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250516.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 16, 2025, Vol. 29, No. 135 Headlines 1001 BROAD STREET: Seeks Subchapter V Bankruptcy in Florida 11 UM FOOD: Seeks to Hire MYC & Associates as Special Liquidator 1140 REALTY: Claims to be Paid From Available Cash & Sale Proceeds 154 HIGHLAND: Voluntary Chapter 11 Case Summary 2315 LOMA VISTA: Case Summary & One Unsecured Creditor 23ANDME HOLDING: Taps Deloitte Tax LLP to Tax Services Provider 250 WYNAH LANE: Case Summary & Four Unsecured Creditors 3005 WILJAN: Hires Meyer Law Group as General Bankruptcy Counsel 5902 HUDSON AVE: Seeks Chapter 11 Bankruptcy in New York AGILETHOUGHT INC: Grant & Eisenhofer Exits as Chapter 11 Counsel AKOUSTIS TECHNOLOGIES: Seeks to Extend Plan Exclusivity to July 14 ALERA GROUP: S&P Assigns 'B' Long-Term ICR, Outlook Stable ALLSPRING BUYER: S&P Alters Outlook to Stable, Affirms 'BB-' ICR AMERICAN 24: Case Summary & Three Unsecured Creditors AMERICAN OPEN: Hires Ross Wolcott Teinert as Special Counsel ANCIOM LLC: Seeks to Hire Cohen Legal Services as Legal Counsel ANGIE'S TRANSPORTATION: Seeks to Extend Plan Exclusivity to July 15 ASBESTOS CORPORATION: Chapter 15 Case Summary ASP NAPA INTERMEDIATE: S&P Lowers ICR to 'CCC+', Outlook Stable AVALON PIMA: Taps BBG Real Estate Services as Appraiser BEAUTIFUL CITY: Seeks Chapter 11 Bankruptcy in Illinois BELLTOWN FARMS: Creditors to Get Proceeds From Liquidation BIOPLAN USA: S&P Affirms 'CCC+' Rating on 2nd-Lien Secured Debt BUTLER GROUP: Case Summary & 15 Unsecured Creditors CARING FOR YOU: Seeks to Hire Meridian Law as Bankruptcy Counsel COOPER'S HAWK: S&P Alters outlook to Negative, Affirms 'CCC+' ICR COSTELLO SR.-ALLEN: Hires Orville & McDonald Law as Counsel COVERED BRIDGE: Hires Keen-Summit Capital as Real Estate Advisor CROWN AMERICAS: Moody's Rates New Senior Unsecured Notes 'Ba2' CTN HOLDINGS: Waives Break-Up Fee Ahead of Asset Sale Process D2 GOVERNMENT: Joseph Frost Named Subchapter V Trustee DANNIKLOR ENTERPRISES: Seeks Subchapter V Bankruptcy in Florida DB BONNEVILLE: Case Summary & Eight Unsecured Creditors DEL VALLE IMPORT: Hires Estelle Miller as Accountant DUAL ARCH: Seeks to Hire David C. Johnston as Legal Counsel ELETSON HOLDINGS: Court Rejects Reed Smith's Bid to Exit from Ch.11 EPIC COMPANIES: Seeks to Hire Creative Planning as Tax Accountant ERIE KASH: Seeks to Hire Sadek Law Offices LLC as Attorney F.I.A. L.L.C.: Voluntary Chapter 11 Case Summary FASHIONABLE INC: U.S. Trustee Unable to Appoint Committee FELTRIM BALMORAL: Taps Accounting & Business Partners as Accountant FIBRE-TECH INC: Amy Denton Mayer Named Subchapter V Trustee FOX MANAGEMENT: Ronald Friedman Named Subchapter V Trustee FRALEG KUSCIUSZKO: Hires Compass RE NY LLC as Real Estate Broker FRANCISCAN FRIARS: Plan Exclusivity Period Extended to June 30 FREE SPEECH: Appeal Won't Halt $1B Sandy Hook Award, Court Rules GIUSEPPE AND THE LION: Voluntary Chapter 11 Case Summary GLOBAL CONCESSIONS: U.S. Trustee Appoints Creditors' Committee GUNNISON VALLEY: Plan Exclusivity Period Extended to June 26 HARVEST MIDSTREAM I: S&P Affirms 'BB-' Rating on Unsecured Notes HURRICANE GLASS: Seeks to Hire Kasey Purnell as Bookkeeper IDEANOMICS INC: Plan Exclusivity Period Extended to August 1 INDEAL CONSULTORIA: Chapter 15 Case Summary KINGSMAN REAL: Hires Callahan & Blaine as Litigation Counsel KINGSMAN REAL: Taps Patrick J. D'Arcy as Unlawful Detainer Counsel LAKESHORE LEARNING: S&P Downgrades ICR to 'B-', Outlook Negative LEFEVER MATTSON: Hires Marcus & Millichap as Real Estate Broker LESLIE'S POOLMART: S&P Downgraded To 'B-', Outlook Negative LI-CYCLE HOLDINGS: Chapter 15 Case Summary LOCAL FIRST: Chapter 15 Case Summary LYLES CAPITAL: Case Summary & One Unsecured Creditor MARK REAL ESTATE: Taps Bernstein Shur Sawyer as Bankruptcy Counsel MARSH TOWN: Seeks to Hire Levis Law Firm as Bankruptcy Counsel MATTHEWS INTERNATIONAL: S&P Lowers ICR to 'B+' on SGK Divestiture MAX US: S&P Alters Outlook to Negative, Affirms 'B' ICR MCCLAIN FAMILY: Has Deal on Cash Collateral Access MOLECULAR TEMPLATES: Taps Lowenstein Sandler as Special Counsel MOYVANE-ARABIAN PROPERTIES: D. Murray Named Subchapter V Trustee MURPHY OIL: S&P Alters Outlook to Negative, Affirms 'BB+' ICR NAVIENT CORP: S&P Rates New $500MM Senior Unsecured Notes 'BB-' NEW HOME: S&P Places 'B' ICR on Watch Pos. on Landsea Acquisition NEW RITE AID: Seeks $1.94B DIP Loan from Bank of America NITRO DOWNHOLE: Taps Bonds Ellis Eppich Schafer Jones as Counsel OFF-ROAD AUTOMOTIVE: Seeks Cash Collateral Access Thru Dec 2025 OLAPLEX INC: S&P Affirms 'B-' Rating on Senior Secured Term Loan B PFH HOLDINGS: Case Summary & Two Unsecured Creditors PORTE ROUGE: Updates 1900 Capital Claims Pay; Files Amended Plan PREMIER DATACOM: Seeks $900,000 DIP Loan from Sundara PROSPECT MEDICAL: Husch Blackwell Advises Safety National & Cigna PUERTO RICO: U.S. Congressman Fitzgerald Seeks Bankruptcy Details RADIX HAWK: Hires Moecker Realty as Real Estate Broker RCM MANUFACTURING: Court Extends Cash Collateral Access to June 25 REALTRUCK INC: S&P Alters Outlook to Neg., Affirms 'B-' ICR ROYSTONE ON: To Sell Seattle Property to 5Roy for $31.5MM SAKS GLOBAL: S&P Places 'CCC+' ICR On Watch Neg on Tight Liquidity SIGNATURE MECHANICAL: Gets Extension to Access Cash Collateral SPORTIF VENTURES: Hires May Potenza Baran & Gillespie as Counsel STONY BROOK: Seeks to Hire BFSNG Law Group LLP as Attorney SUGARLOAF VENTURES: Trustee Hires Kokjer Pierotti as Accountant SUSHI GARAGE: Updates Priority Claims Pay Details SYNTHEGO CORP: Seeks to Obtain $50MM DIP Loan from Perceptive T & U INVESTMENTS: Unsecureds to be Paid in Full over 9 Months TALLULAH'S TAQUERIA: Joseph DiOrio Named Subchapter V Trustee TINKER REAL ESTATE: U.S. Trustee Unable to Appoint Committee TOWNSQUARE MEDIA: S&P Alters Outlook to Neg., Affirms 'B+' ICR TRADERS DOMAIN: July 28, 2025 Claims Deadline in Receivership Case TRAEGER INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR VILLAGE ROADSHOW: Agrees w/ Warner Bros. to Delay Matrix Debt Fight VITAL ENERGY: S&P Alters Outlook to Stable, Affirms 'B' ICR WATERFRONT RESORT: Seeks to Sell 25 Condominium Units for $13.3MM WW INTERNATIONAL: Gets Interim OK to Use Cash Collateral YITBOS INC: Seeks to Hire Bizdepot Brokers as Broker [] BOOK REVIEW: Dynamics of Institutional Change [] Vermont Mountain Resort & Spa Up For Sale ********* 1001 BROAD STREET: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On May 7, 2025, 1001 Broad Street Johnstown Limited Partnership 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. About 1001 Broad Street Johnstown Limited Partnership 1001 Broad Street Johnstown Limited Partnership sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15145) on May 7, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtors are represented by Gary M. Murphree, Esq., Esq. at A.M. LAW, LLC. 11 UM FOOD: Seeks to Hire MYC & Associates as Special Liquidator ---------------------------------------------------------------- 11 Um Food Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire MYC & Associates, Inc. as special liquidator The firm will market and sell the Debtor's commercial lease for the real property located at 11 Broadway, Brooklyn, New York 11249 and related business assets. For its services, MYC shall seek commissions in the amount of 10 percent of the gross proceeds realized from the sale of the Property, plus reimbursement of expenses. Victor Moneypenny, a shareholder at MYC & Associates, 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: Victor M. Moneypenny MYC & Associates, Inc. 1110 South Avenue, Ste. 22 Staten Island, NY 10314 Telephone: (347) 273-1258 Email: sales@myccorp.com About 11 Um Food Corp. 11 Um Food Corp., doing business as City Acres Market, is a retail grocery business located at 11 Broadway in Brooklyn, NY. 11 Um Food Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40889) on February 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. Adam P. Wofse, Esq. at Lamonica Herbst & Maniscalco LLP represents the Debtor as counsel. 1140 REALTY: Claims to be Paid From Available Cash & Sale Proceeds ------------------------------------------------------------------ 1140 Realty Group LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Plan of Liquidation dated April 11, 2025. The Debtor owns the real property and improvements thereon located at 1140 Bushwick Avenue, Brooklyn, New York 11221 (the "Property"). The Property consists of a 5,156 square foot, four story building featuring eight residential units. The Debtor and Arbor Agency Lending, LLC entered into that certain Loan Agreement dated August 24, 2017, pursuant to which Arbor made a loan to the Debtor in the original principal amount of $2,458,000 (the "Loan"). Based upon alleged defaults under the Mortgage, on or around July 26, 2023, U.S. Bank commenced an action entitled U.S. Bank National Association, v. 1140 Realty Group LLC et al Index No. 521517/2023) in the Supreme Court of the State of New York, Kings County seeking to foreclose the mortgage on the Property (the "Foreclosure Action"). On October 27, 2023, the Court in the Foreclosure Action entered an ex-parte order appointing Arthur Greig as receiver (the "Receiver") pursuant to which the Receiver was appointed to, among other things, manage the Property and collect rents from tenants of the Property. On November 30, 2023, the Receiver filed his Oath and Bond in the Foreclosure Action and thereafter took possession and control of the Property by and through his property manager, Sanjay Gandhi of Besen Partners (the "Property Manager"). The Property is currently in the possession of the Receiver. The Debtor intends to file a motion with this Court seeking entry of an order authorizing and approving bidding procedures for an auction sale of the Property, free and clear of all monetary liens, claims and Encumbrances, with such monetary liens, claims and encumbrances to attach to the proceeds of sale; and approving the bidding procedures for the Property. The proposed auction sale will be subject to extensive marketing and subject to higher and better bids. The Debtor intends to receive the highest and best price for its sole asset, so that it may maximize return to creditors of its estate. At the conclusion of the auction sale, the Debtor will declare the highest and best bidder (the "Purchaser") and seek order of the Court authorized the conveyance of the Property, the closing of which shall occur within 30 days after the auction sale (the "Sale Transaction"). The proceeds of the Sale Transaction (the "Sales Proceeds") will be available to the Debtor's Estate. Class 4 consists of General Unsecured Claim. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction, release and discharge of Class 4 General Unsecured Claims, the holder of such Claims shall receive the following treatment: on the Effective Date, or as soon as possible after such Claims become Allowed Claims, each holder of a Class 4 General Unsecured Claim shall receive from the Disbursing Agent, unless otherwise agreed in writing between the Debtor and the holder of such Claim, its Pro Rata payment from the Unsecured Creditor Fund and the remaining Cash from the Sale Proceeds after payment of Statutory Fees, Administrative Claims, Professional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, and Class 3 Claims. Class 4 Claims are Impaired, and the holders of Class 4 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $219,047.25. Class 5 consists of Equity Interests. On the Effective Date, all Equity Interest Holders shall retain the value of their Interests that may exist as to any remaining balance of Cash, if any, after payment in full of all Allowed Claims and Classes of Claims against the Debtor. Interests of Equity shall be extinguished, and the Debtor shall remain responsible for either managing or winding down its own affairs without interfering with the Disbursing Agent's performance under the Plan. Class 5 Equity Interests are not receiving any distribution under the Plan. The sale of the Property to be conducted by public auction in accordance with the Bid Procedures, at which auction U.S. Bank shall be entitled to a credit bid to the extent permitted by the Terms and Conditions of Sale. Payments under the Plan will be paid from the Sale Proceeds and any Cash of the Debtor. The Sale Transaction will be implemented pursuant to the Bid Procedures. Prior to or on or about the Effective Date, the Property shall be sold to the Purchaser, free and clear of all Liens, Claims and encumbrances (except permitted encumbrances as determined by the Purchaser), with any such Liens, Claims and encumbrances to attach to the Sale Proceeds and disbursed in accordance with the provisions of the Plan. Except as set forth elsewhere in the Plan, all distributions to be made on the Effective Date shall be transferred to the escrow account of the Disbursing Agent at the closing of the Sale Transaction. A full-text copy of the Disclosure Statement dated April 11, 2025 is available at https://urlcurt.com/u?l=WaOrTW from PacerMonitor.com at no charge. The Debtor's Counsel: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 E-mail: shaffermanjoel@gmail.com About 1140 Realty Group LLC 1140 Realty Group LLC is a Brooklyn-based real estate company, operates as a single asset real estate entity with its principal property located at 1140 Bushwick Avenue in Brooklyn. 1140 Realty Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40318) on January 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Joel M. Shafferman, Esq. at Shafferman & Feldman LLP represents the Debtor as counsel. 154 HIGHLAND: Voluntary Chapter 11 Case Summary ----------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 154 Highland Avenue Realty LLC (Lead Case) 25-22418 31 Columbus Avenue New Rochelle, NY 10801 31 Columbus Rosa Realty LLC 25-22419 17 Park Place New Rochelle, NY 10801 Business Description: 154 Highland owns a two-family residential property located at 154 Highland Street in Port Chester, New York. The property, which is currently tenant-occupied, is estimated to be valued at about $900,000. 31 Columbus owns a two-family residential property at 31 Columbus Avenue in New Rochelle, New York. The property, which has tenants, is estimated to be valued at around $800,000. Chapter 11 Petition Date: May 14, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Sean H Lane Debtors' Counsel: Anne Penachio, Esq. PENACHIO MALARA LLP 245 Main Street Suite 450 White Plains, NY 10601 Tel: (914) 946-2889 Email: anne@pmlawllp.com 154 Highland's Total Assets: $905,850 154 Highland's Total Liabilities: $829,000 31 Columbus' Total Assets: $904,800 31 Columbus' Total Liabilities: $829,000 The petitions were signed by Jesus Flores as manager. The Debtors stated in the petitions that there are no creditors with unsecured claims. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZNSU6IY/154_Highland_Avenue_Realty_LLC__nysbke-25-22418__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZKGS4UY/31_Columbus_Rosa_Realty_LLC__nysbke-25-22419__0001.0.pdf?mcid=tGE4TAMA 2315 LOMA VISTA: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: 2315 Loma Vista LLC 600 S Curson Ave APT 331 Los Angeles, CA 90036 Business Description: 2315 Loma Vista LLC owns a property located at 2315 Loma Vista PL, Los Angeles, CA 90039, with an appraised value of $1.40 million. Chapter 11 Petition Date: May 13, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13989 Judge: Hon. Julia W Brand Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Total Assets: $1,399,000 Total Liabilities: $716,656 The petition was signed by Mariati Situmorang as managing member. The Debtor has identified Los Angeles County & Tax Collector, based at P.O. Box 54018, Los Angeles, CA 90054-0018, as its sole unsecured creditor, with a claim of $1,656. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DNYJVWQ/2315_Loma_Vista_LLC__cacbke-25-13989__0001.0.pdf?mcid=tGE4TAMA 23ANDME HOLDING: Taps Deloitte Tax LLP to Tax Services Provider --------------------------------------------------------------- 23andMe Holding Co. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Deloitte Tax LLP to provide tax advisory services. The firm will render these services: (a) advise the Debtors as they consult with their counsel and financial advisors on the cash tax effects of restructuring alternatives, potential bankruptcy filings, and the post-restructuring tax profile. This will include obtaining an understanding of the Debtors' financial advisors' valuation model and disclosure model to consider the tax assumptions contained therein; (b) advise the Debtors regarding the restructuring and/or bankruptcy emergence process from a tax perspective, including the tax work plan; (c) advise the Debtors on the cancellation of debt income for tax purposes under Internal Revenue Code (“IRC”) section 108; (d) advise the Debtors with their efforts to calculate tax basis in the stock in each of the Debtors' subsidiaries, including controlled foreign corporations, or other entity interests; (e) advise the Debtors on post-restructuring or post-bankruptcy tax attributes (tax basis in assets, tax basis in subsidiary stock and net operating loss carryovers) available under the applicable tax regulations and the reduction of such attributes based on the Debtors' operating projections; including a technical analysis of the effects of Treasury Regulation Section 1.1502-28 and the interplay with IRC sections 108 and 1017; (f) advise the Debtors on the effects of tax rules under IRC sections 382(l)(5) and (l)(6) pertaining to the post-bankruptcy net operating loss carryovers and limitations on their utilization and the Debtors' ability to qualify for IRC section 382(l)(5); (g) advise the Debtors in determining whether or when an "ownership change" (as defined under IRC section 382) has occurred, as well as on net built-in gain or net built-in loss positions at the time of such ownership change, including limitations on use of tax losses generated from post-restructuring or post-bankruptcy asset or stock sales; (h) advise the Debtors with their evaluation and modeling of the tax effects of liquidating, disposing of assets, merging or converting entities as part of the restructuring, including the effects on federal and state tax attributes, state incentives, apportionment and other tax planning; (i) advise the Debtors as to the treatment of post-petition interest for state and federal income tax purposes, including the applicability of interest limitations under IRC section 163(j); (j) advise the Debtors as to the state and federal income tax treatment of prepetition and post-petition reorganization costs, including restructuring related professional fees and other costs, the categorization and analysis of such costs, and the technical positions related thereto; (k) advise the Debtors on state income tax treatment and planning for restructuring or bankruptcy provisions in various jurisdictions, including cancellation of indebtedness calculation, adjustments to tax attributes, and limitations on tax attribute utilization; (l) advise the Debtors on responding to tax notices and audits from various taxing authorities; (m) assist the Debtors with identifying potential tax refunds and advise the Debtors on procedures for tax refunds from tax authorities; (n) advise the Debtors on income tax return reporting of restructuring and/or bankruptcy issues and related matters; (o) assist the Debtors in documenting, as appropriate, the tax analysis, development of the Debtors' opinions, recommendation, observations, and correspondence for any proposed restructuring alternative tax issue or other tax matter described above; and (p) advise the Debtors regarding other state, federal, or international income tax questions that may arise in the course of this engagement, as requested by the Debtors, and as may be agreed to by Deloitte Tax. Deloitte Tax received a retainer in the amount of $100,000. Deloitte Tax will bill these hourly rates: Partner / Principal / Managing Director $980 Senior Manager $880 Manager $740 Sr. Consultant / Sr. Staff $620 Consultant / Staff $500 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew Boyle, a partner at Deloitte Tax 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: Matthew Boyle Deloitte Tax LLP 7900 Tysons One Place, Suite 800 McLean, VA 22102 Phone: (571) 766-7663 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. 250 WYNAH LANE: Case Summary & Four Unsecured Creditors ------------------------------------------------------- Debtor: 250 Wynah Lane, LLC 2011 S. Prairie Avenue Chicago, IL 60616 Business Description: 250 Wynah Lane, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: May 14, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-07414 Judge: Hon. Deborah L. Thorne Debtor's Counsel: Matthew T. Gensburg, Esq. GENSBURG CALANDRIELLO & KANTER, P.C. 200 W. Adams St., Ste. 2425 Chicago, IL 60606 Tel: (312) 263-2200 Fax: (312) 263-2242 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Kenneth Johnson, serving as sole member, signed the petition. 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/XFROTCY/250_Wynah_Lane_LLC__ilnbke-25-07414__0001.0.pdf?mcid=tGE4TAMA 3005 WILJAN: Hires Meyer Law Group as General Bankruptcy Counsel ---------------------------------------------------------------- 3005 Wiljan Court LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Meyer Law Group LLP as general bankruptcy counsel. The firm will assist with plan formulation, prepare the schedules and the statement of financial affairs, review monthly operating reports, respond to creditor inquiries, evaluate claims and all services usually performed by such counsel. The firm will be paid at these rates: Partner (Brent D. Meyer) $495 per hour Paralegals $125 per hour The firm received a retainer in the amount of $31,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Brent Meyer, a partner at Meyer Law Group 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: Brent D. Meyer, Esq. Meyer Law Group LLP 268 Bush Street #3639 San Francisco, CA 94104 Tel: (415) 765-1588 Fax: (415) 762-5277 Email: brent@meyerllp.com About 3005 Wiljan Court LLC 3005 Wiljan Court LLC is a real estate debtor under 11 U.S.C. Section 101(51B), holding a single asset. The Company owns the property located at 3005 Wiljan Court, Santa Rosa, California 95407, which is currently valued at $4.88 million. 3005 Wiljan Court LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30299) on April 17, 2025. In its petition, the Debtor reports total assets of $4,930,774 and total liabilities of $4,786,670. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Brent D. Meyer, Esq. at MEYER LAW GROUP, LLP. 5902 HUDSON AVE: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On May 7, 2025, 5902 Hudson Ave LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports 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 5902 Hudson Ave LLC 5902 Hudson Ave LLC is a single-asset real estate debtor under U.S. bankruptcy code. The Company lists a property at 5902 Hudson Avenue in West New York, New Jersey, as its principal asset. 5902 Hudson Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42224) on May 7, 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 Elizabeth S. Stong handles the case. The Debtors are represented by Joel M. Shafferman, Esq. at SHAFFERMAN & FELDMAN LLP. AGILETHOUGHT INC: Grant & Eisenhofer Exits as Chapter 11 Counsel ---------------------------------------------------------------- Ben Zigterman of Law360 reports that special litigation counsel Grant & Eisenhofer has stepped down from representing bankrupt tech firm AgileThought following a U.S. Trustee's objection to the firm also advising the company's prepetition lender and asset buyer, Blue Torch Finance LLC. About AgileThought AN Global, LLC and affiliates are global providers of agile-first, end-to-end digital transformation services in the North American market using on-shore and near-shore delivery. AgileThought is a pure play leading provider of agile software development at scale, end-to-end digital transformation and technology consulting services with diversity across markets and industries. For years, Fortune 1000 companies have trusted AgileThought to solve their digital challenges and optimize mission-critical systems to drive business value. AN Global, LLC, and its affiliates, including AgileThought Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on Aug. 28, 2023. In the petitions signed by their chief restructuring officer, James S. Feltman, the Debtors disclosed $100 million to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Potter Anderson & Corron LLP and Hughes Hubbard & Reed LLP as bankruptcy counsels; Garrigues Mexico, S.C. as general Mexican restructuring counsel; Teneo Capital, LLC as financial advisor; Guggenheim Securities, LLC as investment banker; and BDO USA, PC as tax advisor. Kurtzman Carson Consultants, LLC is the claims, noticing and balloting agent. Blue Torch Finance LLC is the administrative agent and collateral agent under the DIP Agreement and under a pre-bankruptcy first lien facility. It is represented by Ropes & Gray, LLP and Chipman Brown Cicero & Cole, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Pachulski Stang Ziehl & Jones, LLP and Province, LLC, serve as the committee's legal counsel and financial advisor, respectively. AKOUSTIS TECHNOLOGIES: Seeks to Extend Plan Exclusivity to July 14 ------------------------------------------------------------------ Akoustis Technologies, Inc., and 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 14 and September 15, 2025, respectively. The Debtors explain that the complexities of the Chapter 11 Cases, especially navigating the Injunction in relation to the sale process, warrants extension of the Exclusive Periods. As set forth in the First Day Declaration, the Debtors operated a publicly traded company in a highly sensitive industry. The complex nature of the Debtors' business and assets, especially in light of compliance with the Injunction, presents unique complexity to these Chapter 11 Cases. The Debtors assert that they are working towards formulating a post-sale plan of liquidation that maximizes recoveries for the Debtors' estates and their creditors. Due to all the foregoing factors, however, the Debtors submit that it would be reasonable for the Court to grant an extension of the Exclusive Periods. The Debtors further assert that the requested extensions will afford the Debtors a full and fair opportunity to complete the sale process, formulate their plan, solicit votes on that plan and review and analyze the various claims filed against the Debtors and their estates, following which they will devote their efforts to the winding down of the Debtors' business pursuant to a plan process or otherwise without the distraction, cost and delay of a competing plan process. Since the Petition Date, the Debtors have worked closely with their creditors and other interested parties and have complied with the obligations placed on the Debtors under the Bankruptcy Code. In meeting their fiduciary duties to their creditors, the Debtors have recognized the need to deal with all parties-in-interest in these Chapter 11 Cases and have consistently conferred with these constituencies on every major substantive and administrative matter, attempting to reach agreement or a compromise to avoid lengthy and expensive disputes. The Debtors cite that they have generally satisfied their postpetition liabilities in the ordinary course of business since the inception of these Chapter 11 Cases. More impressively, the Debtors have done so without taking on any postpetition financing. The Debtors' prudent decisions regarding their assets and their diligent efforts to maximize value for all creditors and stakeholders through one or more sale transactions over the course of these Chapter 11 Cases have enhanced the Debtors' bankruptcy estates and the potential recovery for their creditors. Counsel to the Debtors: Matthew B. McGuire, Esq. Matthew R. Pierce, Esq. Joshua B. Brooks, Esq. LANDIS RATH & COBB LLP 919 Market Street Suite 1800 Wilmington, DE 19801 Tel: 302-467-4400 Email: mcguire@lrclaw.com pierce@lrclaw.com brooks@lrclaw.com -and- Jeffrey T. Kucera, Esq. K&L GATES LLP Southeast Financial Center, Suite 3900 200 South Biscayne Blvd. Miami, Florida 33131 Tel: (305) 539-3300 Email: jeffrey.kucera@klgates.com - and - Margaret R. Westbrook, Esq. 301 Hillsborough Street, Suite 1200 Raleigh, North Carolina 27603 Tel: (919) 743-7300 Email: margaret.westbrook@klgates.com About Akoustis Technologies Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters -- targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW(R) manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications. Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility -- tooled for 150-mm diameter wafers -- for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina. Akoustis and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. Akoustis disclosed $53,371,000 in total assets against $122,586,000 in total debt as of Sept. 30, 2024. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped K&L Gates, LLP, as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel. Raymond James & Associates, Inc. as investment banker; Getzler Henrich & Associates, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Stretto is the claims agent and has launched the page https://cases.stretto.com/Akoustis. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ALERA GROUP: S&P Assigns 'B' Long-Term ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issuer credit rating to Alera Group Intermediate Holdings Inc. (Alera). S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed first-lien term loan and our 'CCC+' issue-level rating and '6' recovery rating to the proposed second-lien term loan. "The stable outlook reflects our expectation for healthy earnings growth and supportive financial policy to drive sustained improvements to credit metrics over the next 12 months." Alera plans to opportunistically refinance its debt in the syndicated market. S&P said, "Our rating reflects Alera's meaningful scale and track record of consistent growth, balanced by its narrow focus within the highly fragmented and competitive U.S. insurance brokerage industry. With total reported revenue of about $1.4 billion in 2024, Alera has solid market position as the 15th largest U.S. insurance broker. The company has a diversified spread of business across the U.S. and a balanced revenue mix, with a roughly equal split between its main property/casualty (P/C) and employee benefits (EB) segments. Alera also has a smaller but established wealth and retirement plan management business, which represented less than 10% of 2024 revenue. "Alera's business profile compares favorably to when we last rated the company in 2021 (we withdrew our ratings on Alera in late 2021 following its refinancing into the private credit market). At the time, the company had revenues of about $500 million, with a heavy weighting toward EB and a limited presence outside the eastern U.S. region." Alera's substantial growth in scale over the last four years has been primarily driven by an aggressive merger and acquisition (M&A) strategy that was further supported by steady mid-single-digit organic growth. This M&A-driven growth strategy has also contributed to the company's more balanced product portfolio and expanded national footprint. Most deals have been small and tuck-in by nature, though its more transformational merger with Propel Insurance Agency in 2021 meaningfully grew the company's P/C business and accelerated its geographic expansion. Having achieved meaningful scale with a national platform, the company has adopted a fundamentally toned-down and more opportunistic approach to M&A. Each year in 2023 and 2024, Alera completed about 15 deals representing under $100 million of acquired revenue. This is a considerable reduction from peak activity in 2021 and 2022, when Alera completed about 30-45 deals for nearly $200 million of acquired revenue each year. As it looks less toward M&A, Alera has increasingly focused on developing the business and enhancing its organic growth engine through internal investments. Alera's continued focus on driving internal growth and efficiencies should support durable and healthy performance trends. Alera has maintained steady and solid organic growth of around 5%-6% over the past four years. In 2024, organic growth was 5% with about 6% from its P/C business and 2% from EB. While healthy, the company's organic performance has trended slightly behind that of similarly rated peers (median organic growth for speculative grade U.S. brokers was around 7% in 2024), particularly considering the context of generally favorable market tailwinds in the last few years. S&P said, "We attribute Alera's relatively lighter organic growth to a lack of presence in various higher growth specialty lines, such as managing general agent or wholesale. Furthermore, as reflected by its record of robust deal activity, we think the company's growth-related efforts have historically been focused more on building scale and diversifying the business through M&A rather than through internally focused initiatives and investments. Compared to peers, we believe Alera is in the earlier stages of implementing certain initiatives, including its relatively recent regionalization strategy and developing more formal industry verticals. Nevertheless, we think management's focus has appropriately and meaningfully shifted toward internal development, which we expect will support long-term growth and credit quality. We see potential for modest acceleration in organic growth as the company executes on strategies such as boosting cross-sell between business segments, enhancing data analytics and sales capabilities, and growing its dedicated sales support force. "Alera's S&P Global Ratings-adjusted EBITDA margins have been around 32%-33% over the past four years, which compares favorably among our rated peers. We think margins will expand further and remain around the mid-30% area, supported by natural operating leverage, an increasingly integrated platform, and enhanced efficiencies as part of the company's continued focus on executing internally focused initiatives. "While credit metrics are strained for the rating following the proposed transaction, we expect these to improve meaningfully and remain in line with 'B' rated peers. Alera is refinancing its capital structure with a proposed $3.06 billion first-lien term loan due 2032, and $1 billion second-lien term loan due 2033. We expect proceeds will be used to refinance about $3.83 billion of existing debt, fund earnouts, and pay related fees. Alera's capital structure also includes $517 million of preferred equity, which we view as a debt-like obligation due to factors including accrual (i.e., payment-in-kind, or PIK) of a high coupon rate that discourages deferral, material step-up clauses, and limited (i.e., two or fewer entities) ownership of the preferred shares. "Pro forma the proposed transaction and recently completed M&A, we estimate S&P Global Ratings-adjusted leverage of 8.5x (or 9.5x including preferred shares) and mid-1x EBITDA interest coverage (or low-1x including PIK interest). While these credit metrics are strained for the rating, we believe these are more reflective of Alera's history of aggressive debt-funded M&A. Considering the company's more internally focused growth strategy, we expect credit metrics will trend favorably as reduced M&A activity should minimize the need for material incurrence of incremental debt and lead to a natural reduction in M&A-related expenses and earnout obligations. "Since 2021, Alera has been majority-owned by Genstar Capital and Flexpoint Ford, with management and employees retaining significant ownership. We do not expect any ownership changes associated with the proposed transaction. Similar to peers owned by financial sponsors, we believe Alera and its sponsors will prioritize investments in the business and use excess cash flows for other internal initiatives rather than paying down debt beyond required amortization. "However, we think reducing leverage is a priority for the company and its sponsors over the next several years to support optionality for a potential exit scenario. To that end, we do not anticipate shareholder returns and expect a cautious approach to raising debt. Accordingly, our base-case forecast shows that improvements to credit metrics over the next 12 months should be sustained and likely improve further over the long term. "The stable outlook reflects our expectation that Alera will maintain healthy performance trends, including mid-single-digit organic growth and steady margin expansion. Coupled with a supportive financial policy, we expect credit metrics to improve and remain within the bounds of our current ratings over the next 12 months. "We may consider a downgrade over the next 12 months if operating performance or credit metrics deteriorate such that we expect leverage sustained above 8.0x (excluding preferred shares treated as debt; above 9.0x including preferred shares) and coverage materially below 2.0x on a sustained basis." This could result from: -- Revenue shrinkage due to lost market share and poor retention; -- Margin contraction related to operational missteps, integration-related challenges, and macroeconomic conditions that are worse than expected; or -- A more aggressive financial policy. While unlikely over the next 12 months, S&P may consider an upgrade if Alera materially exceeds performance expectations such that it expects leverage below 5.0x and coverage above 3.0x on a sustained basis. This would have to be accompanied by a financial policy commitment to maintain these credit metrics, as well as continued enhancements to the company's overall competitive position, scale, and diversification. ALLSPRING BUYER: S&P Alters Outlook to Stable, Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BB-' long-term issuer credit and issue ratings on the company and its debt on Allspring Buyer LLC (Allspring). The stable outlook reflects S&P's expectation that Allspring will operate with leverage of 4.0x-5.0x over the next 12 months, while maintaining its assets under advisement (AUA) and investment performance. S&P expects Allspring's leverage, as measured by debt to adjusted EBITDA, to remain below 5.0x over the next 12 months. Allspring ended 2024 with leverage of 4.4x, down from 6.3x at year-end 2023, due to both revenue and margin improvements. Revenue grew 7% in 2024 due to strong fixed-income inflows and market appreciation. At the same time, EBITDA margins expanded to 23% from 18% in 2023 through realization of cost savings as the company completed its separation from Wells Fargo. S&P's base-case forecast assumes: -- 1%-5% revenue growth in 2025 and 2026 primarily from inflows in fixed income strategies, while markets remain volatile. -- Adjusted EBITDA margin of 20%-22%. -- No payments on the term loan beyond the mandatory amortization payments. S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, S&P will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly. Macroeconomic volatility could be a headwind for Allspring in 2025. Like other traditional asset managers, Allspring is exposed to market movements. A prolonged drawdown or recession could lower AUA, resulting in earnings below our base-case expectations. That said, Allspring benefits from a diversified portfolio, which could provide market resilience relative to other, less-diversified asset managers. As of year-end 2024, the company's $605 billion AUA was 31% fixed income, 23% equity, 36% liquidity, and 10% stable value. Strong inflows in fixed-income strategies could mitigate the effects of continued net outflows in equity strategies. Allspring had $12 billion in fixed-income inflows in 2024, supported by strong investment performance in those strategies. While fixed-income and money-market strategies carry lower fee-rates than equity strategies, they also shield a large portion of Allspring's AUA from equity market volatility. S&P said, "We expect the company to maintain adequate liquidity over the next 12 months. Allspring's liquidity sources include its available cash balance of $179 million and an undrawn $170 million revolving credit facility due 2029, as of Dec. 31, 2024. Liquidity sources exceed liquidity uses, which include debt amortization, capital expenditures, and working capital needs. "The stable outlook reflects our expectation that Allspring will operate with leverage of 4.0x-5.0x over the next 12 months, while maintaining its AUA and investment performance. "We could lower our ratings if leverage rises above 5.0x or if Allspring's business deteriorates, as demonstrated by a meaningful decline in earnings, AUA, or investment performance." An upgrade is unlikely over the next 12 months. Allspring is an asset management company that provides investment products and solutions to global retail and institutional clients. The company, previously known as Zebra Buyer LLC, operated as WFAM under the Wells Fargo brand before being acquired in 2021 by private equity firms GTCR LLC and Reverence Capital Partners. Together the two firms have majority ownership of the company, while Allspring's management and Wells Fargo own minority stakes. As of Dec. 31, 2024, AUA was $605 billion. -- S&P's recovery analysis includes the company's $170 million revolving credit facility due 2029 and its $1.3 billion senior secured term loan due 2030. -- S&P applies a 5.0x multiple for all asset managers because it thinks this represents an average multiple for industry players emerging from a default. -- S&P's simulated default scenario includes poor investment performance or market depreciation, leading to a substantial reduction of AUA and decline in EBITDA sufficient to trigger a payment default. -- Emergence EBITDA: $120 million -- Multiple: 5.0x -- Gross recovery value: $599 million -- Net recovery value for waterfall after 5% administrative expenses: $569 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority claims: None -- Remaining recovery value: $569 million -- Estimated first-lien claim: $1.450 billion -- Value available for first-lien claim: $569 million --Recovery range: 35% AMERICAN 24: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: American 24, LLC 7201 E. Camelback Rd #240 Scottsdale, AZ 85251 Chapter 11 Petition Date: May 13, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-04328 Judge: Hon. Daniel P. Collins Debtor's Counsel: Joseph G. Urtuzuastegui III, Esq. REI LAW FIRM 4535 E McKellips Rd Ste 1093 Mesa, AZ 85213 Tel: 480-505-7044 Email: joe@winsorlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million John Conover, in his role as manager, affixed his signature to the petition. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZFWZH5A/AMERICAN_24_LLC__azbke-25-04328__0001.0.pdf?mcid=tGE4TAMA AMERICAN OPEN: Hires Ross Wolcott Teinert as Special Counsel ------------------------------------------------------------ American Open Space Remedies LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Ross, Wolcott, Teinert & Prout LLP as special litigation counsel. The firm will render these services: a. prosecute the Debtor and the bankruptcy estate's Litigation Claims against Ezri Namvar, Mousa Namvar, Daniel Namvar, Liquid Funds LLC, Aminam LLC, and Shatar Capital, and the State Court Lawsuit; and b. perform any and all other legal services incident and necessary to the Adversary as the Debtor may require. The firm will be paid at these hourly rates: Andrew Prout, Esq. $575 Senior Counsel $450 Associates $375 Paralegals $250 The firm shall receive a post-petition retainer in the amount of $40,000. Ross does not have an interest adverse to Debtor or the Estate, according to court filings. The firm can be reached through: Andrew G. Prout, Esq. ROSS, WOLCOTT, TEINERT & PROUT LLP 3151 Airway Ave Building S Costa Mesa, CA 92626 Phone: (714) 444-3900 About American Open Space Remedies LLC American Open Space Remedies, LLC is a company in Irvine, Calif., engaged in activities related to real estate. American Open Space Remedies filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-12885) on Nov. 8, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Scott C. Clarkson oversees the case. Goe Forsythe & Hodges, LLP serves as the Debtor's legal counsel. ANCIOM LLC: Seeks to Hire Cohen Legal Services as Legal Counsel --------------------------------------------------------------- Anciom, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Cohen Legal Services, P.A. as counsel. The firms will provide these services: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating 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 Debtor in all matters pending before the Court; e. represent the Debtor in negotiation with its creditors in the preparation of a Plan. The firms will be paid at these rates: Attorneys $495 per hour Paralegals $195 to $225 per hour The firms received an advance retainer from the Debtor in the amount of $14,500. They will also be reimbursed for reasonable out-of-pocket expenses incurred. Rachamin Cohens, Esq., partner at Cohen Legal Services, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached at: Rachamin Cohen, Esq. Cohen Legal Services, P.A. 1801 NE 123rd Street, Suite 314 North Miami, FL 33181 Phone: (305) 570-2326 Email: rocky@lawcls.com About Anciom, LLC Anciom, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14970) on May 1, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Peter D Russin presides over the case. Rachamin Cohen, Esq. at Cohen Legal Services, P.A. represents the Debtor as counsel. ANGIE'S TRANSPORTATION: Seeks to Extend Plan Exclusivity to July 15 ------------------------------------------------------------------- Angie's Transportation, LLC and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 15 and September 15, 2025, respectively. During the course of these jointly administered cases, the Debtors' attention primarily has been focused on continuing their operations, handling the various legal matters that have arisen as a result of the Chapter 11 filings, and seeking the best course of action for the Debtors to emerge successfully from these proceedings. The Debtors claim that they have been delayed in submitting a plan due to conditions within the trucking industry as a whole, issues with dispatchers, and making a determination on which specific property to dispose of as they attempt to streamline their operations. The Debtors explain that they have determined which property will be retained and which property will be returned or sold. Debtors also believe they will have access to capital that will allow them to fund a plan without incurring additional debt. Therefore, the Debtors believe that good cause exists for an extension of each of the Debtors' exclusive periods for a period of approximately ninety days, as set forth herein, so they may continue with the actions necessary to draft and confirm a plan (or plans) of reorganization acceptable to creditors and this Court. Angie's Transportation, LLC is represented by: SUMMERS COMPTON WELLS LLC Andrew R. Magdy, Esq. 903 S Lindbergh Blvd Suite 200 Saint Louis MO 63131 (314)991-4999/(314)991-2413/FAX Email: amagdy@summerscomptonwells.com About Angie's Transportation Angie's Transportation LLC is a trucking company in St. Louis, Missouri. Angie's Transportation LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 24-44594) on Dec. 16, 2024. In the petition filed by Angelina Twardawa, as manager, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Bonnie L. Clair handles the case. The Debtor is represented by Andrew Magdy, Esq., at SCHMIDT BASCH, LLC. ASBESTOS CORPORATION: Chapter 15 Case Summary --------------------------------------------- Chapter 15 Debtor: Asbestos Corporation Limited 840 Boul. Ouellet Thetford Mines, QC G6G 7A5 Canada Business Description: Asbestos Corporation Limited is a Canadian company that owns eight mines and related real estate properties in Quebec. While it ceased asbestos mining in the 1980s, ACL continues to operate the mines to extract minerals from serpentinite, the leftover waste material, and manages, restores, leases, and redevelops its properties, including warehouses and other buildings. The Company is also exploring new energy initiatives such as wind and solar power, along with carbon dioxide capture and sequestration from its remaining operations. Additionally, ACL manages extensive litigation arising from its historical asbestos mining activities, facing thousands of ongoing personal injury lawsuits in the United States. Despite past settlements and insurance reimbursements, unresolved claims continue to grow amid limited liquidity and finite insurance coverage. Foreign Proceeding: In the Matter of the Plan of Arrangement and Compromise of Asbestos Corporation Limited, et al. Superior Court (Commercial Division), Province of Quebec, District of Frontenac, Case No: 235-17-000026- 258 Chapter 15 Petition Date: May 6, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-10934 Judge: Hon. Martin Glenn Foreign Representative: Raymond Chabot, Inc. Suite 2000, 600 de la Gauchetiere St. W. Montreal, QC H3B 4L8 Canada Signatory: Ayman Chaaban Foreign Representative's Counsel: Evan C. Hollander, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 51 West 52nd Street New York, NY 10019-6142 Tel: (212) 506-5145 Email: echollander@orrick.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4BPRC3Q/Asbestos_Corporation_Limited_and__nysbke-25-10934__0001.0.pdf?mcid=tGE4TAMA ASP NAPA INTERMEDIATE: S&P Lowers ICR to 'CCC+', Outlook Stable --------------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on ASP NAPA Intermediate Holdings LLC (NAPA) to 'CCC+' from 'B-'. At the same time, S&P lowered its issue-level rating on the first-lien debt to 'CCC+' from 'B-'. S&P's recovery rating of '3' is unchanged and reflects our expectation for meaningful recovery (50%-70%; rounded estimate: 50%). S&P's stable outlook reflects good liquidity, including $87 million cash, and the approximately $600 million term loan not maturing until 2029. This gives management time to strengthen the business amid thin EBITDA margins, a significant reliance on contract termination payments and/or working capital inflow to generate free cash flow. Following a rise in wage inflation that outpaced reimbursement increases, ASP NAPA Intermediate Holdings LLC (NAPA), a provider of anesthesia services, reported revenue declines of about 9% annually and thin EBITDA margin of 3.5%-5% in 2023 and 2024, and S&P expects similar results in 2025. NAPA's margins contracted due to significant inflation in anesthesiologist compensation in 2022 and 2023 and have not recovered. This increase, estimated at above 10% in 2022 and in the high-single-digit percent area in 2023, significantly outpaced the increases in the reimbursement NAPA receives from both government and commercial insurance payers, generally in the low-single-digit percent area or lower. In response, NAPA informed many hospital clients that they need to subsidize the increased cost of anesthesiologist labor or the company would terminate service agreements that were unprofitable or only minimally profitable. As part of these negotiations, NAPA has revised contracts to a cost-plus structure that shifts the risk of further wage inflation to the hospital, though it also limits NAPA's upside potential on those contracts. As a result, NAPA's S&P adjusted EBITDA margin fell from the 11% area in 2018-2019 to around 4%-5% in 2023-2024, and S&P expects margins to remain relatively flat at about 5%-5.5% in 2025. NAPA and hospitals have been terminating contracts that were not economically viable on a go-forward basis. S&P said, "Indeed, NAPA's revenues declined approximately 9% annually in 2023 and 2024, as a result, and we expect the same level of revenue decline in 2025. That said, the company successfully negotiated substantial termination fees from hospital customers that sought to in-source the anesthesia function using NAPA's employees. We believe these fees involve negligible costs and effectively drop straight to the EBITDA line, helping offset recent pressure on margins and free cash flow. The company also generated substantial free cash flow from working capital in 2024, helped by its recently completed revenue cycle management (RCM) system. However, absent visibility around the potential for more of these fees and given our base-case forecast that revenues will stabilize in 2026 and beyond, we assume these sources of free cash are unlikely to persist beyond 2025. Excluding those fees, we estimate EBITDA margins would be materially lower, leverage substantially higher, and that NAPA would struggle to generate free cash flow." NAPA has a modest opportunity to improve margins, aside from contract termination fees. Although the company's pass-through contract agreements with hospitals limit potential margin improvement, margins could benefit from the termination of lower- or negative-EBITDA contracts and from a new initiative to offer RCM services on anesthesiology claims. Moreover, S&P assumes free cash flow will likely benefit from gradually declining interest rates. NAPA has limited exposure to the No Surprises Act. Congress passed the legislation on Dec. 22, 2020, and it went into effect at the beginning of 2022. The act seeks to protect patients from unexpected medical bills from out-of-network providers. The payer and provider must both submit settlement offers for an out-of-network claim to a certified Independent Dispute Resolution entity that determines which to select. Unlike some other anesthesia providers, only about 4% of NAPA's revenues are out-of-network, and the company receives the "reasonable and customary" reimbursement from insurers on those claims while it negotiates additional amounts in arbitration. Some providers have had insurers terminate their insurance coverage agreements, effectively pushing providers out of network, to renegotiate lower rates. However, this has not been the case with NAPA, and we don't expect a change. S&P said, "Despite weakness in its business, we believe the company has adequate liquidity to manage its operational and financial commitments at least over the next 12 months. Although we anticipate the company to struggle to generate free cash flow beyond 2025, the company benefits from its solid cash balance of about $87 million (as of Dec. 2024) and about $28 million in revolver availability (35% of the undrawn $80 million revolver, subject to a springing covenant once 35% drawn). The company does not have any near-term maturities until its revolver is due in 2027 and its approximately $600 million term loan due in 2029. We believe the company's sources of cash enables its to cover its fixed charges (including interest, capex, and dividend payments to its sponsor) in the near term. "Our stable outlook on NAPA reflects good liquidity, including $87 million cash, and the approximately $600 million term loan not maturing until 2029. This gives management time to strengthen the business in the face of thin EBITDA margins, a significant reliance on contract termination payments and/or working capital inflow to generate free cash flow. "We could lower the rating on NAPA if free cash flow deficits increase, such that we see the potential for constrained liquidity. This could occur if business performance deteriorates or in several years if prospects don't improve ahead of the debt maturing in 2029, increasing potential refinancing risk. "We could raise the rating if we believe NAPA can consistently generate free cash flow, excluding the benefits of working capital inflow or contract-termination related payments. We believe this would limit refinancing risk. This could occur from an unexpected improvement in reimbursement, significant success in the new RCM business line, material new profitable contract wins, or a substantial decline in interest rates." AVALON PIMA: Taps BBG Real Estate Services as Appraiser ------------------------------------------------------- Avalon Pima, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ BBG Real Estate Services as an appraiser. BBG will provide an appraisal report for the Debtor's properties located at 15237 N. 87th Street, Scottsdale, Arizona 85260 and 297 N. 107th Avenue, Tolleson, Arizona 85016. BBG will provide the Debtors with appraisal services for a flat fee of $15,000. As disclosed in the court filing, BBG and BBG, Inc. are disinterested within the meaning of 11 U.S.C. Sec. 101(14) and do not represent an interest adverse to the Debtors or its estate. The firm can be reached through: John Wyatt, MAI BBG Inc. 6484 Buffalo Rd. Harborcreek, PA 16421 Toll Free: (866) 845-8600 Fax: (866) 539-5643 Email: info@bbginc.net About Avalon Pima, LLC Avalon Pima, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09893) on Nov. 18, 2024, listing $1,000,001 to $10 million in both assets and liabilities. Judge Scott H Gan presides over the case. Philip J. Giles, Esq. at Allen, Jones & Giles, PLC represents the Debtor as counsel. BEAUTIFUL CITY: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------- On May 11, 2025, Beautiful City LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Illinois. 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 Beautiful City LLC Beautiful City LLC is a limited liability company. Beautiful City LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60078) on May 11, 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 Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDBERG HELLER & ANTOGNOLI, P.C. BELLTOWN FARMS: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- Belltown Farms GF Opco, LLC, filed with the U.S. Bankruptcy Court for the District of Nebraska a Disclosure Statement in support of Chapter 11 Plan of Liquidation dated April 11, 2025. GF Opco is a Nebraska limited liability company, with its principal assets and place of business located in Holstein, NE. GF Opco is a standalone entity focused on sustainable and organic farming around Holstein. GF Opco farmed more than 9,000 acres of certified organic land on which GF Opco grows a variety of organic crops, including corn and soybeans. The decision to file for Chapter 11 was not made lightly but was necessary to preserve GF Opco's business while exploring options for restructuring or for an orderly liquidation. During its first year of operations, GF Opco's organic row-crop farming operations faced significant challenges, including significant market price depression, input supply disruptions, and uncharacteristic adverse weather conditions. These factors strained the company's financial resources, making liquidation the most prudent course of action. As a result, GF Opco appears to be unable to timely repay amounts owed to its lender, First Mid Bank & Trust, N.A. of Bloomington, Illinois and other creditors. C GF Opco's schedules and proofs of claims filed to date indicate unsecured claims of approximately $2,691,753.35. This estimate does not include any potential deficiency or lease rejection claims that may be asserted by one or more parties, including the Bank, Deere Credit, FCL, Deere, and/or Farm Credit. GF Opco is currently undergoing a review of filed proofs of claim to determine what, if any, appropriate objections should be interposed to one or more proofs of claim. Class 7 shall consist of the holders of Allowed Unsecured Claims. The Allowed Amount of Allowed Unsecured Claims held by Unsecured Creditors shall be determined by the amount set forth in GF Opco's Schedules, any timely proofs of claim filed in this Bankruptcy Case, or final order of the Bankruptcy Court (the "Allowed Class 7 Claims"). Unless any submitted Unsecured Claim is subject to an objection or is a Disputed Claim, in the event there is a discrepancy between the amount of an alleged claim contained in GF Opco's Schedules and a timely proof of claim filed by an Unsecured Creditor, the Allowed Amount of such Unsecured Creditor's Unsecured Claim shall be determined by any timely filed proof of claim. Each holder of an Allowed Class 7 Claim will be paid its Pro Rata share from the Claims Distribution Fund. Holders of Equity Security Interests in GF Opco shall retain their Interests in GF Opco under this Plan provided that all Allowed unclassified claims, and Allowed Class 1 through 7 Claims are paid in full under this Plan. Classes One through Seven will be paid from the collection and liquidation of GF Opco's remaining and undistributed encumbered and unencumbered property of any kind of GF Opco's Chapter 11 Estate, as defined in Section 541 of the Bankruptcy Code, including Causes of Action, in accordance with this Plan (the "Remaining Assets"). After the Effective Date, GF Opco will continue to manage its business affairs for the purpose of pursuing and liquidating its Remaining Assets making distributions as called for in the Plan, and winding down its affairs. GF Opco shall continue to be managed by its existing manager for the purposes of GF Opco undertaking its duties and obligations under this Plan. GF Opco shall pursue and liquidate, diligently and for the highest value reasonably possible, the Remaining Assets. GF Opco may liquidate or abandon the Remaining Assets, including Causes of Action, based on the GF Opco's business judgment, without the need for further order of the Bankruptcy Court; provided, however, that GF Opco shall provide 21 days advance written notice of any contemplated sale, liquidation or abandonment other than the following matters for which no advance notice or approval shall be required; (i) the compromise of Claims involving a Disputed Claim in face amount less than $100,000.00; (ii) the compromises of Causes of Action with a face value of $100,000.00 or less; and (iii) the sale, liquidation, or abandonment of Remaining Assets with an individual fair market value of less than $25,000.00. Any objections to the sale, liquidation or abandonment of Remaining Assets for which prior notice must be given must be timely filed and served on GF Opco, the Bankruptcy Court, and other parties-in-interest as required by applicable Bankruptcy Rules and Local Rules. A full-text copy of the Disclosure Statement dated April 11, 2025 is available at https://urlcurt.com/u?l=BWb5oO from PacerMonitor.com at no charge. Counsel to the Debtor: Patrick R. Turner, Esq. Turner Legal Group, LLC 14707 California Street #1 Omaha, NB 68154 Telephone: (402) 690-675 Email: pturner@turnerlegalomaha.com About Belltown Farms GF Opco Belltown Farms GF Opco, LLC is engaged in the business of oilseed and grain farming. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 24-41171) on Dec. 2, 2024. In the petition signed by Peter Tom Hill-Norton, authorized signatory, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brian S. Kruse oversees the case. Patrick R. Turner, Esq., at Turner Legal Group, LLC, is the Debtor's legal counsel. BIOPLAN USA: S&P Affirms 'CCC+' Rating on 2nd-Lien Secured Debt --------------------------------------------------------------- S&P Global Ratings revised its recovery rating on Bioplan USA Inc.'s second-lien senior secured take-back loan to '3' from '4' and affirmed the 'CCC+' issue-level rating. The '3' recovery rating reflects S&P's expectation for average (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The recovery rating revision follows Bioplan's repayment of $15 million of its first-lien priority loan in January 2025. The company now has $25.9 million outstanding under its priority loan, which is down from the original $50.0 million issue amount. The lower amount of first-lien priority debt in Bioplan's capital structure results in improved recovery prospects for the second-lien take back loan in S&P's simulated default scenario. S&P said, "Our 'CCC+' issuer credit rating on the company reflects its elevated leverage and minimal free operating cash flow (FOCF). The stable outlook reflects our expectation that Bioplan will be able to offset its revenue headwinds through cost-reduction measures, enabling it to maintain relatively stable EBITDA, generate positive FOCF over the next 12 months, and reduce its leverage below 6.0x in 2025 (from 6.6x in 2024)." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a default in 2026 due to deteriorating economic conditions that lead to a significant pull back in customer demand, which causes the company's revenue and cash flow to decline. -- S&P believes the company would reorganize in the event of a default or insolvency proceedings given its global market position and well-established customer relationships. Therefore, S&P used an EBITDA-based approach to value Bioplan with a 5x EBITDA multiple. -- The company's capital structure comprises a $50 million priority secured term loan due 2027 ($25.9 million outstanding as of Jan. 15, 2025) and a $195 million secured take-back term loan due 2028. -- The obligations outstanding under the term loans are guaranteed by the company's material U.S and global subsidiaries. S&P assumes an obligor/nonobligor split of 30%/70% for its estimated distressed net enterprise value (EV). This is based on its assumption that about 30% of the net distressed EV is attributable to the U.S. guarantor entities. -- Other default assumptions include the U.S. dollar benchmark rate is subject to a 4% floor and all debt amounts include six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2026 -- EBITDA at emergence: About $28 million -- EBITDA multiple: 5x Simplified waterfall -- Net EV after administrative costs: About $134 million -- Priority secured debt claims: About $22 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total subordinated secured debt claims: About $210 million --Recovery expectations: 50%-70% (rounded estimate: 50%) BUTLER GROUP: Case Summary & 15 Unsecured Creditors --------------------------------------------------- Debtor: Butler Group LLC 5614 Connecticut Avenue NW Washington, DC 20015 Business Description: Butler Group LLC owns a real estate property at 1601 North Portal Drive NW, Washington, D.C., with an estimated value of $1.2 million. Chapter 11 Petition Date: May 14, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00181 Debtor's Counsel: William C. Johnson, Jr., Esq. THE JOHNSON LAW GROUP, LLC 6305 Ivy Lane Suite 630 Greenbelt, MD 20770 Tel: (301) 477-3450 E-mail: William@JohnsonLG.Law Total Assets: $1,275,339 Total Liabilities: $2,163,145 LaCrisha Butler signed the petition as managing member. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BFRAJ7Y/Butler_Group_LLC__dcbke-25-00181__0001.0.pdf?mcid=tGE4TAMA CARING FOR YOU: Seeks to Hire Meridian Law as Bankruptcy Counsel ---------------------------------------------------------------- Caring For You Assisted Living LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Meridian Law, LLC to handle its Chapter 11 case. The firm will be billed at its regular hourly rate of $400, plus reimbursement for expenses incurred. Aryeh Stein, Esq., a member of Meridian Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aryeh E. Stein, Esq. Meridian Law, LLC 1212 Reisterstown Road Baltimore, MD 21208 Telephone: (443) 326-6011 Facsimile: (410) 653-9061 Email: astein@meridianlawfirm.com About Caring For You Assisted Living LLC Caring For You Assisted Living LLC is a healthcare provider operating multiple assisted living facilities in Baltimore, Maryland. Caring For You Assisted Living LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-13464) on April 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by Aryeh E. Stein, Esq. at Meridian Law, LLC. COOPER'S HAWK: S&P Alters outlook to Negative, Affirms 'CCC+' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from positive and affirmed all of its ratings on Illinois-based restaurant company Cooper's Hawk Intermediate Holding LLC, including its 'CCC+' issuer credit rating. The negative outlook reflects the risk Cooper's Hawk will be unable to address its upcoming maturities before they become current and improve its cash flow generation over the next 12 months. The negative outlook reflects Cooper's heightened refinancing risk and sustained cash flow deficits. The company's $35 million revolving credit facility is set to mature on July 31, 2026, and its $318 million term loan facility will mature Oct. 31, 2026. S&P said, "While we understand that Cooper's Hawk could initiate a refinancing process in the second half of 2025, its liquidity could become constrained if it is not completed before the debt becomes current within the next few months. Furthermore, we believe a less favorable macroeconomic environment could negatively impact the company's refinancing efforts. Our negative outlook therefore reflects that a lack of refinancing activity over the coming next six months could result in a downgrade and reflects our view that the company's liquidity would be constrained thereafter. In our view, Cooper's weak, albeit improving, credit protection metrics and refinancing needs leave it more reliant on favorable business, economic, and financial conditions to meet its financial commitments." S&P said, "We believe free operating cash flow (FOCF) will remain constrained over the next 12 months due to the company's aggressive growth strategy. Cooper's capital expenditures (capex) remained elevated in 2024 as the company continued to invest in the business and expand its restaurant footprint. The company sustained a trailing 12-month cash flow deficit of roughly $59 million through the first quarter of 2025 (ended April 2, 2025), an increase from its cash burn of roughly $38 million in the prior-year period. We project Cooper's cash flow generation to remain pressured in 2025 with a projected cash flow deficit of roughly $50 million after accounting for gross capex of about $90 million for the year. We believe the bulk of capex will go toward new restaurant openings, store refreshes and remodels, and new technology investments in the business. Cooper's Hawk currently lacks significant borrowing availability under its $35 million revolving credit facility, which becomes current in less than three months, with $23 million drawn at the end of the first quarter and roughly $12 million available. In our view, Cooper's has limited financial flexibility and in the absence of a refinanced capital structure, would need to materially cut back on capital spending this year to preserve adequate liquidity levels. "We forecast S&P Global Ratings-adjusted leverage of 7.1x in 2025, improving to roughly 6.8x in 2026, primarily through EBITDA growth. Our base case assumes revenue growth of roughly 9% this year, driven by contributions from new restaurant openings and positive same restaurant sales. Cooper's Hawk's unique wine club membership, consisting of roughly 780,000 members through the first quarter of 2025, supports recurring restaurant traffic and a stable revenue source. Furthermore, Cooper's grew its restaurant footprint by roughly 9.8% year over year to 67 locations during the first quarter of 2025 compared to 61 locations during the prior-year period. However, we believe increasingly challenging economic conditions, including persistently weaker discretionary spending, may cause consumers to pull back on restaurant visits, a trend that has been witnessed across the casual dining industry this year. We forecast S&P Global Ratings-adjusted margins of 13% in 2025 (from 12.3% in 2024), improving to roughly 13.2% in 2026 due to cost-management initiatives such as strategic supply chain optimizations, leading to reduced food costs and a more favorable product mix. As a result of higher EBITDA, the company's S&P Global Ratings-adjusted leverage improved to 7.9x as of April. 2, 2025, down from 9.9x during the prior year period. "The negative outlook reflects the risk Cooper's Hawk will be unable to address its upcoming maturities before they become current and improve its cash flow generation over the next 12 months "We could lower the rating if the company is unable to successfully refinance its debt maturities prior to becoming current, leading us to envision a more concrete default scenario within the next 12 months, including the possibility of a near-term liquidity crisis or violation of its financial covenant. "We could revise the outlook to stable if the company is able to successfully refinance its upcoming debt maturities. Alternatively, we could raise our rating on Cooper's Hawk if we believe the company is able to grow profitably while generating significantly less negative FOCF." COSTELLO SR.-ALLEN: Hires Orville & McDonald Law as Counsel ----------------------------------------------------------- Costello Sr.-Allen Optometrists PLLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Orville & McDonald Law, P.C. as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to their powers and duties as Debtor-in-Possession in the continued operation of its business and in the management of their property; b. take necessary action to avoid liens against the Debtor's property, remove restraints against the Debtor's property and such other actions to remove any encumbrances or liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; c. take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property of the Debtor's in which property Debtor has substantial equity; d. represent the Debtor in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; e. prepare necessary petitions, answers, orders, reports and other legal papers; and f. perform all other legal services for Debtor as Debtor-in-Possession or to employ attorneys for such services. The firm will be paid at these rates: Peter A. Orville $350 per hour Zachary McDonald $300 per hour Non-lawyer staff $125 per hour The firm will be paid a retainer in the amount of $8,262. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Peter A. Orville, Esq., a partner at Orville & McDonald Law, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Peter A. Orville, Esq. Orville & McDonald Law, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: (607) 770-1007 Fax: (607) 770-1110 About Costello Sr.-Allen Optometrists PLLC Costello Sr.-Allen Optometrists PLLC, dba Allen Eye Associates is an optometry practice based in Oneida, New York. The clinic provides comprehensive eye care services including routine eye exams, contact lens fittings, dry eye therapy, and disease management. Costello Sr.-Allen Optometrists PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60379) on May 1, 2025. In its petition, the Debtor reports total assets of $583,120 and total liabilities of $2,622,871. The Debtor is represented by Peter A. Orville, Esq. at ORVILLE & MCDONALD LAW, P.C. COVERED BRIDGE: Hires Keen-Summit Capital as Real Estate Advisor ---------------------------------------------------------------- Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Keen-Summit Capital Partners LLC as the real estate advisor. The firm will render these services: a. on request, review pertinent documents and will consult with the Debtors' counsel, as appropriate; b. coordinate with the Debtors with respect to the development of due diligence materials (the cost of which shall be the Debtors' sole responsibility); c. develop, subject to the Debtors' review and approval, a marketing plan and then implement it; d. communicate regularly with prospects and maintain a record of communications; e. solicit offers for a Transaction; f. assist the Debtors in evaluating, structuring, negotiating and implementing the terms and conditions of a proposed Transaction; g. develop and implement, if required, subject to the Debtors' review and approval, an auction plan, including arranging auction logistics, assisting Debtors' counsel with auction bid procedures, assisting the Debtors to qualify bidders, and ultimately running the auction; h. communicate regularly with the Debtors and their professional advisors in connection with the status of its efforts; and i. work with the Debtors' attorneys responsible for the implementation of the proposed Transactions, reviewing documents, negotiating and assisting in resolving problems which may arise. Keen-Summit shall receive the following fees: a. Engagement Fee: Fifty thousand dollars ($50,000) to be paid upon Court approval of the Keen-Summit Engagement Agreement. b. Transaction Fee: As and when Seller closes a Transaction, whether such Transaction is completed individually or as part of a package or as part of a sale of all or a portion of Seller's real property or as part of a plan of reorganization, then Keen-Summit shall have earned compensation per Transaction equal: i. If the "Gross Proceeds" from the Transaction are less than $50,000,000, 1 percent; ii. If the "Gross Proceeds" from the Transaction are at least $50,000,000 but less than $60,000,000, 1.5 percent; iii. If the "Gross Proceeds" from the Transaction are greater than $60,000,000, 2.25 percent. c. Minimum Fee: i. If a party with a right to credit bid proceeds to credit bids, or the Property is withdrawn from the scope of this engagement, or the property is abandoned or any other scenario where Keen-Summit has not earned a Transaction Fee, Keen-Summit shall be entitled to a fee of the greater of three-quarters 0.75 percent of the Gross Proceeds of the highest bid that Keen-Summit procures. ii. Should Debtors undertake a Restructuring Transaction, Keen-Summit shall, in additional to the $50,000 Engagement Fee, be entitled to an additional fee of $75,000 for assisting Debtors' Financial Advisor with undertaking the Restructuring Transaction and for compensation for other services provided with respect to efforts to sell the Property. d. Timing of Payment: All Transaction fees shall be paid in full, off the top, from the Transaction proceeds, simultaneously with the closing or other consummation of each Transaction, subject to Bankruptcy Court approval. Matthew Bordwin, co-president of Keen-Summit, assured the court that the firm is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as required by Sec. 327(a) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtors. The firm can be reached through: Matthew Bordwin Keen-Summit Capital Partners LLC 1 Huntington Quadrangle, Suite 2C04 Melville, NY 11747 Tel: (646) 381-9202 Email: mbordwin@keen-summit.com About Covered Bridge Newtown Covered Bridge Newtown, LLC is the entity responsible for construction of the buildings at a rental complex operated by Covered Bridge Newtown I, LLC. This property is a Class A luxury rental complex located at 9 Covered Bridge Road, Unit 1 and Unit 3, Newtown, Conn., with over 150 rented units. It has a 24-hour fitness center, heated swimming pool, sun deck, and clubhouse. The first buildings were completed in 2018. After construction on a parcel is completed, Covered Bridge Newtown deeds the buildings to Covered Bridge Newtown I by way of quit claim deed, after which the latter is the landlord to its tenants. Covered Bridge Newtown I has a full-time, on-site property manager attending to the needs of tenants and managing the Rental Complex. Covered Bridge Newtown and Covered Bridge Newtown I filed Chapter 11 petitions (Bankr. D. Conn. Lead Case No. 24-50833) on December 8, 2024. Each Debtor reported between $50 million and $100 million in assets and liabilities at the time of the filing. Judge Julie A. Manning handles the cases. The Debtors are represented by Joanna M. Kornafel, Esq., and Jeffrey M. Sklar, Esq., at Green & Sklarz, LLC. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. CROWN AMERICAS: Moody's Rates New Senior Unsecured Notes 'Ba2' -------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to the new backed senior unsecured notes issued by Crown Americas LLC (Crown Americas), a subsidiary of Crown Holdings, Inc. Crown Holdings, Inc.'s (Crown) Ba1 corporate family rating, Ba1-PD probability of default rating, SGL-2 speculative grade liquidity rating (SGL) and stable outlook remain unchanged. The instrument ratings assigned to the group's subsidiaries also remain unchanged. "Moody's expects the group to use the proceeds to refinance the $875 million 4.75% senior unsecured notes maturing in February 2026, together with cash on hand and additional revolver draw," said Motoki Yanase, VP – Senior Credit Officer at Moody's Ratings. "Moody's views this as a leverage neutral transaction that reduces refinancing risk," added Yanase. RATINGS RATIONALE Crown's Ba1 CFR is supported by the consolidated industry structure in the can segment, and the stability of the alcoholic/nonalcoholic beverage end markets. Its credit profile is also supported by a large base of installed equipment in the transit packaging segment, which drives a high percentage of recurring consumables sales. Crown also benefits from geographic diversification. Moody's expects that Crown will continue to generate positive free cash flow and focus on debt reduction. Moody's adjusted leverage was about 4x debt/EBITDA in 2024 and Moody's expects leverage will remain at similar levels in 2025, assuming modest growth in EBITDA. Crown's liquidity is good. The Ba1 CFR is constrained by the company's high customer and product concentration and exposure to cyclical end markets in the transit packaging segment. Additionally, the fragmented and competitive industry structure in the transit packaging segment tends to constrain growth and margin expansion. The stable outlook reflects Moody's expectations that Crown will be able to maintain positive free cash flow generation in 2025, and that the company will focus on achieving its stated net leverage ratio target of 2.5x (2.7x in 2024) and control its share repurchases accordingly. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade the rating if Crown sustainably improves its credit metrics within the context of a stable competitive environment and maintains good liquidity. An upgrade would also require a more streamlined debt capital structure and the flexibility of an unsecured capital structure. Specifically, the rating could be upgraded if total debt/EBITDA is below 3.5x and free cash flow/debt is over 10%. Moody's could downgrade the rating if credit metrics, liquidity or the competitive environment deteriorate. Specifically, the rating could be downgraded if total debt/EBITDA rises above 4.25x, free cash flow/debt falls below 6.0%, or EBITDA/Interest expense is below 5.0x. The principal methodology used in this rating was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. Headquartered in Yardley, Pennsylvania, Crown Holdings, Inc. (NYSE: CCK), is a global manufacturer of steel and aluminum containers for food, beverage, and consumer products. Crown also manufactures protective packaging products and solutions. For the 12 months that ended March 2025, the company generated about $12 billion in revenue. CTN HOLDINGS: Waives Break-Up Fee Ahead of Asset Sale Process ------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Aspiration Partners Inc., a climate-focused startup, has agreed to revise certain protections for its lead bidder in an asset sale after facing objections from the Justice Department's bankruptcy monitor and a committee representing junior creditors. The company, which filed for Chapter 11 in March 2025 to sell its assets and settle debts, told the U.S. Bankruptcy Court in Delaware on Wednesday, May 14, 2025, that it plans to finalize the sale by June 6. Inherent Aspiration LLC, a current lender, has placed a $20 million credit bid to acquire the firm's assets. About CTN Holdings Aspiration Partners Inc., doing business as CTN Holdings, is a climate startup backed by celebrity investors. The company is famous for providing carbon creditors of Microsoft Corp. Meta Platforms Inc., and other big companies. Aspiration Partners Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 31, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by William F. Taylor, Jr., Esq. at Whiteford, Taylor & Preston LLC. D2 GOVERNMENT: Joseph Frost Named Subchapter V Trustee ------------------------------------------------------ The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed Joseph Frost, Esq., as Subchapter V trustee for D2 Government Solutions, Inc. Mr. Frost, a member of the law firm of Buckmiller, Boyette & Frost, PLLC, will be paid an hourly fee of $350 for his services as Subchapter V trustee. About D2 Government Solutions Inc. D2 Government Solutions, Inc. founded in 2010, is a Service-Disabled Veteran-Owned Small Business (SDVOSB) that provides a broad spectrum of professional services to U.S. government agencies. The Company specializes in aviation-related operations including base and flight operations, aircraft maintenance, logistical support, aerial imaging, and range services. In addition, D2 offers administrative and facility support services such as mailroom operations, military transition assistance, ID processing support, clerical staffing, and medical administrative functions, reflecting its versatility in meeting diverse federal contracting needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01322) on April 11, 2025. In the petition signed by Darryl Centanni, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. JM Cook, Esq., at J.M. COOK, P.A., represents the Debtor as legal counsel. DANNIKLOR ENTERPRISES: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------------------- On May 8, 2025, Danniklor Enterprises LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $1,984,410 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Danniklor Enterprises LLC Danniklor Enterprises LLC, operating as Bikes Palm Beach, sells a wide range of bicycles and accessories, including kids' bikes, hybrid and electric bikes, triathlon bikes, and high-end road bikes. The Company also offers cycling gear such as helmets, lights, sunglasses, and athletic footwear. In addition to retail sales, it provides bicycle maintenance services with a 24-hour turnaround commitment at its location in Jupiter, Florida. Danniklor Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15192) on May 8, 2025. In its petition, the Debtor reports total assets of $119,176 and total liabilities of $1,984,41. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtors are represented by Robert C. Furr, Esq. at FURR & COHEN. DB BONNEVILLE: Case Summary & Eight Unsecured Creditors ------------------------------------------------------- Debtor: DB Booneville Inc. Village at Sugar Creek 2787 Deer Creek Trl Urbandale, IA 50323-2112 Business Description: DB Booneville Inc., also known as the Village at Sugar Creek, is a real estate company based in Urbandale, Iowa. The Company operates in property development and ownership, including residential properties. It has been involved in various developments, such as the Village at Sugar Creek, a mixed-use project offering multifamily housing, retail, office spaces, and townhomes in West Des Moines. Chapter 11 Petition Date: May 13, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-00817 Judge: Hon. Lee M. Jackwig Debtor's Counsel: Samuel Z. Marks, Esq. MARKS LAW FIRM 4225 University Avenue Des Moines IA 50311 Tel: (515) 276-7211 E-mail: Sam@markslawdm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Louis Weltman as manager. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DL5UBGY/DB_Booneville_Inc__iasbke-25-00817__0001.0.pdf?mcid=tGE4TAMA DEL VALLE IMPORT: Hires Estelle Miller as Accountant ---------------------------------------------------- Del Valle Import LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Estelle Miller, a professional practicing in New York, as accountant. Ms. Miller will render these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating reports for the Debtor. The professional will be compensated at a monthly fee of $400. She also received an initial retainer fee of $3,000 from the Debtor. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com About Del Valle Import LLC Del Valle Import LLC is a limited liability company based in Hollywood, Florida. Del Valle Import LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10078) on January 6, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Peter D. Russin handles the case. DUAL ARCH: Seeks to Hire David C. Johnston as Legal Counsel ----------------------------------------------------------- Dual Arch International, a California corporation, seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire David C. Johnston an attorney practicing in California, as its legal counsel. Mr. Johnston's services include: (a) giving the Debtor legal advice about various bankruptcy options, including relief under Chapters 7, 11, 12, and 13, and legal advice about non-bankruptcy alternatives for dealing with the claims against it; (b) giving the Debtor in Possession legal advice about its rights, powers, and obligations in the Chapter 11 case and in the management of the estate; (c) taking necessary action to enforce the automatic stay and to oppose motions for relief from the automatic stay; (d) taking necessary action to recover and avoid any preferential or fraudulent transfers and to exercise the Debtor in Possession’s strong-arm powers; (e) appearing with the Debtor’s president at the meeting of creditors, status conference, and other hearings held before the Court; (f) reviewing and if necessary, objecting to proofs of claim; (g) taking steps to obtain Court authority for the sale or refinancing of assets if necessary; (h) preparing a plan of reorganization and taking all steps necessary to bring the plan to confirmation, if possible; (i) representing the Debtor in Possession in all adversary proceedings in this court. He will be paid at $400 per hour. Mr. Johnston will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Johnston received a retainer of $3,262 to cover pre-petition fees. The Debtor also paid the Court's filing fee of $1,738. David C. Johnston, 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. He can be reached at: David C. Johnston, Esq. 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Fax: (209) 900-9199 About Dual Arch International Dual Arch International, a California corporation, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-90259) on April 2, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Ronald H. Sargis presides over the case. David C. Johnston, Esq. represents the Debtor as legal counsel. ELETSON HOLDINGS: Court Rejects Reed Smith's Bid to Exit from Ch.11 ------------------------------------------------------------------- Alex Wittenberg of Law360 reports that a New York bankruptcy judge has denied Reed Smith LLP's request to withdraw from representing one of the parties competing for control of international shipping company Eletson Holdings. The judge ruled that the firm's attempt to end its seemingly limited role for the company's pre-Chapter 11 shareholders -- while continuing to advise them in related matters -- was inappropriate. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel. EPIC COMPANIES: Seeks to Hire Creative Planning as Tax Accountant ----------------------------------------------------------------- EPIC Companies Midwest, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of North Dakota to employ Creative Planning, LLC as the tax accountant. The firm's services include: a. preparing 2024 federal and North Dakota income tax returns for each of the five Debtors; and b. consulting services including consulting/advising on questions related to the tax treatment of debt modifications, debt cancellations, debt forgiveness and restructuring. The hourly rates for these services will range from $130 to $450 per hour. Jason Primus, a partner at Creative Planning, disclosed in a court filing that Creative Planning LLC is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Primus Creative Planning, LLC 12818 Daylight Cir Des Peres, MO 63131 Telephone: (314) 966-3400 About EPIC Companies Midwest EPIC Companies Midwest, LLC is a real estate investing and development firm in Minot, N.D. EPIC and its affiliates filed voluntary Chapter 11 petitions (Bankr. D.N.D. Lead Case No. 24-30281) on July 8, 2024. Patrick Finn, chief restructuring officer, signed the petitions. At the time of the filing, EPIC reported $10 million to $50 million in both assets and liabilities. Judge Shon Hastings oversees the cases. The Debtors tapped Steven Kinsella, Esq., at Fredrikson & Byron, PA as bankruptcy counsel and Fremstad Law as special litigation counsel. The U.S. Trustee for Region 12 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firm of Stinson, LLP. ERIE KASH: Seeks to Hire Sadek Law Offices LLC as Attorney ---------------------------------------------------------- Erie Kash Out Properties LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Sadek Law Offices LLC as its attorney. The firm will render these services: a. advise the Debtor regarding its rights, duties, and obligations under the Bankruptcy Code; b. assist in the preparation of required filings including schedules, the statement of financial affairs, and monthly operating reports; c. represent the Debtor in all matters arising during the administration of the case, including motion practice and contested matters; d. assist in the formulation and confirmation of a plan of reorganization; and e. perform such other legal services as may be necessary and in the best interest of the estate. The firm will be paid at these rates: Brad J. Sadek (Attorney) $475 per hour Michael I. Assad (Attorney) $475 per hour Jennifer Phillips (Paralegal) $200 per hour Rebecca Shatzoff (Paralegal) $200 per hour As disclosed in the court filing, Sadek Law Offices is a "disinterested person" as contemplated by 11 U.S.C. Sec. 101(14). The firm can be reached through: Brad J. Sadek, Esq. Sadek Law Offices LLC 1315 Walnut St Ste 1119 Philadelphia, PA 19107 Tel: (215) 545-1055 About Erie Kash Out Properties LLC Erie Kash Out Properties LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11729) on May 2, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Ashely M Chan presides over the case. Brad J. Sadek, Esq. at Sadek Law Offices, LLC represents the Debtor as counsel. F.I.A. L.L.C.: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: F.I.A., L.L.C. 816 University Parkway Natchitoches, LA 71457 Business Description: F.I.A. L.L.C. is a real estate lessor based in Louisiana, with its principal assets located at 564 Hwy. 171 Bypass, Many, LA 71449. Chapter 11 Petition Date: May 13, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-80288 Judge: Hon. Stephen D. Wheelis Debtor's Counsel: Conner L. Dillon, Esq. GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC Post Office Box 6118 Alexandria LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 E-mail: cdillon@goldweems.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David A. Waskom as manager. The Debtor attached a list of its 20 largest unsecured creditors in the petition; however, the list was empty, with no names included in the filing. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MVH3RRA/FIA_LLC__lawbke-25-80288__0001.0.pdf?mcid=tGE4TAMA FASHIONABLE INC: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Fashionable, Inc. About Fashionable Inc. Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear. Fashionable sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01501) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Misti Blasko, chief executive officer of fashionable, signed the petition. Judge Randal S. Mashburn oversees the case. The Debtor is represented by: R. Alex Payne, Esq. Dunham Hildebrand Payne Waldron, PLLC Tel: 629-777-6529 alex@dhnashville.com FELTRIM BALMORAL: Taps Accounting & Business Partners as Accountant ------------------------------------------------------------------- Feltrim Balmoral Estates, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Accounting & Business Partners, LLC to provide accounting and CPA services. A&B Partners will charge $130 per hour for the preparation of the monthly operating reports and bookkeeping, and $230 per hour for the preparation of plan projections and other work performed by a CPA. Accounting & Business Partners are disinterested as such term is defined by Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Andrea Bone, CPA Accounting & Business Partners, LLC 10730 102nd Avenue Seminole, FL 33778 Phone: (727) 828-9945 Email: info@yourabpartners.com About Feltrim Balmoral Estates Feltrim Balmoral Estates, LLC owns a clubhouse located at 124 Kenny Blvd., Haines City, Fla., having a fair value of $3 million. Feltrim Balmoral Estates and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02122) on April 17, 2024. The case is jointly administered in Case No. 24-02122. In the petitions signed by Garrett Kenny, owner and manager, Feltrim Balmoral Estates disclosed $4,657,697 in assets and $16,239,519 in liabilities; The Enclave At Balmoral, LLC disclosed $5,091,844 in assets and $10,565,256 in liabilities; and Balmoral Estates, LP listed $14,327,306 in assets and $25,909,466 in liabilities. Judge Catherine Peek McEwen oversees the case. Alberto F. Gomez Jr., Esq., at Johnson Pope Bokor Ruppel & Burns LLP, is the Debtors' counsel. FIBRE-TECH INC: Amy Denton Mayer Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for Fibre-Tech Inc. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com Fibre-Tech Inc. Fibre-Tech Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02205) on April 9, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A. Colton presides over the case. Alberto F. Gomez, Jr., Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as legal counsel. FOX MANAGEMENT: Ronald Friedman Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at Rimon, PC as Subchapter V trustee for Fox Management Realty LLC. Mr. Friedman will be paid an hourly fee of $800 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Friedman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ronald J. Friedman, Esq. Rimon PC 100 Jericho Quadrangle, Ste. 300 Jericho, NY 11753 Email: ronald.friedman@rimonlaw.com About Fox Management Realty Fox Management Realty LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-10670) on April 7, 2025, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Michael E. Wiles presides over the case. FRALEG KUSCIUSZKO: Hires Compass RE NY LLC as Real Estate Broker ---------------------------------------------------------------- Fraleg Kusciuszko Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Compass RE NY, LLC as real estate broker. Compass will assist the Debtor in the sale of its real property located at 181 Kosciuszko Street, Brooklyn, NY 11216. The broker shall be 5 percent of the selling price. Paul Tulloch, and agent at Compass, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The broker can be reached through: Paul Tulloch Compass RE NY, LLC 28 Liberty Street New York, NY 10005 About Fraleg Kusciuszko Corp Fraleg Kusciuszko Corp sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43670) on September 5, 2024, listing $1,000,001 to $10 million in both assets and liabilities. Judge Jil Mazer-Marino presides over the case. Raymond W. Verdi, Jr., Esq. at Law Office of Raymond W. Verdi, Jr. represents the Debtor as counsel. FRANCISCAN FRIARS: Plan Exclusivity Period Extended to June 30 -------------------------------------------------------------- Judge William J. Lafferty, III, of the U.S. Bankruptcy Court for the Northern District of California extended Franciscan Friars of California, Inc.'s ("FFCI") exclusive periods to file a plan of reorganization and disclosure statement, and obtain acceptance thereof to June 30 and August 31, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that the Motion filed March 26 requests entry of an order extending the exclusivity periods for filing a plan and disclosure statement and for obtaining acceptances of the plan by 120 days to August 22 and October 22, 2025, respectively. However, Bankruptcy Code Section 1121(d)(2) provides that the exclusivity for filing a plan and disclosure statement may not be extended beyond a date that is eighteen months after the date of the order for relief and that the period for obtaining acceptances may not be extended beyond a date that is twenty months after the date of the order for relief. The Debtor claims that the Motion is amended such that it seeks only to extend the exclusivity periods for filing a plan and disclosure statement and for obtaining acceptances of the plan to June 30 and August 31, 2025, respectively. Franciscan Friars of California, Inc., is represented by: Robert G. Harris, Esq. Julie H. Rome-Banks, Esq. Wendy W. Smith, Esq. Reno Fernandez, Esq. BINDER MALTER HARRIS & ROME-BANKS LLP 2775 Park Avenue Santa Clara, CA 95050 Tel: (408) 295-1700 Fax: (408) 295-1531 Email: rob@bindermalter.com julie@bindermalter.com wendy@bindermalter.com reno@bindermalter.com About Franciscan Friars of California Franciscan Friars of California, Inc., is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on Dec. 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC, as its financial advisor. FREE SPEECH: Appeal Won't Halt $1B Sandy Hook Award, Court Rules ---------------------------------------------------------------- Aaron Keller of Law360 reports that a Connecticut appeals court has ruled that Infowars host Alex Jones cannot delay payment of the $1.3 billion defamation award to Sandy Hook victims while he petitions the U.S. Supreme Court to review the record-setting verdict. 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. GIUSEPPE AND THE LION: Voluntary Chapter 11 Case Summary -------------------------------------------------------- Debtor: Giuseppe And The Lion, Inc. 1585 Pine Ridge Road Suite 5 Naples FL 34109 Business Description: Giuseppe and The Lion, Inc. operates an Italian and sushi restaurant in Naples, Florida, offering live entertainment alongside its dining experience. Established in 1991, the restaurant blends Italian and Japanese cuisines, serving signature dishes such as Chicken and Artichoke Hearts Pasta and Pasta Bayou. It has become a popular destination for both locals and visitors. Chapter 11 Petition Date: May 14, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-00871 Judge: Hon. Caryl E Delano Debtor's Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 E-mail: mike@dallagolaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Sutherland as CEO. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3XUOXHA/Giuseppe_And_The_Lion_Inc__flmbke-25-00871__0001.0.pdf?mcid=tGE4TAMA GLOBAL CONCESSIONS: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Global Concessions, Inc. The committee members are: 1. Atlanta Airlines Terminal Company Attn: Kim Green 6000 North Terminal Parkway 3rd Floor Atlanta, GA 30320 (404) 530-2111 kgreen@aatc.org Counsel: Colin Bernardino Kilpatrick Townsend & Stockton LLP 1100 Peachtree Street, N.E. Suite 2800 Atlanta, GA 30309 (404) 532-6949 cbernardino@ktslaw.com 2. Michael S. Gaillard 3671 Strath Drive Alpharetta, Georgia 30005 Counsel: Thomas McClendon Jones & Walden, LLC 699 Piedmont Avenue, N.E. Atlanta, GA 30308 (404) 564-9300 tmcclendon@joneswalden.com 3. Performance Food Group, Inc. Attn: David Easton 12500 West Creek Parkway Richmond, VA 23238 (804) 380-4005 deaston@pfgc.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 Global Concessions Inc. Established in 1990 and headquartered in Atlanta, Ga., Global Concessions Inc. specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. It 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 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025, listing up to $50 million in both assets and liabilities. Terrance D. Harps, president and chairman of Global Concessions, signed the petition. Judge Paul Baisier oversees the case. Benjamin Keck, Esq., at Keck Legal, LLC, represents the Debtor as bankruptcy counsel. GUNNISON VALLEY: Plan Exclusivity Period Extended to June 26 ------------------------------------------------------------ Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the District of Colorado extended Gunnison Valley Properties, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 26 and September 26, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that applying the pertinent factors here demonstrates that a 3-month extension of the exclusive periods is appropriate: * the size and complexity of the chapter 11 matters. Debtor's assets and debts are significant. The Debtor asserts its assets have an estimated value of nearly $75MM. Debtor has approximately $28MM in undisputed secured debts and $10MM to $15MM in unsecured debts. Moreover, as described and in other pleadings, the issues to be resolved for moving the Gunnison Rising development forward or selling it are complex. * the necessity of sufficient time to allow the debtor to negotiate a plan of reorganization. Debtor intends to use the additional time before filing a plan to proceed and summarized as follows: (i) continue seeking DIP loans and metro district bonds, (ii) seek and obtain Court approval to sell the 5-Acre Parcel, (iii) finalize an arrangement with the City for the City to assume certain time-sensitive, off-site infrastructure, and (iv) continue to evaluate potential sales of other assets, including lots in the Government Campus and Tomichi's assets. * the existence of good faith progress toward reorganization. As described, Debtor has made good faith efforts towards reorganizing during the case. * the fact that the debtor is paying its bills as they become due. Because Debtor does not have employees, traditional business operations, or leases of real estate for which it is the tenant, Debtor's primary expenses are insurance, professional fees, and payment of its development manager. Debtor believes it is substantially current on its post-bankruptcy obligations. Debtor notes that Tomichi is a separate entity and remains current on its obligations and debt service. * whether the debtor has demonstrated reasonable prospects for filing a viable plan. Debtor's best prospect for filing a plan is through the efforts described, including moving forward with the Gunnison Rising development and evaluating a sale of Tomichi and the parcels identified. Debtor has made material progress on those efforts and anticipates getting to a conclusion on those efforts prior to June 26, 2025. * whether the debtor has made progress in negotiations with creditors. Debtor has communicated with the two largest non insider creditors (Biomedical Ventures LLC and DDC) during the case. Negotiations are ongoing. * whether an unresolved contingency exists. The material unresolved contingency is finding funding for the infrastructure. Gunnison Valley Properties, LLC is represented by: Andrew D. Johnson, Esq. Joli A. Lofstedt, Esq. Gabrielle G. Palmer, Esq. ONSAGER | FLETCHER | JOHNSON | PALMER LLC 600 17th Street, Suite 425 North Denver, CO 80202 Tel: (720) 457-7059 Email: ajohnson@OFJlaw.com About Gunnison Valley Properties Gunnison Valley Properties LLC in Louisville, Colo., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15052) on Aug. 28, 2024, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. Byron Chrisman, manager, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's legal counsel. HARVEST MIDSTREAM I: S&P Affirms 'BB-' Rating on Unsecured Notes ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issue-level rating on Harvest Midstream I L.P.'s senior unsecured notes with a recovery rating of '3'. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The affirmation follows the upsizing of the company's revolving credit facility (RCF) to $1.1 billion from $850 million with an extended the maturity to May 2030 from September 2027. At close, the company had approximately $750 million of availability under its RCF. In conjunction, the company has repaid all of its outstanding term loan A (TLA) due 2026. The refinancing transaction mitigated the company's refinancing risks and bolsters its liquidity. With the repayment of all outstanding TLA due 2026, Harvest has no near-term debt maturity until 2028. S&P said, "We anticipate the company will generate positive free operating cash flow (FOCF) of about $120 million-$130 million in 2025 and above $200 million in 2026. The additional RCF availability and the positive FOCF will provide extra financial flexibility for growth initiatives. However, we note that any draw on the RCF for growth initiatives could result in elevated leverage until the associated EBITDA contributions materialize. In our base-case scenario, we do not expect the company will fund additional growth initiatives through incremental debt or debt-like instruments that would deteriorate Harvest's credit metrics. We project its S&P Global Ratings-adjusted leverage of around 4.0x in 2025 if the company remains disciplined with its capital spending." Issue Ratings--Recovery Analysis Key analytical factors -- S&P said, "Our simulated default scenario assumes a default occurring in 2029 amid an oversupply of crude oil and natural gas that subsequently leads to an extended downturn in commodity prices. The declining oil and gas prices force producers in Alaska, San Juan, and other basins to cut back production, reducing throughput volumes on Harvest's systems, subsequently leading to lower revenue and cash flow. Our default scenario also contemplates lower volumes from Alaska due to declining production as a result of structurally higher breakeven points and prohibitive regulations." -- S&O assumes the $1.1 billion RCF is 85% drawn at default. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $258 million -- EBITDA multiple: 7x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.7 billion -- Senior secured debt claims: $970 million -- Collateral value available to senior unsecured debt claims: $748 million -- Senior unsecured debt claims: $1.3 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) Note: All debt amounts include six months of prepetition interest. HURRICANE GLASS: Seeks to Hire Kasey Purnell as Bookkeeper ---------------------------------------------------------- Hurricane Glass Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kasey Purnell as bookkeeper. Ms. Purnell will provide general bookkeeping, audit work, payroll, Sales Tax preparation and filing, income tax preparation, and customized reports, ledgers, and financial statements as needed. Ms. Purnell has agreed to prepare Debtor's 2024 income tax return for a flat fee of $1,250, and provide up to 20 hours of services per month at a flat rate of $1,500 per month. For any additional hours worked, Ms. Purnell will charge $75 per hour for her services. Additionally, the Debtor agrees to reimburse Ms. Purnell for any out-of-pocket expenses incurred. Ms. Purnell assured the court that she is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Ms. Purnell can be reached at: Kasey Purnell 1799 FM 528 Rd, Apt. 5207 Webster, TX 77598 Tel: (832) 746-2390 Email: kaseyrpurnell@gmail.com About Hurricane Glass Inc. Hurricane Glass, Inc. operates a residential and commercial glass company. Hurricane Glass filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-31809) on March 31, 2025, listing up to $100,0000 in assets and up to $1 million in liabilities. Todd Carter, president of Hurricane Glass, signed the petition. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. Itria Ventures is represented by Constantine Z. Pamphilis, Esq. and Sara E. Wolfe, Esq. at Kasowitz Benson Torres, LLP. IDEANOMICS INC: Plan Exclusivity Period Extended to August 1 ------------------------------------------------------------ Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Ideanomics, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 1 and September 30, 2025, respectively. As shared by Troubled Company Reporter, the Debtors have made substantial and meaningful progress under Chapter 11. To date, the Debtors' efforts have been concentrated on consummating sales of the Debtors' assets. The Debtors were successful in completing the sale of the Debtors' assets. Now, the Debtors are focusing their efforts on drafting and filing a value maximizing plan of liquidation. Therefore, if achieved, a chapter 11 plan would be the product of the Debtors' extensive efforts, and cause exists to extend the Exclusive Periods to allow the Debtors to negotiate and formulate such plan. The Debtors explain that they and their professionals have expended significant effort in negotiating and consummating the sales of the Debtors' assets, workstreams that were the primary focus of the first ninety days of these Chapter 11 Cases. Accomplishing these tasks and addressing the concerns of the Debtors' creditors, among other things, required the full attention of the Debtors' employees and advisors. Further, the Debtors have been required to devote a significant amount of time, emergency and resources to their transition into chapter 11 more generally. The Debtors assert that the expiration of their exclusive right to file a Chapter 11 plan at such a critical time would jeopardize the forward momentum of these Chapter 11 Cases and disrupt the substantial progress made to date. Accordingly, this extension request is reasonable and consistent with the efficient prosecution of these Chapter 11 Cases because it will provide the Debtors with additional time to draft and file a plan. Co-Counsel to the Debtors: Palacio, Esq. Gregory A. Taylor, Esq. ASHBY & GEDDES, P.A. 500 Delaware Avenue, 8th Floor P.O. Box 1150 Wilmington, DE 19801 Tel: (302) 654-1888 Fax: (302) 654-2067 Email: RPalacio@ashbygeddes.com GTaylor@ashbygeddes.com John A. Simon, Esq. Jake W. Gordon, Esq. FOLEY & LARDNER LLP 500 Woodward Ave., Suite 2700 Detroit, MI 48226-3489 Tel: (313) 234-7100 Fax: (313) 234-2800 Email: jsimon@foley.com Jake.gordon@foley.com - and - Timothy C. Mohan, Esq. 1400 16th Street, Suite 200 Denver, CO 80202 Tel: (720) 437-2000 Fax: (720) 437-2200 Email: tmohan@foley.com About Ideanomics Inc. New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle company that is focused on driving the adoption of electric commercial vehicles and associated sustainable energy consumption. It is made up of 5 subsidiaries including: VIA Motors, Solectrac, Treeletrik, Wave, and US Hybrid. Ideanomics Inc. and seven of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12728) on December 4, 2024. In its petition, the Debtor reports assets between $50 million and $100 million and liabilities ranging from $100 million to $500 million. Foley & Lardner LLP serves as the Debtors' general bankruptcy counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware co-counsel. The Debtors tapped Epiq Corporate Restructuring as noticing and claims agent. Riveron Management Services, LLC is the Debtors' CRO and financial advisor, and SSG Advisors, LLC, is the Debtors' investment banker and financial adviser. INDEAL CONSULTORIA: Chapter 15 Case Summary ------------------------------------------- Chapter 15 Debtor: Indeal Consultoria em Mercados Digitais Ltda. Av. Paulista, 807 Bela Vista - Zip Code 01.311-915 Sao Paulo/SP Brazil Business Description: Indeal Consultoria em Mercados Digitais Ltda. was a Brazilian digital investment company specializing in cryptocurrency operations. The Company was declared bankrupt in 2022 following legal proceedings that identified it as operating a Ponzi scheme, resulting in asset seizures by authorities. Foreign Proceeding: Business Court in the Judicial District of Novo Hamburgo, State of Rio Grande do Sul, Brazil Chapter 15 Petition Date: May 6, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00168 Foreign Representative: Laurence Bica Medeiros, in his capacity as judicial administrator Av. Dr. Nilo Pecanha, 2900/701-CEP 91330-00 Chacara das Pedras Porto Alegre/RS, Brazil Foreign Representative's Counsel: Kristen E. Burgers, Esq. HIRSCHLER FLEISCHER 1676 International Drive, Suite 1350 Tysons, VA 22102 Tel: (703) 584-8364 Email: kburgers@hirschlerlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RYLDNHA/Indeal_Consultoria_em_Mercados__dcbke-25-00168__0001.0.pdf?mcid=tGE4TAMA KINGSMAN REAL: Hires Callahan & Blaine as Litigation Counsel ------------------------------------------------------------ Kingsman Real Estate Corporation seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Callahan & Blaine PC as special litigation counsel. The counsel will assist the Debtor and general bankruptcy counsel with special legal matters that may arise during the pendency of the case. The scope of such services, including specific litigation matters if applicable. The firm will be paid at these rates: Peter S. Bauman, Senior Partner $795 Neelamba J. Molnar, Senior Attorney $645 Debora Halbert, Supervising Paralegal $295 The firm received a retainer in the amount of $20,000. As disclosed in the court filings, Callahan does not hold or represent an interest adverse to Debtor with respect to the matters on which it is requesting to be retained, as provided by Sec. 327(a) of the Bankruptcy Code. The firm can be reached through: Peter S. Bauman, Esq. Callahan & Blaine PC 3 Hutton Centre Drive, Ninth Floor Santa Ana, CA 92707 Phone: (714) 312-7866 Toll Free: (866) 517-4229 Fax: (714) 241-4445 About Kingsman Real Estate Corporation Kingsman Real Estate Corporation, established in 2017, is a real estate firm specializing in residential and commercial property transactions, offering services to clients looking to buy, sell, or lease properties in the competitive Los Angeles market. Kingsman Real Estate Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. 25-11042) on February 11, 2025. At the time of filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Ron Manela as CEO. Judge Frank J. Alvarado, Esq. at ALVARADO LAW represents the Debtor as counsel. KINGSMAN REAL: Taps Patrick J. D'Arcy as Unlawful Detainer Counsel ------------------------------------------------------------------ Kingsman Real Estate Corporation seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Patrick J. D'Arcy, APC as unlawful detainer attorney. The firm will assist the Debtor and general bankruptcy counsel with special legal matters that may arise during the pendency of the case. The scope of such services, including specific litigation matters if applicable. The firm will be paid at these rates: Patrick J. D'Arcy $425 per hour Paralegals/Law Clerks $100 per hour As disclosed in the court filings, Patrick J. D'Arcy does not hold or represent an interest adverse to Debtor with respect to the matters on which it is requesting to be retained, as provided by Sec. 327(a) of the Bankruptcy Code. The firm can be reached through: Patrick J. D'Arcy, Esq. PATRICK J. D'ARCY, APC 1 Park Plaza, Suite 380 Irvine, CA 92614 Tel: (949) 988-7640 Email: pat@patricklaw.net About Kingsman Real Estate Corporation Kingsman Real Estate Corporation, established in 2017, is a real estate firm specializing in residential and commercial property transactions, offering services to clients looking to buy, sell, or lease properties in the competitive Los Angeles market. Kingsman Real Estate Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. 25-11042) on February 11, 2025. At the time of filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Ron Manela as CEO. Judge Frank J. Alvarado, Esq. at ALVARADO LAW represents the Debtor as counsel. LAKESHORE LEARNING: S&P Downgrades ICR to 'B-', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its rating on U.S.-based Lakeshore Learning Materials LLC to 'B-' from 'B'. S&P said, "At the same time, we lowered our issue-level rating on the company's first-lien term loan to 'B-' from 'B' and revised the recovery rating to '4' from '3' to reflect our expectation for a reduction in its EBITDA base. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. "The negative outlook reflects the possibility that we will lower our ratings on Lakeshore in the next 12 months if it is unable to lower its operating costs to offset the reduction in its demand and higher tariff costs. "The downgrade and negative outlook reflect our expectation Lakeshore could sustain EBITDA to cash interest coverage below 1.5x because of lower demand and higher operating expenses. The company reported a year-over-year sales decline in fiscal year 2024 (ended Dec. 31, 2024) due to lower demand from public educational institutions following the expiration of the American Rescue Plan's Elementary and Secondary School Emergency Relief Fund (ESSER), which was available through September 2024. Moreover, Lakeshore's operating expenses increased because it invested in a new distribution center and Enterprise Resource Planning (ERP) system. We estimate the company's S&P Global Ratings-adjusted debt to EBITDA rose to 4.4x for the 12-months ended Dec. 31, 2024, from 3.3x during the same period the prior year. "We forecast Lakeshore's sales will decline by double-digit percent in fiscal year 2025. Specifically, we anticipate school spending on the company's main product categories will decline this year due to pull forward purchases while ESSER funds were available and tighter state and local budgets, which are experiencing constrained fiscal conditions following a period of rapid revenue growth. We also believe schools will prioritize spending on teachers and staffing. We anticipate Lakeshore will incur incremental costs related to its recent opening of a new distribution center in Garland, Utah due to redundant distribution costs as it transitions warehousing activities to its new distribution center. Additionally, we expect the company will face one-time costs related to the implementation of its new ERP system. Therefore, we forecast Lakeshore's S&P Global Ratings-adjusted leverage will rise significantly, potentially above 9x, in fiscal year 2025. That said, we expect the company will sequentially improve its leverage in 2026 supported by the roll-off of one-time costs and the realization of cost savings. Nevertheless, we believe Lakeshore's leverage will remain elevated." Higher U.S. import tariffs could significantly increase Lakeshore's operating costs. The company has been diversifying its supply chain away from China. S&P said, "However, we believe Lakeshore still imports a significant proportion of its inventory from China and thus is subject to the recently enacted U.S. tariffs on certain product categories. While incremental U.S. tariffs on imports from China of 145% announced in April were temporarily reduced to 30% for 90 days, they could increase after this period. We believe the company will have to offset these higher tariff costs primarily through price increases and accelerating the shift of its supply chain away from China. That said, price increases may further hurt Lakeshore's already weak demand. There is also the risk that the U.S. will impose higher tariffs on the jurisdictions to which the company is shifting its supply chain. This would offset some of the potential supply-chain relocation benefits from Lakeshore's attempts to diversify its sourcing. We believe that these tariffs, if prolonged and fully implemented, would significantly reduce the company's profitability. However, we are uncertain about their longer-term impact on Lakeshore's operating performance, given the unpredictability around the tariff rates and their duration, as well as management's ability to mitigate the related cost increases." S&P said, "The company's free operating cash flow (FOCF) could weaken further in 2025, though we believe it will maintain sufficient liquidity. Lakeshore reported a significant year-over-year decline in its FOCF for the 12-months ended Dec. 31, 2024. The decline stemmed from the company's lower profitability and higher capital investment to build out its new distribution center and implement its new ERP system. We expect Lakeshore will moderate its capital expenditure (capex) in fiscal year 2025 as it completes those investments. However, we forecast the company's FOCF will decline further in 2025 due to the significant decline in its demand and certain large one-time costs. As of Dec. 31, 2024, we believe Lakeshore had sufficient liquidity, including its cash on hand and revolver availability. However, the company's liquidity position could deteriorate depending on the demand environment, how U.S. tariff policies evolve, their duration, and management's capacity to mitigate their impact. Lakeshore recently amended its asset-based lending (ABL) facility and extended its maturity to March 6, 2030, from Oct. 1, 2026. In addition, the company increased the ABL facility's commitment to $180 million from $150 million. "The negative outlook reflects Lakeshore's weakened operating performance and the potential we will lower our rating in the next 12 months if it is unable to lower its operating costs to offset the decline in its demand and higher tariffs, which would render its capital structure unsustainable. "We could lower our ratings on Lakeshore if we forecast it will be unable to sustain EBITDA cash interest coverage of more than 1.5x or positive FOCF." S&P believes this could occur if: -- Spending on Lakeshore's product categories declines more than expected because of cuts in federal, state, or local government spending or a recession; -- The company is unable to adjust its cost structure to offset lower demand; -- Lakeshore cannot mitigate higher tariff costs through price increases or by shifting its supply chain; or -- The company incurs higher-than-expected costs due to disruptions related to its transition to a new distribution center and ERP system. S&P could revise its outlook on Lakeshore to stable if it expects it will sustain its current sales levels and operating performance, including EBITDA cash interest coverage of more than 1.5x and positive FOCF. S&P believes this could occur if: -- The company wins new business organically by leveraging its salesforce and product development capabilities -- It right-sizes its cost structure in line with its lower expected sales; -- The company offsets the higher tariff costs through price increases and by shifting its supply chain; and -- It does not require incremental investments for its new distribution center and ERP system. LEFEVER MATTSON: Hires Marcus & Millichap as Real Estate Broker --------------------------------------------------------------- Lefever Mattson received approval from the U.S. Bankruptcy Court for the Northern District of California to employ Marcus & Millichap as real estate broker. The firm amended the scope of the retention of Marcus & Millichap to include one additional piece of real property, an eight story, 80,000 square foot, Class A office building located at 520 Capitol Mall, Sacramento, California. The firm will be paid a commission of 1 to 5 percent of the sales price of each property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ramon Kochavi Marcus & Millichap 2626 Hanover Street Palo Alto, CA 94304 Tel: (650) 391-1700 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. LESLIE'S POOLMART: S&P Downgraded To 'B-', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered our issuer credit rating on U.S. specialty pool supply retailer Leslie's Poolmart Inc. to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on the company's $757 million senior secured term loan due 2028 to 'B-' from 'B'; the '4' recovery rating is unchanged. The negative outlook reflects elevated risks to S&P's base case surrounding the execution of Leslie's strategic initiatives amid a challenging macroeconomic environment and highly competitive landscape. The downgrade reflects operating challenges anticipated through fiscal 2025, leading to a sustained deterioration in Leslie's credit measures. S&P said, "We expect weaker performance in fiscal 2025 than previously anticipated as the company contends with muted consumer demand amid its transformation efforts and a difficult macroeconomic environment. Specifically, we now forecast S&P Global Ratings-adjusted leverage sustained in the mid-5x area, which equates to about 8x on a reported basis. Our leverage forecast incorporates a modest compression in profitability, offset by a reduction in funded debt over the next 12 months." The divergence between adjusted and reported credit metrics reflects the relatively short terms of Leslie's operating leases. Leslie's second quarter (ended March 29, 2025) was below our expectation by a modest amount in terms of revenue and EBITDA as adverse weather trends affected traffic to stores. This compounds prior underperformance, including depressed demand leading to outsized performance volatility during key pool selling seasons in fiscals 2023 and 2024. Although its second quarter is relatively small with respect to sales and earnings contribution (the company generates 75% of sales and more than 100% of its operating profit in the second half of its fiscal year), it places additional pressure on Leslie's to deliver in the back half of the year despite facing a less favorable operating environment. S&P said, "We forecast flat sales and a modest compression in profitability over the next 12 months. Following two years of meaningful sales declines, we expect demand trends will stabilize given Leslie's better in-stock rates on key items and our view that consumers can only delay pool maintenance and repairs for a finite period before more costly repairs are required. However, Leslie's operates in the highly competitive and fragmented aftermarket pool and spa care industry, with a higher price point than home improvement and mass-market and club retailers. We believe tariff-related inflationary pressures will continue to drive lower consumer discretionary spending at least over the next 12 months. As a result, we view increased price sensitivity as a significant risk to our revenue forecast. "We also forecast S&P Global Ratings-adjusted EBITDA margins will remain around 13.5%-14% in fiscals 2025 and 2026 after declining 200 basis points to 13.7% in fiscal 2024, as better product margins are largely offset by inventory optimization costs and professional fees amid flat sales. The company estimates its total tariff exposure to be $10 million to $12 million in product costs. We believe Leslie's is insulated from tariffs for the upcoming pool season given its current inventory position. Thereafter, we expect the company will mitigate most tariff costs pressures through pricing actions and broad cost control efforts. "We expect Leslie's will generate $40 million to $50 million of reported free operating cash flow (FOCF) in fiscal 2025, normalizing to roughly $30 million annually thereafter. Notwithstanding ongoing profitability pressures, our forecast incorporates working capital inflows given tight inventory management and improved payables terms. Combined with our expectation for reduced capital spending of $30 million to $40 million - to support the buildout of local fulfillment centers, store conversions, new store openings, and maintenance needs – we expect free cash flow of $40 million to $50 million in fiscal 2025. Absent a meaningful improvement in profitability that is dependent upon the successful execution of its strategic initiatives, we forecast lower reported FOCF of $30 million due to reduced working capital benefits in fiscal 2026. "We view Leslie's liquidity position as adequate. As of the second quarter, Leslie's had $17 million of cash on balance sheet and $137 million of availability under its $250 million asset-based lending (ABL) facility. Moreover, the company maintains ample runway to maturities with a term loan due March 2028 and ABL facility with a springing three-month maturity ahead of the term loan. We anticipate the company will continue to pause share repurchases and limit acquisitions in the near term while it dedicates excess cash to debt paydown, including bringing its ABL balance outstanding to zero before year-end, and growth investments. Leslie's repaid $25 million of its senior secured term loan in the first quarter, bringing the balance to $757 million. Our leverage forecast assumes the company will dedicate most of its excess free cash flow to debt repayment. "The negative outlook reflects the risk that Leslie's may be unable to sufficiently improve its operating performance and pay down debt amid a difficult economic backdrop. This could lead to insufficient cash flow generation and tightening liquidity, causing us to view its capital structure as unsustainable. "We could lower our rating on Leslie if we view it as dependent upon favorable business, financial, and economic conditions to meet its financial commitments and otherwise come to view the company's capital structure as unsustainable." This could occur if: -- The company is unable to improve its operating margins and generate sufficiently positive FOCF because consumer demand for pool supply products remains weak for longer than S&P currently anticipates due to unfavorable weather, excess supply, and/or price sensitivity; or -- Liquidity tightens to an extend that leaves limited cushion for potential setbacks to turnaround initiatives. S&P could revise its outlook back to stable if the company demonstrates an ability to stabilize the business and its market share position in an increasingly difficult and competitive environment. This would likely be evidenced by the successful execution of its strategic initiatives, leading to sustained topline growth, improved profitability, and S&P Global Ratings-adjusted leverage in the low 5x area. LI-CYCLE HOLDINGS: Chapter 15 Case Summary ------------------------------------------ Lead Debtor: Li-Cycle Holdings Corp. 66 Wellington Street West, Suite 5300 Toronto, Ontario M5K 1E6 Canada Business Description: Li-Cycle is a Toronto-based company that focuses on lithium-ion battery resource recovery. Founded in 2016, the Company uses proprietary Spoke & Hub Technologies to recycle various types of lithium-ion batteries and recover critical battery-grade materials for reuse in the supply chain. Li-Cycle, formerly listed on the New York Stock Exchange under the symbol LICY, manages its Spokes and Rochester Hub operations, as well as its corporate governance and administrative services, from its Toronto headquarters. Foreign Proceeding: In The Matter Of The Companies' Creditors Arrangement Act, R.S.C. 1985, C. C-36, As Amended And In The Matter Of A Proposed Plan Of Compromise Or Arrangement With Respect To Li-Cycle Holdings Corp., Li-Cycle Corp., Li- Cycle Americas Corp., Li-Cycle U.S. Inc., Li-Cycle Inc., Li-Cycle North America Hub, Inc. Chapter 15 Petition Date: May 14, 2025 Court: United States Bankruptcy Court Southern District of New York Four affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Li-Cycle Holdings Corp. (Lead Case) 25-10991 Li-Cycle U.S. Inc. 25-10992 Li-Cycle Inc. 25-10993 Li-Cycle North America Hub, Inc. 25-10994 Judge: Hon. Philip Bentley Foreign Representative: William E. Aziz 32 Shorewood Place Oakville, Ontario L6K 3Y4 Canada Foreign Representative's Counsel: Madlyn Gleich Primoff, Esq. Alexander Adams Rich, Esq. Sarah R. Margolis, Esq. FREHSFIELDS US LLP 3 World Trade Center 175 Greenwich Street New York, NY 10007 Tel: (212) 277-4000 Fax: (212) 277-4001 E-mail: madlyn.primoff@freshfields.com alexander.rich@freshfields.com sarah.margolis@freshfields.com Estimated Assets: Unknown Estimated Debt: Unknown Full-text copies of two of the Debtors' petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/7BPJYTI/Li-Cycle_Holdings_Corp_and_William__nysbke-25-10991__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/V2ENJNI/Li-Cycle_North_America_Hub_Inc__nysbke-25-10994__0001.0.pdf?mcid=tGE4TAMA LOCAL FIRST: Chapter 15 Case Summary ------------------------------------ Lead Debtor: Local First Media Group Inc. 3000, 700 9th Avenue SW Calgary, AB T2P 3V4 Canada Business Description: The Debtors consist of primarily Canadian-based companies that operate radio stations in the United States. Collectively, the seven entities own the radio stations, related equipment and personal property necessary for their operation, as well as the real estate and associated improvements, including buildings and cell towers. Foreign Proceeding: Court of King's Bench of Alberta, Canada, Court File No. 501-01744 Chapter 15 Petition Date: May 13, 2025 Court: United States Bankruptcy Court Eastern District of Texas Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Local First Media Group Inc. (Lead Case) 25-41368 Local First Properties Inc. 25-41369 BTC USA Holdings Management Inc. 25-50050 Local First Properties USA Inc 25-50051 Alaska Broadcast Communications, Inc. 25-50052 Broadcast 2 Podcast, Inc 25-50053 Frontier Media LLC 25-50054 Judge: Hon. Brenda T Rhoades Foreign Representative: FTI Canada Consulting, Inc., in its capacity as Court-appointed Receiver 520 5th Avenue SW, Suite 1610 Calgary, AB T2P 3R4 Canada Signatory: Deryck Helkaa Foreign Representative's Counsel: Kristian W. Gluck, Esq. Michael C. Berthiaume, Esq. NORTON ROSE FULBRIGHT US LLP 2200 Ross Avenue, Suite 3600 Dallas, Texas 75201-7932 Tel: (214) 855-8000 Fax: (214) 855-8200 Email: kristian.gluck@nortonrosefulbright.com michael.berthiaume@nortonrosefulbright.com - and - Steve A. Peirce, Esq. NORTON ROSE FULBRIGHT US LLP 111 West Houston Street, Suite 1800 San Antonio, TX 78205 Tel: (210) 224-5575 Fax: (210) 270-7205 Email: steve.peirce@nortonrosefulbright.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/GPIPSCQ/Local_First_Media_Group_Inc__txebke-25-41368__0001.0.pdf?mcid=tGE4TAMA LYLES CAPITAL: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Lyles Capital Management, LLC 3408 Oakmont Drive Jonesboro, AR 72404 Business Description: Lyles Capital Management, LLC is a real estate company based in Jonesboro, Arkansas. It owns and manages multi-unit residential properties, including several addresses on Melrose and State Streets in Jonesboro. Chapter 11 Petition Date: May 14, 2025 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 25-11634 Judge: Hon. Phyllis M Jones Debtor's Counsel: Joel G. Hargis, Esq. CADDELL REYNOLDS LAW FIRM PO Box 184 Fort Smith, AR 72902-0184 Tel: 479-782-5297 Fax: 479-782-5284 E-mail: jhargis@caddellreynolds.com Total Assets: $2,075,773 Total Liabilities: $1,448,142 Kevin Lyles, serving as president, signed the petition. Lyles Capital Management has identified U.S. Bank, N.A., Bankruptcy Department, located at PO Box 5229, Cincinnati, OH 45201-5229, as its only unsecured creditor. The estimated claim totals approximately $1.45 million, related to an apartment complex, appliances, and rental income. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K5QYHRI/Lyles_Capital_Management_LLC__arebke-25-11634__0001.0.pdf?mcid=tGE4TAMA MARK REAL ESTATE: Taps Bernstein Shur Sawyer as Bankruptcy Counsel ------------------------------------------------------------------ The Mark Real Estate Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Bernstein, Shur, Sawyer & Nelson, P.A. as general bankruptcy counsel. The firm's services include: (a) advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee, as they pertain to the Debtor; (b) advising the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bringing such claims as the Debtor, in its business judgment, decides to pursue; (c) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) conducting examinations of witnesses, claimants, or adverse parties, and representing the Debtor in any adversary proceeding; (e) reviewing and analyzing various claims of the Debtor's creditors and treatment of such claims and preparing, filing, or prosecuting any objections thereto or initiating appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) preparing and assisting the Debtor with the preparation of reports, applications, pleadings, motions, and orders; (g) assisting the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of the Debtor's assets, as appropriate; (h) assisting the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) performing any other services that may be appropriate in the firm's representation of the Debtor as general bankruptcy counsel in the case. The firm will be paid at these rates: Sam Anderson, Attorney (Shareholder) $560 per hour Adam R. Prescott, Attorney (Shareholder) $495 per hour Jennifer Novo, Attorney (Associate) $325 per hour Angela Stewart, Paraprofessional $320 per hour In addition, the firm will seek reimbursement for expenses incurred. Mr. Prescott 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: Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, P.A. 100 Middle Street P.O. Box 9729 Portland, ME 04104 Tel: (207) 228-7145 Fax: (207) 774-1127 Email: aprescott@bernsteinshur.com About The Mark Real Estate Holdings LLC The Mark Real Estate Holdings LLC is developing "The Mark," a four-story, 45-unit residential project at 100 U.S. Route 1 in Cumberland, Maine. Slated for first move-ins in spring 2025, the building will feature one- and two-bedroom market-rate apartments and condos, targeting renters and buyers seeking upscale, coastal-accessible living just north of Portland. The Mark Real Estate Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20100) on April 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Adam Prescott, Esq. at BERNSTEIN SHUR SAWYER & NELSON, P.A. MARSH TOWN: Seeks to Hire Levis Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Marsh Town Properties LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia to hire Levis Law Firm, LLC as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) prepare legal papers; (c) prepare pleadings and applications and conduct examinations incidental to the estate's administration; (d) take any and all necessary action to the proper preservation and administration of the estate; (e) assist the Debtor with the preparation and filing of a statement of affairs and schedules as appropriate; and (f) perform all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Attorneys $350 Paralegals $90 The firm received a retainer in the amount of $15,000. Jon Levis, Esq., a member at Levis Law Firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jon A. Levis, Esq. LEVIS LAW FIRM, LLC Post Office Box 129 Swainsboro, GA 30401 Telephone: (478) 237-7029 Email: levis@merrillstone.com About Marsh Town Properties LLC Marsh Town Properties LLC is a real estate company based in Richmond Hill, GA. It owns a residential property located at 365 Warnell Drive, valued at $1.1 million. Marsh Town Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-40379) on May 2, 2025. In its petition, the Debtor reports total assets of $1,133,406 and total liabilities of $1,168,748 Honorable Bankruptcy Judge Edward J. Coleman III handles the case. The Debtor is represented by Jon Levis, Esq. at LEVIS LAW FIRM, LLC. MATTHEWS INTERNATIONAL: S&P Lowers ICR to 'B+' on SGK Divestiture ----------------------------------------------------------------- S&P Global Ratings lowered its ratings on Pittsburgh-based Matthews International Corp. (MATW) by one notch, including the long-term issuer rating to 'B+' from 'BB-' and the 2nd lien senior secured notes to 'B' from 'B+. All the ratings were removed from CreditWatch where S&P placed with negative implications on January 28, 2025. The outlook on the rating is negative, reflecting softening sales, an aggressive financial policy, and uncertainty from potential future divestitures, which could lead to S&P Global Ratings-adjusted debt to EBITDA remaining above 5x. MATW closed its divestiture of its SGK business to a joint venture with competitor SGS & Co. for $250 million cash, $50 million in trade receivables, $50 million of preferred equity, and a 40% common equity interest in the venture. The lower rating reflects that MATW's divestiture of SGK will result in a substantially smaller and less diversified business with similar credit metrics. After the divestiture, MATW has approximately 30% less revenue and EBITDA. Although SGK has underperformed since MATW acquired it in 2014, the business stabilized in 2024 and helped offset weakness in the industrial technologies segment, which now accounts for about 20% of overall EBITDA (with memorialization accounting for 80%). Segment results have been volatile (company-reported segment EBITDA declined 40% in 2024) due to warehouse automation and energy storage, the latter of which is concentrated in a single customer. S&P said, "We think industrial serialization and warehouse automation operate in highly fragmented markets and are subject to macroeconomic factors out of the company's control. At current revenue, we believe industrial technologies is subscale and that MATW's ability to materially increase it is uncertain. Additionally, the divestiture of SGK will reduce the company's geographic diversification, as SGK generated over half of its revenue outside of North America, while memorialization's revenues are entirely in North America." S&P said, "We view memorialization as a stable business but believe MATW will continue to invest in riskier businesses to drive growth. We project the core memorialization business will grow 2%-3% range for 2026 and 2027 after a period of below-trend volumes from 2023 to 2024. MATW will likely look to supplement this low growth with investments including in the more uncertain industrial technologies. The future potential of the energy storage business is intact following a generally positive arbitration result with Tesla, allowing the company to continue to market to other customers including electric car and battery manufacturers. We think the prospects of this business are uncertain (especially the timing of orders) given it is a new technology. We also believe MATW's track record of successfully operating businesses outside of memorialization is mixed. In the meantime, we think MATW will make bolt-on acquisitions in memorialization that will likely increase leverage metrics in the near term. The company recently announced a larger memorialization acquisition, purchasing The Dodge Company, a supplier of embalming chemicals, for $57 million, and we think the company could also make smaller tuck-ins. "Despite our expectation for a decrease in S&P Global Ratings-adjusted debt of over $200 million after the divestiture, MATW's S&P Global Ratings-adjusted leverage will remain in the high-4x area given the commensurate decrease in EBITDA of approximately $60 million. We also continue to expect cash flow deficits after the approximately $30 million dividend and share repurchases. Additionally, we no longer net the company's cash balance against debt because of our weaker assessment. We include in our pro forma metrics the expectation for leases to decline moderately, accounts receivable securitization facilities to decline, and other modest reductions in the debt related to the divestiture. "We do not include the equity stake in the new joint venture as a source of deleveraging because we believe MATW will likely pursue mergers and acquisitions and share repurchases and because the company has maintained S&P Global Ratings-adjusted debt to EBITDA above 4x for the last 10 years. The timing of the monetization of its stake in the joint venture is also uncertain. "The negative outlook primarily reflects MATW's elevated leverage that we expect at the weaker end for the rating and deleveraging uncertainties. We expect S&P Global Ratings-adjusted pro forma debt to EBITDA of nearly 5x in 2025, and deleveraging in 2026 from already actioned cost cutting is uncertain given weakness in sales at both the memorialization and industrial technologies segments. The current slowdown in memorialization is notable given that the largest funeral homes have not shown as significant of a decline in casketed funerals, but we current think this is a temporary divergence. Both segments have relatively fixed costs, so its margins could be sensitive to incremental revenue slowdown." Additionally, the potential for incremental acquisitions, share repurchases, and cash costs adds uncertainty to future debt balances. Additionally, the company has maintained its dividend despite a smaller EBITDA base. The company also mentioned that all its assets are under consideration as part of its strategic review, so S&P sees further uncertainty on the composition of the go-forward business and capital structure. MATW also has near-term cash costs including the divestiture and other strategic initiatives that we think will significantly decline in 2026, but these could be higher than expected given the ongoing strategic review. S&P said, "Our negative outlook reflects the risk that MATW's S&P Global Ratings-adjusted debt to EBITDA will remain above 5x in the next 12 months given uncertainty in operating results and financial policy. We currently expect S&P Global Ratings-adjusted debt to EBITDA of about 5x in 2025, and the rating reflects our expectations for leverage to remain 4x-5x. "We could consider a lower rating if we expect MATW's S&P Global Ratings-adjusted debt to EBITDA to remain above 5x or S&P Global Ratings-adjusted free cash flow to be sustained below 5% of debt. "In this scenario, we would expect sustained margin pressure and challenges in growing revenue concurrently with continued share repurchases and modest acquisitions, which could indicate the financial policy is consistent with higher-than-expected leverage. "We could revise the outlook to stable if EBITDA improves and operating results are generally trending positively in line with market trends, leading to S&P Global Ratings-adjusted debt to EBITDA comfortably at 4x-5x. In this scenario, we would expect memorialization to return to steady growth and industrial solutions to at least stabilize with favorable long-term growth prospects, especially in energy storage." MAX US: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------- S&P Global Ratings revised our outlook to negative from stable on U.S.-based Max US Bidco Inc. (d/b/a Alphia). S&P affirmed its 'B' ratings on the company and its first-lien term loan. The negative outlook reflects the possibility S&P could lower its ratings on Alphia over the next 12 months if its operating performance does not improve. Alphia reported higher-than-expected S&P Global Ratings adjusted leverage of about 7.4x (above our 7x downside threshold) for fiscal 2024 due to weak demand, delays in new business ramp up, and higher operating expenses. S&P forecasts significant topline and profit growth will support deleveraging below 7x in fiscal 2025, but weaker-than-expected demand or higher-than-expected operating costs could delay its deleveraging path. S&P said, "Our outlook revision to negative from stable reflects the risk that Alphia's S&P Global Ratings-adjusted leverage will remain above our 7x downside threshold. The company underperformed our expectations in the second half of fiscal 2024 (ended Dec. 31, 2024) and reported an 11% year-over-year revenue decline. Alphia has experienced two consecutive years of revenue declines because of demand softness and consumer trade down from super premium and premium brands, to which the company has historically been indexed, to value and private label. The company has won new business in the value and private-label space, but the associated volume ramp up was slower than expected due to customer-specific factors. Alphia also incurred a significant amount of one-time costs related to consulting, the discontinuation of certain customer operations, and reorganization. We estimate its S&P Global Ratings-adjusted leverage increased to about 7.4x for fiscal 2024 (compared with 5.6x for 2023), above our 7x downside threshold." A weakening macroeconomic environment and higher prices due to import tariffs could result in tighter consumer budgets, greater trade down, and sustained leverage above 7x. S&P forecasts Alphia's sales volumes will improve in 2025, allowing it to reduce leverage. The ramp up in new business picked up in the fourth quarter of 2024 and first quarter of 2025 and reached previously expected levels. Additionally, in March 2025, Alphia acquired manufacturing assets in Texas, which may help it service incremental new business. The company borrowed under its revolving credit facility to complete the purchase of this asset and entered into a long-term lease agreement. As a result, its adjusted leverage ratio increased further. Changes in U.S. tariff policies have resulted in macroeconomic uncertainty and impaired consumer sentiment, which could further pressure demand in the super premium and premium segments. S&P said, "We forecast Alphia's free operating cash flow (FOCF) will be modest in fiscal 2025 due to higher working capital use and capacity investments. Despite lower demand, Alphia reported improved FOCF generation in fiscal 2024 compared with 2023, driven by working capital optimization. The company has limited exposure to tariffs on its imported ingredients and its cost pass-through arrangements largely mitigate direct impacts. We recognize its customers' decisions to raise prices or reformulate could have a modest impact on the company's volumes. We anticipate Alphia's working capital use will increase in 2025 to support the ramp up of new business. Moreover, we expect incremental capacity investments for its recently acquired Texas facility. As a result, we forecast Alphia's FOCF will be modest in 2025. "The negative outlook reflects the possibility we could lower our ratings on Alphia over the next 12 months if its operating performance and credit measures do not improve. "We could lower our ratings if we expect Alphia will sustain leverage above 7x or its EBITDA to cash interest coverage does not improve." This could occur if the company: -- Experiences volume declines due to lower consumer demand or market share losses; -- Suffers operating disruptions, downtime, product recalls, or other issues that cause earnings and cash flow to deteriorate; or -- Adopts more aggressive financial policies, including funding large, debt-financed acquisitions or dividends. S&P could revise its outlook to stable if the company restores leverage comfortably below 7x. This could occur if it: -- Continues to ramp up new business wins, sustaining organic revenue and earnings growth; -- Realizes cost savings from its ongoing continuous improvement projects; and -- Does not require significant incremental investments for its reorganization or network optimization initiatives, capacity expansion, or new business ramp up. MCCLAIN FAMILY: Has Deal on Cash Collateral Access -------------------------------------------------- McClain Family Cellars, Inc. asked the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use cash collateral and provide adequate protection, in accordance with its agreement with the U.S. Small Business Administration. The Debtor continues to manage its business and assets as a debtor-in-possession. The company, founded in 2018 and based in Irvine, California, produces and sells premium wine through physical lounge locations, a wine club, and online operations, while also offering private-label wine production services. In late 2024, the Debtor launched "Virtual Winery," a web-based subscription platform that helps clients create and launch their own wine brands. Despite these initiatives, the Debtor experienced substantial revenue declines—27% in 2024 alone—due to industry-wide slowdowns and has posted losses each year since inception. The company has been heavily reliant on debt, much of it personally guaranteed by its principal, Jason McClain. It is also facing a pending discrimination lawsuit filed by a former employee, which the Debtor disputes as meritless. The SBA holds a secured claim related to a COVID Economic Injury Disaster Loan, initially for $150,000 and later increased to $500,000, with a balance of $493,177 as of the petition date. This loan is secured by a broad lien on the Debtor's tangible and intangible personal property, as described in a 2020 security agreement and perfected by a UCC-1 filing. The parties agreed that the Debtor may use cash collateral on an interim basis, in accordance with the budget. As part of the stipulation, the Debtor proposes to make monthly adequate protection payments of $809 to the SBA beginning in June 2025. The stipulation would authorize the use of cash collateral from the petition date through July 11, 2025, with the right to adjust budgeted disbursements up to 15% line-by-line and in total, and to carry over unused funds between periods. Other creditors with alleged liens on cash collateral include iBusiness Funding ($50,438.85), CHTD Company/Swift Financial ($4,818.74), and Live Oak Banking Company ($3,507.40), all with active UCC filings. The Debtor, however, considers the SBA to be the most senior lienholder and has not reached similar agreements with the other parties. A hearing on the matter is set for May 28. A copy of the motion is available at https://urlcurt.com/u?l=uwXVgG from PacerMonitor.com. About McClain Family Cellars Inc. McClain Family Cellars Inc. is a Black-owned winery based in the Santa Ynez Valley, Calif. The winery is known for producing luxury, award-winning wines and emphasizes four core pillars: Family, Friends, Faith, and Freedom, offering a range of wines from both red and white varieties. It provides experiences like private events, in-home tastings, and barrel blending. Additionally, McClain operates multiple locations, including in Laguna Beach, Irvine, Solvang, and Buellton, and offers a wine club with various membership options. It is a proud member of the African-American Vintners Association. McClain sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10589) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Theodor Albert handles the case. The Debtor is represented by Marc C. Forsythe, Esq. at Goe Forsythe & Hodges, LLP. MOLECULAR TEMPLATES: Taps Lowenstein Sandler as Special Counsel --------------------------------------------------------------- Molecular Templates, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Lowenstein Sandler LLP as special corporate counsel. The firm will render general corporate legal services, including Securities and Exchange Commission/capital markets related work, tax, employment and such other services. The firm will be paid at there current hourly rates: Partners $775 to $2,175 Of Counsel $890 to $1,575 Senior Counsel $675 to $1,595 Counsel $675 to $1,290 Associates $550 to $1,150 Patent Attorneys $325 to $825 Staff Attorneys $495 to $795 Paralegals $225 to $505 The firm received a retainer in the amount of $100,000. As disclosed in the court filings, Lowenstein Sandler is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Jeffrey D. Prol, Esq. LOWENSTEIN SANDLER LLP One Lowenstein Drive Roseland, NJ 07068 Telephone: (973) 597-2500 Email: jprol@lowenstein.com 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 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10739) on April 20, 2025. In its petition, the Debtor reports total assets as of April 18, 2025 of $2,492,278 and total debts as of April 18, 2025 of $29,416,746. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Eric D. Schwartz, Esq., Andrew R. Remming, Esq., Austin T. Park, Esq., and Jake A. Rauchberg, Esq. at Morris, Nichols, Arsht & Tunnell LLP. Kurtzman Carson Consultants, LLC is the Debtors' claims & noticing agent. MOYVANE-ARABIAN PROPERTIES: D. Murray Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq., at Murray & Murray, LLC, as Subchapter V trustee for Moyvane-Arabian Properties, LLC. Mr. Murray will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dwayne Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd., Suite B Baton Rouge, LA 70809 Tel: (225) 925-1110 Fax: (225) 925-1116 Email: dmm@murraylaw.net About Moyvane-Arabian Properties Moyvane-Arabian Properties, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-10694) on April 9, 2025. At the time of filing, the Debtor estimated $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Meredith S Grabill presides over the case. Patrick S. Garrity, Esq. at The Derbes Law Firm, LLC represents the Debtor as counsel. MURPHY OIL: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based oil and gas exploration and production (E&P) company Murphy Oil Corp. to negative from stable and affirmed its 'BB+' issuer credit rating and its 'BB+' issue-level rating on its unsecured debt. S&P's '3' recovery rating on the unsecured debt is unchanged. S&P said, "The negative outlook reflects the potential that we will downgrade Murphy if we expect its funds from operations (FFO) to debt will remain well below 60% for a sustained period. We currently estimate the company's FFO to debt will be about 45%-50% in 2025 after incorporating our expectation for lower crude oil prices, higher-than-anticipated shareholder distributions, and a cash-funded acquisition completed in the first quarter. However, we anticipate Murphy will improve its FFO to debt to the 55%-60% range in 2026. "The negative outlook reflects our expectation that Murphy's financial measures will weaken in 2025, and the company will outspend its internally generated cash flow. Management reaffirmed its capital spending guidance of $1.135 billion-$1.285 billion as of the end of the first quarter of 2025 despite the challenging market environment. This guidance includes the previously announced acquisition of the BW Pioneer floating production, storage, and offloading vessel (FPSO) for $104 million and $1.4 million of non-operated working interests in the Gulf of Mexico (recently renamed the Gulf of America by the Trump administration). We expect this will likely support production (excluding the production from its non-controlling interests [NCIs]) of 174,500 barrels of oil equivalent per day (boe/d)-182,500 boe/d (55 % liquids), likely trending toward the lower end of this range due to delays in the Gulf of Mexico program. Based on our current price deck assumptions and Murphy's lack of oil hedges, we expect it will generate approximately $150 million of free operating cash flow (FOCF, adj. for lease capex). Given the company's higher-than-anticipated level of shareholder distributions and the acquisition it completed in the first quarter, we forecast it will outspend its internally generated cash flow this year. Therefore, we expect Murphy's near-term financial measures will weaken in 2025 before rebounding in line with our price assumptions in 2026. Specifically, we expect the company's FFO to debt will decline to the 45%-50% range in 2025, from 59% in 2024, before improving to the 55%-60% range in 2026. "However, our issuer credit rating on Murphy is supported by its reduced debt levels relative to prior years. The company has reduced its debt by approximately 57% since 2020. However, the pace of Murphy's debt reduction slowed in 2024, given that it only paid down about $54 million of debt against its original $300 million target, resulting in year-end reported debt of $1.28 billion. While management remains committed to its $1 billion long-term debt target, it has shifted its focus toward enhancing its shareholder returns, which it has justified by citing the company's weaker stock performance relative to its estimate of its intrinsic value. Overall, we do not anticipate Murphy will achieve its $1 billion gross debt target in the next two years. "We expect Murphy will moderate its shareholder distributions beyond its base dividend. In 2024, the company accelerated its capital allocation framework, enabling it to repurchase more shares in proportion to its adjusted free cash flow (after base dividends, noncontrolling distributions, and acquisitions) before achieving its $1 billion debt target. Murphy now allocates a minimum of 50% of its adjusted free cash flow to its shareholders (up from 25% prior) while allocating the remaining 50% for further debt reduction (down from 75% prior). Overall, the company returned over $600 million to its shareholders in 2024--representing approximately 80% of its free cash flow (including NCI distributions), and repurchased $100 million worth of shares through early 2025, while also increasing its dividend by 8% to $1.30 per share on an annualized basis. Based on our current assumptions, we do not anticipate any additional shareholder distributions beyond its base dividend this year and forecast only a modest amount in 2026. We note that Murphy has $550 million remaining under its existing share buyback authorization as of May 5, 2025. "Murphy's ongoing exploration efforts remain a key pillar of its long-term growth strategy. The company is actively pursuing high-impact offshore projects across Vietnam, the Gulf of Mexico, and Cote d'Ivoire. Recent discoveries in Vietnam could significantly expand Murphy's reserves and production over the medium to longer term. The company announced a discovery at the Lac Da Hong exploration well, reporting a gross resource potential of 30 million barrels of oil equivale (boe)-60 million boe, which is less than half of its pre-drill estimates of 65 million boe-125 million boe. Due to its proximity, the company will most likely develop it as a tie-back to the Lac Da Vang development, where it anticipates achieving first oil in the fourth quarter of 2026. Murphy projects net oil production of 10,000 boe/d-15,000 boe/d from Vietnam starting in late 2026. Additionally, the company is on track to drill an appraisal well for the larger Hai Su Vang discovery, for which it estimates resource potential of 170 million boe-430 million boe. Murphy is also continuing its exploration efforts in Cote d'Ivoire, where it is targeting a prospect with gross resource potential of 440 million boe-1,000 million boe. While we note that the company continues to expand its size and scale through new exploration, expansion, and development initiatives, it remains smaller than most of its similarly rated peers, including Occidental Petroleum, Permian Resources, and Hilcorp. "We anticipate Murphy's liquidity profile will remain adequate. As of the end of the first quarter of 2025, the company had approximately $200 million drawn on its $1.35 billion senior unsecured credit facility, along with $393 million of cash and cash equivalents. Following its refinancing transaction in 2024, Murphy's nearest maturity is its $79 million of outstanding 5.875% senior unsecured notes, which mature in December 2027. "The negative outlook reflects the potential that we will downgrade Murphy if we expect its FFO to debt to remain well below 60% for a sustained period. We currently estimate the company's FFO to debt will be in the 45%-50% range in 2025, factoring in increased shareholder distributions and the completion of an acquisition in the first quarter. We project Murphy will improve its FFO to debt to the 55%-60% range in 2026 based on our current price deck assumptions. We would expect the company to moderate its capital spending and share buybacks in response to a sustained lower-price environment. "We could lower our ratings on Murphy if its FFO to debt remains well below 60% on a sustained basis with no clear path for improvement. This would most likely occur if commodity prices decline below our current price assumptions and the company does not take steps to reduce its capital spending or shareholder distributions. "We could revise our outlook on Murphy to stable if it improves its leverage metrics such that it sustains FFO to debt of about 60% and adequate liquidity. This would most likely occur if commodity prices rise more quickly than we currently assume and the company generates positive discretionary cash flow (DCF)." NAVIENT CORP: S&P Rates New $500MM Senior Unsecured Notes 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' debt rating on Navient Corp.'s proposed issuance of $500 million in senior unsecured notes due 2032. The company intends to use the net proceeds for general corporate purposes, including debt repurchases, which could include redemptions, open market debt repurchases or tender offers, and related fees. The 'BB-' debt rating is one notch below the issuer credit rating on Navient (BB/Stable/B), as the company's unencumbered assets to unsecured debt ratio is well below 1.0x. S&P excludes from unencumbered assets the company's overcollateralization balances associated with its asset-backed securities trusts, although Navient has successfully borrowed funds against those balances. S&P said, "We expect the company will prudently address its upcoming unsecured debt maturities. As of March 31, 2025, Navient has $500 million of unsecured notes due in June 2025 and another $500 million due in 2026. As of March 31, 2025, liquidity from primary sources (unrestricted cash, investments, unencumbered loans) was $1.2 billion. Navient's risk-adjusted capital ratio was 10.9% as of the same date. "The stable outlook indicates our expectation that over the next 12 months, Navient will maintain a risk-adjusted capital (RAC) ratio of 7%-10% and there are no material outstanding litigations. Our outlook also considers the company reporting steady operating performance and sufficient liquidity to meets its ongoing needs." NEW HOME: S&P Places 'B' ICR on Watch Pos. on Landsea Acquisition ----------------------------------------------------------------- S&P Global Ratings placed its 'B' issuer credit rating on Irvine-based The New Home Co. Inc. and 'B' issue-level rating on New Home Co.'s senior unsecured debt on CreditWatch with positive implications. The CreditWatch placement reflects S&P's view that the transaction could materially reduce leverage through incremental earnings, grow the size of its home closing volumes and geographic expansion that exceeds prior forecasts such that the company were to be more in line with its higher rated peers. S&P plans to resolve the CreditWatch following the close of the transaction, which it expects to occur in the third quarter of 2025. The New Home Co. Inc. announced on May 12, 2025, that its has entered into a definitive agreement to acquire Landsea Homes Corp. for $11.30 per share in an all-cash transaction that represents an enterprise value of approximately $1.2 billion. S&P said, "The CreditWatch with positive implications reflects our view that we could raise our rating on New Home following the close of the Landsea acquisition. As of first fiscal quarter ended March 31, 2025, The New Home Co.'s rolling 12-month revenue surpassed $1 billion, with leverage of approximately 5x. The improvement largely stemmed from revenue growth due to its continued increase in average active communities to 34 (from 17 a year ago) and last 12 months deliveries of 1,075 (from 590). Upon the successful completion of the acquisition of Landsea, we expect the company will deliver over 3,500, homes which materially exceeds our forecast of approximately 1,300-1,400 homes. "Additionally, it is our belief--contingent on future capitalization plans--that S&P Global Ratings-adjusted leverage could be comfortably below 4x. This is absent any considerations for the financial sponsor, Apollo Global, to undertake debt-financed transaction, including returns to the sponsor through dividends. We expect the company will direct its excess cash flow toward land, land development, and acquisitions rather than debt reduction, which it has not done to date. "We expect to resolve the CreditWatch placement on New Home Co. when the transaction closes, anticipated in the third quarter of 2025. At that time, we could raise the ratings by one notch if we expect the company will sustain debt to EBITDA comfortably below 4x throughout a full cycle, or its home closing volumes, margins, and geographic expansion meet our forecast such that the company is more in line with its higher rated peers. If it fails to close or the details of the financing result in metrics commensurate with its current rating, we will reassess the company and most likely affirm our ratings." NEW RITE AID: Seeks $1.94B DIP Loan from Bank of America -------------------------------------------------------- New Rite Aid Corporation received interim approval from the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and obtain post-petition financing. The $1.94 billion post-petition financing consists of a $1.7 billion revolving credit facility and a $240 million "first in, last out" term loan facility. The DIP facilities will be provided by the DIP Lenders, with Bank of America, N.A. acting as the administrative and collateral agent. The facilities will refinance existing debt and provide working capital for the debtors' operations during the bankruptcy proceedings. The DIP facilities are due and payable 12 months after the Closing Date. The proceeds from the DIP facilities will be used for general corporate purposes and working capital, including funding the bankruptcy process and paying related expenses. The DIP financing involves a "creeping" roll-up of existing debt, where a portion of the existing debt is refinanced with DIP loans on an interim basis, with a full roll-up upon entry of a final order. The Debtors are required to comply with certain milestones in the chapter 11 cases, including with respect to filing and obtaining approval of motions with regard to the conduct and consummation of marketing and sale processes for certain of the Debtors' assets and the solicitation and confirmation of a chapter 11 plan. As of the Petition Date, the Debtors' have approximately $2.161 billion in aggregate principal amount of funded debt obligations outstanding. 1. Prepetition Credit Facilities: Rite Aid was party to a Credit Agreement dated August 30, 2024, with Bank of America, N.A. as the Prepetition ABL Agent and certain lenders. This agreement provided for a senior secured asset-based revolving credit facility and a "first-in, last-out" term loan facility, collectively known as the Prepetition Credit Facilities. These facilities were guaranteed by substantially all of Rite Aid Corporation's subsidiaries and secured by first-priority liens on substantially all of their personal and real property. The Prepetition Credit Facilities were set to mature on August 30, 2028. The ABL Facility initially had $2.25 billion in commitments, which were later reduced to $1.9 billion. Borrowing availability under the ABL Facility was limited by a "borrowing base" formula based on the value of certain assets and was subject to a Minimum ABL Availability Covenant ($225 million post-2023 bankruptcy). The Prepetition Credit Agreement required daily sweeping of all cash received by the Company to repay outstanding ABL Facility loans, making continued borrowing under the ABL Facility the primary source of day-to-day liquidity. Due to declining financial performance, the borrowing availability under the ABL Facility had significantly decreased since the 2023 bankruptcy emergence. As of the Petition Date, approximately $1.461 billion remained outstanding under the ABL Facility and $240 million remained outstanding under the FILO Facility. 2. Senior Secured Notes: On August 30, 2024, Rite Aid Corporation issued three tranches of senior secured notes totaling over $488 million in aggregate principal amount: 1. Approximately $83 million of Floating Rate Senior Secured PIK Notes due 2031 (1.5L Notes). 2. Approximately $242 million of 15.000% Third-Priority Series A Senior Secured PIK Notes due 2031 (3L Series A Notes). 3. Approximately $135 million of 15.000% Third-Priority Series B Senior Secured PIK Notes due 2031 (3L Series B Notes). These notes were guaranteed by the Prepetition Obligors and mature on August 30, 2031. The 1.5L Notes were secured by liens on the Prepetition Collateral, junior to the liens securing the Prepetition Credit Facilities. The 3L Notes were secured by third-priority liens on the Prepetition Collateral, junior to the liens securing the Prepetition Credit Facilities, the 1.5L Notes, and the McKesson Obligations. The 3L Series B Notes were payment subordinated to the 3L Series A Notes. 3. McKesson Obligations: The Debtors estimated approximately $200 million of their total outstanding obligations to McKesson were secured by the Prepetition Collateral on a junior priority basis to the Prepetition Credit Facilities and the 1.5L Notes, and senior to the 3L Notes. 4. Intercreditor Agreements: The rights and interests of the lenders under the Prepetition Credit Agreement, the holders of Senior Secured Notes, and McKesson were governed by various intercreditor agreements dated August 30, 2024. These agreements established the relative lien priorities on the Prepetition Collateral and governed the parties' rights and remedies in the event of a default or a Chapter 11 filing. As adequate protection, the secured parties will be granted replacement liens and superpriority administrative expense claims. The DIP lenders will be granted first-priority liens on the Debtors' assets, subject to certain existing liens and a carve-out for administrative expenses. The final hearing will be held on June 6. 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. NITRO DOWNHOLE: Taps Bonds Ellis Eppich Schafer Jones as Counsel ---------------------------------------------------------------- Nitro Downhole, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Bonds Ellis Eppich Schafer Jones LLC as counsel. The firm's services include: a. giving bankruptcy-related legal advice to the Debtor; b. assisting the Debtor in preparing applications, notices, motions, answers, orders, reports, schedules, statement of affairs, and other legal papers; c. assisting the Debtor in negotiating and formulating reorganization plan(s) and related documents; d. assisting the Debtor in preserving and protecting the value of the Debtor's estate; and e. performing all other legal services for the Debtor that may be necessary or appropriate in administering the Chapter 11 Case. The firm will be paid at these rates: Attorneys $300 to $750 per hour Paraprofessionals $125 to $325 per hour The firm received a total of $10,000 in retainers and payments in the 90 days prior to the Petition Date. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric Haitz, Esq., a partner at Bonds Ellis Eppich Schafer Jones 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: Eric T. Haitz, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Tel: (817) 405-6900 Fax: (817) 405-6902 Email: eric.haitz@bondsellis.com About Nitro Fluids LLC Nitro Fluids, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-60018) on May 15, 2024, listing $50 million to $100 million in both assets and liabilities. The petition was signed by Brad Walker as chief restructuring officer. Judge Christopher M. Lopez presides over the case. Eric Thomas Haitz, Esq., at Bonds Ellis Eppich Schafer Jones LLP, is the Debtor's counsel. OFF-ROAD AUTOMOTIVE: Seeks Cash Collateral Access Thru Dec 2025 --------------------------------------------------------------- Off-Road Automotive asked the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor, a used car dealership operating in Colorado and Texas, filed for Chapter 11 bankruptcy on April 21, 2025, and continues to operate as debtor in possession. The Debtor finances vehicle acquisitions primarily through floor plan agreements with Partners Capital Finance, LLC (for Colorado inventory) and NextGear Capital, LLC (for Texas inventory), who hold liens on the financed vehicles and the proceeds from their sale. The Debtor also owns some vehicles free and clear and has other assets including a "Buy Here, Pay Here" loan portfolio. Pre-petition, the Debtor faced financial difficulties due to vehicle theft and entered into expensive Merchant Cash Advance agreements, leading to cash shortfalls and defaults with its floor financiers. The Debtor seeks court authorization to use cash collateral (derived from ongoing sales and other assets in which secured creditors may have an interest) to continue operating its business post-petition. The Debtor argues that without the immediate use of cash collateral, it will be forced to cease operations, lay off employees, and lose enterprise value, harming all stakeholders, including unsecured creditors who would only see recovery through a Plan of Reorganization. The Debtor's Secured Creditors are Partners Capital Finance, LLC, NextGear Capital, LLC, U.S. Small Business Administration, Blue Whale Enterprises, LLC, Automotive Finance Corporation, Corporation Service Company, CT Corporation System, and the State of Colorado (Colorado Department of Revenue or similar entities). The Merchant Cash Advance Lenders are Westwood Funding, Diverse Capital, and Libertas Funding. To provide adequate protection for the secured creditors (Partners, NextGear, the SBA, Blue Whale, and potentially MCA lenders and others with UCC-1 filings), the Debtor proposed: 1. A post-petition lien on all post-petition accounts receivable, contracts, and income derived from the business operations, with the same relative priority as pre-petition liens. 2. Using cash collateral in accordance with the budget, with a 10% deviation allowance per line item without prior agreement or court order. 3. Maintaining full insurance coverage on all secured creditors' collateral consistent with pre-petition levels. 4. Providing monthly accountings of revenue, expenditures, and collections through Monthly Operating Reports. 5. Timely remitting payments for sold vehicles financed under floor plans. 6. Timely remitting post-petition sales and payroll taxes. 7. Additional specific protections for Partners, including bi-weekly updates, information for trade-in lien payoffs, immediate termination of floor plan access if replacement liens are insufficient, a default trigger if diminution in value exceeds replacement liens by $100,000 (with a cure period), daily sales updates for financed vehicles, and adequate protection payments of $100,000 starting July 1, 2025. 8. Providing weekly budget-to-actual reports to requesting secured creditors. 9. Cessation of cash collateral use upon default of adequate protection terms, with a cure period after notice. A court hearing is set for May 30. About Off-Road Automotive Off-Road Automotive is a used vehicle dealership based in Fort Lupton, Colorado. The Company specializes in off-road-capable trucks, SUVs, and 4x4 vehicles, offering a diverse inventory from brands such as Ford, Jeep, Toyota, and Chevrolet. It also provides financing solutions and trade-in options, catering to both recreational off-roaders and everyday drivers. Off-Road Automotive sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12310) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY PC. OLAPLEX INC: S&P Affirms 'B-' Rating on Senior Secured Term Loan B ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issue-level rating on Olaplex Inc.'s senior secured term loan B and '3' recovery rating (50%-70%; rounded estimate: 65%). This follows the company's $300 million partial repayment of its $675 million first-lien term loan ($655 million outstanding as of March 31, 2025; $355 million following paydown) using cash from the balance sheet. With lower total debt, recovery prospects for first-lien term loan lenders improves to 65% in our hypothetical default scenario, compared to 50% previously. S&P does not rate the revolving credit facility. S&P now forecasts S&P Global Ratings-adjusted leverage of 6.2x in 2025, compared to our prior expectation of 6.9x. This includes our expectation that Olaplex's S&P Global Ratings-adjusted EBITDA will decline by 35% in 2025 due to ongoing distributor rationalization, increased marketing and advertising expenditures, people costs, and other internal business investments aimed at fostering long-term growth. Therefore, the debt paydown is nearly entirely offset by this new round of profit degradation. Nevertheless, Olaplex's liquidity position, which includes pro forma cash on hand of about $280 million as of May 1, 2025, and an undrawn $150 million revolver, provides sufficient cushion to be able to invest in the business and withstand moderate further EBITDA declines. S&P expects Olaplex will continue to generate positive free operating cash flow given its asset-light model. Issue Ratings--Recovery Analysis Key analytical factors The debt capital structure comprises a $150 million senior secured revolving credit facility maturing in 2027 (not rated) and a $349 million senior secured term loan B facility maturing in 2029. The borrower under the revolver and term loan B is Olaplex Inc. This is an operating entity that transacts substantially all the group's business activities. Penelope Intermediate Corp., which is an intermediate level holding company, guarantees the borrower's obligations under the credit facility. Olaplex UK Ltd. is an immaterial, nonguarantor foreign subsidiary (which does not provide a stock pledge). The facilities are secured by substantially all assets of the borrower, including intellectual property trademarks, patents, and copyrights, all owned by Olaplex Inc. Olaplex is a Delaware corporation with an office in New York, N.Y. In the case of insolvency, we anticipate the company would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and would not involve other foreign jurisdictions. S&P believes creditors would receive substantial recovery in a payment default if the company were reorganized instead of liquidated. This is because of the group's patents, leading position in the prestige hair care sector, and consumer awareness. Simulated default assumptions S&P's simulated default contemplates a default in 2027, reflecting intensifying competition from rivals with comparable, high-quality products, an inability to drive growth from increased marketing and advertising spending, unfavorable new product launches, or weak brand perception that results in lower pricing power, volumes, and cash flow. A protracted economic downturn may also cause many consumers to curtail discretionary spending, including on Olaplex's premium-priced products. These factors would cause significant EBITDA and cash flow deterioration, causing a payment default. Valuation Calculation of EBITDA at emergence: -- Debt service: $36 million -- Maintenance capital expenditures: $2 million -- Default EBITDA proxy: $38 million -- Operational adjustment: $21 million (55%) -- Emergence EBITDA: $59 million -- EBITDA multiple: 6x -- Gross emergence enterprise value: $355 million S&P said, "We estimate $355 million gross emergence enterprise value, which incorporates a 6x multiple to emergence EBITDA. The 6x multiple is what we typically use for U.S.-based branded nondurable issuers. We use a 55% operational adjustment because we believe the company's debt service understates hypothetical emergence EBITDA given the significant reduction in debt service costs following the debt paydown." Simplified waterfall -- Gross recovery value: $355 million -- Net recovery value for waterfall after administrative expenses (5%): $338 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority claims: $0 million -- Estimated first-lien claims: $495 million -- Value available for first-lien claims: $338 million -- Recovery range: 50%-70% (rounded estimate: 65%) PFH HOLDINGS: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: PFH Holdings, Inc. 1970 Eagle Drive Woodstock, GA 30189 Business Description: PFH Holdings, Inc. is a holding company that oversees real estate assets related to funeral home operations through its subsidiary, Poole Funeral Home Real Estate, LLC. The Company focuses on managing and controlling properties tied to its funeral service businesses. Chapter 11 Petition Date: May 13, 2025 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 25-11197 Judge: Hon. Nicholas W. Whittenburg Debtor's Counsel: Roy Michael Roman, Esq. RMR LEGAL PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 E-mail: Roymichael@rmrlegal.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million Brian K. Poole signed the petition as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ODOOBKA/PFH_Holdings_Inc__tnebke-25-11201__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Cherokee Tax Commissioner Back Taxes $0 2780 Marietta Highway Canton, GA 30114 2. Clayton County Tax Commissioner Back Taxes $41,656 121 S. McDonough Street Jonesboro, GA 30236 PORTE ROUGE: Updates 1900 Capital Claims Pay; Files Amended Plan ---------------------------------------------------------------- Porte Rouge Enterprises, LLC submitted a Second Amended Subchapter V Plan of Liquidation dated April 11, 2025. The Debtor has formulated a plan of liquidation. Under this Plan, the Debtor intends to distribute the proceeds from the sale of its immovable property (real estate). Class 1 relates to the Disputed Claim of 1900 Capital Trust. 1900 Capital Trust's Allowed Claim shall be fixed at $375,0000. 1900 Capital Trust shall retain its mortgage upon the Carrollton Property, subject only to the Carrollton Carveout relating to the Allowed Claims of holders of Administrative Claims and Priority Tax Claims. In full satisfaction, settlement, release, and discharge of and in exchange for its Claim, 1900 Capital Trust shall receive: (a) seventeen interest-only payment of $2,031.25 commencing on the Initial Distribution Date; and (b) a balloon payment of $375,000.00 on the eighteenth Distribution Date. In the event the Debtor sells or refinances the Carrollton Property within eighteen months after the Initial Distribution Date, the Debtor shall pay 1900 Capital Trust's Allowed Secured Claim in full from the proceeds of such sale or refinance. Upon full payment of 1900 Capital Trust's Allowed Secured Claim in accordance with this Plan, 1900 Capital Trust shall release its Lien on the real property and take all necessary actions to evidence such release. 1900 Capital Trust is Impaired, and thus, is entitled to vote to accept or reject the Plan. Like in the prior iteration of the Plan, holders of Allowed General Unsecured Claims shall receive a Pro Rata share of the Carrollton Carveout after the payment of Allowed Administrative Claims and Priority Claims (if any). On Confirmation of this Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert, free and clear of all Claims and interests except as provided in the Plan, to the Debtor. Not later than the Initial Distribution Date, in full satisfaction, settlement, release, and discharge of and in exchange for Civic Holdings' Secured Claim, Liquidating Debtor shall execute a dation en paiement in favor of Civil Holdings. With respect to the Carrollton Property: * Liquidating Debtor shall sell, refinance or otherwise monetize its interest in the Carrollton Property not later than eighteen months after the Initial Distribution Date. * At the closing of the sale or refinance of the Carrollton Property, the Net Proceeds of the sale or refinance of the Carrollton Property shall be distributed to Holders of certain Claims until paid in full in the following priority (in each case on a Pro Rata Basis): (a) first, on account of the Carrollton Carveout; (b) second, on account of 1900 Capital Trust's Class 1 Claim; and (c) third, Liquidating Debtor. * The Carrollton Carveout shall be distributed to holders of certain Claims until paid in full in the following priority (in each case on a Pro Rata Basis): (a) first, to holders of Allowed Administrative Claims; (b) second, to holders of allowed Priority Claims; and (c) third, to holders of Allowed General Unsecured Claims. * The Carrollton Carveout shall be secured by a mortgage upon the Carrollton Property which shall prime and out rank 1900 Capital Trust's mortgage. * "Net Proceeds" from the sale of the Carrolton Property means the gross proceeds less any costs of closing such as title premiums, filing and recordation charges, notary fees, and property taxes, but does not include Rêve's commission (which shall be treated as an Administrative Claim). * If Liquidating Debtor does not sell, refinance or otherwise monetize its interest in the Carrollton Property within the 18-month period following the Initial Distribution Date, then 1900 Capital Trust may elect to either (i) move for ex parte stay relief to foreclose upon the Carrolton Property or (ii) have Liquidating Debtor auction the Carrollton Property. * The Debtor shall make distributions to holders of Allowed Claims each Distribution Date from its Projected Disposable Income. Should the Debtor's cash on hand or Projected Disposable Income be insufficient to make distributions to holders of Allowed Claims on a Distribution Date, the deficiency shall be paid by the Debtor's members. * Should the proceeds of the sale or refinance of the Carrollton Property, after satisfaction of the Carrolton Carveout, be insufficient to satisfy 1900 Capital Trust's Allowed Claim, then the balance shall be paid by the Debtor's members. * On and after the Effective Date, the Debtor and/or it members shall be responsible for maintaining appropriate insurance on and relating to the Carrollton Property. A full-text copy of the Second Amended Liquidating Plan dated April 11, 2025 is available at https://urlcurt.com/u?l=NRoSR1 from PacerMonitor.com at no charge. Attorneys for the Debtor: Ryan J. Richmond, Esq. Ashley M. Caruso, Esq. STERNBERG NACCARI & WHITE, LLC 251 Florida Street, Suite 203 Baton Rouge, LA 70801-1703 Tel: (225) 412-3667 Fax: (225) 286-3046 Email: ryan@snw.law ashley@snw.law About Porte Rouge Enterprises Porte Rouge Enterprises, LLC, owns and operates a short-term rental business in New Orleans, LA. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-10264) on Feb. 13, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Meredith S Grabill presides over the case. Ryan James Richmond, Esq. at Sternberg, Naccari & White, LLC represents the Debtor as counsel. PREMIER DATACOM: Seeks $900,000 DIP Loan from Sundara ----------------------------------------------------- Premier Datacom, Inc. asked the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and obtain post-petition financing of up to $900,000 on a super-priority basis. The proposed financing is tied to a broader two-part transaction: (1) the acquisition of 75% of the Debtor's equity by the lender, Sundara Partners Fund I, LP, and (2) entry into a delayed draw term loan to support ongoing operations during the Chapter 11 case. The lender is expected to provide not only financial support but also restructuring expertise to help the Debtor navigate bankruptcy. Premier Datacom, a Texas-based technology construction services firm, filed for Subchapter V Chapter 11 relief on January 24, 2025, and continues operating as a debtor-in-possession. The Debtor has secured a commitment from Sundara to provide the DIP financing, beginning with an initial draw of $200,000 and with future draws at the Lender's discretion. The financing is intended to provide critical liquidity to fund payroll, vendor payments, and other operational costs during the bankruptcy process. The loan accrues interest at 12%, or 14% if payments are deferred, and matures 24 months after plan confirmation. As part of the financing deal, the Debtor's sole shareholder, Glenn Ryan Willis, will transfer 75% of his equity interest in the company to the lender and personally guarantee the loan. This ownership shift will occur through an "F-reorganization" restructuring in which Datacom converts to an LLC, and a new holding company is created, from which Sundara will acquire its stake. The proposed DIP loan is secured by a subordinated lien on substantially all of the Debtor's assets and includes a carve-out for court-approved professional fees and other administrative expenses. Various creditors have asserted liens against the Debtor's assets, including, without limitation, BayFirst National Bank f/k/a First Home Bank and Five Star Bank. The proposed financing contemplates granting Lender a security interest subject to subordination to liens held by any Pre-Petition Secured Lenders that hold an allowed secured claim, so there is no impact or prejudice to any of the Pre-Petition Secured Lenders. A copy of the motion is available at https://urlcurt.com/u?l=ZWwRUN from PacerMonitor.com. About Premier Datacom Premier Datacom, Inc. is a technology construction services company specializing in low voltage cabling systems and components, data transmission, and security systems. Premier Datacom sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10097) on January 24, 2025. In the petition signed by Glenn Ryan Willis, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Jennifer F. Wertz, Esq., at Jackson Walker LLP represents the Debtor as counsel. PROSPECT MEDICAL: Husch Blackwell Advises Safety National & Cigna ----------------------------------------------------------------- The law firm of Husch Blackwell LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Prospect Medical Holdings Inc. and its affiliates, the firm represents the following creditors: 1. Safety National Casualty Corporation c/o Gus Aivaliotis Chief Underwriting Officer 1832 Schultz Road St. Louis, MO 63146 2. Cigna Health and Life Insurance Company c/o Connolly Gallagher LLP Attn: Jeffrey C. Wisler 1201 N. Market Street, 20th Floor Wilmington, DE 19801 (hereinafter sometimes collectively referred to as the "Husch Blackwell Creditors"). The Husch Blackwell Creditors are independent entities and are not acting in concert to advance their common interests. Safety National has an unsecured claim against the Debtors based upon various insurance policies with the Debtors. Husch Blackwell has prepared Safety National's proof of claim and is counsel for Safety National. Cigna has an unsecured claim against the Debtors based upon various agreements with the Debtors relating to healthcare services, and it seeks to protect its interests with respect to those executory contracts. Husch Blackwell is acting in the capacity of local counsel for Cigna. The Husch Blackwell Creditors have each engaged Husch Blackwell and authorized Husch Blackwell to represent them in connection with the jointly administered cases. Husch Blackwell does not own a claim against or interest in the Debtors or their representative bankruptcy cases. Husch Blackwell does not believe that its representation of the interests of any particular Husch Blackwell Creditor will create a conflict between or be adverse to the interests of any other Husch Blackwell Creditor. Additionally, each Husch Blackwell Creditor has multicreditor waivers in place, waiving any conflict that may arise. Counsel for Safety National Casualty Corporation: Alejandra Garcia Castro HUSCH BLACKWELL LLP 1900 N. Pearl, Suite 1800 Dallas, Texas 75201 Telephone: (214) 999-6100 Facsimile: (214) 999-6170 Email: Alejandra.garciacastro@huschblackwell.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PUERTO RICO: U.S. Congressman Fitzgerald Seeks Bankruptcy Details ----------------------------------------------------------------- Michelle Kaske of Bloomberg News reports that U.S. Representative Scott Fitzgerald is pushing for a meeting with Puerto Rico's financial oversight board to get an update on the nearly eight-year bankruptcy of the island's electric utility. Fitzgerald, who chairs the House subcommittee on the administrative state, regulatory reform, and antitrust, sent a letter Wednesday, May 14, 2025, requesting the meeting take place by May 30, 2025, according to Bloomberg News. The Puerto Rico Electric Power Authority (Prepa), which entered bankruptcy in July 2017, is attempting to restructure roughly $9 billion in debt. Fitzgerald criticized the extended process, noting it has already generated hundreds of millions of dollars in fees for attorneys and consultants, the report states. 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. RADIX HAWK: Hires Moecker Realty as Real Estate Broker ------------------------------------------------------ Radix Hawk Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Moecker Realty Inc. d/b/a Moecker Brokers to serve as the exclusive real estate broker for the sale of its business and assets. Moecker Brokers has tentatively agreed to be paid a 2 percent commission and will receive no commission if the property is purchased back by Altamar Financial, LLC pursuant to a credit bid. Moecker Brokers is a disinterested person within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Will Reynoso Moecker Realty Inc. d/b/a Moecker Brokers 1883 W, 1883 W State Rd 84 Fort Lauderdale, FL 33315 Phone: (954) 252-2893 About Radix Hawk Holdings LLC Radix Hawk Holdings LLC is a real estate holding company primarily owning hotel and motel complexes located at 5859 American Way, Orlando, FL 32819. Radix Hawk Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01631) on March 24, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Craig I. Kelley, Esq. of KELLEY KAPLAN & ELLER, PLLC. RCM MANUFACTURING: Court Extends Cash Collateral Access to June 25 ------------------------------------------------------------------ RCM Manufacturing Incorporated, RCM Specialties, Inc., and RCM Equipment Company, LLC received interim approval from the U.S. Bankruptcy Court for the District of Minnesota to continue using cash collateral until June 25. The Debtors, which are involved in manufacturing and providing equipment and services for roadway patch work, filed emergency Chapter 11 bankruptcy petitions on April 4, 2025. As protection, secured creditors were granted replacement liens on post-petition accounts and assets, with the same priority and effect as their pre-bankruptcy liens. Accrued interest payments to Vermillion State Bank will be made beginning this month. The May payment will be 10,185.00, then payments of approximately $5,800 will be made thereafter on the 15th day of each month. Meanwhile, monthly payments of $2,427 will be made by RCM Specialties to the U.S. Small Business Administration. A final hearing will be held on June 26. As of the bankruptcy filing, the Debtors owe Vermillion State Bank approximately $847,136 plus interest and fees, under multiple loan agreements supported by promissory notes, guaranties, and mortgages involving all three entities. These loans are secured by broad prepetition liens covering virtually all of the Debtors' personal and business assets, including equipment, inventory, receivables, and general intangibles. About RCM Manufacturing Incorporated RCM Manufacturing Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-30979) on April 4, 2025. In the petition signed by Franklin E. Connelly, president, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, represents the Debtor as legal counsel. REALTRUCK INC: S&P Alters Outlook to Neg., Affirms 'B-' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed the 'B-' issuer credit rating on RealTruck Inc. The negative outlook reflects the possibility that S&P could downgrade RealTruck over the next 12 months if EBITDA margins do not recover, combined with continued investment in working capital and elevated capex, causing negative FOCF on a sustained basis and a further drain on the company's liquidity. The outlook revision to negative reflects S&P views that RealTruck's top-line growth and margins will remain weaker this year, leading to further cash flow deficits, reduced liquidity, and higher leverage. The company's EBITDA margins have been weaker over the past several quarters because of lower organic sales volumes and increased restructuring related to the integration of recent acquisitions and expansion of manufacturing in its Mexico plants. While the relocation of some manufacturing to Mexico from the U.S. resulted in better gross margins during 2024, marketing costs remain elevated, and S&P believes ongoing restructuring activity this year will continue to weigh on RealTruck's EBITDA margins. In addition, the company is confronting tariffs and potentially lower consumer demand. S&P said, "For RealTruck, we think the direct tariff impacts are manageable assuming United States-Mexico-Canada Agreement (USMCA) parts remain exempt, given the company's large North American manufacturing footprint. However, we do believe tariffs will strain U.S. consumer spending, particularly for some of the company's most discretionary products." In addition to lower margins, the company's capex has remained elevated as RealTruck ramped production at its facilities in Mexico. This contributed to four consecutive quarters of cash burn in 2024. S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, S&P will gauge the macro and credit materiality of potential and actual policy shifts and reassess its guidance accordingly. S&P said, "In 2025, we assume RealTruck's organic revenues decline 2%-5% due to weaker consumer demand and margins remain lower than previous expectations. We do expect EBITDA margins to improve to 16.3% from 15.3% in 2024 due to its margin accretive acquisition of Vehicle Accessories Group (VAI) and somewhat lower restructuring. However, these margins are lower than the company's historical margins and our previous forecast given assumed weaker sales and continued still elevated restructuring costs. In addition, we forecast further investment in working capital and high capital spending as the company invests in its plants and likely stockpiles inventory ahead of tariffs. This will result in even higher debt to EBITDA above 10x and negative cash flow in 2025 of over $90 million. "While we believe RealTruck has sufficient liquidity sources to service projected cash flow deficits over the next 12 months, its cushion will contract and there is risk of lower liquidity should profitability contract more than our base case. The company had balance sheet cash of $26.2 million as of year-end 2024 and $247.8 million of net asset-based loan (ABL) availability, for total liquidity of $274 million. Further, the company has no near-term debt maturities until its first-lien term loans expire in January 2028, followed by its senior unsecured notes in January 2029. "We continue to believe demand for highly discretionary auto parts will decline in a more protracted recession. If the U.S. enters a longer recession, this would reduce discretionary consumer spending and demand for RealTruck's products more than our base-case assumptions. Given the already weak forecast for this year, a recession would weaken the company's credit metrics and further burden its projected cash flow deficit. "The negative outlook reflects the possibility that we could downgrade RealTruck over the next 12 months if EBITDA margins do not recover, combined with continued investment in working capital and elevated capex, causing negative FOCF on a sustained basis and a further drain on the company's liquidity. "We could lower our ratings on RealTruck if its margins weaken further or if working capital intensified and capex remains elevated, resulting in sustained negative FOCF and leading us to believe its financial commitments are unsustainable. This could occur if weaker discretionary consumer spending leads to lower sales, RealTruck cannot pass through inflationary or tariff pressures to end customers, or it does not realize cost savings from restructuring actions. "We could revise our outlook on RealTruck to stable if FOCF stabilizes to at least break-even on a sustained basis. This could occur if RealTruck's sales volumes and EBTIDA margins stabilize." ROYSTONE ON: To Sell Seattle Property to 5Roy for $31.5MM --------------------------------------------------------- Roystone on Queen Anne LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor's primary asset is the real property and improvements commonly known as the Roystone Apartments located at 5 West Roy Street in Seattle, Washington, which is comprised of 93 residential units and additional retail space, together with the Related Property Assets. The Debtor marketed the Property through its real estate broker, Kidder Matthews, and after a robust marketing process that commenced in February 2025, the Property generated significant interest amongst investors that resulted in letters of intent from nine different offerors and a credit bid from 5Roy. 5Roy exercised its credit bid rights and submitted a credit bid in the full amount of its Allowed Claim of $31,500,000.00 pursuant to the Settlement Agreement. The Debtor believes that the credit bid of 5Roy in the amount of $31,500,000 represents the highest and best offer received for the Property. The Debtor and 5Roy agree that the sale of the Property shall close upon 5Roy's determination that the Closing Conditions are satisfied, or 5Roy's waiver in either case in 5Roy's sole discretion, or such other date as the Debtor and 5Roy may mutually agree to in writing. No other holder of asserted Secured Claims shall be paid out of the Net Property Sale Proceeds. Costs of sale will be paid in full at closing in the amount and manner set forth in the Sale Procedures and Property Sale Order. The Debtor asserts that the proposed sale maximizes the value of the Estate’s primary asset by liquidating it for the benefit of creditors, and the sale is in the best interests of the estate and its creditors. About Roystone on Queen Anne LLC Roystone on Queen Anne, LLC owns a newly-constructed residential apartment complex commonly known as the Roystone Apartments located at 5 W. Roy Street, Seattle, Wash. The property has an appraised value of $39,056,543. Roystone on Queen Anne filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 24-11462) on June 12, 2024, listing $39,433,126 in assets and $35,776,259 in liabilities. James H. Wong, manager of Vibrant Cities, LLC, signed the petition. Judge Christopher M. Alston oversees the case. Bush Kornfeld, LLP serves as the Debtor's legal counsel. SAKS GLOBAL: S&P Places 'CCC+' ICR On Watch Neg on Tight Liquidity ------------------------------------------------------------------ S&P Global Ratings placed all its ratings, including its CCC+ issuer credit rating on luxury retailer Saks Global Enterprises LLC on CreditWatch with negative implications. S&P said, "The CreditWatch with negative implications reflects our view of at least a 50% likelihood that we could lower our ratings by up to two notches over the next few weeks to several months as we get more visibility on the company's liquidity position and its ability to service its fixed charges, which includes review of its audited financial statements. "The CreditWatch negative placement reflects Sak's less-than-adequate liquidity and the uncertainty of how the company will remedy its current liquidity position. In our view, the company has a less-than-adequate liquidity position, which will likely lead to additional challenges in building seasonal inventory while executing on its synergy initiatives from its acquisition of Neiman Marcus (NMG). Saks Global preliminarily reported availability of about $408 million under its asset-based lending (ABL) facility as of Feb. 1, 2025, which was lower than we expected due to higher outstanding debt and a reduced borrowing base. We estimate about $1 billion of outstanding debt under the company's ABL facility on Feb. 1, 2025, as the result of the NMG acquisition, delayed vendor payments, nonrecurring expenses, and seasonal draws. At the same time, the company's efforts to stretch payables have resulted in vendors withholding inventory receipts, which constrained the ABL borrowing base. The company has focused on negotiating longer terms with its main vendors and addressing overdue payments. While inventory receipts on Saks banner improved to levels similar to fiscal 2023, which also saw inventory challenges, inventory receipts on Neiman Marcus banner are higher year over year. Furthermore, we forecast a FOCF deficit for both 2025 and 2026, which could hinder its ability to sustain adequate inventory flow over the next 12 months, including the critical holiday season." Saks is seeking additional liquidity. On April 28, 2025, the company disclosed its plans to pursue a $300-million FILO facility to access additional liquidity as it continues to invest in synergies, integrate the recent NMG acquisition, and implement its turnaround initiatives. The proposed FILO will likely give the company additional flexibility to pursue its strategy without borrowing base constraints, which could lead to continued synergies realization. However, despite the proposed facility would provide short-term liquidity relief, S&P estimates incremental annual interest expense will further depress FOCF deficit going forward. S&P said, "We view the company's capital structure as unsustainable because it is highly dependent on synergies from its acquisition. Revenue declined about 10% on a pro forma basis in fiscal 2024, dragged down by Saks banner decline of 20% due to disrupted inventory flow while Neiman Marcus banner declined 2%. To partially offset that, the company has negotiated with its vendors to reestablish inventory flow and started to offer a merchandise selection on Amazon. We believe revenue deterioration will likely continue if recent initiatives to improve working capital management do not result in better inventory position." Saks Global has identified additional cost synergies of about $134 million, totaling up to $287 million this year, largely concentrated on labor reduction and on supply chain. S&P said, "In our view, liquidity constraints could lead to delays in the company fully realizing further synergy benefits this year. In addition, we believe new tariffs and lower operating leverage will negatively affect the company's operating performance." S&P said, "The CreditWatch with negative implications reflects our view of at least a 50% likelihood that we could lower our ratings by up to two notches over the next few weeks to several months as we get more visibility on the company's liquidity position and its ability to service its fixed charges, which includes review of its audited financial statements. "We could lower our ratings if our review of the company's audited financial statements, quarterly performance and liquidity indicates that a default scenario could be envisioned in the subsequent 6-12 months. This could occur if the company cannot successfully add additional liquidity under its existing debt agreements. Furthermore, we could also lower the ratings if Saks completes the FILO transaction as presented, but we believe the terms are so onerous that we view a specific default scenario, such as a selective default, as likely in the short term. "We could affirm our ratings and remove them from CreditWatch with negative implications if our review of the company's audited financial statements and quarterly performance does not lead us to believe that a default scenario could occur in the subsequent 6-12 months." SIGNATURE MECHANICAL: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Signature Mechanical, Inc. got the green light from the U.S. Bankruptcy Court for the District of Arizona to continue using cash collateral through July 31 under the same terms as previously authorized orders. The Debtor, currently operating as a debtor-in-possession under Subchapter V of Chapter 11 since filing on August 12, 2024, has been authorized to use cash collateral in phases via prior court orders. These included interim authorization on August 15, 2024, and subsequent stipulated orders extending the use through March 30. The Debtor intends to continue using cash, including potential cash collateral, for ordinary operating expenses as outlined in a Monthly Budget, with a 10% line-item variance allowance. Adequate protection payments will be made to secured creditors including the U.S. Small Business Administration ($1,012), Ford Motor Credit ($686), Ascentium Capital LLC ($142), and First Citizens Bank & Trust ($1,499). The SBA has agreed to extend the cash collateral use on the same terms through July 2025. About Signature Mechanical Signature Mechanical Inc. is a construction company and general contractor specializing in commercial HVAC, electrical and plumbing installations. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06640) on August 12, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel P. Collins presides over the case. Ronald J. Ellett, at Ellett Law Offices, P.C., is the Debtor's bankruptcy counsel. SPORTIF VENTURES: Hires May Potenza Baran & Gillespie as Counsel ---------------------------------------------------------------- Sportif Ventures LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire May Potenza Baran & Gillespie P.C. as its Chapter 11 counsel. The firm's services include: a. preparing of pleadings and motions and conducting of examinations incidental to estate administration; b. advising the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code; c. taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 estate; and d. advising the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating to the foregoing. The firm's hourly rates are: Grant L. Cartwright $595 per hour Andrew A. Harnisch $595 per hour Eric W. Moats $475 per hour Michelle Giordano $275 per hour The retainer fee is $25,000. May Potenza is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court papers filed by the firm. The firm can be reached through: Grant L. Cartwright, Esq. Andrew A. Harnisch, Esq. Eric W. Moats, Esq. May Potenza Baran & Gillespie, P.C. 201 North Central Avenue 22nd Floor Phoenix, AZ 85004-0608 Tel: (602) 252-1900 Email: gcartwright@maypotenza.com aharnisch@maypotenza.com emoats@maypotenza.com About Sportif Ventures LLC Sportif Ventures LLC, operating as Biloxi Bicycle Works and GovVelo, is a bicycle retailer based in Biloxi, Mississippi. Sportif Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-03763) on April 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Grant L. Cartwright, Esq. at May, Potenza, Baran & Gillespie, P.C. STONY BROOK: Seeks to Hire BFSNG Law Group LLP as Attorney ---------------------------------------------------------- Stony Brook Drywall Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire BFSNG Law Group, LLP as attorney. The firm will render these services: a. provide legal advice to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; b. represent the Debtor before the Bankruptcy Court; c. advise and assist the Debtor in the preparation and negotiation of a Plan of Reorganization with its creditors; d. prepare all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and e. perform all other legal services. The firm will be paid at these rates: Partners $585 to $685 per hour Associates $500 to $550 per hour Paralegals $210 per hour The firm received a retainer in the amount of $25,000 plus $1,738 filing fee. Gary Fischoff, Esq., a member of BFSNG Law Group, assured the court that the firm is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as required by Sec. 327(a) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtors. The firm can be reached through: Heath S. Berger, Esq. Gary C. Fischoff, Esq. BFSNG Law Group, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Tel: (516) 747-1136 Email: hberger@bfslawfirm.com About Stony Brook Drywall Corporation Stony Brook Drywall Corporation, located in Stony Brook, NY, specializes in drywall, ceiling installation, and a variety of finishing services, including acoustic treatments, plaster, and tile work. Serving both residential and commercial clients, the Company offers comprehensive solutions for building interiors. Stony Brook Drywall Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71366) on April 7, 2025. In its petition, the Debtor reports total assets of $248,225 and total liabilities of $1,075,605. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Gary C. Fischoff, Esq. at BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP. SUGARLOAF VENTURES: Trustee Hires Kokjer Pierotti as Accountant --------------------------------------------------------------- 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 Kokjer, Pierotti, Maiocco & Duck LLP as accountant. The firm will provide these services: a. prepare tax projections and tax analysis, to prepare monthly operating reports; b. analyze tax claims filed in the case; to analyze the tax impact of potential transactions; c. analyze as to avoidance issues, to testify as to avoidance issues, if necessary; d. prepare a solvency analysis; e. prepare wage claim withholding computations and payroll tax returns, if necessary; f. serve as Trustee's general accountant and to consult with the Trustee and the Trustee's counsel as to those matters. The firm will be paid at these rates: Richard Pierotti $520 per hour Senior Manager $380 per hour Senior Accountant $325 per hour Senior Staff Accountant $325 per hour Staff Accountant $280 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard Pierotti, a partner at Kokjer, Pierotti, Maiocco & Duck 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: Richard Pierotti KOKJER, PIEROTTI, MAIOCCO & DUCK LLP 333 Pine Street, 5th Floor San Francisco, CA Tel: (415) 981-4224 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. SUSHI GARAGE: Updates Priority Claims Pay Details ------------------------------------------------- Sushi Garage, LLC, submitted a Second Amended Chapter 11 Plan dated April 11, 2025. The Plan Projection shows that the Debtor as of the Effective Date (the "Liquidated Debtor") will have sufficient projected disposable income to make all payments under the Plan. The final Plan payment is expected to be paid upon receipt of the Debtor's employee retention credit, which the Debtor believes may occur on or before the expiration of 12 months from the Effective Date. The Debtor reserves the right to amend this Plan to the extent necessary. Class 1 consists of Allowed Priority Claims. Claims Allowed as Priority under Section 507 et seq. of the Bankruptcy Code will not be paid in full on the Effective Date as there are insufficient funds available. Pursuant to Section 507 et. seq., claims based on wages entitled to priority will be paid in full before payment to claims based on taxes (entitled to priority) are paid. Notwithstanding the foregoing, the Internal Revenue Service may be entitled to set off its Allowed Priority Claim from the proceeds of Employee Retention Credit. Like in the prior iteration of the Plan, there are insufficient funds to make a distribution to Class 3 Allowed General Unsecured Claims. On the Effective Date, all property of the Debtor not otherwise disposed of under the Plan, shall vest with the Liquidated Debtor. The Plan proposes to pay Allowed Claims to be paid under the Plan from the liquidation of its assets as set forth in the Plan Projection. A full-text copy of the Second Amended Plan dated April 11, 2025 is available at https://urlcurt.com/u?l=1LjkAM from PacerMonitor.com at no charge. Attorneys for the Debtor: Jacqueline Calderin, Esq. Agentis PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 Email: jc@agentislaw.com About Sushi Garage Sushi Garage, LLC, doing business as Sushi Garage Miami Beach, is a Japanese restaurant in Miami Beach, Fla. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-12354) on March 12, 2024, with $1 million to $10 million in both assets and liabilities. Jonas Millan, managing member, signed the petition. Judge Laurel M. Isicoff presides over the case. Jacqueline Calderin, Esq., at Agentis, PLLC, is the Debtor's legal counsel. SYNTHEGO CORP: Seeks to Obtain $50MM DIP Loan from Perceptive ------------------------------------------------------------- Synthego Corporation asked the U.S. Bankruptcy Court for the District of Delaware for authority to use cash collateral and obtain post-petition financing from Perceptive Credit Holdings III, LP. The Debtor seeks to obtain a senior secured, superpriority DIP financing of up to $50 million. The DIP lenders are the same as the prepetition lenders and the stalking horse bidder for the Debtor's assets. The DIP facility consists of $12.5 million in new money (with $5 million available upon interim order) and a $37.5 million roll-up of prepetition obligations. The financing terms include fees (1% closing, 4% exit), an interest rate of 11.5% plus a reference rate (or 4%), and a maturity date of July 18, 2025. The Debtor is required to comply with these milestones: (a) By no later than one Business Day following the Petition Date, the Debtor must have filed a bid procedures and scheduling motion seeking approval of (i) the bidding procedures, (ii) stalking horse asset purchase agreement (including the bid protections contained therein), and (iii) the sale of substantially all of the Debtor's assets. (b) By no later than three Business Days following the Petition Date, the Court must enter the Interim Order. (c) By no later than 24 days following the Petition Date, the Debtor must have filed (i) an Acceptable Chapter 11 Plan (including any related disclosure statement), and (ii) a motion seeking conditional approval of the disclosure statement. (d) By no later than 30 days following the Petition Date, the Debtor must have obtained entry of (i) an order approving the bidding procedures and scheduling motion (including approval of the bid protections contained in the stalking horse asset purchase agreement) and (ii) the Final Order, in each case in form and substance acceptable to the DIP Lenders. (e) By no later than 46 days following the Petition Date, the Debtor must have (i) obtained entry of the order conditionally approving the disclosure statement for an Acceptable Chapter 11 Plan and (ii) held an auction, if applicable. (f) By no later than 58 days following the Petition Date, the Debtor must have obtained entry of a sale order in form and substance acceptable to the DIP Lenders. (g) By no later than 70 days following the Petition Date, the Debtor must have consummated the sale in accordance with the sale order. (h) By no later than 84 days following the Petition Date, the Debtor must have obtained entry of an order confirming the Acceptable Chapter 11 Plan. (i) By no later than 88 days following the Petition Date, the effective date of an Acceptable Chapter 11 Plan must have occurred. The Debtor seeks authority to use its cash collateral and other prepetition collateral to fund operations, its sale process, and administrative expenses, in line with an approved budget. As of the Petition Date, the Debtor had approximately $73.4 million outstanding under its Prepetition Senior Secured Term Loan Facility. The Prepetition Secured Parties hold first-priority liens on substantially all of the Debtor's assets. The Debtor proposes granting the DIP lenders superpriority administrative expense claims and automatically perfected liens on all post-petition assets ("DIP Collateral"), which will have priority over most other claims and liens, subject to a carve-out for certain administrative expenses. These DIP liens will also prime existing prepetition liens. To protect the prepetition secured parties against any decrease in the value of their collateral, the Debtor offers an "Adequate Protection Package." This includes: 1. Adequate Protection Liens: Post-petition liens on the DIP Collateral, junior only to the DIP Liens (and senior to prepetition liens on prepetition collateral). 2. 507(b) Claim: A superpriority administrative expense claim, junior only to the DIP Superpriority Claims. 3. Adequate Protection Payments: Cash payments for reasonable legal fees and out-of-pocket expenses of the prepetition agent and counsel. 4. In-kind Interest Payments: Interest accruing on prepetition obligations at the default rate, as per the prepetition credit documents and the approved budget. A court hearing is scheduled for June 3. A copy of the motion is available at https://urlcurt.com/u?l=6obJCk from PacerMonitor.com. About Synthego Corp. Synthego Corp. supplier of gene-editing tools to drug developers and researchers. Synthego Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10823) on May 5, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by James E O'Neill, Esq. at Pachulski Stang Ziehl & Jones LLP. Perceptive Credit Holdings III, LP, as DIP Lender, is represented by: Christopher M. Samis, Esq. Brett M. Haywood, Esq. Shannon A. Forshay, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: csamis@potteranderson.com bhaywood@potteranderson.com sforshay@potteranderson.com – and – James A. Newton, Esq. Miranda K. Russell, Esq. Ilayna Guevrekian, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, New York 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Email: jnewton@mofo.com mrussell@mofo.com iguevrekian@mofo.com T & U INVESTMENTS: Unsecureds to be Paid in Full over 9 Months -------------------------------------------------------------- T & U Investments LLC submitted a Disclosure Statement describing Second Amended Plan dated April 11, 2025. The Plan amends and replaces any previously filed plans of reorganization filed by Debtor. The Plan contemplates a nine-month plan period ("Plan Period"). On or about March 26, 2025, Debtor filed an Application to Employ Colliers International as Real Estate Broker. On March 27, 2025, the Court entered an Order Employing Colliers. Colliers was engaged to market and sell Debtor's real property located at 3312 East 40th Street, Yuma, Arizona (APN 696-62-005) (the "3312 Property"). The 3312 Property is currently being marketed for sale by Colliers. The Debtor intends to sell the 3312 Property to fund the payments required under the Plan (which will pay all allowed claims in full). If sold prior to confirmation, the 3312 Property will be sold pursuant to Section 363 of the Bankruptcy Code and will be sold free and clear of all liens, claims and interests, with such interests attaching to the proceeds of such sale. The listing agreement provides for a list price of $2,075,000 and Colliers is actively marketing the 3312 Property. Non-priority, unsecured creditors holding allowed claims will receive distributions, which the proponent of the Plan has valued at approximately 100.00% of the total allowed unsecured claims. Class 3 consists of Non-Priority Unsecured Claims. The creditors with Allowed Unsecured Claims, if any, in Class 3 shall be paid in full during the nine-month plan period. Payments on Allowed Unsecured Claims shall be paid simultaneous with: (i) the monthly payments to secured creditors; and (ii) the payments to administrative and priority creditors. This Class is impaired. The Debtor shall receive all exempt property and will make the payments called for under the Plan. All assets not distributed to creditors pursuant to the Plan, shall be re-vested in the Debtor upon confirmation of the Plan, if the Plan confirmation is consensual, or upon closing of the case, if the Plan confirmation is nonconsensual. The Debtor, as the Plan proponent, has provided its projection of disposable income for the life of the Plan, which is included in the projected budget ("Projected Budget"). The Projected Budget demonstrates that the Debtor will have projected disposable income and required cash flow that is comprised of revenue from operations (and the sale of real property). As evidenced in the Projected Budget, the Debtor's revenue (as supplemented by the sale of real property) is sufficient to pay the administrative, priority, secured, and the proposed distribution to the unsecured creditors, as provided for in the Plan. The Budget shows the Debtor's projected income, expenses and the projected revenue reflects the Debtor's estimation of income based upon its historical experience. The final Plan payment, assuming confirmation in June 2025, is expected to be paid on April 31, 2026, or nine months after the Effective Date of the Plan, whichever is later. A full-text copy of the Disclosure Statement dated April 11, 2025 is available at https://urlcurt.com/u?l=PrxRhr from PacerMonitor.com at no charge. Counsel to the Debtor: Martin J. McCue, Esq. Patrick F. Keery, Esq. Keery McCue, PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Tel: (480) 478-0709 Fax: (480) 478-0787 Email: mjm@keerymccue.com pfk@keerymccue.com About T & U Investments T & U Investments, LLC, is a Limited Liability Company registered in 1995 in the State of Arizona. Over the years, Debtor acquired many properties in Yuma, Tacna and Dateland. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06816) on August 16, 2024, with as much as $50,000 in both assets and liabilities. Judge Scott H. Gan oversees the case. Scott M. Baker, Esq., at Scott Macmillan Baker, PC, is the Debtor's legal counsel. TALLULAH'S TAQUERIA: Joseph DiOrio Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 1 appointed Joseph DiOrio, Esq., at Pannone Lopes Devereaux & O'Gara LLC as Subchapter V trustee for Tallulah's Taqueria LLC. Mr. DiOrio will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. DiOrio declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph M. DiOrio, Esq. Pannone Lopes Devereaux & O'Gara LLC 1301 Atwood Avenue, Suite 215 N Johnston, RI 02919 Phone: 401-824-5100 Email: jdiorio@pldolaw.com About Tallulah's Taqueria Tallulah's Taqueria LLC, located in Providence, RI, offers a selection of authentic Mexican dishes, including tacos, burritos, and bowls, with a focus on fresh, high-quality ingredients. With a commitment to community and hospitality, the taqueria operates in multiple locations, including outdoor seating and a seasonal spot in Jamestown. Tallulah's Taqueria LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 25-10270) on April 7, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Diane Finkle handles the case. The Debtor is represented by Thomas P. Quinn, Esq. at McLAUGHLINQUINN LLC. TINKER REAL ESTATE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Tinker Real Estate Investments, LLC. About Tinker Real Estate Investments Tinker Real Estate Investments, LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Tinker Real Estate Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-52199) on February 28, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by Paul Reece Marr, Esq., at Paul Reece Marr, P.C. TOWNSQUARE MEDIA: S&P Alters Outlook to Neg., Affirms 'B+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Townsquare Media Inc. to negative from stable and affirmed its 'B+' issuer credit rating and 'B+' issue-level rating on its senior secured debt. S&P's '3' recovery rating on the senior secured debt is unchanged. The negative outlook reflects the risk that the company will sustain leverage above our 5x downgrade threshold over the next 12 months, given the uncertain macroeconomic conditions and our limited visibility into a future recovery. The negative outlook reflects the risk that Townsquare will sustain leverage above our 5x downgrade threshold over the next 12 months. S&P said, "We lowered our 2025 S&P Global Ratings-adjusted EBITDA forecast for the company by 4% to $98 million and our 2026 forecast by 3% to $109 million to reflect weakening macroeconomic conditions and our expectation for a pullback in advertising spending. We now forecast Townsquare's leverage will be about 5.3x in 2025, up from our previous expectation of about 5.1x, which will leave it with limited room for underperformance at the current rating. Nonetheless, we continue to anticipate the company will reduce its leverage to 4.7x in 2026, although our visibility into its future performance is limited. We believe that if Townsquare's EBITDA underperforms our base-case forecast by just 7% in 2026, its leverage would remain above 5.0x." S&P expects the company will generate about $20 million of reported free operating cash flow (FOCF) in 2025 and about $40 million in 2026, which it could potentially use for voluntary debt repayment (after its required debt amortization of 2.5% and assumed dividends of $15 million). Management has publicly stated that reducing its leverage is a main priority over the next couple of years. Townsquare's digital businesses will remain its primary source of expansion. The company's digital businesses, which report margins in the mid- to high-20% range, currently account for about 53% of its total revenue. S&P said, "While we believe an economic slowdown this year will temper the pace of Townsquare's digital revenue growth, we still expect it will expand its digital revenue by 5%-6% for 2025. In 2024, the company launched its media partnership division to offer white-label services to equip local media companies with digital advertising solutions (it currently has five local media partners), which we anticipate will further boost its revenue. Management expects the initiative will contribute less than $10 million of revenue in 2025 but believes it can expand its annual revenue to at least $50 million over the next 3-5 years with a profit margin of approximately 20%. Additionally, we view Townsquare as well-positioned to capitalize on the ongoing secular shift to digital, radio, due to the strength of its digital capabilities." The negative outlook reflects the risk that Townsquare will sustain leverage above S&P's 5x downgrade threshold over the next 12 months, given uncertain macroeconomic conditions and our limited visibility into a future recovery. S&P could lower its rating on Townsquare if its S&P Global Ratings-adjusted debt to EBITDA rises and remains above 5x. This could occur if: -- Its revenue growth slows due to macroeconomic pressures or increased digital competition; -- Increased digital investments lead to a deterioration in its EBITDA margins; or -- The company engages in debt-funded shareholder returns or acquisitions. S&P could revise its outlook on Townsquare to stable if it has increased confidence in Townsquare's ability to sustain leverage below 5x. This could entail: -- Voluntary debt repayment; or -- A track record of continued EBITDA growth (over a political cycle). TRADERS DOMAIN: July 28, 2025 Claims Deadline in Receivership Case ------------------------------------------------------------------ The U.S. District Court for the Southern District of Florida in Case No. 1:24-cv-23745-RKA, Commodity Futures Trading v. Traders Domain FS Ltd. dba The Traders Domain; Fredirick Teddy Joseph Safranko aka Ted Safranko; David William Negus-Romvari; Ares Global Ltd. dba Trubluefix; Algo Capital LLC; Algo FX Capital Advisor LLC nka Quant5 Advisor LLC; Robert Collazo Jr.; Juan Herman aka JJ Herman; John Fortini; Steven Likos; Michael Shannon Sims; Holtan Buggs Jr.; Centurion Capital Group Inc.; Alejandro Santiestaban aka Alex Santi; Gabriel Beltran; and Archie Rice ("Defendant"), authorizes the receiver to identify all claims against the receivership defendants identified prior to entering an order for distribution of the available assets. All investors, creditors, and other persons who may have a claim arising prior to Oct. 3, 2024, against the receivership defendants identified or the assets held by the receiver must submit to the receiver a completed proof of claim, signed both by the claimant or an authorized representative. A proof must be completed and submitted online at https://cases.stretto.com/tradersdomainclaim on or before July 28, 2025. The proof of claim form is also available at https://www.tradersdomainreceivership.com or by sending an email to tradersdomaininquiries@stretto.com, or by calling technical support at (949) 800-7544 (US/Canada Toll-Free) and (855) 693-5100 (international toll). If you are unable to submit your proof of claim using the online claims portal, then you can print the proof of claim form and complete and submit it with supporting documents by email to tradersdomaininquiries@stretto.com or by mail postage prepaid to: Traders Domain Receivership Claim Processing c/o Stretto 410 Exhange, Ste. 100 Irvine, CA 92602 If you have a claim against defendant Algo Capital LLC and you filed a claim in In Re: Assignment for the Benefit of Creditors of Algo Capital LLC to: Philip J. Von Kahle, Case No. 2023-2776763-CA-01 in Florida's Eleventh Judicial Circuit, your claim has been transferred to the receiver, and you are not required to file a new claim in this case. TRAEGER INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed all ratings on Salt Lake City, Utah-based outdoor grill manufacturer Traeger Inc., including its 'B-' issuer credit rating and issue-level rating on its first-lien secured debt. The recovery rating on the secured debt remains '3', indicating S&P's expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. The negative outlook reflects elevated downside risk to the company's EBITDA over the next 12 months because of tariffs, which could materially weaken credit measures, including EBITDA interest coverage approaching 1.5x. The ratings affirmation with a negative outlook reflects the anticipated adverse impact of recently implemented U.S. tariffs on Traeger's credit measures. Traeger's grills are subject to section 232 tariffs which impose a 25% duty on all products made with non-U.S. steel. Articles and derivatives of steel subject to Section 232 tariffs are excluded from any reciprocal tariffs between the U.S. and China, which currently have been paused. Given that a significant portion of Traeger's revenue is tied to its grills segment, which is largely imported from China, approximately 50% of its cost of goods sold (COGS) is now exposed to tariffs - just over half of which S&P estimates are related to input costs. Traeger currently sources 80% of its grills (constituting roughly half of all annual revenues) from China and 20% from Vietnam, the latter potentially becoming subject to tariffs following the expiration of the current 90-day suspension on July 9, 2025. The majority of the company's accessory segment, which accounts for roughly 26% of sales, is sourced outside of China. That segment includes Traeger's MEATER product line which is sourced from Taiwan and subject to a 10% reciprocal tariff. S&P said, "Our base case forecast assumes gross margin contraction of about 260 basis points, which after a modest low-single-digit percent benefit to consolidated sales growth from offsetting pricing actions and new product launches, results in trailing projected EBITDA declining closer to $50 million by fiscal year end 2025, leading to debt to EBITDA of 9.0x and EBITDA interest coverage closer to 2x (after including the benefits of interest rates hedges, which do not qualify for hedge accounting). Although this is a half-turn of cushion to our 1.5x EBITDA interest coverage downgrade trigger, we have only considered the impact of China-related tariffs in our current base case, so additional margin pressure may materialize further pressuring EBITDA and credit measures. Moreover, as interest hedges roll off, we project EBITDA interest coverage would approach 1.5x in fiscal 2026 absent mitigation efforts, which we have not included in our current base case projections." Recent operating performance showed resilience in grill sales, but the operating outlook is highly uncertain, so EBITDA and cash flow could potentially weaken beyond our base-case assumptions over the next year. Given the uncertain operating outlook, Traeger recently pulled guidance for its full year and reported its first-quarter 2025 results ended March 31, 2025. First-quarter revenue declined in two out of the three segments (Consumables and Accessories segment sales declined 6.1% and 26.6%, respectively, year-over-year). However, the larger grills segment posted a year-over-year revenue increase of 13% to about $87 million for the quarter, possibly resulting from pull forward consumer demand and from a very modest industry rebound as the outdoor grilling sector emerges from a very pronounced post-pandemic industry downturn in the past 18 months. Better-than-expected grill segments sales were outweighed by declines in the consumables and accessories segments. Consumables revenue declined by 6% to $30 million primarily due to lower unit volumes in wood pellets and food consumables, attributed to timing factors in seasonal shifts of customer ordering patterns. S&P said, "Meanwhile, the accessories segment revenue experienced a 27% decline to $26 million reflecting ongoing weakness in MEATER demand which we believe is a discretionary purchase. After several years of elevated and entrenched inflation, consumers have become more cautious with their spending, particularly on discretionary durable products. Rising prices – particularly those driven by tariff-related cost pressures that will be passed on to consumers – could further dampen demand and lead to volume declines. Therefore, we believe credit metrics could weaken beyond our current base-case assumptions." Mitigation efforts support near-term cash stability, but the company cannot easily become a vertically integrated manufacturer while its ability to offset tariff costs through pricing is hampered by pressured consumer budgets. Traeger continues to tightly manage working capital as it navigates persistent demand uncertainty and evolving tariff pressures. The company has scaled back purchase orders, citing sufficient near-term inventory and a cautious outlook on consumer demand. Traeger is also implementing inventory discipline and refining its promotional calendar in response to MEATER's underperformance, with a renewed focus on wholesale channels to stabilize demand. In addition, management has initiated a broad set of mitigation strategies aimed at preserving cash flow and improving operational efficiency, including cost reductions through supply chain renegotiations and limiting new hires, pricing, and sourcing diversification, particularly efforts to significantly reduce production reliance on China by 2026. Still the company does not own any manufacturing assets so it will continue to rely on contract manufacturers for its products and face the associated tariff costs of this operating model; albeit with the ability to relocate sourcing to the lowest possible tariff jurisdictions. Moreover, given weakening consumer sentiment and falling consumer discretionary income S&P believes the company's ability to fully offset higher tariffs through pricing actions remains a challenge. The negative outlook reflects the possibility that S&P could lower its ratings on Traeger over the next 12 months if the company faces ongoing tariff-related margin pressure that it cannot offset through cost reduction and pricing or if the company's liquidity becomes constrained. S&P could downgrade Traeger if its EBITDA interest coverage ratio declines to 1.5x or lower or if the company does not successfully extend the maturities of its working capital facilities thereby pressuring liquidity. EBITDA interest coverage could fall to 1.5x or lower if: -- Additional tariffs materialize causing even weaker margins than S&P's current base case expectations; or -- The company cannot effectively reduce costs to offset higher tariffs; or -- Annual sales volume decline by more than 5% because of weakening consumer demand resulting in lost EBITDA and significantly unsold inventory causing larger than expected cash outflows. S&P could revise the outlook to stable if tariff cost alleviates over the coming quarters or if the company successfully implements its mitigation strategies while maintaining better-than-expected sales such that EBITDA interest coverage does not approach 1.5x. A stable outlook would also be predicated on the company successfully extending the maturities of its working facilities. This could occur if: -- The company maintains adequate liquidity to fund seasonal and growth working capital needs; and -- It continues to manage its cost structure and inventory prudently in a challenging demand environment; or -- Consumer demand for grills improves beyond our current expectations. VILLAGE ROADSHOW: Agrees w/ Warner Bros. to Delay Matrix Debt Fight ------------------------------------------------------------------- Steven Church of Bloomberg News reports that the two studios behind The Matrix franchise are postponing their dispute over up to $100 million in unpaid debt tied to the films until after the upcoming auction of Village Roadshow Entertainment Group’s film library, which is being sold as part of its bankruptcy proceedings. Attorneys for Village Roadshow and its former partner, Warner Bros. Entertainment Inc., agreed to let the auction proceed before resuming their disagreement over debt stemming from the most recent Matrix installment, according to Bloomberg News. "I don't think it affects the sales process," said Warner Bros. attorney Scott Drake during a Wednesday, May 14, 2025, hearing in Village Roadshow's bankruptcy case. Village Roadshow's counsel echoed the sentiment. About Village Roadshow Entertainment Group USA Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VITAL ENERGY: S&P Alters Outlook to Stable, Affirms 'B' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook on Oklahoma-based crude oil and natural gas exploration and production (E&P) company Vital Energy Inc. to stable from positive and affirmed its 'B' issuer credit rating and 'B' issue-level rating on its senior unsecured debt. S&P's '4' recovery rating on the senior unsecured debt is unchanged. S&P said, "The stable outlook reflects our view that Vital Energy will maintain appropriate credit measures for the current rating despite anticipated weaker commodity prices, including funds from operations (FFO) to debt of 40%-45%. In addition, we anticipate the company will generate positive free operating cash flow (FOCF), which it will primarily use to repay borrowings on its credit facility. "The outlook revision reflects our expectation that Vital Energy's FFO to debt will average less than 45% in 2025 and 2026, down from our previous estimate of about 55% over the same two-year period. The downward revision to our forecast is driven, in part, by our lower price assumptions for West Texas Intermediate (WTI) crude oil--including $60 per barrel (/bbl) in 2025 and $65/bbl in 2026--which we expect will reduce the company's FOCF and result in slower-than-previously-anticipated debt reduction. Vital Energy had $735 million drawn on its reserve-based lending (RBL) credit facility as of March 31, 2025, primarily from the financing of its all-cash acquisition for an 80% interest in Point Energy Partners (Northern Oil & Gas acquired the remaining 20%) in September 2024. Vital paid about $815 million cash (net of about $65 million in purchase price adjustments) at the close of the deal, primarily using borrowings under its RBL. The company increased the elected commitment on the RBL to $1.5 billion, from $1.35 billion, at the time of the deal closing, although this was subsequently reduced to $1.4 billion following the semi-annual redetermination process, which it completed in May 2025. We anticipate Vital Energy will generate about $510 million of positive FOCF in 2025 and 2026 combined and use this to reduce its outstanding RBL borrowings. This is based on our expectations for production averaging about 137,000 barrels of oil equivalent (boe) per day (/d) in 2025 and 2026 and annual capital expenditure (capex) of $875 million-$900 million per year. "We affirmed our 'B' issuer credit rating on Vital Energy, which is supported by its increased scale following recent transactions. The transaction with Point Energy Partners added about 15,000 boe/d of production in the Delaware Basin and follows a string of asset acquisitions the company completed over the past two years. The largest was the $1.2 billion acquisition of a three-asset package completed in November 2023, which added about 35,000 boe/d of production in the Delaware and Midland basins. Vital Energy now holds more than 80,000 net acres in the Delaware Basin and over 200,000 net acres in the Midland Basin, which it believes will provide about 11 years of drilling inventory with a $53/bbl average break-even price at the company's current drilling pace. Vital Energy's activity in 2025 will be weighted toward the Delaware Basin, which will have an average of three to four rigs, while the Midland Basin will have one to two rigs running on average throughout the year. "The stable outlook on Vital reflects our view that it will maintain appropriate credit measures for the rating for at least the next 12 months, including average FFO to debt of 40%-45%. In addition, we anticipate the company will generate positive FOCF and allocate the majority of this to reduce the borrowings on its credit facility, which will support its credit measures. "We could lower our rating on Vital if its credit measures weaken such that its FFO to debt falls below 30% for a sustained period. This would most likely occur if commodity prices decline well below our current expectations and the company does not reduce its capex or it completes a debt-financed acquisition that doesn't add near-term cash flow. "We could raise our rating on Vital if we expect its credit measures will strengthen, such that we forecast its FFO to debt will remain comfortably above 45% on a sustained basis, and it reduces the outstanding borrowings on its credit facility using its FOCF. In addition, we could raise the rating if the company improves the scale of its production and proved developed reserves to be more in line with those of its higher-rated peers, while maintaining FFO to debt of about 45%, and reduces the outstanding borrowings on its credit facility." WATERFRONT RESORT: Seeks to Sell 25 Condominium Units for $13.3MM ----------------------------------------------------------------- Waterfront Resort Holding LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor owns a 134 unit condominium development located at 109-09 15th Avenue, College Point, New York 11356 known as Allura Waterfront Condominium. The project consists of 134 residential units and parking facility. Twenty nine units were sold and closed prior to the petition date. Another 35 unites were under contract as of the filing date. At the time the 29 unit sales which were closed pre-petition, the building had a temporary certificate of occupancy, had then expired and to have it renewed, the Debtor had to complete the parking facility. The Debtor requests for the ratification of the 23 contracts for the sale of 25 units and authorize the Debtor to close on the sales. The contact in sum and substance states that seller-debtor will deliver a deed conveying that unit to the real estate to the buyer and will: a. Pay the Debtor's real estate lawyer's closing fees; and b. Pay all of the New York State and New York City transfer taxes which are customarily paid by a Seller. The units are encumbered by real estates taxes on specific units. It also proposes that real estate taxes on each unit be paid in full at the closing. The net proceeds remaining after the payment will be paid to TRT Lending, LLC as a reduction of principal. The total gross proceeds from the proposed sale of the 25 units is $13,380,590.48. The estimated net proceeds payable to TRT will be in excess of $12,000,000. The Debtor believes that the proposed sale is fair value for the Property and expects that it will provide a fair and expeditious process to maximize the value of the property for the benefit of creditors and the Debtor's estate. About Waterfront Resort Holding Waterfront Resort Holdings LLC is the fee owner of 105 unsold units at the Allura Waterfront Condominium, as well as a parking unit, located at 109-09 15th Avenue, College Point, NY 11356. The current estimated value of the Debtor's interest in the property is approximately $80 million. Waterfront Resort Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40041) on January 6, 2025. In its petition, the Debtor reports total assets of $80,006,241 and total liabilities of $70,500,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Heath S. Berger, Esq. of Berger, Fischott, Shumer, Wexler & Goodman LLP represents the Debtor as counsel. WW INTERNATIONAL: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- WW International, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. The Debtors need to use cash collateral to maintain operations during the restructuring process and support the implementation of a prepackaged reorganization plan. The plan, negotiated under a Restructuring Support Agreement, is supported by approximately 71% of the First Lien Credit Agreement lenders and 74% of the Senior Secured Noteholders. It is designed to reduce the Debtors' funded debt by approximately $1.1 billion and decrease annual interest expense by roughly $50 million, while paying all general unsecured creditors in full. As of the petition date, the Debtors have approximately $1.62 billion in aggregate funded debt obligations outstanding. This prepetition debt is primarily comprised of two major secured facilities: the First Lien Credit Agreement and the Senior Secured Notes. Under the First Lien Credit Agreement, the Debtors are party to a revolving and term loan credit facility entered into on December 15, 2021. This facility includes: 1. A $175 million revolving credit facility that matures in December 2026, under which approximately $36 million was drawn as of the petition date. 2. A $945 million term loan that matures in December 2028, of which the full amount was outstanding at the time of filing. Both the revolving credit and term loan facilities are secured on a first-priority basis by substantially all of the Debtors' assets, including inventory, accounts receivable, intellectual property, and cash. Bank of America, N.A. serves as the administrative and collateral agent for these facilities. In addition to the credit facility, the Debtors have issued $500 million in Senior Secured Notes due March 15, 2029, under an indenture dated March 10, 2021. These notes carry an interest rate of 5.5% and are also secured on a first-priority basis by the same collateral securing the First Lien Credit Agreement. The Bank of New York Mellon Trust Company, N.A. serves as the notes' indenture trustee and collateral agent. This $1.62 billion capital structure places the Debtors under a substantial interest burden and liquidity constraints, which they aim to resolve through their Chapter 11 plan. The plan proposes to significantly reduce this debt by approximately $1.1 billion, leaving only a small exit facility and providing improved financial flexibility post-emergence. The use of cash collateral is governed by a four-week rolling budget, subject to variance testing to ensure that actual disbursements do not exceed 120% of budgeted amounts. Adequate protection for secured creditors includes replacement liens on assets, and superpriority administrative expense claims. The Debtors' right to use cash collateral is subject to a series of termination events, including budget noncompliance, unauthorized use of funds, breaches of RSA milestones, or attempts to challenge the validity of prepetition liens without court authorization. If a termination event occurs, the secured creditors may seek relief from the automatic stay upon five business days' notice. The final hearing is set for June 4. About WW International Inc. WW International, Inc. provides weight control programs. It offers subscriptions for commitment plans that give their clients access to meetings and online subscriptions and give their members guidance and access to a supportive community to help enable them for healthy habits. WW International filed Chapter 11 petition (Bankr. D. Del. Case No. 25-10829) on May 6, 2025. In the petition signed by Felicia DellaFortuna, chief financial officer, the Debtor disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by Christin Cho, Esq. and Simon Franzini, Esq., at Dovel & Luner, LLP. YITBOS INC: Seeks to Hire Bizdepot Brokers as Broker ---------------------------------------------------- Yitbos Inc. dba Mr. Pickle's Sandwiches seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Bizdepot Brokers as real estate broker. The firm will market and sell the Debtor's Mr. Pickles Franchises located at: a. 199 Blue Ravine Road, Suite 140, Folsom, CA (Folsom Franchise); b. 4601 Missouri Flat Road, Placerville, CA 95667 (Placerville Franchise); c. 301 Zinfandel Drive, Suite 136, Rancho Cordova, CA 95670 (Rancho Cordova Franchise). The firm will be paid a commission equal to 10 percent of the purchase prices. Rajinder Golee, a partner at Bizdepot Brokers, 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: Rajinder Golee Bizdepot Brokers Tel: (510) 334-8575 Email: raj@biz-depot.com About Yitbos Inc. dba Mr. Pickle's Sandwiches Yitbos Inc. primarily operates in the sandwiches and submarines shop business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 23-20913) on March 23, 2023. In the petition signed by Darin Frain Hughes, chief executive officer, the Debtor disclosed $186,975 in assets and $1,097,412 in liabilities. Judge Christopher M. Klein oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. [] BOOK REVIEW: Dynamics of Institutional Change ------------------------------------------------ Dynamics of Institutional Change: The Hospital in Transition Authors: Milton Greenblatt, Myron Sharaf, and Evelyn M. Stone Publisher: Beard Books Softcover: 288 pages List Price: $34.95 Review by Henry Berry Order your personal copy today at http://beardbooks.com/beardbooks/dynamics_of_institutional_change.html Like many other private-sector and public institutions in modern society, hospitals are regularly undergoing change. The three authors of this volume have been leaders in change at Boston State Hospital, a large public mental hospital, that serves as the test case for the experienced advice and hard-earned lessons found in this work. With their academic and professional backgrounds, the three authors combined offer an incomparable fund of knowledge and experience for the reader. In keeping with their positions, they focus on the position and the role of the leaders of institutional change. They do not recommend any particular choices, direction, or outcome. They do not presume to know what is the best for all institutions, or to understand the culture, realities, goals, or values of all institutions. They do not even presume to know what is best or desirable for hospitals, the institution with which they are most familiar. Instead, the authors direct their attention to "the problems hampering change and the gains and losses of one or another strategy of change." In relation to this, they are "more concerned with the study of process than with outcome." By not recommending specific policies or arguing for specific values or goals, the authors make their book relevant to all institutions involved in change, but particularly public-health institutions. All of the subjects are dealt with from the perspective of top executives and administrators. Among the subjects taken up are not only the staff and structure of the institution, specifically the medical institution, but also consultants, volunteers, local communities, and state and federal government agencies. The detail given to each subject goes beyond the administrator's relationship to it to discussion concerning the relationship of lower-level employees with the subject. This relationship of lower-level employees has everything to do with how change occurs within the institution, and often whether it occurs. The authors go into such detail because they understand that the performance and goals of top administrators are affected by everything that goes on within heir institution, and often by much that goes on outside of it. For example, the authors begin the subject of volunteers by defining three types of volunteers: volunteers from organizations, student or independent volunteers, and government-appointed or statutory volunteers. Volunteers of whatever type can cause anxiety, resistance, and even resentment among regular staff of an institution. Volunteers are not simply "free help," but require administration, training, and oversight -- which can distract regular employees from work they consider more important and interesting, and use up departments' resources. The transitional nature of volunteers, their ignorance of institutional and occupational concerns of the regular staff, and their lack of professionalism can cause disruptions and personnel problems in parts of an institution. The authors advise the top administrators, "The intrusive evangelism of student volunteers can be threatening not only to professional supervisors, but to the entire hospital staff as well, from the attendant to the top administrator." While recognizing the problems which may be caused by volunteers, especially younger ones, the authors point out the worth of volunteers to the hospital despite the potential problems they bring. Overall, the different types of volunteers "improve the physical and social environment" of the workplace, "make direct and beneficial contacts with chronic patients," and often "establish true innovations." After discussing the pros and cons of volunteers and providing detailed guidance on how to manage volunteers so as to minimize potential problems, the authors advise the administrator and his or her staff how to regard volunteers. "Both staff and administrator must constantly keep in mind that volunteers are not personally helping them [word in italics in original], but are helping the patients or the community." Along with the technical management and administrative guidance, such counsel is clearly relevant and important in keeping perspective on the matter of volunteers. The treatment of volunteers in a medical institution exemplifies the comprehensive, empathetic, and experienced treatment of all the subjects. Personnel -- whether professional, clerical, service, or volunteer -- is obviously a major concern of any institution and change in it. The structure of an institution is another crucial concern. This is addressed under the heading "decentralization through unitization." In the context of a large public medical facility, decentralization "involves breaking up the institution into semiautonomous units . . . ; each of which is like a small community health center in that it is responsible for serving a specific part of the community." As with the subject of volunteers, the authors treat this subject of the structure of the institution by examining its various sides, discussing related personnel and administrative matters, relating instructive anecdotes from their own experience, and in the end, offering relevant and practical advice and actions whose sense is apparent to the reader by this point. Recognizing that the authors have faced many of the same situations, decisions, pressures, challenges, and aims as they have, top hospital and public-health administrators will no doubt adopt many of the authors' recommendations for managing the process of change. The content of the book as well as its style (which is obviously meant to be helpful, sympathetic, and realistic) offers the reader not only resolutions, but also encouragement. The top hospital administrators and their staff, who are the main audience for "Dynamics of Institutional Change," will not find a better study and handbook to help them through the changes their institutions are being called upon to undergo to deal with the health concerns and problems of today's society. Milton Greenblatt, M.D. was Commissioner of the Massachusetts Department of Mental Health, Professor of Psychiatry at Tufts University School of Medicine, and Lecturer in Psychiatry at Harvard Medical School and Boston University School of Medicine. Myron R. Sharaf, Ph. D. was Associate Area Director of Boston State Hospital and Assistant Professor of Psychology at Tufts University School of Medicine. Evelyn M. Stone served as Executive Editor for the Massachusetts Department of Mental Health. [] Vermont Mountain Resort & Spa Up For Sale -------------------------------------------- A foreclosure auction was slated to take place on May 15, 2025, for the Snowflake Mountain Resort & Spa located at 1746 Mountain Road, Stowe, Vermont. For further information on the sale visit: https://www.THAuction.com/ ********* 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 ***