.humeniuk@troutman.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Monte Lee-Wen as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4P3CTKA/PLF_Shoreview_LLC__txwbke-25-10571__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ally Waste Services Trade Debt $10,320 2509 S. Power Rd. Ste 101 Gilbert, AZ 85296 Tel: (877) 689-2559 2. Casoro Group Trade Debt $6,860 Highway 320 Austin, TX 78759 3. Chadwell Supply, Inc. Trade Debt $2,523 5115 Joanne Kearny Blvd Tampa, FL 33619 Tel: (888) 341-2423 4. Cintas Fire Protection Trade Debt $10,616 PO Box 636525 Cincinnati, OH 45263-6525 5. City of Bradenton Trade Debt $12,001 Water and Sewer Department P.O. Box 1339 Bradenton, FL 34206-1339 6. CoStar Realty Information, Inc. Trade Debt $8,076 2563 Collection Center Dr. Chicago, IL 60693 7. Crown Roofing LLC Trade Debt $4,878 240 Field End St Sarasota, FL 34240 Tel: (855) 276-9655 8. Flanagan Bilton, LLC Trade Debt $28,126 1 N La Salle St, Ste 2100 Chicago, IL 60602 9. Flooring - Sherwin Williams Trade Debt $4,641 101 W. Prospect Avenue Cleveland, OH 44115 10. FPL Energy Services Trade Debt $4,573 PO Box 25426 Miami, FL 33102 Tel: (877) 375-4674 11. Group Fenix LLC Trade Debt $4,390 9024 Hogans Bend Tampa, FL 33647 Tel: (786) 678-2044 12. Investcor Capital, LLC Trade Debt $4,547 3001 RR 620 S, Suite #324 Austin, TX 78738 13. Matrix Turnkey Inc. Trade Debt $5,248 PO Box 4124 Brandon, FL 33509 Tel: (813) 478-3717 14. Michael's Fence Trade Debt $6,550 2523 W Knollwood St Tampa, FL 33614-4373 15. Precision Gate & Security, Inc. Trade Debt $5,123 350 W Venice Ave. #153 Venice, FL 34285 Tel: (813) 404-6278 16. ResProp Management Trade Debt $26,354 Company, LLC 1101 W. 34th St. #323 Austin, TX 78705 17. Right Way Elevator Maintenance Trade Debt $5,552 9790 16th Street North St. Petersburgh, FL 33716 Tel: (727) 348-6966 18. Sapphire Cleaning LLC Trade Debt $9,440 1014 24th St E Palmetto Fl 34221-2733 19. Tower Compactor Rentals, LLC Trade Debt $3,076 6910 E. Chauncey Lane Suite 130 Phoenix, AZ 85054 Tel: (602) 200-3426 20. Valet Living, LLC Trade Debt $11,572 Dept #9791 PO Box 850001 Orlando, FL 32885-9791 Tel: (844) 422-4675 PR BIRMINGHAM: Seeks to Sell Apartment Complexes at Auction ----------------------------------------------------------- PR Bingham, LLC and its affiliate, PR Madison LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to sell Real Estate, free and clear of liens, claims, interests, and encumbrances. The Debtors are Missouri limited liability companies solely in the business of owning and operating two apartment complexes located in Anderson, Indiana. Bingham was formed on September 5, 2019. The business model was a repeat iteration of similar endeavors beginning in 2012. Gary Plichta, a member of the Debtors and an experienced property manager and real estate developer, would identify properties with the idea of improving them and selling the enhanced project. The Bingham apartment complex is located at 2725 West 16th Street, Anderson, Indiana 46011, contains 109 one, two, and three bedroom units and was built in 1956. The Bingham Complex was in a poor condition when Bingham purchased it. Madison was formed on April 15, 2021. The business model was similar to Bingham. The ownership of Madison is identical to Bingham. The Madison project was purchased with a down payment of $586,692.00. The Madison apartment complex is located at 1801 North Madison Avenue, Anderson, Indiana 46011, contains 89 one, two, and three bedroom units and was built in 1964. The Bingham Complex and the Madison Complex are the Apartment Complexes. The Debtors hire MMG Real Estate Advisors to market and sell the Apartment Complexes. The Debtors receive a purchase offer of the Apartment Complexes to Sycamore Ridge Apartments LLC and Brookstone Flats LLC, for a combined $5,000,000.00. The Debtors seek an order to approve and authorize a sale of the Apartment Complexes via stalking horse sale as a legal, valid, and effective transfer of the Apartment Complexes which will vest the Purchasers with all right, title, and interest in the Apartment Complexes free and clear of any liens and claims. The Debtors and Purchasers have negotiated a break-up fee of $50,000.00. The Debtors submit a reasonable break-up fee is 3% of the purchase price. In this case, $50,000.00 is less than that amount and is therefore reasonable. Bingham and Madison both owe for Spring and Fall 2024 real property taxes. The Debtors propose bid procedures for the Apartment Complexes, designed to maximize the realizable value of the Property. The Debtors have determined that the sale of the Apartment Complexes will maximize the value of the Debtors’ estate and is in the best interest of the estate and its creditors. About PR Bingham LLC PR Bingham LLC is engaged in real estate. PR Bingham sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No: 25-02164-JJG-11) on April 18, 2025. Judge Jeffrey J. Graham presides over the case. Jeffrey M. Hester at Hester Baker Krebs LLC represents the Debtor as legal counsel. PR DIAMOND: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: PR Diamond Products, Inc. d/b/a Brand X Blades 6625 S. Valley View Blvd. Ste. 114-116 Las Vegas, NV 89118 Business Description: Founded in 1983, PR Diamond Products, Inc. manufactures and supplies diamond blades, core bits, and cutting equipment for contractors and industrial users across the United States. Based in Las Vegas, Nevada, the Company offers tools for cutting concrete, asphalt, masonry, granite, stone, tile, and metals. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-12370 Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 Fax: 702-382-1169 E-mail: mzirzow@lzlawnv.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Leo Schafer 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/B7IP4AQ/PR_DIAMOND_PRODUCTS_INC__nvbke-25-12370__0001.0.pdf?mcid=tGE4TAMA PRECISION DRILLING: Fitch Affirms BB- LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Precision Drilling Corporation's (Precision) Long-Term Issuer Default Rating at 'BB-'. Fitch has also affirmed Precision's senior unsecured notes ratings at 'BB-' with a Recovery Rating of 'RR4' and the senior secured revolver rating at 'BB+'/'RR1'. The Rating Outlook is Stable. Precision Drilling Corporation's ratings reflect the company's execution on gross debt reduction initiatives, strong liquidity, manageable maturity profile and consistently positive FCF generation, which supports further gross debt reduction goals. Offsetting factors include near-term uncertainty around increases in exploration and production (E&P) development spending and rig counts due to commodity price volatility. Key Rating Drivers Commitment to Debt Reduction: Management's continued commitment to gross debt reduction improves through-the-cycle leverage. This better positions Precision to withstand future downturns. Gross debt reduction totaled CAD176 million in FY2024 which resulted in gross EBITDA leverage of 1.6x. The company remains on track to reduce debt by an additional CAD100 million in 2025 after which approximately CAD535 million will be repaid on management's recently increased CAD700 million debt reduction target between 2022-2027. Fitch believes the debt reduction target is achievable by 2027 and is reinforced by strong forecast FCF and the supportive medium-term macro environment. Strong Near-Term FCF: Fitch's forecasts around CAD200 million of annual FCF in 2025, assuming relatively stable rig counts and supportive day rates. Management has guided toward a 2025 capital budget of CAD225 million (about CAD180 million of maintenance and CAD45 million for upgrade and expansion spending), which is up slightly from 2024. Fitch expects FCF to be split between debt reduction and share repurchases following an increase in management's shareholder allocation target from 25%-35% of FCF in 2024 to 35% to 45% throughout 2025. As the company executes on the remainder of its $700 million debt reduction target, management expects to increase the shareholder allocation target toward 50%, which Fitch views as neutral to the credit profile and consistent with higher-rated peers. Favorable Canadian Fundamentals: Fitch forecasts relatively flat EBITDA generation YoY for Precision, supported by a tight Canadian market and high day rates. The company's Canada segment (about 58% of 2024 total revenue) averaged 65 active drilling rigs in 4Q24 with revenue per utilization day of CAD35,675, up from 64 and CAD34,616 in 4Q23. Management projects demand for Super Series rigs in Canada will remain robust and supports high utilization rates following the Trans Mountain pipeline completion and with LNG Canada nearing completion. U.S. Segment Weakness: Fitch believes the currently volatile commodity prices and potential rig losses from M&A activity could continue to weigh on the company's U.S. segment in 2025 (about 31% of 2024 total revenue). Overall U.S. industry activity was down nearly 20% in 4Q24 versus 4Q23, and U.S. rig day rates fell to $30,991 from $34,452 in the same period, respectively. Management projects similar activity levels in the U.S. for 1H25 with potential for improvements particularly in active natural gas-focused rigs in 2H25 if gas prices remain above $3.50/mcf. Improving Leverage; Manageable Maturities: Fitch's base case forecasts leverage at 1.4x in 2025, down slightly from 1.6x in 2024, and relatively flat thereafter through a combination of expected annual gross debt reduction and modest decreases in pricing and activity in line with Fitch's commodity price assumptions. The maturity profile also remains manageable, with no significant maturities until the 7.125% notes mature in January 2026. Fitch expects debt repayment to largely be aimed at the 2026 notes in the near-term and believes management will look to utilize revolver capacity to repay the remainder of the 2026 notes as the maturity date nears. Leading Canadian Share: Precision has a leading market share in Canada, with about 34% of active rigs in key Canadian basins. The company's Canadian fleet consists of 98 drilling rigs and 160 well service rigs. Fitch anticipates 2025 drilling activity will remain relatively flat with 4Q24 levels with potential for modest upside in 2H25 if more favorable commodity prices persist. Precision should continue to maintain market share considering its success and growth in digital leadership through its Alpha Technology services, which are less exposed to pricing competition and help improve overall utilization rates. Peer Analysis Precision's closest industry peer is Nabors Industries, Ltd. (Nabors; B-/Stable), which is also an onshore rig contractor with exposure to U.S. and international markets. Precision has lower leverage metrics and a much less significant maturity wall than Nabors, which drives the difference in ratings. Nabors' gross margins in the U.S. are higher than Precision's and are helped by its offshore and Alaskan rig fleet, which operate at significantly higher margins. Precision has the highest market share in Canada at about 34%. However, Nabors has a significant international presence, which typically means longer-term contracts that partially negate the volatility of the U.S. market. Precision is slightly smaller but has much less cash flow volatility than offshore drillers Valaris Limited (Valaris; B+/Stable) and Noble Corporation plc (Noble; BB-/Stable). The company's 2025 projected EBITDA leverage of 1.4x is lower than Valaris' but like Noble following additional debt via M&A. Precision also has a stronger track record of debt reduction, maintenance of liquidity and more successful management of the operational and financial profiles throughout commodity price cycles versus offshore drilling peers. Precision is similar in scale to diversified oilfield service (OFS) peer Enerflex, Ltd. (Enerflex; BB-/Positive) and smaller than Weatherford International Public Limited Company (Weatherford; BB-/Stable) but has lower leverage and higher margins than both companies. Both Precision and Weatherford have a strong track record of positive FCF generation and debt reduction which has led to leverage around 1.5x. Enerflex is more geographically diverse, and cash flows are less susceptible to commodity price cycles through more stable, recurring revenue streams and long-term take-or-pay contracts with five- to 10-year terms. Key Assumptions - West Texas Intermediate oil prices of $60/bbl in 2025-2027 and $57/bbl thereafter; - Henry Hub natural gas price of $3.25/mcf in 2025, $3.00/mcf in 2026 and $2.75/mcf thereafter; - Flat revenue and EBITDA generation YoY due to supportive industry activity in Canada, partially offset by weaker U.S. activity; - Capex of CAD225 million in 2025; - FCF to remain positive with proceeds used to reduce debt; - Modest shareholder returns increases. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued execution on gross debt reduction targets and proactive management of the maturity profile; - Increased size, scale and/or diversification; - Mid-cycle EBITDA leverage below 2.0x on a sustained basis; Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deviation from conservative financial policy and/or structural deterioration in rig fundamentals that reduces financial flexibility; - Inability to maintain a competitive asset base in a credit-conscious manner; - Mid-cycle EBITDA leverage above 3.0x on a sustained basis; Liquidity and Debt Structure Precision had CAD54 million of cash on hand as of Dec. 31, 2024, and CAD17 million outstanding (USD56 million of outstanding letters of credit) on its USD375 million revolver. Fitch believes management will allocate FCF to reduce the outstanding balance during 2025 and utilize its unused revolver capacity to repay the remainder of the 2026 near its maturity date. The liquidity profile is further supported by the company's strong projected FCF generation and largely variable cost structure. Issuer Profile Precision is an OFS company that owns and operates a fleet of 214 onshore drilling rigs and 170 well service rigs in Canada, the U.S. and internationally, mainly in the Middle East. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Precision Drilling Corporation LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- PRESPERSE CORPORATION: Defends Bid to Tap Covington in Bankruptcy ----------------------------------------------------------------- James Nani og Bloomberg Law reports that Presperse Corp. is contesting an objection from talc claimants over its bid to hire Covington & Burling LLP to review its insurance policies, amid the company’s bankruptcy proceedings. In a Thursday, April 24, 2025, filing with the U.S. Bankruptcy Court for the District of New Jersey, Presperse said it needs Covington’s insurance expertise to support ongoing mediation efforts. A committee of talc claimants and a future claims representative opposed the request on April 23, arguing that Covington's work would duplicate the efforts of another firm already reviewing the policies and could reduce funds available for a talc personal injury trust, the report states. About Presperse Corporation Presperse Corporation provides premium specialty ingredients to formulators of skincare, sun care, hair care, color cosmetics, and diverse areas of beauty and wellness. Presperse Corporation sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18921) on Sept. 9, 2024. In the petition filed by CFO Mehul Shah, Presperse disclosed $10 million to $50 million in assets and $50 million to $100 million in debt. The Hon. Michael B Kaplan presides over the case. Duane Morris LLP is the Debtors' general bankruptcy counsel. Getzler Henrich is the Debtors' financial advisor. Kroll Restructuring Administration LLC is the Debtors' claims and noticing agent. The Talc Claimants' Committee retained Robinson & Cole as legal counsel and GlassRatner (doing business as B. Riley) as financial advisor, and Legal Analysis Systems to provide advice. Value Extraction Services is the prepetition future claimants' representative, and hired Young Conaway as counsel, Ankura Consulting Group as consultant, and jointly retained, together with the Talc Claimants' Committee, B. Riley as financial advisor. Presperse's parent, Sumitomo Corporation of Americas, is providing post-petition financing and is represented by lawyers at Lowenstein Sandler. PRIMELAND REAL ESTATE: Agentis Updates List of Deposit Holders -------------------------------------------------------------- The law firm of Agentis, PLLC, filed a third amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Primeland Real Estate Development, LLC, the firm represents the Ad Hoc Committee of Deposit Holders. The AHC was organized and formed by Brickell Realty Group, LLC ("BRG") when BRG was approached by a number of parties who had paid deposits to the Debtor. Thereafter Agentis assisted BRG in the drafting of bylaws governing how the AHC would interact with its respective members, its counsel, the Debtor and other interested parties. Each holder of a disclosable economic interest in the Debtor (each, a "Claimant" and ach disclosable economic interest, a "Claim") reflected below has, consented to the representation of Agentis as counsel for the AHC. The aggregate Claims represented by the AHC equal $5,948,765.61 as of the date of this Disclosure. 1. Cristina Franceschi Carlsen Luis Carrera 1177 Apartamento 205 Vitacura Santiago de Chile Chile 7650726 * Contract for Unit# B504; $76,240.50 Deposit 2. Claudia Medina Pennsylvania 249 Dep 201 Col. Naples 03810 Benito Juarez, Ciudad Mexico Mexico And Ricardo Valencia Colina de Mocusari, 76 Fracc Boulevares 53140 Naucalpan de Juarez Mexico * Contract for Unit# F205; $220,990.00 Deposit 3. Alejandro Rojas Pinilla And Carlos Mauricio Castro Quintero Calle 138 #54-60 casa 70 Bogota, Colombia * Contract for Unit# B205; $101,490.00 Deposit 4. Eduardo Rodriguez Ampudia Lago Alberto 300, building 1, Apt 2301 Miguel Hidalgo Mexico City 11320 Mexico * Contract for Unit# A604; $61,487.91 Deposit 5. Lyda Castillo Carrera 71 #24-50 Apto 207 Bogota Colombia And Cesar Arnulfo Pico Carrera 71 #24-50 Apto 207 Bogota Colombia * Contract for Unit# B404; $69,354.00 Deposit 6. Eduardo Camacho Cerrada Empresa #13 Cor Extremadura Insurgentes Avenida Benito Juarez Mexico Ciudad Mexico And Olivia Estela Paz Murillo Alicia Camacho * Contract for Unit# F203 and F207; $96,351.00 Deposit 8. Linda Nasser And Jose Alberto Sanchez de lla Loyala * Contract for Unit# B305; $73,766.80 Deposit 9. Eduardo Gonzalo Damacen Angulo Ac Canto Bello 187 Lima 36, Peru * Contract for Unit# E702; $139,064.10 Deposit 10. Raed Karame and Elisa Bernal 115 Columbus Circle, Westmoorings Carenage, Port-Of-Spain Trinidad & Tobago 110611 * Contract for Unit# F703; $463,547.00 Deposit 11. Minerva Mendoza Carmona Reforma norte 122 Colonia centro CP 75700 Tehuacan Puebla, Mexico And Jose Miguel Barbosa Mendoza And Luis Gerado Barbosa Mendoza * Contract for Unit# E501; $136,560.30 Deposit 12. Hector Enrique Monroy Valdez Av De Los Poetas #100 Edf. Basalato 1B-1203 Cumbres De Santa Fe Cuajimalpa, Ciudad De Mexico, Mexico 05600 * Contract for Unit# D404; $78,470.48 Deposit 13. Diana Sainz Pepe 880 White Moonstone Loop San Jose, CA 95123 * Contract for Unit# A605; $74,225.50 Deposit 14. Daniela Alejandra Herrera Zepeda Peri Sur Manuel Gomez # 5879 Col. Lopez Cotilla San Pedro Tlaquepaque Jalisco Cp 45615 Mexico * Contract for Units B703 and C409; $264,153.00 Deposit 15. Raul Alejandro Garcia Cantu Tamesis 312 colonia Del Valle San Pedro Garza Garcfa Nuevo Leon Mexico CP 66220 * Contract for Unit# E707; $157,123.81 Deposit 16. Juan Carlos Espinoza Romero 10419 Winwick Ln Orlando, Fl 32832 And Yismik Alexander Daboin Godoy * Contract for Unit# B505; $58,581.00 Deposit 17. Julio Cesar Yapur Kalis Lago Zurich 272 depto 807, Cp. 11529 col. Ampliacion Granada Alcaldia Miguel Hidalgo, Ciudad de Mexico * Contract for Unit# B101; $126,000.00 Deposit 18. Angel Santana Ruiz And Angel Santana Torres Campos Primaverales 303 Col Brisas Del Campo Secc 1 Leon Guanajuato Mexico Cp 37297 * Contract for Unit# B603; $137,793.90 Deposit 19. Gonzalo Mata Camacho Islas Marquesas 14 Col. Residencial Chiloca 52930 Edo Mexico, Mexico * Contract for Unit# F503; $108,475.20 Deposit 20. Luis Enrique Macias Sanchez Blvd Bosque Real 2100, 401-C, Club de Golf Bosque Real 52774, Huixquilucan, Estado de Mexico, Mexico City, Mexico * Contract for Unit# A208; $71,815.20 Deposit 22. Oscar Arizpe Rodriguez * Contract for Unit F509; $117,475.32 Deposit 23. Abad Avila Ochoa Priv Jardin De Alcatraz 1620 Rdcial Alcazar Del Country Ahome, Sinaloa, Mexico 81271 * Contract for Unit B301; $134,106.00 Deposit 24. Jose Raul Carreto Diaz Bosque De Alerces 286 Bosques De Las Lomas - Miguel Hidalgo, CP 11700 Mexico City, Mexico * Contract for Unit F-607; $115,560.00 Deposit 25. Rodrigo Arena Herrero Mision De Sn Diego 4 Cp.00000 Via Atlixcoyotil Concepcion La Cruz 07# C.P 72197 San Andres De Cholula, Puebla, Mexico * Contract for Unit F-306; $195,564.00 26. Alicia Camcho 17732 Oak Bridge Street Tampa, FL 33647 * Contract for Unit# F203; $96,351.00 Deposit 28. Alvaro Mucino Garcia+ AV. 16 de Septiembre 190, Col. Contadero, Alcaldia Cuajimalpa Ciudad de Mexico, C.P. 05500 * Contract for Unit F-408; $121,629.30 Deposit 29. Daniel Manning Shelley Medina+ Vasco De Quiroga 1900 Int 201, Col Santa Fe Alvaro Obregon Mexico City 01210 Mexico * Contract for Unit F-501; $128,061.00 Deposit 30. Alvaro Rode Morales+ 25 de abril 629 Nueva Helvecia URUGUAY * Contract for Units A-708, F-708 and -F503; $336,960.00 Deposit 34. Maria Guadalupe Herrera Hernandez+ Dr. Carlos Aceves #23, Valle RubÃi Animas, Xalapa Veracruz, MEXICO 91193 * Contract for Unit F-606; $169,976.70 Deposit 35. Miguel Francisco Herrera Hernandez+ Retorno 4 del T epozteco 12, Colinas del Bosque Tlalpan, CDMX MEXICO 14608 * Contract for Unit F-506; $163,095.40 Deposit 37. Mayvely Aracely Salguero Soliz and Mario Ernesto Martinez Castillo+ Kilometro 14.5 al pacifico, Hacienda de las Flores, Andana 1, casa 91, zona 2 Villa Nueva GUATEMALA 01064 * Contract for Units A-704 and D-501; $302,829.37 Deposit 39. Rainer Strauss Escobedo+ Paseo de tamarindos #130 apt. 304 Col. Bosques de las Lomas Del. Cuajimalpa CP. 05120 Mexico * Contract for Unit E603 $135,158.51 Deposit 40. Pedro Cerecer Molina and Blanca Lorena Boone Espana+ Calle Paseo de Tamarindos #130 depto 604 col.Busques de las lomas CP 05120 Del Cuajimalpa SDMX, Mexico * Contract for Units D-504 and D-205; $172,973.10 Deposit 42. Victor Velazquez Patron+ Av. Arteaga y Salazar 187, Col. Contadero 05500, Cuajimalpa de Morelos, Mexico Contract for Unit D-605; $139,274.00 Deposit 44. Imanol Reyes Guzman and Oscar Reyes Guzman+ Lope De Vega 132 P5 Int 0, Polanco, Miguel Hidalgo, 11560 Mexico City, Mexico * Contract for Unit A-707; $184,426.50 Deposit 45. Monica Angel Botero and Luis Fernando Ocampo Maya+ Km 3 Via El Camino Cristales Casa Los Tulipanes Armenia Quindio 630008 Colombia * Contract for Unit F-508; $129,707.70 Deposit 46. Ana Lily Cardona Maldonado and Ana Cristina Cardona Maldonado de Salguero+ 15av 1-72 sector B1 zona 8 Mixco, Ciudad San Cristobal Codigo de acceso 9998# Guatemala, Guatemala * Contract for Unit A-404; $149,658.00 Deposit 47. Chegwinmar LLC+ Alberto Chegwin 3701 N COUNTRY CLUB DRAPT 607 Aventura, FL 33180 * Contract for Unit B-407; $181,212.30 Deposit 48. Martha Patricia Lobo Castro+ And Gerardo Vallecillo Marquez 751 Heron Rd Weston, FL 33326 * Contract for Unit A-404; $149,658.00 Deposit 51. Ignacio Fiterre * Broker for various Ad-Hoc Committee of Deposit Holders Member 53. Jorge Luis Maldonado Razuri+ Calle Barlovento 233 Sol de La Molina, La Molina - Lima, Peru * Contract for Unit A-401; $161,600.00 Deposit 54. Florida Capitals Palm, LLC+ 782 NW 42nd Avenue #433 Miami, FL 33126 * Contract for Unit D-401; $147,999.60 Deposit Counsel for the Represented Parties: AGENTIS PLLC Robert P. Charbonneau, Esq. 45 Almeria Avenue Coral Gables, Florida 33134 T. 305.722.2002 About Primeland Real Estate Development Primeland Real Estate Development LLC is the fee simple owner of an incomplete condominium project known as Sycamore Orlando Resort located at 2691 Livingston Rd, Kissimmee, FL 34747 having an appraised value of $40 million. Primeland Real Estate Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04612) on August 29, 2024. In the petition filed by Karen M. Costa, as president, the Debtor reports total assets of $40,828,477 and total liabilities of $41,815,331. The Honorable Bankruptcy Judge Lori V. Vaughan oversees the case. The Debtor is represented by: Frank M. Wolff, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 Fax: 407-966-2681 E-mail: fwolff@nardellalaw.com PRO-FIT BASKETBALL: Taps Law Office of David Cahn as Counsel ------------------------------------------------------------ Pro-Fit Basketball Training, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire the Law Office of David Cahn, LLC as counsel. The firm's services include: a. advising the Debtor legal advice with respect to his powers and duties as Debtor-in-Possession; b. advising the Debtor concerning, and assisting in the negotiation and documentation of, financing agreements, debt restructurings, cash collateral arrangements and related transactions, as applicable; c. representing the Debtor in defense of any proceedings instituted to reclaim property or to obtain relief from the automatic stay under section 362(a) of the bankruptcy Code; d. representing the Debtor in any proceedings instituted with respect to use of cash collateral; e. attending any and all meetings pursuant to 11 U.S.C. Sec. 341 and any and all court hearings scheduled; f. reviewing the nature and validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens, as applicable; g. advising the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor’s estate; h. preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules and other documents, and reviewing all financial and other reports to be filed in this Chapter 11 case; i. advising the Debtor concerning, and preparing responses to, applications, motion, pleadings, notices and other papers that nay be filed and service in this Chapter 11 case; j. counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization or liquidation and related documents; k. performing all other legal services it is qualified to handle for and on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case, including advising and assisting the Debtor with respect to debt restructurings, claims analysis and disputes, legal advice with respect to general corporate, bankruptcy, and finance, and matters and litigation other than for discrete matters for which special counsel may be retained; and l. performing all other legal services for the Debtor which may be necessary herein and to accomplish the goals of this reorganization. David Cahn will be paid at these hourly rates: Attorney $350 Paralegal $100 The firm received an initial retainer fee of $7,000 from Debtor. David E. Cahn, Esq., at the Law Office of David Cahn, LLC, disclosed in court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: David E. Cahn, Esq. Law Office of David Cahn, LLC 13842A Outlet Dr., #175 Silver Spring, MD 20904 Telephone: (301) 799-8072 About Pro-Fit Basketball Training LLC Pro-Fit Basketball Training LLC offers high-level basketball training programs for athletes of all skill levels. The Company provides private, small group, and specialized training, focusing on skills development, footwork, and basketball IQ. Programs are designed for everyone, from beginners to professional players, including camps, private lessons, and group training like their "Rising Stars" and "Next Level" classes. Trainers at Pro-Fit are former professional and NCAA D1 players with experience at the NBA and international levels, offering tailored programs that aim to maximize athletic performance. Additionally, the Company has a state-of-the-art weight room to develop strength and agility. Pro-Fit Basketball Training sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-12912) on April 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by David Cahn, Esq., at the Law Office of David Cahn, LLC. PUFFCUFF LLC: Seeks to Hire Mills Business Law as Legal Counsel --------------------------------------------------------------- Puffcuff LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Mills Business Law as counsel. The firm will render these services: (a) prepare motions and other documents; (b) conduct of examinations; (c) advise the Debtor of its rights, duties and obligations as a debtor-in-possession; (d) consult with Debtor regarding a chapter 11plan and preparing the plan and attendant documents; (e) perform legal services incidental and necessary to the day-to-day operations of Debtor's business, including general business legal advice and assistance; (f) take any and all other action incident to the proper preservation and administration of Debtor's estate and business. The firm will be paid at these rates: Attorneys $500 per hour Paralegals $250 per hour John W. Mills, Esq., principal of Mills Business Law, LLC, disclosed in the court filing that his firm does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached through: John W. Mills, Esq. Mills Business Law, LLC 1336 Harvard Road, NE Atlanta, GA 30306 - and - 1150 S. Olive Street, 10th Floor Los Angeles, CA 90015 Email: jmills@millsbizlaw.com Telephone: (404) 219-5038 About Puffcuff LLC Puffcuff LLC is a consumer products company specializing in hair accessories. The company maintains operations at two locations in Marietta, including its principal place of business on Allgood Road and an industrial parkway facility. Puffcuff LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51881) on February 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by John Wesley Mills, III, Esq. at Mills Business Law, LLC. QXO INC: Moody's Assigns First Time 'Ba3' Corporate Family Rating ----------------------------------------------------------------- Moody's Ratings assigned a first-time Ba3 corporate family rating, a Ba3-PD probability of default rating and SGL-1 speculative grade liquidity (SGL) rating to QXO, Inc. The outlook is stable. Moody's also assigned a Ba3 rating to the proposed $2 billion senior secured notes, proposed $2 billion senior secured term loan B and to the proposed $500 million senior secured term loan A of Beacon Roofing Supply, Inc. The debt will be initially issued by Queen MergerCo, Inc., a wholly-owned subsidiary of QXO, which will merge into Beacon Roofing Supply, Inc. upon closing of the acquisition of Beacon Roofing Supply, Inc. The existing ratings at Beacon Roofing Supply, Inc., including the Ba2 CFR, Ba2-PD PDR, SGL-1 speculative grade liquidity rating, Ba2 senior secured notes rating, Ba2 senior secured term loan B rating and B1 senior unsecured notes rating, as well as the stable outlook remain unchanged. Proceeds from the term loan and notes offering will be used, in conjunction with cash on the balance sheet, proceeds from common equity offerings and revolver drawings, to fund the previously announced acquisition of Beacon Roofing Supply, Inc. (Ba2 stable) for about $11 billion. The company is also entering into a new $1.75 billion asset-based lending (ABL) revolver, which will be unrated. Closing of the transaction is expected by end of April 2025, but still requires a majority of Beacon's existing shareholders to tender their shares. Moody's expects the existing debt at Beacon Roofing Supply, Inc., including the $900 million senior secured notes, $1.275 billion senior secured term loan B and $350 million senior unsecured notes will be repaid once the acquisition by QXO closes. At that time Moody's will withdraw the ratings on the repaid debt. "QXO's strong liquidity position, coupled with the non-discretionary nature of roofing products through cycles, should help offset the significant debt the company will incur, as well as the execution risk associated with its margin growth plans and cost reduction initiatives," said Griselda Bisono, Vice President-Senior Analyst at Moody's Ratings. RATINGS RATIONALE QXO's Ba3 CFR reflects Moody's expectations that the company will maintain a prudent financial policy, with a focus on deleveraging and maintaining consistent positive free cash flow. Pro forma for the Beacon acquisition, debt-to-EBITDA will be 5.4x for 2024, with leverage increasing to 5.9x by 2025 due to increased costs associated with implementing QXO's integration plan. Moody's forecasts leverage to decline to 4.7x by year-end 2026 from a combination of debt paydown, modest margin improvement and no additional acquisitions during this period. The integration costs associated with the Beacon acquisition will put pressure on QXO's margins in the interim. Moody's expects EBIT margins to decrease to 5.5% in 2025 from 7% in 2024, and then gradually return to 7% by the end of 2027 as revenue and cost initiatives are realized. Execution risks regarding the new management's improvement initiatives, however, are high and there is risk that synergies will not be realized as planned. Other factors considered in the rating include the current weakening macroeconomic environment and increased market volatility resulting from the recent expansion of US trade tariffs. While QXO is not directly impacted by tariff actions, the company is not immune to more muted demand for building products amid higher home renovation costs. Moody's recognizes that QXO's founder, Brad Jacobs, has a demonstrated track record of driving growth and profitability in other public company investments. Moody's expects that management will be committed to deleveraging the company to at least its target reported net debt/EBITDA of 3.0x before engaging in any major future debt-financed acquisitions. The SGL-1 speculative grade liquidity rating reflects Moody's expectations of strong liquidity over the next 18 months. Moody's assessments of the company's liquidity incorporates strong free cash flow generation over that time period, which will provide flexibility to reduce debt, as well as ample availability on the company's $1.75 billion ABL revolver. Other positive factors include ample cushion under the financial maintenance covenants of the credit facility, no near-term debt maturities and limited alternative sources of liquidity given the company's largely encumbered asset base. The Ba3 rating on the senior secured term loan B due 2032, senior secured term loan A due 2031 and senior secured notes due 2032, the same rating as the CFR, results from their subordination to the company's revolving credit facility. The term loan and secured notes are pari passu, and each has a first lien on substantially all noncurrent assets and a second lien on assets securing the company's asset based revolving credit facility (ABL priority collateral). The stable outlook reflects Moody's expectations that the roofing sector will remain resilient, despite lower expected volumes in the residential end market in the next 12-18 months. The stable outlook also assumes that management will focus on deleveraging towards its target of net debt/EBITDA of 3.0x and maintenance of strong liquidity. Marketing terms for the new credit facility (final terms may differ) include the following: Incremental pari passu debt capacity up to the greater of 100% of closing date EBITDA and 100% of LTM EBITDA, plus unlimited amounts subject to 0.5x above the net first lien leverage as of the closing date. There is an inside maturity sublimit up to the greater of 200% of closing date EBITDA and 200% of LTM EBITDA. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. There are no protective provisions restricting an up-tiering transaction. Carve-out growth components include a high watermark feature. ESG CONSIDERATIONS QXO's assigned credit impact score of CIS-3 takes into consideration environmental and social risks in line with the wider distribution sector, as reflected by the assigned issuer profile scores of E-4 and S-3, respectively. The company's governance characteristics are consistent with publicly listed peers, including a high level of transparency, board independence and a clearly articulated financial policy. These governance considerations are reflected in the company's issuer profile score of G-3. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require improvement in key credit metrics, including Moody's adjusted debt-to-EBITDA sustained below 3.5x and EBITDA-to-Interest Expense sustained above 5.0x. A ratings upgrade would also require preservation of very good liquidity and maintenance of conservative financial policies. A ratings downgrade could result if the company fails to delever as expected and Moody's adjusted debt-to-EBITDA is sustained above 4.5x, EBITDA-to-Interest Expense is sustained below 4.0x, if the company experiences consistent erosion in operating margins or if there is a deterioration of liquidity. QXO, Inc., headquartered in Greenwich, Connecticut, will be one of the largest wholesale distributors of roofing material and other building products in the US upon the close of the Beacon Roofing acquisition. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. REAVIS REHAB: Hires Donna K. Ferrell CPA as Accountant ------------------------------------------------------ Reavis Rehab & Wellness Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Donna K. Ferrell, CPA as accountant. The firm will render tax preparation and bookkeeping services to the Debtor. The firm will be paid $180 for tax preparation services, and $100 for bookkeeping services. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Donna K. Ferrell, CPA 2007 N Mays St. Round Rock, TX 78664 Tel: (512) 218-0182 About Reavis Rehab & Wellness Center, Inc. Reavis Rehab & Wellness Center Inc. is a family-owned and operated therapy practice founded in 1984 specializing in the treatment of pain, injuries, and discomfort. The center offers a range of therapy programs provided by licensed physical, speech, and occupational therapists. Each treatment plan is tailored to meet individual patient goals, taking into account their symptoms, medical history, and any relevant health restrictions. Reavis Rehab & Wellness Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.: 25-10126) on January 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. REDDIRT ROAD: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Reddirt Road Partners, LLC, according to court dockets. About Reddirt Road Partners Reddirt Road Partners, LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50049) on March 12, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. Byron Wright, III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. REGIONS PROPERTY: Seeks Cash Collateral Access ---------------------------------------------- Regions Property Management & Construction, Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The U.S. Small Business Administration holds a first-priority lien on all of the Debtor's assets, including accounts, receivables, equipment, and inventory, and is owed approximately $329,000. The total estimated value of the secured assets is about $198,540. Although several other creditors have filed UCC-1 financing statements, the SBA's lien has priority. The Debtor reported an average monthly gross profit of $55,000, with necessary monthly expenses totaling approximately $50,000. The proposed budget includes payments to critical vendors (subject to a separate motion), $2,000 per month for attorney's fees to be held in trust and continued monthly payments to SBA in the amount of $1,640. The Debtor requested permission to use cash collateral to cover these expenses and maintain business operations, with a commitment to stay within the proposed budget. About Regions Property Management & Construction Inc. Regions Property Management & Construction Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14015) on April 12, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Brian K. McMahon, Esq., at Brian K. McMahon, PA. RESTORATION HARDWARE: Moody's Cuts CFR to 'B3', Outlook Stable -------------------------------------------------------------- Moody's Ratings downgraded Restoration Hardware, Inc.'s ("RH") corporate family rating to B3 from B1 and its probability of default rating to B3-PD from B1-PD. The senior secured first lien term loan B and senior secured first lien term loan B2 ratings were also downgraded to B3 from B1. The speculative grade liquidity rating ("SGL") remains at SGL-3. The outlook changed to stable from negative. The downgrades reflect Moody's expectations that RH's credit metrics will remain weak as it navigates a difficult consumer environment and cost challenges from higher tariffs, while US trade policy remains uncertain. Although RH sourced 23% of its product from China and 35% from Vietnam in fiscal 2024, it is working to reduce its sourcing to zero from China in the second half of 2025. RH's leverage is already high with debt/EBITDA of 6.5x and coverage is weak with EBITA/interest of 1.4x for FY 2024. Credit metrics are expected to deteriorate further over the next 12-18 months as higher costs to import product will weigh on the company's profitability. Although revenue trends turned positive starting in Q2 2024, Moody's expects the current uncertainty to also weigh on consumer demand. The company's SGL-3 reflects Moody's expectations that RH will be able to maintain at least breakeven cash flow as elevated inventories (up 35% versus last year) reduces its immediate sourcing needs. Moody's also assumes RH will extend its $600 million revolver, before July 29, 2025 (one year prior to its maturity). The company has a cash balance of $30 million at the end of Q4 2024 with $200 million drawn and an estimated $295 million of net availability under its revolver as of February 2, 2025. RATINGS RATIONALE RH's B3 CFR reflects the cyclical nature of the home furnishing industry which could cause consumers to delay, forego or trade down on purchases in recessionary periods. It also reflect that the company's credit metrics are already weak. Over the next 12 to 18 months Debt/EBITDA is expected to trough at approximately 6.5x-7.5x with EBITA/interest of 1.1x-1.4x as the effect of tariffs begin to have a significant impact on earnings starting in the second half of 2025. The period of higher tariffs and US trade uncertainty comes after a period of significant contraction for home furnishings given lower housing activity and higher interest rates. The rating is also constrained by RH's continued investments in international growth which are significant drag on its profitability. The rating is also constrained by its aggressive business and financial strategies. Positive ratings consideration is given to RH's strong luxury brand, particularly in furniture, and the success of its existing Design Galleries as evidenced by its historically solid operating margins. The company maintains a long term goal to buildout its brand globally which requires significant capital investment including its continued plans to convert to a large box gallery styled store concept, its expansion to international markets, its growth into hospitality as well as luxury product markets. RH has historically pursued significant share repurchases with $1 billion completed in 2022 and $1.25 billion in 2023. No share repurchases were completed in fiscal 2024 as business performance remained challenged. The stable outlook reflects that Moody's anticipates the company will be successful in adapting its operations to the changing US trade policy including changes to its sourcing strategy, capital plans, pricing model and cost structure. The stable outlook also reflects that Moody's expects RH will maintain at least adequate liquidity, including positive free cash flow and the extension of its revolver before it becomes current. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded should liquidity deteriorate for any reason, including its ABL not being extended well before maturity, free cash flow turns negative or estimated recoveries become impaired. The ratings could also be downgraded if operating performance results in Moody's adjusted debt/EBITDA sustained above 6.5x or EBITA/interest sustained below 1.0x. Any aggressive financial strategy, including share repurchase would be viewed negatively. The ratings could be upgraded if the company demonstrates conservative financial strategies while maintaining good liquidity and consistent and improved operating performance. Quantitatively, the ratings could be upgraded if Moody's adjusted debt/EBITDA is sustained below 5.5x and EBITA/interest is sustained above 1.75x. Headquartered in Corte Madera, California, Restoration Hardware, Inc. (RH) is a home furnishings company that offers its collection through its retail galleries, catalog and online. As of February 1, 2025, the company operated 69 total galleries, including 38 Design Galleries and 27 Legacy Galleries. The company also operates 14 Waterworks Showrooms and 40 Outlets. For the twelve months ending February 1, 2025, RH had approximately $3.2 billion in revenue. The principal methodology used in these ratings was Retail and Apparel published in November 2023. RIVER FALL 529: Seeks Chapter 11 Bankruptcy in Massachusetts ------------------------------------------------------------ On April 23, 2025, River Fall 529 LLC 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 River Fall 529 LLC River Fall 529 LLC is a single-purpose real-estate company that owns the 529 Eastern Avenue property in Fall River, Massachusetts. River Fall 529 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10810) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY LLP RIVERSIDE MILITARY: Fitch Withdraws D Rating on 2017 Revenue Bonds ------------------------------------------------------------------ Fitch Ratings has affirmed and withdrawn the 'D' revenue bond rating on approximately $48 million of the Gainesville & Hall County Development Authority, GA, series 2017 refunding revenue bonds, issued on behalf of Riverside Military Academy (RMA). In addition, Fitch has affirmed and withdrawn RMA's Issuer Default Rating (IDR) at 'RD' (restricted default). Entity/Debt Rating Prior ----------- ------ ----- Riverside Military Academy (GA) LT IDR RD Affirmed RD LT IDR WD Withdrawn Riverside Military Academy (GA)/General Revenues/1 LT LT D Affirmed D Riverside Military Academy (GA)/General Revenues/1 LT LT WD Withdrawn Riverside Military Academy (GA) /Issuer Default Rating/1 LT LT RD Affirmed RD Riverside Military Academy (GA) /Issuer Default Rating/1 LT LT WD Withdrawn Fitch has withdrawn the ratings because RMA defaulted on its scheduled principal obligation on March 1, 2025. As a result, Fitch will no longer provide ratings or analytical coverage for RMA. The updated rating history is available on Fitch's website. On Feb. 28, 2025, the trustee posted a notice on the Electronic Municipal Market Access platform stating that the principal payment would not be made due to the bondholder's decision to defer drawing funds from the debt service reserve fund. Although the interest payment would be covered using funds from the reserve, this constituted a default under Fitch's rating criteria. SECURITY The bonds are an absolute and unconditional obligation of RMA, secured by a first lien on the academy's campus and a cash-funded debt service reserve fund, equal to $2,472,793 as of March 1, 2025. KEY RATING DRIVERS Revenue Defensibility - 'Weaker' Operating Risk - 'Weaker' Financial Profile - 'Weaker' Asymmetric Additional Risk Considerations There were no asymmetric considerations incorporated in RMA's rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Rating sensitivities do not apply as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Rating sensitivities do not apply as the ratings have been withdrawn. PROFILE Founded in 1907, RMA is a military-style college preparatory school for boys, offering boarding and day school programs for grades 6-12. The academy is located on a 206-acre campus in Gainesville, GA, about 60 miles northeast of Atlanta. The academy holds dual accreditation from the Southern Association of Independent Schools and the Southern Association of Colleges and Schools, which was renewed in 2017. The Riverside Military Academy board of trustees appointed Dr. Robert Brittain "Britt" Daniel, J.D. as president, effective July 1, 2024. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from Lumesis. ESG Considerations Following the withdrawal of the ratings for Riverside Military Academy, GA, Fitch will no longer be providing the associated ESG Relevance Scores. RMBQ INC: Gets Interim OK to Use Cash Collateral Until May 28 ------------------------------------------------------------- RMBQ, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of California to use cash collateral. The order penned by Judge Barrett Marum authorized the Debtor to use cash collateral until the final hearing on May 28 to pay the expenses set forth in its budget. As protection, secured creditors including BSD Capital, LLC and California Department of Tax and Fee Administration were granted replacement liens on all assets acquired by the Debtor after its Chapter 11 filing, to the same extent and with the same validity and priority as their pre-bankruptcy liens. The Debtor operates nine food service locations—including five brick-and-mortar stores, four mobile units, and a catering truck—under concession agreements with Marine Corps Community Services across military bases in San Diego County. The Debtor's operations rely heavily on credit card transactions, which account for approximately 97% of its revenue and are processed through merchant accounts with Signapay. The Debtor maintains six bank accounts at JPMorgan Chase, each serving a specific function, including payroll and vendor payments. Two key accounts—#9089 and #0011—serve as the central depositories for credit card revenue. One of these accounts (#0011) has been frozen due to actions by Merchant Cash Advance lenders and currently holds approximately $94,935, which the Debtor fears may be lost if the account is closed. RMBQ also operates from account #9097, which is used for paying employee wages and other daily business expenses. The Debtor intends to close three other accounts and eventually open Debtor-in-Possession accounts in compliance with U.S. Trustee guidelines but argues that continued use of the current system is critical to maintain operations during the transition. About RMBQ Inc. RMBQ, Inc. operates nine food service locations—including five brick-and-mortar stores, four mobile units, and a catering truck—under concession agreements with Marine Corps Community Services across military bases in San Diego County. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banke. S.D. Cal. Case No. 25-01511-JBM11) on April 16, 2025. In the petition signed by Raymond Gomez, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Barrett Marum oversees the case. Joanne P. Sanchez, Esq., at Sanchez & Baltazar Attorneys, P.C., represents the Debtor as legal counsel. ROCK MEDICAL: Court OKs DIP Financing, Cash Collateral Access ------------------------------------------------------------- Brent King, the Chapter 11 trustee for Rock Medical Group, LLC, got the green light from the U.S. Bankruptcy Court for the District of Nebraska to use cash collateral and obtain post-petition financing. The trustee needs to use the cash collateral (including funds held by American Healthcare Staffing Association) to cover necessary business expenses, including payroll and operational costs. The order authorized the trustee to continue factoring receivables with United Capital under the terms of their factoring agreement to maintain cash flow and preserve the Debtor' business operations. Key terms of the factoring agreement include an advance rate of up to 90% of eligible accounts receivable, with various fees and charges (e.g., a factoring fee of 0.14% and late charges of 0.1% per day). The maximum available line under the agreement is $5 million. As protection, the United Capital was granted valid and perfected security interests in and lien on the Debtor's post-petition assets to the same extent and with the same priority as its pre-bankruptcy interests and lien. In case these security interests and lien are not sufficient, United Capital will be granted an administrative expense claim. The order will expire and the trustee's right to use cash collateral will terminate on May 31, unless extended by further order of the court or by written consent of United Capital. About Rock Medical Group LLC Rock Medical Group, LLC is a solution-focused medical staffing agency offering medical staffing solutions for hospitals, long-term care facilities, specialty nursing units, hospice care, memory care, rehabilitation facilities, surgical centers, and allied services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 24-81090) on November 27, 2024. In the petition signed by Loren Rock, managing member and owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Thomas L. Saladino oversees the case. Patrick R. Turner, Esq., at Turner Legal Group, LLC, represents the Debtor as bankruptcy counsel. ROYAL INTERCO: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Royal Interco, LLC and its affiliates. The committee members are: 1. Allen Lund Company LLC Attn: Nick Mihalopoulos 4529 Angeles Crest Highway La Canada, CA 91011 Phone: 818-949-4567 nick.mihalopoulos@allenlund.com 2. Armstrong Transportation Group, LLC Attn: Emily M. Chiarizia 1120 S. Tryon Charlotte, NC 28203 Phone: 704-272-4149 echiarizia@armstrongtransport.com 3. Print Pro, Inc. Attn: Ken Nelson 1450 Poplar Street Wrightstown, WI 54180 Phone: 920-757-7700 kennelson@printpro-inc.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Royal Interco Royal Interco, LLC is a manufacturer of high-quality paper products, including bath tissue, paper towels, facial tissue and napkins, offering a broad range of products and packaging configurations to serve both regional and national customers. Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Michael Ragano, chief restructuring officer, signed the petitions. Judge Thomas M Horan presides over the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as general counsel; Livingstone Partners, LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The Debtors' provider of turnaround and business transformation advisory services is Novo Advisors, LLC. RYAN HOHMAN: Seeks Chapter 11 Bankruptcy in Utah ------------------------------------------------ On April 22, 2025, Ryan Hohman LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Utah. According to court filing, the Debtor reports $1,059,433 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ryan Hohman LLC 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. Ryan Hohman LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-22161) on April 22, 2025. In its petition, the Debtor reports total assets as of March 31, 2025 of $193,066 and total liabilities as of March 31, 2025 of $1,059,433. Honorable Bankruptcy Judge Kevin R. Anderson handles the case. The Debtor is represented by Andres Diaz, Esq. at DIAZ & LARSEN. S & O INVESTMENTS: Taps Sandberg Phoenix & von Gontard as Counsel ----------------------------------------------------------------- S & O Investments, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Sandberg Phoenix & von Gontard P.C. as attorneys. The firm's services include: a. advising the Debtor of its rights, powers, and duties as debtor-in-possession under the Bankruptcy Code; b. performing all legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case and the Debtor's business; c. advising the Debtor concerning, and assisting in, the negotiation and documentation of financing agreements and debt restructurings; d. counseling the Debtor in connection with the formulation, negotiation, and consummation of a possible sale of the Debtor or its assets; e. reviewing the nature and validity of agreements relating to the Debtor's interests in real and personal property and advising the Debtor of its corresponding rights and obligations; f. advising the Debtor concerning preference, avoidance, recovery, or other actions that they may take to collect and to recover property for the benefit of the estate and its creditors, whether or not arising under Chapter 5 of the Bankruptcy Code; g. preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in this bankruptcy case; h. advising the Debtor concerning, and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers that may be filed and served in this bankruptcy case; i. counseling the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents or other liquidation of the estate; j. working with and coordinating efforts among other professionals to attempt to preclude any duplication of effort among those professionals and to guide their efforts in the overall framework of Debtor's reorganization or liquidation; and k. working with professionals retained by other parties-in-interest in this bankruptcy case to attempt to structure a consensual plan of reorganization, liquidation, or other resolution for Debtor. Sandberg Phoenix will be paid at these hourly rates: Sharon L. Stolte, Shareholder $445 Pamela R. Putnam, Counsel $380 Debra J. Barnett, Paralegal $180 The firm received a retainer in the amount of $20,000. Sandberg Phoenix will also be reimbursed for reasonable out-of-pocket expenses incurred. Sharon Stolte, counsel at Sandberg Phoenix and von Gontard P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Sandberg Phoenix can be reached at: Sharon L. Stolte, Esq. Sandberg Phoenix and von Gontard P.C. 4600 Madison Avenue, Suite 1000 Kansas City, MO 64112 Tel: (816) 627-5543 E-mail: sstolte@sandbergphoenix.com About S & O Investments Inc. S & O Investments Inc., doing business as Notting Hill Rentals, is engaged in activities related to real estate. S & O Investments Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 24-11166) on November 14, 2024. In the petition filed by Amro M. Samy, as president, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren oversees the case. The Debtor is represented by Nicholas R. Grillot, Esq. at HINKLE LAW FIRM LLC. SC HEALTHCARE: Creditors to Get Proceeds From Liquidation --------------------------------------------------------- SC Healthcare Holding, LLC, and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated March 25, 2025. The Debtors provided independent living, assisted living, supportive living, skilled nursing, memory care, Alzheimer's care, and rehabilitation care in some of the most rural areas of Illinois, Missouri, and Iowa. The Debtors also provided care to persons with intellectual and developmental disabilities. The Debtors are comprised of approximately 141 privately held Entities which were used to manage operations and real estate business segments. As of the Petition Date, the Debtors estimate that there was approximately $130,525,880.35 of unsecured Claims outstanding against the Estates, including trade payables, tax obligations, potential litigation judgments, and amounts owed to former and current employees, but excluding deficiency claims of lenders. The Debtors maintained their operations, to the extent possible, on a "business as usual" basis during the pendency of the Chapter 11 Cases. Ultimately, through the Chapter 11 Cases, the Debtors used the benefits of the bankruptcy process to pursue an orderly sale of their assets in a manner designed to maximize value of the Debtors' Estates and confirm a plan providing for the orderly resolution of the Debtors' Estates. On July 15, 2024, the Debtors filed the Debtors' Motion for an Order (I) Authorizing and Approving Procedures for the Sale, Transfer, or Abandonment of Certain De Minimis Assets, and (II) Granting Related Relief (the "De Minimis Assets Sale Motion"). Pursuant to the De Minimis Assets Sale Order, the Debtors have been marketing and/or selling the various de minimis assets to further liquidate available assets for the benefit of the Estates and its Creditors. The Parties engaged in discussions and/or settlement communications for many weeks. The issues presented by the Adversary Proceeding and the Motion to Convert represented significant hurdles to the Debtors' continued progress towards a value maximizing exit from chapter 11, especially when those issues were with the Debtors' largest secured lender—Column. A global resolution of several key issues remaining in the Chapter 11 Cases, which was accomplished by the Settlement, paved the way for the Debtors to move forward towards the filing of a chapter 11 plan which ultimately benefitted the entire creditor body. After review and analysis of the positions and/or defenses set forth by Column and the Committee, and after good-faith, arm's-length negotiations therewith, the Debtors, Column, and the Committee agreed to a Settlement that represented a global resolution to several key issues. Class 4 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim has agreed to a less favorable treatment of such Claim, and only to the extent that any such Allowed General Unsecured Claim has not been paid by any applicable Debtor prior to the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive such Holder's Pro Rata share of Distributions from the Liquidating Trust. The Debtors estimate that the aggregate amount of Allowed General Unsecured Claims, taking into account the Debtors' Schedules, and Claims asserted against the Estates, will be approximately $189,231,310. Class 4 is Impaired and entitled to vote to accept or reject the Combined Plan and Disclosure Statement. Holders of Interests in Class 6 are Impaired under the Combined Plan and Disclosure Statement. Holders of Equity Interests will retain no ownership interests or Distribution under the Combined Plan and Disclosure Statement and, on the Effective Date, shall be deemed cancelled, null, and void. Therefore, Holders of Equity Interests are deemed to reject the Combined Plan and Disclosure Statement. The Combined Plan and Disclosure Statement provides for the liquidation and Distribution of the proceeds of the Debtors' remaining assets. Accordingly, the Debtors believe all Chapter 11 plan obligations will be satisfied without the need for further reorganization of the Debtors. On the Effective Date, David R. Campbell shall be appointed as Plan Administrator and thereafter shall serve in accordance with this Combined Plan and Disclosure Statement. The Plan Administrator shall not be required to give any bond or surety or other security for the performance of its duties unless otherwise ordered by the Bankruptcy Court. As soon as practicable after the Voting Deadline, as part of the Plan Supplement, the Debtors shall file with the Bankruptcy Court a notice identifying the Plan Administrator and, if the Plan Administrator is deemed an "insider", as defined pursuant to section 101(31) of the Bankruptcy Code, the material terms of the Plan Administrator's compensation. On the Effective Date, the Liquidating Trust Assets shall vest automatically in the Liquidating Trust. The Plan shall be considered a motion pursuant to sections 105, 363, and 365 of the Bankruptcy Code for such relief. Upon the transfer of the Liquidating Trust Assets, the Liquidating Trust shall succeed to all of the Debtors' rights, title, and interest in the Liquidating Trust Assets; provided that the Debtors' accounts receivable shall not be transferred to the Liquidating Trust free and clear of all Claims and Liens; rather, such Claims and Liens shall continue to encumber the Debtors' accounts receivable, which accounts receivable shall be collected, administered, and distributed by the Plan Administrator in accordance with this Plan, the Plan Administrator Agreement, and the Column Settlement Order. A full-text copy of the Combined Disclosure Statement and Plan dated March 25, 2025 is available at https://urlcurt.com/u?l=4lqPUd from PacerMonitor.com at no charge. Counsel for the Debtors: Andrew L. Magaziner, Esq. Shella Borovinskaya, Esq. Carol E. Cox, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: amagaziner@ycst.com sborovinskaya@ycst.com ccox@ycst.com - and - Daniel J. McGuire, Esq. Gregory M. Gartland, Esq. WINSTON & STRAWN LLP 35 W. Wacker Drive Chicago, IL 60601 Tel: (713) 651-2600 Fax: (312) 558-5700 Tel: (312) 558-5600 E-mail: dmcguire@winston.com E-mail: ggartland@winston.com - and - Carrie V. Hardman, Esq. 200 Park Avenue New York, New York 10166 Tel: (212) 294-6700 Fax: (212) 294-4700 E-mail: chardman@winston.com About Petersen Health Care Inc. SC Healthcare Holding, LLC, et al., comprise one of the largest nursing home operators in the United States and work in partnership with physicians, skilled nurses, and other health care providers in order to provide various healthcare and rehabilitation services for elderly citizens in Illinois, Missouri, and Iowa. SC Healthcare Holding, LLC, and its affiliates, including Petersen Health Care, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10443) on March 20, 2024. In the petition signed by David R. Campbell as authorized signatory, SC Healthcare disclosed up to $100 million to $500 million in assets and $100 million to $500 million in liabilities. Judge Hon. Thomas M. Horan oversees the case. Young Conaway Stargatt & Taylor, LLP, and Winston & Strawn LLP, serve as the Debtors' legal counsel. SEBASTIAN HABIB: Hires Seven Hills Auctions as Auctioneer --------------------------------------------------------- Sebastian Habib, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Seven Hills Auctions, LLC as auctioneer. The firm will appraise these services: a. 1758 Dunlap Avenue, East Point, Georgia 30344. b. 2701 Flintlock Place, Austell, Georgia 30106. c. 5038 Austell Powder Springs Road, Austell, Georgia 30106. d. 5034 Austell Powder Springs Road, Austell, Georgia 30106. e. 2764 Whitewater Court, Austell, Georgia 30106. f. 2324 Nelms Drive SW, Atlanta, Georgia 30315. g. 2231 Nelms Drive SW, Atlanta, Georgia 30315. h. 1744 Nathan Lane, Austell, Georgia 30106. i. 6286 Lobelia Drive, Mableton, Georgia 30126. j. 567 Center Hill Avenue NW, Atlanta, Georgia 30318. k. 950 Lake Drive, Snellville, Georgia 30039. l. 2206 Clay Road, Austell, Georgia 30106. m. 865 Old Rocky Road SW, College Park, Georgia 30349. n. 1905 Connally Drive, East Point, Georgia 30344. o. 7085 Winkfield Place, College Park, Georgia 30349. p. 2610 Northfield Court, College Park, Georgia 30349. q. 2274 Nelms Drive SW, Atlanta, Georgia 30315. r. 6405 Kensington Court, Austell, Georgia 30106. s. 6240 Humphries Hill Road, Austell, Georgia 30106. t. 2330 Nelms Drive SW, Atlanta, Georgia 30315. u. 3655 Sulene Drive, College Park, Georgia 30349. v. 4140 Huntcliff Drive, Woodstock, Georgia 30189. w. 2318 Nelms Drive SW, Atlanta, Georgia 30315. The Debtor shall pay compensation to auctioneer consisting of a 10 percent commission of the "high bid" sale price per property consisting of the buyer's premium. Seven Hills Auctions is a "disinterested person" as defined by Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: William C. Lee, III Seven Hills Auctions, LLC 3110 Capital Circle NE, Suite 200 Tallahassee, FL 32308 Tel: (800) 742-9165 info@7Hauctions.com About Sebastian Habib, LLC Sebastian Habib LLC is a domestic limited liability company headquartered in Woodstock, Georgia. Sebastian Habib LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50148) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. Adam E. Ekbom, Esq. of Jones & Walden LLC represents the Debtor as counsel. SENDLER FAMILY: Seeks to Hire Elevate Law Group as Legal Counsel ---------------------------------------------------------------- Sendler Family Truss Ltd seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Elevate Law Group as its general bankruptcy counsel. The firm's services include: (i) consulting with it concerning the administration of the case; (ii) advising it with regard to its rights, powers and duties as a debtor in possession; (iii) investigating and, if appropriate, prosecuting on behalf of the estate claims and causes of action belonging to the estate; (iv) advising it concerning alternatives for restructuring its debts and financial affairs pursuant to a plan or, if appropriate, liquidating its assets; and (v) preparing the bankruptcy schedules, statements and lists required to be filed by the Debtor under the Bankruptcy Code and applicable procedural rules. The firm will be paid at these rates: Nicholas J. Henderson, Partner $540 per hour Alex C. Trauman, Partner $540 per hour Troy G. Sexton, Partner $465 per hour Jeremy Tolchin, Associate $450 per hour Sean Glinka, Associate $450 per hour Ryan Ripp, Associate $310 per hour Noah Maurer, Associate $310 per hour Leona Yazdidoust, Associate $290 per hour Paralegals, Paralegal $210 per hour The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Troy Sexton, a partner at Elevate Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Troy G. Sexton, Esq. Elevate Law Group 6000 Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel:(503) 417-0508 E-mail: troy@elevatelawpdx.com About Sendler Family Truss Ltd Sendler Family Truss Ltd filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Oregon Case No. 25-31097) on April 1, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge David W Hercher presides over the case. Troy G. Sexton, Esq. at Elevate Law Group represents the Debtor as counsel. SERVANT GROUP: James Cross Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 14 appointed James Cross, Esq., at Cross Law Firm, PLC as Subchapter V trustee for The Servant Group, LLC. Mr. Cross will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cross declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Cross, Esq. Cross Law Firm, PLC P.O. Box 45469 Phoenix, AZ 85064 Phone: 602-412-4422 Email: jcross@crosslawaz.com About The Servant Group based in Surprise, Ariz., The Servant Group, LLC specializes in providing nursing-supported residential homes for adults and children with developmental disabilities. It offers a variety of home and community-based services, including adult day care, adult day health care, home health aide, personal care, respite care, and visiting nurse services. The Servant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-02541) on March 25, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Brenda K. Martin handles the case. The Debtor is represented by Patrick Keery, Esq., at Keery McCue, PLLC. SFP – TAMPA I: Fitch Alters Outlook on 'BB+' Rating to Negative ----------------------------------------------------------------- Fitch Ratings has affirmed SFP - Tampa I LLC's (SFP) $113.5 million series 2024A-1 student housing revenue bonds (tax-exempt) and $13.1 million series 2024A-2 student housing revenue bonds (taxable) at 'BB+'. The Rating Outlook has been revised to Negative from Stable. The Negative Outlook reflects the significantly weaker than expected occupancy rates at the student housing facility in fiscal 2025 which raise uncertainty regarding how quickly occupancy will ramp up and at what level it will stabilize. Occupancy rates are projected to have fallen to 81% in fiscal 2025, substantially lower than Fitch's prior base and rating case occupancy assumptions of 95% and 93%, respectively. Occupancy rates in 2025 were negatively impacted by the facility's inability to capitalize on its affiliation and marketing agreements with the University of South Florida (USF; AA/Stable) and the University of Tampa (UT; A/Stable), respectively, given the timing of the transaction close in June 2024 when most students had already entered into lease agreements for the 2025 academic year. Delays and technical issues with the 2025 Free Application for Federal Student Aid (FAFSA) process, in addition to the opening of a new similarly sized student housing facility both on UT's campus and off, also contributed to the lower occupancy rates. These affects may be temporal, and increased collaboration with both UT and USF in the lead up to the 2025-2026 academic year has led to pre-leasing rates approximately 20% higher relative to the 2024-2025 academic year. However, a continuation of occupancy levels below 90% beyond fiscal 2025 would likely put downward pressure on the rating. The rating reflects the small, single facility nature of the project and its desirability and marketability to both upperclassmen at UT and graduate students at USF's health services campus. The relatively newly built project represents 551 off-campus beds in the thriving downtown Tampa market. Capital needs remain limited over the near to medium term. The project benefits from an operating reserve funded at approximately $506,000 as of March 2025 and a renewal and replacement fund with reserves above $250/bed that escalates with operating expenses annually. The project benefits from below market pricing with contractual annual rate increases of up to 3.5% without university approval. The strength of the Tampa market, together with the facility's affiliation and affiliation and marketing agreements with USF and UT, respectively, are expected to return the facility's occupancy levels to higher levels into the future. Fitch's rating case average lifetime debt service coverage ratio (DSCR) of 1.6x, together with an average 10-year DSCR of 1.3x, supports the rating. KEY RATING DRIVERS Revenue Risk - Volume - Midrange The project represents a single-site, preferred off-campus facility in downtown Tampa. It benefits from affiliation and marketing agreements with USF Health and UT, respectively, and can also be leased to other accredited universities in the greater Tampa Bay area subject to certain conditions. The USF affiliation agreement ensures alignment of incentives via revenue sharing, marketing clauses preferential to the project, and facility handover to USF at the end of the 35-year term. Enrollment trends have been largely stable at USF and stable to increasing at UT. Fitch considers the agreements as providing some support for ongoing student use of the facility, but the agreements do not provide for volume guarantees. While there is the risk of competition from other developments in the area, the project's desirability and existence of sufficient market demand partially offset this risk. Revenue Risk - Price - Midrange Project revenues are primarily derived from student housing rentals (approximately 85%), with additional revenues from both student and hotel contract parking in the building as well as retail rent from a first-floor café. The agreements allow for annual housing rate increases of up to 3.5% without requiring university approval. Increases above 3.5% are possible without university approval in the event coverage is expected to fall below the 1.2x rate covenant. As a non-profit, the project's rental rates are set below market, and are therefore more attractive to the student population. Infrastructure Dev. & Renewal - Stronger The Henry is a luxury 23-story multipurpose student housing property that opened for the fall 2021 semester. Management does not expect the building to have substantial near-to-medium-term capital needs given its relatively young age. The operating reserve, which is currently funded at approximately $506,000, is expected to reach its target balance of $1 million during fiscal 2026. The transaction also maintains a renewal and replacement fund of approximately $150 thousands, equal to approximately $272/bed. Deposits to the renewal and replacement fund escalate annually in line with operating expenses. A condition assessment is required at least every five years to determine the repair and replacement fund requirement. Cashflows in excess of those needed to achieve 1.2x senior DSCR and to pay subordinate interest expense are expected to provide an additional 25% of annual surplus revenues for maintenance, operation and preservation the project beyond those in the waterfall. Debt Structure - 1 - Stronger The security and structural features of the SFP's debt obligations are like other investment-grade student housing transactions. The rated debt is senior lien, fixed rate, fully amortizing with a 12-month debt service reserve fund sized to maximum annual debt service (MADS). The stronger features are slightly offset by a 1.2x rate covenant and additional bonds requirement, which are low relative to peers, but the ABT does require a rating affirmation by all agencies then rating the debt. The overall debt structure also includes slightly more than 16% of subordinate debt (not rated by Fitch), structured as interest only through bullet repayment in 2059. This debt is fully subordinate to the rated debt, with no cross default or acceleration between the senior and subordinate liens. Financial Profile Fitch's rating case incorporates the projected low occupancy level of 81% in fiscal 2025 but assumes occupancy rebounds to 90% in fiscals 2026 and 2027. Occupancy in the rating case is then assumed to remain at 93% over the remainder of the life of the debt. The rating case also assumes annual bed rate increases of 3% and annual operating expense increases of 4%. These assumptions result in average Fitch-calculated DSCR over the life of the debt of 1.6x, with an extended period of lower coverage around 1.3x over the next 10 years. Leverage is elevated at above 21x in fiscal 2025 and only declines slightly to below 16x by 2029 given the interest-only structure on the series 2024A-1 until 2036. PEER GROUP Fitch's most comparable peer is a private transaction for a student housing project (BBB-/Stable) with on-campus units at a single-site U.S. university. Historical occupancy levels are above The Henry occupancy levels at around 92%. Annual revenues at the peer facility are significantly higher given the much larger number of beds; however, revenue/bed is significantly lower reflecting the newness of The Henry together with the strength of the Tampa market. The Henry is a preferred off-campus facility and represents a much smaller percentage of available housing stock. However, this is partially offset by the lack of comparable supply for graduate and upperclassmen in Tampa. Ten-year average and lifetime Fitch rating case DSCRs are slightly higher at the peer facility resulting in a one-notch rating differential. Fitch publicly rates CDFI Phase I LLC - University of Tennessee at Chattanooga (BBB/Stable), another single-asset project comprised of units at one U.S. university. CDFI is an on-campus facility, comprising approximately half of the university's housing stock, with historical occupancy near 100%. However, the asset is much older at approximately 20 years old. CDFI's DSCR has averaged approximately 1.6x in recent years, positioning it solidly as investment grade as compared to SFP-Tampa's weaker projected coverage profile at 1.3x over the next 10 years. Amplify Lubbock (BB-/Stable) is also a comparable single-site, student housing purpose-built project near Texas Tech. SFP's higher rating reflects the strength of the Tampa market relative to Lubbock's, the existence of marketing and affiliation agreements with UT and USF, greater flexibility with respect to pricing, larger per bed capital set aside and superior financial metrics with average lifetime Fitch calculated senior DSCR of 1.6x compared to 1.3x for Amplify Lubbock. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Absent mitigating actions, occupancy levels below 90% and or/increases in costs that result in a sustained Fitch rating case DSCR below 1.3x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Over the next one to two years, a return to a Stable Outlook will depend on demonstrating improvements in occupancy that signal a high likelihood of stabilized occupancy levels in excess of 90%; - Any combination of occupancy level increases, rate increases, or cost management that result in sustained Fitch rating case DSCR above 1.5x. SECURITY The bonds are secured by a first-lien mortgage on the land and project, together with a security interest in project revenues and assets. Pledged revenues include those from parking and retail as well as from student housing rents. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- SFP - Tampa I LLC SFP - Tampa I LLC/Housing Revenues - First Lien/1 LT LT BB+ Affirmed BB+ SHAHINAZ SOLIMAN: Court OKs Deal to Use SBA's Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation allowing Shahinaz Soliman Clinic Corp. to use the cash collateral of the U.S. Small Business Administration. The stipulation authorizes the Debtor to use the agency's cash collateral, including cash and revenue, from April 11 to July 31 to pay its business expenses. To protect SBA's interests, the agency will be granted a replacement lien on post-petition revenues to the extent that the original collateral is diminished. In addition, the Debtor must make monthly payments of $2,140 to SBA beginning this month as additional protection. Prior to its Chapter 11 filing, the Debtor took out a $2 million COVID Economic Injury Disaster Loan from SBA, secured by all of the Debtor's personal property. As of the bankruptcy filing, about $2.05 million was owed on the SBA loan. About Shahinaz Soliman Clinic Corp. Shahinaz Soliman Clinic Corp., doing business as Soliman Care Family Practice Center Inc., is a family practice health center that offers comprehensive healthcare services for individuals of all ages, from pediatrics to geriatrics. The clinic specializes in both acute and chronic care, focusing on prevention, diagnosis, and holistic treatment. Led by Dr. Shahinaz Soliman, the center is committed to providing compassionate, culturally competent, and patient-centered care to the community. Shahinaz Soliman Clinic Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12747) on April 2, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Barry Russell handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SHOREVIEW HOLDING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Shoreview Holding 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.: 25-10566 Judge: Hon. Shad Robinson Debtor's Counsel: Stephen J. Humeniuk, Esq. TROUTMAN PEPPER LOCKE LLP 600 Congress Ave., Suite 2200 Austin TX 78701 Tel: (512) 305-4700 Email: stephen.humeniuk@troutman.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Monte Lee-Wen as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/77X262I/Shoreview_Holding_LLC__txwbke-25-10566__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ally Waste Services Trade Debt $10,320 2509 S. Power Rd. Ste 101 Gilbert, AZ 85296 Tel: (877) 689-2559 2. Casoro Group Trade Debt $6,860 Highway 320 Austin, TX 78759 3. Chadwell Supply, Inc. Trade Debt $2,523 5115 Joanne Kearny Blvd Tampa, FL 33619 Tel: (888) 341-2423 4. Cintas Fire Protection Trade Debt $10,616 PO Box 636525 Cincinnati, OH 45263-6525 5. City of Bradenton Trade Debt $12,001 Water and Sewer Department P.O. Box 1339 Bradenton, FL 34206-1339 6. CoStar Realty Information, Inc. Trade Debt $8,076 2563 Collection Center Dr. Chicago, IL 60693 7. Crown Roofing LLC Trade Debt $4,878 240 Field End St Sarasota, FL 34240 Tel: (855) 276-9655 8. Flanagan Bilton, LLC Trade Debt $28,126 1 N La Salle St, Ste 2100 Chicago, IL 60602 9. Flooring - Sherwin Williams Trade Debt $4,641 101 W. Prospect Avenue Cleveland, OH 44115 10. FPL Energy Services Trade Debt $4,573 PO Box 25426 Miami, FL 33102 Tel: (877) 375-4674 11. Group Fenix LLC Trade Debt $4,390 9024 Hogans Bend Tampa, FL 33647 Tel: (786) 678-2044 12. Investcor Capital, LLC Trade Debt $4,547 3001 RR 620 S, Suite #324 Austin, TX 78738 13. Matrix Turnkey Inc. Trade Debt $5,248 PO Box 4124 Brandon, FL 33509 Tel: (813) 478-3717 14. Michael's Fence Trade Debt $6,550 2523 W Knollwood St Tampa, FL 33614-4373 15. Precision Gate & Security, Inc. Trade Debt $5,123 350 W Venice Ave. #153 Venice, FL 34285 Tel: (813) 404-6278 16. ResProp Management Trade Debt $26,354 Company, LLC 1101 W. 34th St. #323 Austin, TX 78705 17. Right Way Elevator Maintenance Trade Debt $5,552 9790 16th Street North St. Petersburgh, FL 33716 Tel: (727) 348-6966 18. Sapphire Cleaning LLC Trade Debt $9,440 1014 24th St E Palmetto Fl 34221-2733 19. Tower Compactor Rentals, LLC Trade Debt $3,076 6910 E. Chauncey Lane Suite 130 Phoenix, AZ 85054 Tel: (602) 200-3426 20. Valet Living, LLC Trade Debt $11,572 Dept #9791 PO Box 850001 Orlando, FL 32885-9791 Tel: (844) 422-4675 SILICON VALLEY: Successor Sues IRS Over $41.3MM Tax Dispute ----------------------------------------------------------- Tristan Navera of Bloomberg Law reports that SVB Financial Trust, the successor to Silicon Valley Bank (SVB), is disputing $41.3 million in tax adjustments imposed by the IRS for the years leading up to the bank's 2023 collapse and bankruptcy filing. The trust, which serves as the liquidating entity for New York-based SVB Financial Group, filed a petition with the U.S. Tax Court after receiving IRS notices adjusting several tax items from 2020 through 2022. In June 2024, the IRS initially assessed nearly $645 million in additional taxes, according to the trust's April 1, 2025 petition. While about $600 million of that—related to 2022—has since been resolved, the trust is challenging the remaining assessments: $14.6 million for 2020 and $26.7 million for 2021. These disputes center around disallowed deductions, primarily linked to restructuring costs associated with SVB's acquisition of Boston Private Financial Holdings Inc. For 2020, the IRS also denied certain charitable contributions, a capital loss from a partnership liquidation, and research tax credits under IRC Section 41, increasing the bank's taxable income by $45.6 million that year and by $24 million in 2021, according to Bloomberg Law. SVB Financial Trust claims it is owed a $64.5 million tax credit and is asking the court to rule that no further taxes are due, the report states. Although the IRS previously adjusted the bank's 2022 income upward by $9.3 billion—triggering a $605 million tax liability—the two parties later reached an agreement that no deficiency would be assessed. However, the IRS has not yet issued a revised notice to reflect that settlement, the trust says. Once a prominent lender to tech startups with nearly $200 billion in assets, Silicon Valley Bank filed for Chapter 11 in March 2023 after rising interest rates forced the sale of a $21 billion bond portfolio at a $1.8 billion loss, triggering a run on deposits. The bank exited bankruptcy in November with SVB Financial Trust assuming control, Bloomberg Law reports. Litigation continues to follow the bank's failure. In January, the FDIC filed suit against several former SVB executives for alleged "egregious mismanagement." In March, a federal judge ruled that SVB and its successor entities could move forward with a $1.93 billion claim against the FDIC for funds seized during the bankruptcy process, the report states. The IRS declined to comment. SVB is represented by Sullivan & Cromwell LLP. The case is SVB Financial Trust v. Commissioner, T.C. No. 4076-25. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. SILVER AIRWAYS: Gets Interim OK for DIP Loan From KIA II -------------------------------------------------------- Silver Airways, LLC and Seaborne Virgin Islands, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to obtain post-petition financing and use cash collateral. The interim order penned by Judge Peter Russin approved the $5.5 million in secured post-petition financing from KIA II LLC, a Delaware-based lender affiliated with the proposed purchaser of the Debtors' assets. Of this $5.5 million loan, $3 million will be made immediately available to the Debtors. The DIP facility is due and payable on the earliest to occur of: (a) six months from the Closing Date, or (b) the closing of a Sale Transaction; (c) the effective date of a confirmed Acceptable Plan, or (d) the date of acceleration of the Loans or termination of the Commitment by the Lender following an Event of Default. The DIP loan bears a fixed 13% interest rate (15% default rate) and includes a 5% commitment fee and a 5% exit fee. The proceeds will be used for working capital, administrative expenses (including professional fees), and other operating costs strictly in accordance with a DIP budget. The DIP lender will receive a senior, priming lien on substantially all of the Debtors' existing and future assets and a superpriority administrative expense claim, subject only to a carve-out for U.S. Trustee fees and professional fees. Prepetition secured lenders -- Brigade Agency Services LLC and Argent Funding, LLC -- do not oppose the relief and have consented to the priming of their liens in exchange for adequate protection. These protections include replacement liens and superpriority claims to the extent of any diminution in value of their collateral. As of late December 2024, the Debtors owed approximately $187.4 million to Brigade and $211.8 million to Argent, and both creditors hold valid and perfected liens on nearly all of the Debtors' assets. A final hearing is scheduled for May 7. About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on December 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq. at Blank Rome, LLP. SILVER CAPITAL: Settles Shareholder Lawsuit for $37.5 MM -------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Silvergate Bank's parent company has agreed to a $37.5 million settlement to resolve a shareholder class action as part of a broader bankruptcy court agreement over the distribution of director and officer insurance funds. On Tuesday, April 22, 2025, Silvergate Capital Corp. requested that the U.S. Bankruptcy Court for the District of Delaware approve the global settlement, saying it would avoid "complex, expensive, and uncertain litigation" and allow the company to move forward with its Chapter 11 liquidation process, the report states. About Silvergate Capital Corporation Silvergate Capital Corporation is a Maryland corporation headquartered in La Jolla, Calif. Until July 1, 2024, it was a bank holding company subject to supervision by the Board of Governors of the Federal Reserve. Silvergate Capital Corporation filed voluntary Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-12158) on Sept. 17, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Elaine Hetrick as chief administrative officer. Judge Karen B. Owens oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A. represents the Debtor as legal counsel. SIRENS SONG: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Sirens Song Marketing, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Alabama to use cash collateral. The interim order penned by Judge Jerry Oldshue authorized the Debtor to use cash collateral, including receivables and proceeds, until May 6 based on its budget, with a 10% permitted variance. Creditors with interests in the cash collateral will be provided with protection in the form of a replacement lien on the Debtor's assets similar to their pre-bankruptcy collateral. A final hearing is scheduled for May 6. The Debtor intends to use cash collateral to fund essential business operations as detailed in its budget. Expenses to be paid include wages, contractor payments, rent, utilities, laundry supplies, equipment loans, and other standard operating costs, along with administrative expenses associated with the bankruptcy. Following the loss of its largest client in 2024—who had accounted for around 60% of the company's business—the Debtor has struggled financially, borrowed operating capital, and is now seeking to use cash collateral to sustain operations. The Debtor relies heavily on independent contractors and supplies its clients with linens and cleaning products. Most of its clients pay electronically through platforms like PayPal, Venmo, Square, Stripe, or Intuit. On the petition date, the Debtor had approximately $5,437 in accounts receivable and only $573 in cash on hand. Several creditors, including Headway Capital, Square Financial Services, Spring Funding, RDM Capital Funding (d/b/a Fintap), MainPoint Solutions, and Stripe, assert secured claims against the Debtor’s accounts receivable and/or cash. However, none of these entities are currently listed as secured parties in UCC-1 filings with the Alabama Secretary of State. The Debtor is still investigating whether any filings were made on their behalf by third-party agents such as Corporation Service Company or CT Corporation. Notably, before the bankruptcy filing, Fintap and MainPoint issued UCC lien notices to the Debtor's payment processors, requesting client payments be diverted directly to them. This has created a significant hardship for the Debtor, interrupting cash flow and hindering its ability to pay operating expenses. About Sirens Song Marketing Sirens Song Marketing, LLC provides cleaning and laundry services for vacation properties in Alabama's Gulf Coast and Gatlinburg, Tennessee. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-11041) on April 17, 2025. In the petition signed by Shields W. Smith Jr, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jerry C. Oldshue oversees the case. Alexandra K. Garrett, Esq., at Silver Voit Garrett & Watkins, represents the Debtor as legal counsel. SK INDUSTRIES: Hires Professional Management as Accountant ---------------------------------------------------------- SK Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Georgia Evans of Professional Management Systems, Inc. as accountant. Ms. Evans will provide tax advice and accounting/bookkeeping services to the Debtor. Ms. Evans' rate is $85 per hour for services provided. As disclosed in the court filings, Ms. Evans has no connections with any creditors or parties in interest. The firm can be reached through: Georgia Evans Professional Management Systems, Inc. 4590 Coach Ln Chipley, FL 32428 Tel: (850) 441-2000 About SK Industries, LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025, listing between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. SOLEPLY LLC: Natasha Songonuga Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Natasha Songonuga, Esq., at VTrustee, LLC as Subchapter V trustee for Soleply, LLC. Ms. Songonuga will be paid an hourly fee of $450 for her services as Subchapter V trustee and an hourly fee of $185 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Songonuga declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Natasha Songonuga, Esq. VTrustee LLC PO Box 841 Wilmington, DE 19899 Email: Nsongonuga@VTrusteellc.com About Soleply LLC Soleply, LLC is a retailer specializing in premium sneakers and streetwear, operates both online (soleply.com) and physical stores including its main location in Cherry Hill, N.J. It sells a variety of branded footwear including Nike Dunks, Air Jordans, ASICS Gel-Kayano models, and adidas Yeezy products, along with high-end streetwear from brands like Fear of God Essentials, Denim Tears, and Bravest Studios. Soleply sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12919) on March 21, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown, LLC. SOUTH REGENCY: Committee Taps Conroy Baran LLC as Legal Counsel --------------------------------------------------------------- The official committee of unsecured creditors of South Regency Shops, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Conroy Baran, LLC to serve as legal counsel. The firm's services include: (a) advising the Committee with respect to its rights and obligations and other matters of bankruptcy law; (b) representation of the Committee at hearings on the plan of reorganization, disclosure statement, confirmation and related hearings, and any adjourned hearings thereof; (c) representation of the Committee in adversary proceedings and other contested bankruptcy matters; and (d) representation of the Committee in the above matters, and any other matters that may arise in connection with Debtor's reorganization proceeding. The firm's hourly rates are: Robert S. Baran $317 Paralegal rates $105 to $168 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert S. Baran, Esq., a partner at Conroy Baran, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Baran, Esq. Conroy Baran, LLC 1316 Saint Louis Ave., 2nd FL Kansas City, MO 64101 Tel: (816) 616-5009 Email: rbaran@conroybaran.com About South Regency Shops LLC South Regency Shops, LLC owns a shopping center situated at 9296 Metcalf Avenue in Overland Park, Kan., with an estimated current value of $810,000. South Regency Shops filed Chapter 11 petition (Bankr. D. Kan. Case No. 25-20140) on February 10, 2025, listing total assets of $817,347 and total liabilities of $2,578,359. Judge Dale L. Somers handles the case. The Debtor is represented by Colin Gotham, Esq. at Evans & Mullinix, P.A. SOUTHWEST FT WORTH: Section 341(a) Meeting of Creditors on May 30 ----------------------------------------------------------------- On April 23, 2025, Southwest Ft Worth Memory Care LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. 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 not be available to unsecured creditors. A meeting of creditors Section 341(a) to be held on May 30, 2025 at 09:30 AM by TELEPHONE. About Southwest Ft Worth Memory Care LLC Southwest Ft Worth Memory Care LLC, 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. Southwest Ft Worth Memory Care LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. SWC INDUSTRIES: OpCo Unsecureds Will Get 20% of Claims in Plan -------------------------------------------------------------- SWC Industries LLC and its affiliated debtors submitted a Disclosure Statement describing First Amended Joint Plan dated March 25, 2025. The Company operates its manufacturing and technology businesses through four distinct segments: (i) White Systems; (ii) CeraTek; (iii) Accu-Seal; and (iv) Ascent. Each segment is a leader in its respective field, offering innovative products and solutions to a diverse customer base, including, among others, Fortune 500 companies, healthcare providers, CPG businesses, heavy manufacturers, and government contractors. Each Holder of an Allowed Claim or Allowed Interest, as applicable, will receive under the Plan the treatment in full and final satisfaction, settlement, release, and discharge of and in exchange for such Holder's Allowed Claim or Allowed Interest, except to the extent less favorable treatment is agreed to by the Debtors and the Holder of such Allowed Claim or Allowed Interest, as applicable. Class A-4 consists of OpCo GUCs. Subject to the Affiliate Group Settlement, each holder of an OpCo GUC (excluding WCMC) will receive a Pro Rata share of the OpCo GUC Pool, which will be funded by the Plan Sponsor Payment and from certain assets excluded from the Plan Sponsor Transaction, after various senior claims and plan costs have been funded. This Class will receive a distribution of 20% of their allowed claims. Class B-5 consists of any Legacy GUCs. This Class will receive a distribution of 0% to 30% of their allowed claims. * (i) If Class B-6 (Legacy Asbestos Claims) votes to accept the Plan, each Holder of a Legacy GUC will receive its Pro Rata share of the Legacy GUC Pool, which will be funded with the unencumbered assets of such Legacy Debtor remaining after administrative and other senior claims have been paid in full, and the Plan Costs have been funded in full, plus any remaining portion of the Environmental Reserve; in such case, the Legacy GUC Pool will not include any Asbestos Insurance, and the Liquidating Trustee will not account for any Legacy Asbestos Claims when calculating each Holder's Pro Rata share. * (ii) If Class B-6 (Legacy Asbestos Claims) does not vote to accept the Plan, each Holder of a Legacy GUC will receive its Pro Rata share of the Legacy GUC Pool, which, in such case, will include the Asbestos Insurance, and the Liquidating Trustee will include both Legacy GUCs and Legacy Asbestos Claims when calculating each Holder's Pro Rata share. Upon consummation of the Plan and the Plan Sponsor Transaction(s), it is anticipated that the OpCo Debtors' ongoing businesses and related assets will vest in the Reorganized Debtors, which will be owned directly or indirectly by the Plan Sponsor(s), and the Debtors' remaining assets, including real property, Causes of Action, and cash, will be transferred to the Creditor Trust(s) for administration and liquidation pursuant to the Plan. The Legacy Debtors (which are not being sold to the Plan Sponsor(s)) will cease to exist on the Effective Date, and their Estates (including all assets and liabilities under the Plan and applicable law) will vest in the Liquidating Trust. However, if Class B-6 (Legacy Asbestos Claims) votes in favor of the Plan, the Legacy Debtors' rights and liabilities relating to the Asbestos Insurance and Asbestos Claims will vest in the Asbestos Trust. The insurance rights of the Legacy Debtors that will vest in the Creditor Trust(s) include and are subject to all obligations provided for in the applicable insurance policies. Unless otherwise specified herein, all Cash required for the payments to be made hereunder shall solely be obtained from (i) Retained Cash, (ii) the Plan Sponsor Payment, (iii) Asbestos Insurance, and (iv) any proceeds of Retained Assets. The Cure Costs on account of Assumed Contracts assumed by the Reorganized Debtors and distributions to be made on account of OpCo Trade Claims will be paid directly to the applicable recipients by the Plan Sponsor and shall not be an obligation of any Debtor or its Estate. A full-text copy of the Disclosure Statement dated March 17, 2025 is available at https://urlcurt.com/u?l=rHfova from Stretto, Inc., the claims agent. Counsel to the Debtors: C. Luckey McDowell, Esq. Ian E. Roberts, Esq. ALLEN OVERY SHEARMAN STERLING US LLP 2601 Olive Street, 17th Floor Dallas, TX 75201 Phone: (214) 271-5777 Email: luckey.mcdowell@aoshearman.com ian.roberts@aoshearman.com Robert G. Harris, Esq. Reno Fernandez, Esq. Binder Malter Harris & Rome-Banks LLP 2775 Park Avenue Santa Clara, CA 95050 Telephone: (408) 295-1700 Email: rob@bindermalter.com About SWC Industries LLC With principal operations in California and Massachusetts, SWC Industries LLC manufactures a range of innovative sealing and logistics equipment -- and offers related services -- that create efficiencies and reduce costs across multiple industries. In addition, the Company's San Diego-based business designs and develops a full suite of software designed to improve warehouse operations. SWC Industries LLC and 12 affiliates sought Chapter 11 protection (Bankr. N.D. Cal. Lead Case No. 24-51721) on Nov. 13, 2024. SWC listed assets and debt of $50 million to $100 million as of the bankruptcy filing. The Debtors tapped Allen Overy Shearman Sterling US LLP as lead restructuring counsel; Binder Malter Harris & Rome-Banks LLP as restructuring co-counsel and local counsel; Getzler Henrich & Associates LLC as financial advisor; and Gordian Group, LLC, as investment banker. Stretto, Inc., is the claims agent. SWEET TRUCKING: Section 341(a) Meeting of Creditors on May 21 ------------------------------------------------------------- On April 21, 2025, Sweet Trucking Co. LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Tennessee. According to court filing, the Debtor reports $1,471,49 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 10:00 AM by telephone: 877-647-0236, passcode 1558052. About Sweet Trucking Co. LLC Sweet Trucking Co. LLC is a family-owned transportation company based in Knoxville, Tennessee, specializing in hauling heavy equipment locally and across state lines. The Company operates a fleet of trucks, tractors, and trailers and employs a team of drivers to manage logistics and transport. It provides various trailer types, including flatbeds, lowbeds, and gooseneck trailers, serving construction and industrial clients. Sweet Trucking Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-30765) on April 21, 2025. In its petition, the Debtor reports total assets of $1,293,647 and total liabilities of $1,471,498. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Keith Edmiston, Esq. at CLARK & WASHINGTON, PC. TERRA LAKE: Section 341(a) Meeting of Creditors on June 2 --------------------------------------------------------- On April 23, 2025, Terra Lake Heights LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. 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. A meeting of creditors under Section 341(a) to be Held on June 2, 2025 at 10:00 AM by TELEPHONE. About Terra Lake Heights LLC Terra Lake Heights LLC is a limited liability company. Terra Lake Heights LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14464) on April 23, 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 Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. TEXAS HEALTH: Seeks to Hire Lane Law Firm PLLC as Legal Counsel --------------------------------------------------------------- Texas Health Foundation, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigate the extent and validity of lien and claims, and participate in and review any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and protect the interests of Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel will be paid at these hourly rates: Robert Lane, Partner $595 Associate Attorney $450 to $500 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments for its retainer from the Debtor in the amount of $35,000 on multiple dates from Feb. 24, 2025 through March 21, 2025. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Texas Health Foundation Inc. Texas Health Foundation Inc., operating as Texas Center for Health, provides a wide range of healthcare services with a focus on both women's and men's health. The center specializes in areas such as obstetrics, gynecology, hormone replacement therapy, infertility treatments, weight loss programs, and aesthetic services like injectables and skincare. With a commitment to patient-centered care, the practice strives to offer tailored healthcare in a comfortable and efficient setting, including the convenience of telehealth options. Texas Health Foundation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10143) on April 3, 2025. In its petition, the Debtor reported total assets of $649,918 and total liabilities of $3,245,968. The Debtor is represented by Robert C. Lane, Esq. at The Lane Law Firm, PLLC. THERMOPRO INC: Hires Thompson O'Brien Kappler & Nasuti as Counsel ----------------------------------------------------------------- ThermoPro Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Thompson, O'Brien, Kappler & Nasuti, P.C. as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession in the continued management and operation of its business; (b) take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; (c) prepare on behalf of the Debtor all applications, motions, answers, orders, reports, memoranda of law and other papers in connection with the Subchapter V case; (d) negotiate and prepare on behalf of the Debtor a plan of reorganization and all related documents; (e) negotiate and prepare documents relating to the disposition of assets, as requested by the Debtor; (f) advise the Debtor, where appropriate, with respect to federal and state regulatory matters; (g) advise the Debtor on finance, and finance-related matters and transactions, and matters relating to the sale of the Debtor's assets, if needed; (h) assist in examination of the claims of creditors; (i) perform those legal services and other actions incidental and necessary to the day-to-day operations of Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business legal advice and assistance; and (j) perform such other legal services incident to the proper preservation and administration of Debtor's estate and business as may be necessary and appropriate. The firm will be paid at these rates: Partners $465 to $500 per hour Associates $250 to $350 per hour Of Counsel $460 per hour Paralegals $175 to $195 per hour Law Clerks $175 per hour Legal Assistants $150 per hour The firm received a pre-petition retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Pugh, Esq., a partner at Thompson, O'Brien, Kappler & Nasuti, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael B. Pugh, Esq. THOMPSON, O'BRIEN, KAPPLER & NASUTI, P.C. 2 Sun Court, Suite 400 Peachtree Corners, GA 30092 Tel: (770) 925-0111 Email: mpugh@tokn.com About ThermoPro Inc. ThermoPro Inc., d/b/a Prize Wheels R Fun, Games People Play, and The Golf Target, is a plastics thermoforming manufacturer based in the metro Atlanta, Georgia area, specializing in heavy gauge vacuum forming, pressure forming, drape forming, plastic fabrication, and secondary assembly. ThermoPro serves a wide range of industries, including office products, medical devices, recreational vehicles, kiosks, and more. Additionally, the Company offers design and development services to help clients create high-quality, engineered plastic parts. ThermoPro Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53612) on April 1, 2025. In its petition, the Debtor reports total assets of $2,127,245 and total liabilities of $1,634,653. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Michael Pugh, Esq. at THOMPSON, O'BRIEN, KAPPLER & NASUTI, P.C. TRS HOLDINGS: Case Summary & Unsecured Creditors ------------------------------------------------ Lead Debtor: TRS Holdings LLC d/b/a Ellie Ray's RV Resort 3349 NW 110th Street Branford, FL 32008 Business Description: TRS Holdings LLC, TRS Restaurant Holdings LLC, and Santa Fe Marina LLC operate recreational and hospitality services based in Branford, Florida. TRS Holdings manages Ellie Ray's RV Resort, while TRS Restaurant Holdings oversees the resort's bar and restaurant operations under the name Sturges at Ellie Ray's. Santa Fe Marina LLC provides boat storage and docking facilities on the Santa Fe River. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court Northern District of Florida Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- TRS Holdings LLC 25-10096 TRS Restaurant Holdings, LLC 25-10097 Santa Fe Marina LLC 25-10098 Debtors' Counsel: Bradley R. Markey, Esq. THAMES | MARKEY 50 North Laura Street Suite 1600 Jacksonville, FL 32202 Tel: 904-358-4000 Fax: 904-358-4001 E-mail: brm@thamesmarkey.law TRS Holdings LLC's Estimated Assets: $1 million to $10 million TRS Holdings LLC's Estimated Liabilities: $1 million to $10 million TRS Restaurant Holdings' Estimated Assets: $100,000 to $500,000 TRS Restaurant Holdings' Estimated Liabilities: $1 million to $10 million Santa Fe Marina LLC's Estimated Assets: $0 to $50,000 Santa Fe Marina LLC's Estimated Liabilities: $1 million to $10 million The petitions were signed by Thomas R. Sturgeon as manager. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/6XJCTWA/TRS_Holdings_LLC__flnbke-25-10096__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/66ZQQAA/TRS_Restaurant_Holdings_LLC__flnbke-25-10097__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7G2UBJY/Santa_Fe_Marina_LLC__flnbke-25-10098__0001.0.pdf?mcid=tGE4TAMA TWENTY FOUR HOUR: Unsecureds Owed $2.4M to Recover 0% in Plan ------------------------------------------------------------- Twenty Four Hour Dependable Medical Supplies, LLC submitted an Amended Plan of Reorganization under Subchapter V dated March 24, 2025. During the term of this Amended Plan, the Debtor shall submit the disposable income (or value of such disposable income) necessary for the performance of this Amended Plan to the creditors (the "Creditors") and shall pay the Creditors the sums set forth herein. The term of this Amended Plan begins on the date of confirmation of this Amended Plan and ends on the 60th month subsequent to the Effective Date. The value of the property to be distributed under the Amended Plan during the term of the Amended Plan is not less than the Debtor's projected disposable income for that same period. Unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately $0.00 cents on the dollar. The Amended Plan also provides for the payment of secured, administrative, and priority claims in accordance with the Bankruptcy Code. If the reorganized Debtor substantially defaults on the Amended Plan payments due to the IRS, then the outstanding balance is immediately due and payable. Payment shall be for the entire amount owed to the IRS under the Amended Plan. The IRS may collect these unpaid tax liabilities through the administrative collection provisions of the Internal Revenue Code. The Debtor shall assume its Medicare Supplier Agreement as of the effective date of the Amended Plan. Notwithstanding anything to the contrary in the Amended Plan or in the order confirming the Amended Plan, cure, for purposes of the assumption by the Debtor shall consist of the agreement by the Debtor to continue participation in the Medicare program in the ordinary course of business, and to be governed by, and subject to, the terms and conditions of its Medicare Supplier Agreement and the incorporated Medicare statutes, regulations, policies and procedures, and to remain liable for any debt to CMS as if the bankruptcy case had not occurred. The Debtor and McKesson Corporation, on behalf of itself and certain corporate affiliates, agree that McKesson's allowed claim of $1,249,731.25 shall be bifurcated based on the full and final valuation of McKesson's collateral of $200,00.00, which shall constitute the amount of McKesson's allowed secured claim, with the balance of $1,049,731.25 to be treated under this Plan as an allowed unsecured claim. On account of McKesson's allowed secured claim, the Debtor will pay McKesson weekly payments of $769.23 for sixty months (259 weekly payments of $769.23 and one payment of $769.43) directly debited from the Debtor's bank account, with the first payment being within thirty days of the Effective Date of the Amended Plan. Class 6 consists of General Unsecured Claims. The allowed unsecured claims total $2,419,438.47. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. Monthly income derived from the sales of company products will fund the administrative, secured, and priority creditors. The Debtor's income will support the Amended Plan, and no other funds are available. A full-text copy of the Amended Plan dated March 24, 2025 is available at https://urlcurt.com/u?l=JvUL6M from PacerMonitor.com at no charge. Attorney for the Debtor: Daniel A. Staeven, Esq. Frost & Associates, LLC 839 Bestgate Rd. Ste. 400 Annapolis, MD 21401 Tel: (410) 497-5947 E-mail: daniel.staeven@frosttaxlaw.com About Twenty Four Hour Dependable Medical Supplies Twenty Four Hour Dependable Medical Supplies offers home medical equipment and supplies. Twenty Four Hour Dependable Medical Supplies, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 24-13383) on April 23, 2024, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Cherylette Henderson as managing member. Daniel Staeven, Esq. at FROST LAW represents the Debtor as counsel. UNITED HAULING: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: United Hauling, LLC 5443 E. Skinner Dr. Cave Creek, AZ 85331 Business Description: United Hauling LLC, based in Cave Creek, AZ, specializes in providing horse transportation services. Founded in 2017, the Company offers both local and long- distance hauling options, utilizing specialized trailers designed to ensure the safety and comfort of horses during transit. Chapter 11 Petition Date: April 25, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-03680 Judge: Hon. Daniel P. Collins Debtor's Counsel: Krystal M. Ahart, Esq. KAHN & AHART, PLLC Bankruptcy Legal Center 301 E. Bethany Home Road, Suite C-195 Phoenix, AZ 85012-1266 Tel: 602-266-1717 E-mail: Krystal.Ahart@azbk.biz Total Assets: $1,498,601 Total Liabilities: $1,010,614 The petition was signed by Leah Delozier Smith 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/5XAKMHY/UNITED_HAULING_LLC__azbke-25-03680__0001.0.pdf?mcid=tGE4TAMA UNRIVALED BRANDS: Plan Exclusivity Period Extended to June 6 ------------------------------------------------------------ Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central District of California extended Unrivaled Brands, Inc., and Halladay Holding, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 4 and August 3, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have already filed a joint plan and disclosure statement, but those were filed prior to reaching a global settlement with Peoples. Given the outstanding contested matters and adversary proceedings, the Debtors are net yet prepared to formulate and finalize an amended plan and disclosure statement incorporating the global settlement until it has been fully documented and approved by order of the Court pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure. The Debtors claim that they have diligently sought to advance these cases since the Petition Date. However, given the numerous contested proceedings, including in successfully closing the Sale and the successful global settlement with the Settlement Judge. However, the Debtors need additional time to incorporate these developments into an amended plan and disclosure statement. The Debtors are operating in good faith and intend to work collaboratively with as evidenced by the Debtors' success on the global settlement. The Debtors cite that despite the fact that the Debtors only filed their bankruptcy cases less than four months ago, the Debtors have already made substantial progress in taking the first steps toward a liquidating plan. The Debtors have already closed the Sale of the Property and reached a global settlement with Peoples. The Debtors' Counsel: John Patrick M. Fritz, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: jpf@lnbyg.com About Unrivaled Brands Business Description: Unrivaled owns 100% membership interests in Halladay, and Halladay is Unrivaled's wholly owned subsidiary. Halladay's primary asset is a commercial real property building. Unrivaled Brands, Inc. in Downey, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-19127) on Nov. 6, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sabas Carrillo as chief executive officer, signed the petition. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. VASTAV INC: Seeks to Hire DeMarco·Mitchell PLLC as Counsel ----------------------------------------------------------- Vastav Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ DeMarco·Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; d. perform all other necessary legal services in connection with these proceedings; The firm will be paid at these rates: Robert T. DeMarco, Attorney $400 per hour Michael S. Mitchell, Attorney $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer in the amount of $16,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert DeMarco, Esq., a partner at Demarco·Mitchell PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Vastav Inc Vastav Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 202-41211) on April 2, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Mark X Mullin presides over the case. The Debtor is represented by Robert DeMarco, III, Esq., at DeMarco Mitchell, PLLC. VEREGY INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings affirmed Veregy Intermediate, Inc.'s corporate family rating at B3 and probability of default rating at B3-PD. Moody's also affirmed Veregy Consolidated, Inc.'s senior secured credit facilities (consisting of a $42.5 million revolving credit facility due November 2025 and a $239 million senior secured first lien term loan due November 2027 at B3 the outlooks remains stable. Phoenix, AZ headquartered Veregy provides energy efficiency design and implementation services for customers largely in the municipals space. "Although for the most recent reported quarter, the company generated approximately 25% revenue growth, which exceeded their internal budget, while generating free cash flow of $31 million as a result of earlier converted backlog orders and new orders, Moody's concerns about slowing new order demand and the company's narrow operating scope and small revenue size led to the B3 CFR and senior secured rating affirmations," said Michael Aroian, Moody's Ratings Vice President – Senior Analyst. RATINGS RATIONALE Veregy's B3 CFR is supported by decreased financial leverage, as measured by debt/EBITDA, which has improved from 5.0x for the year ended December 31, 2023 to about 4.0x for the twelve months ended September 30, 2024 and Moody's anticipations for generally stable to improving operating performance over the next 12 to 18 months. Moody's considers Veregy's liquidity profile as good, with strong free cash flow generation as measured by FCF/debt of 12.8% for the twelve months ended September 30, 2024 and a cash balance of $66 million as of September 30, 2024, providing additional rating support. All financial metrics cited reflect Moody's standard adjustments. Veregy's B3 CFR is constrained by EBITA to interest coverage which, while improved, is still below 2.25x, a history of aggressive financial policies including debt funded acquisitions and shareholder returns, as well as it's small scale on a revenue, profitability and cash flow basis, which leaves the credit profile more sensitive to small changes in demand and subsequent operating performance. Moody's are concerned about a potential slow-down in their revenue pipeline as a result of potential budget cuts by some of their key customers in the municipalities, universities, K-12 schools and hospitals segment who may delay or defer projects if there is reduced federal funding for energy efficiency programs. The company also anticipates higher expenses in 2025 for increased sales spend and supporting investments for future growth in other markets, potentially lowering near term profits and further pressuring the credit profile. Moody's assesses Veregy's liquidity profile to be good. Moody's estimates the company had approximately $62 million of cash as of December 31, 2024, which provides enough cushion for $2.5 million of annual mandatory debt amortization payments on its term loans. Moody's anticipates $20 million to $25 million a year in free cash flow in each of 2025 and 2026. Moody's do not consider the $42.5 million revolving facility expiring November 2025 as a source of liquidity since it is current. The company has stated that the revolving credit facility may be used in the future for working capital and general corporate purposes, including the financing of acquisitions and other investments. There are no financial maintenance covenants applicable to the term loan, but the revolver is subject to a springing total leverage ratio covenant of 8.5x should total borrowings exceed 35% or $14.7 million. Veregy's term loan matures in November 2027. The B3 senior secured revolver and term loan ratings are the same at the B3 CFR as they represent the preponderance of debt in Veregy's capital structure. The stable outlook reflect Moody's expectations for EBITDA margins of around 14%, revenue growth maintained in a mid-single digits percentage range and debt/EBITDA stabilizing at about 4.0x over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded over time if Veregy expands its revenue scale over $500 million, sustains debt to EBITDA below 5.5x, free cash flow to total debt above 5%, sustained EBITA to interest above 1.75x, extends its debt maturity profile and maintains good liquidity. The ratings could be downgraded if Moody's anticipates revenue or EBITA margins to decline from current levels from increased competition, rising costs, or other factors, negative free cash flow to debt, debt to EBITDA sustained above 6.5x, aggressive financial policies including debt funded acquisitions or shareholder returns or a deterioration in liquidity. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Veregy is privately held by affiliates of Court Square Capital Partners. Moody's estimates 2024 revenue was approximately $400 million. VILLAGE ROADSHOW: Taps SOLIC Capital as Investment Banker --------------------------------------------------------- Village Roadshow Entertainment Group USA Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ SOLIC Capital Advisors, LLC and SOLIC Capital, LLC as investment banker. SOLIC will render these services: (a) assessing a range of strategic alternatives that may be available to the Company and providing advice to the Debtor's senior management team and the Board and assist with the development and expedited execution of a plan designed to preserve and enhance enterprise value, including a sale of the Company and/or its assets, along with any potential capital placement or restructuring alternatives in order to maximize value for the Debtor's stakeholders; (b) reviewing the Debtor's existing sale process and current negotiations with any potential buyers/investors; (c) reviewing the Debtor's historical financial results, financial projection models, capital requirements and impact of Company initiatives and/or capital events resulting from the pursuit of strategic alternatives; (d) reviewing the Debtor's debt and equity transaction documents and all current, pending and contingent creditor claims and liabilities; (e) reviewing the Debtor's film library, current business plan and supporting financial forecast model; (f) preparing, if necessary, an offering memorandum and/or making any necessary modifications to any existing investor materials; (g) facilitating the transfer of communication and negotiation of any existing investor/acquiror discussions and identifying, contacting, and introducing any incremental potential investors in and/or acquirers of the Company; (h) negotiating with prospective financing (if necessary), investor and/or buyer parties through consummation of a transaction; and (i) assisting the Company and its other advisors in the negotiation of any restructuring transactions with its lenders, securitization bondholders, creditors, joint-venture partners, equity holders and/or other key stakeholders, including development of any appropriate analysis and materials. SOLIC will be paid at these rates: 1. SOLIC will receive $100,000 monthly, effective Feb. 3, 2025, for investment banking services. 2. Upon the closing of a Sale Transaction SOLIC will be paid: a. Upon the closing of a Sale Transaction of the Company's existing Film Library assets SOLIC will be immediately paid via wire transfer an amount equal to (x) $1,500,000 plus (y) 15 percent of the Aggregate Gross Consideration ("AGC") in excess of the stated value of the initial Stalking Horse Agreement as proposed and filed in connection with the bid procedures motion submitted to the Court. b. Upon the closing of a Sale Transaction6 of the Company's Derivative Rights and, or Studio Assets, SOLIC will be immediately paid via wire transfer an amount equal to the greater of: (i) $500,000 and (ii) 5 percent of the Aggregate Gross Consideration ("AGC"). For the avoidance of doubt, if both the Derivatives and Studio assets are sold, the aggregate minimum fee is $500,000 and if only one asset is sold, the minimum fee is $500,000. 3. Upon the closing of a Capital Placement Transaction7 SOLIC will earn and be immediately paid via wire transfer a capital placement fee (the "Capital Placement Transaction Fee") in an amount equal to 1 percent of the total face amount of all senior secured debt raised by the Company; 3 percent of the total face amount of all subordinated debt financing raised by the Company; and 5 percent of the total face amount of all equity capital raised by the Company from a financing or investor party. 4. Upon the closing of a Restructuring Transaction the Company agrees that SOLIC will be paid via wire transfer a restructuring transaction fee in the amount equal to (x) $1,500,000 plus (y) 15 percent of the AGC in excess of the value of any initial Plan Sponsor Agreement as approved by the Court that is ultimately improved (the "Restructuring Transaction Fee"). As disclosed in the court filings, SOLIC is a "disinterested person" as defined under section 101(14) of the Bankruptcy Code. The firm can be reached through: Reid Snellenbarger SOLIC Capital 150 North Wacker Drive, Suite 2120 Chicago, IL 60606 Phone: (847) 583-1618 Email: info@soliccapital.com About Village Roadshow Entertainment Group USA Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VIRIDOS INC: April 28 Deadline for Panel Questionnaires ------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Viridos Inc. (formerly known as Synthetic Genomics, Inc.) If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/s6yrnnhk and return by email it to Timothy Fox, Esq. -- Timothy.Fox@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Tuesday, April 28, 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 Viridos Inc. Viridos Inc. (formerly known as Synthetic Genomics, Inc.) develops a scalable microalgae platform to produce low-carbon intensity biofuels for heavy transportation sectors such as aviation and commercial trucking. Backed initially by ExxonMobil and holding over 100 patents, it remains pre-revenue but projects oil yields up to 20 times those of existing crops and an associated 73-88 percent reduction in carbon emissions. Viridos Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10697) on April 14, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Womble Bond Dickerson (US) LLP. Rock Creek Advisors, LLC is the Debtor's financial consultant. Stretto is the Debtor's claims and noticing agent. WALS TRANSPORT: Timothy Stone Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Timothy Stone of Newpoint Advisors Corporation as Subchapter V trustee for Wals Transport, LLC. Mr. Stone will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Stone declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Timothy Stone Newpoint Advisors Corporation 750 Old Hickory Blvd, Building Two, Suite 150 Brentwood, TN 37027 Phone: 800-306-1250/615-440-8273 Fax: (702) 543-3881 Email: tstone@newpointadvisors.us About Wals Transport Wals Transport, LLC filed Chapter 11 bankruptcy petition (Bankr. M.D. Tenn. Case No. 25-01256) on March 25, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Randal S. Mashburn oversees the case. Keith D. Slocum, Esq., at Slocum Law is the Debtor's bankruptcy counsel. WASPY'S - TEMPLETON: Seeks Chapter 11 Bankruptcy in Iowa -------------------------------------------------------- On April 23, 2025, Waspy's - Templeton LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Iowa. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Waspy's - Templeton LLC 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. Waspy's - Templeton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00679) on April 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Jeffrey D. Goetz, Esq. at DICKINSON, BRADSHAW, FOWLER & HAGEN, PC. WATER'S EDGE: Taps Pullman & Comley as Tax Abatement Counsel ------------------------------------------------------------ Water's Edge Limited Partnership seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Pullman & Comley, LLC as special real estate tax abatement counsel. The Debtor owns and operates the real property known as the Water's Edge Apartments, which is comprised of three apartment buildings located at 364 Ocean Avenue, 370 Ocean Avenue, and 388 Ocean Avenue with a total of approximately 316 units situated on a 4.95-acre site in Revere, Massachusetts. The firm will serve as lead counsel in the prosecution of all matters relating to the real estate taxes assessed against the properties by Revere, including with respect to the Appellate Tax Matters. The firm received a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Laura Bellotti Cardillo, Esq., a partner at Pullman & Comley, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laura Bellotti Cardillo, Esq. Pullman & Comley, LLC 1500 Main Street Tower Square, Suite 924 Springfield, MA 01115 Tel: (413) 314-6166 Email: lcardillo@pullcom.com About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel; Verdolino & Lowey, PC as financial advisor; and Bradford Carlson at Gray, Gray & Gray, LLP as accountant. WATERIQ TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: WaterIQ Technologies, LLC 11 Worth Circle Johnson City TN 37601 Business Description: WaterIQ Technologies specializes in innovative, sustainable water treatment solutions, focusing on utilizing advanced ultrasonic technology to control algae and biofilm growth across various applications, such as drinking water, wastewater treatment, agriculture, lakes and ponds, golf courses, and wineries. Founded with a commitment to chemical-free solutions, the Company offers products designed to reduce maintenance and operational costs, while improving water quality through eco-friendly methods. Chapter 11 Petition Date: April 24, 2025 Court: United States Bankruptcy Court District of Wyoming Case No.: 25-20159 Judge: Hon. Cathleen D Parker Debtor's Counsel: Brian M. Rothschild, Esq. PARSONS BEHLE & LATIMER 20 E. Simpson Ave. Jackson WY 83001 Tel: 307-733-5130 E-mail: brothschild@parsonsbehle.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Slingerland as CRO. 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/QPYEA7Q/WaterIQ_Technologies_LLC__wybke-25-20159__0001.0.pdf?mcid=tGE4TAMA WAYPOINT ROOFING: Hires Faro & Crowder as Bankruptcy Counsel ------------------------------------------------------------ Waypoint Roofing & Construction Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Faro & Crowder, PA as counsel. The counsel will provide all services required in prosecuting this Chapter 11 Subchapter V case, including without limitation filing of motions, negotiating with creditors, and developing and soliciting approval for a plan of reorganization. The firm will be paid at these rates: Attorney $500 per hour Paralegal $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Faro, Esq., a partner at Faro & Crowder, PA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Faro, Esq. Faro & Crowder, PA 700 N. Wickham Rd, Suite 205 Melbourne, FL 32935 Phone: (321) 784-8158 Email: mfaro@farolaw.com About Waypoint Roofing & Construction Waypoint Roofing & Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00874) on February 14, 2025. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as legal counsel. WEC US HOLDINGS: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed WEC US Holdings Inc.'s Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed WEC US Holdings Inc.'s asset-based lending (ABL) facility at 'BB+' with a Recovery Rating of 'RR1' and senior secured revolving credit facility and term loan at 'BB-'/'RR3'. Fitch has additionally assigned the ultimate parent company, Watt New Aggregator L.P. (collectively referred to as WEC; dba Westinghouse Electric Company), a 'B+' Long-Term IDR. WEC's rating reflects its market leadership in nuclear power, business stability, improved industry outlook, and strong profitability. WEC's operating profile is comparable to low-investment grade peers, balanced against weaker leverage and coverage metrics. Fitch expects WEC will manage its EBITDA leverage around 4.5x while executing on its growth strategy, which includes capital investment in organic growth opportunities and bolt-on acquisitions. Fitch has affirmed and withdrawn the intermediary holding company's, Watt New Sub-Aggregator LP', Long-Term IDR rating Fitch following the reorganization of the rated entity. Key Rating Drivers Leading Market Position and Technology: WEC has a leading technology position in the commercial nuclear reactor space, with approximately half of the world's nuclear reactors running on its technology. These reactors were either built by WEC or other companies that licensed its technology. In the U.S. and Europe, the company has a top one or top two market position in nuclear plant services, benefiting from intellectual property, technical expertise, intense regulations, high switching costs and an extended fuel licensing process. WEC continues to gain market share in Eastern Europe as countries look to expand their nuclear generation footprint, while also reducing their dependency on Russia. Nearly every utility operating a Water-Water Energetic Reactor (VVER) outside of Russia has now signed an agreement with WEC for fuel. High Recurring Revenue Base: Fitch expects WEC's operating plant services and nuclear fuel businesses to grow in the low-single digits in the medium term, helping to improve business stability. WEC benefits from a large installed base with about 85% of its revenues coming from its recurring, nondiscretionary nuclear fuel and operating plant services (OPS) businesses. Customer contracts are typically multi-year, with nuclear fuel contracts typically ranging from 10 years-15 years and outage services ranging from three to five years. The industry's high barriers of entry, regulatory requirements and long and costly switching process, coupled with the company's OEM status and technology content, also help keep customer retention high (95%+). Positive Nuclear Outlook: The outlook for nuclear power has improved in recent years as power demand is expected to grow and after the Russian invasion of Ukraine. Policy is increasingly supportive of nuclear energy as it is seen as an energy alternative for countries seeking to meet growing energy needs and balance security of supply while transitioning away from fossil fuels. In a report published by the International Energy Agency (IEA), it also noted improved prospects for nuclear power in leading markets, with lifetime extensions of existing nuclear reactors in Japan, Korea, and the U.S., and significant capacity growth expected in China and the rest of Asia. EBITDA Leverage to Moderate: Fitch forecasts EBITDA leverage to trend towards 4.5x, from 4.9x in 2024, as the company deleverages through EBITDA expansion. Under the ownership of Brookfield Renewable Partners (BEP; BBB+/Stable) and Cameco, Fitch expects the company to maintain a more disciplined financial policy and keep distributions at moderate levels. According to management, the company will focus on sustainable long-term growth while prioritizing organic growth opportunities and managing to a conservative leverage profile. Fitch expects WEC to approach M&A in a balanced manner, targeting smaller bolt-on acquisitions with shareholder distributions, if any, funded by residual cash flow. Strong Financial Flexibility: WEC's flexibility is supported by Fitch's expectations of solid liquidity and pre-dividend FCF generation. Fitch expects EBITDA interest coverage to be around 3x in 2025 and over the forecast period. WEC's coverage is stronger than the 'B' rating category midpoint for diversified industrial firms. Parent Subsidiary Linkage (PSL): Fitch rates WEC on a standalone basis. Consistent with Fitch's approach with Brookfield affiliates, Fitch views Brookfield as financial investors and does not apply PSL linkage. Peer Analysis WEC's ratings reflect its leading market position servicing the nuclear reactor market, strong technological capabilities, recurring demand-focused offering and prospects of improving profitability. These factors are weighed against its concentration in the nuclear energy market, execution risks associated with its growth strategies. Fitch expects WEC's EBITDA margins to be around 18% through the forecast period. EBITDA interest coverage is strong for the category while leverage is consistent. Key Assumptions - Sales growth in the low-single digit organic growth through the forecast with some variability largely due to fuel and outage cycles; - EBITDA margins improving to about 18% as the company benefits reported segment losses from the energy systems segment moderate in the latter part of the forecast period; - Elevated Capital intensity of around 7.5% in 2025 and 2026 moderating to about 6% over the forecast horizon; - Net leverage falls to around 4.0x over the forecast period, consistent with WEC's financial policies; - Excess cashflow is distributed to shareholders; - Effective interest rate of 6.0%-6.5% range. Recovery Analysis The recovery analysis for a hypothetical future bankruptcy assumes that WEC would be considered a going concern (GC) in bankruptcy, and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate of $480 million reflects Fitch's view of a sustainable post-reorganization EBITDA level, upon which the agency bases the valuation of the company. The GC EBITDA reflects a conservative scenario where there is a long-term decline in the nuclear industry without incremental newbuilds, and the potential for significant liabilities arising from nuclear or environment incidents. The estimate also reflects Fitch's assumption that WEC can mitigate adverse conditions with additional cost reductions. An enterprise value multiple of 6x is used to calculate a post-reorganization valuation and reflects several factors. The recent bankruptcy exit multiple for WEC, based on the $3.8 billion purchase price by Brookfield (including transaction costs) was 9x and 7x based on fiscal 2017 and 2018 EBITDA, respectively. In addition, the 2018 acquisition of WEC's key competitor, Framatome, was completed at approximately 8x EBITDA and BHI was completed at 9x EBITDA, before synergies. The ABL facility is assumed to be fully drawn upon default while the revolving credit facility is assumed to be 80% drawn upon default. The waterfall results in a 'RR1' recovery rating for the ABL facility of $200 million, representing outstanding recovery prospects. The waterfall also indicates a 'RR3' for the first-lien RCF of $300 million and term loan of $3.5 billion, corresponding to good recovery prospects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Decline in backlog and contract renewals that erode earnings and cash flow stability; - An aggressive financial policy leads to EBITDA leverage maintained above 5.0x or EBITDA interest coverage sustained below 2.5x; - Higher than expected investments or losses from the energy systems business. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - WEC adheres to a disciplined financial policy supporting EBITDA leverage maintained below 4.0x; - New contracts wins and renewals lead to a growing backlog that support EBITDA expansion. Liquidity and Debt Structure Fitch considers WEC's liquidity to be sufficient given the company's cash, revolver availability and pre-dividend FCF generation. As of Dec 31, 2024, WEC had liquidity of $678 million including $178 million of cash and equivalents and $500 million of availability on its revolving credit facility including its ABL. Issuer Profile Westinghouse Electric Company provides a variety of engineering services, nuclear fuel and various components for nuclear power plants globally. It was acquired out of bankruptcy by Brookfield Asset Management in 2018 and is now owned by BEP and Cameco. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Watt New Aggregator LP LT IDR B+ New Rating WEC US Holdings Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB- Affirmed RR3 BB- Watt New Sub- Aggregator L.P. LT IDR B+ Affirmed B+ LT IDR WD Withdrawn WEST PROPERTIES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: West Properties, LLC 861 Old Hwy 4 W Holly Springs, MS 38635 Business Description: West Properties, LLC is a real estate company based in Holly Springs, Mississippi. Chapter 11 Petition Date: April 24, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-11305 Judge: Hon. Jason D Woodard Debtor's Counsel: J. Walter Newman, IV, Esq. NEWMAN & NEWMAN 601 Renaissance Way, Suite A Ridgeland, MS 39157 Tel: (601) 948-0586 E-mail: stacyplovorn@icloud.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kathy W. Clanton as president. 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/5IKOBTI/West_Properties_LLC__msnbke-25-11305__0001.0.pdf?mcid=tGE4TAMA WHITEHORSE 401: Hires Tarter Krinsky & Drogin as Legal Counsel -------------------------------------------------------------- Whitehorse 401 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Tarter Krinsky & Drogin LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) negotiate with creditors of the Debtor in working out a plan of reorganization, and to take necessary legal steps in order to confirm said plan of reorganization; (c) prepare legal papers; (d) appear before the bankruptcy judge and represent the Debtor in all matters pending in the Chapter 11 proceeding; and (e) perform all other legal services for the Debtor. The firm will be paid at these rates: Partners $755 to $855 per hour Counsel $560 to $795 per hour Associates $415 to $525 per hour Paralegals $300 to $380 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $25,000. Scott Markowitz, Esq., a partner at Tarter Krinsky & Drogin, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott S. Markowitz, Esq. Tarter Krinsky & Drogin LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 Email: smarkowitz@tarterkrinsky.com About Whitehorse 401 LLC Whitehorse 401 holds the fee simple ownership of the property situated at 401 White Horse Road, Voorhees, NJ 08043, which is valued at an estimated $5.1 million. Whitehorse 401 LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40925) on February 25, 2025 listing $5,101,722 in assets and $15,371,903 in liabilities. The petition was signed by David Goldwasser as VP of Restructuring. Judge Elizabeth S Stong presides over the case. Scott Markowitz, Esq. at Tarter Krinsky & Drogin LLP represents the Debtor as counsel. YIHE FORBES: Seeks to Hire Richard T. Baum, Esq. as Counsel ----------------------------------------------------------- Yihe Forbes, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Richard T. Baum, Esq. as counsel. The firm's services include: (a) advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Federal Rules of Bankruptcy Procedure and the Office of the United States Trustee as they pertain to the Debtor; (b) advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; ( c) assisting the Debtor in the negotiation, formulation, and preparation of documents necessary for the successful sale of the units, adjustment of any claims, and, if successful, dismissal of the case; (d) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; (e) conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of Counsel's expertise, is beyond Counsel's staffing abilities or is one in which the Debtor is represented by other special counsel; (f) preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; and (g) performing any other services which may be appropriate in connection with Counsel's representation of the Debtor during this bankruptcy case. The Debtor estimates that from the Petition Date she will have nominal gross income and only the accrual of unpaid real property taxes, mortgage payments and counsel fees as expenses. The firm will be paid at the rate of $500 per hour. The firm received from the Debtor a retainer of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Baum disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard T. Baum, Esq. 6627 Maryland Drive Los Angeles, CA 90048 Tel: (310) 277-2040 Fax: (310) 286-9525 About Yihe Forbes, LLC Yihe Forbes LLC owns four properties in Chelsea, MA, with a combined current value of $22.98 million. Yihe Forbes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12772) on April 3, 2025. In its petition, the Debtor reports total assets of $22,978,50 and total liabilities of $13,540,869. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Richard Baum, Esq. ZAYO ISSUER: Fitch Gives 'BB-(EXP)sf' Rating on Class C Notes ------------------------------------------------------------- Fitch Ratings has issued a presale report for Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-2. Fitch expects to rate the transaction as follows: - $400.0 million(a) 2025-2 class A-1-V 'A-sf'; Outlook Stable; - $701.9 million 2025-2 class A-2 'A-sf'; Outlook Stable; - $177.7 million 2025-2 class B 'BBB-sf'; Outlook Stable; - $248.8 million 2025-2 class C 'BB-sf'; Outlook Stable. The following class is not expected to be rated by Fitch: - $81.8 million(c) series 2025-2, class R. Entity/Debt Rating ----------- ------ Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-2 A-1-V LT A-(EXP)sf Expected Rating A-2 LT A-(EXP)sf Expected Rating B LT BBB-(EXP)sf Expected Rating C LT BB-(EXP)sf Expected Rating R LT NR(EXP)sf Expected Rating (a) This note is a variable funding note (VFN) and has a maximum commitment of $400 million contingent on class A note leverage consistent with a 6.5x leverage ratio. This class will reflect a zero balance at issuance. Based on the expected closing date class A note leverage ratio of 5.3x, the VFN shall be fully drawable at issuance. The total sum of the initial principal balance of the series 2025-2 class A-2 notes and the series 2025-2 VFN commitment will equal no more than $1,101,900,000, so any increase in the initial class A-2 principal balance will result in an equal reduction of the series 2025-2 VFN commitment. (b) The class A-2, B and C notes include prefunding amounts of $71.3 million, $11.5 million and $16.0 million, respectively. Draws upon these accounts shall be subject to the sponsor transferring to its fiber network assets and associated contracts located in the State of Nebraska (1.0% of monthly recurring revenue [MRR]) to the asset entities once necessary regulatory approvals have been obtained. (c) Horizontal credit risk retention interest representing 5% of the 2025-2 notes. Transaction Summary Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-2 is a securitization of contract payments derived from an existing enterprise fiber network. Collateral assets include conduits, cables, network-level equipment, access rights, customer contracts and transaction accounts. Debt is secured by net cash flow (NCF) from operations and benefits from a perfected security interest in the securitized assets. The collateral network consists of the sponsor's enterprise fiber network of approximately 62,000 fiber route miles (FRM) that serves 4,992 on-net buildings across 21 states and Washington D.C. in the northeast and midwest regions of the U.S. The network supports 29,174 contracts that provide lit and dark fiber data transport, at 74.4% of monthly recurring revenue (MRR) as of February 2025, as well as lit network connectivity (25.6%). The series 2025-2 notes issuance will be backed by the sponsor's fiber network and associated contracts located in 21 states and Washington, D.C. in the northeast and midwest regions of the U.S. Collateral-level attributes in these regions broadly reflect the series 2025-1 issuance. The total pool's concentration in the wireless, wireline carrier sector grew by 4.4% of MRR, while finance sector concentration fell by 4.6%. Metro dark fiber service exposure fell by 6.8% with small increases in long-haul dark fiber, ethernet and private line services. The weighted average (WA) contract remaining term for the asset pool increased to 3.1 years, from 2.6 years at prior issuance. The expected ratings reflect Fitch's structured finance analysis of cash flow from the ownership interest in the underlying fiber optic network, rather than an assessment of the corporate default risk of the parent, Zayo Group, LLC. KEY RATING DRIVERS Net Cash Flow and Leverage: The pool's Fitch NCF is $264.6 million in the base case, implying a 15.7% haircut to issuer NCF, which assumes a fully drawn variable funding note (VFN). The debt multiple relative to Fitch's NCF on the rated classes is 10.8x, compared with debt/issuer NCF leverage of 9.1x. Inclusive of a full draw on the VFN and prefunding accounts, Fitch NCF on the pool is $274.0 million, implying a 15.5% haircut to issuer NCF. The debt multiple relative to Fitch's NCF on the rated classes is 10.8x, compared with the debt/issuer NCF leverage of 9.1x. Based on the Fitch NCF and assumed annual revenue growth of 2.0%, and following the transaction's anticipated repayment date (ARD), the notes would be repaid 17.4 years from closing. Credit Risk Factors: The major factors affecting Fitch's determination of cash flow and maximum potential leverage (MPL) include the high quality of the underlying collateral network, low historical churn, the creditworthiness of contract counterparties, market position, market diversity, capability of the operator and the transaction structure. Technology-Dependent Credit: Due to the specialized nature of the collateral and potential for changes in technology to affect long-term demand for digital infrastructure, the senior classes of this transaction do not achieve ratings above 'Asf'. The securities have a rated final payment date 30 years after closing, and the long-term tenor of the securities increases the risk that an alternative technology, rendering obsolete the current transmission of data through fiber optic cables, will be developed. Fiber optic cable networks are currently the fastest and most reliable means to transmit information, and data providers continue to invest in and utilize this technology. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow because of higher expenses, customer churn, declining contract rates or the development of an alternative technology for the transmission of data could lead to downgrades. Fitch's base case NCF was 15.7% below the issuer's underwritten cash flow. A further 10% decline in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A-2 from 'A-sf' to 'BBB-sf'; class B from 'BBB-sf' to 'BBsf'; class C from 'BB-sf' to 'B-sf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Increasing cash flow from rate increases, additional customers, or contract amendments could lead to upgrades. A 10% increase in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A-2 from 'A-sf' to 'Asf'; class B from 'BBB-sf' to 'BBBsf'; class C from 'BB-sf' to 'BBsf'. Upgrades, however, are unlikely given the issuer's ability to issue additional notes pari passu notes. In addition, the senior classes are capped in the 'Asf' category. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ********* 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. 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