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250509.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 9, 2025, Vol. 29, No. 128 Headlines 1309 RED RIVER: Seeks Chapter 11 Bankruptcy in Texas 1363 FIRST OWNER: Seeks to Tap Goldberg Weprin Finkel as Counsel 237 WEST 54TH: Secured Party Schedules June 10 Auction 23ANDME HOLDING: Gets Final Approval for Stock Transfer Protocol 23ANDME HOLDING: Trustee Gets WashU Law Prof as Privacy Ombudsman 3101 SAGE RD: Seeks Approval to Tap Larry A. Vick as Legal Counsel 3120 THE BANK: Section 341(a) Meeting of Creditors on June 6 340 BISCAYNE: Seeks Approval to Hire BDO USA as Accountant 36TH STREET: Receiver's Rights, Powers Cancelled Following Sale 564-566 KELTON: Seeks to Hire Kelly & Bracey as Counsel 76 M: Seeks to Sell 57th St Property to Herdawit Balcha or BluLoft 9270 W. BAY: Seeks to Hire Mark S. Roher as Legal Counsel ACCRX INC: Seeks to Hire Lipton Law Group as Bankruptcy Counsel ADVANCED DOMINO: Plan Exclusivity Period Extended to August 12 AGEAGLE AERIAL: Names Alison Burgett as Chief Financial Officer AIR INDUSTRIES: 2025 Annual Meeting Set for June 26 ALL AMERICAS: Opposes Abornes' Motion to Appoint Receiver ALL SAFE: Unsecureds Will Get 5% of Claims over 60 Months ALLEGIANT TRAVEL: Egan-Jones Retains B Senior Unsecured Ratings AMERI-DENT DENTAL: Seeks Subchapter V Bankruptcy in Florida AMERICAN PERFORMANCE: Case Summary & 20 Top Unsecured Creditors APPLICO LLC: Hires Bush Law Firm LLC as Bankruptcy Counsel ARCHDIOCESE OF SAN FRANCISCO: Creditors Sue to Reclaim Assets ASCEND PERFORMANCE: U.S. Trustee Appoints Creditors' Committee ASPIRA WOMEN'S: Nasdaq Delists Shares; Trading Suspended ASPIRA WOMEN'S: Registers $2 Million Resale of Common Stock ATM AFFILIATES: Voluntary Chapter 11 Case Summary AVON PLACE: Unsecured Creditors to be Paid in Full in Plan B&B OUTDOOR: Seeks to Sell Machineries at Auction B.A.S.S. & M.: Court OKs Real Estate Sale at Auction BALL CORP: Egan-Jones Retains BB+ Senior Unsecured Ratings BEARSVILLE LLC: Case Summary & 20 Largest Unsecured Creditors BED BATH: Investor Drops Meme-Stock Case After Class Action Denial BEELINE HOLDINGS: Regains Compliance With Nasdaq Listing Rule BEELINE HOLDINGS: Reports $13.1 Million Net Loss for 2024 BELLEVUE HOSPITAL: Hires Plante & Moran as Accountant and Auditor BEVERLY COMMUNITY: Trustee Taps Special Counsels, Financial Advisor BIG LOTS: Seeks to Extend Plan Exclusivity to July 6 BIOREGENX INC: Posts $23.1M Net Loss in FY24, Up From $3.6M in FY23 BISHOP OF OAKLAND: Fine-Tunes Plan Documents BIT-TECH LLC: Seeks Approval to Hire Pepper & Nason as Counsel BNG GROUP: To Sell Sterling Property to ABH Holding for $8.3MM BOLLINGER MOTORS: Creditor Renews Bid to Appoint Receiver BOLLINGER MOTORS: Objects to Renewed Motion to Appoint Receiver BRIGHT CARE: U.S. Trustee Unable to Appoint Committee BROKENSTRAW VALLEY: Seeks Subchapter V Bankruptcy in Texas CAN BROTHERS: Unsecureds Will Get 15% of Clams over 48 Months CAN'T COOK: Hires Stichter Riedel Blain & Postler as Counsel CAN'T COOK: Seeks to Tap Stichter Riedel Blain & Postler as Counsel CARE NEW: Fitch Hikes Issuer Default Rating to 'BB', Outlook Stable CAREPOINT HEALTH: Court Okays $20MM Interim DIP Funding CATHETER PRECISION: Forms Cardionomix, Eyes $1.5-Mil. Asset Buy CELSIUS NETWORK: Court Rejects Data Breach Lawsuit Dismissal Bid CELSIUS NETWORK: Mashinsky Sentenced to 12 Yrs for Crypto Fraud CFN ENTERPRISES: Reports $4.3 Million Net Loss for 2024 CHEFS' WAREHOUSE: S&P Affirms 'B+' ICR on Reduced Leverage CM CUSTOM: Section 341(a) Meeting of Creditors on June 10 CNX RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable COSMOS GROUP: Swings to $4.7 Million Net Income in 2024 COSMOS HEALTH: Reports $16.2 Million Net Loss for 2024 CTF CHICAGO: Court Extends Cash Collateral Access to May 31 CURIS INC: Thomas Satterfield Jr. Holds 9.9% Equity Stake DANIMER SCIENTIFIC: Bid Procedures to Sell All Assets Approved DB ASSETS: Seeks Chapter 11 Bankruptcy in Georgia DC VENTURES: Seeks to Hire W. Thomas Bible Jr. as Legal Counsel DEQSER LLC: U.S. Trustee Appoints Creditors' Committee DIAMOND SCAFFOLD: Plan Admin. Taps Berger Singerman as Co-Counsel DORMIFY INC: Plan Exclusivity Period Extended to June 19 DOS POTRILLOS: Hires Moses S. Bardavid as Bankruptcy Counsel EDGIO INC: Court Approves Chapter 11 Plan Disclosures EDGIO INC: Seeks to Extend Plan Exclusivity to June 16 ELEMENTS UES: Court Extends Cash Collateral Access ELMWOOD VENTURES: Case Summary & 20 Largest Unsecured Creditors ENGLOBAL CORP: William Coskey Holds 22% Stake as of April 10 EPIC SMOKEHOUSE: Seeks to Hire Chung & Press as Bankruptcy Counsel ESCO OIL: Case Summary & 20 Largest Unsecured Creditors EXACTECH INC: Creditors Barred from Sharing Solicitation Packages EXTON OPERATING: U.S. Trustee Unable to Appoint Committee EYENOVIA INC: Widens Net Loss to $49.8 Million in FY 2024 F21 OPCO: Committee Taps Cole Schotz PC as Delaware Co-Counsel F21 OPCO: Committee Taps McDermott Will & Emery LLP as Counsel F21 OPCO: Committee Taps Province LLC as Financial Advisor FAMILY INTERNATIONAL: Seeks Chapter 11 Bankruptcy in Florida FIRST CHOICE: Narrows Net Loss to $3.8 Million in 2024 FIRST CLASS: Court Oks to Sell Excess Equipment FIRST CLASS: Five Trailers Sale to Multiple Buyers OK'd FIRST CLASS: Storage Vaults Sale at New Jersey Location OK'd FIRST CLASS: Trailer Sale to Rigo's Delivery Moving for $55K OK'd FLEET RENTS: Gets Interim OK to Use Cash Collateral FLY7 INSTALLATIONS: Taps Providence Financial as Accountant FORTNA GROUP: S&P Downgrades ICR to 'CCC+', Outlook Negative FORTUNA AUCTION: Seeks to Hire Schulman Lobel as Accountant FRANCHISE GROUP: Kahn Objects Plan to Cut Him From Cash Pot FRANCHISE GROUP: Plan Exclusivity Period Extended to June 2 FRANCIS TRUST: To Sell Penniman Property to Joshua Charles Wookey FRANCIS TRUST: To Sell Southside Property to Laura Farr Member FREE SPEECH: Jones' Atty Requests Disciplinary Process Be Paused FREIRICH FOODS: Amends Motion to Sell NC Property at Auction GENERAL ENTERPRISE: CFO Nanuk Warman Reports 1MM Underlying Shares GIRARDI & KEESE: Tom Hospitalized, Will Miss Mental Test Hearing GLOBAL CONCESSIONS: Hires Thompson Hine LLP as Special Counsel GMS INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR GRANITE CITY: Hires Michael T. Bowers as Accountant GREEN TERRACE: Hires Berger Singerman LLP as Bankruptcy Counsel GREENWAVE TECHNOLOGY: Posts $23.9 Million Net Loss for FY 2024 GREIF INC: Egan-Jones Cuts Senior Unsecured Ratings to BB+ HALL OF FAME: Fails to Meet Nasdaq's Minimum Bid Requirement HARVEST SHERWOOD: Case Summary & 30 Largest Unsecured Creditors HARVEST SHERWOOD: Files for Chapter 11 to Complete Wind-Down HAWAII STAGE: Court Confirms Small Business Debtor's Plan HAYS TABERNACLE: Seeks to Hire Compass as Real Estate Broker HIGHRISE ELECTRICAL: Available Cash & Sale Proceeds to Fund Plan HILTS LOGGING: Seeks to Hire John Maya as Real Estate Counsel HOMEMAKERS REAL ESTATE: Case Summary & Eight Unsecured Creditors HOOTERS OF AMERICA: Hires Foley & Lardner as Bankruptcy Counsel HOOTERS OF AMERICA: Seeks Approval to Hire Ropes & Gray as Counsel HOOTERS OF AMERICA: Seeks to Tap Accordion as Restructuring Advisor HOOTERS OF AMERICA: Seeks to Tap SOLIC Capital as Investment Banker HOOTERS OF AMERICA: Taps Keen-Summit Capital as Real Estate Advisor HORSEY DENISON: Case Summary & 20 Largest Unsecured Creditors HYPERSCALE DATA: Inks $5M Convertible Note Deal With Target Capital HYPERSCALE DATA: Narrows Net Loss to $62.5 Million in 2024 HYPERTECH INC: Seeks Approval to Hire eXp Realty as Broker I-SOLUTIONS DEVELOPMENT: Voluntary Chapter 11 Case Summary IDEAL PROPERTY: Court OKs Columbus Property Sale to J. Powell IMERYS TALC: U.S. Trustee Appoints New Rep for Donna Arvelo Estate INFINITE GLOW: Hires Business Legal Group as Special Counsel INNOVATIVE MEDTECH: Buys Ticketbash Assets, Grants Royalties INTEGRITY REAL ESTATE: Plan Exclusivity Period Extended to June 16 INTERNATIONAL IMPULSE: Hires Carolyn Harmon CPA as Accountant IQSTEL INC: Completes 1-for-80 Reverse Stock Split IVANTI SOFTWARE: S&P Downgrades Issuer Credit Rating to 'SD' JAZ NCR: Plan Exclusivity Period Extended to June 13 JBSB DESTINY: Case Summary & Four Unsecured Creditors JDI CUMBERLAND: Seeks Chapter 11 Bankruptcy in Georgia JEWELRY DESIGNER: Taps Prominent International Inc. as Gemologist JRI LLC: Claims to be Paid From Income and Sale Proceeds KENSINGTON VILLAGE: Hires Rountree Leitman Klein as Counsel KIB1 LLC: Seeks to Hire Spencer Fane LLP as Counsel LAURENT TOWER: Seeks Chapter 11 Bankruptcy in Texas LCS UNLIMITED: Court Confirms Non-Appointment of Creditors' Panel LEFEVER MATTSON: Hires Buchalter as Special Litigation Counsel LEISURE INVESTMENTS: Trustee Forms 2-Member Chapter 11 Committee LFTD PARTNERS: Terminates All LOIs with Sustainable, TMD, Others LODGING ENTERPRISES: Hires CBRE Inc. as Real Estate Consultant LUCAS CONSTRUCTION: Gets Extension to Access Cash Collateral LUCKY AND BLESSED: Seeks to Hire Elite BAT Services as Accountant M & M BUCKLEY: Court Extends Cash Collateral Access to May 30 M.I.S. COMMODITIES: Seeks Subchapter V Bankruptcy in Florida MANE SOURCE: Bankruptcy Administrator Unable to Appoint Committee MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral MCR HEALTH: Unsecured Claims Under $5K to Recover 75% in Plan MEGNA HOSPITALITY: Case Summary & One Unsecured Creditor MERCER INTERNATIONAL: Egan-Jones Retains B+ Sr. Unsecured Ratings MILLENKAMP CATTLE: Hires Sterling Ag as Financial Consultant MOLECULAR TEMPLATES: U.S. Trustee Unable to Appoint Committee MOWBRAY WATERMAN: Hires Keller Williams as Real Estate Broker MT. PLEASANT: U.S. Trustee Unable to Appoint Committee NETCAPITAL INC: Registers 721,153 Warrant Shares for Resale NEWELL BRANDS: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable NORTH AMERICAN SEALING: May 12 Deadline Set for Panel Questions NORTHSTARR BUILDERS: Unsecureds to Split $10K over 48 Months NUMALE CORP: Trustee Taps Garman Turner as Legal Counsel O&S HOLDINGS: Court OKs Rio Verde's Motion to Appoint Receiver OCEAN FIVE: Section 341(a) Meeting of Creditors on June 9 OZOP ENERGY: Reports $6.2 Million Net Loss for FY 2024 PARKLAND CORP: S&P Places 'BB' ICR on CreditWatch Positive PARLOR RESTAURANT: Seeks to Hire MI Law Firm as Bankruptcy Counsel PEOPLE FIRST: Seeks to Hire David L. Smith CPA as Accountant PHOENIX ROSE: Seeks Subchapter V Bankruptcy in Tennessee POWER REIT: Resolves Greenhouse Loan, Writes Off Properties PPS 77 LLC: Seeks to Tap Bronson Law Offices as Bankruptcy Counsel PR BINGHAM: Amends Motion to Sell Apartment Complexes at Auction PR BINGHAM: Seeks to Hire Hester Baker Krebs as Bankruptcy Counsel PR DIAMOND: Seeks to Hire Larson & Zirzow as Bankruptcy Counsel PR MADISON: Seeks to Tap Hester Baker Krebs as Bankruptcy Counsel PROVIDENTIAL LENDING: Case Summary & 17 Unsecured Creditors PUBLISHERS CLEARING: Section 341(a) Meeting of Creditors on May 29 PUERTO RICO: Requests Commonwealth Funding to Settle PREPA Debt QBD PACKAGING: Case Summary & 20 Largest Unsecured Creditors RC BUYER: S&P Upgrades Issuer Credit Rating to 'B', Outlook Stable RCM EQUIPMENT: Gets Interim OK to Use Cash Collateral Until May 14 RCM MANUFACTURING: Court OKs Interim Use of Cash Collateral RCM SPECIALTIES: Gets Interim OK to Use Cash Collateral RELIABLE HEALTHCARE: Files Amendment to Disclosure Statement REMEMBER ME SENIOR: Committee Hires Johnson & Mulroony as Counsel RITE AID: May 9 Deadline Set for Panel Questionnaires RITE AID: Trustee Seeks Control of Insurance Suit ROCK HOME: Case Summary & 20 Largest Unsecured Creditors ROYAL INTERCO: Hires Epiq Corporate as Administrative Advisor ROYAL INTERCO: Taps Livingstone Partners LLC as Investment Banker ROYAL INTERCO: Taps Michael Ragano of Novo Advisors as CRO ROYAL INTERCO: Taps Morris Nichols Arsht as Bankruptcy Counsel SCHAFER FISHERIES: Seeks to Sell Fort Madison Property at Auction SCILEX HOLDING: Implements 1-for-35 Reverse Stock Split SEASONAL LANDSCAPE: Court Extends Cash Collateral Access to May 31 SELECTIS HEALTH: Reports $2.4 Million Net Loss for FY 2024 SEMILEDS CORP: Regains Compliance With Nasdaq's Equity Rule SERVANT GROUP: Trustee Taps Pivot Health Law as Healthcare Counsel SHARPLINK GAMING: Sets 1-for-12 Reverse Split to Meet Nasdaq Rule SINCLAIR BROADCAST: Egan-Jones Retains CCC+ Sr. Unsecured Ratings SMALL FORTUNE: Bankr. Administrator Unable to Appoint Committee SMITH ENVIRONMENTAL: Hires Independence Legal as Special Counsel SOBR SAFE: Posts $8.6M Loss for 2024; Going Concern Doubt Mitigated SOLO REAL ESTATE: Case Summary & One Unsecured Creditor SOUTHERN AUTO: Court Extends Cash Collateral Access to June 1 SOUTHWEST FT WORTH: Gets Interim OK to Use Cash Collateral SPECTRUM GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment SPICEY PARTNERS: Plan Exclusivity Period Extended to July 14 SPORTS INTERIORS: Court Extends Cash Collateral Access to May 31 STAFFING 360: Seeks Chapter 11 After Failed Merger, Stock Delisting STEWARD HEALTH: Seeks to Extend Plan Exclusivity to June 23 SUGARLOAF VENTURES: Trustee Taps Finestone Hayes as Legal Counsel SUNATION ENERGY: Widens Net Loss to $15.8 Million in 2024 SUNOCO LP: S&P Affirms 'BB+' ICR On Announced Acquisition SUNSHINE HOLDINGS: Hires Goldberg Weprin Finkel as Counsel SUNSHINE HOLDINGS: Hires Mr. Goldwasser of FIA Capital as CRO SYNTHEGO CORP: May 13 Deadline Set for Panel Questionnaires SYSOREX GOVERNMENT: Amends Motion Seeking to Sell IT Biz at Auction SYSOREX GOVERNMENT: Case Summary & 26 Largest Unsecured Creditors TALKING ROCK: Hires Himmelstein & Adkins as Special Counsel TELESCOPE PROPERTIES: Hires Sandlot Homes as Real Estate Broker TEXAS AUTO: Seeks to Hire Hayward PLLC as Bankruptcy Counsel TINY FROG: Bankruptcy Administrator Unable to Appoint Committee TOG HOTELS: Hires Cantey Hanger LLP as Bankruptcy Counsel TOUCHDOWN ACQUIRER: S&P Rates New EUR250MM Term Loan B 'B' TREE LANE: Seeks to Extend Plan Exclusivity to October 23 TUPPERWARE BRANDS: Ch. 11 Post-Sale of Food Storage Container Ok'd TUPPERWARE BRANDS: Committee Taps Herrick Feinstein as Counsel TUPPERWARE BRANDS: Committee Taps Polsinelli PC as Co-Counsel UNITED FIBER: Plan Exclusivity Period Extended to May 27 UNITED HAULING: Seeks to Hire Kahn & Ahart as Bankruptcy Counsel VENUS CONCEPT: Intracoastal Capital, 2 Others Hold 2.6% Stake VIA ESCUELA: Seeks to Hire HPT Realty as Real Estate Broker VIDEO RIVER: Reports $1.46 Million Net Income for 2024 VIRGINIA BEACH: Hires Pixel Financial Group as Accountant VISION PAINTING: Court Extends Cash Collateral Access to May 30 VPR BRANDS: Posts $143K Loss in 2024, Raises Going Concern Doubt WHIRLPOOL CORP: Fitch Lowers LongTerm IDR to BB+, Outlook Negative WISCONSIN & MILWAUKEE: Unsecureds Owed $2.3M to Recover 50% in Plan WW INTERNATIONAL: Launches Pre-Packaged Chapter 11 Case WW INTERNATIONAL: S&P Downgrades ICR to 'D' on Chapter 11 Filing WYNDSTON MILLWORK: Taps Sternberg Naccari & White as Legal Counsel XTI AEROSPACE: $35.6M Loss in 2024; Going Concern Doubt Mitigated YUNHONG GREEN: Reports $1.5 Million Net Loss for FY 2024 [^] BOOK REVIEW: The Heroic Enterprise ********* 1309 RED RIVER: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On May 5, 2025, 1309 Red River Development Company LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1309 Red River Development Company LLC 1309 Red River Development Company LLC is a real estate leasing company based in Victoria, Texas, specializing in owning and leasing commercial properties, providing spaces for retail and office use. 1309 Red River Development Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10670) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM. 1363 FIRST OWNER: Seeks to Tap Goldberg Weprin Finkel as Counsel ---------------------------------------------------------------- 1363 First Owner LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Goldberg Weprin Finkel Goldstein LLP to handle its Chapter 11 case. The firm will be paid at these hourly rates: Partner $685 Associate $275 - $525 The firm received a retainer of $10,000 from CW Realty Management, an entity wholly owned by Perl Weisz, a principal of the Debtor. Kevin Nash, Esq., an attorney at Goldberg Weprin Finkel Goldstein, 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: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave. Floor 12 New York, NY 10017 Telephone: (212) 221-5700 About 1363 First Owner 1363 First Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41182) on March 12, 2025, listing up to $50 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's counsel. 237 WEST 54TH: Secured Party Schedules June 10 Auction ------------------------------------------------------ In accordance with applicable provisions of the Uniform Commercial Code in New York, Twin Summit NY LLC ("secured party") will sell certain collateral, including without limitation, all the limited liability company interests in 237 West 54th Owner LLC ("membership interests") held by 237 West 54th Mezz Two Owner LLC ("mezzanine borrower") to the highest and qualified bidder at a public sale on June 10, 2022, at 3:00 p.m., EDT, via Zoom, as well as in person at Schlam Stone & Dolan LLP, 26 Broadway, 19th Floor, New York, New York 10004, Attention: Joshua Wutrzel, Esq. The public sale was originally scheduled on April 27, 2022. The secured party's understanding, without any representation, is that the principal asset of 237 West 54 Owner LLC is the parcel of real property located at 237 West 54th Street, New York, New York 10019, on which is situated a Hilton Garden Inn Hotel. The membership interests will be sold to the highest qualified bidder. The sale will be conducted by Mannion Auctions LLC by Matthew D. Mannion, auctioneer, at 305 Broadway, Suite 200, New York, New York. Interested parties who intend to bid on the membership interests, must contact the secured party's counsel, Joshou Wurtzel at (212) 612-1226 or jwurtzel@shclamstone.com to receive the terms of public sale and biddinger instructions. 23ANDME HOLDING: Gets Final Approval for Stock Transfer Protocol ---------------------------------------------------------------- The Hon. Brain C. Walsh of the U.S. Bankruptcy Court for the Eastern District of Missouri entered a final order for the procedures for certain transfers of and declaration of worthlessness with respect to common stock of 23andMe Holding Co. Any person or entity that, at any time on or after the Petition Date, is or becomes a Substantial Shareholder must file with the Court, and serve upon: i) 23andMe Holding Co. Attention: Legal Department 870 Market Street Room 415 San Francisco, CA, 94102 Email: Legal@23andme.com; ii) proposed counsel to the Debtors: Paul, Weiss, Rifkind, Wharton & Garrison LLP Attn: Christopher Hopkins Jessica I. Choi Grace C. Hotz 1285 Avenue of the Americas New York, New York 10019 Email: chopkins@paulweiss.com jchoi@paulweiss.com ghotz@paulweiss.com) iii) proposed co-counsel to the Debtors: Carmody MacDonald P.C. Attn: Thomas Riske Nathan Wallace 120 S. Central Avenue Suite 1800 St. Louis, Missouri 63105 Email: thr@carmodymacdonald.com nrw@carmodymacdonald.com A "50% Shareholder" is any person or Entity that currently is or becomes a "50-percent shareholder" within the meaning of section 382(g)(4)(D) of the IRC and the applicable Treasury Regulations. 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. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The Committee selected Kelley Drye & Warren LLP as its lead counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as financial advisor. 23ANDME HOLDING: Trustee Gets WashU Law Prof as Privacy Ombudsman ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on Tuesday, May 6, 2025, the Office of the U.S. Trustee announced the appointment of Washington University School of Law Professor Neil M. Richards as the consumer privacy ombudsman in 23andMe's Chapter 11 case. He will oversee the sale process, which involves the DNA data of millions of users. 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. 3101 SAGE RD: Seeks Approval to Tap Larry A. Vick as Legal Counsel ------------------------------------------------------------------ 3101 Sage Rd., LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Larry A. Vick, Esq., an attorney practicing in Houston, Texas, as legal counsel. The attorney will provide these services: (a) analyze the financial situation and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its rights, duties, and powers; (c) represent the Debtor at all hearings and other proceedings; (d) prepare and file all appropriate legal papers as necessary to further the Debtor's interests and objectives; (e) represent the Debtor at any meeting of creditors and such other services as may be required during the bankruptcy proceedings; (f) represent the Debtor in all proceedings before the court and in any other judicial or administrative proceeding where its rights may be litigated or otherwise affected; (g) prepare and file a Disclosure Statement and Chapter 11 plan of reorganization; (h) assist the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; (i) assist the Debtor in any matters relating to or arising out of the captioned case; and (j) prosecute and defend the Debtor in litigation as attorney. Mr. Vick will be billed at his hourly rate of $450. The attorney received a retainer of $8,000 from the Debtor. Mr. Vick 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 attorney can be reached at: Larry A. Vick, Esq. 13501 Katy Freeway, Suite 3474 Houston, TX 77079 Telephone: (832) 413-3331 Facsimile: (832) 202-2821 Email: lv@larryvick.com About 3101 Sage 3101 Sage Rd. LLC is a real estate debtor with a single asset, as defined in 11 U.S.C. Section 101(51B). 3101 Sage Rd. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31806) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Larry Vick, Esq. 3120 THE BANK: Section 341(a) Meeting of Creditors on June 6 ------------------------------------------------------------ On May 5, 2025, 3120 The Bank 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. A meeting of creditors under Section 341(a) to be held on June 6, 2025 at 11:00 AM via Telephone conference. To attend, Dial 888-902-9750 and enter participation code 9635734. About 3120 The Bank LLC 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. 3120 The Bank LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55050) 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. Honorable Bankruptcy Judge handles the case. The Debtor is represented byGreg Bailey, Esq. at ATTY. GREG T. BAILEY & ASSOC. 340 BISCAYNE: Seeks Approval to Hire BDO USA as Accountant ---------------------------------------------------------- 340 Biscayne Owner LLC and its affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ BDO USA, P.C. as accountant. The firm will perform the Tax Return Preparation for a flat fee of $10,000.00 (the "Tax Flat Fee"), payable at the rate of $5,000 payable upon entry of an order approving this Application, and the balance of $5,000 upon completion of the Tax Return Preparation; and provide Tax Consulting Services at the firm's standard hourly rates, provided that the Debtors shall pay BDO the sum of $2,000 per month. The firm will be paid at these rates: Principals/Managing Director $725 to $1,150 per hour Director $650 to $850 per hour Manager $550 to $750 per hour Seniors $375 to $625 per hour Associates $175 to $375 per hour Mr. Starman 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: Elliott Starman BDO USA, P.C. 515 las Olas Boulevard, 5th Floor Fort Lauderdale, FL 33301 Tel: (954) 989) 7462 About 340 Biscayne Owner LLC 340 Biscayne Owner LLC is part of the hotels and motels industry. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-17203) on July 26, 2021. In the petition signed by Cristiane Bomeny, manager, the Debtor disclosed up to $500 million in assets and up to $50 million in liabilities. Judge Laurel M. Isicoff oversees the case. Linda Jackson, Esq., at Pardo Jackson Gainsburg, PL, is the Debtor's counsel. 36TH STREET: Receiver's Rights, Powers Cancelled Following Sale --------------------------------------------------------------- Judge Lorna G. Schofield of the United District Court for the Southern District of New York signed a Consent Order terminating the rights and powers of the court-appointed receiver in the case styled WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE BENEFIT OF THE REGISTERED HOLDERS OF UBS COMMERCIAL MORTGAGE TRUST 2019-C17, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2019-C17, acting by and through its special servicer, Rialto Capital Advisors, LLC, as Special Servicer under the Pooling and Servicing Agreement dated as of October 1, 2019, Plaintiff v 36th STREET PROPERTY INC.; HR 442 CORP.; AE SOOK CHOI; JIN SUP AN; NEW YORK CITY DEPARTMENT OF FINANCE; NEW YORK CITY ENVIRONMENTAL CONTROL BOARD; NEWBANK; and "JOHN DOE NO. 1" TO "JOHN DOE NO. 100" inclusive, the last one hundred names being fictitious and unknown to plaintiff, the persons or parties intended being the tenants, occupants, persons or corporations, if any, having or claiming an interest in or lien upon the premises described in the complaint, Defendants, Case No. 1:22-cv-00302-LGS (S.D.N.Y.). On March 22, 2022, 36th Street Property Inc. (the "Owner Debtor"), and HR 442 Corp. (the "Operator Debtor") each commenced a Chapter 11 bankruptcy case by filing voluntary Chapter 11 bankruptcy petitions before the United States Bankruptcy Court for the Eastern District of New York. The Owner Debtor is the owner of the real property and improvements located at 442 West 36th Street, New York, New York. The Operator Debtor operates an independent, non-flagged hotel located at the Property, which is known as the Hudson River Hotel. This matter is related to the application by Janus Hotel Management Services, LLC in its capacity as Court-Appointed Rent Receiver for the real property owned by 36th Street Property Inc. and HR 442 Corp, acting by and through Rialto Capital Advisors, LLC, as Special Servicer under the Pooling and Servicing Agreement dated as of October 1, 2019, and with the consent of the Morrison & Tenenbaum PLLC, attorneys for Borrowers as well as AE Sook Choi and Jin Sup An for an Order terminating the Receiver's authority under the Court's Orders dated March 10, 2022; and the Property having been sold, under approval of the Bankruptcy Court, by Plaintiffs liquidation Chapter 11 Plan for 36th St. Property of substantially all of Borrower's assets to Hudson West Hospitality, LLC ("Purchaser") for $18,200,000 by Order dated May 13, 2024. The Court ordered that: a. The Receiver's rights and powers under the Receiver Order be and are terminated and the Receiver be and is released and discharged from its duties and obligations as specified in the Receivership Order. The Receiver be and is directed to turn over possession, management and control of the Property to Plaintiff or its designee. b. Within 30 days of the entry of the Order the Receiver shall file a final report and accounting. Any opposition to the Final Reporting shall be filed and served on all parties no later than 10 days after the Final Reporting is filed. The Receiver may respond to any opposition within 10 days thereafter. c. If opposition is filed to the Final Reporting, the Court will rule on issues or direct the parties as to further proceedings. d. If no opposition is filed to the Final Reporting the Final Reporting will be deemed sufficient, final and approved. About 36th Street Property and HR 442 Corp. 36th Street Property, Inc., owns the real property and improvements located at 442 West 36th Street, New York, New York. HR 442 Corp. operates an independent, non-flagged hotel located at the real property, which is known as the Hudson River Hotel. The Hotel is a 15-story, 56-room limited service hotel which is located on the west side of Manhattan, near the Lincoln Tunnel. The Debtors are sister corporations, which are wholly owned by Ae Sook Choi. 36th Street Property and HR 442 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 22-40563) on March 22, 2022, with up to $50,000 in assets and up to $50 million in liabilities. Ae Sook Choi, president, signed the petition. Judge Jil Mazer-Marino oversees the cases. Lawrence Morrison, Esq., at Morrison Tenenbaum, PLLC, is the Debtors' counsel. During the bankruptcy case, the Property was sold to Hudson West Hospitality, LLC for $18,200,000 by Order dated May 13, 2024. 564-566 KELTON: Seeks to Hire Kelly & Bracey as Counsel ------------------------------------------------------- 564-566 Kelton Ave Industries LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Law Offices of Kelly & Bracey as counsel to handle its Chapter 11 bankruptcy case. The firm will be paid at the rates of $300 per hour for attorneys, and $100 per hour for paralegals. The Debtor paid the firm an initial retainer of $9,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael G. Kelly, Esq., a partner at Kelly & Bracey Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael G. Kelly, Esq. Kelly & Bracey Law Offices 77 W. Washington St., Suite 1415 Chicago, IL 60602 Tel: (312) 445-9500 Email: mkelly@kellybraceylaw.com About 564-566 Kelton Ave Industries LLC 564-566 Kelton Ave Industries LL, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ill. Case No. 25-05003) on March 21, 2025. The Debtor hires Kelly & Bracey as counsel. 76 M: Seeks to Sell 57th St Property to Herdawit Balcha or BluLoft ------------------------------------------------------------------ 76 M Inc. seeks permission from the U.S. Bankruptcy Court for the District of Columbia, to sell interest of the Property located in 256 57th Street; NE; Washington DC 20019 to Herdawit Balcha or BluLoft LLC, free and clear of liens, claims, encumbrances, and interests. The Debtor serves as trustee in the Chapter 11 case. The Debtor is a District of Columbia corporation that owns seven real properties and operates and leases them. The Debtor has filed Schedules of Assets and Liabilities on January 17, 2024 listing 256 57th Street; NE; Washington DC 20019 owned fee simple with an "owner opinion" value of $650,000.00. The Debtor then obtained on April 19, 2024 an Appraisal on all 57th St Property which arrived at a fair market value of $410,000.00. The condition noted was "under construction" by the Appraisal and the lead photo shows a garage with no roof and exposed block. The Debtors' Property faces challenges in terms of its salability and/or refinancing in as much as the Debtor wanted to refinance and to retain the 57TH St Property earlier in the case with construction funding, due to the D.C. OAG which has obtained a large judgment against the Debtor on account of housing violations and various failures to maintain or repair the separate Kansas Property. The Debtor employs Mark McNeill and Long & Foster as commercial broker in connection with the 57th St Property. The terms are 3.5% commission for Debtor (and 2.5% for any buyer) and $399.00 cost which is chargeable against the estate for any contract procured. The Broker however, has produced two contracts which were after 10 days of difficult negotiations in which the Broker performed admirably produced arms length offers of $315,000.00 each, both on financing. On April 22, 2025, Herdawit Balcha submitted by and through Broker an executed Purchase Agreement Contract of Sale on an "as is" basis which is a financing purchase offer for the 57th St Property. The material terms of the Balcha Contract are as follows: (i) $315,000.00 as a Financed purchase price on the 57TH St Property and there is an appraisal contingency; (ii) A cash deposit of $15,000.00 to be credited against the purchase price is to be paid upon the passage of 3 days following ratification of the Balcha Contract; which as a practical matter in this instance shall mean 3 days after approval by the Bankruptcy Court by Order on this Motion because there are two competing contracts of sale; (iii) Deposit shall be forfeit for failure to close and such events as are more fully set forth in the Balcha Contract. The Balcha Buyer has provided proof of financing application at 70% LTV over 30 years at an interest rate to be arrived at by the lender given market fluctuations. There is an 1146 tax exemption for transfer taxes to the extent the transfer occurs through a Chapter 11 plan. Bankruptcy Court has jurisdiction over sale and compensation issues arising therefrom. Total commission is 6% with 2.5% for buyer's broker. On April 24, 2025, the Debtor and Bluloft, LLC by and through Eric Donald ratified by and through M&M an executed Purchase Agreement Contract of Sale on an "as is" basis which is an all cash purchase offer for the 57th St Property. (i) $315,000.00 as a Financed purchase price on the 57TH St Property; (ii) A cash deposit of $5,000.00 to be credited against the purchase price is to be paid upon the passage of 3 days following ratification of the Bluloft Contract; which as a practical matter in this instance shall mean 3 business days after approval by the Bankruptcy Court by Order on this Motion because there are two competing contracts of sale; (iii) Deposit shall be forfeit for failure to close and such events as are more fully set forth in the Bluloft Contract. (iv) There is an 80/20 financing contingency and a hard money loan requirement. There is also an appraisal contingency. The the two lien holders of the case are D.C. Office of Attorney General D.C. OAG, which holds a judgment lien against the Kansas Property and the Office of Tax and Revenue (OTR) for the Kansas Property, which holds a substantial claim for real property taxes of $315,633.03. The tax claim on this 57th St. Property arises because of an abandoned status which Debtor contests but understands may not be resolved by consent as OTR has calculated the tax claim without timely appeals by Debtor pre-petition. Although the Debtor has no preference between the Balcha Contract and the Bluloft Contract, it is ultimately the decision of D.C. OAG under the forthcoming Plan as the largest creditor in the case file as which contract will be superior to the interests of the estate. About 76 M Inc. 76 M Inc. is primarily engaged in renting and leasing real estate properties. 76 M Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. C. Case No. 24-00003) on Jan. 3, 2023, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Peter Odagbodo as president. Judge Elizabeth L. Gunn presides over the case. John D. Burns, Esq. at The Burns Law Firm, LLC represents the Debtor as counsel. 9270 W. BAY: Seeks to Hire Mark S. Roher as Legal Counsel --------------------------------------------------------- 9270 W. Bay Harbor Dr. LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire The Law Office of Mark S. Roher, P.A. as counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; (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; and (e) represent the Debtor in negotiation with his creditors in the preparation of a plan. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Roher, 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 through: Mark S. Roher, Esq. Law Office of Mark S. Roher, PA 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Tel: (954) 353-2200 Email: mroher@markroherlaw.com About 9270 W. Bay Harbor Dr. LLC 9270 W. Bay Harbor Dr. LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13979) on April 11, 2025, listing up to $50,000 in both assets and liabilities. Judge Robert A Mark presides over the case. Mark S. Roher, Esq. at Law Office Of Mark S. Roher, P.A. represents the Debtor as counsel. ACCRX INC: Seeks to Hire Lipton Law Group as Bankruptcy Counsel --------------------------------------------------------------- ACCRX, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Lipton Law Group LLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its duties; (b) advise the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan of reorganization; (c) represent the Debtors at all hearings in this matter; (d) prepare all necessary and appropriate legal documents, and review all financial and other reports to be filed in the Chapter 11 proceeding; (e) review and analyze the nature and validity of any liens asserted against the Debtor's property; (f) review and analyze claims against the Debtor, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; and (g) perform all other legal services as may be necessary or appropriate during the course of the Debtor's bankruptcy proceeding. Marques Lipton, Esq., the primary attorney in this representation, will be paid at his hourly rate of $350. In addition, the firm will seek reimbursement for expenses incurred. On or about March 19, 2025, the Debtor paid the firm a retainer in the amount of $5,000. Mr. Lipton 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: Marques C. Lipton, Esq. Lipton Law Group, LLC 945 Concord Street Framingham, MA 01701 Telephone: (508) 202-0681 Email: marques@liptonlg.com About ACCRX Inc. ACCRX Inc. operates ACC Apothecary, a compounding pharmacy based in Newton, Massachusetts, specializing in customized medications for patients and providers, including treatments in pain management, hormone therapy, sports medicine, pediatrics, and veterinary care. ACCRX Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10851) on April 28, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Marques Lipton, Esq. at Lipton Law Group, LLC. ADVANCED DOMINO: Plan Exclusivity Period Extended to August 12 -------------------------------------------------------------- Judge Elizabeth S. Stong of the U.S. Bankruptcy Court for the Eastern District of New York extended Advanced Domino, Inc., d/b/a Domino Supermarket's exclusive period to file a plan of reorganization and disclosure statement to August 12, 2025. As shared by Troubled Company Reporter, the Debtor simply needs time to reorganize its business operations, to reach an agreement with the FLSA creditors, to obtain Court approval for the settlement terms and thereafter to file a plan of reorganization and disclosure statement, offering treatment to all creditors of the estate. The Debtor explains that the requested extensions of the time period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to resolve claims filed in this case. Moreover, should any events occur or there be a significant change in circumstances, a party in interest may move to reduce the time period to file a plan. The Debtor asserts that it has responded to the exigent demands of its chapter 11 case and has worked diligently, to advance the reorganization process. Advanced Domino should be afforded a full, fair, and reasonable opportunity to negotiate, propose, file, and solicit acceptance of its chapter 11 plan. Advanced Domino Inc. is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 About Advanced Domino Advanced Domino Inc., doing business as Domino Supermarket, is a grocery store in Brooklyn, NY that offers a variety of food and household items for local residents. Advanced Domino Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44263) on Oct. 15, 2024. In the petition filed by Victoria Salkinder, as CEO, the Debtor reports total assets of $800,667 and total liabilities of $1,219,101. The Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. AGEAGLE AERIAL: Names Alison Burgett as Chief Financial Officer --------------------------------------------------------------- AgEagle Aerial Systems Inc. announced the appointment of Alison Burgett as Chief Financial Officer of the Company, effective immediately. Ms. Burgett brings more than 20 years of financial, operational and regulatory experience with exchange listed companies and will be instrumental in helping guide the Company through its next phase of growth. On the CFO Commencement Date, the Company entered into an executive employment agreement with Ms. Burgett. Pursuant to the Employment Agreement, Ms. Burgett is entitled to receive: (i) compensation of $225,000 per year, (ii) an award of restricted stock units with a value rounded to the equivalent of $25,000 at the time of the award within 120 days of the CFO Commencement Date, (iii) an award of RSUs with a value rounded to the equivalent of $25,000 at the time of the award within 30 days of each anniversary of the CFO Commencement Date, so long as Ms. Burgett continues to serve in the role of Chief Financial Officer, and (iv) an annual performance bonus, which will be determined each year by the Compensation Committee of the Board and approved by the Board. AgEagle CEO Bill Irby commented, "Alison has been a vital part of AgEagle's leadership team in her role as Controller, where she has already demonstrated exceptional financial discipline, strategic insight, and a deep understanding of our business. Her promotion to CFO is a natural progression that reflects both her strong performance and the confidence we have in her ability to lead our financial strategy moving forward. As we continue to execute on our growth initiatives and expand our market presence, Alison's leadership will be instrumental in driving operational efficiency, strengthening our financial infrastructure, and delivering long-term value to our shareholders." "With its cutting-edge technology, strong market position, and dedicated leadership team, AgEagle is uniquely positioned to drive meaningful innovation and expand its footprint in the rapidly growing drone technology sector," said Ms. Burgett. "I look forward to leveraging my experience in corporate finance, strategic planning, and operational efficiency to support AgEagle's long-term vision. By implementing sound financial strategies and fostering disciplined growth, we will further solidify AgEagle's role as a leader in aerial intelligence solutions." Ms. Burgett has served as Controller of AgEagle since April 2024. In this capacity, she was responsible for overseeing the Company's financial reporting, internal controls, budgeting, and compliance with regulatory standards, including SEC and GAAP requirements. Prior to joining AgEagle, Ms. Burgett held key finance leadership roles over her tenure at Cente Corporation. Before joining Cente Corporation, Ms. Burgett held the position of Controller at Republic Services, Inc. and Director of Accounting at Providence Service Corporation where she supported strategic growth initiatives and implemented process improvements to enhance financial transparency and operational efficiency. She earned her undergraduate degree in Accounting from the University of Phoenix and her Master of Business Administration from Boise State University. Her expertise in corporate finance and regulatory compliance plays a vital role in supporting AgEagle's financial integrity and long-term growth. The Company wishes to thank Ms. Adrienne Anderson for her interim CFO services and contributions to AgEagle and wishes her success in her future endeavors. About AgEagle AgEagle Aerial Systems Inc. is headquartered in Wichita, Kansas, and operates through its wholly-owned subsidiaries, focusing on designing and delivering top-tier drones, sensors, and software to address critical customer needs. Founded in 2010, AgEagle initially pioneered proprietary, professional-grade, fixed-wing drones and aerial imagery-based data collection and analytics solutions for the agriculture sector. Today, the company is recognized as a globally respected market leader, offering customer-centric, advanced, autonomous unmanned aerial systems (UAS) that generate revenue at the intersection of flight hardware, sensors, and software across industries, including agriculture, military/defense, public safety, surveying/mapping, and utilities/engineering. AgEagle has achieved numerous regulatory milestones, including government approvals for its commercial and tactical drones to fly Beyond Visual Line of Sight (BVLOS) and/or Operations Over People (OOP) in the United States, Canada, Brazil, and the European Union. It has also received Blue UAS certification from the Defense Innovation Unit of the U.S. Department of Defense. More information can be found at www.ageagle.com. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $20.6 million in total assets, $26.3 million in total liabilities, and a total stockholders' deficit of $5.7 million. AIR INDUSTRIES: 2025 Annual Meeting Set for June 26 --------------------------------------------------- Air Industries Group disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors has established June 26, 2025, as the date of the Company's 2025 Annual Meeting of Stockholders and April 30, 2025, as the record date for determining stockholders entitled to notice of and to vote at the 2025 Annual Meeting. 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. 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. 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. ALL AMERICAS: Opposes Abornes' Motion to Appoint Receiver --------------------------------------------------------- In the case styled ABORNES INTERNATIONAL INC. v. ALL AMERICAS INTERNATIONAL INC., Case No. 3:24-CV-00100-ART-CSD (D. Nev.), the Defendant filed an opposition to Plaintiff Abornes International's motion for appointment of receiver following an alleged breached of two unsecured promissory notes. The Plaintiff's Complaint alleges that Defendant entered into two promissory notes with third party Motril Investments S.A. in the total amount of $5,500,000, plus interest. On December 26, 2018, Motril assigned the Promissory Notes to Plaintiff. After all payments that had been made by Defendant were accounted for, the principal amount of $3,737,374 came due on October 5, 2022. The Plaintiff alleges that Defendant failed to pay this outstanding balance. The Defendant asserts that appointment of a receiver is an extraordinary remedy and is not justified based on Plaintiff's incomplete allegations that do not appear in the Complaint and are supported not by admissible evidence – but rather musings of Plaintiff's counsel. The Defendant further contend that Plaintiff appears to be using the receivership request as an improper vehicle to pursue an expedition into irrelevant transactions of Defendant and obtain records for use in unrelated litigation outside the United States. Additionally, the Defendant asserts that Plaintiff seeks to create the impression that the appointment of a receiver over a litigation adversary is a wide-open matter of judicial discretion. The Plaintiff has made no showing that a receiver is necessary to preserve Defendant's investments -- of which Plaintiff has no interest secured or otherwise -- or that the investments are at imminent risk of loss. The Plaintiff's sole argument on this issue is the claim that Defendant lacks a director capable of managing its assets if a judgment is issued. However, this concern is now moot, as a director has since been appointed. With that issue resolved, Plaintiff's remaining claims are limited to general allegations of financial harm -- claims that are properly addressed through the litigation process and, if necessary, through standard judgment enforcement mechanisms, says the Defendant. All Americas International Inc. is a domestic corporation based in Nevada. Attorneys for Plaintiff: Ryan J. Works, Esq. Philip M. Mannelly, Esq. McDONALD CARANO LLP 100 W. Liberty Street, Tenth Floor Reno, NV 89501 - and - Anjuli B. Woods, Esq. James H. Power, Esq. HOLLAND & KNIGHT LLP 31 West 52nd Street New York, NY 10019 The Defendant is represented by: John D. Tennert, III, Esq. Austin Slaughter, Esq. FENNEMORE CRAIG, P.C. 7800 Rancharrah Parkway Reno, NV 89511 Telephone: (775) 788-2200 Facsimile: (775) 788-2283 E-mail: jtennert@fennemorelaw.com aslaughter@fennemorelaw.com ALL SAFE: Unsecureds Will Get 5% of Claims over 60 Months --------------------------------------------------------- All Safe Fire Sprinkler Systems, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization under Subchapter V dated April 3, 2025. The Debtor installs and services fire sprinkler systems. In 2017, the Debtor became subject to a collective bargaining agreement between the National Fire Sprinkler Association, Inc. and the Road Sprinkler Fitters Local Union 669 (the "Union"). In turn, the Debtor began paying benefits to the National Automativc Sprinkler Industry Welfare Fund, Trustees of the National Automatic Sprinkler Local 669 UA Education Funds and Trustees of the Sprinkler Industry Supplemental Pension Funds (the "Funds"). After a partial audit for the period January 2020 through June 2023, the Funds asserted the Debtor owed an additional $131,478.098 in contributions. In addition, the Debtor fell behind on filing payroll tax forms. The Debtor filed the delinquent tax forms shortly after filing this case. Out of an abundance of caution and in an effort to protect its assets pending a restructuring, on January 3, 2025 (the "Petition Date"), the Debtor filed the instant voluntary petition under Chapter 11 of the Bankruptcy Code. Class 3 shall consist of Allowed General Unsecured Claims. Holders of Allowed Class 3 General Unsecured Claims total approximately $605,000. The holders of Allowed Class 3 Claims shall receive payment in the amount of 5% of each claim paid in 60 monthly installments. The holder of Class 3 Claims are Impaired pursuant to Section 1124 of the Bankruptcy Code and is entitled to vote to accept or reject the Plan. Class 4 shall consist of the Interest Holders, Garfield McGregor and Michael Ulley. The Interest Holders will retain his interest in the Debtor. The Class 4 Interest Holder is Unimpaired pursuant to Section 1124 of the Bankruptcy Code and is not entitled to vote to accept or reject the plan. The Plan shall be funded from the Plan Fund. Except as otherwise provided in the Plan, including without limitation Article VIII of this Plan, the Cash required to be distributed to holders of Allowed Claims under the Plan shall be distributed by the Disbursing Agent as each distribution comes due under this Plan, except that to the extent that a Claim becomes an Allowed Claim after the respective distribution date, in which case distribution shall be made within fourteen days after the order allowing such Claim becomes a Final Order. In order to confirm this Plan, the Debtor must establish that they will have enough cash over the life of the Plan to make the required distributions due hereunder. Section 1191(d) of the Bankruptcy Code requires that all of the Debtor's disposable income be contributed to the Plan. A full-text copy of the Plan of Reorganization dated April 3, 2025 is available at https://urlcurt.com/u?l=xLVVAS from PacerMonitor.com at no charge. About All Safe Fire Sprinkler Systems All Safe Fire Sprinkler Systems Inc. is based in Elmsford, N.Y., and operates as a fire sprinkler systems installation and maintenance provider. All Safe Fire Sprinkler Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22004) on January 3, 2025, with $500,000 to $1 million in both assets and liabilities. Jolene Wee of JW Infinity Consulting, LLC serves as Subchapter V trustee. Judge Sean H. Lane handles the case. The Debtor is represented by: Dawn Kirby, Esq. Kirby Aisner & Curley, LLP Tel: 914-401-9500 Email: dkirby@kacllp.com ALLEGIANT TRAVEL: Egan-Jones Retains B Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company on April 28, 2025, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Allegiant Travel Company. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Las Vegas, Nevada, Allegiant Travel Company operates as a leisure travel company. AMERI-DENT DENTAL: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On May 2, 2025, Ameri-Dent Dental Laboratory LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ameri-Dent Dental Laboratory LLC Ameri-Dent Dental Laboratory LLC is a dental laboratory likely specializing in the manufacturing of dental prosthetics, appliances, and customized dental products. Ameri-Dent Dental Laboratory LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02876-CPM) on May 2, 2025. In its petition, the Debtor reports estimated assets between $10,000 and $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by James W Elliott, Esq. at McIntyre Thanasides Bringgold, Elliott. AMERICAN PERFORMANCE: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: American Performance Polymers, LLC 23 Gould St. Colebrook, NH 03576 Business Description: American Performance Polymers, LLC, located in Colebrook, New Hampshire, produces contamination control products. The Company specializes in nitrile exam gloves, glovebox sleeves and parts, as well as other items like balloons, catering to industries such as pharmaceuticals and biotechnology. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10293 Debtor's Counsel: Peter N. Tamposi, Esq. THE TAMPOSI LAW GROUP, P.C. 159 Main St. Nashua, NH 03060 Tel: 603-204-5513 Email: peter@thetamposilawgroup.com Total Assets: $0 Total Liabilities: $3,405,109 Richard Renehan signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UA7KA4Q/American_Performance_Polymers__nhbke-25-10293__0001.0.pdf?mcid=tGE4TAMA APPLICO LLC: Hires Bush Law Firm LLC as Bankruptcy Counsel ---------------------------------------------------------- Applico, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ The Bush Law Firm, LLC as bankruptcy counsel. The firm will provide these services: a. advise the Debtor-in-Possession as to the rights, powers and duties of a Debtor-in-Possession, as enumerated within 11 U.S.C. Sec. 1101, et seq.; b. prepare and file the documents necessary to advance this case including, but not limited to, answers, applications, motions, proposed orders, responses, schedules, plans, objections and other necessary documents; c. attend the intake conference, the meeting of creditors and hearings on behalf of the Debtor-in-Possession; d. negotiate with the various classes of creditors with respect to the plan of reorganization; e. prepare, negotiate and advance a plan of reorganization or liquidation, as applicable; f. prepare and file the plan and status reports, as applicable; g. defend challenges to the automatic stay set forth within 11 U.S.C. Sec. 362(a); and h. perform such other legal services. The firm will be paid at these rates: Attorneys $350 per hour Paralegals $75 per hour The firm has been paid a retainer of $11,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Anthony B. Bush, Esq., a partner at The Bush Law Firm, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Tel: (334) 263-7733 Fax: (334) 832-4390 Email: anthonybbush@yahoo.com abush@bushlegalfirm.com About Applico, LLC Applico LLC, an appliance & lighting company, operates a single-location showroom in Tuscaloosa, Alabama, retailing major household appliances, indoor and outdoor lighting fixtures, fireplaces and related home-improvement products. The family-owned company partners with manufacturers such as GE, LG and Samsung to serve residential customers, builders and remodelers in the Tuscaloosa metro area. Applico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-70561) on April 23, 2025. In its petition, the Debtor reports estimated assets of $100,000 and $500,000 and estimated liabilities of $1 million and $10 million. Honorable Bankruptcy Judge Jennifer H. Henderson handles the case. The Debtor is represented by Anthony Brian Bush, Esq. at THE BUSH LAW FIRM, LLC. ARCHDIOCESE OF SAN FRANCISCO: Creditors Sue to Reclaim Assets ------------------------------------------------------------- Randi Love of Bloomberg Law reports that a California archdiocese facing bankruptcy is accused of concealing assets that creditors estimate could be worth hundreds of millions of dollars -- funds that could increase compensation for more than 500 clergy sex abuse victims. In a lawsuit filed Tuesday, May 6, 2025, in the U.S. Bankruptcy Court for the Northern District of California, a committee of unsecured creditors claims the Roman Catholic Archbishop of San Francisco falsely asserted that various properties -- including parishes, cemeteries, schools, a retreat center, and a clergy residence -- are not part of its bankruptcy estate, according to Bloomberg Law. About San Francisco Archdiocese The Roman Catholic Archbishop of San Francisco, Archdiocese of San Francisco, is a tax exempt religious organisation. The Archdiocese of San Francisco is a Latin Church ecclesiastical territory or diocese of the Catholic Church in the northern California region of the United States. The Archdiocese of San Francisco was erected on July 29, 1853, by Pope Pius IX and its cathedral is the Cathedral of Saint Mary of the Assumption. The Archdiocese sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the petition filed by Fr. Patrick Summerhays as vicar general and moderator of the Curia, the Archdiocese reported $100 million to $500 million in assets and liabilities. The Hon. Dennis Montali oversees the case. The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel. ASCEND PERFORMANCE: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Ascend Performance Materials Holdings, Inc. and its affiliates. The committee members are: 1. SDI, Inc. Adrian Mantini, SVP and CFO 4500 Salisbury Road, Suite 270 Jacksonville, FL 32216 (215) 275-0313 adrian.mantini@sdi.com Counsel: Francis Lawall Troutman Pepper Locke 3000 Two Logan Square, 18th & Arch Streets Philadelphia, PA 19103 (215) 981-4481 francis.lawall@troutman.com 2. Turner Industries Group, LLC Turner Specialty Services, LLC John H. Fenner, VP, CGC P.O. Box 2750 Baton Rouge, LA 70821 (225) 214-2066 JFenner@Turner-Industries.com Counsel: Kirk A. Patrick, III Donohue Patrick & Scott, P.L.L.C. 450 Laurel Street, Suite 1600 Baton Rouge, LA 70801 (225) 214-1908 KPatrick@DPS-law.com 3. Veolia WTS USA, Inc. Shireen Pirtle, CPI Vertical Bus Development 3600 Horizon Boulevard Feasterville-Trevose, PA 19053 (409) 730-9001 Shireen.Pirtle@Veolia.com Counsel: Glenn M. Reisman Reisman Law Firm, LLC 12 Old Hollow Road, Suite B Trumbull, CT 06611 (203) 944-0401 Glenn.Reisman@ge.com 4. Optimal Field Services, LLC Christian Mullgardt, Deputy GC 35240 Carson Drive Geismar, LA 70734-350 (318) 767-2725 christian.mullgardt@crestoperations.com Counsel: Kean Miller LLP Rachel Kubanda 711 Louisiana St. Suite 1800 Houston TX 77002 (713) 844-3071 rachel.kubanda@keanmiller.com 5. Sulzer Chemtech USA Inc. Gerhard Haas, Head Legal North America 6100 S. Yale Avenue, Suite 800 Tulsa, OK 74136 (918) 445-6672 Gerhard.Haas@sulzer.com Counsel: Faegre Drinker Biddle & Reath LLP Richard Bernard 1177 Avenue of the Americas New York, NY 10036 (212) 248-3263 richard.bernard@faegredrinker.com 6. Gulf Coast Water Authority David E. Davis, Jr. 4243 Emmett F. Lowry Expressway Texas City, TX 77591 (281) 299-2817 DDavis@gcwatx.gov 7. Pension Benefit Guaranty Corporation Emily Lesniewski Sven Serspinski Corporate Finance & Restructuring Dept. 445 12th Street SW Washington, DC 20024-2101 (202) 320-0899 lesniewski.emily@pbgc.gov (202) 607-6084 serspinski.sven@pbgc.gov Counsel: Pension Benefit Guaranty Corporation Nathaniel Rayle William Mabry Office of the General Counsel 445 12th Street SW Washington, DC 20024-2101 (202) 391-4576 rayle.nathaniel@pbgc.gov (202) 359-4918 mabry.william1@pbgc.gov 8. Clariant Corporation Scott A. Wood, President 500 E. Morehead Street, Suite 400 Charlotte, NC 28202 (704) 331-6736 scott.wood@clariant.com 9. MHBA CB, L.L.P. c/o Novus International, Inc. Richard Kiesel, Executive Director 17988 Edison Avenue Chesterfield, MO 63005 (314) 814-3487 Richard.Kisiel@novusint.com Counsel: Thomas MacWright White & Case LLP 1221 Avenue of the Americas New York, NY 10020 (212) 819-8259 tmacwright@whitecase.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Ascend Performance Materials Ascend Performance Materials Holdings Inc. and its affiliates are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials like apparel, carpets, and tires, as well as new technologies like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates 11 manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90127) on April 21, 2025, with $1 billion to $10 billion in both assets and liabilities. Robert Del Genio, chief restructuring officer, signed the petitions. Judge Christopher M. Lopez presides over the cases. The Debtors tapped Bracewell, LLP, Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsel; PJT Partners, Inc. as investment banker; and FTI Consulting, Inc. as restructuring advisor. ASPIRA WOMEN'S: Nasdaq Delists Shares; Trading Suspended -------------------------------------------------------- Aspira Women's Health Inc. announced that the Company received written notice from the Office of General Counsel of The Nasdaq Stock Market indicating that the Nasdaq Hearings Panel has determined to delist the Company's shares from Nasdaq due to the Company's failure to meet Nasdaq's continued listing standards. As previously disclosed, the Company has not been compliant with the requirements under Nasdaq Listing Rule 5550(b)(1) to maintain a minimum of $2.5 million in stockholders' equity for continued listing on the Nasdaq Capital Market. Trading in the Company's shares of common stock was suspended on Nasdaq effective with the open of trading on Thursday, April 17, 2025. The Company expects that its Common Stock will begin trading under its existing symbol "AWH" on markets operated by OTC after suspension of the trading of its Common Stock on Nasdaq. About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch and Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they provide a comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian malignancy in women planned for surgery. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Form 10-K Report for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. ASPIRA WOMEN'S: Registers $2 Million Resale of Common Stock ----------------------------------------------------------- Aspira Women's Health Inc. filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the resale from time to time of (i) 354,988 shares of common stock, par value $0.001 par value, of Aspira Women's Health Inc. and (ii) up to $2,000,000 of shares of Common Stock, by Triton Funds LP. The 354,988 shares of common stock were issued and sold to the Selling Stockholder for $25,000 as consideration for their irrevocable commitment to purchase shares pursuant to the Purchase Agreement and the $2,000,000 shares of common stock are issuable to the Selling Stockholder under the Purchase Agreement. Aspira said, "On April 4, 2025, we entered into a common stock purchase agreement with the Selling Stockholder. Under the Purchase Agreement, we have the ability, subject to the limits set forth in the Purchase Agreement, to require the Selling Stockholder to purchase up to $2,000,000 of our common stock between the date that the registration statement of which this prospectus forms a part becomes effective and September 30, 2025 pursuant to purchase notices delivered to Triton stating the number of shares of our common stock Triton is required to purchase. The amount to be funded under each Purchase Notice is the number of shares of common stock to be purchased multiplied by 75% of the lowest daily VWAP of our common stock during the five trading days prior to the payment and delivery of the shares of common stock." A full-text copy of the Registration Statement is available at https://tinyurl.com/33fe9dzx About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch and Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they provide a comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian malignancy in women planned for surgery. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Form 10-K Report for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. ATM AFFILIATES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: ATM Affiliates LLC JFT Group 566 S. Coppell Rd. #2 Coppell TX 75019 Business Description: ATM Affiliates LLC operates in the commercial real estate sector, focusing on leasing nonresidential buildings. The Company primarily leases out properties that are not used as residences, miniwarehouses, or self-storage units. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-31668 Debtor's Counsel: Joseph Acosta, Esq. CONDON TOBIN 8080 Park Lane Suite 700 Dallas TX 75231 Tel: 214-763-3440 Email: jacosta@condontobin.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by John Tornese as CEO. The Debtor failed to provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UFC2I5A/ATM_Affiliates_LLC__txnbke-25-31668__0001.0.pdf?mcid=tGE4TAMA AVON PLACE: Unsecured Creditors to be Paid in Full in Plan ---------------------------------------------------------- Avon Place, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated April 4, 2025. The Debtor is a Connecticut limited liability company formed in 2022. The Debtor acquired one hundred and eighty condominium units (the "Property") at the property known as Avon Place Condominiums and located at 44-46-47-48 Avonwood Road, Avon, CT 06001. Sixty-two (units) are located at 44, 47 and 48 Avon Road and forty-six units at 46 Avon Road. One hundred and sixty-two units were purchased in October 2022 for $33,750,000, with the remaining sixteen units being purchased from individual sellers sporadically since then, for the sum of $2,709,500. The Debtor estimates the current value of the Property to be approximately $40,000,000. This case was filed to protect the value of the Debtor's properties and to avoid a forfeiture under a predatory foreclosure action brought by 44 Avon Road Credit LLC. Class 5 consists of General Unsecured Claims. Claims total approximately $1,287,148. Payment in full in Cash plus interest through the payment date on the Effective Date. This Class is Unimpaired and deemed to have accepted the Plan. Class 6 consists of Allowed Equity Interests. Interest Holders shall be required to contribute the funds necessary to make Effective Date payments under the Plan and shall retain their Interests under the Plan. Plan payments will be paid by the Interest Holders, cash on hand, and additional funds from a refinancing or sale of the Property. A full-text copy of the Disclosure Statement dated April 4, 2025 is available at https://urlcurt.com/u?l=X3NxuP from PacerMonitor.com at no charge. Counsel to the Debtor: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Telephone: (212) 593-1100 About Avon Place LLC Avon Place LLC is a real estate company owning multiple properties at 44, 46, 47, 48 Avonwood Road in Avon, Connecticut. Avon Place LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41368) on March 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor tapped Backenroth, Frankel & Krinsky, LLP as counsel and FIA Capital Partners, LLC as restructuring advisor. B&B OUTDOOR: Seeks to Sell Machineries at Auction ------------------------------------------------- B&B Outdoor LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell substantially all of its Assets at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's principal place of business is located at 117 West Palmetto Avenue, Pierson, Florida, 32180. The Debtor’s Property is stored at the Premises. The Debtor is seeking authority to sell its machinery, equipment, and vehicles through an auction to be conducted by Robert H. Ewald and to use the sale proceeds to partially satisfy the liens on said personal property held by Synovus, as the senior lienholder. The Property is encumbered by liens held by Synovus, which has consented to the sale. The Debtor has determined that it is in the best interests of the estate and creditors to maximize the value of their estate's assets through a structured and organized sale of the Property. The Debtor requests authority to sell the Property at an online-only public auction to the highest and best bidder. The Debtor also submits that there is good cause to shorten the notice period because the Auctioneer has advised that the best time to auction the Property would be early Summer. The Debtor believes that the Auction Process provides for public participation in the online-only auction sale of the Property and the Auction Process has been proposed in good faith and is fair and equitable to all parties in interest. About B&B Outdoor B&B Outdoor, LLC is a site development and asset maintenance company based in Pierson, Florida. With over 10 years of experience in Central Florida, the company offers a range of services, including site demolition, preparation, development, subgrade stabilization, base rock installation, road grading, underground utilities, concrete and curb work, stormwater drainage, road maintenance, litter control, washout repairs, emergency storm response, pond excavation, and the sale and distribution of dirt, sand, and stone. B&B Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01414) on March 1, 2025. In its petition, the Debtor reported total assets of $93,252 and total liabilities of $1,527,035 Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. B.A.S.S. & M.: Court OKs Real Estate Sale at Auction ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has approved B.A.S.S. & M. Inc. to sell substantially all of its Assets, free and clear of liens, interests, and encumbrances. The Debtors are engaged in renting and leasing real estate properties. The Court recognized that the disclosures made by the Debtors concerning the Bid Procedures, Auction, Asset Purchase Agreements (APA), Sale Motion and Sale were good, complete and adequate. The Court acknowledged that APAs were negotiated, proposed, and entered into by the Debtors and the Purchasers without collusion, in good faith and from arms'-length bargaining positions and the Debtors conducted a fair and competitive sale and Auction process in accordance with the Bid Procedures approved by the Court. The Court ordered that the Debtors may sell the Properties free and clear of all Claims and Interests against the Debtors, its estate or any of the Properties. The Court held that there is good and sufficient cause for approval of the APAs and the Sale. A fair and reasonable opportunity to object or be heard with respect to the Sale Motion and the relief requested therein has been afforded to all interested persons or entities. In the event that the Sale to any of the Purchasers does not close as a result of the termination of the APA, the Purchaser will deemed to have forfeited any deposit, and the Debtors are authorized, without further order of the Court, to consummate the Sale to one or more Back-Up Bidders. The Debtors are ordered to take any such steps as may be necessary or appropriate to transfer title and put Purchasers in actual physical possession and operating control of the Properties. The Debtor is directed to pay claims and interests to Hilco in the amount of $100,000; all amounts owing to Nine Left Capital Master Fund and/or its designees; any amounts owed to Hilco in respect of the Hilco Fees; all amounts to the City of Chicago; and amounts owing to any other claimants holding allowed secured claims and interests. About B.A.S.S. & M. Inc. B.A.S.S. & M. Inc. is primarily engaged in renting and leasing real estate properties. B.A.S.S. & M. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ill. Lead Case No. 24-15381) on Oct. 16, 2024. In the petition filed by Suzie B. Wilson, as authorized representative, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors tapped ARENTFOX SCHIFF LLP as general bankruptcy counsel, and ROCK CREEK ADVISORS, LLC, as financial advisor. STRETTO, INC., is the claims agent. BALL CORP: Egan-Jones Retains BB+ Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company on April 28, 2025, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Ball Corporation. Headquartered in Westminster, Colorado, Ball Corporation provides metal packaging for beverages, foods, and household products. BEARSVILLE LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Bearsville, LLC 23 Gould St. Colebrook, NH 03576 Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10294 Debtor's Counsel: Peter N. Tamposi, Esq. THE TAMPOSI LAW GROUP, P.C. 159 Main St. Nashua, NH 03060 Tel: 603-204-5513 Email: peter@thetamposilawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Renehan as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UMTI2DI/Bearsville_LLC__nhbke-25-10294__0001.0.pdf?mcid=tGE4TAMA BED BATH: Investor Drops Meme-Stock Case After Class Action Denial ------------------------------------------------------------------ Gillian R. Brassil of Bloomberg Law reports that an investor in Bed Bath & Beyond Inc. has withdrawn its lawsuit accusing activist investor Ryan Cohen of orchestrating a pump-and-dump scheme involving the now-bankrupt company's stock. The case was dismissed after a federal judge in Washington, D.C., reaffirmed his earlier decision to deny class certification for investors who alleged losses tied to Cohen and his firm, RC Ventures LLC, during the meme-stock frenzy. On Tuesday, May 8, 2025, Judge Trevor N. McFadden officially closed the case following a joint stipulation of voluntary dismissal with prejudice filed by Belgian investment firm Bratya SPRL and Cohen, the report states. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BEELINE HOLDINGS: Regains Compliance With Nasdaq Listing Rule ------------------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a letter from The Nasdaq Stock Market LLC notifying the Company of its compliance with Nasdaq Listing Rule 5550(a)(2) by maintaining a minimum bid price for its common stock of at least $1.00 for 25 consecutive business days, from March 12, 2025, to April 14, 2025. Accordingly, the Company has regained compliance with the Rule and the matter is now closed. About Beeline Holdings Beeline Holdings f/k/a Eastside Distilling, Inc. is a forward-thinking mortgage lender leveraging cutting-edge technology to simplify and streamline the home financing process. The company is committed to providing a seamless, customer-centric experience while expanding its presence in the mortgage industry. Boca Raton, Florida-based Salberg & Company, P.A., 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 incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 million in total liabilities, and a total stockholders' equity of $49 million. BEELINE HOLDINGS: Reports $13.1 Million Net Loss for 2024 --------------------------------------------------------- Beeline Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $13.1 million for 2024, compared to a net loss of $7.5 million in 2023. For the year ended December 31, 2024, the Company reported total revenue of $3.8 million on a consolidated basis, consistent with the prior year's revenue. Accumulated deficit for 2024 was $94.3 million, compared to $82.7 million in 2023. Boca Raton, Florida-based Salberg & Company, P.A., 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 incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management believes that its available funds and cash flow from operations may not be sufficient to meet working capital requirements for the twelve months subsequent to the issuance of the financial statements. In order to accomplish its business plan objectives, the Company will need to either increase revenues or raise capital by the issuance of debt and/or equity. Management also believes that it will be successful in obtaining additional financing based on its limited history of raising funds; however, there can be no assurances that our business plans and actions will be successful, that we will generate anticipated revenues, or that unforeseen circumstances will not require additional funding sources in the future or effectuate plans to conserve liquidity. Future efforts to raise additional funds may not be successful or they may not be available on acceptable terms, if at all. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4sbftcmt About Beeline Holdings Beeline Holdings f/k/a Eastside Distilling, Inc. is a forward-thinking mortgage lender leveraging cutting-edge technology to simplify and streamline the home financing process. The company is committed to providing a seamless, customer-centric experience while expanding its presence in the mortgage industry. As of Dec. 31, 2024, the Company had $66.5 million in total assets, $17.5 in total liabilities, and a total stockholders' equity of $49 million. BELLEVUE HOSPITAL: Hires Plante & Moran as Accountant and Auditor ----------------------------------------------------------------- The Bellevue Hospital seeks approval from the U.S. Bankruptcy Court for the Western District of Ohio to employ Plante & Moran, PLLC as accountant and auditor. The firm will assist the Debtor in preparing these documents: a. for the Debtor, a Form 990 and a Form 990T; b. for the Bellevue Hospital Foundation, a Form 990 and a Form 990T; c. for the Bellevue Hospital Association, a Form 990EZ; d. for North Coast Healthcare Collaborative, LLC, a Form 1065; e. for Bellevue Pain Management, a Form 1065 and the City of Bellevue Income Tax Return; and f. for Bellevue Professional Service, Inc., a Form 1120, the City of Bellevue Income Tax Return, and the City of Clyde Income Tax Return. The firm will also provide these services: a. conducting an audit of the Debtor's financial statements and related documents for the year of 2023; b. performing an Employee Retention Income Security Act of 1974 (ERISA) section 103(a)(3)(C) audit of the Bellevue Hospital 401(k) Plan; c. preparing the Medicaid cost report, and applying certain agreed-upon procedures related thereto; and d. conducting an audit of the Debtor's financial statements and related documents for the year of 2024. The firm will be paid at these rates: a. For the preparation of tax returns for the Debtor, the Bellevue Hospital Foundation, the Bellevue Hospital Association, North Coast Healthcare Collaborative, LLC, Bellevue Pain Management, and Bellevue Professional Service, Inc., the Accountant seeks compensation of its professionals on an hourly basis. The hourly rates for Accountants' professionals are $555 per for a Partner, $260 per hour for a Manager, and $145 per hour for other Staff. b. For the audit of Debtor's financial statements for 2023 and 2024, the Accountant again seeks compensation of its professionals on an hourly basis, but with different rates than for the tax returns. The Accountant's hourly rates for audits are $575 per hour for a Partner, $440 per hour for a Senior Manager, $285 per hour for a Manager, $210 per hour for a Senior, and $145 per hour for other Staff. c. For the audit of Debtor's 401(k) Plan, the Accountant estimates that its fee will be approximately $19,000, plus all reasonable and necessary travel and out-of-pocket costs incurred. Accountant also requests a retainer of $15,000 before starting work on this specific ERISA audit. d. Finally, for preparing the Medicaid cost report, the Accountant proposes to send invoices for its services to the Debtor as the project progresses. Accountant also requests a retainer of $5,000 before starting work on this specific project of preparing the Medicaid cost report and complying with the guidelines thereto. Mr. Pace 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: Jordan F. Pace, CPA Plante & Moran, PLLC 250 S. High St. Suite 100 Columbus, OH 43215 Tel: (614) 849-3000 Email: Jordan.pace@plantemoran.com About The Bellevue Hospital The Bellevue Hospital is a healthcare provider offering a range of services, including cancer care, cardiac and pulmonary rehab, diagnostic imaging, emergency care, and surgery. It serves residents of Bellevue, Clyde, Fremont, and surrounding areas, providing care 24/7. The organization is governed by a board of trustees and operates as a not-for-profit corporation. Bellevue Hospital was founded in 1914 and has interests in several subsidiary entities, including The Bellevue Hospital Foundation, Bellevue Professional Services, Inc., Bellevue Hospital Pain Management, LLC, Prairie Ridge, LLC, and Bellevue Hospital Medical Holdings, LLC. Bellevue Hospital filed Chapter 11 petition (Bankr. N.D. Ohio Case No. 25-30191) on February 5, 2025, listing between $10 million and $50 million in both assets and liabilities. Sara K. Brokaw, chief executive officer of Bellevue Hospital, signed the petition. Judge Mary Ann Whipple oversees the case. Richard K. Stovall, Esq., at Allen Stovall Neuman & Ashton LLP, represents the Debtor as legal counsel. Fifth Third Bank, as senior secured creditor, is represented by Carrie M. Brosius, Esq. at Vorys, Sater, Seymour and Pease LLP. Firelands Regional Health System, as DIP lender, is represented by Ellen Arvin Kennedy. Esq. at Dinsmore & Shohl, LLP. BEVERLY COMMUNITY: Trustee Taps Special Counsels, Financial Advisor ------------------------------------------------------------------- Bienert Katzman Littrell Williams LLP on behalf, and with the consent and authorization, of Howard M. Ehrenberg (the "Trustee"), the duly appointed, qualified, and acting Chapter 11 trustee for Beverly Community Hospital Association d/b/a Beverly Hospital (A Nonprofit Public Benefit Corporation)and its affiliates seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Bienert Katzman Littrell Williams LLP, and Sills Cummis & Gross P.C., as special litigation counsels and Province LLC as financial advisor. The Debtors need the firms' legal and financial assistance to investigate and pursue certain causes of action of the Debtors against certain of the Debtors' former directors and officers, including claims for breaches of fiduciary duty and for the avoidance and recovery of certain prepetition transfers. Bienert Katzman and Sills Cummis will share in a contingency fee of 40 percent of any and all recoveries by way of settlement or judgement. Province LLC will be entitled to 5 percent of any such recoveries. The Trustee has agreed to provide Bienert Katzman and Sills Cummis an initial $50,000 advance payment. As disclosed in a court filing that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached at: Andrew H. Sherman, Esq. Sills Cummis & Gross PC One Riverfront Plaza Newark, NJ 07102 Tel: (973) 643-7000 Fax: (973) 643-6500 Email: asherman@sillscummis.com - and - Steven J. Katzman, Esq. Bienert, Miller & Katzman, PLC 903 Calle Amanecer, Suite 350 San Clemente, CA 92673 Tel: (949) 226-6776 Fax: (949) 369-3701 E-mail: tbisconti@bmkattorneys.com - and - Paul Navid, Esq. Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 Email: pnavid@provincefirm.com About Beverly Community Hospital Association d/b/a Beverly Hospital (A Nonprofit Public Benefit Corporation) Beverly Community Hospital Association and affiliates operate general medical and surgical hospitals. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 23-12359) on April 19, 2023. In the petition signed by its chief executive officer, Alice Cheng, Beverly Community disclosed $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Sandra R. Klein oversees the cases. The Debtors tapped Sheppard, Mullin, Richter and Hampton, LLP as bankruptcy counsel; Orrick, Herrington & Sutcliffe, LLP as special and conflicts counsel; and Triple P RTS, LLC, a wholly owned subsidiary of Portage Point Partners, LLC, as restructuring advisor. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in these Chapter 11 cases. The committee is represented by Tania Moyron, Esq. Tamar Terzian is the patient care ombudsman appointed in the Debtors' Chapter 11 cases. Howard M. Ehrenberg was appointed as trustee appointed in these Chapter 11 cases. The trustee tapped Greenspoon Marder, LLP as counsel and Stretto, Inc. as financial analysis and litigation support services provider. BIG LOTS: Seeks to Extend Plan Exclusivity to July 6 ---------------------------------------------------- Big Lots, Inc., and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 6 and Sept. 7, 2025, respectively. The Debtors explain that these Chapter 11 Cases involve 19 debtor affiliate entities. At the outset of these Chapter 11 Cases, the Debtors operated approximately 1,300 stores and employed over 27,000 employees. Moreover, the Debtors have a wide variety of parties in interest, including various vendors, customers, and landlords—many of whom have been active in these Chapter 11 Cases. The Debtors seek to protect their exclusive ability to propose a chapter 11 plan to avoid the costs and distraction associated with addressing any plans filed by third parties and to advance the goal of achieving a speedy and fully consensual conclusion to these Chapter 11 Cases. The Debtors claim that the requested extension of the Exclusive Periods is the second such request made in these Chapter 11 Cases and comes approximately seven months after the Petition Date. During this time, the Debtors have made significant progress towards determining, in conjunction with the Committee, the most value-maximizing path forward in these Chapter 11 Cases, whether that be through a Plan, dismissal, or conversion. An extension of the Exclusive Periods would allow the Debtors to continue to build on the significant progress made thus far and facilitate an efficient wind-down of the Debtors' estates. The Debtors cite that they are not seeking an extension of the Exclusive Periods to pressure or otherwise prejudice any of their creditors. Rather, the Debtors assert that avoiding the expense of a party proposing a Plan will inure to the benefit of creditors by saving estate resources. Counsel to the Debtors: Robert J. Dehney, Sr., Esq. Sophie Rogers Churchill, Esq. Andrew R. Remming, Esq. Tamara K. Mann, Esq. Casey B. Sawyer, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Tel: (302) 658-9200 Email: rdehney@morrisnichols.com aremming@morrisnichols.com tmann@morrisnichols.com srchurchill@morrisnichols.com csawyer@morrisnichols.com - and - Brian M. Resnick, Esq. Adam L. Shpeen, Esq. Stephen D. Piraino, Esq. Ethan Stern, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Email: brian.resnick@davispolk.com adam.shpeen@davispolk.com stephen.piraino@davispolk.com ethan.stern@davispolk.com About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIOREGENX INC: Posts $23.1M Net Loss in FY24, Up From $3.6M in FY23 ------------------------------------------------------------------- BioRegenx, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $23,054,017 on $2,340,106 of net sales for the year ended December 31, 2024, compared to a net loss of $3,600,082 on $3,411,415 of net sales for the year ended December 31, 2023. Los Angeles, Calif.-based Weinberg & Company, P.A., 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 experienced recurring operating losses and negative operating cash flows since inception, and had a stockholders' deficit at December 31, 2024. In addition, the Company is in default of certain of its debt obligations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. According to the Company, its ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to achieve and maintain profitable operations. Therefore, management plans to raise equity capital to finance the operating and capital requirements of the Company. While the Company is devoting its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/s4snkkzw About BioRegenx Inc. Chattanooga, Tenn.-based BioRegenx, Inc. develops and manufactures medical test equipment and high quality, science-based nutritional products. The Company distributes wellness devices. The products are sold nationally through a direct selling channel, to health professionals and research organizations. As of Dec. 31, 2024, the Company had $508,535 in total assets, $3,887,794 in total liabilities, and a total stockholders' deficit of $3,379,259. BISHOP OF OAKLAND: Fine-Tunes Plan Documents -------------------------------------------- The Roman Catholic Bishop of Oakland submitted a Third Amended Disclosure Statement for the Third Amended Plan of Reorganization dated April 3, 2025. On the Plan's Effective Date (the date after confirmation when the Plan becomes Effective), the Plan will create a Survivors' Trust for the purpose of paying distributions to Holders of Class 4 and Class 5 Claims, which are the two Classes of Abuse Claims under the Plan. The Survivors' Trust will be funded with (a) $115 million in cash contributed by the Debtor over a five-year period and (b) $28.5 million in cash contributed by RCWC contingent on the number of Releases it secures from those Holders of Class 4 Claims and Class 5 Claims who have asserted liability against RCWC in connection with an Abuse Claim. The Debtor will also contribute and assign to the Survivors' Trust the rights and obligations of the Debtor in the Non-Settling Insurer Policies. The Debtor firmly believes the Contributing Entities' Contributions, in the aggregate, accomplish the dual goals of fairly compensating Holders of Abuse Claims and allowing the Debtor to continue its mission to serve the Catholic faithful and those who need its services and ministries in the East Bay area. The basis for this belief is three-fold. * First, the Contributing Entities' Contributions exceed, in the aggregate and on a per-Abuse Claim basis, the equivalent contributions from debtors in recent diocesan bankruptcy cases the Debtor believes are comparable to this diocesan bankruptcy case. * Second, the Plan maximizes the Debtor's assets available to pay creditors while allowing the Debtor to continue its mission. The Debtor believes it is using the most it is able to use from its assets available to pay creditors and that the remaining assets are needed to allow the Debtor to continue its mission. Perhaps most materially, the Plan reflects the Debtor's willingness to make deep sacrifices by liquidating assets in order to compensate survivors of sexual abuse in a way that is fair and equitable pursuant to Section 1129(b)(2) of the Bankruptcy Code. The Plan contemplates the following contributions from the Debtor, totaling $115 million: -- The $63 million Initial Debtor Contribution (to be paid to the Survivors' Trust on the Effective Date) reflects the maximum amount cash the Debtor can contribute to the Survivors' Trust on the Effective Date while allowing the Debtor to continue its mission. -- The $52 million dollars to be contributed by the Reorganized Debtor to the Survivors' Trust during the five years following the Effective Date reflects the maximum amount of cash the Debtor can contribute to the Survivors' Trust while allowing the Reorganized Debtor to continue its mission. The Reorganized Debtor will meet its contribution obligations, which include the $52 million dollars to be contributed to the Survivors' Trust and the amounts needed to service the existing and contemplated debt obligations to RCC, by selling real estate (including some Church property and including both vacant and non-vacant land). During each of the four years following the Effective Date, the Reorganized Debtor will transfer to the Survivors' Trust $10 million dollars of proceeds from the sale of such real estate. In the fifth year, the Reorganized Debtor will transfer $12 million of proceeds. The Reorganized Debtor will supplement contributions to the Survivors' Trust with additional unrestricted cash if necessary to meet its commitment to contribute $52 million dollars to the Survivors' Trust during the five years following the Effective Date. * Third, many of the Debtor's assets are either necessary for it to maintain basic operations, including for Churches within the Diocese of Oakland, or were donated to the Debtor for a specific, restricted purpose. Because the Debtor is a charitable entity, California law imposes limitations on the use of property donated subject to a restriction on use. As of March 9, 2025, 427 Abuse Claims were filed pursuant to the Bar Date Order. Of that number, 33 filed Abuse Claims are duplicative of other, timely filed claims. An additional 8 Abuse Claims were filed after the Bar Date, no motion to deem such claims as timely has been filed, and accordingly, such claims are untimely. After accounting for duplicative, untimely claims, 386 "unique" (non-duplicative, timely) claims remain. Of these 386 unique claims, the Debtor believes, based on various factors identified in its review of the Abuse Claims, approximately 345 Abuse Claims exist that may ultimately be entitled to distributions from the Survivors' Trust. However, the Debtor has not filed any objections to claims as of the filing of the Plan and understands that the provisions of the Survivors' Trust Distribution Plan will ultimately control which Claimants receive distributions and in what amount. Nothing in the Plan or this Disclosure Statement attempts to disallow any Allowed Claims or seeks a determination regarding allowance. Many of the Abuse Claims are asserted to be of six-figure or seven-figure amounts, and many are listed as having an unknown amount. The Abuse Claims present unique complexities of confidentiality, valuation, procedure, and appropriate and equitable treatment of Claims. After the Debtor's careful evaluation of all filed Claims with the assistance of the Debtor's advisors, the Debtor is confident that the Plan establishes protocols to ensure that Allowed Abuse Claims are compensated through an expedited, uniform claims process. Like in the prior iteration of the Plan, each Holder of Allowed General Unsecured Claim shall receive payment in Cash from the general operating revenues of the Reorganized Debtor in an amount equal to such Allowed General Unsecured Claim, payable no later than the later of (a) the date that is one year after the Effective Date, (b) the date that is twenty-one days after the date when such General Unsecured Claim becomes an Allowed General Unsecured Claim, or (c) the date on which the Holder of such General Unsecured Claim and the Reorganized Debtor shall otherwise agree in writing. The Survivors' Trust shall be funded with (i) aggregate Cash contributions from the Debtor and Reorganized Debtor (as applicable) of $115 million, (ii) any Cash contributions from a Contributing Non-Debtor Catholic Entity pursuant to Section 9.3.2 of the Plan, (iii) any proceeds held by the Debtor or the Reorganized Debtor on account of Insurance Settlement Agreements as set forth in and subject to the Plan, and (iv) the Assigned Insurance Interests. A full-text copy of the Third Amended Disclosure Statement dated April 3, 2025 is available at https://urlcurt.com/u?l=az9XEz from Kurtzman Carson Consultants LLC, claims agent. The Roman Catholic Bishop of Oakland is represented by: Jeffrey R. Blease, Esq. Thomas F. Carlucci, Esq. Shane J. Moses, Esq. Emil P. Khatchatourian, Esq. Ann Marie Uetz, Esq. Matthew D. Lee, Esq. FOLEY & LARDNER LLP 555 California Street, Suite 1700 San Francisco, CA 94104-1520 Email: jblease@foley.com tcarlucci@foley.com smoses@foley.com ekhatchatourian@foley.com auetz@foley.com mdlee@foley.com About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BIT-TECH LLC: Seeks Approval to Hire Pepper & Nason as Counsel -------------------------------------------------------------- Bit-Tech, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Pepper & Nason as counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. The firm's counsel will be paid at these hourly rates: Andrew Nason, Attorney $475 Emmett Pepper, Attorney $390 The firm received a retainer of $22,212 plus a filing fee of $1,788 and a deposit for the subchapter V trustee of $1,000. Mr. Nason 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: Andrew S. Nason, Esq. Pepper & Nason 8 Hale Street Charleston, WV 25301 Telephone: (304) 346-0361 About Bit-Tech LLC Bit-Tech LLC is a limited liability company. Bit-Tech LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-30108) on April 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Andrew S. Nason, Esq., at Pepper & Nason. BNG GROUP: To Sell Sterling Property to ABH Holding for $8.3MM -------------------------------------------------------------- BNG Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, to sell Real Property, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at 2 Pidgeon Hill Drive, Sterling, Virginia 20165. The Debtor was managed by Angela Shortall, as Chief Restructuring Officer (CRO). The Debtor is a Virginia limited liability company formed to own and operate the Property. The Property is improved by a four-story office/medical building, which is leased to a number of businesses including, but not limited to, a spa, dental practice, title company, and various counseling, financial, and healthcare service providers. The Debtor has two members, Valeria Gunkova and Harry Kamin. The lienholders of the Property are 2 Pidgeon Hill Drive LLC and PBK Invest VA LLC, and Small Business Administration, LLC. The Property is also encumbered by a Deed of Trust, Assignment of Rents and Security Agreement to secure a loan from Atlantic Union Bank to the Debtor in the original principal amount of $7,360,000.00. In addition to being a member of the Debtor, Ms. Gunkova, through her business Skin Logic, LLC, d/b/a Aria was also one of the Debtor's largest tenants. Skin Logic's failure to pay rent created a liquidity crisis for the Debtor. The Debtor was unable to pay its bills as they came due. Since her appointment, the CRO exposed the Property to the market for sale through an informal arrangement with Mark Irion of Transworld Business Advisors. The CRO became acquainted with Mr. Irion through his efforts to sell Skin Logic. Transworld is a recognized national leader in buying and selling businesses, and Mr. Irion has his more than 25 years of experience in leading, buying and selling businesses. Dr. Leila Kump, an ophthalmic surgeon and aesthetic medicine specialist, and her primary business is Aspectus Clinic in Great Falls, expresses interest in buying the Property. Kump, through her entity ABH Holding LLC, executed a purchase agreement with the Debtor and delivered a $100,000 non-refundable deposit to the CRO's counsel. The purchase price of the Property is $8,300,000 and is being sold "as is, where is," subject only to the Debtor's ability to deliver marketable title. As part of the contract, the Debtor will pay 6% to Mr. Irion and Transworld. The closing date of the sale will be on May 9, 2025 and the Bid procedures include $100,000 break-up fee, $125,000 initial bid increment, $25,000 subsequent bid increment. The Debtor shall have responsibility for paying any Cure Costs due in connection with the assumption and assignment of the Assigned Leases and Contracts. If 2 Pidgeon Hill moves for relief from the automatic stay to proceed with the foreclosure sale, the Debtor would be divested of ownership of the Property and thus its ability to maximize value for its creditors and the estate. About BNG Group, LLC BNG Group LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). BNG Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-10463) on March 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Lawrence A. Katz, Esq. at Hirschler Fleischer, PC. Angela Shortall serves as the Debtor's Chief Restructuring Officer. BOLLINGER MOTORS: Creditor Renews Bid to Appoint Receiver --------------------------------------------------------- Robert Bollinger, as the largest and sole secured creditor of Bollinger Motors, Inc., filed a renewed motion seeking the appointment of Gene Kohut as receiver over the Company and its assets. On March 24, the Plaintiff filed his Emergency Motion for Appointment of Receiver over the Defendant, which the Court denied without prejudice on March 31. The Court held that it would be appropriate to preserve the status quo pending an evidentiary hearing, recognizing there is "a significant likelihood that the company is insolvent, and there is a significant likelihood that they are not able to pay their debt to Mr. Bollinger as they are required to do." The Plaintiff filed the renewed motion stating that a receiver is necessary in order to preserve the assets pledged for the repayment of a $10 million loan he made and upon which the Company is now in default. Moreover, as set forth in his Declaration, only a receiver can try to sell Bollinger Motors as a going concern while also retaining the current employees by meeting the payroll that he has committed to fund. The Plaintiff believes a sale pursuant to the independent oversight of an experienced receiver is the only available avenue for Bollinger Motors. The Plaintiff maintains a money judgment will not be adequate to compensate him because Bollinger Motors has significantly more creditors than its assets could satisfy. The immediate appointment of a receiver is the only way to ensure the assets are properly collected for the benefit of Mr. Bollinger and the unsecured creditors, the Plaintiff contends. Bollinger Motors, Inc. is an American automobile manufacturer of electric vehicles based in Oak Park, Michigan. Robert Bollinger, the company's largest and sole secured creditor, has commenced receivership proceedings against the Company. The case is styled ROBERT BOLLINGER v. BOLLINGER MOTORS, INC., Case No. 2:25-cv-10790 (E.D. Mich.). Mr. Bollinger is represented by: H. William Burdett, Jr., Esq. Thomas H. Boyd, Esq. WINTHROP & WEINSTINE, P.A. P.O. Box 15038 Lansing, MI 48901 Telephone: (313) 318-9203 E-mail: bburdett@winthrop.com The Company is represented by: Miles T. Macik, Esq. HOWARD & HOWARD ATTORNEYS PLLC 450 West Fourth Street Royal Oak, MI 48067-2557 Telephone: (248) 645-1483 E-mail: mtm@h2law.com BOLLINGER MOTORS: Objects to Renewed Motion to Appoint Receiver --------------------------------------------------------------- In the case styled ROBERT BOLLINGER v. BOLLINGER MOTORS, INC., Case No. 2:25-cv-10790 (E.D. Mich.), the Defendant filed a response in opposition to the secured creditor's renewed emergency motion for appointment of receiver without an evidentiary hearing. The Defendant asserts that there is no new evidence presented by Plaintiff that his collateral, which secures his claim under the Note, is at risk of theft, loss, or destruction. The argument raised by Plaintiff to the sale of Defendant's on hand "Inventory" remains disputed, and as a matter of law, the on hand "Inventory" is not part of Plaintiff's alleged collateral. For these reasons, the factual issues remain as Plaintiff's burden, and are precisely why the evidentiary hearing remains necessary, says the Defendant. Moreover, to the extent there is any ambiguity in the Note (and there is not), the parties' course of performance and the status quo, before this lawsuit was filed, confirm that the Inventory was not treated as part of Plaintiff's collateral under the Note. For example, before the lawsuit was filed, the Defendant regularly used the proceeds from the sale of its Inventory to support its continuing business obligations. The Plaintiff now wants to stop that practice and course of performance, as if a judgment has already been entered by the Court on yet another ultimate issue in the case -- the alleged breach of the Note. Bollinger Motors, Inc. is an American automobile manufacturer of electric vehicles based in Oak Park, Michigan. Robert Bollinger, the company's largest and sole secured creditor, has commenced receivership proceedings against the Company, asserting that the Company has defaulted on a $10 million loan. The case is styled ROBERT BOLLINGER v. BOLLINGER MOTORS, INC., Case No. 2:25-cv-10790 (E.D. Mich.). Mr. Bollinger is represented by H. William Burdett, Jr., Esq., and Thomas H. Boyd, Esq., at WINTHROP & WEINSTINE, P.A. The Company is represented by Miles T. Macik, Esq., at HOWARD & HOWARD ATTORNEYS PLLC. BRIGHT CARE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 16 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bright Care Veterinary Hospital, Inc. About Bright Care Veterinary Hospital Bright Care Veterinary Hospital, Inc. filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10900) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Alireza Gorgi, president of Bright Care, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor is represented by: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. Tel: 310-229-1234 Email: dbg@lnbyg.com BROKENSTRAW VALLEY: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------------- On May 2, 2025, Brokenstraw Valley Winery LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Brokenstraw Valley Winery LLC Brokenstraw Valley Winery LLC is a winery operation based in Wilcox, Pennsylvania. Brokenstraw Valley Winery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10249) on May 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge John C. Melaragno handles the case. CAN BROTHERS: Unsecureds Will Get 15% of Clams over 48 Months ------------------------------------------------------------- CAN Brothers Construction, Inc., submitted a Third Amended Disclosure Statement in connection with the Plan of Reorganization dated April 4, 2025. This Third Amended Disclosure Statement describes the Debtor's plan to reorganize its business debt and remain in operation. The Third Amended Disclosure Statement and the Plan under Chapter 11 of the Code propose to address claims of creditors from ongoing operation of the Debtor's business, providing payment in full of equipment lien holders and secured lien holders. The Plan provides for one class of secured claims, Class 2 consisting of the Bank of NH, IOU and the SBA and the equipment lien holders who will continue to receive monthly payments until paid in full. Class 3 is the class of unsecured claim holders. The unsecured creditor class will receive its first dividend payment within thirty days of confirmation. The Debtor has approximately $1,588,136.82 in unsecured debt. The Debtor anticipates that the final amount of unsecured debt will be reduced once objections to proofs of claim are determined. The Debtor will fund a Plan from income earned from site and construction work on contracts. The Debtor expects that General Unsecured Creditors will receive a dividend of fifteen percent, depending upon the amount of the holders of allowed General Unsecured Claims. The payment will be paid to unsecured creditors over a 48-month plan. The distribution to General Unsecured Creditors as proposed under this Plan is greater than the distribution that General Unsecured Creditors would receive in a Chapter 7 Liquidation which is estimated to be zero percent. Class 3 includes all General Unsecured Creditors and Claims, including all those creditors identified in Exhibit A, and OSHA. Creditors in Class 3 will receive dividend payments with the first payment to be made within thirty days of confirmation of the plan. Each unsecured creditor will receive a dividend payment of fifteen percent of its claim payable monthly over the 48-month life of the plan. The monthly dividend payment will be $4,962.93. The total dividend payment will be in the approximate amount of $238,813.67. Class 3 is impaired. The allowed unsecured claims total $1,588,136.80. The Debtor reserves the right to object to claims in this Class. The creditors in this Class shall have no further claims against the Debtor following completion of payment of their dividend. The Equity Interest holder is the owner and principal of the Debtor, Charles Therriault. He will retain his 100% ownership interest in the Debtor. The principal will retain responsibility for any personal guarantee associated with any claim of this Debtor. Upon confirmation of the plan, the Debtor will continue to operate the business, pay its monthly operating expenses, continue to submit bids for projects, and continue with the current management of the Debtor. The Debtor believes that the Financial Projections are reasonable under the circumstances. The Financial Projections demonstrate that the Debtor will be able to make the payments required by this Plan. A full-text copy of the Third Amended Disclosure Statement dated April 4, 2025 is available at https://urlcurt.com/u?l=MGtlgd from PacerMonitor.com at no charge. Counsel to the Debtor: Eleanor Wm. Dahar, Esq. Victor W. Dahar, PA 20 Merrimack Street Manchester, NH 03101 Telephone: (603) 622-6595 Facsimile: (603) 647-8054 Email: vdaharpa@att.net About CAN Brothers Construction CAN Brothers Construction, Inc., is a New Hampshire Corporation with the principal place of business located at 120 Ridge Road, Middleton, New Hampshire 03887. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 24-10115) on February 26, 2024. In the petition signed by Charles W. Therriault, Jr., president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Bruce A Harwood oversees the case. Eleanor Wm. Dahar, Esq., at VICTOR W. DAHAR PROFESSIONAL ASSOCIATION, is the Debtor's legal counsel. CAN'T COOK: Hires Stichter Riedel Blain & Postler as Counsel ------------------------------------------------------------ Can't Cook Right, LLC, doing business as Katie's Kafe, seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Stichter, Riedel, Blain & Postler, PA as counsel. The firm will render these services: (a) render legal advice with respect to the Debtor's powers and duties and the continued management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) appear before this court and the United States Trustee to represent and protect the interests of the Debtor; (d) assist with and participate in negotiations with creditors and other parties in interest in formulating a plan of reorganization, drafting such a plan, and taking necessary legal steps to confirm such a plan; (e) represent the Debtor in all adversary proceedings, contested matters, and matters involving administration of this case; (f) represent the Debtor in negotiations with potential financing contracts, security sources, and prepare instruments, and other documents necessary to obtain financing; and (g) perform all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. Wynn and Associates, the former firm of Michael Wynn, Esq., an attorney at Stichter, Riedel, Blain & Postler, received the aggregate sum of $6,000 on account of prepetition services and as a retainer for postpetition services. Mr. Wynn disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael A. Wynn, Esq. Stichter, Riedel, Blain & Postler PA 430 West 5th Street, Suite 400 Panama City, FL 32401 Telephone: (850) 303-7800 Email: Mwynn@srbp.com About Can't Cook Right Can't Cook Right, LLC, doing business as Katie's Kafe, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50074) on April 21, 2025. In the petition signed by James Pettis, sole member and manager, the Debtor disclosed under $1 million in both assets and liabilities. Michael A. Wynn, Esq., at Stichter, Riedel, Blain & Postler PA serves as the Debtor's counsel. CAN'T COOK: Seeks to Tap Stichter Riedel Blain & Postler as Counsel ------------------------------------------------------------------- Can't Cook Right Too, LLC, doing business as Crescent City Cafe, seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Stichter, Riedel, Blain & Postler, PA as counsel. The firm will render these services: (a) render legal advice with respect to the Debtor's powers and duties and the continued management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) appear before this court and the United States Trustee to represent and protect the interests of the Debtor; (d) assist with and participate in negotiations with creditors and other parties in interest in formulating a plan of reorganization, drafting such a plan, and taking necessary legal steps to confirm such a plan; (e) represent the Debtor in all adversary proceedings, contested matters, and matters involving administration of this case; (f) represent the Debtor in negotiations with potential financing contracts, security sources, and prepare instruments, and other documents necessary to obtain financing; and (g) perform all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. Wynn and Associates, the former firm of Michael Wynn, Esq., an attorney at Stichter, Riedel, Blain & Postler, received the aggregate sum of $6,000 on account of prepetition services and as a retainer for postpetition services. Mr. Wynn disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael A. Wynn, Esq. Stichter, Riedel, Blain & Postler PA 430 West 5th Street, Suite 400 Panama City, FL 32401 Telephone: (850) 303-7800 Email: Mwynn@srbp.com About Can't Cook Right Too Can't Cook Right, LLC, doing business as Crescent City Cafe, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50075) on April 21, 2025. In the petition signed by James Pettis, sole member and manager, the Debtor disclosed under $1 million in both assets and liabilities. Michael A. Wynn, Esq., at Stichter, Riedel, Blain & Postler PA serves as the Debtor's counsel. CARE NEW: Fitch Hikes Issuer Default Rating to 'BB', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded the long-term rating on the following series of bonds issued by or on behalf of Care New England (CNE) to 'BB' from 'BB-'. - $101.5 million Rhode Island Health and Educational Building Corporation hospital financing revenue bonds series 2016B (CNE); - $21.6 million CNE taxable series 2016C. Fitch has also upgraded Care New England's Issuer Default Rating (IDR) to 'BB' from 'BB-'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Care New England (RI) LT IDR BB Upgrade BB- Care New England (RI) /General Revenues/1 LT LT BB Upgrade BB- The upgrade and Stable Outlook reflect improvements in operations and cash flow, primarily driven by a comprehensive set of turnaround initiatives implemented in FY23. These initiatives focused strategically on enhancing revenue growth, optimizing revenue cycle management and controlling cost. Additionally, efforts to stimulate volume growth through clinical service expansions have contributed positively to the organization's financial performance. Management's proactive approach in recognizing the value and impact of these initiatives is evident through their ongoing monitoring and evaluation with operational teams. It is Fitch's opinion that the initiatives, along with strategic capital projects will continue to drive incremental improvement, reinforcing the organization's financial stability and supporting the rating upgrade. The rating is also supported by the market strength of Women and Infants Hospital (WIH), which captures 81% of all deliveries in Rhode Island and continues to work with Brown University with CNE's facilities serving as teaching hospitals for the Warren Alpert Medical School. SECURITY The bonds are secured by a pledge of gross revenues, a mortgage interest in certain hospital facilities and the debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Second Largest Market Share; Strength in Core Clinical Lines CNE has approximately 29% of its gross payor mix composed of Medicaid and self-pay patients and another 32% from Medicare. However, much of the Medicaid volume originates from pediatric and neo-natal services at WIH. CNE has 80 Neonatal Intensive Care Unit beds, 136 bassinets, and delivers over 9,000 babies a year, approximately a quarter of which are high risk pregnancies. Neo-natal specialty services are reimbursed at a higher rate by Medicaid than general adult services. CNE's overall market share in the greater Providence area is approximately 28.6%, which is the second leading market share behind Brown Health's (formerly LifeSpan) almost 45.5% share. CNE has a teaching affiliation with Brown University. In 2022, CNE signed an agreement to align their research operations with Brown's Division of Biology and Medicine, which includes the Warren Alpert Medical School and the Brown University School of Public Health. The agreement will help CNE compete for larger funding opportunities. The PSA consists of the city of Providence and five other local communities surrounding the hospital. Population growth in the PSA and the state has been weak compared to national levels over the past five years. Fitch expects the service area to continue to have population growth and median household levels that lag national levels. Operating Risk - 'b' Stabilized Operations with Improvement Expected CNE has improved profitability, with the operating EBITDA margin increasing significantly from 0.3% in fiscal 2022 to 3.3% through the first three months of fiscal 2025 (as of Dec. 31, 2024), which is consistent with FYE 2024 performance. The improvement results from initiatives targeting revenue cycle and labor costs, along with improved clinical documentation, reductions in length of stay, incremental revenue rate improvements and revenue supply chain optimization. Volume growth in higher- margin services also contributed to better performance. The fiscal 2025 budget incorporates a 3.5% operating EBITDA margins, reflecting the expectation for continued improvement in performance. Fitch believes that operations will continue to demonstrate incremental improvement given the current momentum and continued deployment of management's strategic initiatives. Moreover, management reports that the second half of the fiscal year is typically stronger, which should drive higher operating income. CNE's average age of plant is very elevated at 24.3 years, with capital spending over the last five years averaging below deprecation at 65% except for FY 2024, when CNE spent 180% of depreciation. The low levels of capital spending have historically been a concern for several reasons, however Fitch notes that CNE has successfully completed a couple of key projects over the last two years, which have had positive impact on volumes, including a new medical surgical unit at WIH, which opened in October 2023, and the construction of a new Labor and Delivery Unit (L&D) at WIH, opened March 2025. 100% of the L&D project cost was funded through philanthropy. Other significant capital projects include a contract with EPIC to expand the use of EPIC EHR from CNE's historical use for outpatient services to an enterprise wide- contract for both inpatient and outpatient services. The project is expected to go live Oct. 1, 2025, and cost $60 million to be spent over a five-year period. The project will be funded through CNE's operating cash flow. Management will also be focused on its outpatient strategy in 2025. Over the five- year forward look management expects to fund capital between 120%-130% of depreciation. Financial Profile - 'bb' Modest Financial Profile CNE's financial profile continues to improve. CNE's unrestricted reserves balance was $245 million as of Sept. 30, 2024, or 64 days cash on hand. Its unrestricted reserves compared with debt, as measured by cash-to-adjusted debt was a healthier 114% and is up notably from FY 2023 YE when unrestricted reserves totaled $172.1 million, or a weak 49 days cash on hand and 76% of long-term debt. The increase in liquidity, reflects decreased receivables and stronger cashflow. Additionally, an increase in current liabilities, particularly accounts payable, has temporarily bolstered CNE liquidity at year end. Through the first quarter of FY 2025 ended Dec. 31, 2025, unrestricted reserves totaled $150 million. The decrease is due to funding of employee benefits including, retirement and workers compensation accounts, as well has vendor payments, with accounts payable decreasing by $53.4 million. Management reports cash has grown measurably through April 2025. Fitch expects CNE will continue to post improved cash flow over the longer-term as result of management's efficiency efforts which should result in steady, albeit modest, improvement to the financial profile. CNE's investment allocation is relatively conservative with an even split, with about half invested in cash and fixed income and the other half in equities. Fitch views maintenance of liquidity as key to rating stability. The base case of Fitch's forward look reflects the expectation CNE will continue to generate incremental improvement in operating performance which should result in improving balance sheet resources relative to adjusted debt, especially with capital spending expected to remain equal to or below depreciation. In Fitch's stress case, CNE's cash-to-adjusted debt shows an improvement to above 100% by FYE 2029. Despite this improvement, the financial profile and ultimate rating remain constrained by the organization's weak liquidity as days cash on hand (DCOH) remains below 75 for nearly all of the base case and throughout the stress case. Asymmetric Additional Risk Considerations No additional asymmetric risk considerations are relevant to the rating. CNE's master trust indenture covenants include a liquidity covenant of 30 DCOH and debt service coverage (DSC) of 1.1x. at FYE. As of March 31, 2024, CNE had 48 DCOH and 3.1x DSC. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to sustain improved operating performance with operating EBITDA margins dropping consistently below 3%; - Balance sheet dilution, such that cash-to-adjusted debt drops below current levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - CNE would need to significantly improve its unrestricted cash reserves to levels that result in sustained cash-to-adjusted debt above 100% and/or improve its operating EBITDA levels consistently above 5% to be considered for a higher rating level. PROFILE Headquartered in Providence, RI, CNE consists of WIH (243 beds), Butler Hospital (psychiatric hospital, 143 beds), Kent Hospital (359 beds), The Providence Center (outpatient behavioral health), Kent County Visiting Nurses Association (VNA) and the Integra Community Care Network, an accountable care organization. In 2017, the 294-bed Memorial Hospital was closed except for a small ambulatory clinic and removed from the obligated group. The system employs approximately 300 physicians. CNE had operating revenues of $1.5 billion in in fiscal 2024. Fitch's analysis and financial ratios are based on consolidated financial statements. The Obligated Group accounts for approximately 91% of the consolidated operating revenues of CNE and approximately 99% of the consolidated assets of CNE. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from Lumesis. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. CAREPOINT HEALTH: Court Okays $20MM Interim DIP Funding ------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on Wednesday, May 7, 2025, a Delaware bankruptcy judge granted CarePoint Health Systems Inc.'s request for $20.5 million in funding through a sixth extension of its interim debtor-in-possession financing. About CarePoint Health CarePoint Health brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. For more information on its facilities, partners and services, visit www.carepointhealth.org. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CATHETER PRECISION: Forms Cardionomix, Eyes $1.5-Mil. Asset Buy --------------------------------------------------------------- Catheter Precision, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in February 2025, the Company formed its subsidiary Cardionomix, Inc., a Nevada Corporation, in order to pursue the possible acquisition of certain assets of Cardionomic, Inc., a Delaware corporation, which has ceased operations. Catheter said, "We issued 82% of the common stock of Cardionomix to the Company, 5% to David Jenkins, our Chief Executive Officer and Executive Chairman of the Board, 7% to FatBoy Capital L.P., an entity controlled by Mr. Jenkins, and 6% to certain business associates of Mr. Jenkins. These minority interests were issued to compensate these persons for bringing this business opportunity to the Company." The Company and Cardionomix are currently negotiating an asset purchase agreement with Cardionomic (assignment for the benefit of creditors), LLC, a California limited liability company, in its sole and limited capacity as assignee for the benefit of creditors of Cardionomic, Inc., a Delaware corporation, pursuant to which Cardionomix would purchase assets related to the Assignor's late-stage treatment in development for acute decompensated heart failure, consisting of patents and trademarks related to the Assignor's Cardiac Pulmonary Nerve Simulation (CNPS) System. In the Agreement as currently proposed, the Seller would represent that Assignor had previously transferred ownership of all of its right, title and interest in and to all of its tangible and intangible assets, including the Purchased Assets, to Seller, and, in so doing, also designated Seller to act, pursuant to California law, as the assignee for the benefit of creditors of Assignor. The proposed Agreement provides that at closing of the transaction, the Purchased Assets will be acquired by Cardionomix on an "AS IS" and "WHERE IS" basis, with limited representations from the Seller, in exchange for the issuance by the Company of 1,000,000 restricted shares of the Company's common stock, $0.0001 par value per share and the issuance by Cardionomix of a promissory note in the amount of $1.5 million, with simple interest accruing at 4% per annum on the principal thereof and no interest or principal payable until the maturity date of the Note, which will be three years following issuance of the Note. Following the closing of the proposed acquisition, should it occur, Cardionomix would have no significant assets other than the Purchased Assets. Accordingly, it would need to raise substantial funds in order to develop the Purchased Assets. "We have begun discussions with potential investors, but there can be no guarantee that we will be able to raise sufficient funds for this purpose on a timely basis or at all." Any such financing is likely to entail the issuance of additional securities by Cardionomix to such investors, which securities would also be likely to provide certain corporate governance rights. Such an issuance is expected to reduce the Company's ownership interest in Cardionomix, although it is expected that Cardionomix would remain a majority owned consolidated entity. The Company does not intend to pursue this financing unless and until it acquires the Purchased Assets. "We currently hope to sign and close this transaction in the first half of the second quarter of 2025, but we do not have a signed agreement with the Assignor and there can be no guarantee that we will do so in this time frame or at all," the Company concluded. About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of Dec. 31, 2024, the Company had $27.8 million in total assets, $16 million in total liabilities, and a total stockholders' equity of $11.8 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CELSIUS NETWORK: Court Rejects Data Breach Lawsuit Dismissal Bid ---------------------------------------------------------------- Ufonobong Umanah of Bloomberg Law reports that Cloudflare will face a lawsuit filed by Celsius Network's debtors after a federal bankruptcy judge denied its motion to dismiss. The debtors argue that Cloudflare failed to address a security vulnerability in time, leading to a cyberattack on BadgerDAO's systems in November 2021 that caused Celsius to lose over $50 million in assets. The judge found that the complaint adequately claims Cloudflare was responsible for safeguarding BadgerDAO and that its alleged negligence played a role in the financial losses. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CELSIUS NETWORK: Mashinsky Sentenced to 12 Yrs for Crypto Fraud --------------------------------------------------------------- Chris Dolmetsch of Bloomberg News reports that Alex Mashinsky, the founder of Celsius Network, was sentenced to 12 years in prison for defrauding hundreds of thousands of customers who were misled by the company’s promises of high returns on digital asset deposits. The 59-year-old former CEO, who pleaded guilty in December, received his sentence on Thursday, May 8, 2025, from U.S. District Judge John Koeltl in Manhattan. Prosecutors had pushed for a 20-year term, labeling him "unrepentant," according to Bloomberg News. Celsius' collapse was one of several major failures during the 2022 "crypto winter," which wiped out billions in cryptocurrency market value, the report states. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CFN ENTERPRISES: Reports $4.3 Million Net Loss for 2024 ------------------------------------------------------- CFN Enterprises Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $4,289,362 on $20,216,634 of net revenue for the year ended December 31, 2024, compared to a net loss of $15,186,762 on $3,537,632 of net revenue for the year ended December 31, 2023. CFN Enterprises said, "We have not generated sufficient revenues from our operations to fund our activities and are therefore dependent upon external sources for financing our operations. There is a risk that we will be unable to obtain the necessary financing to continue our operations on terms acceptable to us or at all. As a result, our independent registered public accounting firm has expressed in its auditors' report on the consolidated financial statements for December 31, 2024, a substantial doubt regarding our ability to continue as a going concern." Los Angeles, Calif.-based RBSM 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 losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. "This going concern opinion could materially limit our ability to raise additional funds through the issuance of equity or debt securities or otherwise. Future reports on our financial statements may include an explanatory paragraph with respect to our ability to continue as a going concern. If we cannot continue as a going concern, our stockholders may lose their entire investment in the common stock. "As of December 31, 2024, we had $373,834 in unrestricted cash and $7,630,295 in notes payable. "The Company had a working capital deficit of $19,240,445 and an accumulated deficit of $78,952,223 as of December 31, 2024. The Company also had a net loss of $4,289,362 for the year ended December 31, 2024. "Management's plan to continue as a going concern includes raising capital in the form of debt or equity, growing its existing business acquired under the Ranco Agreement, managing and reducing operating and overhead costs and continuing to pursue strategic transactions and opportunities including launching an e-commerce network focused on the sale of general wellness CBD, products," the Company concluded. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3h4kjbek About CFN Enterprises Inc. CFN Enterprises Inc owns and operates as a media agency. The Company offers creative and media network solutions for cannabis industry. CFN Enterprises serves customers in the United States. As of Dec. 31, 2024, the Company had $8,672,137 in total assets, $26,502,338 in total liabilities, and a total stockholders' deficit of $17,830,201. CHEFS' WAREHOUSE: S&P Affirms 'B+' ICR on Reduced Leverage ---------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on U.S.-based foodservice distributor Chefs' Warehouse Inc. and its 'BB-' issue-level rating on its senior secured term loan. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a default. S&P said, "The stable outlook reflects our expectation that the company will continue to increase its EBITDA base by expanding its presence in key growth markets while maintaining S&P Global Ratings-adjusted leverage in the mid-3x area. "We expect Chefs' operating performance trends to remain stable in 2025, driven by good strategic execution. Chefs' S&P Global Ratings-adjusted EBITDA grew about 13.9% on a trailing-12-month basis in the first quarter of 2024 to $259 million, with revenue growth of about 8%. Performance was driven by 10.7% growth in specialty sales and total net inflation impact of 5.2% with greater leveraging of operating expenses in the quarter. We forecast revenue growth will moderate this year to about 6%. "We expect the company's focus on integrating previous acquisitions and improving operational efficiencies such as route consolidation and technology enhancements this year will support earnings growth. Specifically, we forecast its S&P Global Ratings-adjusted EBITDA margin will improve to 6.7% in 2025 with S&P Global Ratings-adjusted EBITDA generation of $269 million compared with 6.5% and $248 million in 2024. However, larger operators in the industry have greater economies of scale, wider distribution networks, and better route density than Chefs', leading to greater EBITDA and FOCF generation. "We believe Chefs' exposure to tariffs is relatively limited given that its product sourcing is largely domestic. In our view, any potential impacts of tariffs will be passed to customers similar to inflation. Chefs' higher-end restaurant customers serve a more economically resilient customer base, and demand trends year-to-date have been relatively consistent. Still, Chefs' operating performance is susceptible to changes in food-away-from-home consumption and, given its customer focus on restaurants and fine dining establishments, we believe it could experience volume pressures if economic conditions continue to deteriorate. Additionally, despite good performance trends, Chefs' limited size and scale still meaningfully lags higher rated peers, resulting in lower levels of EBITDA and FOCF generation. As a result, we apply a negative comparable rating modifier to the rating. "We expect Chefs' will sustain S&P Global Ratings-adjusted leverage below 4x. Its S&P Global Ratings-adjusted leverage improved to 3.5x as of March 28, 2025, down from 4.1x in the prior year, driven by EBITDA growth and modest debt reduction. The company maintains a 2x-3x company-defined net leverage target and reported net leverage of 2.4x as of the end of the first quarter of 2025. The company aggressively pursued debt-funded acquisitions in 2022 and 2023, resulting in higher leverage and greater working capital needs, but it has since shifted its focus to primarily focus on integration and improving operational efficiency. We expect mergers and acquisitions to remain a component of Chefs' capital allocation strategy but anticipate deals will be smaller tuck-in opportunities that could strengthen the company's product offering or bolster its market presence. We believe modest debt reduction combined with EBITDA growth will result in S&P Global Ratings-adjusted leverage of about 3.4x at the end of 2025. We expect it to maintain S&P Global Ratings-adjusted leverage of 3x-4x and, as a result, we revised our financial risk profile to significant from aggressive. "We anticipate Chefs' will deploy cash toward share repurchases and modest debt reduction. We forecast Chefs' will generate FOCF of roughly $90 million in 2025. The company generated about $104 million of FOCF in 2024, supported by a working capital benefit and lower capital expenditure (capex). Our base case forecasts working capital outflows and about $50 million of capex in 2025. The company's capital spending in 2025 will support growth investments to drive further capacity expansion and enhance its digital infrastructure. We anticipate Chefs' will maintain capex levels within its target of roughly 1% of total sales over the next few years as it prioritizes its focus on improving its return on invested capital. We expect Chefs' will deploy free cash flow toward share purchases and modest debt repayment. Given the company's opportunistic approach to acquisitions, it could adjust its share buybacks and debt reduction depending on available opportunities. The company has adequate liquidity consisting of about $117 million in cash and $162 million available under its asset-based lending (ABL) facility as of March 28, 2025. "The stable outlook reflects our expectation that Chefs' modest EBITDA margin expansion over the next 12 months, coupled with its steady capex, will support positive FOCF generation and leverage in the mid-3x area." S&P could lower its ratings on Chefs' if: -- Its operating performance becomes pressured, possibly due to a weaker economic environment that leads to reduced restaurant spending, heightened competition, or integration challenges, resulting in weaker earnings and FOCF generation; or -- It pursues significant debt-funded acquisitions or shareholder returns that cause credit metrics to erode, including S&P Global Ratings-adjusted leverage approaching 5x, which would signal a shift to a more aggressive financial policy. Although unlikely over the next 12 months, S&P could raise its ratings on Chefs' Warehouse if: -- It expands its operating scale and diversity, leading to higher sales, profitability, and FOCF; and -- It maintains S&P Global Ratings-adjusted leverage at 3.5x or below on a sustained basis. CM CUSTOM: Section 341(a) Meeting of Creditors on June 10 --------------------------------------------------------- On May 2, 2025, CM Custom Siding LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 10, 2025 at 02:00 PM. About CM Custom Siding LLC CM Custom Siding LLC is a construction company based in Traskwood, Arkansas. CM Custom Siding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11515) on May 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by Vanessa Cash Adams, Esq. at Ar Law Partners, PLLC. CNX RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed CNX Resources Corporation's (CNX) Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch also affirmed the rating of the revolving credit facility at 'BBB-' with a Recovery Rating of 'RR1' and the senior unsecured notes at 'BB+'/'RR4'. The Rating Outlook is Stable. CNX rating reflects its material generation of FCF, Fitch's expectation that this trend will continue over the forecast horizon alongside debt reduction efforts, a robust hedging program, a lack of near-term maturities, and material liquidity. Key Rating Drivers Material FCF Generation: CNX's ability to consistently generate positive FCF is supportive to its credit quality. FCF is driven by the company's low-cost operating structure, reduced finding and development costs, strong hedging program that locks in future revenues, and modest production growth. CNX's strong hedging program increases certainty in projected cash flow despite the volatility of natural gas prices. Fitch anticipates continued positive FCF, which will be applied primarily to stock buybacks over the forecast horizon. Robust Hedging Program: Fitch views CNX's hedging strategy as a credit positive. The company has one of the strongest hedging positions in the industry. About 85% of CNX's expected 2025 gas production is hedged at an average of $2.58 per thousand cubic feet (mcf), and 75% of expected 2026 gas production is hedged at an average of $2.67/mcf. CNX attempts to match NYMEX and basis hedges for the next 12 months of production. The company maintains a material portion of hedges through 2028 at prices above $3.25/mcf as older legacy hedges roll off. Fitch believes CNX has a thoughtful hedging program that locks in expected returns and reduces cash flow volatility, while extensive basis hedging protects from potential disruptions in the Appalachian Basin. CNX's hedge program, combined with a low-cost structure, allows for capital allocation flexibility for its future development program. Production Scale and Inventory: Fitch believes scale is important as it can reduce operating and capital costs per unit and provides ability to enhance liquidity. CNX is significantly smaller in terms of production than other 'BB'-rated issuers, such as Ascent Resources Utica Holdings, LLC (BB-/Positive). CNX's low-cost position and focus on in-basin sales of gas are offset by a robust basis hedging strategy. However, this allows the company to avoid costly long-term transportation and gathering costs. Single Basin Risk: CNX's operations are primarily in Appalachia, which exposes the company to significant basis risk due to takeaway constraints, although differentials improved as new pipeline capacity was installed. CNX resisted signing into long-term, takeaway contracts to avoid entering firm transportation commitments that could have resulted in expensive long-term obligations. Instead, the company used hedges to mitigate pricing risk. Peer Analysis CNX's production profile of 1.5 billion cubic feet equivalent per day (bcfed) in 2024 is below that of Appalachian peers, such as Antero Resources Corporation (BBB-/Stable) at 3.4 bcfed, Ascent Resources Utica Holdings, LLC (BB-/Positive) at 2.2 bcfed, Expand Energy Company (BBB-/Stable) at 3.8 bcfed, and EQT Corporation (BBB-/Stable) at 6.1 bcfed. CNX's Fitch-calculated unit production expenses are $1.10 per thousand cubic feet of natural gas equivalent (mcfe) for 2024, which is well below peers except EQT at $1.07/mcfe. The remaining peers range from $1.40/mcfe at Expand to $2.55/mcfe for Antero. Midcycle leverage in the 1.5x area is in line with 'BB' category-rated peers. Fitch-calculated unhedged cash netback margin of 36%, as of YE 2024, was towards the high end of the range, with Antero at 20%, Ascent 28%, Expand at 29%, and EQT at 42%. CNX hedges about 85% of expected 2025 production compared with Expand at 53%, Ascent at 85% and EQT 53%. CNX attempts to match its NYMEX hedge with basis hedges, which provides significantly more price protection than peers. Fitch believes a strong hedge program is important given the volatility of natural gas prices. CNX's low-cost position and consistent hedging allows for strong stress case performance relative to peers. Key Assumptions - Floating rate debt using the three-month SOFR forward curve; - Henry Hub natural gas prices of $3.25/mcf in 2025, $3.00/mcf in 2026, $3.00 and $2.75/mcf thereafter; - West Texas Intermediate oil prices of $60/bbl in 2025, $60/bbl in 2026 and 2027, and $57/bbl thereafter; - Production increasing by around 11% in 2025, growth flat to mid-single digit thereafter; - Capex $500 million annually throughout the forecast period; - Convertible notes repaid in 2026; - FCF used for share repurchases. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to replace reserves or a material reduction in net production; - Mid-cycle EBITDA leverage above 2.5x; - Material reduction in FCF or reduced credit metrics from weakening of unit cost profile or allocation of FCF to shareholder-friendly actions; - Deviation from stated financial policy, including a material reduction in hedging. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Production scale approaching 2.5bcfed or proved reserves approaching 20 trillion cubic feet (tcfe); - An increase in diversification of upstream operations; - Mid-cycle EBITDA leverage approaching 1.5x. Liquidity and Debt Structure CNX has $443,000 of consolidated cash on hand and $1.33 billion of borrowing capacity on its revolver as of YE 2024, after consideration for LOC. Borrowing base and revolver commitments were $2.25 billion and $1.4 billion, respectively, as of YE 2024, and maturity is in May 2029. The RCF includes a springing maturity at any point after Jan. 30, 2026, if availability under the RCF, minus the aggregate principal amount of any and all such outstanding convertible notes is less than 20% of the aggregate commitments under the RCF. There is also a maximum net leverage ratio of no greater than 3.5/1.0, which is based on net debt. CNX must also maintain a minimum current ratio of no less than 1.0/1.0. CNX Midstream Partners LP has its own RCF not guaranteed by CNX. The facility has $600 million in commitments and had $16.1 million of borrowings outstanding, leaving availability at $583.9 million after consideration for LOC, as of YE 2029. Fitch considers CNX's maturity schedule manageable, with the next major maturity being the senior unsecured convertible notes in 2026. Fitch believes near-term liquidity should be sufficient, given the ability to generate material FCF, which benefits from a high degree of certainty through the hedge program and low-cost structure. Issuer Profile CNX is an independent oil and gas company focused on the exploration, development, production, gathering, processing and acquisition of natural gas properties primarily in the Appalachian Basin. It focuses on unconventional shale formations, primarily in the Marcellus and Utica shales. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CNX Resources Corporation LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ COSMOS GROUP: Swings to $4.7 Million Net Income in 2024 ------------------------------------------------------- Cosmos Group Holdings Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net income of $4,692,389 on $6,408 of net revenues for the year ended December 31, 2024, compared to a net loss of $77,330,993 with $nil net revenue for the year ended December 31, 2023. Lagos, Nigeria-based Lateef Awojobi - Lao Professionals, the Company's auditor since 2025, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company suffered an accumulated deficit of $(200,755,594). These matters raise substantial doubt about the Company's ability to continue as a going concern. Cosmos Group said, "Our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders. Our sources of capital in the past have included the sale of equity securities, which include common stock sold in private transactions and public offerings, lease liability and short-term and long-term debts. We believe that our current cash and other sources of liquidity are adequate to support general operations for at least the next 12 months. "We require additional funding to meet its ongoing obligations and to fund anticipated operating losses. Our auditor has expressed substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. "We expect to incur marketing and professional and administrative expenses as well expenses associated with maintaining our filings with the Commission. We will require additional funds during this time and will seek to raise the necessary additional capital. If we are unable to obtain additional financing, we may be required to reduce the scope of our business development activities, which could harm our business plans, financial condition and operating results. Additional funding may not be available on favorable terms, if at all. We intend to continue to fund its business by way of equity or debt financing and advances from related parties. Any inability to raise capital as needed would have a material adverse effect on our business, financial condition and results of operations. "If we cannot raise additional funds, we will have to cease business operations. As a result, our common stock investors might lose all of their investment," the Company concluded. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3cyfn57d About Cosmos Group Cosmos Group Holdings Inc. is a Nevada holding company with operations conducted through its subsidiaries based in Singapore and Hong Kong. The Company, through its subsidiaries, is engaged in two business segments: (i) the physical arts and collectibles business, and (ii) the financing/money lending business. As of Dec. 31, 2024, the Company had $43,344 in total assets, $41,272,390 in total liabilities, and a total stockholders' deficit of $41,229,046. COSMOS HEALTH: Reports $16.2 Million Net Loss for 2024 ------------------------------------------------------ Cosmos Health, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting that for the year ended period December 31, 2024, the Company had revenue of $54,426,402, net loss of $16,183,018 and net cash used in operations of $7,717,034. Additionally, as of December 31, 2024, the Company had negative working capital of $296,193, an accumulated deficit of $114,022,275, and stockholders' equity of $24,532,929. New York, N.Y.-based RBSM 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 incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. The Company's revenues are not able to sustain its operations, and concerns exist regarding the Company's ability to meet its obligations as they become due. The Company is subject to a number of risks to those of smaller commercial companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the need to obtain additional capital, competition from larger companies, and other pharmaceutical and health care companies. Management evaluated the conditions which raise substantial doubt about the Company's ability to continue as a going concern to determine if it can meet its obligations for the subsequent 12 months from the date of this filing. Management considered its ability to access future capital, curtail expenses if needed, expand product lines, and acquire new products. Management's plans include expansion of brand name products to the market, expanding the current product portfolio, and evaluating acquisition targets to expand distribution. The exclusive distribution agreement signed for its Sky Premium Life products in the United Arab Emirates and the significant orders already received, are expected to substantially strengthen its operating cash flow. Furthermore, the Company intends to vertically integrate the supply chain distribution network. On top of that, the Company plans to access the capital markets further in order to raise additional funds through equity offerings. More specifically, commencing from August 2025, the Company will be eligible to utilize an S-3 registration statement, (12 months following the date that the Company had regained compliance with Listing Rule 5250(c)(1)), to be in a position to raise equity capital more efficiently in conjunction with utilizing potential equity proceeds by its outstanding warrants. Management's plans also include postponing certain debt repayments, through achieving favorable amendments to its debt facilities and in parallel intends to make substantial efforts to receive additional debt financing. Moreover, the Company's management is considering of postponing certain repayments of suppliers and creditors. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans and eventually secure other sources of financing and attain profitable operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/m5jecrj2 About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies. It focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Additionally, Cosmos Health has entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, with offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. As of Dec. 31, 2024, the Company had $54,311,892 in total assets, $29,778,963 in total liabilities, and a total stockholders' equity of $24,532,929. CTF CHICAGO: Court Extends Cash Collateral Access to May 31 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division extended CTF Chicago, Inc.'s authority to use cash collateral from May 1 to May 31. The eighth interim order authorized CTF Chicago to use the cash collateral of Wintrust Bank, a pre-bankruptcy secured lender, to pay the expenses set forth in its budget. The budget shows projected expenses of $128,336 for the interim period. Wintrust Bank holds a senior lien on the company's assets valued at $781,571.93, with a subordinate lien by the U.S. Small Business Administration. As protection, Wintrust Bank was granted a replacement lien on substantially all of the company's assets, including cash collateral equivalents, cash and accounts receivable, to the same extent and with the same validity as its pre-bankruptcy lien. In addition, Wintrust Bank was granted an administrative expense claim under Section 507(b) of the Bankruptcy Code, subordinate only to the administrative claim of the Subchapter V trustee. The next hearing is scheduled for May 28. About CTF Chicago CTF Chicago, Inc. operates within a framework that requires substantial capital and resources. The company is structured to provide specific services or products, likely in a competitive market, given its presence in Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15580) with up to $50,000 in assets and up to $10 million in liabilities. Charles Graff, managing member, signed the petition. Judge Janet S. Baer oversees the case. The Debtor is represented by Richard G. Larsen, Esq., at Springer Larsen, LLC. Wintrust Bank, as lender, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Tel: 312-377-7891 aeres@dickinson-wright.com CURIS INC: Thomas Satterfield Jr. Holds 9.9% Equity Stake --------------------------------------------------------- Thomas A. Satterfield, Jr., disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, he beneficially owns 1,035,762 shares of Curis, Inc.'s common stock, including shares held directly and shares issuable upon the exercise of warrants and pre-funded warrants, subject to a 9.99% beneficial ownership limit of Curis, Inc.'s common stock, representing 9.9% of the 10,462,250 shares outstanding. Thomas A. Satterfield, Jr. may be reached at: 15 Colley Cove Drive Gulf Breeze, Florida, 32561 A full-text copy of Mr. Satterfield's SEC report is available at: https://tinyurl.com/mw6v2xe9 About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, 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 incurred recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Curis, Inc. had $42.5 million in total assets, $51.2 million in total liabilities, and $8.7 million in total stockholders' deficit. DANIMER SCIENTIFIC: Bid Procedures to Sell All Assets Approved -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved bidding procedures for the sale of substantially all of the assets of Danimer Scientific Inc. and its debtor-affiliates. The Debtors are selling: a) their PHA manufacturing and related lab facilities located in Winchester, Kentucky; b) their PLA manufacturing and related lab facilities in Bainbridge, GA and related intellectual property ; c) their manufacturing facility in Rochester, NY, and the related intellectual property); and d) their greenfield development, including certain real property and equipment. The Debtors will consider all viable options in accordance with the Bidding Procedures before determining if selling any of the 363 Sale Assets will, in their business judgment, maximize value for their estates as compared to available alternatives. According to the Debtors, they together with their advisors also conducted a robust prepetition marketing process to find a purchaser or an investor. Although various parties expressed interest in a transaction with the Debtors and advanced in the due diligence process, no viable investor emerged prepetition. With no other options remaining, the Debtors were forced to begin implementing a full-scale wind-down of their business operations shortly before the commencement of these Chapter 11 Cases in order to preserve liquidity. A hearing to approve and authorize the sale of any of the 363 Sale Assets to one or more Winning Bidders will be held before the Court on or before May 12, 2025 at 3:00 p.m. (prevailing Eastern Time) or such other date as determined by the Court. Objections to the sale must be filed no later than 5:00 p.m. (Prevailing Eastern Time) on May 7, 2025. Copies of the Bidding Procedures Order, the Bidding Procedures, the Stalking Horse Agreement, and any other related documents are available: upon visiting the Debtors' restructuring website at https://cases.stretto.com/danimerscientific. About Danimer Scientific Inc. Danimer Scientific, Inc., is a performance polymer company specializing in bioplastic replacement for traditional petroleum-based plastics. The company is based in Bainbridge, Georgia. Danimer Scientific Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10523) on March 18, 2025. In its petition, the Debtor estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Daniel J. DeFranceschi, Esq. at Richards, Layton & Finger. DB ASSETS: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------- On May 5, 2025, DB Assets 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 $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About DB Assets LLC 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. DB Assets LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55062) on May 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated Liabilities between $500,000 to $1 million. The Debtor is represented by Charles N. Kelley, Jr., Esq. at KELLEY LAW LLC. DC VENTURES: Seeks to Hire W. Thomas Bible Jr. as Legal Counsel --------------------------------------------------------------- DC Ventures, PLLC d/b/a Bryn Medical Center seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Law Office of W. Thomas Bible, Jr. d/b/a Tom Bible Law to represent them as counsel. The firm will render these services: a. advise the applicants as to their rights, duties, and powers as debtors-in-possession; b. investigate and if necessary, institute legal action on behalf of the Debtors to collect and recover assets of the estate of the Debtors; c. prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the applicants in this case; d. assist and counsel the Debtors in the preparation, presentation and confirmation of their disclosure statement and plan of reorganization; e. represent the Debtors at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and f. perform such other legal services as may be necessary in connection with this case. The firm received a retainer in the amount of $11,738. W. Thomas Bible, Jr, Esq., an attorney at Law Office of W. Thomas Bible, Jr., 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: W. Thomas Bible, Jr., Esq. Law Office of W. Thomas Bible, Jr. d/b/a Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Tel: (423) 424-3116 Fax: (423) 553-0639 Email: tom@tombiblelaw.com About DC Ventures, PLLC d/b/a Bryn Medi DC Ventures, PLLC d/b/a Bryn Medical Center, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tenn. Case No. 1:25-bk-11004) on April 23, 2025. The Debtor hires Law Office of W. Thomas Bible, Jr. d/b/a Tom Bible Law as counsel. DEQSER LLC: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Deqser LLC and its affiliates. The committee members are: 1. KPIP Urban Renewal II, LLC Attn: Stephen Nislick 78 John Miller Way, Suite 102 Kearny, NJ 07032 Phone: 201-306-8453 snislick@hugoneu.com 2. Hub Truck Rental Corp. Attn: Donna Blanc 94 Gazza Blvd. Farmingdale, NY 11735 Phone: 631-391-1071 Fax: 631-752-1066 dblanc@hubtruck.com 3. Facsimile Communications Industries, Inc. dba Atlantic Tomorrows Office Attn: Richard Perz 134 W. 26th Street New York, NY 10001 Phone: 347-515-2465 rperz@tomorrowsoffice.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. DIAMOND SCAFFOLD: Plan Admin. Taps Berger Singerman as Co-Counsel ----------------------------------------------------------------- Michael Moecker & Associates, Inc., plan administrator of Diamond Scaffold Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Berger Singerman LLP as its co-counsel. The firm will bill $600 per hour for the services rendered by Edward J. Peterson, Esq. In addition, the firm will seek reimbursement for expenses incurred. Mr. Peterson 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: Edward J. Peterson, Esq. Berger Singerman LLP 401 East Jackson Street, Suite 3300 Tampa, FL 33602 Tel: (813) 498-3400 Fax: (813) 527-3705 Email: epeterson@bergersingerman.com About Diamond Scaffold Services Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/ -- is an authorized distributor of Ring-lock, Cup-lock, Shoring, and Frame Scaffold. Diamond Scaffold Services, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June 21, 2022. In the petition filed by Jewell Wayne Sumrall, president, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Jerry Oldshue oversees the case. Alexandra K. Garrett, Esq., at Silver, Voit & Garrett, is the Debtor's counsel. Jason R. Watkins is serving as special counsel, representing the Debtor in various litigation. On July 21, 2022, the court appointed an official committee of unsecured creditors in this Chapter 11 case. The committee appointed Michael Moecker & Associates, Inc. as its plan administrator. DORMIFY INC: Plan Exclusivity Period Extended to June 19 -------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Dormify, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 19 and August 18, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that it is undertaking other activities which will return funds to the estate, such as investigating preferential and/or fraudulent transfer issues, which are expected to further augment estate funds. For these reasons, the Debtor is currently undertaking activities which will significantly augment the estate and will thus make a chapter 11 plan process both possible and successful. However, proposing a chapter 11 plan before these activities can be completed would be premature and would not allow sufficient time to successfully secure these funds for the estate, which is necessary to determine the amount of recovery to creditors under a chapter 11 plan. In addition, the Debtor is working closely with the Committee, the Secured Noteholders and other parties in interest throughout this process; and has been working to settle any outstanding issues with these parties as they arise. The Debtor has thus made very "significant progress in negotiations with its creditors," satisfying another Adelphia factor. The Debtor thus asserts that there is sufficient "cause" for an extension of the Exclusive Periods. Accordingly, the Debtor should be afforded a full and fair opportunity to propose, negotiate, and seek acceptances of a chapter 11 plan. The Debtor believes that the requested extension of the Exclusive Periods is warranted and appropriate under the circumstances. The Debtor submits that the requested extension is realistic and necessary, will not prejudice (but rather, will benefit) the legitimate interests of creditors and other parties in interest, and will afford the Debtor a meaningful opportunity to pursue a consensual plan, all as contemplated by chapter 11 of the Bankruptcy Code. Dormify, Inc., is represented by: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com - and - Harley J. Goldstein, Esq. Ainsley G. Moloney, Esq. Joshua M. Grenard, Esq. William H. Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: harleyg@goldmclaw.com ainsleyg@goldmclaw.com joshuag@goldmclaw.com willt@goldmcl About Dormify Inc. Dormify, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-12634) on Nov. 18, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Thomas M. Horan oversees the case. The Debtor tapped Goldstein & McClintock, LLLP, as counsel and B. Riley Advisory Services as financial advisor. Reliable Companies is the Debtor's claims and noticing agent. DOS POTRILLOS: Hires Moses S. Bardavid as Bankruptcy Counsel ------------------------------------------------------------ Dos Potrillos LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Law Offices of Moses S. Bardavid as bankruptcy counsel. The firm's services include: a. advising and representing the Debtor with respect to all matters and proceedings in the Chapter 11 case; b. advising the Debtor with respect to its affairs and duties as a Debtor in Possession; c. dealing with parties in interest and their attorneys and agents as is necessary during the pendency of the bankruptcy case; d. preparing on behalf of the Debtor, the required applications, orders and other legal papers; e. negotiating, formulating, drafting, and confirming a Plan of Reorganization and to attend hearings before this Court in connection with any proposed disclosure statements and plans of reorganization; f. examining all claims filed in the proceedings in order to determine their nature, extent, validity, and priority; and g. counseling the Debtor with respect to the bankruptcy and any other issues related to the case and performing all other legal services for the Debtor which may be necessary and desirable herein. The firm will be paid at the rate of $550 per hour. The Debtor paid the firm a retainer of $12,500, and $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bardavid 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: Moses Saul Bardavid, Esq. 15910 Ventura Boulevard Suite 1405 Encino, CA 91436 Tel: (818) 582-3463 Fax: (818) 582-3465 Email: mbardavid@hotmail.com About Dos Potrillos LLC Dos Potrillos LLC is engaged in the business of leasing real estate properties. Dos Potrillos LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13141) on April 16, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Moses S. Bardavid, Esq. at LAW OFFICES OF MOSES S. BARDAVID. EDGIO INC: Court Approves Chapter 11 Plan Disclosures ----------------------------------------------------- Vince Sullivan of Law360 reports that on Tuesday, May 6, 2025, the Delaware bankruptcy court approved Edgio Inc.'s Chapter 11 plan disclosure statement after the debtor's counsel stated that the filing was fully consensual. About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit bid of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. EDGIO INC: Seeks to Extend Plan Exclusivity to June 16 ------------------------------------------------------ Edgio, Inc. and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 16 and June 30, 2025, respectively. The relevant factors here point in the same direction: that there is more than sufficient cause to approve the extension of the Exclusive Periods: * The Debtors have made substantial good faith progress in the Chapter 11 Cases as evidenced by the recent filing of the Plan and the Disclosure Statement. * Since the filing of the Chapter 11 Cases, the Debtors have continued to pay substantially all of their undisputed, postpetition expenses and invoices. * The requested extension of the Exclusive Periods is the second such request made in the Chapter 11 Cases and comes approximately seven months after the Petition Date (three months after the first request for an extension). Since the First Exclusivity Extension Order, the Debtors have expended substantial resources in: (i) engaging in discussions and negotiations with key creditor constituencies; (ii) reconciling claims submitted after the passing of the general and government bar dates; (iii) evaluating and rejecting executory contracts and unexpired leases; (iv) complying with the requirements of the Bankruptcy Code and the Bankruptcy Rules; (v) negotiating the Plan Term Sheet and drafting and filing the Plan and the Disclosure Statement; and (vi) otherwise administering their estates for the benefit of their stakeholders. * The Debtors are not seeking an extension to prejudice the Debtors' creditor constituencies or grant the Debtors any unfair bargaining leverage. The Debtors have no ulterior motive in seeking an extension of the Exclusive Periods. The Debtors have been in regular communication with their creditor constituencies on numerous issues facing their estates, including formulation of a path forward for the Chapter 11 Cases and the terms of the Plan, and have worked diligently in the prepetition and postpetition periods to maximize the value of their estates. The Debtors explain that they will use the extended Exclusive Periods to solicit votes on the Plan, obtain confirmation of the Plan and exit from chapter 11 consistent with their fiduciary duties. The Debtors' substantial progress in negotiating with their creditors and administering their cases supports the extension of the Exclusive Periods. In addition, termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and the progress of the Chapter 11 Cases. Such termination may disincentivize creditors from negotiating with the Debtors and would certainly undermine the Debtors' efforts to successfully conclude the Chapter 11 Cases. Co-Counsel to the Debtors: Mark D. Collins, Esq. Russell C. Silberglied, Esq. Brendan J. Schlauch, Esq. Huiqi Liu, Esq. Emily R. Mathews, Esq. Gabrielle A. Colson, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King St. Wilmington, DE 19801 Tel: 1 (302) 651-7700 Fax: 1 (302) 651-7701 Email: Collins@RLF.com Silberglied@RLF.com Schlauch@RLF.com Liu@rlf.com Mathews@rlf.com Colson@rlf.com -and- Dennis F. Dunne, Esq. Tyson Lomazow, Esq. Lauren C. Doyle, Esq. Benjamin M. Schak, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001 Phone: 1 (212) 530-5000 Email: DDunne@Milbank.com TLomazow@Milbank.com LDoyle@Milbank.com BSchak@Milbank.com About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit bid of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. ELEMENTS UES: Court Extends Cash Collateral Access -------------------------------------------------- Elements UES, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The fifth interim order authorized the company to use cash collateral in accordance with its budget pending entry of a further interim or final order. As protection for the use of their cash collateral, Fund-Ex Solutions Group and the U.S. Small Business Administration were granted replacement liens on the company's assets, including cash collateral, to the same extent, validity, priority, and nature as their pre-bankruptcy liens. As additional protection, Fund-Ex and SBA will continue to receive monthly payments of $6,500 and $455.25, respectively. The monthly payments started in March. A final hearing is scheduled for May 13. About Elements UES Elements UES, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10033) on January 12, 2025, listing between $1 million and $10 million in both assets and liabilities. Andrea Fornarola Hunsberger, president and chief executive officer of Elements UES, signed the petition. Judge Michael E. Wiles presides over the case. Ralph E. Preite, Esq., at Cullen and Dykman, LLP represents the Debtor as legal counsel. Fund-Ex Solutions Group, as secured creditor, is represented by: Michele K. Jaspan, Esq. Chuhak & Tecson, P.C. 265 Sunrise Highway, Suite 50 Rockville Centre, NY 11570 Phone: (646) 532-4636 / (646) 532-4621 Fax: (516) 599-0889 mjaspan@chuhak.com ELMWOOD VENTURES: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Elmwood Ventures LLC d/b/a Buddha-Bar New York 62 Thomas Street New York, NY 10013 Business Description: Elmwood Ventures LLC, doing business as Buddha-Bar New York, operates a modern Asian fusion restaurant located at 62 Thomas Street in the Tribeca neighborhood of Manhattan. The venue features a two-story dining space with a prominent 16-foot Buddha sculpture and offers dinner service from Wednesday to Sunday. Chapter 11 Petition Date: May 6, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-10932 Judge: Hon. Martin Glenn Debtor's Counsel: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Second Floor New York, NY 10013 E-mail: lmorrison@m-t-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stefan Stefanov as authorized signatory. A copy of the Debtor's list of 20 unsecured creditors is available for free on Pacermonitor at: https://www.pacermonitor.com/view/DB4AOEA/Elmwood_Ventures_LLC__nysbke-25-10932__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DHYKWTI/Elmwood_Ventures_LLC__nysbke-25-10932__0001.0.pdf?mcid=tGE4TAMA ENGLOBAL CORP: William Coskey Holds 22% Stake as of April 10 ------------------------------------------------------------ William A. Coskey and Alliance 2000, Ltd. disclosed in a Schedule 13D (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of April 10, 2025, they beneficially owned 1,133,660 shares of ENGlobal Corporation's common stock, consisting of 1,105,075 shares held by Alliance 2000, Ltd. and 28,585 shares jointly held by Mr. Coskey and his spouse. Mr. Coskey may be deemed to have shared voting and/or dispositive power with respect to the shares held by Alliance as President of BHC Management Corp., the sole general partner of Alliance. This ownership represents approximately 22% of the 5,156,583 shares of common stock outstanding as reported in the Company's Quarterly Report on Form 10-Q filed on November 12, 2024. William A. Coskey and Alliance 2000, Ltd. may be reached through: William A. Coskey, President 3 Dashwood Court, The Hills, TX 78738 Tel: (512) 351-9064 A full-text copy of Mr. Coskey's SEC report is available at: https://tinyurl.com/4tyuk93v About ENGlobal Corporation ENGlobal Corporation and its debtor affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90083) on March 5, 2025. At the time of the filing, ENGlobal listed between $10 million and $50 million in both assets and liabilities. Judge Alfredo R Perez handles the case. Ryan Anthony O'Connor, Esq., at Okin Adams, LLP represents the Debtor as counsel. EPIC SMOKEHOUSE: Seeks to Hire Chung & Press as Bankruptcy Counsel ------------------------------------------------------------------ Epic Smokehouse, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Chung & Press, PC as its counsel. The firm will render these services: (a) assist and advise the Debtor relative to the administration of this proceeding; (b) represent the Debtor before the Bankruptcy Court and advise it on all pending litigations, hearings, motions, and of the decisions of the Bankruptcy Court; (c) review and analyze all applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding and advise the Debtor thereon; (d) attend all meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; (e) communicate with creditors and all other parties in interest; (f) assist the Debtor in preparing all necessary applications, motions, orders, supporting positions it taken, and prepare witnesses and review documents in this regard; (g) confer with all other professionals and by any other party in interest; (h) assist the Debtor in negotiations with creditors or third parties concerning the terms of any proposed plan of reorganization; (i) prepare, draft, and prosecute the plan of reorganization and disclosure statement; and (j) assist the Debtor in performing such other services as may be in its interest and the estate and perform all other legal services. Daniel Press, Esq., the primary attorney in this representation, will be paid at his hourly rate of $495. Mr. Press 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: Daniel M. Press, Esq. Chung & Press, PC 6718 Whittier Ave, Suite 200 McLean, VA 22101 Telephone: (703) 734-3800 Facsimile: (703) 734-0590 Email: dpress@chung-press.com About Epic Smokehouse LLC Epic Smokehouse LLC operates a barbecue and steakhouse restaurant in Arlington, Virginia. Founded in 2012, the establishment offers a menu that blends traditional smoked meats with upscale dishes and cocktails. The restaurant is located near Pentagon City and serves both lunch and dinner, including weekend brunch. Epic Smokehouse LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-10855) on April 28, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Daniel Press, Esq. at Chung & Press, PC. ESCO OIL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: ESCO Oil Operating Company LLC 5005 Riverway Drive, Suite 440 Houston TX 77056 Business Description: ESCO Oil Operating Company LLC is a Texas- based oil and gas operator engaged in managing producing wells primarily in Maverick County. The Company is headquartered in Houston and holds mineral interests across multiple counties in the state. Chapter 11 Petition Date: May 6, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-32573 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Leonard Simon, Esq. PENDERGRAFT & SIMON LLP 2777 Allen Parkway Suite 800 Houston TX 77019 Tel: 713-528-8555 E-mail: lsimon@pendergraftsimon.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Danny Davis as president-member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on Pacermonitor at: https://www.pacermonitor.com/view/PMB4RDA/ESCO_Oil_Operating_Company_LLC__txsbke-25-32573__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PASEUMY/ESCO_Oil_Operating_Company_LLC__txsbke-25-32573__0001.0.pdf?mcid=tGE4TAMA EXACTECH INC: Creditors Barred from Sharing Solicitation Packages ----------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge denied a request on Wednesday, May 7, 2025, from Exactech's official committee of unsecured creditors to redistribute solicitation packages sent to tort claimants, citing a lack of legal grounds to approve the change. About Exactech, Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on Oct. 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, Exactech estimated assets and liabilities between $100 million and $500 million each. Young Conaway Stargatt & Taylor, LLP serves as as co-counsel to the Debtors. Riveron Management Services, LLC, is the Debtors' chief restructuring officer. Centerview Partners LLC is the investment banker. Kroll Restructuring Administration LLC is the claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. Brown Rudnick LLP is the Committee's counsel. EXTON OPERATING: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Exton Operating Group, Inc. About Exton Operating Group Inc. Exton Operating Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11126) on March 24, 2025, listing up to $500,000 in both assets and liabilities. Emad Elgeddawy, president of Exton Operating Group, signed the petition. Judge Ashely M. Chan oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and, represents the Debtor as legal counsel. EYENOVIA INC: Widens Net Loss to $49.8 Million in FY 2024 --------------------------------------------------------- Eyenovia, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting for years ended December 31, 2024 and 2023, net losses of approximately $49.8 million and $27.3 million, respectively, and used cash in operations of approximately $30.1 million and $23.8 million, respectively. As of December 31, 2024, the Company had cash and cash equivalents of approximately $2.1 million and an accumulated deficit of approximately $195.3 million. The Company does not have recurring revenue and have not yet achieved profitability and expects to continue to incur cash outflows from operations. New York, N.Y.-based Marcum LLP, 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 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. Implementation of the Company's plans and its ability to continue as a going concern will depend upon the Company's ability to generate sufficient recurring revenues, the Company's ability to raise further capital, through the sale of additional equity or debt securities or the completion of a transaction consistent with the strategic alternatives that we are exploring or otherwise, to support its future operations. Eyenovia said, "Our operating needs include the planned costs to operate our business, including amounts required to fund working capital and capital expenditures. Our future capital requirements and the adequacy of our available funds will depend on many factors, including our ability to successfully commercialize our products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement our product and service offerings. If we are unable to generate sufficient recurring revenues, secure additional capital, or the completion of a transaction consistent with the strategic alternatives that we are exploring. we may be required to curtail our research and development initiatives, take additional measures to reduce costs in order to conserve our cash or file for bankruptcy." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/yvktz776 About Eyenovia New York, N.Y.-based Eyenovia, Inc. is an ophthalmic technology company commercializing Mydcombi (tropicamide and phenylephrine HCL ophthalmic spray) for inducing mydriasis for routine diagnostic procedures and in conditions where short-term pupil dilation is desired, preparing for the commercialization of clobetasol propionate ophthalmic suspension 0.05% ("clobetasol propionate"), for the treatment of post-operative inflammation and pain following ocular surgery, and developing the Optejet delivery system both for use in combination with its own drug-device therapeutic programs and for out-licensing for use in combination with therapeutics for additional indications. The Company's aim is to improve the delivery of topical ophthalmic medication through the ergonomic design of the Optejet, which facilitates ease-of-use and delivery of a more physiologically appropriate medication volume, with the goal to reduce side effects and improve tolerability and introduce digital health technology to improve therapy compliance and ultimately medical outcomes. As of Dec. 31, 2024, the Company had $3.7 million in total assets, $16.8 million in total liabilities, and a total stockholders' deficit of $13.1 million. F21 OPCO: Committee Taps Cole Schotz PC as Delaware Co-Counsel -------------------------------------------------------------- The official committee of unsecured creditors of F21 OpCo, LLC and its debtor affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz P.C. as its Delaware co-counsel. The firm will render these services: a. serving as Delaware co-counsel to the Committee; b. handling any matters in which MWE may have a conflict; c. providing legal advice with respect to the Committee's powers, rights, duties and obligations in the Chapter 11 Cases; d. assisting and advising the Committee in its consultations with the Debtors regarding the administration of the Chapter 11 Cases; e. assisting the Committee in reviewing and negotiating terms for unsecured creditors with respect to (i) the use of debtor in possession financing and cash collateral, (ii) any sale of the Debtors' assets, including negotiating bid procedures and proposed asset purchase agreements, (iii) the confirmation of a chapter 11 plan, and (iv) other requests for relief which would impact unsecured creditors; f. investigating the liens asserted by the Debtors' lenders and any potential causes of action against the Debtors' lenders; g. advising the Committee on the corporate aspects of the Debtors' Chapter 11 Cases and any plan(s) or other means to effect the Debtors' liquidation, if any, that may be proposed in connection therewith and participation in the formulation of any such plan(s) or means of implementing the liquidation, as necessary; h. taking all necessary actions to protect and preserve the estates of the Debtors for the benefit of unsecured creditors; i. preparing on behalf of the Committee all necessary motions, applications, complaints, answers, orders, reports, papers and other pleadings and filings in connection with the Committee's duties in the Chapter 11 Cases; j. advising and representing the Committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protecting the interests of those represented by the Committee; and k. performing all other necessary legal services as may be required and authorized by the Committee that are in the best interests of unsecured creditors. The firm will be paid at these rates: Members $595 to $1,575 per hour Special Counsel $625 to $840 per hour Associates $380 to $675 per hour Paralegals $315 to $460 per hour Litigation Support Specialists $425 to $535 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response Paragraph D.1. of the Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Cole Schotz professionals working on this matter will bill at their standard hourly rates. 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 postpetition, explain the difference and the reasons for the difference. Response: Cole Schotz did not represent the Committee during the 12 months preceding the filing of the Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Cole Schotz expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Cole Schotz reserves all rights. Justin Alberto, Esq., an attorney at Cole Schotz, 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 R. Alberto, Esq. Cole Schotz, P.C. 500 Delaware Avenue, Suite 1410 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: jalberto@coleschotz.com About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The 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. F21 OPCO: Committee Taps McDermott Will & Emery LLP as Counsel -------------------------------------------------------------- The official committee of unsecured creditors of F21 OpCo, LLC and its debtor affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ McDermott Will & Emery LLP as its counsel. The firm will render these services: (a) advise the Committee regarding its rights, powers, and duties in the Chapter 11 Cases; (b) assist and advise the Committee in its consultations and negotiations with the Debtors and other parties in interest in connection with the administration of the Chapter 11 Cases; (c) solicit information from and provide information to the Debtors' unsecured creditors as a group; (d) assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and negotiating with holders of claims against and interests in the Debtors; (e) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and their insiders and of the operation of the Debtors' businesses; (f) assist the Committee in its analysis of, and negotiations with the Debtors and other parties concerning, matters related to, among other things, the assumption or rejection of executory contracts and unexpired leases, the sale or other disposition of property of the Debtors' estates, the financing of other transactions, and the terms of one or more plans of reorganization or liquidation for the Debtors and accompanying disclosure statements and related plan documents; (g) assist and advise the Committee on its communications with the Debtors' unsecured creditors as a group regarding significant matters in the Chapter 11 Cases; (h) monitor international proceedings involving the Debtors and property of the Debtors' estates; (i) represent the Committee at all hearings and other proceedings before the Court; (j) review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety and, to the extent deemed appropriate by the Committee, support, join, or object thereto; (k) advise and assist the Committee with respect to any legislative, regulatory, or governmental activities; (l) assist the Committee in its review and analysis of the Debtors' various agreements; (m) prepare, on behalf of the Committee, any pleadings, including, without limitation, motions, memoranda, complaints, objections, or comments in connection with any matter related to the Debtors or the Chapter 11 Cases; (n) investigate and analyze any claims belonging to the Debtors' estates; and (o) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's rights, powers, and duties, as set forth in the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and other applicable law. The firm's standard hourly rates are: Partners $1,500 to $2,365 Associates $895 to $1,485 Non-Lawyer Professionals $300 to $1,320 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: (a) McDermott has not agreed to a variation of its standard or customary billing arrangements for this engagement, except as disclosed; (b) none of McDermott's professionals included in this engagement have varied their rates based on the geographic location of the Chapter 11 Cases; (c) McDermott did not represent the Committee before the Petition Date; and (d) McDermott expects to develop a budget and staffing plan to comply with the U.S. Trustee's requests for information and additional disclosures, and any orders of the Court. Recognizing that unforeseeable fees and expenses may arise in large chapter 11 cases, McDermott may need to amend the budget as necessary to reflect changed circumstances or unanticipated developments. Darren Azman, Esq., a partner at McDermott Will & Emery 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: Darren Azman, Esq. McDermott Will & Emery LLP One Vanderbilt Avenue New York, New York 10017 Tel: (212) 547-5400 Email: dazman@mwe.com About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The 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. F21 OPCO: Committee Taps Province LLC as Financial Advisor ---------------------------------------------------------- The official committee of unsecured creditors of F21 OpCo, LLC and its debtor affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Province, LLC as financial advisor. The firm's services include: a. becoming familiar with and analyzing the Debtors' cash collateral budget, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtors; c. monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; f. assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; g. assisting the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and their affiliates, including certain transactions preceding the bankruptcy filing and the formation of the Debtors; h. analyzing claims against the Debtors and non-Debtor affiliates; i. assisting and advising the Committee and counsel regarding the identification and prosecution of estate claims, including in connection with any issues regarding the filing of the Case and the propriety of the filing; j. assisting and advising the Committee in its review and analysis of, and negotiations with the Debtors and non-Debtor affiliates related to, intercompany transactions and claims; k. preparing, or reviewing as applicable, avoidance action and claim analyses; l. assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, cash collateral budgets, and monthly operating reports; m. advising the Committee on the current state of these chapter 11 cases; n. preparing and updating waterfall analyses and the components thereof for the Committee to analyze potential claims recoveries under various scenarios; o. advising the Committee in negotiations with the Debtors and third parties as necessary; p. if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and q. other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's current standard hourly rates are: Per Hour (USD) Managing Directors and Partners $900 to $1,450 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $350 to $825 Paraprofessional / Admin $270 to $450 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Sanjuro Kietlinski, a partner at Province, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sanjuro Kietlinski, Esq. Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 Email: skietlinski@provincefirm.com About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The 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: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ On May 5, 2025, Family International Home Builders LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million tand $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Family International Home Builders LLC Family International Home Builders LLC Family International Home Builders LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02915) on May 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Family International Home Builders LLC handles the case. The Debtor is represented by Joel Aresty, Esq. JOEL M. ARESTY PA. FIRST CHOICE: Narrows Net Loss to $3.8 Million in 2024 ------------------------------------------------------ First Choice Healthcare Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting that during the year ended December 31, 2024, the Company experienced operating losses of approximately $1.3 million, net loss of approximately $3.8 million compared to $8.2 million in 2023, and corresponding cash outflows from operations of approximately $1.7 million. This performance reflected challenges in operating and restructuring the Company as a result of previous issues that confronted the Company in the healthcare market such as growing referral bases and negotiating favorable contract rates with third party payors for services rendered, the negative impact of the former CEO's indictment in November 2018, the bankruptcy from June 2020, and COVID-19. As a result of the CEO's actions, the Company has been subject to litigation, as well as incurring damage to its relationships with its employees and referral sources. Henderson, Nev.-based Bush & Associates CPA 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 suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon the success of its continuing efforts to acquire profitable companies, grow its revenue base, reduce operating costs, especially as related to provider services, and access additional sources of capital, and/or sell assets. The Company believes that it will be successful in repairing its relationships with employees and referral sources, generating growth and improved profitability resulting in improved cash flows from operations. Additionally, headcount was reduced in October 2021 and again in January 2023 to generate reductions in operating costs while the Company focused on developing and executing its future business strategy. However, in order to execute the Company's business development plan, which there can be no assurance we will achieve, the Company may need to raise additional funds through public or private equity offerings, debt financing, corporate collaborations or other means and potentially reduce operating expenditures. If the Company is unable to secure additional capital, it may have to curtail its business development initiatives and take additional measures to reduce costs in order to conserve its cash, thus raising substantial doubt about its ability to continue as a going concern more than one year from the date of issuance of the 2024 financial statements included in the 10-K filing. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/nhfnaz9c About First Choice Healthcare Melbourne, Fla.-based First Choice Healthcare Solutions, Inc. provides rehabilitative services, such as physical therapy. As of Dec. 31, 2024, the Company had $4.5 million in total assets, $37 million in total liabilities, and a total stockholders' deficit of $32.5 million. FIRST CLASS: Court Oks to Sell Excess Equipment ----------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved First Class Moving Systems, Inc. and its affiliates, Capital Asset Finance Inc., First Class Moving Systems of North Jersey Inc., First Class Moving of South Florida Inc., First Class Commercial Services of Orlando Inc., and FC Equipment Leasing Inc., to sell excess equipment, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell excess equipment, comprised largely of racking systems, wooden pallets, small equipment, and scrap materials The Court ordered the following procedures in the sale of the excess equipment: (a) All sales shall be to non-insider third-party purchasers (each a "Qualified Purchaser") in good faith, arms-length transactions; (b) The Debtors will provide notice of any proposed sale to the U.S. Small Business Administration and Valley National Bank two days prior to consummating the transaction. Absent an objection by the U.S. Small Business Administration and Valley National Bank, the Debtors are authorized to consummate the transaction; (c) Any Excess Equipment located in Orlando, Florida that does not sell on or before April 30, 2024, shall be relocated to the Tampa, Florida facility pending a sale pursuant to this Order; and (d) Any Excess Equipment located in Bound Brook, New Jersey that does not sell on or before May 31, 2025, may, in the sole discretion of the Debtors, be relocated to another facility and stored pending a sale or abandoned at the leased facility or elsewhere by the Debtors. Pending further order of the Court, the Purchase Price for each piece of Excess Equipment sold shall be held in escrow and the Purchase Price paid by any Qualified Purchaser to the Debtor shall constitute reasonably equivalent value and fair consideration. About First Class Moving Systems, Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. The Company has locations in Tampa, Miami/Fort Lauderdale, Gulfport, MS, Orlando, FL, and Bound Brook, NJ. First Class Moving Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. and Amy Denton Mayer, Esq. at STICHTER RIEDEL BLAIN & POSTLER, P.A. FIRST CLASS: Five Trailers Sale to Multiple Buyers OK'd ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved First Class Moving Systems, Inc. and its affiliates, Capital Asset Finance Inc., First Class Moving Systems of North Jersey Inc., First Class Moving of South Florida Inc., First Class Commercial Services of Orlando Inc., and FC Equipment Leasing Inc., to sell five trailers, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell the five trailers. -- 2023 Kentucky Model FVCC-D Tandem Axle 53' 1KKVE5322PL253627 to Siracusa Moving & Storage for $85,000 -- 2023 Kentucky Model FVCC-D Drop Frame Semi Trailer 1KKVE5326PL253629 to Piepho Moving & Storage, Inc. for $80,000 -- 2023 Kentucky Model FVCC-D Drop Frame Semi Trailer 1KKVE5326PL253628 to Siracusa Moving & Storage for $85,000 -- 2023 Kentucky Model FVCC-D Tandem Axle 53' 1KKVE5326PL254349 to Piepho Moving & Storage, Inc. for $80,000 -- 2023 Kentucky Model FVCC-D Drop Frame Semi Trailer 1KKVE5321PL254350 to Siracusa Moving & Storage for $76,000 The Court ordered that at closing, the Debtor shall pay Highland $73,524.46 per trailer, provided however, Highland shall be entitled to additional interest if Highland does not receive the payments by May 15, 2025. The sale transaction has been entered into by the Purchasers in good faith and the Purchasers are good faith purchasers of the Trailers About First Class Moving Systems, Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. The Company has locations in Tampa, Miami/Fort Lauderdale, Gulfport, MS, Orlando, FL, and Bound Brook, NJ. First Class Moving Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. and Amy Denton Mayer, Esq. at STICHTER RIEDEL BLAIN & POSTLER, P.A. FIRST CLASS: Storage Vaults Sale at New Jersey Location OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved First Class Moving Systems, Inc. and its affiliates, Capital Asset Finance Inc., First Class Moving Systems of North Jersey Inc., First Class Moving of South Florida Inc., First Class Commercial Services of Orlando Inc., and FC Equipment Leasing Inc., to sell 180 wooden 5' x 7' storage vaults containing customer contents to Beltmann Group Incorporation d/b/a Beltmann Relocation Group, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell per vault for $200.00 to Beltmann Group, a competitor of the Debtor. The Debtor is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. Pending further order of the Court, the Purchase Price for each Storage Vault sold shall be held in escrow and the Purchase Price paid by the Purchaser to the Debtor shall constitute reasonably equivalent value and fair consideration. About First Class Moving Systems, Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. The Company has locations in Tampa, Miami/Fort Lauderdale, Gulfport, MS, Orlando, FL, and Bound Brook, NJ. First Class Moving Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. and Amy Denton Mayer, Esq. at STICHTER RIEDEL BLAIN & POSTLER, P.A. FIRST CLASS: Trailer Sale to Rigo's Delivery Moving for $55K OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved First Class Moving Systems, Inc. and its affiliates, Capital Asset Finance Inc., First Class Moving Systems of North Jersey Inc., First Class Moving of South Florida Inc., First Class Commercial Services of Orlando Inc., and FC Equipment Leasing Inc., to trailer to Rigo's Delivery Moving and Storage, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell the 2015 Kentucky Trailer bearing identification number 1KKVE5322FL237085 Rigo's Delivery Moving and Storage for $55,000. The Court ordered that the transfer of the Trailer to the Purchaser shall be free and clear of liens, claims, encumbrances, and interests of any kind, however, Valley National Bank shall retain its liens on the truck and the sale proceeds. At closing, the sale proceeds shall be paid to Valley National Bank. The sale transaction has been entered into by the Purchaser in good faith and the Purchaser is a good faith purchaser of the Trailer. About First Class Moving Systems, Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. The Company has locations in Tampa, Miami/Fort Lauderdale, Gulfport, MS, Orlando, FL, and Bound Brook, NJ. First Class Moving Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. and Amy Denton Mayer, Esq. at STICHTER RIEDEL BLAIN & POSTLER, P.A. FLEET RENTS: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Fleet Rents, LLC received the green light from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The order penned by Judge Patricia Mayer authorized the company's interim use of cash collateral to pay its operating expenses in accordance with its budget. As protection from any diminution in the value of their collateral, the company's secured creditors were granted replacement liens on post-petition assets of the company to the same extent and priority as their pre-bankruptcy liens. In addition, Fleet Rents was authorized to continue making regular monthly payments on its secured loans. Fleet Rents believes its property, accounts receivable and equipment have a value of no less than $2,065,838. Considering that its books demonstrate that secured debts are less than $1,078,933.87, the company believes that even considered conservatively, the secured creditors have a significant equity cushion of at least $986,904.13 with respect to valid liens. A final hearing is scheduled for June 4, with objections due by May 15. About Fleet Rents LLC Fleet Rents LLC provides full-service maintenance and repair for commercial vehicles and equipment. The Company offers a range of services including project ramp-ups, preventative maintenance, DOT annual inspections, nationwide campaigns, mechanical repairs, and fabrication and welding. Fleet Rents LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11605) on April 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown, LLC Tel: 302-425-5806 Email: rgellert@gsbblaw.com FLY7 INSTALLATIONS: Taps Providence Financial as Accountant ----------------------------------------------------------- Fly7 Installations LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Providence Financial Services Group as its certified public accountant. The firm's services include: a. compiling books and records; b. preparing and filing all necessary tax returns on behalf of the Debtor in Possession; c. advising Debtor in Possession of its duties and responsibilities under the Internal Revenue Code; d. working with the Debtor in Possession in assessing its financial condition; and e. preparing monthly reports, and other matters that arise in the administration of this Chapter 11 case in bankruptcy relating to accounting matters. The firm will bill $125 per hour for the services rendered by Kelvin W. Arthur, CPA. Providence Financial Services Group is a disinterested person within the meaning of 11 U.S.C. Sec. 327, according to court filings. The firm can be reached through: Kelvin W. Arthur, CPA Providence Financial Services Group 5265 Providence Road, Suite 400 Virginia Beach, VA 23464 Tel: (757) 778-1573 Fax: (757) 378-0004 Email: karthurcpa@gmail.com About Fly7 Installations LLC Fly7 Installations LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70482) on March 8, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Frank J Santoro presides over the case. Carolyn Anne Bedi, Esq. at Bedi Legal, P.C. represents the Debtor as counsel. FORTNA GROUP: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on warehouse automation and services provider Fortna Group Inc. to 'CCC+' from 'B-'. S&P said, "At the same time, we lowered our issue-level rating on the company's existing $225 million revolving credit facility (RCF) and $1.47 billion first-lien term loan to 'CCC+' from 'B-' and the recovery rating to '4' from '3'. The '4' recovery rating indicates our expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. "The negative outlook on Fortna reflects heightened uncertainty in the operating environment and our forecast for a slower-than-expected pace of improvement in operating performance that will result in continued cash flow deficits over the next 12 months. We believe this may lead to a liquidity strain over time. "The downgrade to 'CCC+' reflects our view that Fortna is increasingly reliant on improved market conditions and materially stronger cash flow generation to sustain its capital structure and maintain adequate liquidity. We forecast FOCF to remain negative (a deficit of $70 million-$80 million) in 2025. This stems from our assumption of flat revenue growth, higher working capital needs to support the company's backlog with large sortation projects for UPS Network of the Future and Amazon, and capital expenditure (capex) of around $20 million. "While the company secured incremental debt to meet these funding needs, the incremental debt results in higher debt service burden over time, which could make the capital structure unsustainable over the long term absent solid EBITDA growth. Further, we believe there is heightened risk that FOCF remains negative beyond the next few quarters, translating to a strained liquidity position. "We no longer anticipate sufficient earnings growth to reduce leverage to manageable levels. Fortna issued a new $225 million incremental first-lien term loan (not rated) during the first quarter of 2025, and it used the proceeds to pay down all balances outstanding under its $225 million revolving credit facility. At the same time, the company issued a new $150 million accounts receivable financing facility (not rated) and drew about $100 million, as it intends to use the proceeds for working capital needs to grow its bookings and backlog. Although Fortna's liquidity, which we view as adequate, improves following these new issuances, these financing transactions increase an already elevated debt leverage. We forecast Fortna's S&P Global Ratings-adjusted leverage to increase to the 14x area in 2025, compared to 13.1x in 2024. "Although we anticipate good demand in e-commerce sales and some conversion of its backlog, we forecast Fortna's revenue will remain flat in 2025. Fortna's revenue declined about 10.5% in 2024, driven by its lower starting backlog and lower book-to-bill in 2023. Fortna's bookings have remained solid in 2024 with a nearly 36% increase in bookings year over year; however, these bookings were more back-end weighted. We don't expect these bookings to convert to revenue until the end of 2025 and more so in 2026, given the longer duration of the projects. Fortna typically converts its backlog to revenue over a roughly 18-month period (on average). In our view, the time it takes the company to convert its bookings to revenue has lengthened somewhat because of its increased exposure to larger parcel bookings, which take longer to convert due to the size and timing of these projects. "We believe the macroeconomic uncertainty could impair the appetite of Fortna's customers to undertake large capital-intensive automation projects. We believe higher-for-longer interest rates and tariff uncertainty could keep Fortna's customers on the sidelines and pressure our base-case forecast during the year. In addition, bookings could be delayed and shift to the right. "We assume cost-out initiatives will drive a slight improvement in S&P Global Ratings-adjusted EBITDA margins. Fortna improved its S&P Global Ratings-adjusted EBITDA margin to 8.3% in 2024, from 7.9% in 2023, due to cost-out initiatives, such as back-office headcount reductions and project execution improvements, as well as the nonrecurrence of transaction-related expenses in 2023. Notwithstanding the improvement, Fortna's EBITDA margins faced pressure in 2024 from more-competitive project bidding given the lower demand environment, as well as a shift towards more parcel work, which typically carries a lower margin profile than distribution and fulfillment (D&F) projects. We expect this trend to continue in 2025. Nevertheless, we forecast S&P Global Ratings-adjusted EBITDA margins to slightly improve to 8.5%-9% in 2025, supported by a beneficial mix from services growth and continued cost-management and project execution initiatives. "The negative outlook on Fortna reflects heightened uncertainty in the operating environment and our forecast for a slower-than-expected pace of improvement in operating performance that will result in continued cash flow deficits over the next 12 months. We believe this may lead to a liquidity strain over time." S&P could lower its rating on Fortna if it expects: -- Sustained negative FOCF generation or significantly reduced total available liquidity such that it is unable to manage its debt servicing obligations; -- Weaker-than-expected revenue or EBITDA margins such that there could be significant risk in refinancing its maturities over time; or -- An increased risk over the next 12 months of the company needing to consider a debt amendment or exchange transaction that S&P views as offering less than the original promise of its debt obligations to lenders. S&P could upgrade its rating on Fortna if it: -- Generates neutral to positive FOCF on a sustained basis while maintaining adequate liquidity; -- Achieves a level of leverage that S&P views as sustainable; and -- Maintains EBITDA interest coverage over 1x. FORTUNA AUCTION: Seeks to Hire Schulman Lobel as Accountant ----------------------------------------------------------- Fortuna Auction, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Schulman Lobel LLP as accountant. The firm will provide these services: (a) participate in meetings, whether in-person or telephonically, with the Debtor, and/or its counsel, as requested; (b) monitor the Debtor's activities regarding cash expenditures and general business operations; (c) manage or assist with any investigating into the pre-petition acts, conduct, transfers, liabilities and financial condition of the Debtor, its management, or creditors; (d) assist in the preparation and/or reviewing the monthly operating report and other schedules, as required by the local rules of the Court, and the United States Trustee's guidelines; (e) assist the Debtor and/or its counsel in any litigation proceedings against potential adversaries; (f) reconstruct if necessary, the Debtor's books and records prior to the Petition Date; (g) assist the Debtor with the preparation and filing of outstanding federal, state and local tax returns; and (h) perform any other services that the Debtor may deem necessary in the firm's role as its accountants, or that may be requested by its counsel. Norman Schulman, a certified public accountant at Schulman Lobel, 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: Norman Schulman, CPA Schulman Lobel LLP 1001 Ave. of the Americas, 2nd Floor New York, NY 10018 Telephone: (212) 868-5781 About Fortuna Auction Fortuna Auction, LLC is a boutique auction house specializing in fine, antique jewelry and luxury watches. Established in 2011, the Company offers a platform for collectors, wholesalers, retailers, and private clients to buy and sell jewelry and watches internationally. Fortuna Auction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10632) on April 1, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor tapped Tracy L. Klestadt, Esq., at Klestadt Winter Jureller Southard & Stevens, LLP as counsel and Norman Schulman, CPA, at Schulman Lobel LLP as accountant. FRANCHISE GROUP: Kahn Objects Plan to Cut Him From Cash Pot ----------------------------------------------------------- James Nani of Bloomberg Law reports that the former Franchise Group Inc. CEO Brian Kahn is contesting the bankrupt company's proposal to use $13.3 million in corporate funds to support litigation aimed at benefiting creditors. Kahn and his wife, Lauren -- who hold the largest equity stake in one of Franchise Group's bankrupt subsidiaries -- argued in a filing Wednesday, May 7, 2025, in the U.S. Bankruptcy Court for the District of Delaware that recent amendments to the Chapter 11 plan would leave them with no recovery and should be rejected, reports Bloomberg Law. According to the objection, equity holders in Freedom VCM Holdings LLC would receive a greater return through liquidation than under the proposed reorganization. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. FRANCHISE GROUP: Plan Exclusivity Period Extended to June 2 ----------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended Franchise Group, Inc., and its Debtor Affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 2 and July 31, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that these Chapter 11 Cases are undoubtedly large and complex with nearly $2 billion of funded debt obligations, 53 jointly-administered Debtor entities, a complex corporate and capital structure. As such, administering these Chapter 11 Cases requires significant input from the Debtors' management team and advisors on a wide range of complicated matters necessary to bring structure and consensus to a large and complex process. Accordingly, the size and complexity of these Chapter 11 Cases weigh in favor of extending the Exclusivity Periods. Since the Petition Date, the Debtors have paid their undisputed postpetition obligations in the ordinary course or as otherwise provided by Bankruptcy Court order. Importantly the Debtors maintain their ability to continue to pay their bills throughout these Chapter 11 Cases in light of the liquidity provided by the DIP Facility and through the continued use of cash collateral. Accordingly, this factor weighs in favor of extending the Exclusivity Periods. The Debtors claim that they are continuing to engage with all interested parties, including the Freedom Lender Group, in good faith, arm's length negotiations in an effort to reach a global resolution to the Freedom Lender Group's anticipated objections to Confirmation of the Plan, and the Freedom Lender Group will have the opportunity to raise issues with the Plan, as it may be amended or modified in the coming weeks, at Confirmation. Accordingly, the Debtors assert that the requested extension is warranted under the facts and circumstances of this case. Proposed Co-Counsel to the Debtors: Edmon L. Morton, Esq. Shella Borovinskaya, Esq. Matthew B. Lunn, Esq. Allison S. Mielke, Esq. Shella Borovinskaya, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: emorton@ycst.com mlunn@ycst.com amielke@ycst.com sborovinskaya@ycst.com Debra M. Sinclair, Esq. Matthew A. Feldman, Esq. Betsy L. Feldman, Esq. Joseph R. Brandt, Esq. WILLKIE FARR & GALLAGHER LLP 787 Seventh Avenue New York, New York 10019 Tel: (212) 728-8000 Fax: (212) 728-8111 E-mail: dsinclair@willkie.com mfeldman@willkie.com bfeldman@willkie.com jbrandt@willkie.com About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRANCIS TRUST: To Sell Penniman Property to Joshua Charles Wookey ----------------------------------------------------------------- Francis Trust LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine, to sell real estate located at 9 Penniman Road, Bristol, Maine, free and clear of liens, interests, and encumbrances. Jeffrey T. Piampiano was appointed as Subchapter V trustee of the case. The Debtor owns three parcels of real property: the Penniman Property, which is a three unit residential property; 25 Southside Road, Bristol, Maine (25 Southside Property) a single family residential property; and 43 Southside Road, Bristol, Maine, a parcel with multiple structures. The Debtor, moreover, has evaluated the viability and benefits of continuing to rent the Penniman Property compared to a sale (including as part of the Debtor’s pending reorganization strategy), and the Debtor has determined that it is in the best interests of the Debtor, its estate, and its creditors to sell the Penniman Property. To ensure a fair and adequate marketing process for the Penniman Property, the Debtor retains Peter Christine of Drum and Drum Real Estate, who has significant experience in marketing and selling similar properties in Maine and specifically in the Bristol, Maine area. The Debtor does not believe that it would be beneficial to the estate or creditors to continue marketing the Penniman Property or otherwise sell in a different manner, as doing so is unlikely to result in a higher sale price, and will otherwise cause significant delay in closing and realizing the value of the Penniman Property. Instead, the Debtor seeks to sell the Penniman Property now to realize the benefits of the Sale Proceeds as soon as possible for the benefit of creditors and the estate. The Debtor has identified the following creditors that may assert a security interest in the Penniman Property: a. Stormfield, SPV I, LLC which has a mortgage lien on all three of the Debtor's properties; and b. Town of Bristol, on account of unpaid real estate taxes. The Debtor requests entry of an order authorizing it to sell the Penniman Property to Joshua Charles Wookey, free and clear of all liens, claims, encumbrances, and interests, with the purchase price of $600,000.00. The Buyer provided an Escalation Addendum dated April 27, 2025, agreeing to increase the offer price to $650,000.00 if the seller receives a higher offer from another buyer. There is no property inspection contingency and is subject to a financing contingency for which the Buyer provided a pre-approval letter to the Debtor. The Debtor received three offers to purchase the Penniman Property. One other offer was for substantially similar terms as the terms offered by the Buyer. Consequently, the Debtor believes that the Escalation Addendum is effective, and the resulting purchase price for the Penniman Property is $650,000.00. The Debtor seeks authority to disburse the Sale Proceeds at closing to pay the following: (i) all outstanding property taxed owed Town of Bristol as of the closing date (estimated at approximately $9,000.00) ; (ii) the broker commission to Christine in the amount of $19,500.00 (3.00% of the purchase price); and (iii) de minimis ordinary and necessary closing costs (such as recording and title company fees); (iii) any remaining funds will be paid to Stormfield to be applied to its secured claim on the Penniman Property. The Debtor will not receive any funds from the Sale Transaction after the payment of sale related costs and payments to secured creditor. The Debtor submits that these expenses are reasonable and appropriate to pay at the closing of a sale transaction of the type proposed and such payments will help facilitate an orderly and timely closing process to the benefit of all constituents. About Francis Trust LLC Francis Trust LLC operates The Moorings of New Harbor, a lodging complex situated in New Harbor, Maine. This property offers a variety of accommodations, including private units in historic homes with harbor and ocean views. Amenities at The Moorings include an indoor heated pool, hot tub, tennis courts, and free Wi-Fi. Some units are pet-friendly and feature full kitchens, fireplaces, and expansive decks. Francis Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-10064) on April 15, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Peter G. Cary handles the case. The Debtor is represented by Tanya Sambatakos, Esq., at Molleur Law Firm. FRANCIS TRUST: To Sell Southside Property to Laura Farr Member -------------------------------------------------------------- Francis Trust LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine, to sell real property and improvements located at 25 Southside Road, Bristol, Maine, free and clear of liens, interests, and interests. The Debtor owns three parcels of real property: 4 Penniman Road, Bristol, Maine (Penniman Property), which is a three-unit residential property; 25 Southside Road, Bristol, Maine (25 Southside Property) a single-family residential property; and 43 Southside Road, Bristol, Maine, a parcel with multiple structures. The Debtor, moreover, has evaluated the viability and benefits of continuing to rent the 25 Southside Property compared to a sale (including as part of the Debtor's pending reorganization strategy), and the Debtor has determined that it is in the best interests of the Debtor, its estate, and its creditors to sell the 25 Southside Property. The Debtor wants to sell the Property to Laura Farr Member of Great Blue Heron Holdings, LLC, who offered a purchase price of $450,000.00. Jeffrey T. Piampiano was appointed as Subchapter V trustee of the case. To ensure a fair and adequate marketing process for the 25 Southside Property, the Debtor retained Peter Christine of Drum and Drum Real Estate, who has significant experience in marketing and selling similar properties in Maine and specifically in the Bristol, Maine area. The Debtor, moreover, does not believe that it would be beneficial to the estate or creditors to continue marketing the 25 Southside Property or otherwise sell in a different manner, as doing so is unlikely to result in a higher sale price, and will otherwise cause significant delay in closing and realizing the value of the 25 Southside Property. Instead, the Debtor seeks to sell the 25 Southside Property now to realize the benefits of the Sale Proceeds as soon as possible for the benefit of creditors and the estate. The Debtor has identified the following creditors that may assert a security interest in the 25 Southside Property: a. Stormfield, SPV I, LLC which has a mortgage lien on all three of the Debtor's properties; and b. Town of Bristol, on account of unpaid real estate taxes. The Debtor requests entry of an order authorizing it to sell the 25 Southside Property to Buyer free and clear of all liens, claims, encumbrances, and interests. About Francis Trust LLC Francis Trust LLC operates The Moorings of New Harbor, a lodging complex situated in New Harbor, Maine. This property offers a variety of accommodations, including private units in historic homes with harbor and ocean views. Amenities at The Moorings include an indoor heated pool, hot tub, tennis courts, and free Wi-Fi. Some units are pet-friendly and feature full kitchens, fireplaces, and expansive decks. Francis Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-10064) on April 15, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Peter G. Cary handles the case. The Debtor is represented by Tanya Sambatakos, Esq., at Molleur Law Firm. FREE SPEECH: Jones' Atty Requests Disciplinary Process Be Paused ---------------------------------------------------------------- Emily Sawicki of Law360 reports that Alex Jones' former lead attorney in Connecticut is seeking a pause on the final seven days of his suspension, requesting that the state appeals court stay the punishment while he pursues a renewed appeal. The suspension stems from his involvement in the improper transfer of confidential Sandy Hook family records to another Jones lawyer in Texas, the report states. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FREIRICH FOODS: Amends Motion to Sell NC Property at Auction ------------------------------------------------------------ Freirich Foods, Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division, to amend its motion to sell personal property at auction, free and clear of liens, interests, and encumbrances. The Debtor seeks to sell by an online public auction conducted by Iron Horse Auction Co., Inc., certain personal property of the Debtor and certain real property titled in the name of Freirich Holdings, LLC, a wholly owned subsidiary of the Debtor. The personal and real property will be sold free and clear of all liens, claims and interests, which will be transferred to the proceeds of sale. The Debtor seeks to modify the proposed auction dates as follows: a. Personal Property: Miscellaneous equipment, vehicles, trailers and material handling items located at the Real Property. The sale of the Personal Property will be absolute and not subject to confirmation by the Court, by public auction commencing at 8:00 a.m. Eastern on June 13, 2025, and concluding at 2:00 p.m. Eastern on June 20, 2025. b. Real Property: The real property located at 815 W. Kerr Street, Salisbury, North Carolina (PIN: 5760-13-14-6264) and 702 Holmes Street, Salisbury, North Carolina (PIN: 5760-13-24-0118), as more specifically set forth in the North Carolina General Warranty Deed recorded on March 20, 2014, at Book 1232, Page 917 of the Rowan County Register of Deeds, together with all fixtures or equipment affixed thereto. The sale of the Real Property will be subject to confirmation by the Court, by public auction commencing at 8:00 a.m. Eastern on June 13, 2025, and concluding at 12 noon Eastern on June 20, 2025. c. Requesting a hearing to consider confirmation of the proposed sale of the Real Property on June 24, 2025. The Debtor further proposes to authorize and schedule an auction for the sale of the Personal Property and the Real Property as set forth in the Motion as modified and schedule a hearing to consider confirmation of the proposed sale of the Real Property on June 24, 2025. About Freirich Foods, Inc. 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. GENERAL ENTERPRISE: CFO Nanuk Warman Reports 1MM Underlying Shares ------------------------------------------------------------------ Nanuk Warman, CFO and Secretary of General Enterprise Ventures, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of April 16, 2025, he beneficially owned 1,000,000 shares of Common Stock underlying Series C Convertible Preferred Stock, held indirectly as sole owner of Nanuk Warman CPA, Inc., with each preferred share convertible into 20 shares of Common Stock and no expiration date. A full-text copy of Mr. Warman's SEC report is available at: https://tinyurl.com/46ru2njf About General Enterprise Headquartered in Cheyenne, WY, General Enterprise Ventures, Inc. is an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. The Company acquired Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and patents pending for environmentally sustainable flame retardant and flame suppression technology. MFB's products are currently being sold to fire departments in the State of California. San Mateo, California-based WWC, P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that Company has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception and has a net loss of approximately $6.9 million and revenue of $0.8 million for the year ended December 31, 2024. The Company also has a working capital deficiency of approximately $0.5 million as of December 31, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $0.6 million outstanding at December 31, 2024. GIRARDI & KEESE: Tom Hospitalized, Will Miss Mental Test Hearing ---------------------------------------------------------------- Craig Clough of Law360 Bankruptcy Authority reports that disbarred attorney Tom Girardi was hospitalized on Wednesday, May 7, 2025, due to a liver issue and will be unable to appear at a mental competency hearing scheduled for Thursday before a California federal judge, his attorneys said in a court filing. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLOBAL CONCESSIONS: Hires Thompson Hine LLP as Special Counsel -------------------------------------------------------------- Global Concessions, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Thompson Hine, LLP as special counsel. The firm will provide these services: a. assist with corporate and transactional matters; b. negotiate contracts with vendors; c. advise regarding leases, franchise agreements, and related matters; d. prepare and interpret governing documents; and e. render related legal advice. The firm will be paid at the rate of $795 per hour. The firm is owed approximately $103,564.50 on account of services rendered and expenses incurred prior to the Petition Date in connection with the firm's employment by the Debtor pre-petition. The firm has not agreed to waive this claim, and as special counsel it is not required to do so. Coleman, 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: Michael V. Coleman, Esq. Thompson Hine, LLP Two Alliance Center 3560 Lenox Road NE, Suite 1600 Atlanta, GA 30326 Tel: (404) 541-2900 Email: michael.coleman@thompsonhine.com About Global Concessions, Inc. Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GMS INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR -------------------------------------------------------- S&P Global Ratings revised its outlook on GMS Inc. to stable from positive and affirmed its 'BB-' issuer credit rating on the company, as well as the 'BB-' and 'B' issue-level ratings on the company's senior secured and senior unsecured debt, respectively. The stable outlook reflects S&P's expectations that S&P Global Ratings-adjusted leverage will be sustained at 3x-4x over the next 12 months. S&P said, "Softer-than-expected business conditions have deteriorated earnings such that S&P Global Ratings-adjusted leverage to rise back to the 3x-4x range, reversing any improvement in credit quality and we do not expect a quick rebound in credit measures over the next 12 months. Given our view of weakened macroeconomic conditions, we expect overall reduced construction activities across both residential and commercial end markets. While we expect the company could have somewhat flat to slightly positive overall price realizations, we expect organic sales volumes will remain weak over the next three to four quarters. As such, we expect GMS Inc.'s revenue in fiscal years 2025 and 2026 (including the full-year impact from past acquisitions) could be $5.5 billion-$5.8 billion, S&P Global Ratings-adjusted earnings could be $550 million-$575 million and S&P Global Ratings-adjusted EBITDA margins could be closer to 10%, due to an unfavorable price-cost mix. Further, we expect the company will end fiscal 2025 with S&P Global Ratings-adjusted leverage of 3.0x-3.5x, and it could possibly remain at those levels over the next fiscal year. "S&P Global Ratings-adjusted leverage for 12 months ended Jan. 31, 2025, was 3x, compared to our expectations of being well within our 2x-3x range, while revenues and S&P Global Ratings-adjusted earnings were about 5%, which is 15% lower than our expectations. We believe the company's topline has been affected by weaker price realizations on steel products as well as generally slower residential construction from higher rates and affordability challenges, combined with continued softness in nonresidential markets including multifamily, office, and retail. "We believe GMS' business, earnings, and cash flows are susceptible to volatility from cyclical end markets and commodity costs. The recent performance further demonstrates this inherent cyclicality in the company's earnings. For instance, S&P Global Ratings-adjusted earnings were at their peak of $710 million as of fiscal year end 2023, when market conditions were very favorable; now we expect earnings will be more than 20% lower at fiscal year-end 2025. While the company's overall scale and earnings base has significantly expanded over the last few years due to organic growth and acquisitions, its overall product focus remains relatively niche-focused toward wallboard, structural steel, ceiling systems, and complementary products, when compared to larger general building material distributors. We believe smaller, less-diversified companies are more prone to volatility, particularly during times of economic stress. "Nonetheless, we recognize that improved scale in a highly fragmented and intensely competitive industry, such as building materials distribution, help increase competitive advantages and improve profitability. Therefore, we believe the company's business and operating prospects could continue to benefit from this growth in the longer term. "We believe the company's free cash generation and liquidity remain strong and credit measures contain some credit cushion, providing support against any further deterioration in credit quality. We expect GMS will generate $340 million-$360 million in operating cash flow annually over the next two years. That, combined with the company's cash on hand and availability under its credit facility, drive our favorable view of its liquidity. Further, we expect S&P Global Ratings-adjusted leverage could remain at the better end of the 3x-4x range despite current business conditions, providing some credit buffer against downside risks. However, financial policy and capital allocation priorities are key in maintaining credit quality through tougher business conditions. We expect the company will maintain financial prudence while making capital allocation decisions around organic and inorganic growth, as well as shareholder returns and preserving cash and balance sheet strength against challenging business conditions. "The stable outlook on GMS indicates our view the company can sustain S&P Global Ratings-adjusted leverage of 3x-4x through a business and construction cycle, while maintaining operating cash flow (OCF) to debt of 15%-25%." S&P may lower its ratings over the next 12 months if: -- S&P Global Ratings-adjusted EBITDA is more than 20% lower than S&P's base-case scenario, causing S&P Global Ratings-adjusted leverage to rise above 4x; or -- OCF to debt falls below 15%. This could occur in a severe recession that drastically slows down demand for GMS' products or if elevated cost inflation that it cannot pass on compresses its margins to under 10% on a sustained basis. This could also occur if the company undertakes a more aggressive financial policy, such as debt-financed acquisitions or shareholder-friendly actions, such that leverage rises above 4x with little prospect of a rapid recovery. S&P could raise its ratings over the next 12 months if: -- The company demonstrates a track record of maintaining S&P Global Ratings-adjusted leverage of 2x-3x and OCF to debt of over 25%, based on its S&P Global Ratings-adjusted EBITDA margins sustained around 12% and its financial policy actions; and -- S&P believes it can sustain these credit measures even during weaker market conditions. GRANITE CITY: Hires Michael T. Bowers as Accountant --------------------------------------------------- Granite City Mechanical, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Michael T. Bowers, CPA, an accountant practicing in Gastonia, N.C., as accountant. The firm will provide accounting services, assist the Debtor with regards to insolvency analysis, and assist in plan formation. The firm will be paid at these rates: Partner $300 per hour Bookkeeper $85 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael T. Bowers, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael T. Bowers, CPA 219 Wilmot Dr. Gastonia, NC 28054 Telephone: (704) 867-2394 Facsimile: (704) 867-5303 Email: mbowers@mbcpafirm.com About Granite City Mechanical Granite City Mechanical Inc. is a mechanical contractor in Mount Airy, North Carolina. Granite City Mechanical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-50323) on Aug. 30, 2024. In the petition signed by Sherri Fore, as officer, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Laura T. Beyer oversees the case. The Debtor is represented by: John C. Woodman, Esq. ESSEX RICHARDS PA 1701 South Boulevard Charlotte, NC 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 Email: jwoodman@essexrichads.com GREEN TERRACE: Hires Berger Singerman LLP as Bankruptcy Counsel --------------------------------------------------------------- Green Terrace Condominium Association Inc. seeks approval from U.S. Bankruptcy Court for the Southern District of Florida to hire the Law Firm of Berger Singerman LLP as bankruptcy 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 United States Trustee’s Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, draft orders, applications, adversary proceedings, and other legal documents necessary for the efficient administration of this case; (d) protect the interests of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with its creditors and in the preparation of a plan. The firm will be paid at these rates: Attorneys $450 to $925 per hour Of Counsel & Associate Attorneys $450 to $675 per hour Legal Assistants/Paralegals $125 to $425 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm requested a $120,000 security retainer. Michael J. Niles, Esq., a partner at Berger Singerman, 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 through: Michael J. Niles, Esq. Paul A. Avron, Esq. BERGER SINGERMAN LLP 201 E. Las Olas Boulevard, Suite 1500 Fort Lauderdale, FL 33301 Telephone: (954) 525-9900 Facsimile: (954) 523-2872 Email: nmiles@bergersingerman.com Email: pavron@bergersingerman.com About Green Terrace Condominium Association Inc. Green Terrace Condominium Association Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) 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. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq. at BERGER SINGERMAN LLP. GREENWAVE TECHNOLOGY: Posts $23.9 Million Net Loss for FY 2024 -------------------------------------------------------------- Greenwave Technology Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $23,917,353 on $33,315,859 of revenues for the year ended December 31, 2024, compared to a net loss of $26,935,990 on $35,667,982 of revenues for the year ended December 31, 2023. As of December 31, 2024, the Company had cash of $2,576,464 and a working capital deficit (current liabilities in excess of current assets) of $(13,453,459). During the year ended December 31, 2024, the net cash used in operating activities was $(17,254,723). The accumulated deficit as of December 31, 2024, was $(496,312,346). During the year ended December 31, 2024, there were proceeds from warrant exercises of $2,834,741, proceeds from the sale of common stock and warrants of $40,369,115, proceeds from bank overdrafts of $112,933, and proceeds from factoring advances of $2,843,950. New York, N.Y.-based RBSM LLP, 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 net loss, has generated negative cash flows from operating activities, has an accumulated deficit and has stated that substantial doubt exists about Company's ability to continue as a going concern. If the Company raises additional funds by issuing equity securities, its stockholders will experience dilution. Additional debt financing, if available, may involve covenants restricting its operations or its ability to incur additional debt. Any additional debt financing or additional equity that the Company raises may contain terms that are not favorable to it or its stockholders and require significant debt service payments, which diverts resources from other activities. The Company's ability to raise additional capital will be impacted by market conditions and the price of the Company's common stock. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3z8t2ba6 About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, VA, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. For detailed financials and updates, visit www.GWAV.com. As of Dec. 31, 2024, the Company had $63,087,617 in total assets, $26,132,634 in total liabilities, and a total stockholders' equity of $36,954,983. GREIF INC: Egan-Jones Cuts Senior Unsecured Ratings to BB+ ---------------------------------------------------------- Egan-Jones Ratings Company on April 29, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Greif, Inc. to BB+ from BBB-. Headquartered in Delaware, Ohio, Greif, Inc. manufactures and markets industrial packaging products and services. HALL OF FAME: Fails to Meet Nasdaq's Minimum Bid Requirement ------------------------------------------------------------ Hall of Fame Resort & Entertainment Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC notifying the Company that, for 30 consecutive business days prior to April 10, 2025, the bid price for the Company's common stock had closed below $1.00 per share, which is the minimum bid price required to maintain continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The Notice has no immediate effect on the listing of the Common Stock. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of the Common Stock must be at least $1.00 per share for a minimum of ten consecutive business days during this 180-day period, at which time the Staff will provide written notification to the Company that it complies with the Minimum Bid Requirement, unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). The compliance period for the Company will expire on October 7, 2025. If the Company does not regain compliance with the Minimum Bid Requirement during the initial 180 calendar day period, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company does not meet the other listing standards, the Staff could provide notice that the Common Stock will become subject to delisting. In the event the Company receives notice that its Common Stock is being delisted, Nasdaq rules permit the Company to appeal any delisting determination by the Staff to a Hearings Panel (the "Panel"). The Company expects that its Common Stock would remain listed pending the Panel's decision. However, there can be no assurance that, if the Company does appeal the delisting determination by the Staff to the Panel, that such appeal would be successful, or that the Company will be able to regain compliance with the Minimum Bid Requirement or maintain compliance with the other listing requirements. If the Common Stock ceases to be listed for trading on the Nasdaq Capital Market, the Company would expect that the Common Stock would be traded on one of the three tiered marketplaces of the OTC Markets Group. The Company intends to actively monitor the closing bid price of the Common Stock and will evaluate available options to regain compliance with the Minimum Bid Requirement. About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. The Company's accumulated deficit was $273.6 million as of December 31, 2024. HARVEST SHERWOOD: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Harvest Sherwood Food Distributors, Inc. Sand Dollar Holdings, Inc. 1209 Orange Street Wilmington DE 19801 Business Description: Harvest Sherwood is a U.S.-based national food distribution company formed through the merger of Sherwood Food Distributors and Harvest Food Distributors. It operates 14 distribution centers and delivers over 32 million pounds of food weekly to customers including retailers, cruise lines, and food service providers. In early 2025, the Company initiated the wind-down of its operations and is pursuing asset sales through Chapter 11 proceedings to facilitate an orderly wind down of its estates. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Northern District of Texas Thirteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Harvest Sherwood Food Distributors, Inc. (Lead) 25-80109 Harvest Meat Company, Inc. 25-80108 Sherwood Food Distributors, L.L.C. 25-80110 Cascade Food Brokers, Inc. 25-80111 Del Mar Acquisition Inc. 25-80112 Del Mar Holding LLC 25-80113 Hamilton Meat, LLC 25-80114 LAMCP Capital, LLC 25-80115 SFD Acquisition LLC 25-80116 SFD Company LLC 25-80117 SFD Transportation Corp. 25-80118 Surfliner Holdings, Inc 25-80119 Western Boxed Meats Distribution, Inc 25-80120 Judge: Hon. Stacey G Jernigan Debtors' General Bankruptcy Counsel: Thomas R. Califano, Esq. Chelsea McManus, Esq. SIDNEY AUSTIN LLP 2021 McKinney Avenue, Suite 2000 Dallas TX 75201 Tel: (214) 981-3300 Email: tom.califano@sidley.com cmcmanus@sidley.com - and - Stephen Hessler, Esq. Anthony R. Grossi, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York, New York 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 Email: shessler@sidley.com agrossi@sidley.com jhufendick@sidley.com - and - Jason L. Hufendick, Esq. Ryan Fink, Esq. Daniela Rakowski, Esq. SIDLEY AUSTIN LLP One South Dearborn Chicago, Illinois 60603 Tel: (312) 853-7000 Fax: (312) 853-7036 Email: jhufendick@sidley.com ryan.fink@sidley.com drakowski@sidley.com Debtors' Financial Advisor: MERU, LLC Debtors' Restructuring Advisor: HILCO COMMERCIAL INDUSTRIAL, LLC AND HILCO RECEIVABLES, LLC Debtors' Noticing & Claims Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $500 million to $1 billion Eric Kaup signed the petitions as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AS77SKA/Harvest_Sherwood_Food_Distributors__txnbke-25-80109__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Burford Capital Unsecured Loan $35,000,000 609 W. Randolph Street Chicago, IL 60661 Contact: Mark Klein Phone: 312-757-6070 Email: mklein@burfordcapital.com 2. National Beef Packing Co. Trade Claim $15,571,352 12200 North Ambassador Drive Kansas City, MO 64163-1244 Contact: Pat Mies Phone: 800-449-2333 Email: pat.mies@nationalbeef.com 3. Tyson Foods, Inc. Trade Claim $13,065,908 2200 W. Dontysonparkway Springdale, AR 72762 Contact: Adam Deckinger Phone: 479-299-4501 Email: tysonir@tyson.com; tysonfoodspr@tyson.com 4. Pitman Farms, Inc. Trade Claim $11,695,061 1075 North Ave. Sanger, CA 93657 Contact: Richie King Phone: 559-875-9300 5. AB Foods, LLC Trade Claim $8,289,668 1555 Shoreline Drive Suite 320 Boise, ID 83702 Contact: Daniel Quezada Phone: 208-388-1200 Email: fsrc@agribeef.com 6. JBS USA, LLC Trade Claim $8,108,328 1770 Promontory Circle Greeley, CO 80634-9039 Contact: Kim Pryor, Sandy Adams Phone: 970-506-8000 Email: sandy.adams@jbssa.com 7. True West Beef Trade Claim $3,625,299 6026 Us-93 Jerome, ID 83338 Contact: Scott Barrier Phone: 208-933-9000 8. Dutch Farms, Inc. Trade Claim $3,458,167 700 E 107th Street Chicago, IL 60628 Contact: Bruce Boomsma Phone: 773.260.9102 9. Bar-S Foods Co. Trade Claim $3,062,692 3838 N Central Ave Suite 1900 Phoenix, AZ 85012 Contact: General Counsel Phone: 602-264-7272 Email: customerservice@bar-s.com 10. Hormel Foods Sales, LLC Trade Claim $2,518,791 1 Hormel Place Austin, MN 55912-3673 Contact: Colleen Batcheler Phone: 507-437-5012 Email: media@hormel.com 11. Perdue Farms, Inc. Trade Claim $2,485,889 31149 Old Ocean City Rd Salisbury, MD 21804 Contact: Herb Frerichs Phone: 800-457-3738 Email: corpcomm@perdue.com 12. Indiana Packers Corp. Trade Claim $2,462,524 550 Metroplex Drice Nashville, TN 37211-7230 Contact: Russ Yearwood Phone: 765.564.3680 Email: sales@inpac.com; procurement@inpac.com 13. Butterball, LLC Trade Claim $2,314,642 501 North Oak Forest Road Goldsboro, NC 27534 Contact: Brett Warlow Phone: 919-921-9717 Email: butterballmedia@edelman.com 14. Southwind Foods, LLC Trade Claim $2,289,726 20704 Fordyce Ave Carson, CA 90810 Contact: Sam Galletti Phone: 323-262-8222 Email: sgalletti@southwindfoods.com 15. Viz Cattle Corp. Trade Claim $2,180,471 17890 Castleton St Suite 350 City Of Industry, CA 91748 Contact: Rogelio Salinas Phone: 855-203-9906 Email: areceivables@sukarne.com; rsalinas@sukarneglobal.com 16. Coleman Natural Foods Trade Claim $2,004,312 31149 Old Ocean City Rd Salisbury, MD 21804 Contact: Susan Nelson Phone: 303-736-5816 Email: susan.nelson@perdue.com 17. E&E Foods, LLC Trade Claim $1,959,459 801 South Fidalgo Suite 100 Seattle, WA 98108 Contact: Tab Goto Phone: 206-768-8979 Email: sales@eefoods.com 18. American Foods Co. Trade Claim $1,899,162 2209 Jefferson St., 301 Alexandria, MN 56308 Contact: General Counsel Phone: 320-759-5904 19. Pilgrims Pride Corp. Trade Claim $1,775,241 10035 East 40th Ave, Suite 100 Denver, CO 80238 Contact: Fabio Sandri Phone: 970-506-8057 20. Greater Omaha Packing Co., Inc. Trade Claim $1,751,728 3001 L St Omaha, NE 68107 Contact: Henry Davis 21. Next Phase Enterprises Trade Claim $1,686,921 4020 E Indian School Rd Phoenix, AZ 85018 Contact: Mike Parker 22. Hartley Foods, Inc. Trade Claim $1,672,040 3550 Lakeline Blvd Ste 170-1702 Leander, TX 78641 Contact: J. Hartley Phone: 512-917-0808 Email: jhartley225@gmail.com 23. Mountaire Farms, Inc. Trade Claim $1,645,555 29005 John J Williams Hwy Millsboro, DE 19966 Contact: Len Nicholson Phone: 501-399-8891 Email: sby-cashsales@mountaire.com 24. Nebraska Beef, Ltd. Trade Claim $1,633,324 4501 South 36th Street Omaha, NE 68107 Contact: General Counsel Phone: 402-733-0412 25. Driftless Meats, LLC Trade Claim $1,497,788 331 3rd St Nw Waucoma, IA 52171 Contact: Erin Golly, Van Der Rose Farms Phone: 855-657-1123 26. Force Of Nature, LLC Trade Claim $1,389,921 1902 S Congress Ave Suite D Austin, TX 78704 Contact: Marshall Seedorff Phone: 770-715-8240 Email: marshall@forceofnaturemeats.com 27. Mary Ann Specialty Foods, Inc. Trade Claim $1,362,829 1511 E 2nd St Webster City, IA 50595 Contact: P. Netzel Phone: 515-832-4740 Email: pnetzel@maryannsfoods.com 28. Globetrotter Transportation, Inc. Trade Claim $1,356,475 18 Glanmoore Loop Elkins, WV 26241 Contact: J. White Phone: 888-370-4306 Email: jwhite@globetrottertrans.com 29. Koch Foods, Inc. Trade Claim $1,349,151 1300 Higgins Road Park Ridge, IL 60068 Contact: General Counsel Phone: 800-692-4548 Email: consumer@kochfoods.com 30. Cuisine Solutions, Inc. Trade Claim $1,275,263 22445 Sous Vide Lane Suite 100 Sterling, VA 20166 Contact: C. Panait Phone: 703-270-2940 Email: cpanait@cuisinesolutions.com HARVEST SHERWOOD: Files for Chapter 11 to Complete Wind-Down ------------------------------------------------------------ Harvest Sherwood Food Distributors, Inc., which became one of the nation's largest food distributors with the 2017 merger of Sherwood Food Distributors and Harvest Food Distributors, has sought Chapter 11 protection to complete its wind-down process. Prior to the Petition Date, Harvest Sherwood was the largest independent wholesale food distributor in the United States with approximately $4 billion of annual revenue. Through its vast network of 14 distribution centers, Harvest Sherwood shipped over 32 million pounds of food per week to protein and perishable food producers, independent food retailers, regional and national retail chains, cruise lines, and food service customers throughout the United States. Hilco Global's Eric Kaup, who was appointed as CRO of the Debtor, explains that various industry headwinds and operational challenges prompted the Company to evaluate strategic options with respect to its capital structure, liquidity, and go forward operations. Since mid-2024, with the support of its Advisors (and other third-party professionals), the Company actively pursued strategic alternatives to maximize the value of its assets, including potential sale, restructuring and/or financing transactions. Pursuit of these options included, among other things, commencement of a fulsome marketing and sale process run by Houlihan for all or a portion of the Company's assets. Simultaneously, the Company engaged in negotiations with its ABL Lenders and third-parties regarding incremental liquidity to preserve the Company as a going concern. Notwithstanding these efforts, the Company experienced numerous operational challenges, including the prospective loss of a major customer, Sprouts Farmers Market, and a key industry credit rating downgrade. These events were immediately followed by Sprouts withholding tens of millions of dollars of payments owed to the Company for goods previously shipped (among other vendor and customer holds). This sudden loss of operational revenue rendered all potential strategic alternatives unactionable as the Company no longer had sufficient operational liquidity to continue evaluating and/or progressing a go-forward comprehensive sale transaction. Consequently, in mid-February 2025, the Company, with the support of its ABL Lenders, commenced an orderly winddown process to liquidate its remaining inventory, collect on its accounts receivable, and transition certain of its national distribution centers to new operators (collectively, the "Winddown Process"). The winddown process is well-underway, and the Company has completed the sale of substantially all its remaining inventory. In February 2025, the Company provided notice to its employee base in accordance with the Federal Worker Adjustment and Retraining Notification Act, 29 U.S.C. 2101 et seq., and state equivalents (collectively, the "WARN Act") that it would shut down all operations by April 21, 2025, with employees remaining on payroll and benefits through that date. Accordingly, the Company has ceased ordinary course operations, is primarily pursuing collection of certain accounts receivable and monetization of the Litigation Assets, and further anticipates completing the sale of its remaining key facility in Dallas, Texas during the Chapter 11 cases. The Company commences the Chapter 11 Cases with the support of its ABL Lenders and the Ad Hoc Unsecured Creditors' Committee to conclude its orderly Winddown Process and maximize the value of its assets for the benefit of all of its stakeholders. This value-maximizing process includes the pursuit of certain valuable litigation claims, including the Anti-Trust Litigation Assets, Sprouts Litigation Assets, and Goodman Litigation Assets that could serve as the foundation for a material recovery to unsecured creditors. About Harvest Sherwood Harvest Sherwood is a U.S.-based national food distribution company formed through the merger of Sherwood Food Distributors and Harvest Food Distributors. It operates 14 distribution centers and delivers over 32 million pounds of food weekly to customers including retailers, cruise lines, and food service providers. In early 2025, the Company initiated the wind-down of its operations and is pursuing asset sales through Chapter 11 proceedings to facilitate an orderly wind down of its estates. On May 5, 2025, Harvest Sherwood Food Distributors, Inc., and its affiliates sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-80109). The Hon. Stacey G Jernigan is the case judge. Harvest Sherwood listed $1 billion to $10 billion in assets against $500 million to $1 billion in liabilities as of the bankruptcy filing. The Debtors tapped SIDNEY AUSTIN LLP as general bankruptcy counsel, MERU, LLC, as financial advisor, and HILCO COMMERCIAL INDUSTRIAL, LLC AND HILCO RECEIVABLES, LLC, as restructuring advisor. EPIQ CORPORATE RESTRUCTURING, LLC, is the claims agent. HAWAII STAGE: Court Confirms Small Business Debtor's Plan --------------------------------------------------------- The Honorable Robert J. Faris of the United States Bankruptcy Court for the District of Hawaii confirmed Hawaii Stage and Lighting Rentals, Inc.'s First Amended Small Business Debtor's Plan of Reorganization. The Plan designates seven Classes of Claims and one Class of Equity Interests. The Claims and Equity Interests placed in each Class are substantially similar to other Claims and Interests, as the case may be, in each such Class. Valid business, factual, and legal reasons exist for separately classifying the various classes of claims and Interests created under the Plan. The Plan specifies that Classes 2, 4, 5, and 7 are not impaired under the Plan, thereby satisfying section 1123(a)(2) of the Bankruptcy Code. Said Classes are deemed to have accepted the Plan because they are not impaired under the Plan. The Plan designates that Classes 1 (First Hawaiian Bank ("FHB")), 3 (HHI), 4A (Huntington Bank), and 6 (general unsecured class) are impaired, and specifies the treatment of Claims in those Classes, thereby satisfying section 1123(a)(3) of the Bankruptcy Code. Votes to accept and reject the Plan have been solicited from Creditors holding Claims in Classes 1 (FHB), 3 (HHI), 4A (Huntington Bank), and 6 (general unsecured class). Classes 3, 4A and 6 have voted to accept the Plan, pursuant to Section 1126(c) of the Bankruptcy Code. The Plan provides for the same treatment of each Claim or Equity Interest in each respective Class, unless the Holder of a particular Claim or Equity Interest has agreed to a less favorable treatment of such Claim or Equity Interest, thereby satisfying section 1123(a)(4) of the Bankruptcy Code. The Plan provides for adequate and proper means for its implementation through the proceeds of a secured loan from Hawaii Holding and Investments, LLC in the approximate amount of $350,000. The provisions governing the making of distributions and payments, the distribution procedures, mechanisms and proposed allocations are necessary, fair, reasonable and appropriate. This Court's approval of the DIP Motion on a final basis provides assurance that the Debtor will have sufficient cash available to implement the Plan. The Debtor has demonstrated adequate assurance of future performance with respect to any assumed executory contracts and leases pursuant to Bankruptcy Code section 365. No party to an executory contract has objected to the Plan or the assumption of any executory contract. The Debtor has exercised sound and considered business judgment in the formulation of the Plan. The Debtor has demonstrated sound business purpose and justification for the Plan, pursuant to Bankruptcy Code section 363(b). Because the four impaired classes (Classes 1 (FHB), 3 (HHI), 4A (Huntington National Bank), and 6 (general unsecured creditors)) voted to accept the Plan, it may be confirmed as a "consensual plan" within the meaning of Section 1191(a) provided all the requirements of Section 1129(a), other than 1129(a)(15), are met. The Plan satisfies the requirements for confirmation set forth in sections 1129, 1190 and 1191 of the Bankruptcy Code. The Debtor has proposed the Plan in good faith and not by any means forbidden by law, thereby satisfying section 1129(a)(3) of the Bankruptcy Code. The Plan was proposed with the legitimate and honest purpose of maximizing the value of the Debtor's Estate, to satisfy substantial obligations of the Debtor, and to effectuate a successful reorganization of the Debtor. The good faith of the Debtor is evident from the facts and records of this case, the Plan, the record of the Confirmation Hearing and other proceedings held in this case. A copy of the Court's decision dated May 1, 2025, is available at https://urlcurt.com/u?l=BI5TVu from PacerMonitor.com. About Hawaii Stage and Lighting Rentals Hawaii Stage and Lighting Rentals Inc., doing business as Hawaii Stage and Hawaii Stage Event Production Company, is a full service event production company serving the Hawaiian Islands since 1976. Hawaii Stage and Lighting Rentals Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Haw. Case No. 24-01132) on Dec. 14, 2024. In the petition filed by Joseph Kuhio Lewis, president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Robert J. Faris handles the case. Allison A. Ito, Esq., at Choi & Ito, serves as the Debtor's counsel. HAYS TABERNACLE: Seeks to Hire Compass as Real Estate Broker ------------------------------------------------------------ Hays Tabernacle CME Church seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Compass as real estate broker. The Debtor needs a real estate broker to sell its property located at 11407 East Kramer Drive, Carson, Los Angeles, California. The firm will receive a commission of 2.5 percent of the property's listing price. Matthew O'Keefe, a real estate agent at Compass, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew O'Keefe Compass 11601 Wilshire Blvd., Ste. 101 Los Angeles, CA 90025 Telephone: (310) 429-4552 About Hays Tabernacle CME Church Hays Tabernacle CME Church sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18171) on October 7, 2024. In the petition filed by Rev. Dr. Phillip D. Washington, the Debtor disclosed estimated assets and liabilities between $1 million and $10 million. The Debtor tapped Shumika T. R. Sookdeo, Esq., at Robinson Sookdeo Law as bankruptcy counsel and Liner Freedman Taitelman + Cooley, LLP as special litigation counsel. GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, is the Debtor's financial advisor consultant and expert witness. HIGHRISE ELECTRICAL: Available Cash & Sale Proceeds to Fund Plan ---------------------------------------------------------------- Highrise Electrical Technologies Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Liquidation dated April 4, 2025. HRE is an electrical contractor firm that offers budgeting, re-model, computerized estimating, and turn-key installation. HRE was founded by its owner and president, Ron Eitze, and his (now deceased) partner, Paul Blount, in 1993. HRE's headquarters and sole office is at 10702 Fallstone Rd., Houston Texas, 77099. On the petition date, the Debtor was a subcontractor on approximately 23 active commercial real estate improvements projects in the greater Houston area. Class 8 consists of the Allowed Claims of General Unsecured Creditors. The Allowed Class 8 General Unsecured Claims shall be paid, without interest, a pro rata share from the Debtor's remaining cash after payment of Classes 1 to 7. The Class 8 claims are impaired. Class 9 consists of the Allowed Interests in the Debtor. The Holder of Allowed Class 9 Equity Interests shall retain their Interests. The source of funds to achieve consummation of and carry out the Plan shall be (i) pursuant to any order approving the Direct-Pay Setoff Motion, or the Direct-Pay/Setoff Procedures, (ii) the Debtor's cash, (iii) collected accounts receivable owed by General Contractors, (iv) proceeds of sale of the Debtor's personal property, and (v) if necessary, litigation. A major source of funding of the Plan is the amounts owed by the General Contractors to the Debtor. Those accounts receivable will be paid (i) pursuant to any order approving the Direct-Pay Setoff Motion, or the Direct-Pay/Setoff Procedures, and (ii) with the amounts owed to the Debtor, which Debtor will deposit into the DIP account. The Debtor is winding down operations. The Debtor, therefore, shall liquidate its vehicles, equipment, computers and related equipment, and goodwill. At closing, the assets shall pass to the buyer free and clear of any liens, claims, or interests. The proceeds from the sale shall be deposited into the DIP account. A full-text copy of the Liquidating Plan dated April 4, 2025 is available at https://urlcurt.com/u?l=NeU2sC from PacerMonitor.com at no charge. Proposed Attorneys for the Debtor: O'ConnorWechsler PLLC Annie Catmull, Esq. 4400 Post Oak Plaza, Suite 2360 Houston, Texas 77027 Tel: (281) 814-5977 Email: aecatmull@o-w-law.com About Highrise Electrical Technologies Highrise Electrical Technologies Inc., operating under the trade name Highrise Electric, is a full-service electrical contracting company. The Company specializes in design assistance, consulting, estimating, scheduling, procurement, installation, troubleshooting, energy management, and preventive maintenance services. Serving both residential and commercial sectors, the Company brings expertise to large-scale projects, including high-rise buildings. Highrise Electrical Technologies Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31634) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Annie Catmull, Esq. at O'CONNORWECHSLER PLLC. HILTS LOGGING: Seeks to Hire John Maya as Real Estate Counsel ------------------------------------------------------------- Hilts Logging & Excavating, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ John Maya, Esq., an attorney practicing in Utica, New York, as real estate counsel. The attorney will represent the Debtor in real estate matters. Mr. Maya 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 attorney can be reached at: John Maya, Esq. 510 Bleecker St. Utica, NY 13501 Telephone: (315) 733-0455 About Hilts Logging & Excavating Hilts Logging & Excavating, LLC specializes in logging services, including timber harvesting and land clearing, utilizing a range of heavy machinery for forestry operations. Hilts Logging & Excavating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60199) on March 16, 2025. In its petition, the Debtor reported total assets of $612,385 and total liabilities of $1,404,316. Judge Patrick G. Radel handles the case. The Debtor tapped Orville & McDonald Law, PC as bankruptcy counsel and John Maya, Esq., as real estate counsel. HOMEMAKERS REAL ESTATE: Case Summary & Eight Unsecured Creditors ---------------------------------------------------------------- Debtor: Homemakers Real Estate, LLC 2875 S. Orange Ave, Suite 500 #6409 Orlando, FL 32806 Business Description: Homemakers Real Estate, LLC is engaged in the business of leasing and managing residential and commercial real estate properties. Its primary asset is Cape Crossing Condominiums, a waterfront property in Merritt Island, Florida that includes vacation rental units and marina access. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02685 Judge: Hon. Grace E Robson Debtor's Counsel: Frank M. Wolff, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 Email: fwolff@nardellalaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ross Johnston as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JDGAXRQ/Homemakers_Real_Estate_LLC__flmbke-25-02685__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Eight Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Brevard County Unknown Tax Collector 1605 N. Courtenay Pkwy Merritt Island, FL 32953 2. Brevard County Unknown Tax Collector 1605 N. Courtenay Pkwy Merritt Island, FL 32953 3. Brevard County Unknown Tax Collector 1605 N. Courtenay Pkwy Merritt Island, FL 32953 4. Brevard County Unknown Tax Collector 1605 N. Courtenay Pkwy Merritt Island, FL 32953 5. Cape Crossing Townhomes Unknown Homeowners Association, Inc c/o Keystone Property Mngmnt 780 US. Hwy 1, Ste. 300 Vero Beach, FL 32962 6. IMQA Investments Inc Loan $379,000 4409 Hoffner Ave #348 Orlando, FL 32812 7. Internal Revenue Service $161,469 P.O. Box 7346 Philadelphia, PA 19101 8. Kenneth Dixon $0 1627 E Vine Street Suite E Boynton Beach, FL 33474 HOOTERS OF AMERICA: Hires Foley & Lardner as Bankruptcy Counsel --------------------------------------------------------------- Hooters of America, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Foley & Lardner LLP as bankruptcy counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued operation of their business; (b) appear in court and protect the interests of the Debtors before the court; (c) prepare and file on behalf of the Debtors, all necessary legal documents; (d) assist in the identification of assets and liabilities of the estates; (e) analyze claims and competing property interests, and negotiate with creditors and parties in interest on behalf of the Debtors; (f) assist the Debtors in formulating a plan of reorganization or liquidation and take necessary legal steps in order to confirm such plan; (g) advise the Debtors in connection with any potential sale of assets; (h) assist and advise the Debtors in connection with certain labor and employment matters; (i) represent the Debtors in any related adversary proceedings, to the extent such representation becomes necessary; and (j) perform all other legal services for the Debtors that may be necessary in these proceedings. The firm's counsel and staff will be paid at these hourly rates: Holland O'Niel, Partner $1,250 Carrie Hoffman, Partner $875 Stephen Jones, Associate $825 Zachary Zahn, Associate $600 Janelle Harrison, Paralegal $330 In addition, the firm will seek reimbursement for expenses incurred. Mr. O'Niel 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: Holland N. O'Niel, Esq. Foley & Lardner LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Telephone: (214) 999-3000 Facsimile: (214) 999-4667 Email: honeil@foley.com About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors tapped Foley & Lardner, LLP and Ropes & Gray LLP as co-counsel; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. HOOTERS OF AMERICA: Seeks Approval to Hire Ropes & Gray as Counsel ------------------------------------------------------------------ Hooters of America, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ropes & Gray LLP as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; (b) advise and consult on the conduct of these Chapter 11 cases; (c) advise the Debtors regarding related tax matters; (d) take any necessary action on behalf of the Debtors to negotiate, draft, and obtain approval of a Chapter 11 plan and all documents related thereto; (e) represent the Debtors in connection with obtaining authority to use cash collateral and postpetition financing; (f) represent the Debtors in connection with obtaining authority to sell all or some of their assets; (g) attend meetings and negotiate with representatives of creditors and other parties in interest; (h) take all necessary actions to protect and preserve the Debtors' estates; (i) prepare pleadings in connection with these Chapter 11 cases; (j) appear before the court and any appellate courts to represent the interests of the Debtors' estates; and (k) perform all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The firm will be paid at these hourly rates: Partners $1,800 - $2,600 Counsel $1,250 - $1,880 Associates $900 - $1,620 Paraprofessionals $355 - $755 In addition, the firm will seek reimbursement for expenses incurred. The firm received an advance payment retainer of $1,000,000 from the Debtors. Chris Dickerson, Esq., an attorney at Ropes & Gray, 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: Chris L. Dickerson, Esq. Ropes & Gray LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Telephone: (312) 845-1200 Facsimile: (312) 845-5500 Email: chris.dickerson@ropesgray.com About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors tapped Foley & Lardner, LLP and Ropes & Gray LLP as co-counsel; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. HOOTERS OF AMERICA: Seeks to Tap Accordion as Restructuring Advisor ------------------------------------------------------------------- Hooters of America, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Accordion Partners, LLC as restructuring advisor. Accordion Partners will provide Keith Maib as chief restructuring officer and certain additional personnel to the Debtors. The CRO and additional personnel will render these services: (a) develop and implement cash management strategies, tactics, and processes; (b) review and analyze the Debtors' financial results, projections, and operational data; (c) assist with the development and augmentation of the Debtors' business plan and related forecasts and projections; (d) participate in meetings and provide support to the Debtors and their other professionals in responding to information requests, communicate with and/or negotiate with lenders, official and unofficial committees of creditors, vendors, customers, other parties in interest, and professionals hired by the same; (e) assist in the identification of the Debtors' executory contracts and unexpired leases, as and when produced, and perform analyses of the financial impact of the assumption or rejection of each, as necessary; (f) advise the Debtors' senior management and board of directors in the development, negotiation, and implementation of restructuring initiatives and evaluation of strategic alternatives; (g) assist the Debtors with (i) develop a list of potential buyers, (ii) develop materials and documents for potential buyers' review, (iii) assist them with the preparation of due diligence materials, (iv) assist with the evaluation of offers received and (v) work with them and their counsel to prepare and support asset purchase agreements; (h) assist the Debtors in preparing to file a petition for relief under Chapter 11 of the Bankruptcy Code and all related papers; (i) assist with the Debtors' implementation of court orders; (j) provide analysis required to obtain and comply with the terms of the Debtors' usage of cash collateral, post-petition and/or exit financing; (k) prepare the Debtors' information and analysis necessary for the confirmation of its plan of reorganization; (l) assist in implementing the Debtors' Chapter 11 plan; (m) render testimony, as requested, about the matters regarding which Accordion and its personnel are providing services; and (n) provide such other restructuring or advisory services to the Debtors as are consistent with the role of CRO and/or the above-described services, requested by them, not duplicative of services provided by other professionals, and agreed to by Accordion. The firm will be paid at these hourly rates: Senior Managing Directors $995 - $1,250 Managing Directors $885 - $995 Senior Directors $775 - $875 Directors $650 - $775 Vice Presidents $550 - $650 Associates and Analysts $325 - $550 In addition, the firm will seek reimbursement for expenses incurred. Mr. Maib 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: Keith Maib Accordion Partners LLC 1 Vanderbilt Ave. Floor 24 New York, NY 10017 About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors tapped Foley & Lardner, LLP and Ropes & Gray LLP as co-counsel; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. HOOTERS OF AMERICA: Seeks to Tap SOLIC Capital as Investment Banker ------------------------------------------------------------------- Hooters of America, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ SOLIC Capital Advisors LLC and SOLIC Capital LLC as investment banker. The firm will render these services: (a) assess a range of strategic alternatives that may be available to the Debtors and advise their senior management team and the Board and assist with the development and expedited execution of a plan designed to preserve and enhance enterprise value; (b) review the Debtors' historical financial results, operating trends, financial projection models, capital requirements and impact of restructuring initiatives and/or capital events resulting from the pursuit of strategic alternatives; (c) review the Debtors' debt and equity transaction documents and all current, pending and contingent creditor claims and liabilities; (d) review the Debtors' current business plan and supporting financial forecast model; (e) prepare an offering memorandum and develop and identify potential capital raise and investor alternatives based on current market conditions operating trends, financial position and the Debtors' strategic plan; (f) identify, contact and introduce potential lenders or potential investors in the Debtors; (g) negotiate with prospective financing and/or investor parties through consummation of a transaction; and (h) assist the Debtors and their other advisors in negotiating restructuring transactions with their lenders and securitization bondholders. The firm will be compensated at these rates: (a) a monthly fee in the amount of $75,000; (b) a capital placement fee in an amount equal to 1 percent of the total face amount of all senior secured debt raised by the Debtors; 2.5 percent of the total face amount of all subordinated debt financing raised by the Debtors; and 4.5 percent of the total face amount of all equity capital raised by the Debtors from a financing or investor party; (c) a restructuring transaction fee in the amount equal to $900,000; (d) upon the closing of any sale transaction, SOLIC will be paid an amount equal to the greater of (i) 1 percent of the Aggregate Gross Consideration (AGC) up to $135 million and 2 percent of AGC in excess of $135 million provided by an investor or buyer and (ii) $900,000; (e) in the event that both a sale transaction fee and a restructuring transaction fee are earned by solic, solic shall be paid the higher of the sale transaction fee or restructuring transaction fee, as applicable; and (f) reimbursement for expenses incurred. Reid Snellenbarger, managing partner at SOLIC Capital Advisors, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Reid Snellenbarger SOLIC Capital Advisors, LLC 150 N. Wacker Dr. Chicago, IL 60606 About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors tapped Foley & Lardner, LLP and Ropes & Gray LLP as co-counsel; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. HOOTERS OF AMERICA: Taps Keen-Summit Capital as Real Estate Advisor ------------------------------------------------------------------- Hooters of America, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Keen-Summit Capital Partners LLC as real estate advisor. The firm will render these services: (a) organize lease information for each property in a manner that clearly displays the site-level business and lease economics; (b) jointly establish negotiating goals and parameters with the Debtors, such as rent reductions, lease term modifications, and other leasehold concessions; (c) contact the landlord for each property and seek to negotiate with the landlord for modifications in accordance with the parameters established by the Debtors; and (d) work with the landlords, the Debtors and their counsel to document all lease modification proposals. The firm will be paid at these fees: (a) Transaction Fee of $2,000 plus 4.5 percent of savings; (b) Removal of Guarantee Fee, the firm shall earn an additional $4,000 per lease. If the Transaction Fee for a particular property is in excess of $25,000 then Keen shall credit the guarantee fee up to the full amount so that the overall fee is no less than $25,000. In addition, the firm will seek reimbursement for expenses incurred. Harold Bordwin, a principal at Keen-Summit Capital Partners, disclosed in a court filing that the firms are a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Harold Bordwin Keen-Summit Capital Partners LLC 1 Huntington Quad Melville, NY 11747 Telephone: (914) 980-8555 Email: hbordwin@ken-summit.com About Hooters of America Hooters of America, LLC is the owner and operator of a restaurant chain with hundreds of locations in the United States. Founded in 1983, Hooters of America and its affiliates own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. Hooters of America and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Judge Scott W. Everett oversees the cases. The Debtors tapped Foley & Lardner, LLP and Ropes & Gray LLP as co-counsel; Solic Capital, LLC as investment banker; and Accordion Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the Debtors' notice, claims, solicitation and balloting agent. HORSEY DENISON: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Horsey Denison Landscaping LLC 8911 Oxon Hill Road Fort Washington, MD 20744 Business Description: Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co- owned equally by Robert E. Horsey and David W. Horsey. Chapter 11 Petition Date: May 6, 2025 Court: United States Bankruptcy Court District of Maryland Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Horsey Denison Landscaping LLC (Lead Case) 25-14103 Denison Farms, LLC 25-14104 Denison Landscaping, Inc. 25-14105 Horsey Denison Properties, LLC 25-14106 Debtors' Bankruptcy Counsel: Paul Sweeney, Esq. YVS LAW, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Tel: (443) 569-5972 Fax: (410) 571-2798 Email: psweeney@yvslaw.com Horsey Denison Landscaping's Estimated Assets: $1 million to $10 million Horsey Denison Landscaping's Estimated Liabilities: $1 million to $10 million Horsey Denison Properties' Estimated Assets: $1 million to $10 million Horsey Denison Properties' Estimated Liabilities: $1 million to $10 million Denison Landscaping, Inc.'s Estimated Assets: $1 million to $10 million Denison Landscaping, Inc.'s Estimated Liabilities: $10 million to $50 million Denison Farms, LLC's Estimated Assets: $10 million to $50 million Denison Farms, LLC's Estimated Liabilities: $1 million to $10 million Robert E. Horsey signed the petitions as co-managing member. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/7NFKX5Q/Horsey_Denison_Landscaping_LLC__mdbke-25-14103__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7KFAF4A/Denison_Farms_LLC__mdbke-25-14104__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IYXYE2A/Denison_Landscaping_Inc__mdbke-25-14105__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WFJW5KA/Horsey_Denison_Properties_LLC__mdbke-25-14106__0001.0.pdf?mcid=tGE4TAMA List of Denison Farms, LLC's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Cintas Corporation Trade Debt $341,544 No. 2 6800 Cintas Boulevard Mason, OH 45040 2. Comptroller of Sales and Use $177,123 Maryland Tax Bankruptcy Unit 301 West Preston Street, Room 409 Baltimore, MD 21201-2396 3. Robinson Nursery Trade Debt $158,578 P.O. Box 100 Amity, OR 97101 4. New Christie Ventures LLC Trade Debt $90,168 c/o Pastanch LLC 31 Sheridan Drive Naugatuck, CT 06770-1000 5. McHutchison Trade Debt $89,579 P.O. Box 7229 Carol Stream, IL 60197-7229 6. Dolinsky Brothers Nurseries Trade Debt $86,865 1294 Buck Mountain Road Weatherly, PA 18255 7. NYP Corp. Trade Debt $83,728 1640 Vauxhall Road Unit #2C Union, NJ 07083 8. North 40 Nursery, Inc. Trade Debt $83,030 3950 Turner Mill Road Morganton, NC 28655 9. Dry Shave Mountain Nursery Trade Debt $81,305 57 Dry Shave Road McMinnville, TN 37110 10. Warrior Fork Nursery, Inc. Trade Debt $70,058 3890 Simpson Creek Road Morganton, NC 28655 11. Cherokee Manufacturing, LLC Trade Debt $64,954 150 Bridgepoint Drive Suite 200 South Saint Paul, MN 55075 12. Tidal Creek Growers Trade Debt $61,401 65 Knight Island Road Earleville, MD 21919 13. Five Mile Farms LLC Trade Debt $55,569 890 Dyer Circle Morrison, TN 37357 14. Tupper Tree Farm Trade Debt $50,179 890 Dyer Circle Morrison, TN 37357-6015 15. Harrell's Trade Debt $43,631 P.O. Box 935358 Atlanta, GA 31193-5358 16. Steve Myers & Son Nursery Trade Debt $42,720 6931 Jacksboro Road McMinnville, TN 37110 17. Star Roses and Plants Trade Debt $41,653 41700 Road 100 Dinuba, CA 93618 18. Scenic Hills Nursery Trade Debt $40,025 P.O. Box 454 McMinnville, TN 37111 19. Bottoms Brothers Nursery Trade Debt $37,520 83 McGee Road McMinnville, TN 37110 20. Botanico, Inc. Trade Debt $33,800 P.O. Box 922 McMinnville, TN 37111 HYPERSCALE DATA: Inks $5M Convertible Note Deal With Target Capital ------------------------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into securities purchase agreements with Target Capital 14 LLC, an Arizona limited liability company and Secure Net Capital LLC, a Nevada limited liability company, pursuant to which the Company issued to the Investors convertible promissory notes in the aggregate principal face amount of $5 million in aggregate gross consideration of $4 million in cash paid by the Investors to the Company, prior to placement agent fees and expenses of approximately $460,000. Description of the Notes: The Notes have an aggregate principal face amount of $5,000,000 and were issued with an original issue discount of 20%, or $1,000,000. The Notes do not accrue interest unless an Event of Default (as defined in the Notes) occurs, at which time the Notes would accrue interest at 20% per annum. The Notes will mature on September 30, 2025. The Notes are convertible into shares of the Company's class A common stock, par value $0.001 per share at any time after NYSE American approval of the Supplemental Listing Application at a conversion price equal to the greater of: (i) $0.40 per share, which Floor Price shall not be adjusted for stock dividends, stock splits, stock combinations and other similar transactions and (ii) 80% of the lowest closing price of the Common Stock during the five trading days immediately prior to the date of conversion into shares of Common Stock. The Company may not issue Conversion Shares to the extent such issuances would result in an aggregate number of shares of Common Stock exceeding 19.99% of the total shares of Common Stock issued and outstanding as of the Closing Date, in accordance with the rules and regulations of the NYSE unless the Company first obtains stockholder approval. Pursuant to the Agreements, the Company agreed to file a preliminary proxy or information statement to obtain the Stockholder Approval within 15 days of the Closing Date. Pursuant to the Agreements, the Company is obligated to use commercially reasonable efforts to: (i) file a resale registration statement with the Securities and Exchange Commission within 15 days of the Closing Date and (ii) have such resale registration statement declared effective by the Commission within 60 days of the Closing Date (or 75 days in the event of a full review by the Commission). Additionally, commencing on the Closing Date and continuing until such time as the Notes are no longer outstanding, the Company shall be prohibited from entering into a variable rate transaction. The Notes contain standard and customary events of default including, but not limited to, failure to pay amounts due under the Notes when required, failure to deliver Conversion Shares when required, default in covenants, bankruptcy events delisting of the Common Stock from an approved market, failure to timely file all reports required under the Securities Exchange Act of 1934, as amended and the failure to timely file the PRE 14A. Upon the first occurrence of an Event of Default under the Notes, (i) the principal amount outstanding as of the Event of Default Date shall be automatically increased by 10% and (ii) the Company shall be obligated to pay each Investor an amount, in cash (which cannot be converted into Conversion Shares) equal to 10% of the principal amount outstanding as of the Event of Default Date. Full-text copies of the form of Note and Agreement are available at https://tinyurl.com/ypuczk4y & https://tinyurl.com/452dtdh8, respectively. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company 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. HYPERSCALE DATA: Narrows Net Loss to $62.5 Million in 2024 ---------------------------------------------------------- Hyperscale Data, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $62.5 million on $106.7 million of revenues for the year ended December 31, 2024, compared to a net loss of $253.3 million on $134.8 million of revenues for the year ended December 31, 2023. As of December 31, 2024, the Company had cash and cash equivalents of $4.5 million (excluding restricted cash of $20.5 million), negative working capital of $157.1 million and a history of net operating losses. The Company has financed its operations principally through issuances of convertible debt, promissory notes and equity securities. New York, New York-based Marcum 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 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. The Company's management performed a comprehensive analysis of the Company's current circumstances, including its financial position, cash flow and cash usage forecasts, as well as obligations and debts. Although management has a long history of successful capital raises, the analysis used to determine the Company's ability as a going concern does not include cash sources beyond the Company's direct control that management expects to be available within the next 12 months. Management expects that the Company's existing cash and cash equivalents, accounts receivable and marketable securities as of December 31, 2024, will not be sufficient to enable the Company to fund its anticipated level of operations through one year from the date these financial statements are issued. Management anticipates raising additional capital through the private and public sales of the Company's equity or debt securities and selling its marketable securities as well as crypto assets, or a combination thereof. Although management believes that such capital sources will be available, there can be no assurances that financing will be available to the Company when needed in order to allow the Company to continue its operations, or if available, on terms acceptable to the Company. If the Company does not raise sufficient capital in a timely manner, among other things, the Company may be forced to scale back or cease its operations altogether. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4k8mhknk About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. As of Dec. 31, 2024, the Company had $220.8 million in total assets, $218.7 million in total liabilities, and a total stockholders' equity of $2.1 million. HYPERTECH INC: Seeks Approval to Hire eXp Realty as Broker ---------------------------------------------------------- Hypertech, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire eXp Realty as broker. The broker will facilitate the sale of the Debtor's real property located at 7375 Adrianne Place, Bartlett, Tennessee 38133. The broker will receive a 3 percent commission. Steve Young of eXp Realty assured the court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The broker can be reached through: Steve Young eXp Realty 3401 Mallory Lane #100 Franklin, TN 37067 Office Direct: (888) 519-5113 Agent Cell: (901) 581-6114 About Hypertech Inc. Hypertech Inc. is a U.S.-based automotive technology company that develops high-performance engine tuning products for vehicles with computer-controlled systems. Unlike traditional aftermarket firms that focus on mechanical upgrades, Hypertech specializes in software-based enhancements by recalibrating a vehicle's electronic control units (ECUs) for improved power, fuel efficiency, and drivability. The Company's team includes engineers and performance enthusiasts who apply advanced knowledge of electrical engineering and computer science to create products like Power Chips and the Power Programmer. Hypertech, Inc. and its affiliates, High Point, LLC, and SF Technologies Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. M.D. Tenn. Lead Case No. 25-01562) on April 11, 2025. In its petition, Hypertech reported between $1 million and $10 million in both assets and liabilities. Judge Charles M. Walker handles the cases. The Debtors are represented by Robert J. Gonzales, Esq. at EmergeLaw, PLC. I-SOLUTIONS DEVELOPMENT: Voluntary Chapter 11 Case Summary ---------------------------------------------------------- Debtor: I-Solutions Development Corp 13423 Blanco Rd. San Antonio, TX 78216 Business Description: I-Solutions Development is engaged in real estate rental and leasing activities. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-50995 Judge: Hon. Craig A Gargotta Debtor's Counsel: Morris E. "Trey" White, III, Esq. VILLA & WHITE LLP 100 NE Loop 410 Suite 615 San Antonio TX 78216 Tel: (210) 225-4500 E-mail: treywhite@villawhite.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Wiseman as president. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NNFUGIY/I-Solutions_Development_Corp__txwbke-25-50995__0001.0.pdf?mcid=tGE4TAMA IDEAL PROPERTY: Court OKs Columbus Property Sale to J. Powell ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington has approved Ideal Property Investments LLC, to sell real property, free and clear of liens, claims, interests, and encumbrances. The Court authorized the Debtor to sell the Property located at 1118 Virginia Street, Columbus, Georgia 31901 to Jason H. Powell for a purchase price of $364,600.00. The Court found that the Debtor has marketed the Columbus, GA Property and conducted the sale processes in a non-collusive, fair, and good faith manner. The Court held that with respect to senior secured lender Pinnacle Bank, it has consented to the sale, subject to its receipt of proceeds paid at closing directly from escrow, net of $30,000.00 to be retained by Debtor's bankruptcy estate and of the payment of real estate taxes and other reasonable and necessary costs of closing. With respect to First Fed, the Debtor has met the standard provided as there are legal and equitable proceedings that could compel a junior lienholder to accept a money satisfaction of such interest. The Court authorized Joseph Fanelli of J. Fanelli Properties to execute the purchase agreement and other documents necessary to complete the transaction. The Court ordered the Debtor to retain $30,000.00 from net proceeds of the sale as a Carveout, and, following that retention and the payment of all reasonable and necessary costs of closing as set forth herein, distribute the remaining net proceeds of the sale to Pinnacle Bank up to the full amount of its debt secured by the Columbus, GA Property. About Ideal Property Investments, LLC Ideal Property Investments, LLC is primarily engaged in renting and leasing real estate properties. The company is based in Everett, Wash. Ideal Property Investments filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 24-01421) on September 5, 2024, with $50 million to $100 million in assets and $100 million to $500 million in liabilities. Judge Frederick P. Corbit oversees the case. Laurie Thornton, Esq., at DBS Law is the Debtor's bankruptcy counsel. IMERYS TALC: U.S. Trustee Appoints New Rep for Donna Arvelo Estate ------------------------------------------------------------------ Andrew Vara, Acting U.S. Trustee for Region 3, disclosed in a court filing that he appointed Anne Marie Mullet as the new estate representative for Donna Arvelo. Ms. Mullet will serve on the official committee of tort claimants in the Chapter 11 cases of Imerys Talc America, Inc. and its affiliates. As of April 30, the members of the tort claimants' committee are: (1) Robin Alander c/o W. Mark Lanier, Esq. c/o Maura Kolb, Esq. 10940 West Sam Houston Pkwy N., Suite 100 Houston, TX 77064 Tel: 713-659-5200 Fax: 713659-2204 E-mail: wml@lanierlawfirm.com Maura.kolb@lanierlawfirm.com (2) Anne Marie Mullet Representative of the estate of Donna M. Arvelo c/o Audrey Raphael, Esq. Levy Konigsberg LLP 800 Third Ave., 11th Floor NY, NY 10022 Tel: 212-605-6206 Fax: 212-605-6290 E-mail: ARaphael@LevyLaw.com (3) Christine Birch c/o Wendy M. Julian, Esq. Gori Julian & Assocs, P.C. 156 N. Main Street Edwardsville, IL 62025 Tel: 618-659-9833 Fax: 618-659-9834 E-mail: randy@gorijulianlaw.com (4) Bessie Dorsey-Davis c/o Amanda Klevorn, Esq. Burns Charest LLP 365 Canal Street, Suite 1170 New Orleans, LA 70130 Tel: 504-799-2845 Fax: 504-8811765 E-mail: aklevorn@burnscharest.com (5) Lloyd Fadem Representative of the estate of Margaret Ferrell c/o Steve Baron, Esq. Baron & Budd, P.C. 3102 Oak Lawn Ave., Ste 1100 Dallas, TX 75219 Tel: 214-521-3605 Fax: 214-520-1181 E-mail: sbaron@baronbudd.com (6) Timothy R. Faltus Representative of the estate of Shari C. Faltus c/o James G. Onder, Esq. OnderLaw, LLC 110 E. Lockwood, 2d Floor St. Louis, MO 63119 Tel: 314-963-9000 Fax: 314-963-1700 E-mail; Onder@onderlaw.com (7) Deborah Giannecchini c/o Ted G. Meadows, Esq. Beasley, Allen, Crow, Methvin, Portis & Miles, P.C. P.O. Box 4160 Montgomery, AL 36103 Tel: 334-2692342 Fax: 334-954-7555 E-mail: Ted.Meadows@beasleyallen.com (8) Kayla Martinez c/o Leah Kagan, Esq. Simon Greenstone Panatier, P.C. 1201 Elm Street, Suite 3400 Dallas, Texas 75270 Tel: 214-276-7680 Fax: 214-276-7699 E-mail: lkagan@sgptrial.com (9) David A. Martz Representative of the estate of Lynne Martz c/o Ashcraft & Gerel, LLP 1825 K Street, NW, Suite 700 Washington, D.C. 20006 Phone: 202-783-6400 Fax: 202-416-6392 E-mail: mparfitt@ashcraftlaw.com (10) Gregory W. Vella Representative of the estate of Nicole Matteo c/o Christopher Placitella, Esq. 127 Maple Ave. Red Bank, N.J. 07701 Tel: 732-747-9003 Fax: 732-747-9004 E-mail: cplacitella@cprlaw.com (11) Charvette Monroe Representative of the estate of Margie Evans c/o John R. Bevis, Esq. 31 Atlanta Street Marietta, GA 30060 Tel: 770-227-6755 Fax: 770227-6373 E-mail: bevis@barneslawgroup.com About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. INFINITE GLOW: Hires Business Legal Group as Special Counsel ------------------------------------------------------------ Infinite Glow, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Business Legal Group as special counsel. The Debtor needs the firm's legal assistance in connection with a case, Case No. 23CV049444, filed in the California Superior Court, Alameda County. The firm will be paid at these rates: Russell M. Frandsen $695 per hour Paralegal $200 per hour Prepetition, the Debtor's principal Tara Singhal paid $22,000 to the firm for prepetition services to the Debtor. Mr. Frandsen 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: Russell M. Frandsen, Esq. Business Legal Group 1313 Foothill Boulevard Suite 6 La Canada Flintridge, CA 91011 Tel: (818) 915-0426 Fax: (213) 403-5962 Email: rfrandsen@businesslegalgroup.com About Infinite Glow, LLC Infinite Glow, LLC has an equitable interest in the property situated at 2912 14th Ave., Oakland, Calif., which is valued at $4.7 million. Infinite Glow filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 25-50253) on February 27, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Stephen L. Johnson handles the case. The Debtor is represented by: Steven Robert Fox, Esq. Law Offices of Steven R. Fox Tel: (818) 774-3545 Email: emails@foxlaw.com INNOVATIVE MEDTECH: Buys Ticketbash Assets, Grants Royalties ------------------------------------------------------------ Innovative MedTech, Inc., closed an asset purchase agreement on or about April 25, 2025, pursuant to which a newly formed subsidiary of the Company purchased assets from Grand Concierge LLC, doing business as Ticketbash, a company involved in event ticket pricing and related software and AI development related to the ticket business. As disclosed in a Form 8-K filing with the Securities and Exchange Commission, the deal includes the issuance of 20,000,000 shares of common stock, 1,151,500 shares of Series A Convertible Preferred Stock, and a $2,000,000 future payment based on revenue milestones. Additionally, Ticketbash is entitled to royalties based on the revenues of the New Subsidiary: 2% of revenues up to $15 million, 4% of revenues between $15 million and $25 million, and 5% of revenues exceeding $25 million. Ticketbash also gains the right to appoint two members to the Company's Board of Directors. About Innovative Medtech Innovative Medtech, Inc., headquartered in Blue Island, Illinois, provides health and wellness services through its RX Vitality digital health app and its subsidiary Sarah Day Care Centers, Inc. SarahCare, acquired in 2021, is an adult day care franchisor with two corporate-owned centers and 23 franchises across 13 U.S. states, offering seniors medical care, daily activities, and other supportive services. In an auditor report dated Oct. 15, 2025, Tampa, Florida-based Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification, citing that the Company has incurred net losses and working capital deficits. These factors, along with the need for additional financing to meet its business plans, raise substantial doubt about the Company's ability to continue as a going concern. For the years ended June 30, 2024 and 2023, the Company reported a net loss of $7,938,897 and $3,647,947, respectively. As of June 30, 2024, the Company maintained total assets of $651,881, total liabilities including long-term debt of $6,134,843 along with an accumulated deficit of $44,561,210. INTEGRITY REAL ESTATE: Plan Exclusivity Period Extended to June 16 ------------------------------------------------------------------ Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado extended Integrity Real Estate, LLC's exclusive periods to file an initial plan of reorganization and obtain acceptance thereof to June 16 and August 12, 2025, respectively. As shared by Troubled Company Reporter, the Debtor is a residential real estate brokerage, which derives income from cap fees paid by brokers on their commissions to the Debtor, as well as leasing desks to certain brokers for an additional fee from its space in Glendale, Colorado. For the following reasons, Debtor requires additional time to be able to formulate meaningful projections of future performance and a feasible Plan. * On February 12, 2025, the Court held a Non-Evidentiary Hearing on Debtor's Application to Employ Allen Vellone Wolf Helfrich & Factor (the "Employment Application") and the Objections and Responses filed thereto. Pursuant to the Court's Minute Order on this Hearing, the Court took the matter under advisement to consider the legal authorities cited, the Stipulated Facts and Exhibits and the Waiver. The Employment Application dispute is still pending, and Debtor cannot propose a Plan while potential conflict between Debtor and the undersigned firm, if any, has yet to be decided, especially considering any Plan of Reorganization will have to address the Derivative Claims that generally form the basis for Creditor Kimberly Austin's Objection to the Employment Application; and * On January 30, 2025, Austin filed her Motion for Appointment of a Chapter 11 Trustee. The Debtor objected to the same on March 17, 2025. It is unclear at this time whether a Chapter 11 trustee will be appointed, which may impact Debtor's operations, its relationship with Keller Williams, and its relationship with its current employees, as discussed in Debtor's Objection to the Motion for Appointment. With operations still up in the air, Debtor cannot propose a Plan. Integrity Real Estate, LLC is represented by: Jordan Factor, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, Colorado 80202 (303) 534-4499 Email: JWeinman@allen-vellone.com JFactor@allen-vellone.com BPompea@allen-vellone.com About Integrity Real Estate Integrity Real Estate, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-16853) on Nov. 15, 2024, listing under $1 million in both assets and liabilities. Judge Thomas B. McNamara handles the case. Allen Vellone Wolf Helfrich & Factor PC serves as the Debtor's counsel. INTERNATIONAL IMPULSE: Hires Carolyn Harmon CPA as Accountant ------------------------------------------------------------- International Impulse, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ the firm of Carolyn Harmon CPA, LLC as accountant. The firm will render these services: (a) aid the Debtor in preparing a monthly budget, and adjust that budget as circumstances change; (b) prepare the Debtor's monthly periodic reports; (c) perform all of the accounting services for the Debtor which may be necessary herein; (d) prepare payment schedules and budgets for inclusion in the Debtor's proposed Plan of Reorganization; and (e) prepare appropriate Federal income and Texas franchise tax returns. The firm will be paid at these hourly rates: Carolyn Harmon, CPA $225 Paulina Rodriguez, Staff $125 Ms. Harmon 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: Carolyn Harmon, CPA Carolyn Harmon CPA, LLC 7100 Westwind, Suite 130 El Paso, TX 79912 About International Impulse International Impulse Inc. is a warehousing and storage services provider based in El Paso, Texas. International Impulse Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-30368) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor tapped Corey Haugland, Esq., at James & Haugland, PC as counsel and Carolyn Harmon CPA, LLC as accountant. IQSTEL INC: Completes 1-for-80 Reverse Stock Split -------------------------------------------------- IQSTEL Inc. has implemented a 1-for-80 reverse stock split of its authorized, issued, and outstanding common shares, effective May 2. The action reduces the number of shares in circulation as part of the Company's capital restructuring strategy. The Company carried out a reverse stock split to bolster its bid for a listing on the Nasdaq Capital Market. The reverse split is intended to increase the per share stock price of the Company's common stock, to meet Nasdaq's requirement that the Company's common stock be $4.00 or higher as of the listing date. The Company's common stock cannot begin trading on Nasdaq unless its listing application is approved, and there is no assurance that such approval will be granted. The Company's common stock began trading on a split-adjusted basis on the OTCQX under the trading symbol "IQSTD" on May 2. The fifth character "D" will be removed from the Company's trading symbol after 20 business days if the stock is still trading on the OTCQX, or upon the listing of the Company's common stock on Nasdaq, whichever occurs first. At that time, the Company's trading symbol will revert to "IQST." Each 80 shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share. Proportional adjustments will also be made to all the Company's outstanding securities including the shares issuable in connection with the Company's outstanding convertible preferred stock, stock options, and warrants. As a result of the reverse split, there will be approximately 2,633,878 shares of common stock outstanding. Upon the effectiveness of the reverse split, there will also be a proportional decrease of the Company's authorized shares of common stock at the same ratio of 1-for-80, resulting in approximately 3,750,000 authorized shares of common stock following the action. The reverse split will uniformly impact all stockholders, as it will not alter any stockholder's percentage equity interest in the Company, and not result in any dilution, except to the extent that the reverse split results in a stockholder owning a fractional share. Any fractional shares resulting from the reverse split will be rounded up to the next whole number. Those shares of the Company's common stock held by stockholders through a brokerage account will automatically adjust to reflect the 1-for-80 share reverse split. It is not necessary that stockholders holding shares of the Company's common stock in certificated form exchange their existing stock certificates for new stock certificates in connection with the reverse split, although stockholders may do so if they wish. Stockholders should direct any questions concerning the reverse stock split to their broker or the Company's transfer agent, Vstock Transfer, at https://www.vstocktransfer.com/. About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. IVANTI SOFTWARE: S&P Downgrades Issuer Credit Rating to 'SD' ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Ivanti Software Inc. to 'SD' (selective default) from 'CCC+' and its issue-level ratings on its original first- and second-lien term loans to 'D' from 'CCC+' and 'CCC-', respectively. The rating will remain 'SD' until the company closes the offer to lenders, and S&P will reevaluate its ratings on Ivanti and its capital structure as soon as practical. Ivanti recently completed a debt restructuring, including a comprehensive maturity extension, that S&P Global Ratings views as a distressed debt transaction. Absent the transaction, S&P projects the company would have faced material near-term liquidity challenges. The downgrade follows Ivanti's execution of a debt restructuring. As part of the transaction, the company issued a new $350 million super-priority term loan and extended its revolving credit facility with the support of about 82% of its first-lien term loan holders, 87% of its second-lien term loan holders, and 100% of its revolving credit facility commitments. Additionally, it transferred some collateral for its existing debt from a guarantor entity to a non-guarantor entity. The credit agreements for the first- and second-lien term loan tranches were also amended to remove substantially all affirmative and negative covenants, events of default, mandatory prepayments, most reporting covenants, and certain other protections. The company also plans to exchange the existing term loans with new term loans at par featuring an extended maturity, with all existing lenders given an opportunity to participate in the new term loans. The new term loans will have tighter covenants and the new first-lien term loan will have a higher interest rate (50 basis points [bps] higher for the $1.8 billion term loan and 75 bps higher for the $465 million term loan). The lenders for the new first- and second-lien term loans will be lien subordinated to the new super-priority debt with respect to certain collateral. Additionally, the non-participating secured first- and second-lien holders' collateral support will weaken because the participating lenders will benefit from enhanced collateral under the new facilities. S&P Global Ratings view this transaction as providing less than the company originally promised its lenders, given the lien subordination of the existing term loans to the $350 million super-priority term loan and revolver with respect to certain collateral, the transfer of some collateral from guarantor to non-guarantor status for the existing term loans, and the amendments made to the credit agreements for the existing term loans. The transaction provides Ivanti with much-needed liquidity support to help it complete its transition to a software-as-a-service (SaaS) and subscription business model, while enabling it to continue investing in its product offerings and security infrastructure. S&P said, "We believe that without this transaction, the company's liquidity position would weaken in the near term, given its cashflow headwinds from the transition to SaaS. Therefore, the cash flow deficits increase the risk that it may face a liquidity event or conventional default absent this exchange. Additionally, the nature of the capital structure changes highlights Ivanti's distressed position, which indicates that this is not a traditional refinancing undertaken in the normal course of business operations." Over the coming days, S&P will reassess its issuer credit rating on Ivanti based on its improved liquidity position, extended maturity profile, and new capital structure. JAZ NCR: Plan Exclusivity Period Extended to June 13 ---------------------------------------------------- Judge Gregory L. Taddonio of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended JAZ NCR, LLC and JAZ NCR Holdings, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 13 and August 11, 2025, respectively. As shared by Troubled Company Reporter, the Debtors claim that JAZ NCR, LLC's creditors will not be prejudiced by the requested extension; on the contrary, JAZ NCR, LLC's creditors will be best served with an extension of the Exclusivity Periods, as it will help determine the precise amount due to each creditor. The Debtors assert that JAZ NCR, LLC, JAZ NCR Holdings, LLC, Century Mining, LLC, and Taurus Mining Finance Fund No. 2, L.P. continue to work towards a consensual global resolution of all disputes. In addition, JAZ NCR, LLC intends to file a plan within the extension of the Exclusivity Period but reserves all rights to request an additional extension of time should more time become necessary. Attorneys for the Debtors: Kirk B. Burkley, Esq. Harry W. Greenfield, Esq. BERNSTEIN-BURKLEY, P.C. 601 Grant Street 9th Floor Pittsburgh, PA 15219 Tel: (412) 456-8100 E-mail: kburkley@bersteinlaw.com About JAZ NCR LLC JAZ NCR LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-22804) on Nov. 14, 2025, listing $1 million to $10 million in assets and $100 million to $500 million in liabilities. The petition was signed by D. Scott Kroh as manager. Judge Gregory L Taddonio presides over the case. Kirk B. Burkley, Esq. at BERNSTEIN-BURKLEY, P.C. represents the Debtor as counsel. JBSB DESTINY: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: JBSB Destiny Enterprises Co. Massage Heights Vintage Park 134 Vintage Park Blvd Suite D Houston, TX 77070-4085 Business Description: The Debtor operates a Massage Heights franchise that offers licensed massage therapy and facial services. Chapter 11 Petition Date: May 6, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-32566 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Total Assets: $50,006 Total Debts: $1,056,900 The petition was signed by Jerry Boyd as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4EESX6Q/JBSB_Destiny_Enterprises_Co__txsbke-25-32566__0001.0.pdf?mcid=tGE4TAMA JDI CUMBERLAND: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------ On May 5, 2025, JDI Cumberland Inlet 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 $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About JDI Cumberland Inlet LLC JDI Cumberland Inlet LLC is engaged in real estate-related activities. The Company focuses on property development and related investment ventures. JDI Cumberland Inlet LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55072) on May 5, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. JEWELRY DESIGNER: Taps Prominent International Inc. as Gemologist ----------------------------------------------------------------- Jewelry Designer Showcase Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Prominent International Inc. as gemologist. The firm will conduct a physical inspection of the Gems and to provide an appraisal of the liquidation value of the Gems. The firm will be entitled to compensation of a flat fee for the Appraisal in the sum of up to $6,500. Janak Dave, president and owner of Prominent International Inc., assured the court that his firms is disinterested as that term is defined in Bankruptcy Code section 101(14). The firm can be reached through: Janak Dave Prominent International Inc. 608 Fifth Ave, Suite #903 New York, NY 10020 About Jewelry Designer Showcase Jewelry Designer Showcase Inc. is a jewelry designer in Staten Island, N.Y. It conducts business under the name Dannunzio Designed. Jewelry Designer Showcase filed Chapter 11 petition (Bankr. E.D.N.Y. Case No. 25-40076) on January 9, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth S. Stong handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen, PLLC, is the Debtor's bankruptcy counsel. JRI LLC: Claims to be Paid From Income and Sale Proceeds -------------------------------------------------------- JRI LLC filed with the U.S. Bankruptcy Court for the Western District of Tennessee a Second Amended Plan of Reorganization dated April 3, 2025. The Debtor is a Tennessee Limited Liability Company that is owned and managed by one individual. Class 6 consists of the General Unsecured Creditors. Creditors in Class 6 will be upon liquidation of certain undeveloped real property in the Bankruptcy Estate. Creditor POC Mo. Pmt Distribution -------- ---- ------- ------------ Maximus Building Supply $ 50,294.41 $ 188.60 $ 15,088.00 Sherwin Williams 5,663.41 21.73 1,699.02 Navy Federal Credit Union 15,337.00 50.76 4,601.28 ABC Supply 20,087.54 75.32 6,026.00 Javonte & Myriam Santos 48,625.00 182.34 14,587.80 20 Delta Industries 36,290.79 136.87 10,887.23 Zurich Insurance 00.00 00.00 City Electric 6,892.85 25.84 2,067.85 Divvy 21,000.00 78.75 6,300.00 East Coast Distributors 16,665.16 62.44 4,995.54 Jimmy Whittington 11,000.00 55.01 3,300.90 Regus 133.00 lump sum 39.90 RE Michael Co. 7,248.63 26.30 2,104.58 Safety Quipp 1,100.00 lump sum 330.00 General Shale 35,575.00 133.41 10,672.80 Wells Fargo Bank 38,076.22 126.92 7,615.24 Class 8 consists of Gold Standard Construction, LLC in the amount of $146,559.00. As an insider, Class 8 will not participate in the Plan and will not vote for confirmation of the Plan, US Bank v The Village Laveridge, LLC 814 F3d 993 (9th Cir. 2016). Class 9 consists of the disputed claim of Katina Brown in the amount of $21,851.83. The Managing Member of the Debtor does not recognize this claim and does not believe the Debtor owes any amount. Assuming the Objection to the Claim is sustained, Class 8 will not participate in the Plan and will not vote to confirm the Plan. The Plan will be funded by: (a) the Cash on hand, that will be transferred to the Reorganized Debtor, on the Effective Date; (b) the weekly income generated by the Debtor through DIP Funding and the liquidation of certain undeveloped real property of the estate. On the Effective Date, the Reorganized Debtor will execute and deliver each of the amended and restated instruments and all of the assets, properties, and rights of the Debtor of every type and description, tangible, intangible, wherever located, including post-petition leases, shall be transferred and automatically vest in the Reorganized Debtor, free and clear of all liens, claims, rights of setoff, security interests, pledges, encumbrances, adverse right of interest, covenants, charges, debts and contractually imposed restrictions, and all such all liens, claims, rights of setoff, security interests, pledges, encumbrances, adverse right of interest, covenants, charges, debts and contractually imposed restrictions, shall be extinguished, except as provided for in the Plan. A full-text copy of the Second Amended Plan dated April 3, 2025 is available at https://urlcurt.com/u?l=OKcgPk from PacerMonitor.com at no charge. Counsel to the Debtor: John E. Dunlap, Esq. Law Office of John E. Dunlap 3340 Polar Avenue, Suite 320 Memphis, Tennessee 38111 Tel: (901) 320-1603 Fax: (901) 320-6914 Email: jdunlap00@gmail.com About JRI, LLC JRI, LLC, is a Tennessee Limited Liability Company that is owned and managed by one individual. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tenn. Case No. 24-22756) on June 10, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by LAW OFFICE OF JOHN E. DUNLAP. KENSINGTON VILLAGE: Hires Rountree Leitman Klein as Counsel ----------------------------------------------------------- Kensington Village Apts, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as counsel. The firm will provide these services: (a) give the Debtors legal advice with respect to its power and duties; (b) prepare on behalf of the Debtors any necessary legal papers; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtors as that may be necessary herein. The firm's counsel and staff will be paid at these hourly rates: William Rountree, Attorney $595 Will Geer, Attorney $595 Michael Bargar, Attorney $535 David Klein, Attorney $495 Hal Leitman, Attorney $425 William Matthews, Attorney $425 Ceci Christy, Attorney $425 Elizabeth Childers, Attorney $395 Caitlyn Powers, Attorney $375 Shawn Eisenberg, Attorney $300 Elizabeth Miller, Paralegal $290 Megan Winokur, Paralegal $175 Catherine Smith, Paralegal $150 Law Clerk $175 The firm received pre-petition retainers of $50,000 for each Debtor, for a total of $150,000, from Kensington Village Apts, LLC. Mr. Rountree 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: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Telephone: (404) 584-1238 Email: wrountree@rlkglaw.com About Kensington Village Apts, LLC Kensington Village Apts, LLC and its affiliates, Avondale Homes 2, LLC and Avondale Homes, LLC, filed Chapter 11 petitions (Bankr. N.D. Ga. Lead Case No. 25-53099) on March 21, 2025. At the time of the filing, Kensington listed up to $50,000 in assets and between $50 million and $100 million in liabilities. Judge Lisa Ritchey Craig oversees the cases. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's legal counsel. KIB1 LLC: Seeks to Hire Spencer Fane LLP as Counsel --------------------------------------------------- KIB1 LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Spencer Fane LLP as counsel. The firm's services include: a. advising Debtor of its rights and obligations and performance of its duties during administration of this Chapter 11 Case; b. attending meetings and negotiations with other parties in interest on Debtor's behalf in this Chapter 11 Case; c. taking all necessary actions to protect and preserve Debtor's estate; d. seeking this Court's approval and confirmation of a plan of reorganization, the accompanying disclosure statement, and all papers and pleadings related thereto and in support thereof and attending court hearings related thereto; e. representing Debtor in all proceedings before this Court or other courts of jurisdiction in connection with this Chapter 11 Case; f. assisting Debtor in developing legal positions and strategies with respect to all facets of this proceeding; g. assisting Debtor with consummating the transactions contemplated pursuant to the Settlement Agreement; h. preparing on Debtor's behalf necessary applications, motions, answers, orders and other documents; and i. performing all other legal services for Debtor in connection with this Chapter 11 Case and other general corporate and litigation matters, as may be necessary. The firm will be paid at these rates: Richard F. Holley - Of Counsel $860 per hour Michael F. Patterson - Partner $800 per hour Eric M. Van Horn - Partner $740 per hour Patrick T. Derksen - Of Counsel $680 per hour Marilyn Fine - Partner $680 per hour McKay Holley - Associate $450 per hour Luzmarina Vargas - Paralegal $230 per hour Prior to the Petition Date, Spencer Fane received a retainer payment of $100,000 the Debtor. The amount of $66,574.00 was applied to pay Spencer Fane's fees and costs owing by KIB1 LLC, KIB2 LLC and KIB3 LLC through March 16, 2025. The remaining balance of $33,426 is being held in Spencer Fane's trust account. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Holley disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard F. Holley, Esq. R. McKay Holley, Esq. Esq. Spencer Fane LLP 300 South Fourth Street, Suite 1600 Las Vegas, NV 89101 Tel: (702) 408-3400 Fax: (702) 408-3401 About KIB1 LLC KIB1 LLC and its affiliates are an investment and real estate holding firms headquartered in Las Vegas. KIB1 and its affiliates, KIB2 LLC and KIB3 LLC, filed Chapter 11 petitions (Bankr. D. Nev. Case Lead No. 25-11426) on March 16, 2025. In its petition, KIB1 reported between $10 million and $50 million in both assets and liabilities. Judge August B. Landis oversees the cases. The Debtors are represented by: Richard F. Holley, Esq. Spencer Fane, LLP 300 South Fourth Street, Suite 1600 Las Vegas, NV 89101 Tel: (702) 408-3400 Email: rholley@spencerfane.com LAURENT TOWER: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On May 5, 2025, Laurent Tower LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Laurent Tower LLC 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. Laurent Tower LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10669) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM. LCS UNLIMITED: Court Confirms Non-Appointment of Creditors' Panel ----------------------------------------------------------------- Judge Christopher Hawkins of the U.S. Bankruptcy Court for the Middle District of Alabama issued an order confirming no appointment of a committee of unsecured creditors in L.C.S. Unlimited, LLC's Chapter 11 case. The order follows the recommendation from the U.S. Bankruptcy Administrator for the Middle District of Alabama that no unsecured creditors' committee be appointed in the case. About L.C.S. Unlimited L.C.S. Unlimited, LLC filed Chapter 11 petition (Bankr. M.D. Ala. Case No. 24-32330) on Oct. 15, 2024, with $1 million to $10 million in both assets and liabilities. The petition was signed by Lisa C. Sweeney as member. Judge Christopher L. Hawkins oversees the case. Anthony B. Bush, Esq., at The Bush Law Firm, LLC is the Debtor's bankruptcy counsel. LEFEVER MATTSON: Hires Buchalter as Special Litigation Counsel -------------------------------------------------------------- Lefever Mattson, a California corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Buchalter, A Professional Corporation, as special litigation counsel. The Debtor needs the firm's legal assistance in connection with appellate case, Case No. A171038, pending with the California Court of Appeals, First Appellate District, and judgment enforcement matters related to that matter. The firm will be paid at these rates: Shareholders $1,000 per hour Of Counsel $800 per hour Associates $700 per hour Paralegals $400 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Escovedo 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: Josh H. Escovedo, Esq. Buchalter, A Professional Corporation 500 Capitol Mall, Suite 1900 Sacramento, CA 95814 Tel: (916) 945-5170 Email: jescovedo@buchalter.com About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LEISURE INVESTMENTS: Trustee Forms 2-Member Chapter 11 Committee ---------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that the Office of the U.S. Trustee has named two members to the official committee of unsecured creditors in Leisure Investments Holdings LLC's Chapter 11 case, a dolphin encounter company. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. LFTD PARTNERS: Terminates All LOIs with Sustainable, TMD, Others ---------------------------------------------------------------- LFTD Partners Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that LFTD Partners Inc. formally notified the counterparties to the following Letters of Intent, each dated as of February 19, 2025, that such Letters of Intent have been terminated, effective immediately: 1. Letter of Intent – Sustainable Innovations Inc. and Marijuana Subsidiaries 2. Letter of Intent – TMD Ventures, LLC 3. Letter of Intent – Sustainable Properties, LLC and Affiliates 4. Letter of Intent – Sustainable Growers, LLC and Affiliates 5. Letter of Intent – Boards of Directors and Executives After extensive review and negotiations, LIFD determined that the conditions, expectations, and objectives underlying the Letters of Intent could not reasonably be satisfied on acceptable terms. As a result, LIFD has elected to terminate all such Letters of Intent in accordance with their respective termination provisions. The termination applies to all related transactions and agreements contemplated under the aforementioned Letters of Intent, which are now considered null and void with no further force or effect. LIFD will not proceed with any of the transactions contemplated by the terminated Letters of Intent. A full-text copy of the Letter from LFTD Partners Inc., terminating Letters of Intent with Sustainable parties is available at https://tinyurl.com/2k7wfuhf About LFTD Partners Inc. Publicly traded LFTD Partners Inc. (OTCQB: LIFD), headquartered in Jacksonville, Fla., is currently directly or indirectly involved in the development, manufacture and/or sale or re-sale of a wide variety of branded, hemp-derived, psychoactive and alternative lifestyle products, and of products involving, nicotine, tobacco and marijuana. Spokane, Wash.-based Fruci & Associates II, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2024, 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, net losses, and is subject to unique regulatory risks and uncertainties. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, LFTD Partners had $47.3 million in total assets, $9.8 million in total liabilities, and $37.5 million in total shareholders' equity. LODGING ENTERPRISES: Hires CBRE Inc. as Real Estate Consultant -------------------------------------------------------------- Lodging Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ CBRE, Inc as real estate consultant. The firm will market and sell substantially all of the Debtor's assets, including the Debtor's 40 hotels and 27 restaurants. The firm will be paid a commission of 1.5 percent of the gross sales price. The firm will also be paid a Break Up Fee. In the event Owner removes the Property from the market in accordance with the provisions of the agreement then owner shall pay to CBRE a break up fee ("Break Up Fee") consisting of $200,000, and all unpaid expenses due in accordance with this agreement. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Linda A. Bryson CBRE, Inc. 2800 Post Oak Blvd, Suite 500 Houston, TX 77056 Tel: (914) 740-1922 Email: linda.bryson@cbre.com About Lodging Enterprises, LLC Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele are composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham-branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed a Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. Jonathan Margolies, Esq., at SEIGFREID & BINGHAM, P.C., is the Debtor's counsel. LUCAS CONSTRUCTION: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Lucas Construction Group, Inc. received second interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The second interim order authorized the company to use the cash collateral of its secured creditors to fund operating expenses in accordance with its budget. The Internal Revenue Service and BCB Community Bank assert an interest in the company's cash collateral. As protection, both secured creditors were granted a replacement security interest in and lien on post-petition assets of the company. The second interim order will expire after a court hearing on cash collateral scheduled for June 10. BCB Community Bank is represented by: Jeffrey A. Lester, Esq. Braverman & Lester 374 Main Street Hackensack, NJ 07601 Tel: (201) 487-5544 Fax: (201) 487-4026 About Lucas Construction Group Lucas Construction Group, Inc. is a construction company based in Morganville, N.J., specializing in heavy highway and road construction as well as site redevelopment projects for both public and private sectors. With over 15 years of experience, Lucas Construction Group has worked with various federal, state, and local agencies, handling complex construction tasks. Lucas Construction Group filed Chapter 11 petition (Bankr. D. N.J. Case No. 25-12404) on March 7, 2025, listing $5,181,262 in assets and $16,950,049 in liabilities. Anthony Lucas, president of Lucas Construction Group, signed the petition. Judge Christine M. Gravelle oversees the case. Andrew J. Kelly, Esq., at The Kelly Firm, P.C., represents the Debtor as legal counsel. LUCKY AND BLESSED: Seeks to Hire Elite BAT Services as Accountant ----------------------------------------------------------------- Lucky and Blessed, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Elite BAT Services, LLC as accountant. The firm will provide these services: (a) provide periodic financial statements; (b) assist with preparation of bankruptcy monthly operating reports; (c) prepare and file state and local tax returns; (d) prepare and file federal income tax returns; and (e) assist the Debtor with any other accounting needs that may arise. The firm will be paid at these hourly rates: Accountant $175 Staff $95 Nancy Vigil, a certified public accountant at Elite BAT Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nancy Vigil, CPA Elite BAT Services, LLC 4514 Rowlett Road, Suite 103 Rowlett, TX 75088 Telephone: (469) 441-6394 About Lucky and Blessed Lucky and Blessed, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31286) on April 8, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped Gregory W. Mitchell, Esq., at Freeman Law, PLLC as counsel and Elite BAT Services, LLC as accountant. M & M BUCKLEY: Court Extends Cash Collateral Access to May 30 ------------------------------------------------------------- M & M Buckley Management Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The fifth interim order signed by Judge Janet Baer approved the use of cash collateral through May 30 to pay the expenses set forth in the company's budget, with a 10% variance allowed. The budget projects total operational expenses of $17,999.49 for May. Community Loan Servicing, LLC was granted post-petition replacement liens on the cash collateral and post-petition property of M & M to the same extent and with the same priority as its pre-bankruptcy lien. As additional protection, Community Loan Servicing will receive payment of $11,000. M & M was ordered to maintain insurance on its real property, listing Community Loan Servicing as the lien holder. The next hearing is scheduled for May 28. About M & M Buckley Management Inc. M & M Buckley Management, Inc. is a professional property management company based in Richton Park, IL. It specializes in managing residential and commercial properties. M & M sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-19108) on December 23, 2024, with $1 million to $10 million in both assets and liabilities. Melvin T. Buckely, Jr., president of M & M, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. Secured creditor Community Loan Servicing is represented by: Jill Sidorowicz, Esq. Noonan & Lieberman, Ltd. 33 N. LaSalle Street, Suite 1150 Chicago, IL 60602 Phone: (312) 605-3500 M.I.S. COMMODITIES: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------ On May 5, 2025, M.I.S. Commodities Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About M.I.S. Commodities Inc. M.I.S. Commodities Inc. is a commodity broker based in Delray Beach, Florida. M.I.S. Commodities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15027) on May 5, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Adam I. Skolnik, Esq. MANE SOURCE: Bankruptcy Administrator Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Mane Source Counseling, PLLC. About Mane Source Counseling Mane Source Counseling, PLLC provides counseling and wellness services with the help of five horses used in therapy sessions. Mane Source Counseling sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00833) on March 7, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Cheryl Meola, company owner, signed the petition. Judge David M. Warren oversees the case. The Debtor is represented by: Kathleen O'Malley, Esq. Stevens Martin Vaughn & Tadych, PLLC 2225 W. Millbrook Road Raleigh, NC 27612 Phone: 919-582-2300 Fax: (866) 593-7695 komalley@smvt.com MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral ------------------------------------------------------------- Maximus Supply Chain Holdings, LLC received seventh interim approval from the U.S. Bankruptcy Court for the Northern District of Indiana, Hammond Division at Lafayette, to continue to use cash collateral. The seventh interim order authorized the company to use cash collateral for operating expenses in accordance with its budget. The company's six-week budget shows projected expenses of $66,813 for the week ending May 9; $110,773 for the week ending May 16; $66,813 for the week ending May 23; $59,578 for the week ending May 30; $196,790 for the week ending June 6; and $96,940 for the week ending June 13. The court will hold a status conference on June 5. About Maximus Supply Chain Holdings Maximus develops innovative solutions and products servicing a variety of industries including automotive, commercial vehicle, agricultural equipment, RVs, and power manufacturing industries. Maximus Supply Chain Holdings, LLC and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. N.D. Ind. Lead Case No. 24-40167) on June 25, 2024, listing as much as $0 in both assets and liabilities. Sam Bazzi, president and chief executive officer, signed the petitions. Judge Robert E. Grant oversees the cases. The Debtor is represented by: Sarah L. Fowler Blackwell, Burke & Ramsey, P.C. Tel: 317-533-7869 Email: sfowler@bbrlawpc.com MCR HEALTH: Unsecured Claims Under $5K to Recover 75% in Plan ------------------------------------------------------------- MCR Health, Inc., and AllCare Options, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for Joint Chapter 11 Plan of Reorganization dated April 3, 2025. MCR is a nonprofit organization, incorporated as a not-for-profit corporation (501(c)(3)) in the State of Florida operating as a Federally Qualified Health Center ("FQHC") which provides health care services, including medical, behavioral, dental and vision, to all patients, including, the underserved and underinsured communities of southwest Florida. AllCare, an entity wholly owned by MCR, was incorporated in the State of Florida operating as an affordable care organization under the Medicare Shared Savings Program ("MSSP"). Its Board of Directors voted to close down AllCare in 2023, therefore AllCare's financial information is reported on the liquidity basis of accounting for the years ended December 31, 2022, and 2023. AllCare ceased all operations in 2024. AllCare does not believe that it has assets or liabilities to administer. The Plan provides that AllCare will dissolve on the Effective Date, and MCR will reorganize as an ongoing non-profit organization. MCR and AllCare shared key personnel, and MCR provided staffing and support for AllCare; however, MCR and AllCare had different governing boards. On January 8, 2025, MCR filed an Emergency Motion seeking to sell real property (11.8 acres on Leonard Reid Road, Sarasota, Florida, known by the Debtors as the "Leonard Reid Property") free and clear of all liens, claims, encumbrances to Highmark Land, LLC ("Buyer") ("Sale Motion"). The Court approved the Sale Motion, and the sale closed on or about February 28, 2025. The Debtors and ServisFirst Bank split the sales proceeds as evidenced by that certain notice filed at Doc. No. 282. The Debtors are utilizing the cash they received in the amount of $1,127,113.87 to first pay administrative claims and priority claims on the Effective Date of the Plan, and then will utilize the remaining net proceeds for ongoing operations and Plan payments as set forth in the Debtors' projections. The Plan generally provides for reorganization of MCR, and liquidation and dissolution of AllCare Options. The Debtors do not believe AllCare Options has any assets or liabilities to administer. Alternatively, MCR will reorganize by right-sizing its operating expenses, much of which has already occurred (rejecting leases and eliminating overly expensive, burdensome contracts), reducing its workforce, and eliminating unprofitable lines of business. MCR will pay its primary secured lender over the course of a five-year Plan period, with administrative expense, priority, and unsecured creditors paid from available cash flow (net of operating costs), as well as potential recovery from any Avoidance Actions and Litigation Proceeds. The Debtors' Plan Projections and unsecured creditor classifications also distinguish between payment of certain claims from grant funds specifically awarded to MCR to pay specific business operations, and from other net disposable income (including litigation recoveries) which do not have prohibitive uses and restrictions. To be clear, MCR receives grant funds which must be utilized to pay specific operating expenses (i.e. trade vendors, staffing expenses). MCR could lose its grant funding if it uses grant funds to pay unauthorized claims (i.e., litigation claims). Accordingly, as set forth below, Class 9 and Class 10 are separate unsecured claim classes because some unsecured claims can and should be paid from grant funds, and others may not be. Class 8 consists of Allowed Unsecured Claims in the amount of $5,000 or less each, including Allowed Unsecured Claims of those Creditors that have elected to have their Claims treated in Class 8. On the Effective Date, or as soon thereafter as is practicable, Holders of Allowed Class 8 Claims will be paid 75% of the Allowed Amount of their Allowed Claim on the Effective Date. An Allowed Claim in Class 8 may not exceed $5,000.00, to which the 75% Distribution will apply. Class 8 is Impaired under the Plan. Class 9 Claims consist of the Allowed General Unsecured Claim of Trade Vendors and who do not elect to be treated as a Class 8 claimant. The holder of such Allowed Class 9 Claims will be paid up to 50% of their claims over the 5-year Plan period in equal installments, first from funds available from grants specifically authorizing such payment, then from available Net Disposable Income. Any Class 9 trade debt Claims who inadvertently received payment on their Claims by the Debtor postpetition are deemed to have received an advance payment of the Class 9 Claims for distribution purposes as an offset to their claims. Class 9 is Impaired under the Plan. Class 10 Claims consist of the Allowed Unsecured Claims of Litigation Claimants, Allowed Claims for lease and executory contract rejection damages, not including Administrative Convenience Claims, and the Note Payable of Thomas Walsh. Class 10 is Impaired under the Plan. The holders of such Allowed Class 10 Unsecured Claims will be paid 50% Net Disposable Income After Fixed Payments (the "GUC Distribution") up to 50% of their Allowed Claims, including from Litigation Proceeds and all other available Net Disposable Income, other than funds used to pay Class 8-9 Claims which are provided to the Debtors from governmental or non governmental grants and not authorized to be utilized for general operating or litigation purposes. The Debtors believe that, with the addition of a line of credit or their $6.6 million internal line of credit, they have the ability to perform their obligations under the Plan without further financial liquidation; their Projections attached hereto support this. Under the Plan, MCR is proposing to extend ServisFirst's debt over the five-year Plan period, with a balloon payment at the end to be refinanced with the support and backstop of the Debtors’ real estate and accounts receivable collateral. The Debtors are proposing to pay trade payables and unsecured claims from available cash flow. MCR also is proposing to pay all other Litigation Claimants and claims of rejection damages from net disposable income. There is a sound business justification for bifurcating two classes of unsecured claims. The Debtors can use grant funds to pay trade payables, as those are authorized and allowed under federal funding statutes. A full-text copy of the Disclosure Statement dated April 3, 2025 is available at https://urlcurt.com/u?l=Qmb9VI from PacerMonitor.com at no charge. Counsel to the Debtors: UNDERWOOD MURRAY P.A. Megan W. Murray, Esq. 100 N. Tampa St. Suite 2325 Tampa, Florida 33602 Tel: (813) 540-8401 About MCR Health Inc. MCR Health, Inc., is a nonprofit organization, incorporated as a not-for-profit corporation (501(c)(3)) in the State of Florida operating as a Federally Qualified Health Center ("FQHC"). The Debtor filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06604) on November 8, 2024, listing between $10 million and $50 million in both assets and liabilities. Mary Ruiz, board chair, signed the petition. Judge Roberta A. Colton oversees the case. The Debtor is represented by Steven M. Berman, Esq., at Shumaker, Loop & Kendrick, LLP. ServisFirst Bank, as secured creditor, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 lfernandez@trenam.com MEGNA HOSPITALITY: Case Summary & One Unsecured Creditor -------------------------------------------------------- Debtor: Megna Hospitality Investments, Inc. 8740 Winnetka Ave Northridge CA 91324 Business Description: Megna Hospitality Investments, Inc. specializes in leasing real estate properties. Chapter 11 Petition Date: May 6, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10785 Judge: Hon. Martin R. Barash Debtor's Counsel: Michael Kwasigroch, Esq. LAW OFFICES OF MICHAEL D. KWASIGROCH 1975 Royal Ave Suite 4 Simi Valley CA 93065 Tel: 805-522-1800 E-mail: attorneyforlife@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mahmud Ulkarim as president. The Debtor has listed IHG Hotels and Resorts, located at 3 Ravinia Drive, Suite 100, Atlanta, GA, as its sole unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3MO5GXY/Megna_Hospitality_InvestmentsInc__cacbke-25-10785__0001.0.pdf?mcid=tGE4TAMA MERCER INTERNATIONAL: Egan-Jones Retains B+ Sr. Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company on April 29, 2025, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Mercer International, Inc. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Vancouver, Canada, Mercer International, Inc. owns and operates three modern pulp mills. MILLENKAMP CATTLE: Hires Sterling Ag as Financial Consultant ------------------------------------------------------------ Millenkamp Cattle, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Idaho to employ Sterling Ag Management, LLC as financial consultant. The firm will render these services: (a) expert testimony on behalf of Millenkamp Cattle, Inc., related to its bankruptcy Plan; and (b) perform such other and further services and tasks associated to the foregoing as requested, from time to time, by Client. The firm will charge $420 per hour for its services. Eric M. Haggerty, owner of Sterling Ag Management, assured the court 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 through: Eric M. Haggerty Sterling Ag Management, LLC 6921 N Wendell Ct Park City, KS 67219 About Millenkamp Cattle Millenkamp Cattle Inc., is part of a family-owned agriculture business that can produce more than 1 million pounds of milk per day. Millenkamp Cattle Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case No. 24-40158) on April 2, 2024. In the petitions filed by William J. Millenkamp, manager, Millenkamp Cattle estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Judge Noah G. Hillen oversees the cases. The Debtors tapped Matthew T. Christensen, Esq., at Johnson May, PLLC as bankruptcy counsel and Givens Pursley as special counsel. MOLECULAR TEMPLATES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Molecular Templates, Inc. About Molecular Templates Molecular Templates Inc. is a clinical-stage biopharmaceutical company established in 2001, focusing on the discovery and development of innovative, targeted biologic therapeutics. In particular, Molecular Templates specializes in developing proprietary "engineered toxin bodies" ("ETBs"), a next-generation biologic platform designed to treat cancer and other diseases. The ETBs that Molecular Templates has developed can target cancer in unique ways with the potential to overcome tumor resistance mechanisms. Molecular Templates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10739) on April 20, 2025. In its petition, the Debtor reported total assets of $2,492,278 and total debts of $29,416,746 as of April 18, 2025. Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Austin T. Park, Esq., and Jake A. Rauchberg, Esq. at Morris, Nichols, Arsht & Tunnell LLP. Kurtzman Carson Consultants, LLC is the Debtor's claims and noticing agent. MOWBRAY WATERMAN: Hires Keller Williams as Real Estate Broker ------------------------------------------------------------- Mowbray Waterman Property, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Keller Williams Realty Tulare County as real estate broker. The firm will market and sell the Debtor's real property located at 17332 Millwood Dr., Visalia, CA 93292. The firm will be paid a commission of 3 percent of the gross sale price, plus 2 percent of the gross sale price if buyer is unrepresented. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kyrstin Souza Keller Williams Realty Tulare County 5110W. Cypress Ave. Visalia, CA 93277 Tel: (559) 679-9119 About Mowbray Waterman Property, LLC Mowbray Waterman Property, LLC is a real estate company based in San Bernardino, Calif., specializing leasing of commercial and residential properties. Mowbray Waterman Property sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10930) on February 19, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark D. Houle handles the case. The Debtor is represented by Lauren Gans, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP. MT. PLEASANT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Mt. Pleasant Realty Co., LP. About Mt. Pleasant Realty Co. Mt. Pleasant Realty Co. LP is a single asset real estate partnership that owns and manages commercial or residential property in Pennsylvania. Mt. Pleasant Realty Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11247) on March 31, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Derek J. Baker handles the case. The Debtor is represented by Albert Anthony Ciardi, III, Esq., at Ciardi Ciardi & Astin. NETCAPITAL INC: Registers 721,153 Warrant Shares for Resale ----------------------------------------------------------- Netcapital Inc. filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the offer and resale by certain selling shareholders -- Lind Global Fund II LP, Intracoastal Capital LLC, Michael Vasinkevich, Noam Rubinstein, Craig Schwabe, and Charles Worthman -- of up to an aggregate of 721,153 shares of common stock, par value $0.001 per share of the Company, consisting of shares of Common Stock issuable upon the exercise of various common stock purchase warrants. Specifically: (i) common stock purchase warrants, to purchase up to 361,148 shares of Common Stock, at an exercise price of $2.07 per share; issued by the Company to certain accredited investors on January 13, 2025 pursuant to an inducement offer letter agreement, dated as of January 9, 2025; (ii) common stock purchase warrants, to purchase up to 180,574 shares of Common Stock, at an exercise price of $2.07 per share; issued by the Company to certain accredited investors on January 13, 2025 pursuant to the January 2025 Inducement Letter; (iii) common stock purchase warrants to purchase up to 20,315 shares of Common Stock issued by the Company on January 13, 2025 to designees of H.C. Wainwright & Co., LLC, as exclusive placement agent, at an exercise price of $2.25 per share pursuant to an engagement letter dated November 7, 2024 between the Company and Wainwright; (iv) common stock purchase warrants, to purchase up to 79,558 shares of Common Stock, at an exercise price of $2.03 per share; issued by the Company to certain accredited investors on March 5, 2025 pursuant to an inducement offer letter agreement, dated as of March 5, 2025; and (v) common stock purchase warrants, to purchase up to 79,558 shares of Common Stock, at an exercise price of $2.03 per share; issued by us to certain accredited investors on March 5, 2025 pursuant to the March 2025 Inducement Letter. The shares issuable upon the exercise of these Warrants are collectively referred to as the "Warrant Shares," with each type of Warrant having its corresponding Warrant Shares as defined in the paragraphs above. The A-5 Inducement Warrants are exercisable on July 15, 2025 and expire on July 15, 2030. The A-6 Inducement Warrants are exercisable on July 13, 2025 and expire on January 13, 2027. The Placement Agent Warrants are exercisable on July 15, 2025 and expire on July 15, 2030. The A-7 Inducement Warrants are exercisable on September 5, 2025 and expire on September 5, 2030. The A-8 Inducement Warrants are exercisable on September 5, 2025 and expire on March 5, 2027 The Shares will be resold from time to time by the Selling Shareholders listed in the section titled "Selling Shareholders" beginning on page 15. The Selling Shareholders, or their respective transferees, pledgees, donees, or other successors-in-interest, will sell the Shares through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. The Selling Shareholders may sell any, all or none of the securities offered by this prospectus, and the Company do not know when or in what amount the Selling Shareholders may sell their Shares hereunder following the effective date of this registration statement. The Company are registering the Shares on behalf of the Selling Shareholders, to be offered and sold by them from time to time. While it will not receive any proceeds from the sale of our Common Stock by the Selling Shareholders in the offering described in this prospectus, the Company may receive up to: (i) $2.07 per share upon the cash exercise of the A-5 and A-6 Inducement Warrants, (ii) 2.03 per share upon the cash exercise of the A-7 and A-8 Inducement Warrants and (iii) $2.25 per share upon the cash exercise of the Placement Agent Warrants. Upon the exercise of the Warrants for all 721,153 Shares by payment of cash, the Company would receive aggregate gross proceeds of approximately $1,454,000. However, the Company cannot predict when and in what amounts or if the Warrants will be exercised, and it is possible that the Warrants may expire and never be exercised, in which case the Company would not receive any cash proceeds. The Company have agreed to bear all of the expenses incurred in connection with the registration of the Shares. The Selling Shareholders will pay or assume discounts, commissions, fees of underwriters, selling brokers or dealer managers and similar expenses, if any, incurred for the sale of the Shares. The Common Stock is currently listed on the Nasdaq Capital Market under the symbol "NCPL" On April 11, 2025, the last reported sale price of Common Stock was $1.7907 A full-text copy of the Registration Statement is available at https://tinyurl.com/mrp7nt9f About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated July 29, 2024, citing that the Company has negative working capital, net operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2025, the Company had $39,900,677 in total assets, $4,930,412 in total liabilities, and total stockholders' equity of $34,970,265. NEWELL BRANDS: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Newell Brands Inc.'s Long-Term Issuer Default Rating (IDR) at 'B+', first lien secured revolver at 'BB+' with a Recovery Rating of 'RR1' and unsecured debt at 'BB-'/'RR3'. The Rating Outlook is Stable. The 'B+' ratings reflect recent operating challenges that have led to elevated leverage, despite Newell's portfolio of well-established brands. The company has taken steps to reposition its brand portfolio and realign its business segments and supply chain network, showing signs of traction with margin improvement in 2024. However, Fitch expects top line will remain pressured given macroeconomic headwinds, with EBITDA expected to be below $900 million and EBITDA leverage (gross debt to EBITDA) elevated in the mid-5x over the next 12-24 months. Key Rating Drivers Declines in Top Line and EBITDA: Newell's operations have faced challenges due to changing consumer behavior, market share losses in some its categories, and a slowdown in consumer spending on discretionary products given moderating consumer fundamentals. Fitch expects top line to decline around 5% in 2025, reflecting core sales declines of around 3%, and for it to be flat in 2026. Core sales, a Newell metric excluding impacts from mergers and acquisitions (M&A) and non-comparable factors like category exits, fell by 3.4% in 2024 and 12.2% in 2023. Fitch projects EBITDA will decline to the high $800 million range in 2025 from around $900 million in 2024, assuming margins remain stable at around 12%, with EBITDA range bound over the next 24-36 months. Fitch's projections consider tariff headwinds Newell detailed in its first-quarter earnings, excluding the additional 125% U.S. tariffs on China. The company expects the additional tariffs could reduce EPS by as much as $0.10 or roughly $50 million in EBITDA if they remain in effect for the full year. Elevated Leverage: Gross leverage declined to 5.5x in 2024 compared to 6.2x in 2023, but remains higher than the 4.9x in 2022 and 3.7x in 2021, given declines in EBITDA. Fitch expects EBITDA leverage to remain in the mid-to-high 5x range, reflecting flat debt levels. The company has close to $1.2 billion due in 2026 and Fitch expects the maturities to be largely refinanced over the course of 2025. Liquidity is adequate in the near term, with $233 million of cash on hand as of March 31, 2025, and approximately $485 million of availability under the company's revolving credit facility due 2027. Fitch expects free cash flow (FCF) to be flat to modestly positive in 2025-2026. Business Realignment: The company has realigned its business segments several times in recent years to drive growth and improve profitability. Its learning and development business (36% of 2024 revenue) has shown signs of stabilization while its home and commercial solutions (54%) and its outdoor and recreation (10%) verticals, in particular, continue to see meaningful declines. Newell expects to sustain low single-digit organic sales growth over the medium term by strengthening brands through increased innovation, focusing on omnichannel initiatives (with e-commerce at over 20% of sales), and accelerating international growth (around 38% of 2024 sales). Major Brands Drive Revenue: Fitch expects revenue could stabilize in the low $7 billion range in 2026, well below the high $9 billion range in 2019-2022, on improved industry prospects supported by investments in its core brands. In mid-2023, Newell announced plans to focus on front-end or brand capability buildout, concentrating on larger, more profitable brands in its top 10 countries, prioritizing the business in the U.S., and disproportionately investing in mid- and high-price point segments. Newell's top 25 brands comprise around 90% of its revenue and profits, and the company has pruned less profitable brands, exiting 2024 with approximately 55 brands versus 80 brands in 2023. Return to 14% EBITDA Margin Challenging: The company has announced several restructuring initiatives around supply chain, savings, and organizational realignment to drive sales and margins over the last few years. Given Newell's top line challenges and investments required to support its brands, Fitch expects it could be challenging to return to the 14% EBITDA range seen in 2019-2021. However, Fitch expects margins to stabilize at 2024 levels of around 12%, with gross margin improvements and cost cutting initiatives expected to largely offset top line headwinds. Peer Analysis Newell's 'B+' rating reflects the company's operating challenges in recent years, which have led to elevated leverage. Fitch expects EBITDA to be below $900 million in the near term given macroeconomic headwinds, with EBITDA leverage elevated in the mid-to-high 5x. Other consumer product companies within Fitch's rated portfolio include Spectrum Brands, Inc. (BB/Stable), ACCO Brands Corporation (BB/Negative), Central Garden & Pet Company (BB/Stable), and Knowlton Development Corporation, Inc. (KDC; B-/Stable). Spectrum's ratings reflect the company's low leverage across the rating horizon, its relatively diversified portfolio, as well as uncertainty around the company's business mix over the next several years. ACCO's rating and Negative Outlook reflects Fitch's view that leverage could be sustained above 3.5x over the next 12-24 months given ongoing declines in revenue and EBITDA, without a meaningful offset from debt reduction from FCF. Central's ratings reflect its strong market positions in the pet, lawn & garden segments and ample liquidity supported by strong cash on the balance sheet and robust FCF. Fitch expects EBITDA leverage to be in the mid-3x range. These strengths are moderated by its limited scale and customer concentration risk. KDC's ratings reflect its position as a global leader in custom formulation, packaging and manufacturing solutions for beauty, personal care and home care brands, supported by a diverse product portfolio and customer base. The ratings also consider KDC's leverage at around 6x, weak interest coverage metrics and lack of consistent FCF generation. Key Assumptions - Revenue declines in the mid-single digits to $7.2 billion in 2025 from $7.6 billion in 2024, reflecting core sales decline of around -3% and low single digit currency headwinds. Sales are expected to be flat to modestly positive thereafter; - Operating EBITDA is expected to be modestly lower in 2025, in the high-$800 million range compared to over $900 million in 2024 and $1.2 billion in 2022, and is expected to be range bound in 2026. EBITDA margin is expected to be stable around 12% barring more material impact from tariffs, with benefits from restructuring and cost reduction initiatives offsetting top line weakness and tariff headwinds; - Capex of around $250 million and dividends at close to $120 million annually; - FCF is expected to remain flat to modestly positive in 2025-2026 given Fitch's projected EBITDA levels in the high $800 million range. - Fitch expects leverage to remain in the mid to high 5x in 2025/2026, compared with 5.5x in 2024, 6.2x in 2023 and 4.9x in 2022. The projected net EBITDA leverage of 5.5x in 2025 (around 5.3x excluding off-balance sheet factored receivables) is significantly higher than Newell's long-term net leverage target of 2.5x; - Newell's committed facilities have a floating interest rate structure and Fitch assumes around 4.25% to 4.5% SOFR base rates over the next 12 months and trending towards 3.5% thereafter. Newell's notes have a fixed interest rate structure. Recovery Analysis Fitch's recovery assumes Newell's value is maximized as a going concern in a post-default scenario, given a going concern valuation of approximately $4.5 billion. Fitch's going concern value is derived from a projected EBITDA of around $750 million. The scenario assumes a lower revenue base of $6 billion, around 20% below 2024 revenues of $7.6 billion, assuming market share losses or discontinuation of some existing brands in its portfolio. EBITDA margins could trend around 12% to 13% in a recovery scenario, below the 14% margins achieved previously during 2019 through to 2021. A going-concern multiple of 6x was selected, within the 4x to 8x range observed for North American corporates, reflecting Fitch's assessment of Newell's industry dynamics and company-specific factors. After deducting 10% administrative claims from the going concern valuation and adjusting for senior ranking receivables claims, the amended secured credit facility would have outstanding recovery prospects and the unsecured claims would have good recovery prospects. Fitch assumes the entire $1.0 billion revolver commitment is fully drawn for the purposes of the recovery analysis. Therefore, the senior secured credit facility is rated 'BB+'/'RR1' and the unsecured notes of approximately $4.6 billion are rated 'BB-'/'RR3'. The revolver has a first-lien security interest on all unencumbered accounts receivable, inventory, and other specific domestic and international assets, as well as a guarantee from certain domestic and foreign subsidiaries. Availability is subject to an asset coverage ratio of 1.05x, and there are financial covenants testing the company's collateral coverage ratio and total net leverage ratio. The maximum total net leverage ratio is set at 7.25x for quarters ending Dec. 31, 2024 through and including June 30, 2025; 6.5x for the quarters ending Sept. 30, 2025 through and including June 30, 2026; and 5.25x for the quarters ending Sept. 30, 2026 and thereafter through maturity. The collateral coverage test requires Newell to maintain a pledged collateral value to total revolving credit exposure at a minimum ratio of 1.05x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A negative rating action could result from worse than expected operating performance leading to reduced visibility around Newell's ability to stabilize its business such that EBITDA leverage is sustained above 6x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action could result from a demonstrated ability to grow core sales in the low single digits, improve EBITDA to over $1 billion and deploy FCF towards debt reduction, such EBITDA leverage is sustained under 5x. Liquidity and Debt Structure As of March 31, 2025, Newell had $233 million of cash on hand and approximately $485 million of availability under the company's $1 billion revolver due 2027. This reflects a borrowing base of $870 million, with $350 million of borrowings and $29 million of letters of credit outstanding. Newell has two off-balance sheet factoring arrangements included as part of Fitch-adjusted debt. The company has a customer receivable factoring agreement to sell receivables of up to $700 million, and a separate 3-year accounts receivable facility due Oct. 2026, providing liquidity of up to $225 million between February and April of each year, and up to $275 million at all other times. The company had a total of $430 million borrowed collectively under these facilities as of March 31, 2025. Newell's total outstanding debt was approximately $5.4 billion at March 31, 2025, including off-balance sheet factored receivables. The company has around $50 million in debt maturities in 2025, which it could pay down with cash on hand or revolver borrowings, and around $1.235 billion of unsecured notes due in 2026 and $500 million due in 2027, which Fitch expects to be largely refinanced. Issuer Profile Newell is a global marketer of consumer and commercial products, marketed under Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer's, Coleman, Marmot, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert, Mapa, Spontex, Quickie and Yankee Candle. Summary of Financial Adjustments - Historical EBITDA has been adjusted for stock-based compensation, restructuring and restructuring related costs, acquisition amortization and impairment, transaction and related costs, and other items. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Newell Brands Inc. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ NORTH AMERICAN SEALING: May 12 Deadline Set for Panel Questions --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of North American Sealing Solutions, LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4e26es99 and return it by email to to Fernando Garnica – Fernando.Garnica@usdoj.gov – and Susan Hersh – Susan.Hersh@usdoj.gov – no later than Monday, May 12, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About North American Sealing Solutions North American Sealing Solutions, LLC is a manufacturer based in Fort Worth, Texas, specializing in sealing products and machined components for industries like oil and gas. Founded in 2010 by Tom Oswald, the Company produces items such as O-rings, seals, rubber products, and rebuild kits. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41374) on April 18, 2025. In the petition signed by Thomas Oswald, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as bankruptcy counsel. NORTHSTARR BUILDERS: Unsecureds to Split $10K over 48 Months ------------------------------------------------------------ Northstarr Builders, LLC, submitted a First Amended Plan of Reorganization dated April 3, 2025. The Debtor's financial projections show that the Debtor will have projected disposable income in an amount sufficient to meet the requirements of this Plan. Class 1 consists of Priority Claim of the Internal Revenue Service/State of Michigan. This class is not impaired. The IRS will be paid over 48 months at 7% with the first payment of $485 due 90 days from the date of the Order Confirming Plan. The State of Michigan will be paid over 48 months at 7% with the first payment of $281 due 90 days from the date of the Order Confirming Plan. Class 8 consists of Allowed Unsecured Creditors. This Class is impaired. General unsecured claims total $422,428. Unsecured creditors shall share in sum total of $10,000 over the life of the plan. These funds shall be paid monthly with the first of 48 monthly payments of $209 due 12 months from confirmation with each creditor paid on a prorate basis. A full-text copy of the First Amended Plan dated April 3, 2025 is available at https://urlcurt.com/u?l=yXIlVA from PacerMonitor.com at no charge. About Northstarr Builders Northstarr Builders, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32419) on Dec. 23, 2024, with up to $100,000 in assets and up to $1 million in liabilities. Marty Johnson, company owner, signed the petition. Judge Joel D. Applebaum is the Debtor's legal counsel. The Debtor is represented by: George E. Jacobs, Esq. Bankruptcy Law Office 2425 S. Linden Rd., Suite C Flint, MI 48532 Tel: 810-720-4333 Email: george@bklawoffice.com NUMALE CORP: Trustee Taps Garman Turner as Legal Counsel -------------------------------------------------------- Michael Carmel, the Chapter 11 trustee of Numale Corporation, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Garman Turner Gordon LLP as his attorneys. The firm will render these services: a. advise the Trustee with respect to the rights, powers, and duties as trustee; b. commencing litigation, which may include a bad faith claim against the carrier and claims against insiders; c. prepare on behalf of the Trustee all necessary or appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; d. advise and assist the Trustee with all actions he may take to collect and recover property for the benefit of the Debtors' estates; e. to take all necessary or appropriate actions in connection with any sale, plan, disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; f. take all necessary actions to protect and preserve the Debtors' estates, including the prosecution of actions on Debtors' behalf, the defense of any actions commenced against Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; and g. perform all other necessary legal services in connection with the prosecution and administration of the Debtors' Chapter 11 Cases. The firm will receive compensation at these rates: a. the firm's standard hourly rates are discounted by 50 percent; and b. a discounted contingency fee measured against the amounts recovered by the estate. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gregory E. Garman, Esq., a partner at Garman Turner Gordon 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: Gregory E. Garman, Esq. Talitha Gray Kozlowski, Esq. Garman Turner Gordon LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Tel: (725) 777-3000 Email: tgray@gtg.legal About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by David A. Riggi, Esq., at Riggi Law Firm. O&S HOLDINGS: Court OKs Rio Verde's Motion to Appoint Receiver -------------------------------------------------------------- At the Plaintiff's behest, the United States District Court for the District of Oregon will appoint a receiver under Federal Rule of Civil Procedure 66 in the case styled RIO VERDE PLANTAS, LLC, a Colorado limited liability company, Plaintiff v. O&S HOLDINGS, LLC, a Missouri limited liability company, and TORY SCHWOPE, an individual, Defendant, and RIO VERDE HOLDINGS, LLC, an Oregon limited liability company, Nominal Defendant, Case No. 3:25-cv-00098-JR (D. Or.). On February 7, the Plaintiff filed a motion to appoint receiver to take possession, control, and management of Rio Verde Holdings' business and assets during the pendency of the litigation to preserve and maximize its value through dissolution and thereby protect Rio Verde Holdings' creditors and members. The Court held that the appointment of a receiver is appropriate under Rule 66, and based on this Court's inherent equitable powers, to preserve, manage, protect, collect rents, profits, and revenues of Rio Verde Holdings' assets, and if necessary, liquidate Holdings' assets, wherever located, or otherwise carry on the business of Holdings. Gene Buccola and the firm of High Plateau Asset Management, LLC are appointed as a general receiver to take possession and control of Holdings' assets in order to manage Holdings in a manner that will maximize the value of the business with the authority and powers set forth. Pursuant to this Order, the receiver has the power to: a. collect, control, manage, conserve, and protect the Estate Property; b. operate the business constituting the Estate Property in the ordinary course; c. in the ordinary course of business, incur unsecured debt (but not debt from insiders or affiliates of Holdings) and pay expenses incidental to Receiver's preservation, use, management, and collection of the Estate Property; d. assert a right, claim, cause of action, or defense of Holdings that relates to the Estate Property; e. assert in the name of Receiver any claim under ORS 95.200 to 95.310 assertable by any creditor of Holdings; f. seek and obtain instruction from the Court concerning the Estate Property, exercise of Receiver's powers, or performance of Receiver's duties; g. on subpoena, compel a person to submit to examination under oath in the manner of a deposition in a civil case, or to produce and permit inspection and copying of designated records or tangible things with respect to the Estate Property; h. engage and pay compensation to one or more professionals; i. apply to a Court of another state for appointment as ancillary receiver with respect to the Estate Property in that state; j. incur debt for the use or benefit of the Estate Property other than in the ordinary course of business upon 14 days' notice to Lender; k. upon 14 days' notice to Lender, borrow from Rio Verde Plantas, LLC, Matt Edmundson, or any affiliated entity, or from O&S Holdings, LLC, Tory Schwope, or any affiliated entity with or without the necessity of issuing receiver's certificates; l. make improvements to the Estate Property upon 14 days' notice to Lender; m. use or transfer the Estate Property other than in the ordinary course of business upon 14 days' notice to Lender; n. sell, encumber, pledge, lease, transfer or the like, real property constituting Estate Property; o. sell, use, lease, exchange, encumber or the like, personal property constituting Estate Property outside of the normal course upon 14 days' notice to Lender or upon Lender consent; p. assume or reject executory contracts of Holdings upon 14 days' notice to Lender; q. pay compensation to Receiver upon 10 days' notice to Lender; r. determine whether or not to establish a claims procedure; s. allow or disallow a claim of a creditor; t. commence a voluntary bankruptcy case on behalf of Holdings if, in the Receiver's business judgment, with 14 days' advance notice to O&S and Plantas, and with Lender's consent to Holdings' use of Lender's cash collateral pursuant to an agreed upon budget prior to filing; u. file an answer to the involuntary petition and oppose the removal of the Receiver or turnover obligations under 11 U.S.C. Section 543(d); and v. take any other actions the Court deems reasonably necessary for the preservation of the Estate Property, or to avoid injustice upon 14 days' notice to Lender. O&S Holdings, LLC operates as a real estate development company. Attorneys for Plaintiff: Craig G. Russillo, Esq. Jessica Zerpoli, Esq. SCHWABE, WILLIAMSON & WYATT, P.C. 1211 SW 5th Avenue, Suite 1900 Portland, OR 97204 Telephone: 503-222-9981 Facsimile: 503-796-2900 Email: crussillo@schwabe.com Email: jzerpoli@schwabe.com Attorneys for Defendants O&S Holdings, LLC and Tory Schwope: Christopher K. Dolan, Esq. Steven L. Shropshire, Esq. JORDAN RAMIS PC 1211 SW Fifth Avenue, 27th Floor Portland, OR 97204 Telephone: (503) 598-7070 Facsimile: (503) 598-7373 E-mail: chris.dolan@jordanramis.com E-mail: steve.shropshire@jordanramis.com OCEAN FIVE: Section 341(a) Meeting of Creditors on June 9 --------------------------------------------------------- On May 2, 2025, Ocean Five Condominium Association Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 9, 2025 at 03:00 PM by Telephone. About Ocean Five Condominium Association Inc. Ocean Five Condominium Association Inc. is a real estate leasing company based in Victoria, Texas, specializing in owning and leasing commercial properties, providing spaces for retail and office use. Ocean Five Condominium Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15015) on May 2, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Robert C. Meyer, Esq. OZOP ENERGY: Reports $6.2 Million Net Loss for FY 2024 ------------------------------------------------------ Ozop Energy Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $6,198,161 on $1,342,653 of revenues for the year ended December 31, 2024, compared to a net loss of $7,369,681 on $4,760,705 of revenues for the year ended December 31, 2023. Hackensack, N.J.-based Prager Metis CPAs LLC, the Company's auditor since 2018, 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 as of December 31, 2024, the Company had an accumulated deficit of $224,868,641 and a working capital deficit of $32,232,815. As of December 31, 2024, the Company was in default of $19,925,000 plus accrued interest on debt instruments due to non-payment upon maturity dates. Currently, the Company's current capital and other existing resources will not be sufficient to provide the working capital needed for our current business, and, additional capital will be required to meet its debt obligations, and to further expand its business. Ozop Energy said, "We may be unable to obtain the additional capital required. If we are unable to generate capital or raise additional funds when required, it will have a negative impact on our business development and financial results. These conditions raise substantial doubt about our ability to continue as a going concern as well as our recurring losses from operations, deficit in equity, and the need to raise additional capital to fund operations. This "going concern" could impair our ability to finance our operations through the sale of debt or equity securities." Management's Plans: As a public company, Management believes it will be able to access the public equities market for fund raising for product development, sales and marketing and inventory requirements as we expand our distribution in the U.S. market. On May 2, 2023, the Company entered into an Equity Financing Agreement and Registration Rights Agreement with GHS. Under the terms of the Financing Agreement, GHS has agreed to provide the Company with up to $10,000,000 of funding upon effectiveness of a registration statement on Form S-1. Pursuant to the effectiveness of the registration statement on July 19, 2023, the Company has the right to deliver puts to GHS and GHS will be obligated to purchase shares of our common stock based on the investment amount specified in each put notice. The maximum amount that the Company shall be entitled to put to GHS in each put notice will not exceed 250% of the average of the daily trading dollar volume of the Company's common stock during the 10 trading days preceding the put, so long as such amount does not exceed 4.99% of the outstanding shares of the Company. Pursuant to the Financing Agreement, GHS and its affiliates will not be permitted to purchase, and the Company may not put shares of the Company's common stock to GHS that would result in GHS's beneficial ownership equaling more than 4.99% of the Company's outstanding common stock. The price of each put share shall be equal to 80% of the lowest daily volume weighted average price of the Company's common stock for the 10 consecutive trading days preceding the date on which the applicable put is delivered to GHS. No put will be made in an amount equaling less than $10,000 or greater than $750,000. Puts may be delivered by the Company to GHS until the earlier of 24 months after the effectiveness of the registration statement on Form S-1 or the date on which GHS has purchased an aggregate of $10,000,000 worth of put shares. During the year ended December 31, 2023, the Company sold to GHS 587,432,649 shares of common stock and received $1,230,043 net of offering costs. During the year ended December 31, 2024, the Company sold to GHS 146,517,693 shares of common stock for proceeds of $172,117 net of offering costs. On January 26, 2024, the Company receive a Notice of Effectiveness for the sale of up to 1,000,000,000 shares of the Company's common stock to GHS, pursuant to the May 2, 2023, Financing Agreement and Registration Rights Agreement. The terms and conditions are similar to the terms and conditions of the July 19, 2023, registration statement. During the year ended December 31, 2024, the Company sold to GHS 1,000,000,000 shares of common stock and received $760,160, net of offering costs. On July 30, 2024, the Company receive a Notice of Effectiveness for the sale of up to 2,000,000,000 shares of the Company's common stock to GHS, pursuant to the May 2, 2023, Financing Agreement and Registration Rights Agreement. The terms and conditions are similar to the terms and conditions of the July 19, 2023, registration statement. During the year ended December 31, 2024, the Company sold to GHS 457,990,649 shares of common stock and received $280,094, net of offering costs. From January 1, 2025, through April 15, 2025, the Company sold GHS 1,364,594,180 shares of common stock for proceeds of $295,965 net of offering costs. OES operates in the renewable, electric vehicle, energy storage and energy resiliency sectors. The Company is engaged in multiple business lines that include project development as well as equipment distribution. Equipment Distributor: In April 2021, the Company signed a five-year lease (beginning June 1, 2021) of approximately 8,100 SF in California, for office and warehouse space to support the sales and distribution of our west coast operations. On February 22, 2023, with an effective date of March 1, 2023, the Company entered into a Sublease for a Single Subleasee Agreement with the landlord and a third party for the office and warehouse in Carlsbad California. Pursuant to the Sublease agreement, the third party will be responsible for all of the Company's lease obligations through May 31, 2026, the lease termination date. The Company and the subleasee have agreed to work together regarding any existing Company inventory in the facility. Modular Energy Distribution System: The NeoVolt System comprises the design engineering, installation, and operational methodologies as well as the financial arbitrage of how it produces, captures and distributes electrical energy for the EV markets. NeoVoltTM System offers: (1) charging locations that can be installed with reduced delays, restricted areas or load limits and (2) EV charger electricity that is produced from renewable sources claiming little to no carbon footprint. "The Company has developed a business plan for NeoVolt, a scalable battery storage solution that aims to relieve the stress on existing grid infrastructure by providing distributed energy storage. With the first stage of engineered technical drawings completed, we are advancing to stage two and preparing to construct the initial prototype or proof of concept (PoC). NeoVolt is designed with advanced features, including automatic adoption of connected devices and dynamic load balancing through a master-slave configuration. These capabilities enable NeoVolt to seamlessly integrate with and manage energy flows across multiple devices. Furthermore, the PoC is contingent upon recent advancements in EV charging and discharging standardizations, including on-board inverters and bi-directional capabilities, to ensure compatibility and efficiency in both residential and commercial applications." OED specializes in lighting commissioning services. On September 27, 2024, OED signed an agreement with Leviton Manufacturing Co, Inc., to serve as a field service technician for their advanced lighting control systems. Ozop Plus markets vehicle service contracts for electric vehicles that offer consumers to be able to purchase additional months and miles above the manufacturer's warranty and to also bring added value to EV owners by utilizing our partnerships and strengths in the energy market to offer unique and innovative services. Among EV owners' concerns are the EV battery repair and replacement costs, range anxiety, environmental responsibilities, roadside assistance, and the accelerated wear on additional components that EV vehicles experience. Management believes that the Ozop Plus marketed VSC's will give "peace of mind" to the EV buyer. On October 23, 2024, Ozop Capital Partners, Inc. entered into an agreement with Empire Auto Protect. Under the agreement, Empire will white label Royal Administration's Fully Charged VSC, to be marketed as Empire Plus. OZOP Plus will be ceded the battery premium portion of all of the Empire Plus VSC's contracted. ARC is developing products to be an advanced lighting controls system, intricately engineered to integrate sophisticated wired and wireless technologies. At its core, it employs a hybrid network topology that facilitates both resilient wired connections and flexible wireless communications, making it suitable for complex infrastructural environments. The system is equipped with an array of sensors and control nodes, enabling precise light management and energy usage monitoring. With support for protocols such as DALI and Zigbee, alongside the capability for seamless integration with IoT platforms, ARC offers a comprehensive solution for intricate lighting networks. This system is designed not just for control and efficiency, but also for adaptability to diverse architectural and electrical layouts, embodying a technical solution for advanced, energy-conscious lighting management. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4b7krtfu About Ozop Energy Warwick, N.Y.-based Ozop Energy Solutions, Inc. operates in the renewable, electric vehicle, energy storage, and energy resiliency sectors. It is engaged in multiple business lines that include project development as well as equipment distribution. As of Dec. 31, 2024, the Company had $1,754,165 in total assets, $33,258,143 in total liabilities, and a total stockholders' deficit of $31,503,978. PARKLAND CORP: S&P Places 'BB' ICR on CreditWatch Positive ---------------------------------------------------------- S&P Global Ratings placed its 'BB' issuer credit rating on Calgary, Alta.-based Parkland Corp. (PKI) and 'BB' issue-level rating on Parkland's senior unsecured debt on CreditWatch with positive implications. S&P said, "The CreditWatch placement reflects that we could raise the issuer credit rating and senior unsecured issue-level ratings by one notch to align our ratings on PKI with those on Sunoco. We expect to resolve the CreditWatch listing when the transaction closes, likely in the second half of 2025." Parkland Corp. announced on May 5, 2025, that it is being acquired by U.S.-based Sunoco L.P. (BB+/Stable) for US$9.1 billion of cash and stock, subject to shareholder and regulatory approvals. The combination with Sunoco will improve scale and diversity and enhance the asset footprint. Sunoco announced a proposed transaction to acquire 100% of Parkland. S&P said, "We expect to view Parkland as core to the Sunoco group and hence we would likely equalize our ratings on PKI with those on Sunoco. The acquisition and integration of the company into Sunoco would almost double the combined entity's EBITDA. The combined company would be the largest independent fuel distributor in North America, distributing close to 56 billion liters of fuel, double that of PKI's stand-alone fuel volumes of 25 billion liters. The combination will also significantly enhance scale and geographic diversity and meaningfully enhance its portfolio of assets. After the acquisition, Parkland would have access to Sunoco's robust 14,000 miles of fuel pipeline infrastructure. Similarly, Parkland Canada will support Sunoco's business profile with its fuel distribution business, presence in the Caribbean region, and refinery segment. The management team also plans to realize meaningful cost synergies of about US$250 million in the third year after the close, primarily from supply chain optimization and other operating efficiency initiatives. We project that S&P Global Ratings-adjusted leverage will be maintained in the 4.5x-4.8x range following the closing of the acquisition through 2026, before decreasing to under 4.5x in the second half of 2027." S&P said, "The CreditWatch placement reflects that we could raise the issuer credit rating and senior unsecured issue-level ratings by one notch to align the ratings on PKI with those on Sunoco. We will resolve the CreditWatch placement once the proposed acquisition is closed. At that time, we will likely raise our ratings on PKI by one notch and likely withdraw our ratings." PARLOR RESTAURANT: Seeks to Hire MI Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Parlor Restaurant and Lounge LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire MI Law Firm as bankruptcy counsel. The firm's services include: (a) providing legal advice and services with respect to the Debtor's powers and duties as debtor in possession in the continued operation of its business, management of its property, the Local Rules, practices, and procedures, and providing substantive and strategic advice on how to accomplish the Debtor's goals in connection with the prosecution of this case; (b) preparing, on behalf of the Debtor, necessary applications, motions, answers, orders, reports, and other legal papers; (c) appearing in Court and at any meeting with the United States Trustee for the District of Columbia (the "U.S. Trustee"), the Subchapter V Trustee, and any meeting of creditors at any given time on behalf of the Debtor as its counsel; (d) performing various services in connection with the administration of the Chapter 11 Case, including, without limitation: (i) preparing agenda letters, certificates of no objection, certifications of counsel, notices of fee applications and hearings, and hearing binders of documents and pleadings; (ii) monitoring the docket for filings and assessing pending matters that need responses; (iii) preparing and maintaining critical dates memoranda to monitor pending applications, motions, hearing dates, and other matters and the deadlines associated with the same; (iv) handling inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of the Chapter 11 Case; (v) coordinating with the Subchapter V Trustee as necessary throughout the case; and (vi) assisting with the preparation and confirmation of a plan of reorganization under Subchapter V; (e) performing all other services assigned by the Debtor; to the extent the Firm determines that such services fall outside of the scope of services historically or generally performed by MI Law Firm as counsel in a bankruptcy proceeding, MI Law Firm will file a supplemental declaration pursuant to Bankruptcy Rule 2014. The firm's current standard hourly rates are: Moqadas Islam $350 Liz Altayib $350 This fee does not include costs for credit counseling or financial management courses, nor does it cover post-filing services after the initial meeting of creditors, such as plan preparation, confirmation hearings, or adversary proceedings. Those services will be billed at the hourly rate of $350. MI Law Firm received an initial fee of $6,800. MI Law Firm 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: Moqadas Islam, Esq. MI Law Firm 3692 Yorktown Village Pass Annandale, VA 22003 Phone: (571) 274-6834 Email: islam.moqadas@gmail.com About Parlor Restaurant and Lounge Parlor Restaurant and Lounge LLC is a Washington DC-based restaurant operator. Parlor Restaurant and Lounge sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-00021) on January 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. Judge Elizabeth L. Gunn oversees the case. The Debtor is represented by Moqadas Islam, Esq., at MI Law Firm. PEOPLE FIRST: Seeks to Hire David L. Smith CPA as Accountant ------------------------------------------------------------ People First Pizza, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire David L. Smith, CPA as accountant. Mr. Smith will prepare and provide financial reporting to be made in connection with this case, including but not limited to income and expense reports, financial statements, tax returns, monthly operating reports and providing data necessary for interim statements and operating reports. Compensation for professional is $550 per store per month. Professional charges a one-time set-up fee of $2,200. Mr. Smith disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Mr. Smith can be reached through: David L. Smith, CPA 416 N Glendale Ave # 202 Glendale, CA 91206 Tel: (818) 507-1999 Fax: (818) 507-5397 Email: david@glendalecpa.net About People First Pizza Inc. People First Pizza, Inc. owns Domino's Pizza franchises in multiple locations and filed for bankruptcy due to MCA loans, a PAGA lawsuit from a former employee, and other liabilities. People First Pizza sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10764) on March 26, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Cindy Gagliardi, president of People First Pizza, signed the petition. Judge Theodor Albert oversees the case. Richard Sturdevant, Esq., at Financial Relief Law Center, APC, represents the Debtor as bankruptcy counsel. PHOENIX ROSE: Seeks Subchapter V Bankruptcy in Tennessee -------------------------------------------------------- On May 2, 2025, Phoenix Rose LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Phoenix Rose LLC Phoenix Rose LLC is a limited liability company. Phoenix Rose LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01893) on May 2, 2025. In its petition, the Debtor reports estimated assets between $10,000 and $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtor is represented by Jay Lefkovitz, Esq. POWER REIT: Resolves Greenhouse Loan, Writes Off Properties ----------------------------------------------------------- As previously disclosed, Power REIT, through subsidiaries, invested in a portfolio of Controlled Environment Agriculture properties in the form of greenhouses. About 50% of the Greenhouse Portfolio square footage was focused on growing produce and the other 50% was focused on cannabis. Unfortunately, the portfolio has not performed, and the Greenhouse Portfolio is largely vacant resulting in significant property related expenses without revenue to cover these costs as well as the cash requirements to cover debt service. The Greenhouse Portfolio was security for a loan that was in default, and the lender filed litigation and foreclosure actions. As previously disclosed, prior forbearance agreements with the lender expired on January 31, 2025. The loan was non-recourse to Power REIT but secured by the Greenhouse Portfolio. The Greenhouse Portfolio has been marketed for sale but, unfortunately, the market for these special purpose assets has been weak and we have not been able to generate enough sales to satisfy the obligations to the lender. Power REIT, through its subsidiaries, has now resolved issues with its lender concerning the Greenhouse Loan by providing deeds-in-lieu of foreclosure for the properties in Michigan and Nebraska. In return, the lender released the remaining collateral back to subsidiaries of Power REIT and released obligations related to the Greenhouse Loan. Power REIT will continue to manage these retained assets, which are properties in Ordway, Colorado; a property in Walsenburg, Colorado; a property in Desert Hot Springs, California; a first mortgage on two properties in Ordway, Colorado; and a second mortgage on a property in Elliot, Maine. In addition, a subsidiary owns a greenhouse property located in Vinita, Oklahoma that was not security for the Greenhouse Loan. The transaction related to the Greenhouse Loan results in the write-off of the Nebraska and Michigan properties, along with the remaining balance of the Greenhouse Loan. It will also relieve the ongoing costs associated with maintaining these properties. Power REIT will continue to seek to realize value from the retained assets and is exploring a shift in focus and is evaluating real estate distressed situations including properties, loans and companies. About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, 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 December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. PPS 77 LLC: Seeks to Tap Bronson Law Offices as Bankruptcy Counsel ------------------------------------------------------------------ PPS 77, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Bronson Law Offices, PC to handle its Chapter 11 case. H. Bruce Bronson, Esq., an attorney at Bronson Law Offices, 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: H. Bruce Bronson, Esq. Bronson Law Offices, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonlaw.net About PPS 77 LLC PPS 77 LLC operates a parking garage providing vehicle parking services at 433 East 76th Street, New York, NY. PPS 77 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10550) on March 25, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices PC. PR BINGHAM: Amends Motion to Sell Apartment Complexes at Auction ---------------------------------------------------------------- PR Bingham, LLC, and its affiliate, PR Madison LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to amend motion to sell Apartment Complexes, free and clear of liens, claims, interests, and encumbrances. The Debtors are Missouri limited liability companies solely in the business of owning and operating two apartment complexes located in Anderson, Indiana. The Debtor wishes to sell the apartment complex located at 2725 West 16th Street, Anderson, Indiana 46011 (Bingham Complex) and 1801 North Madison Avenue, Anderson, Indiana 46011 (Madison Complex). An emergency exists because the Debtors recently received cancellation notices from their insurance carrier, cancelling their liability and property insurance on the Bingham Complex and Madison Complex. The earliest of the effective dates of termination is June 23, 2025. The Debtor purchased these policies within the last 60 days, and paid in full for these policies—at great expense. The Cancellation Notices were made after the petition date in these cases, and are clear violations of the automatic stay. There is no question but that a policy of insurance, especially one in which the premium has been paid, is a valid and binding contract between the insurance company and the insured and would constitute an asset of a bankruptcy estate. The Debtor believes and therefore submits the cancellations were made as a result of the bankruptcy filings themselves. Courts have held that cancellations made as a result of a bankruptcy filing are prohibited by not only Section 362 of the Code, but also 363(e). The reasons cited for cancellation is "due to poor inspection." Despite such characterization, the Debtor does not believe the terminations are effective, if nothing else, because they were made in violation of the automatic stay. The notices were made within days of these filings, and cite conditions at the properties that have not changed since before the policies were written; the termination timing is highly suspicious. The Debtors submit that good cause exists to shorten notice on the Sale Motion and seeks to shorten notice and set a hearing on the bid procedures proposed by the Debtors in the Sale Motion. The Debtors also seeks approval of the Bid Procedures and to sell the Property to Stalking Horse Bidders with alternative bids to be considered. About PR Bingham LLC PR Bingham LLC is engaged in real estate. PR Bingham sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No: 25-02164-JJG-11) on April 18, 2025. Judge Jeffrey J. Graham presides over the case. Jeffrey M. Hester at Hester Baker Krebs LLC represents the Debtor as legal counsel. PR BINGHAM: Seeks to Hire Hester Baker Krebs as Bankruptcy Counsel ------------------------------------------------------------------ PR Bingham, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Hester Baker Krebs LLC as bankruptcy counsel. The firm will provide these services: (a) take necessary or appropriate actions to protect and preserve the Debtor's estate; (b) prepare on behalf of the Debtor necessary or appropriate legal papers in connection with the administration of its estate; (c) provide advice, represent, and prepare necessary documentation and pleadings regarding debt restructuring, statutory bankruptcy issues, post-petition financing, real estate, business and commercial litigation, tax, and, as applicable, asset dispositions; (d) counsel the Debtor with regard to its rights and obligations and its powers and duties in the continued management and operations of its business and properties; (e) take necessary or appropriate actions in connection with a plan or plans of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; and (f) act as general bankruptcy counsel for the Debtor and perform all other necessary or appropriate legal services in connection with the Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Jeffrey Hester, Member $450 John Allman, Member $420 Marsha Hetser, Paralegal $215 Donna Adams, Paralegal $215 Tricia Hignight, Paralegal $215 Prior to the filing fate, the Debtor paid an initial retainer and filing fee to the firm in the amount of $51,738. Mr. Hester 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: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About PR Bingham LLC PR Bingham LLC is engaged in real estate. PR Bingham sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02164) on April 18, 2025. Judge Jeffrey J. Graham presides over the case. Jeffrey M. Hester, Esq., at Hester Baker Krebs LLC represents the Debtor as counsel. PR DIAMOND: Seeks to Hire Larson & Zirzow as Bankruptcy Counsel --------------------------------------------------------------- PR Diamond Products, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow LLC as bankruptcy counsel. The firm will render these services: (a) prepare on behalf of the Debtor all necessary or appropriate legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these hourly rates: Matthew Zirzow, Principal $650 Benjamin Chambliss, Associate $500 Patricia Huelsman, Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total pre-petition retainer of $30,000 from the Debtor. Mr. Zirzow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About PR Diamond Products PR Diamond Products Inc., operating as Brand X Blades, a Las Vegas-based manufacturer and distributor of diamond cutting tools and blades for construction and industrial applications. PR Diamond Products Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-12370) on April 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Matthew C. Zirzow at Larson & Zirzow, LLC. PR MADISON: Seeks to Tap Hester Baker Krebs as Bankruptcy Counsel ----------------------------------------------------------------- PR Madison, LLC seeks approval from the U.S. Bankruptcy Court for Southern District of Indiana to employ Hester Baker Krebs LLC as counsel. The firm will provide these services: (a) take necessary or appropriate actions to protect and preserve the Debtor's estate; (b) prepare on behalf of the Debtor necessary or appropriate legal papers in connection with the administration of its estate; (c) provide advice, represent, and prepare necessary documentation and pleadings regarding debt restructuring, statutory bankruptcy issues, post-petition financing, real estate, business and commercial litigation, tax, and, as applicable, asset dispositions; (d) counsel the Debtor with regard to its rights and obligations and its powers and duties in the continued management and operations of its business and properties; (e) take necessary or appropriate actions in connection with a plan or plans of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; and (f) act as general bankruptcy counsel for the Debtor and perform all other necessary or appropriate legal services in connection with the Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Jeffrey Hester, Member $450 John Allman, Member $420 Marsha Hetser, Paralegal $215 Donna Adams, Paralegal $215 Tricia Hignight, Paralegal $215 Prior to the filing date, the Debtor paid an initial retainer and filing fee to the firm in the amount of $51,738. Mr. Hester 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: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About PR Madison LLC PR Madison LLC, which operates Madison Square Apartments in Anderson, operates as a single asset real estate entity with its principal property located at 1641 N. Madison Avenue. PR Madison LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02165) on April 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Jeffrey M. Hester, Esq., at Hester Baker Krebs LLC. PROVIDENTIAL LENDING: Case Summary & 17 Unsecured Creditors ----------------------------------------------------------- Debtor: Providential Lending Services LLC PO Box 30031 Mesa, AZ 85275 Business Description: The Debtor operates as a lessor of real estate, primarily engaged in renting and leasing properties to residential or commercial tenants. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-04020 Judge: Hon. Brenda K. Martin Debtor's Counsel: Joseph G. Urtuzuastegui III, Esq. THE REAL ESTATE INVESTOR LAW FIRM, LLC 4535 E McKellips Rd., Suite 1093 Mesa, AZ 85215 Tel: 480-326-9832 E-mail: joe@reilawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by John Conover as manager. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NX4GULY/PROVIDENTIAL_LENDING_SERVICES__azbke-25-04020__0001.0.pdf?mcid=tGE4TAMA PUBLISHERS CLEARING: Section 341(a) Meeting of Creditors on May 29 ------------------------------------------------------------------ The U.S. Trustee for Region 2 will convene a meeting of creditors of Publishers Clearing House LLC on May 29, 2025, at 2:30 p.m. The meeting will take place telephonically: Meeting Dial-in No: (877) 929-0164, and when prompted then enter the Participant Code: 3310990, followed by #. The Debtor's representative must attend the meeting to be questioned under oath. Creditors may attend, but are not required to do so. The meeting may be continued or adjourned to a later date. If so, the date will be on the court docket. You may inspect all records filed in this case at this office or online at https://www.pacer.gov or https://omniagentsolutions.com/PCH. About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as Co-Chief Restructuring Officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. PUERTO RICO: Requests Commonwealth Funding to Settle PREPA Debt --------------------------------------------------------------- Michelle Kaske of Bloomberg News reports that Puerto Rico officials are exploring options in the commonwealth's upcoming budget to allocate funds toward repaying the debt of the island's bankrupt power utility, the Puerto Rico Electric Power Authority. The Financial Oversight and Management Board has started initial talks with Governor Jenniffer Gonzalez and lawmakers to determine how to secure the billions needed to meet the PREPA's financial obligations. According to Executive Director Robert Mujica, the board aims to identify viable revenue sources in the coming months as the commonwealth prepares its budget for the fiscal year starting July 1, 2025, Bloomberg News reports. 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. QBD PACKAGING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: QBD Packaging LLC Quality By Design Packaging 2710 Montgomery Dr. Seymour IN 47274 Business Description: QBD Packaging, operating as Quality by Design Packaging, provides contract packaging services for the pharmaceutical and dietary supplement industries. Based in Seymour, Indiana, the Company operates a 22,000-square-foot cGMP-compliant facility that includes climate-controlled primary packaging suites and monitored storage areas. Founded in 1996, the Company emphasizes regulatory compliance, customer service, and timely delivery. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-90538 Judge: Hon. Andrea K McCord Debtor's Counsel: Jeffrey Hester, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis IN 46204 Tel: 317-833-3030 E-mail: jhester@hbkfirm.com Total Assets: $2,127,983 Total Liabilities: $891,085 The petition was signed by Nnodum Iheme as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZJ7ALCY/QBD_Packaging_LLC__insbke-25-90538__0001.0.pdf?mcid=tGE4TAMA RC BUYER: S&P Upgrades Issuer Credit Rating to 'B', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings raised its rating on RC Buyer Inc.'s (d/b/a Rough Country) to 'B' from 'B-'. S&P said, "At the same time, we raised our senior secured issue-level rating to 'B' from 'B-'. Our '3' recovery rating on the company's first-lien term loan is unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. "The stable outlook reflects our expectation that Rough Country will maintain above average EBITDA margins, which should allow the company to maintain debt to EBITDA below 6x and FOCF to debt above 3%." Rough Country credit metrics have continued to improve over the past several quarters with debt to EBITDA now in the mid-5x area based on last 12 months performance from above 6x since the company was acquired by TSG Consumer Partners in 2021. Modest topline growth combined with above average EBITDA margins has led to free operating cash flow (FOCF) generation which the company has prudently used to repay debt. The upgrade reflects Rough Country's improved credit metrics as supported by its stable margins, consistent FOCF, and debt repayment over the past couple years. Rough Country has been able to generate fairly steady profitability over the past few years in a large part due to its direct-to-consumer (DTC) sales model, which has enabled the company to control pricing of its products and enter new categories organically. S&P said, "We believe Rough Country's DTC business model differentiates its business from larger peers, such as RealTruck and Holley, who predominantly sell through warehouse distributors. By being able to capture more profitability by selling directly on its website and cutting out the distributors, we think the company can price lower than its competitors' products of similar quality, but still maintain overall higher margins." The strategy has the additional benefit of reducing sales volatility as distributors will sometimes overbuild inventories and then need to destock over a few quarters when demand erodes. In addition, while growth of its suspension category has been challenging, Rough Country has sustained annual revenue growth by diversifying into non-suspension products, including cargo/storage, lighting/electronics, seat covers, and floor mats, despite the more challenging consumer environment in recent years. S&P said, "While Rough Country is certainly exposed to the increased tariffs on imports to the U.S., we think the company should be able to offset most of the tariff impact through pricing increases and other remediation efforts. The majority of Rough Country's parts are currently sourced from China which is an issue being faced by many aftermarket suppliers. However, we view the company as better positioned to increase prices to consumers as its DTC model gives the company more cushion to raise price but remain a low-cost leader. Additionally, the company is actively exploring opportunities to insource, resource, and streamline its supply chain to mitigate the impact of tariffs on margins and cash flows. These strategic initiatives along with price increases should allow the company to maintain above average EBITDA margins. The reaction of the consumer to higher prices is difficult to forecast and increasing volumes could be challenging. However, given the company's track record of outgrowing peers that sell discretionary auto products the last few years, we expect the company should be able to achieve very modest topline growth or at least defend its volumes better if consumer demand contracts more than expected. Finally, by paying down debt, the company reduced leverage to the mid-5x range which gives it some cushion if volumes contract more than expected." Although the company is owned by a sponsor, it has paid down debt and has not pursued aggressive acquisitions, which has enhanced de-leveraging. Under TSG Consumer Partners' ownership, Rough Country has repaid close to $100 million of debt and pursued only very small tuck-in acquisitions. However, we continue to view larger acquisitions or debt-funded dividends distributions as an ongoing risk that could stress Rough Country's credit metrics if pursued by management or the company's financial sponsor. S&P said, "We continue to believe demand for highly discretionary auto parts will decline in a more protracted recession. If the U.S. were to enter a longer recession, this would reduce discretionary consumer spending and demand for Rough Country's products more than our base case. In this scenario, a steeper decline in revenues would reduce profitability and increase leverage. However, we think the company could manage to generate modest free cash flows as Rough Country has a variable cost structure and relatively low capital spending requirements." Rough Country has maintained adequate sources of liquidity since being acquired by TSG. The company ended first-quarter 2025 with $15.3 million of balance-sheet cash and $37 million of net revolver availability, for total liquidity of $52.3 million. Rough Country borrowed on its revolving line of credit earlier in 2025 along with using some cash on hand to repurchase $21 million of its term loan and has also begun to repay revolver borrowings. Furthermore, the company has a covenant-lite capital structure with no debt maturities until its revolver expires in mid-2026 followed by its first-lien term loan in 2028. The stable outlook reflects S&P's expectation that Rough Country will maintain above average EBITDA margins, which should allow the company to maintain debt to EBITDA below 6x and FOCF to debt above 3%. S&P could lower its rating on Rough Country if: -- Debt to EBITDA remains meaningfully above 6x on a sustained basis; or -- FOCF to debt remains below 3% for consistent quarters. This could occur if demand for Rough Country's products decreased, resulting in strained margins and cash flows. S&P could also consider a downgrade if Rough Country were to engage in debt-financed distributions paid to its financial sponsor or pursued similar activities that lead to substantially higher leverage. S&P could raise the ratings of Rough Country if: -- Debt to EBITDA approaches 4x and remains at this level on a sustained basis; and -- FOCF to debt approaches 10%. This could occur if demand for Rough Country's products grows more than forecast, margins are maintained at recent levels or better, and the company continues its expansion into new product categories allowing for a meaningful increase in the company's scale. Similarly, S&P would also evaluate Rough Country and its financial sponsor's tolerance for maintaining credit metrics at these improved levels. RCM EQUIPMENT: Gets Interim OK to Use Cash Collateral Until May 14 ------------------------------------------------------------------ RCM Equipment Company, LLC received interim approval from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The interim order penned by Judge Katherine Constantine authorized the company to use cash collateral pending the final hearing on May 14. As protection, secured creditors were granted replacement liens on assets acquired by the company after its Chapter 11 filing, with the same priority as its pre-bankruptcy liens. As further protection, RCM Equipment Company was ordered to pay $10,185 by May 15 and a monthly payment of $5,800 thereafter. About RCM Equipment Company RCM Equipment Company, LLC filed Chapter 11 petition (Bankr. D. Minn. Case No. 25-30981) on April 4, 2025, listing up to $50,000in assets and up to $1 million in liabilities. Franklin E. Connelly, president of RCM Equipment Company, signed the petition. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith, PA, represents the Debtor as legal counsel. RCM MANUFACTURING: Court OKs Interim Use of Cash Collateral ----------------------------------------------------------- RCM Manufacturing Incorporated got the green light from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The order penned by Judge Katherine Constantine authorized the company's interim use of cash collateral to pay its expenses pending the final hearing on May 14. RCM Manufacturing projects total expenses of $18,413 for the period from April 22 to May 15. As protection, secured creditors were granted replacement liens on assets acquired by the company after the petition date, with the same priority as its pre-bankruptcy liens. As further protection, RCM Manufacturing was ordered to pay $10,185 by May 15 and a monthly payment of $5,800 thereafter. About RCM Manufacturing Incorporated RCM Manufacturing Incorporated filed Chapter 11 petition (Bankr. D. Minn. Case No. 25-30979) on April 4, 2025, listing up to $1 million in assets and up to $500,000 in liabilities. Franklin E. Connelly, president of RCM Manufacturing, signed the petition. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, represents the Debtor as legal counsel. RCM SPECIALTIES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- RCM Specialties, Inc. got the green light from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral. The order penned by Judge Katherine Constantine authorized the company's interim use of cash collateral to pay its expenses pending the final hearing on May 14. RCM Specialties projects total expenses of $76,791.75 for the period from April 22 to May 15. As protection, secured creditors were granted replacement liens on assets acquired by the company after the petition date, with the same priority as its pre-bankruptcy liens. As further protection, RCM Specialties was ordered to pay $10,185 by May 15 and a monthly payment of $5,800 thereafter. About RCM Specialties Inc. RCM Specialties, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-30980) on April 4, 2025. In the petition signed by Franklin E. Connelly, president, the Debtor disclosed up to $50,000in assets and up to $1 million in liabilities. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, represents the Debtor as bankruptcy counsel. RELIABLE HEALTHCARE: Files Amendment to Disclosure Statement ------------------------------------------------------------ Reliable Healthcare Logistics, LLC, submitted an Amended Disclosure Statement describing Plan of Reorganization dated April 4, 2025. On October 15, 2021, Virtus filed suit against Woodfield Distribution and Adam Runsdorf in the U.S. District Court for the Middle District of Florida. The original complaint sought damages based on an alleged breach of the 3PL agreement between Virtus and Woodfield Distribution. The Virtus complaint asserted (a) RICO claims against Woodfield Distribution, Woodfield Pharma, and Adam Runsdorf, the sole member of both Woodfield entities; (b) breach of contract claims and breach of implied covenant of good faith and dealing against Distribution, Woodfield Pharma and Runsdorf and corporate veil piercing claims against Runsdorf; (c) and claims for successor liability and/or to recover fraudulent transfers against the Debtor predicated on Virtus’ alleged status as a creditor of Distribution. On September 19, 2024, the U.S. District Court of the Middle District of Florida issued an order partially granting and denying competing motions for partial summary judgment in the Virtus Litigation. The Florida Court dismissed (a) all claims against Distribution, Woodfield Pharma, and Runsdorf based on alleged RICO violations; (b) all claims against Runsdorf; (c) all punitive damage claims against Distribution; (d) Virtus's claim against Woodfield Pharma based on piercing Distribution's corporate veil. The Court granted partial summary judgment in favor of Virtus for breach of contract as to sections 1.1 and 1.3 of its contract with Distribution. The Court has reserved for future ruling Distribution's motion for summary judgment with respect to the limitation of liability provision contained in Distribution's contract with Virtus. No damages were determined on the breach of contract claim. On October 15, 2024, Virtus and Distribution settled the remaining claim for breach of contract by entry of a consent judgment against Distribution in the amount of $5,000,000. Class 1 consists of the allowed unsecured claim due to BCI IV Palm Beach, LLC for prepetition rent arrearages in the amount of $550,915.57 (the "Cure Amount") for the lease of non residential real property located at 951 Clint Moore Road, Boca Raton, Florida (the "Lease"). Upon the Effective Date, the Lease shall be assumed by the Debtor. BCI shall retain its pre-petition security deposit as security for the lease. Upon the Effective Date, BCI shall have an allowed unsecured claim for the Cure Amount and the Debtor shall pay 30% of the Cure Amount. The balance of the Cure Amount shall be paid in 9 equal monthly installments commencing thirty days following the initial payment. Class 2 consists of the allowed general unsecured claim unpaid balance due to Coleman Logistics Assets, LLC for prepetition rent arrearages in the amount of $164,393.66 (the "Cure Amount") for the lease of non-residential real property located at 1113 Gillingham, Sugarland, Texas (the "Lease"). Upon the Effective Date, the Lease shall be assumed by the Debtor. Coleman shall retain its pre-petition security deposit as security for the lease. Upon the Effective Date, Coleman shall have an allowed pre petition claim for Cure Amount and the Debtor shall pay 25% of the Cure Amount. The balance of the Cure Amount shall be paid in 12 equal monthly installments commencing thirty days following the Effective Date. Class 4 consists of the allowed pre-petition unsecured claim unpaid balance due to Thomson Logistics Assets, LLC for prepetition rent arrearage in the amount of $133,548.32 (the "Cure Amount") for the lease of non-residential real property at 5653 Creekside Parkway, Lockbourne, Ohio (the "Lease"). Upon the Effective Date, the Lease shall be assumed by the Debtor. Thomson shall retain its pre-petition security deposit as security for the Lease. Upon the Effective Date, Thomson shall have an allowed prepetition claim for the Cure Amount and the Debtor shall pay twenty-five percent of the Cure Amount. The balance of the Cure Amount shall be paid in 12 equal monthly installments commencing thirty days following the Effective Date. On the Effective Date, the Debtor shall continue to operate its business. Mike Kattawar, Jr. shall remain as President and Chief Executive Officer of the Reorganized Debtor. The Debtor shall make payments to each class of creditors to the extent required under the Plan out of its existing cash, future Cash Flow, and capital infusions, if any, made to Debtor by a third party as necessary to satisfy Plan payments. The Debtor shall retain the right to market and sell the assets of the Reorganized Debtor during the term of the Plan. If the Debtor liquidates the remaining assets of the business, the net proceeds of sale shall be distributed in accordance with this Plan. A full-text copy of the Amended Disclosure Statement dated April 4, 2025 is available at https://urlcurt.com/u?l=ULWZ3z from PacerMonitor.com at no charge. Reliable Healthcare Logistics is represented by: Michael P. Coury, Esq. GLANKLER BROWN, PLLC Suite 400, 6000 Poplar Avenue Memphis, TN 38119 Tel: (901) 576-1886 Email: mcoury@glankler.com 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. REMEMBER ME SENIOR: Committee Hires Johnson & Mulroony as Counsel ----------------------------------------------------------------- The committee of unsecured creditors of Remember Me Senior Care, LLC and its affiliate seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Johnson & Mulroony, P.C. as counsel. The firm's services include: a. providing general legal advice to the Committee regarding the cases and advising the Committee regarding the Committee's powers and duties under 11 U.S.C. § 1103 and with respect to any matter arising in the case or in related cases before the Court or affecting the administration of these cases; b. assisting the Committee in its investigation of the acts, omissions, conduct, assets, liabilities, and financial condition of the Debtors, and in analyzing claims against Remember and negotiating and/or compromising and/or settling with claims holders; c. assisting the Committee in its review, analysis, and negotiation of compromises or settlements and the assumption and rejection of executory contracts and unexpired leases; d. assisting the Committee with respect to any plan(s), disclosure statement(s), and any other documents filed in the cases; e. representing the Committee in matters arising in or under or in cases related to these cases, including appearing at hearings, conferences, mediations, and/or other proceedings arising in or relating to these cases, including any ancillary proceedings; f. reviewing and analyzing and/or preparing pleadings, motions, applications, orders, briefs, objections, responses, and replies and other papers with respect to any matter involving or relating to the cases or the Committee; g. assisting and advising the Committee in its negotiations with the Debtors, creditors, and other parties-in-interest; h. responding to inquiries from individual creditors as appropriate; i. communicating with the Committee and creditors regarding these matters; and j. performing all other legal services that may be required or requested by the Committee in connection with these cases. The firm will be paid at the rates of $325 to $350 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Donnovin 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: Elisabeth B. Donnovin, Esq. Johnson & Mulroony, P.C. 428 McCallie Avenue Chattanooga, TN 37402 Tel: (423) 266-2300 Fax: (423) 266-6906 Email: edonnovin@johnsonmulroony.com About Remember Me Senior Care, LLC Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Jeffrey W. Maddux, Esq., at Chambliss, Bahner & Stophel P.C. RITE AID: May 9 Deadline Set for Panel Questionnaires ----------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of New Rite Aid, LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2ma7bp37 and return by email it to Tina L. Oppelt, Esq. - Tina.L.Oppelt@usdoj.gov - at the Office of the United States Trustee so that it is received no later than May 9, 2025 at 4:00 p.m. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About 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: Trustee Seeks Control of Insurance Suit ------------------------------------------------- Emlyn Cameron of Law360 reports that a trust formed under Rite Aid's previous bankruptcy reorganization has asked a New Jersey bankruptcy judge for permission to step into an ongoing adversary case aimed at recovering insurance funds related to opioid claims. 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. ROCK HOME: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Rock Home, LLC 2616 Carter Avenue Nashville, TN 37206-1346 Business Description: Rock Home, LLC is a privately held company with principal real estate assets located on Stewarts Lane in Nashville, Tennessee. Chapter 11 Petition Date: May 7, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-01934 Judge: Hon. Nancy B King Debtor's Counsel: Denis Graham "Gray" Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 629-777-6519 Fax: 615-777-3765 E-mail: gray@dhnashville.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Matthews as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B6T4J7Y/Rock_Home_LLC__tnmbke-25-01934__0001.0.pdf?mcid=tGE4TAMA ROYAL INTERCO: Hires Epiq Corporate as Administrative Advisor ------------------------------------------------------------- Royal Interco, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC as administrative advisor. The firm will render these services: (a) assist with solicitation, balloting and tabulation of votes, and prepare any related reports; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with preparing and gathering information for the Debtors' schedules of assets and liabilities and statements of financial affairs; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement. The hourly rates of the firm's professionals are as follows: IT/Programming $55 - $85 Case Managers $80 - $180 Project Managers/Consultants/Directors $165 - $185 Solicitation Consultant $190 Executive Vice President, Solicitation $190 In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Epiq shall receive a retainer in the amount of $25,000. Kathryn Tran, a consulting director at Epiq Corporate Restructuring, 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: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Tel: (714) 394-6998 Email: ktran@epiqglobal.com About Royal Interco Royal Interco, LLC is a manufacturer of high-quality paper products, including bath tissue, paper towels, facial tissue and napkins, offering a broad range of products and packaging configurations to serve both regional and national customers. Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Michael Ragano, chief restructuring officer, signed the petitions. Judge Thomas M Horan presides over the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as general counsel; Livingstone Partners, LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The Debtors' provider of turnaround and business transformation advisory services is Novo Advisors, LLC. ROYAL INTERCO: Taps Livingstone Partners LLC as Investment Banker ----------------------------------------------------------------- Royal Interco, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Livingstone Partners LLC as investment banker. The firm will render these services: a. review and familiarize itself with the business operations, physical assets and financial condition of the Debtors, as well as the other matters and/or analyses it deems relevant; b. assist in the preparation of a comprehensive confidential information package describing the Debtors and in the preparation and negotiation of any confidentiality agreements to be entered into by third parties potentially interested in participating in a transaction, all of which shall be subject to the approval of the Debtors; c. develop a list of potential buyers for the Debtors that Livingstone believes in good faith to be financially qualified and potentially interested in participating in a transaction; d. contact potential buyers on the Debtors' behalf and, as appropriate, arrange for and orchestrate meetings between potential buyers and/or investors and the Debtors' management; e. present to the Debtors all proposals from potential buyers and make recommendations as to the Debtors' appropriate negotiating strategy and course of conduct; f. assist in all negotiations and in all document review as reasonably requested and directed by the Debtors; and g. provide such other financial advisory and investment banking services as are customary for similar transactions and as may be mutually agreed upon in advance in writing by Debtors and Livingstone. The firm will receive compensation at these rates: a. The Debtors agree to pay Livingstone a monthly fee (the "Monthly Fee") of $25,000. The first Monthly Fee was due, earned and payable on the date of execution of the Engagement Agreement by the Debtors and subsequent Monthly Fees shall be due, earned and payable on the same day of each successive month until the earlier of the consummation of a Transaction or the termination of the Engagement Agreement. Any Monthly Fees earned after Livingstone has been paid four (4) Monthly Fees shall be credited against the Accomplishment Fee. In the event a Transaction is not consummated, Livingstone shall in no event be obligated to return the Monthly Fees to the Debtors. b. The amount payable by the Debtors to Livingstone at the closing of one or a series of Transaction(s) (the "Accomplishment Fee") shall be an amount equal to the greater of 2.0 percent of Total Consideration or $750,000 (such $750,000, or $500,000 in the case of a credit bid as set forth below, the "Minimum Fee"). For the avoidance of doubt, there will only be one Minimum Fee payable hereunder. c. The Accomplishment Fee shall be calculated based on the Total Consideration ("Total Consideration") paid or payable to the Debtors or their lenders and/or security holders in connection with, or in anticipation of, the Transaction, including amounts held back by the Buyer or placed in escrow, and shall include without limitation: (i) Cash paid (including without limitation any licensing, royalty or similar fees) and securities transferred to the Debtors, lenders and/or holders of their securities, based on the market value of marketable equity securities or interests, the fair value of unmarketable equity securities or interests and the face amount of straight and convertible debt instruments or obligations issued or issuable to the Debtors or their security holders or any entity affiliated with the Debtors or their security holders, in each case whether vested or not, that are "rolled over," "carved out," or "cashed out" as part of the Transaction; (ii) In the case of a sale of securities by the Debtors' security holders, all "financial debt" of the Debtors, which includes all liabilities of the Debtors other than trade payables and operating expenses accrued in the ordinary course of business; (iii) In the case of a sale of assets, any and all debt, liabilities and/or obligations of the Debtors that is assumed, paid or forgiven by the buyer, other than accounts payable and accrued expenses that are: (i) incurred in the normal course of business; (ii) not past-due or "debt-like items"; and (iii) included within a customary net working capital calculation; (iv) The amount of any credit bid made by any of the Debtors' existing lenders; (v) The net present value (applying a discount rate equal to the then prevailing prime rate as quoted in The Wall Street Journal) of scheduled payments provided for in any leases by the buyer of assets owned and retained by the Debtors, their security holders or any affiliates thereof; (vi) The principal amount of deferred installments of purchase price (if and when collected by the Debtors); (vii) Future payments to be made to the Debtors or their security holders in connection with the Transaction, including payments that are contingent on future events, such as, without limitation, the post-closing earnings or operations of the Debtors or their underlying assets (if and when collected by the Debtors); (viii) The fair market value of Debtors' assets retained after closing (including accounts receivable and real property) or transferred to the Debtors' security holders or any affiliates thereof after the date of the Engagement Agreement (including extraordinary bonuses, dividends, or other distributions of property or capital), in each case pursuant to this clause (h) only with respect to such assets that the Debtors exclude from a Transaction with a third party buyer at a time when a different third-party buyer had offered to purchase such assets; and (ix) The value of any retained or acquired interest in the Debtors or their successor, or the right to acquire such interest. d. In the event: (i) the Debtors receive a qualified bid from a third-party buyer; (ii) the Debtors' lender elects to submit a credit bid topping bid (the "Credit Bid Topping Bid"); and (iii) the Credit Bid Topping Bid is the prevailing bid, then the Accomplishment Fee due to Livingstone shall be based on the highest third-party qualified bid so long as the Total Consideration of such third-party qualified bid is at least $37,500,000 but if the Total Consideration of such other third-party qualified bid is less than $37,500,000, the Accomplishment Fee shall be $500,000. e. In the event: (i) Livingstone has delivered one or more bona fide indications of interest; and (ii) the Debtors and/or their lenders terminate the Engagement Agreement in favor of a Liquidation Process and no Minimum Fee has been paid, then the Debtors agree to pay Livingstone a "break fee" of $400,000. f. Whether or not there is a Closing of a Transaction, the Debtors agree to reimburse Livingstone from time to time on demand (and in no event later than 30 days following invoice delivery), for all reasonable and documented out-of-pocket expenses and the reasonable and documented fees and expenses of Livingstone's counsel, subject to the Debtors' prior approval of cumulative expenditures in excess of $15,000. Out-of-pocket expenses shall include all travel-related expenses plus a fixed monthly charge of $300 to cover telephone, facsimile, memoranda production costs, duplication, courier, database research, and other similar expenses. Joseph Greenwood, a member at Livingstone Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Greenwood Livingstone Partners LLC 443 N. Clark St. Chicago, IL 60654 Telephone: (312) 670-5913 Email: greenwood@livingstonepartners.com About Royal Interco Royal Interco, LLC is a manufacturer of high-quality paper products, including bath tissue, paper towels, facial tissue and napkins, offering a broad range of products and packaging configurations to serve both regional and national customers. Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Michael Ragano, chief restructuring officer, signed the petitions. Judge Thomas M Horan presides over the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as general counsel; Livingstone Partners, LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The Debtors' provider of turnaround and business transformation advisory services is Novo Advisors, LLC. ROYAL INTERCO: Taps Michael Ragano of Novo Advisors as CRO ---------------------------------------------------------- Royal Interco, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Novo Advisors LLC and designation of Michael Ragano as chief restructuring officer. The firm will provide these services: a. review and analyze the Debtors' business, operations, assets, financial condition, business, plan, strategy, and operating forecasts; b. assist the Debtors and their professionals in their preparation of bankruptcy filings (e.g., schedules of assets and liabilities, the statement of financial affairs, and the monthly operating reports as required by the Office of the United States Trustee (the "U.S. Trustee")); c. produce a 13-week cash budget and operating projection; d. attend meetings with the Debtors, their professionals, and other stakeholders, as required, and participate in court hearings; e. assist in negotiations with, and respond to inquiries from, various stakeholders, including creditors and other parties, as necessary; f. provide expert testimony in support of bankruptcy filings, a plan of reorganization, or a sale transaction under section 363 of the Bankruptcy Code, as necessary and appropriate; and g. assist the Debtors in developing, evaluating, structuring, and negotiating the terms and conditions of a restructuring, plan of reorganization, or sale transaction, including a liquidation analysis and estimation of creditor recoveries. The CRO, specifically, will provide these services: a. develop disposition strategies for underperforming assets with management, counsel, and other professionals; b. identify and implement both short-term and long-term profit improvement, liquidity-generating, and debt reduction initiatives to improve the Debtors' ongoing viability, as described above; and c. oversee and manage all cash disbursements and any and all financial restructuring initiatives, including, to the extent necessary, any insolvency proceedings and in- or out-of-court activities to monetize assets and reduce creditor obligations. The firm will be paid at these hourly rates: Partners/Principals $775 to $1,095 Managing Directors/Directors $595 to $775 Senior Consultants/Consultants $375 to $525 Paraprofessionals $275 Novo received retainers and payments totaling $1,313,103. As of the Petition Date, the balance of the Retainer was $153,519.71. Novo is a "disinterested person" as that term is defined by section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert Vanderbeek Novo Advisors, LLC 401 N. Franklin St., Suite 4 East Chicago, IL 60654 Phone: (201) 220-9433 Email: RVanderbeek@novo-advisors.com About Royal Interco Royal Interco, LLC is a manufacturer of high-quality paper products, including bath tissue, paper towels, facial tissue and napkins, offering a broad range of products and packaging configurations to serve both regional and national customers. Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Michael Ragano, chief restructuring officer, signed the petitions. Judge Thomas M Horan presides over the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as general counsel; Livingstone Partners, LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The Debtors' provider of turnaround and business transformation advisory services is Novo Advisors, LLC. ROYAL INTERCO: Taps Morris Nichols Arsht as Bankruptcy Counsel -------------------------------------------------------------- Royal Interco, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morris, Nichols, Arsht & Tunnell LLP as bankruptcy counsel. The firm will render these services: a. perform all necessary services as the Debtor's bankruptcy counsel, including, without limitation, providing the Debtor with advice, representing the Debtor, and preparing necessary documents on behalf of the Debtor in the areas of restructuring and bankruptcy; b. take all necessary actions to protect and preserve the Debtor's estate during this Chapter 11 Case, including the prosecution of actions by the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved and objecting to claims filed against the estate; c. prepare or coordinate preparation on behalf of the Debtor, as Debtor in possession, necessary motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 Case; d. counsel the Debtor with regard to its rights and obligations as debtor in possession; e. coordinate with the Debtor's other professionals in representing the Debtor in connection with this Chapter 11 Case; and f. perform all other necessary legal services. The firm will be paid at these hourly rates: Partners $1,005 to $1,895 Associates and Special Counsel $625 to $1,120 Paraprofessionals $395 to $435 Case Clerks $385 The firm will seek reimbursement for reasonable out-of-pocket expenses incurred. On the Petition Date, Morris Nichols held an advance payment balance of $87,461.55 Morris Nichols 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: As part of its customary practices, Morris Nichols increases the hourly rates of its attorneys beginning January 1 of each year. Otherwise, the material terms of the prepetition engagement are substantially the same. For work performed for the Debtors in 2024, Morris Nichols's hourly rates were as follows: Partners $915 to 1,895 Associates and Special Counsel $595 to 1,095 Paraprofessionals $375 to 415 Case Clerks $195 For the work performed for the Debtors in 2025, Morris Nichols's hourly rates are as follows: Partners $1,005 to 1,895 Associates and Special Counsel $625 to 1,120 Paraprofessionals $395 to 435 Case Clerks $385 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Morris Nichols and the Debtors have agreed on a budget and staffing plan for the chapter 11 cases. Robert J. Dehney, Sr., a partner at Morris, 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 J. Dehney, Sr. Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street, 16th Floor PO Box 1347 Wilmington, DE 19899-1347 Email: rdehney@morrisnichols.com Tel: (302) 351-9353 Fax: (302) 658-3989 About Royal Interco Royal Interco, LLC is a manufacturer of high-quality paper products, including bath tissue, paper towels, facial tissue and napkins, offering a broad range of products and packaging configurations to serve both regional and national customers. Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Michael Ragano, chief restructuring officer, signed the petitions. Judge Thomas M Horan presides over the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as general counsel; Livingstone Partners, LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The Debtors' provider of turnaround and business transformation advisory services is Novo Advisors, LLC. SCHAFER FISHERIES: Seeks to Sell Fort Madison Property at Auction ----------------------------------------------------------------- Schafer Fisheries Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to sell real estate, attachments, and fixtures, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at Fort Madison, Iowa, Lee County that contains 4.5 acres of land. The Debtor employs Philip M. Firrek as a business consultant and assisted the Debtor on its financial operations and obtaining prospective purchasers of their principal real estate assets and business operations. The Debtor has been continually marketed the property for several years and was able to negotiate a contract acceptable to them with Chislon Investment LLC (Stalking Horse Bid or Bidder) for the gross purchase price of $200,000. The lienholder of the Property are Newtek Small Business Finance and the Small Business Association, Newtek Small Business Finance, and the Internal Revenue Service. The Debtor issues notice and advertisement about the sale in a news paper of general circulation in the counties where the properties are located, inviting higher and better offers to the Stalking Horse Bid accepted by the Debtors. Any competing bid must be made in writing and be accompanied by a deposit of 10% of the bidding price to be held by the Debtor's counsel in its trust account. Any alternative bid must be the cash for the Debtor's real estate and personal property. If one or more qualified alternative bids are submitted, an auction will be conducted at the office of the Debtor's counsel, 181 W. Madison Street, Suite 4700, Chicago, IL 60602 bids at 1:90 P.M. or other location outlined in the Notice of Sale. If no qualified competing bids received, then a hearing will be held before the Court at the Debtor's first opportunity to be heard. The Debtor also proposes to shorting the notice of the motion to 7 days from 21 days to allow presentment of the motion seeking to allow coordinate scheduling with he Subchapter V Plans filed by the Debtor. About Schafer Fisheries Inc. Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. The Debtor is represented by Richard N. Golding, Esq., at Law Offices Of Richard N. Golding, P.C. SCILEX HOLDING: Implements 1-for-35 Reverse Stock Split ------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on April 14, 2025, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation, with the Secretary of State of the State of Delaware to effect a 1-for-35 reverse stock split of the shares of Company's common stock, $0.0001 par value per share. As previously disclosed in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on March 20, 2025, at the Company's Special Meeting of Stockholders held on March 19, 2025, the stockholders of the Company approved any amendment to the Company's Restated Certificate of Incorporation to effect a reverse stock split of the Common Stock, within a range of 1-for-14 to 1-for-50 (or any number in between), without reducing the authorized number of shares of Common Stock, and the filing of a final amendment with the ratio within such range to be determined in the sole discretion of the Board of Directors at any time on or before March 19, 2026, without further approval or authorization of the Company's stockholders. The Board set the Reverse Stock Split ratio at 1-for-35 and approved and authorized the filing of the Certificate of Amendment on April 3, 2025. As a result of the Reverse Stock Split, every 35 shares of pre-Reverse Stock Split Common Stock will be combined into 1 share of post-Reverse Stock Split Common Stock, without any change in par value per share. Proportionate voting rights and other rights of holders of Common Stock will not be affected by the Reverse Stock Split (other than as a result of the payment of cash in lieu of fractional shares). No fractional shares of Common Stock will be issued as a result of the Reverse Stock Split. In lieu of any fractional shares to which a holder of Common Stock would otherwise be entitled as a result of the Reverse Stock Split, the Company will pay cash equal to such fraction multiplied by the closing sales price of the Common Stock as reported on the Nasdaq Capital Market on April 14, 2025, which is the trading day immediately preceding the effective date of the Reverse Stock Split. The Reverse Stock Split is intended for the Company to regain compliance with the minimum bid price requirement of $1.00 per share of Common Stock for continued listing on the Nasdaq Capital Market. The Reverse Stock Split was effective at 12:01 a.m., Eastern Time, on April 15, 2025, and the Common Stock began trading on a Reverse Stock Split-adjusted basis on the Nasdaq Capital Market at the opening of the market on April 15, 2025. The trading symbol for the Common Stock will remain "SCLX," and the new CUSIP number of the Common Stock following the Reverse Stock Split is 80880W205. The CUSIP number for the Company's publicly traded warrants will not change. The Reverse Stock Split affected all record holders of the Common Stock uniformly and did not affect any record holder's percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares. Holders of Common Stock who hold in "street name" in their brokerage accounts do not have to take any action as a result of the Reverse Stock Split. Their accounts will be automatically adjusted to reflect the number of shares owned. Stockholders of record will be receiving information from Continental Stock Transfer & Trust Company regarding their stock ownership following the Reverse Stock Split and cash in lieu of fractional share payments, if applicable. In addition, the Reverse Stock Split will apply to the Common Stock issuable upon the exercise or conversion, as applicable, of the Company's outstanding warrants, stock options and senior secured convertible notes, with proportionate adjustments to be made to the exercise or conversion prices in accordance with the applicable terms thereof. With respect to the Company's publicly traded warrants trading under the symbol "SCLXW," every 35 warrants outstanding immediately prior to the Reverse Stock Split will be exercisable for one share of Common Stock at an exercise price of $402.50 per share, which is 35 times $11.50, the exercise price prior to the Reverse Stock Split. Furthermore, the number of shares of Common Stock available for issuance under the Company's equity incentive plans will be proportionately adjusted for the Reverse Stock Split ratio, such that fewer shares will be subject to such plans. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. SEASONAL LANDSCAPE: Court Extends Cash Collateral Access to May 31 ------------------------------------------------------------------ Seasonal Landscape Solutions, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The 12th interim order authorized the company to use cash collateral in accordance with its budget, which projects total operational expenses of $365,125 from May 1 to 31. The company is not allowed to make any payments or distributions other than the itemized projected disbursements set forth in the budget without the prior written consent of its pre-bankruptcy secured lender. BMO Harris Bank holds a senior lien on the company's assets totaling at least $495,000, with a subordinate lien by the U.S. Small Business Administration. As protection, BMO Harris Bank was granted a replacement lien on substantially all of the company's assets, including cash collateral equivalents, cash and accounts receivable, to the same extent and with the same validity as its pre-bankruptcy lien. In addition, BMO Harris Bank was granted an administrative expense claim under Section 507(b) of the Bankruptcy Code. The next hearing is scheduled for May 28. About Seasonal Landscape Solutions Seasonal Landscape Solutions, Inc. is a company in Algonquin, Ill., which specializes in residential design-build landscaping. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08880) on June 17, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Janet S. Baer presides over the case. The Debtor is represented by Richard G. Larsen, Esq., at Springer Larsen Greene, LLC. SELECTIS HEALTH: Reports $2.4 Million Net Loss for FY 2024 ---------------------------------------------------------- Selectis Health, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $2.4 million compared to a net loss of $4 million for the year ended December 31, 2023. Through its history, the Company has experienced shortages in working capital and has relied on, from time to time, upon sales of debt and equity securities to meet cash demands generated by our acquisition activities. At December 31, 2024, the Company had cash and cash equivalents of $680,332 and restricted cash of $711,634. Selectis Health said, "Our restricted cash is to be expended on repairs and capital expenditures associated with Providence of Sparta Nursing Home or Warrenton Health and Rehab. Our liquidity is expected to increase from potential equity and debt offerings and decrease as net offering proceeds are expended in connection with our various property improvement projects. Our continuing short-term liquidity requirements consisting primarily of operating expenses and debt service requirements, excluding balloon payments at maturity, are expected to be achieved from healthcare operations, rental revenues received, and existing cash on hand." "As reflected in our consolidated financial statements included elsewhere in this Annual Report, we have a history of losses and incurred a net loss of $2.4 million and had a working capital deficiency of $16.1 million as of December 31, 2024." New York, N.Y.-based WithumSmith+Brown, PC, 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, has incurred significant losses from operations, has accumulated deficits 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. "Our ability to continue as a going concern is dependent on our ability to execute our strategy and on our ability to raise additional funds through the sale of equity and/or debt securities via public and/or private offerings." "Our long-term ability to continue as a going concern is dependent upon our ability to increase revenue, reduce costs, achieve a satisfactory level of profitable operations, and obtain additional sources of suitable and adequate financing. Our ability to continue as a going concern is also dependent its ability to further develop and execute on our business plan. We may also have to reduce certain overhead costs through the reduction of salaries and other means and settle liabilities through negotiation. There can be no assurance that management's attempts at any or all of these endeavors will be successful," the Company concluded." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/5ftvcfpr About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. As of Dec. 31, 2024, the Company had $33.4 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.4 million. SEMILEDS CORP: Regains Compliance With Nasdaq's Equity Rule ----------------------------------------------------------- SemiLEDs Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 4, 2024, the Company received a notice from The Nasdaq Stock Market LLC indicating that it did not meet the minimum of $2,500,000 in stockholders' equity required by NASDAQ Listing Rule 5550(b)(1) for continued listing, or the alternatives of market value of listed securities or net income from continuing operations. Pursuant to the Listing Rule, the Company submitted a plan to regain compliance with the Listing Rule. NASDAQ accepted its plan and granted the Company an extension through April 14, 2025. As reported in the Company's Quarter Report on Form 10-Q, the Company's total stockholders' equity as of February 28, 2025, was $3.6 million. As of April 15, 2025, the Company believes that it has regained compliance with the stockholders' equity requirement. 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, that it may be subject to delisting. About SemiLEDs Corporation Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops, manufactures, and sells light-emitting diode (LED) chips, LED components, LED modules, and systems. The Company's products serve a range of specialty industrial applications, including ultraviolet (UV) curing of polymers, LED light therapy for medical and cosmetic purposes, counterfeit detection, horticultural lighting, architectural lighting, and entertainment lighting. SemiLEDs packages its LED chips into LED components, which are sold to distributors and a customer base primarily concentrated in key markets, such as the Netherlands, Taiwan, the United States, and Japan. The Company also offers its "Enhanced Vertical" (EV) LED product series in blue, white, green, and UV variations in select markets. The Company's lighting products are primarily sold to original design manufacturers (ODMs) of lighting products, as well as to the end users of lighting devices. In its report dated Nov. 26, 2024, the Company's auditor, KCCW Accountancy Corp., issued a "going concern" qualification citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. SERVANT GROUP: Trustee Taps Pivot Health Law as Healthcare Counsel ------------------------------------------------------------------ James Cross, the appointed Subchapter V Trustee in the Chapter 11 case of The Servant Group, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Pivot Health Law, LLC as special healthcare counsel. The firm will provide these services: (a) review patient and provider contracts to ensure compliance with all regulatory and human resource/employment standards; and (b) any other task that may be required and related to the bankruptcy proceedings involving the Debtor's personnel and healthcare compliance issues. Susan Goodman, Esq., an attorney and registered nurse, will be billed at her hourly rate of $425 per hour. Paraprofessionals, if utilized, will be billed at $195 per hour. In addition, the firm will seek reimbursement for expenses incurred. Ms. Goodman 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: Susan N. Goodman, Esq. Pivot Health Law, LLC P.O. Box 69734 Oro Valley, AZ 85737 Telephone: (520) 744-7061 Facsimile: (520) 575-4075 About The Servant Group Based in Surprise, Ariz., The Servant Group, LLC specializes in providing nursing-supported residential homes for adults and children with developmental disabilities. It offers a variety of home and community-based services, including adult day care, adult day health care, home health aide, personal care, respite care, and visiting nurse services. The Servant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-02541) on March 25, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Brenda K. Martin handles the case. The Debtor is represented by Patrick Keery, Esq., at Keery McCue, PLLC. James E. Cross was appointed as Subchapter V trustee in this Chapter 11 case. He tapped Pivot Health Law, LLC as special healthcare counsel. SHARPLINK GAMING: Sets 1-for-12 Reverse Split to Meet Nasdaq Rule ----------------------------------------------------------------- SharpLink Gaming, Inc., said it will implement a 1-for-12 reverse stock split effective May 6 to comply with Nasdaq's $1.00 minimum bid price rule. The move aims to boost the Company's share price and maintain its listing on the Nasdaq Capital Market. SharpLink's common stock will continue to trade on The Nasdaq Capital Market under the symbol "SBET" and under a new CUSIP number, 820014405. As a result of the reverse stock split, every twelve pre-split shares of common stock outstanding will become one share of common stock. The reverse split will also apply to common stock issuable upon the exercise of SharpLink's outstanding warrants and stock options. The reverse stock split will not proportionately reduce the number of shares of authorized common stock, as permitted under Delaware law. SharpLink's transfer agent, Equiniti Trust Company, LLC, which is also acting as the exchange agent for the reverse split, will provide instructions to stockholders regarding the process for exchanging share certificates. Any fractional shares of common stock resulting from the reverse stock split will be rounded to the nearest whole post-split share (half shares will be rounded down) and no stockholders will receive cash in lieu of fractional shares. For assistance from Equiniti, please call 877-248-6417 or 718-921-8317. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report on the 2024 annual results. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. The Company has a track record of net losses and noted that it may be unable to achieve or sustain profitability going forward. The Company experienced net income of $10,099,619 for the year ending Dec. 31, 2024, compared to a net loss of $14,243,182 for the years ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an accumulated deficit of $(77,808,959). SINCLAIR BROADCAST: Egan-Jones Retains CCC+ Sr. Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company on May 2, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Sinclair Broadcast Group, LLC of Maryland. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Cockeysville, Maryland, Sinclair Broadcast Group, LLC of Maryland, operates as a media company. SMALL FORTUNE: Bankr. Administrator Unable to Appoint Committee --------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Small Fortune Hunter, LLC. About Small Fortune Hunter Small Fortune Hunter, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01203) on April 1, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Michael Seighman, member-manager of Small Fortune Hunter, signed the petition. Judge David M. Warren oversees the case. The Debtor is represented by: Philip Sasser, Esq. Sasser Law Firm Tel: 919-319-7400 Email: philip@sasserbankruptcy.com SMITH ENVIRONMENTAL: Hires Independence Legal as Special Counsel ---------------------------------------------------------------- Smith Environmental and Engineering, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Independence Legal Group PLLC as special counsel. The firm will assist the Debtor to negotiate and draft a purchase and sale agreement to the Debtor's physical assets and a portion of its business as a going concern to generate funds for certain secured creditors. The firm will be paid $315 per hour. The firm will also be paid a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Burke 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: William Burke, Esq. Independence Legal Group 6551 S Revere Pkwy # 255 Centennial, CO 8011 Tel: (303) 418-8860 About Smith Environmental and Engineering, Inc. Smith Environmental and Engineering, Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reported total assets of $1,486,401 and total liabilities of $2,975,603. Judge Michael E. Romero handles the case. The Debtor is represented by: David Warner, Esq. Tel: (303) 296-1999 Email: dwarner@wgwc-law.com SOBR SAFE: Posts $8.6M Loss for 2024; Going Concern Doubt Mitigated ------------------------------------------------------------------- SOBR Safe, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $8,609,156 on $212,736 of revenues for the year ended December 31, 2024, compared to a net loss of $10,214,721 on $157,292 of revenues for the year ended December 31, 2023. The Company has incurred recurring losses from operations and has limited cash liquidity and capital resources to meet future capital requirements. The Company's ability to meet future capital requirements will depend on many factors, including the Company's ability to sell and develop products, generate cash flow from operations, and assess competing market developments. The Company may need additional capital resources in the future. Sources of debt financing may result in additional interest expense. Any financing, if available, may be on unfavorable terms. If adequate funds are not available or obtained, the Company may be required to reduce or curtail operations. As of December 31, 2024, the Company has an accumulated deficit of approximately $98,300,000. During the year ended December 31, 2024, the Company also experienced negative cash flows from operating activities of approximately $6,500,000. These principal conditions and events, when considered in the aggregate, could indicate it is probable that the Company will be unable to meet its obligations as they become due within one year after the date the financial statements are issued. However, the Company has identified factors that may mitigate the probable conditions that have raised substantial doubt about the entity's ability to continue as a going concern. Management believes that cash balances of approximately $8,400,000 and positive working capital of approximately $7,600,000 at December 31, 2024, provide adequate capital for operating activities for the next 12 months after the date these financial statements are issued. Management believes the release of its second generation SOBRsure device in the fourth quarter of 2024 and a comprehensive 2025 marketing plan have positioned the Company to generate positive improvement in revenue generation and positive cash flows from sales. These plans are contingent upon the actions to be performed by the Company and these conditions have not been met on or before December 31, 2024. Management believes despite limited revenue generation and positive operating cash flows being generated historically, adequate cash balances and working capital are available to support ongoing operations for the next 12 months and the Company will continue as a going concern as of December 31, 2024. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2rd93dm7 About SOBR Safe, Inc. SOBR Safe, Inc. provides non-invasive technology to quickly and humanely identify the presence of alcohol in individuals. These technologies are integrated within the Company's robust and scalable data platform, which produces statistical and measurable user and business data. The Company's mission is to save lives, increase productivity, create significant economic benefits, and positively impact behavior. To this end, SOBR Safe has developed the scalable, patent-pending SOBRsafe software platform for non-invasive alcohol detection and identity verification. As of Dec. 31, 2024, the Company had $11,171,203 in total assets, $1,368,882 in total liabilities, and a total stockholders' equity of $9,802,321. * * * This concludes the Troubled Company Reporter's coverage of SOBR Safe, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. SOLO REAL ESTATE: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: Solo Real Estate LLC 301 N Country Club Rd. Garland, TX 75040 Business Description: Solo Real Estate operates a commercial real estate business based in Garland, Texas. It owns a mixed-use warehouse and office property at 301 N Country Club Rd. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-41284 Debtor's Counsel: C. Daniel Herrin, Esq. HERRIN LAW, PLLC 12001 N Central Expressway, Suite 920 Dallas TX 75243 Tel: (469) 607-8551 Email: ecf@herrinlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Juan Carlos Perez as managing member. The Debtor has identified Enterprise Bank & Trust, located at 1281 N. Warson Rd., Saint Louis, MO 63132, as its sole unsecured creditor, holding a claim of $1.5 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QR5FS6A/Solo_Real_Estate_LLC__txebke-25-41284__0001.0.pdf?mcid=tGE4TAMA SOUTHERN AUTO: Court Extends Cash Collateral Access to June 1 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, authorized Southern Auto Parts, Inc. to use cash collateral for the period from May 1 to June 1. The fifth interim order signed by Judge David Warren authorized the company to use cash collateral to pay the operating expenses set forth in its budget, with a 10% variance allowed. The budget projects total operational expenses of $212,312.47 for the interim period. The creditors that assert an interest in the company's cash collateral are General Parts Distribution, LLC, Carolina Small Business Development Fund, House-Hasson Hardware Company, First-Citizens Bank & Trust Company, and the U.S. Small Business Administration. As protection, the secured creditors were granted post-petition lien and security interest in all property of Southern Auto Parts with the same priority as their pre-bankruptcy lien and security interest. As additional protection, First-Citizens, the current holder of several loans, will be granted a superpriority administrative expense claim to the extent the use, sale, or lease of its collateral results in a decrease in its interest therein. The next hearing is set for May 29. General Parts Distribution, LLC is represented by: Kelly C. Hanley, Esq. P.O. Box 1000 Raleigh, NC 27602 Telephone: (919) 981-4000 Facsimile: (919) 981-4300 khanley@williamsmullen.com Carolina Small Business Development Fund is represented by: James R. Vann, Esq. Vann Attorneys, PLLC 3110 Edwards Mill Rd., Ste. 210 Raleigh, NC 27612 Telephone: (919) 510-8585 Facsimile: (919) 510-8570 jrvann@vannattorneys.com House-Hasson Hardware Company is represented by: Jason L. Rogers, Esq. Hodges, Doughty & Carson, PLLC P.O. Box 869 Knoxville, TN 37901-0869 Telephone: (865) 292-2307 jrogers@hdclaw.com First-Citizens Bank & Trust Company is represented by: Paul A. Fanning, Esq. Ward and Smith, P.A. P.O. Box 8088 Greenville, NC 27835-8088 Telephone: 252.215.4000 Facsimile: 252.215.4077 paf@wardandsmith.com About Southern Auto Parts Southern Auto Parts, Inc., formerly known as Trenton Auto Parts, Inc., owns and operates an auto parts store in Trenton, N.C. Southern Auto Parts filed Chapter 11 petition (Bankr. E.D.N.C. Case No. 25-00294) on January 27, 2025, with $1 million to $10 million in both assets and liabilities. Jared L. Beverage, president of Southern Auto Parts, signed the petition. Judge David M. Warren presides over the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. SOUTHWEST FT WORTH: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Southwest Ft Worth Memory Care, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to pay its operating expenses. The order penned by Judge Mark Mullin authorized the company's interim use of cash collateral through May 29 in accordance with its monthly budget. The budget projects total operational expenses of $201,862.42 for May. PSF II Dutch Branch, LLC, a secured lender, asserts pre-bankruptcy liens on substantially all of the company's assets, including cash and accounts. As protection, the lender was granted post-petition liens and superpriority claims on the company's assets, excluding Chapter 5 causes of action and certain tax liens. Meanwhile, Southwest was authorized to borrow up to $50,000 from its manager, J&M Family Management, LLC, to cover early operating shortfalls. A final hearing is scheduled for May 29. About Southwest Ft Worth Memory Care Southwest Ft Worth Memory Care, LLC, doing business as Autumn Leaves of Cityview, is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, Southwest designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Southwest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF II Dutch Branch, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com SPECTRUM GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating to 'SD' (selective default) from 'CCC' on Spectrum Group Buyer Inc. (dba Pixelle Specialty Solutions). S&P also lowered its issue-level rating on the first-lien term loan to 'D' from 'CCC'. S&P's 'CCC' issue-level rating on the revolving credit facility is unchanged. S&P lowered its ratings on Pixelle because it did not make the April 30 interest payment due on its first-lien term loan. The downgrade also incorporates Pixelle's agreement with its first-lien lenders to extend the original five-day grace period to June 12. Spectrum amended its senior secured credit agreement to, among other things, extend the grace period for its April 30, 2025, interest payment on its first-lien term loan, after it did not make the April 30 payment. The amendment allows the company to defer the interest payment until June 12, 2025. Pixelle entered a definitive agreement on April 3 to sell its Stevens Point, Wis., mill to Ahlstrom Oyj. The amendment requires the company use a majority of the proceeds to prepay $345 million of its outstanding first-lien term loans and make the deferred interest payment. S&P will reevaluate its ratings on Pixelle at the earlier of the mill sale consummation or June 12, at which time the new capital structure will be finalized, and S&P will be able to assess the credit quality of the company. SPICEY PARTNERS: Plan Exclusivity Period Extended to July 14 ------------------------------------------------------------ Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Spicey Partners Real Estate Holdings, LLC and Cosmed Group, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 14 and September 10, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that these Chapter 11 Cases are complex because the companies operate in a regulated industry, are facing hundreds of ethylene oxide ("EtO") cancer-related lawsuits against the Debtors, and are implementing a Sale Process. The Debtors obtained approval of a senior secured, superpriority debtor-in-possession credit facility from Zimmer Inc. (the "DIP Lender") for the provision of $7.5 million in new money, which was essential to allowing the Debtors the ability to operate in the early stages of these Chapter 11 Cases and avoid irreparable harm to the Debtors' estates. In addition, the instant Chapter 11 Cases are indisputably of the size and complexity that Congress and courts have recognized warrant extensions of the Exclusive Periods. The brief time that has elapsed during these cases, and the progress the Debtors have made to date, support the relief requested in this Motion. Accordingly, the Debtors' size and the complexity of these Chapter 11 Cases, and the breadth of financial and legal issues involved therein, warrant the requested extension of the Exclusive Periods. The Debtors claim that formulating a viable chapter 11 plan that will inure to the benefit of their estates, creditors, and stakeholders, is primarily predicated on the results of the Sale Process. Providing the Debtors with the time needed ensures that decisions are not hastily made without the benefit of adequate information, and that the considerable progress already achieved is not thwarted. The Debtors submit that an extension of the Exclusive Periods is necessary to permit the Debtors to progress such important tasks without the threat of a competing chapter 11 plan, and the distraction that could result therefrom. Further, an extension of the Exclusive Periods will not prejudice the Debtors' stakeholders. On the contrary, an extension of the Exclusive Periods will enable the Debtors to continue their Sale Process without the distraction of a competing chapter 11 plan, which will form the foundation for constructive negotiations with stakeholders over a chapter 11 plan and stakeholder recoveries. The Debtors' Counsel: David R. Eastlake, Esq. Emily Nasir, Esq. GREENBERG TRAURIG, LLP 1000 Louisiana Street, Suite 6700 Houston, Texas 77002 Tel: 713-374-3500 Email: David.Eastlake@gtlaw.com Emily.Nasir@gtlaw.com - and - Nancy A. Peterman, Esq. Danny Duerdoth, Esq. GREENBERG TRAURIG, LLP 77 West Wacker Drive, Suite 3100 Chicago, Illinois 60601 Telephone: (312) 456-8400 Facsimile:(312) 456-8435 Emails: PetermanN@gtlaw.com DuerdothD@gtlaw.com - and - Joseph P. Davis III, Esq. GREENBERG TRAURIG, LLP One International Place, Suite 2000 Boston, Massachusetts 02110 Telephone: (617) 310-6204 Facsimile: (617) 279-8403 Email: Davisjo@gtlaw.com About Spicey Partners Real Estate Holdings Spicey Partners Real Estate Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. Case No. 24-90572) on Nov. 15, 2024, listing $10 million to $50 million in assets and $100 million to $500 million in liabilities. The petitions were signed by David G. Howe as chief operating officer. Judge Christopher M Lopez presides over the case. David Robert Eastlake, Esq. at Greenberg Traurig, LLP, is the Debtor's counsel. SPORTS INTERIORS: Court Extends Cash Collateral Access to May 31 ---------------------------------------------------------------- Sports Interiors, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order authorized the company's interim use of cash collateral from May 1 to 31 to pay the expenses set forth in its budget, with a 10% variance allowed. The budget shows total expenses of $60,583 for the week starting May 5; $22,304 for the week starting May 12; $61,604 for the week starting May 19; $5,954 for the week starting May 26. In return for the company's continued use of its cash collateral, Bank Financial, National Association was granted security interests in the company's post-petition assets to the same extent and with the same priority as its pre-bankruptcy liens. A final hearing is set for May 28. About Sports Interiors Inc. Sports Interiors, Inc. sells and installs liner system and metal halide lighting system for indoor tennis facilities. Sports Interiors filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-00297) on January 9, 2024, listing up to $1 million in assets and up to $10 million in liabilities. Robert Handler of Commercial Recovery Associates, LLC serves as Subchapter V trustee. Judge Deborah L Thorne oversees the case. The Debtor is represented by David K. Welch, Esq., at Burke, Warren, Mackay & Serritella, P.C. STAFFING 360: Seeks Chapter 11 After Failed Merger, Stock Delisting ------------------------------------------------------------------- Bondoro reports that Staffing 360 Solutions, Inc., along with its affiliated debtors, filed for Chapter 11 bankruptcy on May 5, 2025 in the U.S. Bankruptcy Court for the Eastern District of North Carolina. Based in New York City, the company focuses on acquiring and integrating established U.S.-based staffing firms across sectors such as accounting and finance, IT, engineering, administration, and light industrial. The bankruptcy filing follows a series of recent challenges. On February 26, 2025, a planned merger with Atlantic International Corp. was called off, with Atlantic citing alleged material breaches by Staffing 360. That same month, the company received a delisting notice from the Nasdaq Stock Market for failing to meet the minimum stockholders' equity requirement, according to Bondoro. In response to mounting financial pressure, Staffing 360 entered into Amendment No. 39 to its credit agreement with MidCap Funding IV Trust, extending the loan's maturity and aiming to ease liquidity and covenant constraints, the report states. The company disclosed $57.1 million in assets and $78 million in liabilities. Court documents indicate that there will be funds available for distribution to unsecured creditors. The case is filed under number 25-01684. About Staffing 360 Solutions Inc. Staffing 360 Solutions Inc. focuses on acquiring and integrating established U.S.-based staffing firms across sectors such as accounting and finance, IT, engineering, administration, and light industrial. Staffing 360 Solutions Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01684) on May 5, 2025. In its petition, the Debtor reports $57.1 million in assets and $78 million in liabilities. The Debtor is represented by Rebecca Redwine Grow, Esq. at Hendren, Redwine & Malone, PLLC. STEWARD HEALTH: Seeks to Extend Plan Exclusivity to June 23 ----------------------------------------------------------- Steward Health Care System LLC and its debtor affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 23 and August 25, 2025, respectively. The Debtors explain that they successfully formulated, and then orchestrated, one of the most complex hospital system sales processes with the support of their key stakeholders. The Debtors have made substantial progress in their asset monetization efforts and plan negotiations with the FILO Secured Parties and Creditors' Committee, and the Debtors believe that such efforts will allow the Debtors to file a plan that is supported by such parties in the very near-term. On this basis alone, the requested extension of the Exclusive Periods is warranted. The Debtors continue to deal with large, complex issues as they continue to pursue avenues to maximize value for their estates and creditors, with such recent issues including (i) a complex sale to Quorum that included the settlement of various multi-party disputes, (ii) a complicated real estate transaction related to the excess properties that resulted in approximately $40 million of value to the Debtors' estates, (iii) litigation in multiple courts to obtain access to approximately $62 million held in rabbi trusts, and (iv) the pursuit of substantial estate causes of action. The Debtors claim that the instant chapter 11 cases are indisputably of the size and complexity that Congress and courts have recognized warrant extensions of the Exclusive Periods as requested. The modest time that has elapsed during these cases, and the progress the Debtors have made to date, support the relief requested in this Motion. Accordingly, the Debtors' size and the complexity of these chapter 11 cases, and the breadth of financial and legal issues involved therein, warrant the requested extension of the Exclusive Periods. The Debtors believe they will be able to file a plan supported by both the FILO Secured Parties and the Creditors' Committee in the near-term. The Debtors have been engaged in a productive mediation process to attempt to reach terms that are in the best interest of the Debtors' estates. There is no reason to subject the Debtors to the burdens of a competing plan process when key stakeholders are engaged in a constructive plan mediation process. The Debtors' Counsel: Clifford W. Carlson, Esq. Gabriel A. Morgan, Esq. Stephanie N. Morrison, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: Gabriel.Morgan@weil.com Clifford.Carlson@weil.com Stephanie.Morrison@weil.com - and - Ray C. Schrock, Esq. Candace M. Arthur, Esq. David J. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: Ray.Schrock@weil.com Candace.Arthur@weil.com DavidJ.Cohen@weil.com About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. 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 has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SUGARLOAF VENTURES: Trustee Taps Finestone Hayes as Legal Counsel ----------------------------------------------------------------- Mark Sharf, the trustee appointed in the Chapter 11 case of Sugarloaf Ventures, LP, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Finestone Hayes LLP as his counsel. The firm's services include: (a) advise and represent the trustee as to all matters and proceedings within this Chapter 11 case, other than those particular areas that may be assigned to special counsel; (b) assist, advise and represent the trustee with respect to his duties; (c) if warranted, advise and assist the trustee in converting the case to a proceeding under Chapter 7 of the Bankruptcy Code; (d) assist, advise and represent the trustee regarding any lawsuits or claims that are being prosecuted by or against the estate; (e) assist and advise the trustee in the investigation and disposition, if appropriate, of assets of the estate; (f) assist and advise the trustee regarding the investigation and prosecution of potential avoidable transfers; (g) advise the trustee with respect to a potential plan of reorganization or other disposition of this bankruptcy case; (h) objection to claims, if the trustee requests after his review; (i) general advice regarding duties in connection with operating the Debtor and/or supervising the operations; (j) determine the status of all leases and other executory contracts; and (k) employ other professionals as necessary. The hourly rates of the firm's counsel and staff are as follows: Stephen Finestone, Partner $670 Jennifer Hayes, Partner $670 Michael Coffino, Senior Counsel $635 Kim Fineman, Senior Counsel $525 Ryan Witthans, Partner $500 Johnson Lee, Contract Attorney $450 In addition, the firm will seek reimbursement for expenses incurred. Mr. Finestone 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: Stephen D. Finestone, Esq. Finestone Hayes LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Telephone: (415) 421-2624 Facsimile: (415) 398-2820 Email: sfinestone@fhlawllp.com About Sugarloaf Ventures LP Sugarloaf Ventures LP is the parent company of Sugarloaf Wine Co. Sugarloaf Ventures LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-10673) on November 1, 2024. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor is represented by Steven M. Olson, Esq., at Bluestone Faircloth & Olson, LLP. Mark Sharf was appointed as trustee in this Chapter 11 case. He tapped Finestone Hayes LLP as his counsel. SUNATION ENERGY: Widens Net Loss to $15.8 Million in 2024 --------------------------------------------------------- SUNation Energy Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $15.8 million on $56.9 of sales for the year ended December 31, 2024, compared to a net loss of $8.1 million on $79.6 million of sales for the year ended December 31, 2023. Melville, N.Y.-based UHY 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's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. Based on the Company's current financial position, which includes approximately $0.3 million of restricted cash, cash equivalents and investments that are restricted under the CVR agreement and cannot be used by the Company for its own working capital needs, and the Company's forecasted future cash flows for 12 months beyond the date of issuance of these financial statements, substantial doubt exists around the Company's ability to continue as a going concern for a reasonable period of time. The Company raised capital and satisfied certain outstanding debt obligations subsequent to year end, however there remains uncertainty related to its future cash flows as it relies on the ability to generate enough cash flow from its operating segments to cover the Company's corporate overhead costs. In order to continue as a going concern, the Company will need additional capital resources. Management plans to raise capital through sources that may include public or private equity offerings, debt financings and/or strategic alliances. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/yc75spp2 About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. As of Dec. 31, 2024, the Company had $45.7 million in total assets, $37.2 million in total liabilities, and a total stockholders' equity of $8.5 million. SUNOCO LP: S&P Affirms 'BB+' ICR On Announced Acquisition --------------------------------------------------------- S&P Global Ratings affirmed all existing ratings on Sunoco L.P., including its 'BB+' issuer credit rating and 'BB+' issue-level rating on its senior unsecured debt. The stable rating outlook on Sunoco reflects our expectation that the company will maintain leverage at 4.5x-4.8x post-closing of the Parkland acquisition, before decreasing leverage to under 4.5x in 2027. On May 5, 2025, Sunoco L.P. announced its intension to acquire Parkland Corp. (Parkland) for $9.1 billion. The transaction will include the assumption of $3.5 billion in Parkland debt, with the remaining consideration funded through a mix of debt and equity proceeds. The acquisition will result in moderate leverage increase post-close, and S&P expects Sunoco to maintain leverage in the 4.5x-4.8x range through 2026. S&P said, "We believe the acquisition of Parkland strengthens Sunoco's competitive position by expanding its geographic footprint, diversifying its customer base, and enhancing its scale in fuel distribution. The deal adds approximately 200 retail locations and over 3,000 dealer sites, particularly in Canada, the Pacific Northwest, upper Midwest, and the Caribbean. Parkland's Burnaby Refinery asset in Vancouver, a complex refinery with about 55 thousand barrels per day in capacity, will bring more diversification with the acquisition. Although we view refineries as inherently more volatile, we expect earnings contributions to be relatively small compared with Sunoco's refined product distribution and midstream segments going forward. We highlight that the company will have material refined product distribution assets with the acquisition, with over 10,000 retail and dealer locations in its footprint. We anticipate the combined company's EBITDA will be about $3.35 billion-$3.70 billion for fiscal 2026-2027, positioning Sunoco as one of the largest speculative-grade rated companies in our portfolio. "We project Sunoco's S&P Global Ratings-adjusted leverage will remain 4.5x-4.8x after the acquisition closes through 2026, before decreasing to under 4.5x in the second half of 2027. Our forecast for fiscal 2026 incorporates a full-year contribution from Parkland operations and reflects our assumptions regarding the post-transaction capital structure." Sunoco will assume all of Parkland's outstanding net debt, which amounts to approximately $3.5 billion. It will finance the remaining portion of the $9.1 billion purchase consideration through $3.0 billion in equity proceeds and $2.6 billion in debt and preferred equity. Initially, the acquisition will moderately increase Sunoco's leverage due to the cost of acquiring Parkland's outstanding units. Parkland concluded 2024 with S&P Global Ratings-adjusted leverage of 4.7x, following a 17% year-over-year decline in EBITDA, attributed to narrowed crack spreads in its refining segment. However, crack spreads have since widened, and we anticipate a return to more normalized mid-cycle performance in this segment in 2025, with projected EBITDA in the $1.2 billion to $1.4 billion range. S&P said, "We expect the $2.6 billion in debt and preferred equity proceeds for the acquisition to be issued on terms that maintain leverage balance. Consequently, we believe Sunoco will deleverage relatively quickly as Parkland operations integrate and as $250 million in run-rate synergies are realized, resulting in S&P Global Ratings-adjusted EBITDA expanding between $3.45 billion and $3.75 billion through 2027." Sunoco aims to return to its target leverage ratio of 4x within 12 to 18 months post-close. Our leverage calculation differs from the company's due to specific adjustments outlined in our criteria, including the addition of debt for asset retirement obligations and reported lease liabilities totaling approximately $1.5 billion. This adjustment increases our leverage calculation by 0.5x compared with the company's calculation. As a result, while Sunoco may successfully reduce its leverage to 4x according to its own metrics, our assessment would indicate a leverage level in the mid-4.0x area. The stable outlook reflects S&P's expectation that Sunoco will issue debt and preferred equity for the acquisition in a balanced manner, maintain pro forma S&P Global Ratings-adjusted leverage at 4.5x-4.8x post-closing of the acquisition, deleveraging to under 4.5x in the second half of 2026 as it successfully integrates Parkland's operations and captures synergies while pursuing organic growth. S&P said, "We could lower the rating on Sunoco if its S&P Global Ratings-adjusted leverage approaches 5x. This could occur if the company adopts a more aggressive financial policy that prioritizes debt-funded shareholder returns or performance weakens meaningfully, leading to a sustained EBITDA decline. "We could take a positive rating action on Sunoco if we expect the company will maintain S&P Global Ratings-adjusted leverage at about 4x. Furthermore, the company would need to have a clear financial policy supporting leverage sustained at this level." SUNSHINE HOLDINGS: Hires Goldberg Weprin Finkel as Counsel ---------------------------------------------------------- Sunshine Holdings 2019 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Goldberg Weprin Finkel Goldstein LLP to handle its Chapter 11 case. The firm will render these services: a. provide the Debtor with all necessary representation in connection with this Chapter 11 case, as well as the Debtor's responsibilities as a debtor-in-possession; b. represent the Debtor in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; c. review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, pleadings, and reports a required in the Chapter 11; and d. provide all other legal services required with respect to selling the Property and achieving confirmation of a liquidating plan of reorganization. The firm will be paid at these rates: Partner $605 to $785 per hour Associate $80 to $120 per hour The firm received a $10,000 retainer fee from Rover 2014 LLC, which is owned and controlled by the Debtor's principal, Steven Werdiger. J. Ted Donovan, Esq., a member at Goldberg Weprin Finkel Goldstein, 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: J. Ted Donovan, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave., Floor 12 New York, NY 10017 Tel: (212) 221-5700 About Sunshine Holdings 2019 LLC Sunshine Holdings 2019 LLC is engaged in activities related to real estate. The Debtor sought Chapter 11 protection (Bankr. E.D. N.Y. Case No. 24-44762) on November 14, 2024, listing estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by David Goldwasser as VP of restructuring. Judge Elizabeth S. Stong presides over the case. Kevin Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, represent the Debtor as legal counsel. SUNSHINE HOLDINGS: Hires Mr. Goldwasser of FIA Capital as CRO ------------------------------------------------------------- Sunshine Holdings 2019 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ FIA Capital Partners, LLC and designate David Goldwasser as chief restructuring officer. The firm will provide these services: a. assist with administering the Debtor's Chapter 11 case; b. oversee the preparation of all Chapter 11 reporting, including monthly operating reports and budgets; c. pursue negotiations with the Lender and Lender's representative with respect to cash collateral, the sale of the Property and amount of the Lender's claim; and d. assist with formulation of a plan of reorganization. The firm will be paid at these rates: a. The Debtor will pay the firm an up-front retainer of $25,000. b. Beginning the second month after the filing of the bankruptcy petitions, a monthly fee of P5,000 will be billed to the Debtor; c. A per diem fee for travel to court in the amount of $2,500, plus travel expenses. The firm received a 10,000 retainer from Park Realty LLC. Mr. Goldwasser disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Goldwasser FIA Capital Partners, LLC 25 Front Street, 2nd Floor Brooklyn, NY 11201 Email: dgoldwasser@fiacp.com About Sunshine Holdings 2019 LLC Sunshine Holdings 2019 LLC is engaged in activities related to real estate. The Debtor sought Chapter 11 protection (Bankr. E.D. N.Y. Case No. 24-44762) on November 14, 2024, listing estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by David Goldwasser as VP of restructuring. Judge Elizabeth S. Stong presides over the case. Kevin Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, represent the Debtor as legal counsel. SYNTHEGO CORP: May 13 Deadline Set for Panel Questionnaires ----------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Synthego Corporation. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/ye26ypv9 and return it by email to Megan Seliber – Megan.Seliber@usdoj/gov no later than Tuesday, May 13, 2025 at 4:00 p.m. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About 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 reported 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. Raymond James & Associates, Inc. is the Debtor’s investment banker, Fenwick & West LLP is the corporate counsel. SYSOREX GOVERNMENT: Amends Motion Seeking to Sell IT Biz at Auction ------------------------------------------------------------------- Sysorex Government Services, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, to amend motion to sell IT Business at Auction, free and clear of liens, interests, and encumbrances. The Debtor provides information technology solutions primarily to federal, state and local governments. These solutions include cybersecurity, professional services, engineering support, IT consulting, enterprise level technology, networking, wireless, help desk and custom IT solutions. The Debtor changes the Bid Deadline schedule from May 27, 2025 at 5:00 p.m. EST to June 17, 2025 at 5:00 p.m. EST. The Auction schedule from May 29, 2025 at 10:00 a.m. EST to June 23, 2025 at 10:00 a.m. EST, to be held at the offices of Cullen and Dykman LLP, One Battery Park Plaza, 34th Fl., New York, NY 10004. The deadline to file results of Auction from May 30, 2025 at 4:00 p.m. EST to June 25, 2025 at 4:00 p.m. EST. The Sale Objection Deadline from May 31, 2025 at 12:00 p.m. EST to objections will be filed so as to be received no later than 4:00 pm (EST) seven days prior to the Sale Hearing. The Sale hearing on the first available hearing date the week of June 30 or as soon thereafter as is convenient for the Court. About Sysorex Government Services, Inc. Sysorex Government Services, Inc. provides information technology solutions primarily to federal, state and local governments. Its solutions include cybersecurity, professional services, engineering support, IT consulting, enterprise level technology, networking, wireless, help desk and custom IT solutions. Since its founding, SGS has served its customers by offering products and services from key industry vendors such as Aruba, Cisco, Dell, GETAC, Microsoft, Panasonic, Samsung, TidalWave, ShawnTech, Tek84 and others. The Debtor provides its customers with comprehensive solutions incorporating leading products and services across a variety of technology practices and platforms such as cyber, cloud, networking, security, and mobility. SGS utilizes its professional services, consulting services and partners to develop and implement these solutions. SGS' sales and marketing efforts in collaboration with its vendor partners allow it to reach multiple public sector customer segments in federal, state and local governments, as well as educational institutions. Sysorex Government Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-10920 (JPM) on May 5, 2025. Judge John P Mastando III presides over the case. Michelle McMahon, Kyriaki Christodoulou, and Ralph E Preite of Cullen And Dykman LLP represent the Debtor as legal counsel. SYSOREX GOVERNMENT: Case Summary & 26 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Sysorex Government Services, Inc. Inpixon Federal Integrio Technologies 13880 Dulles Corner Lane Suite 120 Herndon, VA 20171 Business Description: Sysorex Government Services, Inc. provides IT solutions to federal, state, and local governments in the United States. Its offerings span cybersecurity, engineering support, consulting, and enterprise technology services, often in partnership with major vendors such as Cisco, Microsoft, and Dell. The Company delivers integrated solutions across areas including cloud, networking, security, and mobility. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-10920 Judge: Hon. John P Mastando III Debtor's Counsel: Ralph Preite, Esq. CULLEN AND DYKMAN LLP 333 Earle Ovington Blvd. Uniondale NY 11553 M: 212-380-3878 O: 516-357-3700 Email: rpreite@cullenllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million A. Zaman Khan, in his role as president, affixed his signature to the petition. A copy of the Debtor's list of 26 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S6JFI3A/Sysorex_Government_Services_Inc__nysbke-25-10920__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KREXYDQ/Sysorex_Government_Services_Inc__nysbke-25-10920__0001.0.pdf?mcid=tGE4TAMA TALKING ROCK: Hires Himmelstein & Adkins as Special Counsel ----------------------------------------------------------- Talking Rock Land LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Himmelstein & Adkins, LLC as special counsel. The firm will assist the Debtor and its lead bankruptcy counsel in addressing the claims of certain litigants arising out of prepetition civil proceedings regarding Adversary No. 3:25-ap-00137-DPC. Himmelstein & Adkins will charge for its professional services at its normal hourly rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Todd M. Adkins, Esq., a partner at employ Himmelstein & Adkins, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Todd M. Adkins, Esq. Himmelstein & Adkins, LLC 6720 N Scottsdale Rd #261 Scottsdale, AZ 85253 Tel: (480) 922-3933 About Talking Rock Land LLC Talking Rock Land LLC develops and manages Talking Rock, a private residential community in Prescott, Arizona. The development includes luxury homes, a golf course, and club amenities. Talking Rock Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-03438) on April 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by Scott B. Cohen, Esq. at ENGELMAN BERGER PC. TELESCOPE PROPERTIES: Hires Sandlot Homes as Real Estate Broker --------------------------------------------------------------- Telescope Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Sandlot Homes as real estate broker. The firm will list and market the Debtor's property located at 16708 Chaplin Avenue, Encino CA 91436. The firm will be paid a commission of 2.5 percent of the sales price. Amanda Lockwood 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: Amanda Lockwood Sandlot Homes 17328 Ventura Blvd, #201 Encino, CA 91316 Tel: (818) 457-4847 About Telescope Properties, LLC The Debtor is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Telescope Properties, LLC in Flint, MI, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 24-30425) on March 6, 2024, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Shabi Jafri as principal, signed the petition. Judge Joel D. Applebaum oversees the case. Robert N. Bassel, Esq. serve as the Debtor's legal counsel. TEXAS AUTO: Seeks to Hire Hayward PLLC as Bankruptcy Counsel ------------------------------------------------------------ Texas Auto and Truck Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Hayward PLLC as counsel. The firm will render these services: a. give the Debtors legal advice with respect to its powers and duties as Debtors as Debtors-in-Possession in the continued operation of their business and management of their property; b. advise the Debtors of their responsibilities under the Bankruptcy Code and assist with such; c. prepare and file the voluntary petitions and other paperwork necessary to commence these proceedings; d. assist the Debtors in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, and any amendments thereto; e. assist the Debtors in preparing the Initial Debtors Reports 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; f. represent the Debtors 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 Debtors; g. represent the Debtors in the negotiation and documentation of any sales or refinancing of property of the estates, and in obtaining the necessary approvals of such sales or refinancing by this Court; and h. assist the Debtors in the formulation of a joint 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 joint plan of reorganization. The firm will be paid at these rates: Todd Headden $425 Other Attorneys $300 to $550 Paralegals $150 to $215 Legal Assistants $95 Hayward received $22,502.50 as in retainer fees. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Todd Headden, Esq., a partner at Hayward 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: Todd Headden, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7104 Email: theadden@haywardfirm.com About Texas Auto and Truck Inc. Texas Auto and Truck Inc., operating as Griffin Motors, is a pre-owned vehicle and RV dealership based in Lockhart, Texas, offering a wide range of inspected, quality vehicles. Texas Auto and Truck Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-10509) on April 11, 2025. In its petition, the Debtor reports total assets of $4,113,631 and total liabilities of $2,651,915. The Debtor is represented by Todd Headden, Esq. at Hayward, PLLC. TINY FROG: Bankruptcy Administrator Unable to Appoint Committee --------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Tiny Frog, Inc. About Tiny Frog Inc. Tiny Frog, Inc. operates multiple franchise locations of Hwy 55 Burger Shakes & Fries, a fast-casual dining chain specializing in burgers, shakes, and fries, under franchise agreements with The Little Mint, Inc. Tiny Frog filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-01081) on March 25, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Alexis Ramos, president of Tiny Frog, signed the petition. Judge Joseph N. Callaway oversees the case. David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor as legal counsel. TOG HOTELS: Hires Cantey Hanger LLP as Bankruptcy Counsel --------------------------------------------------------- TOG Hotels Downtown Dallas LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Cantey Hanger LLP as bankruptcy counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Debtor's estate; (b) prepare legal papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and (c) perform all other legal services in connection with the Chapter 11 case that are reasonable or necessary to satisfy the obligations and duties required of a Chapter 11 debtor. The firm will be paid at these rates: M. Jermaine Watson, Bankruptcy Partner $695 per hour Tiereney Bowman, Associate $340 per hour Emily Campbell, Associate $325 per hour George Villa, Bankruptcy Paralegal $225 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor. Ms. Watson 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: M. Jermaine Watson, Esq. Cantey Hanger LLP 600 West 6th Street, Suite 300 Tel: (817) 877-2800 Fax: (817) 333-2961 Email: jwatson@canteyhanger.com About TOG Hotels Downtown Dallas LLC TOG Hotels Downtown, LLC operates the Crowne Plaza Dallas Downtown hotel, located at 1015 Elm Street in Dallas, Texas. TOG Hotels Downtown filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-30600) on February 20, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Scott W. Everett handles the case. The Debtor is represented by: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC Tel: (972) 503-4033 Email: joyce@joycelindauer.com TOUCHDOWN ACQUIRER: S&P Rates New EUR250MM Term Loan B 'B' ---------------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating to Touchdown Acquirer Inc.'s new EUR250 million ($287 million) senior secured first-lien term loan B, due February 2031. The facility is under Touchdown Acquirer's existing credit agreement, and S&P anticipates that the transaction will raise the company's leverage, as adjusted by S&P Global Ratings, to 5.5x-6.0x in 2025, from the 4.5x-5.0x S&P previously expected for the same period. Touchdown Acquirer (B/Stable/--)--the holding company of TenCate, a global player in the artificial turf industry--will use the proceeds from this loan to finance an acquisition. S&P thinks there is enough headroom at the current rating level to absorb this transaction. Touchdown Acquirer intends to purchase a European provider of artificial grass systems for $363 million, covering the remaining costs with approximately $93 million in rollover equity from the acquired company. The acquisition will strengthen Touchdown Acquirer's presence across Europe, Africa, Asia-Pacific, and South America, and it aligns with the company's strategy to enhance vertical integration, expand its geographical footprint, and leverage cost synergies across procurement and SG&A. S&P said, "We continue to anticipate Touchdown Acquirer's performance will remain resilient in 2025. The company's preliminary 2024 results show a stable S&P Global Ratings-adjusted EBITDA margin of about 12.7%, translating into S&P Global Ratings-adjusted debt to EBITDA of 6.3x. In our view, a well-executed vertical integration strategy and favorable demand for new sustainable products should support the company's resilience, despite an uncertain macroeconomic environment. Considering these factors alongside the pending transaction leads us to project adjusted debt to EBITDA of 5.5x-6.0x in 2025. We think the company's performance will be further underpinned by healthy revenue growth, synergies, and operational improvements, giving way to gradually expanding adjusted EBITDA margins, reaching 13.5%-14.0% in 2025, and adjusted free operating cash flow (FOCF) of EUR90 million-EUR100 million. We base our assumptions on a sound management team and leaders' track record of successfully integrating past acquisitions. "TenCate has a strong manufacturing presence in the U.S., which, in our view, makes the company minimally exposed to potential effects from U.S. tariffs. As of 2024, TenCate generates roughly 80% of its revenue in its U.S. sports segment, while only about 5% of the costs associated with its U.S. sales stem from directly imported products. TenCate's primary business in the U.S. is the manufacturing and installation of artificial turf for public sports facilities, such as school and college fields. The primary funding for these projects typically comes from property tax-backed bonds, unallocated school budgets, and other dedicated funding sources that are generally less influenced by consumer sentiment and macroeconomic uncertainty." TREE LANE: Seeks to Extend Plan Exclusivity to October 23 --------------------------------------------------------- Tree Lane LLC asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 23 and December 23, 2025, respectively. The Debtor filed this Chapter 11 on April 25, 2024, and the Debtor has been working diligently to move it forward. Since the Petition, the Debtor has worked diligently toward reorganization and has reached a settlement with its largest creditor, Skylark. The Settlement Agreement provides the blueprint for reorganizing as it provides for the marketing and selling of the Property and resolves the claims of the largest secured creditor. Since entering into the Settlement Agreement, the Debtor has experienced complications and delays in selling the Property due to the improper lot line adjustments instigated by Vella which among other things transferred the 1.39 Acre Parcel from the Debtor to Vella. The Debtor asserts that it is not seeking an extension to pressure creditors to accede to its reorganization proposals. Rather, the additional time requested is necessary to ensure that the Debtor is able to present a comprehensive and feasible plan of reorganization. The Debtor further asserts that it is moving forward as quickly as possible to put forth its plan of reorganization and has demonstrated a willingness to work with creditors and interested parties to reach a consensual plan of reorganization. Until such time as the Property is the subject of a sale motion, it is not in the best interest of the Debtor and its creditors to spend limited resources preparing a plan of reorganization. Tree Lane LLC is represented by: Robyn B. Sokol, Esq. Sandford L. Frey, Esq. Leech Tishman Fuscaldo & Lampl, Inc. 1100 Glendon Avenue, 15th Floor Los Angeles, CA 90024 Tel: (626) 796-4000 About Tree Lane Tree Lane LLC, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 24-13201) on April 25, 2024. The Debtor hired Leech Tishman Fuscaldo & Lampl, Inc., as counsel. TUPPERWARE BRANDS: Ch. 11 Post-Sale of Food Storage Container Ok'd ------------------------------------------------------------------ Vince Sullivan of Law360 reports that on Wednesday, May 7, 2025, storage container maker Tupperware Brands Corp. gained court approval in Delaware without any objections, representing a major turnaround from the turbulence that marked the beginning of the case. About Tupperware Brands Tupperware Brands Corporation (NYSE: TUP) --https://www.tupperwarebrands.com/ -- is a global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. The company distributes its products into nearly 70 countries, primarily through independent representatives around the world. Tupperware Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17, 2024. In the bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor. Epiq is the claims agent and has put up the page https://dm.epiq11.com/Tupperware. TUPPERWARE BRANDS: Committee Taps Herrick Feinstein as Counsel -------------------------------------------------------------- The official committee of retirees of Tupperware Brands Corporation and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Herrick, Feinstein LLP as its counsel. The firm's services include: (a) providing advice and representation concerning any proposed modification or termination of the Retirees' retiree benefits as described in section 1114(a) of the Bankruptcy Code, as applicable (collectively, the "Benefits"); (b) negotiating with the Debtors' representatives and any other parties to these Cases concerning the Benefits and any matters that may affect the Benefits; (c) representing the Retiree Committee in any proceedings and hearings and any mediation sessions that involve or might involve matters pertaining to the Benefits; (d) preparing on behalf of the Retiree Committee any necessary adversary complaints, motions, applications, objections, orders and other legal papers relating to such matters; (e) advising the Retiree Committee of its powers and duties; and (f) performing such other legal services as may be necessary and appropriate for the efficient and economical resolution of the Retiree Committee's interests in these Cases. Herrick's 2025 rates are: Partners $760 to $1,600 per hour Counsel/Of Counsel $650 to $1,440 per hour Associates $580 to $810 per hour Paralegals $375 to $550 per hour Robert Gordon, Esq., a partner at Herrick Feinstein, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Gordon, Esq. Herrick Feinstein LLP Two Park Avenue New York, NY 10016 Telephone: (212) 592-1400 Email: sselbst@herrick.com About Tupperware Brands Tupperware Brands Corporation (NYSE: TUP) --https://www.tupperwarebrands.com/ -- is a global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. The company distributes its products into nearly 70 countries, primarily through independent representatives around the world. Tupperware Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17, 2024. In the bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor. Epiq is the claims agent and has put up the page https://dm.epiq11.com/Tupperware. TUPPERWARE BRANDS: Committee Taps Polsinelli PC as Co-Counsel ------------------------------------------------------------- The official committee of retirees of Tupperware Brands Corporation and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Polsinelli PC as its co-counsel. The firm's services include: a. in conjunction with Herrick, providing legal advice regarding the powers and duties available to the Retiree Committee, an official committee appointed under section 1102 of the Bankruptcy Code; b. assisting Herrick in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the operation of the Debtors' business, and any other matter relevant to the Chapter 11 Cases or to the development of a viable plan or plans of reorganization or liquidation; c. assisting Herrick in preparing on behalf of the Retiree Committee necessary applications, motions, complaints, answers, orders, agreements and other legal papers; d. reviewing, analyzing and assisting Herrick in responding to all pleadings filed by the Debtors or other parties-in-interest and appearing in Court to present necessary motions, applications and pleadings and to otherwise protect the interest of the Retiree Committee; e. consulting with the Debtors and their professionals, other parties-in-interest and their professionals, and the United States Trustee concerning the administration of the Debtors' estates; f. representing the Retiree Committee in hearings and other judicial proceedings; g. advising the Retiree Committee on practice and procedure in the Court and regarding the Local Rules and local practice; and h. performing all other legal services for the Retiree Committee in these Chapter 11 Cases. The firm will be paid at these rates: Shareholders $1,050 to $1,340 per hour Counsel/Of Counsel $675 to $745 per hour Paralegals $405 to $540 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Polsinelli responds to the following questions in the UST Guidelines in compliance with paragraph D, section 1 as follows: a. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Polsinelli has not agreed to any variation from its customary billing arrangements. b. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: Polsinelli's professionals included in this engagement have not varied their rate based on the geographic location of the Chapter 11 Cases. c. 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 postpetition, explain the difference and the reasons for the difference. Response: Polsinelli did not represent the Retiree Committee prior to March 19, 2025. d. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Polsinelli and Herrick are developing a full prospective budget and staffing plan for the Chapter 11 Cases and intend to share them with the Committee for approval shortly. Christopher Ward, Esq., partner at Polsinelli PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher A. Ward, Esq. Polsinelli PC 222 Delaware Avenue, Suite 1101 Wilmington, DE 19801 Telephone: (302) 252-0920 Facsimile: (302) 252-0921 Email: cward@polsinelli.com About Tupperware Brands Tupperware Brands Corporation (NYSE: TUP) --https://www.tupperwarebrands.com/ -- is a global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. The company distributes its products into nearly 70 countries, primarily through independent representatives around the world. Tupperware Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17, 2024. In the bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor. Epiq is the claims agent and has put up the page https://dm.epiq11.com/Tupperware. UNITED FIBER: Plan Exclusivity Period Extended to May 27 -------------------------------------------------------- Judge Scott H. Yun of the U.S. Bankruptcy Court for the Central District of California extended United Fiber Comm. Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 27 and July 26, 2025, respectively. As shared by Troubled Company Reporter, the Debtor has made progress in this case by negotiating successfully with a holder of pre-petition accounts receivable that was in excess of $700,000 and obtaining turnover of the same. Additionally, the Debtor has made progress in generating new receivables, which has been its primary focus post-petition since the success of the Debtor's reorganization hinges first and foremost on the rebounding of its business. Debtor is working toward a solution with Vox. Debtor is hopeful that a reasonable solution may be reached with this creditor, as the outcome of this dispute will dictate the distributions to creditors in junior classes. The Debtor explains that it is facing two disputes presently that were not anticipated at the outset of this case. First, Mr. Keyner's assertion of entitlement to $14 million based on an alleged purchase of the Debtor's shares has been an unexpected development, the outcome of which may dictate various facets of the plan including the distributions to unsecured creditors, among other things. Additionally, Mr. Keyner is seeking relief from stay to pursue this litigation at a time when the Debtor is focused on reorganization and increasing revenues. Moreover, the other dispute the Debtor is working to resolve is the collection of matured accounts receivable from Cox. Cox owes the Debtor approximately $838,250.93 in matured accounts receivable from the pre- and post-petition periods and is refusing to turnover these funds based on allegations of a setoff defense. Due to the recalcitrance of Cox, and after the Debtor has exhausted its efforts in obtaining turnover without the need for Court intervention, it appears litigation is necessary. Debtor is preparing its complaint for turnover against Cox. United Fiber Comm. Inc. is represented by: Robert P. Goe, Esq. Goe Forsythe & Hodges LLP 17701 Cowen, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 796-2460 Facsimile: (949) 955-9437 Email: rgoe@goeforlaw.com About United Fiber Comm. United Fiber Comm., Inc., is a telecommunications contractor in California, with offices in Goleta, Corona, and Vista. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-16470) on October 29, 2024, with $1,663,379 in assets and $8,172,909 in liabilities. Raymond Martinez, chief executive officer, signed the petition. Judge Scott H. Yun oversees the case. The Debtor is represented by Robert P. Goe, Esq., at Goe Forsythe & Hodges, LLP. UNITED HAULING: Seeks to Hire Kahn & Ahart as Bankruptcy Counsel ---------------------------------------------------------------- United Hauling, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Kahn & Ahart, PLLC as its counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary. The firm will be paid at these hourly rates: James Kahn, Attorney $495 Krystal Ahart, Attorney $395 Paralegal $195 In addition, the firm will seek reimbursement for expenses incurred. Mr. Kahn 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: James F. Kahn, Esq. Kahn & Ahart, PLLC 301 E. Bethany Home Rd., Suite C-195 Phoenix, AZ 85012 Telephone: (602) 266-1717 Facsimile: (602) 266-2484 Email: James.Kahn@azvk.biz About United Hauling United Hauling LLC, based in Cave Creek, AZ, specializes in providing horse transportation services. Founded in 2017, the Company offers both local and long-distance hauling options, utilizing specialized trailers designed to ensure the safety and comfort of horses during transit. United Hauling 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 reports total assets of $1,498,601 and total liabilities of $1,010,614. Judge Daniel P. Collins oversees the case. James F. Kahn, Esq., at Kahn & Ahart, PLLC serves as the Debtor's counsel. VENUS CONCEPT: Intracoastal Capital, 2 Others Hold 2.6% Stake ------------------------------------------------------------- Intracoastal Capital, LLC, Mitchell P. Kopin, and Daniel B. Asher disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 9, 2025, they beneficially owned 37,776 shares of Venus Concept Inc.'s common stock, representing approximately 2.6% of the outstanding shares, based on 1,037,703 shares of common stock outstanding as of April 11, 2025. The shares are held jointly by the reporting persons, and they have shared voting and dispositive power over these shares. Intracoastal Capital LLC can be reached through: Mitchell P. Kopin, Manager 245 Palm Trail Delray Beach Florida 33483 Tel: 8475629030 A full-text copy of Intracoastal Capital's SEC report is available at: https://tinyurl.com/yck8x2cc About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, 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 December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VIA ESCUELA: Seeks to Hire HPT Realty as Real Estate Broker ----------------------------------------------------------- Via Escuela Consulting, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ HPT Realty as Real Estate Broker. The firm will market and sell the Debtor's real property located at 3193 Budau Ave, Los Angeles, CA 90032. The firm will be paid a commission of 1 percent of the listing price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Darwin Nguyen HPT Realty 9972 Bolsa Ave Ste 100 Westminster, CA 92863 Tel: (717) 775-7100 About Via Escuela Consulting, LLC Via Escuela Consulting, LLC, owns two properties in California having a total current value of $2.26 million. Via Escuela Consulting sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-17567) on Sept. 17, 2024. In the petition signed by Melissa Regina Alvarado, principal, the Debtor disclosed $2,260,700 in assets and $2,019,299 in liabilities. Onyinye N. Anyama, Esq., at Anyama Law Firm, serves as the Debtor's counsel. VIDEO RIVER: Reports $1.46 Million Net Income for 2024 ------------------------------------------------------ Video River Networks, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net income of $1,462,828 for the year ended December 31, 2024, compared to a net income of $496,026 for the year ended December 31, 2023. For the year ended December 31, 2024, the Company reported operating revenue of $0. Lagos, Nigeria-based Olayinka Oyebola & Co., 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 suffered an accumulated deficit of $(17,928,164). These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon our ability to raise debt or equity funding to meet its ongoing operating expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given that it will be successful in achieving these objectives. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/55uvk4h9 About Video River Headquartered in Torrance, California, Video River Networks, Inc. is a technology firm that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning, and Robotics assets, businesses, and operations in North America. The Company's target portfolio businesses and assets include operations that design, develop, manufacture, and sell high-performance fully electric vehicles and design, manufacture, install, and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning, and Robotic technologies. As of Dec. 31, 2024, the Company had $1,552,732 in total assets, $91,899 in total liabilities, and total stockholders' equity of $1,460,833. VIRGINIA BEACH: Hires Pixel Financial Group as Accountant --------------------------------------------------------- Virginia Beach Patios, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Pixel Financial Group LLC as its certified public accountant. The firm's services include: a. compiling books and records; b. preparing and filing all necessary tax returns on behalf of the Debtor in Possession; c. advising Debtor in Possession of its duties and responsibilities under the Internal Revenue Code; d. working with the Debtor in Possession in assessing its financial condition; and e. preparing monthly reports, and other matters that arise in the administration of this Chapter 11 case in bankruptcy relating to accounting matters. Compensation will be payable to the accountant on a monthly basis, plus reimbursement of actual, necessary expenses incurred. The monthly rate is $789. Pixel Financial Group LLC is a disinterested person within the meaning of 11 U.S.C. Sec. 327, according to court filings. The firm can be reached through: Misty Leinberger, CPA Pixel Financial Group LLC 2006 Old Greenbrier Rd #10 Chesapeake, VA 23320 Tel: (757) 255-5255 About Virginia Beach Patios Inc. Virginia Beach Patios, Inc. is a family-owned contractor specializing in designing and building custom outdoor living spaces, including custom pools, outdoor kitchens, fire features, or artistic structures. The Company is committed to delivering high-quality craftsmanship and creating functional, beautiful environments that enhance the homeowner's outdoor experience. With personalized service and innovative designs, the Company transforms ordinary yards into extraordinary outdoor retreats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70478) on March 7, 2025. In the petition signed by Angela Marie Rose, president, the Debtor disclosed $186,926 in assets and $1,233,715 in liabilities. Carolyn Bedi, Esq., at Bedi Legal, P.C., represents the Debtor as bankruptcy counsel. VISION PAINTING: Court Extends Cash Collateral Access to May 30 --------------------------------------------------------------- Vision Painting & Decorating Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The fifth interim order signed by Judge Janet Baer authorized the company to use cash collateral until May 30 to pay the expenses set forth in its budget, with a 10% variance allowed. The budget shows total projected expenses of $67,969 for May. The interim order granted the Internal Revenue Service and the Illinois Department of Employment Security post-petition replacement liens on the cash collateral and all post-petition property of the company, to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, the IRS and the Illinois Department of Employment Security will continue to receive monthly payments of $900 and $450, respectively. The next hearing is scheduled for May 28. About Vision Painting & Decorating Services Vision Painting & Decorating Services Inc. is a specialty contractor that serves the Calumet Park, Illionois area and specializes in specialty ceilings, plaster and gypsum board, acoustic treatment, flooring, painting and coatings, wall finishes and tile. Vision Painting & Decorating Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-17620) on November 22, 2024, with estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Edward T. McKinnie, Jr., president of Vision Painting & Decorating Services, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by: Gregory K. Stern, Esq. Gregory K. Stern, P.C. Tel: 312-427-1558 Email: greg@gregstern.com VPR BRANDS: Posts $143K Loss in 2024, Raises Going Concern Doubt ---------------------------------------------------------------- VPR Brands, LP. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $143,224 on $5,676,359 of total revenue for the year ended December 31, 2024, compared to a net income of $2,932,802 on $9,853,825 of total revenue for the year ended December 31, 2023. Los Angeles, Calif.-based Kreit & Chiu CPA LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 16, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's financial position and operating results raise substantial doubt about the Company's ability to continue as a going concern, as reflected by the net loss of $143,224 for the fiscal year ended December 31, 2024, and accumulated deficit of $7,594,395 and $7,485,894, as on December 31, 2024, and 2023, respectively. The continuation of the Company as a going concern is dependent upon, among other things, the continued financial support from its common unit holders, the ability of the Company to obtain necessary equity or debt financing, and the attainment of profitable operations. There is no assurance that the Company will be able to generate sufficient revenues in the future. The Company expects to meet its current capital requirements through existing operations. However, there can be no assurance that the Company will generate sufficient cash flows to meet all working capital needs. If operating cash flows are insufficient, the Company may need to explore alternative sources of capital to satisfy its liquidity requirements. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4sct882n About VPR Brands Headquartered in Ft. Lauderdale, Fla., VPR Brands, LP -- http://www.VPRBrands.com/-- is a company engaged in the electronic cigarette and personal vaporizer business. As of Dec. 31, 2024, the Company had $2,753,410 in total assets, $2,035,131 in total liabilities, and total partners' surplus of $718,279. WHIRLPOOL CORP: Fitch Lowers LongTerm IDR to BB+, Outlook Negative ------------------------------------------------------------------ Fitch Ratings has downgraded Whirlpool Corporation's ratings, including its Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-', unsecured ratings to 'BB+' with a Recovery Rating of 'RR4', and Short-Term IDR and commercial paper (CP) ratings to 'B' from 'F3'. Additionally, Whirlpool Finance Luxembourg S.a.r.l.'s and Whirlpool EMEA Finance S.a.r.l.'s unsecured note ratings have been downgraded to 'BB+'/'RR4' from 'BBB-' and Whirlpool Europe B.V.'s CP rating to 'B' from 'F3'. The Rating Outlook is Negative. The downgrade reflects Whirlpool's high leverage, projected to remain elevated through at least 2027. Although margins have improved, expansion is expected to be slower than anticipated due to tariff impacts and weaker economic and housing conditions. The Negative Outlook reflects risks to Whirlpool's deleveraging trajectory, including ongoing execution of its pricing strategy in a weak demand environment and anticipated debt reduction, expected to be funded by selling a partial ownership stake in Whirlpool of India. Key Rating Drivers Elevated Leverage: The IDR downgrade to 'BB+' reflects Fitch's expectation that Whirlpool's deleveraging will take longer than anticipated, making it challenging to achieve investment grade credit metrics in the next two years due to the weak demand environment. Fitch projects EBITDA leverage will settle between 4.5x-5.0x at the end of 2025. This assumes $700 million in debt repayment, funded by proceeds from selling a portion of its stake in Whirlpool of India Ltd., free cash flow (FCF) and cash on the balance sheet. Fitch expects leverage will decline to 4.0x-4.5x by YE 2026 and 3.5x-4.0x by YE 2027, higher than Fitch's previous forecast of about 3.3x by YE 2026. Whirlpool's leverage is expected to remain above the 3.8x negative sensitivity for the 'BB+' IDR through the end of 2026. Lower debt reduction or slower margin improvement could result in a further downgrade of the IDR. Weaker Demand Environment: Fitch expects demand will remain subdued in 2025 and 2026 due to weaker economic growth, repair and remodel spending and housing turnover. Repair and remodel spending will likely be flat to slightly lower in 2025, with a more pronounced decline in large discretionary product categories. Existing home turnover will improve slightly, but remain at low levels. Fitch expects slightly higher repair and remodel spending and modest improvement in housing turnover in 2026. Fitch previously anticipated a stronger repair and remodel spending and housing turnover in 2025 and 2026. Slow Margin Improvement: Fitch expects Whirlpool's margin recovery will be hampered by the negative impact of tariffs and a weaker demand environment. Whirlpool's EBITDA margin improved 190 bps during 1Q25, but Fitch expects margin improvement will be slower during the remainder of 2025. Fitch expects EBITDA margins will settle between 8.3% to 8.8% in 2025 and 9%-9.5% in 2026 and 9.5%-10% in 2027. Input cost inflation and continued execution of Whirlpool's pricing strategy are risks to margin improvement, particularly during a sustained period of weaker demand. Adequate Financial Flexibility: Whirlpool has adequate financial flexibility to navigate the subdued operating environment, although it has meaningful debt maturing in 2025, including $350 million of senior notes that matured in May 2025 and $1.5 billion term loan (TL) coming due in October 2025. Fitch expects the company will refinance part of these debt maturities in the next two quarters. The company is anticipated to generate an FCF margin of less than 0.5% in 2025 and 0.5%-1% in 2026. Relative Stability Through the Cycle: Whirlpool's favorable end-market diversification results in relatively stable demand. About 65% of current industry sales come from product replacement demand, with roughly 20% from discretionary purchases and 15% from new residential construction. High product replacement demand is a stable revenue source. However, prolonged weakness in higher-margin discretionary appliance demand can result in margin degradation, as it did in 2023, 2024 and so far in 2025. Divestitures: Whirlpool completed the sales of its EMEA business in 2024 and has reduced its stake in Whirlpool of India. It is expected to sell additional stake in 2025, retaining a minority interest. Fitch generally considers scale and geographic diversity credit positives but does not view these divestitures as significantly weakening the business profile. Whirlpool retains strong market positions in its various local markets and geographic diversity beyond North America. Leading Market Positions: Fitch believes Whirlpool's strong market share positions in core markets lead to higher and more stable operating margins over time. Additionally, the diversity of the company's geographic exposure, end-market exposure and distribution are credit positives relative to more U.S. centric building products peers with more concentrated exposure to particular end markets or channels. Whirlpool is the world's leading home appliance manufacturer with strong market positions in key countries including the U.S., Brazil, the U.K., Canada, Italy, France, Mexico and India. Litigation Risk: Whirlpool has exposure to risks associated with ongoing litigation and tax matters. The company is a defendant in a case filed in the U.K. relating to the Grenfell Tower fire due to the role played by a Hotpoint-branded appliance in the initial source of the fire. Whirlpool is also defending against certain tax assessments received by the Brazilian government and an investigation by the French Competition Authority. Unfavorable rulings or settlements in these cases could result in a material use of cash for Whirlpool and constrain discretionary cash flow or negatively affect credit metrics. Peer Analysis The company's credit metrics are weaker than most investment grade building products issuers due to higher debt levels from an acquisition completed at the end of 2022, combined with lower margins. Fitch expects Whirlpool's EBITDA leverage to be sustained longer term at levels comparable with 'BBB' rated peers such as Masco Corporation (BBB/Stable) and Fortune Brands Innovations, Inc. (BBB/Stable). The company typically holds meaningful cash balances relative to its peers. Whirlpool's scale, global diversity and end-market exposure are favorable when compared with Fortune and Masco and is comparable to Mohawk Industries, Inc. (BBB+/Stable). Whirlpool's revenue and earnings stability through the housing cycle are stronger than Mohawk, but Mohawk typically maintains lower leverage levels. The competitive intensity of the appliance industry and Whirlpool's relatively weaker EBITDA and FCF margins are unfavorable relative to these peers. Key Assumptions - Revenues fall 6%-7% in 2025 and are flat to slightly higher in 2026; - EBITDA margin of 8.3% to 8.8% in 2025, 9% to 9.5% in 2026 and 9.5%-10% in 2027; - CFO of $850 million to $950 million in 2025 and 5.5% to 6.5% of revenues in 2026; - Debt reduction of at least $700 million in 2025; - EBITDA leverage of 4.5x-5.0x at YE 2025, 4x to 4.5x at YE 2026 and 3.5x to 4x at YE 2027; - (CFO-capex)/debt of 7% to 8% in 2025, 8.5% to 9.5% in 2026 and 10% to 11% in 2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage consistently above 3.8x; - (CFO-capex)/debt sustained below 8%; - EBITDA margin below 8%. Factors that Could, Individually or Collectively, Lead to an Outlook Revision to Stable - Improvement in margins and cash flow, leading to EBITDA leverage approaching 3.8x or EBITDA margin trending towards 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage consistently below 3.3x; - (CFO-capex)/debt sustained above 10%; - EBITDA margin above 10%. Liquidity and Debt Structure Whirlpool has adequate liquidity with $1.02 billion in cash and $619 million of borrowings under its CP program, which is backed by a $3.5 billion revolving credit facility that matures in May 2027. Approximately $297 million of consolidated cash is held in Whirlpool of India (where Whirlpool has a 51% ownership stake, and the cash is likely to stay in this jurisdiction), while roughly $495 million is held in Brazil. The company has meaningful debt maturities in the next three years, including $350 million of senior notes that matured in May 2025 and $1.5 billion TL coming due in October 2025, EUR500 million of senior notes due in 2026, and EUR600 million of senior notes due in 2027. Fitch expects some debt reduction in the next few years; however, the company will likely refinance most of its debt as it becomes due. The company has sufficient revolver availability to meet its 2025 maturities, if needed. However, liquidity will be meaningfully strained if Whirlpool is unable to access the capital markets to refinance some of these maturities. Issuer Profile Whirlpool Corp. is a global leader in the manufacturing, marketing and distribution of home appliances. The company's products include laundry appliances, refrigerators and freezers, cooking appliances, dishwashers and other small domestic appliances. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Whirlpool Corp. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the risk of potential legal claims being filed against Whirlpool in relation to the role played by a Hotpoint-brand appliance in the Grenfell Tower fire in the UK. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Whirlpool Europe B.V. senior unsecured ST B Downgrade F3 Whirlpool Finance Luxembourg S.a.r.l. senior unsecured LT BB+ Downgrade RR4 BBB- Whirlpool Corp. LT IDR BB+ Downgrade BBB- ST IDR B Downgrade F3 senior unsecured LT BB+ Downgrade RR4 BBB- senior unsecured ST B Downgrade F3 Whirlpool EMEA Finance S.a r.l. senior unsecured LT BB+ Downgrade RR4 BBB- WISCONSIN & MILWAUKEE: Unsecureds Owed $2.3M to Recover 50% in Plan ------------------------------------------------------------------- Wisconsin & Milwaukee Hotel LLC submitted an Amended Disclosure Statement for Chapter 11 Plan of Reorganization dated April 4, 2025. The Debtor intends as part of its Plan to assume the Marriott Franchise Agreement in an agreed, modified form, following the completion of negotiations with Marriott. The Debtor therefore believes that the continuation of the Marriott Franchise Agreement will be at least equal, but likely better economically to the present agreement, and likely to improve the Debtor's post-bankruptcy economic performance. The Debtor also intends to reject the Management Agreement either as part of its Plan or prior to Plan confirmation, and to replace White Lodging with a new Hotel management company. Negotiations with Marriott and with a potential replacement management company are ongoing. The Debtor also believes that its entry into a new management agreement will be at least equal, but likely better economically to the present agreement, and likely to improve the Debtor's post-bankruptcy economic performance. These negotiations must be completed and the related agreements approved by the Bankruptcy Court as a condition of confirmation of the Debtor’s chapter 11 Plan. WMH believes that, with a reorganization of its debts, the Hotel will continue to operate successfully, provide good-paying jobs and be an asset to a vibrant Milwaukee. Class 5 consists of the Unsecured Claims of White Lodging. The White Lodging claims are impaired, and White Lodging will be solicited to vote to accept or reject the Plan. White Lodging filed Claim 15 as an unsecured claim in the amount of $1,552,143.35 for management fees, reimbursements, and guarantee fees pursuant to the Management Agreement. White Lodging also filed Claim 16 as an unsecured claim in the amount of $21,042,609.00 for Contingent Claims under management contract and guaranty. Litigation of WMH objections to these claims is ongoing. Pending the Court's determination of the amounts of White Lodging's allowed claims, the Plan provides that White Lodging shall be allowed a general unsecured claim of $451,000 in full satisfaction of Claims 15 and 16, to be paid a 10% dividend in the amount of $45,100 on the Effective Date. Class 8 consists of All Other General Unsecured Claims. Class 8 consists of all other allowed General Unsecured Claims, representing primarily trade debt of the Debtor, which totals approximately $2,300,000 according to claims scheduled as undisputed, non-contingent and liquidated, or for which a claimant has filed a Proof of Claim, and which has not otherwise being paid as cure costs in connection with the assumption of contracts (Plan, Article 4) or disallowed pursuant to any orders entered by the Court. The claimants in Class 8 are impaired, and will be solicited to vote to accept or reject the Plan. Class 8 claimants shall be paid a 50% dividend in the approximate aggregate amount of $1,150,000 pro-rata, in quarterly payments of $115,000 over a 2 ½-year period, with the first quarterly payment due on the first day of the calendar quarter that begins after the Effective Date, with each quarterly payment due on the first day of each calendar quarter thereafter, until paid in full. Class 9 consists of Equity Interest Holders of the Debtor. Holders of Equity Security Interests are parties who hold an ownership interest in the Debtor (i.e., the Debtor's owners JSM (representing 99.99% of the interests held), and Fore Investments LLC, representing .01% of the interests held). The Debtor intends in the event of such an objection to seek Court approval of the Class 9 treatment as an exception to the absolute priority rule. Debtor's equity interest holders shall provide the Debtor with $5 million in new capital over a five-year period in order to fund improvements that are necessary to the success of the reorganization. The funds necessary for such a capital infusion shall be provided to Debtor's equity holders, as needed, pursuant to a loan to be made to such holders by Hexagon, LLC which is an investor in JSM. Hexagon has represented to the Debtor that it has a net worth in excess of $500 million and liquidity in excess of $25 million. The Debtor believes that such new value is equal to or greater than the equity component of its pro forma projection of enterprise value upon emergence from bankruptcy, and therefore more than sufficient to justify an exception to the absolute priority rule. To effectuate the proposed Plan, WMH shall continue its Hotel operations. WMH will utilize profits, revenues, and income from its operations, and cash on hand on the Effective Date to fund the proposed Plan distributions. WMH shall rely on the new capital contributions of its interest holders ($5 million over five years) in order to pay for needed improvements and renovations. A full-text copy of the Amended Disclosure Statement dated April 4, 2025 is available at https://urlcurt.com/u?l=PSGKAk from PacerMonitor.com at no charge. Wisconsin & Milwaukee Hotel LLC is represented by: RICHMAN & RICHMAN LLC Michael P. Richman, Esq. Claire Ann Richman, Esq. Eliza M. Reyes, Esq. 122 West Washington Avenue, Suite 850 Madison, WI 53703 Tel: (608) 630-8990 Fax: (608) 630-8991 Email: mrichman@RandR.law crichman@RandR.law ereyes@RandR.law About Wisconsin & Milwaukee Hotel Wisconsin & Milwaukee Hotel LLC is a Wisconsin limited liability company with its principal place of business in Milwaukee, Wisconsin. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 24-21743) on April 9, 2024. In the petition signed by Mark Flaherty, as manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge G. Michael Halfenger oversees the case. Michael P. Richman, at RICHMAN & RICHMAN LLC, is the Debtor's legal counsel. WW INTERNATIONAL: Launches Pre-Packaged Chapter 11 Case ------------------------------------------------------- WW International, Inc., the global leader in science-backed weight management, and certain of its affiliates, announced on May 6, 2025, that it will implement a financial reorganization transaction that will bolster its financial position, increase investment flexibility in its strategic growth initiatives, and better serve its millions of members around the world. The transaction will eliminate $1.15 billion in debt from the Company's balance sheet, and position WeightWatchers for long-term growth and success. With this improved financial foundation, the Company is well equipped to execute its transformation plan, which includes innovating its digital and member experience and accelerating the expansion of its telehealth business which delivered 57% year-over-year revenue growth in Q1 2025. WeightWatchers remains fully operational during the reorganization process and there will be no impact to members or the plans they rely on to support their weight management goals. WeightWatchers' holistic model of care--including its no. 1 doctor-recommended weight loss program, telehealth offering with access to obesity-trained clinicians and prescription weight-loss medications, and virtual and in-person workshops--remain fully operational during the reorganization process. All trade creditors and other general unsecured creditors will be paid in full. Additionally, the Company intends to remain a publicly traded company upon emergence from the process. The agreement entered into is between WeightWatchers and holders of approximately 72% of the outstanding principal amount of the Company's term loan facility, revolving credit facility, and 4.5% senior secured notes, who have committed their support for the Transaction. To effectuate the Transaction, WeightWatchers has voluntarily initiated "pre-packaged" chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. The Company expects to move through this process swiftly, with the goal of emerging from the court-supervised reorganization process in approximately 45 days, if not sooner. "For more than 62 years, WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone," said Tara Comonte, Chief Executive Officer of WeightWatchers. "The decisive actions we're taking today, with the overwhelming support of our lenders and noteholders, will give us the flexibility to accelerate innovation, reinvest in our members, and lead with authority in a rapidly evolving weight management landscape. As the conversation around weight shifts toward long-term health, our commitment to delivering the most trusted, science-backed, and holistic solutions--grounded in community support and lasting results--has never been stronger, or more important." WeightWatchers has launched a dedicated web page for members to get more information about the court-supervised restructuring process at www.weightwatchers.com/here-to-stay. A summary of the Transaction can be found on the Company's corporate website, https://corporate.ww.com, under Events and Presentations. First Day Motions The Company has filed a series of customary motions with the Court that will allow it to maintain its business as usual and operate in the ordinary course, including to meet its commitments to employees and make timely payments to vendors, and other creditors in full for amounts owed before, during, and after the court-supervised process, and expects to have the financial liquidity to execute these proceedings and continue business in the ordinary course. The Company will continue to provide the leading and trusted, proven weight management solutions that members depend on, and will honor all existing commitments to vendors, partners, and franchisees. The Transaction provides for the retention of $175 million previously drawn by the Company from its revolving credit facility, a reduction of annual interest expense by approximately $50 million, and the extension of its debt maturity runway. Upon Court approval of the Transaction, the Company's revolving credit facility lenders, the Company's term loan facility lenders, and holders of the Company's 4.5% senior secured notes will receive a pro rata share of: (i) $465 million in new senior secured debt due 2030 (which may be in the form of term loans or senior secured notes), and (ii) 91% of new common equity of the reorganized Company (subject to dilution from an equity incentive plan). Additionally, subject to meeting time-based milestones, all common equity holders will receive a pro rata share of 9% of new common equity of the reorganized Company (subject to dilution from an equity incentive plan). About WW International Headquartered in New York, WW International Inc. (NASDAQ: WW) is a technology company at the forefront of weight health, grounded in nutritional and behavior change science. The Company is powered by its weight loss and weight management programs, its award winning app and its commitment to tailoring solutions for its members to improve their weight health, including providing medical weight management treatment via access to clinician-prescribed weight management medications and related support through the WeightWatchers Clinic affiliated practices. On May 6, 2025, WW International announced that it has entered into an agreement with the requisite supermajority of its lenders and noteholders to implement a financial reorganization transaction that will eliminate $1.15 billion in debt from its balance sheet. WeightWatchers voluntarily initiated "pre-packaged" chapter 11 cases (Bankr. D. Del. Lead Case No. 25-10829) on May 6, 2025. Simpson Thacher & Bartlett LLP is serving as lead counsel, Young Conaway Stargatt & Taylor, LLP is serving as Delaware co-counsel, PJT Partners and Matthews South, LLC are serving as investment bankers, Alvarez & Marsal is serving as restructuring advisor, C Street Advisory Group is serving as strategic communications advisor, and ICR is serving as investor relations advisor to the Company. Kroll is the claims agent. Gibson, Dunn & Crutcher LLP is serving as legal advisor and Houlihan Lokey is serving as investment banker to an ad hoc group of lenders and noteholders that entered into the agreement. WW INTERNATIONAL: S&P Downgrades ICR to 'D' on Chapter 11 Filing ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on WW International Inc. to 'D' from 'CCC-'. S&P also lowered its issue-level ratings on all the company's rated debt instruments to 'D'. The downgrade reflects WW International filing for protection under Chapter 11 of the U.S. Bankruptcy Code. WW entered into a restructuring support agreement with approximately 72% of its revolving credit facility and term loan lenders and 4.5% of senior secured noteholders to reduce total outstanding debt to $465 million from $1.6 billion. WW voluntarily initiated prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. The company's revolving credit facility lenders, term loan lenders, and senior secured noteholders will be entitled to a pro rata share of $465 million in new senior secured debt due in 2030 and 91% of new common equity of the reorganized company. This will reduce annual interest expense to about $50 million from about $100 million. The company intends to finance its operations throughout the Chapter 11 proceedings with cash on hand, which is expected to more than cover restructuring and transaction expenses. WW preemptively fully drew down its revolving credit facility this year and as of March 29, 2025, had $263 million cash on hand, including revolving credit facility borrowings of $171 million. WW intends to emerge from bankruptcy within 45 days, remaining a public company. At that point, S&P will reassess its issuer credit rating based on its new capital structure and business strategy. The company will remain in full operation during the reorganization. All trade and other general unsecured creditors will be paid in full. The bankruptcy filing follows several years of subscriber, revenue, and EBITDA declines due to weaker demand for Weight Watchers services, especially among younger consumers, and intense competition from newer brands, GLP-1 weight loss drugs, and other weight loss alternatives. WYNDSTON MILLWORK: Taps Sternberg Naccari & White as Legal Counsel ------------------------------------------------------------------ Wyndston Millwork, LLC, doing business as Acadian Architectural Millwork, seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Sternberg, Naccari & White, LLC to handle its Chapter 11 case. The firm received in trust a retainer in the aggregate amount of $21,750 from the Debtor. Ryan Richmond, Esq., an attorney at Sternberg, Naccari & White, will be paid at his hourly rate of $400 plus expenses. Mr. Richmond 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: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 Email: ryan@snw.law About Wyndston Millwork LLC Wyndston Millwork LLC, doing business as Acadian Architectural Woodwork, specializes in custom architectural millwork and woodworking services. Based in Ponchatoula, Louisiana, the Company offers a range of products including doors, windows, mouldings, columns, corbels, furniture, hardware, and pre-hung interior and exterior door units. Wyndston Millwork LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10353) on April 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Ryan J. Richmond, Esq. at Sternberg, Naccari & White, LLC. XTI AEROSPACE: $35.6M Loss in 2024; Going Concern Doubt Mitigated ----------------------------------------------------------------- XTI Aerospace, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $35.6 million on $3.2 million of revenues for the year ended December 31, 2024, compared to a net loss of $25.1 million on $nil revenues for the year ended December 31, 2023. As of December 31, 2024, the Company has a working capital deficit of approximately $8.8 million, and cash of approximately $4.1 million. During the year ended December 31, 2024, the Company used approximately $22.3 million of cash for operating activities. During the year ended December 31, 2024, the Company sold 998,447 shares of common stock under the Equity Distribution Agreement at per share prices between approximately $10.02 and $337.36, resulting in net proceeds to the Company of approximately $22.2 million. During May 2024, the Company entered into a note purchase agreement with Streeterville Capital, LLC, pursuant to which the Company issued two secured promissory notes to Streeterville Capital, LLC in May 2024, resulting in aggregate cash proceeds to the Company of $2.0 million. There can be no assurances that the Company will ever earn revenues sufficient to support its operations, or that it will ever be profitable. In order to continue its operations, the Company has supplemented the revenues it earned with proceeds from the sale of its equity securities and proceeds from loans. The Company's recurring losses and utilization of cash in its operations are indicators of going concern. However, the Company's current liquidity position was favorably impacted by the cash raised under public offerings aggregating approximately $23.3 million subsequent to December 31, 2024, along with repaying and settling certain debt and other obligations during March 2025. This, along with the Company's ability to defer or eliminate certain operating expenses that are under its control and the revenues expected to be generated by the Industrial IoT segment led the Company to believe it has the ability to mitigate such concerns for a period of at least the next 12 months. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/256f98fb About XTI Aerospace XTI Aerospace, Inc. -- https://xtiaerospace.com -- is the parent company of XTI Aircraft Company headquartered near Denver, Colorado. XTI Aerospace is developing the TriFan 600, a vertical lift crossover airplane (VLCA) that combines the vertical takeoff and landing (VTOL) capabilities of a helicopter with the speed and range of a fixed-wing business aircraft. The TriFan 600 is designed to reach speeds of 345 mph and a range of 700 miles. Additionally, the Inpixon (inpixon.com) business unit of XTI Aerospace is a provider of real-time location systems (RTLS) technology with customers around the world who use the Company's location intelligence solutions in factories and other industrial facilities to help optimize operations, increase productivity, and enhance safety. As of Dec. 31, 2024, the Company had $24.3 million in total assets, $17.7 million in total liabilities, and a total stockholders' equity of $6.6 million. * * * This concludes the Troubled Company Reporter's coverage of XTI Aerospace, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. YUNHONG GREEN: Reports $1.5 Million Net Loss for FY 2024 -------------------------------------------------------- Yunhong Green CTI Ltd. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net loss of $1.5 million on $17.95 million of net sales for the year ended December 31, 2024, compared to a net loss of $0.2 million on $17.8 million of net sales for the year ended December 31, 2023. The Company has a cumulative net loss from inception to December 31, 2024 of approximately $26 million and had approximately $0.2 million of cash as of December 31, 2024. The Company's cash resources from operations may be insufficient to meet its anticipated needs during the next 12 months. If the Company does not execute its plan, it may require additional financing to fund its future planned operations. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 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 has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company having adequate capital to fund its operating plan and performance. Management's plans to continue as a going concern may include raising additional capital through sales of equity securities and borrowing, continuing to focus our Company on the most profitable elements, and exploring alternative funding sources on an as needed basis. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. Supply chain challenges and inflationary pressures have impacted the Company's business operations to some extent and is expected to continue to do so and, these impacts may include reduced access to capital. The ability of the Company to continue as a going concern may be dependent upon its ability to successfully secure other sources of financing and attain profitable operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4dmxtr34 About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. As of Dec. 31, 2024, the Company had $25.6 million in total assets, $14.9 million in total liabilities, and a total stockholders' equity of $10.7 million. [^] BOOK REVIEW: The Heroic Enterprise -------------------------------------- The Heroic Enterprise: Business and the Common Good Author: John Hood Publisher: Beard Books (reprint of book published by The Free Press/Division of Simon and Schuster in 1996). Paperback: 266 pages List Price: $34.95 Order your copy at https://bit.ly/3awLUV3 Hood writes as a counterbalance to ideas that business should be expected to contribute to the common good along the lines of charities, say, or public health. He writes too against the highly partisan, pernicious perspective that business activity is antisocial and disruptive which at times gains some degree of credibility. Critiques of business have been around as long as commerce and business have been around. These come usually from religious or political zealots seeking dictatorial hold over all significant kinds of human activity and enterprise. In this work, Hood aims to counterbalance latter-day versions of such critiques arising in American society. The counterculture, antiestablishment 1960s was a time when such critiques were particularly strong. They have moderated since, yet remain a persistent chorus which influences politics and imagery and public affairs of business. Hood does not aim to stifle or eliminate debate about the effects of business on society or how business should engage in business. What he aims for is dismissing once and for all myopic and almost utopian conceptions about business and related erroneous purposes and values of it. Such conceptions are worrisome to businesspersons not because they believe they have any foundation, but because they waste resources and energy in having to continually correct them so business can function properly. And to the extent such myopic conceptions are believed or entertained by the public, they hamper the public and politicians in working out policies by which the greatest benefits of business can be reaped by society. The author clarifies the place and role of business by contrasting business with other parts of society. A standard, self-evident tenet of sociologists going back to the time of Plato is that society is made up of different parts fulfilling different roles for the varied needs of society and so that a society will function smoothly and survive. Business is distinguished from government and philanthropy. "Businesses exist to make and sell things, whereas by contrast "governments exist to take and protect things [and] charities exist to give things away." The social responsibility for each category of institution is inherent in its purposes and activities. For example, businesses alone cannot solve environmental problems. Whatever problems which can be attached to business are related to government policies and business's operations to satisfy consumer interests. Hence, business alone cannot solve environmental problems, and should not be expected to. Critics requiring that business solve environmental problems without similarly requiring changes in government policies and consumer interests are shortsightedly and unreasonably tarnishing business while not making any relevant or productive arguments for dealing with environmental problems. In elucidating business's proper place in and contributions to society, Hood is not unmindful that some businesses fail to fulfill their role in good faith and beneficially. But instead of criticizing business fundamentally, he proffers questions critics can ask before targeting particular businesses. Two of these are "Are corporations obtaining their profits through force or fraud?" and "Are corporations putting investments at their disposal to the most economically productive use?" Hood's perspective in support of business against unfair and irrelevant criticisms is based on the acknowledgment that business is operating productively, for the common good, and is open to cooperative activities with other parts of society in trying to resolve common problems. "The Heroic Enterprise" is not an argument for business -- for as a fundamental aspect of any society, business does not need an argument to justify it. The book mostly takes the approach of reviewing why business is necessary and therefore must be naturally, easily accepted -- namely, because of the manifold benefits business provides for society and because it along with good government and respectable morals has been a primary engine for the betterment of human life. John Hood has much experience in the media and communication as a syndicated columnist, TV commentator, and radio host. Author of seven nonfiction books on subjects as business, advertising, public policy, and political history, and many articles for national publications such as the Wall Street Journal, Hood is President of the John William Pope Foundation, a Raleigh, N.C.-based grantmaker that supports public policy organizations, educational institutions, arts and cultural programs, and humanitarian relief in North Carolina and beyond. Hood also serves on the board of the John Locke Foundation, the state policy think tank he helped found in 1989 and led as its president for more than two decades. He teaches at Duke University's Sanford School of Public Policy. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***