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250508.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, May 8, 2025, Vol. 29, No. 127 Headlines 1291 BRITAIN DR: Seeks Chapter 11 Bankruptcy in Georgia 1309 RED RIVER: Case Summary & One Unsecured Creditor 23ANDME HOLDING: Expects Several Genetic Data Bids, Says Lawyer 2835 OCTAVIA: Hires Marcus & Millichap as Real Estate Broker 3120 THE BANK: Case Summary & Three Unsecured Creditors AAA ABC ACQUISITION: Taps Levene Neale as Co-Bankruptcy Counsel AADVANTAGE LOYALTY: Moody's Rates New First Lien Term Loan 'Ba1' ACCELERATE DIAGNOSTICS: Adds Two Directors, Forms Special Committee ACCELERATE DIAGNOSTICS: Two Execs Awarded Retention Bonuses ACCOUNTING LAB: Taps Baker Donelson Bearman as Litigation Counsel ADVENT TECHNOLOGIES: Resolves Nasdaq Listing Requirements AFTERSHOCK COMICS: Court Extends Cash Collateral Access to May 30 AIR INDUSTRIES: Posts $1.4M Net Loss on $55.1M Sales for FY 2024 ALGOMA STEEL: S&P Downgrades ICR to 'CCC+' on U.S. Tariff Impact ALGORHYTHM HOLDINGS: Net Loss Widens to $24.4 Million in 2024 AMERICAN WARRIOR: Seeks to Hire InSite Real Estate as Broker ARENA GROUP: Posts $100.7M Net Loss in FY24, Up From $55.6M in FY23 AVALON SAI: Seeks to Hire Fuqua & Associates as Bankruptcy Counsel AVALON SUGAR: Taps Fuqua & Associates as Bankruptcy Counsel B-WOOD BASEBALL: Seeks to Hire Shimanek Law PLLC as Legal Counsel BARCA HOLDINGS: Taps Iron Horse Commercial as Real Estate Broker BAUSCH HEALTH: Board Adopts Shareholder Rights Plan BEACON ROOFING: S&P Removes 'BB-' ICR on Watch Developing BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral BRIDAN 770: Hires Joel M. Aresty P.A. as Bankruptcy Counsel BRIGHT CARE: Seeks to Hire Levene Neale as Bankruptcy Counsel CALIFORNIA PREMIER: Trustee Taps Fennemore LLP as General Counsel CARDINAL OVERLOOK: Taps Kelley Kaplan & Eller as General Counsel CHARLES MONEY: Seeks to Tap Espy Firm as Bankruptcy Counsel CIRTRAN CORP: Swings to $2.6M Loss on $1.3M Sales for FY 2024 CITRUS360 LLC: Seeks to Hire Jignesh Jayaswal as Accountant COMMUNITY HEALTH: To Sell 80% JV Stake to Ascension for $460M COWAN FITNESS: Hires Frank B. Lyon as Bankruptcy Counsel CPI BUYER: Moody's Assigns 'B3' CFR, Outlook Stable CTN HOLDINGS: Hires Verita Global as Administrative Advisor CTN HOLDINGS: Hires Whiteford Taylor & Preston as General Counsel CTN HOLDINGS: Taps Hilco Corporate Finance as Investment Banker CTN HOLDINGS: Taps Miles Staglik of CR3 Partners as CRO CUSTOM HOLDINGS: Amends Insider Unsecured Claims Pay Details CYTOSORBENTS CORP: Names Thomas Shannon as VP of Marketing for NA DANIEL J. WALLACE: Taps Raines Feldman Littrell LLP as Counsel DARRELL LASHON GLANTON: Loses Bid to Withdraw Reference DAYTON DEVELOPMENT: Hires Robbins Kelly Patterson as Counsel DB ASSETS: Case Summary & Two Unsecured Creditors DOUBLE PLAY: Seeks Subchapter V Bankruptcy in Georgia E. FLETCHER CONSTRUCTION: Taps John Goetz Law as Legal Counsel E.F. MARKETING: Files Emergency Bid to Use Cash Collateral ELK CREEK: Seeks to Hire Beiler-Campbell Realtors as Broker ENNIS I-45 11: Hires Marcus & Millichap as Real Estate Broker EVANS CONSTRUCTION: Taps Honey Law Firm as Bankruptcy Counsel EVCON RENTALS: Seeks to Hire Honey Law Firm as Bankruptcy Counsel EYENOVIA INC: Names CBIZ as Auditor After Marcum Resignation EYENOVIA INC: Posts $49.82M Loss in 2024, Warns of Bankruptcy Risk F21 OPCO: Junior Creditors Jab at Senior Lenders' Treatment FAMILY INTERNATIONAL: Case Summary & One Unsecured Creditor FIBRE-TECH INC: Seeks to Hire Johnson Pope as Bankruptcy Counsel FORGE INNOVATION: Reports $1.6 Million Net Loss for FY 2024 FORTNA GROUP: Moody's Cuts CFR to Caa2 & Alters Outlook to Stable FREIRICH FOODS: Court Denies Bid to Use Cash Collateral FUTURE FINTECH: Reports $33M Net Loss on $2.2M Revenue for FY 2024 GAVIN SPANIERMAN: Seeks to Hire Frances M. Caruso as Bookkeeper GENEVER HOLDINGS: Trustee Taps Hadef & Partners as Local Counsel GIL & RIVERA: Seeks Cash Collateral Access H & M FINE ART: Seeks Chapter 11 Bankruptcy in California HANDLOS FINISHING: Court OKs Deal to Use Cash Collateral HIGHLAND GROUP: Creditors to Get Proceeds From Liquidation HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral JACKSON HOSPITAL: Taps Ronald Dreskin of Eisner Advisory as CEO JAGUAR HEALTH: Registers 1.29M Common Shares for Resale JAGUAR HEALTH: Registers 56,755 Shares Under 2014 Incentive Plan JDI CUMBERLAND: Case Summary & 12 Unsecured Creditors JMG VENTURES: Unsecured Creditors to Split $390K over 60 Months KIN DEE: Gets Interim OK to Use Cash Collateral Until May 27 KRT INC: Seeks to Hire Ritchie Brothers as Real Estate Broker KTRV LLC: Seeks Approval to Hire Ritchie Bros. as Auctioneer KULA GRAIN: Seeks to Hire Allen Vellone Wolf Helfrich as Counsel KWENCH JUICE: Trustee Taps Verdolino & Lowey P.C. as Accountant LABOR LAW: Hires Plunkett Cooney PC as Special Counsel LABOR LAW: Taps Merrick Hofstedt & Lindsey as Local Counsel LAURENT TOWER: Case Summary & Two Unsecured Creditors LIL GENIES: Taps Rosen Tsionis & Pizzo as Bankruptcy Counsel LINDO HOLDINGS: Hires Goldbach Law Group as Insolvency Counsel MALIA REALTY: Unsecureds to Get $11,992 per Quarter over 5 Years MAPRAGENCY INC: Court OKs Deal to Use Cash Collateral MARKUS CORP: Court Extends Cash Collateral Access to May 31 MASS POWER: Court Extends Cash Collateral Access to June 18 MAXTIN INC: Seeks to Hire Spector & Cox PLLC as Legal Counsel MCDAB FAMILY TRUST: Seeks Chapter 11 Bankruptcy in California MI LIQUIDATION: Trustee Taps Womble Bond as Special Purpose Counsel NESTWELL LLC: US Trustee Wins Bid to Dismiss Bankruptcy Case NEW HORIZON: Hires Law Office of Alla Kachan PC as Counsel NEW HORIZON: Seeks to Hire Estelle Miller as Accountant NEWELL BRANDS: S&P Downgrades ICR to 'B+' on Consumer Demand NIKOLA CORP: Taps Gordon Brothers Commercial as Agent OFF-ROAD AUTOMOTIVE: Hires Kutner Brinen as Bankruptcy Counsel OFFICE PROPERTIES: S&P Cuts ICR to 'SD' Following Debt Exchange OMEGA THERAPEUTICS: Proofs of Claim Due May 28, 2025 OUTLAW STEAKBURGERS: Hires Lane Law Firm as Bankruptcy Counsel PANTEGO DEVELOPMENT: Hires Spector & Cox PLLC as Legal Counsel PINE TREE: Says 2nd Amended Plan Addresses Concerns POWER STOP: S&P Alters Outlook to Negative, Affirms 'B-' ICR PREMIER PEDIATRICS: Gets Interim OK to Use Cash Collateral PUERTO RICO: Bondholders Blame Blackout on Oversight Board PURE AVIATION: Seeks to Hire James K. Jopling as Legal Counsel REGIONS PROPERTY: Gets Interim OK to Use Cash Collateral RELENTLESS HOLDINGS: Hires Trustee Realty Inc as Realtor RELENTLESS HOLDINGS: Taps Simpson Law Group as Bankruptcy Counsel RELIABLE HEALTHCARE: Unsecureds Owed $5K+ to Get 10% in TPPL Plan RITE AID: Files for Chapter 11 Bankruptcy Again RITE AID: In Chapter 11 to Pursue Quick Sale of Pharmacy Assets RITE AID: Seeks Approval of $1.94-Bil. DIP Financing from BofA RITE AID: Seeks Ch. 11 Bankruptcy, Pursues Strategic Sale Process RYAN HOHMAN: Seeks to Hire Diaz & Larsen as Bankruptcy Counsel SANTOSELJACH LLC: Hires Brian K. McMahon PA as Bankruptcy Counsel SHIELDS NURSING: Court Extends Cash Collateral Access to May 23 SHILLINGS' CANNERY: Hires McNamee Hosea as Bankruptcy Counsel SK INDUSTRIES: Hearing on Bid to Use Cash Collateral Set for May 9 SORENTO ON YESLER: Seeks Extension of Cash Collateral Use SPENCER & ASSOCIATES: Gets Final OK to Use Cash Collateral STARKS LAW: Hires Kulbago Accounting Services as Accountant STEWARD HEALTH: Sens. Wants Criminal Probe on Ex-CEO de la Torre SUIRAD GROUP: Claims Will be Paid from Property Sale/Refinance SUNOCO LP: Moody's Puts 'Ba1' CFR Under Review for Downgrade SYNTHEGO CORP: Seeks Ch. 11 Bankruptcy, Plans to Sell to Lenders SYNTHEGO CORPORATION: Case Summary & 30 Top Unsecured Creditors SYNTHEGO CORPORATION: Files for Chapter 11 With Deal With Lender TAYLOR MORRISON: S&P Alters Outlook to Positive, Affirms 'BB+' ICR THINK SAFE: Hires Russo White & Keller as Bankruptcy Counsel TJC SPARTECH: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating TRINITY ENTERPRISES: Taps Gamberg & Abrams as Bankruptcy Counsel TZADIK SIOUX: Files Emergency Bid to Use Cash Collateral TZADIK SIOUX: Hires Edelboim Lieberman as Bankruptcy Counsel UNITED HAULING: Gets OK to Hire Kahn & Ahart as Counsel V850JACKSON LLC: Seeks Chapter 11 Bankruptcy in Illinois VISION CARE: Court Extends Cash Collateral Access to July 12 VIVAKOR INC: Amends Cedarview Loan, Issues Over 2M Shares in April VIVAKOR INC: Net Loss Widens to $22.2 Million in 2024 WA3 PROPERTIES: Taps Blueprint Healthcare as Real Estate Broker WA3 PROPERTIES: Taps Rosen Tsionis & Pizzo as Bankruptcy Counsel WATCHTOWER FIREARMS: Taps Pierson Ferdinand as Litigation Counsel WATERIQ TECHNOLOGIES: Hires Ampleo Turnaround as Accountant WATERIQ TECHNOLOGIES: Taps Parsons Behle & Latimer as Attorney WATERIQ TECHNOLOGIES: Taps Stellar Bookkeeping as Controller WESTERN URANIUM: Net Loss Widens to $10.1M in FY 2024 WHITEWATER MATTERHORN: S&P Assigns 'BB' ICR, Outlook Stable WINDTREE THERAPEUTICS: Net Loss Narrows to $1.8 Million in FY 2024 WORLD OF MISTRY: Seeks to Hire Levene Neale as Legal Counsel WYNN TEC: Gets Final OK to Use Cash Collateral YELLOW CORP: Opposes MFN's Bid to Convert Chapter 11 to Chapter 7 [] Moody's Upgrades Ratings on 8 Bonds from 8 US RMBS Deals [] Resolution Financial Made Bankruptcy Options for Failing Firms [] U.S. Chapter 7 Bankruptcies in April Jump 16% from Prior Year [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1291 BRITAIN DR: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------- On May 5, 2025, 1291 Britain Dr PCPRE LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1291 Britain Dr PCPRE LLC 1291 Britain Dr PCPRE LLC, operates Britain Village Apartments, a residential complex located at 1291 Britain Drive in Lawrenceville, Georgia. The property offers two-and three-bedroom units with standard amenities and is managed by Premier Living US. 1291 Britain Dr PCPRE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54940) on May 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ashley Reynolds Ray, Esq. at SCROGGINS, WILLIAMSON & RAY, P.C. 1309 RED RIVER: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: 1309 Red River Development Company, LLC c/o William Wendlandt 1908 N. Laurent St. Victoria, TX 77901 Business Description: 1309 Red River Development is a real estate leasing company based in Victoria, Texas, specializing in owning and leasing commercial properties, providing spaces for retail and office use. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-10670 Judge: Hon. Shad Robinson Debtor's Counsel: Ronald Smeberg, Esq. THE SMEBERG LAW FIRM 4 Imperial Oaks San Antonio TX 78248-1609 Tel: (210) 695-6684 E-mail: ron@smeberg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million William Wendlandt, as the Debtor's manager, signed the petition. The Debtor has identified FireTron, Inc., located at 10101 Stafford Centre Dr Ste A, Stafford, TX 77477-5026, as its sole unsecured creditor. FireTron holds a claim amounting to $1,842. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RYIFY3A/1309_Red_River_Development_Company__txwbke-25-10670__0001.0.pdf?mcid=tGE4TAMA 23ANDME HOLDING: Expects Several Genetic Data Bids, Says Lawyer --------------------------------------------------------------- Steven Church of Bloomberg News reports that bankrupt genetic testing company 23andMe anticipates receiving multiple bids for its DNA database and other assets, according to its attorney. At a court hearing on Tuesday, May 6, 2026, attorney Christopher Hopkins told U.S. Bankruptcy Judge Brian C. Walsh that, despite not securing a binding offer from a lead bidder, the company has attracted strong interest. "We expect several competitive bids to come in by tomorrow's deadline," Hopkins said, confirming that the auction is set to proceed as planned. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 2835 OCTAVIA: Hires Marcus & Millichap as Real Estate Broker ------------------------------------------------------------ 2835 Octavia LLC seeks approval from the U.S. Bankruptcy Court for the Northern1 District of California to employ Marcus & Millichap Real Estate Investment Services as broker. The broker will assist the Debtor in the sale of some or all the interest in the real property of the estate commonly known as 2835-2837 Octavia Street San Francisco CA 94123 (APN: 0530-005). The broker has agreed to a commission of 5 percent, with a 2.5 percent commission to be paid to the cooperating buyer's side broker. Marcus & Millichap Real Estate Services is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Gino Franco Marcus & Millichap Real Estate Investment Services 750 Battery Street Fifth Floor San Francisco, CA 94111 Office: (415) 963-3000 Email: gino.franco@marcusmillichap.com About 2835 Octavia LLC 2835 Octavia LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 2835 Octavia LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30213) on March 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Matthew D. Metzger, Esq. at BELVEDERE LEGAL, PC. 3120 THE BANK: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: 3120 The Bank LLC 3120 Donald Lee Hollowell Pkwy Atlanta, GA 30318 Business Description: 3120 The Bank LLC operates The Bank Event Center, a multi-purpose venue located in Atlanta, Georgia. The facility features a repurposed interior with a hidden vault theme and offers upscale dining, a bar, and five event spaces accommodating up to 5,000 guests. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-55050 Debtor's Counsel: Greg Bailey, Esq. ATTY. GREG T. BAILEY & ASSOC. 5682 Palazzo Way Douglasville, GA 30134 Tel: 404-397-1975 Fax: 404-393-7528 E-mail: attygregtbailey@msn.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 milion to $10 million William Platt Jr. signed the petition in his capacity as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FUUOXKI/3120_THE_BANK_LLC__ganbke-25-55050__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Cintas $105,000 PO Box 735633 Chicago, IL 60673-5633 2. Halperns' Steak & Seafood $57,223 PO Box 84943 Chicago, IL 60689-4943 3. US Foods $82,000 7950 Spence Road Fairburn, GA 30213 AAA ABC ACQUISITION: Taps Levene Neale as Co-Bankruptcy Counsel --------------------------------------------------------------- AAA ABC Acquisition, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. to act as co-general bankruptcy counsel with their current counsel, Carolyn A. Dye. The firm's services include: a. advising the Debtors with regard to certain rights and remedies of their bankruptcy estates and the rights, claims, and interests of creditors; b. representing the Debtors in any proceeding or hearing in the Bankruptcy Court involving their estates unless the Debtors are represented in such proceeding or hearing by other counsel, such as Ms. Dye; c. conducting examinations of witnesses, claimants or adverse parties and representing the Debtors 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; d. preparing and assisting the Debtors 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 Debtors' use, sale or lease of property outside the ordinary course of business; e. assisting the Debtors in any asset sale process; f. assisting the Debtors in 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 g. performing any other services which may be appropriate in LNBYG's representation of the Debtors during their bankruptcy cases. 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. The firm received the sum of $10,000 which constituted a pre-bankruptcy retainer. David B. Golubchik, 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: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: dbg@lnbyg.com About AAA ABC Acquisition, LLC AAA ABC Acquisition, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11384) on Feb. 25, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Adam Bold, Board Member. Judge Vincent P. Zurzolo presides over the case. Carolyn A. Dye, Esq., at the Law Office of Carolyn A. Dye represents the Debtor as bankruptcy counsel. AADVANTAGE LOYALTY: Moody's Rates New First Lien Term Loan 'Ba1' ---------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to the planned backed senior secured first lien term loan being borrowed by AAdvantage Loyalty IP Ltd. (AAdvantage), a subsidiary of American Airlines Group Inc. (Parent) with American Airlines, Inc. (American) as additional co-borrower. The ratings of the Parent are unchanged, including its B1 corporate family rating and B1-PD probability of default rating and SGL-1 speculative grade liquidity rating. The ratings of American are also unchanged, including its Ba2 senior secured notes and senior secured bank credit facilities ratings and various enhanced equipment trust certificates (EETC). The existing Ba1 backed senior secured term loan and backed senior secured notes ratings for AAdvantage are also unchanged. The outlooks for all three entities are unchanged at stable. Proceeds from the planned $800 million senior secured term loan – incremental borrowings against the company's loyalty program – will be used to i) fund the reserve account, ii) make an additional intercompany loan to American and iii) for general corporate purposes, including repayment of near term maturities. AAdvantage's loyalty financing currently includes a $2.275 billion senior secured term loan due 2028, $1.166 billion of outstanding 5.5% senior secured notes due 2026 and $3 billion of 5.75% senior secured notes due 2029. The new term loan will be co-issued by American and will be pari-passu will the existing loyalty financing debt. The terms of the new term loan are expected to be similar to the existing loyalty debt. Any changes to the terms contemplated in the documents will not be effective until the company receives required consent or the existing debt is repaid or refinanced. These changes are expected to align AAdvantage's terms more closely to other recent airline loyalty financings. Moody's views the refinancing as modestly credit positive as it is expected to push out the company's maturities during a time that Moody's expects pressured earnings given weaker domestic demand over the next few months. American, and the broader US airline industry, has seen domestic leisure travel demand weaken given uncertainty around the current macroeconomic environment. In the first quarter of 2025, American reported that its total operating revenue declined slightly with domestic main cabin declines partially offset by growth in the premium cabin and good international demand. First quarter domestic passenger revenue per available seat mile (RASM) declined 0.7%, but was partially offset by better international results - trans-Atlantic RASM increased 10.4% versus 2024 and trans-Pacific RASM increased 4.9%. Premium cabin RASM increased 3% year-over-year. The company expects second quarter revenue to be down 2% to up 1% as softness in the main cabin continues. Any weakness in international demand, or further contraction in domestic demand will pressure earnings heading into the important summer months. RATINGS RATIONALE The Parent's B1 CFR reflects American's strong business profile, supported by its expansive domestic and international networks, improved airline operations and the company's very good liquidity. The B1 CFR also reflects its high financial leverage – Moody's calculates debt/EBITDA at 5.9x – and modest EBIT margin of about 5%, both for the 12 months ended March 31, 2025. Weaker domestic demand and higher labor costs will limit the ability of American to improve its margins materially this year. Partially offsetting the higher labor costs are lower fuel prices, which Moody's expects to remain around current levels over the next several quarters. Liquidity remains very good. American held total liquidity of $10.8 billion at March 31, 2025, including $7.5 billion of cash and short-term investments (together "cash") and $3.3 billion of availability under the company's committed revolving credit facilities (unrated). Moody's expects the revolvers to remain undrawn. Depending on the pace of slowing demand, free cash flow will be lower than Moody's previous expectations of between $1.5 billion and $2 billion in 2025. However the company is committed to reducing its debt to below $35 billion by the end of 2027. The Ba1 rating on the loyalty financing includes a one-notch override of Moody's Loss Given Default for Speculative-Grade Companies methodology (LGD Methodology). Moody's believes that the probability of default of the loyalty program financing is lower than other senior secured obligations, resulting in a lower expected loss than that output by the LGD model. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Moody's expects debt/EBITDA will be sustained below 4.5x and funds from operations plus interest-to-interest approaches 4x. The ratings could be downgraded if Moody's expects cash plus revolver availability to fall below $8 billion, debt/EBITDA to be sustained above 6x or EBIT margin to be sustained below 7%. The principal methodology used in this rating was Passenger Airlines published in August 2024. American Airlines Group Inc. is the holding company for American Airlines, Inc. and regional subsidiaries, Envoy, PSA and Piedmont. Revenue was $54 billion for the 12 months ended March 31, 2025. ACCELERATE DIAGNOSTICS: Adds Two Directors, Forms Special Committee ------------------------------------------------------------------- Accelerate Diagnostics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors unanimously elected Paul Shalhoub and Gilbert Nathan to serve as new directors, effective immediately. Messrs. Shalhoub and Nathan will serve as members of the Board until their successors are elected and qualified or until their earlier death, resignation, disqualification or removal. As compensation for their services as directors, the Company has agreed to pay each of Messrs. Shalhoub and Nathan a monthly cash fee of $25,000. There is no arrangement or understanding between Mr. Shalhoub and any other person pursuant to which he was selected as a director. Mr. Nathan was proposed for election to the Board by certain holders pursuant to their director nomination rights under that certain note purchase agreement, dated August 8, 2024, relating to the Company's 16.00% Super-Priority Senior Secured PIK Notes due 2025. The Board reviewed Mr. Nathan's qualifications and unanimously agreed to his appointment. There are no transactions between the Company and either Messrs. Shalhoub or Nathan that would require disclosure under Item 404(a) of Regulation S-K. The Board has determined that Messrs. Shalhoub and Nathan are independent directors under the applicable rules of the Nasdaq Stock Market LLC. Additionally, the Board unanimously approved the formation of a special committee to oversee all key matters in connection with strategic alternatives with the goal of maximizing value. The members of the Special Committee are Wayne Burris, Paul Shalhoub and Gilbert Nathan. In connection therewith, the Company is actively engaging with its key stakeholders to explore all available strategic alternatives. No assurances can be given regarding the outcome or timing of the Special Committee's review process. The Company does not intend to make any further public comment regarding the review unless and until it has approved a course of action for which further disclosure is appropriate. About Accelerate Headquartered in Tucson, AZ, Accelerate Diagnostics, Inc. -- axdx.com -- is an in-vitro diagnostics company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis. Accelerate Diagnostics' current portfolio of FDA-cleared platforms include the Accelerate Pheno system and Accelerate PhenoTest BC kit as well as the Accelerate Arc system and BC kit. The Accelerate Pheno system and Accelerate PhenoTest BC kit combine several technologies aimed at reducing the time clinicians must wait to determine the most optimal antibiotic therapy for deadly infections. This system fully automates sample preparation, identification and phenotypic antibiotic susceptibility testing in approximately seven hours directly from positive blood cultures. Recent external studies indicate this solution offers results 1-2 days faster than existing methods, enabling clinicians the ability to optimize antibiotic selection and dosage specific to the individual patient days earlier. Further, the Accelerate Arc system and BC kit provide a novel, automated positive blood culture sample preparation platform for use with Bruker's MALDI Biotyper CA System (MBT-CA System) and MBT-CA Sepsityper software extension. Designed for clinical laboratories, the Accelerate Arc system has a simple workflow that automates positive blood culture sample preparation for direct downstream microbial identification using Bruker's MBT-CA System. This innovation eliminates the need for overnight culture methods, reducing the wait time for microbial identification results, which is critical in the fight against sepsis. In its reported dated March 20, 2025, WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification, citing that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about the Company's ability to continue as a going concern. Bankruptcy Warning The Company warned in its Annual Report filed with the SEC that it may seek bankruptcy protection, a move that could disrupt operations, hurt efforts to retain key personnel, and lead to significant stockholder losses. "We have engaged financial and legal advisors to assist us in analyzing various strategic alternatives to address our liquidity and capital structure," the Company said. "However, there can be no assurance that the strategic review will be successful, and a Chapter 11 filing may be unavoidable." ACCELERATE DIAGNOSTICS: Two Execs Awarded Retention Bonuses ----------------------------------------------------------- Accelerate Diagnostics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board unanimously approved and authorized the Company to enter into retention bonus agreements with each of David Patience, the Company's Chief Financial Officer, and Lawrence Mertz, the Company's Chief Technology Officer. Pursuant to the retention bonus agreements, Mr. Patience and Mr. Mertz are entitled to receive a retention bonus payment of $159,650 and $171,458, respectively, which will be paid as soon as practicable. Upon termination of employment for any reason (other than termination by the Company without "Cause" (as defined in the retention bonus agreements)) prior to 180 days after execution of the agreement, the executive will be required to repay to the Company the net after-tax amount of their respective retention bonus payment. About Accelerate Headquartered in Tucson, AZ, Accelerate Diagnostics, Inc. -- axdx.com -- is an in-vitro diagnostics company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis. Accelerate Diagnostics' current portfolio of FDA-cleared platforms include the Accelerate Pheno system and Accelerate PhenoTest BC kit as well as the Accelerate Arc system and BC kit. The Accelerate Pheno system and Accelerate PhenoTest BC kit combine several technologies aimed at reducing the time clinicians must wait to determine the most optimal antibiotic therapy for deadly infections. This system fully automates sample preparation, identification and phenotypic antibiotic susceptibility testing in approximately seven hours directly from positive blood cultures. Recent external studies indicate this solution offers results 1-2 days faster than existing methods, enabling clinicians the ability to optimize antibiotic selection and dosage specific to the individual patient days earlier. Further, the Accelerate Arc system and BC kit provide a novel, automated positive blood culture sample preparation platform for use with Bruker's MALDI Biotyper CA System (MBT-CA System) and MBT-CA Sepsityper software extension. Designed for clinical laboratories, the Accelerate Arc system has a simple workflow that automates positive blood culture sample preparation for direct downstream microbial identification using Bruker's MBT-CA System. This innovation eliminates the need for overnight culture methods, reducing the wait time for microbial identification results, which is critical in the fight against sepsis. In its reported dated March 20, 2025, WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification, citing that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about the Company's ability to continue as a going concern. Bankruptcy Warning The Company warned in its Annual Report filed with the SEC that it may seek bankruptcy protection, a move that could disrupt operations, hurt efforts to retain key personnel, and lead to significant stockholder losses. "We have engaged financial and legal advisors to assist us in analyzing various strategic alternatives to address our liquidity and capital structure," the Company said. "However, there can be no assurance that the strategic review will be successful, and a Chapter 11 filing may be unavoidable." ACCOUNTING LAB: Taps Baker Donelson Bearman as Litigation Counsel ----------------------------------------------------------------- The Accounting Lab Group LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, as its special litigation counsel. The firm will represent the Debtor in connection with an adversary complaint against Mark Skaggs for beach of his employment agreement, and against his company Strategic Accounting and Business Solutions, LLC for statutory trade secrets violations. The standard rates for attorneys range from $400 to $1,250 an hour and paralegals range from $250 to $385 an hour. Jason Bloom will be the attorney handling this matter and his standard rate is $525 per hour. Jason B. Bloom, Esq., a partner at Baker, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason B. Bloom, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 200 E. Broward Blvd., Suite 2000 Fort Lauderdale, FL 33301 Telephone: (954) 768-1631 Email: jbloom@bakerdonelson.com About The Accounting Lab Group The Accounting Lab Group LLC is a Florida-based firm specializing in accounting, tax planning, and business management services. The Company provides tailored solutions to help business owners minimize taxes, optimize revenue, reduce overhead, and streamline operations. The Company works closely with professionals such as physicians, dentists, veterinarians, and small businesses to enhance their financial performance and efficiency. The Accounting Lab Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No.: 25-01659) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. at Latham Luna Eden & Beaudine LLP. ADVENT TECHNOLOGIES: Resolves Nasdaq Listing Requirements --------------------------------------------------------- As previously disclosed, on October 18, 2024, the NASDAQ Stock Market notified Advent Technologies Holdings, Inc. that its Quarterly Report on Form 10-Q for the period ended June 30, 2024, reported stockholders' equity below the Nasdaq continued listing requirement of at least $2.5 million. The Company thereafter submitted its plan to Nasdaq to regain compliance with the continued listing requirements and undertook remedial measures to correct the deficiency in its stockholders' equity. As of April 15, 2025, based on recent developments at the Company including the resolution of certain claims and the current value of its technology and licenses, the Company believes that it now satisfies the Nasdaq continued listing requirements as its stockholders' equity exceeds the $2.5 million minimum requirement. This will be reflected on the Company's balance sheet in its Quarterly Report on Form 10-Q for the period ending June 30, 2025. Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement, and if at the time of its next periodic report the Company does not evidence compliance, it may be subject to delisting. About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. Athens, Greece-based Ernst & Young (Hellas) Certified Auditors Accountants S.A., the Company's auditor since 2020, issued a "going concern" qualification in its report dated Aug. 13, 2024, citing that the Company has suffered recurring operating losses, has a negative working capital position and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of March 31, 2024, Advent Technologies Holdings had $32.15 million in total assets, $26.07 million in total liabilities, and $6.08 million in total stockholders' equity. AFTERSHOCK COMICS: Court Extends Cash Collateral Access to May 30 ----------------------------------------------------------------- AfterShock Comics, LLC and Rive Gauche Television received another extension from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division to use cash collateral. The order signed by Judge Martin Barash approved the companies' agreement with the Access Road Capital, LLC and the official committee of unsecured creditors, authorizing the use of cash collateral for the period from March 31 to May 30 to pay the expenses set forth in the companies' budget. Access Road Capital is represented by: Andrew D. Behlmann, Esq. Lowenstein Sandler LLP One Lowenstein Drive One Lowenstein Drive Roseland, NJ 07068 Tel: +1 973.597.2332/973.597.2500 Fax: +1 973.597.2333/973.597.2400 abehlmann@lowenstein.com About AfterShock Comics AfterShock Comics, LLC -- https://Aftershockcomics.com -- is an American comic book publisher launched in 2015. The company is based in Sherman Oaks, Calif. AfterShock Comics and affiliate Rive Gauche Television filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Lead Case No. 22-11456) on Dec. 19, 2022. Judge Martin R. Barash oversees the cases. At the time of filing, AfterShock Comics reported $10 million to $50 million in both assets and liabilities while Rive Gauche reported $50 million to $100 million in assets and $10 million to $50 million in liabilities. The Debtors are represented by David L. Neale, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P. The U.S. Trustee for Region 16 appointed two separate committees to represent unsecured creditors in the Chapter 11 cases of AfterShock Comics, LLC and Rive Gauche Television. AIR INDUSTRIES: Posts $1.4M Net Loss on $55.1M Sales for FY 2024 ---------------------------------------------------------------- Air Industries Group filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $1.4 million on $55.1 million of net sales for the year ended December 31, 2024, compared to a net loss of $2.1 million on $51.5 million of net sales for the year ended December 31, 2023. Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's Current Credit Facility expires on December 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern. Going Concern and Management's Plan: As of December 31, 2024, the Company met all the financial and business covenants required under the terms of its Current Credit Facility which included a minimum EBITDA on a twelve-month basis of $2.8 million. In the past, the Company has not met its financial and business covenants, most recently as of March 31, 2024, and therefore historically classified the term loan as current at December 31, 2023 in accordance with the guidance in Accounting Standards Codification 470-10-45. Management's plans are to increase net sales for fiscal 2025 as compared to fiscal 2024. The Company believes that these plans are supported by the Company's 18- month funded backlog which, as of December 31, 2024, was $117.9 million. Further, it anticipates increases in funded orders in 2025 pursuant to Long-Term Agreements agreements from its existing customers as well as new customers. The Company generally sources its raw material, principally metal casting or forgings, from domestic sources. As such the company is not exposed to increased prices on imports but would be subject to increased prices if proposed tariffs cause the general level of prices for its products to increase. One product for commercial aviation is sourced from China. The Company's contract for this product provides for a price adjustment if the cost of the raw material increases by more than five percent (5%). The Company's products are used primarily in the United States military aviation and as such are more susceptible to changes in the US defense budget than to changes in general economic conditions. However, the Company does have exposure to the commercial aviation, and demand for these products may be reduced if general economic conditions deteriorate. The Current Credit Facility expires on December 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all cash receipts are remitted. If it were to default under the Current Credit Facility, the Company's lender could choose to increase the rate of interest or refuse to make loans under the revolving portion of the Current Credit Facility and keep the funds remitted to the collection account. If the lender were to raise the rate of interest, it would adversely impact the Company's operating results. If the lender were to cease making new loans under the revolving facility, the Company would lack the funds to continue operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern for the one year commencing as of the date of filing the consolidated financial statements. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/57jph7a3 About Air Industries Group Headquartered in Bay Shore, New York, Air Industries Group (NYSE American: AIRI) is a manufacturer of precision components and assemblies for large aerospace and defense prime contractors. Its products include landing gears, flight controls, engine mounts, and components for aircraft jet engines, ground turbines, and other complex machines. As of Dec. 31, 2024, the Company had $51 million in total assets, $36.1 million in total liabilities, and a total stockholders' equity of $14.9 million. ALGOMA STEEL: S&P Downgrades ICR to 'CCC+' on U.S. Tariff Impact ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Canada-based steel producer Algoma Steel Inc. to 'CCC+' from 'B-'. The outlook is developing. S&P said, "At the same time, we lowered our issue-level credit rating on the company's second-lien secured notes due 2029 to 'B-' from 'B'. The recovery rating is '2', reflecting our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. "The developing outlook reflects the potential for a higher or lower rating over the next 12 months. We could lower our rating during this period if we see an increased likelihood of a default as cash flow deficits meaningfully erode the company's liquidity. We could also raise our rating during this period if cash flow prospects improve such that we no longer view Algoma's capital structure as unsustainable. This scenario would likely involve reduced tariffs on U.S. steel imports from Canada and production ramp-up at its new electric arc furnace (EAF) facility. "The downgrade reflects our view that Algoma's capital structure is unsustainable under our assumption that the current 25% tariff on U.S. steel imports will remain in effect. We forecast Algoma's earnings and cash flows will significantly decline due to U.S. tariffs on Canadian steel. Algoma derives about 60% of its revenue from sales to customers in the U.S. and is an importer of record for these customers. As a result, since March 12, 2025, the company has been subject to a 25% tariff on all its steel shipments to the U.S. and has largely been unable to offset these tariffs with higher prices. For the first quarter 2025, the tariff cost borne by Algoma were about C$11 million for about two weeks of shipments and the company generated negative EBITDA. We estimate the tariff costs would amount to C$65 million-C$70 million per quarter based on our estimate of sales volumes over the next 12 months. As a result, we estimate the company will continue to generate negative EBITDA, leading to elevated leverage, cash flow deficits, and an unsustainable capital structure." The Canadian steel market is also grappling with excess supply of sheet (about 85% of Algoma's shipment volumes) as foreign markets that had been selling to the U.S. redirect some volumes to Canada, thereby limiting the company's ability to realize better prices, at least in the near term. Algoma does produce plate, which commands better pricing, and comprises 15%-20% of its total volumes. Canada is a net importer of plate and that could provide the company an opportunity to gain market share. The company's recent plate mill modernization has increased its total capacity to 600-650 thousand tons, and S&P expects its plate volumes will gradually increase through next year. However, the plate capacity will still be a relatively small portion of the company's total shipments and would not be able offset the financial impact of tariffs and challenging sheet market conditions. Algoma's current liquidity sources appear sufficient in the near term but could be depleted by the end of 2026. As of March 31, 2025, the company had about C$227 million of cash and C$361 million availability under its asset-based lending (ABL) facility. S&P said, "We believe these liquidity sources provide the company sufficient funds to complete and ramp-up its EAF project through the end of this year. However, we expect negative EBITDA generation under our base-case scenario that assumes tariffs remain in effect; therefore, we believe the company's liquidity will meaningfully deteriorate through 2026. In this scenario, we believe the company would find it challenging to access new capital and meet its fixed charge obligations, potentially increasing the risk of a default or distressed debt restructuring." S&P said, "In our view, Algoma's transition to EAF steelmaking will increase capacity and potentially improve its cost profile over the longer term. We assume the company will begin steelmaking from its first EAF facility later this quarter, and we expect the company will complete and commission a second facility before end of the year. Algoma anticipates having an annual raw steel production capacity of 3.7 million tons once EAF production is fully ramped-up, and we expect it will transition away from its current blast furnace operations by the end of 2026. This transition to EAF production would represent a material strategic shift for the company and provides it with an opportunity to increase its capacity while reducing its fixed costs, lowering its sustaining capital expenditure (capex), and cutting its carbon emissions. Still, we estimate that the full potential benefits for Algoma's cost profile and cash flows from this transition will take a couple years to be fully realized." The company has already spent about 90% of its estimated C$900 million-C$925 million of project capital costs (original estimate was C$700 million). S&P said, "We understand that most of the remaining spending is under fixed-price contracts, which reduces the risk of significant cost escalations. As a result, we consider the financial risks associated with potential cost overruns as significantly reduced, but the company would remain exposed to unanticipated ramp-up issues, or an inability to achieve management's targeted per-unit cost." The developing outlook reflects the potential for a higher or lower rating over the next 12 months. S&P said, "Our base case assumption is that the current 25% tariff on U.S. steel imports from Canada will remain in place, potentially leading to further deterioration in Algoma's credit profile. However, the developing outlook also acknowledges that these tariffs could be lifted sooner than we anticipate, which could change our view on the sustainability of Algoma's capital structure and lead to an upgrade. "We could lower our ratings on Algoma within the next 12 months if we see an increased likelihood of a default as cash flow deficits meaningfully erode the company's liquidity and limit its ability to meet its fixed charge obligations. "We could raise our rating on Algoma over the next 12 months if cash flow prospects improve such that we no longer view Algoma's capital structure as unsustainable. This scenario would likely involve reduced tariffs on U.S. steel imports from Canada and production ramp-up at its new EAF facility that supports positive sustained free operating cash flow (FOCF) generation." ALGORHYTHM HOLDINGS: Net Loss Widens to $24.4 Million in 2024 ------------------------------------------------------------- Algorhythm Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $24,367,000 on $23,494,000 of net sales for the year ended December 31, 2024, compared to a net loss of $6,398,000 on $29,198,000 of net sales for the nine months ended December 31, 2023. The Company said, "We incurred net losses available to common stockholders of $23,257,000 ended December 31, 2023, and had accumulated deficits of $49,172,000 and $25,915,000 as of December 31, 2024 and 2023, respectively. In addition, net cash used by operating activities was $8,556,000 for the year ended December 31, 2024. Based upon this and our internally generated cash flow projections, our auditors concluded that there is substantial doubt about our ability to continue as a going concern for the next 12 months. Our future profitability is dependent upon our ability to successfully execute upon our business plan. We can provide no assurance that we will be able to sustain or increase profitability on a quarterly or annual basis. Accordingly, we may continue to generate losses in the future and, in the extreme case, may need to discontinue operations." Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company plans to finance operations by obtaining additional capital through external sources of financing. It may attempt to obtain additional capital through the sale of equity securities or the issuance of debt securities. The Company has not made arrangements to obtain additional capital and can provide no assurance that additional financing will be available in an amount or on terms acceptable to the Company, if at all. In making this assessment, management performed a comprehensive analysis of the Company's current circumstances including its financial position, cash flow and outflow forecasts, and obligations and debts. Although management has a recent history of successful capital raises, the analysis used to determine the Company's ability to continue as a going concern does not include cash resources outside the Company's direct control that management expects to be available within the next 12 months. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2p6xd699 About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. As of Dec. 31, 2024, the Company had $18,302,000 in total assets, $28,823,000 in total liabilities, and a total stockholders' deficit of $10,521,000. AMERICAN WARRIOR: Seeks to Hire InSite Real Estate as Broker ------------------------------------------------------------ American Warrior Construction Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire InSite Real Estate Group, LLC as real estate broker. The broker will assist in the sale of Debtor's real properties located in Sedgwick County, Kansas. InSite Real Estate shall receive a commission of 6 percent of the gross sale proceeds from the sale of the real estate. Carl Herbert, real estate agent at InSite, disclosed in the court filings that he and his firm are "disinterested persons" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Carl Herbert, CCIM InSite Real Estate Group, LLC 608 W Douglas Ave, Wichita, KS 67203 Phone: (316) 221-8502 Email: cjhebert@insitere.com About American Warrior Construction Inc. American Warrior Construction, Inc. is a construction company based in 118 E Laurel Garden City, KS 67846. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Kan. Case No.: 24-11168) on November 14, 2024. In the petition signed by by Amro M. Samy as president, the Debtor disclosed estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. Judge Mitchell L. Herren presides over the case. Nicholas R. Grillot, Esq., at HINKLE LAW FIRM LLC, represents the Debtor as legal counsel. ARENA GROUP: Posts $100.7M Net Loss in FY24, Up From $55.6M in FY23 ------------------------------------------------------------------- The Arena Group Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of approximately $100.7 million compared to net loss of approximately $55.6 million for the year ended December 31, 2023. Accumulated deficit as of December 31, 2024, was approximately $479.4 million compared to approximately $378.7 million as of December 31, 2023 Arena said, "We may continue to incur losses in the future if we do not achieve sufficient revenue or adequately reduce costs to achieve and maintain profitability. There is no assurance that our operations will generate sufficient cash flows to support our continued operations in the future without needing to seek additional capital funding or borrowings. We can provide no assurance that if we need to seek such additional outside capital that it will be available on favorable terms or at all. Any failure to achieve and maintain profitability could have a materially adverse effect on our ability to implement our business plan, our results and operations, and our financial condition." Chicago, Ill.-based KPMG LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring net losses from continuing operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. For the year ended December 31, 2024, the Company incurred a net loss from continuing operations of $7.7 million, and as of December 31, 2024, had cash on hand of $4.4 million and a working capital deficit of $82 million. Management has evaluated the Company's net loss from continuing operations and working capital deficit to determine if the significance of those conditions or events would limit its ability to meet its obligations when due, including under the Loan Documents and Simplify Loan. In its evaluation, management determined that substantial doubt exists about the Company's ability to continue as a going concern for a one-year period following the financial statement issuance date due to the net loss from continued operations and working capital deficit. The Company's financial results have improved in recent periods due to headcount and consulting spend reductions. In addition, the Company is planning to continue improving monthly financial performance through the reduction of costs and monthly cash requirements, maintain compliance with the terms of all outstanding debt agreements, and take actions to resolve current and potential future liabilities to alleviate the conditions that raise substantial doubt about its ability to continue as a going concern, such as resolving pending litigation. However, there can be no assurance that the Company will be able to execute these plans. If the Company is unable to execute these plans, it could lead to selling assets and further reducing costs and cash requirements. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mr4dxrd9 About The Arena Group Headquartered in New York, The Arena Group Holdings, Inc. -- www.thearenagroup.net -- is a media company that leverages technology to build deep content verticals powered by anchor brands and a best-in-class digital media platform empowering publishers who impact, inform, educate, and entertain. The Company's strategy is to focus on key subject matter verticals where audiences are passionate about a topic category (e.g., sports and finance), leveraging the strength of its core brands to grow its audience and increase monetization both within its core brands and for its media publisher partners. The Company's focus is on leveraging its Platform and brands in targeted verticals to maximize audience reach, enhance engagement, and optimize monetization of digital publishing assets for the benefit of its users, its advertiser clients, and its greater than 40 owned and operated properties, as well as properties it runs on behalf of independent Publisher Partners. The Company owns and operates TheStreet, The Spun, Parade, and Men's Journal, and powers more than 320 independent Publisher Partners, including the many sports team sites that comprise FanNation. As of Dec. 31, 2024, the Company had $116.4 million in total assets, $246.5 million in total liabilities, $168,000 in total mezzanine equity and a total stockholders' deficit of $130.3 million. AVALON SAI: Seeks to Hire Fuqua & Associates as Bankruptcy Counsel ------------------------------------------------------------------ Avalon Sai Hotels LLC seeks to hire the U.S. Bankruptcy Court for the Southern District of Texas to hire Fuqua & Associates, P.C. as counsel. The firm will render these services: (a) provide the Debtor legal advice with respect to his powers and duties as a Debtor-in-possession in the continued operation of his business, and management of his property; (b) prepare all pleadings on behalf of the Debtor, as Debtor-in-possession, which may be necessary; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, his estate, and the creditors at large; and (d) perform all other legal services for the Debtor as a Debtor-in-possession which may become necessary to these proceedings. The firm charges the following billing rates: Richard L. Fuqua, Attorney-in-Charge $750 an hour Law Clerks & Legal Assistants $150 an hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Fuqua disclosed in a 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: Richard L. Fuqua, Esq. Fuqua & Associates, PC 8558 Katy Freeway, Suite 119 Houston, TX 77024 Telephone: (713) 960-0277 Facsimile: (713) 960-1064 Email: fuqua@fuqualegal.com About Avalon Sai Hotels LLC Avalon Sai Hotels LLC is a real estate firm and the owner of the Comfort Inn in Houston, Texas. Avalon Sai Hotels LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31798) on March 31, 2025. In its petition, the Debtor reports total assets of $6,662,000 and total debts of $5,563,263. The Debtor is represented by Richard L Fuqua, II, Esq. at FUQUA & ASSOCIATES, P.C. AVALON SUGAR: Taps Fuqua & Associates as Bankruptcy Counsel ----------------------------------------------------------- Avalon Sugar Land Hospitality LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Fuqua & Associates, P.C. as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare all pleadings on behalf of the Debtor which may be necessary; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor which may become necessary to these proceedings. The firm will be paid at these hourly rates: Richard L. Fuqua, Attorney $750 Law Clerks & Legal Assistants $150 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Fuqua disclosed in a 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: Richard L. Fuqua, Esq. Fuqua & Associates, PC 8558 Katy Freeway, Suite 119 Houston, TX 77024 Telephone: (713) 960-0277 Facsimile: (713) 960-1064 Email: fuqua@fuqualegal.com About Avalon Sugar Land Hospitality LLC Avalon Sugar Land Hospitality LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)) that owns the Hampton Inn in Sugar Land, Texas. Avalon Sugar Land Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31802) on March 31, 2025. In its petition, the Debtor reports total assets of $19,375,000 and total debts of $13,851,944. The Debtor is represented by Richard L Fuqua, II, Esq. at FUQUA & ASSOCIATES, P.C. B-WOOD BASEBALL: Seeks to Hire Shimanek Law PLLC as Legal Counsel ----------------------------------------------------------------- B-Wood Baseball LLC seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire Shimanek Law PLLC as legal counsel. The firm's services include general counseling and local representation before the Bankruptcy Court in connection with the bankruptcy case. The services rendered by attorney Matt Shimanek will be compensated at the rate of $300 per hour. Other services rendered by Shimanek Law deemed administrative in nature will be compensated at the rate of $100 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Matt Shimanek, Esq., a partner at Shimanek Law PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matt Shimanek, Esq. Shimanek Law PLLC 317 East Spruce St. Missoula, MT 59802 Tel: (406) 544-8049 Email: matt@shimaneklaw.com About B-Wood Baseball LLC B-Wood Baseball LLC, dba D-BAT is a network of baseball and softball training facilities, providing expert instruction, state-of-the-art equipment, and specialized programs for athletes. Founded in 1998 and franchising since 2008, D-BAT has grown to over 145 locations nationwide, offering private lessons, camps, clinics, and memberships. Through comprehensive franchise training, D-BAT ensures that new franchisees are equipped with the knowledge and support to successfully operate their facilities, maintain brand consistency, and deliver exceptional service to players at all levels. B-Wood Baseball LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-10051) on March 31, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Matt Shimanek, Esq. at SHIMANEK LAW PLLC. BARCA HOLDINGS: Taps Iron Horse Commercial as Real Estate Broker ---------------------------------------------------------------- Barca Holdings Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Iron Horse Commercial Properties, LLC as broker. The firm will market and sell the Debtor's residential rental properties in York, Pennsylvania and Charlotte, North Carolina. Iron Horse will receive a commission of 8 percent of the gross sales price(s), reimbursement of reasonable out-of-pocket expenses, and reimbursement of advertising expenses not to exceed $5,000.00, all to be paid at closing. William B. Lilly, Jr., disclosed that he and his firm are "disinterested persons" as that term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: William B. Lilly, Jr. Iron Horse Auction Co. Inc. Iron Horse Commercial Properties, LLC 174 Airport Rd. Rockingham, NC 28379 Tel: (704) 985-9300 Fax: (910) 895-1530 Email: will@ironhorseauction.com About Barca Holdings Corporation Barca Holdings Corporation in Kannapolis, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 24-31048) on Nov. 29, 2024, listing $1,260,700 in assets and $2,046,626 in liabilities. Brian L. White as president, signed the petition. Judge Ashley Austin Edwards oversees the case. MOON WRIGHT & HOUSTON, PLLC serve as the Debtor's legal counsel. BAUSCH HEALTH: Board Adopts Shareholder Rights Plan --------------------------------------------------- Bausch Health Companies Inc. announced that its board of directors has approved the adoption of a shareholder rights plan pursuant to a shareholder rights plan agreement entered into with TSX Trust Company, as rights agent, dated April 14. The SRP has been adopted to help ensure that all shareholders of the Company are treated fairly and equally in connection with any unsolicited take-over bid or other acquisition of control of the Company (including by way of a "creeping" take-over bid) and that the Board has the opportunity to identify, solicit, develop and negotiate value-enhancing alternatives to any unsolicited take-over bid or similar transaction. The SRP is not being adopted in response to any specific proposal or intention to acquire control of the Company, and the Board is not aware of any pending or threatened take-over bid for the Company. Pursuant to the SRP, one right will attach to each common share of the Company outstanding as of the effective time under the SRP. Subject to the terms of the SRP, in the event that rights become exercisable under the SRP, holders of the rights (other than the acquiring person and its related parties) will be permitted to exercise their rights to purchase additional common shares of the Company at a substantial discount to the then market price of the Company's common shares. Taking up common shares pursuant to a "Permitted Bid" would not trigger the SRP. The SRP is subject to the acceptance of the Toronto Stock Exchange and is subject to ratification by the shareholders of the Company within six months of its Effective Date. The Company will be seeking shareholder ratification of the Rights Plan on a to-be-determined date. If the SRP is not approved by the shareholders within six months of its adoption, the plan, together with the outstanding rights, will terminate and cease to be effective. The SRP is similar to shareholder rights plans adopted by other Canadian public companies and ratified by their shareholders. A copy of the SRP with further information, attached to the Company's report filed on Form 8-K with the Securities and Exchange Commission is available at is available at: https://tinyurl.com/5yhxpz6b About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In April 2025, Fitch Ratings has upgraded Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Issuer Default Ratings (IDRs) to 'CCC+' from 'CCC' following the refinancing which addressed upcoming maturities. The ratings remain in the 'CCC' category to reflect long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch assigned a rating of 'B' with a Recovery Rating of 'RR2' to the first lien debt issued by 1261229 B.C. Ltd, affirmed BHC's existing first lien notes at 'B' and revised the Recovery Rating to 'RR2' from 'RR1', and upgraded the second lien (issued by BHC) and unsecured notes (issued by BHC and BHA) to 'CCC-'/'RR6' and 'CC'/'RR6', respectively. BEACON ROOFING: S&P Removes 'BB-' ICR on Watch Developing --------------------------------------------------------- S&P Global Ratings removed its 'BB-' issuer credit rating and issue-level ratings on Beacon Roofing Supply Inc. from CreditWatch where S&P placed them on developing implications on March 21, 2025. S&P said, "At the same time, we affirmed the 'BB-' issue-level rating and revised the recovery rating on the term loan B and senior secured note to '4' from '3'. "Our stable outlook reflects our forecast for S&P Global Ratings-adjusted leverage to be 4x-5x through most market conditions, supported by robust cash flow resulting in materially reduced leverage within 12 months." Connecticut-based roofing distributor QXO Inc. completed its acquisition of Beacon Roofing Supply Inc. by obtaining a $2.25 billion term loan B due 2032 and a $2.25 billion senior secured note due 2032. It also discharged all of Beacon's existing debt. Pro forma the transaction, we expect Beacon's 2025 S&P Global Ratings-adjusted debt to EBITDA to be 5.3x. S&P said, "We believe Beacon will maintain leverage within the 4x-5x range through most market conditions. Despite S&P Global Rating's updated economic outlook indicating potentially material weakening in key end markets, we continue to expect the company will generate $10.0 billion-$10.5 billion in revenue for 2025-2026 and S&P Global Ratings-adjusted EBITDA of $1.0 billion-$1.3 billion during the same period. Further, we expect the company will generate $600 million-$830 million of operating cash flow (OCF) during the same period. While the issuance of $4.5 billion in debt to fund the acquisition is a leveraging event, we anticipate its earnings will be sufficient to support material leverage reduction in the short term, absent aggressive financial policy actions such as acquisitions or shareholder returns. Including the company's existing $1 billion convertible preferred stock, which we view as having minimal equity, we expect S&P Global Ratings-adjusted leverage of approximately 5.3x in 2025 followed by deleveraging to about 4x in 2026. "We view Beacon as having adequate liquidity sources to comfortably cover its operational needs for the next 12-24 months even including the signed transaction and closed issuance of new notes to fund the transaction. On April 29, 2025, Beacon and QXO completed their acquisition through the issuance of $4.5 billion of debt, including a $2.25 billion term loan B and $2.25 billion in senior secured notes, both due in 2032. In addition, Beacon signed a new $2 billion asset-based loan (ABL) due 2032 (outstanding $400 million) replacing its previous ABL. While the ABL draw is higher than originally forecasted by $250 million to support higher cash on hand, the incremental draw has no impact on net debt adjusted leverage. The company additionally used $5 billion of cash and $500 million of common stock issuance for a total of 1.3 billion to fund the acquisition. We expect the company will generate $580 million-$750 million cash funds from operations (FFO) over the next 24 months, for which it could use $150 million-$200 million working capital outflow and $200 million-$230 million capital expenditures for regular operations, maintenance, and internal investments. No additional acquisitions, dividends, or share repurchases are expected through the remainder of the forecast period. "The stable outlook on Beacon indicates our expectation of S&P Global Ratings-adjusted leverage of just over 5x and OCF to debt in the low end of the 15%-25% range in 2025 with leverage improving comfortably in the 4x-5x range within 12 months. We expect the company will maintain margin performance which, in turn, will generate sufficient cash to reduce its debt balance." S&P would lower its ratings on the company over the next 12-24 months if S&P Global Ratings-adjusted leverage approaches 5x. This could occur if: -- S&P Global Ratings-adjusted EBITDA is more than 20% below S&P's base-case scenario due to significantly weaker market conditions than anticipated; or -- The company undertakes aggressive financial policy decisions, such as pursuing debt-financed acquisitions, or shareholder-friendly actions, such as dividends or share repurchases, causing deteriorated credit ratios. Although unlikely, S&P could raise its ratings on the company over the next 12-24 months if: -- The company outperforms our base-case scenario such that S&P Global Ratings-adjusted leverage is comfortably under 4x while maintaining OCF to debt comfortably above 10%-15% and we believe these levels are sustainable through most market conditions and financial policy decisions; or -- S&P views its business more favorably to be in line with higher rated peers. BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Beech International, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral until May 15, marking the 10th extension since the company's Chapter 11 filing. The court's previous interim order issued on April 29 allowed the company to access cash collateral until May 8 only. The latest order signed by Judge Ashely Chan authorized the company to use cash collateral (except those cash held by UMB Bank, National Association in reserves) until May 15 or until the occurrence of a termination event such as the entry of a subsequent cash collateral order; the appointment of a Chapter 11 trustee or examiner; the conversion of the company's Chapter 11 case to one under Chapter 7; or the filing by the company of a motion to obtain financing secured by liens senior to the liens in favor of UMB Bank. As protection, each creditor with an interest in the cash collateral was granted replacement lien on all property of the company acquired after its bankruptcy filing, excluding proceeds of actions commenced under Chapter 5 of the Bankruptcy Code. A final hearing is scheduled for May 14. About Beech International Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan handles the case. Robert Lapowsky, Esq., at Stevens & Lee, P.C. is the Debtor's legal counsel. UMB Bank, N.A., as secured creditor, is represented by: Tobey M. Daluz, Esq. Margaret A. Vesper, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 daluzt@ballardspahr.com vesperm@ballardspahr.com -- and -- William P. Wassweiler, Esq. Ballard Spahr, LLP 2000 IDS Center 80 South 8th Street Minneapolis, MN 55402-2119 Telephone: (612) 371-3289 Facsimile: (612) 371-3207 wassweilerw@ballardspahr.com BRIDAN 770: Hires Joel M. Aresty P.A. as Bankruptcy Counsel ----------------------------------------------------------- Bridan 770 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the law firm of Joel M. Aresty, P.A. as counsel. The firm will render these services: (a) give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; (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 interest of the debtor in all matters pending before the court; (e) represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at the rate of $440 per hour, the amount of $11,000 as retainer, plus $2,000 for costs. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joel M. Aresty, Esq., a partner at Joel M. Aresty, 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: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309 1st Ave S. Tierra Verde FL 33715 Telephone: (305) 899-9876 Facsimile: (305) 899-9889 E-mail: Aresty@Mac.com About Bridan 770 LLC Bridan 770 LLC is a Miami Beach-based limited liability company. Bridan 770 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14314) on April 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Joel M. Aresty, Esq. at Joel M. Aresty, P.A. BRIGHT CARE: Seeks to Hire Levene Neale as Bankruptcy Counsel ------------------------------------------------------------- Bright Care Veterinary Hospital, Inc. and Bright Care Veterinary Group, Inc. seek approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to 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 with regard to 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. The firm received the sum of $60,000 which constituted a pre-bankruptcy retainer. David B. Golubchik, 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: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: dbg@lnbyg.com About Bright Care Veterinary Hospital Inc. Bright Care Veterinary Hospital Inc., dba CASE is a veterinary facility in Anaheim, CA, offering 24/7 emergency care and specialized veterinary services. Its services include neurology and neurosurgery, cardiology, internal medicine, oncology, surgery, and advanced imaging. The hospital emphasizes compassionate and comprehensive care, working collaboratively with primary care veterinarians to improve the quality of life for pets. CASE state-of-the-art facility ensures the latest technology and equipment, focusing on pet safety and comfort. Bright Care Veterinary Hospital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10900) on April 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by David B. Golubchik, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. CALIFORNIA PREMIER: Trustee Taps Fennemore LLP as General Counsel ----------------------------------------------------------------- Ronald E. Stadtmueller, Chapter 11 Trustee of California Premier Office Solutions, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Fennemore LLP as his general bankruptcy counsel. The firm will render these services: a. represent the Trustee in connection with his duties as a chapter 11 trustee; b. analyze competing lien and ownership claims to assets of the Debtor and discuss same with creditors’ counsel; c. if necessary to pursue avoidance actions and or lien stripping; d. obtain a cash collateral stipulation with the SBA; e. work with the Trustee and his accountant to prepare a disclosure statement and plan of reorganization and assist in all aspects of obtaining court approval of the plan of reorganization; f. assist, if necessary, with the collection of accounts receivable; and g. advise, consult with, and otherwise represent the Trustee in connection with such other matters as may be necessary for the duration of this bankruptcy case. The firm will be paid as follows: Kathleen Cashman-Kramer, Director $560 Jonathan S. Dabbieri, Director $630 Christopher Hawkins, Director $640 James P. Hill, Director $720 Donald G. Rez, Director $640 Gary B. Rudolph, Director $640 Elizabeth E. Stephens, Of Counsel $490 Laurel Dinkins, Paralegal $340 Linda Gubba-Reiner, Paralegal $340 Law Clerk/Case, Assistant $210 to $305 Gary B. Rudolph, Esq., an attorney at Fennemore, 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 B. Rudolph, Esq. FENNEMORE LLP 600 B Street, Ste. 1700 San Diego, CA 92101 Tel: (619) 233-4100 Fax: (619) 231-4372 Email: grudolph@fennemorelaw.com About California Premier Office Solutions California Premier Office Solutions, Inc., is a business specializing in providing office solutions, which may include services such as office supplies, equipment leasing, and workspace management. The company aims to deliver comprehensive solutions to meet the diverse needs of its clients, ranging from small businesses to larger enterprises. California Premier Office Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-03230) with $1,503,578 in assets and $2,081,389 in liabilities. John K. Green, president signed the petition. Judge J. Barrett Marum. presides over the case. Shana Y. Stark, Esq., represents the Debtor as bankruptcy counsel. CARDINAL OVERLOOK: Taps Kelley Kaplan & Eller as General Counsel ---------------------------------------------------------------- Cardinal Overlook, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Kelley Kaplan & Eller, PLLC as general counsel. Kelley Kaplan & Eller will provide these services: (a) advise the Debtor with respect to its powers and duties; (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 legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these hourly rates: Attorneys $525 Paralegals $155 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer of $22,500 from the Debtor. Craig Kelley, Esq., an attorney at Kelley Kaplan & Eller, 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: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Cardinal Overlook, LLC Cardinal Overlook, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14326) on April 21, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Mindy A Mora presides over the case. Craig I. Kelley, Esq. at KELLEY KAPLAN & ELLER, PLLC represents the Debtor as counsel. CHARLES MONEY: Seeks to Tap Espy Firm as Bankruptcy Counsel ----------------------------------------------------------- Charles Money Logging Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire The Espy Firm as its legal counsel. The firm will render these legal services: (a) advise the Debtor regarding its rights, powers and duties in this bankruptcy case; (b) defend the Debtor in any matters brought to lift the automatic stay; (c) prepare legal papers; (d) assist in preparation of a Chapter 11 plan; and (e) prepare such other documents and provide further legal services for the Debtor, which may be necessary in this Chapter 11 case. The hourly rates of the firm's counsel and staff are: Attorneys $350 Paralegals $75 In addition, the firm will seek reimbursement for expenses incurred. J. Kaz Espy, Esq., and Collier Espy, Esq., attorneys at The Espy Firm, 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: J. Kaz Espy, Esq. Collier H. Espy, Esq. The Espy Firm P.O. Drawer 6504 Dothan, AL 36302-6504 Telephone: (334) 793-6288 Facsimile: (334) 712-1617 Email: cindi@espyfirm.com About Charles Money Logging Inc. Charles Money Logging Inc. offers logging services, including timber cutting, log harvesting, and wood chipping. Charles Money Logging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-10442) on April 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by J. Kaz Espy, Esq. at THE ESPY FIRM. CIRTRAN CORP: Swings to $2.6M Loss on $1.3M Sales for FY 2024 ------------------------------------------------------------- CirTran Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $2,626,876 on $1,296,796 of net sales for the year ended December 31, 2024, compared to a net income of $20,288,360 on $1,616,148 of net sales for the year ended December 31, 2023. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a working capital deficiency, a net loss from continuing operations, and an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company had a working capital deficiency of $21,839,245, as of December 31, 2024, and a net loss from continuing operations of $2,547,354 for the year ended December 31, 2024. As of December 31, 2024, it had an accumulated deficit of $61,644,067. CirTran said, "Our ability to continue as a going concern is dependent upon our ability to successfully accomplish our business plan and eventually attain profitable operations." "In the coming year, our foreseeable cash requirements will relate to the development of business operations and associated expenses. We may experience a cash shortfall and be required to raise additional capital." "Historically, we have mainly relied upon shareholder loans and advances to finance operations and growth. Management may raise additional capital by retaining net earnings, if any, or through future public or private offerings of our stock or loans from private investors, although we cannot assure that we will be able to obtain such financing. Our failure to do so could have a material and adverse effect upon our shareholders and us," the Company concluded. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/429ccad9 About CirTran Corp. CirTran Corporation specializes in manufacturing, marketing, distribution, and technology services in a wide variety of consumer products, including tobacco products, medical devices, and beverages, around the world. It has an innovative and consumer-focused approach to brand portfolio management, resting on a strong understanding of consumers domestically, and has established a footprint in more than 50 key international markets. As of Dec. 31, 2024, the Company had $1,532,332 in total assets, $25,937,893 in total liabilities, and a total stockholders' deficit of $24,405,561. CITRUS360 LLC: Seeks to Hire Jignesh Jayaswal as Accountant ----------------------------------------------------------- Citrus360 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Jignesh Jayaswal as accountant. The accountant's services include: a. assistance in preparation of Debtor's tax returns; b. assistance in preparation of financial statements, projections, reports and budgets as may be necessary; c. assistance with preparation of governmental reports (only as needed); d. assistance with preparation of Monthly Operating Reports (only as needed); and e. other customary accountant duties as necessary under applicable Bankruptcy Code and rules. Mr. Jayaswal will charge $150 per hour for his services. Mr. Jayaswal assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). Mr. Jayaswal can be reached at: Jignesh Jayaswal 811 N Central Expy, Ste. 205 Richardson, TX 75080 About Citrus360 LLC Citrus360 LLC is a limited liability company. Citrus360 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70056) on March 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Kurt Stephen, Esq. at LAW OFFICES OF KURT STEPHEN, PLLC. COMMUNITY HEALTH: To Sell 80% JV Stake to Ascension for $460M ------------------------------------------------------------- Community Health Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that CHS/Community Health Systems, Inc., a wholly-owned subsidiary of the Company, and certain subsidiaries of CHS entered into a Purchase Agreement with subsidiaries of Ascension Health, and joint venture Cedar Park Health System, L.P. Pursuant to the Purchase Agreement, and subject to the terms and conditions set forth therein, Purchaser has agreed to acquire the CHS Selling Entities collective 80% ownership interest in the Joint Venture, which owns and operates Cedar Park Regional Medical Center in Cedar Park, Texas, and related businesses. The total purchase price payable by Purchaser to the CHS Selling Entities at the closing of the Transaction is $460 million, subject to adjustment based on closing net working capital, the amount of finance leases assumed by the Purchaser, if any, and the closing balance of amounts due to the Joint Venture from CHS. The Purchaser currently holds a minority ownership interest in the Joint Venture and will purchase the remaining interest through the Transaction. The Purchase Agreement contains various representations, warranties and covenants made by the parties. The Purchase Agreement also provides for indemnification by the parties with respect to breaches of representations, warranties and covenants by such parties, as well as with respect to certain other indemnifiable matters specified in the Purchase Agreement. The closing of the Transaction is subject to the satisfaction or waiver of certain closing conditions set forth in the Purchase Agreement. Consummation of the Transaction is expected to occur late in the second quarter or early in the third quarter of 2025, subject to regulatory approvals and closing conditions. The Purchase Agreement may be terminated by either party under certain circumstances set forth in the Purchase Agreement, including if the Transaction is not consummated on or before August 31, 2025. Furthermore, the Purchase Agreement provides that, at closing, the parties, and/or their respective affiliates, would enter into certain ancillary agreements, including one or more transition services agreements under which CHS and/or its affiliate(s) would provide certain information technology and operational transition services to Purchaser for a period of time following the closing. A copy of the Purchase Agreement is available at: https://tinyurl.com/4rrptwsw About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. In August 2024, S&P Global Ratings raised its rating on Community Health Systems Inc. to 'CCC+' from 'SD' (selective default). At the same time, S&P also raised its ratings on the senior unsecured notes to 'CCC-' from 'D'. The outlook is negative, reflecting the risk of further distressed exchanges in the intermediate future despite credit metrics potentially improving in 2024. COWAN FITNESS: Hires Frank B. Lyon as Bankruptcy Counsel -------------------------------------------------------- Cowan Fitness South Round Rock, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Law Offices of Frank B. Lyon as counsel. The firm will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; c. amend the voluntary petition and other paperwork necessary to complete this proceeding; d. assist the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, the Initial Debtor Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; e. represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor, including, but not limited to, litigation affecting property of the Estate, suits to avoid or determine lien rights or other property interests of creditors and other parties in interest, objections to disputed claims, motions to assume or reject leases and other executory contracts, motions for relief from the automatic stay and motions concerning the discovery of documents and other information relating to any of the foregoing; f. represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and g. assist the Debtor in the formulation of a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. The firm will be paid at these rates: Frank B. Lyon $525 per hour Legal Assistants $115 to 205 per hour Pre-petition, the Debtor paid the firm the sum of $14,043.25. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Frank B. Lyon, Esq., a partner at The Law Offices of Frank B. Lyon, 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: Frank B. Lyon, Esq. The Law Offices of Frank B. Lyon 3800 North Lamar Boulevard, Suite 200 Austin, TX 78756 Tel: (512) 345-8964 Fax: (512) 647-0047 Email: frank@franklyon.com About Cowan Fitness South Round Rock Cowan Fitness South Round Rock LLC, also known as Orangetheory Fitness, is a global fitness studio franchise that specializes in heart-rate-based interval training through group classes. The Company's unique workout combines cardio and strength exercises to help members burn calories, build muscle, and improve overall fitness. Using real-time data tracking through the OTconnect system, Orangetheory personalizes each participant's workout to optimize results. With locations worldwide, the Company focuses on creating a supportive community where individuals of all fitness levels can achieve their health and fitness goals. Cowan Fitness South Round Rock sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-10395) on March 24, 2025. In its petition, the Debtor reported total assets of $81,003 and total liabilities of $1,006,184. Judge Shad Robinson handles the case. The Debtor is represented by Frank B. Lyon, Esq. CPI BUYER: Moody's Assigns 'B3' CFR, Outlook Stable --------------------------------------------------- Moody's Ratings assigned ratings to CPI Buyer, LLC (d/b/a Antylia Scientific or "Antylia"), including a B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's also assigned a B3 rating to the backed senior secured first lien bank credit facilities, which includes a $125 million revolving credit facility and $740 million term loan. The outlook is stable. Proceeds from the $740 million term loan and $660 million of cash equity contribution from private equity firms Brookfield Capital Partners and Caisse de dept et placement du Quebec (CPDQ) will fund the $1.34 billion sponsor-to-sponsor leveraged buyout (LBO) of Antylia. Proceeds will also be used to pay transaction fees and expenses, as well as add $10 million of cash to the balance sheet. Governance risk factors are material to the rating action. Governance risk factors incorporate the company's financial policy, which includes high financial leverage following the sponsor-to-sponsor LBO transaction. RATINGS RATIONALE Antylia's B3 CFR reflects the company's high financial leverage, relatively small size and aggressive financial policies. Antylia has a history of acquisitions and Moody's expects that the company will continue to undertake acquisitions as part of its growth strategy. Moody's expects that Antylia's Moody's adjusted debt-to-EBITDA will remain between 6 and 7 times over the next 12 to 18 months, absent any material debt-funded acquisitions. Further, the global laboratory supplies industry is highly competitive and Antylia competes against much larger and better capitalized companies. The B3 rating is supported by the company's high level of recurring consumables product sales and its strong position in its respective niche markets. The rating is also supported by Antylia's solid margins, low capital expenditure requirements and Moody's expectations for improved free cash flow that is driven by significantly lower interest expense. Moody's expects that Antylia will maintain good liquidity over the next 12 to 18 months. Antylia's liquidity is supported by $10 million of cash on the balance sheet and Moody's expectations that free cash flow will be modestly positive driven by much lower interest expense under the new capital structure. The company's liquidity profile is further supported by a new $125 million revolving credit facility that will be undrawn as of the close of the transaction. Moody's expects that Antylia will maintain sufficient cushion under its springing first lien net leverage covenant, if triggered. Alternative sources of liquidity are limited as substantially all assets are pledged. Antylia's CIS-4 indicates that the rating is lower than it would have been if ESG risk exposures did not exist. Antylia has exposure to governance risk considerations (G-4), reflected in the company's high financial leverage as well as private equity ownership, which creates the risk of aggressive financial policies. The score also reflects exposure to social risks (S-3), highlighted by some human capital risks, though offset by Antylia's lower degree of regulation for its products and some customer diversity outside of healthcare. The stable outlook reflects Moody's expectations that Antylia will maintain Moody's adjusted debt-to-EBITDA in the range of 6 and 7 times over the next 12 to 18 months. Moody's expects the company will maintain good liquidity with significantly lower interest expense resulting in modestly positive free cash flow. The B3 rating of Antylia's new senior secured first lien bank credit facilities, comprised of a $125 million revolving credit facility and $740 million term loan, is the same as the B3 CFR. This reflects the first lien secured credit facility representing the preponderance of debt within the company's capital structure. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of closing date EBITDA and 100% of consolidated EBITDA, plus unused capacity under the general debt basket and the incurred acquisition debt basket, plus unlimited amounts subject to the greater of 5.85x first lien net leverage or leverage neutral incurrence. There is an inside maturity sublimit up to the greater of 250% of closing date EBITDA and 250% of consolidated EBITDA, plus any incremental facility originally incurred pursuant to the incremental starter, the reallocated debt amount and the reallocation basket, the incremental prepayments/extensions basket, permitted acquisitions and investments, and any incremental facility consisting of loans with an amortization rate of up to 5% annually. 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. Amounts up to 200% of unused capacity from the builder basket and/or restricted payments covenants, restricted debt payments covenant, general investments basket, unrestricted subsidiaries investments basket may be reallocated to incur debt. Uses of cash may be reallocated from one carve out to another at various multiples, including: (i) 100% of restricted payments covenant capacity and 150% of restricted debt payments covenant capacity to investments; (ii) 100% of investments covenant capacity to restricted payments and restricted debt payments; (iii) 100% of restricted debt payments covenant capacity to restricted payments. The builder basket may be used for investments, restricted payments, restricted debt payments and the designated non-cash consideration basket. The company can incur uncapped unsecured sponsor-financed PIK debt. Credit agreement is expected to permit specified business line dispositions (to be defined) without triggering mandatory prepayment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if there is a notable increase in the company's size and scale while also maintaining balanced financial policies. Additionally, a track record of consistent positive free cash flow generation could support an upgrade. Quantitatively, if debt/EBITDA is sustained below 6 times on Moody's basis, the ratings could be upgraded. The ratings could be downgraded if the company were to experience a material decline in revenue, earnings or cash flow due to weaker demand for the company's products. If the company adopts a more aggressive financial policy, including pursuing material debt-funded acquisitions or shareholder distributions that result in a substantial increase in financial leverage, this could also result in a downgrade. Lastly, if liquidity were to weaken, evidenced by sustained negative free cash flow, it could result in a ratings downgrade. Headquartered in Vernon Hills, Illinois, CPI Buyer, LLC (d/b/a Antylia Scientific) manufactures and sells consumables and equipment used in laboratory testing, quality control, and research. The company operates in three business segments – diagnostics (quality control products used on diagnostic tests and instruments), environmental (products used in air and water quality testing), and essentials (consumables and equipment used in lab research and industrial manufacturing applications). For the fiscal year ended December 31, 2024, Antylia generated revenues of approximately $400 million. The principal methodology used in these ratings was Medical Products and Devices published in October 2023. CTN HOLDINGS: Hires Verita Global as Administrative Advisor ----------------------------------------------------------- CTN Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as administrative advisor. The firm will provide these services: (a) assist with, among other things, the preparation of the Debtors' schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; (b) generate, provide, and assist with claims objections, exhibits, claims reconciliation, and related matters; (c) assist, with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (d) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Chapter 11 cases; and (e) provide such other claims processing, noticing, solicitation, balloting, and administrative services. The firm will be paid at its standard hourly rates and will be reimbursed for expenses incurred. The firm received a retainer in the amount of $25,000. Evan Gershbein, an executive vice president at Verita Global, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan J. Gershbein Verita Global 2335 Alaska Ave. El Segundo, CA 90245 Telephone: (310) 823-9000 About CTN Holdings CTN Holdings Inc. is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In their petitions, the Debtors reported estimated assets of $50 million to $100 million and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors are represented by Whiteford, Taylor & Preston LLC. Kurtzman Carson Consultants, LLC dba Verita Global is the Debtors' claims and noticing agent. CTN HOLDINGS: Hires Whiteford Taylor & Preston as General Counsel ----------------------------------------------------------------- CTN Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Whiteford, Taylor & Preston LLP as general bankruptcy counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business and management of their property; b. preparing on behalf of the Debtors all necessary applications, motions, answers, orders, reports, and other legal papers in connection with these Chapter 11 Cases; c. appearing in Court on behalf of the Debtors in order to protect the interests of the Debtors before the Court; d. representing and advising the Debtors in negotiations with their lenders, other creditors, equity holders and other parties in interest; and e. performing all other legal services for the Debtors that may be necessary and proper in the Chapter 11 Cases. The firm will be paid at these hourly rates: William F. Taylor, Counsel $895 J. Daniel Vorsteg, Partner $810 Brandy M. Rapp, Partner $650 David W. Gaffey, Partner $630 Joshua D. Stiff, Counsel $560 Alexandra G. DeSimone, Associate $520 Christopher Lano, Paralegal $485 Kathleen G. McCruden, Paralegal $485 The firm received retainers in total amount of $152,166. Whiteford therefore provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Whiteford was retained by the Debtors in connection with the Chapter 11 Cases pursuant to its Engagement Agreement dated March 21, 2025. The billing rates and material financial terms for Whiteford's one week of prepetition work in the preparation of these Chapter 11 Cases are the same as those disclosed and described herein. Whiteford also represented the Debtors in the 12 months prepetition in various litigation matters. Whiteford adjusts its hourly billing rates annually, usually effective January 1 of the following year. Accordingly, effective January 1, 2025, Whiteford increased its standard hourly rates for all timekeepers between 5 and 7 percent from those rates charged in 2024, depending on the level and experience of the timekeeper. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Whiteford and the Debtors have agreed on a budget and staffing plan for the Chapter 11 Cases. David W. Gaffey, a partner at Whiteford, disclosed in court filings that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David W. Gaffey, Esq. Jennifer E. Wuebker, Esq. WHITEFORD TAYLOR & PRESTON, LLP 3190 Fairview Park Drive, Suite 800 Falls Church, VA 22042 Tel: (703) 280-3374 E-mail: dgaffey@wtplaw.com About CTN Holdings CTN Holdings Inc. is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In their petitions, the Debtors reported estimated assets of $50 million to $100 million and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors are represented by Whiteford, Taylor & Preston LLC. Kurtzman Carson Consultants, LLC dba Verita Global is the Debtors' claims and noticing agent. CTN HOLDINGS: Taps Hilco Corporate Finance as Investment Banker --------------------------------------------------------------- CTN Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Hilco Corporate Finance, LLC as their investment banker. The firm will render these services: a. familiarize itself to the extent that HCF deems appropriate with the commercial, financial, operational, and legal circumstances of the Debtors; b. advise the Debtors on all financial aspects of a potential Transaction, including preparing and delivering financial analyses of opportunities, and documenting, when appropriate, strategic alternatives to determine the viability of alternatives; c. if the Debtors pursue a Restructuring Transaction: i. assist the Debtors in the formulation of the terms of a Restructuring Transaction with respect to their outstanding debt ("Notes") and/or other liabilities identified by the Debtors; ii. negotiate the terms of a Restructuring Transaction with holders of the Notes and other relevant creditor constituencies; iii. provide financial advice and assistance to the Debtors in structuring new securities to be issued pursuant to the Restructuring Transaction; and iv. assist in the development of the reorganization value. d. If the Debtors pursue a Sale Transaction: i. identify and recommend to the Debtors potential buyers and capital sources in connection with a Sale Transaction; ii. with the Debtors' assistance, create written materials (e.g., a "teaser," confidential information memorandum, management presentation) to be used in presenting the Sale Transaction opportunity to prospective buyers and capital sources. Prior to distribution of these materials, the Debtors shall review, comment on, and approve their use in connection with a Sale Transaction; iii. solicit and review proposals and make recommendations and advising the Debtors in negotiating proposals concerning a Sale Transaction; iv. assist the Debtors in responding to the due diligence review of interested parties with respect to a Sale Transaction, including by managing a virtual data room ("VDR") and assisting the Debtors in organizing, populating, and maintaining the VDR; v. assist the Debtors in soliciting and evaluating Sale Transaction proposals; and vi. assist the Debtors and their other professional advisors in negotiating definitive documentation concerning a Sale Transaction and otherwise assisting in the process of closing a Sale Transaction. e. as necessary, to the extent a Transaction is consummated pursuant to the Bankruptcy Code: i. assist in the development and confirmation of a chapter 11 plan of reorganization; ii. assist with the preparation of bankruptcy court motions; iii. consult other retained parties, lenders, creditors' committee, and other parties in interest; iv. participate in bankruptcy court hearings and providing testimony in connection with hearings before the bankruptcy court; and v. perform other tasks as appropriate and as may reasonably be requested by the Debtors' management or counsel. The firm will be compensated at these rates: a. On April 1, 2025, and on each monthly anniversary thereafter, the Debtors shall pay HCF a monthly fee (the "Monthly Fee") of $50,000 for the services provided in connection with the Agreement, which shall be fully earned upon payment and nonrefundable. The Monthly Fee shall be compensation for the services that HCF provides to the Debtors in the subsequent month. One hundred percent (100 percent) of the Monthly Fees paid to and received by HCF in respect of any months following the fourth month of HCF's engagement shall be credited (without duplication) against and reduce the first to occur of a Restructuring Transaction Fee or Sale Transaction Fee. b. The Debtors shall pay HCF a fee (a "Restructuring Transaction Fee") upon and as a condition to the closing of a Restructuring Transaction in an amount equal to $1,000,000. c. The Debtors shall pay HCF a fee (a "Sale Transaction Fee") upon and as a condition to the first closing of a Sale Transaction, which Transaction Fee shall be paid directly out of the gross proceeds of the Sale Transaction (or in the case of a credit bid without a cash component, other than assumption of liabilities, pursuant to the Bankruptcy Code, HCF will be entitled to an allowed administrative claim against the Debtors' estate), in an amount equal to the greater of (i) 2.0 percent of the Transaction Value or (ii) $1,000,000. Notwithstanding the above, in the event of a Sale Transaction consummated via an initial credit bid by Inherent Group, LP or its affiliates, the Sale Transaction Fee shall be $300,000. Teri Stratton, senior managing director of Hilco, assured the court that her firm is a "disinterested person" as that term is defined in section 101(14). The firm can be reached through: Teri Stratton Hilco Corporate Finance 5 Revere Dr, Suite 206 Northbrook, IL 60062 Email: tstratton@hilcocf.com About CTN Holdings CTN Holdings Inc. is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In their petitions, the Debtors reported estimated assets of $50 million to $100 million and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors are represented by Whiteford, Taylor & Preston LLC. Kurtzman Carson Consultants, LLC dba Verita Global is the Debtors' claims and noticing agent. CTN HOLDINGS: Taps Miles Staglik of CR3 Partners as CRO ------------------------------------------------------- CTN Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ CR3 Partners, LLC and designate Miles Staglik as chief restructuring officer. The firm will render these services: a. provide oversight and support to the Debtors and the Debtors' other professionals in connection with execution of the Debtors' business plan, reorganization plan, any sales process, and the overall administration of activities within the chapter 11 proceeding; b. provide oversight and assistance in connection with the preparation of financial reporting and related disclosures required by the bankruptcy court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports, and any other disclosures required by the Debtors in connection with the bankruptcy process; c. provide oversight and assistance in connection with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements analysis of various asset and liability accounts, and analysis of proposed transactions for which court approval is sought; d. review and analyze the financial and operational position of the Debtors, and provide an overview to management and board of directors in connection with same; e. with prior approval of the Debtors' management team, recommend and advise on the retention and termination of financial advisors and consultants, accountants, attorneys, claims and noticing agents, and other professional advisors; f. recommend or advise on the retention and termination of employees, independent contractors, affiliate relationships, suppliers, and other trade partners; provided that the CRO will consult and request approval by the independent board member(s) of the Debtors prior to any termination of employees, independent contractors or financial advisors who are in an executive management role with the Debtors; g. assess the Debtors' current cash-flow model, analyze the key assumptions for those models, and provide an overview on the projected range of liquidity, or work with the Debtors' personnel to develop a cash-flow model if one does not exist or is inadequate; h. in accordance with the budget presented and approved by the Debtors' board of directors and first-lien lender, direct the management and control of the Debtors' near- and medium-term cash flow and working capital availability through interaction with financial staff, financial advisors, customers and/or vendors; i. in accordance with the budget presented and approved by the Debtors' board of directors and first-lien lender, exercise control of the Debtors' cash, credit facilities, checking accounts, deposit accounts and other financial assets, including, without limitation, authority to open and close deposit accounts and enter into agreements relating to same, and establish signing and approval authority on all cash and cash equivalent accounts; j. recommend and advise on the use, sale, or lease of assets of the Debtors both in the ordinary course of business and otherwise, including negotiation or termination of same; k. with prior approval and/or consent from the Debtors' board of directors, negotiate with creditors and other constituencies regarding modification, settlement, restructuring or other consensual arrangements, including without limitation, credit agreements, forbearance agreements, loan document amendments, and/or a plan of reorganization or liquidation, and the implementation thereof, in each case, with full power and authority to enter into, execute, deliver, and perform the same; l. provide advisory oversight and consultation for cash and liquidity to ensure the preservation or enhancement of the Debtors' financial condition, collection of past due accounts receivable, and to supervise the preparation of financial statements, borrowing base certificates, other loan document reporting, and financial models and budgets, including weekly preparation and reconciliation of a 13-week cash flow forecast; m. Evaluate and advise the Debtors or board of directors and its advisors on strategic planning, which may include, without limitation, refinancing, restructuring, reorganization, sale of assets, additional equity partners, bankruptcy, or the appointment of a receiver; n. recommend coordination and participation in significant correspondence, discussion, and negotiation by and between the Debtors' lenders, creditors, suppliers, vendors, customers, and other constituencies; o. evaluate and investigate potential strategies for restructuring and refinancing of the Debtors, and provide advice to the board of directors in connection with same; p. implement with the Debtors' management restructuring strategies approved by the board of directors; q. establish communication protocol with all stakeholders; and r. perform such other tasks that are mutually agreed upon from time to time between the board of directors and CR3 Partners, or as deemed appropriate by CR3 Partners in keeping with its ethical and professional responsibilities. The firm will be paid at these hourly rates: William Snyder, Senior Managing Director $1,295 Miles Staglik, Managing Director $725 Chrystal Haag, Manager $525 Peter Lauser, Senior Associate $475 Prior to the Petition Date, the Debtors paid CR3 Partners a retainer in the amount of $250,000. CR3 Partners received one other payment from the Debtors in the amount of $30,300 prior to the Petition Date. CR3 Partners does not hold any interest adverse to the Debtors' estates, and is a "disinterested person" as defined by section 101 (14) of the Bankruptcy Code. The firm can be reached through: Miles Staglik CR3 Partners, LLC 13355 Noel Road, Suite 2005 Dallas, TX 75240 Phone: (310) 343-0361 Email: miles.staglik@cr3partners.com About CTN Holdings CTN Holdings Inc. is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In their petitions, the Debtors reported estimated assets of $50 million to $100 million and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors are represented by Whiteford, Taylor & Preston LLC. Kurtzman Carson Consultants, LLC dba Verita Global is the Debtors' claims and noticing agent. CUSTOM HOLDINGS: Amends Insider Unsecured Claims Pay Details ------------------------------------------------------------ Custom Holdings, Inc. ("CHI") submitted a First Amended Small Business Plan of Reorganization dated April 2, 2025. This First Amended Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations and future income. The amendments to the plan filed previously relate to the assumption of leases with subsidiaries and the accumulation of funds for class 6 (insider) claims until other class 3, 4 and 5 claims are paid in full. No other provisions are affected by this amended plan. This Plan provides for two classes of secured claims, two classes of priority administrative expense claims, and two classes of general unsecured claims. Unsecured creditors holding allowed claims will likely be impaired and receive less-than-full distributions. This Plan also provides for the payment of administrative and priority claims to the extent permitted by the Code payable on the effective date of the plan unless agreed to otherwise by the creditor. Class 5 consists of the general unsecured claim of US Bank in the amount of $104,129.72. This claim will be paid in full over the course of the plan on a quarterly basis provided U.S. Bank agrees to stay its litigation to collect against the subsidiaries and principal of the Debtor while state court litigation proceeds against Six Axis Solutions and Allegheny Machine Tool Systems. In the event, U.S. Bank does not agree to such a stay, U.S. Bank's general unsecured claim would be paid as a Class 6 general unsecured claim prorata. Class 6 general unsecured claims of insiders consists of loans from the owner of the Debtor, Brent Moye, in the amount of $323,973.21. This claim will be paid from excess funds available for distribution after payment of the foregoing claims in accordance with this plan on a quarterly basis; provided, however, no payment will be made on this claim prior to 24 months after the effective date of this plan. To assure that non-insider claims are paid before insider claims, the Debtor proposes to establish an account into which the amounts provided will be paid. After the approved, class 3, 4 and 5 claims are paid in full, the Debtor will disburse the balance of funds in the account to the class 6 claimant and continue to make payments to class 6 creditor on a quarterly basis through the conclusion of this Plan or until the class 6 claim is paid in full, whichever comes first. To the extent that this claim is not paid over the course of the plan, it will be discharged. The Debtor will commence making its payments under the plan on the first day of the calendar month that follows the effective date of the plan. It will fund the plan payments from the income made in the ordinary course of its business. All disposable income of the Debtor will be committed to this plan over the 60-month period. A full-text copy of the First Amended Plan dated April 2, 2025 is available at https://urlcurt.com/u?l=CZHTAf from PacerMonitor.com at no charge. About Custom Holdings, Inc. Custom Holdings Inc. is primarily engaged in renting and leasing real estate properties. Custom Holdings Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Va. Case No. 24-50077) on Oct. 17, 2024. In the petition filed by Brent Moye, as president, the Debtor reports total assets of $1,449,570 and total liabilities of $1,310,524. The Honorable Bankruptcy Judge B Mckay Mignault handles the case. The Debtor is represented by: Paul W. Roop, II, Esq. ROOP LAW OFFICE, LC P.O. Box 1145 Beckley, WV 25802-1145 Tel: (304) 255-7667 E-mail: bankruptcy@rooplawoffice.com CYTOSORBENTS CORP: Names Thomas Shannon as VP of Marketing for NA ----------------------------------------------------------------- CytoSorbents Corporation announced the appointment of Thomas Shannon as Vice President of Marketing for North America. With anticipated marketing approval, Mr. Shannon will lead the marketing strategy and execution for DrugSorb-ATR in the U.S. and Canada. "We are thrilled to welcome Tom to the CytoSorbents team as we prepare for the potential launch of DrugSorb-ATR in the U.S. and Canada," stated Dr. Phillip Chan, Chief Executive Officer of CytoSorbents. "Tom brings outstanding leadership and a proven track record of commercial success in introducing groundbreaking cardiovascular and critical care technologies to stakeholders across the U.S. and globally. His expertise will be invaluable in driving the successful commercialization of DrugSorb-ATR, as we work to reduce the risk of serious perioperative bleeding in patients undergoing coronary artery bypass graft (CABG) surgery while on the blood thinner Brilinta." Mr. Shannon is a global strategic marketing executive who brings over 25 years of experience commercializing life-saving technologies for high growth cardiovascular surgery and extracorporeal therapy-focused medical device companies. Previously, Mr. Shannon served as Vice President of Sales and Marketing at Genesee Biomedical, an innovator in cardiac heart valve repair, and Director of Marketing at Fresenius Medical Care (NYSE: FMS), where he established their Heart and Lung Acute Care division and launched the first ever FDA-cleared long-term extracorporeal membrane oxygenation (ECMO) life support device. At Getinge (formerly Maquet) (Stockholm GETI-B.ST), Mr. Shannon commercialized 20 new products across the Americas, including the successful launch of the market-leading CardioHelp ECMO platform, managed a $450 million cardiac and vascular surgery portfolio, and consistently delivered double digit growth year-over-year. During his tenure at Medtronic (NYSE: MDT), Tom led initiatives in sales, therapy development and marketing, and product launches including anti-coagulation monitoring devices, blood pumps, and autotransfusion technologies. Earlier in his career, Tom spent 17 years as a healthcare practitioner, including 12 years as a cardiovascular perfusionist, supporting complex cardiothoracic surgeries. "I have had the good fortune to help lead the launch and commercialization of some major innovations in critical care and cardiac surgery during my career," commented Tom Shannon. "Of them all, I am impressed by the straight-forward and compelling value proposition that DrugSorb-ATR can represent for patients, surgeons, and hospital systems. In particular, intraoperative and postoperative bleeding in CABG patients due to blood thinning medications such as Brilinta is a major problem for cardiac surgeons that only continues to get worse. As a former cardiovascular perfusionist, I cannot overstate the importance of intraoperative stability and low bleeding to the cardiovascular surgeon and surgical team. They want a smooth operation without complications. I am excited to have this new opportunity to collaborate closely with the dedicated and passionate team at CytoSorbents to ensure that patients have access to this innovative breakthrough technology." DrugSorb-ATR is a U.S. FDA Breakthrough medical device which we believe is uniquely positioned to address the critical issue of perioperative bleeding caused by blood thinners like Brilinta in patients undergoing CABG surgery. The Company's marketing applications for DrugSorb-ATR continue to be in substantive and interactive review with the U.S. FDA and Health Canada, and the Company continues to expect regulatory decisions from both agencies in 2025. Until then, DrugSorb-ATR is an investigational device that is neither cleared nor approved in the United States and Canada, respectively. Brilinta and Cardiohelp are registered trademarks of AstraZeneca and Getinge, respectively. About CytoSorbents Based in Monmouth Junction, N.J., CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 75 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure, and patient death. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used in operations, and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, CytoSorbents had $47,804,011 in total assets, $34,804,921 in total liabilities, and $12,999,090 in total stockholders' equity. DANIEL J. WALLACE: Taps Raines Feldman Littrell LLP as Counsel -------------------------------------------------------------- Daniel J. Wallace M.D., a Medical Corporation, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire legal counsel. The firm will render these services: 1. assist the Debtor in preparing and filing an Amended Plan to address the McKesson 1111(b) Election and the McKesson Plan Objection; 2. assist the Debtor in implementing an agreement between the shareholders regarding liability for certain debts; 3. review, analyze and object to claims, if necessary; 4. advise and assist the Debtor regarding compliance issues; and 5. represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or the Debtor may be litigated or affected. The firm will undertake representation of the Debtor at an hourly rate of between $310 and $795. The firm received a total retainer in the amount of $15,000. The firm is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14), according to court filings. The firm can be reached through: Kyra E. Andrassy, Esq. Michael L. Simon, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Ct., Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 Fax: (310) 691-1367 Email: kandassy@raineslaw.com Email: msimon@raineslaw.com About Daniel J. Wallace M.D. Daniel J. Wallace M.D., a Medical Corporation specializes in the treatment of rheumatic diseases and the research of autoimmune and inflammatory diseases. It conducts business under the name Wallace and Lee Center in Beverly Hills. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14429) on June 3, 2024, with $301,368 in assets and $3,884,496 in liabilities. Daniel J. Wallace M.D., chief executive officer, signed the petition. Judge Barry Russell presides over the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger represents the Debtor as bankruptcy counsel. Tamar Terzian has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. DARRELL LASHON GLANTON: Loses Bid to Withdraw Reference ------------------------------------------------------- Chief Judge Emily C. Marks of the United States District Court for the Middle District of Alabama denied Darrell Lashon Glanton and Joy Marie Hall's motion to withdraw the reference in the case captioned as DARRELL LASHON GLANTON, et al., Debtors, v. BANKRUPTCY ADMINISTRATOR, Trustee, Case No. 1:25-mc-4037-ECM (M.D. Ala.). The Debtors' motion for a temporary restraining order is denied as moot. The District Court concludes that the Debtors have not established sufficient cause to justify withdrawal of the reference. The Debtors appear to argue that their creditors have committed fraud by, for example, failing to disclose Borrower-in-Custody collateral status and misrepresenting equity interests as enforceable obligations. But these concerns are within the Bankruptcy Court's purview and can be addressed in the ordinary course of bankruptcy proceedings. According to the District Court, the Debtors fail to show that withdrawal of the reference under the circumstances of this case would advance uniformity in bankruptcy administration, decrease forum shopping and confusion, promote the efficient use of party or court resources, facilitate the bankruptcy process, or prevent delay. Considering the relevant factors, the District Court finds that permissive withdrawal is not appropriate. Because the District Court has concluded that it will not withdraw the reference, the Debtors' request for a temporary restraining order is moot. A copy of the Court's decision dated April 30, 2025, is available at https://urlcurt.com/u?l=VY632M from PacerMonitor.com. Darrell Lashaon Glanton and Joy Marie Hall filed for Chapter 11 bankruptcy protection (Bankr. M.D. Ala. Case No. 25-10278) on March 14, 2025, listing under $1 million in both assets and liabilities. DAYTON DEVELOPMENT: Hires Robbins Kelly Patterson as Counsel ------------------------------------------------------------ Dayton Development Partners LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Michael A. Galasso, Esq., an attorney at Robbins Kelly Patterson & Tucker, as litigation counsel. Mr. Galasso will provide: (a) assistance with the development of goals, objectives and financial parameters for any litigation; (b) preparation of relevant pleadings necessary to prosecute any litigation; and (c) representation of the Debtor at any hearings or trials related to any litigation that is prosecuted. Mr. Galasso's hourly rate is $450. Law clerks and paralegals will be paid $100 to $195 per hour. The firm shall request a retainer in the amount of $7,000. Mr. Galasso is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. Mr. Galasso can be reached at: Michael A. Galasso, Esq. Robbins, Kelly, Patterson & Tucker 312 Elm Street, Suite 2200 Cincinnati, OH 45202 Tel: (513) 721-3330 Fax: (513) 721-5001 Email: mgalasso@rkpt.com About Dayton Development Partners LLC Dayton Development Partners LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). It owns the property located at 2210 Arbor Boulevard, Dayton, Ohio 45439, which is currently valued at $8.5 million. Dayton Development Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-30699) on April 2, 2025. In its petition, the Debtor reports total assets of $8,600,000 and total liabilities of $7,997,257. Honorable Bankruptcy Judge Guy R. Humphrey handles the case. The Debtor is represented by Eric W. Goering, Esq. at GOERING & GOERING. DB ASSETS: Case Summary & Two Unsecured Creditors ------------------------------------------------- Debtor: DB Assets LLC 2480 Windy Hill Rd Suite 302 Marietta GA 30067 Business Description: DB Assets LLC engages in residential building construction, focusing on the development of new single-family and multifamily housing. It also undertakes remodeling and renovation projects for existing homes. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-55062 Debtor's Counsel: Charles N. Kelley, Jr., Esq. KELLEY LAW LLC PO Box 2758 Gainesville GA 30503 Tel: 770-531-0007 Email: ckelley@kelleyclements.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million Chukwudi Orubele, in his role as manager, affixed his signature to the petition. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QF7MIFQ/DB_Assets_LLC__ganbke-25-55062__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5IFBKUA/DB_Assets_LLC__ganbke-25-55062__0001.0.pdf?mcid=tGE4TAMA DOUBLE PLAY: Seeks Subchapter V Bankruptcy in Georgia ----------------------------------------------------- On May 5, 2025, Double Play Oil & Gas Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Double Play Oil & Gas Inc. Double Play Oil & Gas Inc., founded in 1998, specializes in the operation of oil and gas wells, managing projects from prospect generation through drilling, completion, and ongoing operations. The Company collaborates with experienced geologists to generate multiple prospects annually, offering investors an opportunity to purchase interests in oil and gas well projects at the ground level. With properties in several counties, including Bee, DeWitt, Duval, and others in Texas, Double Play strives to keep expenses low and operations efficient. Double Play Oil & Gas Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-20130) on May 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 millino. Honorable Bankruptcy Judge Marvin Isgur handles the case. The Debtor is represented by Stephen W Sather, Esq. at BARRON & NEWBURGER, P.C. E. FLETCHER CONSTRUCTION: Taps John Goetz Law as Legal Counsel -------------------------------------------------------------- E. Fletcher Construction LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire John Goetz Law, PLC as its attorney. The firm's services include: a. advising the Debtor with respect to their powers and duties as debtor-in-possession in the continued management and operation of its business; b. advising and consulting on the conduct of the Bankruptcy Case, including all the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of Debtor's creditors and other parties in interest; d. taking all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any actions commenced against the Debtor, and representing the Debtor's interest in negotiations concerning all litigation in which the Debtor may be involved, including objections to claims filed against the Debtor's estate; e. preparing all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. representing the Debtor in connection with obtaining post-petition financing, if necessary; g. advising the Debtor in connection with any potential sale or administration of assets; h. appearing before the Court to represent the interests of the Debtor's estate before the Court; i. taking any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of a chapter 11 plan and documents related thereto; and j. perform all other necessary or otherwise beneficial legal services. The firm will be paid at these rates: Attorneys $300 to $350 per hour Paralegals $125 per hour John Goetz Law is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: John P. Goetz, Esq. John Goetz Law, PLC 86 W. Shirley Avenue Warrenton, VA 20186 Tel: (540) 359-6605 Fax: (540) 359-6610 Email: docs@johngeotzlaw.com About E. Fletcher Construction LLC E. Fletcher Construction LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50233) on April 17, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. John Paul Goetz, Esq. at John Goetz Law, PLC represents the Debtor as counsel. E.F. MARKETING: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- E.F. Marketing Group, LLC asked the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for authority to use cash collateral. The Debtor operates a commercial printing company and relies on cash, deposits, and accounts receivable to cover essential expenses such as employee wages, rent, utilities, insurance, and professional fees. Several creditors have filed UCC financing statements, but the Debtor asserts that only Live Oak Bank holds a valid lien on the cash collateral, which totals approximately $163,483. Live Oak Bank's secured claim is for $434,000, and the Debtor proposed to provide adequate protection by granting a lien on post-petition receivables and making monthly payments of $1,500 starting June 1, 2025. Other creditors, including Encore Bank, Xerox, the Internal Revenue Service, and QFS Capital, LLC have liens or claims, some of which the Debtor disputes, but none are believed to have a current claim on the cash collateral in question. About E.F. Marketing Group E.F. Marketing Group, LLC is a full-service advertising and marketing agency based in San Antonio, Texas. It designs and executes data-driven direct-mail and digital campaigns for regional colleges and small to mid-sized businesses. E.F. Marketing Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50842) on April 23, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Craig A. Gargotta handles the case. The Debtor is represented by Steven G. Cennamo, Esq., at the Law Office of Cennamo & Werner. ELK CREEK: Seeks to Hire Beiler-Campbell Realtors as Broker ----------------------------------------------------------- Elk Creek Escape, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Beiler-Campbell Realtors as broker. The firm will market and sell the Debtor's real property in Hillgrove Township, Sullivan County, PA. The broker will receive a 5 percent commission. Beiler-Campbell is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. Beiler-Campbell can be reached through: J. Meryl Stoltzfus Beiler-Campbell Realtors 229 West 4th St. Quarryville, PA 17566 Tel: (888) 209-6160 About Elk Creek Escape Elk Creek Escape, LLC is a local campground that provides a variety of camping amenities, including rustic style cabins and campsite firepits. The company is based in Hillsgrove, Pa. Elk Creek Escape filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02003) on August 14, 2024, with $1 million to $10 million in both assets and liabilities. Connie J. Klick, member, signed the petition. Judge Mark J. Conway presides over the case. Lisa M. Doran, Esq., at Doran & Doran, PC represents the Debtor as legal counsel. ENNIS I-45 11: Hires Marcus & Millichap as Real Estate Broker ------------------------------------------------------------- Ennis I-45 11 ACRE, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Marcus & Millichap as commercial real estate broker. The firm will advise and represent the Debtor in connection with the marketing and potential sale of the property located at 590 South Interstate I-45, Ennis, Texas, 75119. The firm's services include: a. meeting with the Debtor to ascertain the Debtor's goals, objectives and financial parameters in selling the property; b. soliciting interested parties for the sale of the Property and otherwise marketing the Property; c. at the Debtor's direction and on the Debtor's behalf, negotiating the terms of the sale of the property subject to any procedure approved by the Court and the ultimate approval of the Court; and d. performing all other tasks appropriate for a real estate broker in a chapter 11 case to obtain the highest or otherwise best offer for the Property. The firm will be compensated at these rates: a. Marcus & Millichap will be paid a commission equal to 6 percent upon the occurrence of the following events: i. A buyer is procured during the Term of the broker's employment who is ready, willing and able to purchase the Property for cash consideration on the terms and conditions set forth and approved by the U.S. Bankruptcy Court for the Northern District of Texas; or ii. The Property is sold, exchanged or otherwise conveyed during the Term except to the extent (a) surrendered to a secured creditor in the case or (b) transferred to a trustee or trust; or iii. The Property is withdrawn from the market or made unmarketable during the Term due to the Seller's fault, as determined by the U.S. Bankruptcy Court for the Northern District of Texas. b. If a cash sale of the Property is achieved through escrow, the 6 percent commission is to be paid at the close of escrow. Marcus & Millichap is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Skyler W. Henderson Marcus & Millichap 5001 Spring Valley Road, Suite 1100 W Dallas, TX 75244 Tel: (972) 755-5200 Fax: (972) 755-5210 Email: tim.speck@marcusmillichap.com About Ennis I-45 Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. The Debtor is represented by Shannon & Lee, LLP as legal counsel. EVANS CONSTRUCTION: Taps Honey Law Firm as Bankruptcy Counsel ------------------------------------------------------------- Evans Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Honey Law Firm, P.A. as its attorneys. The firm will render these services: (a) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtors rights and remedies with regard to the estate’s assets and claims of secured, priority and unsecured creditors and other parties in interest; (b) appear for; prosecute, defend, and represent the Debtor interest in adversary proceedings and/or contested matters arising in or related to this case; (c) investigate and prosecute preference and other actions arising under the debtor’s avoiding powers. (d) assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of this estate and to consult with and advise the Debtor in connection with the operation of or termination of the operation of the business of debtor; (e) assist in the preparation of a Plan of Reorganization and to present said Plan of Reorganization to this Court for approval and confirmation; and (f) undertake all other necessary and appropriate legal representation of the Debtor in this proceeding. The firm will be paid at these rates: Marc Honey $375 per hour Alexandra Honey $225 per hour Paralegal $125 per hour Prior to the petition date, the Debtor paid the sum of $2,000. Marc Honey, Esq., an attorney at Honey Law Firm, 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: Marc Honey, Esq. HONEY LAW FIRM, PA P.O. Box 1254 Hot Springs, AR 71902 Telephone: (501) 321-1007 Facsimile: (501) 321-1255 Email: mhoney@honeylawfirm.com About Evans Construction, Inc. Evans Construction, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70644) on April 16, 2025. At the time of filing, the Debtor estimated up to $50,000 in assets and $100,001 to $500,000 in liabilities. Michael Evans, president of Evans Construction, signed the petition. Marc Honey, Esq. at Honey Law Firm, P. A. represents the Debtor as counsel. EVCON RENTALS: Seeks to Hire Honey Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Evcon Rentals Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Honey Law Firm, P.A. as its attorneys. The firm will render these services: (a) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtors rights and remedies with regard to the estate's assets and claims of secured, priority and unsecured creditors and other parties in interest; (b) appear for; prosecute, defend, and represent the Debtor interest in adversary proceedings and/or contested matters arising in or related to this case; (c) investigate and prosecute preference and other actions arising under the debtor's avoiding powers. (d) assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of this estate and to consult with and advise the Debtor in connection with the operation of or termination of the operation of the business of debtor; (e) assist in the preparation of a Plan of Reorganization and to present said Plan of Reorganization to this Court for approval and confirmation; and (f) undertake all other necessary and appropriate legal representation of the Debtor in this proceeding. The firm will be paid at these rates: Marc Honey $375 per hour Alexandra Honey $225 per hour Paralegal $125 per hour Prior to the petition date, the Debtor paid the sum of $30,000. Marc Honey, Esq., an attorney at Honey Law Firm, 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: Marc Honey, Esq. HONEY LAW FIRM, PA P.O. Box 1254 Hot Springs, AR 71902 Telephone: (501) 321-1007 Facsimile: (501) 321-1255 Email: mhoney@honeylawfirm.com About Evcon Rentals Corporation Evcon Rentals Corporation is an equipment rental company based in Hot Springs, Arkansas. It provides a range of industrial, construction, and landscaping equipment for rent to contractors and individual consumers. The Company operates multiple locations in the region and offers delivery and pick-up services. Evcon Rentals Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70643) on April 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Richard D. Taylor handles the case. The Debtor is represented by Marc Honey, Esq. at HONEY LAW FIRM, P.A. EYENOVIA INC: Names CBIZ as Auditor After Marcum Resignation ------------------------------------------------------------ CBIZ CPAs P.C. has been appointed as the independent auditor for Eyenovia Inc. for the fiscal year ending Dec. 31, 2025, following the approval of the company's Audit Committee, according to a May 2 Form 8-K filing with the Securities and Exchange Commission. Following CBIZ's acquisition of Marcum LLP's attest business on Nov. 1, 2024, Marcum resigned as Eyenovia's auditor on May 2, 2025. Marcum issued unqualified audit opinions on the Company's consolidated financial statements for fiscal years 2024 and 2023, with no modifications related to audit scope, accounting principles, or uncertainties. However, both reports included a going-concern warning, citing substantial doubt about the Company's ability to continue operating. During the fiscal years ended Dec. 31, 2024 and 2023, and through the interim period ending May 2, 2025, the Company reported no disagreements with Marcum regarding accounting principles, financial disclosures, or audit procedures that would have led the auditor to reference such issues in its reports. The Company also disclosed no reportable events, except for two material weaknesses in internal controls identified as of Dec. 31, 2024, which were detailed in its amended Form 10-K and are currently being addressed. During the fiscal years ended Dec. 31, 2024 and 2023, and through May 2, 2025, neither the Company nor anyone on its behalf consulted with CBIZ CPAs regarding either: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that CBIZ CPAs concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or any reportable event (as described in Item 304(a)(1)(v) of Regulation S-K). About Eyenovia, Inc. Eyenovia Inc. is an ophthalmic technology company based in Laguna Hills, California, developing the Optejet platform for topical eye medication delivery. Following unfavorable trial results for its MicroPine product in November 2024, the Company restructured operations, paused product rollouts, and began exploring strategic alternatives through an investment bank. Eyenovia is now focusing on accelerating development of the Optejet platform to enhance its value for potential transactions or fundraising. In an auditor's report dated April 15, 2025, the Company's auditor, Marcum LLP, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. Eyenovia has incurred net losses of approximately $195.3 million since inception, has not generated any significant product sales revenue, and has not achieved profitable operations. The Company's net losses were approximately $49.8 million and $27.3 million for the years ended Dec. 31, 2024 and 2023, respectively. The Company expects to continue to incur substantial losses in future periods while it continues to test and prepare its product candidates for the market. The Company warned that it might never become profitable. EYENOVIA INC: Posts $49.82M Loss in 2024, Warns of Bankruptcy Risk ------------------------------------------------------------------ Eyenovia, Inc. reported a net loss of $49.82 million on $57,336 in revenue for the year ending Dec. 31, 2024, compared to a net loss of $27.26 million on revenue of $3,787 for 2023, according to its annual report filed with the Securities and Exchange Commission. The Company warned that if it cannot secure sufficient recurring revenues or additional capital, it may need to scale back research and development, cut costs, or potentially file for bankruptcy. The Company has accumulated net losses of around $195.3 million since its inception, has not generated significant revenue from product sales, and has not reached profitability. It expects to continue incurring substantial losses as it advances its product candidates toward market readiness. The Company cautioned that it may never achieve profitability. Eyenovia's operating needs encompass costs to run its business, including funding for working capital and capital expenditures. Future capital requirements and the sufficiency of available funds will depend on various factors, such as the ability to secure a strategic partnership or merger, successfully commercialize its products and services, respond to technological and market competition, and enter into collaborations or acquisitions to enhance its offerings. In an auditor's report dated April 15, 2025, Marcum LLP, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Eyenovia expects to continue to incur cash outflows from operations for the near future. The Company stated that its ability to implement its plans and continue as a going concern will depend on generating sufficient recurring revenues and raising additional capital. This may involve the sale of equity or debt securities or completing a transaction aligned with the strategic alternatives it is currently exploring to support future operations. "We require significant capital resources in order to continue to operate our business and conduct our exploration of strategic alternatives, and our limited liquidity could materially and adversely affect our business operations," the Company said. As of Dec. 31, 2024, the Company had $3.67 million in total assets, $16.76 million in total liabilities, and a total stockholders' deficit of $13.10 million. As of Dec. 31, 2024, the Company had cash and cash equivalents of $2.1 million. As of March 15, 2025, it owed $10.2 million in principal and accrued interest under the Loan and Security Agreement. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1682639/000141057825000743/eyen-20241231x10k.htm About Eyenovia, Inc. Eyenovia Inc. is an ophthalmic technology company based in Laguna Hills, California, developing the Optejet platform for topical eye medication delivery. Following unfavorable trial results for its MicroPine product in November 2024, the Company restructured operations, paused product rollouts, and began exploring strategic alternatives through an investment bank. Eyenovia is now focusing on accelerating development of the Optejet platform to enhance its value for potential transactions or fundraising. F21 OPCO: Junior Creditors Jab at Senior Lenders' Treatment ----------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that some of Forever 21's junior creditors are raising concerns over the treatment of senior lenders in the company's U.S. Chapter 11 bankruptcy proceedings. A group of unsecured creditors has filed an objection to Forever 21's U.S. reorganization plan, according to court documents dated May 5, 2025. The group argues that the secured lenders are not genuinely "impaired," citing $1.09 billion in asset-based loans, $321 million in term loans, and $176 million in subordinated loan claims. They assert these debts will be fully repaid by non-debtor affiliated entities that are jointly and severally liable. The creditors also claim the lenders are "oversecured," as the value of collateral pledged by these affiliates exceeds the total debt—though the affiliates were not identified in the filing, Bloomberg Law reports. About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Debtor's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the Debtor was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. FAMILY INTERNATIONAL: Case Summary & One Unsecured Creditor ----------------------------------------------------------- Debtor: Family International Home Builders, LLC 7210 Gulf Blvd St Pete Beach, FL 33706 Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02915 Judge: Hon. Catherine Peek Mcewen Debtor's Counsel: Joel Aresty, Esq. JOEL M. ARESTY PA 309 1st Ave. S. Tierra Verde, FL 33715 Tel: (305) 904-1903 E-mail: aresty@icloud.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Randell J. Walden Sr. as authorized member. The Debtor has identified Hasani Capital LLC, located at 100 Ashley Dr S, Suite 2125 Tampa, FL 33602, as its sole unsecured creditor, holding a claim of $50,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4Y34EXA/FAMILY_INTERNATIONAL_HOME_BUILDERS__flmbke-25-02915__0001.0.pdf?mcid=tGE4TAMA FIBRE-TECH INC: Seeks to Hire Johnson Pope as Bankruptcy Counsel ---------------------------------------------------------------- Fibre-Tech Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Johnson, Pope, Bokor, Ruppel, & Burns, LLP as counsel. The firm will render these services: a. give the Debtor legal advice with respect to their duties and obligations as Debtor in Possession or "DIP"; b. take necessary steps to analyze and pursue any avoidance actions, if in the best interest of the estate; c. prepare on behalf of the Debtor the necessary motions, notices, pleadings, petitions, answers, orders, reports and other legal papers required in this Chapter 11 case; d. assist the Debtor in taking all legally appropriate steps to effectuate compliance with the Bankruptcy Code; and e. perform all other legal services for the Debtor which may be necessary including closings of sales of the Debtor’s real property assets. The firm will be paid at $500 per hour. The firm received from the Debtor a retainer of $18,374.40. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Alberto (Al) F. Gomez, Jr., Esq., a partner at Johnson Pope Bokor Ruppel & Burns, 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: Alberto (Al) F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 North Ashley Drive, Ste. 3100, Tampa, FL 33602 Tel: (813) 225-2500 Email: Al@jpfirm.com About Fibre-Tech Inc Fibre-Tech Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02205) on April 9, 2025, listing $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A Colton handles the case. Alberto F Gomez, Jr., Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as counsel. FORGE INNOVATION: Reports $1.6 Million Net Loss for FY 2024 ----------------------------------------------------------- Forge Innovation Development Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $1,560,413 on $668,339 of total revenue for the year ended December 31, 2024, compared to a net loss of $1,250,242 on $438,474 of total revenue for the year ended December 31, 2023. The Company has suffered recurring losses from operations since inception and negative cash flow from operating activities, resulting in an accumulated deficit of $3,754,427 as of December 31, 2024. Rowland Heights, Calif.-based Simon & Edward LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has a net capital deficiency, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. In view of these matters, continuation as a going concern is dependent upon several factors, including the availability of debt or equity funding upon terms and conditions acceptable to the Company and ultimately achieving profitable operations. Management's plan to alleviate the substantial doubt about the Company's ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations and execute the business plan of the Company in order to meet its operating needs on a timely basis. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company's ongoing capital expenditures and other requirements. Management believes that the Company's business plan provides it with an opportunity to continue as a going concern. However, management cannot provide assurance that the Company will meet its objectives and be able to continue in operation. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/u2tym4yx About Forge Innovation Jurupa Valley, Calif.-based Forge Innovation Development Corp. focuses on real estate development, land purchasing and selling, and property management. The Company's primary objective is commercial and residential land development, including, to a lesser extent, the possible purchase and sale of real estate, targeting properties primarily in Southern California. As of Dec. 31, 2024, the Company had $8,215,198 in total assets, $6,457,192 in total liabilities, and a total shareholders' equity of $1,758,006. FORTNA GROUP: Moody's Cuts CFR to Caa2 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Fortna Group, Inc.'s (Fortna) corporate family rating to Caa2 from Caa1 and probability of default rating to Caa2-PD from Caa1-PD. Concurrently, Moody's downgraded the senior secured credit facilities to Caa2 from Caa1. The outlook has been changed to stable from negative. The downgrades reflect Moody's growing concern that Fortna's capital structure is unsustainable at current operating levels. Fortna is entering a period of elevated execution risk in 2025 with new project starts that require significant working capital investment exacerbated by the unfavorable impact of tariffs on customer demand. Liquidity remains weak driven by Moody's expectations of negative free cash flow through at least 2025, with much of the cash generation heavily weighted to the second half of the year. Fortna did improve liquidity to fund expected working capital investment with the issuance of more debt. Moody's expects adjusted debt/EBITDA to be around 10.0x over the next several quarters. The stable outlook reflects an increase in customer bookings in the parcel segment since the second half of 2024, a trend Moody's expects to continue, which will drive revenue growth in 2026 following flat revenue growth expected in 2025. RATINGS RATIONALE Fortna's Caa2 CFR reflects Moody's concerns around the sustainability of the company's capital structure and the growing probability of a distressed exchange, which is a governance concern. The company is exposed to volatile revenue and cash flow due to project-based work and limited aftermarket business. Fortna will continue to be reliant on large project-based multi-year fixed price contracts to generate a sizable portion of revenue. Liquidity is weak, driven by Moody's expectations of negative free cash flow through at least 2025. Leverage will remain high at around 10.0x, absent a material inflection in operating performance. Fortna benefits from its good competitive position within the parcel and distribution and fulfillment industry and long-standing customer relationships. Moody's expects secular trends such as growth in e-commerce and automation to continue to benefit end markets such as package delivery companies and online operations of traditional and purely online retailers. Customer bookings, particularly among parcel customers, have been improving in recent quarters, which will support revenue growth. However, demand from distribution and fulfillment customers are more sensitive to the unfavorable impact of tariffs. The company also benefits from no near-term debt maturities and an undrawn $225 million committed revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if the probability for a distressed exchange increases. Ratings could also be downgraded if negative free cash flow or revenue declines persist. Ratings could be upgraded if Fortna's capital structure becomes tenable and if liquidity improves. Sustained deleveraging of the business could also support an upgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Fortna Group, Inc. ("Fortna") is headquartered in Atlanta, Georgia. The company provides design services and cost-effective solutions, powered by Fortna Warehouse Execution Software (WES), that optimize distribution and fulfillment for speed and accuracy. Fortna also designs, engineers, manufactures, and installs turnkey material handling automation solutions for parcel, distribution & fulfillment, eCommerce, manufacturing and other industries. Operations are primarily conducted in North America, the United Kingdom and Europe. The company generated $1.4 billion of total revenue in 2024. FREIRICH FOODS: Court Denies Bid to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina issued an order denying Freirich Foods, Inc.'s motion to authorize use of cash collateral. The court denied the motion following confirmation of the company's Chapter 11 plan of reorganization on April 29, which rendered the motion moot. About Freirich Foods Freirich Foods, Inc. is a deli meat processor that produces dry open-oven roasted products. It has been supplying specialty meats to select grocers and delis since 1921. Although initially opened in New York, the business is headquartered in Salisbury, N.C., today and has been managed by four generations of the Freirich family. Freirich Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-50204) on March 20, 2024, with $13,015,005 in assets and $14,524,627 in liabilities. Paul Bardinas, president of Freirich Foods, signed the petition. Judge Benjamin A. Kahn oversees the case. The Debtor tapped John A Northen, Esq., at Northen Blue, LLP as legal counsel and The Finley Group, Inc. as financial advisor. First National Bank of Pennsylvania, as secured creditor, is represented by: Matthew P. Weiner, Esq. Stephanie E. Goodbar, Esq. Poyner Spruill, LLP P.O. Box 1801 Raleigh, NC 27602-1801 Telephone: (919) 783-6400 mweiner@poynerspruill.com sgoodbar@poynerspruill.com FUTURE FINTECH: Reports $33M Net Loss on $2.2M Revenue for FY 2024 ------------------------------------------------------------------ Future FinTech Group Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $33.2 million on $2.2 million of revenue for the year ended December 31, 2024, compared to a net loss of $34 million on $21.7 million of revenue for the year ended December 31, 2023. The Company's financial statements are prepared assuming that the Company will continue as a going concern. The Company incurred operating losses and had negative operating cash flows and may continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. The Company's operating losses amounted $36.62 million, and it had negative operating cash flows amounted $21.24 million as of December 31, 2024. These factors raise substantial doubts about the Company's ability to continue as a going concern. The Company has raised funds through issuance of convertible notes and common stock. The Company had net working capital of $7.60 million. The Company had current liabilities of $13.11 million which is expected to get repaid within twelve months. As of December 31, 2024, the Company had cash of $4.84 million, accounts receivable of $2.09 million and loan receivables of $7.09 million, which were expected to be liquid and used to repay the liabilities. As such, the Company believed it had sufficient cash to settle the liabilities within the next 12 months. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mynf33cj About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. GAVIN SPANIERMAN: Seeks to Hire Frances M. Caruso as Bookkeeper --------------------------------------------------------------- Gavin Spanierman Ltd. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Frances M. Caruso, a professional practicing in Melville, New York, as its bookkeeper. The bookkeeper will provide these services: (a) prepare monthly operating statements and other financial reports or statements required by the court of the Office of the United States Trustee, the Bankruptcy Code, the Bankruptcy Rule or otherwise deemed to be necessary or beneficial to the Debtor and/or its estate; and (b) render such other financial assistance or services as may be necessary in the Chapter 11 case. Ms. Caruso will be paid at her hourly rate of $75 plus out-of-expenses. The bookkeeper requested an up-front retainer payment of $750 from the Debtor. Ms. Caruso disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The bookkeeper can be reached at: Frances M. Caruso Caruso Accounting LLC Melville, NY 11747 Telephone: (631) 378-3222 About Gavin Spanierman Ltd. Gavin Spanierman Ltd. operates as Spanierman Modern, an art gallery located at 958 Madison Avenue in New York City. Gavin Spanierman filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10005) on January 3, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities up to $50,000. Eric Zabicki, Esq. of Pick & Zabicki LLP represents the case as counsel. GENEVER HOLDINGS: Trustee Taps Hadef & Partners as Local Counsel ---------------------------------------------------------------- Luc Despins, the trustee appointed in the Chapter 11 case of Genever Holdings Corp.'s owner Ho Wan Kwok, seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Hadef & Partners, as local counsel in the United Arab Emirates. The firm will assist the Chapter 11 Trustee and Kobre & Kim LLP in the investigation of assets and transfers connected to the Debtor that may be located in the UAE, and litigation in connection with such assets. The 2025 hourly rate of Hadef are between $463 to $1,021 for lawyers (plus 5 percent VAT), and $272 to $408 for paraprofessionals (plus 5 percent VAT). Hadef will also bill for out-of-pocket expenses made on behalf of the Trustee. Hadef provides the following response to the request for information set forth in Paragraph D.1. of the Larger Case Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Not applicable. Hadef has not previously represented the Chapter 11 Trustee. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Not applicable. As disclosed in the court filings, Hadef is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b). The firm can be reached through: Karim H. Mahmoud Hadef & Partners Level 5, Building 3 Emaar Square, Downtown Dubai P.O. Box 37172 Dubai, UAE About Genever Holdings Genever Holdings, LLC is the owner of the entire 18th floor apartment and auxiliary units in the Sherry Netherland Hotel located at 781 Fifth Ave., N.Y. Genever Holdings, LLC filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 20-12411) on Oct. 12, 2020, with $50 million to $100 million in both assets and liabilities. On Nov. 4, 2022, the case was transferred to the U.S. Bankruptcy Court for the District of Connecticut and was assigned a new case number (Case No. 22-50592). Ho Wan Kwok, owner of Genever Holdings, LLC's parent, Genever Holdings Corporation, sought Chapter 11 protection (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022, with $50,001 to $100,000 in assets and $100 million to $500 million in liabilities. According to Reuters, Ho Wan Kwok, also known as Guo Wengui, was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. He filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. Genever Holdings Corporation is a company in Road Town, Tortola, which is engaged in activities related to real estate. It sought Chapter 11 protection (Bankr. D. Conn. Case No. 22-50542) on Oct. 11, 2022, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. On Nov. 21, 2022, the Connecticut bankruptcy court ordered the consolidation of the three cases for procedural purposes. The cases are jointly administered under Case No. 22-50073 and are assigned to Judge Julie A. Manning. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP and Neubert Pepe & Monteith, P.C. serve as Genever Holdings, LLC's legal counsels. Neubert, Pepe & Monteith and Harney Westwood and Riegels, LP serve as Genever Holdings Corporation's bankruptcy counsel and British Virgin Islands counsel, respectively. Luc A. Despins, the Chapter 11 trustee appointed in Ho Wan Kwok's case, tapped Paul Hastings, LLP as bankruptcy counsel; Neubert, Pepe & Monteith as local and conflicts counsel; and Harney Westwood and Riegel as British Virgin Islands counsel. Pullman & Comley, LLC represents the official committee of unsecured creditors appointed in Ho Wan Kwok's bankruptcy case. GIL & RIVERA: Seeks Cash Collateral Access ------------------------------------------ Gil & Rivera, LLC asked the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral. The Debtor aims to continue business operations and reorganize under Chapter 11 by reducing expenses and maintaining its going concern value. The Debtor identifies three creditors -- the U.S. Small Business Administration, National Funding (Quickbridge) and Byzfunder NY -- as potential parties with an interest in its cash collateral, though none have yet consented to its use. At the time of filing, the Debtor had approximately $11,610 in cash and $103,500 in unencumbered personal property. It plans to use this cash through a debtor-in-possession (DIP) account to cover operating expenses and proposes giving creditors replacement liens on post-petition assets, along with a monthly protection payment of $1,0356 to the SBA. The Debtor has opened DIP accounts and transferred all pre-bankruptcy funds, intending to deposit future revenues into these accounts for approved disbursements. A proposed operating budget is included, and the company plans to file a formal reorganization plan shortly. About Gil & Rivera Gil & Rivera, LLC is a commercial and residential fencing contractor based in Rocky Mount, N.C. Gil & Rivera filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01470) on April 24, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Maria Gil, a member of Gil & Rivera, signed the petition. Judge Joseph N. Callaway oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. H & M FINE ART: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On May 2, 2025, H & M Fine Art and Custom Framing Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About H & M Fine Art and Custom Framing Corp. H & M Fine Art and Custom Framing Corp. is a small business specializing in fine art sales and custom framing services. H & M Fine Art and Custom Framing Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-71718) on May 2, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $50,000 and $100,000. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Thomas A. Farinella, Esq. at Law Office Of Thomas A. Farinella, PC. HANDLOS FINISHING: Court OKs Deal to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California approved a stipulation allowing Handlos Finishing, LLC and its affiliates to use the cash collateral of their secured creditors. The stipulation authorizes the Debtors' interim use of the cash collateral of Farm Credit Services of America, PCA, and Farm Credit Services of America, FLCA through May 13. The cash collateral, which includes proceeds and revenues generated from the Debtors' operations, is encumbered by the secured creditors' valid, perfected liens. These creditors are owed approximately $69.4 million. As protection, the secured creditors were granted first priority lien on and security interest in the Debtors' post-petition collateral, subject to superior liens in the collateral held by other creditors. In case of any diminution in the value of their interests, the secured creditors will be granted a superpriority claim. As further protection, the Debtors will make interest-only monthly payments to the secured creditors in an amount equal to 6.5% of the outstanding balance as of the petition date. About Handlos Finishing 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 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 reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. The Debtor is represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HIGHLAND GROUP: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- Highland Group, LLC and Brewster Plastics, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement with respect to Chapter 11 Plan of Liquidation dated April 2, 2025. Highland's sole member is Robert P. Wallace. Highland was the beneficial owner and lessee of the real property located at 60 Jon Barrett Road, Patterson, New York 12563 (the "Property"). Highland was the fee owner of the Property prior to January 1, 2010, on or after which time it: (i) conveyed title to the Property to Putnam County Industrial Development Agency ("PCIDA") under a Deed dated January 29, 2010 in order to obtain certain tax benefits; and (ii) entered into an Agency Lease Agreement, dated as of January 1, 2010, pursuant to which PCIDA leases the Property back to the Debtor. Highland leased the Property to its affiliate, Brewster Plastics, Inc. pursuant to a sublease dated May 7, 2009, for its continued use of the Property for its plastic molding business. Brewster was a family-owned company headquartered in Patterson, New York. Brewster leased its premises from its affiliate, Highland at 60 Jon Barrett Road, Patterson, NY 12563. Brewster was founded over fifty years ago in 1971 by Robert Wallace, as a plastics injection molding manufacturer. Brewster filed its voluntary petition under chapter 11 on June 3, 2024 so that it could continue to operate while pursuing an orderly sale of its assets. During the case Debtors sold the Brewster business as a going concern and the Property under the supervision of the Bankruptcy Court. The Sale of these assets closed in October 31, 2024 and the proceeds of the Sale will fund the Debtors' Joint Plan of Liquidation. As of March 10, 2025 Highland was holding approximately $311,000.00 of sale proceeds and Brewster was holding approximately $779,000.00. The Debtors expect that Administrative Professional Fees will be approximately $65,000.00 in the Highland case and approximately $80,000.00 in the Brewster case. After Bankruptcy Court approval and payment of counsel fees all remaining funds will be distributed in the order of priority under the Bankruptcy Code. The Plan provides for the payment of the Debtors' creditors, from the Sale of the Highland Real Property and Brewster's business assets. Pursuant to the Plan, the Debtors will pay all Secured Claims, Allowed Administrative Expense Claims and Priority Claims in full. Holders of General Unsecured Claims will receive a pro rata Distributions of sale proceeds after payment of senior claims and costs of administering the Debtors' cases. The Debtors' Plan is a liquidating one. Brett Wallace will assist in the completion of the case and making distributions to Creditors. Class 3 consists of all Allowed General Unsecured Claims. Class 3 Claims are impaired under the Plan. On the Effective Date, or as soon thereafter as is reasonably practicable, the PostConfirmation Debtors shall make an initial Unsecured Creditor Distribution to the holders of Allowed Class 3 Claims, which shall be distributed on a pro rata basis to such holders. Class 4 consists of all Interests. On the Effective Date, equity interests in the Debtors shall be unaffected by the Plan; provided, however, that holders of Class 4 Interests will not receive any distributions on account of their Interests. The Post-Confirmation Debtors will deposit proceeds of the liquidation of estate assets into a fund for Distributions to be made under the Plan (the "Distribution Fund"). This account will be the account established by the Debtors to deposit sale proceeds during the chapter 11 case. The Distribution Fund shall be used to pay the post-Confirmation Date expenses of the estate, including the fees and expenses of the Post-Confirmation Debtors (for implementing and administering the Plan), and their professionals. The source of funds to consummate the Plan will be the Debtors' Cash as of the Effective Date, and the proceeds of the Sale. A full-text copy of the Disclosure Statement dated April 2, 2025 is available at https://urlcurt.com/u?l=X5Ac20 from PacerMonitor.com at no charge. Counsel to the Debtor: Gerard R. Luckman, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: 516-812-6291 E-mail: GLuckman@forchellilaw.com About Highland Group Highland Group, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns the real property located at 60 Jon Barrett Road, Patterson, N.Y., with a current value of $6.06 million. Highland Group filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35296) on March 27, 2024, with $6,064,000 in assets and $7,217,008 in liabilities. On June 3, 2024, Brewster Plastics, Inc. filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-35576), with $1 million to $10 million in both assets and liabilities. Gerard R. Luckman, Esq., at Forchelli Deegan Terrana, is the Debtors' legal counsel. HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Hoopers Distributing, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The fourth interim order authorized the company to use cash collateral for its operating expenses in accordance with its budget, with a 10% variance allowed. The budget shows the company's projected expenses of $135,913.86 for the period from May 1 to 30. As protection, Kapitus, LLC's and Kalamata Capital Group, LLC's liens will extend to Hoopers' post-petition cash generated from sales and all other assets against which the secured creditors held liens. As additional protection, Kapitus will receive a cash payment of $1,334.17 by May 15. The interim order will remain in full force and effect until June 4; the replacement of or termination of the fourth interim order by a subsequent order; or the filing of a notice of default, whichever comes first. The next hearing is scheduled for June 4. 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. Smith Debnam Narron Drake Saintsing & Myers, LLP P.O. Box 176010 Raleigh, NC 27619-6010 Telephone: (919) 250-2000 bsaintsing@smithdebnamlaw.com JACKSON HOSPITAL: Taps Ronald Dreskin of Eisner Advisory as CEO --------------------------------------------------------------- Jackson Hospital & Clinic, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ Ronald Dreskin, principal of Eisner Advisory Group LLC, as Interim CEO. Mr. Dreskin shall serve as the CEO of Hospital and shall perform such duties as are typically performed by the CEO of similarly situated hospitals and health care institutions, as well as such specific duties as may be assigned to Consultant by the Board of Directors of the Hospital, including the following: being responsible for managing the day-to-day operations of the Hospital and its affiliates; establishing a system that strives to assure that high quality care is provided; supporting the sound fiscal operation of the Hospital while promoting services that are produced in a cost-effective manner; promoting ongoing compliance with regulatory agencies and accrediting bodies while continually monitoring the organization's service and delivery system; furthering optimal fulfillment of the institution's charter, mission and philosophy in response to the identified needs of the community; and responding to the Hospital's physicians, physician assistants, nurse practitioner, registered nurses, and any other clinical personnel with the authority to diagnoses and/or render medical care to a patient, employees and patients. In addition, the Consultant will work closely with the Board of Directors of the Hospital, management team and leadership of the organized Medical Staff in developing the strategic direction and major policies of the institution. Mr. Dreskin will be paid at the rate of $650 per hour. Mr. Dreskin assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Ronald Dreskin 70 Forest Street, Apt. 7C Stamford CT 06901 Tel: (212) 324-2295 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 JAGUAR HEALTH: Registers 1.29M Common Shares for Resale ------------------------------------------------------- Jaguar Health, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission relating to the resale of up to 1,291,882 shares of the Company's voting common stock, par value $0.0001 per share, by the Selling Stockholders: * Intracoastal Capital LLC * Lincoln Alternative Strategies LLC * 3i, LP * Streeterville Capital LLC * Lisa A. Conte * Pravin Chaturvedi, Ph.D. * Steven R. King, Ph.D. * Jonathan S. Wolin * Carol Lizak * Bochnowski Family Trust * JBS Healthcare Ventures LLC * John Micek III * Niccolo Caderni * Mark Johnson * David F. Sesin * Ian Wendt * Chesterfield Property Investments Ltd * Martin Dunn * Jon D and Linda W Gruber Trust * Joshua Mailman * Joshua Mailman Foundation * EJM 2012 Trust * Douglas Novick * Roy L Rogers 2020 Dynasty Trust * Roy L Rogers Survivor's Trust * Roy and Ruth Rogers Unitrust * Brian & Suzanne Swift Liv Trust dated 3.13.91 as amended * QiuSheng Wang * WBW Trust Number One * Noam Rubinstein * Craig Schwabe * Michael Vasinkevich * Charles Worthman The shares of Common Stock registered for resale pursuant to the prospectus consist of: (i) 631,922 shares of Common Stock issuable upon the conversion of the 6% convertible promissory notes, (ii) 622,584 shares of Common Stock issuable upon the exercise of common warrants, and (iii) 37,376 shares of Common Stock issuable upon the exercise of certain warrants issued to the Company's placement agent. The Notes and Warrants were issued to the Selling Stockholders in a private placement offering that closed on March 31, 2025. The Notes are immediately convertible, at each holder's option, in part or in full, into Conversion Shares at a conversion price of $5.535 per share for holders who are not an officer, director, employee or consultant of the Company, and $5.555 per share for holders who are Company Insiders. The Common Warrants have an exercise price of $5.41 per share for holders who are not Company Insiders, and $5.43 per share for holders who are Company Insiders, and are exercisable immediately upon issuance and will expire on the earlier of: (i) five years from the date of issuance, (ii) the consummation of a fundamental transaction and (iii) the consummation of a liquidation event. The Placement Agent Warrants have substantially the same terms as the Warrants, except that the Placement Agent Warrants have an exercise price of $6.9188 per share. The Selling Stockholders may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of Common Stock or interests in their shares of Common Stock on any stock exchange, market or trading facility on which the shares of Common Stock are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. Jaguar Health will not receive any proceeds from the resale or other disposition of the shares of Common Stock by the Selling Stockholders. However, the Company will receive the proceeds of any cash exercise of the Warrants. The Company's Common Stock is listed on the Nasdaq Capital Market under the symbol "JAGX." On April 14, 2025, the last reported sale price of its Common Stock on Nasdaq was $5.21. A full-text copy of the Registration Statement is available at: https://tinyurl.com/2t9rn4xr About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of Dec. 31, 2024, the Company had $53.4 million in total assets, $44.4 million in total liabilities, $2.5 million in commitments and contingencies and a total stockholders' equity of $6.5 million. JAGUAR HEALTH: Registers 56,755 Shares Under 2014 Incentive Plan ---------------------------------------------------------------- Jaguar Health, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission relating to 56,755 shares of its common stock, par value $0.0001 per share, issuable to eligible employees, consultants, and non-employee directors under the Company's 2014 Stock Incentive Plan, as amended and restated through June 21, 2024, which Common Stock is in addition to: (a) the .0004 share of Common Stock registered on the Company's Form S-8 filed on May 18, 2015 (File No. 333-204280), (b) the .0048 shares of Common Stock registered on the Company's Form S-8 filed on December 23, 2016 (File No. 333-215303), (c) the .0188 shares of Common Stock registered on the Company's Form S-8 filed on August 14, 2017 (File No. 333-219939), (d) the .002 shares of Common Stock registered on the Company's Form S-8 filed on May 18, 2018 (File No. 333-225057), (e) the 14 shares of Common Stock registered on the Company's Form S-8 filed on April 24, 2020 (File No. 333-237816), (f) the 17 shares of Common Stock registered on the Company's Form S-8 filed on May 28, 2021 (File No. 333-256626), (g) the 21 shares of Common Stock registered on the Company's Form S-8 filed on April 13, 2022 (File No. 333-264276), (h) the 73 shares of Common Stock registered on the Company's Form S-8 filed on April 6, 2023 (File No. 333-271156), (i) the 1,800 shares of Common Stock registered on the Company's Form S-8 filed on August 14, 2023 (File No. 333-273973), and (j) the 2,447 shares of Common Stock registered on Company's Form S-8 filed on April 1, 2024 (File No. 333-278429). All of the share amounts presented reflect the 15-to-1 reverse stock split effective June 1, 2018, the 70-to-1 reverse stock split effective June 7, 2019, the 3-to-1 reverse stock split effective September 8, 2021, the 75-to-1 reverse stock split effective January 23, 2023, the 60-to-1 reverse stock split effective May 23, 2024, and the 25-to-1 reverse stock split effective March 24, 2025. A full-text copy of the Registration Statement is available at: https://tinyurl.com/mwubcvdh About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of Dec. 31, 2024, the Company had $53.4 million in total assets, $44.4 million in total liabilities, $2.5 million in commitments and contingencies and a total stockholders' equity of $6.5 million. JDI CUMBERLAND: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: JDI Cumberland Inlet, LLC 8200 Roberts Drive Ste. 475 Atlanta, GA 30350 Business Description: JDI Cumberland Inlet, LLC is engaged in real estate-related activities. The Company focuses on property development and related investment ventures. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-55072 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $10 million to $50 million The petition was signed by James F. Jacoby as authorized representative of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RVOJWAA/JDI_Cumberland_Inlet_LLC__ganbke-25-55072__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 12 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Safe and Green Development Corp. Monies Loaned/ $4,500,000 fka SG Development Crop Advanced 2. Camden County Tax Taxes & Other $125,000 Commissioner Government Units PO Box 698 Woodbine, GA, 31569 3. Brasfield & Gorrie, LLC Services $31,846 3021 7th Avenue South Birmingham, AL, 35233 4. The Ligon Firm Services $30,453 158 Scranton Connector Brunswick, GA, 31525 5. City of St. Mary's Taxes & Other $25,000 418 Osborne Street Government Units Saint Marys, GA, 31558 6. Marketing Eye, LLC Suppliers or $24,400 3344 Peachtree Road, Ste. 800 Vendors Atlanta, GA, 30326 7. Terracon Suppliers or $23,688 10841 S. Ridgeview Road Vendors Olathe, KS, 66061 8. Dentons US LLP Services $21,686 303 Peachtree St NE Ste 5300 Atlanta, GA, 30308 9. Ecological Solutions, Inc. Suppliers or $6,000 630 Colonial Park Drive, Ste. 200 Vendors Roswell, GA, 30075 10. The Abram Law Group, LLC Services $2,920 1200 Ashwood Parkway Ste. 560 Atlanta, GA, 30338 11. Dougherty Architecture Services $2,500 & Design, P.A. 4475 Legendary Drive, Ste. D Destin, FL, 32541 12. AKM Surveying, Inc. Suppliers or $1,080 PO Box 5730 Vendors Saint Marys, GA, 31558 JMG VENTURES: Unsecured Creditors to Split $390K over 60 Months --------------------------------------------------------------- JMG Ventures, LLC, submitted an Amended Plan of Reorganization dated April 2, 2025. This Amended Plan under Chapter 11 of the United States Bankruptcy Code proposes to pay creditors of the Debtor from future revenue generated by the Debtor though the continued operation of Middleton Jewelers. cash flow from operations. Non-priority unsecured claimants holding allowed claims, estimated in the total amount of $841,006.30, which amounts include the claims of claimants in Classes 7 and 8, and the unsecured portion of the claim of the U.S. Small Business Administration and the Internal Revenue Service, as discussed herein, will share on a pro rata basis in the total amount of $390,000.00, which amount represents an amount based upon the average of the Debtor's year end disposable income for 2026, 2027, 2028, 2029 as shown on the Debtor's cash flow projections, which amount was further adjusted downward by approximately 10% to account for unanticipated business interruptions, negative changes in the Debtor's cash flow due to downward trends in the retail jewelry industry, and potential impacts of tariffs expected to be imposed by the current administration, on the jewelry industry. This amount will provide claimants holding non-priority unsecured claims a distribution of approximately 46% of each claimant's claim. This Amended Plan provides for full payment of administrative expenses and priority claims. Class 9 consists of Nonpriority unsecured creditors. All non-priority unsecured claims allowed under § 502 of the code, estimated in the total amount of $841,006.30, which amounts include the claims of claimants in Classes 7 and 8, and the unsecured portions of each of the SBA and the IRS's claims, will share on a pro-rata basis from a total of $390,000.00, paid over 60 months, at 0.0% interest, and paid in monthly installments of $6,500.00 with payments to commence on the 21st day of the first full month following the Effective Date, anticipated to be May 21, 2025, and all subsequent payments to be paid on the 21st day of each following month until paid in full. Class 10 consists of Equity security holders of the Debtor. Manmeet Soin shall retain his equity ownership interest in the Debtor and shall be paid his W-2 wages as specified herein on account of his continued management and operation of the Debtor's business, all subject to the terms and conditions of this Amended Plan. The Debtor will implement and fund the Amended Plan by continuing to operate Middleton Jewelers and generate income, as set forth herein and in the attached financial projections. Soin shall remain as sole member of the Debtor and manager of Middleton Jewelers, and the Debtor shall make all disbursements pursuant to the terms of this Amended Plan. The Amended Plan will be funded with cash on hand, future operating revenue, and outstanding accounts receivable. The Amended Plan is feasible, pursuant to Section 1129(a)(11) of the Bankruptcy Code, based on the projected income of the Debtor over the term of the Amended Plan. A full-text copy of the Amended Plan dated April 2, 2025 is available at https://urlcurt.com/u?l=gXkmTX from PacerMonitor.com at no charge. JMG Ventures, LLC is represented by: Eliza M. Reyes, Esq. RICHMAN & RICHMAN LLC 122 W. Washington Avenue, Suite 850 Madison, WI 53703-2732 Tel: (608) 630-8990 Fax: (608) 630-8991 Email: ereyes@randr.law About JMG Ventures JMG Ventures, LLC is a limited liability company in Middleton, Wis., which conducts business under the name Middleton Jewelers. JMG Ventures filed Chapter 11 petition (Bankr. W.D. Wis. Case No. 24-11650) on August 19, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Manmeet Soin, managing member, signed the petition. Judge Beth E. Hanan oversees the case. The Debtor is represented by Eliza M. Reyes, Esq., at Richman & Richman, LLC. KIN DEE: Gets Interim OK to Use Cash Collateral Until May 27 ------------------------------------------------------------ Kin Dee, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to use cash collateral. The order penned by Judge Eduardo Rodriguez authorized the company's interim use of cash collateral through May 27, in accordance with its budget. The 30-day budget projects total operational expenses of $182,172.83. As protection for the sue of their cash collateral, secured creditors were granted a replacement lien on the company's post-petition property to the same extent and with the same validity and priority as their pre-bankruptcy lien. All replacement and pre-bankruptcy liens are subject and subordinate to a carve-out for Clerk of the Court fees; U.S. Trustee fees and other fees approved by the court. A final hearing is set for May 27. About Kin Dee LLC Kin Dee, LLC manages and operates Thai restaurants at two leased locations. Kin Dee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-32199) on April 23, 2025. In its petition, the Debtor reported assets of $30,301 and liabilities of $1,168,956. 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. KRT INC: Seeks to Hire Ritchie Brothers as Real Estate Broker ------------------------------------------------------------- KRT Inc. seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Ritchie Brothers, Inc as auctioneer in connection with the sale of a certain property. All compensation, fees and expense reimbursement of Ritchie Brothers, Inc. is subject to approval by the Court. Ritchie Brothers does not hold an interest adverse to the estate and is a disinterested party, according to court filings. The firm can be reached through: Jeff Heley Ritchie Brothers, Inc. 4444 Ritchie Dr Longmont, CO 80504 Tel. (970) 535-6700 About KRT Inc. KRT Inc. operates within the specialized freight trucking industry. KRT Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20036) on February 7, 2025. In its petition, the Debtor reports total assets of $6,382,948 and total liabilities of $7,272,774. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Clark D. Stith, Esq. at CLARK D. STITH. KTRV LLC: Seeks Approval to Hire Ritchie Bros. as Auctioneer ------------------------------------------------------------ KTRV LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Ritchie Bros. Auctioneers (America), Inc. as auctioneer. The Debtors require an auctioneer to market and ultimately sell the equipment for the highest and best value and receive a commission based on a fixed 7 percent of the gross price. As disclosed in the court filings, Ritchie Bros. Auctioneers represents no interest adverse to Debtor or its bankruptcy estate and meets the requirements for employment under 11 U.S.C. Secs. 101(14) and 327(a). The firm can be reached through: James W. Chadwick II Ritchie Bros. Auctioneers (America), Inc. Two Westbrook Corporate Center, Suite #500, Westchester, IL 60154 About KTRV LLC KTRV is a Delaware holding company whose sole asset is its membership interest in HCNR, a Pennsylvania limited liability company. HCNR owns and operates five coal mines and related operations in Pennsylvania and Maryland. KTRV LLC and Heritage Coal & Natural Resources, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10601) on March 30, 2025. The petitions were signed by Brian Ryniker as chief restructuring officer. In the petition, KTRV LLC reported estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $100 million, and Heritage Coal reported estimated assets of $100 million to $500 million and estimated liabilities of $100 million to $500 million The Debtors are represented by Morris James LLP. The Debtors' restructuring advisor is RKC, LLC d/b/a RK Consultants LLC, and the Debtors' claims and noticing agent is Stretto Inc. KULA GRAIN: Seeks to Hire Allen Vellone Wolf Helfrich as Counsel ---------------------------------------------------------------- Kula Grain Co. Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Allen Vellone Wolf Helfrich & Factor P.C. as counsel. The firm will handle all matters concerning the administration of the Estate, including preparation of the bankruptcy statements and schedules, a plan of reorganization and disclosure statement, and any contested matters or adversary proceedings. The firm will be paid at these rates: Jeffrey Weinman $650 per hour Jordan Factor $675 per hour Bailey C. Pompea $425 per hour Paralegals $120 to 225 per hour The firm received a prepetition retainer in the amount of $35,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey Weinman, Esq., a partner at Allen Vellone Wolf Helfrich & Factor, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com Email: BPompea@allen-vellone.com 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. KWENCH JUICE: Trustee Taps Verdolino & Lowey P.C. as Accountant --------------------------------------------------------------- Stephen Darr, the trustee appointed in the Chapter 11 case of Kwench Juice Franchising, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Verdolino & Lowey, P.C. as his accountants. The firm will render these services: a. complete necessary federal and state tax returns; b. provide advice to the Trustee with respect to tax issues as they may arise; and c. perform such other accounting and tax services deemed necessary by the Trustee. The firm will seek compensation based upon its normal and usual billing rates and will seek reimbursement of expenses incurred on behalf of the Debtor. Craig R. Jalbert, principal at Verdolino & Lowey, 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: Craig R. Jalbert Verdolino & Lowey PC 124 Washington St., Ste. 101 Foxboro, MA 02035 Tel: (508) 543-1720 Fax: (508) 543-4114 Email: cjalbert@vlpc.com About Kwench Juice Franchising Kwench Juice Franchising, Inc. operates a cafe in Boston under the trade name Kwench Juice Cafe, which features juices and fruit smoothies. Kwench Juice Franchising sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12587) on December 26, 2024. In its petition, the Debtor reported up to $50,000 in assets and up to $1 million in liabilities. Judge Christopher J. Panos handles the case. Barry Levine, Esq., represents the Debtor as legal counsel. Stephen Darr was appointed as trustee in this Chapter 11 case. The trustee tapped Murphy & King, Professional Corporation as his counsel. LABOR LAW: Hires Plunkett Cooney PC as Special Counsel ------------------------------------------------------ Labor Law Poster Service, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to hire Plunkett Cooney, PC as special counsel. The firm will assist the Debtors in defending the Washington No. 24-2-00464-5 SEA and to evaluate, and possibly prosecute, a potential appeal. The firm will be compensated hourly at its standard hourly rates, which range from $335 to $145 for this engagement. Plunkett Cooney currently holds $150,000 in retainer funds. Plunkett Cooney does not represent or hold any other interest adverse to Debtors' bankruptcy estates or the Debtors, according to court filings. The firm can be reached through: Peter Cronk, Esq. Plunkett Cooney, PC 101 N. Washington Square, Suite 1200 Lansing, MI 48933 Tel: (517) 333-6598 Fax: (248) 901-4040 Email: pcronk@plunkettcooney.com About Labor Law Poster Service, LLC Labor Law Poster Service, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. MI Case No. 25-00924), listing $100,001 to $500,000 in assets and $50,000 in liabilities. Judge John T Gregg presides over the case. Anthony J. Kochis, Esq. at Wolfson Bolton Kochis PLLC represents the Debtor as counsel. LABOR LAW: Taps Merrick Hofstedt & Lindsey as Local Counsel ----------------------------------------------------------- Labor Law Poster Service, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to hire Merrick, Hofstedt & Lindsey, P.S. as local counsel. The firm will assist Plunkett Cooney, PC and Debtors in defending the proceeding against the State of Washington, Case No. 24-2-00464-5 SEA. Merrick Hofstedt will be compensated hourly at its standard hourly rates, which range from $265 to $375 for this engagement. Pre-petition, Plunkett Cooney, PC was paid an appellate retainer of $150,000, which will be utilized by both MHL and Plunkett Cooney, PC to pay for special litigation counsel services. The firm does not represent or hold any other interest adverse to Debtors' bankruptcy estates or the Debtors, according to court filings. The firm can be reached through: Philip R. Meade, Esq. Merrick, Hofstedt & Lindsey, P.S. 3101 Western Avenue, Suite 200 Seattle, WA 98121 Phone: (206) 682-0610 Fax: (206) 467-2689 Email: pmeade@mhlseattle.com About Labor Law Poster Service, LLC Labor Law Poster Service, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. MI Case No. 25-00924), listing $100,001 to $500,000 in assets and $50,000 in liabilities. Judge John T Gregg presides over the case. Anthony J. Kochis, Esq. at Wolfson Bolton Kochis PLLC represents the Debtor as counsel. LAURENT TOWER: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Laurent Tower, LLC Victoria Tower c/o William Wendlandt 1908 N. Laurent St. Victoria, TX 77901 Business Description: Laurent Tower, LLC is a real estate company based in Victoria, Texas. It operates the Victoria Tower, a six-story Class A office building offering 105,000 square feet of office space. Court: United States Bankruptcy Court Western District of Texas Case No.: 25-10669 Judge: Hon. Shad Robinson Debtor's Counsel: Ronald Smeberg, Esq. THE SMEBERG LAW FIRM 4 Imperial Oaks San Antonio TX 78248-1609 Tel: (210) 695-6684 Email: ron@smeberg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William Wendlandt 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/GEZSLXI/Laurent_Tower_LLC__txwbke-25-10669__0001.0.pdf?mcid=tGE4TAMA LIL GENIES: Taps Rosen Tsionis & Pizzo as Bankruptcy Counsel ------------------------------------------------------------ Lil Genies Daycare LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Rosen, Tsionis & Pizzo, PLLC as counsel. The firm's services include: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under the Bankruptcy Code; (b) preparation and filing of the petition, schedules, statement of financial affairs, and other documents required by the Court; (c) representation of the Debtor at the Section 341(a) meeting of creditors; (d) preparation of motions, documents, and applications in connection with the case; and (e) provision of legal advice to the Debtor in connection with all matters pending before the Court. The firm will be paid at these rates: Partners Up to $690 per hour Associates Up to $590 per hour Paraprofessionals Up to $200 per hour The firm received an initial retainer in the amount of $20,488. Rosen, Tsionis & Pizzo does not hold or represent an interest adverse to the Debtor or to the estate and is disinterested as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Nico G. Pizzo, Esq. Rosen, Tsionis & Pizzo, PLLC 38 New Street Huntington, NY 11743 Phone: (631) 423-8527 About Lil Genies Daycare LLC Lil Genies Daycare LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41811) on April 11, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Nico G. Pizzo, Esq. at Rosen, Tsionis & Pizzo, PLLC represents the Debtor as counsel. LINDO HOLDINGS: Hires Goldbach Law Group as Insolvency Counsel -------------------------------------------------------------- Lindo Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Goldbach Law Group as general insolvency counsel. The firm will render these services: (a) provide pre-petition counseling, several meetings and phone calls, discussions concerning the various chapter, the benefits and disadvantages of the filing of a Chapter 11 case and the Debtor's rights and responsibilities; (b) prepare document; (c) consult the Debtor concerning documents needed and reports to be prepared and consultation with other professionals to be employed; (d) assist the Debtor in preparation of documents for compliance with the requirements of the Office of the United States Trustee; (e) negotiate with secured and unsecured creditors regarding the amount and payment of their claims; (f) discuss with the Debtor concerning Plan of Reorganization; (g) prepare the Chapter 11 plan of reorganization and any amendments/changes to the same; (h) submission of ballots to creditor, tally of ballots and submissions to the court; (i) response to any objections to plan; and (j) response to any options for relief from stay, motions to dismiss or any other motions or contested matters. The firm will render services at the hourly rate of $595. The firm received a retainer of $15,000 from the Debtor. Marc Aaron Goldbach, Esq., attorney at Goldbach 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 through: Marc Aaron Goldbach, Esq. Goldbach Law Group 111 W. Ocean Blvd., Suite 400 Long Beach, CA 90802 Telephone: (562) 696-058 Facsimile: (888) 771-5425 Email: marc.goldbach@goldbachlaw.com About Lindo Holdings LLC Lindo Holdings LLC holds ownership of the property situated at 236 S. Curtis Avenue in Alhambra, California 91030, with an estimated worth of approximately $2.6 million. Lindo Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13059) on April 2, 2025. In its petition, the Debtor reports total assets of $2,600,061 and total liabilities of $1,500,738. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented byMarc Aaron Goldbach, Esq. at GOLDBACH LAW GROUP. MALIA REALTY: Unsecureds to Get $11,992 per Quarter over 5 Years ---------------------------------------------------------------- Malia Realty, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated April 3, 2025. The Debtor owns a 36-unit apartment complex located at 2129 Martin Luther King Jr. Drive SW, Atlanta, GA 30310 (the "Property"). The Debtor's sole member is the Chirhamolekwa Williams Revocable Trust Dated July 21, 2015. The trustee of the trust and the manager of the Debtor is Ms. Chirhamolekwa Williams. On September 17, 2021, the Debtor executed a Commercial Promissory Note with Lending One, LLC in the amount of $2,950,00.00 in connection with the purchase and renovation of the Property. Of the total loan amount, $488,010.00 was designated as a reserve for improving the plumbing and electrical infrastructure of the Property (the "Infrastructure Project"). The Note is secured by a security interest in the Property and the rents generated therefrom. Lending One executed an assignment of the note and the security instruments to Toorak Capital Partners, LLC (the "Lender") on October 18, 2021. After delays that were not the fault of the Debtor, the Lender accepted a proposal to complete the work for the Infrastructure Project from MMG Management, LLC. The Debtor was unhappy with the work of MMG due to unreasonable and debilitating delays and the discovery that MMG was not using a licensed plumber to complete work on the Infrastructure Project. The Lender scheduled a November 2024 foreclosure sale of the Property. The Debtor filed the chapter 11 bankruptcy case because it needs the relief provided by the Bankruptcy Code in order to complete the Infrastructure Project, fill the Property with tenants, and reorganize its operations and debts. Over the course of this case, the Debtor has also continued to run the business. The Debtor currently has 11 tenants in the apartment complex. The Debtor has diligently pursued funding to complete the Infrastructure Project, while at the same time pursuing a sale of the Property as a secondary option. Ms. Chirhamolekwa Williams has decided pull equity from an out of state property that she owns with her family through an unrelated business. Ms. Williams will make a capital contribution to the Debtor in the approximate amount of $800,000.00, which will enable the Debtor to make payments under the Plan and complete the Infrastructure Project. Once the Infrastructure Project is complete and the apartment complex is at full occupancy, the increased value will enable the Debtor to complete a refinance of the Property. The plan provides for the payment in full of all secured, priority, and general unsecured claims and retention of equity interests in the Debtor. Class 4 shall consist of all General Unsecured Claims. The Debtor shall pay the Class 4 Claims in full in equal quarterly payments over five years. Quarterly payments will be in the approximate amount of $11,992.00. Payments will begin on the first day of the first full quarter following the Effective Date. Any Class 4 Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor and the Debtor's obligations hereunder shall be reduced accordingly. Class 4 is Impaired and entitled to vote on the Plan. Class 5 consists of Equity Interests. The Reorganized Debtor shall not make any distributions or pay any dividends related to any Equity Interests unless and until all distributions related to all Allowed Claims in Classes 1 to 4 have been made in full as set forth herein. Holders of Equity Interests in the Debtor will retain those interests. Class 5 is Unimpaired and deemed to accept the Plan. After the Effective Date, the Reorganized Debtor will be responsible for implementing the Plan. The Reorganized Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan, including the prosecution and enforcement of Causes of Action. The Reorganized Debtor will also file the necessary final reports and will apply for a final decree as soon as practical after substantial consummation and the completion of the claims analysis and objection process. The Distributions contemplated by this Plan shall be made through the regular income of the business as well as from the capital contribution of Chirhamolekwa Williams. A full-text copy of the Disclosure Statement dated April 3, 2025 is available at https://urlcurt.com/u?l=AFaXft from PacerMonitor.com at no charge. Malia Realty LLC is represented by: ROUNTREE LEITMAN KLEIN & GEER, LLC William A. Rountree, Esq. Elizabeth A. Childers, Esq. Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 (404) 584-1238 Telephone Email: wrountree@rlkglaw.com echilders@rlkglaw.com About Malia Realty LLC Malia Realty LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Malia Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-61684) on Nov. 1, 2024, with $1 million to $10 million in both assets and liabilities. Judge Barbara Ellis-Monro oversees the case. The Debtor tapped William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC as bankruptcy counsel and Robert Arrington, Esq., at Arrington Owoo, PC special counsel. MAPRAGENCY INC: Court OKs Deal to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado approved a stipulation between MAPRagency Inc. and its secured creditors, allowing the agency's interim use of cash collateral. The stipulation authorizes MAPRagency to use the cash collateral of Alpine Bank and the U.S. Small Business Administration until the final hearing, which will be held simultaneously with the hearing on the agency's Chapter 11 plan of reorganization. As protection, both creditors will be granted replacement liens on MAPRagency's post-petition cash and accounts receivable to the same extent and with the sane priority as their pre-bankruptcy liens. In addition, Alpine Bank and SBA will receive monthly payments of $1,500 and $500, respectively, starting this month. MAPRagency's authority to use cash collateral terminates on the earlier of (i) the conversion of the agency's Chapter 11 case to one under Chapter 7; (ii) the agency's failure to provide adequate protection; (iii) the agency's failure to make monthly payments to the secured creditors; or (iv) the confirmation hearing. Alpine Bank is represented by: Jason S. Buckley, Esq. Trent T. Lauridson, Esq. Garfield & Hecht, P.C. 625 East Hyman Avenue, Suite 201 Aspen, CO 81611 Phone: 720-961-9029 Fax: 303-773-3431 jbuckley@garfieldhecht.com Tlauridson@garfieldhecht.com About MAPRagency Inc. MAPRagency, Inc., now known as Comprise, is a Boulder-based public relations and marketing agency that specializes in creative services, digital marketing, web design, and public relations. It focuses on delivering innovative strategies and solutions for businesses to enhance their brand visibility and engagement. MAPRagency filed Chapter 11 petition (Bankr. D. Colo. Case No. 25-11092) on March 4, 2025, listing up to $100,000 in assets and up to $10 million in liabilities. Doyle Albee, chief executive officer of MAPRagency, signed the petition. Judge Thomas B. McNamara oversees the case. Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor, P.C., represents the Debtor as legal counsel. MARKUS CORP: Court Extends Cash Collateral Access to May 31 ----------------------------------------------------------- Markus Corp received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until May 31, marking the third extension since the company's Chapter 11 filing. The court's previous interim order allowed the company to access cash collateral from April 1 to 30. The company needs to use its lenders' cash collateral to pay the expenses set forth in its budget, which shows total operational expenses of $22,985 for the interim period. Markus owes $426,224.08 and $264,476.06 to the U.S. Small Business Administration and Village Bank & Trust, N.A., respectively. These creditors have perfected liens on the company's assets, including cash, bank deposits and accounts receivable, which constitute cash collateral. As protection, both lenders were granted a replacement lien on substantially all of the company's assets to the same extent and with the same validity as their pre-bankruptcy liens. The lenders will also be granted an administrative expense claim as additional protection. The next hearing is scheduled for May 28. 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 MASS POWER: Court Extends Cash Collateral Access to June 18 ----------------------------------------------------------- Mass Power Solutions, LLC received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court issued a proceeding memorandum and order authorizing the company's use of cash collateral until June 18 under the same terms and conditions. The next hearing is scheduled for June 18. About Mass Power Solutions LLC Mass Power Solutions LLC is an electrical contracting company specializing in renewable energy solutions, including solar project design, installation, and management, serving both residential and commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5, 2025. In the petition signed by Ryan Lane, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth D. Katz oversees the case. John O. Desmond, Esq. represents the Debtor as legal counsel. MAXTIN INC: Seeks to Hire Spector & Cox PLLC as Legal Counsel ------------------------------------------------------------- Maxtin, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Spector & Cox, PLLC as counsel. The firm's services include: (a) providing legal advice with respect to their powers and duties as Debtor-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Howard Marc Spector, Esq. $435 per hour Sarah Cox, Esq. $395 per hour Paralegals $150 per hour The firm will be paid an advanced retainer in the amount of $17,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Howard Marc Spector, Esq., a partner at Spector & Cox, 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: Howard Marc Spector, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About Maxtin Inc. Maxtin Inc., doing business as Morrison Architectural Sign Company, is a manufacturer of architectural signage based in Dallas, Texas. The company specializes in producing custom signs using various fabrication methods including digital printing, laser cutting, and CNC machining, as evidenced by its financed equipment including Mutoh XpertJet printers, HP Latex printers, and Boss Laser systems. The company works with various materials including plastics and other fabrication supplies from vendors like E&T Plastics and Gyford Productions. Maxtin Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40871) on March 28, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Howard Marc Spector, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Comerica Bank, as secured creditor, is represented by: Michael P. Menton, Esq. Danika Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, Texas 75219 Tel: (214) 520-3300 Fax: (214) 526-4145 mmenton@settlepou.com dlopez@settlepou.com MCDAB FAMILY TRUST: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------- On May 5, 2025, MCDAB Family Trust of May 01, 2008 filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. 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 MCDAB Family Trust of May 01, 2008 MCDAB Family Trust of May 01, 2008, established on May 1, 2008, is an irrevocable trust. MCDAB Family Trust of May 01, 2008 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01862) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Kevin C. Young, Esq. at LAW OFFICES OF KEVIN C. YOUNG. MI LIQUIDATION: Trustee Taps Womble Bond as Special Purpose Counsel ------------------------------------------------------------------- George Sanderson III, the trustee appointed in the Chapter 11 case of MI Liquidation, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Womble Bond Dickinson (US) LLP as special purpose counsel. Womble will reopen and prosecute the appeal of the Gallagher case that was filed in state court in Clark County, Nevada. The Debtor was a defendant in the Gallagher case and, as a result, currently is liable for a compensatory award in excess of $30 million (excluding interest, costs, attorneys' fee) in favor of the plaintiffs in that case. The Debtor timely filed a notice of appeal of the Gallagher judgment, which appeal was stayed by the commencement of this Chapter 11 case and remains subject to the automatic stay. Daniel F. Polsenberg, Esq., a partner at Womble Bond Dickinson (US) 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: Daniel F. Polsenberg, Esq. Womble Bond Dickinson (US) LLP 3993 Howard Hughes Parkway, Suite 600 Las Vegas, NV US 89169 Tel: (702) 474-2626 Email: Dan.Polsenberg@wbd-us.com About MI Liquidation MI Liquidation, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-01757) on May 25, 2024, listing $500,001 to $1 million in assets and $10,000,001 to $50 million in liabilities. Judge David M. Warren presides over the case. The Debtor tapped John A. Northen, Esq., at Northen Blue, LLP as counsel. George Sanderson III was appointed as trustee in the Chapter 11 case. The trustee tapped William Murray, CPA as insurance consultant. NESTWELL LLC: US Trustee Wins Bid to Dismiss Bankruptcy Case ------------------------------------------------------------ Judge James J. Tancredi of the United States Bankruptcy Court for the District of Connecticut granted the motion of William K. Harrington, the United States Trustee for Region 2, to dismiss the Nestwell, LLC's bankruptcy case. In the Trustee's Motion to Dismiss, he asserts that the Debtor has failed to: (i) file an official creditor matrix or list of its twenty (20) largest unsecured creditors as required; (ii) file any bankruptcy schedules or a statement of financial affairs; (iii) indicate that an attorney is representing the Debtor, which identifies as a corporate entity; (iv) state a purpose for the filing of the bankruptcy case; and (v) state that it has insurance coverage sufficient to protect the assets in its bankruptcy estate and the public, or prove any such coverages. The Court concludes that the Debtor has failed to appropriately proceed in this case as the Bankruptcy Code requires. According to the Court, the Debtor has failed to comply with the Bankruptcy Code in multiple regards -- it has failed to provide the requisite documentation, obtain counsel as a corporate entity, or prove that insurance exists to protect the assets of the bankruptcy estate. The Debtor's compound failures to satisfy all of these obligations and to proceed in good faith in this bankruptcy proceeding provides the Court with abundant cause to dismiss this Chapter 11 case with prejudice and to infer its bad faith. The Court dismissed the case with a one-year bar to any bankruptcy refiling based upon the Debtor's egregious noncompliance. A copy of the Court's decision dated May 5, 2025, is available at https://urlcurt.com/u?l=XpmBr7 from PacerMonitor.com. About Nestwell LLC Nestwell LLC is a single asset real estate company with its principal place of business in Glastonbury, Connecticut. Nestwell LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20403) on April 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James J. Tancredi handles the case. NEW HORIZON: Hires Law Office of Alla Kachan PC as Counsel ---------------------------------------------------------- New Horizon Medical P.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Law Office of Alla Kachan, PC as counsel. The firm will provide these services: (a) assist the Debtor in administering this Chapter 11 case; (b) make such motions or take such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as it deems appropriate; (d) take such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiate with the Debtor's creditor in formulating a plan of reorganization in this case; (f) draft and prosecute the confirmation of the Debtor's plan of reorganization in this case; and (g) render such additional services as the Debtor may require in this case. The firm will be paid at these rates: Attorney $475 per hour Clerks/Paraprfessionals $250 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $15,000. Alla Kachan, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About New Horizon Medical P.C. New Horizon Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41802) on April 11 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. NEW HORIZON: Seeks to Hire Estelle Miller as Accountant ------------------------------------------------------- New Horizon Medical P.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a professional practicing in New York, as accountant. Ms. Miller will render these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating reports for the Debtor. The professional will be compensated at a monthly fee of $300. She also received an initial retainer fee of $3,000 from the Debtor. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com About New Horizon Medical P.C. New Horizon Medical P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41802) on April 11 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. NEWELL BRANDS: S&P Downgrades ICR to 'B+' on Consumer Demand ------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit rating on U.S.-based Newell Brands Inc. to 'B+' from 'BB-'. S&P affirmed its 'B' commercial paper rating. S&P said, "We also lowered our issue-level rating on the company's unsecured notes to 'B+' from 'BB-'. Our recovery rating remains '3' (50%-70%; rounded estimate: 55%), indicating our expectations of meaningful recovery in the event of a payment default. "The stable outlook reflects that Newell will be able a offset a portion of topline and tariff pressure with the productivity, pricing, commodity, and input cost inflation easing it is expecting in the coming year. "We believe demand for the company's discretionary product portfolio will remain weak, given the pressure of higher tariffs and weakening economic conditions in 2025. Newell's net sales declined by 5.3% in the first quarter of 2025 after a 7% decline in 2024 due to lower demand globally, loss from business exits, and unfavorable foreign currency headwinds. We expect demand headwinds will persist in 2025 due to its discretionary product range including Rubbermaid, Sharpie and Yankee Candle. In addition, the company's focus on exiting smaller brands to optimize its product portfolio and unfavorable foreign currency headwinds impact will continue in 2025. As a result, we forecast revenue to decline by 7.5% in 2025, before returning to modest growth in 2026. "We expect that S&P adjusted leverage will remain above 5x in 2025, after solid progress toward deleveraging in 2024. Newell finished 2024 with leverage at 5.2x (compared with our forecast of 5.7x in 2024 and its 6.5x in fiscal 2023), due to its better-than-expected free operating cash flow (FOCF) generation. Over the past several quarters, the company saw sequential declines in leverage. In the latest 12 months ended in the first quarter leverage increased to 5.5x, partly when considering some seasonal borrowing. "We believe S&P adjusted leverage will remain above 5x in the coming year. We also forecast the company will generate modest free operating cash flow (FOCF) by our reported calculations of about $80 million, which will be less than half 2024 levels. Newell has $1.23 billion of senior unsecured notes outstanding due on April 1, 2026. If the company fails to refinance substantially all this debt maturity over the next few months, we could lower the rating. This remains a key credit risk, in our opinion." Newell has a robust U.S. manufacturing base but still is prone to tariff-related downside. Newell has been implementing a tariff mitigation strategy for several years, investing nearly $2 billion in its U.S. manufacturing since 2017. The company says more than half of 2024 U.S. sales were manufactured through a North America supply base and are not subject to tariffs. Imports from other countries accounted for about 24% of its total cost of goods sold (COGS), with China accounting for 15%, Mexico 5%, and the remainder other countries. S&P notes 98% of its imports from Mexico are exempt from tariffs under the United States Mexico Canada Agreement (USMCA). The company has taken various actions to mitigate the impact, which include targeted price increases, effective management of discretionary overhead and promotional spending and transition of suppliers to other countries, which is further supported by lower raw material (resins) and transportation costs. The company took tariff-related price actions in the U.S. S&P said, "We believe these measures will enable the company to offset the incremental costs from tariffs in 2025, but at the expense of lower volume growth amid declining consumer sentiment. We will also be monitoring closely how baby gear is treated in this round of tariffs and if any will be excluded like in the last round. We are monitoring the China tariff situation and believe that if the tariffs were to be implemented at 125%, it could negatively affect gross margins by nearly 150 basis points (bps) and result in leverage in the high-5x area, assuming the company is able to pass through some portion of the additional costs to consumers." 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 regards to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, S&P will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly. The stable outlook reflects that progress in improving credit metrics in the past year can provide cushion to profit pressure from volume pullbacks amid potential price increases in the coming year. S&P could lower the rating if it believed leverage will exceed 6x on a sustained basis and it forecasts FOCF will turn negative. This could occur if: -- Newell's operating performance suffered further due to tariff pressure or reduced orders from key retailers amid tough macroeconomic conditions; or -- S&P reassesses its view of liquidity to weak, potentially due to an inability to fully refinance its near-term maturities in the next two quarters. S&P could raise the rating if improving operating performance and prudent financial policies enabled Newell to sustain leverage below 5x. This could occur if: -- Sales, earnings, and cash flow prospects improved because consumer demand strengthening; and -- The company successfully refinanced its 2026 maturities and navigated tariff pressures with only modest margin impact. NIKOLA CORP: Taps Gordon Brothers Commercial as Agent ----------------------------------------------------- Nikola Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Gordon Brothers Commercial & Industrial LLC as agents. The firm will render these services: (1) develop an advertising and marketing plan for the sale or other disposition strategy for all Assets; (2) prepare all marketing materials necessary to run a commercially reasonable sale to ensure that the value of the Assets is maximized; (3) accept or reject offers to purchase the Assets in consultation with the Company and negotiate the terms and conditions of any sales thereof; (4) charge and collect on the Company's behalf from all purchasers of the Assets any purchase price, together with all applicable taxes in connection therewith, and remit same to the Company; (5) collect, service, settle and otherwise resolve the Accounts Receivable on the Company's behalf in compliance with applicable law; (6) provide qualified personnel necessary to conduct and oversee the Sale as determined by Agent, at the Company's expense; (7) provide regular sales reporting to the extent not otherwise readily obtainable from the Company's systems; and (8) perform such other related services deemed by Agent to be required or prudent to facilitate the Sale. The firm will receive compensation at these rates: -- Private Treaty Sales. With respect to Assets sold in connection with the Sale outside of an auction, the Company shall pay to Agent a fee equal to 10 percent of the Gross Proceeds from such sale (the "Agent Fee"). -- Auction Sales. With respect to Assets sold in connection with the Sale via auction, the Company shall be entitled to retain 100 percent of the Gross Proceeds of such Assets for its own account; provided, that the Agent shall be entitled to charge purchasers of such Assets an industry-standard buyer's premium of 18 percent and retain such amount for its own account. The Buyer's Premium shall not be included in the calculation of Gross Proceeds. -- Fee Credit. Pursuant to the terms of the Engagement Letter dated as of January 16, 2025, by and between the Company and Agent and Nations Capital, LLC, in respect of the Project Fee paid thereunder, the Company shall receive a credit (the "Fee Credit") of $100,000 towards the amounts that would otherwise be payable to Agent as part of the Agent Fee or Buyer's Premium hereunder. For clarity, notwithstanding anything to the contrary herein, the first $100,000 collected by Agent in respect of the Agent Fee or Buyer's Premium hereunder shall be remitted to the Company in satisfaction of the Fee Credit. -- Reimbursement of Expenses. The Company shall be responsible for all expenses incident to the conduct of the Sale and the operation of the Company during the Sale Term, including without limitation all Agent Advanced Expenses and all other Facility and corporate expenses associated with the Sale. Agent will advance funds in the amount of up to $100,000 for certain expenses associated with the Sale ("Agent Advanced Expenses"). All Agent Advanced Expenses that are actually incurred shall be reimbursed from the Gross Proceeds received in connection with the Sale (excluding the Agent Fee payable therefrom). Gordon Brothers is a "disinterested person" as such term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: David Braun Gordon Brothers Commercial & Industrial LLC 101 Huntington Ave Suite 1100 Boston, MA 02199 Tel: (888) 424-1903 Email: info@gordonbrothers.com About Nikola Corp. Nikola Corporation manufactures commercial vehicles. The Company provides battery and hydrogen fuel-cell electric vehicles, drivetrains, components, energy storage systems, fueling station infrastructure, and other transportation solutions. Nikola serves customers worldwide. Nikola Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10258) on February 19, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion, with liabilities ranging from $1 billion to $10 billion. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by M. Blake Cleary, Esq. at Potter Anderson & Corroon LLP. OFF-ROAD AUTOMOTIVE: Hires Kutner Brinen as Bankruptcy Counsel -------------------------------------------------------------- Off-Road Automotive seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. as counsel. The firm will render these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these rates: Jeffrey S. Brinen $540 per hour Jonathan M. Dickey $400 per hour Keri L. Riley $390 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $14,000. Ms. Riley 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: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2910 Email: klr@kutnerlaw.com About Off-Road Automotive Off-Road Automotive is a used vehicle dealership based in Fort Lupton, Colorado. The Company specializes in off-road-capable trucks, SUVs, and 4x4 vehicles, offering a diverse inventory from brands such as Ford, Jeep, Toyota, and Chevrolet. It also provides financing solutions and trade-in options, catering to both recreational off-roaders and everyday drivers. Off-Road Automotive sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12310) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY PC. OFFICE PROPERTIES: S&P Cuts ICR to 'SD' Following Debt Exchange --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Newton, Mass.-based REIT Office Properties Income Trust (OPI) to 'SD' (selective default) and its issue-level ratings on its senior unsecured notes due 2026, 2027 and 2031, to 'D'. S&P's issue-level ratings on other obligations are unchanged. S&P said, "We view the transaction as distressed and tantamount to a default. The downgrade follows OPI's completion of its private debt exchange. In aggregate, the company exchanged $20.99 million of its 2026, 2027, and 2031 senior unsecured notes for $14.44 million of new senior priority guaranteed notes due 2030. The exchange consideration varied depending on which notes were exchanged, with longer-dated notes receiving less consideration. In our view, this transaction is a distressed exchange and tantamount to a default because lenders received less than the original promise of the securities, which is not offset by adequate compensation. "The company's existing senior unsecured notes due 2050 and senior secured notes due 2027 and 2029 were not part of the exchange offer; therefore, our ratings on these issues are unaffected by the transaction. “We will reassess our ratings on OPI, including our issuer credit rating and issue-level ratings, in the near future. We will review our ratings on the company shortly to incorporate the debt exchanges and our forward-looking opinion of its creditworthiness. We are unlikely to raise our issuer credit rating above 'CCC', reflecting significant ongoing pressure to OPI's business, risks surrounding the sustainability of its capital structure, limited covenant headroom, and the potential for additional distressed exchanges." OMEGA THERAPEUTICS: Proofs of Claim Due May 28, 2025 ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set May 28, 2025, at 5:00 p.m. Prevailing Eastern Time as the last date and time for persons or entities to file proofs of claim against Omega Therapeutics Inc.. The Court also set Aug. 11, 2025, as the deadline for all governmental units to file their claim against the Debtor. A proof of claim may be filed electronically at https://cases.ra.kroll.com/omega using the interface available after clicking the link entitled "Submit a Claim." If filing by hardcopy, an original, signed copy of the proof of claim must be sent if by first-class mail to: Omega Therapeutics, Inc. Claims Processing Center c/o Kroll Restructuring Administration LLC Grand Central Station PO Box 4850 New York, NY 10163-4850 -- or -- if by hand delivery or overnight mail to: Omega Therapeutics, Inc. Claims Processing Center c/o Kroll Restructuring Administration LLC 850 Third Avenue Suite 412 Brooklyn, NY 1123 Consult the Bar Date Order for additional details on whether you are required to file a proof of claim or request for allowance of an Administrative Claim. Copies of the Bar Date Order, the Schedules and other documents and information regarding the Debtor's chapter 11 case is available free of charge at https://cases.ra.kroll.com/omega. If you have any questions relating to this notice, please contact the Debtor's notice and claims agent, Kroll Restructuring Administration LLC, at the Debtor's restructuring hotline at: (877) 606-3609 (Toll Free U.S. and Canada); or +1 (646) 937-7806 (International) or by email to OmegaInfo@ra.kroll.com. Please note that Kroll cannot provide legal advice regarding the filing of a Proof of Claim, and you should consult your own attorney. About Omega Therapeutics Omega Therapeutics Inc. is a biotechnology company in its development stages, leading innovation in a novel approach to leverage mRNA therapeutics as programmable epigenetic treatments through its OMEGA Epigenomic Programming platform. The OMEGA platform harnesses the power of epigenetics, the mechanism that controls gene expression and every aspect of an organism's life from cell genesis, growth, and differentiation to cell death. The OMEGA platform enables control of fundamental epigenetic processes to correct the root cause of disease by returning aberrant gene expression to a normal range without altering native nucleic acid sequences. Omega Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10211) on February 10, 2025. In its petition, the Debtor reported total assets as of Jan. 28, 2025 amounting to $137,529,941 and total debts as of Jan. 28, 2025 of $140,421,354. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Derek C. Abbott, Esq., Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Daniel B. Butz, Esq., Jonathan M. Weyand, Esq., and Luke Brzozowski, Esq., at Morris, Nichols, Arsht & Tunnell LLP in Wilmington, Delaware. The Debtor's special counsel is Latham & Watkins LLP. The Debtor tapped Triple P RTS, LLC as restructuring advisor and Triple P Securities LLC as investment banker. The Debtor's claims agent and administrative advisor is Kroll Restructuring Administration LLC. OUTLAW STEAKBURGERS: Hires Lane Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Outlaw Steakburgers, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Lane Law Firm, PLLC as legal 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 the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing 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. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and f. perform all other necessary legal services in these cases. The firm's counsel will be paid at these hourly rates: Robert Lane, Partner $595 Joshua Gordon $550 Associate Attorney $500 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. LANE received payments for its retainer from the Debtor in the amount of $35,000 on multiple dates from January 28, 2025 through March 31, 2025, for financial advice and representation of the Debtor 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 Outlaw Steakburgers, LLC Outlaw Steakburgers, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-60236) on April 22, 2025. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Joshua P Searcy handles the case. Robert C. Lane, Esq. at The Lane Law Firm PLLC represents the Debtor as counsel. PANTEGO DEVELOPMENT: Hires Spector & Cox PLLC as Legal Counsel -------------------------------------------------------------- Pantego Development LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Spector & Cox, PLLC as attorneys. The firm's services include: (a) providing legal advice with respect to their powers and duties as Debtor-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Howard Marc Spector, Esq. $435 per hour Sarah Cox, Esq. $395 per hour Paralegals $150 per hour The firm will be paid an advanced retainer in the amount of $26,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Howard Marc Spector, Esq., a partner at Spector & Cox, 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: Howard Marc Spector, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About Pantego Development LLC Pantego Development LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Pantego Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41162) on March 31, 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 Howard Marc Spector, Esq. at SPECTOR & COX, PLLC. PINE TREE: Says 2nd Amended Plan Addresses Concerns --------------------------------------------------- Pine Tree Condominium Association, Inc., submitted a Second Modification to Plan of Reorganization dated April 2, 2025. In the time since the Plan was filed and noticed for a hearing on confirmation, the United States Trustee filed an Objection to Confirmation of Debtor's Plan of Reorganization (the "Trustee Objection"). This Modification is filed to address the Trustee Objection. The changes described are to address the Trustee Objection and do not otherwise materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. No change is made to the amounts being received by any creditor, nor are any Class treatments being changed. The Plan is hereby amended to replace Article I, Paragraph 4, of the Plan with the following: "Liquidation Analysis. Holders of claims would not receive any greater return in a liquidation of Debtor's assets. Moreover, in liquidation, a bankruptcy trustee would incur costs associated with liquidation such as broker fees. Conversion and liquidation under Chapter 7 of the Bankruptcy Code would result in the appointment of a Chapter 7 trustee and the liquidation of assets. Assets disposed of by "liquidation" or "fire" sale generally generate significantly less proceeds than assets that are marketed and sold as a going concern. Debtor's real property assets are fully encumbered by the claim of the City of Atlanta Department of Watershed Management and the liquidation of the Debtor's pre-petition cash and causes of action would generate inadequate proceeds to exceed the return creditors will receive through this Plan." The Plan is further amended to add the following language to Section 5.2, Termination of the Subchapter V Trustee's Services: "To the extent this Plan is confirmed under § 1191(b) and the Subchapter V Trustee is subsequently discharged, the United States Trustee may reappoint a trustee as needed for performance of duties under Section 1183(b)(3)(C) and Section 1185(a) of the Bankruptcy Code." A full-text copy of the Second Modified Plan dated April 2, 2025 is available at https://urlcurt.com/u?l=zqNGhP from PacerMonitor.com at no charge. Counsel to the Debtor: Mark D. Gensburg, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: mgensburg@joneswalden.com About Pine Tree Condominium Association Pine Tree Condominium Association, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-57695) on July 26, 2024, with $383,876 in assets and $2,263,903 in liabilities. Marion Webb, vice president, signed the petition. Mark D. Gensburg, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. POWER STOP: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------ S&P Global Ratings has revised its outlook to negative from stable and affirmed the 'B-' issuer credit rating on Power Stop LLC. The negative outlook reflects the possibility that S&P could downgrade Power Stop over the next 12 months if EBITDA margins contract further, combined with continued investment in working capital, causing negative free operating cash flow (FOCF) on a sustained basis and a further drain on Power Stop's liquidity. Power Stop LLC's reliance on sourcing brake and brake kit products from China is a threat to the company's profitability and cash flows over the near term, particularly amid escalating tariff rates that could prove difficult in passing through to customers. Even if the company can pass higher prices on to customers, S&P believes the potential for lower sales volumes, higher promotional spending, and re-sourcing of products outside of China will strain margins and cash flows. The outlook revision to negative reflects the significant challenges Power Stop faces in navigating higher tariffs and a weakening macroeconomic environment, which could result in declining sales, strained cash flows, and weaker credit metrics. Power Stop has historically relied on vendors in China to manufacture its brake kits, where the company sources more than 90% of its products. These products now face upwards of 70% tariffs (including the 25% 2018 duties), which S&P believes could be detrimental to Power Stop's sales volumes, profitability, and cash flows. In response to rising tariffs, Power Stop began implementing price increases with its customer base along with re-sourcing product from new vendors in India, South Korea, Brazil, and Turkey. S&P said, "While these mitigating actions should lessen its reliance on China, we believe its accelerated shift to new vendors could be a drag on margins if it requires incremental costs to scale up and manage quality control effectively. We also expect greater working capital intensity this year based on our view that Power Stop will stockpile inventory to mitigate the impact of tariffs and ensure product is readily available to maintain fill rates during transition to new vendors." S&P said, "We now forecast lower revenues and margin decline in 2025, leading to weaker credit metrics, negative free cash flow, and tightening liquidity. We forecast revenues will be down about 6% in 2025 due to lower unit volumes, particularly with warehouse distributor customers who have been reducing inventories. While we expect the company to increase prices to offset tariffs which will increase revenue growth, we expect lower volumes due to anticipate unit to slowing consumer demand. To the extent the company discounts prices to maintain volumes, this could lead to a steadier topline but a greater decline in margins. Between the lower volumes and the drag on margins if the company is unable or unwilling to fully pass through the cost of the tariff to customers, we expect gross margins contract around 350 basis points to around 35%-35.5% in 2025-2027 from 38.9% in 2024. With the lower gross margins and Power Stop's largely fixed selling, general, and administrative costs, we expect EBITDA margins will be down nearly 540 basis points from 2024 to 16.9% in 2025. This will result in elevated debt to EBITDA above 8x and a modest cash flow deficit this year. "In addition to weaker profitability, Power Stop's cash flows are under pressure due to expected high working capital requirements. In particular, we expect the company to stockpile inventory to mitigate tariffs and maintain fill rates during vendor transition. Additionally, we assume ongoing quarterly tax distributions to its sponsor owners will further strain cash flow generation and liquidity. The company is relatively asset light and requires $2 million-$3 million in capital spending but overall, we still expect a negative free cash flow of roughly $15 million-$20 million this year. "Power Stop's liquidity position remains adequate. The company ended its first quarter of 2025 with $49.2 million of total liquidity, which we forecast to be sufficient to service projected uses over the next 12 months. Further, the company's covenant-light capital structure benefits from no near-term debt maturities until the undrawn revolver expires in January 2027 followed by its first-lien term loan in January 2029. "We continue to believe demand for highly discretionary auto parts will decline in a more protracted recession. If the U.S. enters a longer recession, this would reduce discretionary consumer spending and demand for Power Stop's products more than our base case. Given the already weak forecast for this year, a recession would weaken credit metrics and further burden the projected cash flow deficit. "The negative outlook reflects the possibility that we could downgrade Power Stop over the next 12 months if EBITDA margins contract further, combined with continued investment in working capital, causing FOCF to be negative on a sustained basis and a further drain on Power Stop's liquidity. "We could lower our ratings on Power Stop if its margins weaken materially or working capital intensifies, resulting in sustained, negative FOCF, leading us to believe its financial commitments are unsustainable. This could occur if weaker discretionary spending amid a deteriorating economic environment lead to lower sales or if Power Stop cannot pass through inflationary or tariff pressures to end customers. "We could revise our outlook on Power Stop to stable if sales stabilize, EBITDA margins recover on a sustainable basis, and the company manages working capital well, allowing the company to consistently generate positive FOCF and improve its liquidity position." PREMIER PEDIATRICS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Premier Pediatrics, LC got the green light from the U.S. Bankruptcy Court for the District of Utah to use cash collateral. The order penned by Judge William Thurman authorized Premier Pediatrics' interim use of cash collateral to pay its expenses pending the final hearing. Premier Pediatrics was authorized, but not required, to make payments only as and when due in the ordinary course of its business according to the interim budget it filed with the bankruptcy court. Prior to the final hearing, Premier Pediatrics must submit to the court additional information, including balance sheets, a budget, information about the value of the collateral and inventory, the security interests, payment amounts, and balances owed on each secured claim, all as ordered at the first interim hearing held on April 1. About Premier Pediatrics LC Premier Pediatrics, LC operates a pediatric medical office in Southern Utah. Premier Pediatrics filed Chapter 11 petition (Bankr. D. Utah Case No. 25-21548) on March 26, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Robert K. Dowse, managing member of Premier Pediatrics, signed the petition. Judge William T. Thurman oversees the case. Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC, represents the Debtor as bankruptcy counsel. PUERTO RICO: Bondholders Blame Blackout on Oversight Board ---------------------------------------------------------- Certain bondholders of the Puerto Rico Electric Power Authority, including, Assured Guaranty Inc., GoldenTree Asset Management LP, National Public Finance Guarantee Corporation, the PREPA Ad Hoc Group and Syncora Guarantee, Inc., issued on May 1, 2025 that: The recent island-wide power outage, which left the people in Puerto Rico without electricity during Holy Week, was devastating for residents. The outage showed yet again the complete failure of the Financial Oversight and Management Board to manage PREPA effectively to deliver reliable and affordable power to Puerto Rico's people. The people of Puerto Rico deserve better. They deserve a power grid that works, with reasonable and affordable rates. The Oversight Board has had nearly a decade to fix PREPA, yet the frequency of blackouts and service interruptions has continued to worsen. Meanwhile, under the Oversight Board's supervision, PREPA has failed to access most of the billions in aid the federal government has made available to bring PREPA's electric grid up to mainland U.S. standards. This is because while PREPA sits in bankruptcy, it cannot access the public markets to raise the funds needed to restore and repair its power grid so that it can then obtain reimbursement from federal funds. The Oversight Board's decision to keep PREPA in bankruptcy is therefore a significant contributing factor to the increase in blackouts. Instead of completing the bankruptcy process so that PREPA can raise the funds needed to repair the grid, the Oversight Board has needlessly extended the case by making and then breaking numerous settlements with bondholders, and by choosing to waste years taking increasingly frivolous legal positions, including two rehearing petitions after a federal court of appeals declared that bondholders have a properly perfected lien on PREPA's net revenues and have a claim for the full $8.2 billion they lent PREPA plus accrued interest. Implausibly, after losing repeatedly at the federal appellate court, the Oversight Board is now pivoting to the new position that PREPA has no net revenues, contradicting years of PREPA's own financial reports and the Oversight Board's own prior fiscal plans. This litigious approach needlessly prolongs PREPA's bankruptcy, further delays repair of the grid, saddles Puerto Rico's citizens with massive fees paid to the Oversight Board's numerous consultants and advisors, and most unfortunately, leaves the people of Puerto Rico in the dark. As part of this litigation strategy, the Oversight Board has attempted to blame PREPA's bondholders for PREPA's current state of affairs. But the bondholders provided billions in financing for PREPA's electric grid and have not received a penny from PREPA in nearly a decade. None of PREPA's rate increases since its bankruptcy case began in 2017 have been used to repay its debt. If the Oversight Board genuinely shares the bondholders' goal of fixing PREPA, it should seek a reasonable agreement that enables PREPA to promptly emerge from bankruptcy as a credit-worthy utility with proper financing, allows PREPA to provide power at reasonable rates, puts federal dollars to work, and focuses on effective management of the system for Puerto Rico's residents. The PREPA bondholders have made proposals to the Oversight Board that would achieve these objectives, including one made six months ago, which would have provided an additional $2.5 billion in funding from the bondholders to immediately begin fixing and upgrading Puerto Rico's electric grid. Despite the Oversight Board's rejection of the bondholders' most recent offer (as has happened with all of the bondholders' proposals to end PREPA's bankruptcy), it remains on the table. The Oversight Board should engage in good faith to end PREPA's bankruptcy on consensual terms. It's what Puerto Rico's people deserve. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies -- Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) -- commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. PURE AVIATION: Seeks to Hire James K. Jopling as Legal Counsel -------------------------------------------------------------- Pure Aviation LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire James "Jim" K. Jopling, Attorney At Law as its counsel. The counsel will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession and the continued operation of its business and management of its properties; b. review the various contracts heretofore entered by the Debtor and to determine which contracts should be rejected and assumed; c. prepare on behalf of the Debtor necessary schedules, statements, applications, and answers, orders, reports, and other legal documents required for reorganization; d. assist the Debtor in formulation and negotiation of a Plan with its creditors in these proceedings; e. review all presently pending litigation in which the Debtor is a participant, to recommend settlement of such litigation which the attorney deems to be in the best interest of the estate, and to make an appearance as lead trial counsel in all litigation which the attorney believes should be continued, if needed; f. review the transactions of the Debtor prior to the filing of the Chapter 11 proceedings to determine what further litigation, if any, pursuant to the Bankruptcy Code, or otherwise, should be filed on behalf of the estate; g. examine all tax claims filed against the Debtor, to contest any excessive amounts claimed therein, and to structure a payment of the allowed taxes which conforms to the Bankruptcy Code and Rules; and h. perform all other legal services of the Debtor, as debtor-in-possession, which may be necessary. The attorneys will be paid at the rate of $275 per hour. Work performed by a paralegal is to be compensated at the rate of $120 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James "Jim" K. Jopling, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James "Jim" K. Jopling, Esq. Attorney at Law 521 Texas Ave Ste 102 El Paso, TX 79901 Tel: (915) 541-6099 Fax: (866) 864-6854 Email: jim@joplinglaw.com About Pure Aviation LLC Pure Aviation LLC is a privately held company primarily engaged in real estate leasing. Pure Aviation LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-30335) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by James Jopling, Esq. at JIM K. JOPLING, ATTORNEY AT LAW. REGIONS PROPERTY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Regions Property Management & Construction, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The order penned by Judge Erik Kimball authorized the company's interim use of cash collateral to pay its expenses until May 14. As protection, Flash Funding Services, ERTC Express, LLC and the U.S. Small Business Administration will receive replacement liens on post-petition assets from the company's Boynton Beach location, excluding avoidance action proceeds. SBA will also receive a monthly payment of $1,640 starting this month as further protection. In case of any diminution in the value of their collateral, the secured creditors will receive a superpriority administrative claim. A final hearing is set for May 14. About Regions Property Management & Construction 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. RELENTLESS HOLDINGS: Hires Trustee Realty Inc as Realtor -------------------------------------------------------- Relentless Holdings Corporation seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Trustee Realty, Inc. as its realtor. The firm will render these services: a. market and provide due diligence and coordinate the sale of the Debtor's real property located at 1011 Rhodes Ave., Delray Beach, FL 33483; b. oversee and manage the terms of the sales and marketing of the real property; and c. perform all other necessary actions related to the management, marketing and solicitation of buyers of the Debtor's real property. The commission rate for the Broker as the seller's broker is 5 percent as provided in the Listing Agreement with the commission to be split with the buyer's broker as follows: 2 percent to buyer's broker and 4 percent to the Broker. Should there be no buyer's broker, the broker will reduce the total commission to 4 percent. Jason Welt, an agent with Trustee Realty Inc., disclosed in the court filing that his firm does not hold or represent an interest adverse to the Debtor's estate and is a "disinterested person," as that term is defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: Jason A. Welt Trustee Realty, Inc. 2200 N Commerce Pkwy Suite# 200 Weston, FL 33326 Phone: (954) 803-0790 About Relentless Holdings Corporation Relentless Holdings Corporation is a Florida-based single asset real estate company. The company owns and manages real property located at 1011 Rhodes Villa Ave, Delray Beach, Fla., while maintaining its principal place of business in Boca Raton. Relentless Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13399) on March 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mindy A. Mora handles the case. The Debtor is represented by Sherri B. Simpson, Esq. RELENTLESS HOLDINGS: Taps Simpson Law Group as Bankruptcy Counsel ----------------------------------------------------------------- Relentless Holdings Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Simpson Law Group as bankruptcy counsel. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as a debtor-in-possession and the continued management of its business operations; b. 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; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the court; and e. represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Sherri B. Simpson $425 per hour Paralegal $200 per hour Legal Assistants $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sherri B. Simpson, Esq., a partner at Simpson 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: Sherri B. Simpson, Esq. Simpson Law Group 7800 W. Oakland Park Blvd. Suite B-102 Sunrise, FL 33351 Tel: (954) 524-4141 Fax: (954) 763-5117 About Relentless Holdings Corporation Relentless Holdings Corporation is a Florida-based single asset real estate company. The company owns and manages real property located at 1011 Rhodes Villa Ave, Delray Beach, Fla., while maintaining its principal place of business in Boca Raton. Relentless Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13399) on March 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mindy A. Mora handles the case. The Debtor is represented by Sherri B. Simpson, Esq. RELIABLE HEALTHCARE: Unsecureds Owed $5K+ to Get 10% in TPPL Plan ----------------------------------------------------------------- Trusted Partner Pharma Logistics, LLC (TPPL) submitted an Amended Disclosure Statement describing Chapter 11 Plan for Reliable Healthcare Logistics, LLC dated April 3, 2025. TPPL for purposes of proceeding with a competing Chapter 11 Plan (TPPL Plan) to acquire the assets of the Debtor. TPPL from monthly operating reports and financials provided by Debtor believes that Reliable is losing customers and on a downward spiral. Reliable has been in bankruptcy for 14 months and appears nothing has improved with little or no effort to get out of bankruptcy. Customers do not appear to be comfortable with Reliable thus losing customers. TPPL is concerned that Reliable could be shut down and questions viability of the company within the next 6 months. TPPL believes that the company will run out of funds and need liquidation. It seems imperative that the process of Disclosure Statement approval move swiftly in order to proceed with confirmation hearing to save Reliable. Further TPPL is investor backed and healthcare focused and can move the company forward. The proposed Plan of Reorganization by TPPL proposes significant payments which if not paid through operations of reorganized company are available to fund Plan by TPPL and Projections attached by TPPL as to payments. The Plan by TPPL will pay all classes within less than a year. The Plan by TPPL will implement the Plan and all equity shares will be cancelled and upon Entry of Order of Confirmation TPPL will become sole shareholder and responsible for TPPL Plan and its provisions. Class 4 consists of all allowed General Non-Priority Unsecured Claims not provided for in another class, including, but not limited to pre-petition trade creditors, rejection claims from rejected leases or executory contracts, unsecured creditors whose claims are listed in the Debtor's schedule but are not listed as dispute, contingent, or unliquidated and unsecured creditors who have filed proofs of claim for which no objections have been filed. Class 4 claims aggregate approximately $14,201,924. TPPL will pay according to the attached payment schedule certain unsecured claims in full if $5,000 or less will be paid 100% of their claim on Effective Date of Plan. All claims in Class 4 over $5,000 will be paid the greater of 10% of their claim or $5,000 whichever is greater on Effective Date of Plan. There will be no payment to any Debtor (Reliable) claims, Debtor owned company or intercompany claims or insider claims. Class 4 is impaired. Class 5 consists of the interests of Reliable Healthcare Logistics Investments, LLC, the sole of the Debtor. Reliable Healthcare Logistics Investments, LLC's pre-petition membership interest will be extinguished on the Effective Date. TPPL is contributing new capital to the reorganized debtor in the amount of $500,000 in exchange for one hundred percent of the membership interest in the reorganized Debtor. Subject to the transactions contemplated by the Plan, and new capital the Plan will be funded by the operation of the reorganized Debtor by TPPL and the new Board of Directors. TPPL will fund the company with TPPL acting as management under confirmed Plan. TPPL will provide proof at confirmation hearing the available funds needed for confirmation and payments. A full-text copy of the Amended Disclosure Statement dated April 3, 2025 is available at https://urlcurt.com/u?l=BG2vh0 from PacerMonitor.com at no charge. Attorney for TPPL: LAW FIRM OF TONI CAMPBELL PARKER Toni Campbell Parker, Esq. 45 North Third, Ste. 201 MEMPHIS, TENNESSEE 38103 Phone: (901) 483-1020 Email: tparker002@att.net About Reliable Healthcare Logistics Reliable Healthcare Logistics, LLC is an independent 3PL recognized for developing cost effective, innovative supply chain solutions for complex logistics requirements in regulated industries. With over 650,000 total square feet, its 9 Reliable facility locations are dedicated to the secure and proper storage of pharmaceutical products, including prescription and over-the counter-medications, as well as providing services for medical device manufactures, cosmetics, human and animal health and wellness companies. The company is based in Memphis, Tenn. Reliable Healthcare Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. 24-20252) on Jan. 19, 2024, with $1 million to $10 million in both assets and liabilities. Mike Kattawar, Sr., chief strategic officer, signed the petition. Judge Jennie D. Latta oversees the case. Michael P. Coury, Esq., at Glankler Brown, PLLC, is the Debtor's legal counsel. RITE AID: Files for Chapter 11 Bankruptcy Again ----------------------------------------------- Drug store chain Rite Aid Corporation has returned to Chapter 11 bankruptcy less than a year from emerging from a prior bankruptcy. Rite Aid said in a statement May 5, 2025, that it has filed new Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey to pursue a strategic and value-maximizing sale process for substantially all of its assets. During this process, Rite Aid customers can continue to access pharmacy services and products in stores and online, including prescriptions and immunizations. In connection with the sale process and court-supervised proceedings, the Company is working to facilitate a smooth transfer of customer prescriptions to other pharmacies. Rite Aid employees assisting with this process will continue to receive pay and benefits. Matt Schroeder, Chief Executive Officer of Rite Aid, said, "For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers. While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors. As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible." Mr. Schroeder continued, "I will be forever grateful to our thousands of associates for their commitment to Rite Aid and its mission, and I thank our entire team -- from store associates to corporate employees -- for their dedication to our customers and our company. With their support, we have played a critical role in supporting the healthcare needs of countless Americans across the communities that we are honored to serve." To support Rite Aid during its sale process, which it intends to conduct under section 363 of the U.S. Bankruptcy Code, the Company has secured commitments from certain of its existing lenders to access $1.94 billion in new financing. This financing, along with cash from operations, is expected to provide sufficient funding during the sale and court-supervised process. The Company intends to divest or monetize any assets that are not sold through the court-supervised process. Rite Aid has filed a number of customary motions with the Court seeking authorization to support operations, including continued payment of employee wages and benefits. Majority of Stores to Remain Open "Recently, Rite Aid has experienced a number of financial challenges that have intensified as a result of the rapidly evolving retail and healthcare landscapes in which we operate. After considering all alternatives to address these issues, the only viable path forward is to once again commence Chapter 11 proceedings to pursue a sale of our prescriptions, pharmacy and front-end inventory, and other assets," the pharmacy said in a letter to customers. Rite Aid added that a majority of stores will remain open while it pursues a sale of the assets. "The majority of our stores will remain open and operating for the next few months where you can continue to access pharmacy services and products in stores and online, including prescriptions and immunizations," Rite Aid said. "We are working to facilitate a smooth transfer of customer prescriptions to other pharmacies." About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RITE AID: In Chapter 11 to Pursue Quick Sale of Pharmacy Assets --------------------------------------------------------------- Rite Aid Corporation has returned to Chapter 11 bankruptcy to pursue a quick sale of its pharmacy assets. As of the Petition Date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid's primary business line is its pharmacy segment, through which it offers a wide range of health care services to millions of pharmacy-care customers in the United States, including dispensing medications, performing immunizations and other clinical care, assisting pharmacy-care customers with high blood pressure and diabetes care, and educating pharmacy-care customers on managing their medications and potential side effects. Rite Aid also sells a variety of front-end merchandise, including health and beauty aids, personal care products, seasonal merchandise, and a large private brand portfolio of food and consumer products, through both its physical locations and e-commerce business. Pursuant to the Bidding Procedures Motion filed on the Petition Date, the Debtors seek authority to sell any portion, all, or substantially all of the Debtors' assets to one or more third-party buyers. These assets include, without limitation, (a) the Debtors' prescription files (and related records), pharmacy inventory, and any assets related to or requested to be acquired in connection with the foregoing (including, without limitation, unexpired leases and other real and personal property associated with the sale of retail pharmacy locations on a going concern basis) (collectively, the "Pharmacy Assets") and (b) all of the Debtors' assets that are not Pharmacy Assets, including intellectual property, the Thrifty Ice Cream business and related assets, various technology and software assets, including proprietary pharmacy management software (i.e., NexGen), the central prescription fill facility, other real and personal property, unexpired leases, executory contracts, equipment, inventory, supplies, insurance proceeds, prepaid expenses and deposits, and books and records (collectively, the "Other Assets", and together with the Pharmacy Assets, the "Assets"). Quick Sale of Pharmacy Business Rite Aid prides itself on its pharmacy-care business and is committed to delivering outstanding care, as it has always done -- prior to, during, and after the 2023 bankruptcy cases. But, Rite Aid faces unforeseen business headwinds, and without chapter 11 relief -- particularly an orderly sale of Rite Aid's assets-pharmacy care may be threatened. Rite Aid said in court filings its prescriptions are its most valuable asset, and that value corresponds to the substantial health, safety, and pharmacy care services customers trust Rite Aid to provide. Rite Aid must conduct a timely, orderly, court-supervised sale of its assets, including its prescriptions, to ensure an uninterrupted supply of medications to pharmacy-care customers who need them and preserve value for the estate. Customers are free to transfer their prescriptions to other pharmacies at any time, but the transfer process can be resource-and labor-intensive. These customer-initiated transfers also erode value for the Debtors because prescriptions transferred before a sale is closed (referred to as "attrition") can result in a downward adjustment to the purchase price agreed to by a buyer of prescriptions. The longer the process takes, the greater the risk of attrition, and the more value leakage can be expected in these chapter 11 cases. Under the Bid Procedures, the Debtors propose a May 13 deadline for initial bids for the Pharmacy Assets, and a May 14, 2025 auction if qualified bids are received by the deadline. As of the remaining assets, the deadline for initial bids will be June 13, 2025, and an auction will be conducted on June 20. Over $2 Billion in Debt As of the Petition Date, the Debtors have $2.161 billion in aggregate principal amount of funded debt obligations outstanding: * $1,460,693,742 outstanding under the ABL facility; * $240,000,000 outstanding under the FILO facility; * $83,000,000 outstanding under 1.5 Lien Notes; and * $377,000,000 outstanding under the 3L Notes; Store Closings During the 2023 bankruptcy cases, Rite Aid sold or wound down about 800 underperforming stores in total across the country, including substantially all of its stores in Michigan and Ohio, aligning the Company's portfolio with its long-term strategic plan. Since emerging from the 2023 cases in August 2024, the Company has closed an additional 29 underperforming stores based on a monthly evaluation of their financial performance and other factors. The Company has also entered into purchase agreements with buyers of prescription files for over 60 store locations, which the Company intends to consummate during the chapter 11 cases. There are also approximately 50 store locations planned for closure with no expected prescription sales. There are additionally 275 store locations that have or will have asset purchase agreements for regional transactions in process. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RITE AID: Seeks Approval of $1.94-Bil. DIP Financing from BofA -------------------------------------------------------------- To facilitate a successful chapter 11 process, New Rite Aid LLC and its debtor-affiliates have secured a debtor-in-possession senior secured superpriority facility, to be funded by their Prepetition ABL Lenders, in an aggregate principal amount of up to $1.94 billion, comprised of: (a) $1.7 billion DIP asset-based revolving credit facility; and (b) $240 million DIP "first-in, last-out" term loan facility. The Debtors estimate that approximately $600 million of Revolving Loans under the ABL Facility will be refinancing with Roll-Up DIP Revolving Loans pursuant to the Interim ABL Roll-Up. Marc Liebman, Managing Director at Alvarez & Marsal North America LLC, serving as the Debtors' Chief Transformation Officer, explains the DIP Facilities are essential to the Debtors' realization of a successful, value-maximizing sales process. "[T]he liquidity provided under the DIP Facilities is necessary for the Debtors to fund postpetition operations and chapter 11 process costs, as well as to send a strong signal to the market and to the Debtors' key constituencies that the Debtors can satisfy postpetition obligations and continue to provide uninterrupted pharmacy care during the pendency of these chapter 11 cases," Liebman says. "The Debtors believe that the proposed DIP Facilities are the best -- and only -- viable option to fund these cases for the benefit of the Debtors' stakeholders under the circumstances leading up to the commencement of these cases." The Debtors said the combined effect of lower than expected liquidity from letter of credit facilities, inventory challenges, strained vendor relations, lower consumer spending, and competitive pressures has ultimately left the Company with insufficient liquidity to operate its business and service its debt obligations in the ordinary course. Since November 2024, the Company has only generated negative adjusted EBITDA as the impacts of these factors accumulated. The Debtors' prepetition sale process has resulted in six indications of interest for various parts of the Debtors' businesses, along with one indication of interest for the combined purchase of substantially all of the Debtors' prescription files and certain parts of their inventory. Bank of America, N.A. serves as administrative agent and collateral agent under the DIP Facilities. Other agents and arrangers include Wells Fargo Bank, National Association and Capital One, National Association. Among others, the Debtors are required under the DIP facilities obtain bids for their Specified Retail and Pharmacy assets by May 13 and for any Specified Other Assets by June 12; and conclude the Specified Retail / Pharmacy Assets Auction by May 15. A sale hearing must be held by May 21 to approve one or more Specified Retail / Pharmacy Assets Sales. A hearing with respect to the sale of Other Assets must be held by June 25. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RITE AID: Seeks Ch. 11 Bankruptcy, Pursues Strategic Sale Process ----------------------------------------------------------------- On May 5, 2025, Rite Aid Corporation announced the launch of a strategic sale process aimed at maximizing value through the sale of substantially all of its assets. To support this effort, Rite Aid and select subsidiaries have voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. Throughout the restructuring, Rite Aid will continue to provide customers with pharmacy services and products, both in-store and online, including prescriptions and immunizations. The Company is working to ensure a seamless transition of prescriptions to other pharmacy providers. Employees supporting the process will continue to receive pay and benefits. "For over 60 years, Rite Aid has proudly delivered pharmacy services to communities across the country," said Matt Schroeder, Chief Executive Officer of Rite Aid. "While ongoing financial pressures, intensified by shifts in the healthcare and retail sectors, have presented challenges, we are encouraged by strong interest from potential national and regional buyers. Our priority remains maintaining pharmacy access for our customers and preserving jobs wherever possible." Schroeder added, "I'm deeply thankful to our associates for their dedication to Rite Aid's mission. Their work has been instrumental in supporting the healthcare needs of countless Americans." To fund operations during the sale process, which will proceed under Section 363 of the U.S. Bankruptcy Code, Rite Aid has secured commitments for $1.94 billion in new financing from existing lenders. This, along with ongoing operational cash flow, is expected to provide adequate funding throughout the proceedings. The Company also plans to divest or monetize any assets not sold through the court process and has filed customary motions to maintain operations, including employee wage and benefit payments. Advisors to the Company include Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal), Guggenheim Securities, LLC (investment banking), Alvarez & Marsal (financial), and Joele Frank, Wilkinson Brimmer Katcher (strategic communications). About Rite Aid Corp. Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, Alvarez & Marsal North America, LLC as financial, tax and restructuring advisor, and Kroll Restructuring Administration as claims and noticing agent. 2nd Attempt Rite Aid Corp. and subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-14861) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Michael B. Kaplan oversees the case. The Debtor is represented by Michael D. Sirota, Esq., Warren A. Usatine, Esq., Felice R. Yudkin, Esq., and Seth Van Aalten, Esq. at COLE SCHOTZ P.C. and Andrew N. Rosenberg, Esq., Alice Belisle Eaton, Esq., Christopher Hopkins, Esq., and Sean A. Mitchell, Esq. at PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP. Advisors to the Company include Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal), Guggenheim Securities, LLC (investment banking), Alvarez & Marsal (financial), and Joele Frank, Wilkinson Brimmer Katcher (strategic communications). A&G REALTY PARTNERS, LLC is the Debtor's Real Estate Advisory Services Provider and KROLL RESTRUCTURING ADMINISTRATION LLC as Claims & Noticing Agent. RYAN HOHMAN: Seeks to Hire Diaz & Larsen as Bankruptcy Counsel -------------------------------------------------------------- Ryan Hohman LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Diaz & Larsen as counsel. The firm's services include: a. advising the Debtor of its rights, powers, and duties as debtor and debtor in possession; b. taking 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 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. assisting in preparing on behalf of the Debtor all necessary schedules and statements, motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; d. assisting in presenting the Debtor's proposed plan of reorganization and all related transactions and any related revisions, amendments, etc.; and e. performing all other necessary legal services in connection with this chapter 11 case. Diaz & Larsen received a retainer from the Debtor in the amount of $37,000. Andres Diaz, a manager at Diaz & Larsen, 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: Andres Diaz, Esq. Timothy J. Larsen, Esq. DIAZ & LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Telephone: (801) 596-1661 Facsimile: (801) 359-6803 Email: courtmail@adexpresslaw.com 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. SANTOSELJACH LLC: Hires Brian K. McMahon PA as Bankruptcy Counsel ----------------------------------------------------------------- SantosEljach, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Brian K. McMahon PA as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (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 legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Brian McMahon, Esq., the primary attorney in this representation, will be paid at his hourly rate of $450. The Debtor will pay the firm $2,000 per month. In addition, the firm will seek reimbursement for expenses incurred. Mr. McMahon 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: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Tel: (561) 478-2500 Fax: (561) 478-3111 Email: briankmcmahon@gmail.com About SantosEljach LLC SantosEljach, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-12778) on March 14, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. The Debtor hires Brian K. McMahon PA as counsel. SHIELDS NURSING: Court Extends Cash Collateral Access to May 23 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Oakland Division, granted Shields Nursing Centers, Inc. authorization to continue using cash collateral through May 23. The company was authorized to use the cash collateral of its secured creditors to make payments as outlined in its projected budget. The budget projects total revenue of $8,770,000 and total expenses of $8,365,860.55 for the period from May to October. The secured creditors' liens on the cash collateral will attach to the receivables collected and to be collected between the petition date and May 23. The next hearing is scheduled for May 23. About Shields Nursing Centers Shields Nursing Centers, Inc. owns and operates a skilled nursing facility in Hercules, Calif., which offers rehabilitation programs including physical, occupational and speech therapy. Shields Nursing Centers filed its voluntary Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-41201) on Sept. 20, 2023, with $1,726,970 in assets and $13,504,710 in liabilities. William M. Shields Jr., chief executive officer, signed the petition. Judge Charles Novack oversees the case. The Law Offices of Michael Jay Berger serves as the Debtor's bankruptcy counsel. SHILLINGS' CANNERY: Hires McNamee Hosea as Bankruptcy Counsel ------------------------------------------------------------- Shillings' Cannery, L.L.C. seeks approval from the U.S. Bankruptcy Court for the District of Colombia to hire McNamee Hosea, P.A. as its general bankruptcy counsel. The firm will render these services: (a) provide the Debtor legal advice with respect to its powers and duties; (b) prepare any necessary legal papers, and appear on the Debtor's behalf in proceedings instituted by or against it; (c) assist the Debtor in the process of selling its property and the confirmation of a plan and approval of a disclosure statement; (d) assist the Debtor with other legal matters; (e) perform all of the legal services for the Debtor that may be necessary or desirable. The firm will be paid at these rates: Janet M. Nesse $575 per hour Justin P. Fasano $450 per hour Craig M. Palik $450 per hour Kevin R. Feig $375 per hour On March 28, 2025, McNamee Hosea was provided a $25,000 retainer, as security for its fees and expenses in this case. Justin Fasano, Esq., a principal at McNamee Hosea, 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: Justin P. Fasano, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Email: jfasano@mhlawyers.com About Shillings' Cannery, L.L.C. Shillings' Cannery, L.L.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.C. Case No. 25-00145) on April 22, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth L Gunn presides over the case. Justin Philip Fasano, Esq. at Mcnamee Hosea, P.A. represents the Debtor as counsel. SK INDUSTRIES: Hearing on Bid to Use Cash Collateral Set for May 9 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division is set to hold a hearing on May 9 to consider another extension of SK Industries, LLC's authority to use cash collateral. The company's authority to use cash collateral pursuant to the court's April 29 order expires on May 9. The April 29 order approved the payment of SK Industries' expenses from the cash collateral in accordance with the budget it filed with the court. The order also granted Regions Bank a post-petition replacement lien on the company's personal property and accounts receivable and approved the monthly payment of $15,000 to the secured creditor. Regions Bank is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 (813) 221-2626 (voice) (813) 221-7335 (fax) drobbins-boehner@burr.com 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. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. SORENTO ON YESLER: Seeks Extension of Cash Collateral Use --------------------------------------------------------- Sorento on Yesler Owner, LLC asked the U.S. Bankruptcy Court for the Western District of Washington, at Seattle, to renew its authorization to use cash collateral beyond the current expiration date of May 18. The Debtor had previously been granted permission to use cash collateral under a final order issued on Feb. 25, which included two forms of adequate protection: an equity cushion and monthly payments of $100,940 from rental proceeds. The existing budget accompanying that order covers operations through July. With hearings on the Debtor's disclosure statement and reorganization plan scheduled for May 15 and the earliest potential plan effective date set for May 29, the Debtor wants to extend the cash collateral authorization through the end of July to ensure continuity regardless of whether the plan is confirmed or delayed. The Debtor argued that adequate protection remains in place since payments to the secured creditor are made directly from rental income via a lockbox. However, there is a dispute over the property's valuation and the applicability of default interest, and the Debtor asked the court to hold an evidentiary hearing if those issues prevent immediate approval. A copy of the motion is available at https://urlcurt.com/u?l=KLK0N5 from PacerMonitor.com. About Sorento on Yesler Owner Sorento on Yesler Owner, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Sorento sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-13217) on December 17, 2024, with $10 million to $50 million in both assets and liabilities. Judge Christopher M. Alston handles the case. The Debtor is represented by Christopher L. Young, Esq., at the Law Offices of Christopher L. Young, PLLC. SPENCER & ASSOCIATES: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- Spencer & Associates Therapeutic Alliance, PLLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The final order authorized Spencer & Associates to use cash collateral, including revenue collected in the ordinary course of business, in accordance with its budget. The U.S. Small Business Administration and several other creditors may assert interests in the cash collateral. As protection, these secured creditors were granted replacement liens on post-petition cash collateral and property to the same extent and with the same priority as their pre-bankruptcy liens. The replacement liens are subject and subordinate to a carve-out for Bankruptcy Court Clerk fees, the U.S. Trustee fees, and other fees approved by the court. About Spencer & Associates Therapeutic Alliance Spencer & Associates Therapeutic Alliance, PLLC operates an outpatient mental health clinic. Spencer & Associates filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-31668) on March 28, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Regina Spencer, owner of Spencer & Associates, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at the Lane Law Firm, represents the Debtor as bankruptcy counsel. STARKS LAW: Hires Kulbago Accounting Services as Accountant ----------------------------------------------------------- Starks Law, PC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Kulbago Accounting Services LLC as accountant. The firm's services include: a. enter accounting transactions for prior periods, as needed; b. assist with completing the accounting for tax year 2024; c. reconcile accounting data and reports to ensure the accuracy of the business and accounting records; d. create year end accounting reports for tax year 2024; e. prepare various tax compliance filings including Federal and State income tax returns for tax year 2024; f. assist with Debtor’s required filings in its ongoing bankruptcy matter, including but not limited to monthly operating reports. The firm will be paid at these rates: Jeff Kulbago $225 per hour Staff Accountants $150 per hour Jeff Kulbago, accountant with Kulbago Accounting Services LLC, assured the court that they represent no interest adverse to the bankruptcy estate. The firm can be reached through: Jeff Kulbago, CPA, ARM Kulbago Accounting Services LLC 4029 Thomas Run Rd. Oakdale, PA 15071 Phone: (412) 519-4839 About Starks Law, PC Starks Law, PC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-23028) on Dec. 13, 2024, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Donald R. Calaiaro, Esq. at Calaiaro Valencik represents the Debtor as counsel. STEWARD HEALTH: Sens. Wants Criminal Probe on Ex-CEO de la Torre ---------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Senators Elizabeth Warren and Ed Markey are urging the Justice Department and the SEC to launch a criminal investigation into former Steward Health Care CEO Ralph de la Torre, alleging he and other executives enriched themselves while steering the hospital chain into bankruptcy. The Massachusetts lawmakers made the call nearly a year after Steward's bankruptcy filing, following a unanimous Senate contempt referral last year after de la Torre ignored a subpoena from the Senate Committee on Health, Education, Labor, and Pensions, the report states. About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. SUIRAD GROUP: Claims Will be Paid from Property Sale/Refinance -------------------------------------------------------------- Suirad Group LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated April 2, 2025. The Debtor is a Georgia limited liability company organized in September 2019 for the purpose of owning certain real property located at 521 Auburn Ave. NE, Atlanta, GA 30312 (the "Property"). Darius George is the sole member and manager of Suirad Group LLC. Mr. George does not receive a salary from the Debtor. Debtor operated the Property as a short-term rental property. Debtor took out a loan to finance the purchase of the Property from U.S. Bank in the principal amount of $1,200,000 secured by a Deed to Secure Debt. On November 22, 2024, Debtor received a "Notice of Acceleration and Foreclosure" from U.S. Bank which accelerated the loan and schedule a foreclosure sale of the Property for January 7, 2025. Debtor filed this instant proceeding to reorganize its financial affairs without the threat of foreclosure. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 7 consists of general unsecured claims not otherwise specifically classified in the Plan. The Debtor will pay the Holders of Class 7 General Unsecured Claims in accordance with the Plan Payment Procedures set forth in Article 4.10 of the Plan. Debtor discloses that its scheduled unsecured claims and proofs of claims for unsecured claims $64,857.08. The Class 7 Claims are Impaired by the Plan and the holders of the Class 7 Claims are entitled to vote to accept or reject the Plan. Class 8 consists of Equity Claims. Darius George will retain 100% of the membership interest in the Debtor. The Claim of the Class 8 Creditor is not Impaired by the Plan and the holder of the Class 8 Claim is not entitled to vote to accept or reject the Plan. "Administrative and General Unsecured Creditors Payment" means the projected disposable income of the Debtor to be received in the three-year-period beginning on the date that the first payment is due to the General Unsecured Creditors under this Plan provided, which will be applied to make payments under the Plan. The Administrative and General Unsecured Creditors Payment shall be fixed based upon the amount set forth on the Budget. The Debtors shall pay the Administrative and General Unsecured Creditors Payment in full satisfaction of its obligations to (i) administrative claims and (ii) Class 6 General Unsecured Claims. Such Administrative and General Unsecured Creditors Payments shall be disbursed as follows: * First, pro-rata to the Holders of an Allowed Administrative Expense Claims, pro rata with all other Allowed Administrative Expense Claims, until all Allowed Administrative Expense Claims are paid in full. Debtor anticipates the following administrative expense claims: (1) Jones & Walden, LLC, as counsel to the Debtor, and (2) Tamara Ogier, as Subchapter V Trustee. * Second, all remaining payments shall be paid to the Holders of an Allowed Class 6 General Unsecured Claim, pro rata with all other Allowed Class 6 General Unsecured Claims. The source of funds for the payments pursuant to the Plan is the sale or refinancing of the Property to pay claims under the Plan. A full-text copy of the Plan of Reorganization dated April 2, 2025 is available at https://urlcurt.com/u?l=oRCQa7 from PacerMonitor.com at no charge. Counsel to the Debtor: Cameron M. McCord 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: CMcCord@joneswalden.com About Suirad Group Suirad Group, LLC, a company in Atlanta, Ga., sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50072) on January 3, 2025. In its petition, the Debtor reported $1 million to $10 million in both assets and liabilities. Cameron M. McCord, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. SUNOCO LP: Moody's Puts 'Ba1' CFR Under Review for Downgrade ------------------------------------------------------------ Moody's Ratings has placed Sunoco LP's ratings on review for downgrade, including its Ba1 corporate family rating, its Ba1-PD probability of default rating and its Ba1 senior unsecured notes rating. The Ba1 backed senior unsecured ratings of NuStar Logistics, L.P. and the backed revenue bonds issued by St. James (Parish of) LA was also placed on review for downgrade. Previously, the outlook was stable. Sunoco's speculative grade liquidity rating (SGL) remains unchanged at SGL-2. Sunoco has entered into a definitive agreement to acquire Calgary, Alberta-based Parkland Corporation (Parkland, Ba2 stable), a large retailer, marketer and distributor of fuel and petroleum products servicing both retail and commercial customers across Canada, the US and the Caribbean. Under the proposed terms, Sunoco will pay $9.1 billion to acquire Parkland, including Parkland's outstanding debt of $3.75 billion, with the remainder funded through a mixture of debt and equity. The review for downgrade reflects the leveraging nature of the transaction – debt/EBITDA will exceed the 4.5x downgrade threshold on a Moody's-adjusted basis, post-close – and the need for shareholder (as well as court and regulatory) approvals, that comes in the midst of a proxy battle between Parkland and its largest shareholder, Simpson Oil Limited, which has a 19.8% stake in Parkland. The shareholder vote on the proposed acquisition will take place at Parkland's annual general meeting on June 24, 2025, and is expected to close in the second half of 2025. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will consider Sunoco's deleveraging plan, its ability to achieve its targeted strategies given the modest physical overlap between the two businesses, an evaluation of the company's strategy in light of its recent accelerated pace of acquisitions, and the composition of financing Sunoco pays for Parkland. Excluding the ratings review, ratings could be upgraded if Sunoco's growth and acquisition activity remains biased toward more stable midstream activities, and its adjusted debt/EBITDA approaches 3.75x while maintaining strong distribution coverage. The ratings could be downgraded if adjusted leverage is consistently above 4.5x and distribution coverage is maintained below 1.2x. Sunoco is a diversified midstream master limited partnership with a large motor fuel distribution network and crude oil, refined products, renewable fuels, and ammonia pipeline, storage and terminalling operations. Sunoco's general partner is owned by Energy Transfer LP (ET). ET also owns 21% of SUN's common units. Sunoco is headquartered in Dallas, Texas. The principal methodology used in these ratings was Midstream Energy published in February 2022. SYNTHEGO CORP: Seeks Ch. 11 Bankruptcy, Plans to Sell to Lenders ---------------------------------------------------------------- Steven Church of Bloomberg News reports that Synthego Corp., which supplies gene-editing tools to drug developers and researchers, has filed for bankruptcy and plans to sell itself to its primary lender—an affiliate of private equity firm Perceptive Advisors. In a proposal filed Monday, May 5, 2025, in federal court in Wilmington, Delaware, the company stated that Perceptive Credit Holdings III would convert up to $85 million in debt into ownership of Synthego, unless a better offer emerges. Perceptive Advisors manages around $8 billion, primarily invested in healthcare technology. About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. SYNTHEGO CORPORATION: Case Summary & 30 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Synthego Corporation 3696 Haven Avenue, Suite A Redwood City, CA 94063 Business Description: Synthego is a biotechnology company that provides end-to-end CRISPR genome editing solutions for research and therapeutic applications. Based in Silicon Valley, it manufactures guide RNAs and other gene -editing tools used by academic institutions and biopharmaceutical companies worldwide. Founded in 2012, the Company also offers regulatory support and is expanding into enzyme and nuclease development. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-10823 Judge: Hon. Mary F Walrath Debtor's Bankruptcy Counsel: James E. O'Neill, Esq. PACHULSKI STANG ZIEL & JONES LLP 919 North Market Street 17th Floor Wilmington, DE 19801 Tel: 302-652-4100 Email: joneill@pszjlaw.com Debtor's Investment Banker: RAYMOND JAMES & ASSOCIATES, INC. Debtor's Corporate Counsel: FENWICK & WEST LLP Debtor's Claims, Noticing, Solicitation Agent and Administrative Advisor: EPIQ CORPORATE RESTRUCTURING LLC Estimated Assets: $50 million to $100 million Estimated Liabilities: $100 million to $500 million The petition was signed by Allen Soong as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: List of Debtor's 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Wellington Hadley Harbor Note $51,006,966 Master Investors (Cayman) III L.P. 280 Congress Street Boston, Ma 02210 Contact: Timothy Kane Phone: 345-943-3100 Email: tmkane@wellington.com 2. 8VC Co-Invest Fund I, L.P. Note $37,164,644 907 South Congress Ave Austin, TX 78704 Contact: Nathan Fotedar Phone: 512-370-2276 Email: nathan@8vc.com 3. 8VC Fund I, L.P Note $15,096,844 907 South Congress Ave Austin, TX 78704 Contact: Nathan Fotedar Phone: 512-370-2276 Email: nathan@8vc.com 4. PRS, LLC Note $5,238,965 250 West 55th Street 26th Floor New York, NY 10019 Contact: Erin Lassen, CFO Phone: 212-271-8015 Email: np@psoros.com 5. Menlo Ventures XI, L.P. Note $4,687,982 3000 Sand Hill Road Building 4, Suite 100 Menlo Park, CA 94025 Contact: John G. Stokes Phone: 650 854-8540 Email: finance@menlovc.com 6. Leslie Enterprises LP Note $814,026 738 Westridge Drive Portola Valley, CA 94028 Contact: Mark Leslie Phone: 650-619-8668 Email: mleslie@leslieventures.com 7. Declaration Capital PE SPV XLVI LLC Note $723,437 510 Madison Avenue New York, NY 10022 Contact: Rob Jackowitz Phone: 212-321-4030 Email: rjackowitz@declarationpartners.com 8. Emerging Technologies Fund III LLC Note $627,191 1140 Avenue Of The Americas 9th Floor New York, NY 10036 Contact: Marc Weiss Phone: 646-380-6611 Email: marc.weiss@ofcap.com 9. Luma Bio-It SPV-A, L.P. Note $625,951 Pier 5 Suite 101 San Francisco, CA 94111 Contact: Ian Shannon, General Counsel Phone: 415-366-8393 Email: legal@8vc.com 10. Apprentice FS Inc. Trade Debt $540,000 190 Christopher Columbus Drive Unit 5A Jersey City, NJ 07302 Contact: Steven Corey Phone: 484-949-1918 Email: steven.corey@apprenticefs.com 11. Emerging Technologies Note $501,753 Fund II LLC 1140 Avenue Of The Americas 9th Floor New York, NY 10036 Contact: Marc Weiss Phone: 646-380-6611 Email: marc.weiss@ofcap.com 12. ERS Genomics Limited Trade Debt $310,784 88 Harcourt Street Dublin D02 Dk18 Ireland Contact: John Milad Phone: 353 (1) 539 0082 Email: finance@ersgenomics.com; john.milad@ersgenomics.com 13. Luma Bio-It SPV, L.P. Note $255,865 Pier 5 Suite 101 San Francisco, CA 94111 Contact: Ian Shannon, General Counsel Phone: 415-366-8393 Email: legal@8vc.com 14. 8VC Entrepreneurs Fund I, L.P. Note $245,477 907 South Congress Ave Austin, TX 78704 Contact: Nathan Fotedar Phone: 512-370-2276 Email: nathan@8vc.com 15. Truebridge Direct Fund L.P. Note $227,660 1011 South Hamilton Road Suite 400 Chapel Hill, NC 27517 Contact: Mel Williams Phone: 919-442-5201 Email: mwilliams@truebridgecapital.com 16. Excelsior Holdings C2 LLC Note $219,315 6600 France Ave. S. Suite 550 Minneapolis, MN 55435 Contact: Todd Miranda, CEO Phone: 952-324-8900 Email: performancereporting@olympusventures.com 17. Gigafund 1, LP Note $179,126 1200 Seaport Blvd Redwood City, CA 94063 Contact: Stephen Oskoui, Co-Founder & Managing Partner Phone: 833.444.2386 Email: legal@gigafund.com 18. MMEF XI, L.P. Note $176,016 2884 Sand Hill Road Suite 100 Menlo Park, CA 94025 Contact: Venky Ganesan, Managing Member Phone: 650-854-8540 Email: finance@menlovc.com 19. Donnelley Financial Solutions Trade Debt $160,195 391 Steel Way Lancaster, PA 17601 Contact: Jamie Toombs, Manager-Accounts Receivable Phone: 866-784-9840 Email: jamie.toombs@dfinsolutions.com 20. AAF - Synthego Growth, L.P. Note $138,823 10190 Akhtamar Drive Great Falls, VA 22066 Contact: Kyle Hendrick Phone: 703-303-6136 Email: kyle@aaf.vc 21. Weil, Gotshal & Manges LLP Trade Debt $111,033 767 Fifth Avenue New York, NY 10153 Contact: Melissa Appenrodt Phone: 212-310-8000 Email: melissa.appenrodt@weil.com 22. Deryck C. Maughan Revocable Trust Trade Debt $109,179 425 Park Avenue 2nd Floor New York, NY 10043 Contact: Deryck C. Maughan Phone: 212-810-5300 Email: dcmaughan@gmail.com 23. Ernst & Young US LLP Trade Debt $70,019 303 S Almaden Blvd San Jose, CA 95110 Contact: Aamir Qureshi, CEO Phone: 315 425 8011 Email: gss.accountsreceivable@xe02.ey.com 24. Propharma Group Holdings, LLC Trade Debt $59,379 107 West Hargett Street Raleigh, NC 27601 Contact: Tom Hunter Phone: 913-661-1662 Email: tom.hunter@propharmagroup.com 25. Arab Angel GP I, L.P. Trade Debt $58,346 2775 Sand Hill Rd Menlo Park, CA 94025 Contact: Kyle Hendrick Phone: 917 309 4867 Email: kyle@aaf.vc 26. RNA SPV LLC Note $53,737 3211 South Ocean Blvd. Suite 701 Highland Beach, FL 33487 Contact: Sarah Boyce, CEO Phone: 801-419-0677 Email: rajgarg10@aol.com 27. AAF II - Yasi Ventures, L.P. Note $36,720 27 Hospital Road George Town Ky1-1001 Cayman Islands Contact: Kyle Hendrick Phone: 703-303-6136 Email: kyle@aaf.vc 28. Morrow-Meadows Trade Debt $36,685 Corporation 231 Benton CT Walnut, CA 91789 Contact: Cathleen Vick, CEO Phone: 909-598-7700 Email: info@morrow-meadows.com 29. Kay E. Merrick Trade Debt $33,151 [Address Redacted] 30. Grant Thornton LLP Trade Debt $32,100 101 California St. Suite 2700 San Francisco, CA 94111 Contact: Chris Stathopoulos, Deputy Counsel Phone: 415-986-3900 Email: cash@us.gt.com; chris.stathopoulos@us.gt.com SYNTHEGO CORPORATION: Files for Chapter 11 With Deal With Lender ---------------------------------------------------------------- Synthego Corporation has sought Chapter 11 protection with a deal to sell its assets via a credit bid to existing lender Perceptive Credit Holdings III, LP, absent higher and better offers. Synthego Corporation has proposed bid procedures that contemplate an auction to be conducted by the end of June 2025. Synthego is a provider of end-to-end CRISPR tools and solutions. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) is a revolutionary technology that allows scientists to edit genes with precision, making it significant for advancements in medicine, agriculture, and industrial applications. Synthego has three leased manufacturing facilities across two factories producing RUO 3 -grade RNA and large amounts of clinical-grade RNA, in Redwood City, California. Synthego was founded in 2012 by Paul and Michael Dabrowski, early employees at SpaceX. CEO Craig Christianson said in court filings that of the around 1,000 cell and gene therapy companies worldwide, around 25 percent have engaged with Synthego. $73-Mil. Owed to Bidder The Company raised around $392 million in multiple rounds of equity funding. In addition, the Company obtained additional funding through debt issuances. As of the Petition Date, the Debtor had secured debt of not less than $73.4 million to lenders led by Perceptive Credit Holdings III, LP, as administrative agent. The same lenders are providing the Debtor $50 million of DIP financing to finance the Chapter 11 case. Perceptive is the lead bidder for the Debtor's assets. In addition, the Debtor has a balance of $43 million under unsecured convertible notes issued in August 2023 through January of 2024, and $98 million under subordinated promissory notes from March 2024 through February 2025. Road to Chapter 11 Bankruptcy Paladin Management Group partner Allen Soong, who has been designated as chief restructuring officer of the Debtor, explains that from 2020 through 2023, the Company enjoyed rapid revenue growth from sales of its cutting-edge gene editing tools and solutions to major research and biopharmaceutical companies around the world. But, according to Mr. Soong, this growth was outpaced by the cost and investment required to support continued advancement of its technologies, however, leading to declining margins and growing operating losses. In response, the Company raised additional capital to continue its important work, but by the end of 2023, the Company was still not generating positive cash flow and the interest burden had expanded in excess of ten times what it was in 2020-2021. In March 2024, Synthego sold its Engineered Cells and Arrayed Screening Library assets to Telegraph Hill Partners, forming a new company called EditCo. Synthego retained its core gRNA manufacturing capabilities and growing expertise in helping customers navigate the regulatory landscape of therapeutic trials. By Spring 2024, after the arrival of Mr. Christianson and the sale of the Company's engineered cell business division (EditCo), Synthego was able to reduce its operating losses by around a third, but by February 2025 remained unable to generate sufficient cash flow to service its debt. Accordingly, the Company, in consultation with its legal and financial advisors, determined that the commencement of a Chapter 11 case was necessary to preserve enterprise value, protect business operations and effectuate a sale of the Company. About Synthego Corporation Synthego Corporation is a biotechnology company that provides end-to-end CRISPR genome editing solutions for research and therapeutic applications. Based in Silicon Valley, it manufactures guide RNAs and other gene-editing tools used by academic institutions and biopharmaceutical companies worldwide. Founded in 2012, the Company also offers regulatory support and is expanding into enzyme and nuclease development. Synthego sought Chapter 11 protection (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. The Hon. Mary F Walrath is the case judge. The Debtor listed $50 million to $100 million in assets against $100 million to $500 million in liabilities as of the bankruptcy filing. The Debtor tapped PACHULSKI STANG ZIEL & JONES LLP as bankruptcy counsel, and RAYMOND JAMES & ASSOCIATES, INC., as investment banker. FENWICK & WEST LLP is the corporate counsel. EPIQ CORPORATE RESTRUCTURING LLC is the claims agent. TAYLOR MORRISON: S&P Alters Outlook to Positive, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on U.S. homebuilder Taylor Morrison Home Corp. (TMHC) to positive from stable and affirmed all its ratings, including the 'BB+' issuer credit rating. The positive outlook reflects S&P's expectation that TMHC can maintain debt to EBITDA of 1.5x or below, providing it with a buffer against inherent cyclicality of the homebuilding industry, over the next 12 to 24 months. Taylor Morrison Home Corp.'s solid credit metrics provide cushion against slower housing demand. Since 2020, the company has reduced its S&P Global Ratings-adjusted net debt and increased its S&P Global Ratings-adjusted EBITDA by $700 million and $683 million, respectively, as of March 31, 2025. Currently, its S&P Global Ratings-adjusted net debt and EBITDA are $1.78 billion and $1.46 billion, respectively. The company's debt to EBITDA has been at or below 1.5x since year-end 2022 (RTM of March 31, 2025, at 1.2x), which provides it with a 60% cushion on our 2026 forecasted EBITDA relative to our 3x downside threshold at the current rating. S&P said, "We assume our forecasted leverage will remain in the 1.5x area through 2025 and into 2026. We also expect TMHC to maintain a prudent financial policy with strong liquidity over the next 12-24 months." During the past 12 months, S&P Global Ratings-adjusted leverage increased to 1.6x as of the second quarter of 2024 compared with 1.0x in the prior year, primarily due to increased funded debt levels coupled with declining cash reserves. The decline in cash reserves can be attributable to the company's substantial working capital outflows stemming from its land acquisitions and inventory buildup of speculative (spec) homes. S&P said, "We anticipate leverage of approximately 1.5x or below over the next two years, which provides a meaningful cushion at the current rating level. However, we note leverage could increase if the company decides to pursue a more aggressive land acquisition strategy amid declining profitability margins, or more aggressive shareholder repurchases. Under our base-case scenario, we incorporate share repurchases of $350 million in 2025 and $400 million in 2026. "We expect incentives and the offload of spec homes to pressure TMHC's margins. We expect the company's S&P Global Ratings-adjusted EBITDA margins to contract toward 15%-15.5% in 2025 (compared with 17.4% in 2024) on account of elevated incentives, dampened price realizations, and the sale of less profitable spec homes in the quarters to come. We believe the homebuilders continued use of incentives remain vital to their ability to deliver homes, yet at the cost of weaker profitability. For fiscal 2026, we expect TMHC's margins to further moderate to 14.5%-15% as we expect input cost inflation to continue amid elevated incentive levels." Weaker household income growth, reduced positive impulses from the public sector, rising tariffs, higher interest rates, and lingering policy uncertainty are key factors decelerating economic growth this year. S&P Global forecasts the average 30-year fixed mortgage rate will be 6.6% and 5.6% for 2025 and 2026, respectively. S&P said, "Additionally, we forecast real GDP growth will cool to 1.5% in 2025 and grow by 1.7% in 2026, down from 2.9% in 2023 and 2.8% in 2024, and average roughly 2.0% per year thereafter. Our unemployment rate will drift higher and peak at 4.7% by mid-year 2026, with the public sector likely limiting payroll expansion, in contrast to significant contributions to job growth in the past two years. As such, we note the company's leverage could deteriorate if macroeconomic environment becomes more volatile than our forecasts. Thus, the uncertainty around the duration of affordability concerns could continue to pressure the homebuilding sector over that time." S&P said, "We believe we could upgrade TMHC to investment grade if it maintains its debt-to-EBITDA ratio below 1.5x over the next 12-24 months through the current macroeconomic uncertainty. We forecast 0% to 2% revenue growth in 2025 followed by high-single-digit growth in 2026. We forecast the company will generate EBITDA of roughly $1.2 billion-$1.3 billion in fiscal years 2025 and 2026. We expect margins to decline due to softening housing demand through 2025, compared with fiscal 2022. Still, we believe TMHC can generate revenue and leverage commensurate with its 'BBB-' rated peers. "As macroeconomic uncertainty continues and demand for housing wains, we expect the company to maintain strong liquidity and prioritize its balance sheet strength by prudently managing upcoming debt maturities and other liabilities, then efficiently investing in organic growth across its platforms, and finally returning capital to shareholders. This should keep its adjusted-debt-to-EBITDA ratio at approximately 1.5x in fiscal 2025 absent any further unforeseen declines in the market or recession risk. "The positive outlook reflects our view that TMHC could generate S&P Global Ratings-adjusted debt to EBITDA of less than 1.5x in 2025 and 2026. We believe the company's low leverage at this point in the U.S. housing cycle provides it with a good buffer to maintain debt to EBITDA of less than 2x even if market conditions unexpectedly deteriorate further. "We could revise our outlook on TMHC to stable over the next 12 months if the conditions in the housing market decline such that its operating results are weaker than we expect, with debt to EBITDA exceeding 1.5x." Assuming TMHC's cash flow metrics and other credit measures remain near current levels over the next 12 to 24 months, S&P would consider raising its ratings if it improves its business risk or materially reduces its cash flow volatility as demonstrated by: -- Continues enhancing the scale of its homebuilding operations while maintaining our expectations of margin improvement that compares favorably to peers'; and -- Maintaining S&P Global Ratings-adjusted EBITDA near their current levels including debt to EBITDA of below 1.5x. THINK SAFE: Hires Russo White & Keller as Bankruptcy Counsel ------------------------------------------------------------ Think Safe, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Russo White & Keller, P.C. as counsel. The firm will provide these services: a. provide the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management of its financial affairs and property; b. prepare on behalf of the Debtor necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is or may become necessary; c. review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executor contracts and assist in preparation of corporate authorizations and resolutions regarding the Chapter 11 cases; and d. perform any and all other legal services for the Debtor as Debtor-in-Possession as may be necessary to achieve confirmation of a Chapter 11 plan. e. attend the intake conference, the meeting of creditors, and hearings on behalf of the Debtor-in-Possession; f. negotiate with the various classes of creditors with respect to the plan of reorganization; g. prepare, negotiate and advance a plan of reorganization or liquidation as applicable; h. prepare and file status reports, and operating reports, as applicable; and i. perform such other legal services, prepare and file such other documents as may be necessary to carry out its duties and functions in this case. The firm will be paid at the rate of $350 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert C. Keller, Esq., a partner at Russo White & Keller, 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: Robert C. Keller, Esq. Russo White & Keller, P.C. 315 Gadsden Highway, Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rjlawoff@bellsouth.net About Think Safe, Inc. Think Safe, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-01203) on April 22, 2025, listing $100,001 to $500,000 in both assets and liabilities. Robert C Keller, Esq. at Russo, White & Keller represents the Debtor as counsel. TJC SPARTECH: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating ----------------------------------------------------------------- S&P Global Ratings withdrew its 'CCC-' long-term issuer credit rating on TJC Spartech Acquisition Corp. (Spartech) at the issuer's request. S&P also withdrew its 'CCC-' issue rating on Spartech's first-lien term loan. Ratings were withdrawn at the request of Spartech. TRINITY ENTERPRISES: Taps Gamberg & Abrams as Bankruptcy Counsel ---------------------------------------------------------------- Trinity Enterprises Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Gamberg & Abrams as general bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to their powers and duties as debtor and debtor-in-possession in the continued management and operation of his business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) advise the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (d) provide advice to the Debtor with respect to legal issues arising in or relating to the Debtor's ordinary course of business; (e) take all necessary action to protect and preserve the Debtor's estates; (f) prepare on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estate; (g) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (h) attend meetings with third parties and participate in negotiations with respect to the above matters; (i) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor estate before such courts and the U.S. Trustee; and (j) perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with these Chapter 11 cases. The firm will be paid at these rates: Thomas L. Abrams $500 per hour Jared L. Gamberg $450 per hour The firm will be paid a retainer in the amount of $22,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas L. Abrams, Esq., a partner at Law Firm of Gamberg & Abrams, 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: Thomas L. Abrams, Esq. Law Firm of Gamberg & Abrams 1213 S.E. Third Avenue, Second Floor, Fort Lauderdale, FL 33316 Tel: (954) 523-0900 Fax: (954) 915-9016 Email: tabrams@tabramslaw.com About Trinity Enterprises Corporation Trinity Enterprises Corporation is a family-owned painting and wall covering company based in Davie, Florida. It offers interior and exterior painting, wallpaper installation, and specialized metallic painting services, primarily serving commercial clients in the Miami area. Trinity Enterprises Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14339) on April 21, 2025. In its petition, the Debtor reports total assets of $318,252 and total liabilities of $1,078,470. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Thomas L. Abrams, Esq. at THOMAS L ABRAMS PA. TZADIK SIOUX: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Tzadik Sioux Falls Portfolio I, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral. The Debtors, who own and operate residential rental properties in South Dakota, argued that immediate access to cash is necessary to pay for property management, insurance, utilities, and other essential services. The properties are managed by Tzadik Properties, LLC, an affiliated company overseen by Adam Hendry, who is also the managing member of the Debtors. The Debtors sought permission to use rents and other income, which are considered cash collateral during an interim five-week period ending May 26. They proposed using this cash according to detailed budgets and to provide adequate protection to secured lenders Fannie Mae and Merchants Bank of Indiana by offering replacement liens and scheduled cash payments during this period. These lenders are owed tens of millions in mortgage loans secured by real estate valued substantially higher than the debt. About Tzadik Sioux Falls Portfolio I Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, represents the Debtor as legal counsel. TZADIK SIOUX: Hires Edelboim Lieberman as Bankruptcy Counsel ------------------------------------------------------------ Tzadik Sioux Falls Portfolio I, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Edelboim Lieberman, PLLC as its general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the case; (c) advise the Debtor in connection with post-petition financing arrangements and draft documents relating thereto; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (f) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statements and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (g) attend meetings with third parties and participate in negotiations with respect to the above matters; (h) appear before this court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; and (i) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Brett Lieberman, Esq. $625 Mordan B. Edelboim, Esq. $625 Attorneys $300 - $625 Legal Assistants $260 Paralegals $260 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $15,000 from the Debtor. Morgan Edelboim, Esq., a partner at Edelboim, 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: Morgan Edelboim, Esq. Edelboim Lieberman Revah PLLC 20200 W. Dixie Highway, Suite 905 Aventura, FL 33180 Tel: (305) 768-9909 Fax: (305) 928-1114 Email: morgan@elrolaw.com About Tzadik Sioux Falls Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. Tzadik Sioux Falls Portfolio I, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025, listing $65,000,000 in assets and $46,775,000 in liabilities. The petition was signed by Adam Hendry as authorized representative. Judge Peter D Russin presides over the case. Morgan Edelboim, Esq. at EDELBOIM LIEBERMAN PLLC represents the Debtor as counsel. UNITED HAULING: Gets OK to Hire Kahn & Ahart as Counsel ------------------------------------------------------- United Hauling LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Kahn & Ahart, PLLC as its counsel. Kahn & Ahart does not hold or represent any interest adverse to the Debtor or its estate in the matters upon which it is to be engaged. The firm can be reached through: 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 About United Hauling LLC United Hauling LLC, based in Cave Creek, AZ, specializes in providing horse transportation services. United Hauling LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-03680) on April 25, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. The petition was signed by Leah Delozier Smith as manager. Judge Daniel P. Collins presides over the case. Krystal M. Ahart, Esq. at KAHN & AHART, PLLC represents the Debtor as counsel. V850JACKSON LLC: Seeks Chapter 11 Bankruptcy in Illinois -------------------------------------------------------- On May 5, 2025, V850Jackson LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. 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 V850Jackson LLC V850Jackson LLC is engaged in real estate investment and development. The Company focuses on acquiring, managing, and leasing commercial properties such as office buildings and retail spaces. V850Jackson LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06934) on May 5, 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 Janet S. Baer handles the case. The Debtor is represented by Ariel Weissberg, Esq. at WEISBERG AND ASSOCIATES, LTD. VISION CARE: Court Extends Cash Collateral Access to July 12 ------------------------------------------------------------ Tanya Sambatakos, the Chapter 11 trustee for Vision Care of Maine, LLC, received another extension from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The order authorized the trustee to use cash collateral until July 12 to pay the expenses set forth in its budget, with a 10% variance allowed. The 13-week budget shows total projected expenses of $3,828,610 for the period from April 19 to July 12. The use of cash collateral is necessary to fund the company's ongoing operations and to meet the deadline for filing a reorganization plan, according to the trustee. The bankruptcy trustee must continue compliance with U.S. trustee obligations, including reporting and fee payments. The next hearing is scheduled for July 9. Objections are due by July 7. About Vision Care of Maine Vision Care of Maine Limited Liability Company is a medical group practice located in Bangor, ME that specializes in Ophthalmology and Optometry offering vision care services including glasses, contacts, surgeries for cataracts, retina disease and cornea disease and glaucoma. Vision Care of Maine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5, 2024. In the petition signed by Curt Young, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals & Rosenthal, PA as counsel and Opus Consulting Partners, LLC as financial consultant. VIVAKOR INC: Amends Cedarview Loan, Issues Over 2M Shares in April ------------------------------------------------------------------ Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that a Side Letter with Cedarview Capital Management LLC went effective, which amended the terms of that certain Loan and Security Agreement the Company issued to Cedarview dated October 31, 2024 that it previously disclosed in its Current Report on Form 8-K filed with the Commission on November 7, 2024. Under the terms of the Side Letter, Vivakor agreed to pay the remaining amounts it owes under the Cedarview Loan as follows: (i) $589,890.37 on or before April 9, 2025, (ii) payments of $150,000 on each of April 30, 2025 and May 31, 2025, and (iii) four monthly payments of $645,684.69 until the Cedarivew Loan has been paid in full. In exchange for Cedarview agreeing to the extended repayment terms under the Side Letter for the Cedarview Loan the Company also agreed it would: (a) pay Cedarview 30% of any net amounts it receives from drawdowns from any equity lines of credit it does in the future as payments on the Cedarview Loan, (b) pay Cedarview 30% of any net proceeds received from the sale of any assets in the future as payments on the Cedarview Loan, and (c) issue Cedarview, or its assignees, 300,000 shares of its restricted common stock. Vivakor made the $589,890.37 payment on April 9, 2025 and issued Cedarivew, and its assignees, 300,000 shares of its restricted common stock on April 11, 2025. Accordingly, on April 11, 2025, the Company: (a) issued 300,000 shares of restricted common stock to Cedarview per the Side Letter, which securities contain a standard Rule 144 restrictive legend. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited officer and familiar with the Company's operations. (b) issued 350,000 shares of restricted common stock to Justin Ellis pursuant to a conversion notice it received from Mr. Ellis notifying us of his desire to convert $350,000 owed to him under that certain Convertible Promissory Note dated July 7, 2024. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited officer and familiar with our operations. (c) issued 107,789 shares of our Series A Preferred Stock to the sellers, or their assignees, in the Endeavor Entities transaction. These shares represented the preferred stock portion of the purchase price for the transaction, including any post-closing adjustments. Of these shares, 84,931 shares went to Jorgan Development, LLC and 858 shares went to JBAH Holdings, LLC, both of which are controlled by James Ballengee, the Company's Chief Executive Officer. The shares do have a 6% annual dividend, based on the $1,000 stated per share value of the Series A Preferred Stock, payable in shares of common stock. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holders sophisticated investors and familiar with our operations. (d) issued an aggregate of 1,298,453 shares of our restricted common stock for four months of dividends to the holders of the Company's Series A Preferred Stock. Of those shares, 884,037 were issued to Jorgan Development, LLC and 8,933 were issued to JBAH Holdings, LLC, both of which are controlled by James Ballengee, Chief Executive Officer. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holders sophisticated investors and familiar with our operations. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. VIVAKOR INC: Net Loss Widens to $22.2 Million in 2024 ----------------------------------------------------- Vivakor, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $22.2 million attributable to the Company on $89.8 million of total revenue for the year ended December 31, 2024, compared to a net loss of $10.7 million on $59.3 million of net sales for the year ended December 31, 2023. Vivakor said, "We have historically suffered net losses and cumulative negative cash flows from operations, and as of December 31, 2024, we had an accumulated deficit of approximately $99 million. As of December 31, 2024 and 2023, we had a working capital deficit of approximately $101.5 million and $34.9 million, respectively. As of December 31, 2024, we had cash of approximately $3.7 million, of which $3 million is restricted cash. In addition, we have obligations to pay approximately $61 million of debt within one year of the issuance of these financial statements. These conditions raise substantial doubt about the Company's ability to continue as a going concern." Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. During the year ended December 31, 2024, subject to available cash flows, the Company continued its strategy to monetize its intellectual properties and execute its business plan, including the acquisition of the Endeavor Entities. To date, the Company financed operations primarily through debt financing, and private and public equity offerings. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity. Management cannot provide any assurance that the Company will be able to execute its plans to raise additional capital, close its merger and acquisitions, or that its operations or business plan will be profitable. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/bddw3z4n About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. WA3 PROPERTIES: Taps Blueprint Healthcare as Real Estate Broker --------------------------------------------------------------- WA3 Properties Renton, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Blueprint Healthcare Real Estate Advisors as real estate advisor and broker. Blueprint will market and sell Renton's Property commonly known as and located at 80 SW 2nd Street, Renton, Washington 98057. Blueprint seeks a broker commission in the amount of 1.5 percent of the gross selling price of the property. If the property is sold to the secured lender on account of a credit bid, then Blueprint seeks a flat fee of $110,000. The commission and the flat fee are inclusive of expenses. Amy Sitzman, managing director and head of business development of Blueprint, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Amy Sitzman Blueprint Healthcare Real Estate Advisors 191 N Wacker Dr, Ste 1680 Chicago, IL, 60606 Tel: (312) 300-4000 About WA3 Properties Renton LLC WA3 Properties Renton, LLC owns a 99-bed skilled nursing facility at 80 SW 2nd Street, Renton, Wash., in fee simple title, with a valuation of $10 million. WA3 filed Chapter 11 petition (Bankr. E.D. N.Y. Case No. 25-71121) on March 24, 2025, listing $11,887,584 in assets and $8,129,000 in liabilities. Samuel Goldner, manager of WA3, signed the petition. Judge Louis A. Scarcella oversees the case. Avrum J. Rosen, Esq., at Law Offices of Avrum J. Rosen, PLLC represents the Debtor as bankruptcy counsel. Merchants Bank of Indiana, as lender, is represented by: Owen R. Wolfe, Esq. Seyfarth Shaw LLP 620 Eighth Avenue New York, NY 10018 Direct Dial: (212) 218-3389 Direct Fax: (917) 344-1394 Email: owolfe@seyfarth.com WA3 PROPERTIES: Taps Rosen Tsionis & Pizzo as Bankruptcy Counsel ---------------------------------------------------------------- WA3 Properties Renton, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Rosen, Tsionis & Pizzo, PLLC as counsel. The firm's services include: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under the Bankruptcy Code; (b) preparation and filing of the petition, schedules, statement of financial affairs, and other documents required by the Court; (c) representation of the Debtor at the Section 341(a) meeting of creditors; (d) preparation of motions, documents, and applications in connection with the case; and (e) provision of legal advice to the Debtor in connection with all matters pending before the Court. The firm received an initial retainer in the amount of $20,488. Rosen, Tsionis & Pizzo does not hold or represent an interest adverse to the Debtor or to the estate and is disinterested as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Alex E. Tsionis, Esq. Rosen, Tsionis & Pizzo, PLLC 38 New Street Huntington, NY 11743 Phone: (631) 423-8527 About WA3 Properties Renton LLC WA3 Properties Renton, LLC owns a 99-bed skilled nursing facility at 80 SW 2nd Street, Renton, Wash., in fee simple title, with a valuation of $10 million. WA3 filed Chapter 11 petition (Bankr. E.D. N.Y. Case No. 25-71121) on March 24, 2025, listing $11,887,584 in assets and $8,129,000 in liabilities. Samuel Goldner, manager of WA3, signed the petition. Judge Louis A. Scarcella oversees the case. Avrum J. Rosen, Esq., at Law Offices of Avrum J. Rosen, PLLC represents the Debtor as bankruptcy counsel. Merchants Bank of Indiana, as lender, is represented by: Owen R. Wolfe, Esq. Seyfarth Shaw LLP 620 Eighth Avenue New York, NY 10018 Direct Dial: (212) 218-3389 Direct Fax: (917) 344-1394 Email: owolfe@seyfarth.com WATCHTOWER FIREARMS: Taps Pierson Ferdinand as Litigation Counsel ----------------------------------------------------------------- Watchtower Firearms LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Pierson Ferdinand LLP as special litigation counsel. The firm's services include: a. assisting the Debtor in analyzing and prosecuting claims owned by the estate against the third parties involved in the adversary proceeding; b. preparing and filing pleadings as are necessary to pursue the estate's claims against third parties; c. conducting appropriate examinations of witnesses, claimants and other parties in interest in connection with such adversary proceeding; d. collecting any judgement that may be entered in the contemplated litigation; e. handling any appeals that may result from the contemplated litigation; and f. performing any other legal services that may be appropriate in connection with the prosecution of the litigation. The firm will be paid at these rates: William J. Akins, Partner $850 per hour Eric Meyer, Partner $850 per hour Mette Kurth, Partner $975 per hour Leanne Pendergast, Partner $975 per hour Lynnette Warman, Partner $695 per hour Deidra Cobb, Paralegal $175 per hour The firm holds a retainer in the amount of $41,466.65. William J. Akins, Esq., a partner a Pierson Ferdinand, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: William J. Akins, Esq. PIERSON FERDINAND, LLP 10501 Crow Wing Cove Austin, TX 78730 2021 Guadalupe Street, Suite 260 Austin, TX 78705 Tel: (214) 924-9504 Fax: (214) 481-3768 Email: william. akins@pierferd.com About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Joseph Acosta, Esq. at CONDON TOBIN represents the Debtor as counsel. WATERIQ TECHNOLOGIES: Hires Ampleo Turnaround as Accountant ----------------------------------------------------------- WaterIQ Technologies LLC seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Ampleo Turnaround and Restructuring LLC, a Utah limited liability company d/b/a Ampleo as accountant and financial advisor. The firm will render these services: (a) prepare financial disclosures, provide assistance to the Debtor on its cash flow analysis, operating budget (including any debtor-in-possession budget) and other financial analysis related thereto; (b) assist the Debtor in defining strategic and financial objectives; (c) provide assistance and support to the Debtor's other financial and legal professionals and advisors in connection with any sale transaction for some or all of the Debtor's assets, restructuring under the Bankruptcy Code or otherwise, or other transaction(s); (d) assist the Debtor in the preparation of analysis and reporting packages that may be required for the Debtor's creditors; (e) render financial advice to the Debtor and participating in meeting or negotiations with stakeholders or other appropriate parties in connection with the Debtor's restructuring; and (f) provide the Debtor with other financial restructuring advice. (g) review of monthly operating reports; (h) assist the Debtor with the preparations of a Liquidation Analysis; (i) assist the Debtor in administration of the bankruptcy filings; (j) prepare and file federal, state, and local taxes; and (k) perform any other ancillary financial advisory tasks necessary to the Debtor's operations. The firm will be paid at these rates: Matthew R. McKinlay $335 per hour Douglas Charboneau $300 per hour Dane Clark $275 per hour Other professionals as needed at their prevailing rates. The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew McKinlay, managing partner at Ampleo, 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: Matthew McKinlay Ampleo Turnaround and Restructuring LLC 13601 W. McMillan Rd. #102 PMB 320 Boise, ID 83713 Tel: (208) 761-5222 About WaterIQ Technologies LLC WaterIQ Technologies LLC 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. WaterIQ Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20159) on April 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Brian M. Rothschild, Esq. at PARSONS BEHLE & LATIMER. WATERIQ TECHNOLOGIES: Taps Parsons Behle & Latimer as Attorney -------------------------------------------------------------- WaterIQ Technologies LLC seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Parsons Behle & Latimer as attorneys. The firm's services include: (a) providing legal advice with respect to the Debtor's rights, powers, and duties in this case; (b) preparing necessary applications, motions, objections, memoranda, orders, reports, and other legal papers; (c) appearing in Court, in litigation as a party in interest, and at statutory meetings of creditors to represent the interests of the Debtor; (d) negotiating and evaluating the Debtor's financing, and any other potential financing alternatives; (e) negotiating a potential plan or plans of reorganization or liquidation and matters related thereto; (f) assisting the Debtor in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and equity interests; (g) assisting the Debtor with its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor (and, to the extent applicable, the Debtor's officers, directors and shareholders) and of the operation of the Debtor's business; (h) negotiating and formulating the proposed sale of the Debtor's assets, including pursuant to section 363 of the Bankruptcy Code; (i) communicating with the Debtor's constituents in furtherance of its responsibilities; and (j) assisting with the Debtor's performance of its duties and powers under the Bankruptcy Code and the Bankruptcy Rules and such other services as are in the interests of those represented by the Debtor. The firm's professionals will be paid at these hourly rates of: Brian M. Rothschild, Shareholder $500/hour Leah Schwartz, Shareholder $490/hour Darren Neilson, Shareholder $450/hour Elliott McGill, Associate $405/hour Alexander S. Chang, Associate $360/hour Marlana Reichert, Paralegal $215/hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $40,000 from the Debtor. Mr. Rothschild 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: Brian Rothschild, Esq. Parsons Behle & Latimer 20 E. Simpson Ave Jackson, WY 83001. Telephone: (307) 733-5130 Facsimile: (801) 536-6111 Email: BRothschild@parsonsbehle.com About WaterIQ Technologies LLC WaterIQ Technologies LLC 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. WaterIQ Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20159) on April 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Brian M. Rothschild, Esq. at PARSONS BEHLE & LATIMER. WATERIQ TECHNOLOGIES: Taps Stellar Bookkeeping as Controller ------------------------------------------------------------ WaterIQ Technologies LLC seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Stellar Bookkeeping & Consulting, LLC as controller and operations consultant. Stellar Bookkeeping will perform bookkeeping and consulting services to the Debtor, including: a. monthly, quarterly and annual bookkeeping; b. accounts payable; c. accounts receivable; d. sales tax filing; e. payroll processing; f. cash flow reporting; g. month end financial reporting package preparation; h. year end coordination with accountants for audit/tax preparation; i. clean-up/catch-up services; and j. budgeting and forecasting. k. assisting in production planning and inventory management; and l. providing HR support. Stellar will receive a flat rate of $7,500 per month for up to 100 hours of work and a fee of $100/hour for all work performed in excess of 100 hours. Stellar is a "disinterested person," as such term is defined in Bankruptcy Code section 101(14), as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Marielle Klapp Stellar Bookkeeping & Consulting 3101 W Market St Ste 109 - 673 Johnson City, TN 37604 Phone: (423) 788-4195 About WaterIQ Technologies LLC WaterIQ Technologies LLC 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. WaterIQ Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20159) on April 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Brian M. Rothschild, Esq. at PARSONS BEHLE & LATIMER. WESTERN URANIUM: Net Loss Widens to $10.1M in FY 2024 ----------------------------------------------------- Western Uranium & Vanadium Corp filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting for the year ended December 31, 2024. With the exception of the quarter ended June 30, 2022, Western Uranium had incurred losses from its operations. During the years ended December 31, 2024 and 2023, the Company generated net losses of $10,112,037 and $4,942,594, respectively. The Company expects to generate operating losses for the foreseeable future as it incurs expenses to bring its mineral processing facilities online and further expand its mining operations. As of December 31, 2024 and 2023, the Company had an accumulated deficit of $28,929,894 and $18,817,857, respectively, and working capital of $5,240,584 and $8,970,434, respectively. Mississauga, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt financing in order to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. "Since inception, we have met our liquidity requirements principally through the issuance of notes, the sale of our common shares and from limited revenue sources. During the year ended December 31, 2024, we received $4,605,458 in proceeds from the exercise of our common share warrants. During November 2024, we closed a brokered private placement of 4,142,906 units at a price of $0.94 (CAD $1.32) per unit. The aggregate net proceeds raised in the private placement amounted to $3,546,870 (CAD $4,975,966)." "Our ability to continue our operations and to pay our obligations when they become due is contingent upon us obtaining additional financing. Management's plans include seeking to procure additional funds through debt and equity financings, to secure regulatory approval licenses to fully utilize our Kinetic Separation, to permit and construct the Mustang Minerals Processing Plant for the processing of uranium and vanadium to generate operating cash flows. We will also require capital to fund the ongoing in-house mining operations at the Sunday Mine Complex." "There are no assurances that we will be able to raise capital on terms acceptable to us or at all, or that cash flows generated from our operations will be sufficient to meet our current operating costs and required debt service. If we are unable to obtain sufficient amounts of additional capital, we may be required to reduce the scope of our planned product development, which could harm our financial condition and operating results, or we may not be able to continue to fund our ongoing operations. These conditions raise substantial doubt about our ability to continue as a going concern to sustain operations for at least one year from the issuance of the accompanying financial statements," the Company concluded. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/ys4k3bns About Western Uranium Western Uranium & Vanadium Corp is engaged in the business of exploring, developing, mining and producing uranium and vanadium resources. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plants will be licensed to include the kinetic separation process. As of Dec. 31, 2024, the Company had $33,916,238 in total assets, $4,100,164 in total liabilities, and a total shareholders' equity of $29,816,074. WHITEWATER MATTERHORN: S&P Assigns 'BB' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating to WhiteWater Matterhorn Holdings LLC (WWMH). At the same time, S&P assigned its 'BB' issue-level rating and '3' recovery rating to the company's senior secured term loan. The '3' recovery rating indicates its expectation for average (50%-70%; rounded estimate: 65%) recovery in a payment default scenario. The stable outlook reflects the predictability and stability of MXP's cash flows, which have support from long-term minimum volume commitments (MVCs). S&P expects WWMH will maintain S&P Global Ratings-adjusted debt to EBITDA between 5x and 6x by 2026. I Squared Capital Advisors LLC (ISQ), First Infrastructure Capital (FIC) and WhiteWater Midstream Management, via WhiteWater Matterhorn Holdings LLC (WWMH), announced that WWMH intends to recapitalize its 65% equity interest in Matterhorn Express Pipeline LLC (MXP) at an enterprise value of approximately $5.3 billion. WWMH will partially fund the transaction with net proceeds from the issuance of a $675 million senior secured term loan B, as well as new equity and rolled equity of approximately $1.3 billion from its sponsors and management. MXP benefits from a robust contract profile that is firm and fee-based in nature; 100% of MXP's mainline capacity is currently contracted by minimum volume commitments (MVCs), reflecting surety of forecasted cash flows. These contracts, on average, have an 11-year weighted-average remaining contract life. The favorable contract structure at MXP mitigates the company's indirect commodity exposure to cyclical commodity markets. The high credit quality shippers are a credit strength due to the 'A-' weighted-average customer credit rating at MXP. MXP's strong contract profile is somewhat offset by its limited scale as a single-asset intrastate pipeline. The company's assets are strategically located to capitalize on supply-push markets. All of MXP's assets are located in Texas, where it capitalizes on growth in the Permian along with increasing demand from LNG export terminals, datacenters, and the Austin/Houston metropolitan areas. In addition, MXP helps connect nearly 50% of Permian processing capacity, serves markets that supply nearly 75% of LNG export facilities in the Gulf Coast, and directly connects to WhiteWater's existing Agua Blanca system. S&P said, "Over 80% of its MVCs are with upstream companies that we consider to be supply-push in nature, and we tend to view demand pull cash flows more favorably whose volumes are often unchanged during prolonged periods of weak commodity prices. That said, S&P Global Ratings continues to recognize the limited available capacity of gas pipelines in the Permian basin, whose break-even drilling costs are the lowest in the U.S., giving us a favorable view of drilling economics compared with other basins. We believe MXP's completion of its current expansion project will provide additional capacity and help drive cash flow growth." The expansion consists of an addition of approximately 0.5 billion cubic feet per day (Bcf/d) to MXP's mainline capacity. The remaining expansion capital consists of less than $200 million that will be spent through 2026. S&P Said, "We proportionately consolidate MXP's financial measures to reflect the 65% ownership interest from WWMH. As a result of this consolidation, we forecast WWMH will generate S&P Global Ratings-adjusted EBITDA of approximately $260 million in 2025 and $330 million in 2026. The remaining 35% of ownership interest in MXP is maintained by investment-grade counterparties, each maintaining various percentages. These joint venture (JV) partners maintain certain voting rights that limit WWMHs ability to fully dictate the financial policy of the asset base. For example, the WWMHs can't issue debt at MXP that would cause its debt to EBITDA to exceed 6x or approve a bankruptcy or certain other items without its partners' approvals. That said, due to its majority interest, WWMH has the ability to dictate some other cash and business uses without other JV partners' approval. Due to this level of control, we proportionally consolidate the debt and EBITDA at MXP to reflect the company's relative control over MXP and our view that they are strategic to WWMH's business despite the fact that MXP's debt is non-recourse to WWMH. "We see a viable path for WWMH to improve its financial measures as MXP comes fully online in 2026. The company is completely dependent on the cash flow from MXP to service its financial obligations. We forecast WWMH's S&P Global Ratings-adjusted leverage will improve to about 5x given the benefits from the excess cash flow (ECF) sweep, the mandatory amortization payments at its subsidiary, and the increased cash flow as contracts continue to come online. Over the next two years, we forecast its S&P Global Ratings-adjusted debt to EBITDA will improve to below 6x in 2026 from 7.5x-8x in 2025 based on the remaining capital spending to support the completion of the expansion project at MXP. When MXP's expansion becomes fully operational, which we expect to occur in the second half of 2025, we expect significant free cash flow generation at the MXP level. "Our stable outlook reflects the predictability and stability of WhiteWater Matterhorn Holdings LLC's cash flows due to its significant percentage of contracted volumes stemming from MXP. We expect S&P Global Ratings-adjusted debt to EBITDA will improve to under 6x by the end of 2026 from the 7.5-8x area in 2025 following the ramp up of MVCs and the completion of the expansion project. "We could consider a negative rating action if the company pursues a more aggressive financial policy such that leverage is expected to be greater than 6x on a consistent basis. "We could consider a positive rating action if WWMH's adjusted debt‐to‐EBITDA ratio approaches 5x and is expected to be maintained below this level on a consistent basis. This could occur as the excess cash flow sweep reduces outstanding debt and the company adopts a more conservative financial policy." WINDTREE THERAPEUTICS: Net Loss Narrows to $1.8 Million in FY 2024 ------------------------------------------------------------------ Windtree Therapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net losses of $1.8 million and $20.3 million, respectively, for the years ended December 31, 2024, and 2023. Windtree said, "Included in our net loss for the year ended December 31, 2024 is a $14.4 million non-cash gain on debt extinguishment, $10.5 million related to the change in fair value of our common stock warrant liability, $7.5 million of R&D expense related to the Varian asset acquisition, and a loss on impairment of intangible assets of $1.1 million. Included in our net loss for the year ended December 31, 2023 is a loss on impairment of goodwill of $3.1 million. We expect to continue to incur operating losses for at least the next several years. As of December 31, 2024, we had an accumulated deficit of $846.6 million. Our future success is dependent on our ability to fund and develop our product candidates, and ultimately upon our ability to attain profitable operations. We have devoted substantially all of our financial resources and efforts to research and development expense and general and administrative expense to support such research and development. Net losses and negative cash flows have had, and will continue to have, an adverse effect on our stockholders' equity and working capital, and accordingly, our ability to execute our future operating plans. "In June 2024, we entered into a Common Stock Purchase Agreement, or the ELOC Purchase Agreement, establishing an equity line of credit with the purchaser, or the Purchaser, whereby we have the right, but not the obligation, to sell to the Purchaser, and the Purchaser is obligated to purchase, up to $35 million of newly issued shares of our common stock. For the year ended December 31, 2024, we sold 0.2 million shares of Common Stock under the ELOC Purchase Agreement for net proceeds of $6.5 million following mandatory redemption payments, including dividends, on our Series C Preferred Stock. "As of December 31, 2024, we had cash and cash equivalents of $1.8 million and current liabilities of $5.7 million. Subsequent to December 31, 2024 and through April 15, 2025; (i) we sold an additional 0.2 million shares of common stock under the ELOC Purchase Agreement for net proceeds of $1.5 million following mandatory redemption payments on our Series C Preferred Stock; (ii) 47,799 July 2024 Warrants were converted into 47,799 shares of common stock for gross and net proceeds of $0.3 million; (iii) on March 18, 2025, we agreed to issue and sell to two institutional investors an aggregate principal amount of $312,500, at an original issue discount of 20%, in senior secured notes due in 2026 for net proceeds of $250,000; and (iv) on April 4, 2025, we agreed to issue and sell to two institutional investors senior secured promissory notes in an aggregate principal amount of $312,500, at an original issue discount of 20%, for net proceeds of $250,000. "As a result, we believe that we have sufficient resources available to fund our business operations through April 2025. We do not have sufficient cash and cash equivalents as of the date of this Annual Report on Form 10-K to support our operations for at least the 12 months following the date that the financial statements are issued." Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. "To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, management plans to secure additional capital, potentially through a combination of public or private securities offerings, convertible debt financings, and/or strategic transactions, including potential licensing arrangements, alliances, and drug product collaborations focused on specified geographic markets; however, none of these alternatives are committed at this time. There can be no assurance that we will be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all, or identify and enter into any strategic transactions that will provide the capital that we will require. If we fail to raise sufficient capital, we potentially could be forced to limit or cease our development activities, as well as modify or cease our operations, either of which would have a material adverse effect on our business, financial condition, and results of operations. Accordingly, management has concluded that substantial doubt exists with respect to our ability to continue as a going concern for at least 12 months after the issuance of the accompanying financial statements," the Company concluded. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/ycye697k About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. As of Dec. 31, 2024, the Company had $27.9 million in total assets, $14.7 million in total liabilities, $3.2 million in total mezzanine equity, and a total shareholders' equity of $10 million. WORLD OF MISTRY: Seeks to Hire Levene Neale as Legal Counsel ------------------------------------------------------------ World of Mistry LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to 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 with regard to 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. The firm received the sum of $5,000 which constituted a pre-bankruptcy retainer. Ron Bender, Esq., an attorney at Levene, Neale, Bender, Yoo & Golubchik, 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: Ron Bender, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, California 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: rb@lnbyg.com About World of Mistry LLC World of Mistry LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). World of Mistry LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10602) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Ron Bender, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. WYNN TEC: Gets Final OK to Use Cash Collateral ---------------------------------------------- Wynn Tec, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral. The final order authorized the company to pay its post-petition expenses from the cash collateral, including fees owed to the Office of the U.S. Trustee and to its bankruptcy professionals. Jersey Shore State Bank, County of Clinton, Leaf Capital Funding, and Bayfirst National Bank assert interest in the cash collateral, which consists of receivables, cash and the proceeds thereof. As protection, these lenders were granted replacement liens on the company's post-petition cash collateral and all assets on which they had pre-bankruptcy liens. In the event that the replacement liens are insufficient, the secured creditors will be granted superpriority administrative claims. About Wynn Tec Inc. Wynn Tec Inc. is a small business corporation based in Loganton, Pa. Wynn Tec Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00751) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark J. Conway handles the case. The Debtor is represented by Robert E Chernicoff, Esq., at Cunningham and Chernicoff, PC. Bayfirst National Bank, as lender, is represented by: Keri P. Ebeck, Esq. Bernstein-Burkley, P.C. 601 Grant Street, 9th Floor Pittsburgh, PA 15219 412-456-8112 kebeck@bernsteinlaw.com Clinton County, as lender, is represented by: Justin K. Houser, Esq. Coploff, Ryan & Houser 136 E. Water Street Lock Haven, PA 17745 Telephone: 570-748-7771 jkh@crwlaw.net YELLOW CORP: Opposes MFN's Bid to Convert Chapter 11 to Chapter 7 ----------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Senators Elizabeth Warren and Ed Markey of Massachusetts have urged the Justice Department and the SEC to investigate former Steward Health Care CEO Ralph de la Torre, accusing him and other executives of profiting personally while the hospital system collapsed into bankruptcy. Their call for a criminal probe comes nearly a year after Steward’s bankruptcy filing and follows the Senate's unanimous vote to hold de la Torre in contempt for defying a subpoena from the Senate Committee on Health, Education, Labor, and Pensions, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [] Moody's Upgrades Ratings on 8 Bonds from 8 US RMBS Deals ----------------------------------------------------------- Moody's Ratings has upgraded the ratings of eight bonds from eight US residential mortgage-backed transactions (RMBS), backed by manufactured housing mortgages issued by multiple issuers. A comprehensive review of all credit ratings for the respective transactions has been conducted during a rating committee. The complete rating actions are as follows: Issuer: Green Tree Financial Corporation MH 1996-04 M-1, Upgraded to B1 (sf); previously on Aug 21, 2024 Upgraded to B3 (sf) Issuer: Green Tree Financial Corporation MH 1996-07 B-1, Upgraded to Ca (sf); previously on Dec 13, 2004 Downgraded to C (sf) Issuer: Green Tree Financial Corporation MH 1997-02 M-1, Upgraded to Caa3 (sf); previously on Mar 30, 2009 Downgraded to Ca (sf) Issuer: Green Tree Financial Corporation MH 1997-03 M-1, Upgraded to Caa3 (sf); previously on Mar 30, 2009 Downgraded to Ca (sf) Issuer: Green Tree Financial Corporation MH 1997-04 M-1, Upgraded to B2 (sf); previously on Mar 30, 2009 Downgraded to Ca (sf) Issuer: Green Tree Financial Corporation MH 1997-07 M-1, Upgraded to Caa2 (sf); previously on Mar 30, 2009 Downgraded to Caa3 (sf) Issuer: Green Tree Financial Corporation MH 1998-01 M-1, Upgraded to Caa2 (sf); previously on Mar 30, 2009 Downgraded to Caa3 (sf) Issuer: Green Tree Financial Corporation MH 1998-07 M-1, Upgraded to Caa2 (sf); previously on Mar 30, 2009 Downgraded to Ca (sf) RATINGS RATIONALE The rating actions reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structures, Moody's updated loss expectations on the underlying pools and Moody's revised loss-given-default expectation for each bond. Each of the bonds experiencing a rating change have either incurred a missed or delayed disbursement of an interest payment or is currently, or expected to become, undercollateralized, which may sometimes be reflected by a reduction in principal (a write-down). Moody's expectations of loss-given-default assesses losses experienced and expected future losses as a percent of the original bond balance. No actions were taken on the other rated classes in these deals because their expected losses remain commensurate with their current ratings, after taking into account the updated performance information, structural features, credit enhancement and other qualitative considerations. Principal Methodologies The principal methodology used in these ratings was "US Residential Mortgage-backed Securitizations: Surveillance" published in December 2024. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings of the subordinate bonds up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud. Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions. In addition, improvements in reporting formats and data availability across deals and trustees may provide better insight into certain performance metrics such as the level of collateral modifications. [] Resolution Financial Made Bankruptcy Options for Failing Firms ----------------------------------------------------------------- Resolution Financial Advisors, LLC, has launched a service that helps distressed companies navigate the final stages of their business lifecycle with integrity, efficiency, and clarity. Offering alternatives to traditional bankruptcy processes, it delivers a hands-on approach to corporate wind-downs. Resolution Financial Advisors The boutique financial advisory has a mission to set a new standard in distressed asset resolution. Based in Los Angeles but operating nationwide, the firm serves boards of directors, executives, investors, and lenders confronting the complex realities of failing businesses. Resolution focuses on end-of-life cycle companies, guiding them through structured exits, insolvency alternatives, and orderly asset dispositions. 'Our service aligns with our mission to deliver thoughtful, strategic resolution to companies at their most vulnerable moment," says David Johnson, co-founder and principal of Resolution Financial Advisors. "There's often a better way to close a business than defaulting to bankruptcy. We want to help clients understand their options and choose a path that protects value, relationships, and reputations." Resolution's offering exemplifies a nuanced understanding of the limitations and costs of traditional bankruptcy proceedings under US federal law. For instance, Chapter 11 Bankruptcy allows companies to continue operations while restructuring their debts. "It can offer benefits, but it can also be expensive," says Johnson. "It's also only ideal when there's a realistic pathway to recovery, either through an operational turnaround or the sale of assets to a buyer who prefers the bankruptcy route." On the other hand, Chapter 7 uses a liquidation process where the business ceases operations, and a court-appointed trustee takes over the sale of assets. "The problem with this is that trustees are usually legal professionals without the business experience to monetize esoteric assets or operate businesses in wind-down mode," Johnson states. Resolution Financial Advisors recognizes these gaps. Hence, it developed a more strategic and business-savvy alternative. Its approach emphasizes three non-bankruptcy mechanisms: foreclosure assistance, receiverships, and a process known as an Assignment for the Benefit of Creditors (ABC). ABC is one of Resolution's comprehensive offerings in prioritizing value preservation, legal compliance, and stakeholder dignity. ABC enables a company to appoint a private fiduciary as a trustee to liquidate assets and manage the wind-down on behalf of creditors and shareholders, allowing for a more customized and controlled exit. The trustee's dual role involves monetizing the company's remaining assets, including intellectual property, equipment, and receivables. It also entails executing the administrative shutdown, including filing taxes, managing employee benefits and retirement, and resolving environmental or legal obligations. Adaptability is ABC's primary advantage. Resolution states that every case is unique. However, most of the work, such as asset sales, creditor notifications, and facility closures, can be completed within 180 days. Resolution safeguards company records and compliance matters long-term, supporting stakeholders for years after the initial engagement. This continuity and attention to detail ensure the company's closure is thorough, respectful, and legally sound. Resolution acknowledges the depth of its role in the process. "We're brought in after the hard decisions have been made," says Johnson. "It's an emotional time for founders, boards, and employees, so we come in to execute with compassion, transparency, and professionalism." Indeed, Resolution helps ease the pain and honor the effort that has gone into building the business. Resolution caters to various clients, from traditional retailers and industrial firms to high-growth venture-backed startups in Silicon Valley. The firm's approach remains the same regardless of size or sector. It helps stabilize the situation, preserve as much value as possible, and ensure an orderly exit that meets the legal and ethical expectations of all involved. For those unsure whether an ABC or other alternative is appropriate, Johnson offers advice: "Our mantra at Resolution is 'know your options.' We do a lot of upfront consultations without charge. Within a few days, we can assess your situation and present a list of viable next steps." Resolution's educational approach is crucial as more businesses face tightening capital markets, lender fatigue, and unsustainable burn rates. The company is active on LinkedIn, where it regularly publishes content that demystifies the end-of-life corporate stage. [] U.S. Chapter 7 Bankruptcies in April Jump 16% from Prior Year ---------------------------------------------------------------- The 30,961 individual Chapter 7 filings in April 2025 represented a 16 percent increase over the 26,781 filings recorded in April 2024, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. Total individual bankruptcy filings increased 10 percent in April 2025, to 47,323, up from the April 2024 individual filing total of 43,030. The 16,246 individual chapter 13 filings in April 2025 represented a slight increase from the 16,175 individual chapter 13 filings last April. "The 9 percent increase in total bankruptcy filings in April 2025, particularly the 16 percent surge in individual chapter 7 filings, reflects the mounting financial strain on households, elevated prices, and higher borrowing costs," said Michael Hunter, Vice President of Epiq AACER. "While commercial filings have softened, the uptick in small business Subchapter V elections signals persistent distress among smaller businesses navigating an uncertain economic landscape. "April 2025's data underscores a continued rise in individual bankruptcies, with 47,323 filings driven by economic pressures like inflation and geopolitical uncertainties," Hunter said. "Although commercial Chapter 11 filings declined, the 4 percent growth in subchapter V filings highlights the ongoing challenges for small businesses seeking relief, pointing to a broader need for accessible restructuring options." Total bankruptcy filings were 49,588 in April 2025, a 9 percent increase from the April 2024 total of 45,615. Conversely, total April commercial filings dipped 12 percent to 2,265 from the 2,585 total commercial filings the previous year. Commercial chapter 11 bankruptcy filings decreased 20 percent in April 2025, declining to 434 from the 542 filings registered in April 2024. Small business filings, however, captured as subchapter V elections within chapter 11, increased 4 percent in April 2025, to 218 from the 210 filings recorded in April 2024. "While filings still remain below pre-pandemic levels, elevated prices, higher borrowing costs and uncertain geopolitical events compound the economic challenges faced by families and businesses," said ABI Executive Director Amy Quackenboss. "We look forward to providing Congress with the research, information and statistics to re-establish higher debt thresholds for financially distressed small businesses and consumers to access the fresh start of bankruptcy." ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. About Epiq Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 19 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq's approximately 8,000 people worldwide create meaningful change at www.epiqglobal.com. About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Marcus J Lewis Bankr. D. Ariz. Case No. 25-03775 Chapter 11 Petition filed April 29, 2025 In re Sportif Ventures, LLC Bankr. D. Ariz. Case No. 25-03763 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/CSS2XKY/Sportif_Ventures_LLC__azbke-25-03763__0001.0.pdf?mcid=tGE4TAMA represented by: Grant L. Cartwright, Esq. MAY, POTENZA, BARAN & GILLESPIE, PC E-mail: gcartwright@maypotenza.com In re Juxtapose Hospitality Group Inc. Bankr. N.D. Ga. Case No. 25-54709 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/XYX4INY/Juxtapose_Hospitality_Group_Inc__ganbke-25-54709__0001.0.pdf?mcid=tGE4TAMA represented by: Michael D Robl, Esq. ROBL & BOWEN LLC E-mail: michael@roblgroup.com In re Jennifer Eileen Badeaux Bankr. E.D. La. Case No. 25-10850 Chapter 11 Petition filed April 29, 2025 represented by: Evan Howell, Esq. In re Allen Marketing Group, Inc. Bankr. D.N.J. Case No. 25-14414 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/DNZQSWY/Allen_Marketing_Group_Inc__njbke-25-14414__0001.0.pdf?mcid=tGE4TAMA represented by: Bruce Duke, Esq. DUKE LAW FIRM E-mail: bruce@bdukelawfirm.com In re PPS Property 1213-1215 Putnam Ave. LLC Bankr. D.N.J. Case No. 25-14409 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/LTYVDTQ/PPS_Property_1213-1215_Putnam__njbke-25-14409__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Nisenson, Esq. LAW OFFICE OF ROBERT C. NISENSON, LLC E-mail: r.nisenson@rcn-law.com In re Cozy Nest Homes, LLC Bankr. E.D.N.Y. Case No. 25-71669 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/KJ5ZMRI/Cozy_Nest_Homes_LLC__nyebke-25-71669__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jacob Post Inc. Bankr. S.D.N.Y. Case No. 25-10854 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/4MDXXAQ/Jacob_Post_Inc__nysbke-25-10854__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Trinity Automotive Service Center, LLC Bankr. S.D. Ohio Case No. 25-11009 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/TCUWF6Y/Trinity_Automotive_Service_Center__ohsbke-25-11009__0001.0.pdf?mcid=tGE4TAMA represented by: Ira H. Thomsen, Esq. THOMSEN LAW GROUP, LLC E-mail: ithomsen@ihtlaw.com In re LoZo Enterprises, LLC Bankr. W.D. Pa. Case No. 25-21098 Chapter 11 Petition filed April 29, 2025 See https://www.pacermonitor.com/view/2XRDYSY/LoZo_Enterprises_LLC__pawbke-25-21098__0001.0.pdf?mcid=tGE4TAMA represented by: David Z. Valencik, Esq. CALAIARO VALENCIK E-mail: dvalencik@c-vlaw.com In re Robert E. Klein and Kristy L. Klein Bankr. E.D. Wisc. Case No. 25-22393 Chapter 11 Petition filed April 29, 2025 represented by: Daniel McGarry, Esq. In re Treasa Mary Gavin Bankr. N.D. Cal. Case No. 25-50652 Chapter 11 Petition filed April 30, 2025 represented by: Arasto Farsad, Esq. In re Telcentris Inc Bankr. S.D. Cal. Case No. 25-01733 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/VOGIUII/Telcentris_Inc__casbke-25-01733__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Reef Pools, LLC Bankr. M.D. Fla. Case No. 25-02852 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/5Z2XCRY/Reef_Pools_LLC__flmbke-25-02852__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin Comer, Esq. COMER LAW FIRM E-mail: kevin@comer.work In re Harmony Cove, LLC Bankr. S.D. Fla. Case No. 25-14846 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/EN7S5DY/Harmony_Cove_LLC__flsbke-25-14846__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Becker-Pressente, LLC Bankr. E.D. Mich. Case No. 25-20546 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/GIK7AQA/Becker-Pressente_LLC__miebke-25-20546__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Midwest Engineered Components, Inc. Bankr. D. Minn. Case No. 25-31318 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/PQ6VMEA/MIDWEST_ENGINEERED_COMPONENTS__mnbke-25-31318__0001.0.pdf?mcid=tGE4TAMA represented by: John D. Lamey III, Esq. LAMEY LAW FIRM, P.A. E-mail: JLAMEY@LAMEYLAW.COM In re Salvatore Faenza Bankr. D.N.J. Case No. 25-14559 Chapter 11 Petition filed April 30, 2025 represented by: Steven Pertuz, Esq. THE LAW OFFICES OF STEVEN D. PERTUZ, LLC Email: spertuz@pertuzlaw.com In re Global Assets Management Co. of Albany, Inc. Bankr. E.D.N.Y. Case No. 25-71681 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/M6OUYLY/Global_Assets_Management_Co_of__nyebke-25-71681__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ditmars Equities LLC Bankr. E.D.N.Y. Case No. 25-42113 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/NVWW3HA/Ditmars_Equities_LLC__nyebke-25-42113__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Balkan Logistics LLC Bankr. N.D. Tex. Case No. 25-41545 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/EMYYM6Y/BALKAN_LOGISTICS_LLC__txnbke-25-41545__0001.0.pdf?mcid=tGE4TAMA represented by: Joshua N. Eppich, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP E-mail: Joshua@bondsellis.com In re BG Shop, LLC Bankr. W.D. Wash. Case No. 25-41005 Chapter 11 Petition filed April 30, 2025 See https://www.pacermonitor.com/view/BO2QS3Q/BG_Shop_LLC__wawbke-25-41005__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Vahe Vince Delakyan Bankr. C.D. Cal. Case No. 25-10761 Chapter 11 Petition filed May 1, 2025 represented by: Michael Jay Berger, Esq. In re Brian Wayne Brogie Bankr. E.D. Cal. Case No. 25-22163 Chapter 11 Petition filed May 1, 2025 In re Capital Security Solutions, Inc. Bankr. E.D. Cal. Case No. 25-22169 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/5HJWKWA/Capital_Security_Solutions_Inc__caebke-25-22169__0001.0.pdf?mcid=tGE4TAMA represented by: David C. Johnston, Esq. DAVID C. JOHNSTON E-mail: david@johnstonbusinesslaw.com In re Fresh Start Development, Inc. Bankr. M.D. Fla. Case No. 25-02855 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/RTI7M5Y/Fresh_Start_Development_Inc__flmbke-25-02855__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Anciom, LLC Bankr. S.D. Fla. Case No. 25-14970 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/OMGSTFI/Anciom_LLC__flsbke-25-14970__0001.0.pdf?mcid=tGE4TAMA represented by: Rachamin "Rocky" Cohen, Esq. COHEN LEGAL SERVICES, PA E-mail: rocky@lawcls.com In re 630 Wayt, LLC Bankr. N.D. Ga. Case No. 25-54827 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/54M2YZA/630_Wayt_LLC__ganbke-25-54827__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Paramount Real Estate Investment Inc. Bankr. N.D. Ill. Case No. 25-06788 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/73ZZU7Q/Paramount_Real_Estate_Investment__ilnbke-25-06788__0001.0.pdf?mcid=tGE4TAMA represented by: Joel Schechter, Esq. LAW OFFICES OF JOEL A. SCHECHTER E-mail: joelschechter1953@gmail.com In re National Fence and Supply Co. Bankr. D. Mass. Case No. 25-10914 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/ALVEL2I/National_Fence_and_Supply_Co__mabke-25-10914__0001.0.pdf?mcid=tGE4TAMA represented by: Hilmy Ismail, Esq. LAW OFFICE OF HILMY ISMAIL E-mail: hilmy@himyismaillaw.com In re Bistro at Cherry Hill Bankr. D.N.J. Case No. 25-14608 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/AYDOMPQ/Bistro_at_Cherry_Hill__njbke-25-14608__0001.0.pdf?mcid=tGE4TAMA represented by: Mark Cherry, Esq. MARK S CHERRY ATTORNEY AT LAW PC E-mail: mc@markcherrylaw.com In re Fatema & Salma LLC Bankr. E.D.N.Y. Case No. 25-42135 Chapter 11 Petition filed May 1, 2025 See https://www.pacermonitor.com/view/WH3JQCI/Fatema__Salma_LLC__nyebke-25-42135__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re CM Custom Siding, LLC Bankr. E.D. Ark. Case No. 25-11515 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/SU4ZO5Y/CM_Custom_Siding_LLC__arebke-25-11515__0001.0.pdf?mcid=tGE4TAMA represented by: Vanessa Cash Adams, Esq. AR LAW PARTNERS, PLLC E-mail: vanessa@arlawpartners.com In re Avi Schwalb Bankr. D. Colo. Case No. 25-12666 Chapter 11 Petition filed May 2, 2025 represented by: Jeffrey Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR P.C. In re Ameri-Dent Dental Laboratory LLC Bankr. M.D. Fla. Case No. 25-02876 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/SY7ONHI/Ameri-Dent_Dental_Laboratory_LLC__flmbke-25-02876__0001.0.pdf?mcid=tGE4TAMA represented by: James W. Elliott, Esq. MCINTYRE THANASIDES BRINGGOLD ELLIOTT, ET AL. E-mail: James@mcintyrefirm.com In re Adam Christopher Barnes and Lauren Danielle Barnes Bankr. M.D. Fla. Case No. 25-02628 Chapter 11 Petition filed May 2, 2025 represented by: Daniel A Velasquez, Esq. In re Ocean Five Condominium Association, Inc. Bankr. S.D. Fla. Case No. 25-15015 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/23WNL4Q/Ocean_Five_Condominium_Assn_Inc__flsbke-25-15015__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Meyer, Esq. MEYER & NUNEZ PA E-mail: meyerrobertc@cs.com In re Max Kuttler Bankr. D. Idaho Case No. 25-40294 Chapter 11 Petition filed May 2, 2025 represented by: Steven Taggart, Esq. In re VAS 15 Holding Corporation Bankr. E.D.N.Y. Case No. 25-42151 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/CTNF5EY/VAS_15_Holding_Corporation__nyebke-25-42151__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re H & M Fine Art and Custom Framing Corporation Bankr. E.D.N.Y. Case No. 25-71718 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/ABFMF4A/H__M_Fine_Art_and_Custom_Framing__nyebke-25-71718__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas A. Farinella, Esq. LAW OFFICE OF THOMAS A. FARINELLA, PC E-mail: tf@lawtaf.com In re Julio M. Jimenez Bankr. S.D.N.Y. Case No. 25-10908 Chapter 11 Petition filed May 2, 2025 represented by: Norma Ortiz, Esq. In re Pavani Reddy Baddam Bankr. S.D. Ohio Case No. 25-51916 Chapter 11 Petition filed May 2, 2025 represented by: Patricia Friesinger, Esq. In re Erie Kash Out Properties LLC Bankr. E.D. Pa. Case No. 25-11729 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/DF337AQ/Erie_Kash_Out_Properties_LLC__paebke-25-11729__0001.0.pdf?mcid=tGE4TAMA represented by: Brad Sadek, Esq. SADEK LAW OFFICES E-mail: Brad@sadeklaw.com In re Brokenstraw Valley Winery, LLC Bankr. W.D. Pa. Case No. 25-10249 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/QPOWMEI/Brokenstraw_Valley_Winery_LLC__pawbke-25-10249__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sean Michael Walters Bankr. W.D. Pa. Case No. 25-21144 Chapter 11 Petition filed May 2, 2025 represented by: Renee Kuruce, Esq. ROBLETO KURUCE, PLLC Email: info@robletolaw.com In re Ernst Huckelhofen Bankr. D.P.R. Case No. 25-02001 Chapter 11 Petition filed May 2, 2025 represented by: Alexis Betancourt Vincenty, Esq. LUGO MENDER GROUP LLC In re Ernst Huckelhofen Bankr. D.P.R. Case No. 25-02001 Chapter 11 Petition filed May 2, 2025 represented by: Alexis Betancourt Vincenty, Esq. LUGO MENDER GROUP LLC In re Phoenix Rose, LLC Bankr. M.D. Tenn. Case No. 25-01893 Chapter 11 Petition filed May 2, 2025 See https://www.pacermonitor.com/view/HTEGCQA/PHOENIX_ROSE_LLC__tnmbke-25-01893__0001.0.pdf?mcid=tGE4TAMA represented by: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC E-mail: jlefkovitz@lefkovitz.com In re Garrett Christopher Spann and Jennnifer Valencia Spann Bankr. D. Ariz. Case No. 25-04037 Chapter 11 Petition filed May 5, 2025 represented by: Patrick F. Keery, Esq. KEERY MCCUE, PLLC E-mail: pfk@keerymccue.com In re Silverstone Southeast Investment LLC Bankr. S.D. Fla. Case No. 25-15028 Chapter 11 Petition filed May 5, 2025 See https://www.pacermonitor.com/view/A4GIGSQ/Silverstone_Southeast_Investment__flsbke-25-15028__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Travel Hub, LLC Bankr. N.D. Ga. Case No. 25-55030 Chapter 11 Petition filed May 5, 2025 See https://www.pacermonitor.com/view/VUTRJCQ/Travel_Hub_LLC__ganbke-25-55030__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Wesley Bernard Norman, Jr. Bankr. N.D. Ga. Case No. 25-55039 Chapter 11 Petition filed May 5, 2025 represented by: Mark Gensburg, Esq. JONES & WALDEN LLC In re Ann Aguero Ractliffe and Richard Alban Ractliffe Bankr. N.D. Ga. Case No. 25-55060 Chapter 11 Petition filed May 5, 2025 represented by: Leslie Pineyro, Esq. JONES & WALDEN LLC In re David Lewi Emmanuel Stockman Bankr. E.D. Mich. Case No. 25-20567 Chapter 11 Petition filed May 5, 2025 In re Buffalo House Liquor and Wines, LLC Bankr. W.D.N.Y. Case No. 25-10513 Chapter 11 Petition filed May 5, 2025 See https://www.pacermonitor.com/view/B2IPJOQ/Buffalo_House_Liquor_and_Wines__nywbke-25-10513__0001.0.pdf?mcid=tGE4TAMA represented by: Robert B. Gleichenhaus, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. In re Niranjan N Patel Bankr. S.D. Ohio Case No. 25-51932 Chapter 11 Petition filed May 5, 2025 represented by: Tami Kirby, Esq. In re Richard Kenneth Boehler Bankr. N.D. Tex. Case No. 25-41627 Chapter 11 Petition filed May 5, 2025 represented by: Deanna Chambers, Esq. ********* 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. 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