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250519.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, May 19, 2025, Vol. 29, No. 138 Headlines 1 SANDPIPER: Case Summary & Three Unsecured Creditors 1847 HOLDINGS: NYSE Delisting Review Set for June 5 23ANDME HOLDING: Secures $35M DIP Loan From JMB Capital 2835 OCTAVIA: To Sell San Francisco Property to Turning Point 5 STONES AND A SLING: Seeks Chapter 11 Bankruptcy in New York 520 COLUMBUS: Case Summary & 20 Largest Unsecured Creditors 564-566 KELTON: Hires Carleton Realty as Real Estate Broker 72ND & COLUMBUS: Case Summary & 20 Largest Unsecured Creditors A.E. SCHLUETER: Case Summary & 20 Largest Unsecured Creditors A.T & M.D TRUCKING: Case Summary & 14 Unsecured Creditors A.Z.N. REALTY: Voluntary Chapter 11 Case Summary AFO INTEGRATED: Seeks Chapter 11 Bankruptcy in New York AIRNET TECH: Net Loss Widens to US$13.6 Million for FY 2024 ALEXA HOLDINGS: Gets Extension to Access Cash Collateral ALGORHYTHM HOLDINGS: Expects $2.5M Q1 Equity for Nasdaq Compliance ALL CARE HOSPICE: Seeks Chapter 11 Bankruptcy in Texas ALLIANCE FARM: U.S. Trustee Appoints Creditors' Committee AMC ENTERTAINMENT: More Lenders Engage in Talks to Settle Debt Suit AMITY COURT: Creditors to Get Proceeds From Liquidation AMPLIFYBIO LLC: Case Summary & 20 Largest Unsecured Creditors ANNALEE DOLLS: James LaMontagne Named Subchapter V Trustee ANTOINE ESTATES: Seeks Chapter 11 Bankruptcy in New York APPLIED MINERALS: Files Amendment to Disclosure Statement ARCADIA BIOSCIENCES: Extends Roosevelt Deal Deadline to Aug. 15 ASTRA ENERGY: No Revenue, $57M Deficit Raise Going Concern Doubt AZUL SA: Considers Chapter 11 Bankruptcy Filing AZZUR GROUP: Creditors Claim Ch. 11 Plan Eliminates Claims BEN FACKLER: Case Summary & 20 Largest Unsecured Creditors BKS CAMBRIA: Seeks Chapter 11 Bankruptcy in California CALVIN 1 LLC: Section 341(a) Meeting of Creditors on June 9 CANNABITION LLC: Hires Carlyon Cica Chtd. as Bankruptcy Counsel CAPELLA HOSPITALITY: Unsecureds to be Paid in Full over 60 Months CARGO LIFTS: Hires Anderson Accounting Inc. as Accountant CARTOPIA II: Seeks Chapter 11 Bankruptcy in Arkansas CBPW CORPORATION: Section 341(a) Meeting of Creditors on June 16 CHG US HOLDINGS: May 20 Deadline Set for Panel Questionnaires CIMG INC: Xiaocheng Hao Named COO; Acquires Xilin, Shanghai Huomao CINEMARK HOLDINGS: Swings to $38.6 Million Net Loss in Q1 FY25 CLEMENTS ELECTRIC: Court OKs Non-Cash Property Sale to UTS CONNEXA SPORTS: Registers 1.5M Shares Under 2020 Incentive Plan COOPER-STANDARD: Swings to $1.6 Million Net Income in Q1 FY25 COSMO HOTELS: Hires HBG Law PC as General Bankruptcy Counsel COX OPERATING: Ex-Execs Accused of Plundering Co. Into Bankruptcy CREATIVEMASS ENTERPRISES: US Trustee Opposes Chapter 11 Liquidation CTN HOLDINGS: Court Okays Chapter 11 Sale Timeline Extension D2 GOVERNMENT: Hires Richard P. Cook PLLC as Special Counsel DELSHA 60: Amends Motion to Sell NY Building to Record Store Life DENISON LANDSCAPING: Seeks Chapter 11 Bankruptcy in Maryland DIOCESE OF OAKLAND: Creditors Challenge Request to Halt Legal Fees DLG TRANSPORTATION: Richardo Kilpatrick Named Subchapter V Trustee DOVETAIL DEVELOPMENT: To Sell Antwerp Property to B. McAlexander DOVETAIL DEVELOPMENT: To Sell Ohio Property to J. Thompson for $59K DR. JOHN C. DRAGON: Hires Zemanian Law Group as Legal Counsel EAGLE THEATER: Seeks Chapter 11 Bankruptcy in Illinois ECS BRANDS: Gets Final OK to Use Cash Collateral ELETSON HOLDING: Ex-Board Members Face Chapter 11 Fees Fight ENVISION CIVIL: Seeks to Hire Michael T. Bowers as Accountant EVERYTHING CREATIVE: Seeks Chapter 11 Bankruptcy in California EYENOVIA INC: CBIZ CPAs Replaces Marcum as Independent Auditor EYENOVIA INC: Receives Nasdaq Notice for Equity Rule Non-Compliance FLAGSHIP RESORT: Seeks Chapter 11 Bankruptcy in New Jersey FRONTIERSMEN INC: Case Summary & 18 Unsecured Creditors GARRISON INDUSTRIAL: Case Summary & 20 Largest Unsecured Creditors GENESIS GLOBAL: Fights Jefferies Request for Bitcoin Payment GEORGIA VASCULAR: Seeks Chapter 11 Bankruptcy in Georgia HANDLOS FINISHING: Hires Dickinson Bradshaw Fowler as Counsel HARVEST SHERWOOD: Seeks to Sell De Minimis Assets for $1MM HERC HOLDINGS: S&P Rates New $2.75MM Senior Unsecured Notes 'BB-' HERITAGE COAL: Chapter 11 Equipment Deal Faces Court Scrutiny HIGHRISE ELECTRICAL: Court OKs Sale of 14 Unused Vehicles HYPERSCALE DATA: OKs Salary Increases for CEO, President I-ON DIGITAL: Stephen Aust Resigns as Director, Remains BOD Advisor INNOV8TIVE NUTRITION: Claims to be Paid From Continued Operations JAGUAR HEALTH: Exchange Deal Reduces Royalty Interest by $633K JBSB DESTINY: Gets Final OK to Use Cash Collateral JD HUNT CUSTOM: Seeks Chapter 11 Bankruptcy in Texas JSP MANAGEMENT: Voluntary Chapter 11 Case Summary KELLEY CORP: Hires Frank B. Lyon as Bankruptcy Counsel KULR TECHNOLOGY: Appoints CBIZ as Auditor After Marcum Resignation LEMONS & OLIVES: Seeks Subchapter V Bankruptcy in New York LI-CYCLE HOLDINGS: Initiates Leadership, Operational Changes LI-CYCLE HOLDINGS: To Cut 50% of Workforce Amid Facility Suspension LIL GENIES: Gerard Luckman Named Subchapter V Trustee MANHATTAN COUNTRY: Case Summary & 20 Largest Unsecured Creditors MERCURY PARENT: S&P Alters Outlook to Stable, Affirms 'B-' ICR MESA LAGUNA: Hires Gabriel Liberman APC as Counsel MICKGOLDEN INC: Seeks Subchapter V Bankruptcy in Florida MID-ATLANTIC RHEUMATOLOGY: Unsecureds Will Get 3% of Claims MILAN SAI: Court Extends Cash Collateral Access to July 22 MOM CA: Gets Court Okay to Sell 188-Unit Apartment in Chapter 11 MOSAIC SWNG: Unsecured Claims Under $1K to Recover 30% in Plan MOUNTAINEER MERGER: S&P Downgrades ICR to 'SD' on Missed Payments MP OCTOPUS: To Sell Restaurant Equity Interest to E. & V. Moran MRP BUYER: S&P Assigns Prelim 'BB-' Rating on Sr. Sec. Term Loan B NEBRASKA BREWING: Hires Turner Legal Group LLC as Counsel NEW CASTLE: Seeks to Hire Calaiaro Valencik as Legal Counsel NORTH AMERICAN: DBRS Gives BB(high) Issuer Rating, Trend Stable NORTHPOINT DEVELOPMENT: Creditors to Get Proceeds From Liquidation NOSTRUM LABORATORIES: Bank Objects to Chapter 11 Sale ORACLES CAPITAL: Section 341(a) Meeting of Creditors on June 11 PACIFIC PRAIRIE: Court OKs Use of Cash Collateral PALWAUKEE HOSPITALITY: Hires Naheed A. Amdani as Special Counsel PALWAUKEE HOSPITALITY: Hires Ronald Villiani as Real Estate Agent PARAGON MOVING: Seeks Subchapter V Bankruptcy in Minnesota PEOPLE POWERED: Voluntary Chapter 11 Case Summary PERASO INC: Extends Series C Warrants Expiration to August 4 PERATON INC: Fitch Lowers IDR to 'CCC+', Outlook Negative PHILLIPS TOTAL: U.S. Trustee Appoints Creditors' Committee PIZZA VOLTA SH: Seeks Chapter 11 Bankruptcy in Wyoming POOLE FUNERAL: Seeks Chapter 11 Bankruptcy in Tennessee PRESCART CORP: Case Summary & 13 Unsecured Creditors Q TECHNOLOGY: Case Summary & Two Unsecured Creditors QXC COMMUNICATIONS: Seeks to Sell Communication Assets in Auction R. GREGORY INVESTMENTS: Includes Stellar Bank Unsecured Claim Pay REBELLION POINT: J.M. Cook Named Subchapter V Trustee RENASCENCE INC: Case Summary & 20 Largest Unsecured Creditors RITE AID: CVS Health Bids for Some Stores, Patients' Information RMBQ INC: Hires Sanchez & Baltazar Attorneys P.C. as Counsel SABAL CONSTRUCTION: Amy Mayer Named Successor Subchapter V Trustee SCHAFER FISHERIES: Gets Interim OK to Sell Fort Madison Property SHIVANI CORP: Gets Interim OK to Use Cash Collateral Until June 2 SILVER AIRWAYS: Gets Court Approval for $5.5MM DIP Financing SMITH ENVIRONMENTAL: To Sell Ecological Assets to Twin Peaks Diesel SPORTSMAN'S SUPPLY: Hires Calaiaro Valencik as Legal Counsel STERNE WOOD: Section 341(a) Meeting of Creditors on June 18 SWAIN LANDING: Case Summary & Two Unsecured Creditors TALKING ROCK: U.S. Trustee Unable to Appoint Committee TECHNO TOY: Seeks Subchapter V Bankruptcy in California TELUS CORPORATION: DBRS Gives Prov. BB(high) Credit Rating TOMMY'S FORT: Updates Customer Constructive Claims Pay Details TR WELDING: Gary Rainsdon Named Subchapter V Trustee TRINITY AUTOMOTIVE: Gets Interim OK to Use Cash Collateral TRINITY EXCAVATORS: Claims to be Paid From Available Cash & Income TRIPLEPULSE INC: Fruci & Associates II Raises Going Concern Doubt UGS PRIVATE: Files Amended Plan; Confirmation Hearing June 12 UNIQUE LOGISTICS: Liquidity Issues Raise Going Concern Doubt V820JACKSON LLC: Section 341 Meeting of Creditors on June 9 VENUS CONCEPT: Amends Sr. Convertible Preferred Stock Voting Rights VENUS CONCEPT: Inks Loan Amendment, Consent Agreement With Madryn VEON LTD: UHY LLP Raises Going Concern Doubt VERDE RESOURCES: Karl Strahl Joins Board; Sherina Chui Named CFO VIASAT INC: Redeems $442.55M Senior Notes Ahead of Maturity Date WCB CONSTRUCTION: Seeks Subchapter V Bankruptcy in New Jersey WHITESTONE CROSSING: Seeks Chapter 11 Bankruptcy in Texas WINDMILL POINT: Seeks Chapter 11 Bankruptcy in Florida WINDWARD DESIGN: Seeks to Sell Ford Vehicle WT REPAIR: To Sell Various Equipment to Multiple Buyers WYNN RESORTS: Director Anthony Sanfilippo Holds 150,000 Shares WYNN RESORTS: Three Proposals Passed at Annual Meeting XWELL INC: Marcum LLP Raises Going Concern Doubt XWELL INC: Taps CBIZ CPAs After Marcum LLP Dismissal YUNHONG GREEN: Director Douglas Bosley Resigns ZRG INC.:To Sell NY Property at Auction ********* 1 SANDPIPER: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: 1 Sandpiper, LLC 1 Sandpiper Lane Marathon, FL 33050 Business Description: 1 Sandpiper, LLC owns a vacation rental property located at 1 Sandpiper Lane in Marathon, Florida. The property is valued at $3.65 million. Chapter 11 Petition Date: May 15, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-01836 Judge: Hon. Pamela W Mcafee Debtor's Counsel: Danny Bradford, Esq. PAUL D. BRADFORD, PLLC 455 Swiftside Drive, Suite 106 Cary, NC 27518-7198 Tel: (919) 758-8879 Fax: (919) 803-0683 E-mail: dbradford@bradford-law.com Total Assets: $3,822,330 Total Liabilities: $8,836,717 The petition was signed by Tim Parsons as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KBCV7EQ/1_Sandpiper_LLC__ncebke-25-01836__0001.0.pdf?mcid=tGE4TAMA 1847 HOLDINGS: NYSE Delisting Review Set for June 5 --------------------------------------------------- As previously disclosed, on April 3, 2025, 1847 Holdings LLC received a notification letter from NYSE Regulation notifying the Company that it had determined to delist the Company's common shares from NYSE American as it had determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company's common shares. Under NYSE delisting procedures, the Company has a right to a review of this determination by providing a written request for such a review. The Company timely submitted a request for such a review and the hearing has been scheduled for June 5, 2025. Trading of the Company's common shares on NYSE American was suspended on April 3, 2025 and will remain suspended until the review is completed. About 1847 Holdings Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com -- is an acquisition holding company focused on acquiring and managing a group of small businesses, which the Company characterizes as those with an enterprise value of less than $50 million, in a variety of different industries headquartered in North America. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $33,647,738 in total assets, $130,113,775 in total liabilities, and a total stockholders' deficit of $96,466,037. 23ANDME HOLDING: Secures $35M DIP Loan From JMB Capital ------------------------------------------------------- 23andMe Holding Co. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its affiliated debtors entered into that certain Senior Secured, Super-Priority Debtor-in-Possession Loan and Security Agreement with the lender, JMB Capital Partners Lending, LLC, pursuant to which, and subject to the satisfaction of certain conditions, the lender will provide new financing commitments under a non-amortizing priming super-priority senior secured term loan credit facility in an aggregate principal amount up to $35 million. The Company's entry into the DIP Credit Agreement was approved by the Court on April 24, 2025. Under the DIP Facility: (i) up to $10 million became available following Court approval of the DIP Credit Agreement on a final basis, and (ii) up to $25 million (the "Delayed Draw DIP Commitment" and, together with the Initial DIP Commitment, the "DIP Commitments") will be available following and subject to the Court approving, and the execution and delivery of, an Acceptable Stalking Horse Purchase Agreement. The DIP Credit Agreement is secured by substantially all of the assets of the Debtors. The proceeds of the borrowings under the DIP Facility will be used, subject to Court approval, in accordance with the Approved Budget and the Permitted Variances: (i) to pay amounts, fees, costs and expenses related to the Chapter 11 Cases or payable under the DIP Credit Agreement and (ii) for working capital and general corporate purposes of the Company. Borrowings under the DIP Facility will bear interest at the rate of 14.0%, which, together with certain fees payable in connection with the DIP Facility, will be payable in cash. Upon entry of the Final DIP Order, the DIP Lender earned an exit fee equal to the sum of, without duplication, (i) following entry of the Final DIP Order, 4.0% of the Initial DIP Commitment, and (ii) following the Court's approval and the execution and delivery of an Acceptable Stalking Horse Purchase Agreement, 4.0% of the Delayed Draw DIP Commitment. The Exit Fee shall be due and payable upon the earliest of: (i) Scheduled Maturity Date, (ii) payment in full of the loans, and (iii) on a pro rata basis for any voluntary prepayment of the loans. Prior to entry of the Final DIP Order, in accordance with the Court's Approval Order, the Debtors paid to the DIP Lender: (i) a commitment fee equal to 2.0% of the DIP Commitments and (ii) a work fee equal to $100,000, in each case, in cash. The DIP Credit Agreement includes customary negative covenants for debtor-in-possession loan agreements of this type, including covenants limiting the Debtors ability to, among other things, incur additional indebtedness, create liens on assets, make investments, advances or guarantees, engage in mergers, consolidations, sales of assets and acquisitions, use the proceeds of the DIP Facility for any purpose not permitted by the DIP Credit Agreement, and pay dividends and distributions, in each case subject to customary exceptions for debtor-in-possession loan agreements of this type. The DIP Credit Agreement also includes representations and warranties, mandatory prepayments, affirmative covenants, and events of default customary for financings of this type. Certain bankruptcy-related events are also events of default, including, but not limited to, the dismissal by the Court of any of the Chapter 11 Cases, the conversion of any of the Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code, the appointment of a trustee pursuant to Chapter 11 of the Bankruptcy Code, and certain other events related to the impairment of the DIP Lenders' rights or liens granted under the DIP Credit Agreement or the Final DIP Order. The scheduled maturity date of the DIP Credit Agreement is September 30, 2025. The DIP Credit Agreement will also terminate and all obligations thereunder will become due on the date that is the earliest of: (i) the Scheduled Maturity Date, (ii) the effective date of any plan of reorganization under Chapter 11 of the Bankruptcy Code for the Company or any other Debtor, (iii) consummation of a sale or other disposition of all or substantially all assets of the Debtors, taken as a whole, under Section 363 of the Bankruptcy Code, (iv) the date of acceleration or termination of the DIP Facility following the occurrence and during the continuation of an Event of Default in accordance with the terms of the DIP Credit Agreement, and (v) dismissal of any Chapter 11 Case or conversion of any Chapter 11 Case into a case under Chapter 7 of the Bankruptcy Code. Each draw contemplated by the DIP Credit Agreement is subject to and conditioned upon the satisfaction of customary conditions precedent for debtor-in-possession loan arrangements of this type. The Delayed Draw DIP Commitment is conditioned upon the Court entering an order authorizing and approving an Acceptable Stalking Horse Agreement. 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 and Morgan, Lewis & Bockius LLP are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Moelis & Company LLC is serving as investment banker and Goodwin Procter LLP is serving as legal advisor to the Special Committee of 23andMe's Board of Directors. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The Committee selected Kelley Drye & Warren LLP as its lead counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as financial advisor. 2835 OCTAVIA: To Sell San Francisco Property to Turning Point ------------------------------------------------------------- 2835 Octavia LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to sell Real Property, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at 2835-2837 Octavia Street, San Francisco, CA 94123. The Debtor receives an offer from Turning Point Capital LLC, owned by Mr. Zhi Peng Lu, for the total purchase price of $3,500,000.00. The Debtor proposes to sell the Property free and clear of Secured Income Fund-II, LLC's (SIF) lien due to the existence of two bonafide disputes. The Debtor welcomes qualified overbids from all parties, including but not limited to from undersecured junior lienholder SIF. If the overbid process can occur through Bankruptcy Court, the estate can ensure that highest possible paydown of SIF's undersecured junior lien. Anyone interested in purchasing the Property must submit a written overbid. The Debtor reserves the right to determine which overbid is in the best interests of the estate and its creditors. Overbids must be in the minimum amount of $3,675,500.00. If overbids are received, the Debtor will conduct an overbid procedure at the court hearing on June 13, 2025 at 10:00 a.m. As for the bid procedure, bidding for the sale of the Real Property will begin with the amount of the highest, written, timely submitted, qualified overbid. The bidding procedure will be conducted in minimum increments thereafter of $50,000.00. Pursuant to an agreement between the Debtor and its Broker, the Estate agreed to pay a total 5.0% real estate commission ($175,000) upon the closing of sale of the Subject Property, split 2.5% (or $87,500) to the Seller's Broker and 2.5% (or $87,500) to the Buyer's Broker. The Broker has also prepared and launched a comprehensive multiple listing with high-quality photography, floor plans, and detailed property description. The Debtor will deposit all collective proceeds from the sale into an appropriate escrow account and administer pursuant to the following two provisions: a. That the judgments, liens, claims and interests of the parties herein, attach to any proceeds from the sale of these assets, to the same priority and extent that they attach to the subject assets. b. That the proceeds from the sale of the assets described above be held in an interest bearing account until further order of this Court to determine the validity, priority and extent of the judgments, liens, claims and interests of the parties. The Debtor reasonably anticipates legal fees of approximately $35,000 and the remainder estimated amount of $52,500 payable to Buyer's Broker. The Debtor is aware that debtors frequently move for good faith findings, however, the Debtor asserts that, given the anticipated opposition from Junior undersecured lienholder Secured Income Fund-II, LLC, Debtor respectfully requests entry of good faith finding. About 2835 Octavia LLC 2835 Octavia LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 2835 Octavia LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30213) on March 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Matthew D. Metzger, Esq. at BELVEDERE LEGAL, PC. 5 STONES AND A SLING: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------------- On May 8, 2025, 5 Stones and A Sling 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 5 Stones and A Sling LLC 5 Stones and A Sling LLC is a limited liability company. 5 Stones and A Sling LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42243) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtors are represented by Julio E. Portilla, Esq. at JULIO E. PORTILLA. 520 COLUMBUS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: 520 Columbus Ave Ltd d/b/a Good Enough to Eat 520 Columbus Avenue New York, NY 10024 Business Description: 520 Columbus Ave Ltd operates a restaurant business located at 520 Columbus Avenue, New York, NY 10024. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11006 Judge: Hon. David S Jones Debtor's Counsel: Lawrence F. Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York New York, NY 10013 Tel: (212) 620-0938 Fax: (646) 998-1972 E-mail: lmorrison@m-t-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million Jeremy Wladis signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RCCCCYI/520_Columbus_Ave_Ltd__nysbke-25-11006__0001.0.pdf?mcid=tGE4TAMA 564-566 KELTON: Hires Carleton Realty as Real Estate Broker ----------------------------------------------------------- 564-566 Kelton Ave Industries LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Carleton Realty as real estate broker. The firm will assist the Debtor in matters concerning the selling of the homes and preparation of a reorganization plan that requires an estimate of projected income. The firm will be paid 5 percent of the sale of the home. 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: Dorian Gray Carleton Realty 580 W Schrock Road Westerville, OH 43081 Tel: (614) 891-0000 About 564-566 Kelton Ave Industries LLC 564-566 Kelton Ave Industries LL, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ill. Case No. 25-05003) on March 21, 2025. The Debtor hires Kelly & Bracey as counsel. 72ND & COLUMBUS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: 72nd & Columbus Restaurant LLC d/b/a Harvest Kitchen 269 Columbus Ave New York, NY 10023 Business Description: 72nd & Columbus Restaurant LLC operates a restaurant at 269 Columbus Avenue in New York, NY, under the name Harvest Kitchen. The establishment serves American cuisine with a focus on sustainable, farm-to-table ingredients. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11007 Judge: Hon. David S Jones Debtor's Counsel: Lawrence F. Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York New York, NY 10013 Tel: (212) 620-0938 Fax: (646) 998-1972 Email: lmorrison@m-t-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jeremy Wladis as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RNTJ6JY/72nd__Columbus_Restaurant_LLC__nysbke-25-11007__0001.0.pdf?mcid=tGE4TAMA A.E. SCHLUETER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: A.E. Schlueter Pipe Organ Sales and Service, Inc. 2843 S. Stone Mountain Lithonia Road Lithonia, GA 30058 Business Description: A.E. Schlueter Pipe Organ Sales and Service, Inc. designs, builds, restores, and maintains pipe organs primarily in the Southeastern United States. Founded in Lithonia, Georgia, the Company provides custom pipe organ construction, tuning, and repair services. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-55514 Debtor's Counsel: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 E-mail: tmcclendon@joneswalden.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Arthur E. Schlueter, Jr. as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BG7S2JA/A_E_Schlueter_Pipe_Organ_Sales__ganbke-25-55514__0001.0.pdf?mcid=tGE4TAMA A.T & M.D TRUCKING: Case Summary & 14 Unsecured Creditors --------------------------------------------------------- Debtor: A.T & M.D Trucking LLC 1723 Hartig Dr. Grove City, OH 43123 Business Description: A.T & M.D Trucking LLC is a trucking contractor based in Columbus, Ohio. The Company provides freight transportation services and is registered with the U.S. Department of Transportation. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-52131 Judge: Hon. John E Hoffman Jr Debtor's Counsel: John W. Kennedy, Esq. STRIP HOPPERS LEITHART MCGRATH & TERLECKY CO., LPA 575 S. Third St Columbus, OH 43215 Tel: 614-228-6345 Fax: 614-228-6369 Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Antonio Tyree as sole member. A copy of the Debtor's list of 14 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FTNJONQ/AT__MD_Trucking_LLC__ohsbke-25-52131__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FB2E6TI/AT__MD_Trucking_LLC__ohsbke-25-52131__0001.0.pdf?mcid=tGE4TAMA A.Z.N. REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: A.Z.N. Realty LLC 73-27 184th Street Fresh Meadows, NY 11366 Business Description: A.Z.N. Realty LLC owns a commercial office building located at 13 East 37th Street in New York, NY. The Property is improved by an eight story building, occupied by a Chinese restaurant on the ground floor, with eight other tenants occupying various spaces and three currently vacant. Chapter 11 Petition Date: May 13, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-42314 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Abraham Nahamias as manager/member. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/43GLZ6A/AZN_Realty_LLC__nyebke-25-42314__0001.0.pdf?mcid=tGE4TAMA AFO INTEGRATED: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On May 8, 2025, AFO Integrated Services Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $1,271,735 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About AFO Integrated Services Inc. AFO Integrated Services Inc. is a New York-based company that owns vacant land properties in Columbia. The Company is facing potential foreclosure on the assets due to high interest rates. AFO Integrated Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42244) on May 8, 2025. In its petition, the Debtor reports total assets of $2,046 and total liabilities of $1,271,735. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors are represented by Rachel S. Blumenfeld, Esq. at LAW OFFICE OF RACHEL S. BLUMENFELD PLLC. AIRNET TECH: Net Loss Widens to US$13.6 Million for FY 2024 ----------------------------------------------------------- AirNet Technology Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F reporting a net loss of $13.6 million for the year ended December 31, 2024, compared to a net loss of $0.2 million for the year ended December 31, 2023. The Company incurred loss from continuing operations of $7.4 million, $3.8 million and $6.8 million for the years ended December 31, 2022, 2023 and 2024, respectively. As of December 31, 2024, it had an accumulated deficit of $332.5 million and a working capital deficiency of $52.6 million. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a history of operating losses and negative operating cash flows and has negative working capital of approximately US$52.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Historically, the Company has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Company's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staffs and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. AirNet Technology said, "We intend to meet the cash requirements for the next 12 months from the date of this annual report through business restructuring plan and private placement. In February 2024, we entered into share transfer agreement with a third party to sell the 33.67% equity interest we held in Unicom AirNet (Beijing) Network Co., Ltd for a consideration of RMB197 million. On April 15, 2024, we completed a private placement of US$5.7 million with certain investors. As a result, our management prepared the consolidated financial statements assuming our company will continue as a going concern. We have a significant working capital deficiency, have incurred significant losses and have generated negative cash flows from operations. We need to raise additional funds to meet our obligations and sustain our operations." A full-text copy of the Company's Form 20-F is available at: https://tinyurl.com/bdef9bn4 About AirNet Technology AirNet Technology Inc. was incorporated in the Cayman Islands on April 12, 2007. AirNet, its subsidiaries, through its variable interest entities and the VIEs' subsidiaries, operate its out-of-home advertising network, primarily air travel advertising network, in the People's Republic of China. The Company also conducts cryptocurrencies mining business operations by its Hong Kong subsidiary, Blockchain Dynamics Limited. ALEXA HOLDINGS: Gets Extension to Access Cash Collateral -------------------------------------------------------- Alexa Holdings, Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The order penned by Judge Joseph Callaway authorized the company's interim use of cash collateral to pay the expenses set forth in its budget, plus a 10% variance per line item. The budget projects total expenses of $358,917.75 for the period from May 16 to June 16. As protection, the U.S. Small Business Administration will be granted a post-petition lien on the company's cash and inventory and will receive a monthly payment of $4,864, beginning this month. Alexa believes that SBA may have a secured interest in its cash collateral based on a security agreement and UCC-1 financing statement filed in 2020. As of the bankruptcy filing, Alexa had $81,132 in cash and about $150,700 in unencumbered personal property. These funds have been transferred into a debtor-in-possession account, from which the company plans to continue paying its expenses. The next hearing is set for June 10. About Alexa Holdings Inc. Alexa Holdings, Inc. owns MoonRunners Saloon, a Prohibition-era themed restaurant and bar based in Garner, North Carolina, known for its Southern-style cuisine and distinctive moonshine-focused drink menu. The establishment rose to prominence after being featured on the reality TV show Bar Rescue, which helped revamp its brand and operations. With locations in Garner and Dunn, the saloon continues to attract patrons with its creative cocktails, hearty dishes, and nostalgic ambiance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01347) on April 14, 2025. In the petition signed by Charles Alexander, president, the Debtor disclosed $231,831 in assets and $2,884,529 in liabilities. Judge Joseph N. Callaway oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. ALGORHYTHM HOLDINGS: Expects $2.5M Q1 Equity for Nasdaq Compliance ------------------------------------------------------------------ Algorhythm Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that as reported in its quarterly report on Form 10-Q for the quarter ended September 30, 2024, the Company had stockholders' equity of approximately $2,700,000. For the fiscal year ended December 31, 2024, as reported in the Company's Annual Report on Form 10-K, the Company had stockholders (deficit) equity of approximately $(10,500,000). The deficit was due primarily to a $16,600,000 warrant liability that the Company recorded in connection with the issuance of Series A and B warrants as part of the Company's December 6, 2024 public offering of securities. During the Company's first fiscal quarter ended March 31, 2025, all contingencies on the Series A warrants were satisfied and all of the Series B warrants were exercised in full. These events caused the warrant liability to be reclassified to stockholders' equity. As a result, the Company expects to report in excess of $2,500,000 in stockholders' equity for its fiscal quarter ended March 31, 2025, which will bring the Company into compliance with the minimum stockholders' equity required by Nasdaq Listing Rule 5550(b)(1) for continued listing on the Nasdaq Stock Market, LLC. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $18,302,000 in total assets, $28,823,000 in total liabilities, and a total stockholders' deficit of $10,521,000. ALL CARE HOSPICE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On May 11, 2025, All Care Hospice LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About All Care Hospice LLC All Care Hospice LLC is a Medicare-certified hospice care provider based in Van Alstyne, Texas. Operating under the name Tribute Hospice, the Company offers palliative care services, including nursing visits, pain management, counseling, and bereavement support for patients with terminal illnesses and their families. All Care Hospice LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-41350) on May 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtors are represented byRobert Buchholz, Esq. at THE LAW OFFICE OF ROBERT W. BUCCHOLZ, P.C. ALLIANCE FARM: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Alliance Farm and Ranch, LLC and Alliance Energy Partners, LLC. The committee members are: 1. David Freer Gordon Technologies LLC 818 I-10 South Frontage Road Scott, LA 70583 dfreer@gordontechnologies.com 2. Bradley Vincent DrilTech, LLC 248 Rousseau Road Youngsville, LA 70592 brad.vincent@driltech.net 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 Alliance Farm and Ranch Alliance Farm and Ranch, LLC filed voluntary Chapter 7 petition (Bankr. S.D. Texas Case No. 25-30155) on January 7, 2025, listing between $1 million and $10 million in both assets and liabilities. On March 19, 2025, the case was converted to one under Chapter 11. Alliance Energy Partners LLC, a directional drilling service provider in Spring, Texas, filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-31937) on April 7, 2025. In its petition, Alliance Energy Partners reported total assets of $1 million and total liabilities of $2,614,465. On April 23, 2025, the court ordered the joint administration of the Debtors' Chapter 11 cases. Judge Alfredo R. Perez oversees the cases. The Debtors are represented by Okin Adams Bartlett Curry, LLP. AMC ENTERTAINMENT: More Lenders Engage in Talks to Settle Debt Suit ------------------------------------------------------------------- Reshmi Basu and Thomas Buckley of Bloomberg News report that additional creditors of AMC Entertainment Holdings Inc. have joined confidential discussions with the cinema giant to settle a lawsuit stemming from its extensive debt restructuring in 2024. The legal action, initiated by a group of first-lien noteholders in September 2024, alleged that the restructuring deal removed their collateral and gave preference to junior bondholders. Some of the dissatisfied creditors later entered private settlement talks with AMC, as reported by Bloomberg in March 2025. According to sources familiar with the negotiations, who spoke on condition of anonymity, those talks have now broadened to include certain junior creditors. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hot dogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. AMC operates over 900 theatres with 10,000 screens globally, including over 661 theatres with 8,200 screens in the United States and over 244 theatres with approximately 2,200 screens in Europe. The Company's subsidiary also includes Carmike Cinemas, Inc. AMC was forced to close its shutter its theaters when the Covid-19 pandemic struck in March 2020. It eventually reopened its theaters but admissions remained substantially low. The world's biggest theater chain said in an October 2020 filing that liquidity will be largely depleted by the end of the year or early 2021 if attendance doesn't pick up, and it's exploring actions that include asset sales and joint ventures. However, AMC managed to raise $1.8 billion in 2021, capitalizing on the rally triggered by retail investors' interest in meme stocks. * * * In February 2024, S&P Global Ratings raised its issuer credit rating to 'CCC+' from 'SD' (selective default) on AMC Entertainment Holdings Inc., the world's largest motion picture exhibitor. S&P also raised its issue-level rating on the second-lien notes to 'CCC-' from 'D'. The negative outlook reflects S&P's expectation that AMC's revenue will decline 8%-9% in 2024 due to a limited theatrical release slate, resulting in negative free operating cash flow (FOCF) and leverage around 8x. AMC completed a series of distressed exchanges to swap an aggregate $123 million of its second-lien notes due 2026 for common equity. AMITY COURT: Creditors to Get Proceeds From Liquidation ------------------------------------------------------- Amity Court, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Disclosure Statement for Plan of Liquidation dated May 1, 2025. The Debtor owns and operates a two-story 17,286 SF office building located at 14400 NE Bellevue-Redmond Road, Bellevue, Washington, 98007 (the "Property"). The Debtor purchased the Property in September 2021 for $9.5 million. The Property is managed by Longwell Company pursuant to a Commercial Property Management Agreement, dated August 15, 2021, between Longwell Company and the Debtor. Currently, 22 of the 24 offices are leased generating approximately $35,000 in rents each month (the "Rents"). The Property and its related leases are substantially the Debtor's only assets. Prior to the Petition Date, the Debtor entered into a Purchase and Sale Agreement (the "PSA") to sell the Property to TWG Acquisitions, LLC, an Indiana limited liability company ("Buyer") for $15,000,000 (the "Purchase Price"), with a target closing date of May 31, 2025. Pursuant to the terms of the PSA, the Purchase Price will be comprised of $6 million cash payable at closing, financed by the Washington State Housing Finance Commission ("WSHFC"), plus a promissory note in the amount of $9 million from the Buyer in favor of the Debtor with a one-year maturity date of May 31, 2026, secured by a deed of trust encumbering the Property (the “Seller Loan”). The deed of trust securing the Seller Loan will be subordinated to the deed of trust granted to WSHFC. Class 2 consists of the Unsecured Claims of Lessees (the "Class 2 Claims"). Each Holder of a Class 2 Claim shall receive from the Debtor or Post-Confirmation Debtor the refund of its applicable security deposit in accordance with the terms of the applicable Lease, when and as due. Class 2 is unimpaired under the Plan. Class 3 consists of all Allowed Unsecured Claims of non-Insider Holders (each, a "Class 3 Claim"). Each Class 3 Claim shall be allowed or disallowed in such amount as to which the Debtor and the claimant may agree or the Court may approve following Notice and Hearing. The Debtor believes that all Class 3 Claims total approximately $146,442, without regard to any defenses, setoffs or counterclaims the Debtor may hold as to any such Claims. Each Holder of a Class 3 Claim shall be paid in full upon the sale of the Property in a single payment from Net Sale Proceeds. Interest shall accrue on each Class 3 Claim following the Effective Date at the Federal Judgment Rate until paid in full. Class 4 consists of Allowed Unsecured Claims, the Holders of which are Insiders of the Debtor (each, a "Class 4 Claim"). Each Class 4 Claim shall be allowed or disallowed in such amount as to which the Debtor and the claimant may agree or the Court may approve following Notice and Hearing. The Debtor believes that all Class 4 Claims total approximately $326,000, without regard to any defenses, setoffs or counterclaims the Debtor may hold as to any such Claims. Each Holder of a Class 4 Claim shall be paid in full upon the sale of the Property in full in a single payment from Net Sale Proceeds, but only to the extent funds remain available following the payment in full of the Class 1 Allowed Claim, Class 2 Allowed Claims (if any) and Class 3 Allowed Claims. Interest shall accrue on each Class 4 Claim at the Federal Judgment Rate until paid in full. Class 5 consists of Equity Interests. Holders of Equity Interests shall retain such Equity Interests following Confirmation and shall retain and exercise in its discretion all the privileges and benefits arising from such Equity Interests, but shall receive no distributions on account of such interests until all Allowed Claims have been paid in full pursuant to the terms of the Plan. Any payment to Holders of Equity Interests shall be made pursuant to the terms of their respective Subscription Agreements. The Plan provides for the prompt liquidation of the Property and related leasehold interests, the Debtor's only assets. This is the same process as would occur in a chapter 7. Under the Plan, all creditors would be paid in full and, without more, the Plan satisfies section 1129(a)(7)(A) as providing at least as good a treatment for creditors under the Plan as they would receive under chapter 7. The Debtor will proceed with and close a sale to the Buyer, from the closing of which the Class 1 Claim will be paid in full. All other creditors will be paid in full from the proceeds of the Seller Note the Buyer will give a Closing. The PostConfirmation Debtor will make monthly payments to the Holder of the Class 1 Claim pending Closing. A full-text copy of the Disclosure Statement dated May 1, 2025 is available at https://urlcurt.com/u?l=CEnL78 from PacerMonitor.com at no charge. Counsel to the Debtor: James L. Day, Esq. Lesley Bohleber, Esq. Bush Kornfeld LLP 601 Union Street, Suite 5000 Seattle, WA 98101 Tel: (206) 292-2110 Email: jday@bskd.com; lbohleber@bskd.com About Amity Court LLC Amity Court, LLC, is the owner of the property situated at 14400 Northeast Bellevue-Redmond Road, Bellevue, Wash., which has an appraised value of $7.78 million. Amity Court filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 25-00240) on February 11, 2025, listing total assets of $7,988,279 and total liabilities of $5,775,823. Judge Whitman L. Holt handles the case. The Debtor is represented by James L. Day, Esq., at Bush Kornfeld, LLP. Axos Bank, as lender, is represented by: Brian T. Peterson, Esq. K&L Gates, LLP 925 Fourth Avenue, Suite 2900 Seattle, WA 98104-1158 Telephone: (206) 623-7580 Email: brian.peterson@klgates.com AMPLIFYBIO LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- AmplifyBio, LLC (Lead Case) 25-52140 1425 NE Plain City-Georgeville Road West Jefferson OH 43162 ADOC SSF, LLC 25-52141 1425 NE Plain City-Georgeville Road West Jefferson OH 43162 Business Description: AmplifyBio, LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankrupcy Court Southern District of Ohio Judge: Hon. Mina Nami Khorrami Debtors' Bankruptcy Counsel: Scott N. Opincar, Esq. Maria G. Carr, Esq. MCDONALD HOPKINS LLC 600 Superior Avenue East, Suite 2100 Cleveland, Ohio 44114 Tel: (216) 348-5400 Fax: (216) 348-5474 Email: sopincar@mcdonaldhopkins.com mcarr@mcdonaldhopkins.com Debtors' Co-Counsel: HUTCHISON PLLC Debtors' Notice, Claims and Balloting Agent: EPIQ CORPORATE RESTRUCTURING, LLC AmplifyBio's Estimated Assets: $100 million to $500 million AmplifyBio's Estimated Liabilities: $50 million to $100 million The petitions were signed by Kasey Rosado as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ZPWJXI/AmplifyBio_LLC__ohsbke-25-52140__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/5N7LU4Y/ADOC_SSF_LLC__ohsbke-25-52141__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Battelle Services Company, Inc. Convertible $3,252,276 Attn: General Counsel Notes 505 King Avenue Columbus, OH 43201 Email: austinr@battelle.org 2. Battelle Memorial Institute Contract $1,891,410 505 King Avenue Columbus, OH, 43201 Chris Boynton, Chief Financial Officer Tel: 614-424-7208 Email: boytonc@battelle.org 3. KAVRA 14 LLC Convertible $1,800,853 c/o Viking Global Investors LP Notes 600 Washington Blvd, 11th Floor Stamford, CT, 06901 General Counsel Email: legalnotices@vikingglobal.com 4. JobsOhio Grants $1,500,000 41 South High Street Suite 1500 Columbus, OH, 43215 Don Grubs, General Counsel Tel: 614-224-6446 5. HCP LSE Property Manager, LLC Lease $1,201,156 Bank of America - File 51142 Los Angeles, CA 90074 Andrew Johns, CFA Senior Vice President Finance and Investor Relations Email: investorrelations@healthpeak.com 6. KAVRA 14 LLC Convertible $886,987 c/o Viking Global Investors LP Notes 600 Washington Blvd., 11th Floor Stamford, CT, 06901 General Counsel Email: legalnotices@vikingglobal.com 7. Farnam Street Financial, Inc. Lease $730,439 5850 Opus Parkway Suite 240 Minnetonka, MN, 55343 Blake Appelhof, Regional Sales Director Tel: 952-767-1445 Email: bappelhof@farnamstreet.net 8. Fisher Scientific Trade $536,526 13551 Collections CTR Dr Chicago, IL 60693 Rafael Tejada, Vice President, Investor Relations Tel: 781-622-1111 Email: investorrelations@thermofisher.com 9. Messer Construction Co. Trade $443,263 643 W. Court Street Cincinnati, OH, 45203 Pete Bergman, Vice President, Cincinnati Region Leader Tel: 513-242-6498 Email: mrief@messer.com 10. Marshall Bioresources Lease $351,140 5800 Lake Bluff Road North Rose, NY, 14516 CFO or General Counsel Tel: 315-587-2295 Email: infous@marshallbio.com 11. Veloxity Labs, LLC Trade $282,582 801 W Main Street Peoria, IL, 61606 Shane Needham, President and CEO Tel: 858-455-0300 Email: info@veloxitylabs.com 12. Benchling, Inc. Trade $280,000 680 Folsom Street, 8th Floor San Francisco, CA 94107 Sajith Wickramasekara, CEO and Co-Founder Tel: 415-590-2798 Email: inquiries@benchling.com 13. Veeva Systems Inc. Trade $249,161 4280 Hacienda Drive Pleasanton, CA, 94588 Peter Gassner, Founder and CEO Tel: 925-452-6500 Email: ir@veeva.com 14. Casdin Partners Convertible $238,649 Master Fund, L.P. Notes 1350 6th Ave., Ste 2600 New York, NY, 10019 15. RNAV8 Bio Inc. Trade $200,000 29851 Weatherwood Laguna Niguel, CA 92677 Devan Shah, Chief Executive Officer and Founder Email: info@rnav8bio.com 16. Elemental Machines, Inc. Trade $184,746 185 Alewife Brook Parkway, Suite 401 Cambridge, MA, 02138 Rob Estrella, Chief Executive Officer Tel: 617-871-9692 Email: help@elementalmachines.com 17. Baker Botts L.L.P. Professional $174,892 P.O. Box 301251 Services Dallas, TX, 75303-1251 Luke A. Weedon, Partner In Charge Tel: 214-953-6503 Email: luke.weedon@bakerbotts.com 18. RSM US LLP Trade $158,109 5155 Paysphere Circle Chicago, IL, 60674 Brian Becker, Managing Partner & CEO Tel: 312-634-3400 Email: brian.becker@rsmus.com 19. Convergint Technologies LLC Trade $146,935 35257 Eagle Way Chicago, IL, 60678-1352 Ann Fandozzi, Chief Executive Officer Tel: 224-419-7997 Email: mazen.moghannam@convergint.com 20. Design Group Trade $133,170 Facility Solutions, Inc. 5 Chenell Drive Box 3 Concord, NH, 63693-0622 Dave Stahlman, CFO Tel: 603-225-0010 Email: licensing@bwdesigngroup.com ANNALEE DOLLS: James LaMontagne Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for Annalee Dolls, LLC. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 Email: jlamontagne@sheehan.com About Annalee Dolls Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com ANTOINE ESTATES: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On May 6, 2025, Antoine Estates 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 $3,009,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Antoine Estates LLC Antoine Estates LLC owns a residential apartment building at 9021 Antoine Drive in Houston, Texas. The property's current estimated value is $4 million. Antoine Estates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42188) on May 6, 2025. In its petition, the Debtor reports total assets of $4,000,101 and total liabilities of $3,009,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Joseph Y. Balisok, Esq. at BALISOK & KAUFMAN PLLC. APPLIED MINERALS: Files Amendment to Disclosure Statement --------------------------------------------------------- Applied Minerals, Inc., filed an Amended Disclosure Statement with respect to Plan of Reorganization dated May 1, 2025. The Debtor's financial projections demonstrate marked improvement as compared against the Debtor's historic financial performance, including both a reduction in overhead and expenses and an increase in sales and revenues. The two primary drivers of the anticipated improvement in the Debtor's net cash flow are (i) an increase in revenue that already has been realized in part and is projected to continue steady growth, and (ii) a sharp and drastic cut and decrease in historical operating expenses. Both the increased revenues and reduced (and lean) operating budget are illustrated by the projections attached as Exhibit 4. The Debtor generated $422,000 in revenue during calendar year 2024, a material increase from years 2023 and 2022. During 2024 the Debtor implemented a revised sales strategy, which placed more emphasis on marketing it halloysite clay products to higher-value applications and pricing its products based on their "value in use" in those higher-value applications. In addition to the "value in use", the Debtor also prices its products based on customers' quality requirements of the Debtor's different product grades. The Debtor's revenue forecast for 2025 is $920,000, an increase of approximately 120% when compared to 2024. The Debtor has developed a new customer who utilizes the Debtor's halloysite clay product as an additive in a technology that produces higher-value petroleum-based products from relatively low-grade crude oil. This new customer validated the Debtor's halloysite clay product in its technology during 2024. The Debtor expects revenue from this new customer to be in the $100,000 to $200,000 range for 2025 depending on install base achieved during 2025. This new customer has expressed some concerns regarding the Debtor's future viability related to its bankruptcy, however, the Debtor expects to receive its first purchase order from this new customer relatively soon. The Debtor has a Europe-based customer that has recently qualified a catalyst application utilizing the Debtor's halloysite clay product. This current customer has purchased a grade of the Debtor's halloysite clay product intermittently over the last few years and is now positions to market its catalyst product. The Debtor expects annual revenue from this customer to grow from approximately $50,000 in 2025 to approximately $600,000 by 2030 based on the customer's projections. However, this customer has communicated to the Debtor that it will defer its order in 2025 until the Debtor successfully restructures, reorganizes and emerges from bankruptcy. Furthermore, a delay in the Debtor's emergence from bankruptcy may place the commercialization of the customer's product at risk. All of the existing and prospective customers have expressed concern about the long-term viability of the Debtor. The filing of the bankruptcy case has started to relieve some of these concerns, however, many remain reluctant to enter into long-term purchase and supply contracts until the Debtor's Plan has been confirmed and the Debtor has emerged from bankruptcy as a restructured and healthy business. The Debtor believes a prompt emergence from bankruptcy will likely encourage additional prospects, who have progressed in developing applications using the Debtor’s halloysite clay product, to accelerate their efforts. Like in the prior iteration of the Plan, each holder of an Allowed Class 2 Unsecured Claim shall receive, in full satisfaction of its claim: (a) distribution of shares of New Equity in the Reorganized Debtor (i.e., a Pro Rata Share of the Class 2 Stock Distribution); and (b) an option to purchase additional New Equity pursuant to the Supplemental Stock Purchase Option. * As more fully described in section 5.8 of this Plan, a total of One Hundred Nineteen Thousand Six Hundred Twenty-Five shares of new common stock (i.e., New Stock) in the Reorganized Debtor will be authorized and issued (or authorized and reserved) on the Effective Date. As described, eighty-seven thousand shares of New Stock shall be issued and distributed to Halloysite. The remaining shares of New Stock shall be distributed or reserved as described in sections 4.2.2.2, 4.2.2.3, 5.8.2 and 5.8.3 of this Plan. * A total of Twenty-One Thousand Seven Hundred Fifty shares of New Stock shall be distributed, pro rata, to the holders of Allowed Class 2 Claims (the "Class 2 Stock Distribution"). Each holder of an Allowed Class 2 Claim shall receive, on the Effective Date, a Pro Rata Share of the Class 2 Stock Distribution rounded down to the lowest whole number share. To the extent rounding down to the lowest whole number share results in less than 21,750 shares of New Stock being delivered (or reserved as part of the Disputed Claims Reserve) under this subsection 4.2.2.2 of the Plan, then any such shares not distributed shall be cancelled and shall no longer be authorized. * Ten Thousand Eight Hundred Seventy-Five shares of New Stock shall be authorized and reserved to be sold and distributed to the holders of Allowed Class 2 Claims that exercise the "Supplemental Stock Purchase Option." In light of the Plan Funding Transaction, the Debtor anticipates that it will have cash on hand to meet all of its Effective Date payment obligations, including payment of all administrative expenses that are allowed by order of the Court entered prior to the Effective Date, and as necessary to pay the Debtor's professional fees and operating expenses going forward. In short, the Plan contemplates that the Reorganized Debtor's short-term payment obligations will be funded through the Plan Funding Transaction. A full-text copy of the Amended Disclosure Statement dated May 1, 2025 is available at https://urlcurt.com/u?l=ZC8l0y from PacerMonitor.com at no charge. The Debtor's Counsel: Matthew M. Boley, Esq. COHNE KINGHORN, P.C. 111 E. Broadway, 11th Floor Salt Lake City, UT 84111 Tel: 801-363-4300 E-mail: mboley@cohnekinghorn.com About Applied Minerals, Inc Applied Minerals, Inc. is a minerals exploration and mining company. Applied Minerals, Inc. in Eureka, UT, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Utah Case No. 24-25849) on Nov. 11, 2024, listing $1 million to $10 million in assets and $50 million to $100 million in liabilities. Christopher T. Carney as president and chief executive officer, signed the petition. Judge Joel T Marker oversees the case. COHNE KINGHORN, P.C., serves as the Debtor's legal counsel. ARCADIA BIOSCIENCES: Extends Roosevelt Deal Deadline to Aug. 15 --------------------------------------------------------------- Arcadia Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the parties to the Exchange Agreement entered into a First Amendment to Securities Exchange Agreement. As previously disclosed on a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission, on December 4, 2024, Arcadia, Roosevelt Resources, LP, a Texas limited partnership, and certain other parties in their capacity as representatives of the limited partners of Roosevelt, entered into a Securities Exchange Agreement providing for the combination of the two companies in an all-stock transaction, subject to several conditions. Subject to the terms of the Exchange Agreement and to the satisfaction or waiver of the conditions set forth in the Exchange Agreement, at the closing of the transactions contemplated by the Exchange Agreement, Arcadia agreed to issue shares of its common stock to the limited partners of Roosevelt in exchange for all of the limited partnership interests of Roosevelt and to the sole member of the general partner of Roosevelt in exchange for its membership interest in the limited liability company that is the general partner of Roosevelt. Arcadia has previously filed a registration statement on Form S-4 with the SEC, which included a preliminary proxy statement/prospectus relating to a meeting of stockholders of the Company to vote on certain proposals relating to the transactions contemplated by the Exchange Agreement, including approving the issuance of shares of common stock to be offered to the Limited Partners of Roosevelt pursuant to the Exchange Agreement. The Amendment amended certain provisions of the Exchange Agreement, including without limitation the following: (i) the "Termination Date" provided for in one of the closing conditions described in the Exchange Agreement, which allows a party to terminate the Exchange Agreement if the Closing (as defined in the Exchange Agreement) has not occurred by May 15, 2015, was amended to be August 15, 2025; (ii) the provisions governing the number of shares of common stock that are issuable to the Limited Partners of Roosevelt were amended so that the number is calculated such that the number of shares to be issued to the Limited Partners equals 90% of the number of shares of common stock outstanding immediately after the Closing giving effect to the number of shares issuable to the Limited Partners (and ignoring and not giving effect to any other shares of common stock that may be issuable to any other persons in connection with or immediately after the Closing), without any possible upward or downward adjustments to the number of Exchange Shares to be issued based on the amount of cash and cash equivalents of the Company as of the Closing Date; and (iii) certain definitions related to determination of the Company's cash amount at the Closing Date were eliminated. About Arcadia Biosciences Inc. Headquartered in Dallas, TX, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. In its report dated March 25, 2025, the Company's auditor, Deloitte & Touche LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's accumulated deficit, recurring net losses, and net cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. Additionally, the auditor noted that the Company's resources would not be sufficient to meet its anticipated cash requirements. As of September 30, 2024, Arcadia Biosciences had $15.2 million in total assets, $5.1 million in total liabilities, and $10.1 million in total stockholders' equity. ASTRA ENERGY: No Revenue, $57M Deficit Raise Going Concern Doubt ---------------------------------------------------------------- Astra Energy, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended February 28, 2025, that there is substantial doubt about its ability to continue as a going concern. According to Astra Energy, it has an accumulated deficit of $57,230,866 as of February 28, 2025, and no revenue. The Company had a net loss of $459,262 for the three months ended February 28, 2025, compared to a net loss of $395,635 for the three months ended February 29, 2024. In order to continue as a going concern, the Company is planning to secure its financial capital in various ways. It will finance its operations initially through shareholder loans from the principals and through private placement investment offerings. The Company may decide to finance its project development stage by way of an equity offering by issuing shares or by engaging venture capital firms that invest in early-stage companies. Venture capital firms do more than just supply money to small new opportunities. They can also provide advice on potential products, customers, and key employees. The company will also look to develop a relationship with a bank or banks with the intention of demonstrating a track record of progress and building value and securing some form of financing in the future. Once Astra Energy Inc. has a record of at least earning significant revenues, and better still of earning profits, the firm can make a credible promise to pay interest, and so it becomes possible for the firm to borrow money. Firms have two main methods of borrowing: banks and bonds. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc2nnzh3 About Astra Energy Astra Energy is an integrated solutions provider investing in and developing clean and renewable energy projects in markets where demand is high, supply is limited and there is an opportunity to address other imminent market needs. As of February 28, 2025, the Company had $12,270,959 in total assets, $12,979,273 in total liabilities, and a total stockholders' deficit of $708,314. AZUL SA: Considers Chapter 11 Bankruptcy Filing ----------------------------------------------- Kevin Kingsbury of Bloomberg Law reports that Azul is weighing options such as a potential Chapter 11 bankruptcy filing as the financially challenged Brazilian airline seeks to raise additional capital and restructure its debt. Despite the ongoing balance sheet discussions, the company affirmed its commitment to serving customers and partners, with no plans to halt operations, according to Bloomberg Law. The decline of the Brazilian real has significantly raised costs for Azul, particularly for fuel and aircraft leases priced in U.S. dollars, the report states. About Azul S.A. Headquartered in Barueri near the City of Sao Paulo, Brazil, Azul S.A. is a Brazilian airline founded by David Neeleman in 2008. The company is the largest airline in Brazil by number of cities covered and departures, serving more than 160 destinations with an operating fleet of 168 aircraft and operating more than 900 flights daily. In the twelve months ended in June 2024, Azul generated BRL18.7 billion ($3.4 billion) in net revenue. As reported in the Troubled Company Reporter-Latin America in late March 2025, Moody's Ratings has affirmed Azul S.A.'s Caa2 corporate family rating. At the same time, Moody's downgraded to Caa3 from Caa1 the rating of the backed senior secured first lien notes due 2028 and to Caa3 from Caa2 rating of the backed senior secured notes of Azul Secured Finance LLP (Delaware) due 2029 and 2030. The Caa3 backed senior unsecured notes rating of Azul Investments LLP was affirmed. Moody's have also assigned a Caa1 rating to Azul Secured Finance LLP's backed super priority senior secured notes due 2030 and the exchanged backed first-lien senior secured notes due 2028, and a Caa3 rating to the exchanged backed senior secured notes due 2029 and 2030 that will be converted into a convertible instrument issued by Azul Secured Finance LLP (Delaware). The outlook for the issuers remain negative. On Feb. 3, 2025, Fitch Ratings upgraded Azul's Issuer Default Ratings to 'CCC' from 'RD' to reflect its post-restructuring risk profile. The Positive Outlook reflects expectations of Azul's credit profile strengthening in the short to medium term due to cash flow improvements and potential liquidity events from its restructuring plan. High leverage, limited financial flexibility and industry risks remain rating constraints. On Jan. 31, 2025, S&P Global Ratings raised its long-term issuer credit rating on Azul to 'CCC+' from 'SD' (selective default) and its national scale rating to 'brBB+' from 'SD'. S&P also affirmed its 'CCC-' issue rating on Azul's 2026 senior unsecured notes, for which the recovery rating remains '6', indicating S&P's expectation of minimal recovery (0%) in the event of a payment default. S&P said, "The positive outlook reflects our expectation that capacity growth and a strong yield environment will support sound EBITDA margins, reduce leverage below 5.0x, and improve funds from operations (FFO) to debt close to or above 10% by year-end 2025." AZZUR GROUP: Creditors Claim Ch. 11 Plan Eliminates Claims ---------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that unsecured creditors in Azzur Group's Chapter 11 case are urging a Delaware bankruptcy judge to deny the proposed plan, claiming it unjustifiably offers sweeping releases from potential fraud or gross negligence, ultimately reducing their potential recoveries. About Azzur Group Holdings Azzur Group Holdings, a Pennsylvania-based professional services company operates across multiple locations including Boston, Chicago, San Diego, and San Francisco, providing specialized life sciences services including consulting, laboratory testing, cleanrooms-on-demand, and technical training services. Azzur Group Holdings and more than 30 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In their petitions, the Debtors reported estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Karen B. Owens handles the cases. DLA Piper LLP represents the Debtors as general bankruptcy counsel. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as investment banker, and Stretto Inc. acts as claims and noticing agent. BEN FACKLER: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Ben Fackler Construction, Inc. d/b/a Fackler Construction Company f/d/b/a Pro Handyman Service 1394 NE Alpha Drive McMinnville, OR 97128 Business Description: Fackler Construction Company provides commercial and residential construction services in the Portland, Oregon metro area, including McMinnville and nearby communities. The Company offers a range of services from remodeling to custom design -build projects. Founded and led by Ben Fackler for over 25 years, the business operates as a family-run enterprise. Chapter 11 Petition Date: May 15, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-31621 Judge: Hon. Peter C Mckittrick Debtor's Counsel: Keith Y. Boyd, Esq. KEITH Y. BOYD, P.C. 724 S. Central Ave Ste 106 Medford, OR 97501 Tel: 541-973-2422 Fax: 541-973-2426 E-mail: keith@boydlegal.net Total Assets: $641,841 Total Liabilities: $5,832,743 Stephen B. Fackler, in his role as president, signed the petition. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U5AGCKA/Ben_Fackler_Construction_Inc__orbke-25-31621__0001.0.pdf?mcid=tGE4TAMA BKS CAMBRIA: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On May 12, 2025, BKS Cambria LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About BKS Cambria LLC BKS Cambria LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B). BKS Cambria LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10631) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtors are represented by Wiley Ramey, Esq. CALVIN 1 LLC: Section 341(a) Meeting of Creditors on June 9 ----------------------------------------------------------- On May 12, 2025, Calvin 1 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 9, 2025 at 10:00 AM via By Telephone. About Calvin 1 LLC Calvin 1 LLC operates in the restaurant and food services industry. Calvin 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-44852) on May 12, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark A. Randon handles the case. The Debtors are represented by Alexander J. Berry-Santoro, Esq. at MAXWELL DUNN PLC. CANNABITION LLC: Hires Carlyon Cica Chtd. as Bankruptcy Counsel --------------------------------------------------------------- Cannabition, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Carlyon Cica Chtd. as bankruptcy counsel to handle its Chapter 11 case. Candace Carlyon, Esq., the primary attorney in this representation, will be paid at her hourly rate of $850, plus expenses. The firm received a pre-bankruptcy retainer in the amount of $100,000 from the Debtor. Ms. Carlyon disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Candace C. Carlyon, Esq. Carlyon Cica Chtd. 265 E. Warm Springs Road, Suite 107 Las Vegas, NV 89119 Tel: (702) 685-4444 Email: ccarlyon@carlyoncica.com About Cannabition, LLC Cannabition LLC is an immersive cannabis museum located at 2548 W Desert Inn Rd, Suite 100, Las Vegas, NV 89109. The venue offers interactive exhibits and vibrant installations that explore cannabis culture. Cannabition is designed by Emmy Award-winning creative director David Korins and is part of the Planet 13 Entertainment Complex. Cannabition LLC in Las Vegas, NV, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 25-12424) on April 29, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Andrew Laub as manager, signed the petition. CARLYON CICA CHTDA. serve as the Debtor's legal counsel. CAPELLA HOSPITALITY: Unsecureds to be Paid in Full over 60 Months ----------------------------------------------------------------- Capella Hospitality, LLC, and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated May 1, 2025. The Debtor owns and operates a 100-room hotel located at 2565 Wesley Chapel Road Decatur, Georgia 30035 and 4209 Snapfinger Road Decatur, Georgia 30035 (the "Property"), where it offers affordable hotel accommodations. The Debtor purchased the Property in July 2022. The purchase of the Property was financed by Georgia's Own Credit Union ("Georgia's Own"). The Debtor is owned by Edward Fernandez and Muradali Umani, each of whom had a 50% interest in the Debtor as of the Petition Date. The Debtor fell behind on debt service payments to Georgia's Own, as did Decatur, Haven, and Hospitality. Georgia's Own scheduled the Property for foreclosure, causing the Debtor to seek relief under chapter 11 to preserve the equity in the Property and reorganize its debts. The Debtor filed the instant case on September 30, 2025 (the "Petition Date"). Decatur, Haven and Hospitality also each filed their own Chapter 11 cases on the Petition Date. The cases are jointly administered for procedural purposes only. Each debtor is filing its own chapter 11 plan. Class 6 consists of all general unsecured claims against the Debtor. Holders of Class 6 claims shall be in full over 60 months, via quarterly payments beginning on the first business day of the first full quarter following the Effective Date and continuing by the 1st business day of each subsequent quarter for a total of 20 quarterly payments until paid in full. The allowed unsecured claims total $20,199.82. Class 6 is Impaired. Class 7 consists of Equity Security Holders of Debtor. The Reorganized Debtor shall not make any distributions or pay any dividends related to any Equity Interests unless and until all distributions related to all Allowed Claims in Classes 1 through 6 have been made in full as set forth herein. Holders of Equity Interests in the Debtor will retain those interests. The source of funds for payments pursuant to the Plan will be the profits of the Reorganized Debtor's business operations. Any shortfalls shall be supplemented by the Debtor's principals. The Plan provides that Debtor shall act as the Disbursing Agent to make payments under the Plan unless Debtor appoints some other entity to do so. Debtor may maintain bank accounts under the confirmed Plan in the ordinary course of business. Debtor may also pay ordinary and necessary expenses of administration of the Plan in due course. A full-text copy of the Disclosure Statement dated May 1, 2025 is available at https://urlcurt.com/u?l=FGH8p7 from PacerMonitor.com at no charge. About Capella Hospitality Capella Hospitality, LLC, operates hotels and motels in Alpharetta, Ga. Capella Hospitality and its affiliates, 1st Place Decatur Hospitality, LLC, 1st Haven Apartments, LLC and 1st Place Hospitality, LLC, filed Chapter 11 petitions (Bankr. N.D. Ga. Lead Case No. 24-21224) on Sept. 30, 2024. At the time of the filing, Capella Hospitality reported $1 million to $10 million in both assets and liabilities. Judge James R. Sacca oversees the cases. The Debtors are represented by: William A. Rountree, Esq. Rountree Leitman Klein & Geer, LLC 2987 Clairmont Road Suite 350 Atlanta, GA 30329 Tel: 404-584-1238 Email: wrountree@rlkglaw.com CARGO LIFTS: Hires Anderson Accounting Inc. as Accountant --------------------------------------------------------- Cargo Lifts of North Florida, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Anderson Accounting, Inc. as accountant. The firm will provide a variety of accounting services to the Debtor, including advisory and tax planning and preparation. The firm will be paid at $1,500 to prepare the Debtor's 2023 and 2024 federal income tax return. Ralph Anderson, a partner at Anderson Accounting, Inc., 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: Ralph Anderson Anderson Accounting, Inc. 477 N Fletcher Ave., Unit A Mayo, FL 32066 About Cargo Lifts of North Florida, LLC Cargo Lifts of North Florida, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-10036) on February 10, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Karen K. Specie oversees the case. The Debtor is represented by: Elena Paras Ketchum, Esq. Stichter, Riedel, Blain & Postler, P.A. Tel: (813) 229-0144 Email: eketchum.ecf@srbp.com CARTOPIA II: Seeks Chapter 11 Bankruptcy in Arkansas ---------------------------------------------------- On May 9, 2025, Cartopia II LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Arkansas. 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 Cartopia II LLC Cartopia II LLC is an automotive equipment rental and leasing company based in Rogers, Arkansas. Cartopia II LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark.Case No. 25-70802) on May 9, 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 Bianca M. Rucker handles the case. The Debtors are represented by Stanley V. Bond, Esq. at BOND LAW OFFICE. CBPW CORPORATION: Section 341(a) Meeting of Creditors on June 16 ---------------------------------------------------------------- On May 11, 2025, CBPW Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 16, 2025 at 10:00 AM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 877-801-2055. Passcode: 8940738#. About CBPW Corporation CBPW Corporation leases real estate properties to tenants. CBPW Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02808) on May 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Jonathan M. Sykes, Esq. at NARDELLA & NARDELLA, PLLC. CHG US HOLDINGS: May 20 Deadline Set for Panel Questionnaires ------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of CHG US Holdings LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2u4n7dk5 and return by email it to Jon Lipshie, Esq. - Jon.Lipshie@usdoj.gov - at the Office of the United States Trustee so that it is received no later than Tuesday, May 20, 2025 at 4:00 p.m. Eastern Time. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10851) on May 12, 2025. In its petition, the Lead Debtor reported estimated assets of $50,000 to $100,000, and estimated liabilities of $10 million to $50 million. The Honorable Bankruptcy Judge Mary F. Walrath handles the cases. The Debtors are represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CIMG INC: Xiaocheng Hao Named COO; Acquires Xilin, Shanghai Huomao ------------------------------------------------------------------ CIMG Inc. announced the appointment of Mr. Xiaocheng Hao as Chief Operating Officer. The appointment of Mr. Hao is intended to strengthen the Company's leadership team and drive business growth. Mr. Hao previously served as Chief Executive Officer of Shanghai Huomao Cultural Development Co., Ltd prior to the acquisition by the Company and will continue in that role while also serving as Chief Operating Officer of CIMG. Mr. Hao is 46 years old and holds a bachelor's degree in business administration from Central South University of Finance and Economics and a master's degree of business administration from Xi'an Jiaotong University in China. He has held sales and management positions in multiple listed companies, with over 20 years of experience in sales and management. The Company and Mr. Hao entered into an employment agreement on April 30, 2025, in connection with Mr. Hao's appointment as the COO. Pursuant to the Employment Agreement, Mr. Hao is eligible for the following compensation: (i) an annual base salary of $40,000, which shall be paid in accordance with the regular payroll practices of Shanghai Huomao; (ii) cash bonus with the approval of the Board, paid in accordance with the regular payroll practices of Shanghai Huomao; and (iii) participation in a share incentive plan (if any) pursuant to the terms and conditions thereof as determined by the Board, governed by a separate award agreement to be entered into by and between the Company and Mr. Hao. Neither Mr. Hao, nor his immediate family members (within the meaning of Item 404 of Regulation S-K), had or will have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Hao was nominated as the Chief Operating Officer pursuant to the Business Cooperation Intent Agreement relating to the acquisition of Shanghai Huomao. There are no family relationships between any director or executive officer of the Company and Mr. Hao. Acquisitions: Additionally, the Company announced the completion of its acquisitions of Shanghai Huomao Cultural Development Co., Ltd and Xilin Online (Beijing) E-commerce Co., Ltd. CIMG's wholly-owned subsidiary in China, Zhongyan Shangyue Technology Co., Ltd., has completed the acquisition of Huomao, along with the necessary business registration updates on April 22, 2025. Zhongyan Shangyue Technology Co., Ltd. also has completed the acquisition of Xilin Online (Beijing) E-commerce Co., Ltd, along with the necessary business registration updates on March 31, 2025. Comments: Mr. Xiaocheng Hao, Chief Operating Officer of CIMG and Chief Executive Officer of Shanghai Huomao, said, "I'm excited to join CIMG, a global perspective company and extensive experience in brand operations and digital product marketing. I look forward to working with the company team to develop the Huomao brand, promote business growth, and improve the company's performance." Ms. Jianshang Wang, Chief Executive Officer and Chairman of the Board of Directors of CIMG, remarked: "We are pleased to welcome Mr. Xiaocheng Hao to the Company. With his extensive experience in sales and operations, we are confident that his joining will drive significant growth in CIMG's sales business." About CIMG Inc. Headquartered in Vista, California, CIMG Inc. (formerly Nuzee, Inc.) is a digital marketing, sales and distribution company for various consumer products with focuses on food and beverages. Dedicated to reshaping the digital marketing and distribution with technological applications, the Company endeavors to create greater commercial value for its business partners and therefore enhance its own enterprise value and shareholders' value of their stake in the Company. The Company has a professional brand and marketing management system, which can quickly help partnering enterprises achieve the connection, management, and operation of marketing channels domestically and globally. The Company has had limited revenues, recurring losses and an accumulated deficit. These items raise substantial doubt as to the Company's ability to continue as a going concern, according to the Company's Quarterly Report for the period ended June 30, 2024. The Company has not yet filed its Form 10-K for the fiscal year ended Sept. 30, 2023. CINEMARK HOLDINGS: Swings to $38.6 Million Net Loss in Q1 FY25 -------------------------------------------------------------- Cinemark Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $38.6 million for the three months ended March 31, 2025, compared with net income of $25.3 million for the three months ended March 31, 2024. Cinemark's total revenue for the three months ended March 31, 2025 decreased 6.6% to $540.7 million compared with $579.2 million for the three months ended March 31, 2024. As of March 31, 2025, the Company had $4.7 billion in total assets, $4.3 billion in total liabilities, and total stockholders' equity of $357.6 million. Management Commentary: "Cinemark once again delivered outsized box office results in the first quarter, surpassing industry benchmarks both domestically and internationally, despite a suppressed box office environment that was impacted by lingering effects of the 2023 Hollywood strikes," stated Sean Gamble, Cinemark's President and CEO. "We continue to expect a favorable rebound in our industry's recovery trajectory this year, and the second quarter is already pacing well ahead of 2024's box office results, showcasing the strong, sustained enthusiasm consumers have for experiencing a diverse range of compelling, well-marketed films in theaters." Mr. Gamble continued, "As we look ahead, we remain highly encouraged about the future direction of our industry and company based on resilient consumer trends, a continued resurgence of wide release volume, Cinemark's advantaged financial and competitive positions, and meaningful opportunities we have to generate incremental value creation through our ongoing strategic initiatives. Considering the health of our company and our positive outlook, we paid our first dividend since the pandemic during the quarter and executed $200 million of share repurchases. This marks our first-ever stock buyback program and has put us out in front of managing potential dilution related to our upcoming convertible notes settlement." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mrm679pk About Cinemark Holdings Inc. Headquartered in Plano, Texas, Cinemark Holdings, Inc. operates as a movie theater. * * * Egan-Jones Ratings Company on November 11, 2024, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Cinemark Holdings, Inc. to CCC+ from CCC. CLEMENTS ELECTRIC: Court OKs Non-Cash Property Sale to UTS ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has granted Clements Electric Texas, LLC, to sell Assets, free and clear of liens, claims, and encumbrances. The Court authorized the Debtor to sell non-cash personal property assets, which are primarily located at 4409 Chapparal Court, Alvarado, Texas 76009 to UTS, LLC in the purchase price of $250,000.00. A description of the Property to be sold is as follows: (a) Tangible Assets: All machinery, equipment, furniture, fixtures, vehicles, tools, and inventory located at 4409 Chaparral Ct, Alvarado, Texas, and used in connection with the operation of the Debtor’s business; (b) Intellectual Property: All intellectual property owned by the Debtor, including trademarks, trade names, copyrights, logos, trade secrets, and the goodwill associated therewith; (c) Customer Contracts: All assignable contracts and agreements with customers, vendors, or suppliers, as further identified in Schedule A; (d) Records: All operational records, customer and vendor lists, marketing materials, and files related to the Purchased Assets; and (e) Other Assets: Any additional assets of the Debtor specifically identified in Schedule A of the Agreement. The Court has determined that the consideration offered by the Buyer constitutes full and adequate consideration and reasonably equivalent value for the Property. The Debtor may sell the Property free and clear of any liens, claims, encumbrances and other interests. All claims in or against the Property shall attach to the net proceeds arising from the sale of the Property to the Buyer, if any, with the same force, validity, effect, priority and enforceability as such claims had prior to such sale. The Court further held that any and all parties asserting liens or encumbrances against the Properties, other than Ally Bank will to the extent necessary, execute contemporaneously with closing on the Contract. About Clements Electric Texas LLC Clements Electric Texas, LLC offers full-service electrical services for homes and businesses in the D/FW area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33418) on October 30, 2024, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Michelle V. Larson presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as bankruptcy counsel. CONNEXA SPORTS: Registers 1.5M Shares Under 2020 Incentive Plan --------------------------------------------------------------- Connexa Sports Technologies Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering 1,500,000 shares of common stock of the Company that may be issued to participants under its Slinger Bag Inc. Global Share Incentive Plan (2020), as amended. The shares being registered do not include 37,500 shares that have previously been issued pursuant to the Plan. A full-text copy of the Registration Statement is available at https://tinyurl.com/yk86y6zb About Connexa Sports Headquartered in Windsor Mill, Maryland, Connexa Sports Technologies Inc. -- www.connexasports.com -- is a connected sports company delivering products, technologies and services across a range of activities in sports. Connexa's mission is to reinvent sports through technological innovation driven by an unwavering focus on today's sports consumer. Connexa reported $21,583,761 in total assets, $13,542,980 in total liabilities, and $8,040,781 in total stockholders' equity as of October 31, 2024. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's former auditor 2023, issued a "going concern" qualification in its report dated July 24, 2024, citing that the Company suffered an accumulated deficit of $(167,387,028), net loss of $(15,636,418), and decline in net sales. These matters raise substantial doubt about the Company's ability to continue as a going concern. On October 30, 2024, the Board of Directors and the audit committee of the Company approved the engagement of Bush & Associates CPA as the Company's independent registered public accounting firm for the fiscal year ended April 30, 2025, effective immediately, and dismissed Olayinka Oyebola & Co as the Company's independent registered public accounting firm. The reason for the dismissal of OOC and the engagement of B&A is that due to the charges brought by the U.S. Securities and Exchange Commission against OOC for allegedly aiding and abetting a securities fraud, the risk of continuing with OOC as the Company's auditor is no longer tolerable to the Company. COOPER-STANDARD: Swings to $1.6 Million Net Income in Q1 FY25 ------------------------------------------------------------- Cooper-Standard Holdings Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $1.6 million for the three months ended March 31, 2025, compared with a net loss of $31.3 million for the three months ended March 31, 2024. As of March 31, 2025, the Company had $1.8 billion in total assets, $1.9 billion in total liabilities, and total deficit of $122.3 million. "Our operating performance in the first quarter was outstanding," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "Our global team is successfully executing our strategy to deliver increasing value to all our stakeholders through improved operating efficiencies, driving innovation, and delivering world-class quality and service. Despite current market turbulence, we are confident that we can continue to improve our business and our results as we execute our plans and remain focused on the aspects of our business that are within our control." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2cpu757b About Cooper-Standard Cooper-Standard Holdings Inc. (www.cooperstandard.com), headquartered in Northville, Mich., with locations in 21 countries, is a global supplier of sealing and fluid handling systems and components. Utilizing the Company's materials science and manufacturing expertise, the Company creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. * * * S&P Global Ratings revised its outlook on U.S.-based Cooper-Standard Holdings Inc. to positive from negative and affirmed its 'CCC+' Company credit rating. S&P said, "At the same time we affirmed our 'CCC+' issue-level on the senior secured first-lien notes due in 2027; the recovery ratings are unchanged at '4' (30%-50%; rounded estimate: 45%). We affirmed our 'CCC-' issue-level rating on the senior secured third-lien notes due in 2027; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). We also affirmed our 'CCC-' issue-level rating on the company's senior unsecured notes; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). "The positive outlook reflects the potential that we could raise our ratings within the next 12 months if we anticipate the company to further improve its earnings and free cash flow generation even as we expect capex to increase in the longer term." COSMO HOTELS: Hires HBG Law PC as General Bankruptcy Counsel ------------------------------------------------------------ Cosmo Hotels Management, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ HBG Law, PC as General Bankruptcy Counsel. The firm's services include: a. advising the Debtor regarding its powers and duties under the Bankruptcy Code; b. preparing necessary legal documents and filings; c. representing the Debtor in Court proceedings; and d. assisting with formulation and confirmation of a plan of reorganization. The firm will be paid at these rates: Partner $575 per hour Associates $250 to $275 per hour Paralegals $190 per hour The firm was paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Harry B. Gill, Esq., a partner at HBG Law, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Harry B. Gill, Esq. HBG Law, PC 65 Enterprise, 4th Floor Aliso Viejo, CA 92656 Tel: (949) 867-2100 Fax: (949) 867-2114 About Cosmo Hotels Management, LLC Cosmo Hotels Management LLC holds full ownership of the property situated at 4570 West Elkhorn Blvd, Sacramento, CA 95835. Cosmo Hotels Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-21879 ) on April 21, 2025. In its petition, the Debtor reports estimated liabilities amounting to $31,843,396. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Harry Gill, Esq. at HBG LAW, PC. COX OPERATING: Ex-Execs Accused of Plundering Co. Into Bankruptcy ----------------------------------------------------------------- James Nani of Bloomberg Law reports that a bankruptcy trustee has filed a lawsuit against insiders of Cox Operating, including former chairman Brad Cox, accusing them of "looting" the company to finance extravagant lifestyles and contributing to its financial collapse. In an amended complaint submitted Wednesday, May 14, 2025, to the U.S. District Court for the Eastern District of Louisiana, trustee Michael D. Warner alleged that key officers, directors, and several associated trusts engaged in "gross mismanagement" and "pillaging" of the company "on a scale rarely seen in Chapter 11," according to report. About Cox Operating LLC Cox Operating LLC provides offshore drilling services. The Company extracts oil from wells from offshore Florida to Texas. On May 12, 2023, certain trade creditors filed an involuntary petition under chapter 7 of the Bankruptcy Code against debtor Cox Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning creditors -- Keystone Chemical, LLC, et al. -- are represented by the Slyvester Law Firm. Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas, LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14, 2023. The Debtors have sought joint administration of the cases under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324). The cases are overseen by Honorable Bankruptcy Judge Christopher M. Lopez. In its petition, Cox Operating estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped the law firms of Latham & Watkins LLP and Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Moelis & Company LLC, as investment banker. CREATIVEMASS ENTERPRISES: US Trustee Opposes Chapter 11 Liquidation ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office opposed the Chapter 11 plan proposed by Creativemass, a wealth management app developer undergoing a prepackaged liquidation, contending that it improperly locks in prepetition note conversions that would advantage an insider of the company. About Creativemass Holdings Creativemass, founded in June 2020 as a Delaware holding company, managed five subsidiaries across Australia, Japan, the UK, and the US. The group's operations were primarily driven by Creativemass Enterprises Pty Ltd., an Australian firm incorporated in 2017 and led by Michael Rouse, who also headed the parent company. Its core offering was WealthConnect, a subscription-based wealth management platform developed between 2017 and 2019, which anchored the group's broader push to deliver fintech solutions to the financial services sector. On April 14, 2025, Creativemass Holdings, Inc. and Creativemass Enterprises US LLC each filed a voluntary petition for relief under Chapter 11, Subchapter V of the United States Bankruptcy Code. The Debtors' cases are pending joint administration before the United States Bankruptcy Court for the District of Delaware before the Honorable Mary F. Walrath. Prior to the Petition Date, the Company commenced solicitation of votes on its proposed Chapter 11 Plan in accordance with Sections 1125(g) and 1126(b) of the Bankruptcy Code. The Debtors tapped Pashman Stein Walder Hayden, P.C., as bankruptcy counsel, and Novo Advisors, LLC, as financial advisor. Stretto is the claims agent. CTN HOLDINGS: Court Okays Chapter 11 Sale Timeline Extension ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that on Wednesday, May 14, 2025, sustainability-focused financial services firm Aspiration Partners received approval from a Delaware bankruptcy court for its Chapter 11 sale procedures, after reaching a revised agreement with unsecured creditors on the plan's terms. About CTN Holdings CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In the petition, the Debtors reported estimated assets of $50 million to $100 million and up to $50,000 and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors are represented by Whiteford, Taylor & Preston LLC. The Debtors' claims and noticing agent is Kurtzman Carson Consultants, LLC dba Verita Global. D2 GOVERNMENT: Hires Richard P. Cook PLLC as Special Counsel ------------------------------------------------------------ D2 Government Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Richard P. Cook, PLLC as special counsel. The Debtor needs the firm's legal assistance in connection to any and all claims the Debtor may have under the provisions of Chapter 5 of the Bankruptcy Code arising out of or relating to the obligations and transfers made by the Debtor to LSQ Funding Group, L.C. The firm will be paid on a contingency basis of 33.33 percent of the amount of any secured claim against the estate invalidated or otherwise released, and 33.33 percent of the amount gross proceeds of any recovery by the estate from the prosecution or compromise of any claims under Chapter 5 of the Bankruptcy Code. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard P. Cook, Esq., a partner at Richard P. Cook, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard P. Cook, Esq. Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28403 Telephone: (910) 399-3458 Email: Richard@CapeFearDebtRelief.com 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. DELSHA 60: Amends Motion to Sell NY Building to Record Store Life ----------------------------------------------------------------- Delshah 60 Ninth LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of New York, to amend motion to sell New York Building, free and clear of liens, interests, and encumbrances. The Debtor's Property is a single story 3007 square foot building located at 69 Gansevoort Street, New York, NY. The Debtors want to sell the Property to Record Store Life Management LLC. The Sale Approval Deadline is changed to June 26, 2025. The following conditions are added to the purchase agreement. "(a) (i) the lease for residential unit 2 at the Property and (ii) the lease for residential unit 4 at the Property, as such leases are described on Exhibit B to the PSA (Assigned Leases) are the only leases in effect at the Property and residential units 2 and 4 are the only occupied premises at the Property; (b) on the Closing Date, (i) the Debtor is deemed to assume the Assigned Leases pursuant to Section 365 of the Bankruptcy Code and (ii) the Debtor shall assign to Purchaser the Assigned Leases pursuant to Section 363 of the Bankruptcy Code, pursuant to an instrument of assignment in the form attached to the PSA as Exhibit C, free and clear of any outstanding obligation of Debtor to the tenants under the Assigned Leases; and (c) as of the Closing Date, no cure obligation is owed by the Debtor or Purchaser to the tenants under or with respect to such Assigned Leases." About Delshah 60 Ninth LLC Delshah 60 Ninth LLC is a real estate development company that specializes in commercial and residential properties. Delshah 60 Ninth sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.Y Case no. 25-10950 (PB)) on May 8, 2025. Judge Philip Bentley presides over the case. Mark A. Frankel of Backenroth Frankel & Krinsky, LLP represents as the legal counsel of the Debtor. DENISON LANDSCAPING: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------------------ On May 9, 2025, Denison Landscaping & Nursery Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. 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 Denison Landscaping & Nursery Inc. Denison Landscaping & Nursery Inc. is a family-owned landscaping company that offers residential and commercial landscape design, installation, and maintenance services. Based in Fort Washington, Maryland, the Company operates across the Mid-Atlantic region, including Maryland, Virginia, Washington D.C., Delaware, and Pennsylvania. Established in 1973, it also provides hardscaping, irrigation, outdoor lighting, and seasonal services. Denison Landscaping & Nursery Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-14193) on May 9, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Paul Sweeney, Esq. at YVS LAW, LLC. DIOCESE OF OAKLAND: Creditors Challenge Request to Halt Legal Fees ------------------------------------------------------------------ Randi Love of Bloomberg Law reports that a California Catholic diocese's effort to postpone further legal fee payments until the end of its bankruptcy case has sparked opposition from junior creditors, who questioned the church's claims of financial distress and highlighted a near doubling of its liquidity in late 2024. The Roman Catholic Bishop of Oakland is attempting to "control the purse strings and, in turn, gain a litigation advantage by forcing" the official committee of unsecured creditors' legal and financial advisers to "fund the bankruptcy," the committee stated in a May 14, 2025, objection filed in the U.S. Bankruptcy Court for the Northern District of California. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DLG TRANSPORTATION: Richardo Kilpatrick Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. as Subchapter V trustee for DLG Transportation, LLC. Mr. Kilpatrick will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kilpatrick declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richardo I. Kilpatrick, Esq. Kilpatrick & Associates, P.C. 903 N. Opdyke Rd., Ste. C. Auburn Hills, MI 48326 Phone: (248) 377-0700 Fax: (248) 377-0800 Email: rkilpatrick@kaalaw.com About DLG Transportation DLG Transportation, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43654) on April 10, 2025, listing up to $50,000 in both assets and liabilities. Judge Lisa S. Gretchko presides over the case. Tami R. Salzbrenner, Esq., represents the Debtor as legal counsel. DOVETAIL DEVELOPMENT: To Sell Antwerp Property to B. McAlexander ---------------------------------------------------------------- Dovetail Development Ltd. seeks permission from the U.S. Bankruptcy Court For the Northern District of Ohio, Western Division, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor owns numerous parcels of real property, including real property with the address of 403 W. River St., Antwerp, Ohio. Pursuant to the Van Wert County Auditor, the value of the Property is $35,900.00 and is unencumbered. The Debtor receives an offer from Brenda McAlexander to purchase the Property for $53,500.00. The terms of the purchase agreement are: (a) Buyer has placed a deposit of $500.00, to be applied toward the Purchase Price; (b) The Purchase Agreement is not contingent upon anything. (c) Seller is paying $2,500.00 towards the closing costs. The Debtor believes that the sale of the Property will reduce the Debtor's indebtedness to its creditors and will completely satisfy all outstanding real estate taxes against the Property. About Dovetail Development Ltd. Dovetail Development Ltd. is a limited liability company formed in 1999. Dovetail Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-30828) on May 1, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge John P. Gustafson presides over the case. Steven L. Diller, Esq., at Diller and Rice, LLC, is the Debtor's legal counsel. DOVETAIL DEVELOPMENT: To Sell Ohio Property to J. Thompson for $59K ------------------------------------------------------------------- Dovetail Development Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Western Division, to sell Property in a private sale, free and clear of liens, interests, and encumbrances. The Debtor owns numerous parcels of real property, including real property with the address of 505 Koch Street, Ohio City, Ohio 45874. Pursuant to the Van Wert County Auditor, the value of the Property is $31,480.00 and is unencumbered. The Debtor receives an offer from John and Sharla Thompson to purchase the Property for $59,000.00. Other salient terms under the Purchase Agreement are: (a) Buyer has placed a deposit of $500.00, to be applied toward the Purchase Price; (b) The Purchase Agreement was contingent upon the Buyer receiving Welcome Home Funds and all other contingencies have been resolved and the matter can close immediately and as a result the Debtor is filing this Motion to Sell. (c) Seller is paying the closing costs. The proceeds of the sale of the Property be distributed to: (1) reasonable and necessary costs and fees to complete and effectuate a sale of the Property; (2) Any real estate taxes and pro-rated non-delinquent real estate taxes; (3) The commission to Straley Realty of 5%; and (4) Net proceeds to Debtor The Debtor asserts that the sale of the Property will reduce the Debtor's indebtedness to its creditors a and is furtherance of the terms of the Amended Plan. About Dovetail Development Ltd. Dovetail Development Ltd. is a limited liability company formed in 1999. Dovetail Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-30828) on May 1, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge John P. Gustafson presides over the case. Steven L. Diller, Esq., at Diller and Rice, LLC, is the Debtor's legal counsel. DR. JOHN C. DRAGON: Hires Zemanian Law Group as Legal Counsel ------------------------------------------------------------- Paul Beran, the Trustee for Dr. John C. Dragon, O.D. & Associates, PLC d/b/a Southern Eyecare Associates Optometrists seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Hires Zemanian Law Group as counsel. The firm will provide these services: a. prepare the petition, lists, schedules and statements required by 11 U.S.C. Section 521; the pleadings, motions, notices and orders required for the orderly administration of the estate; and to ensure the progress of its case; and to consult with and advise the Debtor on the reorganization of its financial affairs and, as necessary, the orderly sale of part or all of its assets outside of the ordinary course of business; b. prepare for, prosecute, defend, and represent the Debtor's interests in all contested matters, adversary proceedings, and other motions and applications arising under, arising in, or related to its case; c. advise and consult concerning administration of the estate in this case, concerning the rights and remedies with regard to the Debtor's assets; concerning the claims of administrative, secured, priority, and unsecured creditors and other parties in interest; d. investigate the existence of other assets of the estate; and, if any exist, to take appropriate action to have such assets turned over to the estate; e. analyze, review, and advise on the impact of pending litigation brought against, or brought on behalf of the debtor pending in jurisdictions outside the Eastern District of Virginia; f. interact with other professionals engaged by the Debtor to provide services incident to the administration of the estate, preparation of a plan of reorganization, and prosecution of causes of actions; g. prepare and file applications for approval by the Court of engagement of other professionals to be employed by the Debtor; h. prepare a Plan of Reorganization for the Debtor, and negotiate with all creditors and parties in interest who may be affected thereby; to obtain confirmation of a Plan, and perform all acts reasonably calculated to permit the Debtor to perform such acts and consummate a Plan; The firm will be paid at these rates: Counsel $350 per hour Paralegal $110 per hour The firm will be paid a retainer in the amount of $12,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul A. Driscoll, Esq. a partner at Zemanian Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul A. Driscoll, Esq. Zemanian Law Group 223 East City Hall Avenue, Suite 201 Norfolk, VA 23510 Tel: (757) 622-0090 E-mail: paul@zemanianlaw.com About Dr. John C. Dragon, O.D. & Associates, PLC d/b/a Southern Eyecare Associates Optometrists Dr. John C. Dragon, OD & Associates, PLC offers a range of optometric services, including routine eye exams, contact lens fittings, treatment for dry eyes, emergency care, and co-management of LASIK and cataract surgeries. The practice also provides designer eyeglasses and prescription sunglasses. Dr. John C. Dragon conducts business under the name Southern Eyecare Associates and is located in Norfolk, Va. Dr. John C. Dragon sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-70854) on April 2, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. The Debtor is represented by Paul Driscoll, Esq., at Zemanian Law Group. EAGLE THEATER: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------ On May 11, 2025, Eagle Theater Operating 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 Eagle Theater Operating LLC Eagle Theater Operating LLC operates a movie theater in Robinson, Illinois. The Company provides cinema services, including movie screenings and concessions. Eagle Theater Operating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60076) 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 GOLDENBERG HELLER & ANTOGNOLI, P.C. ECS BRANDS: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of Colorado issued a final order approving ECS Brands, Ltd.'s use of cash collateral. The final order authorized ECS Brands to use cash collateral through Dec. 31 in accordance with its budget. Secured creditors, including the U.S. Small Business Administration, Fundamental Capital, LLC and Colorado Department of Revenue were granted replacement liens on ECS Brands' post-petition assets and income. All replacement liens will hold the same relative priority to assets as did the pre-bankruptcy liens. As additional protection to secured creditors, ECS Brands was ordered to keep the secured creditors' collateral insured. About ECS Brands Ltd. ECS Brands, Ltd. is a privately held company specializing in hemp-derived products. Founded in 2018, ECS Brands focuses on manufacturing and supplying bulk hemp extracts, white-label products, and innovative formulations such as water-soluble nano emulsions. ECS Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-12101) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Thomas B. Mcnamara handles the case. Jenny M.F. Fujii, Esq., at Kutner Brinen Dickey Riley, P.C. is the Debtor's legal counsel. Fundamental Capital LLC, as secured creditor, is represented by: Alan C. Hochheiser, Esq. Maurice Wutscher, LLP 23611 Chagrin Blvd. Suite 207 Beachwood, OH 44122 Telephone: 216-220-1129 ahochheiser@mauricewutscher.com ELETSON HOLDING: Ex-Board Members Face Chapter 11 Fees Fight ------------------------------------------------------------ Rick Archer of Law360 reports that on Thursday, May 15, 2025, a New York bankruptcy judge allowed international shipping group Eletson Holdings to recover legal fees related to its prolonged dispute with former board members and said he would consider imposing further sanctions on parties the company alleges are obstructing its Chapter 11 plan. 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. ENVISION CIVIL: Seeks to Hire Michael T. Bowers as Accountant ------------------------------------------------------------- Envision Civil, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Michael T. Bowers as accountant. The firm will assist the Debtor with accounting matters related to the pending case. The firm will be paid at these rates: Partner $300 per hour Bookkeeper $85 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bowers disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael T. Bowers 219 Wilmot Dr. Gastonia, NC 28054 Tel: (704) 867-2394 About Envision Civil Envision Civil LLC is a contractor specializing in site development services for a wide range of heavy civil and development projects. With offices in Charlotte and Raleigh, the Company offers a comprehensive solution for project owners, managing every aspect from initial site preparation to heavy site work, including grading, underground utilities, drainage, and the construction of roads and parking lots. Envision also boasts a fleet of specialized equipment and a team of experienced professionals, ensuring reliable execution of both commercial and residential projects. Envision Civil LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40067) on March 24, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtor is represented by John C. Woodman, Esq. at Essex Richards PA. EVERYTHING CREATIVE: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On May 12, 2025, Everything Creative Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filing, the Debtor reports $1,920,514 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Everything Creative Inc. Everything Creative Inc. operates under the brand Everything Creative Designs, a luxury home staging and design firm based in Southern California. Founded in 2006, the Company specializes in residential staging, interior design, Airbnb design and furnishing, and luxury furniture rental. ECD has served the real estate community for over 17 years, helping clients sell over $1.3 billion in luxury real estate. The firm operates in San Diego, Los Angeles, and Orange County in California, as well as Park City, Utah, and offers services ranging from home staging consultations to complete home transformations in a matter of weeks. Everything Creative Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01937) on May 12, 2025. In its petition, the Debtor reports total assets of $611,731 and total liabilities of $1,920,514. The Debtors are represented by Gustavo E. Bravo, Esq. at BRAVO LAW APC. EYENOVIA INC: CBIZ CPAs Replaces Marcum as Independent Auditor -------------------------------------------------------------- Eyenovia, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that CBIZ CPAs P.C. acquired the attest business of Marcum LLP, effective November 1, 2024. As a result of this transaction, on May 2, 2025, Marcum resigned as the independent registered public accounting firm of the Company and, with the approval of the Audit Committee of the Company's Board of Directors, CBIZ CPAs was engaged as the Company's independent registered public accounting firm for the year ending December 31, 2025. The audit reports of Marcum on the Company's consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the report for the fiscal years ended December 31, 2024 and 2023 included an explanatory paragraph relating to substantial doubt about the Company's ability to continue as a going concern. During the fiscal years ended December 31, 2024 and 2023 and the subsequent interim period through May 2, 2025, there were: (i) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with Marcum on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Marcum would have caused them to make reference thereto in connection with their reports on the financial statements for such years and (ii) no reportable events (as described in Item 304(a)(1)(v) of Regulation S-K) other than the two material weaknesses that existed as of December 31, 2024 disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as amended, which the Company is taking steps to remediate. During the fiscal years ended December 31, 2024 and 2023, and through May 2, 2025, neither the Company nor anyone on its behalf consulted with CBIZ CPAs regarding either: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that CBIZ CPAs concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or any reportable event (as described in Item 304(a)(1)(v) of Regulation S-K). About Eyenovia New York, N.Y.-based Eyenovia, Inc. is an ophthalmic technology company commercializing Mydcombi (tropicamide and phenylephrine HCL ophthalmic spray) for inducing mydriasis for routine diagnostic procedures and in conditions where short-term pupil dilation is desired, preparing for the commercialization of clobetasol propionate ophthalmic suspension 0.05% ("clobetasol propionate"), for the treatment of post-operative inflammation and pain following ocular surgery, and developing the Optejet delivery system both for use in combination with its own drug-device therapeutic programs and for out-licensing for use in combination with therapeutics for additional indications. The Company's aim is to improve the delivery of topical ophthalmic medication through the ergonomic design of the Optejet, which facilitates ease-of-use and delivery of a more physiologically appropriate medication volume, with the goal to reduce side effects and improve tolerability and introduce digital health technology to improve therapy compliance and ultimately medical outcomes. New York, N.Y.-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $3.7 million in total assets, $16.8 million in total liabilities, and a total stockholders' deficit of $13.1 million. EYENOVIA INC: Receives Nasdaq Notice for Equity Rule Non-Compliance ------------------------------------------------------------------- Eyenovia, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a notice from the staff of the Nasdaq Stock Market LLC stating that the Company's stockholders' equity as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 was below the minimum $2,500,000 required for continued listing under Listing Rule 5550(b)(1). The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market, which continues to trade under the symbol "EYEN". In accordance with the Nasdaq Listing Rules, the Company has 45 calendar days, or until June 13, 2025, to submit a plan to regain compliance with the Minimum Equity Requirement. The Company intends to submit a plan to regain compliance with the Nasdaq Listing Rules. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from April 29, 2025, for the Company to regain compliance, or until October 26, 2025. If the Staff does not accept the Company's plan, it will have the opportunity to appeal that decision to a Hearings Panel. About Eyenovia New York, N.Y.-based Eyenovia, Inc. is an ophthalmic technology company commercializing Mydcombi (tropicamide and phenylephrine HCL ophthalmic spray) for inducing mydriasis for routine diagnostic procedures and in conditions where short-term pupil dilation is desired, preparing for the commercialization of clobetasol propionate ophthalmic suspension 0.05% ("clobetasol propionate"), for the treatment of post-operative inflammation and pain following ocular surgery, and developing the Optejet delivery system both for use in combination with its own drug-device therapeutic programs and for out-licensing for use in combination with therapeutics for additional indications. The Company's aim is to improve the delivery of topical ophthalmic medication through the ergonomic design of the Optejet, which facilitates ease-of-use and delivery of a more physiologically appropriate medication volume, with the goal to reduce side effects and improve tolerability and introduce digital health technology to improve therapy compliance and ultimately medical outcomes. New York, N.Y.-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $3.7 million in total assets, $16.8 million in total liabilities, and a total stockholders' deficit of $13.1 million. FLAGSHIP RESORT: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On May 10, 2025, Flagship Resort Development Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Flagship Resort Development Corporation Flagship Resort Development Corporation, a privately held hospitality and resort development company based in New Jersey, specializes in timeshare vacation ownership in the Atlantic City region. It operates 774 living units across three properties -- Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort -- offering a mix of deeded timeshare interests, club memberships, and exchange-based travel benefits. The company is a wholly owned subsidiary of FantaSea Resorts Group, Inc. Flagship Resort Development Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15047) on May 10, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtors are represented by Warren J. Martin Jr., Esq. at PORZIO, BROMBERG & NEWMAN, P.C. The Debtor's Notice, Claims, Solicitation, Balloting & Administrative Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. FRONTIERSMEN INC: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Frontiersmen, Inc. d/b/a Funk's Frontiersmen 310 N. 3rd Street Kentland IN 47951 Business Description: Frontiersmen, Inc., doing business as Funk's Frontiersmen, is a seed company based in Kentland, Indiana. Founded in 1979, the family-owned business provides hybrid corn and soybean varieties tailored for local agricultural needs. Chapter 11 Petition Date: May 13, 2025 Court: United States Bankruptcy Court Northern District of Indiana Case No.: 25-40144 Debtor's Counsel: Jeffrey Hester, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis IN 46204 Tel: 317-833-3030 E-mail: jhester@hbkfirm.com Total Assets: $296,040 Total Liabilities: $6,972,465 W. Richard Funk signed the petition as owner/president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UDVHY4Q/Frontiersmen_Inc__innbke-25-40144__0001.0.pdf?mcid=tGE4TAMA GARRISON INDUSTRIAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Garrison Industrial Services Inc. 130 N Ryan St Lake Charles, LA 70601 Business Description: Garrison Industrial Services Inc. provides electrical and instrumentation services, civil construction, and soft-craft solutions to clients across the oil and gas, chemical, energy, manufacturing, pharmaceutical, and distribution sectors. The Company is based in Lake Charles, Louisiana, with additional offices in Texas and Louisiana. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-20229 Judge: Hon. John W. Kolwe Debtor's Counsel: H. Kent Aguillard, Esq. H. KENT AGUILLARD 141 S. 6th Street Eunice, LA 70535 Tel: 337-457-9331 Email: kent@aguillardlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Brian Fredrick Davis as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VDXS67I/Garrison_Industrial_Services_Inc__lawbke-25-20229__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VN5WC6Q/Garrison_Industrial_Services_Inc__lawbke-25-20229__0001.0.pdf?mcid=tGE4TAMA GENESIS GLOBAL: Fights Jefferies Request for Bitcoin Payment ------------------------------------------------------------ Alex Wittenberg of Law360 reports that failed cryptocurrency lender Genesis Global has petitioned a New York bankruptcy judge to dismiss investment bank Jefferies' request to compel the wind-down debtor to refund payments and repay Jefferies in bitcoin, contending that it is too late to amend a claim originally filed "exclusively in dollars." About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC, is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GEORGIA VASCULAR: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On May 13, 2025, Georgia Vascular Specialists P.C. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Georgia Vascular Specialists P.C. Georgia Vascular Specialists P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, the company is based in Georgia. Georgia Vascular Specialists P.C.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Benjamin Keck, Esq. at KECK LEGAL, LLC. HANDLOS FINISHING: Hires Dickinson Bradshaw Fowler as Counsel ------------------------------------------------------------- Handlos Finishing, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Dickinson, Bradshaw, Fowler & Hagen, P.C. as counsel. The firm's services include: a. advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; b. advise the Debtor regarding matters of Bankruptcy Law, including the rights and remedies of the Debtor with regard to its assets and with respect to the claims of creditors; c. represent the Debtor in any proceedings or hearings in the Bankruptcy Court and in any action in any other court where the Debtor's rights under the Bankruptcy Code may be litigated or affected; d. conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to this Chapter 11 case; e. advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules as the same affect the Debtor in this proceeding; f. assist the Debtor in the negotiation, formulation, confirmation, and implementation of a Chapter 11 Plan; g. make any court appearances on behalf of the Debtor; and, h. take such other action and perform such other services as the Debtor may require of the firm in connection with the Chapter 11 case. The firm will be paid at these rates: Jeffrey D. Coe $500 per hour Elissa M. Holman $275 per hour Brennan B. Eddie $235 per hour Paralegals $85 to $125 per hour Associates $130 to $400 per hour The firm received a retainer in the amount of $47,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey D. Coe, Esq., a partner at Dickinson, Bradshaw, Fowler & Hagen, 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: Jeffrey D. Goetz, Esq. Dickinson, Bradshaw, Fowler & Hagen, P.C. 801 Grand, Suite 3700 Des Moines, IA 50309-8004 Tel: (515) 246-5817 Fax: (515) 246-5808 Email: jgoetz@dickinsonbradshaw.com About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00669) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. The Debtor is represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HARVEST SHERWOOD: Seeks to Sell De Minimis Assets for $1MM ---------------------------------------------------------- Harvest Sherwood Food Distributors, Inc. and its debtor affiliates seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Assets, free and clear of liens, interests, and encumbrances. The Debtor wants to sell certain obsolete, excess, burdensome, non-core, or otherwise de minimis assets(De Minimis Assets) in any individual transaction or series of related transactions to a single buyer or group of related buyers with an aggregate sale price less than or equal to $1,000,00. The Debtors believe in their sound business judgment that the Assets have an aggregate value less than or equal to $25,000; and pay those reasonable and necessary fees and expenses incurred in connection with the sale or abandonment of De Minimis Assets. The Debtor, along with its affiliated Debtors, was the largest independent wholesale food distributor in the United States with approximately $4 billion of annual revenue. Through its vast network of distribution centers, Harvest shipped over 32 million pounds of food per week to protein and perishable food producers, independent food retailers, regional and national retail chains, cruise lines, and food service customers throughout the United States. Offering a wide range of commodities and branded selections such as bakery products, deli, beef, pork, lamb, veal, poultry, seafood, and frozen foods, Harvest met the unique needs of niche markets and food retailers of all sizes, and offered marketing resources that help maximize grocery sales. The Debtors commenced a process to wind up its ordinary course business operations, sell its remaining inventory, collect on outstanding accounts receivable, and sell certain of its branch operations to third-party buyers, with the support of their ABL Lenders and an Ad Hoc Unsecured Creditors’ Committee and to preserve and monetize their key remaining long-term assets for the benefit of all stakeholders. The Debtor's De Minimis Assets include, without limitation, various trucks, trailers, dollies, and other miscellaneous equipment that is no longer in use by the Debtors given the winddown. The Debtors propose to utilize the following De Minimis Asset Sale Procedures with regard to sales or transfers of De Minimis Assets in any individual transaction or series of related transactions to a single buyer or group of related buyers. The Debtors also seek authorization to take any action that is reasonable or necessary to close De Minimis Transactions and to obtain the proceeds including, without limitation, paying reasonable and necessary fees and expenses to purchasers, agents, brokers, auctioneers, if any. The Debtors propose to sell or transfer the De Minimis Assets in a commercially reasonable manner and expect that the value of the proceeds from such sales or transfers will fairly reflect the value of the De Minimis Assets proposed to be sold. The Debtors further propose that any party holding a Lien on the De Minimis Assets sold or transferred pursuant to the Motion shall have a resulting security interest (in the same order of priority, with the same validity, force, and effect that such Lien-holder had prior to the sale, subject to any claims and defenses the Debtors may possess with respect thereto) in the proceeds of such sale or transfer. About Harvest Sherwood Food Distributors, Inc. Harvest Sherwood Food Distributors, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80109) on May 5, 2025, listing up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Sidley Austin LLP as counsel and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. HERC HOLDINGS: S&P Rates New $2.75MM Senior Unsecured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '5' recovery rating to Herc Holdings Inc.'s proposed $2.75 billion senior unsecured notes to be issued in two tranches due 2030 and 2033. S&P expects the notes will rank equally with Herc's existing $2 billion senior unsecured notes ($1.2 billion and $800 million tranches). The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default. The company will use proceeds of the proposed senior unsecured notes, along with its proposed $4.0 billion amend and extend asset-based lending (ABL) credit facility (unrated, approximately $2.5 billion drawn at close), proposed $750 million term loan due 2032, and about $525 million of equity issuance to fund the acquisition of H&E Equipment Services Inc. (BB-/Watch Pos/--) for a total consideration of $4.9 billion. S&P expects a portion of the purchase price will be used to repay H&E's outstanding debt upon close of the transaction. S&P said, "All our ratings on Herc, including our 'BB' issuer credit rating, are unchanged. Our negative outlook is also unchanged, which reflects that Herc will have limited to no cushion in its credit metrics following the acquisition of H&E and that we may lower our rating if we forecast its S&P Global Ratings-adjusted debt to EBITDA will not improve below 4x within 12 months of close." Issue Ratings--Recovery Analysis Key analytical factors -- The company operates in the competitive and cyclical equipment rental market, predominantly in the U.S. Our simulated default scenario contemplates an unexpected and drastic downturn in the construction and industrial markets that severely strains equipment usage, rental rates, revenue, and cash flow. -- S&P said, "Although we believe the combined company would reorganize after a default, we use a discrete asset value (DAV) approach to analyze the recovery prospects for general equipment rental providers. This method provides a conservative estimate of the likely value available to creditors, though realization rates could be lower than we assume if a large quantity of equipment floods the market." -- S&P said, "Our DAV approach starts with the combined net book values of Herc and H&E as of March 31, 2025. We assume balance sheet accounts are partially diluted to reflect the assumed loss of appraised value through additional depreciation or expected contraction in working capital assets in the period leading up to the hypothetical default. We then apply realization rates to the assets, reflecting the friction of selling or the discounts potential buyers or restructurers would apply in distressed circumstances." -- S&P assumes realization rates of 80% for rental equipment given its expectation for a modest upward revaluation of H&E equipment, 50% for other property and nonrental equipment, 65% for inventory, and 80% for unsold accounts receivable. Simulated default assumptions -- Simulated year of default: 2030 -- Jurisdiction: U.S. -- Valuation split (obligors/nonobligors): 95%/5% -- ABL facility: 60% drawn at default. Simplified waterfall -- Gross enterprise value: $4.0 billion -- Net enterprise value (after 5% administrative expenses): $3.8 billion -- Value available for first-lien debt claims: $3.8 billion -- First-lien debt claims (ABL and term loan): $3.15 billion --Recovery expectations for term loan: 90%-100% (rounded estimate: 95%) -- Value available to unsecured debt claims: $654 million -- Unsecured debt claims: $4.91 billion --Recovery expectations: 10%-30% (rounded estimate: 10%) Note: All debt amounts include six months of prepetition interest. HERITAGE COAL: Chapter 11 Equipment Deal Faces Court Scrutiny ------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Thursday, May 15, 2025, a Delaware bankruptcy judge raised concerns about the viability of a Chapter 11 settlement proposed by Heritage Coal, which aims to resolve a foreclosure action by secured lenders. The judge noted the deal was negotiated without a proper investigation into the liens and potential causes of action related to the collateral, according to Law360 Bankruptcy Authority. About Heritage Coal & Natural Resources LLC Heritage Coal & Natural Resources LLC is a coal mining company based in Meyersdale, Pennsylvania that specializes in coal extraction and processing operations in Somerset County. The company operates from its principal location at 1117 Shaw Mine Road and maintains multiple coal leases with regional landowners including Allegany Coal and Land Company, Beechwood Coal LLC, and Shaw Big Vein Coal Company for its mining operations. Heritage Coal & Natural Resources LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10602) on March 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Jeffrey R. Waxman at Morris James LLP. HIGHRISE ELECTRICAL: Court OKs Sale of 14 Unused Vehicles --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Highrise Electrical Technologies Inc. to sell vehicles, free and clear of liens, interests, and encumbrances. The Debtor is an electrical contractor firm that offers design build, budgeting, re-model, computerized estimating, and turn-key installation. The Debtor was founded by Paul Blount (now deceased) and Ron Eitze. Ron Eitze is now its sole owner and president. The Court authorized the Debtor to sell 14 unused vehicles. The Court also ordered that all ad valorem tax liens encumbering the vehicles shall attach to the proceeds of the sale with the same priority, validity, force, and effect as they now have against the vehicles, provided that the Debtor and any party in interest retain any valid right to challenge such liens. About Highrise Electrical Technologies Inc. Highrise Electrical Technologies Inc., operating under the trade name Highrise Electric, is a full-service electrical contracting company. The Company specializes in design assistance, consulting, estimating, scheduling, procurement, installation, troubleshooting, energy management, and preventive maintenance services. Serving both residential and commercial sectors, the Company brings expertise to large-scale projects, including high-rise buildings. Highrise Electrical Technologies Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31634) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Annie Catmull, Esq. at O'CONNORWECHSLER PLLC. HYPERSCALE DATA: OKs Salary Increases for CEO, President -------------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Compensation Committee of the Board of Directors approved base salary increases for the CEO and President of the Company effective as of May 1, 2025. The annual base salary for William B. Horne, Chief Executive Officer, was increased to $500,000. The annual base salary for Henry C.W. Nisser, President and General Counsel, was increased to $400,000. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Hyperscale Data had $220.8 million in total assets, $218.7 million in total liabilities, and a total stockholders' equity of $2.1 million. I-ON DIGITAL: Stephen Aust Resigns as Director, Remains BOD Advisor ------------------------------------------------------------------- I-ON Digital Corp. announced that Stephen C. Aust has stepped down from the company's Board of Directors, effective immediately. Mr. Aust's departure comes as he chooses to refocus his time and energy on a number of meaningful personal endeavors, including philanthropic initiatives, deeper involvement with his church, and most importantly, supporting his wife as she navigates ongoing health matters. "Stephen has played an important role during a transformational period for I-ON," said Carlos X. Montoya, Chairman and CEO of I-ON Digital Corp. "We are deeply grateful for his guidance and commitment to our vision. While we will miss his presence on the Board, we fully support his decision to prioritize faith, family, and giving back." Mr. Aust will continue to serve as a third-party advisor to the Board and remain available as a strategic consultant on special projects and select business matters. His insights and experience will remain a valued asset to the company as it continues to advance its mission of bringing transparency, security, and accessibility to digital gold and RWA markets. "I'm proud of what we've accomplished at I-ON and confident in the direction the company is headed," said Aust. "This is simply the right time for me to step away from formal responsibilities and be present for the people and causes that matter most to me. I look forward to staying connected in a supporting role and cheering the team on from a different vantage point." I-ON Digital Corp. extends its sincere appreciation to Mr. Aust for his years of service and looks forward to his continued contributions in an advisory capacity. About I-On Digital Corp. Headquartered in Chicago, IL, I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. In its report dated Apr. 10, 2025, the Company's auditor, Mac Accounting Group & CPAs, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, I-ON Digital reported total assets of $18.42 million, total liabilities of $2.64 million, and total stockholders' equity of $15.78 million. At the end of the year, the Company held $270,095 in cash. INNOV8TIVE NUTRITION: Claims to be Paid From Continued Operations ----------------------------------------------------------------- Innov8tive Nutrition, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated May 1, 2025. The Debtor is a Texas corporation that sells nutritional and health products and supplements in the multi-level marketing channel. LaCore Growth Partners, Inc., as assignee of the rights and obligations under an Inventory Financing Agreement, provides inventory financing to Innov8tive Nutrition, Inc. for the purchase of its nutritional and health supplements and products from various manufacturers. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Non-priority unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $1,000.00 per month for the first two quarters and $2,500.00 per month for remaining eighteen quarters. Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is approximate $500,000.00 based upon Debtor's review of the Court’s claim register, Debtor's bankruptcy schedules, and anticipated Claim objections. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated May 1, 2025 is available at https://urlcurt.com/u?l=Wf8yu3 from PacerMonitor.com at no charge. Attorneys for the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email robert@demarcomitchell.com mike@demarcomitchell.com About Innov8tive Nutrition Inc. Innov8tive Nutrition Inc. provides nutritional products and fosters a supportive community. Innov8tive Nutrition filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-40277) on February 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in both assets and liabilities. Judge Brenda T. Rhoades handles the case. The Debtor is represented by Robert DeMarco, III, Esq., in Dallas, Texas. JAGUAR HEALTH: Exchange Deal Reduces Royalty Interest by $633K -------------------------------------------------------------- Jaguar Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a privately negotiated exchange agreement with a holder of royalty interest in the Company. Pursuant to the Exchange Agreement, the Company issued 57,500 shares of common stock to such holder in exchange for a $632,500 reduction in the outstanding balance of the royalty interest held by such holder. The shares of common stock that were issued in the exchange transaction described above were issued in reliance on the exemption from registration provided under Section 3(a)(9) of the Securities Act of 1933, as amended. The form of Exchange Agreement filed as Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2019, is available at: https://tinyurl.com/3ryyxdzu About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of Dec. 31, 2024, the Company had $53.4 million in total assets, $44.4 million in total liabilities, $2.5 million in commitments and contingencies and a total stockholders' equity of $6.5 million. JBSB DESTINY: Gets Final OK to Use Cash Collateral -------------------------------------------------- JBSB Destiny Enterprises Co. received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The final order penned by Judge Jeffrey Norman authorized the company to use cash collateral including its revenue to pay the expenses set forth in its 30-day budget, which shows total projected cash disbursements of $99,672. Secured creditors Home Bank, N.A. and Pawnee Leasing were granted replacement liens on cash collateral generated and property acquired by JBSB after the petition date. As additional protection, Home Bank will receive monthly payments of $241 starting on May 20. To allow JBSB's use of cash collateral, the court ordered to immediately release and unfreeze all of the company's bank accounts, including those held at Wells Fargo Bank. JBSB's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case to one under Chapter 7; material breach of the final order; and failure to comply with the budget. Home Bank is represented by: Kyle L. Dickson, Esq. Sarbjit S. Nagi, Esq. Murray Lobb, PLLC 2200 Space Park Drive, Suite 350 Houston, TX 77058 Phone: 281-488-0630 Fax: 281-488-2039 kdickson@murray-lobb.com snagi@murray-lobb.com info@murray-lobb.com About JBSB Destiny Enterprises Co. JBSB Destiny Enterprises Co. operates a Massage Heights franchise that offers licensed massage therapy and facial services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32566) on May 6, 2025. In the petition signed by Jerry Boyd, president, the Debtor disclosed $50,006 in assets and $1,056,900 in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq., at the Lane Law Firm, represents the Debtor as legal counsel. JD HUNT CUSTOM: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On May 11, 2025, JD Hunt Custom Homes Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About JD Hunt Custom Homes Inc. JD Hunt Custom Homes Inc. is a custom home builder based in Austin, Texas. The Company specializes in high-end residential construction projects and has been involved in sustainable building practices, including materials repurposing. JD Hunt Custom Homes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10700) on May 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtors are represented by Kell C. Mercer, Esq. at KELL C. MERCER PC. JSP MANAGEMENT: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: JSP Management Company, LLC 1029 NE 104 Street Miami Shores, FL 33138 Business Description: JSP Management owns property located at 1029 NE 104 Street in Miami Shores, Florida. The property's estimated value is $2.28 million, according to Zillow. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-15486 Judge: Hon. Robert A Mark Debtor's Counsel: Rachamin "Rocky" Cohen, Esq. COHEN LEGAL SERVICES, PA 1801 NE 123rd Street Suite 314 North Miami, FL 33181 Tel: 305-570-2326 E-mail: rocky@lawcls.com Total Assets: $2,277,602 Total Liabilities: $1,563,883 Shawn A St Prix, in his role as manager, affixed his signature to the petition. The Debtor indicated in the petition that no creditors hold unsecured claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JIKZ7UA/JSP_Management_Company_LLC__flsbke-25-15486__0001.0.pdf?mcid=tGE4TAMA KELLEY CORP: Hires Frank B. Lyon as Bankruptcy Counsel ------------------------------------------------------ Kelley Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of The Law Offices of Frank B. Lyon as counsel. The firm will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; c. amend the voluntary petition and other paperwork necessary to complete this proceeding; d. assist the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, the Initial Debtor Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; e. represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor, including, but not limited to, litigation affecting property of the Estate, suits to avoid or determine lien rights or other property interests of creditors and other parties in interest, objections to disputed claims, motions to assume or reject leases and other executory contracts, motions for relief from the automatic stay and motions concerning the discovery of documents and other information relating to any of the foregoing; f. represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and g. assist the Debtor in the formulation of a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. The firm will be paid at these rates: Frank B. Lyon $525 per hour Legal Assistants $125 to 225 per hour Pre-petition, the Debtor paid the firm the sum of $17,700. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Frank B. Lyon, Esq., a partner at The Law Offices of Frank B. Lyon, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Frank B. Lyon, Esq. The Law Offices of Frank B. Lyon 3800 North Lamar Boulevard, Suite 200 Austin, TX 78756 Tel: (512) 345-8964 Fax: (512) 647-0047 Email: frank@franklyon.com About Kelley Corporation Kelley Corporation based in Austin, Texas, specializes in excavation services, material sales, and haul-off site operations. The Company provides a range of construction materials, including topsoil, loam, and aggregates, catering to both large construction projects and residential improvements. The also operates a haul-off site in South Austin, accepting clean fill materials such as dirt, rock, and concrete without exposed rebar. Kelley Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10474) on April 1, 2025. In its petition, the Debtor reports total assets as of February 28, 2025 amounting to $1,432,361 and total liabilities as of February 28, 2025 of $284,239. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Frank B Lyon, Esq. KULR TECHNOLOGY: Appoints CBIZ as Auditor After Marcum Resignation ------------------------------------------------------------------ KULR Technology Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Marcum LLP resigned and, with the approval of the Audit Committee, CBIZ CPAs P.C. was engaged as the independent registered public accounting firm for the fiscal year ending December 31, 2025, of the Company. On November 1, 2024, CBIZ acquired the attest business of Marcum, and substantially all of the partners and staff that provided attestation services for Marcum joined CBIZ. The reports of Marcum regarding the Company's financial statements for the fiscal years ended December 31, 2024 and 2023, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the years ended December 31, 2024 and 2023, and through April 29, 2025, the date of resignation, there were (a) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Marcum, would have caused Marcum to make reference to such disagreement in its report and (b) no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions). Prior to engaging CBIZ, the Company did not consult with CBIZ regarding the application of accounting principles to a specific completed or contemplated transaction or regarding the type of audit opinions that might be rendered by CBIZ on the Company's financial statements, and CBIZ did not provide any written or oral advice that was an important factor considered by the Company in reaching a decision as to any such accounting, auditing, or financial reporting issue. About KULR Technology Group Headquartered in San Diego, California, KULR Technology Group Inc. -- www.kulrtechnology.com -- delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company's holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. Los Angeles, Calif.-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 12, 2024, citing that the Company has a working capital deficit, has incurred losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2023, the Company had cash of $1,194,764 and working capital deficit of $2,994,753. During the year ended Dec. 31, 2023, the Company incurred a net loss of $23,693,556 and used cash in operations of $11,965,387. LEMONS & OLIVES: Seeks Subchapter V Bankruptcy in New York ---------------------------------------------------------- On May 6, 2025, Lemons & Olives Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $2,597,729 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Lemons & Olives Inc. Lemons & Olives Inc. is a catering company based in Brooklyn, New York, offering farm-to-table cuisine and event catering services. The Company also provides mobile kitchen services, including food trucks and a mobile pizza oven. It is a certified Women-Owned Business Enterprise and has partnered with community organizations to support local initiatives. Lemons & Olives Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42197) on May 6, 2025. In its petition, the Debtor reports total assets of $370,102 and total liabilities of $2,597,729. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtors are represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. LI-CYCLE HOLDINGS: Initiates Leadership, Operational Changes ------------------------------------------------------------ Li-Cycle Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors of the Company approved the following leadership changes: Effective as of April 30, 2025, Mr. Ajay Kochhar stepped down from the Board of Directors of the Company and, on May 15, 2025, ceased serving as the Company's President and Chief Executive Officer. The change in Mr. Kochhar's role is not the result of any disagreement with the Company on any matters relating to the Company's operations, policies or practices. The Company has entered into a mutual separation agreement and release of claims with Mr. Kochhar, pursuant to which he is entitled to receive: (i) an amount equal to his wages and vacation pay accrued and unpaid up to the separation date of May 15, 2025, (ii) matching contributions to his group retirement savings plan up to the separation date, iii) continued participation in the Company's primary benefit plan coverages until to the earlier of July 10, 2025 and the date that he becomes eligible to participate in similar benefit plans with another employer, and (iv) payment on his behalf of certain fees incurred in connection with the negotiation of his mutual separation agreement and release of claims. In addition, for the period from May 16, 2025 to July 31, 2025, Mr. Kochhar will serve as an advisor to the Company to ensure a smooth transition and assist in the sale of the Company's business and assets, pursuant to a consulting services agreement described below. The amounts delivered under the mutual separation agreement and the consulting services agreement are in full satisfaction of all amounts due and payable to Mr. Kochhar by statute or pursuant to his executive employment agreement filed with the SEC on March 31, 2025. On May 1, 2025, the Company entered into an agreement with Maplebriar Holdings Inc., a company owned by The Kochhar Family Trust and a related party of Mr. Kochhar, under which Maplebriar will provide the services of Mr. Kochhar to matters relating to the business and operation of the Company, including without limitation with respect to a sale of assets as part of insolvency filings, a plan of arrangement and/or restructuring or refinancing or recapitalization restructuring or orderly liquidation of the business. The fees payable to Maplebriar for such services consist of: (a) a work fee of $50,000 per month, commencing upon the termination of Mr. Kochhar's employment with the Company, for a minimum of three months, (b) a credit bid restructuring fee of $200,000 on the completion of a restructuring including a credit bid, and (c) a going-concern restructuring fee of $500,000 which, subject to court approval, shall be payable on the completion of a restructuring if such restructuring results in net cash proceeds of at least $10 million and is not primarily a liquidation of assets, provided (among other things) that only one of the credit bid restructuring fee or the going-concern restructuring fee will be payable, and all such payments will be subject to approval by the court in insolvency proceedings. The agreement may be terminated at any time by either party upon 10 days' advance notice in writing (but in such case the obligation to pay at least three months of the work fee remains). Effective as of April 30, 2025, Mr. Craig Cunningham ceased serving as the Company's Chief Financial Officer. For the three-week period from May 1, 2025 to May 22, 2025, he will serve as an employee and advisor to the Company to ensure a smooth transition. The Company has entered into a mutual separation agreement, advisory arrangement and release of claims with Mr. Cunningham, pursuant to which he will be entitled to receive: (i) an amount equal to his wages and vacation pay accrued and unpaid up to the separation date, (ii) matching contributions to his group retirement savings plan to the separation date, (iii) continued participation in the Company's primary benefit plan coverages until the earlier of May 22, 2025 and the date that he becomes eligible to participate in similar benefit plans with another employer and (iv) payment on his behalf of certain fees incurred in connection with the negotiation of his mutual separation agreement and release of claims. In addition, Li-Cycle will provide Mr. Cunningham with the gross sum of $56,308, less applicable deductions, in consideration of his wages earned during the advisory period and all other amounts due and payable, by statute or pursuant to his executive employment agreement filed with the SEC on March 31, 2025. Appointment of Chief Restructuring Officer and Interim Chief Financial Officer Effective May 1, 2025, William Aziz, 69, FCPA, FCA has been appointed by Li-Cycle's Board of Directors as Chief Restructuring Officer. Mr. Aziz has over 35 years of corporate restructuring experience, playing a key role in major Canadian restructurings, including as the CRO of Walter Energy Canada and UK, The Toronto Star Group and U.S. Steel Canada. He is a seasoned senior executive and director with deep experience in multi-party negotiations, strategic partnerships, mergers, acquisitions and divestitures. He is currently President and CEO of BlueTree Advisors, Inc. and a Board member of Maple Leaf Foods Inc. There are no family relationships between Mr. Aziz and any director or executive officer of the Company, and Mr. Aziz has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. On April 28, 2025, the Company entered into an agreement with BlueTree Advisors Inc. under which Mr. Aziz will provide management services to the Company. Subject to the terms and conditions of the agreement, the Company will pay BlueTree a work fee of $75,000 per month for a minimum period of three months, and a restructuring fee equal to the greater of (i) 5% of the gross proceeds to Li-Cycle of a restructuring completed during the term of the agreement or within six months thereafter, or (b) $500,000. Mr. Aziz will not be entitled to health or welfare benefits under the Company's benefit plans. The agreement may be terminated at any time by either party upon 10 days' advance notice in writing (but in such case the obligation to pay at least three months of the work fee remains). Mr. Aziz will not be employed by the Company nor has the Company entered into any employment agreement with Mr. Aziz. On May 1, 2025, Michelle Faysal, 66, FCPA, FCA will join Li-Cycle as Interim Chief Financial Officer. Ms. Faysal has extensive experience as a hands-on senior executive and director. She has provided strategic direction and leadership through her independent consultancy practice in both the corporate and not-for-profit sectors. Ms. Faysal was at Ernst & Young, LLP for over 20 years earlier in her career. There are no family relationships between Ms. Faysal and any director or executive officer of the Company, and Ms. Faysal has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. On May 1, 2025, the Company entered into an agreement with Ms. Faysal under which she will provide management services to the Company. Subject to the terms and conditions of the agreement, the Company will pay Ms. Faysal a fee of $50,000 per month, for a minimum of three months. Ms. Faysal will not be entitled to health or welfare benefits under the Company's benefit plans. The agreement may be terminated at any time by either party upon 30 days' prior written notice (but in such case the obligation to pay three months of the fee remains). Ms. Faysal will not be employed by the Company but will be an independent consultant. About Li-Cycle Holdings Corp. Li-Cycle Holdings Corp. is a Canada-based global lithium-ion battery resource recovery company and pure-play lithium-ion battery recycler. Toronto, Canada-based Marcum Canada LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Li-Cycle Holdings had $870.6 million in total assets, $575.3 million in total liabilities, and $295.3 million in total equity. LI-CYCLE HOLDINGS: To Cut 50% of Workforce Amid Facility Suspension ------------------------------------------------------------------- Li-Cycle Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors of the Company approved plans to suspend operations at the Company's Arizona Spoke and Alabama Spoke recycling facilities, as part of its effort to optimize liquidity and support the Company's sale process. As a result, the Company has furloughed approximately 85 employees at or related to these facilities. In addition, the Company has reduced its workforce at the corporate level by approximately 34 positions, primarily at its Toronto headquarters, effective May 1, 2025. Overall, the Company expects to eliminate approximately 119 positions, representing approximately 50% of the Company's global workforce. The Company estimates that it will incur total charges of approximately $264,000 in connection with the workforce reduction, with the majority of these charges to be incurred as cash severance payments over the course of the next two months. About Li-Cycle Holdings Corp. Li-Cycle Holdings Corp. is a Canada-based global lithium-ion battery resource recovery company and pure-play lithium-ion battery recycler. Toronto, Canada-based Marcum Canada LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Li-Cycle Holdings had $870.6 million in total assets, $575.3 million in total liabilities, and $295.3 million in total equity. LIL GENIES: Gerard Luckman Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Lil Genies Daycare, LLC. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Lil Genies Daycare Lil Genies Daycare, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41811) on April 11, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Judge Nancy Hershey Lord oversees the case. Nico G. Pizzo, Esq., at Rosen, Tsionis & Pizzo, PLLC represents the Debtor as legal counsel. MANHATTAN COUNTRY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Manhattan Country School Manhattan Country School, Inc. 150 West 85th Street New York, NY 10024 Business Description: Manhattan Country School is a New York-based not-for-profit that operates a K-8 school focused on racial and economic diversity, inspired by the Civil Rights Movement. Located at 150 West 85th Street, the school enrolls around 250 students and employs 79 staff members. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11009 Judge: Hon. David S. Jones Debtor's Counsel: Roy J. Lester, Esq. LESTER KORINMAN KAMRAN & MASINI, P.C. 600 Old Country Road Suite 330 Garden City, NY 11530 Tel: (516) 357-9191 Email: rlester@lesterfirm.com Total Assets: $40,193,316 Total Liabilities: $27,423,532 Kiran Kulkarni, in his role as authorized representative of the Debtor, signed the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IBIRUAI/Manhattan_Country_School__nysbke-25-11009__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ainsworth Inc. Air Conditioning $60,806 c/o Rabinowitz Galina 94 Willis Avenue Mineola, NY 11501 2. Alan Altshuler MCS Board Loan $50,000 160 Riverside Dr, Apt 9B New York, NY 10024 3. Alex Greystoke Vendor $200,000 12600 Hill Country Blvd Bldg R, Ste 275 Austin, TX 78738 4. Ben Jacoff $359,000 175 Riverside Drive #12G New York, NY 10024 5. Blackbaud (SaaS) Vendor $43,742 PO Box 844887 Boston, MA 02284 6. Carioca Sports Club & S&C $31,207 Productions c/o Rothman Rocco 3 West Main St, Ste 200 Elmsford, NY 10523 7. CCS Vendor $270,000 527 Madison Ave 5th Flr New York, NY 10022 8. CMB Consulting $30,000 89 Fairview Ave New York, NY 10040 9. DA Davidson $150,000 757 3rd Ave Ste 1902 New York, NY 10017 10. Davis Wright Tremaine LLP $67,946 920 Fifth Ave Ste 3300 Seattle, WA 98104 11. Enzo Clinical Labs $24,280 c/o VW Inc PO Box 4155 Sarasota, FL 34230 12. Fischer Loan/485 Loan $200,000 Legacy Loan 299 Park Ave, 42nd Flr New York, NY 10171-0002 13. ICCS $26,976 42 W 38th Street Rm 300 New York, NY 10018 14. IRS Taxes $59,784 PO Box 21126 Philadelphia, PA 19114 15. Maiya Jackson $25,154 56 Benett Ave Apt 5A New York, NY 10033 16. Roger Mintz, CPA LLC $24,000 16 E. 96th St, #4D New York, NY 10128 17. Think Forward $150,000 Financial Group 15 Overlook Terrace Larchmont, NY 10538 18. TIAA Reto $48,352 150 West 85th St New York, NY 10024 19. Tom Haynie $200,000 407 E 91st St #5A New York, NY 10128 20. US Bank $45,731 PO Box 70870 Saint Paul, MN 55170-9705 MERCURY PARENT: S&P Alters Outlook to Stable, Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Mercury Parent LLC (doing business as Matrix Medical Network) to stable from positive and affirmed its 'B-' issuer credit rating. S&P said, "Our stable outlook reflects our view that Matrix's revenue will grow in the low-single-digit percent area in 2025, supported by a higher volume of in-home assessments, offset by the full-year impact of the loss of Aetna business, lower peripheral artery disease (PAD) test volumes, and CMS-hierarchical condition category (HCC) Risk Model changes. We also expect the company to generate modestly positive S&P Global Ratings-adjusted FOCF in 2025. "Matrix underperformed our revenue and margin expectations for 2024. Its revenue declined about 7.4% and was about $40 million behind our expectation of $341.4 million in 2024 due to the loss of Aetna business, fewer PAD tests, and lower visit volume. Visit volume was impacted by the slowdown in MA business due to industrywide headwinds and the implementation of the CMS-HCC Risk Model (V28). In reaction, the company reduced the size of its call center. However, its business mix began skewing towards Medicaid and commercial members, which generally require a higher number of calls to set up visits and have a higher cancellation rate closer to the day of the visit, further impacting the volume of visits during the year. Lower visit volume also increased clinician attrition, thus limiting clinical capacity. The company also transitioned its call centers in-house during the year, further hampering its ability to set up visits, and incurred higher associated costs, lowering profitability. Further, costs were also elevated due to technological investments that are expected to improve time per visit by the end of 2025, improving clinician efficiency and rendering higher visit volume. "We expect revenue and profitability to gradually improve in 2025 and 2026. We expect Matrix's revenue to grow about 1% in 2025 due to an expected increase in visit volume as the call-center transition is now complete and MA plan members increase due to industry tailwinds from an increase in 2026 CMS reimbursement rates. However, this is partially offset by the loss in Aetna revenue and lower PAD test volume. "We expect revenue to grow about 5% in 2026 resulting from continued positive momentum in the MA space and increased clinician efficiency due to technological investments made in 2024. We expect profitability to improve about 300 basis points (bps) in 2025 and 2026 as call center transition expenses fall off and clinical productivity improves from the investments made in 2024. "Despite negative cash flow in 2024, we expect Matrix to generate modestly positive FOCF in 2025 and continue to improve in 2026. The greater-than-expected impact of the new risk model implementation, MA headwinds, and one-time costs related to the call center transition weakened the company's margin last year. However, we expect modestly positive FOCF of 2%-3% in 2025 and 4%-5% in 2026 due to the completion of the call center transition and various technology investments resulting in higher visit volume, visits per day, and greater clinical efficiency." The company's significant reliance on a limited customer base and its narrow business focus present ongoing threats. In 2024, Matrix generated approximately 80% of its revenue from its top 10 clients. Although the company is actively working to diversify its operations and expand its customer base, its persistent customer concentration and restricted focus still represent a risk to its future performance. S&P said, "Our stable outlook reflects our view that Matrix's revenue will grow in the low-single-digit percent area in 2025, supported by higher volume of in-home assessments, offset by the full-year impact of the loss of Aetna business, lower PAD test volume, and CMS-HCC risk model changes. We also expect the company to generate modestly positive FOCF in 2025. "We could lower the ratings on Matrix if we consider its capital structure unsustainable over the long term. This could occur if we believe it cannot generate sustainably positive and increasing S&P Global Ratings-adjusted FOCF sufficient to cover its debt servicing." S&P could raise its rating on Matrix if it believes it will increase its FOCF to debt above 5% and sustain it at that level. MESA LAGUNA: Hires Gabriel Liberman APC as Counsel -------------------------------------------------- The Mesa Laguna Ridge, LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ the Law Offices of Gabriel Liberman, APC to handle its Chapter 11 case. The firm will be paid at these rates: Gabriel E. Liberman $425 per hour Paraprofessionals $150 per hour The firm received a retainer in the amount of $60,000 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gabriel E. Liberman, Esq., a partner at Law Offices Of Gabriel Liberman, APC, 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: Gabriel E. Liberman, Esq. Law Offices Of Gabriel Liberman, APC 1545 River Park Drive, Ste 530 Sacramento, CA 95815 Tel: (916) 485-1111 Email: attorney@4851111.com About The Mesa Laguna Ridge, LP The Mesa Laguna Ridge, LP filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 25-21744) on April 14, 2025, listing between $10 million and $50 million in both assets and liabilities. Mowe Hy, general manager, signed the petition. Judge Christopher M. Klein oversees the case. Gabriel E. Liberman, Esq., at the Law Offices of Gabriel Liberman, APC, represents the Debtor as bankruptcy counsel. MICKGOLDEN INC: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------- On May 9, 2025, Mickgolden Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Mickgolden Inc. Mickgolden Inc. is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Mickgolden Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15246) on May 5, 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 Corali Lopez-Castro handles the case. The Debtors are represented by Richard Siegmeister, Esq. at RICHARD SIEGMEISTER, PA. MID-ATLANTIC RHEUMATOLOGY: Unsecureds Will Get 3% of Claims ----------------------------------------------------------- Mid-Atlantic Rheumatology, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan dated May 1, 2025. Mid-Atlantic Rheumatology is a specialized medical practice in Millersville, Maryland, dedicated to diagnosing and treating various rheumatic conditions. Established in 2016 by Dr. Erinn Maury, the practice expanded in 2022 with the addition of another doctor. In summary, Mid-Atlantic Rheumatology combines specialized clinical expertise with a commitment to individualized patient care and advocacy, contributing positively to the rheumatology landscape in the Millersville area. The medical practice's financial downfall over the past three years can be attributed to two primary factors: operational challenges and economic mismanagement. The value of the property to be distributed under the Plan during the term of the Plan is not less than the Debtor's projected disposable income for that same period. Unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately $0.03 cents on the dollar. The Plan also provides for the payment of secured, administrative, and priority claims in accordance with the Bankruptcy Code. Class 6 consists of Unsecured Claims. This Class shall be paid from disposable income. The allowed unsecured claims total $2,933,107.47. This Class will receive a distribution of 3% of their allowed claims. This Class is impaired. During the term of this Plan, the Debtor shall submit the disposable income (or value of such disposable income) necessary for the performance of this plan to the creditors (the "Creditors") and shall pay the Creditors the sums set forth herein. The term of this Plan begins on the date of confirmation of this Plan and ends on the 36th month subsequent to the Effective Date. A full-text copy of the Subchapter V Plan dated May 1, 2025 is available at https://urlcurt.com/u?l=0CYr15 from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel Alan Staeven, Esq. Frost Law 839 Bestgate Road, Suite 400 Annapolis, Maryland 21401 Phone: (410) 497-5947 Email: daniel.staeven@askfrost.com About Mid-Atlantic Rheumatology Mid-Atlantic Rheumatology, LLC is a medical group practice located in Millersville, Md., which specializes in internal medicine and rheumatology. Mid-Atlantic Rheumatology filed a Chapter 11 petition (Bankr. D. Md. Case No. 25-10845) on January 31, 2025, with up to $1 million in assets and up to $10 million in liabilities. Erinn Maury, sole member, signed the petition. Judge David E. Rice oversees the case. The Debtor is represented by Daniel Alan Staeven, Esq., at Frost & Associates, LLC. MILAN SAI: Court Extends Cash Collateral Access to July 22 ---------------------------------------------------------- Milan Sai Joint Venture, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral until July 22, marking the sixth extension since the company's Chapter 11 filing. The sixth interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. The budget shows total projected expenses of $40,345.96. The lender, Gregory Milligan, in his capacity as court-appointed receiver for Pride of Austin High Yield Fund 1, LLC, was granted replacement liens on all post-petition cash collateral and post-petition property of Milan, to the same extent and with the same validity and priority as his pre-bankruptcy liens. In addition, the lender is entitled to a superpriority administrative expense claim. A final hearing is scheduled for July 22, with objections due by July 15. About Milan Sai Joint Venture Milan Sai Joint Venture, LLC operates in the traveler accommodation industry. Milan Sai Joint Venture sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33560) on November 4, 2024, with up to $10 million in both assets and liabilities. Sunil Kumar Patel, managing member, signed the petition. Judge Michelle V. Larson oversees the case. The Debtor is represented by: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC Tell: 972-503-4033 Email: joyce@joycelindauer.com MOM CA: Gets Court Okay to Sell 188-Unit Apartment in Chapter 11 ---------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority on Wednesday, May 14, 2025, a Delaware bankruptcy judge approved California hotel operator MOM CA Investco LLC's request to sell a 188-unit apartment complex in Redlands, California, despite objections from creditors alleging the company engaged in fraud. About MOM CA Investco LLC MOM CA Investco LLC and affiliates constitute a real estate joint venture comprised of a portfolio of commercial properties owned by the Debtors. The properties that make up the portfolio include hotels, an apartment complex, office buildings, other commercial real estate, and individual homes used as luxury vacation rentals. The Debtors have requested joint administration of their Chapter 11 cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA Investco LLC). In the petition signed by Mark Shinderman, chief restructuring officer, the Debor disclosed up to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Buchalter, A Professional Corporation as lead bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy co-counsel; and FTI Consulting, Inc. as restructuring advisor. MOSAIC SWNG: Unsecured Claims Under $1K to Recover 30% in Plan -------------------------------------------------------------- Mosaic SWNG, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a First Amended Disclosure Statement in support of Plan of Reorganization dated May 1, 2025. Mosaic Debtor is Texas limited liability company, formed in November 2021, for the sole purpose of acquiring and owning the multifamily residential real property commonly known as "Mosaic Apartments", located at 4025 Burke, Pasadena, Texas ("Mosaic Property"). Mosaic SWNG Member LLC ("MSM"), a Texas limited liability company, owns 100% interest in Mosaic Debtor. Mosaic SWNG GP, LLC, a Texas limited company, owns a 35% interest in MSM and is its sole manager. Mosaic LP SWNG LLC, a Texas limited liability company, owns the remaining 65% interest in MSM. The Debtor commenced the Bankruptcy Case due to severe liquidity constraints stemming, in part, from protracted litigation with multiple vendors and other parties. These disputes have materially impacted the Debtor's financial position. Additionally, when the Property was first acquired, an unsatisfactory tenant mix with unqualified tenants led to unsatisfactory rent collections and ultimately significant turnover. This lack of rental collections also contributed to Debtor's liquidity issues. This bankruptcy was filed to allow the Debtor sufficient time to restructure its prepetition debt and optimize operations under a plan of reorganization, including seeking to market the property once the real estate market improves, to maximize the return to all creditors in accordance with the priorities established in the Bankruptcy Code and set out herein. Class 5 consists of General Unsecured with allowed claims total $1,000 or less. $7,781.25 in general unsecured claims less than $1,000 have been asserted. This Class shall be paid with 45 days of the Effective Date. This Class will receive a distribution of 30% of their allowed claims. This Class is impaired. Class 6 consists of General Unsecured with allowed claims total greater than $1,000. $1,578,861.41 in general unsecured claims greater than $1,000 have been asserted. This Class shall receive pro rata share of Unsecured Creditor Pool. This Class will receive a distribution of 17.1% of their allowed claims. This Class is impaired. Class 7 consists of Claims of Insiders & Affiliates. May offset against amounts owed to claimant. No payments or distributions until Allowed Class 1, 2, 3, 4, 5, and 6 Claims have been paid in accordance with the Plan. Class 8 consists of Equity Interests. No payments or distributions until Allowed Class 1, 2, 3, 4, 5, 6, and 7 Claims have been paid in accordance with the Plan. The Debtor's ability to continue operations and generate revenue provides the greatest return to creditors holding Allowed Claims. The Debtor projects that it will generate a continuing stream of revenue in excess of its expenses and capital requirements which will be available to pay its creditors Allowed Claims. The principals will also provide an Equity Infusion to cover operational shortfalls. A full-text copy of the First Amended Disclosure Statement dated April 11, 2025 is available at https://urlcurt.com/u?l=fXORMc from PacerMonitor.com at no charge. About Mosaic SWNG LLC Mosaic SWNG LLC, doing business as Mosaic Apartments, was established in October 2021 with the exclusive purpose of acquiring and owning the 504-unit multifamily residential property known as "Mosaic Apartments." The apartment complex, built in 1981, is located at 4025 Burke Road, Pasadena, Texas, in Harris County. Mosaic SWNG sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90010) on Jan. 30, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Christopher M. Lopez handles the case. The Debtor is represented by: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 708 Main Street, 10th Floor Houston, TX 77002 Tel: 832-819-1149 E-mail: MHaselden@HaseldenFarrow.com MOUNTAINEER MERGER: S&P Downgrades ICR to 'SD' on Missed Payments ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on off-price retailer Mountaineer Merger Corp., (dba Gabe's) to 'SD' from 'CCC+'. S&P also lowered its issue-level rating on the company's term loan to 'D' from 'CCC+'. The company missed its interest and principal payments due April 30, 2025, on its senior secured first-lien term loan due 2028. It entered into a forbearance agreement with its lenders. S&P will reassess its ratings on the company once the default is addressed. The downgrade reflects the company's missed interest and principal payment on its $200 million first-lien term loan that were due on April 30, 2025. Furthermore, the company failed to cure the default within the five-business-day grace period. On May 1, 2025, the company entered into a forbearance agreement with its lenders until May 31, 2025, during which it look for alternatives to address its capital structure. A liquidity shortfall led to nonpayment. The company has heavily relied on its $175 million ABL facility due in 2027 as it has reported persistent free operating cash flow (FOCF) deficits during the past four years with the deficit increasing to $45 million on a year-to-date basis in the third quarter (ended Nov. 2, 2024) partially led by inventory build. The company's cost-savings initiatives and synergies from the Old Time Pottery (OTP) acquisition were insufficient to significantly increase profitability and generate free operating cash flow. As a result, the company's liquidity position, which consisted of only cash balance in the third quarter, tightened to $6 million compared to about $62 million in the same period in the previous year. While value-oriented retailers are typically more resilient during weak macroeconomic cycles due to consumer more cost-conscious purchasing behavior, Gabe's is exposed to highly discretionary home-related categories. S&P will reassess its ratings on the company once S&P has more information on Gabe's plans to address the default and its liquidity position. MP OCTOPUS: To Sell Restaurant Equity Interest to E. & V. Moran --------------------------------------------------------------- MP Octopus Pizza, LLC and its affiliates, along with applicable debtors, Myers Pizza Players LLC and MP Towers III LLC, seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell minority equity interest in restaurants, free and clear of liens, interests and encumbrances. The Debtors want to sell 33% equity interest to Edwin and Vivan Morales as the purchaser. The Debtors are engaged in the ownership of Marco’s Pizza franchises at 4600 Summerlin Road, Ft. Myers, Florida 33919 and 2717 Santa Barbara Boulevard, Cape Coral, Florida 33914. Neither store has ever operated, as both require significant influxes of capital prior to commencing operations. The Debtors aim to sell 33% equity interest in Ft. Myers Pizza Players, LLC for $50,000 and a 33% interest in MP Towes III, LLC for $100,000, contingent on approval of the Purchasers by Marco's Franchising, LLC. The funds from the sales will be used to facilitate opening the respective stores As a result of the sales, the equity interests of Terry Burkholder and Ben Finley (Principals) in Ft. Myers Pizza Players, LLC and MP Towers III, LLC will each be reduced from 50% to 33.5%. The Principals are currently subject to asset lockdown injunctions in several adversary proceedings. The Debtors do not believe that the dilution of the Principals' equity interests negatively impacts the financial situation of the Principals. The Principals' current equity interests in the Debtors are fairly worthless. Once the Debtors commence operations, the equity interests will increase in value. Essentially, 33.5% of something is worth more than 50% of nothing. The Applicable Debtors request that the Court set a hearing on the instant motion on an expedited basis. The Applicable Debtors respectfully request a hearing on or before June 2, 2025. About MP Octopus Pizza, LLC MP Octopus Pizza LLC, doing business as Marco's Pizza, filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on November 15, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Terry Burkholder, manager of MP Octopus Pizza, signed the petition. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq., at BUDDY D. FORD, P.A. MRP BUYER: S&P Assigns Prelim 'BB-' Rating on Sr. Sec. Term Loan B ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' preliminary rating, and '2' recovery rating, to MRP Buyer LLC's proposed senior secured term loan B (TLB) and delayed-draw loan B facility (DDTL). The '2' recovery rating indicates the likelihood of substantial recovery in an event of default. S&P does not rate the revolving credit facility (RCF) and letter of credit facility (LC facility). Certain investment funds managed and/or advised by Partners Group Holding AG or its affiliates (collectively, Partners Group), are acquiring Middle River Power, a 1.9-gigawatt (GW) power generation portfolio in the California Independent System Operator (CAISO) that includes combined-cycle (CCGT) and peaking capacity across 11-thermal assets, as well as co-located battery energy storage systems (BESS). To support the purchase, Partners Group is raising portfolio-level financing, at MRP Buyer LLC (MRP or the project), which will include all the portfolio assets. The financing includes a $1.375 billion TLB facility and a $175 million DDTL. The project will also have access to a $150 million RCF and a $170 million LC facility. Proceeds will be used to fund part of the acquisition price ($2.2 billion), including repayment of existing project-level loans. The DDTL will finance ongoing development and construction of the Tranche II BESS assets (326 megawatts [MW]), which have commissioning dates between 2026 and 2027. MRP will own 1.9 GW of CCGT and peaking power generation capacity across 11 thermal assets in CAISO. The project also includes co-located BESS assets with a total capacity of 705 MW. The BESS fleet is split between Tranche I (379 MW) and Tranche II (326 MW) assets. Two Tranche I assets, Malaga (96 MW) and Henrietta (99 MW), have already achieved commercial operations in 2025; the remaining Tranche I assets are nearing completion and are expected to be commissioned in the third quarter of 2025. Tranche II assets (326 MW), which include five BESS, are under construction and have commissioning dates between 2026 and 2027. All MRP's BESS assets will be co-located with its peaking facilities, sharing existing interconnection and other complementary infrastructure. Access to strong long-term contractual cash flows is a key strength. The portfolio's primary strength is its access to substantial contracted cash flow from executed resource adequacy (RA) contracts, power purchase agreements (PPAs; signed and under negotiation), as well as heat rate call option (HRCO) premiums at High Desert. The contract lengths vary, stretching out to 2040 or later, providing considerable cash flow certainty and visibility through TLB maturity and beyond. Total contracted cash flow through the project life (2025-2042) is about $3.4 billion and represents 44% of the cumulative project cash flows through asset life. S&P said, "We also note the strong credit quality of MRP's offtakers, which mostly include high investment-grade-rated community choice aggregators and utilities. We consider this a key distinguishing factor for MRP, compared with similar projects, which largely entail merchant assets or portfolios, with comparatively limited cash flow certainty via energy hedges and capacity prices." The TLB has an atypical structure with the ability to incur growth capital spending ahead of cash flow sweeps. S&P treats growth capex as distributions. Under the proposed cash flow waterfall structure, MRP will be able to make growth investments before the excess cash flow sweeps. This growth capex will be in similar lines of business (power generation) and will likely be used to develop new assets. The TLB covenants restrict the size of the investments to no more than $50 million annually, and growth investments can be made both in entities within the existing asset base (such as an upgrade at one of the peaking facilities, or an expansion of High Desert), or into completely new assets (such as stand-alone BESS projects), via development entities (DevCo) that will be fully owned by a development holding company (which will be a guarantor of the contemplated senior debt). Initially, the DevCos will be part of the project credit group; however, if any tax equity or project financing is raised on these entities to support the development and construction of their assets, they will be designated as excluded subsidiaries, and therefore will become unrestricted and nonguarantor entities. MRP will continue to own these assets via the development holding companies; therefore, any equity value that is created at the DevCos will ultimately flow to MRP. The structure is atypical of a TLB project financing (whose primary debt repayment mechanism is cash flow sweeps) because it reduces the funds available for sweeps and debt repayment during the TLB term. The mechanism also increases refinancing risk at TLB maturity, as the market outlook and conditions might change overtime, and could affect the project's future cash flow-generating capacity and asset life. Although MRP's growth and investment spending could be value-accretive for the project, it is difficult to envision the timing, as well as the quality and quantum of cash flows it might create in the future. Many factors drive potential cash flows from new projects, including technological attributes, commercial framework (contracted versus market exposed), capital structures, and structural flexibilities. Without a visible growth and development pipeline, as well as tangible contractual agreements supporting that growth, S&P does not ascribe value to the potential investments; however, they remain an upside to the project. S&P said, "Under our base-case scenario, we treat growth capex as distributions, and effectively, assume the full utilization of the basket ($50 million annually), to the extent possible. This treatment negatively affects the project's cash flow sweeps, and ultimately increases the TLB outstanding at maturity. Our base-case scenario estimates total cash flow sweeps of almost $280 million; a TLB outstanding at maturity of about $1.2 billion; and a minimum DSCR of about 1.34x, which occurs in the refinancing period (2032-2047), which is when we model an amortizing profile (without the growth capex), sculpted to project cash flows. "Without any use of the basket, in a scenario where we assume MRP incurs no growth capex through the life of the TLB, the cash flow sweeps would be about $470 million, the TLB outstanding at maturity would be about $1 billion, and the minimum DSCR in the refinancing period would be 1.54x. We have established the project's operations phase stand-alone credit profile (SACP) upgrade trigger at 1.60x." Hybrid energy centers (HEC) are a unique concept. MRP is hybridizing existing peaking facilities by co-locating BESS to their sites and creating HECs. The HECs use the shared infrastructure and aim to maximize the use of the existing interconnections linked to the peaking assets. Combining BESS and peaking facilities provides the power grid both a decarbonization benefit (by requiring peakers to run less), as well as a critical reliability backstop when the batteries are depleted and the system hits peak load. The BESS charge during daylight hours, when there is considerable excess solar energy, and discharge at night, when solar is unavailable and dispatchable resources are called on to meet power demand. Given that all of MRP's batteries are of one-hour duration (except for Tracy, which is eight hours), and with one cycle per day, the maximum annual dispatch would be 365 hours, which would be higher than the existing utilization of the peaking plants, reducing overall emissions for the power system. As one-hour batteries in CAISO do not qualify for RA payments, S&P views the peaking plants as the core reliability asset, whereas the BESS provide a valuable decarbonization addition to the offtakers, achieving considerable commercial synergies in the process. California is preserving dispatchable generation; however, it also remains committed to long-term decarbonization targets. Market dynamics in CAISO over the past few years have swung considerably in favor of dispatchable generation, which provides a critical backstop to the power grid when solar generation is unavailable during evening and night hours. As a result of California's aggressive solar buildout and resultant market saturation with intermittent generation resources, dispatchable, and quick ramp-up resources, such as natural gas-fired power plants, and energy storage systems, have become an important piece of the generation mix in the state and are expected to continue to play a critical role in the energy transition process. In addition, load expectations are rising from electrification and AI development, as well as weather volatility and climatic changes (e.g., extreme heat, droughts and resultant hydro generation shortfalls, etc.) reinforce the need for flexible generation, which S&P believes is reflected in their ability to execute medium to long-term RA contracts with load-serving entities, and at attractive prices. RA prices in CAISO have doubled from about $4 per kilowatt-month (kW-month)-$6/kW-month in 2020-2021 and remain strong, as clean and firm power generation solutions that can compete with baseload natural gas generation (particularly long-duration energy storage) are either unavailable or expensive. For reference, a $10/kW-month RA price in CAISO would translate into a capacity price in the Pennsylvania-New Jersey-Maryland (PJM) Interconnection of about $333/megawatt-day (MW/day). PJM's last capacity auction cleared a system-wide price of around $270/MW-day (now capped at $325/MW-day), establishing a record high for the RTO, that covers 13-states, largely in the U.S. Northeast. S&P said, "We continue to see a tangible reliability premium for efficient thermal generation assets in CAISO, such as High Desert, which we believe should benefit from the existing market tightness, both via energy sales and capacity contracts." That said, California's decarbonization aspirations remain a key long-term risk to the project. California is one of the most progressive states from a climate and sustainability perspective, and with power generation being one of the largest sources of emissions (if not the largest), has established clean energy goals to contain such emissions. California Senate Bill 100 aims to achieve 90% clean energy by 2035, and 100% clean energy by 2045. No new natural gas-fired power generation has been built in the state, and all new generation supply is expected to come from solar, BESS, geothermal, and onshore and offshore wind. In addition, various transmission projects are underway, which seek to optimize the potential of existing renewable generation in the state, as well as import renewable power from neighboring states. California has also seen a substantial increase in BESS capacity and is the frontrunner in energy storage installations across the U.S., with utility-scale installed capacity reaching more than 11 GW (versus almost 39 GW for natural gas-fired) at the end of 2024, up from 500 MW in 2020. S&P said, "Although dispatchable generation remains critical in CAISO at this time, we think these facilities are largely viewed as required rather than desired, and the market dynamics that favor dispatchable generation at this stage could change in the future as technologies evolve, and reach scale to a point where their economics allow them to compete with efficient thermal generation. At that time, we believe fossil-fuel based generation could be subject to adverse regulations and policies (e.g., stricter emission standards, operating restrictions, etc.), which could limit their operating and financial capacities, or in a worse case, shorten their lives. "Development and construction risk associated with the project's Tranche II BESS assets is reflected in our 'bb-' construction phase rating. Of the project's nine BESS, two (Malaga and Henrietta) have already been commissioned and two more (Hanford and Border) are mechanically complete and scheduled to commission in the third quarter of 2025. The remaining five BESS assets (Tranche II), have commissioning dates between 2026 and 2027. The engineering, procurement, and construction contractor responsible for Tranche II BESS assets is RavenVolt Inc. (RavenVolt), and its obligations under the contract are irrevocably and unconditionally guaranteed by its parent. We assess the parent's credit quality at 'bb-', which caps the construction phase SACP at 'bb-'." MRP management said that, except for Vaca Dixon, all foreign-made critical equipment, including battery packs, have either been imported to the U.S., or are in transit (for Tracy), and therefore have no reciprocal tariff exposure. For Vaca Dixon, the power-conversion system has been procured, and MRP is working with the battery supplier to deliver the cells from a country with potentially lower tariffs. MRP forecasts remaining construction costs pertaining to Tranche II assets of about $207 million, which it expects to meet with draws under the $175 million DDTL, as well as prefunded cash from transaction proceeds. About 4%-8% contingency is incorporated into the cost estimates, which is typical of these asset types. MRP also has about $12 million (or 6% of total remaining cost) of unallocated contingency, which could be used for unforeseen cost overruns. Tranche I BESS assets were completed under budget. S&P said, "High Desert is a key project asset, which we expect will represent more than half of MRP's cash flow through 2047. Given its size (about 45% of MRP's capacity), technological characteristics (CCGT), and efficiency profile (mid-7,000 Btu/kWh heat rate), High Desert is an anchor asset for the portfolio. The facility has achieved capacity factors of 55%-63% over the past three years, and its market economics are enhanced by an advantageous location, with direct access to the Kern River pipeline, which is the only intrastate pipeline that supplies fuel to the natural gas-fired power generation fleet in CAISO. This allows the facility to bypass LDC charges (up to $2.65/MMBtu), an advantage available only to a handful of the generators in the state. This gives the plant a competitive edge over the other generators in the market, enhancing its merchant economics, and cash flow generating capability. Through 2028, 200 MW-600 MW of High Desert's capacity is locked under HRCOs, which we expect to generate more than $100 million in cash flows during that time. The HRCOs compensate the plant for variable operations and maintenance (O&M), as well as carbon emissions cost. In addition, High Desert also benefits from in-place RA contracts (for 450 MW to 850 MW of capacity) that extend to 2032. We expect these contracts to generate almost $580 million during their term. Through project life, we expect High Desert to represent more than 50% of MRP's cash flows." The tax equity partnerships benefit from credit support provided by MRP's subsidiaries. MRP's subsidiaries, which have ownership interests in the tax equity partnerships, are required to provide credit support to the tax equity partnerships (including those that are in credit group, as well as any Excluded Subsidiaries). S&P said, "The credit support can be in the form of letter of credits, or financial guaranties, and based on our discussion with the project's legal counsel, indemnifies the tax equity investors (Class A) for breaches of representations and warranties made as part of the tax equity documents. The indemnifications are customary in nature, and cover remote risks such as tax credit shortfalls, performance obligations related to project completion and operation, etc. Given the nature, and likelihood of these risks crystalizing, we have not notched down the project's rating for structural elements (versus senior debt where we may consider notching). We also understand that the guaranties provided by MRP, or its subsidiaries will be unsecured in nature, and will therefore rank junior to MRP's senior debt." S&P said, "The stable outlook reflects our view that the portfolio will operate as expected and in line with its contractual requirements. We also expect the Tranche II BESS assets will be constructed on time and on budget, with no unmitigated delays and cost overruns. We would expect the under-construction assets, especially Tracy, to commence their offtake agreements as planned with no delays. Finally, we expect the project's minimum DSCR will not fall below 1.30x over our forecast life (2025-2047). "We could lower the rating if the project's minimum DSCR through the forecast life falls below 1.30x, including the post-TLB period, which is when we model a hypothetical refinancing, with an amortizing debt structure (albeit sculpted to project cash flows). Such a scenario could occur if there were material and unmitigated delays and cost overruns associated with the Tranche II BESS assets, leading to potential cash flow loss, or penalties under the associated contracts. Although High Desert has strong energy and RA contracts over the next few years, a weakness in merchant pricing during its uncontracted life would weaken its cash flow generation, and likely the project DSCRs, during the refinancing period (2032-2047). Finally, the project's DSCRs could weaken to below our downgrade threshold if its debt repayment under the sweeps was even lower than we expected, which essentially assumes the full utilization of the permitted investment basket through the life of the loan. "Given that our construction phase SACP is capped at 'bb-', an upgrade is unlikely until 2027, when all the Tranche II BESS assets are expected to achieve commissioning. Beyond 2027, we would raise the rating if we believed that the project could sustain a minimum DSCR of at least 1.60x through project life (2025-2047), including the refinancing period (2032-2047). Given the heavily contracted nature of the portfolio over the next few years, we would expect such an outcome to be a result of higher-than-expected debt paydown compared with our base-case assumptions. We see such a scenario as likely if the project were to prioritize cash flow sweeps over growth capex, which would result in a lower than projected TLB outstanding at maturity, and potentially higher DSCRs in the refinancing period." NEBRASKA BREWING: Hires Turner Legal Group LLC as Counsel --------------------------------------------------------- Nebraska Brewing Co. seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Turner Legal Group, LLC as counsel. The firm will provide these services: a. perform all necessary services as Debtor's bankruptcy counsel, including, without limitation, providing Debtor with advice, representing Debtor, and preparing necessary documents on behalf of Debtor in the areas of restructuring and bankruptcy; b. advising Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its businesses and properties; c. attending meetings and negotiating with creditors and other parties in interest; d. taking all necessary action to protect and preserve Debtor's assets, including the prosecution of actions on behalf of Debtor's estate, the defense of any actions commenced against Debtor's estate, negotiations concerning litigation in which Debtor may be involved, and objections to claims filed against Debtor's estate; e. preparing, or coordinating preparation of motions, applications, answers, orders, reports, papers and other pleadings necessary to administer Debtor's estate; f. taking any necessary action on behalf of Debtor to obtain approval of a disclosure statement and confirmation of a plan of reorganization on behalf of Debtor; g. representing Debtor in connection with any potential post-petition financing; h. appearing before this Court, appellate courts and any other courts to protect the interests of Debtor and its estate; and i. performing any and all other necessary legal services in connection with Debtor's case and reorganization as requested by Debtor. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received from the Debtor a retainer in the amount of $5,000. Mr. Turner 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: Patrick R. Turner, Esq. Turner Legal Group, LLC 9375 Burt Street, #100 Omaha, NE 68114 Tel: (402) 690-3675 Email: pturner@turnerlegalomaha.com About Nebraska Brewing Co. Nebraska Brewing Co. is a craft brewery based in La Vista, Nebraska. The Company produces a variety of beers, including core, seasonal, and barrel-aged offerings, and operates a taproom that hosts public tastings and private events. Founded in 2007, the brewery has earned multiple national awards for its products. Nebraska Brewing Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-80403) on April 28, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brian S. Kruse handles the case. The Debtor is represented by Patrick R. Turner, Esq. at TURNER LEGAL GROUP, LLC. NEW CASTLE: Seeks to Hire Calaiaro Valencik as Legal Counsel ------------------------------------------------------------ New Castle Real Estate, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik as counsel. The firm will provide these services: a. preparation of the bankruptcy petition and attendance at the Initial Debtor Interview and 341 Meeting of Creditors; b. representation of the Debtor in relation to negotiating an agreement on cash collateral; c. representation of the Debtor in relation to acceptance or rejection of executory contracts; d. representation of the Debtor with regard to its rights and obligations during the chapter 11 case; e. representation of the Debtor in relation to any motions to convert or dismiss this Chapter 11; f. representation of the Debtor in relation to any motions for relief from stay filed by any creditors; g. preparation of the Chapter 11 Plan and Disclosure Statement, including attending confirmation hearings; h. preparation of any objection to claims in the Chapter 11; and i. Otherwise, representation of the Debtor in general. The firm will be paid at these rates: Donald R. Calaiaro, Attorney/Partner $475 per hour David Z. Valencik, Attorney/Partner $395 per hour Andrew K. Pratt, Attorney/Partner $335 per hour Daniel R. White, Attorney/Partner $350 per hour Paralegals, Paralegal $125 per hour The firm received a retainer in the amount of $6,800. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Donald R. Calaiaro, a partner at Calaiaro Valencik, 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: Andrew K. Pratt, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Tel: (412) 232-0930 Fax: (412) 232-3858 Email: apratt@c-vlaw.com About New Castle Real Estate, LLC New Castle Real Estate, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-20976-CMB) on April 16, 2025. The Debtor hires Calaiaro Valencik as counsel. NORTH AMERICAN: DBRS Gives BB(high) Issuer Rating, Trend Stable --------------------------------------------------------------- DBRS Limited assigned an Issuer Rating of BB (high) with a Stable trend to North American Construction Group Ltd. (NACG or the Company). Concurrently, Morningstar DBRS assigned a provisional credit rating of (P) BB (high) to the Company's proposed $200 million Senior Unsecured Notes (the Proposed Notes), based on a Recovery Rating of RR4. KEY CREDIT RATING CONSIDERATIONS The credit ratings are supported by NACG's solid market position as a service provider in the Canadian oil sands as well as its entrance into the more diversified Australian mining services market. The credit ratings reflect NACG's contracted revenue streams, long-term customer relationships, strong safety record, fleet size/telematics program and maintenance capabilities that provide significant barriers to entry, and relatively conservative financial management practices. The credit ratings also reflect the considerable spending requirements related to fleet maintenance, risks associated with weakness in commodity prices, and customer concentration as well as uncertainties around the marketability of assets and future contract growth. The Proposed Notes will be guaranteed by all material subsidiaries of the Company. The Proposed Notes will be unsecured obligations ranking equal with all existing and future unsecured indebtedness of NACG but will effectively be subordinated to any secured indebtedness of the Company. The proceeds of the Proposed Notes, which are expected to mature in 2030, will be used to repay amounts related to the Company's existing debt obligations. As such, credit metrics are not expected to materially change as a result of the Proposed Notes issuance. The Recovery Rating of RR4 on the Proposed Notes was based on the liquidation value approach, which takes into account the Company's strong asset base. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should NACG materially strengthen its business risk profile, primarily through increasing its size, customers, and resource diversification, without necessarily requiring an improvement in key credit metrics to do so. Conversely, should key credit metrics materially deteriorate in aggregate for a sustained period (i.e., debt-to-EBITDA increase toward 3.5 times (x)) because of weaker-than-expected operating performance and/or more aggressive financial management, the credit ratings could be pressured. EARNINGS OUTLOOK Morningstar DBRS anticipates NACG's earnings profile will steadily improve, benefitting from its record backlog, recent contract growth in Australia, further opportunities to transfer underutilized Canadian assets, and broader diversification into heavy civil construction contracts over the medium term. Morningstar DBRS forecast revenues of approximately $1.2 billion for 2025, versus $1.16 billion in 2024, excluding contributions from joint ventures and affiliates. Looking past 2025, Morningstar DBRS expects the Company's revenue growth to be primarily driven by growth in Australia and key contract renewals. Morningstar DBRS expect 2025 EBITDA margins will remain similar to 2024, with the Company continuing to manage project pursuits, weather-related impacts, and costly equipment transfers with cost efficiencies gained from the enterprise resource planning system rollout in Australia. As such, Morningstar DBRS forecasts adjusted EBITDA to be approximately $360 million for 2025 versus $330 million in 2024, and approach $400 million in the near term. FINANCIAL OUTLOOK Morningstar DBRS expects NACG's financial profile to gradually improve over the near term as the Company focuses on debt repayment following the acquisition of the Mackeller Group in 2023. Morningstar DBRS expects the Company's considerable capital expenditure (capex) requirements for fleet maintenance and to support contract growth will largely be covered by operating cash flows. Morningstar DBRS forecasts cash flow from operations (before changes in working capital and principal lease payments to continue to grow in line with earnings. Capex is expected to remain elevated in 2025 to support new project wins, resulting in a neutral free cash flow position. Morningstar DBRS expects leverage to improve to roughly 2.6x in 2025 from 3.0x in 2024, and gradually reduce thereafter. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): NACG's CBRA of BB/BBL reflects the Company's solid market position in its relatively niche markets, contracted revenues streams, strong safety record, and considerable heavy equipment holdings. The CBRA also reflects the substantial spending requirements related to fleet maintenance and contract growth, risks associated with weakness in commodity prices, and customer concentration as well as uncertainties around marketability of assets and future contract growth. Comprehensive Financial Risk Assessment (CFRA): NACG's CFRA of BBBH reflects the Company's relatively conservative financial management practices (i.e., debt-to-EBTIDA of approximately 2.6x in 2025). Intrinsic Assessment (IA): The IA of BBH is within the Intrinsic Assessment range and is based on the CBRA and CFRA, and taking into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments related to additional considerations. Recovery Rating: The Recovery Rating of RR4 on the Senior Unsecured Notes reflects the secured revolver's first-lien position. Notes: All figures are in Canadian dollars unless otherwise noted. NORTHPOINT DEVELOPMENT: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------------ Northpoint Development Holdings, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement to the Plan of Liquidation dated May 1, 2025. The Debtor's Plan of Liquidation provides for the sale of the commercial real property located at 1800 North Bloomington Street, Streator, Illinois (the "Real Property"). The bankruptcy filing was necessary to save the Debtor's real property located at 1800 North Bloomington Street, Streator, Illinois (the "Real Property") and prevent a judicial sale against the Real Property. Therefore, with the desire to pay the past due real estate taxes, and continue to own and operate the commercial Real Property, and to make certain that all creditors were treated equitably and fairly; and, to reorganize and restructure its debts, the Debtor sought bankruptcy relief under Chapter 11 of the Bankruptcy Code. While the Debtor's efforts in its Chapter 11 have been directed towards stabilizing the business operations at the Real Property and restructuring its debt, the Debtor recognizes that a reorganization is not feasible and thus seeks to liquidate and sell the Real Property. The primary objective of the Plan is to settle, compromise or otherwise dispose of certain claims and interests on terms that the Debtor believes to be fair and responsible and in the best interests of its estate and creditors. The Debtor believes that the Plan it has proposed provides the best and most prompt possible recovery to the Debtor's claim holders. Under the Plan, claims against and interests in the Debtor are divided into different classes set forth in the Summary Of Plan section. The Plan contemplates the liquidation of the Debtor and the distribution of plan payments to holders of the various Allowed Claims. Class 3 consists of General Unsecured Claims. This Class shall receive pro-rata distribution of net proceeds of the sale of the Real Property after payment in full of Class 1 Secured Claim, Class 2 Secured Claims and Administrative Claims. The allowed unsecured claims total $714,060.65. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Secured Claims and Unsecured Claims will be obtained from existing cash, cash equivalents, and the sale of the Real Property. A full-text copy of the Disclosure Statement dated May 1, 2025 is available at https://urlcurt.com/u?l=FEATgl from PacerMonitor.com at no charge. The firm can be reached at: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. Gregory K. Stern, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 Email: greg@gregstern.com About Northpoint Development Holdings Northpoint Development is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the fee simple owner of real property located at 1800 North Bloomington Street, Streator, Illinois 61364 valued at $6.8 million. Northpoint Development Holdings, LLC in Streator, IL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case No. 24-13265) on Sept. 9, 2024, listing $6,800,000 in assets and $5,176,241 in liabilities. Keith Weinstein, a manager of Greystone, signed the petition. Judge Deborah L Thorne oversees the case. GREGORY K. STERN, P.C., serves as the Debtor's legal counsel. NOSTRUM LABORATORIES: Bank Objects to Chapter 11 Sale ----------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that Waterford Bank NA has opposed New Jersey drugmaker Nostrum Laboratories Inc.'s proposed sale of its Ohio property, arguing it should not bear the cost of disposing of significant amounts of controlled substances left on-site. The issue is currently being negotiated ahead of a hearing next week. About Nostrum Laboratories Inc. Nostrum Laboratories Inc. operates as a pharmaceutical company. The Company offers sucralfate, and theophylline extended release (ER) tablets, as well as piroxicam capsules, and carbamazepine ER capsules. Nostrum Laboratories Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-19611) on Sept. 30, 2024. In the petition filed by James Grainer, as chief financial officer, the Debtor estimated assets between $50,000 and $100,000 and estimated liabilities between $10 million and $50,000. The Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by David L. Bruck, Esq. at GREENBAUM, ROWE, SMITH & DAVIS LLP, in Iselin, New Jersey. ORACLES CAPITAL: Section 341(a) Meeting of Creditors on June 11 --------------------------------------------------------------- On May 11, 2025, Oracles Capital Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports $245,221 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 11, 2025 at 10:00 a.m. (ET). The meeting will be held telephonically. About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors are represented by Ronald S. Gellert, Esq. at GELLERT SEITZ BUSENKELL & BROWN, LLC. PACIFIC PRAIRIE: Court OKs Use of Cash Collateral ------------------------------------------------- Pacific Prairie Holdings, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to use cash collateral. The order penned by Judge G. Michael Halfenger authorized the company to use cash collateral to pay the expenses set forth in its budget. As protection, Waukesha State Bank, a secured creditor, will receive monthly payments of $3,480 starting this month for the two loans it extended to the company. Events of default under the interim order include the dismissal or conversion of the company's Chapter 11 case to one under Chapter 7; the appointment of a trustee; cancellation or lapse of insurance policies on the collateral; cessation of operations by the company; and failure to comply with the order. Waukesha is represented by: Daniel J. Habeck, Esq. Cramer Multhauf LLP 1601 E. Racine Avenue, Suite 200 P.O. Box 558 Waukesha, WI 53187-0558 Phone: (262) 542-4278 Fax: (262) 542-4270 djh@cmlawgroup.com About Pacific Prairie Holdings Pacific Prairie Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22125) on April 18, 2025. In the petition signed by Kristina Verzi, authorized individual, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge G. Michael Halfenger oversees the case. Craig Stevenson, Esq., at Swanson Sweet, LLP, represents the Debtor as legal counsel. PALWAUKEE HOSPITALITY: Hires Naheed A. Amdani as Special Counsel ---------------------------------------------------------------- Palwaukee Hospitality LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Law Offices of Naheed A. Amdani as special counsel. The firm will be representing the Debtor in regard to the sale of 600 Milwaukee Avenue, Prospect Heights, Illinois 60070, including but not limited to negotiating the real estate sales agreement, dealing with title issues and closing the transaction. The firm will be paid at $375 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Naheed A. Amdani, a partner at Law Offices of Naheed A. Amdani, 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: Naheed A. Amdani, Esq. Law Offices of Naheed A. Amdani 4909 Oakton St. Skokie, IL 60077 Tel: (847) 677-8700 About Palwaukee Hospitality LLC Palwaukee Hospitality, LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on February 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Deborah L. Thorne handles the case. Penelope N. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. PALWAUKEE HOSPITALITY: Hires Ronald Villiani as Real Estate Agent ----------------------------------------------------------------- Palwaukee Hospitality LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Marcus & Millichap Real Estate Investment Services of Chicago, Inc. as real estate agent/broker. The firm will market and sell the Debtor's real property known as Holiday Inn Express located at 600 N. Milwaukee Avenue, Prospect Heights, Illinois 60070. The firm will be paid a commission of 1 percent of the purchase price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ebrahim Valliani Marcus & Millichap Real Estate Investment Services of Chicago, Inc. 333 W Wacker Dr. Ste 200 Chicago, IL 60606 Tel: (312) 327-5400 About Palwaukee Hospitality LLC Palwaukee Hospitality, LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on February 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Deborah L. Thorne handles the case. Penelope N. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. PARAGON MOVING: Seeks Subchapter V Bankruptcy in Minnesota ---------------------------------------------------------- On May 12, 2025, Paragon Moving & Storage Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Minnesota. According to court filing, the Debtor reports $1,022,870 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Paragon Moving & Storage Inc. Paragon Moving & Storage Inc. offers residential, commercial, and international moving services, along with designer logistics and storage solutions. Founded in 1989, the Company operates a 55,000-square-foot, temperature-controlled warehouse in the Twin Cities area, providing secure storage for military and civilian clients. Paragon partners with Wheaton World Wide Moving for interstate and global relocations. Paragon Moving & Storage Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41513) on May 12, 2025. In its petition, the Debtor reports total assets of $267,899 and total liabilities of $1,022,870. The Debtors are represented by Jeffrey Butwinick, Esq. at BUTWINICK LAW OFFICE. PEOPLE POWERED: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: People Powered, LLC People Powered Nursing; PPN 220 Mulbery Way Franklin Lakes, New Jersey 07417 Business Description: People Powered, LLC, also known as People Powered Nursing (PPN), provides workforce management solutions for healthcare facilities. The Company offers customized systems for labor oversight, time tracking, scheduling, payroll administration, and agency contract management. It focuses on optimizing staffing operations and controlling labor costs through technology and operational support. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-42368 Judge: Hon. People Powered, LLC Debtor's Counsel: Matthew B. Stein, Esq. KASOWITZ BENSON TORRES LLP 1633 Broadway New York, NY 10012 Tel: 212-506-1700 E-mail: MStein@Kasowitz.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Faigy Morgenshtern, serving as authorized agent, signed the petition. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DV7ESDA/People_Powered_LLC__nyebke-25-42368__0001.0.pdf?mcid=tGE4TAMA PERASO INC: Extends Series C Warrants Expiration to August 4 ------------------------------------------------------------ Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company extended the expiration date of its outstanding Series C warrants to 5:00 p.m. (New York City time) on August 4, 2025, by entering into an amendment with each holder of the Series C Warrants. The Series C Warrants to purchase up to an aggregate of 2,246,030 shares of the Company's common stock, par value $0.001 per share, were issued on November 6, 2024 pursuant to the terms of certain inducement offer letter agreements, each dated November 5, 2024, by and between the Company and each holder of the Series C Warrants. The Series C Warrants have an exercise price of $1.61 per share and would otherwise have expired at 5:00 p.m. (New York City time) on May 6, 2025. The resale of the shares of common stock issuable upon exercise of the Series C Warrants has been registered pursuant to the Company's registration statement on Form S-3 (File No. 333-283573), which was declared effective by the Securities and Exchange Commission on December 10, 2024. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Peraso had $7.21 million in total assets, $3.74 million in total liabilities, and $3.47 million in total stockholders' equity. PERATON INC: Fitch Lowers IDR to 'CCC+', Outlook Negative --------------------------------------------------------- Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) of Peraton Holding Corp., Peraton Corp. and Peraton Inc. (collectively, Peraton) to 'CCC+' from 'B', its first lien debt to 'B' with a Recovery Rating of 'RR2' from 'BB-'/'RR2', and second lien loans to 'CCC-'/'RR6' from 'CCC+'/'RR6'. Fitch has also affirmed Perspecta Enterprise Solutions LLC's senior unsecured notes at 'BBB+'. The Rating Outlook is Negative. The downgrades reflect Peraton's weaker performance relative to Fitch's previous expectations, resulting in EBITDA leverage approaching 10x and EBITDA interest coverage approaching 1x, consistent with 'CCC' category characteristics. The Negative Outlook reflects persistent business transformation execution risks and the February 2026 RCF maturity, for which Peraton is actively negotiating an extension that may include the term loans. A robust bilateral negotiation of terms could support the credit profile. However, an exchange process resulting in a material reduction of terms could be deemed a distressed debt exchange. Key Rating Drivers Constrained Deleveraging Ability: Fitch-calculated EBITDA leverage was 9.4x in 2024 and Fitch projects this metric to remain at elevated levels in the near term as constrained profitability and negative FCF hinders the company's ability to meaningfully reduce leverage. Fitch expects EBITDA leverage to remain between 8.5x and 10.0x through 2027. Peraton's EBITDA interest coverage is expected to remain weak at between 1.1x and 1.2x. Deleveraging could also be hindered by the heightened uncertainty around the pace at which the U.S. federal government will make payments and continue to award new contracts. Revenues Lower, Margin Underperformance: Fitch projects Peraton's revenue to decline around 2%-4% in 2025 due to more limited contract awards and lacking the benefit of some one-time revenue in 2024, with low-single-digit annual growth in 2026 and 2027. Peraton's profitability metrics have underperformed Fitch's previous expectations. Fitch-adjusted EBITDA margin is expected to decline slightly in 2025 but remain around 12.0%-12.5% through 2027 as more stable, cost-reimbursable contracts represent a greater proportion of the total. Adequate Near-Term Liquidity Headroom: Peraton's liquidity position consisted of $550 million in cash on hand and full RCF availability at YE 2024. Fitch currently anticipates modestly negative free cash flow (FCF) in 2025 and 2026. Peraton is expected to have sufficient liquidity to fund the business and make principal amortization payments in the intermediate term. Any further underperformance relative to Fitch's forecast or an inability to extend its RCF and debt maturities could erode Peraton's liquidity headroom, potentially leading to a distressed debt exchange or default. Variable Costs Limit FCF Pressure: Fitch projects FCF to be modestly negative in 2025 and 2026 before turning positive in 2027. Peraton's interest burden has pressured FCF, but the company's asset-light operating model, with minimal capex and working capital requirements, provides a level of flexibility. Therefore, EBITDA growth exceeding Fitch's forecast would allow the company to improve its financial flexibility and accelerate gross debt reduction. Technology Focus Supports Growth: Peraton's technology focus and highly diversified product portfolio, along with the increased importance of government spending on cybersecurity, support revenue stability. Peraton is almost entirely a services-based company with technology focused offerings across the broad spectrum of IT services and cybersecurity. The company's key focus areas include intelligence, space systems and protection, hypersonics, defensive cyber threat operations, military command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance (C5ISR), homeland security and health services. Backlog Mitigates Uncertain Award Environment: Peraton's YE 2024 backlog provides approximately three years of revenue visibility, offering the company a runway to navigate heightened uncertainty around new contract awards from the U.S. federal government. However, the company's book-to-bill ratio dipped below 1.0x which, if sustained, could erode its line of sight and pressure profitability. Fitch could revise the Outlook to Stable if Peraton can replenish its backlog with profitable new contracts, while executing on existing contracts, in addition to amending and extending its credit agreements on similar or better terms. Product, Market Provide Stability: Fitch considers many of Peraton's offerings to be critical and less susceptible to economic downturns than those of peers due to the company's higher-end capabilities. In addition, Peraton does not have a material batch of contracts up for review over the next year, which Fitch believes helps mitigate the risk of potential near-term stress scenarios such as increased competition or contract loss. Peraton has overall contract renewal rates above 85%, with a relatively low likelihood of material cancellations due to the importance of the company's services. Its exposure to classified programs further reduces the risk of cancellations. Peer Analysis Peraton's credit metrics are meaningfully weaker than those of similarly rated companies, as well as similarly sized and larger peers such as Amentum Holdings, Inc. (BB+/Stable), Leidos Holdings, Inc. (not rated) and Science Applications International Corp (not rated). Fitch expects these companies would be rated multiple notches higher than Peraton. Peraton has weaker FCF margins, higher EBITDA leverage and lower EBITDA interest coverage than these peers but has comparable to higher EBITDA margins. Key Assumptions - Revenue declines 2%-4% in 2025 as contract awards slow and the nonrecurrence of certain one-time revenues in 2024 contribute to a modest yoy decline; - Revenue grows in the low single digits annually in 2026 and 2027 as contract awards return to more normal levels; - EBITDA margins remain between 12.0% and 12.5%; - Modest working capital outflow in 2025 and net working capital remains relatively stable thereafter; - Slightly elevated capex in 2025 before returning to historical levels; - Peraton refinances its capital structure and higher spreads, resulting in an increased interest burden, and the company does not make any prepayments beyond amortization. Recovery Analysis The recovery analysis assumes that Peraton would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. A 10% administrative claim is assumed in the recovery analysis. Fitch assumes Peraton will receive a going concern recovery multiple of 7.0x EBITDA under this scenario. Fitch considers this multiple to be in the middle-to-high range of recovery multiples assigned to companies in the aerospace and defense sector. Fitch considered the company's flexible operating structure, stable margins, revenue visibility and strong product offerings. Fitch also weighted the company's contract diversification and key focus areas, which align well with long-term U.S. Department of Defense and broader U.S. government initiatives. Each of these factors supports a medium to high recovery multiple. Fitch assumes $900 million as the going concern EBITDA, which is supported by strong backlog and high contract renewal rates following acquisitions. Fitch's EBITDA assumption is derived from a hypothetical bankruptcy that could result from either reputational damage due to poor execution or a significant shift in industry dynamics or competition. Each of these scenarios would result in a material loss of revenue and deterioration of underlying operations. This decline would be similar to a scenario in which the company loses a significant portion of its recompete contracts over the next couple of years. Most of the bankruptcies in the aerospace and defense sector observed by Fitch in recent bankruptcy case studies were small in scale, had less diversified product lines or customer bases than average, or were operating with highly leveraged capital structures. Fitch generally assumes a fully drawn first-lien revolver in its recovery analyses. Fitch also assumes that second-lien term loan holders would receive a concession payment from the first-lien debt holders under a bankruptcy scenario. This assumption is supported by the significant portion of second-lien debt, which exceeds 25% of total debt. The Recovery Rating analysis results in a 'B'/'RR2' recovery for the first-lien debt and 'CCC-'/'RR6' recovery for the second-lien term loans. The Perspecta Enterprise Solutions notes are excluded from the recovery waterfall due to the irrevocable guarantee for any principal and interest from HP Inc., which is rated 'BBB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to successfully refinance upcoming maturities in a timely manner, or completion of a refinancing transaction that meets Fitch's criteria for a distressed debt exchange; - EBITDA interest coverage declining below 1.0x; - Utilization of revolving credit facility exceeding 30%, signaling limited liquidity and/or higher likelihood of triggering the First Lien Net Leverage covenant under the credit agreement; - Increasingly negative FCF; - Backlog deterioration due to inability to secure new contracts, or material losses of contracts or recompetes. Factors that Could, Individually or Collectively, Lead to an Outlook Revision to Stable - EBITDA leverage approaching 7.5x and EBITDA interest coverage sustained above 1.25x; - Maintenance of financial flexibility, including full availability of the credit facility; - (CFO-capex)/debt ratio maintained at or above breakeven; - Demonstrated ability to maintain or grow backlog by winning upcoming new and recompete contracts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 7.0x; - (CFO-capex)/debt ratio sustained above 2.0%; - EBITDA interest coverage approaching 1.5x; - Demonstrated ability to maintain or grow backlog by winning upcoming new and recompete contracts. Liquidity and Debt Structure Peraton's liquidity position consisted of $550 million in cash on hand and full RCF availability at YE 2024. Fitch considers the company's liquidity profile to be adequate to support its operations and make principal and interest payments. The company's mandatory debt amortization and working and fixed capital requirements are low. The company's debt structure consists of a first-lien RCF maturing in February 2026, first-lien term loan maturing in 2028 and second-lien term loans maturing in 2029. Peraton also has $66 million of 7.45% notes due 2029 outstanding from legacy Perspecta Enterprise Solutions LLC. The notes bear a guarantee of any principal and interest by HP Inc. (BBB+/Stable) as successor to Hewlett-Packard Company, which provided an irrevocable guarantee in 2008 upon its acquisition of Electronic Data Systems, LLC. Issuer Profile Peraton and its subsidiaries provide highly differentiated space, intelligence, cyber, defense, homeland security, and communications solutions. The company is a partner on missions that are critical to the security priorities of the U.S. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Perspecta Enterprise Solutions LLC senior unsecured LT BBB+ Affirmed BBB+ Peraton Inc. LT IDR CCC+ Downgrade B Peraton Corporation LT IDR CCC+ Downgrade B senior secured LT B Downgrade RR2 BB- Senior Secured 2nd Lien LT CCC- Downgrade RR6 CCC+ Peraton Holding Corp. LT IDR CCC+ Downgrade B PHILLIPS TOTAL: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Phillips Total Care Pharmacy, Inc. The committee members are: 1. Devant Transport Service LLC N4477 Laatsch Lane Jefferson, WI 53549 Representative: Attorney Madeline A. McCue (608) 755-8100 mmccue@nowlan.com 2. Mile Bluff Medical Center 1050 Division Street Mauston, WI 53948 Dara Bartels (608) 847-2992 dbartels@milebluff.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 Phillips Total Care Pharmacy Phillips Total Care Pharmacy Inc. is a retail pharmacy based in Mauston, Wis. Phillips Total Care Pharmacy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10699) on March 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Beth E. Hanan oversees the case. The Debtor is represented by Claire Ann Richman, Esq., and Michael P. Richman, Esq., at Richman & Richman, LLC. PIZZA VOLTA SH: Seeks Chapter 11 Bankruptcy in Wyoming ------------------------------------------------------ On May 9, 2025, Pizza Volta SH LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Wyoming. According to court filing, the Debtor reports $1,835,681 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Pizza Volta SH LLC Pizza Volta SH LLC was a restaurant located at 120 N. Cache Street, #1137, Jackson, WY 83001, offering handcrafted pizzas, fresh salads, and house-made desserts. The establishment focused on using organic, locally sourced ingredients and supported the community through its "Pizza for a Purpose" initiative, donating a portion of sales to local nonprofits. Pizza Volta SH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20188) on May 9, 2025. In its petition, the Debtor reports total assets of $306,580 and total liabilities of $1,835,681. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtors are represented by Stephen R. Winship, Esq. at WINSHIP & WINSHIP, PC. POOLE FUNERAL: Seeks Chapter 11 Bankruptcy in Tennessee ------------------------------------------------------- On May 12, 2025, Poole Funeral Home Real Estate LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Tennessee. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Poole Funeral Home Real Estate LLC Poole Funeral Home Real Estate LLC operates Poole Funeral Homes at Woodstock, a locally owned funeral facility in North Georgia. The Company offers burial, cremation, veteran, green burial, and personalization services, along with caskets and urns. It emphasizes community-focused service, positioning itself as an alternative to corporately owned funeral providers. Poole Funeral Home Real Estate LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No.25-11197) on May 12, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Nicholas W. Whittenburg handles the case. The Debtors are represented by Roy Michael Roman, Esq. at RMR LEGAL PLLC. PRESCART CORP: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: PresCart Corp. d/b/a The Lash Lounge 9023 Skipaway Drive Waxhaw, NC 28173 Business Description: PresCart Corp., doing business as The Lash Lounge, provides eyelash and eyebrow services through personalized treatments such as lash extensions, lash lifts, tinting, and threading. Operating with a focus on customization and detail, the Company offers multiple lash extension styles including classic, volume, hybrid, and mega volume. Each service is performed by trained stylists aiming to enhance clients' appearance without the need for daily makeup. Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-30503 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street Suite 200 Charlotte, NC 28204 Tel: 704-944-6560 Fax: 704-944-0380 E-mail: rwright@mwhattorneys.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Yvonne Chmielowiec as president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TG7SPGA/PresCart_Corp__ncwbke-25-30503__0001.0.pdf?mcid=tGE4TAMA Q TECHNOLOGY: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Q Technology Direct LLC 10532 4S Commons Dr. Ste. 166 San Diego, CA 92127 Chapter 11 Petition Date: May 16, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-01994 Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Christopher Barrett as member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FTWUZGI/Q_Technology_Direct_LLC__casbke-25-01994__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Taylor Group Inc. Professional $10,000 301 Mission Ave Services Oceanside, CA 92054 2. Tsac Engineering Engineering $25,000 12121 Scripss Summit Dr. Services San Diego, CA 92131 QXC COMMUNICATIONS: Seeks to Sell Communication Assets in Auction ----------------------------------------------------------------- QXC Communications, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to sell substantially all of its Assets, free and clear of liens, interests, and encumbrances. The Debtor is a Florida corporation whose principal place of business is in Boca Raton. Through agreements with television content providers and utility providers, the Debtor designs, deploys, and provides Fiber to the Home fiber-optic hardware and services to: multidwelling units such as apartment complexes; military installations; and commercial properties. The Debtor wants to sell substantially all assets, excluding cash and other excluded assets with the purchase price of $7,500,000, subject to higher and better offers. The Debtor proposes a bid procedure schedule with an auction date of June 6, 2025 at 10:30 a.m. Subject to higher and better offers, the Debtor accepts the offer of Hotwire Communications, Ltd., a non-insider third party, to purchase the Assets of the Debtor for the cash sum of $7,500,000. The Debtor seeks the approval of bid procedures that include, in favor of Hotwire Communications, Ltd., a $225,000 Breakup Fee, an Expense Reimbursement capped at $100,000, and a $500,000 overbid. The Auctioneer will be the Debtor’s broker, Greg Barrow. A $325,000 deposit is required for all Qualified Bidders,,the overbid will be $500,000 and bidding shall be in minimum increments of at least $50,000. The lienholders of the Property are American Momentum Bank, Truist Bank d/b/a Lightstream, Truist Bank f/k/a SunTrust Bank, Newtek Small Business Finance, LLC, United States Small Business Administration, LEAF Capital Funding, LLC, Millennium QXC Holdings, LLC, and BayFirst National Bank. The following assets of the Debtor shall be excluded from the Debtor's auction sale: (i) insurance policies and rights and claims, (ii) bonds, letters of credit, surety instruments, and other similar items; (iii) cash and cash equivalents; (iv) all claims, rights and interests in and to any refunds for taxes or fees for periods prior to the Closing Date; (v) employment agreements and employee benefit plans of any nature and their assets; (vi) any contract, whether written or oral, between the Debtor and any shareholder, officer, or director of the Debtor or any affiliate or family member of such a person; (vii) the minute books, corporate records, and corporate seals of the Seller; (viii) all causes of action belonging to the estate of the Debtor under chapter V of the United States Bankruptcy Code; and (ix) any other item set forth on Schedule 1-C of the Asset Purchase Agreement . The Buyer will pay the Debtor's counsel, Shraiberg Page P.A. an earnest money deposit of $325,000, which will be credited against the purchase price at closing. The purchase agreement provides for stalking horse protections for the Buyer in the form of a break-up fee payable to the Buyer directly from the sale proceeds at closing in the amount of $225,000, plus reimbursement of all reasonable expenses incurred in connection with the Buyer's efforts to negotiate and consummate the sale contemplated herein, capped at $100,000, also payable directly from the sale proceeds at closing, both of which apply if the Debtor instead sells the Assets to a different person after accepting a higher and better offer. The Debtor is proposing the Bid Procedures with the intention and goal of maximizing value for the benefit of creditors via a sale of the Assets to the highest and best bidder. The Debtor proposes that the dates/deadlines govern the Debtor's sale: -- Hearing to approve Bid Procedures on or before May 23, 2025 (subject to Court availability) -- Deadline to serve notice of order approving Bid Procedures on May 28, 2025 -- Deadline for Debtor to file and serve list of unexpired leases and contracts to assume and assign to Buyer, including proposed cure amounts on May 30, 2025 -- Bid Deadline on June 4, 2025 -- Deadline for Debtor to provide notification of qualified bids to bidders on June 5, 2025. -- Auction on June 6, 2025 at 10:30 a.m. (prevailing Eastern Time) -- Deadline to object to sale, assumption, and assignment, including objections to proposed cure amounts on June 9, 2025 -- Hearing to approve sale on June 11, 2025 at 1:30 p.m. (subject to Court availability) -- Deadline to Close on June 18, 2025. The Debtor has established an electronic data room, which has been populated with due diligence information on the Debtor, its operations, assets, and liabilities. The Debtor has made, and will continue to make, the data room available to potential purchasers. In the event the Debtor receives an additional Qualified Bid, then the Debtor proposes to conduct an auction for the Assets on June 6, 2025 at 10:30 a.m. with the Debtor's Broker, Greg Barrow, serving as the Debtor's Auctioneer and with such auction taking place virtually through an online platform or through such other means or such other place and time as the Debtor shall notify all Qualified Bidders. About QXC Communications, Inc. QXC Communications, Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. R. GREGORY INVESTMENTS: Includes Stellar Bank Unsecured Claim Pay ----------------------------------------------------------------- R. Gregory Investments, LLC and DS Texas Capital LLC submitted an Amended Combined Disclosure Statement and Chapter 11 Plan dated May 1, 2025. On December 4, 2024, the State Court Litigation was removed to the Bankruptcy case under Adversary Proceeding 24-03258 (the "Gregory Adversary"). On January 6, 2025, the parties involved in the Gregory Adversary announced an agreement to the Bankruptcy Court for the release of the personal guaranties of Ryan and Stephanie Gregory of the Stellar Loans in exchange for the release of all claims against the defendants of the Gregory Adversary and foreclosure of the Cemetery Rd Facility on January 7, 2025. On January 7, 2025, by agreement, Stellar Bank foreclosed on the Cemetery Rd Facility. Class 1 shall consist of Allowed Secured Claims held by b1 against RGI. Treatment: * $1,250,000.00 Promissory Note. b1 shall retain its liens and except as expressly provided herein, all provisions in the underlying loan and security agreement shall remain unchanged and with full effect except Paragraph 4(a) and 4(b) of the Promissory Note shall be modified as follows: -- 4(a) 119 consecutive monthly payments of principal and interest in an amount sufficient to fully amortize the Loan over a period of 300 months, commencing on November 28, 20232 and continuing on the same day of each calendar month thereafter (or if no corresponding date shall exist in any calendar, on the last day of such calendar month); and -- 4(b) (1) final payment of the outstanding principal balance of this Note, including all accrued and unpaid interest, on the earliest of (i) acceleration of the Indebtedness pursuant to the terms of the Loan Documents; or (ii) October 28, 2032 (the EARLIEST of such dates being the "Maturity Date"). * $500,000.00 Promissory Note. b1 shall retain its liens and shall receive monthly payments of $6,000.00 until the earliest of its Secured Claim is paid or through the maturity as provided in the underlying loan and security documents and except as for expressly provided for herein, all provisions in the underlying loan and security agreement shall remain unchanged and with full effect. Class 2 shall consist of Allowed Secured Claims held by Home Tax Solutions and Brazoria County Tax Office against RGI. Home Tax Solutions and Brazoria County Tax Office shall receive monthly Pro Rata Cash payments of their their respective Claims for a term of sixty months commencing the first calendar date following thirty days from the Effective Date2with payments calculated on a five-year amortization of the Claims from the Petition Date, plus post-petition interest, charges, and attorneys' fees, and with interest bearing on the respective Claims per applicable statutory non-bankruptcy law and/or the underlying contractual agreement, whichever is applicable. Class 3 is comprised of General Unsecured Claims and Deficiency Claims asserted by Denver Commercial Builders, Inc. d/b/a Reconn Construction Services ($163,291.28), ISC Acquisition Corp. d/b/a ISC Building Materials ($22,968.38), Relentless Fire Protection ($102,561.00), Stellar Bank ($427,206.38), The Reliable Automatic Sprinkler Co., Inc. ($25,771.96), Progressive Interest, Inc. d/b/a Progressive Electrical Contractors ($110,914.59), H&E Equipment Services, Inc. ($17,755.44), Custom Stucco and Stone Company ($10,000.00), City Electric Supply Company ($9,118.39), Stellar Bank ($427,206.38), and Trinity Excavators, LLC ($12,977.21). Holders of Claims in Class 3 shall receive Pro Rata payments of recoveries under any Chapter 5 causes of action. Holders of Claims in Class 3 shall be entitled to exercise their rights and remedies pursuant to applicable non-bankruptcy law upon default. Class 3 is impaired under the Plan and entitled to vote to accept or reject the Plan. The payments contemplated in this Plan shall be funded from continued operations from RGI and recoveries from Chapter 5 causes of action. RGI believes it will generate sufficient rental income to fund payments under the Plan. A full-text copy of the Amended Combined Disclosure Statement and Plan dated May 1, 2025 is available at https://urlcurt.com/u?l=ty6ACK from PacerMonitor.com at no charge. Counsel to the Debtors: Susan Tran Adams, Esq. Tran Singh LLP Brendon Singh 2502 La Branch Street Houston TX77004 Tel: (832) 975-7300 Fax: (832) 975-7301 Email: stran@ts-llp.com About R. Gregory Investments R. Gregory Investments, LLC in Manvel, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 24-34097) on Sept. 1, 2024, listing $2,503,600 in assets and $1,739,000 in liabilities. Ryan Gregory as managing member, signed the petition. Judge Eduardo V Rodriguez oversees the case. TRAN SINGH, LLP serves as the Debtor's legal counsel. REBELLION POINT: J.M. Cook Named Subchapter V Trustee ----------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed J.M. Cook as Subchapter V trustee for Rebellion Point Entertainment, LLC. Mr. Cook is the president and sole stockholder of J.M. Cook, P.A., doing business as J.M. Cook, Attorney at Law. About Rebellion Point Entertainment Rebellion Point Entertainment, LLC, also known as East Coast Game Rooms, is a family-owned retailer and outfitter based in Kitty Hawk, N.C., with over four decades of experience in both residential and commercial entertainment spaces. It offers a wide selection of game room products including arcade machines, billiards, ping pong, shuffleboard, and custom furniture. It also provides rentals, delivery, installation, and repair services for customers in the Outer Banks and broader East Coast region. Rebellion Point Entertainment filed Chapter 11 petition (Bankr. E.D.N.C. Case No. 25-01352) on April 14, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. David M. Teague, company owner, signed the petition. Judge Pamela W. Mcafee oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, is the Debtor's legal counsel. RENASCENCE INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Renascence, Inc. d/b/a PIP Printing 3185 Moseley Dr. Greenville, NC 27858 Business Description: Renascence, Inc. operates a commercial printing business based in Greenville, Pitt County, North Carolina. Founded in 1997, the Company runs under a franchise agreement with Postal Instant Press, Inc. (PIP Printing), offering services such as copying, publishing, mailing, embroidery, and signage. It also sells office supplies and serves both individual and business customers in Pitt County and nearby areas. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-01764 Judge: Hon. Pamela W Mcafee Debtor's Counsel: C. Scott Kirk, Esq. SCOTT KIRK 1025C Director Court Greenville, NC 27858 Tel: (252) 689-6249 E-mail: scott@csklawoffice.com Total Assets: $111,445 Total Liabilities: $1,480,810 The petition was signed by Donald A. Stocks, Sr. as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YINDLBQ/Renascence_Inc__ncebke-25-01764__0001.0.pdf?mcid=tGE4TAMA RITE AID: CVS Health Bids for Some Stores, Patients' Information ---------------------------------------------------------------- Ike Swetlitz of Bloomberg Law reports that CVS Health Corp. is seeking to acquire stores and patient prescription data from Rite Aid Corp., the struggling pharmacy chain that filed for bankruptcy for the second time earlier this month and is now winding down operations. Rite Aid CEO Matthew Schroeder informed employees on Thursday, May 15, 2025, that CVS has submitted a bid for a substantial number of locations in Washington, Oregon, and Idaho, along with patient records. The remarks were made during a meeting, a recording of which was reviewed by Bloomberg News. 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. RMBQ INC: Hires Sanchez & Baltazar Attorneys P.C. as Counsel ------------------------------------------------------------ RMBQ, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Sanchez & Baltazar Attorneys, P.C. as counsel. The firm will provide these services: a. advise Debtor regarding matters of bankruptcy law; b. represent Debtor in proceedings or hearings in the bankruptcy court involving matters of bankruptcy law; c. prepare and assist Debtor in the preparation of reports, accounts, applications, and orders; d. advise Debtor concerning the requirements of the Bankruptcy Code and rules relating to administration of this bankruptcy case; and e. assist Debtor in the negotiation, formulation, confirmation, and implementation of the plan of reorganization. The firm will be paid at these rates: Joanne P. Sanchez, Partner $385 per hour Lisbette J. Baltazar, Partner $350 per hour Paralegals $200 per hour The firm will be paid a retainer in the amount of $35,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joanne P. Sanchez, a partner at Sanchez & Baltazar Attorneys, 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: Joanne P. Sanchez, Esq. Sanchez & Baltazar Attorneys P.C. 1140 S. Tremont Suite 105 Oceanside, CA 92054 Tel: (760) 302-4652 Fax: (844) 881-5852 Email: joanne@sblegalfirm.com About RMBQ Inc. RMBQ, Inc. operates nine food service locations "including five brick-and-mortar stores, four mobile units, and a catering trucks "under concession agreements with Marine Corps Community Services across military bases in San Diego County. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banke. S.D. Cal. Case No. 25-01511-JBM11) on April 16, 2025. In the petition signed by Raymond Gomez, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Barrett Marum oversees the case. Joanne P. Sanchez, Esq., at Sanchez & Baltazar Attorneys, P.C., represents the Debtor as legal counsel. SABAL CONSTRUCTION: Amy Mayer Named Successor Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as successor Subchapter V trustee for Sabal Construction Incorporated. 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 About Sabal Construction Incorporated Established in 2013, Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Fla. It specializes in luxury custom waterfront homes and light commercial projects. Sabal sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 10, 2025, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. Galen Brent Hebert, president of Sabal, signed the petition. Judge Catherine Peek Mcewen presides over the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. Thiru Arasu and Judith Arasu, as creditors, are represented by: Buddy D. Ford, Esq. Email: Buddy@tampaesq.com Jonathan A. Semach, Esq. Email: Jonathan@tampaesq.com FORD & SEMACH, P.A., 9301 West Hillsborough Avenue Tampa, Florida 33615-3008 Telephone #: (813) 877-4669 Facsimile #: (813) 877-5543 Office Email: All@tampaesq.com SCHAFER FISHERIES: Gets Interim OK to Sell Fort Madison Property ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, has issued an interim order to Schafer Fisheries, Inc. and its affiliate, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at Fort Madison, Iowa, Lee County that contains 4.5 acres of land. The Court ordered that the Motion is withdrawn in part, granted in part and continued in part. The Court held that Newtek, as the Debtors' secured lender, has the right to participate at the 363 Sale and exercise its rights to bid up to the full amount of its claims as a credit against the purchase price of the Property. The Court directed that the Debtors shall publish notice of the proposed 363 Sale, containing the purchase price offered by Chislon Investment LLC and requirements to become a qualified bidder at the 363 Sale, and seeking higher and better bids, and the terms of the bidding procedure, in at least one newspaper of general circulation; namely, the Daily Democrat and shall include the date, time and place of the sale. The Notice shall be published twice by May 27, 2025. Any competing bid must be made in writing and be upon the same general terms as the Real Estate Contract offered by Chislon. Competing bids must be made with incremental bids of not less than $10,000.00 by delivered to Debtors' counsel by 5:00 P.M on May 29, 2025. If one or more qualified bids are submitted, a meeting will be held on May 30, 2025, at 1:30 p.m. at the office of the attorney for the Debtors. A hearing to report on the results of the May 30, 2025 meeting, including a report if no other qualified bids are received, to confirm the results of the bidding, and to enter a final order approving the 363 Sale shall be held on June 4, 2025 at 11:00 a.m. About Schafer Fisheries Inc. Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. The Debtor is represented by Richard N. Golding, Esq., at Law Offices Of Richard N. Golding, P.C. SHIVANI CORP: Gets Interim OK to Use Cash Collateral Until June 2 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Virginia issued an interim order granting Shivani Corp. authority to use cash collateral. The interim order authorized Shivani to use its cash, including accounts receivable and deposit accounts, through the final hearing to pay business expenses in line with its budget. As protection, World Business Lenders, LLC or its successors will be granted replacement liens on post-petition receivables and accounts. A final hearing is scheduled for June 2. Objections are due by May 27. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wHQDu from PacerMonitor.com. About Shivani Corp. Shivani Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Vir. Case No. 25-60511) on April 29, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Paul M. Black oversees the case. The Debtor is represented by: H. David Cox, Esq. Cox Law Group, PLLC Tel: 434-845-2600 ecf@coxlawgroup.com SILVER AIRWAYS: Gets Court Approval for $5.5MM DIP Financing ------------------------------------------------------------ Yun Park of Law360 Bankruptcy Authority reports that a Florida bankruptcy judge on Thursday, May 15, 2025, gave final approval to Silver Airways LLC's $5.5 million debtor-in-possession financing and asset sale bidding procedures, following settlements with multiple administrative expense claimants. About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on December 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq. at Blank Rome, LLP. SMITH ENVIRONMENTAL: To Sell Ecological Assets to Twin Peaks Diesel ------------------------------------------------------------------- Smith Environmental and Engineering, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Assets, free and clear of liens, interests, and encumbrances. The Debtor is a Colorado corporation formed in June of 2000, with most of its property and operations located in Dacono, Colorado. The Debtor has traditionally provided environmental consulting, engineering, and constructions services to help businesses and organizations to comply with regulations, manage risk and adopt sustainable practices. Its focus areas include remediation, planning, and regulatory compliance. The Debtor operates five divisions or groups within its company: (a) Environmental Construction; (b) Ecological Services; (c) Hazardous Materials; (d) Environmental Engineering; and (e) Public Information. The Environmental Construction division has, or is close to, ceasing operations. The Debtor employs approximately 25 individuals and owned various vehicles, machinery, and equipment. The Debtor has significantly scaled back operations to reduce overhead and plans to employ 11 individuals after the sale of the assets of the Ecological Services group. Over the past four years, the Debtor experienced a decline in business but did not reduce its overhead accordingly. As a result, expenses outpaced revenue, leading the Debtor to incur debt at high interest rates, which worsened its financial condition. The Debtor seeks to sell all its assets related to the Ecological Services division of its business to the manager of that division (James Moree) and his new business partners. The business partners Eric Rexroth and Casey Griebel own Twin Peaks Diesel, LLC (a prepetition creditor of the Debtor). The assets to be sold include certain leases, vehicles, machinery, equipment, tools, and office furniture (Acquired Assets). The Acquired Assets all pertain to the Ecological Services division. It is anticipated that the Buyer will use the Acquired Assets to operate a business very similar to the Ecological Services division. If the proposed sale is approved, the Debtor will close down the Ecological Services division and continue to do business with the Hazardous Materials and Environmental Engineering divisions. The Debtor expects that all of the proceeds of sale will go to two statutorily secured creditors at or soon after closing: the Colorado Department of Revenue and Department of the Treasury – Internal Revenue Service. The purchase price of the Assets is $625,000.00 and the forgiveness of certain debt owed by the Debtor to Twin Peaks Diesel, LLC. A 10% deposit of the purchase price or $62,500.00 held in escrow by Debtor's counsel. At closing, the Buyer will deliver to Debtor $625,000.00 (less the $62,500.00 deposited with counsel for the Debtor prior to Closing and held in escrow) and Twin Peaks Diesel (an affiliated entity of Buyer) will forgive any of the Debtor's pre- and post-petition debt (estimated to be approximately $3,000). The Debtor will be responsible for any taxes incurred in connection with the sale itself and will reserve money for, or pay, such taxes prior to distributing the net proceeds of sale. About Smith Environmental and Engineering, Inc. Smith Environmental and Engineering, Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reported total assets of $1,486,401 and total liabilities of $2,975,603. Judge Michael E. Romero handles the case. The Debtor is represented by David Warner, Esq. SPORTSMAN'S SUPPLY: Hires Calaiaro Valencik as Legal Counsel ------------------------------------------------------------ Sportsman's Supply Company seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik as its counsel. The firm will render these services: (a) prepare bankruptcy petition and complete Schedules and Statement of Financial Affairs; (b) attend the Initial Debtor Interview and the meeting of creditors; (c) represent the Debtor in relation to negotiating an agreement with KeyBank regarding their treatment under a Plan; (d) represent the Debtor in relation to acceptance or rejection of executory contracts; (e) advise the Debtor about preference actions; (f) advise the Debtor regarding its rights and obligations during the Chapter 11 case; (g) represent the Debtor in relation to any motions to convert or dismiss this Chapter 11; (h) represent the Debtor in relation to any motions for relief from stay filed by any creditors; (i) prepare the Plan of Reorganization and Disclosure Statement; (j) prepare any objection to claims in the Chapter 11; and (k) otherwise, represent the Debtor in general. The firm will be paid at these rates: Donald Calaiaro, Partner $475 per hour David Valencik, Partner $395 per hour Andrew Pratt, Partner $335 per hour Daniel R. White, Partner $350 per hour Paralegals $125 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer of $25,000. Mr. Calaiaro 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: Donald R. Calaiaro, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dcalaiaro@c-vlaw.com About Sportsman's Supply Company Sportsman's Supply Company, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-20976-CMB) on April 16, 2025, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Calaiaro Valencik as counsel. STERNE WOOD: Section 341(a) Meeting of Creditors on June 18 ----------------------------------------------------------- On May 13, 2025, Sterne Wood LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 18, 2025 at 11:00 AM To access telephonic 341 meeting, call 877-874-4964 and enter passcode 9790041#. About Sterne Wood LLC Sterne Wood LLC is a limited liability company. Sterne Wood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01945) on May 13, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Donald Reid, Esq. at LAW OFFICE OF DONALD W. REID. SWAIN LANDING: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Swain Landing LaPlata JC LLC 1801 16th Street, NW #606 Washington, DC 20009 Business Description: Swain Landing LaPlata JC LLC operates as a land subdivider and developer and holds an interest in the property at 10524 La Plata Road, La Plata, Maryland, valued at $1.3 million. The Company has lost this singular real estate asset due to rescission but believes it may be able to avoid the rescission through rights under Chapter 5 of Title 11 of the U.S. Bankruptcy Code. If successful, Swain Landing aims to develop the property and use the proceeds to pay creditors. Chapter 11 Petition Date: May 15, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00184 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Maurice Verstandig, Esq. THE BELMONT FIRM 1050 Connecticut NW, Suite 500 Washington, DC 20036 E-mail: mac@mbvesq.com Total Assets: $1,299,500 Total Liabilities: $1,785,000 Michael Postal, serving as manager, signed the petition. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AHQOYXY/Swain_Landing_LaPlata_JC_LLC__dcbke-25-00184__0001.0.pdf?mcid=tGE4TAMA TALKING ROCK: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Talking Rock Land, LLC. About Talking Rock Land Talking Rock Land, LLC develops and manages Talking Rock, a private residential community in Prescott, Ariz. The development includes luxury homes, a golf course, and club amenities. Talking Rock Land filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-03438) on April 18, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Daniel P. Collins handles the case. The Debtor is represented by Scott B. Cohen, Esq., at Engelman Berger, PC. TECHNO TOY: Seeks Subchapter V Bankruptcy in California ------------------------------------------------------- On May 10, 2025, Techno Toy Tuning LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filing, the Debtor reports $2,538,539 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Techno Toy Tuning LLC Techno Toy Tuning LLC designs and manufactures performance parts for vintage and classic cars, specializing in modifications for brands such as Toyota, Datsun/Nissan, Mazda, Mitsubishi, Lotus, BMW, Chevrolet, and Ford. Founded by a pair of automotive enthusiasts, the Company initially began with a custom short shift kit for an AE86 Corolla, which led to the creation of the brand. Over time, Techno Toy Tuning's products have evolved through customer feedback, with many parts developed in response to requests from dedicated car enthusiasts working on rare or obscure vehicles. Techno Toy Tuning LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22317) on May 10, 2025. In its petition, the Debtor reports total assets of $398,243 and total liabilities of $2,538,539. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtors are represented by Arasto Farsad, Esq. at FARSAD LAW OFFICE, P.C. TELUS CORPORATION: DBRS Gives Prov. BB(high) Credit Rating ---------------------------------------------------------- DBRS Limited assigned a provisional credit rating of (P) BB (high), with a Stable trend, to TELUS Corporation's (TELUS or the Company) fixed-to-fixed rate subordinated notes issuance Series CAR and Series CAS due 2055 (the Notes). There is no change to either the Company's Issuer Rating or senior unsecured debt rating, which are rated BBB with Stable trends. The Notes are unsecured subordinated obligations of the Company, are subordinated in right of payment to all existing and future senior indebtedness and are effectively subordinated to all indebtedness and obligations of, or guaranteed by, the Company's subsidiaries. Morningstar DBRS expects the net proceeds of the Notes issuance will be used for the repayment of outstanding indebtedness, the reduction of cash amounts outstanding under the Receivables Trust, the repayment of commercial paper (incurred for general working capital purposes), and for other general corporate purposes. The credit rating on the Notes is provisional, based on information provided to Morningstar DBRS by the Company and its agents as at the date of this press release. The credit rating can be finalized upon receipt of the final information, data, and governing transaction documents. To the extent that the documents and the information provided to Morningstar DBRS as of this date differ from the final version of the governing transaction documents, Morningstar DBRS may assign a different final credit rating to the Notes. TELUS' credit ratings reflect its position as a national wireline and wireless network provider, its diverse and national customer base, high quality network and diverse operating platform that includes TELUS Digital, TELUS Health, and TELUS Agriculture and Consumer Goods. The credit ratings also acknowledge the intensely competitive Canadian telecommunications landscape, the secular decline in legacy services, the high capital intensity of the industry and the risks associated with regulatory changes. Notes: All figures are in Canadian dollars unless otherwise noted. TOMMY'S FORT: Updates Customer Constructive Claims Pay Details -------------------------------------------------------------- Mark E. Andrews, the chapter 11 trustee appointed in the chapter 11 cases of Tommy's Fort Worth, LLC and its affiliates, submitted a Disclosure Statement describing his First Amended Joint Chapter 11 Plan for the Debtors dated May 1, 2025. The plan proposes to pay unsecured creditors through a liquidating trust called the "Creditor Trust." The key feature of the Plan includes a proposed settlement with M&T Bank, the Debtors' primary Prepetition Lender. Under the settlement, M&T Bank will contribute approximately $2,960,000 of its Cash Collateral (in addition to Cash Collateral previously used with M&T Bank's consent during the course of the chapter 11 cases). Class 4 consists of Customer Constructive Trust Claims. On or before the first Business Day that is 45 days after the Customer Constructive Trust Claims Objection Deadline, each holder of an Allowed Customer Constructive Trust Claim that is a Consenting Creditor shall receive from the Customer Constructive Trust Claims Reserve, in full satisfaction of such Claim against the Estates and in exchange for the Third-Party Releases, in the Creditor Trustee's discretion, payment from the Creditor Trustee (i) to the holder of the Customer Constructive Trust Claim in Cash in the amount between 45% and up to 60% of the Allowed Customer Constructive Trust Claim or (ii) in the actual payoff amount owed, to a third party lender asserting a lien against a boat (y) purchased by the holder of a Customer Constructive Trust Claim, and/or (z) previously owned by the holder of a Customer Constructive Trust Claim. The Creditor Trustee shall supplement the Customer Constructive Trust Claims Reserve with proceeds of Other Retained Causes of Action as necessary to the extent there are insufficient funds on hand in the Customer Constructive Trust Claims Reserve to pay the Allowed Customer Constructive Trust Claims in accordance with the preceding paragraph. All holders of Customer Constructive Trust Claims that accept this treatment and do not opt out of the Third Party Releases will be entitled to receive settlement payments from the Customer Constructive Trust Claims Reserve. Any holder of a Customer Constructive Trust Claim that opts out of the Third-Party Releases: (i) will not receive any payments from the Constructive Trust Claims Reserve; (ii) will retain all rights and defenses to pursue all remedies against the Released Parties; and (iii) will be treated as a Class 5 General Unsecured Creditor. Class 4 Claim holders are impaired under the Plan. The Trustee will solicit votes from holders of Class 4 Customer Constructive Trust Claims. Like in the prior iteration of the Plan, each holder of an Allowed General Unsecured Claim shall receive a Creditor Trust Interest. Distributions to holders of Allowed General Unsecured Claims who receive a Creditor Trust Interest shall be on a Pro Rata basis with all other Allowed General Unsecured Claims, as set forth in the Creditor Trust Agreement. The Creditor Trust shall be established for the benefit of the holders of Allowed General Unsecured Claims. This section sets forth the general terms of the Creditor Trust and certain of the rights, duties, and obligations of the Creditor Trustee. In the event of any conflict between the terms of this section and the terms of the Creditor Trust Agreement, the terms of the Creditor Trust Agreement shall govern. A full-text copy of the Disclosure Statement dated May 1, 2025 is available at https://urlcurt.com/u?l=UI5xZP from PacerMonitor.com at no charge. Counsel to Mark E. Andrews, Chapter 11 Trustee: Aaron M. Kaufman, Esq. Jason S. Brookner, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. GRAY REED 1601 Elm Street, Suite 4600 Dallas, TX 75201 Tel: (214) 954-4135 Fax: (214) 953-1332 Email: jbrookner@grayreed.com akaufman@grayreed.com lwebb@grayreed.com eshanks@grayreed.com About Tommy's Fort Worth Tommy's is a premium boat dealer with 16 locations across the United States. Tommy's Fort Worth, LLC and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Lead Case No. 24-90000) on May 20, 2024. The petitions were signed by Monica S. Blacker as chief restructuring officer. At the time of filing, the Lead Debtor estimated $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Edward L. Morris presides over the case. Liz Boydston, Esq., at GUTNICKI LLP, is the Debtor's counsel. TR WELDING: Gary Rainsdon Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 18 appointed Gary Rainsdon as Subchapter V trustee for TR Welding, Inc. Mr. Rainsdon will be paid an hourly fee of $225 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Rainsdon declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary L. Rainsdon P.O. Box 506 Twin Falls, ID, 83303 trustee@atcnet.net Phone: (208) 734-1180 About TR Welding Inc. TR Welding, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-40224) on April 11, 2025, listing up to $1 million in both assets and liabilities. Todd Robinson, company owner, signed the petition. Judge Noah G. Hillen oversees the case. Patrick J. Geile, Esq., at Foley Freeman, PLLC, represents the Debtor as legal counsel. TRINITY AUTOMOTIVE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Trinity Automotive Service Center, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division at Cincinnati to use cash collateral. The order penned by Judge Beth Buchanan authorized the company's interim use of cash collateral through the final hearing to pay the expenses set forth in its budget. The final hearing is set for May 28. As protection, North Mill Credit Trust, a secured lender, and those holding a valid lien on the cash collateral were granted a replacement lien on Trinity's property that is similar to their pre-bankruptcy collateral. In addition, Trinity was ordered to make monthly payments in accordance with the budget as further protection. In August 2024, Trinity entered into an equipment finance agreement with North Mill Credit Trust, borrowing $150,000. As security for compliance with the terms of the agreement, the secured lender asserts it properly perfected its security interest in certain collateral owned by Trinity. About Trinity Automotive Service Center Trinity Automotive Service Center, LLC operates as an AAMCO franchise in Cincinnati, Ohio, specializing in transmission repairs and comprehensive automotive services. Located at 370 Northland Blvd. Trinity Automotive Service Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-11009) on April 29, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Beth A. Buchanan handles the case. The Debtor is represented by Ira H. Thomsen, Esq. TRINITY EXCAVATORS: Claims to be Paid From Available Cash & Income ------------------------------------------------------------------ Trinity Excavators, LLC, and TE Construction Group, LLC, filed wih the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Chapter 11 Plan of Reorganization dated May 1, 2025. Trinity was formed in March 2015 and from the outset was owned and operated by Pyburn. In May 2021, Brian Buttry was hired to work at Trinity as a Vice President of Operations. At the time, Pyburn owned all of the Equity Interests of Trinity. On November 7, 2022, Brian Buttry entered into a certain Ownership Interest Purchase Agreement (the "Trinity Sale Agreement") with Pyburn, under which Brian Buttry agreed to purchase 100% of the Equity Interests of Trinity from Pyburn in exchange for $3,200,000.00 (the "Trinity Sale"). In addition to Trinity, Pyburn owned 100% of the Equity Interests in TE. Separate from the Trinity Sale, Brian Buttry (49%) and his wife, Shelli Buttry (51%), acquired all of the Equity Interests of TE for nominal consideration ($10.00). The Plan is the result of commitments made by the Key Employees and Plan Proponents and contains the following key economic terms, features and mechanics: * The bankruptcy estates of Trinity and TE will be consolidated for purposes of voting and Distributions under the Plan in accordance with Section 1123(a)(5)(C) of the Bankruptcy Code. Following the Effective Date, the assets and liabilities of Trinity and TE will be consolidated into the reorganized TE, and TE will operate on a go forward basis and shall satisfy the obligations and Allowed Claims of the consolidated Trinity and TE. Trinity will remain closed, its Equity Interests cancelled, and its legal entity will be formally dissolved; * Following the Effective Date, the Key Employees will continue to operate TE. For the duration of the Plan, the Key Employees have agreed to maintain the level of compensation that they received as of the Petition Date; * Distributions under the Plan shall be made through (a) cash on hand as of the Plan's Effective Date; (b) cash generated by TE's business operations over the term of the Plan; and (c) the New Value Contribution; * Allowed Administrative Expense Claims, fees of the United States Trustee, Priority Tax Claims and Priority Non-Tax Claims shall be paid in full; and * Claims of Secured Creditors shall be restructured and bifurcated into Allowed Secured Claims and General Unsecured Claims, based upon the value of each Secured Creditor's Collateral. Class 14 consists of General Unsecured Claims. As set forth in Section 4.14 of the Plan, Holders of Allowed General Unsecured Claims shall receive a combination of the following under the Plan: * A Pro-Rata share of twelve consecutive quarterly payments of $5,000.00 for total payments of $60,000.00. Such payments shall commence on the last Business Day of the 3rd full month after the Effective Date occurs and continue thereafter on the last Business Day of each quarter for eleven consecutive quarters (i.e. if the Effective Date is June 10, 2025, the first payment will be due on the last Business Day of September, 2025); * A Pro-Rata share of 5% of Ending Cash Balance, if any, held by Reorganized Debtor on the last Business Day of the quarter for the twelve consecutive quarters following the 3rd full month after the Effective Date occurs. Such payments shall be made on the last Business Day of the month in the month following the end of each quarter (i.e. if the Effective Date occurs on June 10, 2025, Ending Cash Balance will be calculated as of September 30, 2025, and a payment would be made on the last Business Day of October, 2025). There is no guaranty there will be an Ending Cash Balance that will result in such quarterly payment(s); and * a Pro-Rata share of recoveries, if any, from the Pyburn Action. Class 15 consists of Equity Interests against Trinity. Brian Buttry owns (100%) of the Equity Interests in Trinity. As set forth in Section 4.15 of the Plan, the Equity Interests in Trinity will be cancelled on the Effective Date in their entirety. As a result, Class 15 is deemed to not to have accepted the Plan pursuant to Section 1126(g) of the Bankruptcy Code. However, Brian Buttry is among Plan Proponents and has consented to and supports such treatment under the Plan. Class 16 consists of Equity Interests against TE. Shelli Buttry (51%) and Brian Buttry (49%), own 100% of the Equity Interests in TE. As set forth in Section 4.16 of the Plan, in exchange for the New Value Contribution (being the Equity Holders' Promissory Note), the Equity Interests of Brian Buttry and Shelli Buttry in TE as Reorganized Debtor shall remain equal to the Equity Interests in TE held by Brian Buttry and Shelli Buttry prior to the Petition Date. On the Effective Date, the Trinity Creditors' Trust shall be established for the sole purpose of receiving and being vested with (i) the Long-Term Accounts Receivable and maximizing the value of the recovery of the Long-Term Accounts Receivable for the benefit of Third Coast Bank and potential claimants against Trinity under the Texas Construction Trust Fund Act, Tex. Prop. Code Section 162.001 et seq.; and (ii) the Pyburn Action for the benefit of Class 14 (General Unsecured Claims). Attached to this Disclosure Statement are TE's financial projections for the 36-month period commencing June 1, 2025, setting forth gross income, expenses and operating income for a three-year period (the "Projections"). Based upon the projections, TE believes it can service its obligations to its creditors under the Plan. The Projections were prepared for TE with its financial advisor, Ascend. A full-text copy of the Disclosure Statement dated May 1, 2025 is available at https://urlcurt.com/u?l=OatAR9 from PacerMonitor.com at no charge. Counsel for the Debtors: CAROTHERS & HAUSWIRTH LLP Patrick W. Carothers, Esq. Gregory W. Hauswirth, Esq. Foster Plaza 10 680 Andersen Drive, Suite 230 Pittsburgh, PA 15220 Telephone: 412-910-7500 Facsimile: 412-910-7510 Email: pcarothers@ch-legal.com ghauswirth@ch-legal.com About Trinity Excavators Trinity Excavators, LLC operates in the nonresidential building construction industry. Trinity Excavators sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-35266) on Nov. 6, 2024, with $1 million to $10 million in both assets and liabilities. Brian Buttry, president of Trinity Excavators, signed the petition. Judge Jeffrey P. Norman oversees the case. Harrison A. Pavlasek, Esq., at Forshey Prostok, LLP, is the Debtor's legal counsel. TRIPLEPULSE INC: Fruci & Associates II Raises Going Concern Doubt ----------------------------------------------------------------- TriplePulse, Inc. disclosed in a Form 1-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor expressed substantial doubt about the Company's ability to continue as a going concern. Net loss for the year ended December 31, 2024 was $50,208, compared to net income of $92,911 for the year ended December 31, 2023, a decrease of 154% As of December 31, 2024, the Company's current cash and cash equivalents were $1,524,584, compared to $1,318,763 as of December 31, 2023. Net inventory as of December 31, 2024 was $452,040. As of December 31, 2024, it had total liabilities in the amount of $443,689. "We currently anticipate that cash flow from operations will continue to provide a significant source of our operating needs. We expect that our liquidity needs for the next twelve months will be met by continued use of operating cash flows and funds raised in our Equity Crowdfunding offering. We believe that we will be able to continue to operate our business for the foreseeable future," the Company said. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor, issued a "going concern" qualification in its report dated April 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. The Company has incurred cumulative losses of approximately $1.5 million as of December 31, 2024, and has historically experienced negative operating cash flows. However, in recent periods, the Company has reduced losses and generated positive operating cash flows. Management has evaluated the Company's ability to continue as a going concern and believes that the recent improvements in operating performance and cash flow generation provide sufficient liquidity to support ongoing operations for the foreseeable future. A full-text copy of the Company's Form 1-K is available at: https://tinyurl.com/2mmbf7j4 About TriplePulse, Inc. Santa Monica, Calif.-based TriplePulse, Inc., dba TruBrain, is a leading brand in high function brain food, as it believes the human brain runs best with bioactive nootropics supporting its metabolic process. Its cognitive products include best-selling drinks, bars, capsules, powder sticks and coffee topping. As of December 31, 2024, the Company had $2.1 million in total assets, $443,689 in total liabilities, and a total equity of $1.7 million. UGS PRIVATE: Files Amended Plan; Confirmation Hearing June 12 ------------------------------------------------------------- UGS Private Security, Inc., submitted an Amended Revised Disclosure Statement describing Plan of Reorganization dated May 1, 2025. The Debtor anticipates generating sufficient income to fund the proposed Plan. Like in the prior iteration of the Plan, the Debtor will pay a total of $22,048.75 (5% of all general unsecured claims) to in the holder of Class 4 claims, in monthly installments of $367.48 over 60 months commencing on the Effective Date of the Plan. Holders of allowed general unsecured claims shall receive their pro-rata share of $367.48 monthly from the Debtor's disposable income derived from the financials. The allowed unsecured claims total $440,974.96. Class 6 consists of Interest Holders. The interest holder, Debtor UGS Private Security, Inc. will retain its share ownership interest in the property but will not receive any distributions, dividends, or payments with respect to his share ownership interest until all payments have been made by the Debtor on the Plan with respect to Class 4 and 5. The Plan will be funded by the Debtor's post-petition earnings from its business activities. Based on the debtor's monthly operating reports for the last seven months, the debtor has received an average of $145,415.77 a month for its business income. The hearing where the Court will determine whether or not to confirm the Plan will take place on June 12, 2025 at 10:00 A.M., in Courtroom 1375 of U.S. Bankruptcy Court, 255 E Temple St., Los Angeles, CA 90012. Ballots must be received by 5:00 p.m. on June 2, 2025 or it will not be counted. Objections to the confirmation of the Plan must be filed with the Court and served so that any objections are actually received by counsel for the Debtor by 5:00 p.m. on June 2, 2025. A full-text copy of the Amended Revised Disclosure Statement dated May 1, 2025 is available at https://urlcurt.com/u?l=4a6c6q from PacerMonitor.com at no charge. Counsel to the Debtor: Onyinye Anyama, Esq. ANYAMA LAW FIRM | A Professional Law Corporation 18000 Studebaker Road, Suite 325 Cerritos, California 90703 Tel. (562) 645-4500; Fax. (562) 318-3669 Email: info@anyamalaw.com About UGS Private Security UGS Private Security, Inc., is a California Corporation established sometime in 2017. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11631) on March 1, 2024, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Julia W. Brand presides over the case. Onyinye N. Anyama, Esq., at Anyama Law Firm, A Professional Corp., is the Debtor's legal counsel. UNIQUE LOGISTICS: Liquidity Issues Raise Going Concern Doubt ------------------------------------------------------------ Unique Logistics International, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended February 28, 2025, that there is substantial doubt about its ability to continue as a going concern. The Company had a net income of $5.2 million for the three months ended February 28, 2025, compared to a net loss of $5.8 million for the three months ended February 29, 2024. For the nine months ended February 28, 2025, the Company had a net income of $0.7 million compared to a net loss of $11 million for the nine months ended February 29, 2024. The Company's principal sources of cash are: (i) cash generated from operations, (ii) borrowings available under its revolving line of credit (through March 31, 2025) or the new factoring agreement (beginning April 1, 2025), and (iii) proceeds from debt or equity issuances. As of February 28, 2025, the Company had cash and cash equivalents of approximately $4.2 million, negative working capital of $23 million, and $10 million available to draw under its operating line of credit with TBK Bank, SSB based on the amount of its accounts receivable on February 28, 2025. On September 12, 2024, the Company entered into an agreement with TBK Bank to temporarily increase the credit limit under the TBK Facility from $25.0 million to $30 million for a period of six months through March 12, 2025. Effective March 31, 2025, the Company and TBK Bank terminated the TBK Facility and entered into a new factoring agreement effective April 1, 2025, for a period of 90 days and with an option to extend for 12 more months with a maximum advance limit of $30 million. According to Unique Logistics, for the nine months ended February 28, 2025, the Company generated $3.5 million in operating income and used cash for its operations in the amount of $6 million, primarily due to the ramp up of accounts receivable and accounts payable due to an increase in sales compared to the nine months ended February 29, 2024. The negative working capital and cash used in operations are all indicators of substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company is continually evaluating its liquidity requirements considering its operating needs, growth initiatives and capital resources. Based on its assessment of the Company's projected cash flow, impact of the pending merger and expected business performance as of and subsequent to February 28, 2025, management believes that the Company's current cash and the ability to raise cash under the Factoring Agreement as well as the opportunity to pay off certain of its debt as part of the Merger Agreement would be sufficient to support its operations for at least the next 12 months from the issuance of this report. The Company's plan includes the items noted above as well as securing external financing, which may include raising debt or equity capital. These plans are not entirely within the Company's control including its ability to raise sufficient capital on favorable terms, if at all, and absent an infusion of sufficient capital there is substantial doubt about its ability to continue as a going concern for 12 months after the date the condensed consolidated financial statements for the three and nine months ended February 28, 2025 are issued. As further discussed in subsequent events note to the financial statements, on March 11, 2025, the Company entered into an agreement and plan of merger by and among the Company, DP World Logistics US Holdings, Inc. and Unique Merger Co., a Nevada corporation and wholly owned subsidiary of DP World Logistics US Holdings, pursuant to which Unique Merger Co. will merge with and into the Company, with the Company surviving such merger as a wholly-owned subsidiary of DP World Logistics US Holdings. There can be no assurance that the Company will be able to complete this merger or to raise the capital it needs to continue its operations on satisfactory terms or at all. If capital is not available to the Company when, and in the amounts, needed, the Company could be required to liquidate its assets, cease or curtail operations, which could materially harm its business, financial condition and results of operations, or seek protection under applicable bankruptcy laws or similar state proceedings. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/wxtxu86h About Unique Logistics Unique Logistics International, Inc. and its subsidiaries is a non-asset-based provider of global logistics and freight forwarding services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company's customers include retailers and wholesalers, electronics, high technology, industrial and manufacturing companies around the world. The Company provides a range of international logistics services that enable its customers to outsource sections of their supply chain process. This range of services can be categorized as Air Freight; Ocean Freight; Customs Brokerage and Compliance; Warehousing and Distribution; and Order Management. As of February 28, 2025, the Company had $111.3 million in total assets, $99.9 million in total liabilities, and a total equity of $11.4 million. V820JACKSON LLC: Section 341 Meeting of Creditors on June 9 ----------------------------------------------------------- On May 12, 2025, V820Jackson LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 9,2025 at 01:30 PM at Appear by Teams. About V820Jackson LLC V820Jackson LLC is classified as a single-asset real estate debtor under the definition set forth in Section 101(51B) of the U.S. Bankruptcy Code. V820Jackson LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07228) on May 12, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtors are represented by Ariel Weissberg, Esq. at WEISSBERG AND ASSOCIATES, LTD. VENUS CONCEPT: Amends Sr. Convertible Preferred Stock Voting Rights ------------------------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Certificate of Amendment with the Secretary of State of the State of Delaware, thereby amending the Certificate of Designations with respect to the Company's Senior Convertible Preferred Stock, as filed with the Secretary of State of the State of Delaware on May 15, 2023 and as amended by that certain Certificate of Amendment filed with the Secretary of State of the State of Delaware on June 22, 2023. The Certificate of Amendment became effective upon filing. The Certificate of Amendment amends the Certificate of Designations to clarify that the voting rights of the Senior Preferred Stock adjusted proportionately in connection with the 11-for-1 reverse stock split that the Company consummated on March 3, 2025. No other changes were made to the Certificate of Designations, as in effect immediately prior to the approval and adoption of the Certificate of Amendment. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VENUS CONCEPT: Inks Loan Amendment, Consent Agreement With Madryn ----------------------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company ("Loan Parties"), entered into a Consent Agreement with lenders, Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP. The Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders, as lenders, and Venus USA, as borrower, such that: (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through May 31, 2025, and (ii) permit Venus USA to apply the May 8, 2025 cash interest payment due under each Note (as defined in the Consent Agreement) to the respective outstanding principal balance of each Note. Fourteenth Bridge Loan Amendment On April 30, 2025, the Loan Parties entered into a Fourteenth Bridge Loan Amendment Agreement with the Lenders. The Fourteenth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Lenders, as lenders, to extend the maturity date of the Bridge Loan from April 30, 2025 to May 31, 2025. Note Consent Agreement Furthermore, the Loan Parties entered into a Consent Agreement with the Lenders. The Note Consent Agreement granted relief under those certain secured subordinated convertible notes issued by the Company in favor of the Lenders, dated March 31, 2025, such that certain minimum liquidity requirements under 2025 Notes are waived through May 31, 2025. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VEON LTD: UHY LLP Raises Going Concern Doubt -------------------------------------------- VEON Ltd. disclosed in a Form 20-F Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. Melville, New York-based UHY LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has been negatively impacted and will continue to be negatively impacted by the consequences of the war in Ukraine, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. VEON said, "As of April 25, 2025, hostilities continue in Ukraine. Currently, we have 23 million subscribers in Ukraine, where they are supported by 4,200 employees. VEON's priority is to protect the safety and well-being of our employees and their families. We have developed and, in some cases, implemented additional contingency plans to relocate work and/or personnel who are integral to the provision of essential communication services to other geographies and add new locations, as appropriate. As of April 25, 2025, most of our Ukraine subsidiary's employees remain in the country. As of April 25, 2025, millions of people have fled Ukraine and the country has sustained significant damage to infrastructure and assets." The war has resulted in events and conditions that may cast significant doubt on the Company's ability to continue as a going concern: * The Company may need to record future impairment charges in Ukraine or CGUs, which could be material, if the war continues or escalates and/or due to macroeconomic conditions. * Based on the current state of affairs, the Company currently has sufficient liquidity to satisfy the Company's current obligations at least over the next twelve months from the issuance of the financial statements without the need of additional financing assuming no early repayments of the Company's long-term debt. In addition, cash on hand was US$481 as of December 31, 2024 after the full repayment of the RCF. As a result of the full repayment and cancellation of the RCF, the Company no longer has any financial covenants. However, these continue to be uncertain times and it is not possible to predict with certainty how certain developments will impact the Company's liquidity position, non-financial provisions in the Company's debt agreements, and the Company's equity levels on a regular and continuous basis both at the group and operating company levels. The Company may also be impacted by conditions or local legal requirements in international markets that could make it more difficult to service the Company's existing debt obligations or refinance existing debt. If the assumptions behind the Company's liquidity forecast are not correct, the Company may not have sufficient liquidity to continue to operate as outlined above. If the Company is unable to raise additional capital in the markets in which it seeks to raise it, or at all, or if the cost of raising additional capital significantly increases, which has been the case since the onset of the ongoing war due to monetary policy in response to global inflationary pressures and a number of other factors, the Company may be unable to make necessary or desired capital expenditures, take advantage of investment opportunities, refinance existing indebtedness or meet unexpected financial requirements, and the Company's growth strategy and liquidity may be negatively affected. This could cause us to be unable to repay indebtedness as it comes due, to delay or abandon anticipated expenditures and investments or otherwise limit operations. For example, the ongoing war in Ukraine has caused the Company to reconsider its capital outlay to ensure it has sufficient liquidity for maintenance capital expenditures and other key operational spend while at the same time servicing its indebtedness. As a result, capital expenditures that are more discretionary in nature may be put on hold until the impact of the ongoing war in Ukraine, and particularly its effects on the Company's liquidity and financial profile, becomes more certain. * As of April 25, 2025, the Company continues to conclude that neither VEON Ltd. nor any of its subsidiaries is targeted by sanctions imposed by any of the United States, European Union (and individual EU member states) and the United Kingdom. However, the interpretation and enforcement of these new sanctions and counter-sanctions may result in unanticipated outcomes and could give rise to material uncertainties, which could complicate the Company's business decisions. For example, to protect U.S. foreign policy and national security interests, the U.S. government has broad discretion to at times impose a broad range of extraterritorial "secondary" sanctions under which non-U.S. persons carrying out certain activities may be penalized or designated as sanctioned parties, even if the activities have no ties, contact with, or nexus to the United States or the U.S. financial system at all. These secondary sanctions could be imposed on the Company or any of the Company's subsidiaries if they were to engage in activity that the U.S. government determined was undertaken knowingly and rose to the level of material or significant support to, for, or on behalf of certain sanctioned parties. * Ukraine has also implemented and may implement further sanctions or measures on individuals or entities with close ties to Russia, which may negatively impact Kyivstar if VEON is considered by local Ukrainian authorities as being a company controlled by sanctioned persons. In October 2023, VEON received notification from local custodian that the following percentages of the corporate rights in the Company's Ukrainian subsidiaries have been frozen: (i) 47.85% of Kyivstar, (ii) 100% of Ukraine Tower Company, (iii) 100% of Kyivstar.Tech, and (iv) 69.99% of Helsi Ukraine. On November 29, 2024, the Shevchenkivskyi District Court of Kyiv ruled in favor of a request to unfreeze 47.85% of VEON's corporate rights in Kyivstar and 100% of VEON's corporate rights in its other Ukrainian subsidiaries (Ukraine Tower Company, Kyivstar.Tech and Helsi). The decision fully removes the restrictions on VEON's corporate rights imposed by Ukrainian courts on its wholly owned Kyivstar and the other Ukrainian subsidiaries. * If further measures are adopted and applied in relation to the Company's Ukrainian subsidiary, this could lead to the involuntary deconsolidation of the Company's Ukrainian operations and could trigger certain financial covenants or non-financial provisions in the Company's debt agreements, requiring accelerated repayment, potentially triggering a cross-default across other debt agreements and negatively impact the Company's liquidity. Management has taken actions to address the events and conditions that may cast significant doubt on the Company's ability to continue as a going concern: * The Company has implemented business continuity plans to address known contingency scenarios to ensure that it has adequate processes and practices in place to protect the safety of the Company's people and to handle potential impacts to the Company's operations in Ukraine. * Management actively monitors the Company's liquidity position, the Company's non-financial provisions in its debt agreements, and the Company's equity levels on a regular and continuous basis both at the group and operating company levels and should they reach a level considered at-risk, management will take actions to ensure the Company's liquidity position is sufficient and the Company's non-financial provisions in its debt agreements are met. * On March 28, 2024, VEON announced that it repaid in full the outstanding balance of US$805 (principal, excluding accrued interest) and canceled its RCF, after paying the matured portion of US$250 in February 2024. * Management is actively monitoring any new developments in applicable sanctions to ensure that the Company continues to be in compliance and to evaluate any potential impact on the Company's financial performance, operations, and governance. Management has actively engaged with sanctions authorities where appropriate. Management is engaging with authorities in Ukraine to address any concerns they have about the ownership and management of Kyivstar and to provide all necessary assurances to confirm that Russian nationals, including any beneficial owners of LetterOne, do not participate in the management of Kyivstar nor are they able to derive any benefits from VEON's assets in Ukraine. * On October 30, 2023, VEON announced that two appeals were filed with the relevant Kyiv courts, challenging the freezing of the corporate rights in Kyivstar and Ukraine Tower Company, noting that corporate rights in Kyivstar and Ukraine Tower Company belong exclusively to VEON, and that their full or partial freezing or seizure directly violates the rights of VEON and its international debt and equity investors, and requesting the lifting of the freezing of its corporate rights in Kyivstar and Ukraine Tower Company. In December 2023, the court rejected the Company's appeals. On June 4, 2024, the CEO of VEON, in his capacity as a shareholder of VEON, filed a motion with Shevchenkivskiy District Court of Kyiv requesting cancellation of the freeze of corporate rights in the VEON group's subsidiary Ukraine Tower Company. On June 26, 2024, the motion was supplemented to request cancellation of the freezing of corporate rights in the VEON group's other Ukrainian subsidiaries: Kyivstar, Kyivstar.Tech and Helsi Ukraine. VEON continued its significant government affairs efforts to protect the Company's assets in Ukraine. On November 29, 2024, the Shevchenkivskyi District Court of Kyiv ruled in favor of the request to unfreeze 47.85% of VEON's corporate rights in Kyivstar and 100% of VEON's corporate rights in its other Ukrainian subsidiaries. After the successful lifting of the court freeze of Kyivstar's shares, VEON is working with its local custodian to remove all remaining restrictions on Kyivstar and its Ukrainian subsidiaries corporate rights. VEON is pursing steps to meet the conditions required by the local custodian to lift the stipulated freeze. * In addition to filing its 2023 Form 20-F with the SEC on October 17, 2024, the Company filed its 2023 Dutch Annual Report on November 1, 2024. As a result of filing the 2023 Form 20-F, the Company regained compliance, which has been confirmed by NASDAQ as announced on October 21, 2024. Further, as disclosed, the VEON Holdings consolidated financial statements as of December 31, 2023 were filed on November 21, 2024 and made available to bondholders pursuant to the non-financial covenants. * As disclosed, on November 13, 2024, VEON announced that the VEON Board of Directors has re-appointed UHY as the independent registered public accounting firm for the audit of the Group's consolidated financial statements for the year ended December 31, 2024 in accordance with the standards established by the PCAOB. * As disclosed, on January 13, 2025, VEON announced the signing of letter of intent to indirectly list Kyivstar operations on Nasdaq in the United States extending the efforts to strengthen the Ukraine investment. Further on March 18, 2025, it was further announced that VEON Ltd. and Cohen Circle Acquisition Corp. I announced the signing of a business combination agreement that will result in the listing of JSC Kyivstar, the leading digital operator in Ukraine, on the Nasdaq Stock Market in the United States. Further, on April 8, 2025, VEON further announced it had successfully completion the reorganization of VEON Holdings B.V. and finalized its consent solicitation process. These steps pave the way for the proposed business combination with Cohen Circle, which is expected to lead to the common shares and warrants of Kyivstar Group, being listing on Nasdaq. * As disclosed in Note 24, on March 27, 2025, VEON announced the successful syndication US$210 senior unsecured term loan under a new facility agreement from a consortium of international lenders, including ICBC Standard Bank and leading Gulf Cooperation Council "GCC" banks. "Management expects the actions it has taken or will take will mitigate the risk associated with the identified events and conditions. However, given the uncertainty and exogenous nature of the ongoing war and potential future imposed sanctions as well as potential new counter-sanctions, and given the possible future imposition of external administration over our Ukrainian operations in particular, management concluded that a material uncertainty remains related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern, such that it may be unable to realize its assets and discharge its liabilities in the normal course of business," the Company concluded. A full-text copy of the Company's Form 20-F is available at: https://tinyurl.com/2p9m9ehc About Veon Ltd. VEON is a leading digital operator strategically positioned across six frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine Uzbekistan and Kyrgyzstan (currently classified as held for sale). The Company delivers comprehensive telecommunications and digital services (including voice, fixed broadband, data and cloud services) through local brands that resonate with each market's unique digital landscape, including our "Kyivstar," "Banglalink," "Toffee" and "Jazz" brands. VEON operates across six countries that are home to more than 7% of the world's population. The company's digital operator strategy focuses on delivering services beyond traditional mobile and fixed connectivity, and expands into digital financial services, entertainment, healthcare, education and digital enterprise services. As of December 31, 2024, the Company had $8 billion in total assets, $6.8 billion in total liabilities, $28 million in liabilities associated with assets held for sale, and a total equity of $1.3 billion. VERDE RESOURCES: Karl Strahl Joins Board; Sherina Chui Named CFO ---------------------------------------------------------------- Verde Resources, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the following changes were made to the Board of Directors of the Company effective May 1, 2025: Balakrishnan B S Muthu stepped down from his positions as Chairman and Director of the Company. There have been no disagreements between the Company and Mr. Muthu known to an executive officer of the Company on any matter relating to the Company's operations, policies or practices. Mr. Muthu was provided a copy of the disclosures made herein no later than the date of filing on this Form 8-K and has been provided with the opportunity to furnish the Company with a letter addressed to the Company stating whether or not he agrees with the statements made herein. Any letter received by the Company from Mr. Muthu will be filed as an exhibit to this form 8-K by way of amendment within 3 business days of receipt. By resolution of the Board, Karl Strahl was appointed Director of the Company, effective May 1, 2025, replacing the Director position formerly held by Balakrishnan B S Muthu. The Company believes that Karl's expertise, industry network, and commitment to sustainability will significantly contribute to the Company's success. Mr. Karl Strahl (33) Karl Strahl is one of the most recognized and respected figures in the biochar and carbon removal industry. He began his career at Tesla Solar in Albany, New York, where he developed a high-conversion passive sales strategy and earned multiple top sales awards. Since joining Oregon Biochar Solutions in 2018, Karl has been instrumental in pioneering the commercialization of biochar-based carbon credits in the United States. As Chief Operating Officer, he has led the company's expansion into agriculture, environmental remediation, and sustainable building materials. Most recently, Karl played a pivotal role in launching the world's first insured biochar carbon removal credits in partnership with Oka, The Carbon Insurance Company, setting a new standard for transparency and buyer confidence in the voluntary carbon market. He also serves as a Board Member, Treasurer and Standards Committee Member of the U.S. Biochar Coalition, a registered lobbying entity based in Washington, D.C., dedicated to advancing national policy, setting industry standards, and accelerating the adoption of common-sense, biochar-based climate solutions. Karl holds a B.A. in Environmental Science from St. Lawrence University. Effective May 1, 2025, Balakrishnan B S Muthu stepped down as Chief Financial Officer, General Manager and Treasurer of the Company. By resolution of the Board, Sherina Chui was appointed Chief Financial Officer of the Company, effective May 1, 2025, replacing Balakrishnan B S Muthu in his former position as Chief Financial Officer. The Company is confident that Sherina's experience and leadership will be instrumental in guiding the Company through its next phase of expansion and achieving its long-term goals. Ms. Sherina Chui (49) With over two decades of experience in financial leadership, internal controls, and corporate restructuring, Sherina brings extensive expertise across industries such as construction, industrial investments, and FMCG. She has a proven track record of driving financial stability, ensuring regulatory compliance, and implementing business process improvements in publicly traded international companies. Sherina's deep knowledge of both International Financial Reporting Standards (IFRS) and US GAAP will be crucial as the Company expands its operations in the U.S., licenses its technologies globally, and scales its Net Zero Blueprint. Her strategic financial acumen will support the Company's growth ambitions and further strengthen its financial framework, ensuring compliance with SEC regulations and positioning the Company to navigate a rapidly evolving market. Effective May 1, 2025, Duka Donaghy resigned from her position as Director of Finance of the Company. By resolution of the Board, Karl Strahl and Sherina Chui were appointed as members of the Management Committee to replace the positions formerly held by Balakrishan B S Muthu, Duka Donaghy and Tay Hong Choon. The Committee now consists of three members: Jack Wong, Karl Strahl and Sherina Chui. About Verde Resources Headquartered in St. Louis, MO, Verde Resources, Inc. specializes in Net Zero road construction and building materials, driving innovations that enhance sustainability and advance environmental stewardship. Since 2021, the Company's BioFraction facility in Borneo has been converting palm waste into biochar and other sustainable byproducts. Kuala Lumpur, Malaysia-based J&S Associate PLT, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Oct. 16, 2024, citing that the company has incurred recurring losses and accumulated a deficit of $13,480,204 as of June 30, 2024. These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company recorded a net loss of $3,187,774 and $3,998,960 for the years ended June 30, 2024, and 2023, respectively. As of Dec. 31, 2024, Verde Resources had $39.75 million in total assets, $1.79 million in total liabilities, and $37.96 million in total stockholders' equity. VIASAT INC: Redeems $442.55M Senior Notes Ahead of Maturity Date ---------------------------------------------------------------- Viasat, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company used cash on hand to redeem all $442,550,000 remaining aggregate principal amount of the Company's outstanding 5.625% Senior Notes due 2025 ahead of the September 15, 2025 maturity date. The Notes were redeemed at a redemption price equal to 100.0% of the aggregate principal amount outstanding plus accrued and unpaid interest on the aggregate principal amount outstanding to, but not including, the date of the redemption. In connection with the redemption of the Notes, the indenture governing the Notes was satisfied and discharged. About Viasat Inc. Headquartered in Carlsbad, California, Viasat, Inc. operates a consumer satellite broadband internet business, an in-flight connectivity business, and provides satellite and related communications, networking systems, and services to government and commercial customers. Inmarsat operates a satellite communications network using L-band, Ka-band, and S-band spectrum and provides voice and data services to customers on land, at sea, and in the air. As of December 31, 2024, Viasat had $15.6 billion in total assets, $10.8 billion in total liabilities, and $4.8 billion in total equity. * * * Egan-Jones Ratings Company on November 5, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Viasat, Inc. WCB CONSTRUCTION: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------------- On May 12, 2025, WCB Construction Services LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. 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 WCB Construction Services LLC WCB Construction Services LLC, based in Warren, New Jersey, provides construction services to public and private sector clients in the U.S. WCB Construction Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15085) on May 12, 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 Christine M. Gravelle handles the case. The Debtors are represented by Justin M Gillman, Esq. at GILLMAN CAPONE LLC. WHITESTONE CROSSING: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On May 12, 2025, Whitestone Crossing Austin LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Whitestone Crossing Austin LLC Whitestone Crossing Austin LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as 9-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Whitestone Crossing Austin LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31768) on May 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors are represented by Abhijit Modak, Esq. at ABHIJIT MODAK, ATTORNEY AT LAW. WINDMILL POINT: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On May 13, 2025, Windmill Point Apartments De LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Windmill Point Apartments De LLC Windmill Point Apartments De LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in Section 101(51B) of Title 11 of the United States Code. Windmill Point Apartments De LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtors are represented by Justin M. Luna, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP. WINDWARD DESIGN: Seeks to Sell Ford Vehicle ------------------------------------------- Windward Design Group Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell vehicle, free and clear of liens, interests, and encumbrances. The Debtor owns the 2021 Ford -F150 (VIN: 41663) and the current value of the vehicle is estimated to be between $40,000 and $45,000. Ford Motor Credit Company filed a proof of claim in the amount of $31,536.18 based on the financing of the Debtor's vehicle. The Debtor has received an offer from David Peace, a principal of the Debtor, to purchase the Vehicle by agreeing to assume the Ford debt. The Debtor has determined that it needs to sell the Vehicle as substantially all the Debtor's business assets were sold, and it has no further use for the Vehicle or the ability to pay for the Vehicle. The Debtor asserts that the proposed sale is supported by sound business justifications. The sale of the Vehicle and assumption of the Ford debt is in the best interests of the Debtor and its creditors. About Windward Design Group Inc. Windward Design Group, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00780) on February 6, 2025, listing up to $10 million in both assets and liabilities. David G. Peace, president of Windward Design Group, signed the petition. Judge Catherine Peek McEwen oversees the case. Edward J. Peterson, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. WT REPAIR: To Sell Various Equipment to Multiple Buyers ------------------------------------------------------- WT Repair, LLC, seeks permission from the U.S. Bankruptcy Court for the District of Kansas, Kansas City, to sell various equipment, free and clear of liens, interests, and encumbrances. The Debtor's nature of business is involved in buying and selling farm equipment. On or about May 10, 20254, the Debtor reached an agreement with Owen Weinheimer for the purchase of a 9250 Combine yr 21 SNYLG243628 for $349,000. The Debtor has not tendered the purchase price of $349,000 to Owen Weinhiemer and needs to do so. The proposed transactions will result in sufficient funds to pay. The Debtor reached an agreement to sell the 9250 Combine yr 21 SNYLG243628 to Brad Nitzel for $280,000 plus the trade-in of 2 2588 Case IH Combines. The Debtor further reached an agreement for the sale of one of the Case IH 2588 to Leon Brohoff for $68,000. Farmway Credit Union has received wires of $68,000 from Leon Brohoff and $280,000 from Brad Nitzel for a total of $348,000. The Debtor also needs to pay Owen Weinheimer $349,000 to complete the transaction and needs to use currently held by Farmway Credit Union in the amount of $348,000. The Debtor will advance the additional $1,000. The Debtor will sell the other Case IH combine in excess of $50,000 and will pay 50% to First National Bank and Trust. The Debtor believes that he has a Buyer that is ready to perform for the purchase of the other Case IH Combine for more than $50,000. The creditors that may have secured claims against the equipment is. First National Bank and Trust. The Debtor proposes to retain 50% of the net proceeds from the sales and tender 50% to First National Bank and Trust. About WT Repair, LLC WT Repair, LLC is engaged in buying and selling farm equipment. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May15, 2025. Judge Dale L. Somers presides over the case. Colin N. Gotham at Evans & Mullinix, P.A. represents the Debtor as legal counsel. WYNN RESORTS: Director Anthony Sanfilippo Holds 150,000 Shares -------------------------------------------------------------- Anthony Michael Sanfilippo, Director in Wynn Resorts Ltd., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of May 2, 2025, he beneficially owned 150,000 shares of Common Stock, par value $0.01 per share, held directly. A full-text copy of Mr. Sanfilippo's SEC Report is available at: https://tinyurl.com/v8wadk8x About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. WYNN RESORTS: Three Proposals Passed at Annual Meeting ------------------------------------------------------ Wynn Resorts, Limited held its 2025 Annual Meeting of Shareholders. The proposals voted upon at the Annual Meeting and the final results of the shareholder vote on each proposal, as certified by American Election Services, LLC, the independent inspector of elections for the Annual Meeting, were as follows: Proposal 1: Election of Directors To elect three Class II directors, each to serve until the 2028 Annual Meeting of Shareholders. * Craig S. Billings - Votes For: 65,134,808 - Votes Against: 2,260,237 - Votes Withheld: 264,962 - Broker Non-Votes: 23,973,701 * Anthony M. Sanfilippo - Votes For: 67,087,191 - Votes Against: 290,437 - Votes Withheld: 282,379 - Broker Non-Votes: 23,973,701 * Winifred M. Webb - Votes For: 62,292,284 - Votes Against: 5,103,017 - Votes Withheld: 264,706 - Broker Non-Votes: 23,973,701 Proposal 2: Ratification of Appointment of Independent Auditors To ratify the Audit Committee's appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. - Votes For: 90,238,047 - Votes Against: 1,098,239 - Abstain: 297,422 - Broker Non-Votes: - Proposal 3: Advisory Vote to Approve the Compensation of Named Executive Officers To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers as described in the Proxy Statement. - Votes For: 64,070,421 - Votes Against: 3,280,837 - Abstain: 308,749 - Broker Non-Votes: 23,973,701 Proposal 4: Shareholder Proposal To consider and vote on a shareholder proposal requesting that the Board of Directors commission and disclose a report on the potential cost savings through the adoption of a smokefree policy for the Company's properties. - Votes For: 5,764,552 - Votes Against: 61,346,046 - Abstain: 549,409 - Broker Non-Votes: 23,973,701 All proposals -- except Proposal 4, the Shareholder Proposal -- were approved by the shareholders. About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. XWELL INC: Marcum LLP Raises Going Concern Doubt ------------------------------------------------ XWELL, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor expressed an opinion that there is substantial doubt about the Company's ability to continue as a going concern. Morristown, New Jersey-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the year ended December 31, 2024, the Company reported a net loss attributable to XWELL, Inc. of $16.8 million on $33.9 million of total net revenue, compared to a net loss of $27.7 million for the year prior. As of December 31, 2024, the Company had cash and cash equivalents of $4.5 million (excluding restricted cash), $7.2 million in marketable securities, and total current assets of $15.3 million. The Company's total current liabilities balance, which includes accounts payable, deferred revenue, accrued expenses, and operating lease liabilities was $9.2 million as of December 31, 2024, and $9.3 million as of December 31, 2023. The working capital surplus was $6.1 million as of December 31, 2024, compared to a working capital surplus of $17.2 million as of December 31, 2023. The Company expects to continue incurring losses and negative cash flows from operations through 2025. XWELL said, "In order to have sufficient cash to fund our operations in the future, we will need to raise additional equity or debt capital and cannot provide any assurance that we will be successful in doing so. If we are unable to raise sufficient capital to fund our operations, we may need to delay, reduce or eliminate certain of our operations, sell some or all of our assets or merge with another entity." The Company has significantly reduced operating and overhead expenses, while it continues to focus on returning to overall profitability. Management is implementing various strategic initiatives to reduce operating expenses, improve working capital, and enhance cash flow. These include cost reduction efforts, capital spending controls, and exploration of additional financing options. Subsequent to December 31, 2024, on January 14, 2025, the Company entered into a securities purchase agreement with the investors named therein, pursuant to which the Company issued and sold on January 14, 2025, in a private placement, (i) an aggregate of 4,000 shares of the Company's newly-designated Series G Convertible Preferred Stock, par value $0.01 per share, initially convertible into up to 2,673,797 shares of common stock at a conversion price of $1.496 per share, (ii) Series A warrants to acquire up to an aggregate of 2,673,797 shares of common stock at an exercise price of $1.496 per share, and (iii) Series B warrants to acquire up to an aggregate of 2,673,797 shares of common stock at an exercise price of $1.7952 per share. Each share of Series G Preferred Stock and accompanying Warrants were sold together at a combined offering price of $1,000. The January 2025 Private Placement closed on January 14, 2025. The aggregate gross proceeds from the Private Placement were $4 million. However, other strategic plans are not finalized or fully within the Company's control, and there is uncertainty regarding their execution and effectiveness. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2subywj5 About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. As of December 31, 2024, the Company had $25.4 million in total assets, $17.6 million in total liabilities, and a total equity of $7.7 million. XWELL INC: Taps CBIZ CPAs After Marcum LLP Dismissal ---------------------------------------------------- XWELL, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company dismissed Marcum LLP as the Company's independent registered accounting firm and, with the approval of the Audit Committee of the Company's Board of Directors, engaged CBIZ CPAs P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. Based on information provided by Marcum, CBIZ CPAs acquired the attest business of Marcum, effective November 1, 2024. Marcum continued to serve as the Company's independent registered public accounting firm through April 21, 2025. During the fiscal years ended December 31, 2024 and 2023, and through April 21, 2025, the Company did not consult with CBIZ CPAs regarding: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, or (ii) any matter that was either the subject of a disagreement (as described in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K and the related instructions). The reports of Marcum regarding the Company's consolidated financial statements for the fiscal years ended December 31, 2024 and 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles, except that the report for the fiscal year ended December 31, 2024 included an explanatory paragraph relating to substantial doubt about the Company's ability to continue as a going concern. During the fiscal years ended December 31, 2024 and 2023, and through April 21, 2025, the date of Marcum's dismissal, there were (a) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Marcum, would have caused Marcum to make reference to such disagreement in its reports and (b) no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions), except for the material weakness in the Company's internal control over financial reporting due to the fact the Company: (i) did not properly design, implement, and consistently operate effective controls over the completeness and accuracy of its accounting for leases under ASC 842, (ii) did not properly design or maintain effective entity level monitoring controls over the financial close and reporting process, (iii) did not design or maintain effective controls over its service organizations and IT vendors; more specifically, the Company did not have controls in place to review the applicable complementary user entity controls described in the service organizations' reports for their potential impact on the Company's financial reporting, (iv) did not design, implement, and consistently operate effective controls over the revenue process; the Company's controls surrounding the revenue reports and reconciliations were not designed and did not operate at a level of precision that would prevent or detect a material misstatement, and (v) did not design, implement, and consistently operate effective controls over its foreign subsidiaries, each as disclosed in the Company's Annual Report for the fiscal year ended December 31, 2024. About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $25.4 million in total assets, $17.6 million in total liabilities, and a total equity of $7.7 million. YUNHONG GREEN: Director Douglas Bosley Resigns ---------------------------------------------- Yunhong Green CTI Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on May 1, 2025, the Board of Directors accepted the resignation of Director Douglas Bosley. About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $25.6 million in total assets, $14.9 million in total liabilities, and a total stockholders' equity of $10.7 million. ZRG INC.:To Sell NY Property at Auction --------------------------------------- ZRG Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property in an auction, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at 90 Nassau Street, New York, NY 10013. The Debtor proposes a bidding procedure for the sale of the Property, which will be on "as is, where is" basis. The key dates and deadlines of the sale process are: -- June 16, 2025 at 5:00 p.m. (ET) for the bid deadline -- June 18, 2025 at 3:00 p.m. (ET) for the Auction -- June 16, 2025 Deadline to File Cure Costs/Assignment and Sale Objections -- Closing dates will be on or about June 30, 2025 but no later than July 30, 2025. Throughout the Bidding Process, the Debtor will consult with Ladder CRE Finance REIT Inc (Lender) and they shall coordinate the efforts of Potential Bidders in conducting their respective due diligence. The Debtor, in consultation with the Consultation Party, will review each Bid received from a Potential Bidder to determine whether it meets the requirements. If the Debtor receives more than one Qualified Bid for the Nassau Property, the Debtor will conduct an auction for the Property on June 18, 2025 at 3:00 p.m. (prevailing Eastern Time). The Successful Bid will be subject to approval by the Bankruptcy Court. If a Successful Bidder fails to consummate the Sale because of a breach or failure to perform on the part of such bidder, then the Debtor and its estate shall be entitled to retain the Good Faith Deposit of such Successful Bidder (as part of the damages resulting to the Nassau Debtor and its estate for such breach or failure to perform.) About ZRG Inc. ZRG Inc. holds 100% of the membership interests in two limited liability companies: 90 Nassau Street LLC, which owns the real property located at 90 Nassau Street, New York, NY; and 385 Greenwich Street LLC, which owns the real property located at 385 Greenwich Street, New York, NY. . ZRG Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40464) on January 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Kevin Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, in New York. ********* 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. 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